Washington, D.C. – The Bank Policy Institute, American Bankers Association, Consumer Bankers Association, Independent Community Bankers of America and Mid-Size Bank Coalition of America issued the following statement today on the FDIC’s decision to increase assessment rates:
“We are disappointed that the FDIC has chosen to increase assessment rates based on assumptions that are demonstrably incorrect. The latest data indicates that the deposit insurance fund will likely return to its statutory minimum level next year and that banks are in excellent financial condition, so the FDIC’s action is a preemptive strike against a nonexistent threat. This significant, unjustified rate increase could exacerbate the stress of a slowing economy, instead of enabling resilient banks to support economic growth.”
About Bank Policy Institute.
The Bank Policy Institute (BPI) is a nonpartisan public policy, research and advocacy group, representing the nation’s leading banks and their customers. Our members include universal banks, regional banks and the major foreign banks doing business in the United States. Collectively, they employ almost 2 million Americans, make nearly half of the nation’s small business loans, and are an engine for financial innovation and economic growth.