ABA Statement on Proposed FDIC Special Assessment

“Ever since the government chose to invoke the systemic risk exception after the failures of Silicon Valley Bank and Signature Bank, ABA has called on the FDIC to do everything in its power to reduce the size of this special assessment, to follow the law that requires the FDIC to consider which institutions benefited from the decision, and to treat all of America’s banks fairly.

“While we are still reviewing the details of the proposed special assessment, including the methodology and the dissenting votes, we appreciate the FDIC’s decision to exclude most community banks. Once we receive input from our members, we will be prepared to provide industry feedback to the FDIC on the special assessment, the timing of the expense, and the ongoing increase in quarterly Deposit Insurance Fund assessments on banks. More broadly, we continue to engage with regulators and members of Congress on further measures to enhance confidence in the banking system and financial markets, including increased scrutiny of predatory short selling and a discussion of potential deposit insurance reforms that could allow banks of all sizes to better serve their customers and communities.”