,,ib ,union ,calendar ,no4 #cba #aaith ,,congress #ast ,session ,h4 ,r4 #ecag ,report ,no4 #aai-cfi ,,in ,,the ,,house ,,of ,,representatives ,september #aa1 #bjbe,mr4 ,hill of ,arkansas introduced the following bill2 which was referred to the ,committee on ,financial ,services ,november #d1 #bjbe,reported with an amendment1 committed to the ,committee of the ,whole ,house on the ,state of the ,union1 and ordered to be printed,strike out all after the enacting clause and insert the part printed in italic,for text of introduced bill1 see copy of bill as introduced on ,september #aa1 #bjbe ,a ,,bill ,to amend the ,federal ,deposit ,insurance ,act to ensure that certain custodial deposits of well capitalized insured depository institutions are not considered to be funds obtained by or through deposit brokers1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,community ,bank ,deposit ,access ,act of #bjbe4 #b4 ,limited exception for custodial deposits 7a7 ,in general ,section #bi of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahca;f7 is amended by adding at the end the following3 7j7 ,limited exception for custodial deposits 7#a7 ,in general ,custodial deposits of an eligible institution shall not be considered to be funds obtained1 directly or indirectly1 by or through a deposit broker to the extent that the total amount of such custodial deposits does not exceed an amount equal to #bj percent of the total liabilities of the eligible institution4 7#b7 ,definitions ,in this subsection3 7,a7 ,custodial deposit ,the term custodial deposit means a deposit that is not deposited at an insured depository institution in return for fees paid by the insured depository institution pursuant to an agreement with a third party and that would otherwise be considered to be obtained1 directly or indirectly1 by or through a deposit broker1 if the deposit is deposited at #a or more insured depository institutions1 for the purpose of providing or maintaining deposit insurance for the benefit of a third party1 by or through any of the following1 each acting in a formal custodial or fiduciary capacity for the benefit of a third party3 7i7 ,an insured depository institution serving as agent1 trustee1 or custodian4 7ii7 ,a trust entity controlled by an insured depository institution serving as agent1 trustee1 or custodian4 7iii7 ,a ,state-chartered trust company serving as agent1 trustee1 or custodian4 7iv7 ,a plan administrator or investment advisor1 acting in a formal custodial or fiduciary capacity for the benefit of a plan4 7,b7 ,eligible institution ,the term eligible institution means an insured depository institution that accepts custodial deposits1 if the insured depository institution has less than #aj1jjj1jjj1jjj in total assets as reported on the consolidated report of condition and income as reported quarterly to the appropriate ,federal banking agency and-- 7i7 7,i7 when most recently examined under section #aj7;d7 was assigned a composite rating of #a1 #b1 or #c under the ,uniform ,financial ,institutions ,rating ,system 7or an equivalent rating under a comparable rating system72 and 7,,ii7 is well capitalized2 or 7ii7 has obtained a waiver pursuant to subsection 7c74 7,c7 ,plan ,the term plan has the meaning given the term in section #c of the ,employee ,retirement ,income ,security ,act of #aigd 7#bi ,u4,s4,c4 #ajjb74 7,d7 ,plan administrator ,the term plan administrator has the meaning given the term administrator in section #c of the ,employee ,retirement ,income ,security ,act of #aigd 7#bi ,u4,s4,c4 #ajjb74 7,e7 ,well capitalized ,the term well capitalized has the meaning given the term in section #ch7;b74 4 7b7 ,interest rate restriction ,section #bi of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahca;f71 as amended by subsection 7a71 is further amended by adding at the end the following3 7k7 ,restriction on interest rate paid on certain custodial deposits 7#a7 ,definitions ,in this subsection-- 7,a7 the terms custodial deposit1 eligible institution1 and well capitalized have the meanings given those terms in subsection 7j72 and 7,b7 the term covered insured depository institution means an insured depository institution that while acting as an eligible institution under subsection 7j71 accepts custodial deposits while not well capitalized4 7#b7 ,prohibition ,a covered insured depository institution may not pay a rate of interest on custodial deposits that are accepted while not well capitalized that1 at the time the funds or custodial deposits are accepted1 significantly exceeds the limit set forth in paragraph 7#c74 7#c7 ,limit on interest rates ,the limit on the rate of interest referred to in paragraph 7#b7 shall be not greater than-- 7,a7 the rate paid on deposits of similar maturity in the normal market area of the covered insured depository institution for deposits accepted in the normal market area of the covered insured depository institution2 or 7,b7 the national rate paid on deposits of comparable maturity1 as established by the ,corporation1 for deposits accepted outside the normal market area of the covered insured depository institution4 4 ,november #d1 #bjbe,reported with an amendment1 committed to the ,committee of the ,whole ,house on the ,state of the ,union1 and ordered to be printed