31 C.F.R. § 203.3 Financial institution eligibility for designation as a Treasury Tax and Loan depositary.
Title 31 - Money and Finance: Treasury
(a) To be designated as a TT&L depositary, a financial institution shall be insured as a national banking association, state bank, savings bank, savings and loan, building and loan, homestead association, Federal home loan bank, credit union, trust company, or a U.S. branch of a foreign banking corporation, the establishment of which has been approved by the Comptroller of the Currency. (b) A financial institution shall possess the authority to pledge collateral to secure TT&L account balances and/or a note balance. (c) In order to be designated as a TT&L depositary for the purposes of processing tax deposits in the FTD system, a financial institution shall possess under its charter either general or specific authority permitting the maintenance of the TT&L account, the balance of which is payable on demand without previous notice of intended withdrawal. In addition, note option depositaries shall possess either general or specific authority permitting the maintenance of a note balance. In the case of note option depositaries maintaining main note balances, the authority shall permit the maintenance of a main note balance which is payable on demand without previous notice of intended withdrawal. [63 FR 5650, Feb. 3, 1998, as amended at 67 FR 11576, Mar. 15, 2002]
Title 31: Money and Finance: Treasury
PART 203—PAYMENT OF FEDERAL TAXES AND THE TREASURY TAX AND LOAN PROGRAM
Subpart A—General Information
§ 203.3 Financial institution eligibility for designation as a Treasury Tax and Loan depositary.
