3.0.0 6162 2023-01-11T13:33:44Z 2023-01-11T13:33:44Z House HR 2016-09-22 114 [Congressional Record Volume 162, Number 144 (Thursday, September 22, 2016)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. TIPTON:H.R. 6162.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 3: ``The Congress shall havepower . . . To regulate commerce with foreign nations, andamong the several states, and with the Indian tribes.''[Page H5866]]]> hsba00 Financial Services Committee House Standing hsba15 Consumer Protection and Financial Institutions Subcommittee Hearings by 2016-09-27T21:12:47Z Referred to 2016-09-22T14:06:15Z 2016-09-27 hsba15 Consumer Protection and Financial Institutions Subcommittee 1 House committee actions Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Referral. Committee 2016-09-22 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2016-09-22 Introduced in House IntroReferral Intro-H 9 Library of Congress 2016-09-22 Introduced in House IntroReferral 1000 9 Library of Congress T000470 Rep. Tipton, Scott R. [R-CO-3] Scott Tipton R CO R. 3 N Finance and Financial Sector Finance and Financial Sector 00 2016-09-22 Introduced in House 2017-04-21T20:11:31Z Protect Prepaid Accounts Act of 2016

This bill amends the Federal Deposit Insurance Act to state that prepaid funds deposited by an agent or nominee in an insured depository institution shall satisfy the requirements of the primary exclusion from the definition of deposit broker, unless that agent or nominee controls the deposits and has the contractual right to cause the transfer of those deposits to another insured depository institution selected by the agent or nominee. (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.)

The bill defines "prepaid funds" as funds deposited through a prepaid program or made available from a card, code, or other device that is not otherwise an account established primarily for personal, household, or family purposes, where the device is:

  • issued on a prepaid basis to a consumer in a specified amount, or is not issued on a prepaid basis but capable of being loaded with funds; and
  • redeemable at multiple unaffiliated merchants for goods or services or usable at automated teller machines or for person-to-person transfers.
]]> Protect Prepaid Accounts Act of 2016 Display Title Protect Prepaid Accounts Act of 2016 Official Title as Introduced To amend the Federal Deposit Insurance Act to ensure that prepaid funds deposited in an insured depository institution satisfy the requirements of the primary purpose exclusion to the definition of deposit broker, and for other purposes. Introduced in House IH Short Titles as Introduced Protect Prepaid Accounts Act of 2016 Introduced in House 2016-09-22T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr6162ih/xml/BILLS-114hr6162ih.xml 2016-09-27 Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Referral. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.