Fitch Ratings published the brief "FDIC-Backed Deposit Programs May Grow", which says, "The use of programs that pool Federal Deposit Insurance Corporation-insured bank deposits will likely grow this year, according to Fitch Ratings. These programs offer government guarantees on large dollar deposits by splitting them into smaller deposits among a large number of participating banks, therefore qualifying for Federal Deposit Insurance Corporation (FDIC) protection. Institutions participating in these programs could be national association banks, but are mostly small local banks with a limited depositor base and constrained access to the capital markets, thus presenting credit risk to which investors have to be mindful. Fitch believes that bank failure remains the primary risk. According to the FDIC data, 51 U.S. banks failed in 2012. Should a program member bank fail, the deposit obligations are expected to be transferred to a healthy institution by the FDIC.... Nonetheless, providing both meaningful safety and yield, these programs remain attractive facilities for conservative investors. For example, both the Certificate of Deposit Account Registry Service and the Federally Insured Cash Account offer full FDIC insurance coverage and yield in excess of the U.S. Treasury rate of comparable maturity. There are other programs that offer similar services. Among conservative investors, local government investment officers may increase their allocations to these programs, according to one Fitch-rated government investment pool. With the expiration of the Transaction Account Guarantee program on Dec. 31, 2012 (which provided an unlimited FDIC insurance for non-interest bearing deposits), this pool increased its allocations to both programs to nearly 13% of its portfolio in December 2012 from just under 3% a year ago."