‘‘(2) INTERNAL REVIEW OF CUMULATIVE IM-
PACT.—Each Federal financial institutions regu-
latory agency shall conduct an internal review of the 
cumulative impact of regulations issued by the Fed-
eral financial institutions regulatory agency that— 
‘‘(A) assesses the effects of such regula-
tions on consumers’ access to financial products 
and services; 
‘‘(B) assesses the effects of such regula-
tions on the availability of financial products 
and services to financial and nonfinancial firms; 
‘‘(C) assesses the impact of such regula-
tions on credit availability and financial market 
liquidity in United States financial markets; 
‘‘(D) assesses the balance of benefits and 
costs of such regulations with respect to the 
safety and soundness of the United States fi-
nancial system and overall economic activity in 
the United States; 
‘‘(E) to the extent practicable, quantifies 
the direct and indirect economic costs imposed 
by such regulations; and 
‘‘(F) includes recommendations to stream-
line, simplify, or eliminate duplicative, outdated, 
and unnecessarily burdensome regulations.’’; 
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(5) in subsection (c)— 
(A) by striking ‘‘subsection (b)(2)’’ and in-
serting ‘‘subsection (b)(1)(B), and the internal 
review under subsection (b)(2),’’; and 
(B) by striking ‘‘once every 10 years’’ and 
inserting ‘‘once every 7 years’’; 
(6) in subsection (e)— 
(A) in paragraph (1), by striking ‘‘and’’ at 
the end; 
(B) by redesignating paragraph (2) as 
paragraph (3); 
(C) by inserting after paragraph (1) the 
following: 
‘‘(2) a summary of the findings and determina-
tions of each Federal financial institutions regu-
latory agency of the internal review conducted by the 
Federal financial institutions regulatory agency 
under subsection (b)(2); and’’; and 
(D) in paragraph (3), as so redesignated, 
by striking ‘‘the regulatory burdens associated 
with such issues by regulation’’ and inserting 
‘‘the regulatory burdens associated with the 
issues identified by public comments received by 
the Council and the Federal financial institu-
tions regulatory agencies, as well as the regu-
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latory burdens identified by each Federal finan-
cial institutions regulatory agency through the 
internal reviews conducted under subsection 
(b)(2), by regulation’’; and 
(7) by adding at the end the following: 
‘‘(f) FEDERAL
FINANCIAL
INSTITUTIONS
REGU-
LATORY AGENCY DEFINED.—The term ‘Federal financial 
institutions regulatory agency’ has the meaning given that 
term in section 1003 of the Federal Financial Institutions 
Examination Council Act of 1978 (12 U.S.C. 3302).’’. 
SEC. 
404. 
AMERICAN 
FINANCIAL 
INSTITUTION 
REGU-
LATORY SOVEREIGNTY AND TRANSPARENCY. 
(a) ANNUAL REPORTING
ON INTERACTIONS BE-
TWEEN FEDERAL BANKING SUPERVISORY AGENCIES AND 
GLOBAL FINANCIAL REGULATORY OR SUPERVISORY FO-
RUMS.— 
(1) BOARD OF GOVERNORS OF THE FEDERAL 
RESERVE SYSTEM.—The seventh undesignated para-
graph of section 10 of the Federal Reserve Act (12 
U.S.C. 247) is amended— 
(A) by striking ‘‘The Board’’ and inserting 
the following: 
‘‘(7) ANNUAL REPORT.— 
‘‘(A) IN GENERAL.—The Board’’; 
(B) by striking the second sentence; and 
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(C) by adding at the end the following: 
‘‘(B) INTERACTIONS WITH GLOBAL FINAN-
CIAL REGULATORY OR SUPERVISORY FORUMS.— 
The report required under subparagraph (A) 
shall include a description of the Board’s inter-
actions with global financial regulatory or su-
pervisory forums, including— 
‘‘(i) a list of the global financial regu-
latory or supervisory forums in which the 
Board maintained membership during the 
period covered by the report; and 
‘‘(ii) for each such global financial 
regulatory or supervisory forum in the list 
provided pursuant to clause (i)— 
‘‘(I) a description of the general 
purposes of the global financial regu-
latory or supervisory forum, including 
a list of the current members and ob-
servers of the global financial regu-
latory or supervisory forum; 
‘‘(II) a discussion of how the 
general purposes of the global finan-
cial regulatory or supervisory forum 
align with the purposes of this Act 
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and the other Acts that the Board im-
plements; 
‘‘(III) an identification of the 
sources that provided a material 
amount of funding for the operations 
of the global financial regulatory or 
supervisory forum during the period 
covered by the report; 
‘‘(IV) a description of the organi-
zation the Board maintained during 
the period covered by the report to 
conduct interactions with the global 
financial regulatory or supervisory 
forum, including an organizational 
chart and an identification of the offi-
cial staff of the Board with oversight 
responsibility for interactions with the 
global financial regulatory or super-
visory forum; 
‘‘(V) a discussion of the financial 
regulatory or supervisory standard- 
setting issues under discussion at the 
global financial regulatory or super-
visory forum during the period cov-
ered by the report; 
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100 
‘‘(VI) a description of the posi-
tions taken by representatives of the 
Board at the global financial regu-
latory or supervisory forum during the 
period covered by the report, including 
the rationale, objectives, and potential 
impacts of such positions; 
‘‘(VII) a summary of the meet-
ings attended by representatives of 
the Board at the global financial regu-
latory or supervisory forum during the 
period covered by the report, including 
a discussion of the key outcomes from 
such meetings; 
‘‘(VIII) the text of any final poli-
cies, standards, or recommendations 
adopted by the global financial super-
visory or regulatory forum during the 
period covered by the report, including 
any implementing material, annex, ap-
pendix, side letter, or similar docu-
ment entered into contemporaneously 
or in conjunction with the underlying 
policy, standard, or recommendation, 
or an identification of a publicly avail-
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101 
able source for the text of such policy, 
standard, recommendation, or imple-
menting material; 
‘‘(IX) 
a 
description 
of 
any 
amendments to Federal statutes, reg-
ulations of the Board, guidance of the 
Board, or changes to the Board’s su-
pervisory practices the Board antici-
pates will be necessary to implement 
any final policies, standards, or rec-
ommendations adopted by the global 
financial supervisory or regulatory 
forum during the period covered by 
the report; 
‘‘(X) a discussion of rules pro-
posed, rules under consideration, final 
rules adopted, guidance proposed, 
guidance under consideration, final 
guidance adopted, or any other similar 
actions taken by the Board during the 
period covered by the report to imple-
ment agreements of the global finan-
cial regulatory or supervisory forum, 
including an economic impact analysis 
and a justification for why the ex-
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102 
pected costs of implementing actions 
are at least offset by the expected 
benefits related to economic, national 
security, financial stability, or other 
national interests; and 
‘‘(XI) such other information re-
lating to interactions with the global 
financial regulatory or supervisory 
forum during the period covered by 
the report separately requested in 
writing by the Committee on Banking, 
Housing, and Urban Affairs of the 
Senate or the Committee on Financial 
Services of the House of Representa-
tives. 
