09/11/13
The U.S. Federal Deposit Insurance Corp. (FDIC) on Tuesday approved a final rule stipulating that deposits in foreign branches of American banks are not covered by the FDIC.
The purpose of the rule is to ensure the U.S. will not become " a potential global deposit insurer", said FDIC in a statement.
Deposits in foreign branches of U.S. banks have doubled since 2001 and total approximately one trillion U.S. dollars now, according to U.S. official data.
READ MORE
The U.S. Federal Deposit Insurance Corp. (FDIC) on Tuesday approved a final rule stipulating that deposits in foreign branches of American banks are not covered by the FDIC.
The purpose of the rule is to ensure the U.S. will not become " a potential global deposit insurer", said FDIC in a statement.
Deposits in foreign branches of U.S. banks have doubled since 2001 and total approximately one trillion U.S. dollars now, according to U.S. official data.
READ MORE
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