FDIC Updates Brokered Deposit FAQs, Seeks Comment on Revised Document
November 13, 2015
Barbara Hagenbaugh, (202) 898-6993
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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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's banks and savings associations, 6,348 as of June 30, 2015. It promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars — insured financial institutions fund its operations.
FDIC press releases and other information are available on the Internet at www.fdic.gov, by subscription electronically (go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 703-562-2200). PR-91-2015