Banks take aim at Gruenberg’s brokered deposit rule
Regulatory lawyers question need to reverse 2020 rulemaking just four years later
Lawyers warn banks may have sufficient grounds to challenge a rulemaking proposal from the US Federal Deposit Insurance Corporation (FDIC) on brokered deposits, which they see as a last-ditch attempt by departing chair Martin Gruenberg to reverse a 2020 deregulatory measure he opposed.
Casey Jennings, a partner in Seward & Kissel’s Investment Management Group, points out that the Administrative Procedure Act would permit a court to strike down an agency rulemaking if it were “arbitrary and
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