3.0.0 4644 2023-01-11T13:44:44Z 2023-01-11T13:44:44Z Senate S 2020-09-22 116 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2020-09-22T20:12:40Z 2020-09-22 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2020-09-22 Introduced in Senate IntroReferral 10000 9 Library of Congress J000300 Sen. Jones, Doug [D-AL] Doug Jones D AL N Finance and Financial Sector Finance and Financial Sector 00 2020-09-22 Introduced in Senate 2020-11-25T19:17:45Z Minority Depository Institution and Community Bank Deposit Access Act of 2020

This bill specifies that certain custodial deposits at eligible institutions shall not be considered to be brokered deposits, which are subject to additional regulatory requirements, including those related to liquidity. The bill generally defines a custodial deposit as a deposit made by a certain entity serving as an agent, trustee, or custodian at an insured depository institution for the purpose of providing deposit insurance for the benefit of a third party. Among other requirements, the bill provides that an eligible institution includes small depository institutions, community development financial institutions, and minority depository institutions.

Additionally, the bill specifies that only low-income credit unions and minority depository institutions that are federally insured credit unions are eligible for certain community development revolving loans.

]]> Minority Depository Institution and Community Bank Deposit Access Act of 2020 Display Title Minority Depository Institution and Community Bank Deposit Access Act of 2020 Short Title(s) as Introduced Minority Depository Institution and Community Bank Deposit Access Act of 2020 Introduced in Senate IS Official Title as Introduced A bill to amend the Federal Deposit Insurance Act to ensure that certain custodial deposits of well capitalized insured depository institutions are not considered to be funds obtained by or through deposit brokers, and for other purposes. Introduced in Senate IS Introduced in Senate 2020-09-22T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116s4644is/xml/BILLS-116s4644is.xml 2020-09-22 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.