I 
118TH CONGRESS 
2D SESSION H. R. 10542 
To amend the Federal Deposit Insurance Act and the Federal Credit Union 
Act to authorize a temporary transaction account guarantee program, 
expand deposit and share insurance to cover business payment accounts, 
and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
DECEMBER 19, 2024 
Ms. WATERS introduced the following bill; which was referred to the 
Committee on Financial Services 
A BILL 
To amend the Federal Deposit Insurance Act and the Fed-
eral Credit Union Act to authorize a temporary trans-
action account guarantee program, expand deposit and 
share insurance to cover business payment accounts, and 
for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Employee Paycheck 
and Small Business Protection Act’’. 
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SEC. 2. EXPANDED INSURANCE COVERAGE FOR BUSINESS 
PAYMENT ACCOUNTS. 
(a) INSURED DEPOSITORY INSTITUTIONS.— 
(1) IN GENERAL.—Section 11(a) of the Federal 
Deposit Insurance Act (12 U.S.C. 1821(a)) is 
amended— 
(A) in paragraph (1)(B), by striking ‘‘The 
net amount’’ and inserting ‘‘Except as provided 
in paragraph (6), the net amount’’; and 
(B) by adding at the end the following: 
‘‘(6) EXPANDED
INSURANCE
COVERAGE
FOR 
BUSINESS PAYMENT ACCOUNTS.— 
‘‘(A) 
INSURANCE
REQUIRED.—Notwith-
standing paragraph (1), the Corporation shall 
establish a program under which the Corpora-
tion shall fully insure the deposits that any de-
positor at an insured depository institution 
maintains in a covered transaction account in 
accordance with subparagraph (B). 
‘‘(B) AMOUNT.—The Corporation may 
only provide insurance for deposits under sub-
paragraph (A) in an amount of net deposits up 
to $100,000,000 per depositor per depository 
institution. 
‘‘(C) EXCLUSION FROM NET AMOUNT OF 
INSURED DEPOSITS.—Any amount of deposits 
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insured under this paragraph shall not be taken 
into account when computing the net amount 
due to such depositor under paragraph (1)(B). 
‘‘(D) COVERED
TRANSACTION
ACCOUNT 
DEFINED.—In this paragraph, the term ‘cov-
ered transaction account’ means a deposit or 
account maintained at an insured depository in-
stitution— 
‘‘(i) by a business, non-profit, munici-
pality, or similar organization; 
‘‘(ii) used predominantly for trans-
actions, including payroll payments, vendor 
payments, and any other regular payments 
made to support the work or mission of the 
account holder; and 
‘‘(iii) that is non-interest bearing or 
that pays interest materially below pre-
vailing market rates, as determined by the 
Corporation.’’. 
(2) APPLICABILITY.—The amendments made 
by this subsection shall apply with respect to a cov-
ered transaction account (as defined in paragraph 
(6)(D) of section 11(a) of the Federal Deposit In-
surance Act, as added by this section) on the date 
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of the issuance of a final rule described in subsection 
(d). 
(b) CREDIT UNIONS.— 
(1) IN GENERAL.—Section 207(k) of the Fed-
eral Credit Union Act (12 U.S.C. 1787(k)) is 
amended— 
(A) in paragraph (1)(A), by inserting ‘‘and 
except as provided in paragraph (7)’’ after 
‘‘paragraph (2)’’; and 
(B) by adding at the end the following: 
‘‘(7) EXPANDED
INSURANCE
COVERAGE
FOR 
BUSINESS PAYMENT ACCOUNTS.— 
‘‘(A) 
INSURANCE
REQUIRED.—Notwith-
standing paragraph (1), the Board shall estab-
lish a program under which the Board shall 
fully insure the deposits or shares in members 
accounts of an insured credit union that are 
covered transaction accounts in accordance with 
subparagraph (B). 
‘‘(B) AMOUNT.—The Board may only pro-
vide insurance under subparagraph (A) in an 
amount of the net deposits or shares up to 
$100,000,000 per member per insured credit 
union. 
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‘‘(C) EXCLUSION FROM NET AMOUNT OF 
INSURED DEPOSITS OR SHARES.—Any amount 
of deposits or shares insured under this para-
graph shall not be taken into account when 
computing the net amount due under paragraph 
(1)(A). 
