Fed Requests Banks Prepay Fees

Written by Adam Peck Category: Injury Law January 14th, 2013 1 min read

The Federal Deposit Insurance Corp. today proposed that banks prepay tens of billions of dollars in fees to bolster its insurance fund that has been depleted by a rash of bank failures during the recession. The FDIC today proposed making banks pay three years worth of fees in advance, a move that could rake in $45 billion and would replenish the dwindling FDIC deposit insurance fund. As of the end of June, the FDIC’s insurance fund for depositors had dwindled to $10.4 billion, its lowest level in 15 years. The agency now expects bank failures to cost the fund $100 billion over the next four years, with the bulk of the costs coming this year and next, and the fund balance to turn negative this month.

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Written by Adam Peck

Expertise: Personal Injury

Adam J. Peck, ESQ is a principal with Peck Law Group, APC. In 2008, Mr. Adam Peck received his Juris Doctorate from Whittier Law School where he graduated Cum Laude. His practice is primarily dedicated to representing Elders, Dependent Adults, along with their loved ones and family members, who have suffered horrific personal injuries.