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#1760326 - 11/23/12 03:54 PM Repurchase Agreements -
notuntermywatch Offline
Gold Star
Joined: Jun 2006
Posts: 392
MN
I have a question regarding section 360 of the FDIC rules....

For our repurchase agreemenmts, we do not substitute securities.

If we don't substitute under any circumstances, do we still need to include language regarding substitions in our agreement with the customer (i.e. saying we don't substitute)?

Thanks

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General Discussion
#1760346 - 11/23/12 04:10 PM Re: Repurchase Agreements - notuntermywatch
ahkcompliance Offline
Diamond Poster
Joined: Sep 2008
Posts: 2,474
Midwest
From our experience with the FDIC, YES. At our last exam we were cited for not having the updated language about substitution.

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