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Federal Deposit Insurance Reform Conforming Amendments Act of 2005

Understanding the Federal Deposit Insurance Reform Conforming Amendments Act of 2005

Q: Who does this act affect?

This act affects financial institutions, including banks and credit unions, as well as individuals with retirement accounts insured by these institutions.

Q: How can I check if my retirement account is covered under the new limits?

You can contact your financial institution or consult a financial advisor to review your account&#039;s insurance coverage.

Definition & Meaning

The Federal Deposit Insurance Reform Conforming Amendments Act of 2005 is a U.S. federal law that makes necessary technical changes to implement the Federal Deposit Insurance Reform Act of 2005. Signed into law on February 15, 2006, by President George Bush, this act primarily aims to enhance the coverage of certain retirement accounts insured by the National Credit Union Administration. It also includes various amendments that align with the deposit insurance reforms established in the Deficit Reduction Act of 2005.

Table of content

Legal Use & context

This act is relevant in the context of banking and financial regulation. It is used primarily in legal discussions surrounding deposit insurance and the regulation of credit unions. Financial institutions must comply with the provisions set forth in this act to ensure that they meet the updated insurance coverage requirements. Users may find related legal forms useful when navigating issues related to deposit insurance or retirement accounts.

Key legal elements

Real-world examples

Here are a couple of examples of abatement:

For instance, a credit union may need to adjust its insurance policies to comply with the new coverage limits established by this act. This adjustment ensures that members' retirement accounts are fully protected under federal insurance guidelines.

(Hypothetical example) A financial advisor might inform clients about the increased insurance limits for their retirement accounts due to the amendments made by this act, helping them make informed decisions about their savings.

Relevant laws & statutes

The primary law associated with this act is the Federal Deposit Insurance Reform Act of 2005. This act lays the groundwork for the reforms and amendments that the Conforming Amendments Act addresses.

Common misunderstandings

What to do if this term applies to you

If you are a member of a credit union or hold a retirement account, consider reviewing your insurance coverage to ensure it meets the new limits established by this act. You may want to consult with a financial advisor for personalized advice. Additionally, explore US Legal Forms for templates that can help you manage related legal documents efficiently.

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Quick facts

Attribute	Details
Effective Date	February 15, 2006
Coverage Increase	Specific retirement accounts
Regulatory Body	National Credit Union Administration

Key takeaways

Frequently asked questions

What is the purpose of the Federal Deposit Insurance Reform Conforming Amendments Act of 2005?

The act aims to implement technical amendments necessary for the Federal Deposit Insurance Reform Act of 2005, primarily increasing insurance coverage for certain retirement accounts.