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Federal Register / Vol. 86, No. 23 / Friday, February 5, 2021 / Notices
properties under section 1031 of the Internal Revenue Code;
8 a broker-dealer or futures commission merchant places, or assists in placing, customer funds into deposit accounts in compliance with 17 CFR
240.15c33e or 17 CFR 1.20a;
9 the agent or nominee places, or assists in placing, customer funds into deposit accounts for the primary purpose of posting collateral for customers to secure credit-card loans;
10 the agent or nominee places, or assists in placing, customer funds into deposit accounts for the primary purpose of paying for or reimbursing qualified medical expenses under section 223 of the Internal Revenue Code;
11 the agent or nominee places, or assists in placing, customer funds into deposit accounts for the primary purpose of investing in qualified tuition programs under section 529 of the Internal Revenue Code;
12 the agent or nominee places, or assists in placing, customer funds into deposit accounts to enable participation in the following tax-advantaged programs: individual retirement accounts under section 408a of the Internal Revenue Code, Simple individual retirement accounts under section 408p of the Internal Revenue Code, and Roth individual retirement accounts under section 408A of the Internal Revenue Code;
13 a Federal, State, or local agency places, or assists in placing, customer funds into deposit accounts to deliver funds to the beneficiaries of government programs; and 14 the agent or nominee places, or assists in placing, customer funds into deposit accounts pursuant to such other relationships as the FDIC specifically identifies as a designated business relationship that meets the primary purpose exception.
The brokered deposits final rule discussed the FDICs consideration, as part of the rulemaking process, for requiring reporting of deposits that are excluded from being reported as brokered deposits because of the application of the primary purpose exception, which may include sweep deposits placed at insured depository institutions. Supervision and deposit insurance assessments evaluate risk, in part, based on data institutions report on the Call Report. Institutions report total brokered deposits but generally do not distinguish between different types of deposits that are currently classified as brokered. As a result of the final rule, the FDIC expects that some sweep deposits that are currently brokered deposits placed by third parties will
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meet the revised primary purpose exception and therefore no longer be reported on the Call Report as brokered.
Sweep deposits placed by a third party that meet the primary purpose exception may, in some cases, still pose varying levels of funding risk as well as elevated risk of loss to the deposit insurance fund in the event of an insured depository institutions failure.7
As such, FDIC plans to monitor sweep deposits that are not brokered due to the primary purpose exception over time to determine the supervisory and deposit insurance assessment implications of these deposits, if any. As such, the agencies are proposing including an additional Call Report item related to sweep deposits placed by third parties that meet the primary purpose exception.
Question 1: The agencies recognize that some deposits may no longer be considered brokered deposits because they are placed through third parties that meet one of the designated exceptions. Other than sweep deposits placed through third parties that meet one of the designated exceptions e.g., the 25 percent test, should the agencies collect information on the amount of deposits placed under any of the other designated exceptions? Similar to sweep deposits, the agencies would monitor this information to determine the supervisory and/or deposit insurance assessment implications of these deposits, if any.
Question 2: If the agencies collect data on designated exceptions other than deposit sweeps placed through a third party that meets a designated exception, are there alternative approaches that the agencies should consider for collecting data? For example, should the agencies consider reporting based upon certain material thresholds or concentrations in deposits gathered through any one or more of the designated exceptions?
Question 3: Do insured depository institutions intend, in the ordinary course of business, to internally maintain information on the amount of deposits placed under each designated exception?
7 As described in the preamble to the brokered deposits final rule, 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 insured depository institution IDI are brokered.

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B. Proposed Data Items To Capture Sweep Deposits and Deposits Categorized as Meeting the Primary Purpose Exception and Related Instructions As noted above, under the NSFR Final Rule and the brokered deposits final rule, the agencies stated their intent to update the Call Report to obtain data that will assist in better evaluations of funding stability for sweep deposits over time to determine their appropriate treatment under applicable liquidity regulations and to assess the risk factors associated with sweep deposits for determining their deposit insurance assessment implications, if any.
Accordingly, the agencies propose to add the following data items applicable to all institutions that file the Call Report and all insured institutions that file the FFIEC 002. Specifically, the following five data items would be added to Schedule RCE, Deposit Liabilities, on all three versions of the Call Report FFIEC 031, FFIEC 041, and FFIEC 051 and would be applicable to insured depository institutions of all sizes. These five data items would be collected quarterly on the FFIEC 031
and 041 Call Reports and semiannually on the FFIEC 051 Call Report.
Memorandum item 1.h.1 for fully insured, affiliate sweep deposits to capture sweep deposits that are deposited in accordance with a contract between a customer or counterparty and the reporting institution, a controlled subsidiary of the reporting institution, or a company that is a controlled subsidiary of the same top-tier company of which the reporting institution is a controlled subsidiary, where the entire amount of the deposit is covered by deposit insurance;
Memorandum item 1.h.2 for not fully insured, affiliate sweep deposits to capture sweep deposits that are deposited in accordance with a contract between a customer or counterparty and the reporting institution, a controlled subsidiary of the reporting institution, or a company that is a controlled subsidiary of the same top-tier company of which the reporting institution is a controlled subsidiary, where less than the entire amount of the deposit is covered by deposit insurance;
Memorandum item 1.h.3 for fully insured, non-affiliate sweep deposits to capture sweep deposits that are not deposited in accordance with a contract between a customer or counterparty and the reporting institution, a controlled subsidiary of the reporting institution, or a company that is a controlled subsidiary of the same top-tier company of which the reporting institution is a
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