12 C.F.R. § 7.2013

Fidelity bonds covering national bank officers and employees

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(a) Adequate coverage. All officers and employees of a national bank or Federal savings association must have adequate fidelity bond coverage. The failure of directors to require bonds with adequate sureties and in sufficient amount may make the directors liable for any losses that the bank or savings association sustains because of the absence of such bonds. Directors should not serve as sureties on such bonds. Directors should consider whether agents who have access to assets of the bank or savings association should also have fidelity bond coverage.

(b) Factors. The board of directors of the national bank or Federal savings association, or a committee thereof, must determine the amount of such coverage, premised upon a consideration of factors, including:

(1) Internal auditing safeguards employed;

(2) Number of employees;

(3) Amount of deposit liabilities; and

(4) Amount of cash and securities normally held by the bank or savings association.

[61 FR 4862, Feb. 9, 1996, as amended at 82 FR 8104, Jan. 23, 2017]

Notes of Decisions

Cited in 3 cases, 2003–2017 · leading case: Tri City Nat'l Bank v. Fed. Ins., 2004 WI App 12 (Wis. Ct. App. 2003).

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Tri City Nat'l Bank v. Fed. Ins., 2004 WI App 12 (Wis. Ct. App. 2003). · cites it 2× “12 C.F.R. § 7.2013 (2003). 2 To comply, it purchased a Financial Institution Bond— Standard Form No.”

Renasant Bank v. St. Paul Mercury Ins. Co., 235 F. Supp. 3d 805 (N.D. Miss. 2017). “” See 12 C.F.R. § 7.2013 (a); About the OCC, https://www.”

First Nat'l Bank in Manitowoc v. Cincinnati Ins., 321 F. Supp. 2d 988 (E.D. Wis. 2004). “See 12 C.F.R. § 7.2013 (a). See also 12 U.S.C.”

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