Industrial Bank Holding Company Act of 2007

3.0.0 698 2023-01-11T16:17:51Z 2023-01-11T16:17:51Z House H HR 2007-01-29 110 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2007-05-22T19:24:41Z hsba00 Financial Services Committee House Standing Reported by 2007-05-16T22:27:06Z Markup by 2007-05-02T15:05:51Z Hearings by 2007-04-25T14:18:01Z Referred to 2007-01-29T19:01:30Z H. Rept. 110-155 Industrial Bank Holding Company Act of 2007 110 1356 S 2007-05-10 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS 2007-05-22 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2007-05-21 18:56:08 Motion to reconsider laid on the table Agreed to without objection. Floor H38310 2 House floor actions 2007-05-21 18:56:07 On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 371 - 16, 1 Present (Roll no. 384). (text: CR H5477-5480) Floor H37300 2 House floor actions 384 https://clerk.house.gov/evs/2007/roll384.xml House 110 2007-05-21T22:56:07Z 1 2007-05-21 18:56:07 Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 371 - 16, 1 Present (Roll no. 384).(text: CR H5477-5480) Floor 8000 9 Library of Congress 384 https://clerk.house.gov/evs/2007/roll384.xml House 110 2007-05-21T22:56:07Z 1 2007-05-21 18:32:16 Considered as unfinished business. (consideration: CR H5513) Floor H30000 2 House floor actions 2007-05-21 15:32:53 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. Floor H37220 2 House floor actions 2007-05-21 15:02:26 DEBATE - The House proceeded with forty minutes of debate on H.R. 698. Floor H8D000 2 House floor actions 2007-05-21 15:02:21 Considered under suspension of the rules. (consideration: CR H5477-5483) Floor H30000 2 House floor actions 2007-05-21 15:02:01 Mr. Frank (MA) moved to suspend the rules and pass the bill, as amended. Floor H30300 2 House floor actions 2007-05-16 Placed on the Union Calendar, Calendar No. 92. Calendars H12410 2 House floor actions U00092 2007-05-16 Reported (Amended) by the Committee on Financial Services. H. Rept. 110-155. Committee H12200 2 House floor actions hsba00 Financial Services Committee 2007-05-16 Reported (Amended) by the Committee on Financial Services. H. Rept. 110-155. Committee 5000 9 Library of Congress hsba00 Financial Services Committee 2007-05-02 hsba00 Financial Services Committee 1 House committee actions Ordered to be Reported (Amended) by Voice Vote. Committee 2007-05-02 hsba00 Financial Services Committee 1 House committee actions Committee Consideration and Mark-up Session Held. Committee 2007-04-25 hsba00 Financial Services Committee 1 House committee actions Committee Hearings Held. Committee 2007-01-29 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2007-01-29 Introduced in House IntroReferral Intro-H 9 Library of Congress 2007-01-29 Introduced in House IntroReferral 1000 9 Library of Congress G000210 Rep. Gillmor, Paul E. [R-OH-5] PAUL GILLMOR R OH E. 5 N F000339 Rep. Frank, Barney [D-MA-4] BARNEY FRANK D MA 4 2007-01-29 True M000087 Rep. Maloney, Carolyn