H.R. 5660 · 114th Congress
Retail Checking Account Protection Act of 2016
- Stage
- In committee
- Sponsor
- Roger Williams
- Introduced
- 2016-07-07
- Latest action
- 2016-09-27 · Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Referral.
Summary
Retail Checking Account Protection Act of 2016
This bill amends the Federal Deposit Insurance Act to provide that the stable retail deposits of an insured depository institution shall not be considered to be funds obtained by or through a deposit broker. Currently, stable retail deposits are considered brokered deposits. As a result, those deposits are subject to restrictions applicable to other brokered deposits, such as prohibitions on undercapitalized banks accepting brokered deposits. This bill would exclude stable retail deposits from those restrictions.