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Deposit insurance has been the stabilizing force of our nation’s banking system for more than 85 years. It promotes public confidence by providing safe and secure depositories for small businesses and individuals alike.
Deposit Insurance Fund Restoration Plan. The Federal Deposit Insurance Act requires the FDIC to maintain a minimum reserve ratio for the DIF of 1.35 percent and to establish a Deposit Insurance Fund Restoration Plan if the reserve ratio falls below the statutory minimum.
Due to economic stimulus measures enacted in response to the pandemic, and elevated savings rates during this time, quarterly deposit growth rates outpaced deposit growth in the DIF causing the reserve ratio to decline below the required 1.35 percent minimum.
In September 2020, the FDIC adopted a plan to restore the DIF by September 2028 and found no increases to deposit insurance assessments were necessary to do so. Nonetheless, the FDIC published a final rule in 2022 which uniformly increased the base deposit insurance assessment rate for all banks by 2 basis points until the DIF reaches a “designated reserve ratio” of 2 percent. The 2 percent goal is the FDIC’s long-term goal for the DIF reserve ratio – it is not a ratio the FDIC is required, under any law, to maintain.
Executive Vice President and General Counsel, Government Relations & Public Policy
Washington, DC
Title | Recipient | Date |
---|---|---|
FDIC Special Assessment Comment Letter | FDIC | 07/21/23 |
Letter to Chairman Gruenberg Regarding Special Assessment | FDIC | 04/13/23 |
Joint Letter on FDIC Assessments | FDIC | 10/11/22 |
Joint Letter on FDIC Assessments | FDIC | 10/11/22 |
Joint Letter on FDIC Assessment Rate Increase | FDIC | 08/20/22 |
Comments on Deposit Insurance Assessment Increase | FDIC | 08/20/22 |
Comments on Deposit Insurance Simplification | FDIC | 10/04/21 |
Misrepresentation of Insured Status and Misuse of the FDIC Name or Logo | FDIC | 07/09/21 |
Comment Letter to the FDIC on Brokered Deposits | FDIC | 06/09/20 |