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I
116TH CONGRESS
1ST SESSION H. R. 2572
To amend the Federal Deposit Insurance Act to clarify the definition of
a deposit broker, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
MAY 8, 2019
Mr. FOSTER (for himself and Mr. STIVERS) 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 Representa-
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tives of the United States of America in Congress assembled,
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SECTION 1. AMENDMENT TO DEFINITION OF DEPOSIT
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BROKER.
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Section 29 of the Federal Deposit Insurance Act (12
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U.S.C. 1831f) is amended—
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(1) in subsection (g)(2)—
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(A) in subparagraph (H), by striking ‘‘or’’
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at the end;
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•HR 2572 IH
(B) in subparagraph (I), by striking the
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period at the end and inserting ‘‘; or’’; and
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(C) by adding at the end the following new
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subparagraph:
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‘‘(J) an affiliate of the insured depository
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institution, with respect to funds of an account
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or
benefit
plan
described
in
section
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3(a)(4)(B)(viii)(I)(ee) of the Securities Ex-
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change Act of 1934 for which the insured de-
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pository institution acts as custodian or di-
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rected trustee, to the extent the affiliate pro-
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vides brokerage, advisory, or agency services to
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participants or beneficiaries of such account or
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benefit plan and such services result in the in-
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vestment of the assets of such benefit plan or
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account as deposits of such insured depository
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institution.’’; and
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(2) by adding at the end the following new sub-
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section:
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‘‘(i) CONSIDERATION
OF CERTAIN INFORMATION
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SHARED WITH AFFILIATES.—Information regarding de-
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posit accounts shared by an insured depository institution
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with its affiliates that is a communication described under
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section 603(d)(2)(ii) of the Fair Credit Reporting Act
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shall not be a factor in determining whether—
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‘‘(1) an affiliate of an insured depository insti-
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tution, including an individual employed by such af-
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filiate, is considered to be a deposit broker; or
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‘‘(2) deposits resulting from referrals of cus-
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tomers to an affiliate of an insured depository insti-
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tution are subject to the restrictions of subsections
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(a) and (b).’’.
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Æ
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