[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 907 Introduced in House (IH)]

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116th CONGRESS
  1st Session
                                H. R. 907

     To clarify exclusions from the definition of a deposit broker.


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                    IN THE HOUSE OF REPRESENTATIVES

                            January 30, 2019

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

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                                 A BILL


 
     To clarify exclusions from the definition of a deposit broker.

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

SECTION 1. DEFINITION OF A DEPOSIT BROKER.

    Section 29(g)(2)(I) of the Federal Deposit Insurance Act (12 U.S.C. 
1831f(g)(2)(I)) is amended to read as follows:
                    ``(I) an agent or nominee--
                            ``(i) whose primary purpose is not the 
                        placement of funds with depository 
                        institutions; or
                            ``(ii) who is--
                                    ``(I) an exclusive agent of--
                                            ``(aa) an insurance 
                                        company; and
                                            ``(bb) an insured 
                                        depository institution 
                                        affiliated with such insurance 
                                        company; and
                                    ``(II) is contractually prohibited 
                                by agreement with such depository 
                                institution from placing funds with any 
                                other unaffiliated depository 
                                institution and from acting as an agent 
                                of any other person with respect to any 
                                deposit or deposit account.''.
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