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Federal forms, ICRs, and supporting documents

Information Collection Request

Application for Waiver of Prohibition on Acceptance of Brokered Deposits

ICR 202102-3064-001 · OMB 3064-0099 · Received in OIRA

Forms and Documents
DocumentTypeStatusAvailability
SPST-0099 Reporting and RK Requirements for Brokered Deposits Final Rule Jan 2021.docx Supporting Statement A Uploaded 2021-02-05 Repair queued
IC Document Collections
IC IDCollectionTypeStatusForm
31862 Application for Waiver of Prohibition on Acceptance of Brokered Deposits Modified
245671 Reporting for Primary Purpose Exception Not Based on the Business Arrangements that meets a Designated Exception New
245670 Notice of Submission for Primary Purpose Exception Based on Enabling Transactions - Ongoing New
245660 Notice Submission for Primary Purpose Exception Based on the PLacement of Less Than 25 Percent of Customer Assets Under Administration - Ongoing New
245658 Application for Primary Purpose Exception Not Based on Business Arrangements that Meets a Designated Exception - Implementation New
245655 Notice Submission for Primary Purpose Exception Based on Enabling Transactions - Implementation New
245654 Notice for Primary Purpose Exception Based on Placement of Less Than 25 Percent of Customer Assets Under Administration - Implementation New
ICR Details
3064-0099 202102-3064-001
Received in OIRA 202011-3064-003
FDIC
Application for Waiver of Prohibition on Acceptance of Brokered Deposits
Revision of a currently approved collection   No
Regular 02/05/2021
  Requested Previously Approved
36 Months From Approved 02/29/2024
2,211 15
6,282 90
0 0
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.
US Code: 12 USC 1831f Name of Law: Federal Deposit Insurance Act
  
None
3064-AE94 Final or interim final rulemaking 86 FR 6742 01/22/2021
  85 FR 7453 02/10/2020
86 FR 6742 01/22/2021
Yes
  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 2,211 15 0 2,196 0 0
Annual Time Burden (Hours) 6,282 90 0 6,192 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
Yes
Changing Regulations
Yes
Changing Regulations
On December 15, 2020, the FDIC issued the brokered deposits final rule. This rule accomplished several objectives, including establishing a new framework for analyzing certain provisions of the “deposit broker” definition, including “facilitating” and “primary purpose." Relevant for brokered deposits, Section 29 of the FDI Act provides that an agent or nominee meets the primary purpose exception to the “deposit broker” definition when the primary purpose of the agent or nominee is not the placement of funds with depository institutions. In the brokered deposits final rule, the FDIC adopted revised criteria for the primary purpose exception based on the relationship between the agent or nominee and its customers.
$0
No
    No
    No
No
No
No
No
Manuel Cabeza 202 898-3781 [email protected]
  No
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:
 
 
 
 
 
 
 
    (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;
 
 
 
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.
02/05/2021