B. [D-NY-14] CAROLYN MALONEY D NY B. 14 2007-01-29 True S001150 Rep. Schiff, Adam B. [D-CA-29] ADAM SCHIFF D CA B. 29 2007-01-29 True J000284 Rep. Jones, Stephanie Tubbs [D-OH-11] STEPHANIE JONES D OH TUBBS 11 2007-01-29 True D000482 Rep. Doyle, Michael F. [D-PA-14] MIKE DOYLE D PA 14 2007-01-29 True G000535 Rep. Gutierrez, Luis V. [D-IL-4] LUIS GUTIERREZ D IL V. 4 2007-01-29 True W000794 Rep. Watson, Diane E. [D-CA-33] Diane Watson D CA E. 33 2007-01-29 True S000522 Rep. Smith, Christopher H. [R-NJ-4] CHRISTOPHER SMITH R NJ H. 4 2007-01-29 True M001152 Rep. Musgrave, Marilyn N. [R-CO-4] Marilyn Musgrave R CO N. 4 2007-01-29 True M000725 Rep. Miller, George [D-CA-7] GEORGE MILLER D CA 7 2007-01-29 True G000280 Rep. Goode, Virgil H., Jr. [R-VA-5] VIRGIL GOODE R VA H. 5 2007-01-29 True A000361 Rep. Alexander, Rodney [R-LA-5] Rodney Alexander R LA 5 2007-01-29 True F000030 Rep. Farr, Sam [D-CA-17] SAM FARR D CA 17 2007-01-29 True G000551 Rep. Grijalva, Raúl M. [D-AZ-7] Raúl Grijalva D AZ M. 7 2007-01-29 True H000712 Rep. Holden, Tim [D-PA-17] TIM HOLDEN D PA 17 2007-01-29 True F000449 Rep. Fortenberry, Jeff [R-NE-1] Jeff Fortenberry R NE 1 2007-01-29 True L000552 Rep. LaHood, Ray [R-IL-18] RAY LAHOOD R IL 18 2007-01-29 True S001158 Rep. Salazar, John T. [D-CO-3] John Salazar D CO T. 3 2007-01-29 True M000312 Rep. McGovern, James P. [D-MA-3] JAMES MCGOVERN D MA P. 3 2007-01-29 True G000553 Rep. Green, Al [D-TX-9] Al Green D TX 9 2007-01-29 True P000523 Rep. Price, David E. [D-NC-4] DAVID PRICE D NC E. 4 2007-01-29 True P000258 Rep. Peterson, Collin C. [D-MN-7] COLLIN PETERSON D MN C. 7 2007-01-29 True F000453 Rep. Fallin, Mary [R-OK-5] Mary Fallin R OK 5 2007-01-29 True C001066 Rep. Castor, Kathy [D-FL-11] Kathy Castor D FL 11 2007-01-29 True U000038 Rep. Udall, Mark [D-CO-2] MARK UDALL D CO 2 2007-01-29 True C001058 Rep. Chandler, Ben [D-KY-6] Ben Chandler D KY 6 2007-01-29 True L000564 Rep. Lamborn, Doug [R-CO-5] Doug Lamborn R CO 5 2007-01-29 True C000191 Rep. Carson, Julia [D-IN-7] JULIA CARSON D IN 7 2007-01-29 True H001043 Rep. Hodes, Paul W. [D-NH-2] Paul Hodes D NH W. 2 2007-01-29 True S001145 Rep. Schakowsky, Janice D. [D-IL-9] JANICE SCHAKOWSKY D IL D. 9 2007-01-29 True D000599 Rep. Davis, Lincoln [D-TN-4] Lincoln Davis D TN 4 2007-01-31 False E000288 Rep. Ellison, Keith [D-MN-5] Keith Ellison D MN 5 2007-01-31 False C001037 Rep. Capuano, Michael E. [D-MA-8] MICHAEL CAPUANO D MA E. 8 2007-01-31 False W000800 Rep. Welch, Peter [D-VT-At Large] Peter Welch D VT 0 2007-01-31 False B001254 Rep. Boren, Dan [D-OK-2] Dan Boren D OK 2 2007-02-06 False S000030 Rep. Sanchez, Loretta [D-CA-47] LORETTA SANCHEZ D CA 47 2007-02-06 False B000652 Rep. Boswell, Leonard L. [D-IA-3] LEONARD BOSWELL D IA L. 3 2007-02-06 False B000490 Rep. Bishop, Sanford D., Jr. [D-GA-2] SANFORD BISHOP D GA D. 2 2007-02-06 False D000168 Rep. Deal, Nathan [R-GA-9] NATHAN DEAL R GA 9 2007-02-06 False J000289 Rep. Jordan, Jim [R-OH-4] Jim Jordan R OH 4 2007-02-06 False D000197 