Mid-size banks want all deposits insured for 2 years to avoid ‘panic’ and restore confidence, report says

• A coalition of more than 100 mid-sized banks is calling for deposits to be insured for two years.
• The Mid-Size Bank Coalition of America asked regulators to extend protection, Bloomberg reported.
• It said action was needed to “restore confidence among depositors before another bank fails.” 

Federal regulators have been urged to protect all deposits for the next two years to prevent a wider run on banks following recent collapses, Bloomberg reported. 

The Mid-Size Bank Coalition of America, which represents more than 100 lenders, called on the Federal Deposit Insurance Corporation to put backstops in place and broaden its protection for smaller banks.