The FDIC week announced proposed reforms to their deposit insurance program after a wave of bank failures with Silicon Valley Bank, Signature Bank, and most recently First Republic.
SAN FRANCISCO --
It comes in the wake of a series of bank failures -- first Silicon Valley Bank, then Signature Bank, and most recently First Republic.The FDIC's main purpose is to insure deposits so that if a bank starts to look a little shaky, customers will feel safe leaving their money with them. This can help avoid a bank run, when too many people pull their money out of a bank at once.
Because the FDIC only insures an individual account up to $250,000... that's a lot of money left uninsured. And so, the FDIC is proposing changes to prevent bank failures in the future. The second is "unlimited coverage." The FDIC would insure qualifying deposits at any dollar amount, with no limit.
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