December 15, 2020

Brown Blasts FDIC For Endangering the Economy

U.S. Sen. Sherrod Brown (D-OH) – ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs – released the following statement after the Federal Deposit Insurance Corporation (FDIC) announced changes to rules around brokered deposits and industrial loan companies:

“The FDIC and OCC have spent the last several months undermining what it means to be a bank in this country – putting the hard-earned money of millions of Americans at even more risk during a global pandemic and economic crisis. The FDIC and OCC should be watchdogs for working families and our banking system, not sycophants for big tech, corporations, and Wall Street.”

Earlier this year, Brown sent Chair McWilliams a letter demanding that the FDIC postpone all rulemaking unrelated to our response to the COVID-19 crisis.