II 

112TH CONGRESS 

2D SESSION S. 3637 

To temporarily extend the transaction account guarantee program, and for 

other purposes. 

IN THE SENATE OF THE UNITED STATES 

NOVEMBER 26, 2012 

Mr. REID introduced the following bill; which was read the first time 

NOVEMBER 27, 2012 

Read the second time and placed on the calendar 

DECEMBER 13, 2012 

Committed to the Committee on Banking, Housing, and Urban Affairs 

pursuant to section 312(f) of the Congressional Budget Act 

A BILL 

To temporarily extend the transaction account guarantee 

program, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. INSURED DEPOSITORY INSTITUTION TRANS4 ACTION ACCOUNT GUARANTEE PROGRAM. 

5 (a) EXTENSION.—Notwithstanding any other provi6 sion of law that would repeal subparagraphs (B) and (C) 

7 of section (11)(a)(1) of the Federal Deposit Insurance Act 


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1 (12 U.S.C. 1821(a)(1)) on January 1, 2013, such sub2 paragraphs shall remain in effect until December 31, 

3 2014. 

4 (b) PROSPECTIVE REPEAL.—Effective on January 1, 

5 2015, section 11(a)(1) of the Federal Deposit Insurance 

6 Act (12 U.S.C. 1821(a)(1)) is amended— 

7 (1) in subparagraph (B)— 

8 (A) by striking ‘‘DEPOSIT.—’’ and all that 

9 follows through ‘‘clause (ii), the net amount’’ in 

10 clause (i), and inserting ‘‘DEPOSIT.—The net 

11 amount’’; and 

12 (B) by striking clauses (ii) and (iii); and 

13 (2) in subparagraph (C), by striking ‘‘subpara14 graph (B)(i)’’ and inserting ‘‘subparagraph (B)’’. 

15 (c) COST RECOVERY.—The Federal Deposit Insur16 ance Corporation (in this section referred to as the ‘‘Cor17 poration’’) shall fully offset, in each calendar year, any 

18 estimated losses to the Deposit Insurance Fund estab19 lished under section 11(a)(4) of the Federal Deposit In20 surance Act (12 U.S.C. 1821(a)(4)) that may occur as a 

21 result of the amendments made under subsections (a) and 

22 (b) of this section, by— 

23 (1) estimating the losses, if any, that are ex24 pected to occur for each calendar year; and 


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1 (2) collecting an amount equal to such esti2 mated losses by September 30 of such calendar year, 

3 which shall be in addition to the assessments that 

4 would otherwise be collected by the Corporation with 

5 respect to such year for insured depository institu6 tions (as defined in section 3(c)(2) of that Act (12 

7 U.S.C. 1813(c)(2))) pursuant to section 7(b) of that 

8 Act (12 U.S.C. 1817(b)). 

9 SEC. 2. INSURED CREDIT UNION TRANSACTION ACCOUNT 

10 GUARANTEE PROGRAM. 

11 (a) EXTENSION.—Notwithstanding any other provi12 sion of law that would repeal subparagraphs (A) and (B) 

13 of section 207(k)(1) of the Federal Credit Union Act (12 

14 U.S.C. 1787(k)(1)) on January 1, 2013, such subpara15 graphs shall remain in effect until December 31, 2014. 

16 (b) PROSPECTIVE REPEAL.—Effective on January 1, 

17 2015, section 207(k)(1) of the Federal Credit Union Act 

18 (12 U.S.C. 1787(k)(1)) is amended— 

19 (1) in subparagraph (A)— 

20 (A) by striking ‘‘(A) IN GENERAL .—’’ and 

21 all that follows through ‘‘paragraph (2), the net 

22 amount’’ in clause (i), and inserting the fol23 lowing: 

24 ‘‘(1) IN GENERAL.—Subject to the provisions of 

25 paragraph (2), the net amount’’; and 


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1 (B) by striking clauses (ii) and (iii); and 

2 (2) in subparagraph (B), by striking ‘‘subpara3 graph (A)(i)’’ and inserting ‘‘subparagraph (A)’’. 

4 (c) COST RECOVERY.—The National Credit Union 

5 Administration (in this section referred to as the ‘‘Admin6 istration’’) shall fully offset, in each calendar year, any 

7 estimated losses to the National Credit Union Share In8 surance Fund established under section 203(a) of the Fed9 eral Credit Union Act (12 U.S.C. 1783(a)) that may occur 

10 as a result of the amendments made under subsections 

11 (a) and (b) of this section, by— 

12 (1) estimating the losses, if any, that are ex13 pected to occur for each calendar year; and 

14 (2) collecting an amount equal to such esti15 mated losses by September 30 of such calendar year, 

16 which shall be in addition to the assessments that 

17 would otherwise be collected by the Administration 

18 with respect to such year for insured credit unions 

19 (as defined in section 101 of that Act (12 U.S.C. 

20 1752)) pursuant to section 202 of that Act (12 

21 U.S.C. 1782). 

Æ 


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