The new ‘special assessment’ fee would be collected over eight quarters beginning in June 2024, but could be adjusted as the estimated losses to the insurance fund change
Around 113 of the country’s largest lenders will bear the cost of replenishing the $16-billion hit to the U.S. Federal Deposit Insurance Corporation’s deposit insurance fund caused by recent bank failures, the agency said on Thursday.
The fee would be collected over eight quarters beginning in June 2024, but could be adjusted as the estimated losses to the insurance fund change. The extended timeline was intended to minimize the impact on bank liquidity and is expected to have a negligible impact on bank capital, according to FDIC officials.
The fund stood at $128.2-billion at the end of 2022, according to the FDIC. The FDIC’s deposit insurance fund guarantees customers’ bank deposits of up to $250,000. The seizure of First Republic Bank and sale to JP Morgan Chase this month is expected to cost that fund another $13-billion.
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