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.
Latest action · Sep 21, 2016 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedSep 21, 2016
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
This bill amends the Federal Deposit Insurance Act to exclude reciprocal deposits of an insured depository institution from consideration as prohibited broker deposits if the total reciprocal deposits of the institution do not exceed the lesser of $10 billion or 20% of its total liabilities.
Reciprocal deposits are those received by an agent institution through a deposit placement network with the same maturity (if any) and in the same aggregate amount as covered deposits placed by the agent institution in other network member banks.
(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.)
Cosponsors 4
Members who signed on, in the order they did. Signatures ran from Sep 21, 2016 to Dec 1, 2016; 1 is an original cosponsor, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-KS | Jerry Moran | Original | Sep 21, 2016 |
| D-ND | Heidi Heitkamp | Nov 30, 2016 | |
| R-AR | John Boozman | Nov 30, 2016 | |
| R-ID | Mike Crapo | Dec 1, 2016 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Banking, Housing, and Urban Affairs Committee | Referred Sep 21, 2016 |
Actions 2
Everything that happened, newest first.
- Sep 21, 2016Introduced in Senate
- Sep 21, 2016Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Related bills 2
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 4116 | 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. | Related bill | Sep 27, 2016 |
| HR 5660 | Retail Checking Account Protection Act of 2016 | Related bill | Sep 27, 2016 |
Titles 1
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- 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.
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 1
Each version as it was printed, newest first.
- Sep 21, 2016Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
