Banks hoping Congress will extend the FDIC's Transaction Guarantee Program are facing opposition from Sen. Bob Corker (R-Tenn.), who occupies a seat on the Senate Banking Committee.
Corker penned an Aug. 2 letter to FDIC Chairman Martin Gruenberg that was critical of extending the temporary program that provides unlimited federal deposit insurance coverage for transaction accounts.
The NCUA provides a similar program for credit unions; both are set to expire on Dec. 31.
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