My institution currently does not meet the criteria of a Covered Institution, but may meet them in the near future. What does the rule require?
An insured depository institution not meeting the criteria of a Covered Institution as of August 18, 2008 (using June 30, 2008 Call Report or TFR data) is designated a Non-Covered Institution and is not subject to any requirements under the rule. A Non-Covered Institution may meet the criteria of a Covered Institution in the future through organic growth in its deposit base or due to merger activity. If the criteria of a Covered Institution are met for two consecutive quarters your institution will be designated a Covered Institution under this rule and will have 18 months to comply with its requirements. Back to top Our holding company has three affiliated insured depository institutions, but only one meets the requirements of a Covered Institution. Does this mean all three insured depository institutions must meet the requirements of the rule? No. The rule only applies to a Covered Institution. It is possible for a multi-bank holding company to have affiliated insured depository inst
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