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118-s-3012Committee
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Deposit Security Act

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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 FDIC-insured depository institutions and at NCUA-insured credit unions must be insured up to $10 million. However, an institution or credit union may opt-out of this insurance during the 30-day period beginning on the date the program starts. In addition, the maximum deposit insurance amount must be adjusted for inflation every two years.

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Bill details

Congress
118
Bill type
s
Introduced
October 4, 2023
Sponsor
Not yet available
Last action
October 4, 2023— Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

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