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Unlimited Insurance for Non-Interest Transaction Accounts at Smaller Banks

This bill introduces a full guarantee for funds held in non-interest-bearing transaction accounts. Under the proposal, the Federal Deposit Insurance Corporation (FDIC) and the NCUA Board must fully insure the net amount in such accounts, notwithstanding standard limits. This unlimited coverage applies to insured depository institutions with less than $225 billion in assets and to insured credit unions.
Key points
Full Deposit Guarantee: Funds in non-interest-bearing transaction accounts are fully insured, with no dollar limit.
Scope of Application: This change applies to insured depository institutions with less than $225 billion in assets and to insured credit unions.
No Additional Fees: No fee may be levied on financial institutions for the insurance provided under this clause.
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Additional Information
Print number: 118_S_2403
Sponsor: Sen. Vance, J. D. [R-OH]
Process start date: 2023-07-20
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Payroll Account Guarantee Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_2403.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-07-20.

What are the main provisions?

Key points include:

  • Full Deposit Guarantee: Funds in non-interest-bearing transaction accounts are fully insured, with no dollar limit.
  • Scope of Application: This change applies to insured depository institutions with less than $225 billion in assets and to insured credit unions.
  • No Additional Fees: No fee may be levied on financial institutions for the insurance provided under this clause.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Vance, J. D. [R-OH].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-30.

CATEGORIES

Economy Security