Main Street Depositor Protection Act

This bill, the Main Street Depositor Protection Act, expands deposit insurance coverage for noninterest-bearing transaction accounts at banks and credit unions to help protect everyday consumers' savings. It allows the Federal Deposit Insurance Corporation to set a maximum insurance limit for these accounts between the standard $250,000 and $5 million, with the exact amount determined by rules that consider banking stability and economic growth. The expansion applies to smaller community banks and credit unions with assets of $10 billion or less, which are exempt from special assessments during a transition period. Over a 10-year period, the insurance coverage for these accounts will gradually increase to cover the full amount up to the established limit, while larger banks and foreign bank branches remain excluded from this new coverage.