Banks Seek Extension Of FDIC Transaction Account Program

Law360, New York (June 5, 2012, 5:56 PM EDT) -- A coalition of 32 state community banking associations on Tuesday urged Congress to extend the Federal Deposit Insurance Corp.'s program that provides unlimited insurance on transaction accounts, saying the extension is necessary to ensure banking stability in a still-shaky economy.

The FDIC's Transaction Account Guarantee program, first enacted during the height of the financial crisis and extended by the Dodd-Frank Wall Street Reform and Consumer Protection Act, is set to expire Dec. 31. In a letter to U.S. Senate Majority Leader Harry Reid, D-Nev., and Minority...
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