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House Bill 907
116th Congress(2019-2020)
To clarify exclusions from the definition of a deposit broker.
Introduced
Introduced
Introduced in House on Jan 30, 2019
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Introduced in House 
Jan 30, 2019
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Introduced in House(Jan 30, 2019)
Jan 30, 2019
Not Scanned for Linkage
About Linkage
Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
Bill Sponsor is currently only finding exact word-for-word section matches. In a future release, partial matches will be included.
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H. R. 907 (Introduced-in-House)


116th CONGRESS
1st Session
H. R. 907


To clarify exclusions from the definition of a deposit broker.

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

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.”.