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4000 - Advisory Opinions


FEDERAL DEPOSIT INSURANCE CORPORATION ADVISORY OPINIONS
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Subject Index

Advertising

Letter No.
87-2 Advertising the Solicitation of Deposits
87-15 Insurance Coverage for Indexed CDs
89-24 Advertisement Of FDIC Insurance By Savings Associations
89-33 Savings Association Display Of Official Eagle Logo
90-77 Savings, Loan and Mortgage Charts Listing Both Insured and Uninsured Institutions Need Not Include Official FDIC Advertising Statement
91-29 Size and Design of Official Bank or Savings Association Logo Placed at Teller Windows May not Vary from Requirements of 12 C.F.R. § 328.1
91-60 Guidelines for Advertising of Insured Status by Savings Associations
92-15 Official FDIC Sign Need Not Be Black on Gold, But Text and Symbol Must Be Same Color
92-20 Display of Official Deposit Insurance Signs
92-22 Whether FDIC Logo May Be Displayed on Lapel Pin Worn by Bank Employees
92-70 Sign Intended as Supplement to Official Savings Association Sign May not be Displayed Because too Similar
93-1 An Insured Depository Institution May Disclose Its Prompt Corrective Action Capital Category to Depositors
93-2 Advertisements Soliciting Deposits and Non-Deposit Obligations Should Clearly State Which Investments Are Insured
93-21 Legal Requirements Governing Advertisement of Deposits by Deposit Brokers
93-22 Savings Association that Converts to Bank Charter and Retains Its SAIF Membership Pursuant to Sasser Amendment Is Subject to Insured Bank Regulations
93-42 Official Bank Sign Need Not Be Displayed on Night Depositories
93-56 Regulation DD: Sufficiency of Proposed Disclosures of Annual Percentage Yields for Tiered-Rate Accounts
93-67 Regulation DD—Tiered-Rate Accounts and Disclosure Statement Requirements
94-17 Night Depositories and Official Bank Signs
94-54 Regulation DD, Truth in Savings: Disclosures in Advertisements Soliciting Deposits
95-12 ``Federal Deposit Insurance Corporation'' Should Not Be Translated Into Non-English Equivalent on Advertising
95-31 Advertisement for ``No Fee'' Checking Account Violates Truth in Savings Act if a Fee Is Imposed When Minimum Balance Is not Maintained
96-7 Whether an Insured Depository Institution Can Operate Branch Under a Name That is Different Than That of the Insured Institution
99-1 Possible Misleading Advertisement Regarding FDIC Coverage
99-3 Advertisement of ``FDIC Insured'' CDs by Deposit Brokers
99-4 Use of Trade Names and Depositor Confusion
00-3 Would the Distribution of a Brochure Which Describes a Particular Savings Program for a Bank's Current Customers Violate the Prohibition on Soliciting Deposits or Would Exceed the De Minimus Exception in Section 347.206(a)(7) of the FDIC's Regulations
00-9 Credit Union Advertisement of Excess Deposit Insurance is a Claim That Credit Unions are Safer Than Banks
00-10 Whether the Rules Regarding the Use of the FDIC Logo Apply to Insured Institution Web Sites

Applications, Requests, Submittals, Delegations of Authority and
Notices of Acquisition of Control

Letter No.
79-16 Meaning of the Term ``A Customary One-Time Proxy Solicitation''—12 CFR 303.15(c)(6)
82-5 Reciprocal Agreement Calling for the Temporary Use of Another Bank's Facilities
88-40 FDIC Determination in Application to Become an Insured Bank
89-54 Application Pursuant to Section 19 of The FDI Act as Amended by FIRREA: Criminal Offense Involving Dishonesty or Breach of Trust
90-37 Sharing of Branch Locations By Insured Bank and Affiliated Savings Association
92-18 Whether Deposit Insurance of National Bank Will Continue Under FDI Act if Bank Converts to State Charter and Terminates Its Membership in the Federal Reserve System
93-57 Insured State Nonmember Banks May Enter into Contract Branching Agreements with Other Banks Located Within Same State Without Prior FDIC Approval
95-22 Interstate Contract Branching Arrangements Between State Nonmember Banks and Other Banks Permissible Subject to Same Conditions Imposed on Intrastate Contract Branching Arrangements

