The FDIC today issued a long-awaited proposal to modernize the existing brokered deposit rules and foster greater innovation by financial institutions.
Browsing: Brokered deposits
FDIC Chairman Jelena McWilliams today previewed the long-awaited overhaul of the brokered deposit rule, which the agency is poised to propose on during its board meeting tomorrow.
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.
The FDIC is in the process of developing guidance for financial institutions on artificial intelligence…
In a comment letter to the FDIC today, ABA advocated for updates to the agency’s…
The American Bankers Association joined a group of 51 state bankers associations in a letter to FDIC Chairman Jelena McWilliams today voicing concerns that the national rate cap—which is intended to prevent struggling banks from offering excessively high rates—is being used as a proxy for volatile deposits in examinations of healthy banks.
The FDIC has “ample existing authority” to address the regulation of brokered deposits, according to a legal analysis by law firm Jones Day commissioned by ABA.
In an American Banker op-ed today, the American Bankers Association called on Congress and the FDIC to reconsider existing brokered deposits rules and regulations and modernize them so that consumers can continue interacting their bank in the manner of their choosing.
In a comment letter to the FDIC today, the American Bankers Association offered support for a recent proposal to implement Section 202 of S. 2155, the new regulatory reform law.