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Federal Register / Vol. 86, No. 27 / Thursday, February 11, 2021 / Notices
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annually data regarding the number of and amount of deposits held in the internal accounts covered by this exception; provide a final copy of the documentation that describes the processes put in place to obtain beneficial ownership information necessary to make an insurance determination for the subject accounts as quickly as possible; confirm that the covered institution currently has the capability to restrict access to any or all of the subject accounts if required; make reasonable efforts, in the ordinary course of upgrading its information technology systems, to implement an information technology solution that would permit a deposit insurance determination for the subject accounts within 24 hours; and immediately bring to the FDICs attention any change of circumstances or conditions.
IV. A Limited Number of Deposit Accounts for Which the Covered Institutions Trust Department Acts in an Agency or Fiduciary Capacity The FDIC granted time-limited exception relief from the information technology 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 for up to 18 months from its compliance date for a limited number of deposit accounts for which its trust department acts in an agency or fiduciary capacity. The covered institutions trust department 2
provides fiduciary and agency services to corporations, retirement plans, and individuals. These services include safeguarding assets, making investment decisions, or facilitating clients complex business transactions.
In performing such services, the trust department opens deposit accounts that hold funds from uninvested cash, sweeps, or other transactions on behalf of its customers. The account records for the subject accounts, which the trust department maintains on a separate system of record, reflect that funds are held by the covered institutions trust department as an agent or fiduciary for its clients.
The covered institution must perform system enhancements to assign an ownership, right and capacity code to the subject accounts and up the trust departments systems of record in order to calculate deposit insurance. The covered institution represented that it 2 The covered institutions trust department is a separate department that segregates its client data from other parts of the Bank, uses a separate client accounting system of record, observes trust department rules that do not apply to banks, and follows other distinct processes.

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must review account records to assign an ownership, right and capacity code to the subject accounts; input missing information or data into the trust departments systems of record; enhance information technology system logic;
develop new account opening procedures at account onboarding; and if necessary, amend trust agreements and provide notices to third-party recordkeepers for accounts that qualify for alternative recordkeeping treatment with transactional features.3
In connection with the FDICs grant of relief, the covered institution will ensure that, in the event of its failure, 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.
Federal Deposit Insurance Corporation.
Dated at Washington, DC, on February 5, 2021.
James P. Sheesley, Assistant Executive Secretary.
FR Doc. 202102782 Filed 21021; 8:45 am BILLING CODE 671401P

FEDERAL DEPOSIT INSURANCE
CORPORATION
Notice of the FDICs Response to Exception Requests Pursuant to the Recordkeeping for Timely Deposit Insurance Determination Rule Federal Deposit Insurance Corporation FDIC.
ACTION: Notice of the FDICs response to exception requests pursuant to the Recordkeeping for Timely Deposit Insurance Determination rule.
AGENCY:

In accordance with its rule regarding recordkeeping for timely deposit insurance determination, the FDIC is providing notice that it has granted time-limited exception relief to covered institutions until March 31, 2022, from information technology system requirements and recordkeeping requirements for principal and interest payments held in mortgage servicing accounts for which the covered institutions act as servicers or subservicers. The recommended relief will
SUMMARY:

3 The requirements of 370.4b2ii require the Bank obtain grantor unique identification information for accounts with transactional features.

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provide the covered institutions additional time to remediate their servicing platforms and internal processing capabilities pending further direction from the FDIC.
DATES: The FDICs grant of exception relief was effective as of February 4, 2021.
FOR FURTHER INFORMATION CONTACT:
Benjamin Schneider, Section Chief, Division of Complex Institution Supervision and Resolution;
beschneider@fdic.gov; 9173202534.
SUPPLEMENTARY INFORMATION: The FDIC
granted time-limited exception relief to multiple covered institutions and pursuant to the FDICs rule entitled Recordkeeping for Timely Deposit Insurance Determination, codified at 12 CFR part 370 part 370.1 Part 370
generally requires covered institutions to implement the information technology system and recordkeeping capabilities needed to quickly calculate the amount of deposit insurance coverage available for each deposit account in the event of failure. Pursuant to 370.8b1, one or more covered institutions may submit a request in the form of a letter to the FDIC for an exception from one or more of the requirements of part 370 if circumstances exist that would make it impracticable or overly burdensome to meet those requirements. Pursuant to 370.8b3, a covered institution may rely upon another covered institutions exception request which the FDIC has previously granted by notifying the FDIC that it will invoke relief from certain part 370 requirements and demonstrating that the covered institution has substantially similar facts and circumstances to those of the covered institution that has already received the FDICs approval. The notification letter must also include the information required under 370.8b1
and cite the applicable notice published pursuant to 370.8b2. Unless informed otherwise by the FDIC within 120 days after the FDICs receipt of a complete notification for exception, the exception will be deemed granted subject to the same conditions set forth in the FDICs published notice.
This grant of relief will be subject to ongoing FDIC review, analysis, and verification during the FDICs routine part 370 compliance tests. The FDIC
presumes each covered institution is meeting all the requirements set forth in the Rule unless relief has otherwise been granted. This grant of relief may be rescinded or modified upon: discovery of misrepresentation; material change of 1 12

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CFR part 370.

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