Limits on insuring brokered deposits were ended.
The Federal Deposit Insurance Corp. had sought to limit coverage to the first $100,000 in deposits placed by any one broker in an insured bank. But deposit brokers challenged the 1984 FDIC rule in court and won. The FDIC instituted the rule because it believes the placing of multiple packages of $100,000 in certificates of deposit at small banks offering above-market yields is destabilizing to such institutions.
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