H.R.698 - Industrial Bank Holding Company Act of 2007

To amend the Federal Deposit Insurance Act to establish industrial bank holding company regulation, and for other purposes. view all titles (4)

All Bill Titles

  • Short: Industrial Bank Holding Company Act of 2007 as reported to house.
  • Official: To amend the Federal Deposit Insurance Act to establish industrial bank holding company regulation, and for other purposes. as introduced.
  • Short: Industrial Bank Holding Company Act of 2007 as introduced.
  • Short: Industrial Bank Holding Company Act of 2007 as passed house.

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  • Today: 6
  • Past Seven Days: 15
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Introduced
 
House
Passed
 
Senate
Passes
 
President
Signs
 

 
01/28/07
 
05/21/07
 
 
 
 
 

Sponsor

View Co-Sponsors (145)
 

Latest Vote

Result: Passed - May 21, 2007

Roll call number 384 in the House

Question: On Motion to Suspend the Rules and Pass, as Amended: H R 698 Industrial Bank Holding Company Act

Required percentage of 'Aye' votes: 2/3 (66%)
Percentage of 'aye' votes: 85%

Democrats Voting 'Aye'

Neil Abercrombie
Rep. Gary Ackerman [D, NY-5]
Thomas Allen
Rep. Jason Altmire [D, PA-4]
Rep. Robert Andrews [D, NJ-1]
Michael Arcuri
Rep. Joe Baca [D, CA-43]
Rep. Tammy Baldwin [D, WI-2]
Rep. John Barrow [D, GA-12]
Melissa Bean
Rep. Xavier Becerra [D, CA-31]
Rep. Shelley Berkley [D, NV-1]
Rep. Howard Berman [D, CA-28]
Robert Berry
Rep. Timothy Bishop [D, NY-1]
Rep. Sanford Bishop [D, GA-2]
Rep. Dan Boren [D, OK-2]
Rep. Leonard Boswell [D, IA-3]
Frederick Boucher
Allen Boyd
Nancy Boyda
Rep. Robert Brady [D, PA-1]
Rep. Bruce Braley [D, IA-1]
Rep. George Butterfield [D, NC-1]
Rep. Lois Capps [D, CA-23]
Rep. Michael Capuano [D, MA-8]
Rep. Dennis Cardoza [D, CA-18]
Rep. Russ Carnahan [D, MO-3]
Christopher Carney
Rep. Kathy Castor [D, FL-11]
Rep. Ben Chandler [D, KY-6]
Rep. Yvette Clarke [D, NY-11]
Rep. Emanuel Cleaver [D, MO-5]
Rep. James Clyburn [D, SC-6]
Rep. Steve Cohen [D, TN-9]
Rep. John Conyers [D, MI-14]
Rep. Jim Cooper [D, TN-5]
Rep. Jim Costa [D, CA-20]
Rep. Joe Courtney [D, CT-2]
Robert Cramer
Rep. Joseph Crowley [D, NY-7]
Rep. Henry Cuellar [D, TX-28]
Rep. Elijah Cummings [D, MD-7]
Artur Davis
Rep. Susan Davis [D, CA-53]
Rep. Danny Davis [D, IL-7]
Lincoln Davis
Rep. Peter DeFazio [D, OR-4]
William Delahunt
Rep. Rosa DeLauro [D, CT-3]
Rep. Norman Dicks [D, WA-6]
Rep. John Dingell [D, MI-15]
Rep. Joe Donnelly [D, IN-2]
Rep. Michael Doyle [D, PA-14]
Thomas Edwards
Rep. Keith Ellison [D, MN-5]
Brad Ellsworth
Rahm Emanuel
Rep. Eliot Engel [D, NY-17]
Rep. Anna Eshoo [D, CA-14]
Bob Etheridge
Rep. Sam Farr [D, CA-17]
Rep. Chaka Fattah [D, PA-2]
Rep. Bob Filner [D, CA-51]
Rep. Barney Frank [D, MA-4]
Rep. Gabrielle Giffords [D, AZ-8]
Sen. Kirsten Gillibrand [D, NY]
Rep. Charles Gonzalez [D, TX-20]
Barton Gordon
Rep. Raymond Green [D, TX-29]
Rep. Al Green [D, TX-9]
Rep. Raul Grijalva [D, AZ-7]
John Hall
Phil Hare
Rep. Jane Harman [D, CA-36]
Rep. Alcee Hastings [D, FL-23]
Stephanie Herseth Sandlin
Rep. Brian Higgins [D, NY-27]
Baron Hill
Rep. Maurice Hinchey [D, NY-22]
Rep. Mazie Hirono [D, HI-2]
