S 1572
Depositor Protection Act of 2023
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- Became Law
Bill overview
The Depositor Protection Act of 2023 aims to bolster the stability of the banking system by expanding FDIC deposit insurance and streamlining procedures for handling distressed banks. Specifically, it increases the maximum deposit insurance amount to $100 million for noninterest-bearing transaction accounts, raises the limit for reciprocal deposits, and temporarily waives certain regulatory approvals for acquiring distressed banks. The bill also introduces a new mechanism to address non-systemic secondary costs associated with resolving large bank failures.
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