The Federal Deposit Insurance Reform Act does not cover retirement accounts. Retirement accounts such as 401(k)s, IRAs, and other qualified retirement plans are not insured by the FDIC.

Federal Deposit Insurance Reform Act

The Federal Deposit Insurance Reform Act 2005 (Title II, subtitle B of Pub. I. 109–171 (text) (PDF)110 State. 9enacted February 8, 2006with partner status, Federal Amendments Act Pursuant to the Deposit Insurance Reform of 2005, Pub. I. 109–173 (text) (PDF)119 State. 3601enacted February 15, 2006), was an act of United States Congress in banking regulation. Contains a number of changes to the Federal Deposit Insurance Corporation (FDC).

  • He raised the limit of Deposit insurance for $100,000 to $250,000 retirement accounts and indexed the amount to inflation.
  • It merged the two deposit insurance funds that the FDIC had managed separately since Financial Institution Reform, Recovery and Enforcement Act of 1989 (FIRREIRA). FIRREA abolished the old Federal Savings and Loan Insurance Corporation (FSLIC) and created a new insurance fund, Savings Association Insurance Fund (SAIF), to be administered by the FDIC. The other older fund managed by the FDIC was the Bank Insurance Fund (BIF). The SAIF and the BIF were combined into the Depositor Insurance Fund (DIF).
  • It provided credit to banks that had paid deposit insurance funds in the early 1990s after the savings and loan crisis.
  • He imposed a requirement that the FDIC issue discounts to the banking industry if the level of the deposit insurance fund rose above 1.5% of total insured deposits.
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Source: Federal Deposit Insurance Reform Act
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