H.R. 6266 · 114th Congress
To amend the Federal Deposit Insurance Act to clarify the definition of a deposit broker, and for other…
Full title
To amend the Federal Deposit Insurance Act to clarify the definition of a deposit broker, and for other purposes.
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
McHenrySponsor1 cosponsor · 1 D
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill amends the Federal Deposit Insurance Act to exclude from the definition of "deposit broker" an affiliate of an insured depository institution, with respect to funds of an individual retirement account, pension, retirement, profit-sharing, bonus, thrift savings, incentive, or other similar benefit plan for which the depository institution acts as…
What it does: CRS summary · Introduced in House · Sep 28, 2016
This bill amends the Federal Deposit Insurance Act to exclude from the definition of "deposit broker" an affiliate of an insured depository institution, with respect to funds of an individual retirement account, pension, retirement, profit-sharing, bonus, thrift savings, incentive, or other similar benefit plan for which the depository institution acts as custodian or directed trustee, to the extent the affiliate provides brokerage, advisory, or agency services to participants or beneficiaries of the benefit plan and the services result in the investment of its assets as deposits of the depository institution.
(Generally, an insured depository institution that is not well capitalized may not accept funds obtained by or through any deposit broker for deposit into one or more deposit accounts.)
Consumer credit Information regarding deposit accounts shared by an insured depository institution with its affiliates that is a communication among persons related by common ownership or affiliated by corporate control shall not be a factor in determining whether: (1) an affiliate is considered a deposit broker, or (2) deposits resulting from referrals of customers to an affiliate are subject to the brokered deposit restrictions.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: To amend the Federal Deposit Insurance Act to clarify the definition of a deposit broker, and for other purposes.
Latest action (Sep 28, 2016): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Sep 28, 2016
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.