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CBA Publications >> Members' Only Publications >> Current Events

Current Events - 02/10/2003

Deposit Insurance Reform Bill Introduced in House (introduced on Feb. 4)

On Tuesday, February 4th, House Financial Services Financial Institutions and Consumer Credit Subcommittee Chairman Spencer Bachus (R-AL) introduced a deposit insurance reform bill (H.R. 522) which is identical to the bill that passed the House last May (H.R. 3717) by a vote of 408-18. As approved by the House last year, the bill: merges the BIF and SAIF; increases the deposit insurance coverage limit to $130,000 and indexes future coverage limits to inflation; increases coverage for municipal deposits; doubles the IRA coverage limit; eliminates the 23-cent cliff effect; addresses the issue of premium payments by fast growing institutions that have not made premium payments to reflect that growth under the current system; allows FDIC the flexibility to set a DRR between 1.15 and 1.4; and provides for a cap on the growth of the insurance fund, with appropriate dividend payments when the fund reaches 1.35. While ABA/CBA supported House passage of H.R. 3717 in the 107th Congress, we opposed a provision in the bill that reduced deposit insurance premiums by half for institutions that offer qualified lifeline bank accounts. ABA/CBA objects to setting a precedent whereby deposit premiums is determined by something besides economics and risk.

H.R. 522 has 27 original cosponsors, including Committee Chairman Mike Oxley (R-OH) and Ranking Member Barney Frank (D-MA).

The following meetings have been scheduled between CBA members and their elected officials. If you would like more information on these meetings, or would like to participate in any of the meetings, please contact Mary Boruff at (916) 441-7377, ext. 207. If you are not available, please consider sending an officer from your bank.

Date	Time	Legislators	Location
February 13	1:20 p.m.	Senator Deborah Ortiz	State Capitol Sacramento
February 18	10:00 a.m.	Congresswoman Zoe Lofgren	San Jose
February 19	11:00 a.m.	Congressman Ed Royce	Fullerton
February 21***	1:30 p.m.	Assembly Member Rudy Bermudez *	Bellflower
February 21	2:00 p.m.	Assembly Member Mark Leno *	San Francisco
March 21	1:30 p.m.	Assembly Member Manny Diaz (CBA Facilitator: Bob Longatti)	San Jose
March 21	10:00 a.m.	Assembly Member Ken Maddox (CBA Facilitator: Rich Jett)	Costa Mesa
March 21***	10:30 a.m.	Assembly Member Juan Vargas (CBA Facilitator: Mike Jones)	Chula Vista
April 4	10:30 a.m.	Senator Dede Alpert (CBA Facilitator: Mike Jones)	San Diego
April 4	10:00 a.m.	Assembly Member Ron Calderon * (CBA Facilitator: Pat Zenzola)	Montebello
April 4***	10:00 a.m.	Senator Joe Dunn (CBA Facilitator: Rich Jett)	Garden Grove
April 4	1:00 p.m.	Senator Dennis Hollingsworth CBA Facilitator: Rich Jett)	Riverside
March 7	2:30 p.m.	Assembly Member Firebaugh	South Gate
January 31	11:00 a.m.	Assembly Member Rudy Bermudez *	Bellflower
January 31	10:00 a.m.	Senator Jeff Denham *	Modesto
January 31	10:00 a.m.	Assembly Member Leland Yee *	San Francisco
February 7	3:00 p.m..	Congresswoman Loretta Sanchez	Garden Grove
February 19	11:00 a.m.	Congressman Ed Royce	Fullerton
February 21	2:00 p.m.	Assembly Member Mark Leno *	San Francisco
February 21	1:00 p.m.	Congressman Brad Sherman	Sherman Oaks
February 21	10:30 a.m.	Assembly Member Juan Vargas	Chula Vista
February 28	2:00 p.m.	Assembly Member Greg Aghazarian *	Stockton
February 28**	10:00 a.m.	Assembly Member Bonnie Garcia *	Palm Desert
February 28	3:00 p.m.	Assembly Member Loni Hancock *	El Cerrito
March 7	2:30 p.m.	Assembly Member Firebaugh	South Gate
March 14	9:00 a.m.	Assembly Member David Cogdill	Modesto
March 14***	10:00 a.m.	Assembly Member Mark Wyland	Vista
January 31	11:00 a.m.	Assembly Member Rudy Bermudez *	Bellflower
January 31	10:00 a.m.	Senator Jeff Denham *	Modesto
January 31	10:00 a.m.	Assembly Member Leland Yee *	San Francisco
February 7	3:00 p.m..	Congresswoman Loretta Sanchez	Garden Grove
February 19	11:00 a.m.	Congressman Ed Royce	Fullerton
February 21	2:00 p.m.	Assembly Member Mark Leno *	San Francisco
February 21	1:00 p.m.	Congressman Brad Sherman	Sherman Oaks
February 21	10:30 a.m.	Assembly Member Juan Vargas	Chula Vista
February 28	2:00 p.m.	Assembly Member Greg Aghazarian *	Stockton
February 28**	10:00 a.m.	Assembly Member Bonnie Garcia *	Palm Desert
February 28	3:00 p.m.	Assembly Member Loni Hancock *	El Cerrito
March 7	2:30 p.m.	Assembly Member Firebaugh	South Gate
March 14	9:00 a.m.	Assembly Member David Cogdill	Modesto
March 14***	10:00 a.m.	Assembly Member Mark Wyland	Vista
January 31	11:00 a.m.	Assembly Member Rudy Bermudez *	Bellflower
January 31	10:00 a.m.	Senator Jeff Denham *	Modesto
January 31	10:00 a.m.	Assembly Member Leland Yee *	San Francisco
February 7	3:00 p.m..	Congresswoman Loretta Sanchez	Garden Grove
February 19	11:00 a.m.	Congressman Ed Royce	Fullerton
February 21	2:00 p.m.	Assembly Member Mark Leno *	San Francisco
February 21	1:00 p.m.	Congressman Brad Sherman	Sherman Oaks
February 21	10:30 a.m.	Assembly Member Juan Vargas	Chula Vista
February 28	2:00 p.m.	Assembly Member Greg Aghazarian *	Stockton
February 28**	10:00 a.m.	Assembly Member Bonnie Garcia *	Palm Desert
February 28	3:00 p.m.	Assembly Member Loni Hancock *	El Cerrito
March 7	2:30 p.m.	Assembly Member Firebaugh	South Gate
March 14	9:00 a.m.	Assembly Member David Cogdill	Modesto
March 14***	10:00 a.m.	Assembly Member Mark Wyland	Vista

* Freshman legislator
** Meeting rescheduled - new time
*** Meeting rescheduled - new date/time