‘‘(D) COVERED
TRANSACTION
ACCOUNT 
DEFINED.—In this paragraph, the term ‘cov-
ered transaction account’ means a deposit, 
share, or account maintained at an insured 
credit union— 
‘‘(i) by a business, non-profit, munici-
pality, or similar organization; 
‘‘(ii) used predominantly for trans-
actions, including payroll payments, vendor 
payments, and any other regular payments 
made to support the work or mission of the 
account holder; and 
‘‘(iii) that is non-interest bearing or 
that pays interest materially below pre-
vailing market rates, as determined by the 
Board.’’. 
(2) APPLICABILITY.—The amendments made 
by this subsection shall apply with respect to a cov-
ered transaction account (as defined in section 
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207(k)(7)(D) of the Federal Credit Union Act, as 
added by this section) on the date of the issuance of 
a final rule described in subsection (d). 
(c) DATA COLLECTION AND ANALYSIS.— 
(1) IN GENERAL.— 
(A) FDIC.—Not later than 90 days after 
the date of the enactment of this Act, the Fed-
eral Deposit Insurance Corporation shall begin 
collecting and analyzing data from insured de-
pository institutions to establish requirements 
for the program established under paragraph 
(6) of section 11(a) of the Federal Deposit In-
surance Act, as added by this Act, including to 
determine the eligibility of covered transaction 
accounts and the amount of deposits to be in-
sured under such program, as appropriate. 
(B) NCUA.—Not later than 90 days after 
the date of the enactment of this Act, the Na-
tional Credit Union Administration Board shall 
begin collecting and analyzing data from in-
sured credit unions to establish requirements 
for the program established under paragraph 
(7) of section 207(k) of the Federal Credit 
Union Act, as added by this Act, including to 
determine the eligibility of covered transaction 
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accounts and the amount of deposits or shares 
to be insured under such program, as appro-
priate. 
(2) ELEMENTS.—In establishing the eligibility 
of covered transaction accounts and the amount of 
deposits or shares to be insured as described in 
paragraph (1), the Federal Deposit Insurance Cor-
poration and the National Credit Union Administra-
tion Board, respectively, shall consider the following: 
(A) The eligibility of covered transaction 
accounts and the maximum insurance amount 
for such deposits or shares to promote safety 
and soundness of insured depository institutions 
and insured credit unions, as applicable. 
(B) The eligibility of covered transaction 
accounts and the maximum insurance amount 
for such deposits or shares to promote stability 
of the financial system of the United States. 
(C) The eligibility of covered transaction 
accounts and the maximum insurance amount 
for such deposits or shares to promote a com-
petitive depository market structure that, as ap-
plicable, includes— 
(i) minority depository institutions (as 
defined in section 308 of the Financial In-
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stitutions Reform, Recovery, and Enforce-
ment Act of 1989) and minority insured 
credit unions; 
(ii) rural depository institutions and 
rural insured credit unions; 
(iii) depository institutions and credit 
unions that are community development fi-
nancial institutions (as defined in section 
103(5) of the Riegle Community Develop-
ment and Regulatory Improvement Act of 
1994); and 
(iv) other large, small, and medium- 
sized insured depository institutions and 
insured credit unions. 
(D) The eligibility of covered transaction 
accounts and the maximum insurance amount 
for such deposits or shares to ensure holders of 
covered transaction accounts would be able to 
meet payment obligations in a timely fashion, 
including payroll and vendor payment obliga-
tions. 
(E) The expected effect of assessment or 
premium adjustments on insured depository in-
stitutions and insured credit unions, as applica-
ble. 
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(3) PUBLICATION.—Not later than 18 months 
after the date of the enactment of this Act, the Fed-
eral Deposit Insurance Corporation and the National 
Credit Union Administration Board shall— 
(A) make publicly available a report with 
detailed analyses conducted under this sub-
section, including aggregated data; and 
(B) make available to the Committee on 
Financial Services of the House of Representa-
tives and Committee on Banking, Housing, and 
Urban Affairs of the Senate the data collected 
under this subsection. 
(d) RULEMAKING.— 
(1) PROPOSED RULEMAKING.— 
(A) IN
GENERAL.—Not later than 18 
months after the date of the enactment of this 
Act, the Federal Deposit Insurance Corporation 
and the National Credit Union Administration 
Board shall each issue a proposed rule to carry 
out the requirements of this section and the 
amendments made by this section. 
