Detailed Summary

Amends the Federal Trade Commission Act to transfer to each federal banking agency, with respect to depository institutions it supervises, 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: (1) jointly to the extent practicable; and (2) in consultation with the Federal Trade Commission (FTC).

Authorizes the FTC, with respect to entities within its jurisdiction, to commence a rulemaking proceeding and prescribe regulations whenever such banking agencies commence a rulemaking proceeding.

Requires the FTC, whenever it commences such a rulemaking proceeding, to consult and coordinate with the federal banking agencies and the National Credit Union Administration (NCUA) Board so that the regulations prescribed by each such agency are consistent with and comparable to the regulations prescribed by the agencies to the extent practicable.

Instructs the Comptroller General to report to Congress on the status of regulations of the federal banking agencies and the NCUA regarding unfair and deceptive acts or practices by depository institutions.

Status of the Legislation

Latest Major Action: 12/6/2007: Referred to Senate committee. Status: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Points in Favor

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Points Against

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