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CBAI ACTION ALERT - Support TAG Extension Today!

December 10, 2012

Senate Majority Leader Harry Reid (D-NV) has filed a procedural motion today on S. 3637 to extend the FDIC’s TAG program for an additional two years. This extension would allow depositors with non interest-bearing accounts to avoid risking unintended deposit insurance exposure of over $1.5 trillion in deposits that would materialize if the program expires on December 31, 2012. THIS MOTION WILL COME TO A VOTE THIS AFTERNOON!

Sixty votes are required for passing this measure in the Senate. Therefore, it is VITAL to the interests of your bank’s non interest-bearing account depositors, as well as of your colleagues across the state and country who hold similar deposits, that this bill passes with the necessary votes.

Even if you have previously acted on CBAI Action Alerts regarding TAG, THIS is the moment when your voice needs to be heard. Please take five minutes to pick up the phone and contact Senator Durbin (Senator Kirk will not be returning to the Senate until after year-end) and let him know you need his support on S. 3637.

When you call, make sure to ask for Senator Durbin’s Banking/Financial Service staffer – Corey Tellez. Senator Durbin’s office number is 1-202-224-2152. If you are not able to speak with Corey, please ask to leave a message in her voicemail.

The following are a few key talking points for your conversation with Corey:

- “I am the (title) of (bank name) in (city). We are a community bank, and would like Senator Durbin to support S. 3637”

- “Extending TAG coverage is important to the entire banking system, the protection of small business and municipal government accounts, and the continued flow of credit to the economy, especially in (city).”

- “TAG is fully paid for BY BANKS.”

- “Voting for a two-year extension of the FDIC TAG program through 2014 will give community banks additional liquidity and stability to support new small-business and consumer loans while the economy continues to regain its footing.”

- “I strongly urge Senator Durbin to support a two-year TAG extension with a YES vote on S. 3637. Thank you very much for considering our position on this important legislation."