Deposit Insurance Modernization Act of 1991

Summary

Deposit Insurance Modernization Act of 1991 - Sets a maximum $100,000 per person aggregate limit for deposits which may be insured by the Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Share Insurance Fund. Sets such limitation without regard to the capacity in which the account holder holds an interest in such account. Makes a deposit insurance declaration a prerequisite for the issuance of deposit insurance. Sets forth a priority scheme for deposit insurance coverage in the case of multiple accounts. Sets forth criminal fines for fraudulent attempts to obtain deposit insurance in excess of such limitation. Prescribes payment and oversight procedures. Amends the Federal Deposit Insurance Act and the Federal Credit Union Act to: (1) limit the aggregate amount of deposit insurance payments which may be made to any one person in any three-year period; and (2) outline a risk-based assessment scheme (including risk-based premiums and credits). Prohibits FDIC insurance coverage on certain deposit obligations which would not have been covered as of April 6, 1989. Amends the Federal Deposit Insurance Act and the Federal Credit Union Act to require insured credit unions and depository institutions to disclose, upon consumer request, their credit ratings. Amends the Federal Deposit Insurance Act to: (1) include foreign deposits in the calculation of assessment rates of depository institutions in certain locations outside the continental United States; and (2) preclude insurance coverage for brokered deposits.

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Timeline

1. 6 February 1991

   Introduced

   Referred to the House Committee on Banking, Finance + Urban Affrs.

   Source: IntroReferral

2. 6 February 1991

   Introduced

   Introduced in House

   Source: IntroReferral

3. 6 February 1991

   Introduced

   Introduced in House

   Source: IntroReferral

4. 15 February 1991

   Referred

   Referred to the Subcommittee on Financial Institutions Supervision, Regulation and Insurance.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · undated · Official file

Documents

2 official files

• Introduced in House (text)

  Introduced in House · EN

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 6 February 1991

  Open at official source

Sponsors

• Rep. Kleczka, Gerald D. [D-WI-4] · D · Sponsor
• Rep. Lehman, Richard H. [D-CA-18] · D · Sponsor
• · hsba00 · Standing

Related records

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