A1b Due to U.S. Government - PowerPoint PPT Presentation

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A1b Due to U.S. Government

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A1b Due to U'S' Government – PowerPoint PPT presentation

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Title: A1b Due to U.S. Government


1
A1bDue to U.S. Government
2
A1b Due To U.S. Government
  • Include
  • Demand deposits in the form of federal public
    funds
  • Funds of the U.S. Government or those which are
    subject to the control and regulation of the
    United States

3
A1b Due To U.S. Government
  • Include
  • - U.S. Treasury Tax and Loan accounts (TTL)
  • - Demand Deposits of
  • Postmaster
  • Government-owned corporations (can include power
    plants and railroads)
  • Military
  • U.S. Customs
  • Veterans Administration

4
A1b Due To U.S. Government
  • Treasury Tax Loan (TTL)
  • Withheld employee payroll taxes
  • Corporate income taxes
  • Pension or annuity distributions
  • Social Security tax deposits
  • Proceeds from sales of U.S. Government securities

5
A1b Due To U.S. Government
  • TTL balances should only be reported on the day
    of receipt (1 day)
  • Two options for reporting TTL balances
  • Remittance Option - TTL payments are remitted to
    the Federal Reserve on the day after receipt.
  • Note Balance Option TTL payments are converted
    to an open-ended interest bearing note issued to
    the Treasury.

6
A1b Due To U.S. Government
  • Exclude
  • - Overdrawn accounts
  • - Primary obligations of the U.S. Government
  • Repurchase agreements
  • Promissory Notes
  • Commercial Paper
  • Due Bills

7
A1b Due To U.S. Government
  • Demand deposits of agencies and instrumentalities
    of the U.S. Government such as
  • Office of Thrift Supervision (OTS)
  • Federal Home Loan Banks (FHLB)
  • Federal Deposit Insurance Corporation (FDIC)
  • Federal National Mortgage Association (Fannie
    Mae)
  • National Credit Union Share Insurance Fund
  • National Credit Union Central Liquidity Facility

8
A1b Due To U.S. Government
  • Most Common Reporting Problems
  • Reporting note balances
  • Not reflecting remittances
  • Reporting state local deposits
  • Accounts payable items that represent funds
  • owed

9
Questions??
10
Contact Information
  • Rich Nabring, Coordinator
  • Federal Reserve Bank of Cleveland
  • 216/579-2157
  • rnabring_at_clev.frb.org
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