FDIC Issues New Rules For Future Failed Banks

Law360, New York (July 18, 2008, 12:00 AM EDT) -- In the wake of IndyMac Bank's collapse, the Federal Deposit Insurance Corp. is requiring that the U.S.' largest banks modify their deposit systems so that if they fail, the FDIC will be able to provide depositors with prompt access to funds and quickly calculate deposit insurance coverage.

The rule in question, published Thursday in the Federal Register, applies to 159 institutions that have at least $2 billion in domestic deposits, along with more than 250,000 deposit accounts or total assets over $20 billion.

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