Federal Deposit Insurance Reform Act of 2005 Law and Legal Definition
Federal Deposit Insurance Reform Act of 2005 (“Act”) is a U.S. federal law that was enacted mainly to reform the Federal deposit insurance system. This Act was enacted with a companion statute, Federal Deposit Insurance Reform Conforming Amendments Act of 2005. The Act contained a number of changes to the Federal Deposit Insurance Corporation (FDIC).
Some important provisions of the Act are:
a. Increased the limit on deposit insurance for retirement accounts.
b. Merged the two deposit insurance funds, Bank Insurance Fund and the Savings Association Insurance Fund were merged into the Deposit Insurance Fund.
c. 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.
d. Required that the FDIC issue rebates to the banking industry if the level of the deposit insurance fund rise above 1.50% of total insured deposits.
Legal Definition list
- Federal Deposit Insurance Fund
- Federal Deposit Insurance Corporation
- Federal Debt
- Federal Crop Insurance Corporation
- Federal Crop Insurance Act
- Federal Deposit Insurance Reform Act of 2005
- Federal Deposit Insurance Reform Conforming Amendments Act of 2005
- Federal Depository Institutions Regulatory Agency
- Federal Direct Consolidation Loan Program [Education]
- Federal Direct Loan Program
- Federal Direct PLUS Program [Education]