Independent Community Bankers of America received bipartisan support for the group’s proposal to increase the FDIC coverage cap to $250,000. A provision that gained bipartisan support in the $700 billion financial stabilization package has become a lobbying coup for a small banking association. Members of Congress on both sides of the aisle praised the proposal tucked inside the bill to raise the cap on Federal Deposit Insurance Corp. coverage of accounts to $250,000 from $100,000. The Congressional Budget Office estimated the extension would expand FDIC coverage to $700 billion of currently uninsured deposits. The provision was largely the work of the 8,500-member… Read More