S.3637 - A bill to temporarily extend the transaction account guarantee program, and for other purposes.

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  • Official: A bill to temporarily extend the transaction account guarantee program, and for other purposes. as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
11/26/12
 
 
 
 
 
 
 

 

Latest Vote

Result: Motion Rejected - December 13, 2012

Roll call number 227 in the Senate

Question: On the Motion (Motion to Waive All Applicable Budgetary Discipline Re: S.3637)

 

Official Summary

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-

Official Summary

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.

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Organizations Supporting S.3637

  • Independent Community Bankers of America
  • Agricultural Retailers Association
  • American Association of Crop Insurers
  • American Bankers Association
  • American Consumer Institute
  • American Land Title Association
  • ...and 20 more. See all.

Organizations Opposing S.3637

  • Credit Union National Association
  • R Street
  • National Association of Federal Credit Unions
  • FreedomWorks
  • Heritage Action for America


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