Rep. DeGette, Diana [D-CO-1] DIANA DEGETTE D CO 1 2007-02-06 False W000801 Rep. Wilson, Charles A. [D-OH-6] Charles Wilson D OH A. 6 2007-02-06 False E000226 Rep. Etheridge, Bob [D-NC-2] BOB ETHERIDGE D NC 2 2007-02-06 False O000006 Rep. Oberstar, James L. [D-MN-8] JAMES OBERSTAR D MN L. 8 2007-02-06 False M001168 Rep. Murphy, Patrick J. [D-PA-8] Patrick Murphy D PA J. 8 2007-02-08 False M001143 Rep. McCollum, Betty [D-MN-4] BETTY MCCOLLUM D MN 4 2007-02-08 False R000571 Rep. Rehberg, Dennis R. [R-MT-At Large] DENNIS REHBERG R MT R. 0 2007-02-08 False G000180 Rep. Gilchrest, Wayne T. [R-MD-1] WAYNE GILCHREST R MD T. 1 2007-02-08 False W000672 Rep. Wolf, Frank R. [R-VA-10] FRANK WOLF R VA R. 10 2007-02-08 False W000413 Rep. Whitfield, Ed [R-KY-1] EDWARD WHITFIELD R KY 1 2007-02-14 False R000577 Rep. Ryan, Tim [D-OH-17] TIM RYAN D OH 17 2007-02-14 False C000556 Rep. Coble, Howard [R-NC-6] HOWARD COBLE R NC 6 2007-02-14 False B001230 Rep. Baldwin, Tammy [D-WI-2] Tammy Baldwin D WI 2 2007-02-14 False F000450 Rep. Foxx, Virginia [R-NC-5] Virginia Foxx R NC 5 2007-02-14 False T000266 Rep. Tierney, John F. [D-MA-6] JOHN TIERNEY D MA F. 6 2007-02-15 False W000437 Rep. Wicker, Roger F. [R-MS-1] Roger Wicker R MS F. 1 2007-02-15 False Y000062 Rep. Yarmuth, John A. [D-KY-3] John Yarmuth D KY A. 3 2007-02-15 False C001060 Rep. Carnahan, Russ [D-MO-3] Russ Carnahan D MO 3 2007-02-15 False S001174 Rep. Sutton, Betty [D-OH-13] Betty Sutton D OH 13 2007-02-15 False D000399 Rep. Doggett, Lloyd [D-TX-25] LLOYD DOGGETT D TX 25 2007-02-16 False G000552 Rep. Gohmert, Louie [R-TX-1] Louie Gohmert R TX 1 2007-03-01 False R000575 Rep. Rogers, Mike D. [R-AL-3] Mike Rogers R AL 3 2007-03-01 False P000593 Rep. Perlmutter, Ed [D-CO-7] Ed Perlmutter D CO 7 2007-03-01 False S001169 Rep. Sestak, Joe [D-PA-7] Joe Sestak D PA 7 2007-03-01 False B001231 Rep. Berkley, Shelley [D-NV-1] SHELLEY BERKLEY D NV 1 2007-03-01 False H001037 Rep. Herseth, Stephanie [D-SD-At Large] Stephanie Herseth D SD 0 2007-03-01 False L000491 Rep. Lucas, Frank D. [R-OK-3] FRANK LUCAS R OK D. 3 2007-03-01 False B001259 Rep. Braley, Bruce L. [D-IA-1] Bruce Braley D IA L. 1 2007-03-05 False S001173 Rep. Space, Zachary T. [D-OH-18] Zachary Space D OH T. 18 2007-03-05 False G000309 Rep. Gordon, Bart [D-TN-6] BART GORDON D TN 6 2007-03-05 False J000126 Rep. Johnson, Eddie Bernice [D-TX-30] EDDIE JOHNSON D TX BERNICE 30 2007-03-05 False H001032 Rep. Holt, Rush [D-NJ-12] RUSH HOLT D NJ D. 12 2007-03-07 False W000314 Rep. Wexler, Robert [D-FL-19] ROBERT WEXLER D FL 19 2007-03-07 False C001065 Rep. Carney, Christopher P. [D-PA-10] Christopher Carney D PA P. 10 2007-03-07 False P000096 Rep. Pascrell, Bill, Jr. [D-NJ-8] WILLIAM PASCRELL D NJ J. 8 2007-03-13 False C001050 Rep. Cardoza, Dennis A. [D-CA-18] Dennis Cardoza D CA A. 18 2007-03-13 False M001149 Rep. Michaud, Michael H. [D-ME-2] Michael Michaud D ME H. 2 2007-03-13 False B000657 Rep. Boucher, Rick [D-VA-9] RICK BOUCHER D VA 9 2007-03-13 False M001163 