9070 Federal Register / Vol. 86, No. 27 / Thursday, February 11, 2021 / Notices 

2The covered institution’s trust department is a 

separate department that segregates its client data 

from other parts of the Bank, uses a separate client 

accounting system of record, observes trust 

department rules that do not apply to banks, and 

follows other distinct processes. 

3The requirements of § 370.4(b)(2)(ii) require the 

Bank obtain grantor unique identification 

information for accounts with transactional 

features. 1 12 CFR part 370. 

annually data regarding the number of 

and amount of deposits held in the 

internal accounts covered by this 

exception; provide a final copy of the 

documentation that describes the 

processes put in place to obtain 

beneficial ownership information 

necessary to make an insurance 

determination for the subject accounts 

as quickly as possible; confirm that the 

covered institution currently has the 

capability to restrict access to any or all 

of the subject accounts if required; make 

reasonable efforts, in the ordinary 

course of upgrading its information 

technology systems, to implement an 

information technology solution that 

would permit a deposit insurance 

determination for the subject accounts 

within 24 hours; and immediately bring 

to the FDIC’s attention any change of 

circumstances or conditions. 

IV. A Limited Number of Deposit 

Accounts for Which the Covered 

Institution’s Trust Department Acts in 

an Agency or Fiduciary Capacity 

The FDIC granted time-limited 

exception relief from the information 

technology requirements set forth in 

§ 370.3, general recordkeeping 

requirements set forth in § 370.4(a), and 

alternative recordkeeping requirements 

set forth in § 370.4(b) of the rule for up 

to 18 months from its compliance date 

for a limited number of deposit accounts 

for which its trust department acts in an 

agency or fiduciary capacity. The 

covered institution’s trust department 2

provides fiduciary and agency services 

to corporations, retirement plans, and 

individuals. These services include 

safeguarding assets, making investment 

decisions, or facilitating clients’ 

complex business transactions. 

In performing such services, the trust 

department opens deposit accounts that 

hold funds from uninvested cash, 

sweeps, or other transactions on behalf 

of its customers. The account records for 

the subject accounts, which the trust 

department maintains on a separate 

system of record, reflect that funds are 

held by the covered institution’s trust 

department as an agent or fiduciary for 

its clients. 

The covered institution must perform 

system enhancements to assign an 

ownership, right and capacity code to 

the subject accounts and up the trust 

department’s systems of record in order 

to calculate deposit insurance. The 

covered institution represented that it 

must review account records to assign 

an ownership, right and capacity code 

to the subject accounts; input missing 

information or data into the trust 

department’s systems of record; enhance 

information technology system logic; 

develop new account opening 

procedures at account onboarding; and 

if necessary, amend trust agreements 

and provide notices to third-party 

recordkeepers for accounts that qualify 

for alternative recordkeeping treatment 

with transactional features.3

In connection with the FDIC’s grant of 

relief, the covered institution will 

ensure that, in the event of its failure, 

holds can be placed on all deposit 

accounts subject to this time-limited 

exception relief until sufficient 

information is obtained to enable 

calculation of deposit insurance 

coverage. As conditions of relief, the 

covered institution must submit a status 

report to part370@fdic.gov at the 

midpoint of the exception relief period 

and immediately bring to the FDIC’s 

attention any change of circumstances 

or conditions. 

Federal Deposit Insurance Corporation. 

Dated at Washington, DC, on February 5, 

2021. 

James P. Sheesley, 

Assistant Executive Secretary. 

[FR Doc. 2021–02782 Filed 2–10–21; 8:45 am] 

BILLING CODE 6714–01–P 

FEDERAL DEPOSIT INSURANCE 

CORPORATION 

Notice of the FDIC’s Response to 

Exception Requests Pursuant to the 

Recordkeeping for Timely Deposit 

Insurance Determination Rule 

AGENCY: Federal Deposit Insurance 

Corporation (FDIC). 

ACTION: Notice of the FDIC’s response to 

exception requests pursuant to the 

Recordkeeping for Timely Deposit 

Insurance Determination rule. 

SUMMARY: In accordance with its rule 

regarding recordkeeping for timely 

deposit insurance determination, the 

FDIC is providing notice that it has 

granted time-limited exception relief to 

covered institutions until March 31, 

2022, from information technology 

system requirements and recordkeeping 

requirements for principal and interest 

payments held in mortgage servicing 

accounts for which the covered 

institutions act as servicers or subservicers. The recommended relief will 

provide the covered institutions 

additional time to remediate their 

servicing platforms and internal 

processing capabilities pending further 

direction from the FDIC. 

DATES: The FDIC’s grant of exception 

relief was effective as of February 4, 

2021. 

FOR FURTHER INFORMATION CONTACT: 

Benjamin Schneider, Section Chief, 

Division of Complex Institution 

Supervision and Resolution; 

beschneider@fdic.gov; 917–320–2534. 

SUPPLEMENTARY INFORMATION: The FDIC 

granted time-limited exception relief to 

multiple covered institutions and 

pursuant to the FDIC’s rule entitled 

‘‘Recordkeeping for Timely Deposit 

Insurance Determination,’’ codified at 

12 CFR part 370 (part 370).1 Part 370 

generally requires covered institutions 

to implement the information 

technology system and recordkeeping 

capabilities needed to quickly calculate 

the amount of deposit insurance 

coverage available for each deposit 

account in the event of failure. Pursuant 

to § 370.8(b)(1), one or more covered 

institutions may submit a request in the 

form of a letter to the FDIC for an 

exception from one or more of the 

requirements of part 370 if 

circumstances exist that would make it 

impracticable or overly burdensome to 

meet those requirements. Pursuant to 

§ 370.8(b)(3), a covered institution may 

rely upon another covered institution’s 

exception request which the FDIC has 

previously granted by notifying the 

FDIC that it will invoke relief from 

certain part 370 requirements and 

demonstrating that the covered 

institution has substantially similar 

facts and circumstances to those of the 

covered institution that has already 

received the FDIC’s approval. The 

notification letter must also include the 

information required under § 370.8(b)(1) 

and cite the applicable notice published 

pursuant to § 370.8(b)(2). Unless 

informed otherwise by the FDIC within 

120 days after the FDIC’s receipt of a 

complete notification for exception, the 

exception will be deemed granted 

subject to the same conditions set forth 

in the FDIC’s published notice. 

This grant of relief will be subject to 

ongoing FDIC review, analysis, and 

verification during the FDIC’s routine 

part 370 compliance tests. The FDIC 

presumes each covered institution is 

meeting all the requirements set forth in 

the Rule unless relief has otherwise 

been granted. This grant of relief may be 

rescinded or modified upon: discovery 

of misrepresentation; material change of 


khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 86, No. 27 / Thursday, February 11, 2021 / Notices 9071 

circumstances or conditions related to 

the subject accounts; or failure to satisfy 

conditions applicable to each. The 

following exception was granted by the 

FDIC as of February 4, 2021. 

I. Mortgage Servicing Accounts for 

Which the Covered Institution’s System 

of Record Cannot Calculate Principal 

and Interest at an Account Level at a 

Given Point in Time 

The FDIC granted time-limited 

exception relief to covered institutions 

up to March 31, 2022, from the 

information technology system 

requirements of 12 CFR 370.3 and the 

recordkeeping requirements of 12 CFR 

370.4 for principal and interest 

payments held in mortgage servicing 

accounts for which the covered 

institutions act as servicers or subservicers. The recommended relief will 

provide the covered institutions 

additional time to remediate their 

servicing platforms and internal 

processing capabilities pending further 

direction from the FDIC. 

Pursuant to 12 CFR 330.7(d), mortgage 

principal and interest payments are 

insured for the cumulative balance paid 

into the account by the mortgagors, up 

to the limit of the standard maximum 

deposit insurance amount per 

mortgagor. If a covered institution does 

not maintain deposit records that enable 

it to calculate deposit insurance, the 

covered institution must maintain, at a 

minimum, the following in its deposit 

account records: (i) The unique 

identifier of the account holder; and (ii) 

the corresponding ‘‘pending reason’’ 

code listed in pending file format set 

forth in Appendix B to Part 370. 

