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H.R.907 - To clarify exclusions from the definition of a deposit broker.116th Congress (2019-2020) |

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Sponsor: Rep. LaHood, Darin [R-IL-18] (Introduced 01/30/2019)
Committees: House - Financial Services
Latest Action: House - 01/30/2019 Referred to the House Committee on Financial Services.  (All Actions)

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This bill has the status Introduced

Here are the steps for Status of Legislation:

  1. Introduced
  2. Passed House
  3. Passed Senate
  4. To President
  5. Became Law

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  • Constitutional Authority Statement
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Summary: H.R.907 — 116th Congress (2019-2020)All Information (Except Text)

There is one summary for H.R.907. Bill summaries are authored by CRS.

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Introduced in House (01/30/2019)

This bill excludes from the definition of "deposit broker" an entity that is an exclusive agent of an insurance company and an affiliated depository institution. Deposit brokers place, or facilitate the placement of, deposits in a depository institution. Generally, under current law, an insured depository institution that is not well capitalized may not accept funds obtained by or through any deposit broker for deposit. This bill excludes certain deposits from those restrictions.