H.R.4956 - Financial Services Competitiveness Act103rd Congress (1993-1994)
|Sponsor:||Rep. Neal, Stephen L. [D-NC-5] (Introduced 08/12/1994)|
|Committees:||House - Banking, Finance, and Urban Affrs; Energy and Commerce|
|Latest Action:||08/30/1994 Referred to the Subcommittee on Commerce, Consumer Protection and Competitiveness.|
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Subject — Policy Area:
- Finance and Financial Sector
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Summary: H.R.4956 — 103rd Congress (1993-1994)All Bill Information (Except Text)
Introduced in House (08/12/1994)
Financial Services Competitiveness Act - Sets as a prerequisite for the establishment of a diversified financial services holding company (DFSHC) compliance with the notice and procedural requirements prescribed by the Board of Governors of the Federal Reserve System (the Board) pursuant to this Act. States that a noncomplying company shall cease to be a DFSHC as of its date of noncompliance.
Amends the Bank Holding Company Act of 1956, the Home Owners' Loan Act, and the Banking Act of 1933 to exclude from their purview financial services institution holding companies (and their affiliates) that have filed notice with the Board pursuant to this Act.
Subjects a DFSHC to the acquisition and capitalization requirements of the Federal Deposit Insurance Act. Prescribes capitalization guidelines for an undercapitalized insured depository institution subsidiary of a DFSHC (including conservatorship and divestiture orders).
Prohibits any Federal banking agency from imposing capital requirements upon a DFSHC. Subjects a DFSHC to the: (1) insider lending restrictions of the Federal Reserve Act; and (2) tying restrictions of the Bank Holding Company Act Amendments of 1970.
Prescribes guidelines for regulatory oversight by the appropriate Federal banking agencies, including criminal and civil penalties for violations of this Act.