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Bank Simplification: Changes to Deposit Broker Definition

This act modifies who is considered a "deposit broker" in banking. Affiliates and subsidiaries of insured banks will no longer be treated as deposit brokers. This aims to simplify operations for banks and their corporate groups, which could indirectly affect the availability and terms of financial products offered to citizens.
Key points
Bank affiliates and subsidiaries will no longer be classified as deposit brokers.
The definition of "employee" for deposit brokering purposes will include individuals compensated by bank affiliates or subsidiaries.
These changes may impact how banks manage deposits and interact with external entities.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 117_S_5346
Sponsor: Sen. Moran, Jerry [R-KS]
Process start date: 2022-12-21
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Brokered Deposit Affiliate-Subsidiary Modernization Act of 2022

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_5346.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2022-12-21.

What are the main provisions?

Key points include:

  • Bank affiliates and subsidiaries will no longer be classified as deposit brokers.
  • The definition of "employee" for deposit brokering purposes will include individuals compensated by bank affiliates or subsidiaries.
  • These changes may impact how banks manage deposits and interact with external entities.
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. Moran, Jerry [R-KS].

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.

CATEGORIES

Economy