Common use of Brokered Deposits Clause in Contracts

Brokered Deposits. (1) The Bank may accept Brokered Deposits (as defined by 12 C.F.R. § 337.6(a)(2)) for deposit at the Bank not to exceed five (5) percent of total deposits. The foregoing restriction shall not apply to the following: retail CDARS deposits (i.e., deposits accepted from Bank customers for placement in the CDARS diversified bank deposit program); or wholesale CDARS deposits (i.e., the Bank’s participation in the CDARS program as an issuer of deposits to customers of other banks in the CDARS program) not to exceed ten (10) percent of total deposits. (2) The limitation of paragraph (1) shall include the acquisition of Brokered Deposits through any transfer, purchase, or sale of assets, including Federal funds transactions. (3) If the Bank seeks to acquire Brokered Deposits exceeding the limitation in paragraph (1), the Board shall apply to the Assistant Deputy Comptroller for written permission. Such application shall contain, at a minimum, the following: (a) the dollar volume, maturities, and cost of the Brokered Deposits to be acquired; (b) the proposed use of the Brokered Deposits, e.g., short-term liquidity or restructuring of liabilities to reduce cost; (c) alternative funding sources available to the Bank; and (d) the reasons why the Bank believes that the acceptance of the Brokered Deposits does not constitute an unsafe and unsound practice in its particular circumstances. (e) The Assistant Deputy Comptroller may require the submission of such additional information as necessary to make an informed decision. Upon consideration of the Bank’s application, the Assistant Deputy Comptroller will determine whether the proposed acquisition of Brokered Deposits may be accomplished in a safe and sound manner and may condition the Bank’s acquisition as the Assistant Deputy Comptroller shall deem appropriate. (f) Nothing in this article shall relieve the Bank of its obligation under 12 U.S.C. § 1831f to seek necessary approvals from the Federal Deposit Insurance Corporation before accepting Brokered Deposits and to comply with all the requirements of 12 U.S.C. § 1831f.

Brokered Deposits. (1) The Bank may accept additional Brokered Deposits (as defined by 12 C.F.R. § 337.6(a)(2)) for deposit at the Bank not to exceed five (5) percent only after obtaining a prior written determination of total deposits. The foregoing restriction shall not apply to no supervisory objection from the following: retail CDARS deposits (i.e., deposits accepted from Bank customers for placement in the CDARS diversified bank deposit program); or wholesale CDARS deposits (i.e., the Bank’s participation in the CDARS program as an issuer of deposits to customers of other banks in the CDARS program) not to exceed ten (10) percent of total depositsAssistant Deputy Comptroller. (2) The limitation of paragraph (1) shall include the acquisition of Brokered Deposits through any transfer, purchase, or sale of assets, including Federal funds transactions. (3) If the Bank seeks to acquire additional Brokered Deposits exceeding the limitation in paragraph (1)Deposits, the Board shall apply to the Assistant Deputy Comptroller for written permission. Such application shall contain, at a minimum, the following: (a) the dollar volume, maturities, and cost of the Brokered Deposits to be acquired; (b) the proposed use of the Brokered Deposits, e.g.i.e., short-term liquidity or restructuring of liabilities to reduce cost; (c) alternative funding sources available to the Bank; and (d) the reasons why the Bank believes that the acceptance of the Brokered Deposits does not constitute an unsafe and or unsound practice in its the Bank’s particular circumstances. (e) The Assistant Deputy Comptroller may require the submission of such additional information as necessary to make an informed decision. Upon consideration of the Bank’s application, the Assistant Deputy Comptroller will determine whether the proposed acquisition of Brokered Deposits may be accomplished in a safe and sound manner and may condition the Bank’s acquisition as the Assistant Deputy Comptroller shall deem appropriate. (f) Nothing in this article shall relieve the Bank of its obligation under 12 U.S.C. § 1831f to seek necessary approvals from the Federal Deposit Insurance Corporation before accepting Brokered Deposits Deposits, and to comply with all of the requirements of 12 U.S.C. § 1831f.

