FDIC Proposes Changes to Deposit Insurance Policy After Bank Failures.
TL;DR
The FDIC is proposing three options for restructuring its deposit insurance system following recent instability at multiple US banks, including limited coverage, unlimited coverage, and targeted coverage. The FDIC most supports targeted coverage, which would offer different deposit insurance limits across account types. All three options would require congressional action. JPMorgan Chase Bank has been approved to assume all deposits of First Republic Bank, which was widely seen as the bank most likely to collapse next after the failures of Silicon Valley Bank and Signature Bank.
Topics:businessfinance#banking-system#deposit-insurance#fdic#finance#first-republic-bank#jpmorgan-chase
- FDIC looks to change deposit insurance policy following First Republic Bank failure Fox Business
- FDIC proposes Congress increase deposit insurance limits for payroll accounts Yahoo Finance
- F.D.I.C. Proposes Broadening Bank Insurance After First Republic Seizure The New York Times
- What the third banking default of the year means for your wallet MSNBC
- FDIC calls to boost deposit insurance above $250,000 for some accounts CNN
Want the full story? Read the original reporting
Read on Fox Business