FOR IMMEDIATE RELEASE
ICBA Statement on the FDIC’s Announcement to Adopt Increased Assessment Rates
Washington, D.C. (Dec. 16, 2008)—Camden R. Fine, president and CEO of the Independent Community Bankers of America (ICBA), today issued this statement following the Federal Deposit Insurance Corporation's (FDIC) announcement to increase deposit insurance assessment rates for the first quarter of 2009 as part of its Deposit Insurance Fund restoration plan.
"ICBA is disappointed that the FDIC decided to increase deposit insurance assessment rates for the first quarter of 2009 by seven basis points. Since the FDIC announced its restoration plan in October, ICBA has consistently urged the FDIC to adopt a more modest assessment rate increase so that community banks will have more money available for lending to consumers and small businesses in our local communities — a crucial element that is a cornerstone to our country's economic recovery.
"Our nation's more than 8,000 community banks are strong, common-sense lenders that did not engage in the practices that have led to our current economic crisis. Community banks are well-capitalized and stable and are eager to do what is necessary to restore vitality to our economy. This assessment rate increase is counterproductive since now is the time when our community banking system should be mobilized to help lift up the economy and return economic stability to our country and its communities."
For more information, visit www.icba.org.