Federal Deposit Insurance Corporation January 10, 2022 – Federal Register Recent Federal Regulation Documents

The FDIC is identifying an additional business relationship, or ``designated exception,'' that meets the ``primary purpose'' exception to the deposit broker definition. The business relationship relates to specific, non-discretionary custodial services offered by third parties to depositors or depositors' agents. Entities that meet the criteria detailed below will be permitted to rely upon the primary purpose exception without submitting a notice or application.