TPA and Allies Send Letter Asking Congress to Reject FDIC Deposit Expansion

Yesterday, TPA and 9 other groups sent a coalition letter to the Senate Banking Committee and House Financial Services Committee opposing proposals to increase the FDIC deposit insurance limit. Previous analysis by TPA found that raising the cap to $25 million for business accounts would trigger a $30.1 billion special assessment on financial institutions, and saddle banks with $2.6 billion in new annual costs—rising to $3.4 billion within seven years. These added burdens will ultimately fall on taxpayers and consumers.