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Senate Bill 3108
116th Congress(2019-2020)
Consumer Transaction Account Protection Act of 2019
Introduced
Introduced
Introduced in Senate on Dec 19, 2019
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Introduced in Senate 
Dec 19, 2019
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Introduced in Senate(Dec 19, 2019)
Dec 19, 2019
Not Scanned for Linkage
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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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S. 3108 (Introduced-in-Senate)


116th CONGRESS
1st Session
S. 3108


To 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.

IN THE SENATE OF THE UNITED STATES

December 19, 2019

Mr. Jones (for himself, Mr. Moran, and Mr. Perdue) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs

A BILL

To 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.

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

SECTION 1. Short title.

This Act may be cited as the “Consumer Transaction Account Protection Act of 2019”.

SEC. 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 new subsection:

“(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)).”.