Keeping Deposits Local Act
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Summary
The Keeping Deposits Local Act amends the Federal Deposit Insurance Act to increase the amount of reciprocal deposits at insured depository institutions that are exempt from deposit broker regulations. The bill establishes a tiered system based on institution size, allowing larger percentages of reciprocal deposits for smaller banks (50% for institutions under $1 billion in liabilities) and declining percentages for larger institutions. It also modifies the definition of eligible institutions to use CAMELS ratings (a standardized bank safety measure) rather than composite condition language.
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