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Jumbo C.D. Investments originally listed with the FDIC in 1992 as required by law. Under the FDIC Act, Section 29A read in part,
A deposit broker, as defined in section 29(g), shall not solicit or place any
deposit with an insured depository institution, unless such deposit broker has provided the
Corporation [FDIC] with written notice that it is a deposit broker. (Bracketed text added)
The requirement was in Section 29A of 12 U.S.C. 1831f-1(a). 57 Fed.Reg.23933, 23944
(June 5, 1992). However, in December of 2000, Congress passed
the Financial Regulatory Relief and Economic Efficiency Act that removed this requirement. As part of the above referenced act, Public Law Number 106-569, section 1203, provides in full as follows:
Section 29A of the Federal Deposit Insurance Act (12 U.S.C. 1831f-1) is hereby repealed.
The repeal of that section has not been
widely publicized. We want our current customers and future customers to know we will always strive to
follow the law. As has been the case since 1991, your safety is of the utmost importance to us. Please contact the FDIC or us if you have any questions.
