C.F.R. » Title 31 » CHAPTER II—FISCAL SERVICE, DEPARTMENT OF THE TREASURY › SUBCHAPTER A—BUREAU OF THE FISCAL SERVICE › PART 202—DEPOSITARIES AND FINANCIAL AGENTS OF THE FEDERAL GOVERNMENT 1

31 C.F.R. § 202.2

Designations

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(a) Financial institutions of the following classes are designated as Depositaries and Financial Agents of the Government if they meet the eligibility requirements stated in paragraph (b) of this section:

(1) Financial institutions insured by the Federal Deposit Insurance Corporation.

(2) Credit unions insured by the National Credit Union Administration.

(3) Banks, savings banks, savings and loan, building and loan, and homestead associations, credit unions created under the laws of any State, the deposits or accounts of which are insured by a State or agency thereof or by a corporation chartered by a State for the sole purpose of insuring deposits or accounts of such financial institutions, United States branches of foreign banking corporations authorized by the State in which they are located to transact commercial banking business, and Federal branches of foreign banking corporations, the establishment of which has been approved by the Comptroller of the Currency.

(b) In order to be eligible for designation, a financial institution is required to possess, under its charter and the regulations issued by its chartering authority, either general or specific authority to perform the services outlined in § 202.3(b). A financial institution is required also to possess the authority to pledge collateral to secure public funds.

[44 FR 53066, Sept. 11, 1979, as amended at 46 FR 28152, May 26, 1981; 62 FR 45521, Aug. 27, 1997]
Notes of Decisions
Cited in 1 case, 1996–1996 · leading case: Transactive Corp. v. United States of Am. & Robert E. Rubin, Sec'y of Treasury, 91 F.3d 232 (D.C. Cir. 1996).
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Transactive Corp. v. United States of Am. & Robert E. Rubin, Sec'y of Treasury, 91 F.3d 232 (D.C. Cir. 1996). “2 (defining “financial institution” as typically used in EFT matters to mean “any bank, savings bank, savings and loan association, credit union, or similar institution”) with 31 C.F.R. § 202.2 (defining the prerequisites a financial institution has to meet before it may be…”
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