Financial Institution Letter

March 31, 2021

Webpage with Information on the Brokered Deposits Regulation including Instructions for Filing Requirements under the
Primary Purpose Exception

Summary:

On April 1, 2021, the revisions to the brokered deposits regulation (see FIL-113-2020) take effect.  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.  To facilitate the implementation of the new regulations, the FDIC will add a Brokered Deposits webpage to the Banker Resource Center to provide information about the regulation, including filing instructions for the notice and application process.  This new webpage will be available at 8:00 AM ET on April 1, 2021.  The full compliance date with respect to the brokered deposit revisions is January 1, 2022.

Statement of Applicability:

This Financial Institution Letter applies to all FDIC-Insured Institutions and other parties that may place or facilitate the placement of deposits at FDIC-insured institutions.

Distribution:

Chief Executive Officer
Chief Financial Officer

Read the FIL

.

The FDIC does not send unsolicited e-mail. If this publication has reached you in error, or if you no longer wish to receive this service, please unsubscribe.