PlainBillCongress, translated.Legislation. Context. Public interest.Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Referral.
Congressional Research Service
Version 00 · Introduced in House · Sep 22, 2016
Protect Prepaid Accounts Act of 2016
This bill amends the Federal Deposit Insurance Act to state that prepaid funds deposited by an agent or nominee in an insured depository institution shall satisfy the requirements of the primary exclusion from the definition of deposit broker, unless that agent or nominee controls the deposits and has the contractual right to cause the transfer of those deposits to another insured depository institution selected by the agent or nominee. (Generally, an insured depository institution that is not well capitalized may not accept funds obtained by or through any deposit broker for deposit into one or more deposit accounts.)
The bill defines "prepaid funds" as funds deposited through a prepaid program or made available from a card, code, or other device that is not otherwise an account established primarily for personal, household, or family purposes, where the device is:
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issued on a prepaid basis to a consumer in a specified amount, or is not issued on a prepaid basis but capable of being loaded with funds; and
redeemable at multiple unaffiliated merchants for goods or services or usable at automated teller machines or for person-to-person transfers.
People & committees
Rep. Tipton, Scott R. [R-CO-3] · R–CO
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Referral.
Referred to the House Committee on Financial Services.
Introduced in House
Introduced in House
Primary sources
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No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.
Source last updated: Aug 12, 2025. Consult Congress.gov for the current record.
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