Logo: Independent Community Bankers of America - ICBA The Nation's Voice for Community Banks (R)

Graphic: Arrow Forgot password?
Graphic: Arrow Request Login
Contact ICBA Site Map Search ICBA
ArrowICBA Home
ArrowAbout ICBA
ArrowAbout Community Banking
ArrowConsumer Education & Resources
ArrowIndustry Resources
ArrowMarketing Resources
ArrowMembership/Nat. Solutions Group
ArrowPress Room
ArrowSocial Media
ArrowMain Street MarketĀ®

Members Only = Access Restricted
Last update: 10/21/14

ICBA News Release Header


ICBA Welcomes Introduction of Senate Deposit Insurance Bill

Washington, D.C. (July 29, 2005) - The Independent Community Bankers of America (ICBA) thanked Sens. Mike Enzi (R-WY), Chuck Hagel (R-NE), Tim Johnson (D-SD), and Wayne Allard (R-CO) for introducing the Federal Deposit Insurance Reform Act of 2005. "This is an important bill for America's consumers and the stability of our financial system," said ICBA Chairman David E. Hayes, president of Security Bank in Dyersburg, Tenn.

The bill would reform and strengthen the Federal deposit insurance programs that protect depositors in banks, thrifts and credit unions. It provides for inflation adjustments for deposit insurance coverage levels and increases coverage of certain retirement accounts, which will help deposit insurance keep up with inflation and maintain its value over time for our nation's savers. Federal deposit insurance is part of the economic safety net for our nation's families, workers and retirees, and should not be allowed to wither away.

In addition, the bill contains other reforms that will strengthen the deposit insurance system and make it more stable by smoothing out premium volatility, creating a range in which the reserve ratio can float in lieu of a hard target, providing rebates to financial institutions when the funds are in excess, instituting a risk-based assessment system, and merging the bank and thrift insurance funds. ICBA strongly supports these reforms.

"The strength of our nation is our local communities, and this legislation will help keep more deposits in our local communities working for its citizens," Hayes added. "ICBA thanks these lawmakers for their thoughtful consideration and hard work on this proposal. We look forward to working with them to get the legislation enacted."

ArrowsPrintable version

Button: Share

All contents copyright 2014 Independent Community Bankers of America. All rights reserved.
Privacy Statement | Legal Notice