3.0.0 1356 2023-01-11T16:47:43Z 2023-01-11T16:47:43Z Senate S S 2007-05-10 110 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2007-05-10T18:18:03Z Industrial Bank Holding Company Act of 2007 110 698 HR 2007-05-22 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS 2007-05-10 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2007-05-10 Introduced in Senate IntroReferral 10000 9 Library of Congress B000944 Sen. Brown, Sherrod [D-OH] Sherrod Brown D OH N J000177 Sen. Johnson, Tim [D-SD] TIM JOHNSON D SD 2007-05-10 True A000109 Sen. Allard, Wayne [R-CO] A. ALLARD R CO WAYNE 2007-05-10 True F000061 Sen. Feingold, Russell D. [D-WI] RUSSELL FEINGOLD D WI D. 2007-05-10 True T000250 Sen. Thune, John [R-SD] John Thune R SD R. 2007-06-07 False D000432 Sen. Dorgan, Byron L. [D-ND] BYRON DORGAN D ND LESLIE 2007-06-11 False H000206 Sen. Harkin, Tom [D-IA] THOMAS HARKIN D IA RICHARD 2007-06-20 False S000033 Sen. Sanders, Bernard [I-VT] Bernard Sanders I VT 2007-06-28 False V000126 Sen. Voinovich, George V. [R-OH] GEORGE VOINOVICH R OH V. 2007-07-16 False K000148 Sen. Kerry, John F. [D-MA] JOHN KERRY D MA FORBES 2007-07-24 False D000407 Sen. Domenici, Pete V. [R-NM] PETE DOMENICI R NM VICHI 2007-08-03 False D000563 Sen. Durbin, Richard J. [D-IL] Richard Durbin D IL J. 2007-09-04 False O000167 Sen. Obama, Barack [D-IL] Barack Obama D IL 2007-09-12 False C001070 Sen. Casey, Robert P., Jr. [D-PA] Bob Casey D PA 2007-10-04 False T000464 Sen. Tester, Jon [D-MT] Jon Tester D MT 2007-10-31 False Finance and Financial Sector Bank capital Bank examination Bank holding companies Bank management Bank mergers Bank records Commerce Deposit insurance Foreign Trade and International Finance Foreign banks and banking Nonbank banks Subsidiary corporations Finance and Financial Sector 00 2007-05-10 Introduced in Senate 2007-06-21T22:00:45Z 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.

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

Prohibits the FDIC from imposing capital or capital adequacy requirements on functionally regulated affiliates of any depository institution controlled by industrial bank holding companies meeting certain criteria.

Requires a federal supervisory agency of an industrial bank holding company to forego examination of any depository institution subsidiary of the holding company.

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 an industrial bank from being controlled by a commercial firm, except in certain circumstances.

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

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 represents a serious risk to a depository institution subsidiary of the holding company.

Subjects foreign bank acquisition or control of an industrial bank to approval of the Board of Governors of the Federal Reserve System.

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

Subjects an industrial bank holding company to: (1) enforcement by the FDIC, including its nonbank subsidiaries; and (2) the prompt corrective action requirements of the FDIA.

]]> Industrial Bank Holding Company Act of 2007 Display Title Industrial Bank Holding Company Act of 2007 Official Title as Introduced A bill to amend the Federal Deposit Insurance Act to establish industrial bank holding company regulation, and for other purposes. Introduced in Senate IS Short Titles as Introduced Industrial Bank Holding Company Act of 2007 Introduced in Senate 2007-05-10T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s1356is/xml/BILLS-110s1356is.xml 2007-05-10 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.