“A bill to amend the Federal Deposit Insurance Act to provide deposit insurance for noninterest-bearing transaction accounts, and for other purposes.”
No CRS summary available for this bill.
This section provides federal deposit insurance coverage up to $10 million per depositor (in addition to the standard maximum deposit insurance amount of $250,000) for noninterest-bearing transaction accounts (NBTAs, i.e., interest-free accounts permitting withdrawals for payments to third parties) at insured depository institutions and insured credit unions. (1) It requires the Federal Deposit Insurance Corporation (FDIC) and National Credit Union Administration (NCUA) to aggregate NBTAs across institutions that are subsidiaries of the same holding company; (2) it excludes such coverage for NBTAs at subsidiaries of global systemically important bank holding companies or insured branches of foreign banks (excluding those organized in U.S. territories or possessions); and (3) it adds definitions of NBTA to the Federal Deposit Insurance Act and Federal Credit Union Act. This section further exempts insured depository institutions with $10 billion or less in total assets from special assessments or assessment increases related to NBTA coverage during a transition period.