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Extending the $250K Deposit Insurance Cap Back in Time to Cover IndyMac's Failure

Friday, May 28, 2010 - 3:59 PM
California U.S. Representatives on Thursday introduced an amendment to the financial reform bill that would extend the FDIC $250K deposit insurance cap back in time to cover depositors of IndyMac. This was reported in Thursday's Pasadena Star-News.

IndyMac Bank failed on July 2008 before the temporary $250K cap took effect. Many IndyMac depositors lost half of their uninsured deposits.

Hopefully, these reps are also considering the amendment to make the $250K cap permanent. As I mentioned yesterday, the Senate amendment to make the $250K cap permanent didn't make it into the bill.

Hat tip to the reader who emailed me this news.
1
Ken TuminKen Tumin5,441 posts since
Nov 29, 2009
Rep Points: 123,675
1. Friday, May 28, 2010 - 7:10 PM
Retroactive insurance coverage?  Why doesn't that apply for other type of insurance claims?
1
AnonymousAnonymous2,281 posts since
May 9, 2010
Rep Points: 3,786
2. Saturday, May 29, 2010 - 12:44 PM
Maybe they could retroactively raise the interest rates on my savings for the last year, instead.
1
AnonymousAnonymous2,281 posts since
May 9, 2010
Rep Points: 3,786
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