The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) today voted to require insured institutions to prepay slightly over three years of estimated insurance assessments. The pre-payment allows the FDIC to strengthen the cash position of the Deposit Insurance Fund (DIF) immediately without immediately impacting earnings of the industry.
Read the complete FDIC press release here.
The FDIC final rules on prepaid assessment are available here.
I hope this step of FDIC to strengthen the cash position of the Deposit Insurance Fund, will turn out well. I think it is a good decision at the time of economic crisis.
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