Application for Waiver of Prohibition on Acceptance of Brokered Deposits

Forms and Documents

Document Name	Status
SPST-0099 Reporting and RK Requirements for Brokered Deposits Final Rule Jan 2021.docx Supporting Statement A	2021-02-05

IC Document Collections

IC ID	Document Title	Status
31862	Application for Waiver of Prohibition on Acceptance of Brokered Deposits	Modified
245671	Reporting for Primary Purpose Exception Not Based on the Business Arrangements that meets a Designated Exception	New
245670	Notice of Submission for Primary Purpose Exception Based on Enabling Transactions - Ongoing	New
245660	Notice Submission for Primary Purpose Exception Based on the PLacement of Less Than 25 Percent of Customer Assets Under Administration - Ongoing	New
245658	Application for Primary Purpose Exception Not Based on Business Arrangements that Meets a Designated Exception - Implementation	New
245655	Notice Submission for Primary Purpose Exception Based on Enabling Transactions - Implementation	New
245654	Notice for Primary Purpose Exception Based on Placement of Less Than 25 Percent of Customer Assets Under Administration - Implementation	New

ICR Details

OMB Control No: 3064-0099	ICR Reference No: 202102-3064-001
Status: Received in OIRA	Previous ICR Reference No: 202011-3064-003
Agency/Subagency: FDIC	Agency Tracking No:
Title: Application for Waiver of Prohibition on Acceptance of Brokered Deposits
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 02/05/2021

	Requested	Previously Approved
Expiration Date	36 Months From Approved	02/29/2024
Responses	2,211	15
Time Burden (Hours)	6,282	90
Cost Burden (Dollars)	0	0

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Abstract: Section 29 of the Federal Deposit Insurance Act prohibits undercapitalized insured depository institutions from accepting, renewing, or rolling over any brokered deposits. Adequately capitalized institutions may do so with a waiver from the FDIC, while well-capitalized institutions may accept, renew, or roll over brokered deposits without restriction.

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Authorizing Statute(s): US Code: 12 USC 1831f Name of Law: Federal Deposit Insurance Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3064-AE94	Final or interim final rulemaking	86 FR 6742	01/22/2021

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	85 FR 7453	02/10/2020
30-day Notice:	Federal Register Citation:	Citation Date:
	86 FR 6742	01/22/2021
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 7

IC Title	Form No.	Form Name
Application for Waiver of Prohibition on Acceptance of Brokered Deposits
Notice for Primary Purpose Exception Based on Placement of Less Than 25 Percent of Customer Assets Under Administration - Implementation
Notice Submission for Primary Purpose Exception Based on Enabling Transactions - Implementation
Application for Primary Purpose Exception Not Based on Business Arrangements that Meets a Designated Exception - Implementation
Notice Submission for Primary Purpose Exception Based on the PLacement of Less Than 25 Percent of Customer Assets Under Administration - Ongoing
Reporting for Primary Purpose Exception Not Based on the Business Arrangements that meets a Designated Exception
Notice of Submission for Primary Purpose Exception Based on Enabling Transactions - Ongoing

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ICR Summary of Burden

	Total Request	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	2,211	15	0	2,196	0	0
Annual Time Burden (Hours)	6,282	90	0	6,192	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: Yes

Burden Reduction Due to: Changing Regulations

Short Statement: On December 15, 2020, the FDIC issued the brokered deposits final rule. This rule accomplished several objectives, including establishing a new framework for analyzing certain provisions of the “deposit broker” definition, including “facilitating” and “primary purpose." Relevant for brokered deposits, Section 29 of the FDI Act provides that an agent or nominee meets the primary purpose exception to the “deposit broker” definition when the primary purpose of the agent or nominee is not the placement of funds with depository institutions. In the brokered deposits final rule, the FDIC adopted revised criteria for the primary purpose exception based on the relationship between the agent or nominee and its customers.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? No

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Common Form ICR:  No

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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:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(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;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

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.

Certification Date: 02/05/2021

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