The Federal Deposit Insurance Corp. is still on track to hit a crucial target set by Congress well ahead of schedule, the agency said Tuesday.

In an update on the Deposit Insurance Fund, the FDIC said its reserves are on track to reach the required 1.35% reserve ratio by next year. Last year, the FDIC said it expected to reach that ratio by December 2018. The Dodd-Frank Act requires the agency to hit the reserve target by 2020.

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