H.R. 3070House115th Congress (2017-2019)In Committee

To amend the Federal Deposit Insurance Act to clarify the definition of a deposit broker, and for other purposes.

Introduced June 27, 2017

AI-Generated Summary

Updated April 15, 2026 at 4:41 PM UTC

The bill updates the Federal Deposit Insurance Act to broaden and clarify who is considered a “deposit broker.” It adds affiliates of insured banks that provide brokerage or advisory services for certain retirement or benefit accounts—where the bank acts as custodian—to the definition. It also says that information shared with those affiliates under the Fair Credit Reporting Act can’t be used to label them as deposit brokers or trigger related restrictions. This mainly affects insured depository institutions and their affiliates that handle such accounts.

Key Provisions

  • Adds a new category (subparagraph J) to the deposit‑broker definition, covering affiliates of insured banks that provide brokerage, advisory, or agency services for retirement or benefit plans where the bank is custodian, and whose services lead to investing plan assets as deposits.
  • Creates a new subsection stating that information about deposit accounts shared with affiliates under the Fair Credit Reporting Act cannot be used to determine whether the affiliate is a deposit broker or to apply deposit‑broker restrictions to referrals.

Legislative Activity

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1 earlier action
HouseIntro Referral Latest Action

Referred to the House Committee on Financial Services.

June 27, 2017

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HouseIntro Referral

Introduced in House

June 27, 2017

HouseIntro Referral

Referred to the House Committee on Financial Services.

June 27, 2017

Floor Debate

23 members

What members said about H.R. 3070 on the floor

11 Republicans12 Democrats
John Abney Culberson
Rep. John Abney CulbersonR-TX-7 · Sep 12, 2017

Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days in which to revise and extend their remarks and to include extraneous material on the further consideration of H.R.…

Jose E. Serrano
Rep. Jose E. SerranoD-NY-15 · Sep 12, 2017

Mr. Chairman, I am in support of the en bloc amendments. We have worked on it jointly, and I support all of the amendments that are included in the en bloc. Mr. Chairman, I yield 1 minute to the…

Steve King
Rep. Steve KingR-IA-4 · Sep 6, 2017

Mr. Chairman, I have an amendment at the desk made in order by the rule. Mr. Chairman, I ask unanimous consent to modify my amendment with the modification at the desk. Mr. Chairman, I yield myself…

Steve Cohen
Rep. Steve CohenD-TN-9 · Sep 12, 2017

Mr. Chairman, I have an amendment at the desk. Mr. Chairman, I rise today to speak in support of our bipartisan amendment, which would increase Legal Services funding by $10 million. I am willing to…

Pramila Jayapal
Rep. Pramila JayapalD-WA-7 · Sep 6, 2017

Mr. Chairman, I have an amendment at the desk. Mr. Chairman, the United States already operates the largest immigration detention system in the world at a cost of $2 billion annually. In fiscal year…

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Bill Pascrell, Jr.
Rep. Bill Pascrell, Jr.D-NJ-9 · Sep 12, 2017

Mr. Chair, I have an amendment at the desk. Mr. Chairman, I rise today, once again, to highlight the hypocrisy reflected here of the party that claims to be the law- and-order party, because, once…

Jacky Rosen
Rep. Jacky RosenD-NV-3 · Sep 12, 2017

Mr. Chairman, I rise in support of my colleague Congresswoman Julia Brownley's amendment to increase funding for veterans treatment courts. Veterans courts keep our heroes struggling with addiction…

Lee M. Zeldin
Rep. Lee M. ZeldinR-NY-1 · Sep 6, 2017

Mr. Chairman, I have an amendment at the desk. Mr. Chairman, my amendment to H.R. 3354 will provide needed regulatory relief to fishermen from the East End of Long Island and the entire region who…

Lee M. Zeldin
Rep. Lee M. ZeldinR-NY-1 · Sep 12, 2017

Mr. Chair, I have an amendment at the desk. Mr. Chairman, I rise in support of my amendment to H.R. 3354 on behalf of the hardworking fishermen of Long Island and our entire region who are suffering…

Sheila Jackson Lee
Rep. Sheila Jackson LeeD-TX-18 · Sep 12, 2017

Mr. Chair, thank you for this opportunity to discuss Amendment 108 to the ``CJS Appropriation Act of 2017''. This amendment will save thousands of lives within our youth population by decreasing our…

Glenn Grothman
Rep. Glenn GrothmanR-WI-6 · Sep 12, 2017

Mr. Chairman, I have an amendment at the desk. Mr. Chairman, I rise in support of my amendment to H.R. 3354. Since we last met, we began spending, I guess, a new $15 billion on the tragedies in…

Lucille Roybal-Allard
Rep. Lucille Roybal-AllardD-CA-40 · Sep 6, 2017

Mr. Chairman, I rise in opposition to the amendment. Earlier this evening, the same amendment was soundly defeated twice on this floor, so I am not sure why there is a need to go over the same worn…

