FDIC Proposes Billions in Fees for Big Banks After Recent Collapses.
TL;DR Summary
The FDIC has proposed levying higher fees on banks with more than $5 billion in uninsured deposits to recover the $15.8 billion depleted from its Depositor Insurance Fund after the government insured depositors’ money that exceeded the $250,000 insurance cap at Silicon Valley Bank and Signature Bank. The proposed rule would charge banks 0.125% annually for two years on all their uninsured deposits as of the end of last year after deducting $5 billion. The FDIC estimates that 113 banks would be subject to the proposed fees, with banks with more than $50 billion in total assets contributing 95% of fees to replenish the DIF.
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- FDIC to hit biggest US banks with $16bn bill for SVB clean-up Financial Times
- Big U.S. banks to pay billions to replenish failure fund Yahoo News
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