In regard to the exceptions for “insured depository institutions” and their “employees” (discussed above – Question E-3 in FAQ document), would these exceptions apply to affiliates or independent agents located in foreign countries?

Compliance > Deposits > Brokered Deposits
Q:  In regard to the exceptions for “insured depository institutions” and their “employees” (discussed above – Question E-3 in FAQ document), would these exceptions apply to affiliates or independent agents located in foreign countries?
 
A:    No exception exists for entities or persons who seek or gather deposits in foreign countries. Unless the entity is an actual foreign branch of the insured depository institution that receives the funds, or the person is an actual “employee” as defined above, the deposits obtained by these entities or persons will be brokered deposits.
 

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

Add Feedback