State Banking Groups Push Congress For TAG Extension

Law360, New York (August 30, 2012, 2:08 PM EDT) -- A coalition of 80 state banking industry groups on Wednesday urged Congress to extend a Federal Deposit Insurance Corp. program that provides unlimited insurance for more than $250,000 on transaction accounts, joining other bank lobbying groups and legislative leaders in pushing for the program's continuation.

 The lobbying groups from nearly every state and Puerto Rico said extending the Transaction Account Guarantee was vital in order to allow small and community banks to continue to provide loans to small businesses and municipalities that rely on the additional account insurance, according to their letter to Senate Majority Leader Harry Reid, D-Nev., and Minority...

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