[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3526 Reported in House (RH)]






                                                 Union Calendar No. 294
110th CONGRESS
  1st Session
                                H. R. 3526

                  [Report No. 110-472, Parts I and II]

    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.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 14, 2007

  Mr. Frank of Massachusetts introduced the following bill; which was 
referred to the Committee on Financial Services, and in addition to the 
   Committee on Energy and Commerce, for a period to be subsequently 
   determined by the Speaker, in each case for consideration of such 
 provisions as fall within the jurisdiction of the committee concerned

                            December 5, 2007

                    Additional sponsor: Mr. Dingell

                            December 5, 2007

           Reported from the Committee on Financial Services

                            December 5, 2007

 Reported from the Committee on Energy and Commerce with an amendment; 
committed to the Committee of the Whole House on the State of the Union 
                       and ordered to be printed
 [Strike out all after the enacting clause and insert the part printed 
                               in italic]

_______________________________________________________________________

                                 A BILL


 
    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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

<DELETED>SECTION 1. INCLUSION OF ALL BANKING AGENCIES.</DELETED>

<DELETED>    (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--
</DELETED>
        <DELETED>    (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 depository 
        institutions)''; and</DELETED>
        <DELETED>    (2) by inserting ``, which shall be prescribed 
        jointly by such agencies to the extent practicable,'' after 
        ``shall prescribe regulations''.</DELETED>
<DELETED>    (b) Technical and Conforming Amendments.--Section 18(f) of 
the Federal Trade Commission Act (15 U.S.C. 57a(f)(1)) is amended--
</DELETED>
        <DELETED>    (1) in the first sentence of paragraph (1)--
        </DELETED>
                <DELETED>    (A) by striking ``banks or savings and 
                loan institutions described in paragraph (3), each 
                agency specified in paragraph (2) or (3)'' and 
                inserting ``depository institutions, the Federal 
                banking agencies and the National Credit Union 
                Administration Board'';</DELETED>
        <DELETED>    (2) in the third sentence of paragraph (1)--
        </DELETED>
                <DELETED>    (A) by striking ``each such Board'' and 
                inserting ``each such banking agency and the National 
                Credit Union Administration Board'';</DELETED>
                <DELETED>    (B) by striking ``banks or savings and 
                loan institutions described in paragraph (3)'' each 
                place such term appears and inserting ``depository 
                institutions''; and</DELETED>
                <DELETED>    (C) by striking ``with respect to banks, 
                savings and loan institutions'' and inserting ``with 
                respect to depository institutions'';</DELETED>
        <DELETED>    (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.'';</DELETED>
        <DELETED>    (4) in paragraph (3), by inserting ``by the 
        Director of the Office of Thrift Supervision'' before the 
        period at the end;</DELETED>
        <DELETED>    (5) in paragraph (4), by inserting ``by the 
        National Credit Union Administration'' before the period at the 
        end; and</DELETED>
        <DELETED>    (6) 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''.</DELETED>

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 depository institutions), in 
        consultation with the Commission,''; and
            (2) by inserting ``in consultation with the Commission'' 
        after ``shall prescribe regulations''.
    (b) FTC Concurrent Rulemaking.--Section 18(f) 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)'' and inserting 
                ``depository institutions, the Federal banking agencies 
                and the National Credit Union Administration Board'';
            (2) in the third sentence of paragraph (1)--
                    (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''; and
                    (C) 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 (3), by inserting ``by the Director of the 
        Office of Thrift Supervision'' before the period at the end;
            (5) in paragraph (4), by inserting ``by the National Credit 
        Union Administration'' before the period at the end; and
            (6) 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''.
                                                 Union Calendar No. 294

110th CONGRESS

  1st Session

                               H. R. 3526

                  [Report No. 110-472, Parts I and II]

_______________________________________________________________________

                                 A BILL

    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.

_______________________________________________________________________

                            December 5, 2007

           Reported from the Committee on Financial Services

                            December 5, 2007

 Reported from the Committee on Energy and Commerce with an amendment; 
committed to the Committee of the Whole House on the State of the Union 
                       and ordered to be printed