Federal Deposit Insurance Reform Act

Federal Deposit Insurance Reform Act - Limits to $100,000 the aggregate amount of deposits of any person that may be insured by the Federal Deposit Insurance Corporation (FDIC), the Federal Savings and Loan Insurance Corporation (FSLIC), and the National Credit Union Administration (NCUA).

Prohibits the provision of Federal deposit insurance unless the depositor: (1) elects such insurance for each account; and (2) submits a deposit insurance guarantee declaration stating that the aggregate deposits insured do not exceed $100,000 or identifying all accounts for which such person has elected deposit insurance. Prescribes the priority for deposit insurance coverage in the case of multiple accounts, with highest priority granted to accounts opened most recently.

Imposes a criminal penalty for fraudulent attempts to obtain deposit insurance in excess of the limitation.

Establishes insurance payment procedures for insured deposits in accounts at closed depository institutions. Provides for continued insurance eligibility for depositors who receive insurance payments, except that no depositor may receive more than $100,000 in Federal deposit insurance payments in any six-month period.

Directs the FDIC, FSLIC, and NCUA to jointly establish reporting and recordkeeping requirements and regulations to carry out this Act.