3.0.0 5346 2023-11-19T04:17:03Z 2023-11-19T04:17:03Z Senate S 2022-12-21 117 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2022-12-21T21:21:54Z 2022-12-21 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2022-12-21 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 2022-12-21 Introduced in Senate 2023-03-06T16:18:11Z Brokered Deposit Affiliate-Subsidiary Modernization Act of 2022

This bill excludes affiliates and subsidiaries of an insured depository institution from certain limitations applicable to brokered deposits. (Brokered deposits are a type of deposit accepted by an institution from a third-party deposit broker for investment purposes. Institutions that accept brokered deposits are subject to additional regulatory requirements, including those related to liquidity.)

The bill also expands the definition of an employee of an insured depository institution, thereby exempting these individuals from treatment as a deposit broker. Specifically, the bill includes as an employee (1) an individual who receives compensation in any form from an insured depository institution or from an affiliate or subsidiary, and (2) a registered representative of a broker or dealer that is an affiliate or subsidiary of an insured depository institution.

]]> Brokered Deposit Affiliate-Subsidiary Modernization Act of 2022 Display Title Brokered Deposit Affiliate-Subsidiary Modernization Act of 2022 Short Title(s) as Introduced Brokered Deposit Affiliate-Subsidiary Modernization Act of 2022 Introduced in Senate IS Official Title as Introduced A bill to amend the Federal Deposit Insurance Act to exclude affiliates and subsidiaries of insured depository institutions from the definition of deposit broker, and for other purposes. Introduced in Senate IS Introduced in Senate 2022-12-21T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-117s5346is/xml/BILLS-117s5346is.xml 2022-12-21 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.