Reporting and Recordkeeping Requirements for Brokered Deposits

Forms and Documents

Document Name	Status
SPST-0099 Reporting and RK Requirements for Brokered Deposits NPR Aug 2024.docx Supporting Statement A	2024-09-20

IC Document Collections

IC ID	Document Title	Status
31862	Application for Waiver of Prohibition on Acceptance of Brokered Deposits	Modified
245671	Reporting for Primary Purpose Exception Not Based on Business Arrangements that meets a Designated Exception - Ongoing	Modified
245670	Reporting for Primary Purpose Exception Based on the Placement of Less Than 10 Percent of Customer Assets Under Management with Additional 3rd Party - Ongoing	Modified
245660	Notice Submission for Primary Purpose Exception Based on the Placement of Less Than 10 Percent of Customer Assets Under Administration - Ongoing	Modified
245658	Application for Primary Purpose Exception Not Based on Business Arrangements that Meets a Designated Exception - Implementation	Modified
245655	Application for Primary Purpose Exception Based on 10 Test With Additional 3rd Party - Implementation	Modified
245654	Notice Submission for Primary Purpose Exception Based on Placement of Less Than 10 Percent of Customer Assets Under Management - Implementation	Modified

ICR Details

OMB Control No: 3064-0099	ICR Reference No: 202409-3064-002
Status: Received in OIRA	Previous ICR Reference No: 202308-3064-001
Agency/Subagency: FDIC	Agency Tracking No:
Title: Reporting and Recordkeeping Requirements for Brokered Deposits
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 09/20/2024

	Requested	Previously Approved
Expiration Date	36 Months From Approved	05/31/2027
Responses	252	192
Time Burden (Hours)	545	377
Cost Burden (Dollars)	0	0

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Abstract: Section 29 of the Federal Deposit Insurance Act prohibits undercapitalized insured depository institutions from accepting, renewing, or rolling over any brokered deposits. Adequately capitalized institutions may do so with a waiver from the FDIC, while well-capitalized institutions may accept, renew, or roll over brokered deposits without restriction.

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Authorizing Statute(s): US Code: 12 USC 1831f Name of Law: Federal Deposit Insurance Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3064-AF99	Proposed rulemaking	89 FR 68244	08/23/2024

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 7

IC Title	Form No.	Form Name
Application for Primary Purpose Exception Based on 10 Test With Additional 3rd Party - Implementation
Application for Primary Purpose Exception Not Based on Business Arrangements that Meets a Designated Exception - Implementation
Application for Waiver of Prohibition on Acceptance of Brokered Deposits
Notice Submission for Primary Purpose Exception Based on Placement of Less Than 10 Percent of Customer Assets Under Management - Implementation
Notice Submission for Primary Purpose Exception Based on the Placement of Less Than 10 Percent of Customer Assets Under Administration - Ongoing
Reporting for Primary Purpose Exception Based on the Placement of Less Than 10 Percent of Customer Assets Under Management with Additional 3rd Party - Ongoing
Reporting for Primary Purpose Exception Not Based on Business Arrangements that meets a Designated Exception - Ongoing

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ICR Summary of Burden

	Total Request	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	252	192	0	60	0	0
Annual Time Burden (Hours)	545	377	0	168	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: Yes

Burden Reduction Due to: Changing Regulations

Short Statement: The FDIC is proposing to issue a rule (the “Proposed Rule”) that would: (1) revise the “deposit broker” definition; (2) amend the analysis of the “primary purpose” exception to the “deposit broker” definition; (3) amend two of the designated business relationships under the primary purpose exception; (4) make changes to the notice and application process for the primary purpose exception; and (5) clarify when an insured depository institution can regain status as an “agent institution” under the limited exception for a capped amount of reciprocal deposits.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? No

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 09/20/2024

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