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.
ABA wrote to Sen. Mark Warner (D-Va.) today in support of S. 1500, a bipartisan bill that would update Section 29 of the Federal Deposit Insurance Act to clarify that reciprocal deposits of another insured depository institution are not considered brokered deposits.
ABA today urged the leaders of the Senate Banking Committee to focus on expanding portfolio mortgage lending, modernizing rules on brokered deposits, enhancing bank innovation and providing relief from unnecessary stress tests — all of which would be bipartisan, common-sense policies to promote economic growth.
ABA today wrote to members of the Senate Banking, Housing and Urban Affairs Committee in support of S. 3373, a bipartisan bill introduced by Sens. Mark Warner (D-Va.) and Jerry Moran (R-Kan.) that would clarify that reciprocal deposits of another insured depository institution are not considered brokered deposits.
In advance of a congressional hearing on consumer access to banking services this week, ABA today wrote to leaders of the House subcommittee on financial institutions and consumer credit voicing its support for several bills that would provide increased flexibility for brokered and reciprocal deposits.
The FDIC today finalized updates to its frequently asked questions on identifying, accepting, and reporting brokered deposits.
ABA today filed its fourth and final comment letter in response to the decennial EGRPRA regulatory burden review that the federal banking agencies must conduct. The letter addressed several issues that ABA identified through collaboration with banks of all sizes and from across the country.
Following a board meeting earlier today, the FDIC issued revisions to a proposed rule for assessing deposit insurance premiums on banks with under $10 billion in assets.
The FDIC on Friday updated its controversial FAQs on identifying, accepting, and reporting brokered deposits and sought comment on the revisions. The document was originally issued in January and caused widespread confusion and frustration at banks as it seemed to broaden the scope of deposits deemed “brokered.” In response to ABA’s concerns, FDIC staff encouraged