JPMorgan to Contribute $3 Billion to FDIC Fund Refill

JPMorgan Chase expects to allocate around $3 billion to replenish the FDIC fund once the bank regulator finalizes proposed rules. US banking giants, including Wells Fargo and Bank of America, are also expected to bear the majority of costs to refill the fund, which was depleted by $16 billion this year after three banks collapsed. The FDIC's proposed rule would impose a "special assessment" fee on uninsured deposits of lenders exceeding $5 billion, based on the amount of uninsured deposits held by a bank at the end of 2022.