HB3234: Keeping Deposits Local Act
- Introduced (completed)
- 2Passed One Chamber (current step)
- 3Passed Both Chambers
- 4Became Law
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Bill information
Summary
To amend the Federal Deposit Insurance Act to modify the amount of reciprocal deposits of an insured depository institution that are not considered to be funds obtained by or through a deposit broker, and for other purposes.
Plain-language summary
This bill modifies federal rules about how banks can accept deposits from brokers without triggering stricter regulations. Specifically, it changes the amount of 'reciprocal deposits' that banks can receive and still avoid being classified as using a deposit broker. Reciprocal deposits are funds moved between banks through third parties to spread risk and ensure deposit insurance coverage. The bill has passed the House and is now being prepared for Senate consideration. Banks and deposit brokers would be affected by any changes to these limits.
AI-generated summary
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HB3234: Keeping Deposits Local Act
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Sponsors
Tom Emmer
Primary SponsorCo-sponsors (11)
Joyce Beatty
Dan Meuser
Gwen Moore
Garland Barr
Mike Flood