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U.S. banking regulators approved a plan on Nov. 9 to change how banks pay for deposit insurance, writes the Dow Jones newswires.

The Dodd-Frank financial overhaul law directs the FDIC to change its current formula. The FDIC currently charges banks quarterly fees based on the total domestic deposits. The FDIC is proposing to base the fees on a measure of banks’ assets, which would favor smaller banks.

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