In regard to the exception for an “employee of an insured depository institution, with respect to funds placed with the employing depository institution,” does the exception apply to a contractor or a dual employee... ?

Compliance > Deposits > Brokered Deposits
Q:  In regard to the exception for an “employee of an insured depository institution, with respect to funds placed with the employing depository institution,” does the exception apply to a contractor or a dual employee (i.e., a person employed jointly by an insured depository institution and the institution’s parent or subsidiary)?
 
A:    No. This exception applies solely to an “employee” who satisfies the following definition: “Employee means any employee: (i) Who is employed exclusively by the insured depository institution; (ii) Whose compensation is primarily in the form of a salary; (iii) Who does not share such employee’s compensation with a deposit broker; and (iv) Whose office space or place of business is used exclusively for the benefit of the insured depository institution which employs such individual.” This exception will not apply to a contractor or dual employee because he/she will not be “employed exclusively by the insured depository institution.”  Therefore, the contractor or dual employee will be a deposit broker if he/she facilitates the placement of deposits at the insured depository institution.
 

This can be found in FDIC’s FAQs, which can be found at https://www.fdic.gov/news/news/financial/2015/fil15002a.pdf

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