Is anyone familiar with California's regulations regarding deposits from Public Agencies?
We are a growing thrift that has had multple requests from Public Agencies to accept deposits. We also are looking to grow deposits at this time also.
- Does the bank develop the contract for deposit or is there a standard version that the state provides?
- For deposits in excess of FDIC coverage ($100,000) I have heard that the bank must pledge securities, any details?
- Is there any special reporting either on the TFR or to the State of California that must be completed regarding the bank's financials or securities? If so how frequent?
- If your bank accepts public agency funds- is it worth it or is the process so cumbersome that it does not make sense. I know many public agencies are now bidding their deposits out, so they may not be a low cost source of deposits for banks.
Any Other important factors would be helpful also.
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