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ABA Releases Statement on FDICís Depositor Preference Proposal

 

Feb 13 - ďWeíre thankful that the FDIC views todayís 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 FDICís 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. Itís 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 regulatorsí concerns while posing fewer operational burdens for U.S. financial institutions.Ē


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