The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved an interim final rule to implement section 902 of the 21st Century ROAD to Housing Act (the Housing Act), which amended the statutory framework governing reciprocal deposits.
Consistent with the Housing Act, the interim final rule raises the amount of reciprocal deposits an “agent institution” may exclude from treatment as brokered deposits based on a new tiered liability-based calculation, up to a maximum of $30 billion. The interim final rule also broadens the definition of “agent institution” and provides clarifications regarding the operation of the reciprocal deposits framework.
Comments on the rule are due within 30 days after the date of publication in the Federal Register.
Attachment(s)
Federal Register Notice – Interim Final Rule on Reciprocal Deposits (PDF)