United States 117th Congress Status: In Committee 1 R cosponsors

S 5345 — Consumer Transaction Account Protection Act of 2022

Last action — Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 117th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Consumer Transaction Account Protection Act of 2022 This bill specifies that consumer transaction account deposits of an insured depository institution are not funds obtained through a deposit broker. In general, current law prohibits an insured depository institution that is not well capitalized from accepting for deposit funds obtained through a deposit broker.

Bill Text

How this bill changes current law

3 changes Share ↗

Compared against current U.S. Code AI-generated reading aid — verify against the official bill.

The bill provides that consumer transaction account deposits of an insured depository institution are not considered funds obtained by or through a deposit broker.

  • 12 U.S.C. 1831f

    (j) Limited Exception for Consumer Transaction Account Deposits.--(1) In general.--Consumer transaction account deposits of an insured depository institution shall not be considered to be funds obtained, directly or indirectly, by or through a deposit broker.

    This adds a provision that excludes certain consumer transaction account deposits from being categorized as brokered deposits.

  • 12 U.S.C. 1831f(j)(2)

    (2) Definitions.--In this subsection: (A) Consumer transaction account deposit.--The term `consumer transaction account deposit' means a deposit in a transaction account with an insured depository institution--(i) that is entirely covered by deposit insurance; (ii) that is opened by an individual; (iii) that is held in the name of the individual; (iv) that is used monthly by the individual to make payments to, and to receive deposits from, third parties; and (v) with respect to which only the individual is recognized by the insured depository institution as being authorized to designate that withdrawals or payments be made from the account.

    This defines what constitutes a consumer transaction account deposit.

  • 12 U.S.C. 1831f(j)(2)(B)

    (B) Transaction account.--The term `transaction account' has the meaning given the term in section 19(b)(1) of the Federal Reserve Act (12 U.S.C. 461(b)(1)).

    This specifies that the meaning of a transaction account will refer to the definition provided in the Federal Reserve Act.

Action History

  1. Introduced in Senate

  2. Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does S 5345 do?
Consumer Transaction Account Protection Act of 2022 This bill specifies that consumer transaction account deposits of an insured depository institution are not funds obtained through a deposit broker. In general, current law prohibits an insured depository institution that is not well capitalized from accepting for deposit funds obtained through a deposit broker.
Who sponsors S 5345?
S 5345 is sponsored by Moran, Jerry (Republican).
What is the current status of S 5345?
This bill died with 117th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track S 5345?
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Last checked for changes 3 months ago · updated continuously

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