Regulatory Alerts2013-10-22
Added · Updated
State Banking Board: Approval of Reich & Tang Deposit Solution, LLC's Demand Deposit Marketplace program for use by North Dakota public corporations as a deposit placement service
North Dakota Commissioner of Financial Institutions Robert J. Entringer determined that Reich & Tang Deposit Solutions, LLC's Demand Deposit Marketplace program is appropriate for use by North Dakota public corporations. This approval confirms that funds placed through the service are eligible for pass-through deposit insurance from the Federal Deposit Insurance Corporation, satisfying statutory requirements under Sections 21-04-09 and 21-06-07 of the North Dakota Century Code. The Commissioner further mandated that future audits of the program be submitted to the Department for review at least every two years and requested immediate notification of any adverse FDIC insurance determinations.
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