U.S. Congress - H.R.2547 FDIC Enforcement Enhancement Act
H.R.2547 - FDIC Enforcement Enhancement Act
To amend the Federal Deposit Insurance Act to prevent misrepresentation about deposit insurance coverage, and for other purposes. view all titles (3)
All Bill Titles
- Official: To amend the Federal Deposit Insurance Act to prevent misrepresentation about deposit insurance coverage, and for other purposes. as introduced.
- Short: FDIC Enforcement Enhancement Act as passed house.
- Short: FDIC Enforcement Enhancement Act as introduced.
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Official Summary
7/16/2007--Passed House amended. 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 teOfficial Summary
7/16/2007--Passed House amended. 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.
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