The new depository institution, without application to or approval by the Corporation, shall be an insured depository institution and shall maintain on deposit with the Federal Reserve bank of its district reserves in the amount required by law for member banks, but it shall not be required to subscribe for stock of the Federal Reserve bank.

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Axiom
US Federal
Statutes
Title 12
§ 1821
(m)
(7)

Insured status

Official source

← New deposits Investments →

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