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Federal Register / Vol. 86, No. 27 / Thursday, February 11, 2021 / Notices
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meeting all the requirements set forth in the Rule unless relief has otherwise been granted. These grants of relief may be rescinded or modified upon:
Discovery of misrepresentation; material change of circumstances or conditions related to the subject accounts; or failure to satisfy conditions applicable to each.
The following exceptions were granted by the FDIC as of February 3, 2021.
I. Certain Formal Revocable and Irrevocable Trust Accounts With Transactional Features for Which the Covered Institution Must Maintain a Unique Identifier for a Grantor in its Deposit Account Records The FDIC granted time-limited exception relief from the information technology system requirements set forth in 370.3 and certain recordkeeping requirements set forth in 370.4b2 of the rule to two covered institutions for up to 18 months from their compliance date. These covered institutions requested exception relief in order to review records, perform customer outreach where necessary, and update recordkeeping and information technology systems in order to maintain a unique identifier of a grantor in the deposit account records for a limited number of deposit accounts held in connection with a formal revocable or irrevocable trust that would be insured as described in 12 CFR 330.10 or 12 CFR
330.13.
These covered institutions represented that they had not maintained a unique identifier which may be, but is not required to be, a government issued identification number such as a social security number or tax identification number for a grantor of a formal trust with transactional features in its records for the subject accounts. The covered institutions believe that they can obtain the information needed to maintain a unique identifier for such a grantor through a review of trust-related documents and customer outreach, but that information technology system updates are also necessary to ensure a unique identifier for each grantor can be maintained in deposit account records.
In connection with the FDICs grants of relief, these covered institutions have represented that they will maintain the capability to place holds on the deposit accounts subject to the exception in the event of failure until a deposit insurance determination can be made and place all such accounts into the pending file of its part 370 output files during the relief period. As conditions of relief, these covered institutions must submit a status report to part370@fdic.gov at the midpoint of the exception relief period
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and immediately bring to the FDICs attention any change of circumstances or conditions.
II. Certain Deposit Accounts for Which the Covered Institutions Information Technology System Is Not Capable of Completing Deposit Insurance Calculation Process Because Additional Time Is Required for Data Cleanup To Assign an Ownership, Right and Capacity Code and for Related System Updates The FDIC granted time-limited exception relief from the information technology system requirements set forth in 370.3, general recordkeeping requirements set forth in 370.4a, and alternative recordkeeping requirements set forth in 370.4b of the rule to a covered institution for up to 12 months from the granted relief date. The covered institution requested exception relief to perform data cleanup of account records, make system updates, and assign ownership, right and capacity codes to a limited number of various deposit accounts. These data cleanup and system update efforts are needed so that the covered institutions deposit account records and part 370compliant information technology system capabilities can be used to calculate deposit insurance for the subject accounts.
The covered institution has identified data quality issues that led to inappropriate ownership, right and capacity codes being assigned to various deposit accounts. Data quality issues included inappropriate ownership, right and capacity codes being assigned to the subject accounts due to system logic misidentifying keywords in account titles. For example, a single account opened by James Bond might be assigned the public bond account ownership right and capacity code of PBA. In other instances, a limited number of accounts were not assigned an ownership right and capacity code due to unclear account titling, insufficient records, and general data quality issues.
The covered institution requested time-limited relief to review records, assign the appropriate ownership right and capacity code, and ensure its systems can calculate deposit insurance for the subject accounts. In addition, the covered institution represented that it will be able to identify the applicable ownership right and capacity code upon the completion of remediation efforts for the majority of accounts.
In connection with the FDICs grant of relief, the covered institution will investigate the reason accounts were placed into the pending file of the
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covered institutions part 370 output files, review account records, write new system logic to ensure the applicable ownership right and capacity code is applied to the subject accounts, and, in the event of its failure, ensure that holds can be placed on all deposit accounts subject to this time-limited exception relief until sufficient information is obtained to enable calculation of deposit insurance coverage. As conditions of relief, the covered institution must submit a status report to part370@
fdic.gov at the midpoint of the exception relief period and immediately bring to the FDICs attention any change of circumstances or conditions.
III. A Limited Number of Internal Work-in-Process Deposit Accounts for Which the Covered Institutions Information Technology System Is Not Capable of Completing Deposit Insurance Calculation Process Within 24 Hours of Failure The FDIC granted time-limited exception relief from the information technology requirements set forth in 370.3 and general recordkeeping requirements set forth in 370.4a of the rule to a covered institution for up to 18 months from its compliance date for certain internal work-in-process accounts that the covered institutions information technology system cannot calculate deposit insurance within 24
hours of failure. The covered institution identified these internal accounts as accounts utilized for functions such as clearing, settlement, suspense or workin-process. Such accounts do not qualify for alternative recordkeeping.
In connection with the FDICs grant of relief, the covered institution described the internal work-in-process accounts in detail, including, account titling, the number of accounts, account balances, data and trends regarding transaction settlement cycles, business-as-usual processes in place, and zero-balance accounts. The covered institution has represented that it will place all such accounts into the pending file of the covered institutions part 370 output files; document procedures and processes to upload the data into the covered institutions deposit insurance calculation engine; and certify that the covered institution can obtain information from internal business lines necessary to make a deposit insurance determination as soon as possible after appointment of the FDIC as receiver.
As conditions of relief, the covered institution must submit a status report to part370@fdic.gov at the midpoint of the exception relief period setting forth progress made towards rule compliance for the subject accounts; provide
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