The restoration plan to return the reserve ratio of the federal bank deposit insurance fund, last reported at 1.23%, appears poised for revision, according to the agenda for the June 21 open meeting of the Federal Deposit Insurance Corp. (FDIC) Board.
The FDIC Deposit Insurance Fund (DIF) dropped below its statutory minimum of 1.35% of insured deposits in 2020 amid the height of the pandemic, which featured government stimulus payments to many consumers. The agency then initiated a fund restoration plan to get the fund back to its statutory minimum of 1.35% by Sept. 30, 2028.
That plan remained unchanged even as the fund hit a low of 1.25% in March 2021, and by September the ratio had risen to 1.27%. This March, however, the fund ratio dipped to 1.23%.
At its June 21 meeting, the agency board is slated to receive a semiannual updated “and amended” restoration plan. Also slated is a memorandum and resolution on “Notice of Proposed Rulemaking on Assessments, Revised Deposit Insurance Assessment Rates.”
The open meeting is slated to begin at 10 a.m. ET and will be viewable to the public via webcast.