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H.R. 6158 (115th): Brokered Deposit Affiliate-Subsidiary Modernization Act of 2018

The text of the bill below is as of Jun 20, 2018 (Introduced).


I

115th CONGRESS

2d Session

H. R. 6158

IN THE HOUSE OF REPRESENTATIVES

June 20, 2018

(for himself, Mr. Clay, and Mr. Meeks) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To amend the Federal Deposit Insurance Act to exclude affiliates and subsidiaries of insured depository institutions in the definition of deposit broker, and for other purposes.

1.

Short title

This Act may be cited as the Brokered Deposit Affiliate-Subsidiary Modernization Act of 2018.

2.

Exclusion of affiliates and subsidiaries of insured depository institutions in the definition of deposit broker

Section 29(g) of the Federal Deposit Insurance Act (12 U.S.C. 1831f(g)) is amended—

(1)

in paragraph (2)—

(A)

in subparagraph (A), by inserting or any affiliate or subsidiary of such insured depository institution after insured depository institution; and

(B)

in subparagraph (B), by inserting or any affiliate or subsidiary of such insured depository institution after insured depository institution; and

(2)

by striking paragraph (4) and inserting the following:

(4)

Employee

For purposes of this subsection, the term employee

(A)

means an individual who receives compensation in any form from an insured depository institution or an affiliate or subsidiary of such insured depository institution; and

(B)

includes a registered representative of a broker or dealer that is an affiliate or subsidiary of an insured depository institution.

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