Introduced in Senate
Keeping Deposits Local Act
SEC. 1. SHORT TITLETrack this section →
This Act may be cited as the Keeping Deposits Local Act.
SEC. 2. AMOUNT OF RECIPROCAL DEPOSITS THAT ARE NOT CONSIDERED TO BE FUNDS OBTAINED BY OR THROUGH A DEPOSIT BROKERTrack this section →
Section 29(i) of the Federal Deposit Insurance Act (12 U.S.C. 1831f(i)) is amended by striking paragraph (1) and inserting the following: (1) In general The sum of the following amounts of reciprocal deposits of an agent institution shall not be considered to be funds obtained, directly or indirectly, by or through a deposit broker: (A) An amount equal to 50 percent of the portion of the total liabilities of the agent institution that is not more than $1,000,000,000. (B) An amount equal to 40 percent of the portion, if any, of the total liabilities of the agent institution that is more than $1,000,000,000, but not more than $10,000,000,000. (C) An amount equal to 30 percent of the portion, if any, of the total liabilities of the agent institution that is more than $10,000,000,000, but not more than $250,000,000,000. (D) An amount equal to 20 percent of the portion, if any, of the total liabilities of the agent institution that is more than $250,000,000,000, but not more than $1,000,000,000,000. (E) An amount equal to 2 percent of the portion, if any, of the total liabilities of the agent institution that is more than $1,000,000,000,000..
SEC. 3. DEFINITION OF AGENT INSTITUTIONTrack this section →
Section 29(i)(2)(A)(i)(I) of the Federal Deposit Insurance Act (12 U.S.C. 1831f(i)(2)(A)(i)(I)) is amended by striking found to have a composite condition of outstanding or good and inserting assigned a CAMELS rating of 1, 2, or 3.