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Monday, July 30, 2012

ABA & ICBA Urge TAG Extension

ABA and the Independent Community Bankers of America on Friday urged the House and Senate to quickly enact “clean” legislation that would extend for at least two years the Transaction Account Guarantee program that is slated to expire at the end of the year. The ABA Board of Directors voted to support such an extension on July 16:
Given the uncertain path of the economy and continued concerns of bank and credit union depositors about the safety of their deposits, we believe it prudent to extend this important coverage for bank and credit union customers.
...Temporarily extending the TAG program until the economy and financial system are truly recovered and interest rates are more normalized would eliminate one element of uncertainty facing depositors of insured depository institutions.

They also noted that the National Association of Federal Credit Unions has supported this extension. The two associations emphasized that a TAG program extension will help bolster the confidence of small-business and municipal deposits, promote economic stability and facilitate job growth.

Read the letter.

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