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US FDIC's Gruenberg supports proposed rulemaking on brokered deposits

( July 30, 2024, 22:31 GMT | Official Statement) -- MLex Summary: US Federal Deposit Insurance Corporation Chair Martin J. Gruenberg issued a statement in support of a proposed rule that would revise the FDIC’s regulations to update and clarify provisions related to the definition of a deposit broker. Gruenberg said the proposal would help strengthen the important prudential protections of the brokered deposit rule required by statutory restrictions and reduce the very serious risks that brokered deposits pose to less than well-capitalized banks and the Deposit Insurance Fund. In addition, the proposal would reduce operational challenges and reporting burdens on insured depository institutions by simplifying certain definitions, help ensure uniform and consistent reporting of brokered deposits, and strengthen the safety and soundness of the banking system.See document below. ...

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