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A1b Due to U.S. Government

A1b Due to U.S. Government. 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. A1b – Due To U.S. Government. Include:

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A1b Due to U.S. Government

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  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 (TT&L) - 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 (TT&L) • 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 • TT&L balances should only be reported on the day of receipt (1 day) • Two options for reporting TT&L balances: • Remittance Option - TT&L payments are remitted to the Federal Reserve on the day after receipt. • Note Balance Option – TT&L 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@clev.frb.org

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