GMAC’s New ALLY Bank – Rates too High?
14 June 2009ABA President Edward Yingling recently wrote to FDIC Chief Sheila Blair, concerned about the aggressive rate practices of ALLY Bank. He wrote that “fast asset growth supported by aggressive deposit gathering strategies is a strong sign of high financial risk activity.” Will the FDIC start telling banks soon that the interest rates they are paying on CD and Savings accounts are too high?
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