Federal Deposit Insurance Corp.'s Vice Chairman Thomas Hoenig said in a speech Wednesday that because bankers effectively corresponded with consumers leading up to the end of the Transaction Account Guarantee program, there was little impact.

"I don't think the effect of removing TAG … has been anywhere near as dramatic as people thought it would be," Hoenig said in remarks to a Washington conference of the National Association of State Treasurers.

Bankers "talked to their customers" about why their institutions were still a safe place to keep funds. "They became better bankers as a result. That's the goal," Hoenig said.

TAG, originally created by the FDIC in 2008 to respond to liquidity concerns during the financial crisis, was extended until the end of last year by the 2010 Dodd-Frank reform law. Despite attempts to renew the deposit-coverage program through legislation, TAG ended as planned on Dec. 31.

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