H.R.3661 - Lending Enhancement Through Necessary Due Process Act103rd Congress (1993-1994)
|Sponsor:||Rep. McCollum, Bill [R-FL-8] (Introduced 11/22/1993)|
|Committees:||House - Banking, Finance, and Urban Affairs|
|Latest Action:||House - 12/15/1993 Referred to the Subcommittee on Financial Institutions Supervision, Regulation and Deposit Insurance. (All Actions)|
This bill has the status Introduced
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Summary: H.R.3661 — 103rd Congress (1993-1994)All Information (Except Text)
Introduced in House (11/22/1993)
Lending Enhancement Through Necessary Due Process Act - Amends the Federal Deposit Insurance Act to make the following affirmative defenses available to a director, officer, or institution-affiliated party of an insured depository institution facing a civil action before a Federal banking agency or a court of jurisdiction: (1) business judgment; (2) regulatory approval; and (3) unforeseeable economic conditions.
Sets forth a minimum standard for the order of production of personal financial information by a regulatory agency or court.
Declares the Federal Rules of Civil Procedure relating to prejudgment attachment of assets applicable to Federal banking regulatory agencies.
Prohibits the Federal Deposit Insurance Corporation from bringing a civil action under State law against an officer or director of an insured depository institution for monetary damages for losses due to a disregard of a duty of care unless the State standard for such duty is as great or greater than the Federal standard.