To include all banking agencies within the existing regulatory authority under the Federal Trade Commission Act with respect to depository institutions, and for other purposes.

Summary: Amends the Federal Trade Commission Act to transfer to each federal banking agency, with respect to depository institutions it supervises, the authority to prescribe regulations governing unfair or deceptive practices by banks and savings and loan institutions currently vested in the Board of Governors of the Federal Reserve System (with respect to banks) and the Federal Home Loan Bank Board (with respect to savings and loan institutions).

Requires the federal banking agencies to prescribe such regulations: (1) jointly to the extent practicable; and (2) in consultation with the Federal Trade Commission (FTC).

 Authorizes the FTC, with respect to entities within its jurisdiction, to commence a rulemaking proceeding and prescribe regulations whenever such banking agencies commence a rulemaking proceeding.

Requires the FTC, whenever it commences such a rulemaking proceeding, to consult and coordinate with the federal banking agencies and the National Credit Union Administration (NCUA) Board so that the regulations prescribed by each such agency are consistent with and comparable to the regulations prescribed by the agencies to the extent practicable.

Instructs the Comptroller General to report to Congress on the status of regulations of the federal banking agencies and the NCUA regarding unfair and deceptive acts or practices by depository institutions.

SECTION 1. INCLUSION OF ALL BANKING AGENCIES.

    (a) In General.--The second sentence of section 18(f)(1) of the 
Federal Trade Commission Act (15 U.S.C. 57a(f)(1)) is amended--
            (1) by striking ``The Board of Governors of the Federal 
        Reserve System (with respect to banks) and the Federal Home 
        Loan Bank Board (with respect to savings and loan institutions 
        described in paragraph (3))'' and inserting ``Each Federal 
        banking agency (with respect to the depository institutions 
        each such agency supervises)''; and
            (2) by inserting ``in consultation with the Commission'' 
        after ``shall prescribe regulations''.
    (b) FTC Concurrent Rulemaking.--Section 18(f)(1) of such Act is 
further amended by inserting after the second sentence the following: 
``Such regulations shall be prescribed jointly by such agencies to the 
extent practicable. Notwithstanding any other provision of this 
section, whenever such agencies commence such a rulemaking proceeding, 
the Commission, with respect to the entities within its jurisdiction 
under this Act, may commence a rulemaking proceeding and prescribe 
regulations in accordance with section 553 of title 5, United States 
Code. If the Commission commences such a rulemaking proceeding, the 
Commission, the Federal banking agencies, and the National Credit Union 
Administration Board shall consult and coordinate with each other so 
that the regulations prescribed by each such agency are consistent with 
and comparable to the regulations prescribed by each other such agency 
to the extent practicable.''.
    (c) GAO Study and Report.--Not later than 18 months after the date 
of enactment of this Act, the Comptroller General shall transmit to 
Congress a report on the status of regulations of the Federal banking 
agencies and the National Credit Union Administration regarding unfair 
and deceptive acts or practices by the depository institutions.
    (d) Technical and Conforming Amendments.--Section 18(f) of the 
Federal Trade Commission Act (15 U.S.C. 57a(f)) is amended--
            (1) in the first sentence of paragraph (1)--
                    (A) by striking ``banks or savings and loan 
                institutions described in paragraph (3), each agency 
                specified in paragraph (2) or (3) of this subsection 
                shall establish'' and inserting ``depository 
                institutions and Federal credit unions, the Federal 
                banking agencies and the National Credit Union 
                Administration Board shall each establish''; and
                    (B) by striking ``banks or savings and loan 
                institutions described in paragraph (3), subject to its 
                jurisdiction'' before the period and inserting 
                ``depository institutions or Federal credit unions 
                subject to the jurisdiction of such agency or Board'';
            (2) in the sixth sentence of paragraph (1) (as amended by 
        subsection (b))--
                    (A) by striking ``each such Board'' and inserting 
                ``each such banking agency and the National Credit 
                Union Administration Board'';
                    (B) by striking ``banks or savings and loan 
                institutions described in paragraph (3)'' each place 
                such term appears and inserting ``depository 
                institutions subject to the jurisdiction of such 
                agency'';
                    (C) by striking ``(A) any such Board'' and 
                inserting ``(A) any such Federal banking agency or the 
                National Credit Union Administration Board''; and
                    (D) by striking ``with respect to banks, savings 
                and loan institutions'' and inserting ``with respect to 
                depository institutions'';
            (3) by adding at the end of paragraph (1) the following new 
        sentence: ``For purposes of this subsection, the terms `Federal 
        banking agency' and `depository institution' have the same 
        meaning as in section 3 of the Federal Deposit Insurance 
        Act.'';
            (4) in paragraph (2)(C), by inserting ``than'' after 
        ``(other'';
            (5) in paragraph (3), by inserting ``by the Director of the 
        Office of Thrift Supervision'' before the period at the end;
            (6) in paragraph (4), by inserting ``by the National Credit 
        Union Administration'' before the period at the end; and
            (7) in paragraph (6), by striking ``the Board of Governors 
        of the Federal Reserve System'' and inserting ``any Federal 
        banking agency or the National Credit Union Administration 
        Board''.

            Passed the House of Representatives December 5, 2007.

            Attest:

                                            LORRAINE C. MILLER,

                                                                 Clerk.