ICBA objects to the use of Weiss Ratings for access to FCC certain programs

ICBA sent a letter to the Federal Communications Commission disagreeing with the proposal that banks providing a letter of credit to carriers participating in certain FCC programs must have a Weiss bank safety rating of B- or better.

ICBA noted that Weiss is ill-suited for this task and that the FCC should instead use the federal banking agencies, which already examine banks for safety and soundness.