I 
119TH CONGRESS 
1ST SESSION H. R. 4551 
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 
JULY 21, 2025 
Ms. WATERS introduced the following bill; which was referred to the Com-
mittee on Financial Services, and in addition to the Committee on Rules, 
for a period to be subsequently determined by the Speaker, in each case 
for consideration of such provisions as fall within the jurisdiction of the 
committee concerned 
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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