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.
Status:
Expired
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