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Federal Register / Vol. 86, No. 13 / Friday, January 22, 2021 / Rules and Regulations and benefits of the final rule in determining its effective date and administrative compliance requirements. As such, the final rule will be effective on April 1, 2021, with full compliance with the brokered deposit part of the regulation extended to January 1, 2022.
D. Congressional Review Act For purposes of the Congressional Review Act, the OMB makes a determination as to whether a final rule constitutes a major rule.120 If a rule is deemed a major rule by the OMB, the Congressional Review Act generally provides that the rule may not take effect until at least 60 days following its publication.121 The Congressional Review Act defines a major rule as any rule that the Administrator of the Office of Information and Regulatory Affairs of the OMB finds has resulted in or is likely to result in A an annual effect on the economy of $100,000,000
or more; B a major increase in costs or prices for consumers, individual industries, Federal, State, or local government agencies or geographic regions; or C significant adverse effects on competition, employment, investment, productivity, innovation, or on the ability of United States-based enterprises to compete with foreign based enterprises in domestic and export markets.122 As required by the Congressional Review Act, the FDIC
will submit the final rule and other appropriate reports to Congress and the Government Accountability Office for review.
E. Use of Plain Language Section 722 of the Gramm-Leach Bliley Act 123 requires the Federal banking agencies to use plain language in all proposed and final rules published after January 1, 2000. The FDIC has sought to present the final rule in a simple and straightforward manner and did not receive any comments on the use of plain language.
List of Subjects
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12 CFR Part 303
Administrative practice and procedure, Bank deposit insurance, Banks, banking, Reporting and recordkeeping requirements, Savings Associations.
120 5

U.S.C. 801 et seq.
U.S.C. 801a3.
122 5 U.S.C. 8042.
123 12 U.S.C. 4809.
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12 CFR Part 337
Banks, banking, Reporting and recordkeeping requirements, Savings associations, Securities.
Authority and Issuance For the reasons stated in the preamble, the FDIC amends 12 CFR
parts 303 and 337 as follows:
PART 303FILING PROCEDURES
1. The authority citation for part 303
continues to read as follows:

Authority: 12 U.S.C. 378, 1464, 1813, 1815, 1817, 1818, 1819a, Seventh and Tenth, 1820, 1823, 1828, 1831a, 1831e, 1831o, 1831p1, 1831w, 1835a, 1843I, 3104, 3105, 3108, 3207, 5414, 5415 and 15 U.S.C. 1601
1607.

2. Revise 303.243 to read as follows:

303.243

Brokered deposits.

a Brokered deposit waivers1
Scope. Pursuant to section 29 of the FDI
Act 12 U.S.C. 1831f and part 337 of this chapter, an adequately capitalized insured depository institution may not accept, renew or roll over any brokered deposits unless it has obtained a waiver from the FDIC. A well-capitalized insured depository institution may accept brokered deposits without a waiver, and an undercapitalized insured depository institution may not accept, renew or roll over any brokered deposits under any circumstances. This section contains the procedures to be followed to file with the FDIC for a brokered deposit waiver. The FDIC will provide notice to the depository institutions appropriate federal banking agency and any state regulatory agency, as appropriate, that a request for a waiver has been filed and will consult with such agency or agencies, prior to taking action on the institutions request for a waiver. Prior notice and/or consultation shall not be required in any particular case if the FDIC determines that the circumstances require it to take action without giving such notice and opportunity for consultation.
2 Where to file. Applicants shall submit a letter application to the appropriate FDIC office.
3 Content of filing. The application shall contain the following:
i The time period for which the waiver is requested;
ii A statement of the policy governing the use of brokered deposits in the institutions overall funding and liquidity management program;
iii The volume, rates and maturities of the brokered deposits held currently and anticipated during the waiver period sought, including any internal
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limits placed on the terms, solicitation and use of brokered deposits;
iv How brokered deposits are costed and compared to other funding alternatives and how they are used in the institutions lending and investment activities, including a detailed discussion of asset growth plans;
v Procedures and practices used to solicit brokered deposits, including an identification of the principal sources of such deposits;
vi Management systems overseeing the solicitation, acceptance and use of brokered deposits;
vii A recent consolidated financial statement with balance sheet and income statements; and viii The reasons the institution believes its acceptance, renewal, or rollover of brokered deposits would pose no undue risk.
4 Additional information. The FDIC
may request additional information at any time during processing of the application.
5 Expedited processing for eligible depository institutions. An application filed under this section by an eligible depository institution as defined in this paragraph will be acknowledged in writing by the FDIC and will receive expedited processing, unless the applicant is notified in writing to the contrary and provided with the basis for that decision. For the purpose of this section, an applicant will be deemed an eligible depository institution if it satisfies all of the criteria contained in 303.2r except that the applicant may be adequately capitalized rather than well-capitalized. The FDIC may remove an application from expedited processing for any of the reasons set forth in 303.11c2. Absent such removal, an application processed under expedited procedures will be deemed approved 21 days after the FDICs receipt of a substantially complete application.
6 Standard processing. For those filings which are not processed pursuant to the expedited procedures, the FDIC will provide the applicant with written notification of the final action as soon as the decision is rendered.
7 Conditions for approval. A waiver issued pursuant to this section shall:
i Be for a fixed period, generally no longer than two years, but may be extended upon refiling; and ii May be revoked by the FDIC at any time by written notice to the institution.
b Primary purpose exception notices and applications1 Scope. This section sets forth a process for an agent or nominee, or an insured depository institution on behalf of an agent or
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