S. 1562 · 109th Congress
Safe and Fair Deposit Insurance Act of 2005
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Never voted on. It didn't reach a floor vote before the 109th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
EnziSponsor4 cosponsors · 2 D, 2 R
3 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Safe and Fair Deposit Insurance Act of 2005 - Insurance Funds Merger Act of 2005 - Requires the Bank Insurance Fund and the Savings Association Insurance Fund to be merged into the Deposit Insurance Fund (DIF) established by this Act. Amends the Federal Deposit Insurance Act (FDIA) to establish the DIF.
What it does: CRS summary · Introduced in Senate · Jul 29, 2005
Amends the Federal Deposit Insurance Act (FDIA) to establish the DIF. Requires deposit into the DIF of all assessments made by the Federal Deposit Insurance Corporation (FDIC) against insured depository institutions.
Authorizes the FDIC to borrow from the federal home loan banks the funds necessary for DIF use.
Deposit Insurance Reform Act of 2005 - Amends the FDIA to: (1) prohibit an undercapitalized insured depository institution from accepting employee benefit plan deposits; (2) increase federal insurance coverage (including an inflation adjustment); and (3) include retirement accounts and municipal deposits within such coverage.
Requires the FDIC Board of Directors to designate the reserve ratio applicable to the DIF.
Prohibits the Board from modifying its information collection requirements if such modification is done solely to change assessment risk classifications and results in placing greater regulatory or reporting burdens upon an insured depository institution.
Allows credits based upon past contributions to the DIF.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Safe and Fair Deposit Insurance Act of 2005
Latest action (Oct 18, 2005): Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Jul 29, 2005
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.