FDIC Enforcement Enhancement Act

Bill: 110-hr-2547
Sponsor: Rep. Sires, Albio [D-NJ-13]
Introduced: 2007-05-24 in the House
Policy area: Finance and Financial Sector
Subjects: Commerce
Deceptive advertising
Deposit insurance
Federal Deposit Insurance Corporation
Fines (Penalties)
Fraud
Government Operations and Politics
Government corporations
Jurisdiction
Law
Names
Signs and symbols

Summary:
action_date: 2007-05-24
text: 
FDIC Enforcement Enhancement Act - Amends the Federal Deposit Insurance Act to prohibit use of the terms &quot;Federal Deposit,&quot; &quot;Federal Deposit Insurance,&quot; &quot;Federal Deposit Insurance Corporation,&quot; any combination of such terms, or the abbreviation &quot;FDIC,&quot; as part of the business name or firm name of any person or business entity.
 
Prohibits use of such terms, or any other sign or symbol as part of a document, to represent, suggest, or imply that any deposit liability, obligation, certificate, or share is insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) if in fact the instrument is not insured or guaranteed by the FDIC.
 
Prohibits misrepresentations of: (1) the federally insured status of any deposit liability, obligation, certificate, or share; or (2) the extent or the manner in which such instruments are insured by the FDIC.

Grants the FDIC: (1) jurisdiction over violations of this Act; and (2) certain enforcement authority.

Subjects violations of this Act to civil money penalties.

action_date: 2007-07-16
text: 
FDIC Enforcement Enhancement Act - Amends the Federal Deposit Insurance Act (FDIA) to prohibit use of the terms &quot;Federal Deposit,&quot; &quot;Federal Deposit Insurance,&quot; &quot;Federal Deposit Insurance Corporation,&quot; any combination of such terms, or the abbreviation &quot;FDIC,&quot; as part of the business name or firm name of any person or business entity, including any advertisement, solicitation, or other document.

Prohibits use of such terms, or any other sign or symbol as part of a document, to represent, suggest, or imply that any deposit liability, obligation, certificate, or share is insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) if in fact the instrument is not insured or guaranteed by the FDIC.

Prohibits knowing misrepresentations of: (1) the federally insured status of any deposit liability, obligation, certificate, or share; or (2) the extent or the manner in which such instruments are insured by the FDIC.
 
Grants the FDIC jurisdiction over any person that violates this Act, and certain enforcement authority as if the person were a state nonmember insured bank.
 
Empowers the FDIC to issue orders requiring: (1) immediate cessation; and (2) affirmative action to prevent any further violation, or to remedy an existing one.

Subjects violations of this Act to civil money penalties.


Legislative actions:
action_date: 2007-07-17
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2007-07-16
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2007-07-16
text: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H7788)
action_date: 2007-07-16
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H7788)
action_date: 2007-07-16
text: Considered as unfinished business. (consideration: CR H7819)
action_date: 2007-07-16
text: ORDER OF PROCEDURE - Mr. Hastings(FL) asked unanimous consent that the proceedings by which the yeas and nays were ordered on the motion to suspend the rules and pass H.R. 2547, as amended, be vacated to the end that the Chair put the question de novo. Agreed to without objection.
action_date: 2007-07-16
text: 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.
action_date: 2007-07-16
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 2547.
action_date: 2007-07-16
text: Considered under suspension of the rules. (consideration: CR H7788-7789)
action_date: 2007-07-16
text: Mr. Sires moved to suspend the rules and pass the bill, as amended.
action_date: 2007-07-16
text: Placed on the Union Calendar, Calendar No. 145.
action_date: 2007-07-16
text: Reported by the Committee on Financial Services. H. Rept. 110-234.
action_date: 2007-07-16
text: Reported by the Committee on Financial Services. H. Rept. 110-234.
action_date: 2007-06-26
text: Ordered to be Reported by Voice Vote.
action_date: 2007-06-26
text: Committee Consideration and Mark-up Session Held.
action_date: 2007-05-24
text: Referred to the House Committee on Financial Services.
action_date: 2007-05-24
text: Introduced in House
action_date: 2007-05-24
text: Introduced in House