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ABA: The American Bankers Association
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ABA Statement on Brokered Deposit and National Rate Cap Rule

WASHINGTON — The American Bankers Association welcomes the FDIC Board’s vote today to modernize brokered deposit and the national rate cap regulations.

“Today’s final FDIC rule is an important step that recognizes that markets have evolved, and new technologies have changed the ways banks gather deposits and the ways bank customers access and manage their funds,” said Rob Nichols, ABA president and CEO. “We thank FDIC Chairman McWilliams for her leadership on this critical issue and echo her call for Congress to revisit Section 29 of the FDI Act, and to consider whether it still achieves the policy goals it was enacted to accomplish.”


About the American Bankers Association

The American Bankers Association is the voice of the nation’s $23.7 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $19.6 trillion in deposits and extend $11.8 trillion in loans.

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