H.R. 3234
Raises limits on reciprocal deposits at banks
Lets banks hold more reciprocal deposits, which are large deposits split among a network of banks so more of the money is insured, and loosens which banks may take part.
- Sets the allowed amount by tiers based on a bank's total liabilities
- Now lets banks rated 1, 2, or 3 on the 1-to-5 federal health scale qualify
- Current law allows qualifying banks rated outstanding or good
- Reciprocal deposits split large deposits across a network of banks to spread insurance
Passed the House · Senate's turn