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 a move long sought by ABA, the FDIC today issued an advanced notice of proposed rulemaking on brokered deposits and the national rate cap. ABA has been actively engaged with the FDIC on the need to revise the regulations so that they accommodate modern banking and don’t discourage healthy banks from gathering deposits. Written over
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.
The House Financial Services Committee today approved several financial services bills, including two supported by the American Bankers Association.v
The FDIC today issued a request for comment on a proposed rule to implement Section 202 of S. 2155, the new regulatory reform law.
When asked which provision of the S. 2155 regulatory reform bill would be most meaningful to them, community bankers were most likely to rank the policy change to make most reciprocal deposits non-brokered.
Reciprocal deposits can help banks succeed and keep local money working locally.
As the Treasury prepares to issue its report on nonbank fintech issues, ABA today released a white paper featuring several fintech policy recommendations that would facilitate innovation both inside and outside of the regulated banking system and promote partnerships between banks and nonbanks.