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116TH CONGRESS
1ST SESSION H. R. 4501
To amend the Federal Deposit Insurance Act to provide that the consumer
transaction account deposits of an insured depository institution are
not considered to be funds obtained by or through a deposit broker,
and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
SEPTEMBER 26, 2019
Mr. WILLIAMS (for himself and Ms. MOORE) introduced the following bill;
which was referred to the Committee on Financial Services
A BILL
To amend the Federal Deposit Insurance Act to provide
that the consumer transaction account deposits of an
insured depository institution are not considered to be
funds obtained by or through a deposit broker, and for
other purposes.
Be it enacted by the Senate and House of Representa-
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tives of the United States of America in Congress assembled,
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SECTION 1. SHORT TITLE.
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This Act may be cited as the ‘‘Consumer Transaction
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Account Protection Act of 2019’’.
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SEC. 2. LIMITED EXCEPTION FOR CONSUMER TRANS-
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ACTION ACCOUNT DEPOSITS.
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Section 29 of the Federal Deposit Insurance Act (12
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U.S.C. 1831f) is amended by adding at the end the fol-
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lowing new subsection:
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‘‘(j) LIMITED EXCEPTION FOR CONSUMER TRANS-
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ACTION ACCOUNT DEPOSITS.—
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‘‘(1) IN GENERAL.—Consumer transaction ac-
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count deposits of an insured depository institution
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shall not be considered to be funds obtained, directly
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or indirectly, by or through a deposit broker.
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‘‘(2) CONSUMER
TRANSACTION
ACCOUNT
DE-
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POSIT DEFINED.—For purposes of this subsection,
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the term ‘consumer transaction account deposit’
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means a deposit in a transaction account, as defined
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in section 19(b)(1) of the Federal Reserve Act, with
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an insured depository institution—
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‘‘(A) that is entirely covered by deposit in-
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surance;
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‘‘(B) that is opened by a natural person;
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‘‘(C) that is held in the name of such nat-
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ural person;
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‘‘(D) that is used monthly by such natural
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person to make payments to, and to receive de-
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posits from, third parties; and
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‘‘(E) with respect to which only such nat-
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ural person is recognized by the insured deposi-
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tory institution as being authorized to designate
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that withdrawals or payments be made from the
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account.’’.
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