12 CFR 307.1 – Scope and purpose
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(a) Scope. This Part applies to all insured depository institutions, as defined in section 3(c)(2) of the Federal Deposit Insurance Act (FDI Act) (12 U.S.C. § 1813(c)(2)).
Terms Used In 12 CFR 307.1
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(b) Purpose. This Part sets forth the rules governing:
(1) The time and manner for providing certification to the FDIC regarding the assumption of all of the deposit liabilities of an insured depository institution by one or more insured depository institutions; and
(2) The notification that an insured depository institution shall provide its depositors when a depository institution’s insured status is being voluntarily terminated without its deposits being assumed by one or more insured depository institutions.