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•
Coordinate actions with the Department of the Treasury (Treasury), the Resolution
Trust Corporation (RTC), the Federal Deposit Insurance Corporation (FDIC), and the
Federal Reserve System.
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•
Obtain a list of affected beneficiaries, recipients or representative payees including
identifying information (SSN and BIC).
NOTE: Treasury furnishes detailed lists of involved payments within 30 days of the FI closing,
unless we receive the information from Federal Reserve, the closed FI, or the RTC.
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Determine the effective date of the closing.
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Determine whether the closing is permanent or another FI purchased the closed FI.
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•
Determine whether Treasury and Federal Reserve will designate another FI to receive
and distribute direct deposits on behalf of the closed FI for a period of up to 120
days.
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•
Determine whether FDIC or other Federal regulators are placing any restrictions or
special conditions on withdrawing funds.
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Gather any other pertinent information.
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•
Coordinate our actions with those of Treasury, Federal Reserve, and other Federal
agencies.
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•
Remain in close contact with the Regional Commissioner(s) and RO staff to coordinate
any necessary FO actions.
NOTE: Federal Reserve will reroute direct deposit payments, when:
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•
another FI agrees to receive and distribute them,
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•
no other FI agrees to receive and distribute them (all direct deposit payments going
to the FI stop), or
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•
the payments are dated more than 120 days after the FI closing. (The FI returns the
payments to Treasury. Treasury subsequently forwards the returned payments to us for
reissuance).