(B) ADDITIONAL
REQUIREMENTS.—The 
Federal Deposit Insurance Corporation and the 
National Credit Union Administration Board 
shall consult with the Board of Governors of 
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the Federal Reserve System and the Comp-
troller of the Currency before issuing a pro-
posed rule required under subparagraph (A). 
(C) TESTIMONY.—The Chairperson of the 
Federal Deposit Insurance Corporation and the 
Chairman of the National Credit Union Admin-
istration Board shall testify before the Finan-
cial Services Committee of the House of Rep-
resentatives and Committee on Banking, Hous-
ing, and Urban Affairs of the Senate, at a time 
determined by the Chairs of those Committees 
that is after the date on which the proposed 
rule described in subparagraph (A) is issued. 
(2) FINAL RULEMAKING.— 
(A) IN
GENERAL.—Not later than 30 
months after the date of the enactment of this 
Act, the Federal Deposit Insurance Corporation 
and the National Credit Union Administration 
Board shall each issue a final rule to carry out 
the requirements of this section and the amend-
ments made by this section. 
(B) JOINT DETERMINATIONS REQUIRED.— 
Each rule described under subparagraph (A) 
shall contain the following, which shall be joint-
ly determined by the Federal Deposit Insurance 
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Corporation and the National Credit Union Ad-
ministration Board: 
(i) A definition of the term ‘‘deposits’’ 
and ‘‘deposits or shares’’ that applies to 
both programs. 
(ii) A maximum insurance amount for 
deposits or shares held in a covered trans-
action account that applies to both pro-
grams. 
(3) FAILURE TO ISSUE A FINAL RULE.—If the 
Federal Deposit Insurance Corporation or the Na-
tional Credit Union Administration Board do not 
issue a final rule required under paragraph (2) be-
fore the deadline described in that paragraph— 
(A) the Chair of each agency failing to 
issue a final rule shall— 
(i) testify before the Committee on Fi-
nancial Services of the House of Rep-
resentatives and Committee on Banking, 
Housing, and Urban Affairs of the Senate 
regarding the reasons why the agency has 
not yet issued a final rule; and 
(ii) submit a report to such Commit-
tees that includes— 
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(I) an assessment of the benefits 
and challenges posed by expanding de-
posit or share insurance as required, 
as applicable, under the program es-
tablished under paragraph (6) of sec-
tion 11(a) of the Federal Deposit In-
surance Act (as added by this Act) 
and the program established under 
paragraph (7) of section 207(k) of the 
Federal Credit Union Act (as added 
by this Act); and 
(II) any recommendations for ad-
ministrative or legislative modifica-
tions; 
(B) the Comptroller General of the United 
State shall conduct a review of the reports re-
quired under subsection (c), along with any 
other relevant data, and submit to Congress a 
report on— 
(i) the benefits and challenges posed 
by— 
(I) 
the 
program 
established 
under paragraph (6) of section 11(a) 
of the Federal Deposit Insurance Act, 
as added by this Act; and 
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(II) 
the 
program 
established 
under paragraph (7) of section 207(k) 
of the Federal Credit Union Act, as 
added by this Act; and 
(ii) any recommendations for legisla-
tive or regulatory actions. 
(e) EXTENSION OF DEPOSIT INSURANCE FUND AND 
NATIONAL CREDIT UNION SHARE INSURANCE FUND 
RESTORATION PLANS.—A Deposit Insurance Fund res-
toration plan (as defined under section 7(b)(3)(E) of the 
Federal 
Deposit 
Insurance 
Act 
(12 
U.S.C. 
1817(b)(3)(E))) or a restoration plan for the National 
Credit Union Share Insurance Fund (as described in sec-
tion 202(c)(2)(D) of the Federal Credit Union Act (12 
U.S.C. 1782(c)(2)(D))) in effect on the date of the enact-
ment of this Act shall be extended for a period of 8 years 
beginning on the effective date of a final rule issued by 
the applicable agency pursuant to subsection (d). 
SEC. 3. TEMPORARY TRANSACTION ACCOUNT GUARANTEE 
PROGRAM. 
