ABA Statement on FDIC Special Assessment

“We recognize the FDIC’s challenge in designing this special assessment, and appreciate the decision to spare most community banks in the final rule. We are disappointed, however, that the final cost of the assessment has increased, and we continue to have concerns with some aspects of the resolution process and the methodology underlying the special assessment. In addition, we continue to caution against the FDIC’s disproportionate focus on uninsured deposits, a category that comprises a diverse set of depositors that is not by itself a proxy for risk. We also believe that this special assessment should not set a precedent for future special assessments.  We have previously detailed our recommendations for how the FDIC can improve its processes to ensure that any future special assessments are fair, evidence-based, transparent and predictable. In that spirit, we believe today’s decision from the FDIC would have benefited from an open meeting and the chance for the public to hear from board members directly.”