QPD Applications

Banks and savings associations that are interested in applying for status as a qualified public depository (“QPD”) can access the QPD Applications page for the required application documents and related information.

If you prefer you may contact the Public Deposits section by calling (850) 413-3167 and selecting the option for the Public Deposits unit or by emailing CollateralManagement@myfloridacfo.com to request that an application package be sent by email. The application materials must be filed in original form with our office.

Please note that an applicant must have an average financial condition ranking of 20 or more from two nationally recognized bank rating services for approval as a QPD. Our office uses IDC Financial Publishing, Inc. and FIS FedFis, LLC for such rankings. Our team will inform you if your institution meets or exceeds this standard.

In addition, please note the following application issues:

• QPD applicants must have their principal place of business in Florida or have a branch office in Florida that's authorized to accept deposits.
• An applicant's board of directors must adopt several key resolutions as part of the application process. These resolutions involve the required contingent liability and collateral control agreements, an optional Federal Home Loan Bank letters of credit agreement, and the identification of an applicant’s authorized signers.
• All QPDs share contingent liability in Florida's public deposits program in the event of a QPD failure. Florida has an outstanding record in the administration of its public deposits program and has never made an assessment on other QPDs.
• Florida's public deposits program includes minimum required collateral ("MRC") of $100,000 even if a QPD holds no Florida public deposits.

QPD Laws and Regulations

It’s important for qualified public depositories (“QPDs”) and QPD applicants to be familiar with and understand Florida’s law and regulations governing the public deposits program. The law and regulations detail compliance responsibilities, establishes the type of assets that are eligible as collateral, and explains the collateral pledge levels that are available in the program. The "Florida Security for Public Deposits Act", Chapter 280, Florida Statutes (“F.S.”), is the law that governs Florida's public deposits program. Rule Chapter 69C-2, Florida Administrative Code ("F.A.C."), contains the rules and forms for the program.

Please click on the topics below to learn more about QPD law and regulations:

• Copy of Chapter 280, F.S.
• Copy of Rule Chapter 69C-2, F.A.C.
• Key definitions
• Major characteristics of Florida's public deposits program

QPD Collateral Requirements

Florida’s public deposits program has four standard collateral pledging levels of 25%, 50%, 110%, and 150%. The program's administrative rules provide the details on how a QPD's collateral pledge level is to be determined and involves consideration of a QPD's average financial condition ranking from two nationally recognized financial rating services as well as consideration of financial ratios, trends, and other pertinent information. QPDs with higher rankings and stronger financial condition will be eligible for the 50% and 25% collateral pledge levels which is an advantage that helps in the areas of liquidity and asset management.

BCM notifies all QPDs of their average financial condition ranking each calendar quarter and also notifies QPDs of any collateral pledge level changes as such decisions are made.

QPDs whose average ranking falls to the lowest range of 0-15 must withdraw from the public deposits program or agree to a limit on the amount of public deposits it will hold and pledge or deposit collateral equal to 150% of such limit.

Please see  the administrative rules for additional information. A QPD may use cash, U.S. Treasury securities, U.S. agency securities, investment grade municipal and corporate bonds, as well as Federal Home Loan Bank letters of credit as collateral in Florida's public deposits program as outlined in  Section 280.13, F.S.

QPD Reports

QPDs are required to file the following reports with BCM:

Qualified Public Depository Monthly Report

• This report lists the average balance of public deposits held during the month, the applicable amount of FDIC insurance, the amount of required collateral, equity capital and total assets data, and details on the collateral protecting the public deposits.

Pool Figure Memo

• The report is required to be submitted within 15 days after the end of each month, or by the next business day if the 15th falls on a holiday or weekend.

 Qualified Public Depository Annual Report

• This report includes information on a QPD’s compliance with program requirements, including a list of all Florida public depositors with funds on deposit at the QPD.
• The report is as of September 30th and must be filed on or before November 30th each year.

 Other documents, reports, records

• At times our office may require additional documents, reports, records or other information necessary to determine a QPD’s compliance with Chapter 280, Florida Statutes.

QPD Compliance Responsibilities

While QPDs should be familiar with all provisions of Chapter 280, F.S. and Rule Chapter 69C-2, F.A.C., Section 280.16, F.S. details some key compliance responsibilities for QPDs. A QPD’s primary compliance responsibilities are: 

• Identify Florida public deposit accounts in the QPD’s records and information systems.
• Execute and return to Florida public depositors the Public Deposit Identification and Acknowledgment form that is used by such depositors to identify their public deposit accounts to a QPD.
• Complete and submit the QPD Monthly Report by the 15^th of each month.
• Complete and summit the  QPD Annual Report by November 30^th each year.
• Provide each Florida public depositor with the required account confirmation data by October 30^th each year.
• Participate in the Financial Literacy Program for Individuals with Developmental Disabilities as required under s. 17.68, Florida Statutes.

ECAP

BCM has an External Collateral Administration Program ("ECAP") that allows users to log into our system with useful capabilities such as submitting monthly reports, reviewing currently pledged or deposited collateral, updating contact persons, and adding additional external users.

ECAP is a secure website so you can have confidence that submitting your monthly reports is safe.

Please note, ECAP has the following limitations: a QPD may not initiate collateral deposits or releases through ECAP and QPD annual reports may not be filed through ECAP. These limitations are due to the fact that such filings results in errors when a collateral item does not yet exist in our system or when a public depositor record hasn’t been established in our system.

ECAP Log-in. Please contact (850) 413-3167 and select the option for the Collateral Administration section to request a user ID and password.