Reciprocal Deposit Reform Update
Your voices were heard loud and clear! In a historic vote on Tuesday, the U.S. House of Representatives passed Senate 2155 and the President signed the bill into effect today, Thursday, May 24, 2018.
What is included in S. 2155?
- Senate 2155 (Sec. 202) includes provisions that seek to amend the Federal Deposit Insurance Act to ensure that the reciprocal deposits of an insured depository institution are not considered to be funds obtained by or through deposit brokers.
- Allows reciprocal deposits to serve as a stable source of funding
Benefits to Banks
- Helps community banks to retain and attract large local deposits
- Provides a much greater ability to support lending to local small businesses, consumers for mortgages, and inner-city development projects in all communities
Reich & Tang and many of its partners worked diligently to help educate legislators and bankers about the importance of S. 2155 but it was also due to the many bankers who called and wrote messages of support to their legislators and other influential parties. We thank you for joining the fight and advocating the cause. To take full advantage of this historic core deposit generating opportunity, we strongly encourage you to call the number below or send an email to obtain information on how your bank and or trust can set up reciprocal sweeps in the coming weeks.
firstname.lastname@example.org | 866-237-2752