Law360, New York (June 15, 2009, 12:00 AM EDT) -- Recent changes adopted by the Federal Deposit Insurance Corp. to its deposit insurance regulations will require insured depository institutions to disclose to their customers, beginning on July 1, 2009, the extent to which funds held in a sweep account are covered by FDIC deposit insurance.
These changes were included in a final rule that became effective on March 4, 2009, addressing how the FDIC will treat deposit accounts, including sweep accounts, in the event of bank failure.
The FDIC also recently issued informal guidance that calls...
Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.