; and (ii) by adding at the end the following new clauses: (ii) Authorization for insurance for transaction accounts Notwithstanding clause (i), the Corporation may fully insure the net amount that any depositor at an insured depository institution maintains in a transaction account. Such amount shall not be taken into account when computing the net amount due to such depositor under clause (i). (iii) Transaction account defined For purposes of this subparagraph, the term transaction account has the meaning given that term under section 19 of the Federal Reserve Act ( 12 U.S.C. 461 ). ; and (B) in subparagraph (C), by striking subparagraph (B) and inserting subparagraph (B)(i) . (2) Prospective repeal Effective January 1, 2022, section 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 (ii) by striking clauses (ii) and (iii); and (B) in subparagraph (C), by striking subparagraph (B)(i) and inserting subparagraph (B) . (b) Credit unions (1) Amendments Section 207(k)(1) of the Federal Credit Union Act ( 12 U.S.C. 1787(k)(1) ) is amended— (A) in subparagraph (A)— (i) by striking Subject to the provisions of paragraph (2), the net amount and inserting the following: (i) Net amount of insurance payable Subject to clause (ii) and the provisions of paragraph (2), the net amount