Paul Hodes
Rep. Tim Holden [D, PA-17]
Rep. Rush Holt [D, NJ-12]
Rep. Michael Honda [D, CA-15]
Darlene Hooley
Rep. Steny Hoyer [D, MD-5]
Rep. Jay Inslee [D, WA-1]
Rep. Steve Israel [D, NY-2]
Rep. Jesse Jackson [D, IL-2]
Rep. Sheila Jackson-Lee [D, TX-18]
William Jefferson
Rep. Eddie Johnson [D, TX-30]
Steve Kagen
Paul Kanjorski
Rep. Marcy Kaptur [D, OH-9]
Patrick Kennedy
Rep. Dale Kildee [D, MI-5]
Carolyn Kilpatrick
Ron Klein
Rep. Dennis Kucinich [D, OH-10]
Nicholas Lampson
Rep. James Langevin [D, RI-2]
Tom Lantos
Rep. Rick Larsen [D, WA-2]
Rep. John Larson [D, CT-1]
Rep. Barbara Lee [D, CA-9]
Rep. Sander Levin [D, MI-12]
Rep. John Lewis [D, GA-5]
Rep. Daniel Lipinski [D, IL-3]
Rep. David Loebsack [D, IA-2]
Rep. Nita Lowey [D, NY-18]
Rep. Stephen Lynch [D, MA-9]
Tim Mahoney
Rep. Carolyn Maloney [D, NY-14]
Rep. Edward Markey [D, MA-7]
James Marshall
Rep. Doris Matsui [D, CA-5]
Rep. Carolyn McCarthy [D, NY-4]
Rep. Betty McCollum [D, MN-4]
Rep. James McDermott [D, WA-7]
Rep. James McGovern [D, MA-3]
Rep. Mike McIntyre [D, NC-7]
Rep. Jerry McNerney [D, CA-11]
Michael McNulty
Martin Meehan
Kendrick Meek
Rep. Gregory Meeks [D, NY-6]
Charles Melancon
Rep. Michael Michaud [D, ME-2]
Rep. Bradley Miller [D, NC-13]
Rep. George Miller [D, CA-7]
Harry Mitchell
Alan Mollohan
Dennis Moore
Rep. Gwen Moore [D, WI-4]
Rep. James Moran [D, VA-8]
Rep. Christopher Murphy [D, CT-5]
Patrick Murphy
Rep. Jerrold Nadler [D, NY-8]
Rep. Grace Napolitano [D, CA-38]
Rep. Richard Neal [D, MA-2]
James Oberstar
David Obey
Rep. John Olver [D, MA-1]
Solomon Ortiz
Rep. Frank Pallone [D, NJ-6]
Rep. William Pascrell [D, NJ-8]
Rep. Edward Pastor [D, AZ-4]
Rep. Donald Payne [D, NJ-10]
Rep. Ed Perlmutter [D, CO-7]
Rep. Collin Peterson [D, MN-7]
Earl Pomeroy
Rep. David Price [D, NC-4]
Rep. Nick Rahall [D, WV-3]
Rep. Charles Rangel [D, NY-15]
Rep. Silvestre Reyes [D, TX-16]
Ciro Rodriguez
Rep. Mike Ross [D, AR-4]
Rep. Steven Rothman [D, NJ-9]
Rep. Lucille Roybal-Allard [D, CA-34]
Rep. Dutch Ruppersberger [D, MD-2]
Rep. Timothy Ryan [D, OH-17]
John Salazar
Rep. Linda Sánchez [D, CA-39]
Rep. John Sarbanes [D, MD-3]
Rep. Janice Schakowsky [D, IL-9]
Rep. Adam Schiff [D, CA-29]
Rep. Allyson Schwartz [D, PA-13]
Rep. Robert Scott [D, VA-3]
Rep. David Scott [D, GA-13]
Rep. José Serrano [D, NY-16]
Joe Sestak
Carol Shea-Porter
Rep. Brad Sherman [D, CA-27]
Rep. Heath Shuler [D, NC-11]
Rep. Albio Sires [D, NJ-13]
Ike Skelton
Rep. Louise Slaughter [D, NY-28]
Rep. Adam Smith [D, WA-9]
Victor Snyder
Hilda Solis
Zachary Space
John Spratt
Rep. Fortney Stark [D, CA-13]
Rep. Betty Sutton [D, OH-13]
Ellen Tauscher
Gene Taylor
Rep. Bennie Thompson [D, MS-2]
Rep. Michael Thompson [D, CA-1]
Rep. John Tierney [D, MA-6]
Sen. Mark Udall [D, CO]
Sen. Tom Udall [D, NM]
Rep. Christopher Van Hollen [D, MD-8]
Rep. Nydia Velázquez [D, NY-12]
Rep. Peter Visclosky [D, IN-1]
Rep. Timothy Walz [D, MN-1]
Rep. Debbie Wasserman Schultz [D, FL-20]
Rep. Maxine Waters [D, CA-35]
Diane Watson
Rep. Melvin Watt [D, NC-12]
Rep. Henry Waxman [D, CA-30]
Rep. Anthony Weiner [D, NY-9]
Rep. Peter Welch [D, VT-0]
Charles Wilson
Rep. Lynn Woolsey [D, CA-6]
Rep. David Wu [D, OR-1]
Albert Wynn
Rep. John Yarmuth [D, KY-3]

