[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6266 Introduced in House (IH)]

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114th CONGRESS
  2d Session
                                H. R. 6266

To amend the Federal Deposit Insurance Act to clarify the definition of 
               a deposit broker, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 28, 2016

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

_______________________________________________________________________

                                 A BILL


 
To amend the Federal Deposit Insurance Act to clarify the definition of 
               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. AMENDMENT TO DEFINITION OF DEPOSIT BROKER.

    Section 29 of the Federal Deposit Insurance Act (12 U.S.C. 1831f) 
is amended--
            (1) in subsection (g)(2)--
                    (A) in subparagraph (H), by striking ``or'' at the 
                end;
                    (B) in subparagraph (I), by striking the period at 
                the end and inserting ``; or''; and
                    (C) by adding at the end the following new 
                subparagraph:
                    ``(J) an affiliate of the insured depository 
                institution, with respect to funds of an account or 
                benefit plan described in section 3(a)(4)(B)(viii)(ee) 
                of the Securities Exchange Act of 1934 for which the 
                insured depository institution acts as custodian or 
                directed trustee, to the extent the affiliate provides 
                brokerage, advisory, or agency services to participants 
                or beneficiaries of such account or benefit plan and 
                such services result in the investment of the assets of 
                such benefit plan or account as deposits of such 
                insured depository institution.''; and
            (2) by adding at the end the following new subsection:
    ``(i) Consideration of Certain Information Shared With 
Affiliates.--Information regarding deposit accounts shared by an 
insured depository institution with its affiliates that is a 
communication described under section 603(d)(2)(ii) of the Fair Credit 
Reporting Act shall not be a factor in determining whether--
            ``(1) an affiliate of an insured depository institution, 
        including an individual employed by such affiliate, is 
        considered to be a deposit broker; or
            ``(2) deposits resulting from referrals of customers to an 
        affiliate of an insured depository institution are subject to 
        the restrictions of subsections (a) and (b).''.
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