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Proposed increase in FDIC coverage would benefit smaller banks
Proposed federal legislation that would double the amount of deposit insurance provided by the Federal Deposit Insurance Corporation (FDIC) would go a long way in leveling the playing field between community banks and their larger national and regional competitors.
That's the message being carried by leaders of several of those community banks based in San Antonio.
"We have a great deal of customers who would like to deposit more than $100,000 in their account but neglect to do so because of the current limit on. FDIC insurance," says Mike Sweeney, president and CEO of Camino Real Bank.
Sweeney says current legislation, which proposes raising the amount of coverage to $200,000, would help local banks. build stronger …