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Titles (2)

Short Titles

Short Titles - Senate

Short Title(s) as Introduced

Asset Growth Restriction Act of 2020

Official Titles

Official Titles - Senate

Official Titles as Introduced

A bill to amend the Federal Deposit Insurance Act to remove restrictions on brokered deposits, and for other purposes.

Actions Overview (1)

Date Actions Overview
06/15/2020Introduced in Senate

All Actions (1)

Date All Actions
06/15/2020Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Action By: Senate

Cosponsors (0)

No cosponsors.

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Related Documents
Senate Banking, Housing, and Urban Affairs06/15/2020 Referred to

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Subjects (1)

Latest Summary (1)

There is one summary for S.3962. View summaries

Shown Here:
Introduced in Senate (06/15/2020)

Asset Growth Restriction Act of 2020

This bill repeals restrictions related to brokered deposits and provides for asset growth restrictions applicable to insured depository institutions.

Brokered deposits are deposits made to an insured institution, such as a bank, through a third-party broker for investment purposes. Currently, only well-capitalized banks are allowed to solicit and accept brokered deposits, while institutions that are adequately capitalized may accept if granted a waiver. Undercapitalized banks are prohibited from accepting these deposits.

The bill repeals these brokered deposit restrictions and directs the Federal Deposit Insurance Corporation to establish limits on growth of average total assets for less than well-capitalized institutions to maintain their safety and soundness.