§ 370.3. Information technology system requirements.
208 words·~1 min read·
/us/cfr/t12/s§ 370.3·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)A covered institution must configure its information technology system to be capable of performing the functions set forth in paragraph
(b)of this section within 24 hours after the appointment of the FDIC as receiver. To the extent that a covered institution does not maintain its deposit account records in the manner prescribed under § 370.4(a) but instead in the manner prescribed under § 370.4(b),
(c)or (d), the covered institution's information technology system must be able to perform the functions set forth in paragraph
(b)of this section upon input by the FDIC of additional information collected after failure of the covered institution.
(b)Each covered institution's information technology system must be capable of:
(1)Accurately calculating the deposit insurance coverage for each deposit account in accordance with 12 CFR part 330;
(2)Generating and retaining output records in the data format and layout specified in appendix B to this part;
(3)Restricting access to some or all of the deposits in a deposit account until the FDIC has made its deposit insurance determination for that deposit account using the covered institution's information technology system; and
(4)Debiting from each deposit account the amount that is uninsured as calculated pursuant to paragraph (b)(1) of this section.
Connections1 cite this
1 reference not yet in our index
- 12 CFR 330
Citation graph
cites case law
§ 370.3
Information technology system requirements.
Fed. Reg.×1
Cite12 CFR 330
Cites 1Cited by 1 across 1 source