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Special Assessment

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finance2 years ago•1 min saved

JPMorgan to Contribute $3 Billion to FDIC Fund Refill

JPMorgan Chase expects to allocate around $3 billion to replenish the FDIC fund once proposed rules are finalized, following the $16 billion drain caused by the collapse of three banks this year. Wells Fargo and Bank of America also estimated facing pretax expenses of up to $1.8 billion and $1.9 billion, respectively, under the FDIC proposal. The proposed rule would apply a "special assessment" fee to uninsured deposits of lenders in excess of $5 billion.

via Reuters|

#banking-giants #fdic #finance

finance2 years ago•3 min saved

FDIC proposes big bank assessment to recover losses from Silicon Valley and Signature bank failures.

BMO Bank, Northern Trust, and Wintrust will have to pay for the Federal Deposit Insurance Corp.'s rescue of uninsured depositors in failed Silicon Valley Bank and two other regional lenders that recently went bust. The FDIC proposed a special assessment that will hit a little over 110 of the nation's largest banks, with the three local players falling into this category. If the assessment is finalized, the three banks will be on the hook for a collective $429 million over two years beginning in 2024.

via Crain's Chicago Business|

#bmo-bank #fdic #finance

finance2 years ago•5 min saved

FDIC seeks big bank contributions to cover $23B in failed bank costs.

The FDIC is considering imposing a special assessment on the banking industry to shore up its $128 billion deposit insurance fund, which has been hit hard by recent bank failures. Officials are reportedly looking to shift an outsize portion of the expense toward much larger institutions, such as JPMorgan Chase, Bank of America, and Wells Fargo, to limit the strain on community lenders. Lawmakers have pressed regulators to spare small banks from having to pay for the intervention at Silicon Valley Bank and Signature Bank, which saved wealthy customers whose balances far exceeded the FDIC's typical $250,000 limit on coverage.

via Yahoo Finance|

#bank-failures #big-banks #deposit-insurance-fund