S. 3637 (112th): A bill to temporarily extend the transaction account guarantee program, and for other purposes.

112th Congress, 2011–2013. Text as of Nov 27, 2012 (Placed on Calendar in the Senate).

Status & Summary | PDF | Source: GPO

II

Calendar No. 554

112th CONGRESS

2d Session

S. 3637

IN THE SENATE OF THE UNITED STATES

November 26, 2012

introduced the following bill; which was read the first time

November 27, 2012

Read the second time and placed on the calendar

A BILL

To temporarily extend the transaction account guarantee program, and for other purposes.

1.

Insured depository institution Transaction Account Guarantee program

(a)

Extension

Notwithstanding any other provision of law that would repeal subparagraphs (B) and (C) of section (11)(a)(1) of the Federal Deposit Insurance Act (12 U.S.C. 1821(a)(1)) on January 1, 2013, such subparagraphs shall remain in effect until December 31, 2014.

(b)

Prospective repeal

Effective on January 1, 2015, section 11(a)(1) of the Federal Deposit Insurance Act (12 U.S.C. 1821(a)(1)) is amended—

(1)

in subparagraph (B)—

(A)

by striking deposit.— and all that follows through clause (ii), the net amount in clause (i), and inserting deposit.—The net amount; and

(B)

by striking clauses (ii) and (iii); and

(2)

in subparagraph (C), by striking subparagraph (B)(i) and inserting subparagraph (B).

(c)

Cost recovery

The Federal Deposit Insurance Corporation (in this section referred to as the Corporation) shall fully offset, in each calendar year, any estimated losses to the Deposit Insurance Fund established under section 11(a)(4) of the Federal Deposit Insurance Act (12 U.S.C. 1821(a)(4)) that may occur as a result of the amendments made under subsections (a) and (b) of this section, by—

(1)

estimating the losses, if any, that are expected to occur for each calendar year; and

(2)

collecting an amount equal to such estimated losses by September 30 of such calendar year, which shall be in addition to the assessments that would otherwise be collected by the Corporation with respect to such year for insured depository institutions (as defined in section 3(c)(2) of that Act (12 U.S.C. 1813(c)(2))) pursuant to section 7(b) of that Act (12 U.S.C. 1817(b)).

2.

Insured credit union Transaction Account Guarantee program

(a)

Extension

Notwithstanding any other provision of law that would repeal subparagraphs (A) and (B) of section 207(k)(1) of the Federal Credit Union Act (12 U.S.C. 1787(k)(1)) on January 1, 2013, such subparagraphs shall remain in effect until December 31, 2014.

(b)

Prospective repeal

Effective on January 1, 2015, section 207(k)(1) of the Federal Credit Union Act (12 U.S.C. 1787(k)(1)) is amended—

(1)

in subparagraph (A)—

(A)

by striking (A) In general .— and all that follows through paragraph (2), the net amount in clause (i), and inserting the following:

(1)

In general

Subject to the provisions of paragraph (2), the net amount

; and

(B)

by striking clauses (ii) and (iii); and

(2)

in subparagraph (B), by striking subparagraph (A)(i) and inserting subparagraph (A).

(c)

Cost recovery

The National Credit Union Administration (in this section referred to as the Administration) shall fully offset, in each calendar year, any estimated losses to the National Credit Union Share Insurance Fund established under section 203(a) of the Federal Credit Union Act (12 U.S.C. 1783(a)) that may occur as a result of the amendments made under subsections (a) and (b) of this section, by—

(1)

estimating the losses, if any, that are expected to occur for each calendar year; and

(2)

collecting an amount equal to such estimated losses by September 30 of such calendar year, which shall be in addition to the assessments that would otherwise be collected by the Administration with respect to such year for insured credit unions (as defined in section 101 of that Act (12 U.S.C. 1752)) pursuant to section 202 of that Act (12 U.S.C. 1782).

November 27, 2012

Read the second time and placed on the calendar