Federal Deposit Insurance Reform Act
- Federal Deposit Insurance Reform Act
The Federal Deposit Insurance Reform Act (Title II, subtitle B of USStatute|109|171|110|9|2006|02|08, with a companion statute, Federal Deposit Insurance Reform Conforming Amendments Act of 2005, USStatute|109|173|119|3601|2006|02|15), is an Act of Congress which regulates banks. It contained a number of changes to the Federal Deposit Insurance Corporation (FDIC).
* It raised the limit on deposit insurance for retirement accounts from $100,000 to $250,000, and indexed the amount to inflation.
* It merged the two deposit insurance funds that the FDIC had been administering separately since FIRREA
* It provided credits to banks that had paid into the deposit insurance funds in the early 1990s in the aftermath of the savings and loan crisis.
* It requires that the FDIC issue rebates to the banking industry should the level of the deposit insurance fund rise above 1.50% of total insured deposits.
External links
* [http://www.aba.com/Industry+Issues/FDIRA.htm Information from the ABA]
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