Republicans Voting 'Aye'

Rep. Robert Aderholt [R, AL-4]
Rep. Rodney Alexander [R, LA-5]
Rep. Michele Bachmann [R, MN-6]
Rep. Spencer Bachus [R, AL-6]
James Barrett
Rep. Roscoe Bartlett [R, MD-6]
Rep. Joe Barton [R, TX-6]
Rep. Judy Biggert [R, IL-13]
Rep. Brian Bilbray [R, CA-50]
Rep. Gus Bilirakis [R, FL-9]
Rep. Marsha Blackburn [R, TN-7]
Sen. Roy Blunt [R, MO]
Rep. John Boehner [R, OH-8]
Rep. Jo Bonner [R, AL-1]
Rep. Mary Bono Mack [R, CA-45]
Sen. John Boozman [R, AR]
Rep. Charles Boustany [R, LA-7]
Henry Brown
Virginia Brown-Waite
Rep. Michael Burgess [R, TX-26]
Rep. Dan Burton [R, IN-5]
Rep. Ken Calvert [R, CA-44]
Rep. David Camp [R, MI-4]
Rep. Eric Cantor [R, VA-7]
Rep. Shelley Capito [R, WV-2]
Rep. John Carter [R, TX-31]
Michael Castle
Rep. Steven Chabot [R, OH-1]
Rep. Howard Coble [R, NC-6]
Rep. Tom Cole [R, OK-4]
Rep. Michael Conaway [R, TX-11]
Rep. Ander Crenshaw [R, FL-4]
Barbara Cubin
Rep. John Culberson [R, TX-7]
Jo Ann Davis
David Davis
Thomas Davis
Nathan Deal
Rep. Charles Dent [R, PA-15]
Rep. Mario Diaz-Balart [R, FL-21]
John Doolittle
Thelma Drake
Rep. David Dreier [R, CA-26]
Rep. John Duncan [R, TN-2]
Vernon Ehlers
Rep. Jo Ann Emerson [R, MO-8]
Philip English
Terry Everett
Mary Fallin
Michael Ferguson
Rep. Randy Forbes [R, VA-4]
Vito Fossella
Rep. Virginia Foxx [R, NC-5]
Rep. Rodney Frelinghuysen [R, NJ-11]
Rep. Elton Gallegly [R, CA-24]
Rep. Scott Garrett [R, NJ-5]
Wayne Gilchrest
Paul Gillmor
Rep. Louis Gohmert [R, TX-1]
Virgil Goode
Rep. Robert Goodlatte [R, VA-6]
Rep. Kay Granger [R, TX-12]
Rep. Samuel Graves [R, MO-6]
Rep. Ralph Hall [R, TX-4]
Rep. Doc Hastings [R, WA-4]
Robin Hayes
Sen. Dean Heller [R, NV]
Rep. Jeb Hensarling [R, TX-5]
Rep. Walter Herger [R, CA-2]
David Hobson
Peter Hoekstra
Bob Inglis
Bobby Jindal
Rep. Timothy Johnson [R, IL-15]
Rep. Samuel Johnson [R, TX-3]
Rep. Walter Jones [R, NC-3]
Rep. Jim Jordan [R, OH-4]
Ric Keller
Rep. Steve King [R, IA-5]
Rep. Jack Kingston [R, GA-1]
Rep. John Kline [R, MN-2]
Joseph Knollenberg
John Kuhl
Rep. Doug Lamborn [R, CO-5]
Rep. Thomas Latham [R, IA-4]
