Deposit Security Act
- Last Action
- 10/4/2023
Actions
- 2023-10-04Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 2023-10-04Introduced in Senate
CRS Summary
As of 2023-10-04 (00)
Deposit Security Act
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.
Cosponsors (2)
- Mike Braun (R-IN)
- John Hickenlooper (D-CO)
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.