Last week, BPI submitted to the FDIC a comment letter in response to the agency’s notice of proposed rulemaking on brokered deposits. In its letter, BPI recommended revisions to the definition of “deposit broker” to make it more effective over the long term; the exception for agents or nominees whose primary purpose is not the placement of deposits; and the exception for insured depository institutions. The letter also requested several clarifications to the brokered deposit framework.
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