Rep. Steven LaTourette [R, OH-14]
Ron Lewis
Rep. Jerry Lewis [R, CA-41]
John Linder
Rep. Frank LoBiondo [R, NJ-2]
Rep. Frank Lucas [R, OK-3]
Rep. Daniel Lungren [R, CA-3]
Rep. Donald Manzullo [R, IL-16]
Rep. Kevin McCarthy [R, CA-22]
Rep. Michael McCaul [R, TX-10]
Rep. Thaddeus McCotter [R, MI-11]
James McCrery
Rep. Patrick McHenry [R, NC-10]
John McHugh
Rep. Howard McKeon [R, CA-25]
Rep. John Mica [R, FL-7]
Rep. Candice Miller [R, MI-10]
Rep. Gary Miller [R, CA-42]
Rep. Jeff Miller [R, FL-1]
Sen. Jerry Moran [R, KS]
Rep. Tim Murphy [R, PA-18]
Marilyn Musgrave
Rep. Sue Myrick [R, NC-9]
Rep. Randy Neugebauer [R, TX-19]
Rep. Devin Nunes [R, CA-21]
Rep. Ronald Paul [R, TX-14]
Rep. Steven Pearce [R, NM-2]
Rep. Thomas Petri [R, WI-6]
Charles Pickering
Rep. Joseph Pitts [R, PA-16]
Rep. Todd Platts [R, PA-19]
Jon Porter
Rep. Tom Price [R, GA-6]
Deborah Pryce
Adam Putnam
George Radanovich
James Ramstad
Ralph Regula
Rep. Dennis Rehberg [R, MT-0]
Rep. Dave Reichert [R, WA-8]
Rick Renzi
Thomas Reynolds
Rep. Michael Rogers [R, MI-8]
Rep. Harold Rogers [R, KY-5]
Rep. Michael Rogers [R, AL-3]
Rep. Peter Roskam [R, IL-6]
Rep. Ileana Ros-Lehtinen [R, FL-18]
Rep. Paul Ryan [R, WI-1]
Bill Sali
James Saxton
Rep. Jean Schmidt [R, OH-2]
Rep. James Sensenbrenner [R, WI-5]
Rep. Peter Sessions [R, TX-32]
Rep. William Shuster [R, PA-9]
Rep. Adrian Smith [R, NE-3]
Rep. Christopher Smith [R, NJ-4]
Rep. Lamar Smith [R, TX-21]
Mark Souder
Rep. Clifford Stearns [R, FL-6]
Thomas Tancredo
Rep. Lee Terry [R, NE-2]
Rep. William Thornberry [R, TX-13]
Todd Tiahrt
Rep. Patrick Tiberi [R, OH-12]
Rep. Michael Turner [R, OH-3]
Rep. Timothy Walberg [R, MI-7]
Rep. Greg Walden [R, OR-2]
James Walsh
David Weldon
Gerald Weller
Rep. Edward Whitfield [R, KY-1]
Sen. Roger Wicker [R, MS]
Heather Wilson
Rep. Addison Wilson [R, SC-2]
Rep. Frank Wolf [R, VA-10]
Rep. Donald Young [R, AK-0]
Rep. Bill Young [R, FL-10]

Others Voting 'Aye'

Others Voting 'Abstain'

 

Official Summary

5/21/2007--Passed House amended. 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

