Depositor Protection Act of 1985

[AI summary unavailable — showing source text] Depositor Protection Act of 1985 - Title I: Required Deposit Insurance - Part A: Federal Deposit Insurance Corporation Amendments - Amends the Federal Deposit Insurance Act to require the deposits of all State banks (including institutions which receive trust funds) to be insured by the Federal Deposit Insurance Corporation (FDIC) or an approved State program. Provides that any State bank that applies and is rejected for FDIC insurance shall be an interim insured bank for purposes of such Act. Limits to $10,000 the maximum amount of deposits such a bank may insure for any depositor. Requires such limitation to be prominently displayed. Requires the FDIC Board of Directors to inform each interim insured bank of the reasons for denying its insurance application. Allows such a bank five years to remedy such reasons or have its interim insured status terminated. Prohibits an insured bank from terminating its insured status unless it ceases to engage in the business of receiving deposits or its insured status is terminated by the FDIC Board. Terminates a bank's authority to receive deposits two years after its insured status is terminated. Part B: Federal Savings and Loan Insurance Corp…