$5M Left to Remit in FDIC Community Bank Assessment Credits
Posted: Aug 12 2020
According to the FDIC, 190 community banks still have a collective $5 million left in assessment credits. By rule, the full residual balance for each bank will be credited against second quarter 2020 assessments (in September), and anything left will be remitted by check. This applies unless the Deposit Insurance Fund dips below 1.35% of insured deposits, which is not inconceivable, considering that the fund declined from 1.41% to 1.39% in March amid recent strong growth of deposits and the possibility of significant provisioning against future FDIC expenses.