117 S5345 IS: Consumer Transaction Account Protection Act of 2022 U.S. Senate 2022-12-21 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.

II117th CONGRESS2d SessionS. 5345IN THE SENATE OF THE UNITED STATESDecember 21, 2022Mr. Moran introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban AffairsA BILLTo amend the Federal Deposit Insurance Act to provide that the consumer transaction account deposits of an insured depository institution are not considered to be funds obtained by or through a deposit broker, and for other purposes.

1.

Short title

This Act may be cited as the Consumer Transaction Account Protection Act of 2022.

2.

Limited exception for consumer transaction account deposits

Section 29 of the Federal Deposit Insurance Act (12 U.S.C. 1831f) is amended by adding at the end the following:(j)

Limited exception for consumer transaction account deposits

(1)

In general

Consumer transaction account deposits of an insured depository institution shall not be considered to be funds obtained, directly or indirectly, by or through a deposit broker.(2)

Definitions

In this subsection:(A)

Consumer transaction account deposit

The term consumer transaction account deposit means a deposit in a transaction account with an insured depository institution—(i)that is entirely covered by deposit insurance;(ii)that is opened by an individual;(iii)that is held in the name of the individual;(iv)that is used monthly by the individual to make payments to, and to receive deposits from, third parties; and(v)with respect to which only the individual is recognized by the insured depository institution as being authorized to designate that withdrawals or payments be made from the account.(B)

Transaction account

The term transaction account has the meaning given the term in section 19(b)(1) of the Federal Reserve Act (12 U.S.C. 461(b)(1))..