The Office of the Comptroller of the Currency, the Federal Reserve Board, and the FDIC are requesting public comments on proposed revisions and extensions to specific reports, aiming to update the guidelines for reporting certain types of deposits, such as brokered and sweep deposits. These revisions align with regulations like the Net Stable Funding Ratio and address exceptions in the revised definition of brokered deposits. Public feedback is sought on whether these updates improve the agencies' ability to monitor financial institutions and assess related risks. The changes are set to take effect beginning with the report date of June 30, 2021.
Simple Explanation
The government wants to change some rules about how banks tell them about their money, like if it's from special kinds of deposits. They are asking people to say what they think about these rule changes to make sure banks are being safe with their money.