HR 1900 105th Congress House Finance and Financial Sector Administrative procedure Administrative remedies Affiliated corporations Bank deposits Bank loans Bank marketing Bank records Brokers Civil Rights and Liberties, Minority Issues Commerce Confidential communications Consumer complaints Consumer education Consumer protection Deceptive advertising Department of the Treasury Employee training Evidence (Law) Federal Deposit Insurance Corporation

Depository Institution Consumer Protection Act of 1997

Introduced: June 17, 1997 See on congress.gov

Everywhere this bill has been 4 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Jun 27, 1997

Referred to the Subcommittee on Financial Institutions and Consumer Credit.

Jun 17, 1997

Referred to the House Committee on Banking and Financial Services.

Jun 17, 1997

Sponsor introductory remarks on measure. (CR E1234)

Jun 17, 1997

Introduced in House

Plain-English summary Congressional Research Service

Depository Institution Consumer Protection Act of 1997 - Amends the Federal Deposit Insurance Act to require each Federal banking agency to prescribe consumer protection regulations pertaining to the sales, solicitations, advertising, or offers of a nondeposit product by a retail depository institution (including its affiliates, subsidiaries, and persons engaged in such activities at an institution office, or on its behalf).

Encompasses within the ambit of such regulations: (1) anticoercion sales and product marketing rules; (2) product suitability; (3) mandatory disclosure of the non-insured and non-guaranteed status of a nondeposit product, including investment risks; (4) prohibition of misrepresentation; (5) physical segregation of banking and nonbanking activities; (6) sales personnel qualification requirements and training; and (7) the structuring of compensation programs with respect to nondeposit product referral or sales incentives.

Directs Federal banking regulators to jointly establish a consumer enforcement mechanism for expeditious consumer complaint resolution.

Proscribes the use of a deposit institution name or logo in connection with a nondeposit product serviced by such institution.

Sets forth safeguards relating to confidential consumer financial information.

What's happening now June 27, 1997

Referred to the Subcommittee on Financial Institutions and Consumer Credit.

Committees of jurisdiction 2