Bank Holding Companies

Brokerage Activities

Letter No.
83-14 Discount Brokerage Activities under the Glass-Steagall Act
83-15 Request for Interpretation of General Counsel's Opinion No. 6—``Soft-Dollar'' Arrangement and Commission Splitting on Brokered Transactions Involving Trust Accounts
83-17 Bank's Trust Department Commissions for Discount Brokerage Services
83-18 Request for Clarification of General Counsel's Opinion No. 6 as it Relates to ``Commission Splitting''
84-10 Request for Opinion Clarifying Trust Department Utilization of Discount Brokerage Services Offered by Bank's Own Brokerage Department
84-20 Bank Contractual Agreement with Sole Sponsor and Underwriter of Unit Investment Trusts
85-10 Guidelines for Bank Discount Brokerage and Trust Activities
86-24 Deposit Insurance Coverage of Participation Interest in Brokered Certificates of Deposit
86-34 Plan to Make Mutual Funds Available to Bank's Customers
87-6 Applicability of FDIC Rules on Bank Discount Brokerage Affiliate Selling Mutual Funds and Unit Investment Trusts
88-7 Insurance Coverage of CDs Invested Through Deposit Broker
88-24 ``Continuous Operation'' Provision of 12 CFR 337.4
88-55 Insurance Coverage of CDs Purchased in Secondary Market and Sold to Bank Customers
89-51 Brokered Deposits Prohibition of Section 29 of the FDI Act Under FIRREA
89-55 Does Acceptance of Brokered Deposits in Violation of Section 29 of the FDI Act Affect the Insurance of the Deposits So Received
90-2 Deposit Insurance for Brokered Deposits
90-11 Brokered Deposits: Master CD's Purchased From Financial Institutions and Held by a Custodian Bank for the Benefit of the Purchasers
90-24 Deposit Broker Engaged in the Business of Placing Deposits, or Facilitating the Placement of Deposits
90-40 Domestic Brokered Deposits of Foreign Bank Customer Funds: Recordkeeping Requirements
91-82 Interpretation of 12 C.F.R. § 323.5 Where Mortgage Broker Acts as Agent for Institution in Ordering Appraisals
92-48 Insured Nonmember Bank May Participate in Brokerage Networking Program Without Violating Glass-Steagall Act
92-50 Criteria for Determining Whether a Listing Is a ``Deposit Broker'' for Purposes of 12 U.S.C. § 1831f and 12 C.F.R. § 337.6
92-51 Extent to Which Trust Department of Bank Is Subject to Registration Requirements Imposed by New Brokered Deposit Prohibitions
92-52 Company and Its Employees Offering Investment Advisory Services and Purchasing CDs in Clients' Names Are Deposit Brokers Subject to Registration Requirements of New Brokered Deposit Prohibitions
92-53 Company Which Never Has Actual Possession of Investor's Principal But Facilitates Placement of Deposits Is a Deposit Broker
92-54 Company Which Merely Collects Information on Availability and Terms of Deposit Accounts and Publishes Such Data Is not a Deposit Broker
92-55 Applicability of 12 C.F.R. Part 344 to Brokerage Networking Program
92-56 Bank Employee Who Sells Commercial Checking Accounts and Is Paid Solely by Commission Must Register as a Deposit Broker
92-60 Where Company and Its Clients Are Deposit Brokers, Company May File Master Notice Registering as Deposit Broker on Behalf of Clients
92-66 Investment Advisor/Fund Administrator for Governmental Authorities Is Deposit Broker with Respect to Optional Certificate of Deposit Placement Program It Offers
92-68 Bank Acts as Deposit Broker When It Places Portion of Deposits Exceeding Insurance Limit with Affiliated Depository Institutions
92-69 Renewal or Rollover of Deposit Is Prohibited by 12 U.S.C. § 1831f(a) only if Deposit Broker Continues to be Involved in Transaction; Brokered Deposits Accepted at Rates Significantly Higher than Prevailing Rate but Renewed for Less Does not Constitute Prohibited Renewal
