Yesterday's financial services regulatory overhaul deal to force banks to fund the FDIC's return from a 1.15% equity ratio to 1.35% has the American Bankers Association asking what about the NCUSIF.
ABA President/CEO Edward Yingling stated that the banks have paid tens of billions of dollars to maintain the integrity of the FDIC, but traditional banks would be paying for a financial crisis they did not cause. He claimed the FDIC is being used to offset costs of other government programs.
Yingling added, that if this will be the course for the FDIC, the NCUSIF should be treated the same. The NCUSIF equity ratio has been hovering near its 1.2% floor.
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