FDIC updates list of entities seeking brokered deposits ‘primary purpose’ exception

After a long pause, the federal bank deposit insurer has resumed updating its list of notices of entities seeking a “primary purpose” exception under the agency’s brokered deposits regulation.

Specifically, the four firms listed are seeking a primary purpose exception (PPE) under the brokered deposits rule’s 25% or enabling transactions tests, according to a brief announcement Friday by the Federal Deposit Insurance Corp. (FDIC).

The FDIC noted it had said initially that it would make these updates monthly but that it has done so only “rarely” since 2022. It said it would resume updating the information “regularly.”

FDIC Brokered Deposits page

February update, notices of PPE exception