92-71 Bank Acts as Deposit Broker When, at Request of Customer, It Purchases CDs at Other Depository Institutions and Charges Fee for Such Service
92-73 Mere Knowledge on Part of Insured Depository Institution That It Is Accepting Funds from Broker Is Sufficient to Subject Institution to Brokered Deposit Restrictions Based on Its Capital Category
92-74 Whether Bank May Act as Agent for Sale of Fixed Rate Annuities and Permit Sale of Mutual Funds on Its Premises Through ``Dual Employees'' and Registered Broker-Dealer
92-75 Brokered Deposits: Employee Compensation May Not Be Adjusted After the Fact to Ensure That Compensation is Primarily Salary
92-77 Investment Advisor/Broker-Dealer which Establishes System for Marketing Deposits and Receives Consideration Through Receipt of Deposits or Fees by Bank which it Partially Owns Must Register as Deposit Broker
92-78 FHA Trustees Servicing FHA-Related Mortgage Portfolios Are Not Subject to Brokered Deposit Registration Requirements
92-79 Associations With Which Insured Institution Has Entered Into Marketing Agreements are Subject to Brokered Deposit Registration Requirements
92-84 Company that Assist and Advises Mortgage Loan Servicer in Placing Funds Must Register as Deposit Broker
92–86 Company That Assists Municipalities, Private Investors and Corporations in Locating Depository Institutions Actively Seeking Large Deposits but That Does not Accept Direct Fee from Institution Must Register as a Deposit Broker
92–87 Agreement Entered into Between Trust Department and Customer for Primary Purpose of Placing Funds With Insured Depository Institutions Requires Bank to Register as Deposit Broker
92–88 Bankers' Bank Acts as Deposit Broker When It Places Deposits for Its Stockholder Banks and Other Depository Institutions
92–91 Administrator of State School Cash Management Program Which Places CDs Must Register as Deposit Broker
92–92 Bank Acts as Deposit Broker When It Places Excess Funds for Municipality Acting as Public Guardian/Administrator and for Other Customers
93-3 Transaction in Which an Entity Finds Insured Depository Institutions for Trust Department Investments for a Fee or Commission Is Subject to Brokered Deposit Recordkeeping Requirements
93-4 Deposits Used to Secure Loans to Foreign Customers Are Subject to Brokered Deposit Interest Rate Restrictions
93-5 An Adequately Capitalized Depository Institution Without a Brokered Deposit Waiver May Not Offer Interest Rates Significantly Higher Than Prevailing Interest Rate Offered by Other Insured Depository Institutions With Same Type of Charter
93-6 Brokered Deposits: Insured Depository Institutions Must Compare Their Interest Rates to Other Insured Depository Institutions With Same Type of Charter
93-13 Funds Invested in Federally Insured Minority- or Women-Owned Depository Institutions by Fannie Mae Pursuant to an Irrevocable Trust Are Not Considered Brokered Deposits
93-14 Bank Acts as Deposit Broker When It Occasionally Invests in CDs With Other Insured Depository Institutions on Behalf of Its Customers
93-16 Well-Capitalized Institution That Solely Offers High-Rate Deposits Need Not Notify FDIC of Its Deposit Broker Status
93-18 Clarification of Brokered Deposit Interest Restrictions Imposed by 12 U.S.C. 1831(f)
93-19 Circumstances Under Which an Adequately Capitalized Institution Operating Under Brokered Deposit Waiver May Use National Rate Instead of Normal Market Rate
93-21 Legal Requirements Governing Advertisement of Deposits by Deposit Brokers
