Rescission of Deposit Broker Notification, Recordkeeping and Reporting Requirements

As part of the Financial Regulatory Relief and Economic Efficiency Act of 2000, Congress repealed section 29A of the Federal Deposit Insurance Act ("FDI Act"). Section 29A imposed certain requirements on deposit brokers and authorized the FDIC to issue implementing regulations. The FDIC is rescinding the regulations issued to implement the now-repealed section 29A of the FDI Act. As a result of Congress' repeal of section 29A and the FDIC's rescission of the implementing regulations, deposit brokers no longer are required to notify the FDIC that they are acting as deposit brokers or have ceased acting as such. Also, deposit brokers no longer are required to maintain records as to the amounts and maturities of deposits placed by the broker at each insured depository institution.