Letter to the FDIC Requesting Withdrawal of the Brokered Deposit Proposed Rule

ICBA sent a letter to the FDIC requesting that the Unsafe and Unsound Banking Practices: Brokered Deposits Restrictions proposed rule be withdrawn. ICBA noted that the proposal is the FDIC’s brokered deposit framework since 2019.

ICBA also said the proposal would unnecessarily constrain community bank liquidity, disrupt third-party relationships that provide valued online banking and deposit services to customers, and force community banks to incur costs the FDIC did not adequately recognize.