In a loss for community banks, a bill to extend unlimited FDIC insurance for business bank accounts dies abruptly in the Senate.
A U.S. Senate procedural vote on a TAG extension for insurance on certain transaction accounts had been delayed.
A credit union group argues against the extension of the Transaction Account Guarantee program.
Banks need to notify their customers that expanded deposit insurance for noninterest-bearing transaction accounts is set to expire Dec. 31.
Eighty state and community banking groups sign letter asking Congress to extend TAG deposit insurance for noninterest-bearing transaction accounts.