Rep. Matsui, Doris O. [D-CA-5] Doris Matsui D CA O. 5 2007-03-13 False R000462 Rep. Rothman, Steven R. [D-NJ-9] STEVEN ROTHMAN D NJ R. 9 2007-03-13 False S001172 Rep. Smith, Adrian [R-NE-3] Adrian Smith R NE 3 2007-03-13 False M001154 Rep. Miller, Brad [D-NC-13] Brad Miller D NC 13 2007-03-15 False N000015 Rep. Neal, Richard E. [D-MA-2] RICHARD NEAL D MA E. 2 2007-03-15 False T000459 Rep. Terry, Lee [R-NE-2] LEE TERRY R NE 2 2007-03-15 False L000562 Rep. Lynch, Stephen F. [D-MA-9] Stephen Lynch D MA F. 9 2007-03-15 False S000344 Rep. Sherman, Brad [D-CA-27] BRAD SHERMAN D CA 27 2007-03-20 False D000210 Rep. Delahunt, William D. [D-MA-10] William Delahunt D MA D. 10 2007-03-20 False M001120 Rep. Murtha, John P. [D-PA-12] JOHN MURTHA D PA P. 12 2007-03-20 False W000797 Rep. Wasserman Schultz, Debbie [D-FL-20] Debbie Wasserman Schultz D FL 20 2007-03-20 False P000422 Rep. Pomeroy, Earl [D-ND-At Large] EARL POMEROY D ND 0 2007-03-20 False B001258 Rep. Boyda, Nancy E. [D-KS-2] Nancy Boyda D KS E. 2 2007-03-20 False M001134 Rep. Myrick, Sue Wilkins [R-NC-9] SUE MYRICK R NC WILKINS 9 2007-03-20 False B001239 Rep. Barrett, J. Gresham [R-SC-3] J. Barrett R SC Gresham 3 2007-03-20 False W000738 Rep. Woolsey, Lynn C. [D-CA-6] LYNN WOOLSEY D CA 6 2007-03-20 False T000463 Rep. Turner, Michael R. [R-OH-3] Michael Turner R OH R. 3 2007-03-20 False M001146 Rep. Marshall, Jim [D-GA-8] Jim Marshall D GA 8 2007-03-20 False M001160 Rep. Moore, Gwen [D-WI-4] Gwen Moore D WI 4 2007-03-21 False J000285 Rep. Johnson, Timothy V. [R-IL-15] TIMOTHY JOHNSON R IL V. 15 2007-03-23 False D000191 Rep. DeFazio, Peter A. [D-OR-4] PETER DEFAZIO D OR A. 4 2007-03-23 False W000799 Rep. Walz, Timothy J. [D-MN-1] Timothy Walz D MN J. 1 2007-03-23 False L000565 Rep. Loebsack, David [D-IA-2] David Loebsack D IA 2 2007-03-23 False M001144 Rep. Miller, Jeff [R-FL-1] Jeff Miller R FL 1 2007-03-28 False K000365 Rep. Kagen, Steve [D-WI-8] Steve Kagen D WI 8 2007-03-28 False H000762 Rep. Hooley, Darlene [D-OR-5] DARLENE HOOLEY D OR 5 2007-03-28 False R000573 Rep. Ross, Mike [D-AR-4] MIKE ROSS D AR 4 2007-04-18 False J000287 Rep. Jindal, Bobby [R-LA-1] Bobby Jindal R LA 1 2007-04-18 False N000147 Del. Norton, Eleanor Holmes [D-DC-At Large] ELEANOR NORTON D DC HOLMES 0 2007-04-18 False T000238 Rep. Thornberry, Mac [R-TX-13] WILLIAM THORNBERRY R TX M. 13 2007-04-18 False M000309 Rep. McCarthy, Carolyn [D-NY-4] CAROLYN MCCARTHY D NY 4 2007-04-18 False L000287 Rep. Lewis, John [D-GA-5] JOHN LEWIS D GA 5 2007-04-18 False H000213 Rep. Harman, Jane [D-CA-36] JANE HARMAN D CA 36 2007-04-18 False R000011 Rep. Rahall, Nick J., II [D-WV-3] NICK RAHALL D WV J. 3 2007-04-18 False M001166 Rep. McNerney, Jerry [D-CA-11] Jerry McNerney D CA 11 2007-04-24 False F000116 Rep. Filner, Bob [D-CA-51] BOB FILNER D CA 51 2007-04-24 False P000588 Rep. Pearce, Stevan [R-NM-2] Stevan Pearce R NM 2 2007-04-24 False A000014 Rep. Abercrombie, Neil [D-HI-1] NEIL ABERCROMBIE D HI 1 2007-04-24 False A000055 