Bank/Thrift Supervision   |    Capital    |    CFPB    |    Deposit Insurance    |    Interchange    |    Mortgage Finance
Municipal Advisors   |    OCC-OTS Merger   |    Preemption    |    QM - QRM    |    Swaps   |    Volcker Rule    |    Full Topics List
Qualified Mortgage - Qualified Residential Mortgage
Consumer Financial Protection Bureau - CFPB
Bank/Thrift Holding Company Supervision
Deposit Insurance
Mortgage Finance
Municipal Advisors
OCC-OTS Merger
Volcker Rule
Corporate Governance
Financial Stability Oversight Council (FSOC)
Office of Financial Research (OFR)
Systemic Risk
Supervision and Oversight
Payment, Clearing and Settlement
Prudential Supervision
Trust & Securities
Asset-Backed Securities
Resolution Authority

Monday, November 16, 2015

FDIC Updates FAQ on Brokered Deposits

The FDIC updated its controversial FAQs on identifying, accepting, and reporting brokered deposits and sought comment on the revisions.

The document was originally issued in January and caused widespread confusion and frustration at banks as it seemed to broaden the scope of deposits deemed “brokered.” In response to ABA’s concerns, FDIC staff encouraged banks to reach out to their examiners with specific questions about the guidance’s impact on depository operations, and it promised to update the FAQs as needed.

The changes proposed, which are detailed in a “track changes” version of the document, include both clarifications and new questions on topics like prepaid cards, referrals from insurance agents, lawyers and accountants, government benefits disbursed through cards and restrictions on banks that cease to be well capitalized for prompt corrective action purposes.

The FDIC stressed that the document is “a plain language summary of previously issued guidance that is conveniently located in one place,” and it added footnotes throughout the document to site previously issued opinions. Comments on the FAQs and introductory letter are due Dec. 28.

Read more.

No comments:

Post a Comment

Please read our comment policy before making a comment.