3.0.0 6072 2023-01-12T17:52:20Z 2023-01-12T17:52:20Z House H HR 2006-09-14 109 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2006-11-13T21:51:39Z hsba00 Financial Services Committee House Standing Referred to 2006-09-14T13:01:00Z 2006-11-13 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2006-09-28 Senate Received in the Senate. IntroReferral 2006-09-27 20:00:12 Motion to reconsider laid on the table Agreed to without objection. Floor H38310 2 House floor actions 2006-09-27 20:00:09 On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H7604-7605) Floor H37300 2 House floor actions 2006-09-27 20:00:09 Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote.(text: CR H7604-7605) Floor 8000 9 Library of Congress 2006-09-27 19:55:30 DEBATE - The House proceeded with forty minutes of debate on H.R. 6072. Floor H8D000 2 House floor actions 2006-09-27 19:55:28 Considered under suspension of the rules. (consideration: CR H7604-7605) Floor H30000 2 House floor actions 2006-09-27 19:55:16 Mr. McHenry moved to suspend the rules and pass the bill. Floor H30300 2 House floor actions 2006-09-14 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2006-09-14 Introduced in House IntroReferral Intro-H 9 Library of Congress 2006-09-14 Introduced in House IntroReferral 1000 9 Library of Congress R000573 Rep. Ross, Mike [D-AR-4] MIKE ROSS D AR 4 N O000163 Rep. Oxley, Michael G. [R-OH-4] MICHAEL OXLEY R OH G. 4 2006-09-14 True Finance and Financial Sector Administrative procedure Advertising Auditing Bank deposits Bank failures Bank mergers Commerce Consumer education Credit unions Debtor and creditor Deposit insurance Federal Trade Commission Federal-state relations Government Operations and Politics Government paperwork Independent regulatory commissions Interest rates Internet Law Postal service Science, Technology, Communications Web sites Finance and Financial Sector 00 2006-09-14 Introduced in House 2006-10-19T21:43:30Z Financial Services Regulatory Relief Amendments Act of 2006 - Amends the Federal Deposit Insurance Act regarding depository institutions lacking federal deposit insurance to authorize the state supervisor of a private deposit insurer, or of a depository institution which receives deposits insured by a private deposit insurer, to examine and enforce compliance with the requirement that a private deposit insurer obtain annual independent audits.

Requires depository institutions without federal deposit insurance to disclose on every share certificate that: (1) the institution is not federally insured; and (2) if it fails, the federal government does not guarantee that depositors will get back their money.

Revises the requirement that such institutions disclose conspicuously in all advertising and at each place where deposits are normally received that the institution is not federally insured. Requires such a notice also on the institution's main Internet page.

Requires the institution to obtain or attempt to obtain a written acknowledgment of such disclosure from new depositors acquired through a conversion or merger.

Redefines depository institution and repeals a certain related prohibition.

Modifies Federal Trade Commission (FTC) authority to enforce compliance with the requirements of the Act for depository institutions lacking federal deposit insurance.

Confers enforcement authority for compliance with the requirements of the Act upon a state supervisor of such an institution.

Imposes on certain other lenders the maximum interest rate or related charges for debt applicable to home state banks in competition with local branches of out-of-state banks.

]]> 81 2006-09-27 Passed House without amendment 2006-10-19T21:57:23Z (This measure has not been amended since it was introduced. The summary of that version has been expanded because action occurred on the measure.)

Financial Services Regulatory Relief Amendments Act of 2006 - (Sec. 2) Amends the Federal Deposit Insurance Act regarding depository institutions lacking federal deposit insurance to authorize the state supervisor of a private deposit insurer, or of a depository institution which receives deposits insured by a private deposit insurer, to examine and enforce compliance with the requirement that a private deposit insurer obtain annual independent audits.

Requires depository institutions without federal deposit insurance to disclose on every share certificate that: (1) the institution is not federally insured; and (2) if it fails, the federal government does not guarantee that depositors will get back their money.

Revises the requirement that such institutions disclose conspicuously in all advertising and at each place where deposits are normally received that the institution is not federally insured. Requires such a notice also on the institution's main Internet page. Makes an exception to such requirement for: (1) statements or reports of financial condition required to be published or posted by state or federal law or regulation; (2) any sign, document, or other item containing the institution's name, logo, or contact information, if no products, services, or other promotional information is included; and (3) small utilitarian items that do not mention deposit products or insurance if inclusion of the notice would be impractical.

Requires the institution to obtain or attempt to obtain a written acknowledgment of such disclosure from new depositors acquired through a conversion or merger.

Repeals the prohibition against use of the mails to receive deposits by any depository institution lacking federal deposit insurance unless a state supervisor determines that it meets all requirements for federal deposit insurance.

Repeals coverage as a depository institution under the Act of any entity that, as determined by the Federal Trade Commission (FTC), is engaged in the business of receiving deposits, and could reasonably be mistaken for a depository institution by its current or prospective customers.

Redefines "depository institution" to exclude any national bank, state member bank, or federal branch.

Modifies FTC authority to enforce compliance with the requirements of the Act for depository institutions lacking federal deposit insurance. Removes independent audit requirements enforcement from FTC authority, while retaining enforcement of disclosure requirements. Authorizes an appropriate state supervisor of such institutions to enforce compliance with federal requirements, unless the FTC has already instituted an enforcement action.

(Sec. 3) Imposes on certain other lenders the maximum interest rate or related charges for debt applicable to home state banks in competition with local branches of out-of-state banks.

Defines other lender as any person engaged in the business of selling or financing the sale of personal property (and any incidental services) in a state. Excludes an insured depository institution from other-lender treatment, as well as any person or entity engaged in the business of providing a short-term cash advance to any consumer in exchange for: (1) a consumer's personal check or share draft, in the amount of the advance plus a fee, where presentment or negotiation of such check or share draft is deferred by agreement of the parties until a designated future date; or (2) a consumer authorization to debit the consumer's transaction account, in the amount of the advance plus a fee, where such account will be debited on or after a designated future date.

]]> Financial Services Regulatory Relief Amendments Act of 2006 Display Title Financial Services Regulatory Relief Amendments Act of 2006 Official Title as Introduced To amend the Federal Deposit Insurance Act to provide further regulatory relief for depository institutions and clarify certain provisions of law applicable to such institutions, and for other purposes. Introduced in House IH Short Titles as Introduced Financial Services Regulatory Relief Amendments Act of 2006 Short Titles as Passed House Financial Services Regulatory Relief Amendments Act of 2006 H House Referred in Senate 2006-11-13T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109hr6072rfs/xml/BILLS-109hr6072rfs.xml Engrossed in House 2006-09-27T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109hr6072eh/xml/BILLS-109hr6072eh.xml Introduced in House 2006-09-14T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109hr6072ih/xml/BILLS-109hr6072ih.xml 2006-11-13 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.