FOR IMMEDIATE RELEASE
ICBA’s Fine Praises Deposit Insurance Law at Presidential Signing Ceremony
Law Paves Way for FDIC to Reduce Proposed Special Assessment
Washington, D.C. (May 20, 2009)—The Independent Community Bankers of America (ICBA) praised critical deposit insurance legislation that was signed into law today by President Obama. ICBA led the effort to usher the legislation through Congress and thanked President Obama for signing the bill into law.
"ICBA and our nation’s more than 8,000 Main Street community banks continue to work every day to keep their communities strong and vibrant,” said ICBA president and CEO, Camden R. Fine, who attended today’s bill signing at the White House. "This vital deposit insurance law recognizes the importance of community banks as a critical part of our nation’s recovery efforts during these economically challenging times and paves the way for the FDIC to reduce its proposed special assessment by at least half—which will allow community banks to continue to lend to their customers. ICBA thanks Congress and the Obama Administration for heeding the calls of ICBA and our member banks by supporting this critical bill and signing the legislation into law.”
The bill increases the FDIC’s borrowing authority with Treasury from $30 billion to $100 billion, with emergency funding up to $500 billion. It also extends the temporary deposit insurance coverage hike to $250,000 until the end of 2013. The FDIC meets on Friday afternoon to determine the amount of the special assessment.
For more information, visit www.icba.org.