H.R.3882 - Financial Safety and Equity Act of 2005109th Congress (2005-2006)
|Sponsor:||Rep. Leach, James A. [R-IA-2] (Introduced 09/22/2005)|
|Committees:||House - Financial Services|
|Latest Action:||10/17/2005 Referred to the Subcommittee on Financial Institutions and Consumer Credit. (All Actions)|
This bill has the status Introduced
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Summary: H.R.3882 — 109th Congress (2005-2006)All Bill Information (Except Text)
Introduced in House (09/22/2005)
Financial Safety and Equity Act of 2005 - Amends the Bank Holding Company Act of 1956 regarding interests in nonbanking organizations to provide that any company that controls an industrial loan company, industrial bank, or similar institution shall become a financial holding company.
Requires such entity to comply with all federal conditions, requirements, restrictions and limitations applicable to a financial holding company.
Grants a five-year divestiture period for nonconforming activities to an entity that: (1) owned or controlled an industrial loan company, industrial bank, or similar institution on January 1, 2005; and (2) was not a bank holding company or a foreign bank on that date.