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Inside Washington (06/23/2009)
* WASHINGTON (6/24/09)--The Federal Deposit Insurance Corp. (FDIC) has proposed extending coverage for non interest-bearing deposits, according to an FDIC financial institution letter released Tuesday. The FDIC proposed several options for the future of the Transaction Account Guarantee (TAG) program, which is a component of the FDIC’s Temporary Liquidity Guarantee Program. One option is extending TAG to June 30, 2010, with an increase in annual fees from 10 basis points to 25 basis points during the extension period. The agency also proposed allowing an insured depository institution (IDI) participating in TAG to opt out of the extension by Oct. 31. IDIs that choose this option would notify their customers that as of Jan. 1, deposits in qualifying non interest-bearing transaction accounts would not be covered by the FDIC beyond standard deposit insurance limits. A third alternative would result in no change to FDIC’s current regulation, and the FDIC’s guarantee for deposits held in qualifying non interest-bearing transaction accounts would expire Dec. 31 ...


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