Letter Asking the FDIC to Withdraw Its Brokered Deposit Proposed Rule or Propose a New Rule That Works

ICBA and six trade groups sent a letter to the FDIC on its Unsafe and Unsound Banking Practices: Brokered Deposits Restrictions proposed rule.

The groups said the proposal violates the Administrative Procedure Act in multiple ways and is arbitrary and capricious on several grounds, therefore it should be withdrawn or replaced.