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S&L Insurance Fund Too Low, Hill Warned
- Article from:
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The Washington Post
- Article date:
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March 20, 1996
- Author:
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Copyright informationCopyright 1996 The Washington Post. This material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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The insurance fund that protects the deposits of savings and
loan customers is so low that if Congress does not act soon, thrifts
could exit en masse, further jeopardizing the fund's soundness,
federal bank and thrift regulators told members of the House Banking
Committee yesterday.
Because the Savings Association Insurance Fund (SAIF) isn't
fully funded, thrifts are paying a higher deposit premium than banks
-- about 23 cents per $100 of deposits, or about $800,000 annually
for a typical thrift, according to the Office of Thrift Supervision
(OTS), which regulates the industry. In contrast, about 92 percent
of the nation's banks pay only the statutory minimum requirement of
$2,000 a ...
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