Industrial Bank Holding Company Act of 2007

A bill to amend the Federal Deposit Insurance Act to establish industrial bank holding company regulation, and for other purposes.

5/10/2007--Introduced.
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.


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Sponsor

• Sen. Sherrod Brown [D, OH]
• and 14 Co-Sponsors
  • Sen. Wayne Allard [R, CO]
  • Sen. Robert Casey [D, PA]
  • Sen. Pete Domenici [R, NM]
  • Sen. Byron Dorgan [D, ND]
  • Sen. Richard Durbin [D, IL]
  • Sen. Russell Feingold [D, WI]
  • Sen. Thomas Harkin [D, IA]
  • Sen. Tim Johnson [D, SD]
  • Sen. John Kerry [D, MA]
  • Sen. Barack Obama [D, IL]
  • Sen. Bernard Sanders [I, VT]
  • Sen. Jon Tester [D, MT]
  • Sen. John Thune [R, SD]
  • Sen. George Voinovich [R, OH]
  close

Committees

• Senate Banking, Housing, and Urban Affairs

Amendments

This bill has no amendments.

Amendments to S.1356

Number	Status	Purpose

Bill Status

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Introduced		Voted on by Senate		Voted on by House		Considered By President		Bill Becomes Law
May 10, 2007

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All Bill Actions

• May 10, 2007: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
• Introduced on May 10, 2007.

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Related Bills:

• H.R.698

Related Issue Areas:

• Finance
• Bank capital
• Bank examination
• Bank holding companies
• 9 more
• Bank management
• Bank mergers
• Bank records
• Business
• Deposit insurance
• Foreign banks and banking
• International finance
• Nonbank banks
• Subsidiary corporations

Data from the Congressional Research Service

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Blog Coverage

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