NBPCA's Statement on the FDIC’s Announced Reassessment of Brokered Deposits Regulations and FAQs

September 14, 2018

The following statement can be attributed to Brian Tate, President and CEO of the Network Branded Prepaid Card Association (NBPCA), on the Federal Deposit Insurance Corporation’s (FDIC) announced reassessment of the agency’s brokered deposits regulations and FAQs:

“FDIC’s announced reassessment of the agency’s brokered deposits regulations and FAQs is welcome news for consumers who rely on innovative financial products like prepaid cards. The misclassification of prepaid accounts as brokered deposits potentially risks restricting consumer access, raising costs and limiting innovation in the prepaid and fintech marketplace. We would like to thank Rep. Scott Tipton (R-Colo.) and Blaine Luetkemeyer (R-Mo.) for their efforts bringing renewed attention to this issue with a recent letter to the FDIC. We applaud FDIC Chairman Jelena McWilliams’ leadership on this matter and look forward to continuing our work with the FDIC on this critical issue through the conclusion of the rulemaking process.”