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Federal Register / Vol. 86, No. 13 / Friday, January 22, 2021 / Rules and Regulations
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IV. Administrative Law Matters
A. Paperwork Reduction Act
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1. Brokered Deposits RIN 3064AE84
Certain provisions of the final rule contain collection of information requirements within the meaning of the Paperwork Reduction Act PRA of 1995.101 In accordance with the requirements of the PRA, the FDIC may not conduct or sponsor, and a respondent is not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget OMB control number. The information collection requirements contained in this final rule are being submitted to the Office of Management and Budget OMB for review and approval under section 3507d of the PRA 102 and section 1320.11 of the OMBs implementing regulations.103 FDIC is revising its existing information collection entitled Application for Waiver of Prohibition on Acceptance of Brokered Deposits OMB Control Number 30640099 and will rename the information collection Reporting Requirements for Brokered Deposits.
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U.S.C. 3507d.
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Current Actions Under the final rule:
Respondents may file an application with the FDIC for a waiver of the prohibition on the acceptance of brokered deposits;
Respondents may file a notice informing the FDIC that the respondent is availing itself of the Primary Purpose Exception Based on the Placement of Less Than 25 Percent of Customer Assets Under Administration;
Respondents may file a notice informing the FDIC that the respondent is availing itself of the Primary Purpose Exception Based on Enabling Transactions; and Respondents may file an application with the FDIC for a Primary Purpose Exception Not Based on a Designated Exception reporting requirement to obtain or retain a benefit.
The FDIC estimated the annual burden associated with the final rule based on the following assumptions and according to the methodology described below:
1. The FDIC lacks the data necessary to determine the number of third parties which may avail themselves of the primary purpose exception based on placing less than 25 percent of customer assets under administration and
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therefore, may make a notice submission to the FDIC. When the notice of proposed rulemaking for this rule was published, the FDIC invited comments on how its estimates could be improved 104 but received no comments on the subject.
The primary purpose exception based on placing less than 25 percent of customer assets under administration is expected to be utilized largely by broker-dealers. With few exceptions, broker-dealers must register with the Securities and Exchange Commission and be members of FINRA. There were 3,517 FINRA registered broker-dealer firms in 2019. Some of the 3,517 brokerdealers may not engage in activity which meets the definition of deposit broker, while some firms which do engage in such activity may not be among the 3,517 FINRA registered broker-dealers. However, in the absence of data to estimate future respondents, consistent with the changes in the rule relative to the NPR, the FDIC assumes that 703 firms will submit notices for a designated exception under the primary purpose exception based on placing less that 25 percent of customer assets under administration, in the initial year of implementation. Further, 104 85

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FR 7453 Feb. 10, 2020.

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BILLING CODE 671401C