‘‘(C) GLOBAL FINANCIAL REGULATORY OR 
SUPERVISORY FORUM DEFINED.— 
‘‘(i) IN GENERAL.—In this paragraph, 
the term ‘global financial regulatory or su-
pervisory forum’ means any association or 
union of nations through or by which two 
or more foreign authorities engage in some 
aspect of their conduct of international af-
fairs regarding financial supervision and 
regulation, including— 
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103 
‘‘(I) the Bank for International 
Settlements; 
‘‘(II) the Basel Committee on 
Banking Supervision; 
‘‘(III) the Financial Stability 
Board; 
‘‘(IV) the International Associa-
tion of Insurance Supervisors; and 
‘‘(V) the Network of Central 
Banks and Supervisors for Greening 
the Financial System. 
‘‘(ii) EXCEPTION.—The term ‘global 
financial regulatory or supervisory forum’ 
does not include— 
‘‘(I) international financial insti-
tutions, 
as 
defined 
in 
section 
1701(c)(2) of the International Finan-
cial 
Institutions 
Act 
(22 
U.S.C. 
262r(c)(2)); or 
‘‘(II) any international organiza-
tion with respect to which the Board 
participates pursuant to a treaty to 
which the United States is a party.’’. 
(2) OFFICE
OF
THE
COMPTROLLER
OF
THE 
CURRENCY.— 
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104 
(A) IN GENERAL.—The second section 333 
of the Revised Statutes of the United States 
(12 U.S.C. 14; relating to an annual report) is 
amended to read as follows: 
‘‘SEC. 333. REPORT OF COMPTROLLER. 
‘‘(a) IN GENERAL.—The Comptroller of the Currency 
shall make an annual report to Congress. 
‘‘(b) INTERACTIONS WITH GLOBAL FINANCIAL REG-
ULATORY
OR SUPERVISORY FORUMS.—The report re-
quired under subsection (a) shall include a description of 
the Comptroller’s interactions with global financial regu-
latory or supervisory forums, including— 
‘‘(1) a list of the global financial regulatory or 
supervisory forums in which the Comptroller main-
tained membership during the period covered by the 
report; and 
‘‘(2) for each such global financial regulatory or 
supervisory forum in the list provided pursuant to 
paragraph (1)— 
‘‘(A) a description of the general purposes 
of the global financial regulatory or supervisory 
forum, including a list of the current members 
and observers of the global financial regulatory 
or supervisory forum; 
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105 
‘‘(B) a discussion of how the general pur-
poses of the global financial regulatory or su-
pervisory forum align with the purposes of this 
chapter, title LXII, and the other Acts that the 
Comptroller implements; 
‘‘(C) an identification of the sources that 
provided a material amount of funding for the 
operations of the global financial regulatory or 
supervisory forum during the period covered by 
the report; 
‘‘(D) a description of the organization the 
Comptroller maintained during the period cov-
ered by the report to conduct interactions with 
the global financial regulatory or supervisory 
forum, including an organizational chart and an 
identification of the official staff of the Office 
of the Comptroller of the Currency with over-
sight responsibility for interactions with the 
global financial regulatory or supervisory forum; 
‘‘(E) a discussion of the financial regu-
latory or supervisory standard-setting issues 
under discussion at the global financial regu-
latory or supervisory forum during the period 
covered by the report; 
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106 
‘‘(F) a description of the positions taken 
by representatives of the Comptroller at the 
global financial regulatory or supervisory forum 
during the period covered by the report, includ-
ing the rationale, objectives, and potential im-
pacts of such positions; 
‘‘(G) a summary of the meetings attended 
by representatives of the Comptroller at the 
global financial regulatory or supervisory forum 
during the period covered by the report, includ-
ing a discussion of the key outcomes from such 
meetings; 
‘‘(H) the text of any final policies, stand-
ards, or recommendations adopted by the global 
financial supervisory or regulatory forum dur-
ing the period covered by the report, including 
any implementing material, annex, appendix, 
side letter, or similar document entered into 
contemporaneously or in conjunction with the 
underlying policy, standard, or recommenda-
tion, or an identification of a publicly available 
source for the text of such policy, standard, rec-
ommendation, or implementing material; 
‘‘(I) a description of any amendments to 
Federal statutes, regulations of the Comp-
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107 
troller, guidance of the Comptroller, or changes 
to the Comptroller’s supervisory practices the 
Comptroller anticipates will be necessary to im-
plement any final policies, standards, or rec-
ommendations adopted by the global financial 
supervisory or regulatory forum during the pe-
riod covered by the report; 
‘‘(J) a discussion of rules proposed, rules 
under consideration, final rules adopted, guid-
ance proposed, guidance under consideration, 
final guidance adopted, or any other similar ac-
tions taken by the Comptroller during the pe-
riod covered by the report to implement agree-
ments of the global financial regulatory or su-
pervisory forum, including an economic impact 
analysis and a justification for why the expected 
costs of implementing actions are at least offset 
by the expected benefits related to economic, 
national security, financial stability, or other 
national interests; and 
‘‘(K) such other information relating to 
interactions with the global financial regulatory 
or supervisory forum during the period covered 
by the report separately requested in writing by 
the Committee on Banking, Housing, and 
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108 
Urban Affairs of the Senate or the Committee 
on Financial Services of the House of Rep-
resentatives. 
