Federal Register, Volume 75, Number 219, November 15, 2010, Pages 69571-69850 Page: 69,583

Federal Register/Vol. 75, No. 219/Monday, November 15, 2010 /Rules and Regulations

currently pay a fee) is de minimis in
nature and is outweighed by the
economic benefit of additional
insurance coverage.
Accordingly, the final rule does not
have a significant economic impact on
a substantial number of small entities.
D. The Treasury and General
Government Appropriations Act, 1999-
Assessment of Federal Regulations and
Policies on Families
The FDIC has determined that the
final rule will not affect family well-
being within the meaning of section 654
of the Treasury and General
Government Appropriations Act,
enacted as part of the Omnibus
Consolidated and Emergency
Supplemental Appropriations Act of
1999 (Pub. L. 105-277, 112 Stat. 2681).
E. Small Business Regulatory
Enforcement Fairness Act
The Office of Management and Budget
has determined that the final rule is not
a "major rule" within the meaning of the
relevant sections of the Small Business
Regulatory Enforcement Act of 1996
("SBREFA") (5 U.S.C. 801 et seq.). As
required by SBREFA, the FDIC will file
the appropriate reports with Congress
and the General Accounting Office so
that the final rule may be reviewed.
F. Plain Language
Section 722 of the Gramm-Leach-
Bliley Act (Pub. L. 106-102, 113 Stat.
1338, 1471), requires the Federal
banking agencies to use plain language
in all proposed and final rules
published after January 1, 2000. The
FDIC has sought to present the final rule
in a simple and straightforward manner,
and has made revisions to the proposed
rule in response to commenter concerns
seeking clarification of the application
of the deposit insurance rules.
List of Subjects in 12 CFR Part 330
Bank deposit insurance, Banks,
Banking, Reporting and recordkeeping
requirements, Savings and loan
associations, Trusts and trustees.
a For the reasons stated above, the
Board of Directors of the Federal
Deposit Insurance Corporation hereby
amends part 330 of title 12 of the Code
of Federal Regulations as follows:
a 1. The authority citation for part 330
continues to read as follows:
Authority: 12 U.S.C. 1813(1), 1813(m),

1817(i), 1818(q), 1819 (Tenth), 1820(f),
1821(a), 1822(c).

* 2. In 330.1, paragraph (r) is added to
read as follows:
330.1. Definitions.
* * * * *
(r) Noninterest-bearing transaction
account means a deposit or account
maintained at an insured depository
(1) With respect to which interest is
neither accrued nor paid;
(2) On which the depositor or account
holder is permitted to make
withdrawals by negotiable or
transferable instrument, payment orders
of withdrawal, telephone or other
electronic media transfers, or other
similar items for the purpose of making
payments or transfers to third parties or
others; and
(3) On which the insured depository
institution does not reserve the right to
require advance notice of an intended
* * * * *
3. New 330.16 is added to read as
330.16 Noninterest-bearing transaction
(a) Separate insurance coverage. From
December 31, 2010, through December
31, 2012, a depositor's funds in a
"noninterest-bearing transaction
account" (as defined in 330.1(r)) are
fully insured, irrespective of the
SMDIA. Such insurance coverage shall
be separate from the coverage provided
for other accounts maintained at the
same insured depository institution.
(b) Certain swept funds.
Notwithstanding its normal rules and
procedures regarding sweep accounts
under 12 CFR 360.8, the FDIC will treat
funds swept from a noninterest-bearing
transaction account to a noninterest-
bearing savings deposit account as being
in a noninterest-bearing transaction
(c) Disclosure and notice
requirements. (1) Each depository
institution that offers noninterest-
bearing transaction accounts must post
prominently the following notice in the
lobby of its main office, in each
domestic branch and, if it offers Internet
deposit services, on its Web site:
All funds in a "noninterest-bearing
transaction account" are insured in full by
the Federal Deposit Insurance Corporation
from December 31, 2010, through December
31, 2012. This temporary unlimited coverage
is in addition to, and separate from, the
coverage of at least $250,000 available to

depositors under the FDIC's general deposit
insurance rules.

The term "noninterest-bearing transaction
account" includes a traditional checking
account or demand deposit account on which
the insured depository institution pays no
interest. It does not include other accounts,
such as traditional checking or demand
deposit accounts that may earn interest,
NOW accounts, money-market deposit
accounts, and Interest on Lawyers Trust
Accounts ("IOLTAs").
For more information about temporary
FDIC insurance coverage of transaction
accounts, visit www.fdic.gov.
(2) Institutions participating in the
FDIC's Transaction Account Guarantee
Program on December 31, 2010, must
provide a notice by mail to depositors
with negotiable order of withdrawal
accounts that are protected in full as of
that date under the Transaction Account
Guarantee Program and to depositors
with Interest on Lawyer Trust Accounts
that, as of January 1, 2011, such
accounts no longer will be eligible for
unlimited protection. This notice must
be provided to such depositors no later
than December 31, 2010.
(3) If an institution uses sweep
arrangements, modifies the terms of an
account, or takes other actions that
result in funds no longer being eligible
for full coverage under this section, the
institution must notify affected
customers and clearly advise them, in
writing, that such actions will affect
their deposit insurance coverage.
Dated at Washington DC, this 9th day of
November 2010.
By order of the Board of Directors.
Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2010-28627 Filed 11-12-10; 8:45 am]
U.S. Customs and Border Protection
19 CFR Parts 4 and 10
[CBP Dec. 10-33]
Technical Corrections to Customs and
Border Protection Regulations
AGENCY: Customs and Border Protection,
Department of Homeland Security.
ACTION: Final rule.
SUMMARY: Customs and Border
Protection (CBP) periodically reviews its
regulations to ensure that they are
current, correct, and consistent.
Through this review process, CBP
discovered a number of discrepancies.
This document amends various sections

of title 19 of the Code of Federal


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United States. Office of the Federal Register. Federal Register, Volume 75, Number 219, November 15, 2010, Pages 69571-69850, periodical, November 15, 2010; Washington D.C.. (digital.library.unt.edu/ark:/67531/metadc52800/m1/21/ocr/: accessed February 17, 2018), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Libraries Government Documents Department.