12 CFR 370.1
§ 370.1 Purpose and scope.
United States · 12 CFR — Banks and Banking · Status: effective
Cite this
- Citation
- 12 CFR 370.1, § 370.1 Purpose and scope, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/47120
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Full text
Unless otherwise provided in this part, each “covered institution” (defined in § 370.2(c)) is required to implement the information technology system and recordkeeping capabilities needed to calculate the amount of deposit insurance coverage available for each deposit account in the event of its failure. Doing so will improve the FDIC's ability to fulfill its statutory mandates to pay deposit insurance as soon as possible after a covered institution's failure and to resolve a covered institution at the least cost to the Deposit Insurance Fund.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.