‘‘(c) GLOBAL FINANCIAL REGULATORY OR SUPER-
VISORY FORUM DEFINED.— 
‘‘(1) IN GENERAL.—In this section, the term 
‘global financial regulatory or supervisory forum’ 
means any association or union of nations through 
or by which two or more foreign authorities engage 
in some aspect of their conduct of international af-
fairs regarding financial supervision and regulation, 
including— 
‘‘(A) the Bank for International Settle-
ments; 
‘‘(B) the Basel Committee on Banking Su-
pervision; 
‘‘(C) the Financial Stability Board; 
‘‘(D) the International Association of In-
surance Supervisors; and 
‘‘(E) the Network of Central Banks and 
Supervisors for Greening the Financial System. 
‘‘(2) EXCEPTION.—The term ‘global financial 
regulatory or supervisory forum’ does not include— 
‘‘(A) international financial institutions, as 
defined in section 1701(c)(2) of the Inter-
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109 
national Financial Institutions Act (22 U.S.C. 
262r(c)(2)); or 
‘‘(B) any international organization with 
respect to which the Comptroller participates 
pursuant to a treaty to which the United States 
is a party.’’. 
(B) TECHNICAL
CORRECTION.—Chapter 
nine of title VII of the Revised Statutes of the 
United States is amended— 
(i) by redesignating the first section 
333 (12 U.S.C. 14a; relating to data 
standards) as section 332; 
(ii) by moving such section so as to 
appear after section 331; and 
(iii) in the table of contents of such 
chapter, by amending the item relating to 
section 332 to read as follows: 
‘‘332. Data standards; open data publication.’’. 
(3) FEDERAL DEPOSIT INSURANCE CORPORA-
TION.—Section 17(a) of the Federal Deposit Insur-
ance Act (12 U.S.C. 1827(a)) is amended by strik-
ing paragraph (3) and inserting the following: 
‘‘(3) INTERACTIONS WITH GLOBAL FINANCIAL 
REGULATORY
OR
SUPERVISORY
FORUMS.—The re-
port required under paragraph (1) shall include a 
description of the Corporation’s interactions with 
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110 
global financial regulatory or supervisory forums, in-
cluding— 
‘‘(A) a list of the global financial regu-
latory or supervisory forums in which the Cor-
poration maintained membership during the pe-
riod covered by the report; and 
‘‘(B) for each such global financial regu-
latory or supervisory forum in the list provided 
pursuant to subparagraph (A)— 
‘‘(i) a description of the general pur-
poses of the global financial regulatory or 
supervisory forum, including a list of the 
current members and observers of the 
global financial regulatory or supervisory 
forum; 
‘‘(ii) a discussion of how the general 
purposes of the global financial regulatory 
or supervisory forum align with the pur-
poses of this Act and the other Acts that 
the Corporation implements; 
‘‘(iii) an identification of the sources 
that provided a material amount of fund-
ing for the operations of the global finan-
cial regulatory or supervisory forum during 
the period covered by the report; 
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111 
‘‘(iv) a description of the organization 
the Corporation maintained during the pe-
riod covered by the report to conduct inter-
actions with the global financial regulatory 
or supervisory forum, including an organi-
zational chart and an identification of the 
official staff of the Corporation with over-
sight responsibility for interactions with 
the global financial regulatory or super-
visory forum; 
‘‘(v) a discussion of the financial regu-
latory 
or 
supervisory 
standard-setting 
issues under discussion at the global finan-
cial regulatory or supervisory forum during 
the period covered by the report; 
‘‘(vi) a description of the positions 
taken by representatives of the Corporation 
at the global financial regulatory or super-
visory forum during the period covered by 
the report, including the rationale, objec-
tives, and potential impacts of such posi-
tions; 
‘‘(vii) a summary of the meetings at-
tended by representatives of the Corpora-
tion at the global financial regulatory or 
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112 
supervisory forum during the period cov-
ered by the report, including a discussion 
of the key outcomes from such meetings; 
‘‘(viii) the text of any final policies, 
standards, or recommendations adopted by 
the global financial supervisory or regu-
latory forum during the period covered by 
the report, including any implementing 
material, annex, appendix, side letter, or 
similar document entered into contempora-
neously or in conjunction with the under-
lying policy, standard, or recommendation, 
or an identification of a publicly available 
source for the text of such policy, stand-
ard, recommendation, or implementing ma-
terial; 
‘‘(ix) a description of any amendments 
to Federal statutes, regulations of the Cor-
poration, guidance of the Corporation, or 
changes to the Corporation’s supervisory 
practices the Corporation anticipates will 
be necessary to implement any final poli-
cies, standards, or recommendations adopt-
ed by the global financial supervisory or 
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113 
regulatory forum during the period covered 
by the report; 
‘‘(x) a discussion of rules proposed, 
rules under consideration, final rules 
adopted, 
guidance 
proposed, 
guidance 
under consideration, final guidance adopt-
ed, or any other similar actions taken by 
the Corporation during the period covered 
by the report to implement agreements of 
the global financial regulatory or super-
visory forum, including an economic im-
pact analysis and a justification for why 
the expected costs of implementing actions 
are at least offset by the expected benefits 
related to economic, national security, fi-
nancial stability, or other national inter-
ests; and 
‘‘(xi) such other information relating 
to interactions with the global financial 
regulatory or supervisory forum during the 
period covered by the report separately re-
quested in writing by the Committee on 
Banking, Housing, and Urban Affairs of 
the Senate or the Committee on Financial 
Services of the House of Representatives. 
