Federal Deposit Insurance Reform Act
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The Federal Deposit Insurance Reform Act was a federal banking regulation law passed in 2005. It contained a number of changes to the Federal Deposit Insurance Corporation (FDIC).
- It raised the limit on deposit insurance for retirement accounts from $100,000 to $250,000, and indexed the amount to inflation.
- It merged the two deposit insurance funds that the FDIC had been administering separately since FIRREA
- It 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.
- It requires that the FDIC issue rebates to the banking industry should the level of the deposit insurance fund rise above 1.50% of total insured deposits.
