B1 - What activity qualifies as "placing deposits?"

Compliance > Deposits > Brokered Deposits
Q:  What activity qualifies as “placing deposits?”
 
A:    A third party “places deposits” for others when the third party actually delivers the funds to an insured depository institution.  In this situation, unless the third party is covered by one of the exceptions to the definition of deposit broker (discussed in section E of this document), the third party will be a deposit broker and the deposits will be brokered deposits.


This can be found in FDIC’s "Identifying, Accepting and Reporting Brokered Deposits Frequently Asked Questions," which can be found at https://www.fdic.gov/news/news/financial/2016/fil16042b.pdf
 

Add Feedback