(a) INSURED DEPOSITORY INSTITUTIONS.—Section 
13 of the Federal Deposit Insurance Act (12 U.S.C. 1823) 
is amended by adding at the end the following: 
‘‘(l) INSURANCE OF CERTAIN UNINSURED DEPOSITS 
TO PRESERVE FINANCIAL STABILITY.— 
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‘‘(1) ESTABLISHMENT
OF
PROGRAM
FRAME-
WORK.—The Corporation shall, by rule, establish a 
framework for a Temporary Transaction Account 
Guarantee Program (the ‘Program’) under which 
the Corporation fully insures the net amount any de-
positor at an insured depository institution main-
tains in a covered transaction account for a single 
period not to exceed 180 days. 
‘‘(2) IMPLEMENTATION.—The Corporation may 
implement the Program only if, upon the written 
recommendation of the Board of Directors (upon a 
vote of not less than two-thirds of the members of 
the Board of Directors) and the Board of Governors 
of the Federal Reserve System (upon a vote of not 
less than two-thirds of the members of such Board), 
the Secretary of the Treasury (in consultation with 
the President) determines that the failure to imple-
ment the program would have serious adverse effects 
on financial stability or economic conditions in the 
United States. 
‘‘(3) ELIGIBILITY.—An insolvent insured depos-
itory institution is not eligible to be enrolled in the 
Program. 
‘‘(4) FUNDING.—In implementing the Program, 
the Corporation may— 
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‘‘(A) establish assessments on insured de-
pository institutions that participate in the Pro-
gram; and 
‘‘(B) use amounts available in the Deposit 
Insurance Fund. 
‘‘(5) EXTENSION.—The Corporation may ex-
tend the period described in paragraph (2) for an 
additional 90 days if— 
‘‘(A) the Board of Directors (upon a vote 
of not less than two-thirds of the members of 
the Board of Directors), the Board of Gov-
ernors of the Federal Reserve System (upon a 
vote of not less than two-thirds of the members 
of such Board), and the Secretary (in consulta-
tion with the President) determines that the 
failure to extend such program would have seri-
ous adverse effects on financial stability or eco-
nomic conditions in the United States; and 
‘‘(B) the Secretary of the Treasury sub-
mits to Congress a report containing data and 
analysis, including data and analysis from the 
Board of Directors and the Board of Governors 
of the Federal Reserve System, justifying such 
extension. 
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‘‘(6) TESTIMONY.—Not later than 45 days after 
any implementation of the Program, the Chairperson 
of the Board of Directors, the Chairman of the 
Board of Governors of the Federal Reserve System, 
and the Secretary of the Treasury shall provide tes-
timony to the Committee on Financial Services Com-
mittee of the House of Representatives and the 
Committee on Banking, Housing, and Urban Affairs 
of the Senate describing the data, analysis, and jus-
tification for implementing the Program. 
‘‘(7) GAO REPORT.—Not later than 90 days 
after any implementation of the Program, the Comp-
troller General of the United States shall submit to 
Congress a report describing the implementation of 
the Program. 
‘‘(8) COVERED
TRANSACTION
ACCOUNT
DE-
FINED.—In this subsection, the term ‘covered trans-
action account’ means a transaction account that is 
non-interest bearing or that pays interest materially 
below prevailing market rates, as determined by the 
Corporation. 
‘‘(9) TERMINATION.— 
‘‘(A) IN
GENERAL.—Any implementation 
of the Program shall terminate not later than 
270 days after the date of implementation un-
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less the Board of Directors (upon a vote of not 
less than two-thirds of the members of the 
Board of Directors) and the Board of Gov-
ernors of the Federal Reserve System (upon a 
vote of not less than two-thirds of the members 
of such Board) submits to the Secretary of the 
Treasury a written recommendation to not ter-
minate the program, and— 
‘‘(i) the Secretary of the Treasury— 
‘‘(I) submits to Congress a report 
containing data and analysis to justify 
not terminating the Program that in-
cludes data and analysis from the 
Board of Directors and the Board of 
Governors of the Federal Reserve Sys-
tem; and 
‘‘(II) requests approval from 
Congress to extend the Program for a 
specified period of time; and 
‘‘(ii) a joint resolution of approval is 
enacted to extend the Program. 
