H.R.2547 - FDIC Enforcement Enhancement Act110th Congress (2007-2008)
|Sponsor:||Rep. Sires, Albio [D-NJ-13] (Introduced 05/24/2007)|
|Committees:||House - Financial Services | Senate - Banking, Housing, and Urban Affairs|
|Committee Reports:||H. Rept. 110-234|
|Latest Action:||07/17/2007 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.|
This bill has the status Passed House
Here are the steps for Status of Legislation:
- Passed House
Text: H.R.2547 — 110th Congress (2007-2008)All Bill Information (Except Text)
Referred in Senate (07/17/2007)
Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs
To amend the Federal Deposit Insurance Act to prevent misrepresentation about deposit insurance coverage, and for other purposes.
This Act may be cited as the “FDIC Enforcement Enhancement Act”.
(a) In General.—Section 18(a) of the Federal Deposit Insurance Act (12 U.S.C. 1828(a)) is amended by adding at the end the following new paragraph:
“(i) use the terms ‘Federal Deposit’, ‘Federal Deposit Insurance’, ‘Federal Deposit Insurance Corporation’, any combination of such terms, or the abbreviation ‘FDIC’ as part of the business name or firm name of any person, including any corporation, partnership, business trust, association, or other business entity; or
“(ii) use such terms or any other sign or symbol as part of an advertisement, solicitation, or other document,
to represent, suggest or imply that any deposit liability, obligation, certificate or share is insured or guaranteed by the Federal Deposit Insurance Corporation, if such deposit liability, obligation, certificate, or share is not insured or guaranteed by the Corporation.
“(i) that any deposit liability, obligation, certificate, or share is federally insured, if such deposit liability, obligation, certificate, or share is not insured by the Corporation; or
“(ii) the extent to which or the manner in which any deposit liability, obligation, certificate, or share is insured by the Federal Deposit Insurance Corporation, if such deposit liability, obligation, certificate, or share is not insured by the Corporation to the extent or in the manner represented.
“(i) jurisdiction over any person that violates this paragraph, or aids or abets the violation of this paragraph; and
“(I) the authority of the Corporation under section 10(c) to conduct investigations; and
“(II) the enforcement authority of the Corporation under subsections (b), (c), (d) and (i) of section 8,
as if such person were a state nonmember insured bank.
“(D) OTHER ACTIONS PRESERVED.—No provision of this paragraph shall be construed as barring any action otherwise available, under the laws of the United States or any State, to any Federal or State law enforcement agency or individual.”.
(b) Enforcement Orders.—Section 8(c) of the Federal Deposit Insurance Act (12 U.S.C. 1818(c)) is amended by adding at the end the following new paragraph:
“(i) IN GENERAL.—If a notice of charges served under subsection (b)(1) of this section specifies on the basis of particular facts that any person is engaged in conduct described in section 18(a)(4), the Corporation may issue a temporary order requiring—
“(I) the immediate cessation of any activity or practice described, which gave rise to the notice of charges; and
“(II) affirmative action to prevent any further, or to remedy any existing, violation.
“(ii) EFFECT OF ORDER.—Any temporary order issued under this subparagraph shall take effect upon service.
“(B) EFFECTIVE PERIOD OF TEMPORARY ORDER.—A temporary order issued under subparagraph (A) shall remain effective and enforceable, pending the completion of an administrative proceeding pursuant to subsection (b)(1) in connection with the notice of charges—
“(i) until such time as the Corporation shall dismiss the charges specified in such notice; or
“(ii) if a cease-and-desist order is issued against such person, until the effective date of such order.
“(C) CIVIL MONEY PENALTIES.—Violations of section 18(a)(4) shall be subject to civil money penalties as set forth in subsection (i) in an amount not to exceed $1,000,000 for each day during which the violation occurs or continues.”.
(A) by striking “this subsection” the first place such term appears and inserting “paragraph (1)”; and
(B) by striking “this subsection” the second place such term appears and inserting “paragraph (2)”.
(2) The heading for subsection (a) of section 18 of the Federal Deposit Insurance Act (12 U.S.C. 1828(a)) is amended by striking “Insurance Logo.—” and inserting “Representations of Deposit Insurance.—”.
Passed the House of Representatives July 16, 2007.
|Attest:||lorraine c. miller,|