Deposit Insurance Funds Act of 1996

Summary

TABLE OF CONTENTS: Title I: Continuing Appropriations Title II: Deposit Insurance Funds Title I: Continuing Appropriations - Amends the Balanced Budget Downpayment Act, I to extend its title I and title II provisions by one day, from April 24 to April 25, 1996. Title II: Deposit Insurance Funds - Deposit Insurance Funds Act of 1996 - Directs the Board of Directors of the Federal Deposit Insurance Corporation (FDIC) to impose a special assessment on the Savings Association Insurance Fund (SAIF)-assessable deposits of each insured depository institution at a rate applicable to all such institutions that the Board, in its sole discretion, determines will cause the SAIF to achieve the designated reserve ratio on the first business day of the first month beginning after the date of enactment of this Act. Allows the Board to exempt weak institutions from such assessment. Mandates exemption from such assessment for certain newly chartered and other specified institutions, but requires such institutions to pay semiannual assessments at certain former rates during calendar years 1996 through 1999. (Sec. 202) Authorizes certain institutions facing hardship as a result of the special assessment to elect to pay it in two assessments, plus a third supplemental special assessment, determined according to specified formulae. Prescribes adjustments of the special assessment for Bank Insurance Fund (BIF) member banks and certain savings associations. Grants exemptions from such special assessments for certain institutions paying exit and entrance fees. (Sec. 203) Amends the Federal Home Loan Bank Act (FHLBA) and the Federal Deposit Insurance Act (FDIA) to revise the assessment authority of the Financing Corporation (FICO), extending FICO assessments to all depository institutions insured by the Federal Deposit Insurance Corporation (FDIC) instead of SAIF members only. Repeals specified limits on the amount that may be assessed. Declares FICO assessments applicable to certain SAIF-assessable deposits. (Sec. 204) Declares that the SAIF and the BIF shall be merged into the Deposit Insurance Fund, which shall have a Special Reserve for any excess of the SAIF reserve ratio over the designated reserve ratio. Makes conforming amendments to FHLBA and FDIA. (Sec.205) Establishes a SAIF Special Reserve if the SAIF reserve ratio exceeds the designation reserve ratio on January 1, 1998. (Sec. 206) Prescribes procedural guidelines with respect to the refund of overpaid assessments in a deposit insurance fund in excess of the designated reserve amount. (Sec. 207) Amends the FDIA to declare that assessment rates for SAIF members may not be less than assessment rates for BIF members. (Sec. 208) Prohibits the FDIC Board of Directors from setting semi-annual assessments in excess of the amount needed to maintain or achieve the designated reserve ratio of a deposit insurance fund.

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Documents

12 official files

• Enrolled Bill (text)

  Enrolled Bill · EN

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• Enrolled Bill (PDF)

  Enrolled Bill · EN

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• Public Law (text)

  Public Law · EN · 25 April 1996

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• Public Law (PDF)

  Public Law · EN · 25 April 1996

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• Received in Senate (text)

  Received in Senate · EN · 24 April 1996

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• Received in Senate (PDF)

  Received in Senate · EN · 24 April 1996

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• Engrossed in House (text)

  Engrossed in House · EN · 24 April 1996

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• Engrossed in House (PDF)

  Engrossed in House · EN · 24 April 1996

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• Passed House amended

  summary · EN · 24 April 1996

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• Introduced in House (text)

  Introduced in House · EN · 23 April 1996

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• Introduced in House (PDF)

  Introduced in House · EN · 23 April 1996

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• Introduced in House

  summary · EN · 23 April 1996

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