Brokered Deposit Affiliate-Subsidiary Modernization Act of 2022

Summary

Brokered Deposit Affiliate-Subsidiary Modernization Act of 2022 This bill excludes affiliates and subsidiaries of an insured depository institution from certain limitations applicable to brokered deposits. (Brokered deposits are a type of deposit accepted by an institution from a third-party deposit broker for investment purposes. Institutions that accept brokered deposits are subject to additional regulatory requirements, including those related to liquidity.) The bill also expands the definition of an employee of an insured depository institution, thereby exempting these individuals from treatment as a deposit broker. Specifically, the bill includes as an employee (1) an individual who receives compensation in any form from an insured depository institution or from an affiliate or subsidiary, and (2) a registered representative of a broker or dealer that is an affiliate or subsidiary of an insured depository institution.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 21 December 2022

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 21 December 2022

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• Introduced in Senate

  summary · EN · 21 December 2022

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