H.R. 3234 Passed the House Finance and Financial Sector

Keeping Deposits Local Act

To amend the Federal Deposit Insurance Act to modify the amount of reciprocal deposits of an insured depository institution that are not considered to be funds obtained by or through a deposit broker, and for other purposes.

  1. Introduced
  2. Committee
  3. Passed House
  4. Passed Senate
  5. To President
  6. Became law
Sponsor Rep. Emmer, Tom [R-MN-6] Introduced May 7, 2025 Cosponsors 11 (3 D, 8 R) Latest action May 21, 2026

Summary

This bill increases the amount insured depository institutions may accept as reciprocal deposits. (Reciprocal deposits are used by institutions to increase the availability of deposit insurance by splitting large deposits using a reciprocal network of institutions.) The bill creates a tiered system so that the allowable amount is based on the institution's total liabilities.
Additionally, the bill changes certain qualifications insured depository institutions may be required to have to accept reciprocal deposits. Under current law, institutions may qualify by having a composite rating of outstanding or good, among other requirements. The bill allows institutions with a 1, 2, or 3 rating under the CAMELS scale to qualify. (The Uniform Financial Institutions Rating System uses the characteristics of capital adequacy, asset quality, management, earnings, liquidity, and sensitivity to market risk (i.e., CAMELS ratings) to rate the health of financial institutions, with a 1 indicating the highest rating and least degree of supervisory concern and a 5 indicating the lowest rating and highest degree of supervisory concern.)

Summary by the Congressional Research Service, Library of Congress.

Congress.gov

Roll-call votes

Actions

  1. May 21, 2026 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  2. May 20, 2026 Motion to reconsider laid on the table Agreed to without objection.
  3. May 20, 2026 On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 405 - 0 (Roll no. 177).
  4. May 20, 2026 Considered as unfinished business. (consideration: CR H3644-3645)
  5. May 19, 2026 At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
  6. May 19, 2026 DEBATE - The House proceeded with forty minutes of debate on H.R. 3234.
  7. May 19, 2026 Considered under suspension of the rules. (consideration: CR H3582-3584; text: CR H3582)
  8. May 19, 2026 Mr. Hill (AR) moved to suspend the rules and pass the bill, as amended.
  9. Nov 4, 2025 Placed on the Union Calendar, Calendar No. 314.
  10. Nov 4, 2025 Reported (Amended) by the Committee on Financial Services. H. Rept. 119-362.
  11. Sep 16, 2025 Ordered to be Reported (Amended) by the Yeas and Nays: 51 - 0.
  12. Sep 16, 2025 Committee Consideration and Mark-up Session Held

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