State Banking Supervisors Support TAG Extension
American Bankers Association article republished:
In related news, the Conference of State Bank Supervisors on Friday sent a letter to House and Senate leaders expressing support for a two-year extension of the Transaction Account Guarantee program, which is set to expire at the end of this year.
“State regulators benefit from an up-close perspective on local economies and on the needs of community-based financial institutions,” CSBS President and CEO John Ryan said in the letter. “This has provided CSBS’s members with a very clear sense that the stability provided by the TAG program is still necessary.”
Ryan also said Congress should consider requiring the FDIC to develop a transition plan that would allow institutions to withdraw gradually from the program. “This will avoid an abrupt end date that could create liquidity concerns for some institutions,” he said. Read the letter.
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