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FDIC Proposes Charging Banks New Fee To Beef Up Insurance Fund

The Federal Deposit Insurance Corp., which insures investor deposits in banks, has proposed a one-time fee on banks totaling $27 billion.

The money would go toward insuring deposits in banks that the FDIC predicts will fail between now and 2013. The FDIC predicts that cost could go as high as $65 billion.

The FDIC will now solicit comments on what is likely to be a controversial proposal.

"We're taking steps today to ensure that the deposit insurance system remains sound," FDIC Chairman Sheila Bair said today. "These steps are necessary because banks, and not taxpayers, are expected to fund the system."

The FDIC insures bank customer deposits up to $250,000.

-- Frank Ahrens
The Ticker is Twittering!

By Frank Ahrens  |  February 27, 2009; 11:38 AM ET
Categories:  The Ticker  | Tags: FDIC, Sheila Bair  
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