II 

Calendar No. 554 

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 

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 

8 (12 U.S.C. 1821(a)(1)) on January 1, 2013, such subVerDate Mar 15 2010 22:46 Nov 27, 2012 Jkt 029200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S3637.PCS S3637

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1 paragraphs shall remain in effect until December 31, 

2 2014. 

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

4 2015, section 11(a)(1) of the Federal Deposit Insurance 

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

6 (1) in subparagraph (B)— 

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

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

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

10 amount’’; and 

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

12 (2) in subparagraph (C), by striking ‘‘subpara13 graph (B)(i)’’ and inserting ‘‘subparagraph (B)’’. 

14 (c) COST RECOVERY.—The Federal Deposit Insur15 ance Corporation (in this section referred to as the ‘‘Cor16 poration’’) shall fully offset, in each calendar year, any 

17 estimated losses to the Deposit Insurance Fund estab18 lished under section 11(a)(4) of the Federal Deposit In19 surance Act (12 U.S.C. 1821(a)(4)) that may occur as a 

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

21 (b) of this section, by— 

22 (1) estimating the losses, if any, that are ex23 pected to occur for each calendar year; and 

24 (2) collecting an amount equal to such esti25 mated losses by September 30 of such calendar year, 


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1 which shall be in addition to the assessments that 

2 would otherwise be collected by the Corporation with 

3 respect to such year for insured depository institu4 tions (as defined in section 3(c)(2) of that Act (12 

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

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

7 SEC. 2. INSURED CREDIT UNION TRANSACTION ACCOUNT 

8 GUARANTEE PROGRAM. 

9 (a) EXTENSION.—Notwithstanding any other provi10 sion of law that would repeal subparagraphs (A) and (B) 

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

12 U.S.C. 1787(k)(1)) on January 1, 2013, such subpara13 graphs shall remain in effect until December 31, 2014. 

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

15 2015, section 207(k)(1) of the Federal Credit Union Act 

16 (12 U.S.C. 1787(k)(1)) is amended— 

17 (1) in subparagraph (A)— 

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

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

20 amount’’ in clause (i), and inserting the fol21 lowing: 

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

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

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


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1 (2) in subparagraph (B), by striking ‘‘subpara2 graph (A)(i)’’ and inserting ‘‘subparagraph (A)’’. 

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

4 Administration (in this section referred to as the ‘‘Admin5 istration’’) shall fully offset, in each calendar year, any 

6 estimated losses to the National Credit Union Share In7 surance Fund established under section 203(a) of the Fed8 eral Credit Union Act (12 U.S.C. 1783(a)) that may occur 

9 as a result of the amendments made under subsections 

10 (a) and (b) of this section, by— 

11 (1) estimating the losses, if any, that are ex12 pected to occur for each calendar year; and 

13 (2) collecting an amount equal to such esti14 mated losses by September 30 of such calendar year, 

15 which shall be in addition to the assessments that 

16 would otherwise be collected by the Administration 

17 with respect to such year for insured credit unions 

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

19 1752)) pursuant to section 202 of that Act (12 

20 U.S.C. 1782). 


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112TH CONGRESS 

2D SESSION S. 3637 

A BILL 

To temporarily extend the transaction account 

guarantee program, and for other purposes. 

NOVEMBER 27, 2012 

Read the second time and placed on the calendar 


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