Revisions on brokered deposits regulations and the methodology for calculating interest rate restrictions went into effect Thursday, and webpages with more information, and for computing the rates, were introduced the same day by the agency that promulgated the revisions.
In separate releases, the Federal Deposit Insurance Corp. (FDIC) said it had developed a webpage to facilitate implementation of revisions to its brokered deposits regulation and a calculator for determining the interest rates.
Regarding the brokered deposits regulation, the agency said the rule establishes a new framework for analyzing the primary purpose exception (PPE) that includes a notice process for certain designated exceptions and an application process for entities that wish to invoke the PPE but do not meet one of the designated exceptions. The new webpage debuted Thursday; the full compliance date with respect to the brokered deposit revisions is Jan. 1, 2022.
Thursday is also the day that the day that the revised methodology for calculating the national rate, the national rate cap, and the local market rate cap for banks that are less than well capitalized took effect. On Thursday, the webpage for calculating the national rates and caps became public, and the FDIC said it will reflect the change in calculation methodology. After Thursday, updated national rates and rate caps will generally be posted on the third Monday of the month, the FDIC said.