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RC-E Line M1.e (RCON5590) - Handling exclusion of accounts where states and political subdivisions are beneficiaries (Doc ID 2652370.1)

Last updated on MARCH 30, 2020

Applies to:

Oracle Financial Services - Regulatory Reporting for US Federal Reserve - Lombard Risk Integration Pack - Version 8.0.8 and later
Information in this document applies to any platform.


Report FFIEC031/041
scheduel RC-E
MDRM code- RCON5590

line item definition- Preferred deposits

Regulations for this line mention:

‘Also exclude deposits of trust funds which are secured or collateralized as required under state law unless the beneficiary is a state or political subdivision in the U.S.’

These are such account for exclusion where :
a. Deposits are Trust Funds AND
b. Depositor is State or Political Subdivision in US AND
c. Beneficiary is not a State or Political Subdivision.

There is no check on the beneficiary being SG/POLSUB in the current configuration


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