Understand how a bank or broker should navigate some of the most common pitfalls in applying FDIC regulations to your business.
Almost $2 trillion of customer funds are currently maintained in deposit accounts at FDIC-insured banks that are offered by and held through registered broker-dealers and banks that act as deposit brokers. These brokered deposits are, on one hand, a core investment and savings product for retail investors and other customers of financial services firms, and, on the other, a significant source of funding for banks, which can access a nationwide capital market by attracting or tapping into brokered deposits. A year ago, the FDIC made the most far-reaching changes to the definition of deposit broker since its brokered deposit regulations were adopted in 1992. These amendments, among many other changes, expand existing exceptions to the deposit broker definition and create several new exceptions. In this course, you will get an overview of the new brokered deposit regulations, learn guidance the FDIC staff has provided about them, and understand how a bank or broker should navigate some of the most common pitfalls in applying these regulations to your business.
Agenda
Faculty
Nathan Brownback
Seward & Kissel LLP
Nathan S. Brownback
- Associate in Seward & Kissel’s Financial Services Regulatory Group, in their Washington D.C. office
- Practice focuses on the regulation of domestic and foreign banks, with particular emphasis on the regulation under the Dodd-Frank Act, including the Volcker Rule
- Co-authored the United States chapter of the 2022 edition of Lexology, Getting the Deal Through: Fintech, which provides a summary of key aspects of United States fintech law, and he is a contributor to Seward & Kissel’s Cryptocurrency and Blockchain blog, SKrypto
- Served as a law clerk for Judge Richard T. Morrison on the U.S. Tax Court
- Prior to receiving his law degree, he was an economic research analyst, first in the private sector and subsequently for a regional Federal Reserve Bank
Casey Jennings
Seward & Kissel LLP
- Counsel in the Washington, D.C. office of Seward & Kissel LLP
- Previously a counsel in the Office of Regulations at the Consumer Financial Protection Bureau
- Nationally recognized expert in the structuring of deposit products and regularly advises banks, credit unions, broker-dealers, and financial technology providers on the offering of consumer deposit accounts and certificates of deposit.
- Relevant experience includes advising on the design of TISA-compliant account opening procedures, and deposit brokers on the application of TISA advertising requirements. Also advised broker-dealers on regulatory compliance related to deposit accounts held through intermediaries, investment funds, and managers regarding the bank resolution process and treatment of accounts; and major broker-dealers on the structuring of sweep programs and reciprocal deposit arrangements
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