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Articles

Gain industry insights and regulatory guidance from our team and other industry experts.

Banks

Will the New Regulations Relating to Brokered Deposits Impact the QwickRate Marketplace?

On December 15, 2020, the FDIC issued a final rule to modernize and revise agency's rules and regulations Part 337.6, which addresses brokered deposits and interest rate restrictions. With this new rule, the FDIC is moving away from its previous heavy reliance on staff opinions for defining a deposit broker, and instead is providing additional clarification and detail regarding the foundational elements that comprise the "deposit broker" definition. While the FDIC's definitions have changed, the QwickRate CD Marketplace remains a reliable non-brokered source of deposits for banks.

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Exceptions to the Deposit Broker Definition (FDIC Rules and Regulations Part 337.6)

On December 15, 2020 the FDIC passed a final rule updating its Brokered Deposit Regulations. The new rule expands upon the Primary Purpose Exception and names specific business relationships which would qualify for an exception to the definition of a deposit broker.

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FDIC Interest Rate Restrictions (FDIC Rules and REgulations Part 337.7)

FDIC regulations impose deposit interest rate restrictions on insured financial institutions that are less than well capitalized. On December 15, 2020, the FDIC issued a final rule that amends its methodology for calculating interest rate limits. Effective April 1, 2021, the agency will use different approaches to determine the National Rate, the National Rate Cap and the Local Market Rate Cap, which are used by the FDIC to ensure that an insitution is offering interest rates appropriate for its capitalization status.

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Trust Investments Under the New Brokered Deposit Rule

Debbie Walker, Director of Regulatory and Compliance, QwickRate

The FDIC recently revised its Rules and Regulations Part 337.6, which governs the definition of bokered deposits. The updated rules uphold provisions, already in place, that exempt certain entities and activities from the restrictions placed on deposit brokers. In addition, as of April 1, 2021, the new rules expand the scope of the Primary Purpose Exception, giving non-bank trust companies a broader entrée into qualifying as exempt from the definition of brokered deposits.

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Contingency Funding Plans: Common Misconceptions and How to Avoid Them

Debbie Walker, Director of Regulatory and Compliance, QwickRate

This practical guide of common Contingency Funding Plan misconceptions will help your bank bypass or adjust some trouble areas that may currently exist in your plan.

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CREDIT UNIONS

Creating a Contingency Funding Plan: Common Problems and How to Avoid Them

Debbie Walker, Director of Regulatory and Compliance, QwickRate

Credit unions should reference this article of best practices when preparing their contingency funding plans. The article outlines common problems that may minimize the effectiveness of your contingency funding plan along with our comments and recommendations.

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Our Satisfied Customers

“QwickRate has been and will continue to be a valuable source for diversifying our funding. The deposits we've raised have helped us reconfigure our balance sheet and better manage assets and liabilities in this lower rate environment. At the same time, we're in a stronger liquidity position for when rates rise.“

Brant Ward, Funding Officer
Signature Bank of Arkansas

“QwickRate is a credit union manager’s best friend.“

Ramon Naperi, CEO
United Methodist FCU

“You guys are great! We love using your marketplace because it is quick, easy and profitable. Definitely a ‘no-hassle’ zone.“

Jim McGee, VP Administration
Cedar Falls Community CU
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