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Washington
Inside Washington (10/19/2010)
* WASHINGTON (10/20/10)--The Federal Deposit Insurance Corp. (FDIC) is proposing a rule to govern implementation of specific provisions of its resolution authority for financial companies under Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The proposed rule describes how key elements of the FDIC’s authority will take effect to ensure the liquidation process for failing companies with the potential to cause “systemic” damage reflects the act’s mandate for transparency. Written comments and questions must be submitted to the FDIC no later than Nov. 18 … * WASHINGTON (10/20/10)--The Dodd-Frank Act has enabled the Federal Deposit Insurance Corp. (FDIC) to discard plans to impose an across-the-board premium increase in 2011. While Dodd-Frank aims for a stronger Deposit Insurance Fund (DIF), it also provides additional time for the FDIC to replenish reserves (American Banker Oct. 19). The FDIC had scheduled an increase of three cents per $100 of domestic deposits on top of the current rate of 12 cents to 16 cents paid by most banks. Dodd-Frank requires the FDIC to increase the DIF to 1.35% of deposits in 10 years. The FDIC’s proposed hike was designed to return the DIF to a ratio of 1.15% by 2016. The agency’s decision is part of a comprehensive plan for long-term DIF management that includes creating a reserve ratio of 2% by 2027 to enable the FDIC to survive the next crisis …


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