WASHINGTON — At a time when insurance mandates have provoked fierce debate, the banking industry is coalescing around an effort to continue mandatory coverage for all transaction checking deposits. But some believe such a plan is missing a key feature: choice.

The Independent Community Bankers of America and the American Bankers Association have publicly urged Congress to extend Dodd-Frank Act language requiring participation in the Transaction Account Guarantee program. But prior to Dodd-Frank, the original TAG — which regulators created in 2008 to strengthen liquidity — was voluntary and charged participants extra fees to opt in.

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