Skip to content
GeoDataVision
Learn More - Click Here!

New Reply Thread Options
#1321054 - 01/08/10 05:49 PM FDIC Coverage for Municipalities
Anonymous
Unregistered

Before I tell the senior lender he is wrong, the FDIC does not offer any coverage enhancements for municipalities, correct?

For a local gov't unit to have more than the current limits in invested funds, they either need to participate in CDARS, correct?

Local money needs to be fully collateralized i thought, hence why municipalities genenerally only deposit within the fdic insurance limits with a bank, and the rest of their funds within state run collateral pools?

Yes, no?

Return to Top Reply Quote Quick Reply Quick Quote
#1321749 - 01/11/10 03:25 PM Re: FDIC Coverage for Municipalities Anonymous
Anonymous
Unregistered

bump

Return to Top Reply Quote Quick Reply Quick Quote
#1323471 - 01/13/10 01:31 PM Re: FDIC Coverage for Municipalities Anonymous
KYAuditor Offline
100 Club
KYAuditor
Joined: Jan 2003
Posts: 138
Kentucky
We have deposit accounts for local municipalities in excess of FDIC insurance limits. We have investments securities pledged against those deposits for the excess balances. Hope this helps.
_________________________
Just my 2 cents worth--for what its worth!!

Return to Top Reply Quote Quick Reply Quick Quote
#1323474 - 01/13/10 01:33 PM Re: FDIC Coverage for Municipalities KYAuditor
Anonymous
Unregistered

Your own investment securties, or the municipality puts them up?

Return to Top Reply Quote Quick Reply Quick Quote
#1323478 - 01/13/10 01:37 PM Re: FDIC Coverage for Municipalities Anonymous
KYAuditor Offline
100 Club
KYAuditor
Joined: Jan 2003
Posts: 138
Kentucky
Securities in our own investment portfolio. Specific securities are pledged to specific municipal deposit customers that carry higher balances.
_________________________
Just my 2 cents worth--for what its worth!!

Return to Top Reply Quote Quick Reply Quick Quote
#1323479 - 01/13/10 01:40 PM Re: FDIC Coverage for Municipalities KYAuditor
Dazed Auditor Offline
Platinum Poster
Dazed Auditor
Joined: Apr 2005
Posts: 637
Acceptance, USA America
The FDIC examiners used to check to see if pledged securities covered municipal deposits that were in excess of deposit insurance. They may have done that as it may have been required by state law.
_________________________
I overstand.

Return to Top Reply Quote Quick Reply Quick Quote
Quick Reply:
HTML is disabled
UBBCode is enabled




Moderator:  MagicCity, P*Q, Truffle Royale