Federal Deposit Insurance Reform Act of 2003

Summary

Federal Deposit Insurance Reform Act of 2003 - Mandates 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; and (3) double the amount of deposit insurance for certain retirement accounts. 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 certain criteria.

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Documents

11 official files

• Referred in Senate (text)

  Referred in Senate · EN · 3 April 2003

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• Referred in Senate (PDF)

  Referred in Senate · EN · 3 April 2003

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• Engrossed in House (text)

  Engrossed in House · EN · 2 April 2003

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• Engrossed in House (PDF)

  Engrossed in House · EN · 2 April 2003

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• Passed House without amendment

  summary · EN · 2 April 2003

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• Reported in House (text)

  Reported in House · EN · 27 March 2003

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• Reported in House (PDF)

  Reported in House · EN · 27 March 2003

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• Reported to House with amendment(s)

  summary · EN · 27 March 2003

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• Introduced in House (text)

  Introduced in House · EN · 4 February 2003

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• Introduced in House (PDF)

  Introduced in House · EN · 4 February 2003

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• Introduced in House

  summary · EN · 4 February 2003

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