New General Counsels Opinion No. 8 The FDIC Provides Clarity on Deposit Insurance and Assessments on Funds Underlying Stored Value Cards

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New General Counsels Opinion No. 8 The FDIC Provides Clarity on Deposit Insurance and Assessments on Funds Underlying Stored Value Cards

November 25, 2008

Chris Daniel and Helen Lee

The Federal Deposit Insurance Corporation (FDIC) issued a new General Counsels Opinion No. 8 (New GC8) on November 13, 2008, to supersede a 1996 General Counsels Opinion (Original GC8). The timing of New GC8 is interesting and may, or may not, be tied to our current economic circumstances and the FDICs ongoing effort to maintain, and perhaps, restore public confidence in U.S. depository institutions including the FDICs Temporary Liquidity Guarantee Program.

The issue of whether FDIC insurance is available with respect to the funds underlying stored value cards (SVCs) may seem obvious to some as an issue that only arises upon the FDICs placement of the card-issuing bank into receivership. Nevertheless, given that numerous depository institutions have failed since January 1, 2008, the relevancy and immediacy of this issue has become more apparent.

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President Signs Landmark Genetic Nondiscrimination Bill

Supreme Court Upholds State Tax Exemptions for In-State Municipal Bonds

Long-term Incentives and Golden Handcuffs in the PRC: A Mix that Encourages Employee Loyalty

Real Estate Law Developments in Central and South East Europe

Immigration News: Recent E-Verify Developments

IRS Issues Final Regulations on Withholding Requirements for Partnerships with Foreign Partners

The U.S.-Korea Free Trade Agreement: Will It Happen? Will It Matter?

Immigration News: TN Worker Proposal and Process Change for Reentry Permits

General Counsel Beware: Bankruptcy Trustees May Look To You When Objectionable Activities Are Ignored

U.S. Supreme Court Clarifies Scope of Judicial Review Under the Federal Arbitration Act

Private Equity Funds and Banks: Guidance on Equity Investments in Financial Institutions

New U.S. Foreign Investment Rules Endorse Broad Restrictions

Disclosing Risks of Climate Change in SEC Filings

English Court of Appeal Clarifies Scope of Landlord's Repairing Covenant

ASTM Releases Vapor Intrusion Standard

Proposed New York State Rule Restricting NOX and PM Emissions from Electric Generators

Immigration News: USCIS Conducts H-1B ''Lottery''

New York Legislature Enacts Moratorium on Acceptance of Sites into State Brownfield Cleanup Program

Immigration News: H-1B Cap Hit

Federal Energy Regulatory Commission Seeks to Revamp the Standards of Conduct for Transmission Providers

SEC Proposes New Exchange-Traded Fund and Fund of Funds Rules

Immigration News: USCIS Reaches FY2009 H-1B Cap

Immigration News: DHS Updates and Changes to U.K. Immigration Laws

UK Employment Law: Quarterly Case Update

DOJ Issues Guidelines for Selecting and Using Corporate Monitors

Governments Discovery Deficiency in a Criminal Case Subject to Increased Scrutiny

Immigration News: USCIS Releases Advance Copy of Interim Final Regulation Relating to FY 2009 Cap-Subject H-1B Filings

Immigration News: Filings to Begin April 1 for Fiscal Year 2009 Quota of H-1B Visas

Federal Investigators Ramp Up Scrutiny of Subprime Meltdown

The Latest Attempt To Restrict Physician Ownership In Hospitals

Federal Courts Strengthen Protection of International Arbitration Awards

Seventh Circuit Issues Significant Opinion Affecting Fairness Opinion Practice

Nonemployer Individuals Cannot Be Held Liable for Retaliation Under the California Fair Employment and Housing Act

Massachusetts Judge Decides E-mail Exchange Sufficient To Form An Enforceable Settlement Agreement

The Northern District of California Revises its Patent Local Rules

SEC Approves Actively Managed Exchange Traded Funds

Wage and Hour Claims: The New Wave

Litigation Alert for 401(k) Plans

Kosovos Independence: No Negative Impact on Investment into the Region

Disclosing Effects of Climate Change in Energy, Financial Companies' 10-K's BNA's Daily Environment Report. March 3, 2008.

Delaware Bankruptcy Court Issues Opinion of First Impression With Respect To Repo Agreement

The Sedona Conference Commentary On ESI Evidence & Admissibility

UK and European Employment and Benefits Law Update

Energy Performance Certificates (EPC)

Developments in the PRC's Employment Laws in 2007

SEC Votes to Propose Amendments to Part 2 of Form ADV

Subprime Mortgage Litigation Trends: Standing and Causation Defenses

Employers With San Francisco Employees Must Comply With Citys New Health Care Spending Ordinance Despite Legal Challenge

New Brownfields Exemption Will Help Developers of Contaminated Property

Implementing Regulations of Enterprise Income Tax Law Implemented in China

Increased Hart-Scott-Rodino Act Thresholds and Recent Enforcement Actions

Open Access Transmission Reform Moves Forward

SEC Adopts Rules Facilitating the Use of Electronic Shareholder Forums

China Matters: 2007 Review

Section 13 SEC Reporting by Advisers and Brokers and Section 16 SEC Reporting by Insiders of Public Companies

Arbitration: What to Consider When Investing in Emerging Markets

New Leave Law Protects Family Members of Soldiers and Sailors

Diversity and the Role of the Young Lawyer

Toxic Exposure Claims Likely to Spike in Alabama

UK Employment Law Developments in Early 2008

Should IP Addresses Be Protected as Personal Information? EU Data Protection Official Says Yes.

A Matter of FACTA: Part III Legal and Legislative Crossroads

Acquisition of U.S. Companies by Chinese Companies: Practical Considerations Under U.S. Law

Pro Bono News - Winter 2007/2008

The Supreme Court Rejects Securities Fraud Scheme Liability for Secondary Actors

Restating Financials? Forfeiting Bonuses and Profits to the SEC Now a Real Threat

Delaware Bankruptcy Court Issues Opinion Of First Impression With Respect To Repo Agreement

Are Consumers Savvy About Carbon Neutral and Green Energy Marketing Claims?

Immigration News: A Reminder of New Developments

NLRB: Employers May Restrict Employee Use of Office E-mail for Union Solicitation and Other Employee Organizational Activity

Actions by the Federal Energy Regulatory Commission Regarding Transaction Approvals and Market Power Issues that May Impact Your Deals

California Employers Required to Notify Employees that They May Be Eligible for the Federal Earned Income Tax Credit

Federal Reserve Proposes New Regulations in Response to Subprime Issues

Listing Investment Companies on the London Stock Exchange: Latest Developments

US Incentive Plans, EU Employees and Conflicts of Law

Impacted by the Credit Crunch? Effecting Workforce Reductions in the UK

Bush Mortgage Relief Plan - Questionable Relief, Questionable Protection from Litigation

Immigration News - New Petition Verification Procedures May Result in Visa Processing Delays

A Road Map for Water: A Court Finally Clears a CEQA Water Supply Analysis

The SEC Targets 10b5-1 Plans Ten Things Executives and Boards Should Be Doing

Annual Form ADV Requirements for Investment Advisers

SEC Proposes New Layered Prospectus Disclosure and Delivery Regime

French Securities Regulator (AMF) Considers Relaxing Disclosure and Corporate Governance Rules for Small and Mid Cap Issuers Listed on French Regulated Markets

Immigration News - November 29, 2007

China Matters: China Issues New Foreign Investment Restrictions