According to the Quarterly Banking Profile released today, the FDIC’s deposit insurance fund has grown to 1.17 percent of insured deposits in June, up from 1.13 percent in March. With this increase, the fund surpassed a target of 1.15 percent to trigger important changes in the FDIC assessments for all banks.
ABA staff experts estimate that the FDIC’s insurance fund likely reached 1.15 percent of insured deposits by the end of June.
In a joint letter with three other financial trade associations today, ABA responded to an FDIC proposal that would require banks with more than 2 million deposit accounts to collect extensive depositor information and develop systems that would allow the FDIC to close the bank and use the bank’s system to make deposit insurance determinations.
The FDIC last week announced that it will extend the comment period for proposed recordkeeping requirements for large FDIC-insured institutions.
The FDIC today approved a final rule for assessing deposit insurance premiums on banks with under $10 billion in assets.
As required by the Dodd-Frank Act, the FDIC today finalized a rule to increase the deposit insurance fund from 1.15 percent of insured deposits to 1.35 percent by 2020.
ABA yesterday offered feedback on the FDIC’s revised proposal for assessing deposit insurance premiums on banks with under $10 billion in assets.
The FDIC today issued a proposal requiring banks with more than 2 million deposit accounts to upgrade their deposit recordkeeping systems to facilitate the determination of FDIC insured deposits in the event of a bank failure.
Following a board meeting earlier today, the FDIC issued revisions to a proposed rule for assessing deposit insurance premiums on banks with under $10 billion in assets.
ABA yesterday urged the FDIC to consider an alternate approach in how midsize and large banks will be assessed to recapitalize the Deposit Insurance Fund.