Rep. Aderholt, Robert B. [R-AL-4] ROBERT ADERHOLT R AL B. 4 2007-04-24 False B000574 Rep. Blumenauer, Earl [D-OR-3] EARL BLUMENAUER D OR 3 2007-04-24 False M000934 Rep. Moran, Jerry [R-KS-1] Jerry Moran R KS 1 2007-04-24 False B000208 Rep. Bartlett, Roscoe G. [R-MD-6] ROSCOE BARTLETT R MD G. 6 2007-04-24 False H001029 Rep. Hayes, Robin [R-NC-8] ROBIN HAYES R NC 8 2007-04-24 False G000549 Rep. Gerlach, Jim [R-PA-6] Jim Gerlach R PA 6 2007-04-24 False G000554 Rep. Giffords, Gabrielle [D-AZ-8] Gabrielle Giffords D AZ 8 2007-04-24 False E000063 Rep. Edwards, Chet [D-TX-17] CHET EDWARDS D TX 17 2007-04-25 False S001162 Rep. Schwartz, Allyson Y. [D-PA-13] Allyson Schwartz D PA Y. 13 2007-04-25 False M001138 Rep. Manzullo, Donald A. [R-IL-16] DONALD MANZULLO R IL 16 2007-04-25 False B001248 Rep. Burgess, Michael C. [R-TX-26] Michael Burgess R TX C. 26 2007-04-30 False L000111 Rep. Latham, Tom [R-IA-4] TOM LATHAM R IA 4 2007-04-30 False W000789 Rep. Wilson, Heather [R-NM-1] HEATHER WILSON R NM 1 2007-04-30 False B001229 Rep. Baird, Brian [D-WA-3] BRIAN BAIRD D WA 3 2007-04-30 False L000553 Rep. LaTourette, Steven C. [R-OH-14] STEVEN LATOURETTE R OH C. 14 2007-05-01 False P000585 Rep. Platts, Todd Russell [R-PA-19] TODD PLATTS R PA RUSSELL 19 2007-05-01 False R000574 Rep. Renzi, Rick [R-AZ-1] Rick Renzi R AZ 1 2007-05-01 False H001040 Rep. Hare, Phil [D-IL-17] Phil Hare D IL 17 2007-05-01 False B001252 Rep. Barrow, John [D-GA-12] John Barrow D GA 12 2007-05-01 False B000575 Rep. Blunt, Roy [R-MO-7] ROY BLUNT R MO 7 2007-05-01 False S001165 Rep. Sires, Albio [D-NJ-13] Albio Sires D NJ 13 2007-05-02 False C001036 Rep. Capps, Lois [D-CA-23] LOIS CAPPS D CA 23 2007-05-02 False A000362 Rep. Altmire, Jason [D-PA-4] Jason Altmire D PA 4 2007-05-02 False M000933 Rep. Moran, James P. [D-VA-8] JAMES MORAN D VA P. 8 2007-05-08 False V000081 Rep. Velazquez, Nydia M. [D-NY-12] NYDIA VELAZQUEZ D NY M. 12 2007-05-08 False H000676 Rep. Hoekstra, Peter [R-MI-2] PETER HOEKSTRA R MI 2 2007-05-09 False W000119 Rep. Wamp, Zach [R-TN-3] ZACH WAMP R TN 3 2007-05-15 False E000215 Rep. Eshoo, Anna G. [D-CA-14] ANNA ESHOO D CA G. 14 2007-05-16 False W000784 Rep. Wynn, Albert Russell [D-MD-4] ALBERT WYNN D MD R. 4 2007-05-16 False 2007-05-15T04:00:00Z H.R. 698, Industrial Bank Holding Company Act of 2007 http://www.cbo.gov/publication/18650 <p>Cost estimate for the bill as ordered reported by the House Committee on Financial Services on May 2, 2007</p> 2007-05-15T04:00:00Z H.R. 698, Industrial Bank Holding Company Act of 2007 https://www.cbo.gov/publication/18650 Cost estimate for the bill as ordered reported by the House Committee on Financial Services on May 2, 2007 Finance and Financial Sector Administrative procedure Bank examination Bank holding companies Commerce Corporate finance Federal Deposit Insurance Corporation Financial statements Government Operations and Politics Government corporations Government paperwork Law Subsidiary corporations Finance and Financial Sector

