H.R. 6565, The FDIC Flexibility Act of 2008

• This item is from the 110th Congress (2007-2008) and is no longer current.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.

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H.R. 6565 would provide additional authority to the Federal Deposit Insurance Corporation in resolving problem financial institutions.

Detailed Summary

FDIC Flexibility Act of 2008 - Amends the Federal Deposit Insurance Act to repeal: (1) requirements for least-cost resolution of troubled insured depository institutions; (2) requirements for consideration of direct financial assistance to a depository institution before appointment of a conservator or receiver; (3) certain Federal Deposit Insurance Corporation (FDIC) procedures for extension of time and mailed notification regarding determination of claims; and (4) specified FDIC authority relating to determination of claims.

Amends the Federal Reserve Act to repeal limitations on advances to member banks by the Board of Governors of the Federal Reserve System.

Amends the Federal Deposit Insurance Corporation Improvement Act of 1991 to repeal provisions regarding early resolution of troubled insured depository institutions by federal banking agencies.

Status of the Legislation

Latest Major Action: 7/22/2008: Referred to House committee. Status: Referred to the House Committee on Financial Services.

Points in Favor

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Points Against

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