Federal Deposit Insurance Reform Act of 2005

Summary

Federal Deposit Insurance Reform Act of 2005 - Requires the merger of the Bank Insurance Fund and the Savings Association Insurance Fund into the Deposit Insurance Fund. Amends the Federal Deposit Insurance Act (FDIA) and the Federal Credit Union Act to: (1) increase the amount of deposit insurance coverage; (2) couple such increase with an inflation adjustment; (3) double the amount of deposit insurance for certain retirement accounts; and (4) increase the maxzimum amount of deposit insurance coverage for in-State municipal deposits. Amends the FDIA to replace assessment guidelines for achieving and maintaining a designated reserve ratio and for independent treatment of deposit insurance funds with a requirement that the Board of Directors of the FDIC set assessments as it determines appropriate, including a maximum base rate for assessments at one basis point for insured depository institutions in the lowest-risk category. Reduces from five years to three years the mandatory assessment recordkeeping period. Replaces the current 1.25 percent statutory reserve ratio used to recapitalize undercapitalized insurance funds with a reserve ratio range of 1.15 to 1.4 percent of estimated insured deposits, subject to specified factors and annual redetermination. Instructs the FDIC to establish a Deposit Insurance Fund Restoration Plan to ensure adequate reserves whenever the actual ratio in the DIF falls below the designated reserve ratio. Directs the FDIC to conduct a bi-annual survey on efforts by insured depository institutions to bring into the conventional finance system those "unbanked" individuals and families who have rarely, if ever, held a checking account, a savings account, or other type of transaction or check cashing account at an insured depository institution.

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Documents

11 official files

• Referred in Senate (text)

  Referred in Senate · EN · 9 May 2005

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• Referred in Senate (PDF)

  Referred in Senate · EN · 9 May 2005

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• Engrossed in House (text)

  Engrossed in House · EN · 4 May 2005

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• Engrossed in House (PDF)

  Engrossed in House · EN · 4 May 2005

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• Passed House amended

  summary · EN · 4 May 2005

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• Reported in House (text)

  Reported in House · EN · 29 April 2005

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• Reported in House (PDF)

  Reported in House · EN · 29 April 2005

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• Reported to House with amendment(s)

  summary · EN · 29 April 2005

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• Introduced in House (text)

  Introduced in House · EN · 9 March 2005

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• Introduced in House (PDF)

  Introduced in House · EN · 9 March 2005

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• Introduced in House

  summary · EN · 9 March 2005

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