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Federal Register / Vol. 86, No. 13 / Friday, January 22, 2021 / Rules and Regulations
6783

ESTIMATED ANNUAL BURDEN
Type of burden
Information collection IC description
Estimated average number of respondents
Obligation to respond
Estimated time per response hours
Estimated number of responses
Frequency of response
Total estimated annual burden hours
Initial Implementation Notice submission for Primary Purpose Exception Based on the Placement of Less Than 25 Percent of Customer Assets Under Administration.
Notice submission for Primary Purpose Exception Based on Enabling Transactions.
Application for Primary Purpose Exception Not Based on the Business Arrangements that do not meet a Designated Exception.

Reporting

Obtain or Retain a Benefit.

703

1

3

On Occasion

2,109

Reporting

Obtain or Retain a Benefit.
Obtain or Retain a Benefit.

245

1

5

On Occasion

1,225

245

1

10

On Occasion

2,450

Reporting

Ongoing Notice submission for Primary Purpose Exception Based on the Placement of Less Than 25 Percent of Customer Assets Under Administration.
Notice Submission for Primary Purpose Exception Based on Enabling Transactions.
Reporting for Primary Purpose Exception Not Based on the Business Arrangements that do not meet a Designated Exception.
Application for Waiver of Prohibition on Acceptance of Brokered Deposits.

Reporting

Obtain or Retain a Benefit.

176

4

0.5

Quarterly

352

Reporting

Obtain or Retain a Benefit.
Obtain or Retain a Benefit.

61

1

0.5

Annual

30.5

61

4

0.25

Quarterly

61

Reporting

Obtain or Retain a Benefit.

9

1

6

On Occasion

54

Total Estimated Annual Burden Hours

6,281.5

Reporting

Note: The estimated number of respondents in the Initial Implementation section is an annual average calculated over three years.

2. Interest Rate Restrictions RIN
3064AF02
In accordance with the requirements of the PRA,105 the FDIC may not conduct or sponsor, and the respondent is not required to respond to, an information collection unless it displays a currently valid OMB control number.
This final rule does not create a new or revise an existing information collection as it relates to the interest rate restrictions. Therefore, no PRA
clearance submission to OMB will be made.

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B. Regulatory Flexibility Act The Regulatory Flexibility Act RFA
generally requires that, in connection with a final rule, an agency prepare and make available for public comment a final regulatory flexibility analysis describing the impact of the rule on small entities.106 A regulatory flexibility analysis is not required, however, if the agency certifies that the rule will not have a significant economic impact on a substantial number of small entities.
The Small Business Administration SBA has defined small entities to include banking organizations with total assets less than or equal to $600
million.107
105 44

U.S.C. 35013521.
U.S.C. 601 et seq.
107 The SBA defines a small banking organization as having $600 million or less in assets, where an organizations assets are determined by averaging the assets reported on its four quarterly financial 106 5

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Generally, the FDIC considers a significant effect to be a quantified effect in excess of 5 percent of total annual salaries and benefits per institution, or 2.5 percent of total noninterest expenses. The FDIC believes that effects in excess of these thresholds typically represent significant effects for FDICinsured institutions.
1. Brokered Deposits Final Rule AE94
The FDIC does not believe that the rule will have a significant economic effect on a substantial number of small entities. However, some expected effects of the rule are difficult to assess or accurately quantify given current information, therefore the FDIC has included a Final Regulatory Flexibility Act RFA Analysis in this section.
Reasons Why This Action Is Being Considered As previously discussed, the FDIC
issued an ANPR in 2018 to obtain input from the public on its brokered deposit and interest rate regulations in light of significant changes in technology, business models, the economic statements for the preceding year. See 13 CFR
121.201 as amended by 84 FR 34261, effective Aug.
19, 2019. In its determination, the SBA counts the receipts, employees, or other measure of size of the concern whose size is at issue and all of its domestic and foreign affiliates. See 13 CFR
121.103. Following these regulations, the FDIC uses a covered entitys affiliated and acquired assets, averaged over the preceding four quarters, to determine whether the covered entity is small for the purposes of RFA.

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environment, and products since the agencys regulations relating to brokered deposits were adopted. Generally speaking, commenters offered information and expressed options that suggested the FDIC needed to clarify and update its historical interpretation of the deposit broker definition to better align with current market practices and risks associated with brokered deposits.
Policy Objectives As previously discussed, the FDIC is amending its regulations relating to brokered deposits in order to modernize those regulations to reflect recent technological changes and innovations that have occurred. Additionally, the FDIC seeks to continue to promote safe and sound practices by FDIC-insured depository institutions.
Legal Basis The FDIC is adopting this rule under authorities granted by Section 29 of the FDI Act. The law restricts troubled institutions i.e., those that are not well capitalized from 1 accepting deposits by or through a deposit broker without a waiver and 2 soliciting deposits by offering rates of interest on deposits that were significantly higher than the prevailing rates of interest on deposits offered by other insured depository institutions in such depository institutions normal market area. For a
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