The FDIC approved a proposed rule to mitigate the effects of participating in the Paycheck Protection Program and other emergency programs on deposit-insurance assessments.
FDIC proposes mitigating deposit-insurance impact of PPP
May 13, 2020 / By ICBA
The FDIC approved a proposed rule to mitigate the effects of participating in the Paycheck Protection Program and other emergency programs on deposit-insurance assessments.
The FDIC approved a proposed rule to mitigate the effects of participating in the Paycheck Protection Program and other emergency programs on deposit-insurance assessments.
The proposed rule also would apply to the Federal Reserve's PPP Lending Facility and Money Market Mutual Fund Liquidity Facility. It would ensure banks are not subject to significantly higher assessments for participating in these programs.
The FDIC is proposing an effective date by June 30, 2020, and an application date of April 1, 2020, which would ensure that the changes are applied to assessments starting in the second quarter.
Comments are due seven days after publication in the Federal Register.
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