The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) approved a final rule "clarifying that deposits in foreign branches of U.S. banks are not FDIC-insured, even though they can be deposits for the purposes of the national depositor preference statute enacted in 1993." The final rule comes after the United Kingdom's Prudential Regulatory Authority (PRA) authored a paper proposing "changing deposit account agreements to U.K. branch deposits dually payable in the United States." For more, read the full press release.