The community bank lobby's Minority Bank Council has come out in support of extending the FDIC's transaction account tag insurance, saying that letting it expire would disproportionately affect their constituencies.
The council, part of the Independent Community Bankers of America, this week urged Congress to approve a proposed five-year temporary extension of the TAG insurance that it said fully covers $1.3 trillion in deposits.
"With so many other risks to the nation's economic recovery, a premature expiration of TAG is an additional, unnecessary risk we should not take," said the council's chairman, Guillermo Diaz-Rousselot of Continental Bank of Miami, and vice chairman, George Andrews of Capitol City Bank & Trust Co.
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