Partnership to Save Community Banking

Here’s what you need to know:

Under the proposed regulation, anyone fitting the below descriptions would now be considered deposit brokers**:

Third parties sharing information with the insured depository institution;

Anyone that can close or move accounts or funds to another insured depository institution;

Anyone involved in setting rates, fees, terms, or conditions for the deposit accounts;

The person involved in the placement of deposits on behalf of a depositor and an insured depository institution who performs anything other than “administrative services.”

Questions? Contact us at info@SaveCommunityBankingCompetitiveness.com.

Read the proposed rule change on the FDIC’s website. FDIC staff issued a memorandum clarifying its intent but not changing the proposal. Read the March 2 FDIC Staff Memorandum.

*The FDIC only has authority over banks. Credit unions would be exempt unless a similar ruling were to be made at the NCUA.
**This language has been summarized from the original texts.

ACT NOW!

Urge the FDIC to change the proposed rule:

We believe the FDIC’s mission is to help community banks and the proposed rule contains some language that could cause real harm. It’s up to us to let them know what they got right and what they got wrong. The comment period is open for 60 days once the proposed rule is posted to the Federal Register. Need help with what to say? We've got a summary you can use.

1

Join the Partnership to Save Community Banking Competitiveness

Enter your information so your support can be shared with the industry to influence this decision. Your comments may be shared on social media, and your logo may be added to those shown below to demonstrate support.

2

Share this site with your social networks.

3

Add your comment on the proposed rule using the FDIC's website.

The FDIC has recently opened a 60-day comment period. Between now and April 10 is our window to voice the need for revisions.

4

Contact your member of Congress.

Find your representative in Washington D.C. and your senator and ask them to encourage the FDIC to revise the rule.

These partners have already signed.

THE PARTNERSHIP TO SAVE COMMUNITY BANKING COMPETITIVENESS WAS CREATED TO RAISE AWARENESS ABOUT THE RULE CHANGE PROPOSED BY THE FDIC REGARDING BROKERED DEPOSITS AND TO SUGGEST A REVISION TO THE RULE THAT WILL SUPPORT THE FDIC'S STATED INTENT. IT IS COMPRISED OF COMMUNITY BANKS, FINANCIAL TECHNOLOGY PROVIDERS, AND OTHER INDUSTRY ASSOCIATIONS.