Joint Statement by the Department of the Treasury, Federal Reserve, and FDIC

Re:Joint Statement by the Department of the Treasury, Federa... by swyx on Sunday March 12, 2023 @06:39PM (#35127285)

idk if the numbers exactly add up here or if there are other sources of funding but the I in FDIC is Insurance, which is already paid for - the FDIC has money from insurance premiums to cover expected cost of losses

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Re:Joint Statement by the Department of the Treasury, Federa... by UncleOxidant on Sunday March 12, 2023 @07:34PM (#35128177)

It does have a fund of money to cover such losses, but the document also says:

> Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law.

So banks are going to have to cough up extra money beyond their normal FDIC premiums for this.

But it's not like those costs will be passed on to customers, right? /s

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