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114 
‘‘(4) GLOBAL FINANCIAL REGULATORY OR SU-
PERVISORY FORUM DEFINED.— 
‘‘(A) IN GENERAL.—In this subsection, the 
term ‘global financial regulatory or supervisory 
forum’ means any association or union of na-
tions through or by which two or more foreign 
authorities engage in some aspect of their con-
duct of international affairs regarding financial 
supervision and regulation, including— 
‘‘(i) the Bank for International Settle-
ments; 
‘‘(ii) the Basel Committee on Banking 
Supervision; 
‘‘(iii) the Financial Stability Board; 
‘‘(iv) the International Association of 
Insurance Supervisors; and 
‘‘(v) the Network of Central Banks 
and Supervisors for Greening the Financial 
System. 
‘‘(B) EXCEPTION.—The term ‘global finan-
cial regulatory or supervisory forum’ does not 
include— 
‘‘(i) international financial institu-
tions, as defined in section 1701(c)(2) of 
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115 
the International Financial Institutions 
Act (22 U.S.C. 262r(c)(2)); or 
‘‘(ii) any international organization 
with respect to which the Corporation par-
ticipates pursuant to a treaty to which the 
United States is a party.’’. 
(b) BIANNUAL
CONGRESSIONAL
TESTIMONY
ON 
INTERACTIONS WITH GLOBAL FINANCIAL REGULATORY 
OR SUPERVISORY FORUMS.—Paragraph (12) of section 10 
of the Federal Reserve Act (12 U.S.C. 247b) is amended 
by inserting before the period at the end the following: 
‘‘and with respect to the conduct of interactions at global 
financial regulatory or supervisory forums (as defined in 
paragraph (7)(C))’’. 
TITLE V—STRENGTHENING 
LOCAL BANK FUNDING 
SEC. 501. BRINGING THE DISCOUNT WINDOW INTO THE 
21ST CENTURY. 
Section 10 of the Federal Reserve Act (12 U.S.C. 241 
et seq.) is amended by inserting after paragraph (10) the 
following: 
‘‘(11) REVIEW
OF
DISCOUNT
WINDOW
OPER-
ATIONS.— 
‘‘(A) IN
GENERAL.—Not later than 60 
days after the date of enactment of this para-
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117 
poration, the Comptroller of the Currency, 
and the Secretary of the Treasury regard-
ing discount window operations; 
‘‘(v) the effectiveness of the Board of 
Governors in providing oversight of the 
discount window and in ensuring con-
sistent access to the discount window 
across the Federal Reserve System; 
‘‘(vi) how the discount window inter-
acts with other providers of liquidity, in-
cluding the Federal Home Loan Banks, 
during both normal operations and times 
of financial distress; 
‘‘(vii) the effectiveness of existing dis-
count window operating hours and whether 
such hours should be expanded, taking into 
account the interaction between discount 
window operating hours and the operating 
hours of payment systems of the Federal 
reserve banks, such as the Fedwire Funds 
Service and FedNow Service; 
‘‘(viii) the impact of mobile banking 
and instant communications technology on 
depositor behavior and liquidity risk posed 
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118 
to financial institutions, including how the 
discount window can— 
‘‘(I) help financial institutions 
better respond to rapid liquidity short-
falls; and 
‘‘(II) prevent broader financial 
instability; and 
‘‘(ix) the effectiveness of the discount 
window in light of the stigma associated 
with its usage, ways to reduce such stigma, 
and ways to improve access, operational ef-
ficiency, transparency, and timeliness of 
the process for financial institutions seek-
ing advances, including on the pricing and 
other terms of such advances. 
‘‘(C) 
REMEDIATION
PLAN.—After 
the 
Board of Governors completes the review re-
quired by subparagraph (A), the Board of Gov-
ernors, in consultation with the Federal reserve 
banks, shall— 
‘‘(i) identify deficiencies with the dis-
count window and areas for enhancing dis-
count window effectiveness; and 
‘‘(ii) develop a written plan to reme-
diate the identified deficiencies and imple-
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ment the identified enhancements, which 
shall include— 
‘‘(I) an identification of actions 
that will be taken to enhance discount 
window effectiveness and remediate 
identified deficiencies; 
‘‘(II) timelines and milestones for 
implementing the plan and measures 
to demonstrate how the implemented 
improvements will be maintained on 
an ongoing basis; and 
‘‘(III) measures of managing and 
controlling any deficiencies and cur-
rent operations until the plan is im-
plemented in full. 
‘‘(D) REPORT TO CONGRESS ON REVIEW 
AND PLAN.— 
‘‘(i) IN
GENERAL.—Not later than 
365 days after the date of enactment of 
this paragraph, the Board of Governors 
shall submit a report to the Committee on 
Financial Services of the House of Rep-
resentatives and the Committee on Bank-
ing, Housing, and Urban Affairs of the 
Senate containing— 
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120 
‘‘(I) the findings of the review re-
quired by subparagraph (A); and 
‘‘(II) the remediation plan re-
quired by subparagraph (C). 
‘‘(ii) CONSULTATION.—Before submit-
ting the report required by clause (i), the 
Board of Governors shall— 
‘‘(I) provide a copy of the pro-
posed report to the Comptroller of the 
Currency, the Federal Deposit Insur-
ance Corporation, and the Secretary 
of the Treasury; and 
‘‘(II) provide the Comptroller of 
the Currency, the Federal Deposit In-
surance Corporation, and the Sec-
retary of the Treasury with an oppor-
tunity to provide feedback on the re-
port. 
