What is Fdica?
What Is the FDIC Improvement Act (FDICIA)? The FDIC Improvement Act (FDICIA) was passed in 1991 at the height of the savings and loan crisis. The act fortified the role and resources of the Federal Deposit Insurance Corporation (FDIC) in protecting consumers.
What FDIC 370?
Introduced in April 2017, FDIC Part 370 is designed to facilitate prompt payment of insured deposits in the event that a large depository institution fails. Institutions must maintain complete and accurate information that the FDIC needs to determine deposit insurance coverage with respect to each deposit account.
What is pass through insurance?
What is “pass-through” deposit insurance coverage? ❑ When funds are deposited by a fiduciary or custodian on behalf of one or more. actual owners of the funds, the FDIC will insure the funds as if the actual owners.
What is FIRREA also known as?
In 1989 the US Congress passed Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA), more commonly known as the Savings and Loan Bailout Bill.
Who oversees FIRREA?
(a) Authority. This subpart is issued by the Office of the Comptroller of the Currency under 12 U.S.C. 93a and Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA), as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act) (Pub. L.
What are Fdicia requirements?
FDICIA requires that the auditor comply with the most restrictive independence standards and interpretations of the American Institute of Certified Public Accountants, the Securities and Exchange Commission (SEC), and the Public Company Accounting Oversight Board (PCAOB).