The FDIC is proposing to create huge, new loopholes in the restrictions on brokered deposits. These restrictions were implemented by Congress after the savings and loan crisis of the 1980s, which saw the failure of thousands of small financial institutions. The FDIC has thus far failed to provide any evidence that this deregulatory move is necessary or that it would create any tangible benefits at all. In fact, the FDIC admits it knows virtually nothing about the impact that the rule would have. Read our full comments here or by clicking the button below.
June 9, 2020
Better Markets Issues Comment Letter on Brokered Deposits and Interest Rate Restrictions