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ABA, ICBA Urge Quick Passage of Bill to Extend TAG Program

Posted on 7/30/2012

ABA and ICBA on Friday urged the House and Senate to quickly enact "clean" legislation that would extend for at least two years the Transaction Account Guarantee program that is slated to expire at the end of the year.

"Given the uncertain path of the economy and continued concerns of bank and credit union depositors about the safety of their deposits, we believe it prudent to extend this important coverage for bank and credit union customers," ABA President and CEO Frank Keating and his ICBA counterpart Cam Fine said in a letter.

"Temporarily extending the TAG program until the economy and financial system are truly recovered and interest rates are more normalized would eliminate one element of uncertainty facing depositors of insured depository institutions," said Keating and Fine, who noted that the National Association of Federal Credit Unions favored an extension in a recent letter.

They emphasized that a TAG program extension also will help bolster the confidence of small-business and municipal deposits, promote economic stability and facilitate job growth.

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