The FDIC has proposed a fee on uninsured deposits of lenders with more than $5 billion in assets to replenish a deposit insurance fund that was drained by the collapse of Silicon Valley Bank and two other lenders.

The fee would apply to all banks, but lenders with over $50 billion in assets would cover most of the cost. The top 14 U.S. lenders would pay an estimated $5.8 billion a year, which could reduce their earnings per share by a median of 3%.

The levy would be collected over eight quarters starting in June 2024. The proposal was approved by the FDIC board, but opposed by two Republican members who argued that the largest banks, which would pay the most, were the biggest beneficiaries of the flight to safety after SVB's collapse.

The agency will seek feedback from the banking industry and the public before finalizing the new fee. Despite the dissenting votes, industry experts do not believe the proposal will exempt the largest banks from the special assessment.