Brokered Deposit Law ‘Woefully Outdated’

ABA President and CEO Rob Nichols made the case for modernizing outdated laws governing brokered deposits in this American Banker op-ed.  Nichols wrote that “banking isn’t something that just happens in a branch anymore. Rather, it happens more often than not over the internet, on mobile phones and through bank partners” yet outdated laws stand in the way of a modern regulatory treatment of deposits. “Today, In order to reach customers and build a stable funding base, it is necessary for banks to use a variety of business services, platforms, technologies and other relationships.”  Read the op-ed.