It’s been years coming. Some said it would never happen, some laughed at our attempts and some heaped scorn on us for even trying. But ICBA and the community banking industry’s long quest for parity in deposit-insurance assessments became a reality today.
The FDIC board of directors approved a final plan to base deposit-insurance assessments on total assets minus tangible capital instead of domestic deposits. ICBA has long advocated for this change, which will bolster the FDIC Deposit Insurance Fund and lower premiums for most community banks.
ICBA and the nation’s community bank fought an uphill battle for deposit-insurance fairness against fierce opposition, and we prevailed. Today’s FDIC vote shows that by fighting for what is fair for the community banking industry, ICBA and its member banks can achieve results that will have a significant positive impact on your bank for years to come.