|Title:||Unsafe and Unsound Banking Practices: Brokered Deposits|
|Subject:||Brokered deposits; primary purpose exception|
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.
|Comments due date:|
Jan. 10, 2022; applicable as of Dec. 29, 2021
|Rule compliance date:|
|Related Reg Report item(s):||
Rule will add business relationship of non-discretionary custodial services as ‘designated exception’ to brokered deposits reg