93-30 Affinity Groups Are Not Deposit Brokers for Purposes of Sections 29 and 29A of the FDI Act and 12 CFR § 337.6(a)
93-31 Whether Well-Capitalized Institution Offering Variable-Rate, College Cost-Linked CD and Agents Who Place CD Are Deposit Brokers
93-32 Clarification of Brokered Deposit Interest Rate Restrictions
93-34 Whether Corporate Sponsor Participating in Bank Tie-In Promotion Is a Deposit Broker
93-40 Clarification of Brokered Deposit Interest Rate Restrictions
93-44 Brokered Deposits: Further Guidance for Listing Services
93-46 Brokered Deposits: Clarification of ``Deposit Broker'' Definition and Interest Rate Restrictions
93-47 Whether Independent Trust Company Which Conducts Activities on Behalf of Affiliated Bank Must Register as Deposit Broker
93-50 Circumstances Under Which Well-Capitalized Bank Need Not Notify FDIC of Its Employees' Status as Deposit Brokers
93-63 Bank Deemed as ``Deposit Broker'' When Engaging in Deposit Support Services and Customer Service Activities
93-68 Section 29 of the FDI Act—Effects of an Institution's Inability to Accept Brokered Deposits on Pass-Through Coverage and the Written Notice Requirement
93-71 Whether Certain Affinity Groups that Endorse the Marketing of Consumer Credit and Deposit Products of a National Bank Are Considered Deposit Brokers
94-13 Whether Bank Is Considered a Deposit Broker When Offering Secured Credit Card Loans to Its Customers
94-15 Is Company a Deposit Broker to the Extent It Refers Its Customers to a Particular Bank
94-37 Deposit Incentive Programs: Would the Bank Be Deemed ``Deposit Broker'' or Be Confined by Certain Interest Rate Limitations Under Section 29 of the FDI Act
94-39 Brokered Deposits: Are Funds Deposited in a Special Reserve Bank Account for the Exclusive Benefit of Customers Brokered Deposits Under Sections 29 and 29A of the FDI Act
94-40 Deposit Broker: Is an Accounting Service for a Health Care Facility Included Under 12 U.S.C. 1831f
94-41 Requirements for Qualification for ``Second-Tier'' Broker Exception Under 12 U.S.C. 1831f-1
94-49 Deposit Broker Statute: Whether Well Capitalized Insured Depository Institutions May Accept Deposits From a Deposit Broker Without Restriction
95-9 Whether an Insurance Agent Is a Deposit Broker If It Is Compensated By a Bank For Referring Deposit Customers to the Bank
95-18 Custodial Holdings of Government Securities Held for Customers by Depository Banks
95-24 Interest Rate Restrictions Imposed Through the Brokered Deposit Law
95-25 Applicability of Brokered Deposit Law to National CD Placement Program
96-4 Whether a Foreign Bank Could Be Considered a Deposit Broker, and if They Would Be Required to Notify the FDIC of Their Status
99-5 Deposit Brokers and ``Transferable Custodial Certificates of Deposit
00-6 Whether Brokered CDs Purchased at Different Institutions Will be Separately Insured After a Merger of Those Institutions
00-7 Whether an Application Under Section 24 of the FDI Act Would Have to be Filed in Connection With the Establishment and Maintenance of a Charitable Foundation By a Bank
02-2 Applicability of FDIC Regulations Regarding Brokered Deposits to Credit Unions Servicors That Purchase Certificates of Deposit from FDIC Insured Banks
02-4 Opinion Regarding Whether ``Listing Services'' Would Be Considered Deposit Brokers
04-03 Questions Concerning Capital Market CD Program
04-04 Question Regarding FDIC's Criteria for Determining When a ``Listing Service'' is a Deposit Broker
04-05 Questions Regarding Deposit Insurance Coverage of the interest and CD When Interest is Based on the Consumer Price Index
05-02 Are Funds Held in ``Cash Management Accounts'' Viewed as Brokered Deposits by the FDIC?

