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Brokered Deposits: FDIC Adds an ‎Additional Business Relationship to the Primary Purpose ‎‎Exception | Locke Lord LLP

Effective January 10, 2022, the Federal Deposit Insurance Corporation (“FDIC”) issued a final rule ‎‎(the “Primary Purpose Rule”) that adds a specific business relationship that. ....

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FDIC Announces New Resources For Brokered Deposits Regulation | Ballard Spahr LLP


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 framework for analyzing whether deposits made through deposit arrangements qualify as “brokered deposits” and amended the methodology for calculating the interest rate restrictions that apply to less than well capitalized insured depository institutions.
The FDIC issued a new Financial Institution Letter (
FIL-23-2021) last week in which it announced that, to facilitate implementation of the final rule, it has added
a Brokered Deposits webpage to the Banker Resource Center on its website.  The information on the webpage about the final rule includes filing instructions for the notice requirement and application process established by the final rule. ....

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Fintech Week in Review - January 2021 | Perkins Coie


Weekly Fintech Focus
FDIC issues an updated brokered deposit rule, creating new exceptions relevant to fintechs working with bank partners.
FDIC issues a final rule clarifying its expectations for ILC charter applications.
CFPB issues an advisory opinion on Special Purpose Credit Programs to clarify how creditors can offer these programs to disadvantaged groups.
CFPB grants access to its compliance assistance sandbox to an earned wage access company, which meets the CFPB’s recent guidance on such programs.
PayPal wins the first round in its efforts to throw out aspects of the CFPB’s prepaid rule, resulting in a court throwing out certain mandatory disclosures and the 30-day waiting period for digital wallets. ....

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