IPA Urges FDIC to Preserve Key Brokered Deposit Rules to Protect Innovation and Consumer Access

The Innovative Payments Association (IPA) recently submitted a comment letter to the FDIC concerning proposed rule changes to brokered deposits. We voiced strong concerns about the elimination of key exceptions, such as the "Enabling Transactions Exemption" and exclusive deposit relationships, which have provided essential clarity and promoted financial innovation. IPA urged the FDIC to retain these exceptions to avoid stifling fintech-bank partnerships that have expanded consumer access to critical financial services.
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Moreover, treating fintech deposits as inherently risky "brokered deposits" threatens innovation and limits consumer options. We emphasize the need for data-driven analysis and further study before implementing changes that may adversely impact consumers, innovation, and competition in financial services.
For more details, download the comment letter.

Download Comment Letter