‘‘(iii) TESTIMONY.—The Chairman of 
the Board of Governors shall, at the semi- 
annual hearing required under section 2B, 
testify with respect to the contents of the 
report required under this subparagraph. 
‘‘(E) ANNUAL REPORTS TO CONGRESS.— 
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121 
‘‘(i) REPORTS BY THE BOARD.—The 
Board of Governors shall submit an annual 
report to the Committee on Financial Serv-
ices of the House of Representatives and 
the Committee on Banking, Housing, and 
Urban Affairs of the Senate containing a 
review of the effectiveness of discount win-
dow operations and a progress report on 
the actions taken to implement the identi-
fied enhancements described in subpara-
graph (C). 
‘‘(ii) REPORTS
BY
THE
INSPECTOR 
GENERAL.—The Inspector General of the 
Board of Governors of the Federal Reserve 
System and the Bureau of Consumer Fi-
nancial Protection shall submit an annual 
report to the Committee on Financial Serv-
ices of the House of Representatives and 
the Committee on Banking, Housing, and 
Urban Affairs of the Senate containing a 
report on the progress of the Board of 
Governors in implementing the remediation 
plan required by subparagraph (C). 
‘‘(F) CONFIDENTIAL
REPORT
INFORMA-
TION.—Any report required under this para-
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122 
graph may contain a confidential annex con-
taining information that, if made public, 
could— 
‘‘(i) impact monetary policy, financial 
stability, or cybersecurity; or 
‘‘(ii) significantly endanger the safety 
and soundness of any financial institution. 
‘‘(G) REPEAL.—This paragraph shall be 
repealed on the date on which the Board of 
Governors notifies the Congress and publishes 
on a public website of the Board of Governors 
that the remediation plan required under sub-
paragraph (C) has been fully implemented.’’. 
SEC. 502. KEEPING DEPOSITS LOCAL. 
(a) AMOUNT OF RECIPROCAL DEPOSITS THAT ARE 
NOT CONSIDERED TO BE FUNDS OBTAINED
BY
OR 
THROUGH
A DEPOSIT BROKER.—Section 29(i) of the 
Federal Deposit Insurance Act (12 U.S.C. 1831f(i)) is 
amended by striking paragraph (1) and inserting the fol-
lowing: 
‘‘(1) IN GENERAL.—The sum of the following 
amounts of reciprocal deposits of an agent institu-
tion shall not be considered to be funds obtained, di-
rectly or indirectly, by or through a deposit broker: 
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‘‘(A) An amount equal to 50 percent of the 
portion of the total liabilities of the agent insti-
tution 
that 
is 
less 
than 
or 
equal 
to 
$1,000,000,000. 
‘‘(B) An amount equal to 40 percent of the 
portion, if any, of the total liabilities of the 
agent 
institution 
that 
is 
greater 
than 
$1,000,000,000, but less than or equal to 
$10,000,000,000. 
‘‘(C) An amount equal to 30 percent of the 
portion, if any, of the total liabilities of the 
agent 
institution 
that 
is 
greater 
than 
$10,000,000,000, but less than or equal to 
$250,000,000,000.’’. 
(b) DEFINITION OF AGENT INSTITUTION.—Section 
29(i)(2)(A)(i) of the Federal Deposit Insurance Act (12 
U.S.C. 1831f(i)(2)(A)(i)) is amended by striking sub-
clause (I) and inserting the following: 
‘‘(I) when most recently exam-
ined under section 10(d) was assigned 
a CAMELS rating of 1, 2, or 3 under 
the Uniform Financial Institutions 
Rating System (or an equivalent rat-
ing under a comparable rating sys-
tem); and’’. 
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124 
(c) RECIPROCAL DEPOSITS STUDY.— 
(1) IN GENERAL.—The Federal Deposit Insur-
ance Corporation, in consultation with the Board of 
Governors of the Federal Reserve System, shall 
carry out a study on reciprocal deposits. 
(2) CONTENTS.—The study required under 
paragraph (1) shall include— 
(A) an analysis of how reciprocal deposits 
have performed since 2018, which shall in-
clude— 
(i) the use of quantitative and quali-
tative data; 
(ii) a breakdown of the usage of recip-
rocal deposits by size of insured depository 
institution; 
(iii) the usage of reciprocal deposits 
during periods of stress; and 
(iv) an analysis, to the extent prac-
ticable, of end-user depositors, such as mu-
nicipalities, businesses, and non-profit or-
ganizations, that drive demand for recip-
rocal products; 
(B) an analysis, to the extent practicable, 
of how reciprocal deposits compare to other de-
posit arrangements; and 
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125 
(C) an analysis of the benefits and poten-
tial risks of reciprocal deposits. 
(3) REPORT.—Not later than 6 months after 
the date of enactment of this Act, the Federal De-
posit Insurance Corporation shall issue a report to 
the Committee on Financial Services of the House of 
Representatives and the Committee on Banking, 
Housing, and Urban Affairs of the Senate con-
taining all findings and determinations made in car-
rying out the report required under paragraph (1). 
SEC. 503. COMMUNITY BANK DEPOSIT ACCESS. 
(a) IN GENERAL.—Section 29 of the Federal Deposit 
Insurance Act (12 U.S.C. 1831f) is amended by adding 
at the end the following: 
‘‘(j) LIMITED EXCEPTION FOR CUSTODIAL DEPOS-
ITS.— 
‘‘(1) IN GENERAL.—Custodial deposits of an el-
igible institution shall not be considered to be funds 
obtained, directly or indirectly, by or through a de-
posit broker to the extent that the total amount of 
such custodial deposits does not exceed an amount 
equal to 20 percent of the total liabilities of the eligi-
ble institution. 
