Annual Repurchase Account Disclosure
Updated 01/01/2025
The “Final Rule on Treatment of Sweep Accounts in Bank Failures and Disclosure Requirements” mandates that banks must prominently disclose to their sweep account customers whether their swept funds are considered deposits and how those funds would be treated in the event of a bank failure, requiring this information to be provided in writing and on a regular basis, typically annually; this rule is primarily enforced by the Federal Deposit Insurance Corporation (FDIC).
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