Sec. 209. Insurance of transaction accounts
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Section 11(a)(1) of the Federal Deposit Insurance Act ( 12 U.S.C. 1821(a)(1) ) is amended— in subparagraph (B)— by striking The net amount and inserting the following: Subject to clause (ii), the net amount ; and by adding at the end the following new clauses: Notwithstanding clause (i), the Corporation may fully insure the net amount that any depositor at an insured depository institution maintains in a transaction account. Such amount shall not be taken into account when computing the net amount due to such depositor under clause (i).
For purposes of this subparagraph, the term transaction account has the meaning given that term under section 19 of the Federal Reserve Act ( 12 U.S.C. 461 ). ; and in subparagraph (C), by striking subparagraph
(B)and inserting subparagraph (B)(i) . Effective January 1, 2022, section 11(a)(1) of the Federal Deposit Insurance Act ( 12 U.S.C. 1821(a)(1) ), as amended by paragraph (1), is amended— in subparagraph (B)— by striking and all that follows through deposit .— clause (ii), the net amount and insert ; and deposit .—The net amount by striking clauses
(ii)and (iii); and in subparagraph (C), by striking subparagraph (B)(i) and inserting subparagraph
(B). Section 207(k)(1) of the Federal Credit Union Act ( 12 U.S.C. 1787(k)(1) ) is amended— in subparagraph (A)— by striking Subject to the provisions of paragraph (2), the net amount and inserting the following: Subject to clause
(ii)and the provisions of paragraph (2), the net amount ; and by adding at the end the following new clauses: Notwithstanding clause (i), the Board may fully insure the net amount that any member or depositor at an insured credit union maintains in a transaction account. Such amount shall not be taken into account when computing the net amount due to such member or depositor under clause (i). For purposes of this subparagraph, the term transaction account has the meaning given that term under section 19 of the Federal Reserve Act ( 12 U.S.C. 461 ). ; and in subparagraph (B), by striking subparagraph
(A)and inserting subparagraph (A)(i) . Effective January 1, 2022, section 207(k)(1) of the Federal Credit Union Act ( 12 U.S.C. 1787(k)(1) ), as amended by paragraph (1), is amended— in subparagraph (A)— by striking and all that follows through
(i)Net amount of insurance payable.— paragraph (2), the net amount and inserting Subject to the provisions of paragraph (2), the net amount ; and by striking clauses
(ii)and (iii); and in subparagraph (B), by striking subparagraph (A)(i) and inserting subparagraph
(A). In this section, the term COVID–19 emergency means the period that begins upon the date of the enactment of this Act and ends upon the date of the termination by the Federal Emergency Management Agency of the emergency declared on March 13, 2020, by the President under the Robert T. Stafford Disaster Relief and Emergency Assistance Act ( 42 U.S.C. 4121 et seq.) relating to the Coronavirus Disease 2019 (COVID-19) pandemic.
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