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Easier Deposit Access for Small and Minority Banks.

New rules make it easier for small banks and minority-serving financial institutions to attract deposits, potentially increasing their stability and lending capacity. Citizens may benefit from more banking choices and better access to financial services, especially in local communities.
Key points
Small and minority depository institutions can more easily accept deposits from brokers, boosting their liquidity.
Interest rate limits are set for brokered deposits to protect bank stability.
The revolving loan fund for credit unions will now be available to low-income and minority depository credit unions.
These changes may support local community development through improved access to financing.
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Status:
Expired
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Additional Information
Minority Depository Institution and Community Bank Deposit Access Act of 2022
Print number: S 3562
Sponsor: Sen. Scott, Tim [R-SC]
Process start date: 2022-02-02
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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Summary & Status

Key Questions about Easier Deposit Access for Small and Minority Banks.

A structured overview of the legislative process, official sources, status and civic context.

What is the official ID of this bill?

The official print number for this legislation is S 3562.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2022-02-02.

What are the main provisions?

Key points include:

  • Small and minority depository institutions can more easily accept deposits from brokers, boosting their liquidity.
  • Interest rate limits are set for brokered deposits to protect bank stability.
  • The revolving loan fund for credit unions will now be available to low-income and minority depository credit unions.
  • These changes may support local community development through improved access to financing.

What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Scott, Tim [R-SC].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

Analysis and Potential Impact of S 3562

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge. Review our public AI processing logs for full transparency, and use Lustra to track active legislation for instant status push notifications.

CATEGORIES

Economy