How to Comply with the FDIC’s 2024 Brokered Deposits Rule When Using Fintech Deposit Sweep Programs in California
California banks and fintech partners must reassess deposit sweep programs under the FDIC’s 2024 brokered deposits rule, which expands and clarifies when third-party facilitated deposits are “brokered.” In California’s fintech-heavy market, sweep structures (including FBO accounts and app-based cash management) can trigger brokered deposit treatment if the facilitator is deemed a “deposit broker” or a […]