‘‘(B) PROCEDURES
FOR
JOINT
RESOLU-
TION OF APPROVAL.—The procedures provided 
for congressional consideration of a joint resolu-
tion under section 1105(d) of the Dodd-Frank 
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Wall Street Reform and Consumer Protection 
Act shall apply to a joint resolution of approval 
described under subparagraph (A)(ii).’’. 
(b) INSURED CREDIT UNIONS.—Section 207 of the 
Federal Credit Union Act (12 U.S.C. 1787) is amended 
by adding at the end the following: 
‘‘(s) INSURANCE OF CERTAIN UNINSURED DEPOSITS 
TO PRESERVE FINANCIAL STABILITY.— 
‘‘(1) IN GENERAL.—The National Credit Union 
Administration Board may establish a program 
under which the Board fully insures the net amount 
in member accounts of an insured credit union that 
are covered transaction accounts for a single period 
not to exceed 180 days if, upon the written rec-
ommendation of such Board (upon a vote of not less 
than two-thirds of the members of such Board) and 
the Board of Governors of the Federal Reserve Sys-
tem (upon a vote of not less than two-thirds of the 
members of such Board), the Secretary of the Treas-
ury (in consultation with the President) determines 
that the failure to establish such program would 
have serious adverse effects on financial stability or 
economic conditions in the United States. 
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‘‘(2) ELIGIBILITY.—An insolvent insured credit 
union is not eligible to be enrolled in a program es-
tablished under this subsection. 
‘‘(3) FUNDING.—To carry out a program under 
this subsection, the Board may— 
‘‘(A) establish assessments on insured 
credit unions that participate in such a pro-
gram; and 
‘‘(B) use amounts available in the Fund. 
‘‘(4) EXTENSION.—The National Credit Union 
Administration Board may extend the period de-
scribed in paragraph (1) for an additional 90 days 
if— 
‘‘(A) the National Credit Union Adminis-
tration Board (upon a vote of not less than 
two-thirds of the members of such Board), the 
Board of Governors of the Federal Reserve Sys-
tem (upon a vote of not less than two-thirds of 
the members of such Board), and the Secretary 
of the Treasury (in consultation with the Presi-
dent) determines that the failure to extend such 
program would have serious adverse effects on 
financial stability or economic conditions in the 
United States; and 
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‘‘(B) the Secretary of the Treasury sub-
mits to Congress a report containing data and 
analysis, including data and analysis from the 
Board of Directors and the Board of Governors 
of the Federal Reserve System, justifying such 
extension. 
‘‘(5) TESTIMONY.—Not later than 45 days after 
the establishment of a program under this sub-
section, the Chairman, the Chairman of the Board 
of Governors of the Federal Reserve System, and the 
Secretary of the Treasury shall provide testimony to 
the Committee on Financial Services of the House of 
Representatives and the Committee on Banking, 
Housing, and Urban Affairs of the Senate describing 
the data, analysis, and justification for establishing 
the program under this subsection. 
‘‘(6) GAO REPORT.—Not later than 90 days 
after the establishment of a program under this sub-
section, the Comptroller General of the United 
States shall submit to Congress a report describing 
the establishment of such program. 
‘‘(7) COVERED
TRANSACTION
ACCOUNT
DE-
FINED.—In this subsection, the term ‘covered trans-
action account’ means a transaction account that is 
non-interest bearing or that pays interest materially 
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below prevailing market rates, as determined by the 
National Credit Union Administration Board. 
‘‘(8) TERMINATION.— 
‘‘(A) IN GENERAL.—A program established 
under this subsection shall terminate not later 
than 270 days after the date of establishment 
unless the Board (upon a vote of not less than 
two-thirds of the members of such Board) and 
the Board of Governors of the Federal Reserve 
System (upon a vote of not less than two-thirds 
of the members of such Board) submits to the 
Secretary of the Treasury a written rec-
ommendation to not terminate the program, 
and— 
‘‘(i) the Secretary of the Treasury— 
‘‘(I) submits to Congress a report 
containing data and analysis to justify 
not terminating the program that in-
cludes data and analysis from the 
Board and the Board of Governors of 
the Federal Reserve System; and 
‘‘(II) requests approval from 
Congress to extend the program for a 
specified period of time; and 
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