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News Now

Washington
FDIC premium assessments could continue chair says
WASHINGTON (5/27/09)—The Federal Deposit Insurance Corporation (FDIC) late last week voted to assess a five basis point premium on banks, with FDIC Chair Sheila Bair saying that additional special assessment may be needed later in the year. According to the FDIC, the charges will be assessed on assets minus Tier 1 capital rather than domestic deposits. However, the assessment will be capped at 10 basis points of a given financial institution's domestic deposits. Comptroller of the Currency John Dugan has opposed the FDIC’s plan, stating that public comment on the proposal reinforced his belief that the assessment was too high and could cause duress. The FDIC also should not “create a presumption of special assessments whenever the fund is projected to fall below zero.” Additionally, while supporters of the assessment claimed that there was strong public sentiment for their support, that support came mainly from small banks rather than a broad swath of banks of all sizes, he added. Smaller banks stand to gain the most from this decision, Dugan said.


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