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.
RRS USFED 809
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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