FDIC updates rules on reciprocal deposits
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Table of Contents
The FDIC is changing its regulations regarding how “brokered deposits” are calculated. This change is required to align with the 21st Century ROAD to Housing Act, which changed the law regarding reciprocal deposits.
Why it matters: This is largely an administrative update to make sure the FDIC’s rulebook matches the new laws passed by Congress. It changes how banks report certain types of deposits, which affects how regulators monitor bank stability.
Who it affects
- Banks and credit unions that engage in reciprocal deposit arrangements.
This is a rule from the FDIC published in the Federal Register; readers should consult the official text before making compliance decisions.
Agency: Federal Deposit Insurance Corporation
Source: Federal Register — read the official document