Mid-size banks want all deposits insured for 2 years to avoid 'panic' and restore confidence, report says
to put backstops in place and broaden its protection for smaller banks.
"It is imperative we restore confidence among depositors before another bank fails, avoiding panic and a further crisis," the MBCA wrote in a letter to regulators, per Bloomberg. should extend its cover to"reduce chances of more bank failures," according to the outlet, which obtained a copy of the letter that was also sent to the Comptroller of the Currency, Treasury Secretary Janet Yellen and the Federal Reserve.
If the FDIC did extend its insurance to all deposits for two years, banks could pay for it themselves by expanding the deposit-insurance risk assessment on lenders that chose to opt in, the MBCA suggested. The coalition also said that confidence has"eroded" in smaller banks and that more cash could be taken out of regional lenders if more banks failed, per the report.
this month following a run by depositors, while First Republic Bank was bolstered by deposits to the tune of $30 billion from a number of bigger lenders. The FDIC, OCC, Treasury and Federal Reserve all declined to comment to Bloomberg. Subscribe to push notifications
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