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, 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.
Motion to reconsider laid on the table Agreed to without objection.
The title of the measure was amended. Agreed to without objection.
Received in the Senate.
Read twice. Placed on Senate Legislative Calendar under General Orders. Calendar No. 33.
Measure laid before Senate by unanimous consent. (consideration: CR S2777)
Amendment SP 387 proposed by Senator Mitchell for Senator Riegle.
Amendment SP 387 agreed to in Senate by Voice Vote.
Passed/agreed to in Senate: Passed Senate with an amendment by Voice Vote.(consideration: CR S6730-6731)
Passed Senate with an amendment by Voice Vote. (consideration: CR S6730-6731)
Message on Senate action sent to the House.
Mr. Neal (NC) asked unanimous consent that the House agree to the Senate amendments.
Resolving differences -- House actions: On motion that the House agree to the Senate amendments Agreed to without objection.(consideration: CR H3355)
On motion that the House agree to the Senate amendments Agreed to without objection. (consideration: CR H3355)
Motion to reconsider laid on the table Agreed to without objection.
Presented to President.
Presented to President.
Signed by President.
Signed by President.
Became Public Law No: 103-44.
Became Public Law No: 103-44.
Enacted as Public Law 103-44
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