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Are banks considered federal contractors for the new requirements since they are depositories of federal funds?

April 26, 2017Banks contractors depositories Federal funds requirements

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Are banks considered federal contractors for the new requirements since they are depositories of federal funds?

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Yes – The regulatory definition of “government contract” would include banks based on two criteria: 1. Deposit insurance (FDIC) is a covered government contract. 2. The issuing and paying of bonds and serving as a federal fund depository also establish coverage.