[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5660 Introduced in House (IH)]

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114th CONGRESS
  2d Session
                                H. R. 5660

 To amend the Federal Deposit Insurance Act to provide that the stable 
retail deposits of an insured depository institution are not considered 
  to be funds obtained by or through a deposit broker, and for other 
                               purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              July 7, 2016

Mr. Williams (for himself and Ms. Moore) introduced the following bill; 
       which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
 To amend the Federal Deposit Insurance Act to provide that the stable 
retail deposits of an insured depository institution are not considered 
  to be funds obtained by or through a deposit broker, and for other 
                               purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Retail Checking Account Protection 
Act of 2016''.

SEC. 2. LIMITED EXCEPTION FOR STABLE RETAIL DEPOSITS.

    (a) In General.--Section 29 of the Federal Deposit Insurance Act 
(12 U.S.C. 1831f) is amended by adding at the end the following new 
subsection:
    ``(i) Limited Exception for Stable Retail Deposits.--
            ``(1) In general.--Stable retail deposits of an insured 
        depository institution shall not be considered to be funds 
        obtained, directly or indirectly, by or through a deposit 
        broker.
            ``(2) Rule of construction.--Nothing in this subsection 
        shall be construed to limit the authority of the Corporation to 
        require, on a case-by-case basis, that an insured depository 
        institution that is less than adequately capitalized (as 
        defined in section 38(b)(1)(B)) not accept particular types of 
        deposits upon finding that the acceptance of such deposits 
        constitutes an unsafe or unsound practice with respect to such 
        institution.
            ``(3) Definitions.--In this subsection:
                    ``(A) Stable retail deposit.--The term `stable 
                retail deposit' means a stable retail deposit (as 
                defined under section 329.3 of title 12, Code of 
                Federal Regulations, as in effect on January 1, 2016) 
                that is in an account--
                            ``(i) opened by a retail customer; and
                            ``(ii) that is held in the name of the 
                        retail customer.
                    ``(B) Retail customer.--The term `retail customer' 
                has the meaning given the term `retail customer or 
                counterparty' under section 329.3 of title 12, Code of 
                Federal Regulations, as in effect on January 1, 
                2016.''.
    (b) Applicability.--Nothing in this Act or the amendment made by 
this Act shall be construed to limit the application of any provision 
of the Federal Deposit Insurance Act, other than section 29 of such Act 
(12 U.S.C. 1831f), to an insured depository institution (as defined in 
section 3 of such Act (12 U.S.C. 1813)).
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