The Independent Community Bankers of America is pushing hard for Congress to temporarily extend FDIC insurance coverage of noninterest-bearing transaction accounts before it expires Dec. 31.
Failing to extend TAG coverage is one more headache small businesses and municipalities don't need to worry about, said ICBA Executive Vice President and Chief Economist Paul Merski.
“Their accounts and auditors would let them know Jan. 2 that their money would be uninsured, and they would have to spread it around,” Merski said, referring to the permanent FDIC deposit limit of $250,000 per account.
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