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Federal Register / Vol. 86, No. 13 / Friday, January 22, 2021 / Rules and Regulations
nominee, to notify the FDIC that it will rely upon a designated exception in 337.6a5vI1i and ii of this chapter. This section also sets forth a process for an agent or nominee, or an insured depository institution on behalf of an agent or nominee, to apply for the primary purpose exception, as described in 337.6a5vI2 of this chapter.
2 Definitions. For purposes of this paragraph b:
i Third party means an agent or nominee that submits a notice that it will rely upon a designated exception in 337.6a5vI1i and ii of this chapter or applies to be excluded from the definition of deposit broker pursuant to the primary purpose exception as described in 337.6a5vI2 of this chapter.
ii Notice filer means a third party or an insured depository institution on behalf of a third party, that submits a written notice that the third party will rely upon a designated business exception in 337.6a5vI1i and ii of this chapter.
iii Applicant means a third party, or an insured depository institution on behalf of a third party, that applies to be excluded from the definition of deposit broker pursuant to the primary purpose exception, as described in 337.6a5vI2 of this chapter.
3 Notice requirement for designated business exceptions. A third party, or an insured depository institution on behalf of a third party, must notify the FDIC
through a written notice that the third party will rely upon a designated business exception described in 337.6a5vI1i and ii of this chapter in order to rely on that designated business exception.
i Contents of notice. The notice must include: The designated exception upon which the third party will rely; a brief description of the business line; the applicable specific contents for the designated exception; either a statement that there is no involvement of any additional third party who qualifies as a deposit broker or a brief description of any additional third party that may qualify as a deposit broker; and if the notice is provided by a nonbank third party, a list of the insured depository institutions that are receiving deposits by or through the particular business line. The applicable specific contents for the following designated exceptions are:
A 25 percent test as described in 337.6a5vI1i of this chapter.
1 The total amount of customer assets under administration by the third party for that particular business line; and 2 The total amount of deposits placed by the third party on behalf of its
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customers, for that particular business line, at all depository institutions, being placed by that third party.
B Enabling transactions test as described in 337.6a5vI1ii of this chapter. 1 Contractual evidence that there is no interest, fees, or other remuneration, being paid to any customer accounts; and 2 A certification that all customer deposits that are placed at insured depository institutions are in transaction accounts.
ii Additional information for notices. The FDIC may request additional information from the notice filer at any time after receipt of the notice.
iii Additional notice filers. The FDIC
may include notice and/or reporting requirements as part of a designated exception identified under 337.6a5vI2xiv of this chapter.
iv Subsequent notices. A notice filer that previously submitted a notice under this section shall submit a subsequent notice to the FDIC if, at any point, the notice filer no longer meets the designated business exception that was the subject of its previous notice.
v Ongoing requirements for notice filers. Notice filers that submit a notice under the 25 percent test must provide quarterly updates to the FDIC on the figures described in paragraph b3iA of this section that were provided as part of the written notice.
Notice filers that submit a notice under the enabling transactions test must provide an annual certification to the FDIC that the third party continues to place all customer funds at insured depository institutions into transaction accounts and that customers do not receive any interest, fees, or other remuneration.
vi Revocation of primary purpose exception. The FDIC may, with notice, revoke a primary purpose exception of a third party, or a person required to submit a notice under paragraph b3iii of this section, that qualifies for the primary purpose exception due to reliance on a designated exception, if:
A The third party no longer meets the criteria for a designated exception;
B The notice or subsequent reporting is inaccurate; or C The notice filer fails to submit required reports.
4 Application requirements. A third party, or an insured depository institution on behalf of a third party, may submit an application to the FDIC
seeking a primary purpose exception for business relationships not designated in 337.6a5vI1 of this chapter.
i For applications for primary purpose exception to enable
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transactions with fees, interest, or other remuneration provided to the depositor.
Applicants that seek the primary purpose exception where customer funds that are placed at depository institutions are placed into transaction accounts, and fees, interest, or other remuneration are provided to the depositor, must include the following information, with respect to the particular business line:
A Contractual evidence on the amount of interest, fees, or other remuneration, being paid on customer accounts;
B Any marketing materials provided by the third party to insured depository institutions or its customers;
C The average number of transactions for all customer accounts, and an explanation of how its customers utilize its services for the purpose of making payments and not for the receipt of a deposit placement service or deposit insurance;
D The percentage of customer funds placed in deposit accounts that are not transaction accounts;
E A description of any additional third parties that provide assistance with the placement of deposits at insured depository institutions; and F Any other information that the FDIC requires to initiate its review and render the application complete.
ii For applications for primary purpose exception not covered by paragraph b4i of this section.
Applicants that seek the primary purpose exception, other than applications under paragraph b4i of this section, must include, to the extent applicable:
A A description of the deposit placement arrangements between the third party and insured depository institutions for the particular business line, including the services provided by any relevant third parties;
B A description of the particular business line;
C A description of the primary purpose of the particular business line;
D The total amount of customer assets under management by the third party, with respect to the particular business line;
E The total amount of deposits placed by the third party at all insured depository institutions, including the amounts placed with the applicant, if the applicant is an insured depository institution, with respect to the particular business line. This includes the total amount of term deposits and transactional deposits placed by the third party, but should be exclusive of the amount of brokered CDs, as defined
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