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

Graphic: Arrow Forgot password?
Graphic: Arrow Request Login
Contact ICBA Site Map Search ICBA
ArrowICBA Home
ArrowAbout ICBA
ArrowAbout Community Banking
ArrowAdvocacy
ArrowConsumer Education & Resources
ArrowEducation
ArrowConvention
ArrowIndustry Resources
ArrowMarketing Resources
ArrowMembership
ArrowPress Room
ArrowSocial Media
ArrowMain Street MarketĀ®
ArrowPublications





Members Only = Access Restricted
Last update: 09/02/14

ICBA News Release

ICBA Independent Community Bankers of America

Media Contact
Aleis Stokes
(202) 821-4457

Media Contact
Ann Chen 
(202) 821-4346

FOR IMMEDIATE RELEASE

ICBA Issues Statement on Senate Vote on Legislation to Temporarily Extend Transaction Account Guarantee

Washington, D.C. (December 13, 2012)–The Independent Community Bankers of America released this statement following the Senate’s procedural vote on legislation (S. 3637) to extend full Federal Deposit Insurance Corp. coverage of noninterest-bearing transaction accounts. The legislation would extend the Transaction Account Guarantee (TAG) program for two years.

“The Senate’s failure to advance legislation to extend TAG coverage of noninterest-bearing transaction accounts at this time is disappointing for Main Street community banks and the communities they serve. Not extending this critical deposit coverage due to procedural roadblocks threatens to further concentrate deposits in too-big-to-fail financial institutions and undermine the economic recovery.

“Thousands of Main Street community banks and businesses rely on the TAG program to ensure they can continue to serve their customers and communities. If Congress does not extend this critical program before its Dec. 31 deadline, approximately $1.5 trillion in TAG deposits will become uninsured overnight, with uncertain economic consequences.

“With so much uncertainty facing the nation’s economy, now is not the time to pull the plug on this important source of stability. ICBA continues calling on lawmakers to extend this much-needed deposit coverage before it’s too late.

“ICBA thanks Senate Banking Committee Chairman Tim Johnson (D-S.D.) for his tireless efforts to extend the Transaction Account Guarantee program. He is a long-time friend to the community banking industry, and ICBA appreciates his hard work. ICBA also thanks all of the senators who stood up for Main Street and supported TAG throughout the process.”

For more information, visit www.icba.org/advocacy.

 






ArrowsPrintable version



Button: Share

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