{"id":193779,"date":"2008-11-18T00:24:00","date_gmt":"2008-11-18T05:24:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/11\/18\/the-fdic-is-guaranteeing-what\/"},"modified":"2008-11-18T00:24:00","modified_gmt":"2008-11-18T05:24:00","slug":"the-fdic-is-guaranteeing-what","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/11\/18\/the-fdic-is-guaranteeing-what\/","title":{"rendered":"The FDIC is  Guaranteeing What???"},"content":{"rendered":"<p>It looks like the FDIC will be <a href=\"http:\/\/www.fdic.gov\/news\/news\/financial\/2008\/fil08129.html\">guaranteeing store gift cards<\/a>, according to their most recent release<\/p>\n<ul style=\"color: rgb(51, 51, 255);\">\n<li>The new General Counsel\u2019s Opinion No. 8 addresses the issue of whether the funds underlying stored value cards and other nontraditional access mechanisms qualify as \u201cdeposits\u201d as defined in the Federal Deposit Insurance Act.<\/li>\n<li><strong>U<\/strong><strong>nder the new opinion, the funds will be \u201cdeposits\u201d to the extent that the funds have been placed at an insured depository institution.<\/strong> Consequently, the  funds will be subject to assessments. Also, the funds will be insured <strong>(up to the  insurance limit)<\/strong>.<\/li>\n<li>In applying the insurance limit to a pooled custodial account, the FDIC will  recognize the <strong>holders of the stored value cards (or other access mechanisms) as  the owners of the deposits <\/strong>if the FDIC\u2019s standard requirements for \u201cpass-through\u201d insurance coverage have been satisfied. Otherwise, the card distributor or other named accountholder will be recognized as the owner.<\/li>\n<li>The treatment of the funds underlying stored value products does not differ from the treatment set forth in the FDIC\u2019s proposed rule published in August of 2005 (see FIL-83-2005 at <a href=\"http:\/\/www.fdic.gov\/news\/news\/financial\/2005\/fil8305.html\">http:\/\/www.fdic.gov\/news\/news\/financial\/2005\/fil8305.html<\/a>).<\/li>\n<\/ul>\n<p>Let me be the first to say that this is fracking nuts.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It looks like the FDIC will be guaranteeing store gift cards, according to their most recent release The new General Counsel\u2019s Opinion No. 8 addresses the issue of whether the funds underlying stored value cards and other nontraditional access mechanisms qualify as \u201cdeposits\u201d as defined in the Federal Deposit Insurance Act. Under the new opinion, &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1004,985,982],"tags":[],"class_list":["post-193779","post","type-post","status-publish","format-standard","hentry","category-finance","category-regulation","category-stupid"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/193779"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=193779"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/193779\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=193779"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=193779"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=193779"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}