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McHenry Commends FDIC Proposed Rule to Encourage Financial Innovation

Washington, Dec 16 -

Today, the Republican leader of the House Financial Services Committee, Patrick McHenry (NC-10), issued the following statement in support of the Federal Deposit Insurance Corporation’s (FDIC) notice of proposed rulemaking regarding brokered deposits:

“Our regulatory framework should be working to encourage financial innovation, not hinder it. That means modernizing regulations when necessary to reflect the way American consumers interact with their bank. I’m encouraged by Chair McWilliams’ efforts to bring the brokered deposit framework into the 21^st century, specifically by providing clarity for banks offering services through online and mobile platforms. The Chair has also made it clear that Congress must work alongside the FDIC to meaningfully review the brokered deposits statute. I look forward to continuing to identify updates that help foster innovation in financial services.”

On Friday, Chair McWilliams sent Ranking Member McHenry a letter highlighting Congress’ role in modernizing the brokered deposits framework. Read the letter here.