To clarify exclusions from the definition of a deposit broker.

Bill: 115-hr-6866
Sponsor: full_name: Rep. LaHood, Darin [R-IL-18]
Introduced: 2018-09-24
Policy area: Finance and Financial Sector
Subjects: Bank accounts, deposits, capital

Banking and financial institutions regulation

Insurance industry and regulation
Latest action: action_date: 2018-09-24
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2018-09-24
action_desc: Introduced in House
text: <p>This bill excludes from the definition of "deposit broker" an entity that is an exclusive agent of an insurance company and an affiliated depository institution. Deposit brokers place, or facilitate the placement of, deposits in a depository institution. Generally, under current law, an insured depository institution that is not well capitalized may not accept funds obtained by or through any deposit broker for deposit. This bill excludes certain deposits from those restrictions. </p>

tv_txt: I 115th CONGRESS 2d Session H. R. 6866 IN THE HOUSE OF REPRESENTATIVES September 24, 2018 Mr. LaHood (for himself and Mrs. Bustos ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To clarify exclusions from the definition of a deposit broker.

1. Definition of a deposit broker Section 29(g)(2)(I) of the Federal Deposit Insurance Act ( 12 U.S.C. 1831f(g)(2)(I) ) is amended to read as follows: (I) an agent or nominee— (i) whose primary purpose is not the placement of funds with depository institutions; or (ii) who is— (I) an exclusive agent of— (aa) an insurance company; and (bb) an insured depository institution affiliated with such insurance company; and (II) is contractually prohibited by agreement with such depository institution from placing funds with any other unaffiliated depository institution and from acting as an agent of any other person with respect to any deposit or deposit account. .