‘‘(2) DEFINITIONS.—In this subsection: 
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126 
‘‘(A) CUSTODIAL
DEPOSIT.—The term 
‘custodial deposit’ means a deposit that is not 
deposited at an insured depository institution in 
return for fees paid by the insured depository 
institution pursuant to an agreement with a 
third party and that would otherwise be consid-
ered to be obtained, directly or indirectly, by or 
through a deposit broker, if the deposit is de-
posited at 1 or more insured depository institu-
tions, for the purpose of providing or maintain-
ing deposit insurance for the benefit of a third 
party, by or through any of the following, each 
acting in a formal custodial or fiduciary capac-
ity for the benefit of a third party: 
‘‘(i) An insured depository institution 
serving as agent, trustee, or custodian. 
‘‘(ii) A trust entity controlled by an 
insured depository institution serving as 
agent, trustee, or custodian. 
‘‘(iii) A State-chartered trust company 
serving as agent, trustee, or custodian. 
‘‘(iv) A plan administrator or invest-
ment advisor, acting in a formal custodial 
or fiduciary capacity for the benefit of a 
plan. 
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‘‘(B) ELIGIBLE
INSTITUTION.—The term 
‘eligible institution’ means an insured deposi-
tory institution that accepts custodial deposits, 
if the insured depository institution has less 
than $10,000,000,000 in total assets as re-
ported on the consolidated report of condition 
and income as reported quarterly to the appro-
priate Federal banking agency and— 
‘‘(i)(I) when most recently examined 
under section 10(d) was assigned a com-
posite rating of 1, 2, or 3 under the Uni-
form Financial Institutions Rating System 
(or an equivalent rating under a com-
parable rating system); and 
‘‘(II) is well capitalized; or 
‘‘(ii) has obtained a waiver pursuant 
to subsection (c). 
‘‘(C) PLAN.—The term ‘plan’ has the 
meaning given the term in section 3 of the Em-
ployee Retirement Income Security Act of 1974 
(29 U.S.C. 1002). 
‘‘(D) PLAN
ADMINISTRATOR.—The term 
‘plan administrator’ has the meaning given the 
term ‘administrator’ in section 3 of the Em-
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128 
ployee Retirement Income Security Act of 1974 
(29 U.S.C. 1002). 
‘‘(E) WELL CAPITALIZED.—The term ‘well 
capitalized’ has the meaning given the term in 
section 38(b).’’. 
(b) INTEREST RATE RESTRICTION.—Section 29 of 
the Federal Deposit Insurance Act (12 U.S.C. 1831f), as 
amended by subsection (a), is further amended by adding 
at the end the following: 
‘‘(k) RESTRICTION
ON INTEREST RATE PAID
ON 
CERTAIN CUSTODIAL DEPOSITS.— 
‘‘(1) DEFINITIONS.—In this subsection— 
‘‘(A) the terms ‘custodial deposit’, ‘eligible 
institution’, and ‘well capitalized’ have the 
meanings given those terms in subsection (j); 
and 
‘‘(B) the term ‘covered insured depository 
institution’ means an insured depository institu-
tion that while acting as an eligible institution 
under subsection (j), accepts custodial deposits 
while not well capitalized. 
‘‘(2) PROHIBITION.—A covered insured deposi-
tory institution may not pay a rate of interest on 
custodial deposits that are accepted while not well 
capitalized that, at the time the funds or custodial 
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129 
deposits are accepted, significantly exceeds the limit 
set forth in paragraph (3). 
‘‘(3) LIMIT ON INTEREST RATES.—The limit on 
the rate of interest referred to in paragraph (2) shall 
be not greater than— 
‘‘(A) the rate paid on deposits of similar 
maturity in the normal market area of the cov-
ered insured depository institution for deposits 
accepted in the normal market area of the cov-
ered insured depository institution; or 
‘‘(B) the national rate paid on deposits of 
comparable maturity, as established by the Cor-
poration, for deposits accepted outside the nor-
mal market area of the covered insured deposi-
tory institution.’’. 
TITLE 
VI—PROMOTING 
BANK 
COMPETITION AND MERGER 
CLARITY 
SEC. 601. BANK COMPETITION MODERNIZATION. 
(a) IN GENERAL.—Section 18(c) of the Federal De-
posit Insurance Act (12 U.S.C. 1828(c)), as amended by 
section 103(c), is further amended— 
(1) in paragraph (4)(C)— 
(A) in clause (i), by striking ‘‘or’’ at the 
end; 
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(B) in clause (ii), by striking the period at 
the end and inserting ‘‘; or’’; and 
(C) by adding at the end the following: 
‘‘(iii) the proposed merger transaction 
would result in an entity with less than 
$10,000,000,000 in assets.’’; and 
(2) by adding at the end the following: 
‘‘(16) FOR MERGER TRANSACTIONS RESULTING IN 
INSTITUTIONS WITH LESS THAN $10,000,000,000 IN AS-
SETS.— 
‘‘(A) IN
GENERAL.—Notwithstanding para-
graph (5), if a proposed merger transaction would 
result 
in 
an 
institution 
with 
less 
than 
$10,000,000,000 in assets, then the responsible 
agency shall not consider whether such merger 
transaction would— 
‘‘(i) result in a monopoly, or would be in 
furtherance of any combination or conspiracy to 
monopolize or to attempt to monopolize the 
business of banking in any part of the United 
States; and 
‘‘(ii) have the effect in any section of the 
country of substantially lessening competition, 
tending to create a monopoly, or in any other 
manner restraining trade. 
