March 25, 2026
Mr. Stutzman introduced the following bill; which was referred to the Committee on Financial Services
To require the Federal Deposit Insurance Corporation and the National Credit Union Administration to carry out an analysis to determine whether insurance coverage should be raised on covered transaction accounts, and for other purposes.
Section 1. Study of insurance of covered transaction accounts
(a) Insured depository institutions
(1) Analyses
Not earlier than the end of the 4th full calendar quarter beginning after the date of enactment of this Act and not later than the end of the 5th full calendar quarter beginning after the date of enactment of this Act, the Board of Directors of the Federal Deposit Insurance Corporation shall—
(A)
collect data and carry out an analysis of covered transaction accounts to determine the extent to which a higher standard maximum deposit insurance amount should apply to such accounts;
(B)
conduct an economic analysis of the impact on the banking system of a higher standard maximum deposit insurance amount for covered transaction accounts;
(C)
determine the defining characteristics of covered transaction accounts and determine methods to prevent and reduce incentives of insured depository institutions and depositors to mischaracterize other types of deposit accounts as covered transaction accounts in order to obtain higher deposit insurance coverage;
(D)
conduct an analysis of the distributional impact of higher deposit insurance assessments for covered transaction accounts on small, medium, and large insured depository institutions;
(E)
conduct an analysis of the expected impact on the safety and soundness of insured depository institutions that have account holders with covered transaction accounts;
(F)
conduct an analysis of the effect on competition in the U.S. banking sector of any increase in the standard maximum deposit insurance amount for covered transaction accounts; and
(G)
make the data and analyses described in subparagraphs (A) through (F) available to the public.
(2) Definitions
In this subsection:
(A) Covered transaction account
The term covered transaction account
means a transaction account maintained at an insured depository institution—
(i)
by a business, non-profit, municipality, or similar organization; and
(ii)
that—
(I)
is non-interest bearing; or
(II)
pays a de minimis amount of interest, as established by the Corporation.
(B) Standard maximum deposit insurance amount
The term standard maximum deposit insurance amount
has the meaning given that term in section 11(a)(1)(E) of the Federal Deposit Insurance Act (12 U.S.C. 1821(a)(1)(E)).
(C) Transaction account
The term transaction account
means a deposit or account from which the depositor or account holder is permitted to make transfers or withdrawals by negotiable or transferable instrument, payment order of withdrawal, telephone transfer, or other similar device for the purpose of making payments or transfers to third persons or others or from which the depositor or account holder may make third party payments at an automated teller machine or a remote service unit, or other electronic device, including by debit card, and includes such other deposits or accounts maintained at an insured depository institution that the Corporation may determine consistent with this definition.
(D) Additional banking terms
The terms deposit
and insured depository institution
have the meaning given those terms, respectively, in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813).
(b) Insured credit unions
(1) Analyses
Not earlier than the end of the 4th full calendar quarter beginning after the date of enactment of this Act and not later than the end of the 5th full calendar quarter beginning after the date of enactment of this Act, the National Credit Union Administration Board shall—
(A)
collect data and carry out an analysis of covered transaction accounts to determine the extent to which a higher standard maximum share insurance amount should apply to such accounts;
(B)
conduct an economic analysis of the impact on the credit union system of a higher standard maximum share insurance amount for covered transaction accounts;
(C)
determine the defining characteristics of covered transaction accounts and determine methods to prevent and reduce incentives of insured credit unions and credit union members to mischaracterize other types of deposit or share accounts as covered transaction accounts in order to obtain higher share insurance coverage;
(D)
conduct an analysis of the distributional impact of higher share insurance assessments for covered transaction accounts on small, medium, and large insured credit unions;
(E)
conduct an analysis of the expected impact on the safety and soundness of insured credit unions that have account holders with covered transaction accounts;
(F)
conduct an analysis of the effect on competition in the U.S. credit union sector of any increase in the standard maximum share insurance amount for covered transaction accounts; and
(G)
make the data and analyses described in subparagraphs (A) through (F) available to the public.
(2) Definitions
In this subsection:
(A) Covered transaction account
The term covered transaction account
means a transaction account maintained at an insured credit union—
(i)
by a business, non-profit, municipality, or similar organization; and
(ii)
that—
(I)
does not pay a dividend; or
(II)
pays a de minimis dividend, as established by the Board.
(B) Insured credit union
The term insured credit union
has the meaning given that term in section 101 of the Federal Credit Union Act (12 U.S.C. 1752).
(C) Standard maximum share insurance amount
The term standard maximum share insurance amount
has the meaning given that term in section 207(k)(6) of the Federal Credit Union Act (12 U.S.C. 1787(k)(6)).
(D) Transaction account
The term transaction account
means a deposit, share, or account from which the depositor or account holder is permitted to make transfers or withdrawals by negotiable or transferable instrument, payment order of withdrawal, telephone transfer, or other similar device for the purpose of making payments or transfers to third persons or others or from which the depositor or account holder may make third party payments at an automated teller machine or a remote service unit, or other electronic device, including by debit card, and includes such other deposits or accounts maintained at an insured credit union that the Board may determine consistent with this definition.