C.F.R. » Title 12 » CHAPTER III—FEDERAL DEPOSIT INSURANCE CORPORATION › SUBCHAPTER A—PROCEDURE AND RULES OF PRACTICE › PART 303—FILING PROCEDURES › Subpart A—Rules of General Applicability

12 C.F.R. § 303.14

Being “engaged in the business of receiving deposits other than trust funds.”

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(a) Except as provided in paragraphs (b), (c), and (d) of this section, a depository institution shall be “engaged in the business of receiving deposits other than trust funds” only if it maintains one or more non-trust deposit accounts in the minimum aggregate amount of $500,000.

(b) An applicant for federal deposit insurance under section 5 of the FDI Act, 12 U.S.C. 1815(a), shall be deemed to be “engaged in the business of receiving deposits other than trust funds” from the date that the FDIC approves deposit insurance for the institution until one year after it opens for business.

(c) Any depository institution that fails to satisfy the minimum deposit standard specified in paragraph (a) of this section as of two consecutive call report dates (i.e., March 31st, June 30th, September 30th, and December 31st) shall be subject to a determination by the FDIC that the institution is not “engaged in the business of receiving deposits other than trust funds” and to termination of its insured status under section 8(p) of the FDI Act, 12 U.S.C. 1818(p). For purposes of this paragraph, the first three call report dates after the institution opens for business are excluded.

(d) Notwithstanding any failure by an insured depository institution to satisfy the minimum deposit standard in paragraph (a) of this section, the institution shall continue to be “engaged in the business of receiving deposits other than trust funds” for purposes of section 3 of the FDI Act until the institution's insured status is terminated by the FDIC pursuant to a proceeding under section 8(a) or section 8(p) of the FDI Act. 12 U.S.C. 1818(a) or 1818(p).

Notes of Decisions
Cited in 2 cases, 1984–1997 · leading case: Bank of North Shore v. Fed. Deposit Ins., 743 F.2d 1178 (7th Cir. 1984).
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Bank of North Shore v. Fed. Deposit Ins., 743 F.2d 1178 (7th Cir. 1984). · cites it 7× “17, § 311(16)(b) (1983), and, at the time relevant here, could be approved as a remote service facility under the simplified FDIC procedures of 12 C.F.R. § 303.14 (l)(2)(i) (1983). 3 On December 2, 1982, Northbrook Trust submitted a letter of intent to the Chicago regional…”
Citywide Bank of Denver v. Herman, 978 F. Supp. 966 (D. Colo. 1997). “As to insured nonmember banks, the term troubled condition is defined in 12 CFR 303.14(a)(4) to mean an institution that: (C) Is subject to .”
— 12 C.F.R. § 303.14(a)(4) — 1 case
Citywide Bank of Denver v. Herman, 978 F. Supp. 966 (D. Colo. 1997). “As to insured nonmember banks, the term troubled condition is defined in 12 CFR 303.14(a)(4) to mean an institution that: (C) Is subject to .”
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