To amend the Federal Deposit Insurance Act to ensure that the reciprocal deposits of an insured depository institution are not considered to be funds obtained by or through a deposit broker, and for other purposes.

Summary

This bill amends the Federal Deposit Insurance Act with respect to the prohibition declaring that an insured depository institution that is not well-capitalized may not accept funds obtained, directly or indirectly, by or through any deposit broker for deposit into one or more deposit accounts. Reciprocal deposits of an insured depository institution, however, shall not be considered to be prohibited broker deposits if: the composite condition of the institution at its most recent examination was adjudged either good or outstanding, or total reciprocal deposits of the institution do not exceed either $10 billion or 20% of its total liabilities.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 19 November 2015

   Introduced

   Referred to the House Committee on Financial Services.

   Source: IntroReferral

2. 19 November 2015

   Introduced

   Introduced in House

   Source: IntroReferral

3. 19 November 2015

   Introduced

   Introduced in House

   Source: IntroReferral

4. 27 September 2016

   Committee

   Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Referral.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 19 November 2015 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 19 November 2015

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 19 November 2015

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 19 November 2015

  Open at official source

Sponsors

• Gwen Moore · D · Sponsor
• Tom Emmer · R · Sponsor
• Mick Mulvaney · R · Cosponsor
• Blaine Luetkemeyer · R · Cosponsor
• Denny Heck · D · Cosponsor
• Emanuel Cleaver · D · Cosponsor
• Robert Pittenger · R · Cosponsor
• Steve Stivers · R · Cosponsor
• Maxine Waters · D · Cosponsor
• Rep. Beatty, Joyce [D-OH-3] · D · Cosponsor
• RON KIND · D · Cosponsor
• CAROLYN MALONEY · D · Cosponsor
• Kyrsten Sinema · D · Cosponsor
• Bill Huizenga · R · Cosponsor
• Rep. Pocan, Mark [D-WI-2] · D · Cosponsor
• Sean Duffy · R · Cosponsor
• David Schweikert · R · Cosponsor
• Rep. Amodei, Mark E. [R-NV-2] · R · Cosponsor
• · hsba00 · Standing

Related records

• related to ← Retail Checking Account Protection Act of 2016
• related to ← A bill to amend the Federal Deposit Insurance Act to ensure that the reciprocal deposits of an insured depository institution are not considered to be funds obtained by or through a deposit broker, and for other purposes.