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It's funded by participating banks paying for coverage. It holds enough capital to cover something like only 2% of insured deposits. It's meant to cover local
by Workaccount2 3y ago
It's funded by participating banks paying for coverage.
It holds enough capital to cover something like only 2% of insured deposits.
It's meant to cover local contained bank failures. It won't do shit in the event of a domino collapse event.
- JumpCrisscross 3y ago> It's meant to cover local contained bank failures. It won't do shit in the event of a domino collapse event. This is wrong. In the case of a large-scale collapse, depositors have a legal claim on the Treasury through the FDIC.