[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 3637 Referred to Committee Senate (RTS)]

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.

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

SECTION 1. INSURED DEPOSITORY INSTITUTION TRANSACTION ACCOUNT GUARANTEE 
              PROGRAM.

    (a) Extension.--Notwithstanding any other provision of law that 
would repeal subparagraphs (B) and (C) of section (11)(a)(1) of the 
Federal Deposit Insurance Act (12 U.S.C. 1821(a)(1)) on January 1, 
2013, such subparagraphs shall remain in effect until December 31, 
2014.
    (b) Prospective Repeal.--Effective on January 1, 2015, section 
11(a)(1) of the Federal Deposit Insurance Act (12 U.S.C. 1821(a)(1)) is 
amended--
            (1) in subparagraph (B)--
                    (A) by striking ``deposit.--'' and all that follows 
                through ``clause (ii), the net amount'' in clause (i), 
                and inserting ``deposit.--The net amount''; and
                    (B) by striking clauses (ii) and (iii); and
            (2) in subparagraph (C), by striking ``subparagraph 
        (B)(i)'' and inserting ``subparagraph (B)''.
    (c) Cost Recovery.--The Federal Deposit Insurance Corporation (in 
this section referred to as the ``Corporation'') shall fully offset, in 
each calendar year, any estimated losses to the Deposit Insurance Fund 
established under section 11(a)(4) of the Federal Deposit Insurance Act 
(12 U.S.C. 1821(a)(4)) that may occur as a result of the amendments 
made under subsections (a) and (b) of this section, by--
            (1) estimating the losses, if any, that are expected to 
        occur for each calendar year; and
            (2) collecting an amount equal to such estimated losses by 
        September 30 of such calendar year, which shall be in addition 
        to the assessments that would otherwise be collected by the 
        Corporation with respect to such year for insured depository 
        institutions (as defined in section 3(c)(2) of that Act (12 
        U.S.C. 1813(c)(2))) pursuant to section 7(b) of that Act (12 
        U.S.C. 1817(b)).

SEC. 2. INSURED CREDIT UNION TRANSACTION ACCOUNT GUARANTEE PROGRAM.

    (a) Extension.--Notwithstanding any other provision of law that 
would repeal subparagraphs (A) and (B) of section 207(k)(1) of the 
Federal Credit Union Act (12 U.S.C. 1787(k)(1)) on January 1, 2013, 
such subparagraphs shall remain in effect until December 31, 2014.
    (b) Prospective Repeal.--Effective on January 1, 2015, section 
207(k)(1) of the Federal Credit Union Act (12 U.S.C. 1787(k)(1)) is 
amended--
            (1) in subparagraph (A)--
                    (A) by striking ``(A) In general .--'' and all that 
                follows through ``paragraph (2), the net amount'' in 
                clause (i), and inserting the following:
            ``(1) In general.--Subject to the provisions of paragraph 
        (2), the net amount''; and
                    (B) by striking clauses (ii) and (iii); and
            (2) in subparagraph (B), by striking ``subparagraph 
        (A)(i)'' and inserting ``subparagraph (A)''.
    (c) Cost Recovery.--The National Credit Union Administration (in 
this section referred to as the ``Administration'') shall fully offset, 
in each calendar year, any estimated losses to the National Credit 
Union Share Insurance Fund established under section 203(a) of the 
Federal Credit Union Act (12 U.S.C. 1783(a)) that may occur as a result 
of the amendments made under subsections (a) and (b) of this section, 
by--
            (1) estimating the losses, if any, that are expected to 
        occur for each calendar year; and
            (2) collecting an amount equal to such estimated losses by 
        September 30 of such calendar year, which shall be in addition 
        to the assessments that would otherwise be collected by the 
        Administration with respect to such year for insured credit 
        unions (as defined in section 101 of that Act (12 U.S.C. 1752)) 
        pursuant to section 202 of that Act (12 U.S.C. 1782).
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