Federal Deposit Insurance Reform Act
Federal Deposit Insurance
of 2005, was an act of the
United States Congress
. It contained a number of changes to the
Federal Deposit Insurance Corporation
It raised the limit on
for retirement accounts from $100,000 to $250,000 and indexed the amount to
the two deposit insurance funds that the FDIC had been administering separately since the
Financial Institutions Reform, Recovery, and Enforcement Act of 1989
. FIRREA abolished the former
Federal Savings and Loan Insurance Corporation
and created a new
, to be administered by the FDIC.
, longer-standing fund administered by the FDIC was the Bank Insurance Fund. SAIF and BIF were combined into the Depositor Insurance Fund.
It provided credits to banks that had paid into the deposit insurance funds in the
, in the aftermath of the
savings and loan crisis
It imposed a
that the FDIC issue rebates to the
if the level of the deposit insurance fund rises above 1.5% of the total insured deposits.