ICBA urged the FDIC to update its proposal to revise restrictions on brokered deposits that apply to less-than-well-capitalized banks.
ICBA urges changes to brokered deposit proposal
June 10, 2020 / By ICBA
ICBA urged the FDIC to update its proposal to revise restrictions on brokered deposits that apply to less-than-well-capitalized banks.
ICBA urged the FDIC to update its proposal to revise restrictions on brokered deposits that apply to less-than-well-capitalized banks. While commending the agency for attempting to modernize its brokered deposit regulations, ICBA expressed concerns about the proposed “facilitation” definition for determining a deposit broker.
Among its recommendations, ICBA encouraged the FDIC to narrow its definition to exclude third-party service providers and activities related to products, services, capabilities, direct depositor relationships, and matching and allocation services for broker-dealer sweep programs.
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