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Can you summarize 12 CFR 337.6?
UNSAFE AND UNSOUND BANKING PRACTICES > Brokered deposits.
Short Summary
This document, issued by the Federal Deposit Insurance Corporation (FDIC), provides definitions and regulations regarding brokered deposits. It applies to insured depository institutions, deposit brokers, and depositors. The document defines brokered deposits as any deposits obtained through the mediation or assistance of a deposit broker. It categorizes insured depository institutions based on their capital levels and imposes restrictions on the acceptance, renewal, or rollover of brokered deposits for adequately capitalized and undercapitalized institutions. The document also outlines exceptions for certain business relationships and reciprocal deposits. Insured depository institutions acting as intermediaries or agents for government-sponsored minority or women-owned depository institution deposit programs are exempt from the regulations. The document does not specify penalties for non-compliance.
Whom does it apply to?
Insured depository institutions, deposit brokers, and depositors
What does it govern?
Brokered deposits
What are exemptions?
Insured depository institutions acting as intermediaries or agents for government-sponsored minority or women-owned depository institution deposit programs
What are the Penalties?
Not specified in the document
Jurisdiction
U.S. Federal Government