HR 3234 · Keeping Deposits Local Act
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Introduced
- May 7, 2025
- Latest action
- May 21, 2026
- Sponsor
- Rep. Tom Emmer [R-MN-6]
- Policy area
- Finance and Financial Sector
- Cosponsors
- 11
Summary
This bill increases the amount insured depository institutions may accept as reciprocal deposits. (Reciprocal deposits are used by institutions to increase the availability of deposit insurance by splitting large deposits using a reciprocal network of institutions.) The bill creates a tiered system so that the allowable amount is based on the institution's total liabilities. Additionally, the bill changes certain qualifications insured depository institutions may be required to have to accept reciprocal deposits. Under current law, institutions may qualify by having a composite rating of outstanding or good, among other requirements. The bill allows institutions with a 1, 2, or 3 rating under the CAMELS scale to qualify. (The Uniform Financial Institutions Rating System uses the characteristics of capital adequacy, asset quality, management, earnings, liquidity, and sensitivity to market risk (i.e., CAMELS ratings) to rate the health of financial institutions, with a 1 indicating the highest rating and least degree of supervisory concern and a 5 indicating the lowest rating and highest degree of supervisory concern.)
Recent actions
- Nov 4, 2025 Placed on the Union Calendar, Calendar No. 314.
- Nov 4, 2025 Reported (Amended) by the Committee on Financial Services. H. Rept. 119-362.
- Nov 4, 2025 Reported (Amended) by the Committee on Financial Services. H. Rept. 119-362.
- Sep 16, 2025 Ordered to be Reported (Amended) by the Yeas and Nays: 51 - 0.
- Sep 16, 2025 Committee Consideration and Mark-up Session Held
- May 7, 2025 Referred to the House Committee on Financial Services.
- May 7, 2025 Introduced in House
- May 7, 2025 Introduced in House
Votes
- Passed Passed · May 20, 2026, 5:07 PM