deposit placement network

(2) Definitions In this subsection: (A) Agent institution The term “agent institution” means an insured depository institution that places a covered deposit through a deposit placement network at other insured depository institutions in amounts that are less than or equal to the standard maximum deposit insurance amount, specifying the interest rate to be paid for such amounts, if the insured depository institution— (i) (I) when most recently examined under section 1820(d) of this title was found to have a composite condition of outstanding or good; and (II) is well capitalized; (ii) has obtained a waiver pursuant to subsection (c); or (iii) does not receive an amount of reciprocal deposits that causes the total amount of reciprocal deposits held by the agent institution to be greater than the average of the total amount of reciprocal deposits held by the agent institution on the last day of each of the 4 calendar quarters preceding the calendar quarter in which the agent institution was found not to have a composite condition of outstanding or good or was determined to be not well capitalized. (B) Covered deposit The term “covered deposit” means a deposit that— (i) is submitted for placement through a deposit placement network by an agent institution; and (ii) does not consist of funds that were obtained for the agent institution, directly or indirectly, by or through a deposit broker before submission for placement through a deposit placement network. (C) Deposit placement network The term “deposit placement network” means a network in which an insured depository institution participates, together with other insured depository institutions, for the processing and receipt of reciprocal deposits. (D) Network member bank The term “network member bank” means an insured depository institution that is a member of a deposit placement network. (E) Reciprocal deposits The term “reciprocal deposits” means deposits received by an agent institution through a deposit placement network with the same maturity (if any) and in the same aggregate amount as covered deposits placed by the agent institution in other network member banks. (F) Well capitalized The term “well capitalized” has the meaning given the term in section 1831o(b)(1) of this title .

Source

12 USC § 1831f(i)(2)


Scoping language

None identified. Default scope is assumed to be the entire title.
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