12 C.F.R. § 330.1

Definitions

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For the purposes of this part:

(a) Act means the Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.).

(b) Corporation means the Federal Deposit Insurance Corporation.

(d) Deposit has the same meaning as provided under section 3(l) of the Act (12 U.S.C. 1813(l)).

(e) Deposit account records means account ledgers, signature cards, certificates of deposit, passbooks, corporate resolutions authorizing accounts in the possession of the insured depository institution and other books and records of the insured depository institution, including records maintained by computer, which relate to the insured depository institution's deposit taking function, but does not mean account statements, deposit slips, items deposited or cancelled checks.

(f) FDIC means the Federal Deposit Insurance Corporation.

(g) Independent activity. A corporation, partnership or unincorporated association shall be deemed to be engaged in an “independent activity” if the entity is operated primarily for some purpose other than to increase deposit insurance.

(h) Insured branch means a branch of a foreign bank any deposits in which are insured in accordance with the provisions of the Act.

(i) Insured deposit has the same meaning as that provided under section 3(m)(1) of the Act (12 U.S.C. 1813(m)(1)) and this part.

(j) Insured depository institution is any depository institution whose deposits are insured pursuant to the Act, including a foreign bank having an insured branch.

(k) Interest, with respect to a deposit, means any payment to or for the account of any depositor as compensation for the use of funds constituting a deposit. A bank's absorption of expenses incident to providing a normal banking function or its forbearance from charging a fee in connection with such a service is not considered a payment of interest.

(l) Natural person means a human being.

(m) [Reserved]

(n) Sole proprietorship means a form of business in which one person owns all the assets of the business, in contrast to a partnership or corporation.

(o) Standard maximum deposit insurance amount, referred to as the “SMDIA” hereafter, means $250,000 adjusted pursuant to subparagraph (F) of section 11(a)(1) of the FDI Act (12 U.S.C. 1821(a)(1)(F)).

(p) Trust estate means the determinable and beneficial interest of a beneficiary or principal in trust funds but does not include the beneficial interest of an heir or devisee in a decedent's estate.

(q) Trust funds means funds held by an insured depository institution as trustee pursuant to any irrevocable trust established pursuant to any statute or written trust agreement.

(r)-(s) [Reserved]

[63 FR 25756, May 11, 1998, as amended at 71 FR 14631, Mar. 23, 2006; 73 FR 61660, Oct. 17, 2008; 74 FR 47716, Sept. 17, 2009; 75 FR 49365, Aug. 13, 2010; 75 FR 69583, Nov. 15, 2010; 76 FR 4816, Jan. 27, 2011; 76 FR 41395, July 14, 2011; 78 FR 56588, Sept. 13, 2013; 80 FR 65921, Oct. 28, 2015; 87 FR 4470, Jan. 28, 2022]

Notes of Decisions

Cited in 24 cases, 1984–2011 · leading case: Eli B. Jones, of the Est. of Jesse L. Bobo, Deceased v. Fed. Deposit Ins. Corp., in Its Corp. Capacity, 748 F.2d 1400 (10th Cir. 1984).

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Eli B. Jones, of the Est. of Jesse L. Bobo, Deceased v. Fed. Deposit Ins. Corp., in Its Corp. Capacity, 748 F.2d 1400 (10th Cir. 1984). · cites it 2× “1(b) provides as follows: (b) Records. (1) The deposit account records of the insured bank shall be conclusive as to the existence of any relationship pursuant to which the funds in the account are deposited and on which a claim for insurance coverage is founded.”

Abdulla Fouad & Sons v. Fed. Deposit Ins. Corp., 898 F.2d 482 (5th Cir. 1990). · cites it 2× “12 C.F.R. § 330.1 (b)(1), (2) (emphasis added).”

