[Code of Federal Regulations]
[Title 31, Volume 2]
[Revised as of July 1, 2007]
From the U.S. Government Printing Office via GPO Access
[CITE: 31CFR202.3]

[Page 9-10]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
         CHAPTER II--FISCAL SERVICE, DEPARTMENT OF THE TREASURY
 
PART 202_DEPOSITARIES AND FINANCIAL AGENTS OF THE FEDERAL GOVERNMENT \1\--
 
Sec.  202.3  Authorization.

    (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:

[[Page 10]]

    (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 Financial Management Service and available 
from Federal Reserve Banks), and
    (ii) Pledge collateral security as provided for in Sec.  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]