Brokered Deposits Act of 1988

Summary

Brokered Deposits Act of 1988 - Amends the Federal Deposit Insurance Act and the National Housing Act to limit to $100,000 in the aggregate the deposit insurance for: (1) funds owned by a principal and deposited in a troubled institution into one or more deposit accounts in the name or names of agents or nominees; and (2) funds deposited in a troubled institution into one or more deposit accounts by or through a deposit broker. Specifies that such limitations shall not apply to any account opened before the effective date of this Act. Defines "troubled institution" as a financial institution entitled to deposit insurance which does not meet its minimum capital requirements as determined by the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 10 August 1988

  Open at official source

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