diff --git a/bindata/deployment/helm/metallb/README.md b/bindata/deployment/helm/metallb/README.md
index 483eb9213..929f7a933 100644
--- a/bindata/deployment/helm/metallb/README.md
+++ b/bindata/deployment/helm/metallb/README.md
@@ -124,6 +124,7 @@ Kubernetes: `>= 1.19.0-0`
 | speaker.frr.metricsPort | int | `7473` |  |
 | speaker.frr.resources | object | `{}` |  |
 | speaker.frrMetrics.resources | object | `{}` |  |
+| speaker.ignoreExcludeLB | bool | `false` |  |
 | speaker.image.pullPolicy | string | `nil` |  |
 | speaker.image.repository | string | `"quay.io/metallb/speaker"` |  |
 | speaker.image.tag | string | `nil` |  |
diff --git a/bindata/deployment/helm/metallb/templates/speaker.yaml b/bindata/deployment/helm/metallb/templates/speaker.yaml
index b9c4544a1..d00a94cec 100644
--- a/bindata/deployment/helm/metallb/templates/speaker.yaml
+++ b/bindata/deployment/helm/metallb/templates/speaker.yaml
@@ -244,6 +244,9 @@ spec:
         {{- if .Values.speaker.wanConfig }}
         - --ml-wan-config
         {{- end }}
+        {{- if .Values.speaker.ignoreExcludeLB}}
+        - --ignore-exclude-lb
+        {{- end }}
         env:
         - name: METALLB_NODE_NAME
           valueFrom:
@@ -330,7 +333,7 @@ spec:
         {{- if or .Values.speaker.frr.enabled .Values.speaker.memberlist.enabled .Values.speaker.excludeInterfaces.enabled }}
         volumeMounts:
           {{- if .Values.speaker.memberlist.enabled }}
-          - name: memberlist 
+          - name: memberlist
             mountPath: {{ .Values.speaker.memberlist.mlSecretKeyPath }}
           {{- end }}
           {{- if .Values.speaker.frr.enabled }}
@@ -525,7 +528,7 @@ spec:
         operator: Exists
       - key: node-role.kubernetes.io/control-plane
         effect: NoSchedule
-        operator: Exists        
+        operator: Exists
       {{- end }}
       {{- with .Values.speaker.tolerations }}
         {{- toYaml . | nindent 6 }}
diff --git a/bindata/deployment/helm/metallb/values.schema.json b/bindata/deployment/helm/metallb/values.schema.json
index b6373532f..bc0dd8402 100644
--- a/bindata/deployment/helm/metallb/values.schema.json
+++ b/bindata/deployment/helm/metallb/values.schema.json
@@ -299,7 +299,7 @@
       },
       "required": [ "podMonitor", "prometheusRule" ]
     },
-    "controller": { 
+    "controller": {
       "allOf": [
         { "$ref": "#/definitions/component" },
         { "description": "MetalLB Controller",
@@ -330,7 +330,7 @@
         }
       ]
     },
-    "speaker": { 
+    "speaker": {
       "allOf": [
         { "$ref": "#/definitions/component" },
         { "description": "MetalLB Speaker",
@@ -364,6 +364,9 @@
                 }
               }
             },
+            "ignoreExcludeLB": {
+              "type": "boolean"
+            },
             "updateStrategy": {
               "type": "object",
               "properties": {
diff --git a/bindata/deployment/helm/metallb/values.yaml b/bindata/deployment/helm/metallb/values.yaml
index d9ec7989a..738f25f8a 100644
--- a/bindata/deployment/helm/metallb/values.yaml
+++ b/bindata/deployment/helm/metallb/values.yaml
@@ -268,6 +268,9 @@ speaker:
     mlSecretKeyPath: "/etc/ml_secret_key"
   excludeInterfaces:
     enabled: true
+  # ignore the exclude-from-external-loadbalancer label
+  ignoreExcludeLB: false
+
   image:
     repository: quay.io/metallb/speaker
     tag:
diff --git a/bundle/manifests/metallb-operator.clusterserviceversion.yaml b/bundle/manifests/metallb-operator.clusterserviceversion.yaml
index 150c72b6a..32a6f8bf0 100644
--- a/bundle/manifests/metallb-operator.clusterserviceversion.yaml
+++ b/bundle/manifests/metallb-operator.clusterserviceversion.yaml
@@ -273,7 +273,7 @@ metadata:
     categories: Networking
     certified: "false"
     containerImage: quay.io/metallb/metallb-operator
-    createdAt: "2024-02-16T16:37:35Z"
+    createdAt: "2024-02-20T17:04:51Z"
     description: An operator for deploying MetalLB on a kubernetes cluster.
     operators.operatorframework.io/builder: operator-sdk-v1.26.1
     operators.operatorframework.io/project_layout: go.kubebuilder.io/v2
diff --git a/hack/metallb_ref.txt b/hack/metallb_ref.txt
index adacddddf..bcce36b1a 100644
--- a/hack/metallb_ref.txt
+++ b/hack/metallb_ref.txt
@@ -1 +1 @@
-cd0b6fe9ae1375e0e696c40d040cfc6f86465e42
+cb9c6eb233b582aec7ae6fe93b73889ececf7cd3