The Federal Deposit Insurance Corp. has finalized implementation of temporary blanket coverage for non-interest-bearing transaction accounts.
The final rule implements a provision of the Dodd-Frank Act requiring all deposits in such accounts to be insured through Dec. 31, 2012.
The coverage will begin on Dec. 31 of this year. The rule is largely unchanged from a Sept. 30 proposal from the FDIC. The news was announced Tuesday.