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Minority Depository Institution and Community Bank Deposit Access Act of 2022

USA117th CongressS-3562| Senate 
| Updated: 2/2/2022
Tim Scott

Tim Scott

Republican Senator

South Carolina

Cosponsors (1)
Margaret Wood Hassan (Democratic)

Banking, Housing, and Urban Affairs Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Minority Depository Institution and Community Bank Deposit Access Act of 2022 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.
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Timeline

Bill from Previous Congress

S 116-4644
Minority Depository Institution and Community Bank Deposit Access Act of 2020
Feb 2, 2022
Introduced in Senate
Feb 2, 2022
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  • Bill from Previous Congress

    S 116-4644
    Minority Depository Institution and Community Bank Deposit Access Act of 2020


  • February 2, 2022
    Introduced in Senate


  • February 2, 2022
    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Finance and Financial Sector

Minority Depository Institution and Community Bank Deposit Access Act of 2022

USA117th CongressS-3562| Senate 
| Updated: 2/2/2022
Minority Depository Institution and Community Bank Deposit Access Act of 2022 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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline

Bill from Previous Congress

S 116-4644
Minority Depository Institution and Community Bank Deposit Access Act of 2020
Feb 2, 2022
Introduced in Senate
Feb 2, 2022
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  • Bill from Previous Congress

    S 116-4644
    Minority Depository Institution and Community Bank Deposit Access Act of 2020


  • February 2, 2022
    Introduced in Senate


  • February 2, 2022
    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Tim Scott

Tim Scott

Republican Senator

South Carolina

Cosponsors (1)
Margaret Wood Hassan (Democratic)

Banking, Housing, and Urban Affairs Committee

Finance and Financial Sector

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted