To amend the Federal Deposit Insurance Act to provide that the stable retail deposits of an insured depository institution are not considered to be funds obtained by or through a deposit broker, and for other purposes.
Retail Checking Account Protection Act of 2016
This bill amends the Federal Deposit Insurance Act to provide that the stable retail deposits of an insured depository institution shall not be considered to be funds obtained by or through a deposit broker. Currently, stable retail deposits are considered brokered deposits. As a result, those deposits are subject to restrictions applicable to other brokered deposits, such as prohibitions on undercapitalized banks accepting brokered deposits. This bill would exclude stable retail deposits from those restrictions.
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