To amend the Federal Deposit Insurance Act to prevent misrepresentation about deposit insurance coverage, and for other purposes.
FDIC Enforcement Enhancement Act - Amends the Federal Deposit Insurance Act (FDIA) to prohibit use of 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 or business entity, including any advertisement, solicitation, or other document.
Prohibits use of such terms, or any other sign or symbol as part of a document, to represent, suggest, or imply that any deposit liability, obligation, certificate, or share is insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) if in fact the instrument is not insured or guaranteed by the FDIC.
Prohibits knowing misrepresentations of: (1) the federally insured status of any deposit liability, obligation, certificate, or share; or (2) the extent or the manner in which such instruments are insured by the FDIC.
Grants the FDIC jurisdiction over any person that violates this Act, and certain enforcement authority as if the person were a state nonmember insured bank.
Empowers the FDIC to issue orders requiring: (1) immediate cessation; and (2) affirmative action to prevent any further violation, or to remedy an existing one.
Subjects violations of this Act to civil money penalties.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported by Voice Vote.
Reported by the Committee on Financial Services. H. Rept. 110-234.
Reported by the Committee on Financial Services. H. Rept. 110-234.
Placed on the Union Calendar, Calendar No. 145.
Mr. Sires moved to suspend the rules and pass the bill, as amended.
Considered under suspension of the rules. (consideration: CR H7788-7789)
DEBATE - The House proceeded with forty minutes of debate on H.R. 2547.
At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
ORDER OF PROCEDURE - Mr. Hastings(FL) asked unanimous consent that the proceedings by which the yeas and nays were ordered on the motion to suspend the rules and pass H.R. 2547, as amended, be vacated to the end that the Chair put the question de novo. Agreed to without objection.
Considered as unfinished business. (consideration: CR H7819)
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H7788)
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H7788)
Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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