The Federal Deposit Insurance Reform Act of 2005 (Title II, subtitle B of Pub.L. 109-171, 110 Stat. 9, enacted February 8, 2006, with a companion statute, Federal Deposit Insurance Reform Conforming Amendments Act of 2005, Pub.L. 109-173, 119 Stat. 3601, enacted February 15, 2006), is an act of the United States Congress that 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 the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA). FIRREA, among many things, abolished the former Federal Savings and Loan Insurance Corporation (FSLIC), and created a new insurance fund, Savings Association Insurance Fund (SAIF), to be administered by the FDIC. The other longer standing fund that the FDIC was administering was the Bank Insurance Fund (BIF). SAIF and BIF were combined constituting the Depositor Insurance Fund (DIF).
- 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.
|
Famous quotes containing the words federal, deposit, insurance, reform and/or act:
“Newsmen believe that news is a tacitly acknowledged fourth branch of the federal system. This is why most news about government sounds as if it were federally mandated—serious, bulky and blandly worthwhile, like a high-fiber diet set in type.”
—P.J. (Patrick Jake)
“A real life, a life that leaves a deposit in the shape of something alive.... It’s difficult to say what makes a life a real life.... You could also say it depends on a person being identical with himself.”
—Max Frisch (1911–1991)
“For there can be no whiter whiteness than this one:
An insurance man’s shirt on its morning run.”
—Gwendolyn Brooks (b. 1917)
“You have to make more noise than anybody else, you have to make yourself more obtrusive than anybody else, you have to fill all the papers more than anybody else, in fact you have to be there all the time and see that they do not snow you under, if you are really going to get your reform realized.”
—Emmeline Pankhurst (1858–1928)
“As humans have a prior right to existence over dogs by virtue of being more highly evolved and having a superior consciousness, so women have a prior right to existence over men. The elimination of any male is, therefore, a righteous and good act, an act highly beneficial to women as well as an act of mercy.”
—Valerie Solanas (b. 1940)