To amend the Federal Deposit Insurance Act to modify deposit insurance coverage for depository institutions.
Deposit Insurance Modification Act of 1991 - Amends the Federal Deposit Insurance Act to exclude from the definition of "insured deposit" certain deposits which: (1) obligate the depository institution to credit interest at a guaranteed rate specified in, or determined pursuant to, the contract with respect to deposits made after the initial deposit; or (2) permit any pre-maturity withdrawal without a substantial penalty.
Defines "employee benefit plan" and "substantial penalty" for purposes of such Act.
Introduced in House
Introduced in House
Referred to the House Committee on Banking, Finance + Urban Affrs.
Referred to the Subcommittee on Financial Institutions Supervision, Regulation and Insurance.
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