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H.R. 3526, 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
- This item is from the 110th Congress (2007-2008) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.
Version saved on November 1, 2007, 18:37:05, by webmaster:
H.R. 3526 would include all banking agencies within the existing regulatory authority under the Federal Trade Commission Act with respect to depository institutions.
Detailed Summary
Amends the Federal Trade Commission Act to transfer to each federal banking agency, with respect to depository institutions, the authority to prescribe regulations governing unfair or deceptive practices by banks and savings and loan institutions currently vested in 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).
Requires the federal banking agencies to prescribe such regulations jointly to the extent practicable.
Status of the Legislation
Latest Major Action: 10/30/2007: House committee/subcommittee actions. Status: Ordered to be Reported (Amended) by Voice Vote.
Points in Favor
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Points Against
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Visitor Comments
Sara
September 24, 2007, 2:19pm (report abuse)If the Federal Reserve is unwilling to protect consumers, open the floor to other agencies willing to do so.