ABA Releases Statement on FDIC’s Depositor Preference Proposal

Feb 13 - “We’re thankful that the FDIC views today’s vote as the first step in a process that will include an ongoing dialogue with our industry," said Frank Keating, American Bankers Association president and CEO, in a statement on the FDIC’s Depositor Preference Proposal. "We hope the FDIC will work closely with the banking industry to develop a solution that is operationally efficient and prevents the FDIC from having to extend deposit insurance beyond U.S. borders. It’s critical that we avoid balkanizing our smooth and efficient international banking system by creating disparate rules that make it harder for banks to serve customers that conduct business overseas. More time is needed to develop a system that addresses the FDIC and U.K. banking regulators’ concerns while posing fewer operational burdens for U.S. financial institutions.”