surance as determined under section 11(a)(1) of the Fed-
eral Deposit Insurance Act.’’. 
(d) CONFORMING CHANGE TO CREDIT UNION SHARE 
INSURANCE FUND.— 
(1) IN GENERAL.—Section 207(k) of the Fed-
eral Credit Union Act (12 U.S.C. 1787(k)) is 
amended— 
(A) by striking ‘‘(k)(1)’’ and all that fol-
lows through the end of paragraph (1) and in-
serting the following: 
‘‘(k) INSURED AMOUNTS PAYABLE.— 
‘‘(1) NET INSURED AMOUNT.— 
‘‘(A) IN GENERAL.—Subject to the provi-
sions of paragraph (2), the net amount of share 
insurance payable to any member at an insured 
credit union shall not exceed the total amount 
of the shares or deposits in the name of the 
member (after deducting offsets), less any part 
thereof which is in excess of the standard max-
imum share insurance amount, as determined 
in accordance with this paragraph and para-
graphs (5) and (6), and consistently with ac-
tions taken by the Federal Deposit Insurance 
Corporation under section 11(a) of the Federal 
Deposit Insurance Act.
‘‘(B) 
AGGREGATION.—Determination 
of 
the net amount of share insurance under sub-
paragraph (A), shall be in accordance with such 
regulations as the Board may prescribe, and, in 
determining the amount payable to any mem-
ber, there shall be added together all accounts 
in the credit union maintained by that member 
for that member’s own benefit, either in the 
member’s own name or in the names of others. 
‘‘(C) AUTHORITY TO DEFINE THE EXTENT 
OF COVERAGE.—The Board may define, with 
such classifications and exceptions as it may 
prescribe, the extent of the share insurance cov-
erage provided for member accounts, including 
member accounts in the name of a minor, in 
trust, or in joint tenancy.’’; 
(B) in paragraph (2)— 
(i) in subparagraph (A)— 
(I) in clauses (i) through (v), by 
moving the margins 4 ems to the 
right; 
(II) in the matter following 
clause (v), by striking ‘‘his account’’ 
and all that follows through the pe-
riod; and
(III) by striking the semicolon at 
the end of clause (v) and inserting a 
period; 
(ii) by striking ‘‘(2)(A) Notwith-
standing’’ and all that follows through ‘‘a 
depositor or member who is—’’ and insert-
ing the following: 
‘‘(2) GOVERNMENT
DEPOSITORS
OR
MEM-
BERS.— 
‘‘(A) IN GENERAL.—Notwithstanding any 
limitation in this Act or in any other provision 
of law relating to the amount of insurance 
available to any 1 depositor or member, depos-
its or shares of a government depositor or mem-
ber shall be insured in an amount equal to the 
standard maximum share insurance amount (as 
determined under paragraph (5)), subject to 
subparagraph (C). 
‘‘(B) GOVERNMENT
DEPOSITOR.—In this 
paragraph, the term ‘government depositor’ 
means a depositor that is—’’; 
(iii) by striking ‘‘(B) The’’ and insert-
ing the following: 
‘‘(C) AUTHORITY
TO
LIMIT
DEPOSITS.— 
The’’; and
(iv) by striking ‘‘depositor or member 
referred to in subparagraph (A)’’ and in-
serting ‘‘government depositor or mem-
ber’’; and 
(C) by adding at the end the following new 
paragraphs: 
‘‘(4) COVERAGE FOR CERTAIN EMPLOYEE BEN-
EFIT PLAN DEPOSITS.— 
‘‘(A) PASS-THROUGH
INSURANCE.—The 
Administration shall provide pass-through share 
insurance for the deposits or shares of any em-
ployee benefit plan. 
‘‘(B) PROHIBITION
ON
ACCEPTANCE
OF 
DEPOSITS.—An insured credit union that is not 
well capitalized or adequately capitalized may 
not accept employee benefit plan deposits. 
‘‘(C) DEFINITIONS.—For purposes of this 
paragraph, the following definitions shall apply: 
‘‘(i) 
CAPITAL
STANDARDS.—The 
terms ‘well capitalized’ and ‘adequately 
capitalized’ have the same meanings as in 
section 216(c). 
‘‘(ii) EMPLOYEE
BENEFIT
PLAN.— 
The term ‘employee benefit plan’—
‘‘(I) has the meaning given to 
such term in section 3(3) of the Em-
ployee Retirement Income Security 
Act of 1974; 
‘‘(II) includes any plan described 
in section 401(d) of the Internal Rev-
enue Code of 1986; and 
‘‘(III) includes any eligible de-
ferred compensation plan described in 
section 457 of the Internal Revenue 
Code of 1986. 
‘‘(iii) PASS-THROUGH
SHARE
INSUR-
ANCE.—The term ‘pass-through share in-
surance’ means, with respect to an em-
ployee benefit plan, insurance coverage 
based on the interest of each participant, 
in accordance with regulations issued by 
the Administration. 
‘‘(D) RULE OF CONSTRUCTION.—No provi-
sion of this paragraph shall be construed as au-
thorizing an insured credit union to accept the 
deposits of an employee benefit plan in an 
amount greater than such credit union is au-
thorized to accept under any other provision of 
Federal or State law.