Page:United States Statutes at Large Volume 124.djvu/1570

 124 STAT. 1544 PUBLIC LAW 111–203—JULY 21, 2010 of the Federal Home Loan Bank Act (12 U.S.C. 1441a(r)(4)(A)), as in effect on the day before the transfer date. (5) OFFICE.—The term ‘‘Office’’ means the Office of Minority and Women Inclusion established by an agency under sub- section (a). (6) WOMEN-OWNED BUSINESS.—The term ‘‘women-owned business’’ has the meaning given the term ‘‘women’s business’’ in section 21A(r)(4)(B) of the Federal Home Loan Bank Act (12 U.S.C. 1441a(r)(4)(B)), as in effect on the day before the transfer date. SEC. 343. INSURANCE OF TRANSACTION ACCOUNTS. (a) BANKS AND SAVINGS ASSOCIATIONS.— (1) AMENDMENTS.—Section 11(a)(1) of the Federal Deposit Insurance Act (12 U.S.C. 1821(a)(1)) is amended— (A) in subparagraph (B)— (i) by striking ‘‘The net amount’’ and inserting the following: ‘‘(i) IN GENERAL.—Subject to clause (ii), the net amount’’; and (ii) by adding at the end the following new clauses: ‘‘(ii) INSURANCE FOR NONINTEREST-BEARING TRANS- ACTION ACCOUNTS.—Notwithstanding clause (i), the Corporation shall fully insure the net amount that any depositor at an insured depository institution maintains in a noninterest-bearing transaction account. Such amount shall not be taken into account when computing the net amount due to such depositor under clause (i). ‘‘(iii) NONINTEREST-BEARING TRANSACTION ACCOUNT DEFINED.—For purposes of this subparagraph, the term ‘noninterest-bearing transaction account’ means a deposit or account maintained at an insured depository institution— ‘‘(I) with respect to which interest is neither accrued nor paid; ‘‘(II) on which the depositor or account holder is permitted to make withdrawals by negotiable or transferable instrument, payment orders of withdrawal, telephone or other electronic media transfers, or other similar items for the purpose of making payments or transfers to third parties or others; and ‘‘(III) on which the insured depository institu- tion does not reserve the right to require advance notice of an intended withdrawal.’’; and (B) in subparagraph (C), by striking ‘‘subparagraph (B)’’ and inserting ‘‘subparagraph (B)(i)’’. (2) EFFECTIVE DATE.—The amendments made by paragraph (1) shall take effect on December 31, 2010. (3) PROSPECTIVE REPEAL.—Ef fective January 1, 2013, sec- tion 11(a)(1) of the Federal Deposit Insurance Act (12 U.S.C. 1821(a)(1)), as amended by paragraph (1), is amended— (A) in subparagraph (B)— (i) by striking ‘‘DEPOSIT.—’ ’ and all that follows through ‘‘clause (ii), the net amount’’ and insert ‘‘DEPOSIT.—The net amount’’; and Effective date. 12 USC 1821 note. 12 USC 1821 note.