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Originally, the assessment was 20 centa perevery $100 of domestic deposits, which triggered bitterf opposition by organizations representing smaller including the . “This is a majoe policy shift advocated by ICBA that lowers the specialp assessment forour nation’s more than 8,00o0 community banks that didn’t participate in the practices that led to this economif crisis, yet were originally aske to pay for the sins of thosre who did,” ICBA Chairman R. Michaepl Menzies said in a statement. Several community bankzs said they were concerned that the original assessment would reducstheir loan-making capabilities.
Earlier, Congress passed legislatioj to increasethe FDIC’s borrowing authority with the from $30 billiohn to $100 billion with a proviso for emerginhg funding of as much as $500 The FDIC said this step was necessaryt to reduce the assessment on banks.
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