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‘‘(B) THRESHOLD ADJUSTMENT.— 
‘‘(i) IN
GENERAL.—At the end of each 
year for which the nominal gross domestic prod-
uct of the United States increases (a ‘covered 
year’), the Corporation shall adjust the dollar 
figures described in subparagraph (A) and 
paragraph (4)(C)(iii) by a percentage equal to 
the percentage increase (if any) between— 
‘‘(I) the nominal gross domestic prod-
uct of the United States for the year, dur-
ing the preceding 5 years, with respect to 
which the nominal gross domestic product 
of the United States was the highest; and 
‘‘(II) the nominal gross domestic 
product of the United States for the cov-
ered year. 
‘‘(ii) DETERMINATION
OF
GDP.—In this 
paragraph, the Corporation shall use nominal 
gross domestic product statistics determined by 
the Bureau of Economic Analysis.’’. 
(b) FOR BANK HOLDING COMPANIES.—Section 3(c) 
of the Bank Holding Company Act of 1956 (12 U.S.C. 
1842(c)) is amended by adding at the end the following: 
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132 
‘‘(8) FOR PROPOSED TRANSACTIONS RESULT-
ING IN COMPANIES WITH LESS THAN $10,000,000,000 
IN ASSETS.— 
‘‘(A) IN GENERAL.—Notwithstanding para-
graph (1), if a proposed acquisition, merger, or 
consolidation under this section would result in 
a company with less than $10,000,000,000 in 
assets, then the Board shall not consider wheth-
er such acquisition, merger, or consolidation 
would— 
‘‘(i) result in a monopoly, or would be 
in furtherance of any combination or con-
spiracy to monopolize or to attempt to mo-
nopolize the business of banking in any 
part of the United States; and 
‘‘(ii) have the effect in any section of 
the country of substantially lessening com-
petition, tending to create a monopoly, or 
in any other manner restraining trade. 
‘‘(B) THRESHOLD ADJUSTMENT.— 
‘‘(i) IN GENERAL.—At the end of each 
year for which the nominal gross domestic 
product of the United States increases (a 
‘covered year’), the Board shall adjust the 
dollar figure described in subparagraph 
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133 
(A) by a percentage equal to the percent-
age increase (if any) between— 
‘‘(I) the nominal gross domestic 
product of the United States for the 
year, during the preceding 5 years, 
with respect to which the nominal 
gross domestic product of the United 
States was the highest; and 
‘‘(II) the nominal gross domestic 
product of the United States for the 
covered year. 
‘‘(ii) DETERMINATION
OF
GDP.—In 
this paragraph, the Board shall use nomi-
nal gross domestic product statistics deter-
mined by the Bureau of Economic Anal-
ysis.’’. 
(c) FOR SAVINGS
AND LOAN HOLDING COMPA-
NIES.—Section 10(e) of the Home Owners’ Loan Act (12 
U.S.C. 1467a(e)), as amended by section 103(b), is fur-
ther amended by adding at the end the following: 
‘‘(10) FOR PROPOSED TRANSACTIONS RESULT-
ING IN COMPANIES WITH LESS THAN $10,000,000,000 
IN ASSETS.— 
‘‘(A) IN GENERAL.—Notwithstanding sub-
paragraphs (A) and (B) of paragraph (2), if a 
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134 
proposed transaction under this section would 
result 
in 
a 
company 
with 
less 
than 
$10,000,000,000 in assets, then the Board shall 
not consider whether the transaction would— 
‘‘(i) result in a monopoly, or would be 
in furtherance of any combination or con-
spiracy to monopolize or to attempt to mo-
nopolize the savings and loan business in 
any part of the United States; and 
‘‘(ii) have the effect in any section of 
the country of substantially lessening com-
petition, tending to create a monopoly, or 
in any other manner restraining trade. 
‘‘(B) THRESHOLD ADJUSTMENT.— 
‘‘(i) IN GENERAL.—At the end of each 
year for which the nominal gross domestic 
product of the United States increases (a 
‘covered year’), the Board shall adjust the 
dollar figure described in subparagraph 
(A) by a percentage equal to the percent-
age increase (if any) between— 
‘‘(I) the nominal gross domestic 
product of the United States for the 
year, during the preceding 5 years, 
with respect to which the nominal 
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135 
gross domestic product of the United 
States was the highest; and 
‘‘(II) the nominal gross domestic 
product of the United States for the 
covered year. 
‘‘(ii) DETERMINATION
OF
GDP.—In 
this paragraph, the Board shall use nomi-
nal gross domestic product statistics deter-
mined by the Bureau of Economic Anal-
ysis.’’. 
SEC. 602. MERGER AGREEMENT APPROVALS CLARITY AND 
PREDICTABILITY. 
(a) STUDY.—The Comptroller General of the United 
States shall carry out a study on the use of commitments, 
conditions, and other aspects of merger review procedures 
by Federal depository institution regulatory agencies in 
connection with insured depository institution merger ap-
plications. The study shall— 
(1) include an evaluation of relevant quantifi-
able metrics; 
(2) review the extent to which the use of com-
mitments and conditions has aligned with statutory 
requirements, including a review of whether the use 
of commitments and conditions has been influenced 
by extrastatutory issues or considerations; 
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136 
(3) consider the benefits and risks of utilizing 
different merger review approaches and procedures 
in compliance with the law; and 
(4) include an evaluation of the impact of such 
merger review procedures and resulting approved 
mergers on safety and soundness, financial stability, 
competition, and the availability of financial prod-
ucts and services offered by insured depository insti-
tutions. 
(b) REPORT.—Not later than 1 year after the date 
of enactment of this Act, the Comptroller General shall 
issue a report to Congress containing all findings and de-
terminations made in carrying out the study required 
under subsection (a). 
(c) DEFINITIONS.—In this section: 
(1) APPLICATION.—The term ‘‘application’’ 
means an application, notice, or other similar re-
quest for permission submitted to a Federal deposi-
tory institution regulatory agency. 
(2) FEDERAL DEPOSITORY INSTITUTION REGU-
LATORY AGENCY.—The term ‘‘Federal depository in-
stitution regulatory agency’’ means the Board of 
Governors of the Federal Reserve System, the 
Comptroller of the Currency, the Federal Deposit 
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137 
Insurance Corporation, and the National Credit 
Union Administration Board. 
