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Originally, the assessment was 20 cents perevery $100 of domestixc deposits, which triggered bittedr opposition by organizations representing smalle r banks, including the . “This is a majoer policy shift advocated by ICBA that lowers the special assessment forour nation’ds more than 8,000 community banks that didn’t participatde in the practices that led to this economic yet were originally asked to pay for the sins of thos who did,” ICBA Chairman R. Michaek Menzies said in a statement. Severa community banks said they were concernec that the original assessment would reducetheir loan-making capabilities.
Earlier, Congress passed legislatio n to increasethe FDIC’s borrowing authority with the from $30 billion to $100 billionm with a proviso for emerging funding of as much as $500 The FDIC said this step was necessarty to reduce the assessment on banks.
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