Clerk session vote number: 43
Description: UNCLAIMED DEPOSITS AMENDMENTS ACT OF 1993
Bill summary: Amends the Federal Deposit Insurance Act to require the Federal Deposit Insurance Corporation (FDIC) to send: (1) a first notice to all insured depositors within 30 days after beginning to pay off depositors that they must claim their deposits from the FDIC (or from any transferee institution if the deposit has been transferred); and (2) a second notice after 15 months after beginning to pay off depositors to all those who have not responded to the first notice. Requires the FDIC to transfer,
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within 18 months after beginning to pay off depositors, any unclaimed deposits to the State of a depositor's last known address (or, if the address is outside the United States, to the State in which the failed institution had its main office). Permits an insured depositor to claim from the FDIC after the 18-month period any deposit a State has refused to accept, but only until the receivership is terminated.
Permits States to keep an unclaimed deposit for ten years, after which, if remaining unclaimed, it must refund the deposit to the FDIC.
Makes a specified rule for receiverships in progress before the enactment of this Act.
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Bill titles: To amend the Federal Deposit Insurance Act to provide for extended periods of time for claims on insured deposits.
Links for more info on the vote: congress.gov