ABA Banking Journal
No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
SUBSCRIBE
ABA Banking Journal
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
No Result
View All Result
No Result
View All Result
ADVERTISEMENT
Home Newsbytes

FDIC issues final special assessment to recover Deposit Insurance Fund losses

November 16, 2023
Reading Time: 2 mins read
FDIC issues final special assessment to recover Deposit Insurance Fund losses

The FDIC today approved a final special assessment to recover the hit to the Deposit Insurance Fund resulting from the agency’s decision to protect uninsured depositors following the Silicon Valley Bank and Signature Bank failures. The assessment will be collected at an annual rate of approximately 13.4 basis points—3.36 basis points quarterly—for an anticipated eight quarterly assessment periods. No bank with total assets below $5 billion will pay the assessment, as it is aimed at banks that benefited most from the assistance provided under the FDIC’s systemic risk determination, the agency said in a statement.

Out of the $18.7 billion hit to the DIF, approximately $16.3 billion was attributable to the protection of uninsured depositors, according to the FDIC. The agency originally estimated the loss attributable to covering uninsured depositors at $15.8 billion. The loss estimates will be periodically adjusted as assets are sold, liabilities are satisfied and receivership expenses are incurred, it added. The agency estimates that 114 banks will be subject to the special assessment, which will be collected beginning with the first quarterly assessment period of 2024.

In a statement, American Bankers Association President and CEO Rob Nichols said the association recognized the FDIC’s challenge in crafting the assessment and appreciated its decision to exempt most community banks. However, he expressed disappointment that the final cost of the assessment increased, and said that ABA still has concerns with some aspects of the resolution process and the methodology underlying the assessment. “In addition, we continue to caution against the FDIC’s disproportionate focus on uninsured deposits, a category that comprises a diverse set of depositors that is not by itself a proxy for risk,” he said. “We also believe that this special assessment should not set a precedent for future special assessments.”

The FDIC board approved the assessment via notational vote after a scheduled public meeting of board members was canceled. Nichols said the vote would have benefited from an open meeting “and the chance for the public to hear from board members directly.”

ADVERTISEMENT
Tags: Bank closuresDeposit insurance
ShareTweetPin

Related Posts

Senate Democrats seek proposals for regulatory changes following recent bank closures

Senate votes to advance stablecoin bill

Newsbytes
May 19, 2025

A bill to create a regulatory framework for payment stablecoins cleared a key procedural hurdle after several Democrats joined Republicans in voting to advance the legislation.

ABA, BPI seek transparency around Fed stress tests

ABA, associations urge flexibility in large bank stress test changes

Compliance and Risk
May 19, 2025

ABA joined three financial sector associations in urging the Federal Reserve for a more flexible compliance deadline for proposed changes in the stress capital buffer requirement for large banks.

Banking sector, regulators announce joint effort to address AI risks

FS-ISAC releases annual report on financial sector cyber threats

Cybersecurity
May 19, 2025

The financial sector is scrambling to keep up with the heightened risks posed by cyber threats through increasing investment in fraud prevention and strengthening third-party risk management, according to a new report by FS-ISAC.

FDIC: Number of unbanked households drops to new low

Kansas City Fed economist: Bank On may have reduced unbanked rates

Community Banking
May 19, 2025

An increase in the number of financial institutions offering Bank On-certified accounts may have contributed to the decline in unbanked households by lowering barriers to account ownership, according to new research.

ABA DataBank: Higher costs, less credit

ABA DataBank: Higher costs, less credit

Economy
May 16, 2025

Despite temporary tariff relief, small businesses still face elevated costs from historically high tariffs on Chinese goods.

CFPB proposes to regulate large nonbanks in personal loan market

Survey: Customer satisfaction with personal loans holds steady

Mortgage
May 16, 2025

Overall customer satisfaction with personal loans has remained largely flat, according to J.D. Power’s 2025 U.S. Consumer Lending Satisfaction Study.

NEWSBYTES

Senate votes to advance stablecoin bill

May 19, 2025

ABA, associations urge flexibility in large bank stress test changes

May 19, 2025

FS-ISAC releases annual report on financial sector cyber threats

May 19, 2025

SPONSORED CONTENT

Choosing the Right Account Opening Platform: 10 Key Considerations for Long-Term Success

Choosing the Right Account Opening Platform: 10 Key Considerations for Long-Term Success

April 25, 2025
Outsourcing: Getting to Go/No-Go

Outsourcing: Getting to Go/No-Go

April 5, 2025
Six Payments Trends Driving the Future of Transactions

Six Payments Trends Driving the Future of Transactions

March 15, 2025
AI for Banks: A Starter Guide for Community and Regional Institutions

AI for Banks: A Starter Guide for Community and Regional Institutions

March 1, 2025

PODCASTS

Podcast: Accelerating banking for quick-service restaurants

May 8, 2025

How a Georgia community bank supports government-guaranteed lending nationwide

May 1, 2025

Podcast: Quantum computing’s shakeup in payments, cybersecurity

April 24, 2025
ADVERTISEMENT

American Bankers Association
1333 New Hampshire Ave NW
Washington, DC 20036
1-800-BANKERS (800-226-5377)
www.aba.com
About ABA
Privacy Policy
Contact ABA

ABA Banking Journal
About ABA Banking Journal
Media Kit
Advertising
Subscribe

© 2025 American Bankers Association. All rights reserved.

No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive

© 2025 American Bankers Association. All rights reserved.