S 3108
Consumer Transaction Account Protection Act of 2019
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Sign in to take action- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Bill overview
This bill, the Consumer Transaction Account Protection Act of 2019, changes the rules around how deposit brokers are treated when dealing with deposits at banks insured by the FDIC. Specifically, it clarifies that consumer transaction account deposits – those held by individuals and used for regular payments – are not considered to be funds obtained through a deposit broker. This aims to simplify banking practices and reduce restrictions on well-capitalized banks.
Sponsors
Official sponsors from legislative records.
Primary sponsor
Doug Jones
Cosponsors
David Perdue
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