US SB2999

FDIC and NCUA would insure noninterest-bearing transaction accounts up to $10,000,000 per depositor, in addition to the standard maximum deposit insurance amount

Noninterest-bearing transaction accounts are defined as accounts that pay no interest, allow withdrawals via checks or electronic transfers, and have no advance notice requirements for withdrawals

Global systemically important bank holding companies (G-SIBs) and insured branches of foreign banks are excluded from the enhanced coverage

Insured depository institutions with $10 billion or less in total assets are exempt from special assessments and assessment increases related to this expanded coverage during the transition period

FDIC and NCUA must each publish a 10-year transition plan within 1 year of enactment to gradually phase in the new insured deposits into reserve ratio calculations