12 CFR § 370.1

12 CFR · Banks and Banking

§ 370.1 — Purpose and scope.

12 CFR § 370.1

TitleTitle 12: Banks and Banking PartPart 370: Recordkeeping for Timely Deposit Insurance Determination

SourceeCFR (current through Apr 10, 2026)

This text of 12 C.F.R. § 370.1 (Purpose and scope.) is published on Counsel Stack Legal Research, covering United States primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

12 C.F.R. § 370.1 (2026).

Text

§ 370.1 Purpose and scope.
Unless otherwise provided in this part, each “covered institution” (defined in § 370.2(c)) is required to implement the information technology system and recordkeeping capabilities needed to calculate the amount of deposit insurance coverage available for each deposit account in the event of its failure. Doing so will improve the FDIC's ability to fulfill its statutory mandates to pay deposit insurance as soon as possible after a covered institution's failure and to resolve a covered institution at the least cost to the Deposit Insurance Fund.

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§ 370.1 Purpose and scope.

Unless otherwise provided in this part, each “covered institution” (defined in § 370.2(c)) is required to implement the information technology system and recordkeeping capabilities needed to calculate the amount of deposit insurance coverage available for each deposit account in the event of its failure. Doing so will improve the FDIC's ability to fulfill its statutory mandates to pay deposit insurance as soon as possible after a covered institution's failure and to resolve a covered institution at the least cost to the Deposit Insurance Fund.