00 2007-01-29 Introduced in House 2007-02-16T16:24:03Z Industrial Bank Holding Company Act of 2007 - Requires an industrial bank holding company to register and file certain reports with the Federal Deposit Insurance Corporation (FDIC) within ninety days after becoming an industrial bank holding company.

Prohibits such holding company from being controlled by a commercial firm.

Grandfathers certain institutions to exempt them from the requirements of this Act.

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17 2007-05-16 Reported to House with amendment(s) 2007-06-11T20:05:18Z Industrial Bank Holding Company Act of 2007 - Amends the Federal Deposit Insurance Act (FDIA) to apply the bank share or asset acquisition requirements of the Bank Holding Company Act of 1956 to any company that is or would become an industrial bank holding company.

States that an application filed to acquire control of an industrial bank shall be treated as an application for a deposit facility.

Subjects an industrial bank to Federal Deposit Insurance Corporation (FDIC) requirements regarding registration, reporting, and bank examinations.

Authorizes the FDIC to accept reports that an industrial bank holding company or its subsidiary has provided to another federal or state supervisor or to any appropriate self-regulatory organization.

Prohibits the FDIC from imposing any capital or capital adequacy rules, guidelines, standards, or requirements on any functionally regulated affiliate of any depository institution controlled by an industrial bank holding company that: (1) is not a depository institution; but (2) is in compliance with applicable capital requirements, and is properly registered as an investment adviser or licensed as an insurance agent.

States that such prohibition shall not be construed as preventing the FDIC from imposing capital or capital adequacy regulations regarding: (1) activities of a registered investment adviser other than with respect to investment advisory activities or activities incidental to investment advisory activities; or (2) activities of a licensed insurance agent other than insurance agency activities or activities incidental to insurance agency activities.

Requires a federal supervisory agency of an industrial bank holding company to: (1) forego, to the fullest extent possible, any examination of any depository institution subsidiary of the holding company; and (2) use the reports of examinations of the institution made by the appropriate federal or state regulatory agency in lieu of a direct examination.

Authorizes the FDIC to require from either a regulatory agency or a holding company that controls an industrial bank any information necessary to: (1) assess risk to the industrial bank; or (2) determine its condition.

Prohibits the construction of any law as preventing the FDIC from examining an industrial bank affiliate in order to disclose fully the effect of its relationship with the bank, if the FDIC finds it necessary to determine an industrial bank's condition.

Prohibits an industrial bank from being controlled, directly or indirectly, by a commercial firm. Exempts certain grandfathered institutions and corporate reorganizations.

