Deposit Insurance Fund Merger of Bank Insurance Fund and Savings Association Insurance Fund
FIL-36-2006 April 27, 2006
The Federal Deposit Insurance Corporation (FDIC) merged the Bank Insurance Fund (BIF) and the Savings Association Insurance Fund (SAIF) to form the Deposit Insurance Fund (DIF), effective March 31, 2006. This action was pursuant to the provisions in the Federal Deposit Insurance Reform Act of 2005. The FDIC has amended its regulations to reflect the funds merger. The final rule is attached.
Section 2102(a) of the Federal Deposit Insurance Reform Act of 2005 required that the FDIC merge the BIF and the SAIF to form the Deposit Insurance Fund no later than July 1, 2006.
The FDIC effectuated the merger of the BIF and the SAIF as of March 31, 2006.
As a result of the merger of the funds, the BIF and the SAIF were abolished.
The FDIC issued conforming amendments to its regulations reflecting the funds merger. The regulations were issued and took effect on April 21, 2006.