The proposal would make key changes to the definition of “deposit broker” with significant ramifications for banks, fintechs, bank-fintech partnerships, and other third parties in the financial services industry....more
In late July 2024, the Federal Deposit Insurance Corporation (FDIC) board of directors proposed a rule that would revise its standards on banks accepting brokered deposits. The proposed rule would expand the definition of...more
On July 30, the FDIC released an NPRM that would provide restrictions, update definitions, and provide new exceptions to the rule on brokered deposits. The FDIC explained that these proposed amendments would simplify...more
On July 30, 2024, the Federal Deposit Insurance Corporation (FDIC) proposed revisions to the restrictions on brokered deposits (the “Proposal”). The Proposal is intended to strengthen the restrictions to reflect the FDIC’s...more
On July 30, 2024, the Federal Deposit Insurance Corporation (FDIC) issued a proposed rule that would make significant revisions to the FDIC’s regulations implementing the provisions of Section 29 of the Federal Deposit...more
The federal banking agencies have published joint guidance for banks about risks posed by fintech companies and other third parties to deliver bank deposit products and services. The joint guidance issued on July 30...more
You're Invited! Nelson Mullins invites you to a one-hour webinar entitled, "Brokered Deposits Best Practices for Bank Fintech Partnerships," on July 25. Partners Brad Rustin and Craig Nazzaro along with associate Marianna...more
On April 1, 2021, the FDIC’s final rule issued in December 2020 revising its brokered deposits regulation became effective. The full compliance date for the final rule is January 1, 2022. The rule established a new...more
Effective April 1, 2021, the Federal Deposit Insurance Corporation (“FDIC”) launched a “Brokered Deposit” bankers’ resource web page, concurrently with the effective date of its final rule (the “Rule”) to modernize the...more
On January 22, 2021, the Federal Deposit Insurance Corporation (“FDIC”) published its final rule (“Final Rule”) revising and modernizing its regulations related to brokered deposits and the interest rate restrictions that...more
On December 15, 2020, the Federal Deposit Insurance Corporation (“FDIC”) issued a final rule (the “Rule”) to modernize its regulations that implement Section 29 of the Federal Deposit Insurance Act (“FDI Act”). The FDIC...more
The FDIC has issued a final rule that establishes a new framework for analyzing whether deposits made through deposit arrangements qualify as “brokered deposits” and amends the methodology for calculating the interest rate...more
Our Financial Services & Products Group unpacks the Federal Deposit Insurance Corporation’s most significant changes to brokered deposit regulations since 1989....more
On December 15, the Federal Deposit Insurance Corporation (FDIC) issued a final rule (Final Rule) establishing a new framework for analyzing whether bank deposits obtained through third-party arrangements are brokered...more
In this Issue. The Federal Deposit Insurance Corporation (FDIC) was busy this week, finalizing rules that modernize brokered deposits regulations, establish new standards for parent companies of industrial loan companies and...more
On February 10, 2020, the Federal Deposit Insurance Corporation (FDIC) published a proposed rule intended to modernize the regulatory treatment of brokered deposits (Proposed Rule). The Proposed Rule would amend 12 C.F.R....more
Brokered deposits is a hot topic once again. On December 19, 2018, the Federal Deposit Insurance Corporation (the “FDIC”) published an advance notice of proposed rulemaking and request for comment on possible updates to its...more
On Tuesday, a bipartisan group of legislators expressed their support for a bill (H.R. 4116) that would attempt to codify and expand a measure regarding reciprocal deposits that was included in FDIC’s final rule on small bank...more
Why it matters The Federal Deposit Insurance Corporation (FDIC) is proposing to update its Frequently Asked Questions (FAQs) on identifying, accepting, and reporting brokered deposits, and is requesting public comment on...more
Why it matters - What is the proper scope of the definition of a "brokered deposit"? Certain industry groups wrote a letter to the Federal Deposit Insurance Corp. (FDIC) expressing concern about the broadened definition...more
In this issue: - SEC Publishes Rules for Reporting Security-Based Swaps - SEC Proposes Rules for Disclosure of Companies’ Hedging Policies - CFTC Extends Relief From Certain OCR Requirements - NFA...more
Why it matters - The Federal Deposit Insurance Corporation (FDIC) started 2015 by releasing new FAQs for brokered deposits, which address issues such as the definition of a “deposit broker” and when the “primary...more
On January 5, in its second Financial Institution Letter of 2015, the Federal Deposit Insurance Corporation (FDIC) released guidance in the form of frequently asked questions (FAQs) with respect to identifying, accepting and...more
At the start of 2015, the Federal Deposit Insurance Corporation ("FDIC") has issued new guidance for banks and other insured depository institutions ("banks") regarding brokered deposits. In a series of frequently asked...more