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“Forum members are ironically paying a substantial portion of the restoration though they did not benefit,” Forum CEO says
Washington, D.C. – Financial Services Forum President and CEO Kevin Fromer issued the following statement today following approval by the Federal Deposit Insurance Corporation (FDIC) of a special assessment. The assessment is intended to recover losses to the Deposit Insurance Fund resulting from use of the Systemic Risk Exception in connection with the closures of Silicon Valley Bank and Signature Bank:
“Forum members are ironically paying a substantial portion of the restoration though they did not benefit from the systemic risk exception determination. To the contrary, the largest U.S. banks generally experienced deposit inflows earlier this year and provided billions of dollars in unsecured deposits to a troubled bank amid the banking turmoil. Forum members again acted as sources of strength and support to the financial system and the broad economy, as they did during the COVID-19 pandemic.”
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The Financial Services Forum is an economic policy and advocacy organization whose members are the chief executive officers of the eight largest and most diversified financial institutions headquartered in the United States. Forum member institutions are a leading source of lending and investment in the United States and serve millions of consumers, businesses, investors, and communities throughout the country. The Forum promotes policies that support savings and investment, deep and liquid capital markets, a competitive global marketplace, and a sound financial system.