Change In Bank Control Act

Letter No.
81-13 Filing Requirements for Change in Ownership of Stock
81-14 Irrevocable Limited Proxy—Change in Bank Control
81-16 Violation of Depository Institution Management Interlocks Act
81-17 Change in Bank Control Notice for Employee Incentive Stock Ownership Plan
81-23 Effect of Bank Stock Purchase by Interested Shareholders Committee on Control
82-16 Determinations Regarding Share Acquisition Affecting Bank Control
83-12 Prior Notification under Section 7(j) of the FDI Act Not Necessary for Bank's Transfer of Stock
83-19 Applicability of Bank Control Act on Shareholder Agreement Not Affecting Transfer of Voting Rights
84-6 Change of Indirect Control of Bank Would Require Prior Notice under Change in Bank Control Act
84-8 Change in Bank Control Act Notice Requirement
84-13 Applicability of Change in Bank Control Act to Purchase of Asset by FDIC in Its Corporate Capacity
86-33 Transaction Will Not Result in Change in Bank Control to Trigger Prior Notification Requirement of Change in Bank Control Act
87-30 Prior Notification Requirement When Presumption of Control is Rebutted
90-33 Applicability of Change in Bank Control Act to Proposed Corporate Reorganization Involving Nonbanking Subsidiaries
91-5 Whether One-Time Proxy Solicitation of Shareholders of Insured State Nonmember Savings Bank Requires Prior Approval by FDIC under the Change in Bank Control Act
91-7 Notifications Requirements for Change in Ownership or Control of a Financial Institution
93-11 Applicability of Change in Bank Control Act to Proposed Transfer of Bank Common Stock by an Individual's Living Trust
93-15 Transactions Subject to Approval by OTS at Holding Company Level Under Section 10 of HOLA or Section 3 of BHCA Do Not Require Separate Filing With FDIC Under CBCA
93-39 Change in Bank Control Act: Proposed Acquisition of More Than 10% of Company's Common Stock by Employee Benefit Plan Trust
93-64 Applicability of Change in Bank Control Act to ESOP Transactions
93-69 Change in Bank Control Act—Whether Notice is Required for Limited Power of Attorney to Sell Stockholder's Interest
94-57 Change in Bank Control Act: Applicability to a Transaction Involving ESOP
95-21 Trustee's Notice of Change in Control Not Required Where Appointment of New Trustee Will Not Alter Trusts' Ownership; Effect a Change In Underlying Beneficial Interests; or the Power to Control the Bank
03-02 Would the acquisition of an option that is immediately exercisable for a controlling interest in a bank constitute ``control'' for the purposes of the Change in Bank Control Act 

Deposit Insurance Coverage Advisory Opinions Official Ownership Categories
Single Accounts

Joint Accounts

Letter No.
92-49 Bank's Three-Part Recordkeeping System for Deposit Accounts Satisfies Signature Card Requirements for Joint Ownership Accounts Under 12 C.F.R. § 330.7
91-88 Where Two Depositors Intend to Establish a Joint Account Between Only Themselves, Authorized Signer's Name Should Not Be Included in Account Title
91-51 Use of ``Master'' Signature Cards for Joint Accounts Where Only One Co-Owner Opens Subsequent Accounts
91-37 Revocable Trust Is Treated as a Joint Account Where Grantors and Beneficiaries Are the Same
90-29 Account Maintained Jointly by an Individual and a Corporation
88-66 Insurance Coverage of Husband/Wife Accounts
87-40 Insured Coverage for Revocable Testamentary Trust Accounts
87-11 Insurance Coverage for Joint Accounts
84-4 Ability of Depositors Other than Natural Persons to Qualify for Joint Insurance Coverage Under Section 330.9

