I 115th CONGRESS 1st Session H. R. 2793 IN THE HOUSE OF REPRESENTATIVES June 6, 2017 Mr. Williams (for himself and Ms. Moore ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Federal Deposit Insurance Act to provide that the consumer transaction account deposits of an insured depository institution are not considered to be funds obtained by or through a deposit broker, and for other purposes.

1. Short title This Act may be cited as the Consumer Transaction Account Protection Act of 2017 . 2. Limited exception for consumer transaction account deposits Section 29 of the Federal Deposit Insurance Act ( 12 U.S.C. 1831f ) is amended by adding at the end the following new subsection: (i) 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. (2) Consumer transaction account deposit defined For purposes of this subsection, the term consumer transaction account deposit means a deposit in a transaction account, as defined in section 19(b)(1) of the Federal Reserve Act, with an insured depository institution— (A) that is entirely covered by deposit insurance; (B) that is opened by a natural person; (C) that is held in the name of such natural person; (D) that is used monthly by such natural person to make payments to, and to receive deposits from, third parties; and (E) with respect to which only such natural person is recognized by the insured depository institution as being authorized to designate that withdrawals or payments be made from the account. .