U.S. Congress - H.R.3882 Financial Safety and Equity Act of 2005
H.R.3882 - Financial Safety and Equity Act of 2005
To preserve competitive equity in financial services. view all titles (2)
All Bill Titles
- Short: Financial Safety and Equity Act of 2005 as introduced.
- Official: To preserve competitive equity in financial services. as introduced.
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Official Summary
9/22/2005--Introduced.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 financialOfficial Summary
9/22/2005--Introduced.
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.
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