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Federal Register / Vol. 86, No. 13 / Friday, January 22, 2021 / Rules and Regulations deposits that will not be considered brokered deposits under the final rule.
The FDIC plans to monitor the data resulting from such reporting and will consider in the future whether modifications to deposit insurance assessment pricing related to certain types of funding concentrations are warranted, consistent with the statutory requirement that the assessments be risk-based.
2. Reporting of Certain Deposits on Call Reports The proposed rule indicated that the FDIC will consider requiring reporting of deposits that are excluded from being reported as brokered deposits because of the application of the primary purpose exception. As part of the final rule implementing a stable funding requirement for certain large banking organizations also known as the net stable funding ratio or NSFR the FDIC, along with the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency, stated their intent to revise the Call Reports to obtain data that may help evaluate funding stability of sweep deposits over time to determine their appropriate treatment under the liquidity regulations. The FDIC further intends to monitor this information to assess the risk factors associated with sweep deposits and determine assessment implications, if any. Any changes to reporting requirements applicable to the Call Reports, and their instructions, would be effectuated in coordination with the Federal Financial Institutions Examination Council in a separate Paperwork Reduction Act notice.

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3. Additional Supervisory Matters The FDIC recognizes that, under the final rule, categories of deposits that are currently considered brokered will instead be nonbrokered. The FDIC will continue to take such supervisory efforts as may be necessary to ensure that banks are operating in a safe and sound manner. Nothing in the final rule is intended to limit the FDICs ability to review or take supervisory action with respect to funding-related matters, including funding concentrations, that may affect the safety and soundness of individual banks or the industry generally. FDIC examiners will continue to review funding as part of safety and soundness examinations, regardless of whether or not the deposits used by the IDI are brokered. Among other things, examiners will review whether banks are reporting their deposits
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appropriately on Call Reports.60 The FDIC will work to ensure that any such decisions by examiners are made consistently. Additionally, this regulation addresses whether certain deposits are considered brokered, but nothing in this final rule changes the FDICs or other federal regulators authorities under section 8 or section 39
of the FDI Act.
F. Alternatives The FDIC is adopting these comprehensive changes to the brokered deposit regulations after considering comments received pursuant to the ANPR and NPR and evaluating alternative options for modernizing the regulations. The FDIC considered a number of alternative approaches, including taking more incremental approaches through which more limited changes would be made. Additionally, the FDIC considered more narrowly revisiting certain existing staff interpretations to identify those that should be updated. However, the FDIC
ultimately determined that the best course of action was to take a fresh, holistic look at the regulations and interpretations, and establish a new framework that reflects technological and other changes in the banking industry over the past three decades and is consistent with the FDI Act.
G. Expected Effects As described previously, the final rule amends the FDICs regulations that implement provisions of section 29
regarding brokered deposits. The final rule creates a new framework for analyzing certain provisions of the statutory definition of deposit broker.
Further, the final rule amends one of the ten regulatory exceptions to the definition of deposit broker. The aggregate effect likely would be that some amount of deposits currently reported as brokered deposits will no longer be so reported.
As of June 30, 2020, there were 5,075
insured depository institutions holding approximately $21.2 trillion in assets and $15.6 trillion in domestic deposits.
Of those domestic deposits, $1.2 trillion 7.7 percent are currently classified as brokered deposits. Approximately 38
percent 1,932 of FDIC-insured institutions reported some positive amount of brokered deposits. These insured institutions accounted for the vast majority of banking industry assets and depositsalmost $19.5 trillion
92.0 percent of assets and almost $14.1
trillion 90.4 percent of domestic deposits.61
Traditional brokered CDs will continue to be defined by the rule as brokered deposits and subject to the associated statutory and regulatory restrictions. Certain types of deposits, notably deposits placed by agents or nominees that meet one of the identified designated exceptions or otherwise satisfy criteria set forth in the revisions made in this final rule to the primary purpose exception will not be considered brokered deposits. The amount of deposits currently reported as brokered that may be re-designated as non-brokered as a result of the rule may be material. 62 However, a reliable estimate of this change in designation is not possible with the information currently available to the FDIC.
There are potentially five broad categories of effects of the rule: Effects on consumers and economic activity;
effects applicable to potentially any insured institution; effects applicable to less than well-capitalized institutions;
effects applicable to nonbank entities that may or may not be deemed deposit brokers; and reporting compliance effects on covered entities.
1. Consumers and the Economy The final rule amends the FDICs brokered deposit regulations to reflect recent technological changes and innovations. The rule generates benefits to banks and consumers if deposit placement arrangements that do not present undue funding risk are not classified as brokered deposits. Changes and innovations in deposit placement activity are likely to continue, suggesting that demand for, and utilization of, certain types of deposit accounts currently classified as brokered are likely to grow in the years to come. These could include the use of technology services that help enable payments and online marketing channels that refer customers to certain banks. To the extent that the rule results in such deposits as being non-brokered, it could support ease of access to deposit placement services for U.S.
consumers. Unbanked or underbanked customers, for example, may benefit from increased ease of access to deposit placement services because banks would be more willing to accept deposits that would be no longer considered brokered under the final 61 Call
60 Examiners
will not, however, require that an IDI treat a third party as a deposit broker if the third party has qualified for the primary purpose exception through a designated exception or an approved application.

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Report data, June 30, 2020.
number of the designated exceptions identified as meeting the primary purpose exception are based upon business relationships that staff at the FDIC previously viewed as meeting the primary purpose exception.
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