There are a variety of institutions that are required to deposit or pledge collateral to Florida's Chief Financial Officer ("CFO"). These institutions include, but are not necessarily limited to, banks and savings associations that accept public funds for deposit, banks and trust companies that conduct trust business in Florida, and insurance companies that must meet collateral requirements imposed by Florida's Office of Insurance Regulation.
BCM directly accepts cash, certificates of deposit (issued by an approved depository institution), and Federal Home Loan Bank ("FHLB") letters of credit from these institutions when such assets are eligible as collateral for an institution.
However, BCM uses independent third-party custodians for the safekeeping of book-entry securities that are pledged by institutions.
If your company meets the definition of Custodian and would like to engage in such business on BCM's behalf, then your company would enter into collateral agreements with BCM and institutions that desire to use book-entry securities as collateral.
Please contact Taylor Parsons at Taylor.Parsons@MyFloridaCFO.com or (850) 413-3328 for more information.