May 1 Reuters A key U.S. banking regulator is set to publish a comprehensive overview of the federal deposit insurance system on Monday, teeing up fresh debate about whether the government should expand protections on bank deposits and if so, by how much.

The review will be the third report issued in the wake of the collapse of Silicon Valley Bank and Signature Bank in March, when regulators ended up backstopping all deposits including those above the Federal Deposit Insurance Corp39;s guarantees of up to 250,000 per person, per bank in an attempt to prevent contagion to the banking system.

Now, the FDIC is planning to lay out policy options for changing the way deposits are guaranteed amidst calls from some lawmakers to raise the cap, or even ditch it altogether, in order to stem outflows from small and regional lenders that were large and lasting in the aftermath of the March bank failures and more recent troubles at First Republic Bank, which was seized by regulators on Monday and sold to JPMorgan Chase Co.

FDIC Chair Martin Gruenberg has said the report, to be released at 200 p.m. EDT 1800 GMT on Monday, will address options on deposit insurance coverage levels, excess deposit insurance, implications of riskbased pricing and the adequacy of the regulator39;s deposit insurance fund, which will take an estimated 20 billion hit from the failure of SVB and a smaller knock of about 2.5 billion from Signature Bank. The FDIC said Monday the failure of First Republic…