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Tuesday, December 4, 2012

ABA, ICBA Urge Two-Year TAG Extension

ABA and the Independent Community Bankers of America (ICBA) wrote to Senate Banking Committee Chairman Tim Johnson (D-SD) and Ranking Member Richard Shelby (R-AL) this morning to urge the Senate to pass a two-year extension of the Transaction Account Guarantee (TAG) program.
The TAG program for banks and credit unions has proven its value to millions of small business and municipal depositors. It has been an asset to the economy and the financial system during this period of recovery… Ending it too soon does nothing but add more nervousness and uncertainty among our business and municipal customers.
The letter also explained that the TAG program does not cost taxpayers anything, as it is “fully funded by the banking industry and at a very low cost relative to the benefits for our communities.” We also explained that the bill would benefit the customers of both banks and credit unions, so we oppose any effort to tie the TAG extension to an increase in credit union business lending.

Read the full letter.

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