Rep. Frank Lucas
Toward supporting community banks across the country, U.S. Rep. Frank Lucas (R-OK) on March 25 sponsored legislation that would modernize the nation’s deposit insurance framework, which hasn’t been meaningfully updated in 18 years.
The Main Street Depositor Protection Act, H.R. 8087, would direct the Federal Deposit Insurance Commission and National Credit Union Administration to issue a rule that would update the standard maximum deposit insurance amount up to $5 million for noninterest-bearing transaction accounts.
“The Main Street Depositor Protection Act ensures banks of all sizes continue to play a fundamental role in driving economic growth in their communities,” Rep. Lucas said. “I’m proud to support President Trump’s Main Street agenda by introducing a targeted bill that preserves Oklahoma banks’ competitiveness and enhances financial stability across the nation.”
The legislation is endorsed by Independent Community Bankers of America, the Mid-Size Bank Coalition of America, Community Bankers of Oklahoma, and the Oklahoma Bankers Association, and has been referred for consideration to the U.S. House Financial Services Committee.
“Oklahoma has seen firsthand the need for targeted deposit insurance reform,” said Oklahoma State Banking Commissioner Mick Thompson. “We are grateful for Congressman Lucas’ leadership in introducing the Main Street Depositor Protection Act that increases the resiliency of the financial system and keeps Oklahoma banks strong.”