Retail Checking Account Protection Act of 2016

“(i) Limited exception for stable retail deposits

“(1) In general—Stable retail deposits of an insured depository institution shall not be considered to be funds obtained, directly or indirectly, by or through a deposit broker.

“(2) Rule of construction—Nothing in this subsection shall be construed to limit the authority of the Corporation to require, on a case-by-case basis, that an insured depository institution that is less than adequately capitalized (as defined in section 38(b)(1)(B)) not accept particular types of deposits upon finding that the acceptance of such deposits constitutes an unsafe or unsound practice with respect to such institution.

“(3) Definitions—In this subsection:

“(A) Stable retail deposit—The term “stable retail deposit” means a stable retail deposit (as defined under section 329.3 of title 12, Code of Federal Regulations, as in effect on January 1, 2016) that is in an account—

“(i) opened by a retail customer; and

“(ii) that is held in the name of the retail customer.

“(B) Retail customer—The term “retail customer” has the meaning given the term “retail customer or counterparty” under section 329.3 of title 12, Code of Federal Regulations, as in effect on January 1, 2016.”