HR 6072 · 109th Congress · Finance and Financial Sector

Financial Services Regulatory Relief Amendments Act of 2006

Introduced 2006-09-14· Sponsored by Rep. Ross, Mike [D-AR-4]· House

Bill Progress

Introduced
Committee
House Vote
4
Senate
5
Enacted
Latest: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.(2006-11-13)

Plain Language Summary

[AI summary unavailable — showing source text] Financial Services Regulatory Relief Amendments Act of 2006 - Amends the Federal Deposit Insurance Act regarding depository institutions lacking federal deposit insurance to authorize the state supervisor of a private deposit insurer, or of a depository institution which receives deposits insured by a private deposit insurer, to examine and enforce compliance with the requirement that a private deposit insurer obtain annual independent audits. Requires depository institutions without federal deposit insurance to disclose on every share certificate that: (1) the institution is not federally insured; and (2) if it fails, the federal government does not guarantee that depositors will get back their money. Revises the requirement that such institutions disclose conspicuously in all advertising and at each place where deposits are normally received that the institution is not federally insured. Requires such a notice also on the institution's main Internet page. Requires the institution to obtain or attempt to obtain a written acknowledgment of such disclosure from new depositors acquired through a conversion or merger. Redefines depository institution and repeals a certain related proh…

Summarized by Claude AI · Non-partisan · For informational purposes only

Cosponsors (1)

1 Republican