HR 4501
Consumer Transaction Account Protection Act of 2019
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
The Consumer Transaction Account Protection Act of 2019 aims to clarify how deposit brokers are treated when dealing with consumer accounts at banks. Specifically, the bill ensures that deposits made into consumer transaction accounts at insured banks are not classified as funds obtained through a deposit broker. This change is intended to simplify banking practices and potentially encourage broader access to banking services. The legislation modifies the Federal Deposit Insurance Act to provide this specific exception.
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