Browsing: Brokered deposits

Compliance and Risk

As policymakers consider reforms to the three-decade-old brokered deposit rules, they should “think about what the appropriate guardrails are to mitigate the challenges that the brokered deposit law was put into place to address,” and how best to apply those guardrails to a modern banking system, said Mary Fowler, CEO of Peoples Bank in an American Banker op-ed today.

Newsbytes

Current laws and regulation related to brokered deposits—which were enacted three decades ago—are in “urgent need of modernization to ensure that banks are not prohibited from holding stable funding, engaging in modern business practices or serving the needs of their customers,” ABA wrote in a letter today to Rep. Gregory Meeks (D-N.Y.), who chairs the House Financial Services Subcommittee on Consumer Protection and Financial Institutions.

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