Brokered Deposits Act of 1985

Summary

Brokered Deposits Act of 1985 - Amends the National Housing Act and the Federal Deposit Insurance Act to prohibit the Federal Savings and Loan Insurance Corporation and the Federal Deposit Insurance Corporation, respectively, from promulgating regulations providing different deposit insurance for brokered deposits than for other deposits. Prohibits an insured institution from accepting or maintaining short-term insured deposits placed through a broker in excess of the lesser of: (1) 200 percent of the institution's unimpaired capital and unimpaired surplus; or (2) 15 percent of total deposits. Prohibits an insured institution which does not satisfy minimum net worth requirements established by the appropriate Federal banking agency from accepting any additional insured accounts placed through a deposit broker.

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1 official file

• Introduced in Senate

  summary · EN · 28 March 1985

  Open at official source

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