Prescribes activity and branching limitations affecting industrial bank subsidiaries of certain commercial firms.

Sets forth transition requirements for divestiture by a non-complying commercial firm of ownership or control of industrial bank subsidiary.

Authorizes a federal supervisory agency to order a holding company or a nonbank subsidiary to terminate an activity or its ownership or control over certain depository institution subsidiaries if the activity or ownership or control of a nonbank subsidiary (other than a depository institution's nonbank subsidiary) represents a serious risk to a depository institution subsidiary of the holding company.

Prohibits any foreign bank, after January 28, 2007, from acquiring direct or indirect control of an industrial bank unless the Board of Governors of the Federal Reserve System has determined that the foreign bank is subject to comprehensive supervision or regulation on a consolidated basis by the appropriate authorities in the bank's home country.

Requires a holding company of an industrial bank to serve as a source of financial and managerial strength to its subsidiary banks.

Prohibits such holding company from conducting its operations in an unsafe or unsound manner.

Declares FDIC enforcement provisions, particularly cease-and-desist proceedings, applicable to an industrial bank holding company and its nonbank subsidiaries in the same manner as such provisions apply to state nonmember insured banks.

Subjects industrial bank holding companies to the prompt corrective action requirements of the FDIA. Authorizes the appropriate federal banking agency to prohibit any industrial bank holding company having control of the insured depository institution from making any capital distribution without prior FDIC approval if such industrial bank holding company is significantly undercapitalized and fails to submit and implement capital restoration plans.

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36 2007-05-21 Passed House amended 2007-06-11T21:02:38Z Industrial Bank Holding Company Act of 2007 - Amends the Federal Deposit Insurance Act (FDIA) to apply the bank share or asset acquisition requirements of the Bank Holding Company Act of 1956 to any company that is or would become an industrial bank holding company.

States that an application filed to acquire control of an industrial bank shall be treated as an application for a deposit facility.

Subjects an industrial bank to Federal Deposit Insurance Corporation (FDIC) requirements regarding registration, reporting, and bank examinations.

Authorizes the FDIC to accept reports that an industrial bank holding company or its subsidiary has provided to another federal or state supervisor or to any appropriate self-regulatory organization.

Prohibits an industrial bank from being controlled, directly or indirectly, by a commercial firm. Exempts certain grandfathered institutions and corporate reorganizations.

Prescribes activity and branching limitations affecting industrial bank subsidiaries of certain commercial firms.

Sets forth transition requirements for divestiture by a non-complying commercial firm of ownership or control of industrial bank subsidiary.

Prohibits any foreign bank, after January 28, 2007, from acquiring direct or indirect control of an industrial bank unless the Board of Governors of the Federal Reserve System (Federal Reserve Board) has determined that the foreign bank is subject to comprehensive supervision or regulation on a consolidated basis by the appropriate authorities in the bank's home country. Requires the Federal Reserve Board to make such a determination jointly with the Director of Office of Thrift Supervision in the case of a foreign bank that is a savings and loan holding company.

Requires a holding company of an industrial bank to serve as a source of financial and managerial strength to its subsidiary banks.

Prohibits such holding company from conducting its operations in an unsafe or unsound manner.

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Industrial Bank Holding Company Act of 2007 Display Title Industrial Bank Holding Company Act of 2007 Short Titles as Introduced Industrial Bank Holding Company Act of 2007 Short Titles as Reported to House Industrial Bank Holding Company Act of 2007 H House Short Titles as Passed House Industrial Bank Holding Company Act of 2007 H House Official Title as Introduced To amend the Federal Deposit Insurance Act to establish industrial bank holding company regulation, and for other purposes. Referred in Senate 2007-05-22T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110hr698rfs/xml/BILLS-110hr698rfs.xml Engrossed in House 2007-05-21T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110hr698eh/xml/BILLS-110hr698eh.xml Reported in House 2007-05-16T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110hr698rh/xml/BILLS-110hr698rh.xml Introduced in House 2007-01-29T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110hr698ih/xml/BILLS-110hr698ih.xml 2007-05-22 Received in the Senate and 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.