S.1356 - Industrial Bank Holding Company Act of 2007110th Congress (2007-2008)
|Sponsor:||Sen. Brown, Sherrod [D-OH] (Introduced 05/10/2007)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||05/10/2007 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
This bill has the status Introduced
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Summary: S.1356 — 110th Congress (2007-2008)All Bill Information (Except Text)
Introduced in Senate (05/10/2007)
Industrial Bank Holding Company Act of 2007 - Amends the Federal Deposit Insurance Act (FDIA) to apply the bank share or asset acquisition requirements of the Bank Holding Company Act of 1956 to any company that is or would become an industrial bank holding company.
Subjects an industrial bank to Federal Deposit Insurance Corporation (FDIC) requirements regarding registration, reporting, and bank examinations.
Prohibits the FDIC from imposing capital or capital adequacy requirements on functionally regulated affiliates of any depository institution controlled by industrial bank holding companies meeting certain criteria.
Requires a federal supervisory agency of an industrial bank holding company to forego examination of any depository institution subsidiary of the holding company.
Authorizes the FDIC to require from either a regulatory agency or a holding company that controls an industrial bank any information necessary to: (1) assess risk to the industrial bank; or (2) determine its condition.
Prohibits an industrial bank from being controlled by a commercial firm, except in certain circumstances.
Prescribes activity and branching limitations affecting industrial bank subsidiaries of certain commercial firms.
Authorizes a federal supervisory agency to order a holding company or a nonbank subsidiary to terminate an activity or its ownership or control over certain depository institution subsidiaries if the activity or ownership or control of a nonbank subsidiary represents a serious risk to a depository institution subsidiary of the holding company.
Subjects foreign bank acquisition or control of an industrial bank to approval of the Board of Governors of the Federal Reserve System.
Requires a holding company of an industrial bank to serve as a source of financial and managerial strength to its subsidiary banks.
Subjects an industrial bank holding company to: (1) enforcement by the FDIC, including its nonbank subsidiaries; and (2) the prompt corrective action requirements of the FDIA.