S.4644 - Minority Depository Institution and Community Bank Deposit Access Act of 2020116th Congress (2019-2020)
|Sponsor:||Sen. Jones, Doug [D-AL] (Introduced 09/22/2020)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||Senate - 09/22/2020 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
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Summary: S.4644 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in Senate (09/22/2020)
Minority Depository Institution and Community Bank Deposit Access Act of 2020
This bill specifies that certain custodial deposits at eligible institutions shall not be considered to be brokered deposits, which are subject to additional regulatory requirements, including those related to liquidity. The bill generally defines a custodial deposit as a deposit made by a certain entity serving as an agent, trustee, or custodian at an insured depository institution for the purpose of providing deposit insurance for the benefit of a third party. Among other requirements, the bill provides that an eligible institution includes small depository institutions, community development financial institutions, and minority depository institutions.
Additionally, the bill specifies that only low-income credit unions and minority depository institutions that are federally insured credit unions are eligible for certain community development revolving loans.