legislation: 112-s-3637

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
112-s-3637 112 s 3637 A bill to temporarily extend the transaction account guarantee program, and for other purposes. Finance and Financial Sector 2012-11-26 2012-12-13 Motion by Senator Reid to commit to Senate Committee on Banking, Housing, and Urban Affairs with instructions to report back forthwith with amendment SA 3316 fell when the bill was committed in Senate. (consideration: CR S8001) Senate Sen. Reid, Harry [D-NV] NV D R000146 8 Amends the Federal Deposit Insurance Act and the Federal Credit Union Act to extend through December 31, 2014, the transaction account guarantee program (TAG) established by the Dodd-Frank Wall Street Reform and Consumer Protection Act to provide unlimited deposit insurance for noninterest-bearing transaction accounts (NIBTAs). Cites January 1, 2015, as the effective date upon which the net amount of insured deposit due to a depositor at an insured depository institution reverts to the standard statutory maximum ($250,000) for deposit insurance. Requires the Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Administration (NCUA), to fully offset, in each calendar year, any estimated losses that may occur to the Deposit Insurance Fund and to the National Credit Union Share Insurance Fund, respectively, as a result of this Act by: (1) estimating the losses, if any, that are expected to occur for each calendar year; and (2) collecting an amount equal to such estimated losses by September 30 of the calendar year, in addition to the assessments that would otherwise be collected by either the FDIC or the NCUA with respect to such year for insured depository institutions. 2022-02-03T05:53:08Z  

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