Unsafe and Unsound Banking Practices: Brokered Deposits
FDIC · other · Published 2022-01-10 · Effective 2022-01-10 · 87 FR 1065
Document
Document number
2021-28540
Federal Register citation
87 FR 1065
CFR reference
12 CFR 337
Type
Rule
Action
Notification of additional designated business relationship that meets the primary purpose exception.
Category
other
Agency
US Federal Deposit Insurance Corporation
Publication date
2022-01-10
Effective date
2022-01-10
Abstract
The FDIC is identifying an additional business relationship, or "designated exception," that meets the "primary purpose" exception to the deposit broker definition. The business relationship relates to specific, non-discretionary custodial services offered by third parties to depositors or depositors' agents. Entities that meet the criteria detailed below will be permitted to rely upon the primary purpose exception without submitting a notice or application.