The covered institutions service the 

mortgage loans using platforms hosted 

by third party vendors. Principal and 

interest payments from mortgagors are 

placed into the mortgage servicing 

accounts with the funds held in custody 

for the investors that own the 

underlying mortgages. Because the loans 

are tracked and managed as a group by 

pool, the servicing platforms do not 

have a mechanism to allocate the 

mortgage servicing accounts balances to 

specific mortgagors. As a result, the 

covered institutions do not have a 

process to input mortgagor principal 

and interest data into their information 

technology systems to calculate deposit 

insurance coverage for the mortgage 

servicing accounts. 

Remediation efforts are underway and 

include the development of a business 

requirements document, system 

updates, implementation, and testing. 

However, a number of the covered 

institutions have asked the FDIC for 

additional clarification of the part 370 

recordkeeping rule with respect to the 

mortgage servicing accounts to 

determine how to produce borrower 

account level principal and interest data 

on a date of failure. Given the 

complexities of payments to investors 

under the agreements with the covered 

institutions, additional information 

from the FDIC is needed to finalize 

programming logic and various business 

requirements documents between the 

Banks and their service providers. 

The FDIC’s grant of relief is subject to 

the condition that each covered 

institution must submit within 60 days, 

upon receipt of additional information 

from the FDIC with respect to the part 

370 processing for the mortgage 

servicing account ownership right and 

capacity code, a status report setting 

forth the project plan and timeline for 

integrating the mortgage servicing 

account ownership right and capacity 

code processing capabilities into the 

covered institution’s information 

technology system. 

The FDIC reserves the right to rescind 

or modify the grant of relief upon any 

material change of circumstances or 

conditions related to the accounts 

subject to this request. 

Federal Deposit Insurance Corporation. 

Dated at Washington, DC, on February 5, 

2021. 

James P. Sheesley, 

Assistant Executive Secretary. 

[FR Doc. 2021–02781 Filed 2–10–21; 8:45 am] 

BILLING CODE 6714–01–P 

FEDERAL DEPOSIT INSURANCE 

CORPORATION 

Notice of Termination of Receiverships 

The Federal Deposit Insurance 

Corporation (FDIC or Receiver), as 

Receiver for each of the following 

insured depository institutions, was 

charged with the duty of winding up the 

affairs of the former institutions and 

liquidating all related assets. The 

Receiver has fulfilled its obligations and 

made all dividend distributions 

required by law. 

NOTICE OF TERMINATION OF RECEIVERSHIPS

Fund Receivership name City State Termination 

date 

10152 ............. The Buckhead Community Bank ....................... Atlanta ................................................................ GA .......... 02/01/2021 

10245 ............. Sun West Bank .................................................. Las Vegas .......................................................... NV .......... 02/01/2021 

10277 ............. Palos Bank And Trust Company ....................... Palos Heights ..................................................... IL ............ 02/01/2021 

10280 ............. Imperial Savings & Loan Association ................ Martinsville ......................................................... VA .......... 02/01/2021 

10502 ............. Valley Bank ........................................................ Moline ................................................................. IL ............ 02/01/2021 

The Receiver has further irrevocably 

authorized and appointed FDICCorporate as its attorney-in-fact to 

execute and file any and all documents 

that may be required to be executed by 

the Receiver which FDIC-Corporate, in 

its sole discretion, deems necessary, 

including but not limited to releases, 

discharges, satisfactions, endorsements, 

assignments, and deeds. Effective on the 

termination dates listed above, the 

Receiverships have been terminated, the 

Receiver has been discharged, and the 

Receiverships have ceased to exist as 

legal entities. 

(Authority: 12 U.S.C. 1819) 

Federal Deposit Insurance Corporation. 

Dated at Washington, DC, on February 5, 

2021. 

James P. Sheesley, 

Assistant Executive Secretary. 

[FR Doc. 2021–02783 Filed 2–10–21; 8:45 am] 

BILLING CODE 6714–01–P 

DEPARTMENT OF HEALTH AND 

HUMAN SERVICES 

Food and Drug Administration 

[Docket No. FDA–2021–N–0173] 

Vaccines and Related Biological 

Products Advisory Committee; Notice 

of Meeting; Establishment of a Public 

Docket; Request for Comments 

AGENCY: Food and Drug Administration, 

HHS. 


khammond on DSKJM1Z7X2PROD with NOTICES