Official Summary

5/21/2007--Passed House amended. 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. States that an application filed to acquire control of an industrial bank shall be treated as an application for a deposit facility. Subjects an industrial bank to Federal Deposit Insurance Corporation (FDIC) requirements regarding registration, reporting, and bank examinations. Authorizes the FDIC to accept reports that an industrial bank holding company or its subsidiary has provided to another federal or state supervisor or to any appropriate self-regulatory organization. Prohibits the FDIC from imposing any capital or capital adequacy rules, guidelines, standards, or requirements on any functionally regulated affiliate of any depository institution controlled by an industrial bank holding company that:
(1) is not a depository institution; but
(2) is in compliance with applicable capital requirements, and is properly registered as an investment adviser or licensed as an insurance agent. States that such prohibition shall not be construed as preventing the FDIC from imposing capital or capital adequacy regulations regarding:
(1) activities of a registered investment adviser other than with respect to investment advisory activities or activities incidental to investment advisory activities; or
(2) activities of a licensed insurance agent other than insurance agency activities or activities incidental to insurance agency activities. Requires a federal supervisory agency of an industrial bank holding company to:
(1) forego, to the fullest extent possible, any examination of any depository institution subsidiary of the holding company; and
(2) use the reports of examinations of the institution made by the appropriate federal or state regulatory agency in lieu of a direct examination. 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 the construction of any law as preventing the FDIC from examining an industrial bank affiliate in order to disclose fully the effect of its relationship with the bank, if the FDIC finds it necessary to determine an industrial bank's condition. Prohibits an industrial bank from being controlled, directly or indirectly, by a commercial firm. Exempts certain grandfathered institutions and corporate reorganizations. Prescribes activity and branching limitations affecting industrial bank subsidiaries of certain commercial firms. Sets forth transition requirements for divestiture by a non-complying commercial firm of ownership or control of industrial bank subsidiary. 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 (other than a depository institution's nonbank subsidiary) represents a serious risk to a depository institution subsidiary of the holding company. Prohibits any foreign bank, after January 28, 2007, from acquiring direct or indirect control of an industrial bank unless the Board of Governors of the Federal Reserve System (Federal Reserve Board) has determined that the foreign bank is subject to comprehensive supervision or regulation on a consolidated basis by the appropriate authorities in the bank's home country. Requires the Federal Reserve Board to make such a determination jointly with the Director of Office of Thrift Supervision in the case of a foreign bank that is a savings and loan holding company. Requires a holding company of an industrial bank to serve as a source of financial and managerial strength to its subsidiary banks. Prohibits such holding company from conducting its operations in an unsafe or unsound manner. Declares FDIC enforcement provisions, particularly cease-and-desist proceedings, applicable to an industrial bank holding company and its nonbank subsidiaries in the same manner as such provisions apply to state nonmember insured banks. Subjects industrial bank holding companies to the prompt corrective action requirements of the FDIA. Authorizes the appropriate federal banking agency to prohibit any industrial bank holding company having control of the insured depository institution from making any capital distribution without prior FDIC approval if such industrial bank holding company is significantly undercapitalized and fails to submit and implement capital restoration plans.


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Recent News Coverage

View All (10)  |  View Top Rated

05/21/07
House Passes Bill Blocking Giant Retailers' Entry into Banking

The House passed HR 698, the Industrial Bank Holding Company Act of 2007, by a vote of 371 to 16. This legislation was co-sponsored by Congressmen Paul ...

Source: Insurance Journal, CA
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05/21/07
House Passage of ILC Bill Maintains the Separation of Banking and ...

RISMEDIA, May 23, 2007-The National Association of Realtors® said the House passage today of HR 698, the Industrial Bank Holding Company Act of 2007, ...

Source: RisMedia.com (press release), CT
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05/15/07
Realtors(R) Take Agenda to Capitol Hill; Consumer Protection and ...

Realtors(R) also asked their elected officials to support HR 698, The Industrial Bank Holding Company Act of 2007, which is scheduled for floor vote next ...

Source: Earthtimes.org
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Recent Blog Coverage

View All (64)  |  View Top Rated

02/13/11
H.R.698: To deauthorize and rescind funding for the Patient ...

Or, if you know of a news article about this bill to display here, email us the web address of this page and the web address of your suggested news article: Our editorial team will post relevant links as quickly as possible. Thanks for helping to build pub

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11/27/08
kjrbuilders.com » Blog Archive » John N. Deal

As an immigration reform advocate he has introduced such reform legislation as H.R. 698, the Citizenship Reform Act, which would eliminate birthright citizenship in the U.S. The 14th Amendment begins “All persons born or naturalized in ...

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11/09/08
Real Estate Blog - NAR to FDIC: Extending ILC Moratorium is a ...

NAR once again expressed its support for the Industrial Bank Holding Company Act of 2007 (H.R. 698) that was reintroduced by Rep. Paul Gillmor (R-Ohio) and House Financial Services Chairman Barney Frank (D-Mass.) on Monday. ...

Source: Akos's Blog
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