The "Keeping Deposits Local Act" amends the Federal Deposit Insurance Act to redefine reciprocal deposits not obtained through a deposit broker. It outlines the parameters for determining which amounts are exempt from the deposit broker classification. Additionally, it revises the definition of "Agent Institution" and mandates a study on reciprocal deposits' performance and comparison to other deposit arrangements, as well as an assessment of their benefits and potential risks, to be reported to the relevant congressional committees within six months of the Act's enactment.