share$1,500
First & Peoples pays $1,500 for flood insurance violations
Issued by FDIC
§ 328.7 Prohibition against receiving deposits at same teller station or window as noninsured institution. [NEW]
Effective April 1, 2024, with compliance required by May 1, 2025.
(a) Prohibition. An insured depository institution may not receive deposits at any teller station or window where any noninsured institution receives deposits or similar liabilities.
(b) Exception. This section does not apply to deposits received at an automated teller machine or other remote electronic facility that receives deposits for an insured depository institution, or to deposits facilitated through a digital deposit-taking channel.
First published on:
03/13/2024