ICBA Rebuts Big-Bank Stance on Deposit Insurance Reform
APRIL 19, 2002
The Financial Services Roundtable, which strongly opposes deposit insurance coverage increases and other aspects of H.R. 3717, shared its estimate of the cost of the bill to the industry in a letter to House Financial Services Committee members late last week. Their estimates, which were based on faulty assumptions and erroneously calculations, ranged from $4.3 billion to $6.3 billion (equal to one-time premiums of 9.6 to 14 cents). The ICBA took a critical eye to the Roundtable's flawed estimates and wrote the following rebuttal.