Consumer Transaction Account Protection Act of 2022

“(j) Limited exception for consumer transaction account deposits

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

“(2) Definitions—In this subsection:

“(A) Consumer transaction account deposit—The term consumer transaction account deposit means a deposit in a transaction account with an insured depository institution—

“(i) that is entirely covered by deposit insurance;

“(ii) that is opened by an individual;

“(iii) that is held in the name of the individual;

“(iv) that is used monthly by the individual to make payments to, and to receive deposits from, third parties; and

“(v) with respect to which only the individual is recognized by the insured depository institution as being authorized to designate that withdrawals or payments be made from the account.

“(B) Transaction account—The term transaction account has the meaning given the term in section 19(b)(1) of the Federal Reserve Act (12 U.S.C. 461(b)(1)).”