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Monday, August 6, 2012

State Banking Supervisors Support TAG Extension

The Conference of State Bank Supervisors (CSBS) wrote to Congressional leaders on Friday in support of extending the Transaction Account Guarantee (TAG) program for an additional two years.
State regulators benefit from an up-close perspective on local economies and on the needs of community-based financial institutions. This has provided CSBS’s members with a very clear sense that the stability provided by the TAG program is still necessary… It is important for policy makers to listen to and respect the views of those who understand the economic pressures and depositor anxiety at the local level.

CSBS also encouraged Congress to consider requiring the FDIC “to develop a transition plan allowing institutions to withdraw gradually from the program” so as to “avoid an abrupt end date that could create liquidity concerns for some institutions.”

Read the full letter.

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