Pre-approval
contingent upon no substantive changes to this collection after
adoption of the final rule. Otherwise this collection must be
re-submitted to OMB for review.
Inventory as of this Action
Requested
Previously Approved
05/31/2023
36 Months From Approved
01/31/2021
25,218
0
30
23,042
0
180
0
0
0
Section 29 of the Federal Deposit
Insurance Act (FDI Act) restricts the acceptance of deposits by
insured depository institutions from a "deposit broker. Well
capitalized insured depository institutions are not restricted from
accepting deposits from a deposit broker. An "adequately
capitalized" insured depository institution may accept deposits
from a deposit broker only if it has received a waiver from the
FDIC. A waiver may be granted by the FDIC "upon a finding that the
acceptance of such deposits does not constitute an unsafe or
unsound practice" with respect to that institution. An
"undercapitalized" depository institution is prohibited from
accepting deposits from a deposit broker. Section 337.6 of the
FDIC’s Rules and Regulations implements and closely tracks the
statutory text of Section 29, particularly with respect to the
definition of “deposit broker” and its exceptions. Section 29 of
the FDI Act does not directly define a “brokered deposit,” rather,
it defines a “deposit broker” for purposes of the restrictions.
This definition is subject to nine statutory exceptions. The
proposed rule would define certain terms for purposes of the
brokered deposit restrictions, including the term “facilitation”
and “primary purpose.” The proposed rule would also establish an
application and reporting process for persons that seek to meet the
primary purpose exception or for insured depository institutions
that seek to accept non-brokered deposits from persons that meet
the primary purpose exception.
US Code:
12
USC 1831f Name of Law: Federal Deposit Insurance Act
FDIC is revising its regulation
implementing Section 29 of the Federal Deposit Insurance Act to
define certain terms for purposes of the brokered deposit
restrictions, including the term “facilitation” and “primary
purpose.” The proposed rule would also establish an application and
reporting process for persons that seek to meet the primary purpose
exception or for insured depository institutions that seek to
accept non-brokered deposits from persons that meet the primary
purpose exception.
$0
No
No
No
No
No
No
No
Manuel Cabeza 202 898-3781
mcabeza@fdic.gov
No
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.