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Federal Register / Vol. 86, No. 13 / Friday, January 22, 2021 / Rules and Regulations in 337.6a5vI3 of this chapter, being placed by that third party;
F Revenue generated from the third partys activities related to the placement, or facilitating the placement, of deposits, with respect to the particular business line;
G Revenue generated from the third partys activities not related to the placement, or facilitating the placement, of deposits, with respect to the particular business line;
H A description of the marketing activities provided by the third party, with respect to the particular business line;
I The reasons the third party meets the primary purpose exception;
J Any other information the applicant deems relevant; and K Any other information that the FDIC requires to initiate its review and render the application complete.
iii Additional information for applications. The FDIC may request additional information from the applicant at any time during processing of the application.
iv Application timing. A An applicant that submits a complete application under this section will receive a written determination by the FDIC within 120 days of receipt of a complete application.
B If an application is submitted that is not complete, the FDIC will, within 45 days of submission, notify the applicant and explain what is needed to render the application complete.
C The FDIC may extend the 120-day timeframe, if necessary, to complete its review of a complete application, with notice to the applicant, for a maximum of 120 additional days.
v Application approvals. The FDIC
will approve an application A Submitted under paragraph b4i of this section if the FDIC finds that the third partys marketing materials indicate that the primary purpose of placing customer deposits at insured depository institutions is to enable transactions, and:
1 Nominal interest, fees, or other remuneration is being paid on any customer accounts, or 2 The third partys customers make, on average, more than 6 transactions a month.
B Submitted under paragraph b4ii of this section if the FDIC finds that the applicant demonstrates that, with respect to the particular business line under which the third party places or facilitates the placement of deposits, the primary purpose of the third partys business relationship with its customers is a purpose other than the placement or facilitation of the placement of deposits.

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vi Ongoing reporting for applications. A The FDIC will describe any reporting requirements, if applicable, as part of its written approval for a primary purpose exception.
B Applicants that receive a written approval for the primary purpose exception, shall provide reporting to the FDIC and, in the case of an insured depository institution, to its primary Federal regulator, if required under this section.
vii Requesting additional information, requiring re-application, imposing additional conditions, and withdrawing approvals. At any time after approval of an application for the primary purpose exception, the FDIC
may at its discretion, with written notice and adequate justification:
A Require additional information from an applicant to ensure that the approval is still appropriate, or for purposes of verifying the accuracy and correctness of the information provided to an insured depository institution or submitted to the FDIC as part of the application under this section;
B Require the applicant to reapply for approval;
C Impose additional conditions on an approval; or D Withdraw an approval.
PART 337UNSAFE AND UNSOUND
BANKING PRACTICES
3. The authority for 12 CFR part 337
continues to read:

Authority: 12 U.S.C. 375a4, 375b, 1463a1,1816, 1818a, 1818b, 1819, 1820d, 1828j2, 1831, 1831f, 5412.4.

4. Amend 337.6 by:
a. Revising paragraphs a introductory text, a3i through iii, and a5i;
b. Redesignating paragraphs a5ii and iii as paragraphs a5v and vi;
c. Adding new paragraphs a5ii and iii and paragraph a5iv;
d. Revising newly redesignated paragraphs a5vI and a5vi;
e. Removing paragraphs b2ii and b3ii;
f. Redesignating paragraphs b2i and b3i as paragraphs b2 and 3, respectively;
g. Adding paragraph b4; and h. Removing paragraph f.
The revisions and additions read as follows:

337.6

Brokered deposits.

a Definitions. For the purposes of 337.6 and 337.7, the following definitions apply:

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i For purposes of section 29 of the Federal Deposit Insurance Act, this section and 337.7, the terms well capitalized, adequately capitalized, and undercapitalized,11 shall have the same meaning as to each insured depository institution as provided under regulations implementing section 38 of the Federal Deposit Insurance Act issued by the appropriate federal banking agency for that institution.12
ii If the appropriate federal banking agency reclassifies a well-capitalized insured depository institution as adequately capitalized pursuant to section 38 of the Federal Deposit Insurance Act, the institution so reclassified shall be subject to the provisions applicable to such lower capital category under this section and 337.7.
iii An insured depository institution shall be deemed to be within a given capital category for purposes of this section and 337.7 as of the date the institution is notified of, or is deemed to have notice of, its capital category, under regulations implementing section 38 of the Federal Deposit Insurance Act issued by the appropriate federal banking agency for that institution.

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i The term deposit broker means:
A Any person engaged in the business of placing deposits of third parties with insured depository institutions;
B Any person engaged in the business of facilitating the placement of deposits of third parties with insured depository institutions;
C Any person engaged in the business of placing deposits with insured depository institutions for the purpose of selling those deposits or interests in those deposits to third parties; and D An agent or trustee who establishes a deposit account to facilitate a business arrangement with an insured depository institution to use the proceeds of the account to fund a prearranged loan.
ii Engaged in the business of placing deposits. A person is engaged in the business of placing deposits of third parties if that person receives third party funds and deposits those funds at more than one insured depository institution.
iii Engaged in the business of facilitating the placement of deposits. A
person is engaged in the business of facilitating the placement of deposits of third parties with insured depository institutions, by, while engaged in business, with respect to deposits
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