Brokered Deposits. (1) The Bank may accept Bank’s ratio of total brokered deposits to total liabilities shall not exceed seven percent (7%) without obtaining the prior written determination of no supervisory objection from the Assistant Deputy Comptroller. “Brokered Deposits (as defined by deposit” shall have the meaning set forth in 12 C.F.R. § 337.6(a)(2)) for deposit at the Bank not to exceed five (5) percent of total deposits. The foregoing restriction shall not apply to the following: retail CDARS deposits (i.e., deposits accepted from Bank customers for placement in the CDARS diversified bank deposit program); or wholesale CDARS deposits (i.e., the Bank’s participation in the CDARS program as an issuer of deposits to customers of other banks in the CDARS program) not to exceed ten (10) percent of total deposits. (2) The limitation of this paragraph (1) shall include the acquisition of Brokered Deposits brokered deposits through any transfer, purchase, or sale of assets, including Federal funds transactions. (32) If the Bank seeks to acquire Brokered Deposits exceeding brokered deposits above the limitation level in paragraph (1)) of this Article, the Board shall apply to the Assistant Deputy Comptroller for written permission. Such application shall contain, at a minimum, the following: (a) the dollar volume, maturities, and cost of the Brokered Deposits brokered deposits to be acquired; (b) the proposed use of the Brokered Depositsbrokered deposits, e.g.i.e., short-term liquidity or restructuring of liabilities to reduce cost; (c) alternative funding sources available to the Bank; and (d) the reasons why the Bank believes that the acceptance of the Brokered Deposits brokered deposits does not constitute an unsafe and unsound practice in its particular circumstances. (e3) The Assistant Deputy Comptroller may require the submission of such additional information as necessary to make an informed decision. Upon consideration of the Bank’s 's application, the Assistant Deputy Comptroller will determine whether the proposed acquisition of Brokered Deposits brokered deposits may be accomplished in a safe and sound manner and may condition the Bank’s 's acquisition as the Assistant Deputy Comptroller shall deem appropriate. (f4) Nothing in this article shall relieve the Bank of its obligation under 12 U.S.C. § 1831f to seek necessary approvals from the Federal Deposit Insurance Corporation before accepting Brokered Deposits brokered deposits and to comply with all the requirements of 12 U.S.C. § 1831f.

Brokered Deposits. (1) The Bank may accept accept, renew, or roll over Brokered Deposits (as defined by 12 C.F.R. § 337.6(a)(2)) for deposit at the Bank not to exceed five (5) percent only after obtaining a prior written determination of total deposits. The foregoing restriction shall not apply to no supervisory objection from the following: retail CDARS deposits (i.e., deposits accepted from Bank customers for placement in the CDARS diversified bank deposit program); or wholesale CDARS deposits (i.e., the Bank’s participation in the CDARS program as an issuer of deposits to customers of other banks in the CDARS program) not to exceed ten (10) percent of total depositsAssistant Deputy Comptroller. (2) The limitation of paragraph one (1) shall include the acquisition of Brokered Deposits through any transfer, purchase, or sale of assets, including Federal funds transactions. (3) If the Bank seeks to acquire accept, renew, or roll over Brokered Deposits exceeding the limitation in paragraph (1)Deposits, the Board shall apply to the Assistant Deputy Comptroller for written permission. Such application shall contain, at a minimum, the following: (a) the dollar volume, maturities, and cost of the Brokered Deposits to be acquired; (b) the proposed use of the Brokered Deposits, e.g.i.e., short-term liquidity or restructuring of liabilities to reduce cost; (c) alternative funding sources available to the Bank; and (d) the reasons why the Bank believes that the acceptance of the Brokered Deposits does not constitute an unsafe and unsound practice in its particular circumstances. (e4) The Assistant Deputy Comptroller may require the submission of such additional information as necessary to make an informed decision. Upon consideration of the Bank’s 's application, the Assistant Deputy Comptroller will determine whether the proposed acquisition acquisition, renewal, or roll over of Brokered Deposits may be accomplished in a safe and sound manner and may condition or prohibit the Bank’s 's acquisition as the Assistant Deputy Comptroller shall deem appropriateappropriate in his sole discretion. (f5) Nothing in this article shall relieve the Bank of its obligation under any obligation, if applicable pursuant to 12 U.S.C. § 1831f 1831f, to seek necessary approvals from the Federal Deposit Insurance Corporation before accepting Brokered Deposits and to comply with all the requirements of (6) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of 12 U.S.C. § 1831fand adherence to the policy developed pursuant to this Article.