The Federal Deposit Insurance Corp.'s board voted to require banks to pay their insurance premiums for the next three years at the end of this year. The FDIC will collect roughly $45 billion to cover the cost of expected failures. The move suggests that the FDIC expects many more banks to collapse. Sheila Bair, chairwoman of the FDIC, said she is pleased with "the industry's willingness to step up to the task."

Related Summaries