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Banks brace for impact as TAG program ends

The Senate voted to allow the TAG program to lapse at the end of the year, which has been guaranteeing insurance for noninterest-bearing bank accounts over $250,000 since the financial collapse of 2008.

Senate lets recession-era TAG program lapse

The Senate voted yesterday to allow the TAG program, which offered unlimited guarantees for non-interest bearing accounts, to lapse -- much to the chagrin of some community banks and small businesses.