Senator Charles Schumer (D-NY) would later point out that brokered deposits made up more than 37 percent of IndyMac's total deposits and ask the Federal Deposit Insurance Corporation (FDIC) whether it had considered ordering IndyMac to reduce its reliance on these deposits. Had the FDIC disallowed IndyMac from acquiring new brokered deposits on this date, the threat of brokered deposit losses would have been $500 million a month