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.

The plan calls for banks with $10 billion or more in assets to pay 80 percent of the total insurance funds fees, up from 70 percent. Banks with more than $100 billion in assets would shoulder most of that increase.

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