(3) INSURED DEPOSITORY INSTITUTION.—The 
term ‘‘insured depository institution’’— 
(A) has the meaning given that term in 
section 3 of the Federal Deposit Insurance Act 
(12 U.S.C. 1813); and 
(B) means an insured credit union, as de-
fined in section 101 of the Federal Credit 
Union Act (12 U.S.C. 1752). 
(4) INSURED DEPOSITORY INSTITUTION MERG-
ER APPLICATION.—The term ‘‘insured depository in-
stitution merger application’’ means an application 
with respect to the acquisition of an insured deposi-
tory institution, its equity interests, its assets, or its 
deposits under— 
(A) section 10(e) of the Home Owners’ 
Loan Act (12 U.S.C. 1467a(e)); 
(B) section 205(b) of the Federal Credit 
Union Act (12 U.S.C. 1785(b)); 
(C) section 7(j) of the Federal Deposit In-
surance Act (12 U.S.C. 1817(j)); 
(D) section 18(c)(2) of the Federal De-
posit Insurance Act (12 U.S.C. 1828(c)(2)); 
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138 
(E) section 3 of the Bank Holding Com-
pany Act of 1956 (12 U.S.C. 1842); and 
(F) section 4 of the Bank Holding Com-
pany Act of 1956 (12 U.S.C. 1843). 
SEC. 603. MERGER PROCESS REVIEW. 
(a) REVIEW.—Not later than 1 year after the date 
of enactment of this Act, and every 3 years thereafter, 
the Inspector General of each Federal depository institu-
tion regulatory agency shall review the Federal depository 
institution regulatory agency’s merger review procedures, 
including record of timeliness and efficiency in reviewing 
and acting upon insured depository institution merger ap-
plications. The review shall— 
(1) include an evaluation of relevant quantifi-
able metrics, including mean and median application 
processing times; 
(2) identify sources of delay that may hinder 
the timely consummation of proposals that meet the 
relevant statutory factors; 
(3) consider the benefits and risks of utilizing 
different merger review approaches and procedures 
in compliance with the law; 
(4) include an evaluation of the impact of such 
merger review procedures and resulting approved 
mergers on safety and soundness, financial stability, 
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139 
competition, and the availability of financial prod-
ucts and services offered by insured depository insti-
tutions; and 
(5) include specific recommendations to improve 
the merger review process, including timeliness and 
efficiency of application processing, consistent with 
the Federal depository institution regulatory agen-
cy’s statutory responsibilities. 
(b) REPORT.—Each Inspector General described 
under subsection (a) shall, at the conclusion of each review 
required under subsection (a), issue a report to Congress 
containing all findings and determinations made in car-
rying out the review, and publish such report online. 
(c) AGENCY RESPONSE.—In response to each report 
issued to Congress under subsection (a), the appropriate 
Federal depository institution regulatory agency shall sub-
mit to Congress and publish online a written response, in-
cluding a plan to implement the recommendations in the 
report, to the extent such implementation is appropriate. 
(d) DEFINITIONS.—In this section: 
(1) APPLICATION.—The term ‘‘application’’ 
means an application, notice, or other similar re-
quest for permission submitted to a Federal deposi-
tory institution regulatory agency. 
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140 
(2) FEDERAL DEPOSITORY INSTITUTION REGU-
LATORY AGENCY.—The term ‘‘Federal depository in-
stitution regulatory agency’’ means the Board of 
Governors of the Federal Reserve System, the 
Comptroller of the Currency, the Federal Deposit 
Insurance Corporation, and the National Credit 
Union Administration Board. 
(3) INSURED DEPOSITORY INSTITUTION.—The 
term ‘‘insured depository institution’’— 
(A) has the meaning given that term in 
section 3 of the Federal Deposit Insurance Act 
(12 U.S.C. 1813); and 
(B) means an insured credit union, as de-
fined in section 101 of the Federal Credit 
Union Act (12 U.S.C. 1752). 
(4) INSURED DEPOSITORY INSTITUTION MERG-
ER APPLICATION.—The term ‘‘insured depository in-
stitution merger application’’ means an application 
with respect to the acquisition of an insured deposi-
tory institution, its equity interests, its assets, or its 
deposits under— 
(A) section 10(e) of the Home Owners’ 
Loan Act (12 U.S.C. 1467a(e)); 
(B) section 205(b) of the Federal Credit 
Union Act (12 U.S.C. 1785(b)); 
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141 
(C) section 7(j) of the Federal Deposit In-
surance Act (12 U.S.C. 1817(j)); 
(D) section 18(c)(2) of the Federal De-
posit Insurance Act (12 U.S.C. 1828(c)(2)); 
(E) section 3 of the Bank Holding Com-
pany Act of 1956 (12 U.S.C. 1842); and 
(F) section 4 of the Bank Holding Com-
pany Act of 1956 (12 U.S.C. 1843). 
TITLE 
VII—STRENGTHENING 
TRANSPARENCY 
AND 
IN-
VOLVEMENT IN BANK RESO-
LUTIONS 
SEC. 701. LEAST COST EXCEPTION. 
(a) IN GENERAL.—Section 13(c)(4) of the Federal 
Deposit Insurance Act (12 U.S.C. 1823(c)(4)) is amend-
ed— 
(1) in subparagraph (A)(ii), by inserting ‘‘ex-
cept as provided in subparagraph (I),’’ before ‘‘the 
total amount’’; 
(2) in subparagraph (E)(i), by inserting ‘‘and 
except as provided in subparagraph (I),’’ after ‘‘ap-
propriate,’’; and 
(3) by adding at the end the following: 
‘‘(I) LEAST COST RESOLUTION EXCEPTION.— 
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