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FDIC: DEPOSIT TRACKING UNWARRANTED AND ILL-ADVISED

 /REPEATING FROM YESTERDAY/
 WASHINGTON, June 17 /PRNewswire/ -- The Independent Bankers


Association of America issued the following:
 According the FDIC, "The development and implementation of a deposit tracking system would be unwarranted, unjustified and ill-advised." This is the conclusion it reached in its FDICIA-mandated study and one that the IBAA strongly supports.
 IBAA commends the FDIC for sending a strong message in its report to the Congress on the serious problems that deposit tracking could cause. Several of the more serious problems associated with deposit tracking cited by the FDIC include severing the bond of trust that exists between a bank and its customers, the potential flight of deposits out of the banking system which could impair the performance of the economy, and the loss of privacy -- problems which should end any further discussion on this bad idea once and for all.
 The IBAA is the only national trade association which exclusively represents the interests of the nation's community banks.
 -0- 6/17/93 R
 /CONTACT: Diane Casey or Karen Thomas of the Independent Bankers Association of America, 202-659-8111/


CO: Independent Bankers Association of America; FDIC ST: District of Columbia IN: FIN SU:

DC-IH -- DC028R -- 3428 06/18/93 08:35 EDT
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Publication:PR Newswire
Date:Jun 18, 1993
Words:201
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