FDIC Raising Fees On Banks, Adds Emergency Fee

By: Associated Press
By: Associated Press

Federal regulators are raising the fees paid by U.S. banks and thrifts, and levying an emergency premium to rebuild a deposit insurance fund depleted by a cascade of bank failures.

The Federal Insurance Deposit Corp. says it now expects bank failures will cost the insurance fund around $65 billion through 2013, up from an earlier estimate of $40 billion.

The FDIC says the economic crisis, which has caused dozens of recent bank failures and the insurance fund to drop to its lowest level in a quarter-century, warranted extending the plan to rebuild the insurance fund from five years to seven.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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