The Federal Deposit Insurance Corporation (FDIC) today updated a document that provides answers to Frequently Asked Questions (FAQs) on identifying, accepting, and reporting brokered deposits and sought comment on the revised FAQs.
The Federal Deposit Insurance Act and the agency’s regulations define the term “deposit broker” and restrict the acceptance of brokered deposits by FDIC-insured depository institutions that are not well capitalized.
The FDIC originally issued FAQs on brokered deposits in January to provide answers to questions on previously issued staff interpretations, advisory opinions, and other documents. The agency said in January it would provide updates to the FAQs as necessary.
The FDIC is updating the document in response to further inquiries and comments. The revisions and additions are being provided in “track changes” format, as well as a clean format, so that readers can easily see the changes.
Comments are welcome on the updated document as well as the accompanying introductory letter by December 28, 2015.
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