S. 3012 · 118th Congress
Deposit Security Act
- Stage
- In committee
- Sponsor
- Joe Manchin
- Introduced
- 2023-10-04
- Latest action
- 2023-10-04 · Introduced in Senate
Summary
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.