The FDIC has begun posting "Weekly National Rates and Rate Caps", we learned recently from banking blog BankDeals. The FDIC page says, "On May 29, 2009, the FDIC Board of Directors approved a final rule making certain revisions to the interest rate restrictions applicable to less than well capitalized institutions under Part 337.6 of the FDIC Rules and Regulations. The final rule redefined the 'national rate' as a simple average of rates paid by U.S. depository institutions as calculated by the FDIC. Although the final rule is not effective until January 1, 2010, the FDIC does not object to the immediate use of the newly defined national rate by an insured depository institution. The national rates and rate caps for various deposit maturities and sizes are provided below." For "Money Markets" the "National Rate" is 0.46% and the new rate cap is 1.21%. See also, the ABA's recent letter complaining about high rates from GMAC/Ally Bank.
