3.0.0 3962 2023-01-11T13:46:15Z 2023-01-11T13:46:15Z Senate S 2020-06-15 116 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2020-06-15T23:13:40Z 2020-06-15 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2020-06-15 Introduced in Senate IntroReferral 10000 9 Library of Congress M000934 Sen. Moran, Jerry [R-KS] Jerry Moran R KS N Finance and Financial Sector Finance and Financial Sector 00 2020-06-15 Introduced in Senate 2021-03-17T18:48:39Z Asset Growth Restriction Act of 2020

This bill repeals restrictions related to brokered deposits and provides for asset growth restrictions applicable to insured depository institutions.

Brokered deposits are deposits made to an insured institution, such as a bank, through a third-party broker for investment purposes. Currently, only well-capitalized banks are allowed to solicit and accept brokered deposits, while institutions that are adequately capitalized may accept if granted a waiver. Undercapitalized banks are prohibited from accepting these deposits.

The bill repeals these brokered deposit restrictions and directs the Federal Deposit Insurance Corporation to establish limits on growth of average total assets for less than well-capitalized institutions to maintain their safety and soundness.

]]> Asset Growth Restriction Act of 2020 Display Title Asset Growth Restriction Act of 2020 Short Title(s) as Introduced Asset Growth Restriction Act of 2020 Introduced in Senate IS Official Title as Introduced A bill to amend the Federal Deposit Insurance Act to remove restrictions on brokered deposits, and for other purposes. Introduced in Senate IS Introduced in Senate 2020-06-15T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116s3962is/xml/BILLS-116s3962is.xml 2020-06-15 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. 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.