[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3526 Referred in Senate (RFS)]
1st Session
H. R. 3526
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
December 6, 2007
Received; read twice and referred to the Committee on Banking, Housing,
and Urban Affairs
_______________________________________________________________________
AN ACT
To include all banking agencies within the existing regulatory
authority under the Federal Trade Commission Act with respect to
depository institutions, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. INCLUSION OF ALL BANKING AGENCIES.
(a) In General.--The second sentence of section 18(f)(1) of the
Federal Trade Commission Act (15 U.S.C. 57a(f)(1)) is amended--
(1) by striking ``The Board of Governors of the Federal
Reserve System (with respect to banks) and the Federal Home
Loan Bank Board (with respect to savings and loan institutions
described in paragraph (3))'' and inserting ``Each Federal
banking agency (with respect to the depository institutions
each such agency supervises)''; and
(2) by inserting ``in consultation with the Commission''
after ``shall prescribe regulations''.
(b) FTC Concurrent Rulemaking.--Section 18(f)(1) of such Act is
further amended by inserting after the second sentence the following:
``Such regulations shall be prescribed jointly by such agencies to the
extent practicable. Notwithstanding any other provision of this
section, whenever such agencies commence such a rulemaking proceeding,
the Commission, with respect to the entities within its jurisdiction
under this Act, may commence a rulemaking proceeding and prescribe
regulations in accordance with section 553 of title 5, United States
Code. If the Commission commences such a rulemaking proceeding, the
Commission, the Federal banking agencies, and the National Credit Union
Administration Board shall consult and coordinate with each other so
that the regulations prescribed by each such agency are consistent with
and comparable to the regulations prescribed by each other such agency
to the extent practicable.''.
(c) GAO Study and Report.--Not later than 18 months after the date
of enactment of this Act, the Comptroller General shall transmit to
Congress a report on the status of regulations of the Federal banking
agencies and the National Credit Union Administration regarding unfair
and deceptive acts or practices by the depository institutions.
(d) Technical and Conforming Amendments.--Section 18(f) of the
Federal Trade Commission Act (15 U.S.C. 57a(f)) is amended--
(1) in the first sentence of paragraph (1)--
(A) by striking ``banks or savings and loan
institutions described in paragraph (3), each agency
specified in paragraph (2) or (3) of this subsection
shall establish'' and inserting ``depository
institutions and Federal credit unions, the Federal
banking agencies and the National Credit Union
Administration Board shall each establish''; and
(B) by striking ``banks or savings and loan
institutions described in paragraph (3), subject to its
jurisdiction'' before the period and inserting
``depository institutions or Federal credit unions
subject to the jurisdiction of such agency or Board'';
(2) in the sixth sentence of paragraph (1) (as amended by
subsection (b))--
(A) by striking ``each such Board'' and inserting
``each such banking agency and the National Credit
Union Administration Board'';
(B) by striking ``banks or savings and loan
institutions described in paragraph (3)'' each place
such term appears and inserting ``depository
institutions subject to the jurisdiction of such
agency'';
(C) by striking ``(A) any such Board'' and
inserting ``(A) any such Federal banking agency or the
National Credit Union Administration Board''; and
(D) by striking ``with respect to banks, savings
and loan institutions'' and inserting ``with respect to
depository institutions'';
(3) by adding at the end of paragraph (1) the following new
sentence: ``For purposes of this subsection, the terms `Federal
banking agency' and `depository institution' have the same
meaning as in section 3 of the Federal Deposit Insurance
Act.'';
(4) in paragraph (2)(C), by inserting ``than'' after
``(other'';
(5) in paragraph (3), by inserting ``by the Director of the
Office of Thrift Supervision'' before the period at the end;
(6) in paragraph (4), by inserting ``by the National Credit
Union Administration'' before the period at the end; and
(7) in paragraph (6), by striking ``the Board of Governors
of the Federal Reserve System'' and inserting ``any Federal
banking agency or the National Credit Union Administration
Board''.
Passed the House of Representatives December 5, 2007.
Attest:
LORRAINE C. MILLER,
Clerk.