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118-s-2403Committee
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Payroll Account Guarantee Act of 2023

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Summary

Official CRS summary

This bill increases the amount of deposit insurance available to noninterest-bearing transaction accounts through the Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Administration (NCUA). Under current law, deposits are generally insured up to $250,000. Specifically, noninterest-bearing transaction accounts at smaller FDIC-insured depository institutions (i.e., those with less than $225 billion in assets) and at all NCUA-insured credit unions must be fully insured against losses. In addition, no fees may be levied against an institution or credit union for insurance under this bill.

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Bill details

Congress
118
Bill type
s
Introduced
July 20, 2023
Sponsor
Not yet available
Last action
July 20, 2023— Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

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