Val Butler Demings
Rep. Val Butler DemingsD-FL-10 · Sep 12, 2017

Mr. Chair, I rise today in support of the Minority Business Development Agency, the MBDA. My amendment, number 84, which is included in the en bloc amendment, would increase funding for the MBDA by…

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David G. Reichert
Rep. David G. ReichertR-WA-8 · Sep 12, 2017

I thank the chair for yielding and for all his hard work in working together with us to address the issue of gun crime in this country. As everyone knows, over the last several years especially,…

Bill Flores
Rep. Bill FloresR-TX-17 · Sep 12, 2017

Mr. Chair, as the designee of the gentleman from Alabama (Mr. Byrne), I have an amendment at the desk. Mr. Chair, I rise today to offer an amendment with my good friend from Alabama (Mr. Byrne), to…

Eleanor Holmes Norton
Rep. Eleanor Holmes NortonD-DC · Sep 12, 2017

Mr. Chairman, I have an amendment at the desk. Mr. Chairman, I yield myself such time as I may consume. My amendment prohibits the Federal Bureau of Prisons from using Federal funds to carry out a…

Andy Harris
Rep. Andy HarrisR-MD-1 · Sep 12, 2017

Mr. Chairman, I rise in opposition to the amendment. Mr. Chairman, everyone here appreciates concerns about the ways of discrimination. The question is how to collect the data in an efficient way,…

John R. Carter
Rep. John R. CarterR-TX-31 · Sep 6, 2017

Mr. Chairman, I yield back the balance of my time. Mr. Chairman, I ask unanimous consent that amendment No. 79 printed in part B of House Report 115-295, which was adopted as part of the amendments…

Matt Gaetz
Rep. Matt GaetzR-FL-1 · Sep 12, 2017

Mr. Chairman, as the designee of the gentleman from Florida (Mr. Deutch), I have an amendment at the desk. Mr. Chairman, I offer this amendment on behalf of several of my colleagues from the Sunshine…

Joaquin Castro
Rep. Joaquin CastroD-TX-20 · Sep 6, 2017

Mr. Chairman, I have an amendment at the desk. Mr. Chairman, I yield myself such time as I may consume. Mr. Chairman, my amendment would prohibit the Department of Homeland Security from entering…

Ken Buck
Rep. Ken BuckR-CO-4 · Sep 12, 2017

Mr. Chair, I thank the Chairman for the opportunity to speak about my amendment to the Commerce, Justice, Science, and Related Agencies Division of H.R. 3354. Mr. Chair, the right to bear arms is…

Norma J. Torres
Rep. Norma J. TorresD-CA-35 · Sep 12, 2017

Mr. Chairman, I have an amendment at the desk. Mr. Chairman, I rise to offer my amendment to this appropriations bill. Mr. Chairman, since I have been in Congress, I have been working with…

Robert E. Latta
Rep. Robert E. LattaR-OH-5 · Sep 12, 2017

Mr. Chairman, I have an amendment at the desk. Mr. Chairman, I rise today to offer a commonsense amendment that prevents the Federal Government from infringing on the Second Amendment rights of…

Robert C. "Bobby" Scott
Rep. Robert C. "Bobby" ScottD-VA-3 · Sep 12, 2017

Mr. Chairman, I rise as the designee of the gentlewoman from Connecticut (Ms. DeLauro), and I have an amendment at the desk, No. 113. Mr. Chairman, this amendment would strike language in the bill…

Bill Text

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Introduced in HouseIssued June 27, 2017

I

115th CONGRESS

1st Session

H. R. 3070

IN THE HOUSE OF REPRESENTATIVES

June 27, 2017

Mr. McHenry (for himself and Mr. Foster) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To amend the Federal Deposit Insurance Act to clarify the definition of a deposit broker, and for other purposes.

1.

Amendment to definition of deposit broker

Section 29 of the Federal Deposit Insurance Act (12 U.S.C. 1831f) is amended—

(1)

in subsection (g)(2)—

(A)

in subparagraph (H), by striking or at the end;

(B)

in subparagraph (I), by striking the period at the end and inserting ; or; and

(C)

by adding at the end the following new subparagraph:

(J)

an affiliate of the insured depository institution, with respect to funds of an account or benefit plan described in section 3(a)(4)(B)(viii)(I)(ee) of the Securities Exchange Act of 1934 for which the insured depository institution acts as custodian or directed trustee, to the extent the affiliate provides brokerage, advisory, or agency services to participants or beneficiaries of such account or benefit plan and such services result in the investment of the assets of such benefit plan or account as deposits of such insured depository institution.

; and

(2)

by adding at the end the following new subsection:

(i)

Consideration of certain information shared with affiliates

Information regarding deposit accounts shared by an insured depository institution with its affiliates that is a communication described under section 603(d)(2)(ii) of the Fair Credit Reporting Act shall not be a factor in determining whether—

(1)

an affiliate of an insured depository institution, including an individual employed by such affiliate, is considered to be a deposit broker; or

(2)

deposits resulting from referrals of customers to an affiliate of an insured depository institution are subject to the restrictions of subsections (a) and (b).

.