National News

ABA announces support for extension of TAG program

The American Bankers Association announced on July 20 that it supports a two-year extension of the FDIC’s Transaction Account Guarantee, a program that insures noninterest bearing deposits in transaction accounts. The program will expire at year-end without further legislation. Prior to a report by the FDIC on TAG on June 29, the ABA said the program needed “careful analysis” before it would endorse extension. While the FDIC did not take a position on TAG in the report, it confirmed that losses . . .

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