Miguel Villafane-Neriz, Ins. Comm'r of Puerto Rico v. Fed. Deposit Ins. Corp., 75 F.3d 727 (1st Cir. 1996). “” 12 C.F.R. § 330.1 (d) (1995). This language proves unhelpful, however, since it is undisputed that there was no Certificate among the Bank’s records at the time of failure.”

Coy U. Spawn, Jr. v. W. Bank-Westheimer & Fed. Deposit Ins. Corp., 925 F.2d 885 (5th Cir. 1991). · cites it 2× “The FDIC relies prominently on 12 C.F.R. § 330.1 (b)(1): The deposit account records of the insured bank shall be conclusive as to the existence of any relationship pursuant to which the funds in the account are deposited and on which a claim for insurance coverage is founded.”

Seattle-First Nat'l Bank v. Fed. Deposit Ins., 619 F. Supp. 1351 (W.D. Okla. 1985). · cites it 2× “(emphasis supplied) Federal regulations at 12 C.F.R. 330.1 et seq. do not illuminate the issue of whether funds wired as loan advances by a participating bank constitute insured deposits, nor has the Court discovered any authority directly on point.”

W.H. Nimon, Bonnie K. Nimon, & W.H. Nimon, Tr. for Bonnie K. Nimon v. Resolution Trust Corp., 975 F.2d 240 (5th Cir. 1992). “” 12 C.F.R. § 330.1 (d). 4 . We are not persuaded by petitioners' argument that RTC must accept responsibility for errors of the failed depository institution because RTC was already acting as conservator of the institution at the time of these transfers.”

Aviva Life & Annuity Co. v. Fed. Deposit Ins., 654 F.3d 1129 (10th Cir. 2011). “” 12 C.F.R. § 330.1 (e). In the case of the Challenged Accounts, the signature cards indicated that the “ownership of the account” was a “corpora *1134 tion” for “business purpose,” and Columbian’s account ledgers described the Challenged Accounts as “operating” accounts.”

Anheuser-Busch Employees Credit Union v. Fed. Deposit Ins., 651 F. Supp. 718 (W.D. Mo. 1986). · cites it 6× “Finally, defendant contends that even if a relationship creating entitlement to “multiple coverage” did exist, there was no notification of it on Penn Square’s books, as required by the regulations at 12 C.F.R. §§ 330.1 (b)(1) and 330.1(b)(2).”

Fed. Deposit Ins. v. Fedders Air Conditioning, USA, Inc., 35 F.3d 18 (1st Cir. 1994). “, account ledgers, certificates of deposit, authorizing corporate resolutions) and “other books and records of the insured depository institution [including computer records] which relate to the depository institution’s deposit taking function_” 12 C.F.R. § 330.1 (d) (omitting…”

Kingman Lambert Cynthia A. Lambert Kristen Lambert Kimberly Lambert v. Fed. Deposit Ins. Corp., 847 F.2d 604 (9th Cir. 1988). “In addition, 12 C.F.R. § 330.1 (b)(1) provides: The deposit account records of the insured bank shall be conclusive as to the existence of any relationship pursuant to which the funds in the account are deposited and on which a claim for insurance coverage is founded.”

Silverman v. Maryland Deposit Ins. Fund Corp., 563 A.2d 402 (Md. 1989). “04C(2)(a) is almost verbatim 12 C.F.R. § 330.1 (b)(1) (1988), relating to the Federal Deposit Insurance Corporation (FDIC) and to 12 C.”

Waukesha State Bank & Wabank & Co. v. Nat'l Credit Union Admin. Bd., 968 F.2d 71 (D.C. Cir. 1992). “The Tenth Circuit affirmed a district court decision upholding the FDIC’s determination and in so doing afforded deference to the FDIC’s records regulation, 12 C.F.R. § 330.1 (b), a provision substantially identical to the regulation the NCUA applied in the present case.”

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— 12 C.F.R. § 330.1(b)(2) — 1 case

FAIC Sec., Inc. v. United States, 595 F. Supp. 73 (D.D.C. 1984).

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