(a) To accept deposits covered by the appropriate Federal or State insurer. Every depositary is authorized to accept a deposit of public money in an official account, other than an account in the name of the United States Treasury, in which the maximum balance does not exceed the “Recognized Insurance Coverage.” “Recognized Insurance Coverage” means the insurance provided by the Federal Deposit Insurance Corporation, the National Credit Union Administration, and by insurance organizations specifically qualified by the Secretary of the Treasury.
(b) To perform other services.
(1) The Secretary of the Treasury may authorize a depositary to perform other services including, but not limited to:
(i) The maintenance of official accounts in which balances will be in excess of the applicable Federal or State insurance coverage;
(ii) The maintenance of accounts in the name of the United States Treasury;
(iii) The acceptance of deposits for credit of the United States Treasury;
(iv) The furnishing of bank drafts in exchange for collections.
(2) To obtain authorization to perform services, a depositary must:
(i) File with the Secretary of the Treasury an appropriate agreement and resolution of its board of directors authorizing the agreement (both on forms prescribed by the Bureau of the Fiscal Service and available from Federal Reserve Banks), and
(ii) Pledge collateral security as provided for in § 202.6.
[32 FR 14215, Oct. 13, 1967, as amended at 44 FR 53066, Sept. 11, 1979; 49 FR 47001, Nov. 30, 1984; 62 FR 45521, Aug. 27, 1997]