#2022-20, July 22, 2022

FDIC Clarifies Brokered Deposit Reporting Rules in Statement, New FAQs

Late last week, the Federal Deposit Insurance Corporation (FDIC) issued a statement several new and updated frequently asked questions clarifying when deposits are required to be reported as brokered.  The agency said that its analysis of Call Report data submitted after the 2020 brokered deposits final rule took effect “suggests that some IDIs receiving sweep deposits from unaffiliated broker-dealers appear to be reporting the sweep deposits as non-brokered, despite the involvement of a third party that engages in facilitating the placement of deposits, including through engaging in matchmaking activities.”

The statement notes that “deposits placed at [insured depository institutions] by unaffiliated entities (including, for example, broker dealers) that operate under a primary purpose exception are still required to be reported as brokered if there are any additional third parties involved that qualify as a deposit broker.”  It also reminded banks that they must be aware of any additional third parties involved when receiving sweep deposits from an unaffiliated broker dealer with a primary purpose exception.

According to the statement, the FDIC will not require banks to refile previous Call Reports “if, after good faith efforts, certain deposits were not previously reported as brokered by the IDI due to a misunderstanding of how the facilitation aspect of the deposit broker definition applies when additional third parties are involved.”

To read more, click here.

OCC Seeking Candidates Mutual and Minority Depository Institution Advisory Committees

Earlier this week, the Office of the Comptroller of the Currency (OCC) announced that it is seeking candidates for its Mutual Savings Association Advisory Committee and its Minority Depository Institutions Advisory Committee.  The Advisory Committees assist the agency in assessing the needs and challenges facing mutual savings associations and minority depository institutions, respectively. Nominations must be received by September 6, 2022

To read more, click here.

Freddie Mac Hosting Free Webinar on Condominium Project Eligibility Requirements on August 2

Freddie Mac is hosting a 90-minute webinar on August 2 focused on Condominium Project Review and General Project Eligibility requirements.  The program, which begins at 1:00 p.m., will help lenders navigate through the four different project review types and how to choose the best path for your loan.  There will also be time for Q&A with subject matter experts at the end of the session.  There is no cost to participate in the program.  Registration information is below:

Condominium Project Eligibility Requirements for Housing Finance Professionals
Tuesday, August 2, 2022
1:00 – 2:30 p.m.
To register, click here.