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Contact:
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Robert Schmermund
(202) 857-3104
Jim Eberle
(202) 857-3145
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Jim Eberle
(202) 857-3145 (work)
(703) 893-2593 (home)
[email protected]
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For Immediate Release
March 6, 2002
#02-15 |
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E-mail:
[email protected] |
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AMERICA’S COMMUNITY BANKERS SUPPORTS DEPOSIT INSURANCE REFORM SUBSTITUTE AMENDMENT
WASHINGTON, D.C. — America’s Community Bankers said today it supports
the deposit insurance reform substitute amendment prepared by Rep. Spencer Bachus
(R-Ala.), chairman of the House Financial Institutions Subcommittee.
ACB urged the subcommittee, which is scheduled to mark up the bill on Thursday, to
report the measure to the full committee as quickly as possible.
ACB said the substitute positively addresses the significant deposit insurance reform issues facing Congress. ACB cited seven areas of importance in the substitute, including merging the deposit insurance funds; authorizing the FDIC to impose a fee on excess deposit growth to deal with future free-riders; providing a mechanism for refunds of excess amounts in the insurance fund; eliminating the 23 basis point cliff providing an assessment credit for institutions that recapitalized the funds during the 1990s; adopting a significant increase in retirement account coverage; and adjusting the general coverage level and indexing for inflation.
The letter is ATTACHED.
America’s Community Bankers is the national trade association committed to shaping the future of
banking by being the innovative industry leader strengthening the competitive position of
community banks. To learn more about ACB, visit
www.AmericasCommunityBankers.com.
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America’s Community Bankers
900 Nineteenth Street, NW, Suite 400,Washington, D.C. 20006
phone 202-857-3100 | fax 202-296-8716 | [email protected]
Copyright 1996-2002 © America’s Community Bankers. All Rights Reserved.
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