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

Keeping Capital Local for Underserved Communities Act of 2017 This bill specifies that certain reciprocal deposits shall not be considered to be brokered deposits. (Brokered deposits are subject to additional regulatory requirements, including those related to liquidity.)