legislation: 107-s-1945

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
107-s-1945 107 s 1945 Safe and Fair Deposit Insurance Act of 2002 Finance and Financial Sector 2002-02-14 2002-02-14 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Senate Sen. Johnson, Tim [D-SD] SD D J000177 18 Safe and Fair Deposit Insurance Act of 2002 - Mandates that the Bank Insurance Fund and the Savings Association Insurance Fund be merged into the Deposit Insurance Fund (DIF) established by this Act.Amends the Federal Deposit Insurance Act (FDIA) to establish the DIF. Mandates that all assessments against insured depository institutions by the Federal Deposit Insurance Corporation (FDIC) be deposited into the DIF.Authorizes the Federal Deposit Insurance Corporation (FDIC) to borrow from the Federal home loan banks funds necessary for DIF use.Deposit Insurance Reform Act of 2002 - Amends the FDIA to: (1) prohibit an undercapitalized insured depository institution from accepting employee benefit plan deposits; (2) increase the amount of Federal insurance coverage (including an inflation adjustment); and (3) include retirement accounts and municipal deposits within such coverage.Requires the FDIC Board of Directors, before the beginning of each calendar year, to designate the reserve ratio applicable to the DIF.Prohibits the Board from modifying its information collection requirements if such modification is done solely to change assessment risk classifications and results in placing greater regulatory or reporting burdens upon an insured depository institution.Allows credits based upon past contributions to the DIF. 2025-08-19T17:29:01Z https://www.congress.gov/bill/107th-congress/senate-bill/1945

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