110 HR 3526 RH: 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. U.S. House of Representatives 2007-12-05 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.
IB Union Calendar No. 294 110th CONGRESS 1st Session H. R. 3526 [Report No. 110–472, Parts I and II] 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.
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); and (2)by inserting , which shall be prescribed jointly by such agencies to the extent practicable, after shall prescribe regulations. (b)
Technical and conforming amendments
Section 18(f) of the Federal Trade Commission Act (15 U.S.C. 57a(f)(1)) 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.
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.
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