Main Street Depositor Protection Act
Sponsored By: Senator Bill Hagerty
In Committee
Summary
Expands federal deposit insurance to noninterest-bearing transaction accounts up to $10 million per depositor. The bill would create a separate insurance layer for these checking-like accounts at banks and credit unions while leaving standard insurance rules for other accounts in place.
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- Households and businesses: Would protect cash in checking-style accounts that do not earn interest by insuring noninterest-bearing transaction accounts up to $10 million in the aggregate per depositor. Coverage aggregates across accounts at subsidiaries of the same depository institution holding company.
- Banks and credit unions: The FDIC and the National Credit Union Administration would publish 10-year phase-in plans and issue implementing regulations. Insured depository institutions with $10 billion or less in assets would receive temporary relief from certain special assessments during the transition.
- Limits and enforcement: The proposal excludes foreign bank branches and subsidiaries of global systemically important banks from this new coverage. Agencies may adopt anti-evasion rules to stop shifting funds or structuring accounts to bypass the $10 million limit.
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Bill Overview
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
More credit union insurance for noninterest accounts
If enacted, the bill would insure up to $10,000,000 of your noninterest-bearing transaction accounts at insured credit unions. That extra NIBTA coverage would be in addition to ordinary share insurance and would not count against normal limits. The NCUA Board must publish a plan within 1 year to phase in counting these accounts in aggregate insured shares over 10 years. The NCUA may make rules to keep the Share Insurance Fund well-capitalized and to prevent evasion.
More FDIC insurance for noninterest accounts
If enacted, the bill would insure up to $10,000,000 of your noninterest-bearing transaction accounts at eligible U.S. banks. The FDIC would count balances at subsidiaries of the same holding company when totaling your coverage. Accounts at subsidiaries of global systemically important bank holding companies and at insured branches of foreign banks would not be covered. The FDIC must publish a plan within 1 year to phase in counting these accounts in insured-deposit estimates over 10 years.
Temporary assessment relief for small banks
If enacted, the bill would stop certain special FDIC assessments for banks with $10 billion or less in assets during the bill's transition period. Those banks also would not have to pay assessment increases that are solely meant to offset reserve-ratio effects from extending NIBTA insurance, for the same transition period.
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Sponsors & CoSponsors
Sponsor
Bill Hagerty
TN • R
Cosponsors
Sen. Alsobrooks, Angela D. [D-MD]
MD • D
Sponsored 10/9/2025
Roll Call Votes
No roll call votes available for this bill.
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