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Follow on Google News | New Market Rates Insight Analysis Reveals Banks Lowering Rates to Fund FDIC Special AssessmentNational Average APY for CDs and Money Markets Has Dropped 10 bps since June 30 Enactment of FDIC Special Assessment
By: Tom Woolf “The timing and the amount of change in the national average rate of deposits makes it very probable that institutions are underwriting the FDIC Special Assessment with lower cost of funds for deposit products,” said Dr. Dan Geller, Executive Vice President for Market Rates Insight. On May 22, 2009, the FDIC Board of Directors adopted a final rule establishing a 5 basis point special assessment on each insured depository institution’ Copies of MRI’s weekly National Pricing Indicator report are available online at www.marketratesinsight.com. # # # About Market Rates Insight For more than two decades, Market Rates Insight (MRI) has been helping subscribers price with precision by providing banks, thrifts, credit unions, and other financial institutions with accurate market intelligence on deposits, loans, and fees. MRI uses deposit surveys, mortgage and consumer loan surveys, fee and feature studies, scanned ads, new product alerts, and market share and money fund reports to give subscribers the intelligence they need to profitably react to emerging trends. Market Rates Insight is located in San Anselmo, California. For more information, see www.marketratesinsight.com. Contact: Dr. Dan Geller Market Rates Insight 415-448-8813 Dan.Geller@MarketRatesInsight.com Tom Woolf Market Rates Insight (415) 259-5638 tom.woolf@marketratesinsight.com End
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