Yesterday's financial services regulatory overhaul deal to force banks to fund the FDIC's return from a 1.15% equity ratio to 1.35% has the American Bankers Association asking what about the NCUSIF.
ABA President/CEO Edward Yingling stated that the banks have paid tens of billions of dollars to maintain the integrity of the FDIC, but traditional banks would be paying for a financial crisis they did not cause. He claimed the FDIC is being used to offset costs of other government programs.
Yingling added, that if this will be the course for the FDIC, the NCUSIF should be treated the same. The NCUSIF equity ratio has been hovering near its 1.2% floor.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