Revocable Trust Accounts
1. Informal ``POD'' Accounts

Letter No.
05-6 Questions Regarding Whether a Health Savings Account Can Be Insured as a Revocable Trust Account Under FDIC Regulations
05-3 Questions Regarding a Husband and Wife Who Own Two ``Family Trust'' Accounts
98-3 Inquiry Regarding Deposit Insurance Coverage of Medical Savings Accounts
95-4 Deposit Insurance Coverage of Revocable Trust and Payable-on-Death Accounts
94-32 Guidelines for Insurance Coverage of Revocable Trust Accounts (Including ``Living Trust'' Accounts)
94-20 Titling Requirements for Payable-on-Death Accounts
94-19 Revocable Trust Accounts Where Named Beneficiary Also Holds Power of Attorney With Respect to the Account
91-37 Revocable Trust is Treated as a Joint Account Where Grantors and Beneficiaries Are the Same
90-76 Deposit Insurance Provided for ``Totten'' Trust Accounts Established Under the Laws of Maryland
90-48 Proper Titling of Payable-on-Death Accounts Under the New Deposit Insurance Regulations
90-39 Reliance on Commonly Accepted Acronyms to Meet the Disclosure of Fiduciary Relationships Requirement Under § 330.4
90-36 Insurance of Revocable Trust Accounts in Insured Institutions in Louisiana
87-18 Insurance Coverage for Revocable Testamentary Trust Account
87-16 Insurance Coverage for Revocable Testamentary Trust Account

2. Formal ``Living Trust'' Accounts

Letter No.
05-3 Questions Regarding a Husband and Wife Who Own Two ``Family Trust'' Accounts
05-1 Insurance Coverage of a Joint Revocable Trust Account
04-8 Deposit Insurance Coverage Available for a Living Trust Account Held in Connection With a Joint Living Trust
04-7 Question Regarding Deposit Insurance Coverage of an Account in the Name of a Revocable Trust Established by a Husband and Wife
04-6 Question Regarding Deposit Insurance of a Joint Revocable Trust Account Under the FDIC's Revised Revocable Trust Account Rules
97-10 What Deposit Insurance Implications Would Come Into Play if a Revocable Trust Agreement Places Conditions Upon the Distribution of Funds Following the Death of an Owner
95-34 Deposit Insurance Coverage of a Revocable Trust
95-4 Deposit Insurance Coverage of Revocable Trust and Payable-on-Death Accounts
94-32 Guidelines for Insurance Coverage of Revocable Trust Accounts (Including ``Living Trust'' Accounts)
93-70 Three Possible Scenarios for Deposit Insurance Coverage of a Family Revocable Inter Vivos Trust Account
91-68 Insurance Coverage Afforded a Revocable Trust Owned by Husband and Wife Where Funds Pass to Charities Upon Death of Last Settlor
91-52 Insurance Coverage Provided an Inter Vivos Trust Account Where the Trustee is Sole Beneficiary of the Trust
91-35 Whether an IRA May Be Retitled in Name of Revocable Trust and Whether a Revocable Trust May Be Named as Beneficiary of an IRA
91-1 Guidelines for Insurance Coverage of Revocable Trust Accounts (Including ``Living Trust'' Accounts)
90-53 Insurance Coverage of Identical Husband and Wife Revocable Trusts Containing a Defeating Contingency
90-30 Insurance Coverage For Revocable Trust With Contingency
90-28 Insurance Coverage For Revocable Trust Accounts
89-16 Deposit Insurance Afforded Revocable Inter Vivos Trust Agreements
88-60 Insurance Coverage of Account Maintained by Trustees of Revocable Trust
88-25 Insurance Coverage of Revocable and Irrevocable Trust Accounts
88-20 Insurance Coverage of Revocable Trust Accounts
87-54 Insurance Coverage for Trust Created by Trust Agreement of Grantors
87-40 Insured Coverage for Revocable Testamentary Trust Accounts
87-21 Revocable Testamentary Trust Accounts


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Last updated September 16, 2013 regs@fdic.gov