HR 1478 114th Congress House Finance and Financial Sector Administrative law and regulatory procedures Bank accounts, deposits, capital Banking and financial institutions regulation Bankruptcy Federal Reserve System Financial crises and stabilization Insurance industry and regulation

Policyholder Protection Act of 2015

Introduced: March 19, 2015 See on congress.gov

Everywhere this bill has been 14 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Nov 17, 2015

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Nov 16, 2015

Motion to reconsider laid on the table Agreed to without objection.

Nov 16, 2015

On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H8217)

Nov 16, 2015

Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H8217)

Nov 16, 2015

DEBATE - The House proceeded with forty minutes of debate on H.R. 1478.

Nov 16, 2015

Considered under suspension of the rules. (consideration: CR H8217-8219)

Nov 16, 2015

Mr. Posey moved to suspend the rules and pass the bill, as amended.

Nov 16, 2015

Placed on the Union Calendar, Calendar No. 260.

Nov 16, 2015

Reported (Amended) by the Committee on Financial Services. H. Rept. 114-338.

Nov 4, 2015

Ordered to be Reported (Amended) by the Yeas and Nays: 57 - 0.

Nov 4, 2015

Committee Consideration and Mark-up Session Held.

Nov 3, 2015

Committee Consideration and Mark-up Session Held.

Mar 19, 2015

Referred to the House Committee on Financial Services.

Mar 19, 2015

Introduced in House

Plain-English summary Congressional Research Service

Policyholder Protection Act of 2015

This bill amends the Federal Deposit Insurance Act to declare that any action of the Federal Deposit Insurance Corporation (FDIC) that requires a bank holding company to provide funds or other assets to a subsidiary depository institution is neither effective nor enforceable with respect to a savings and loan holding company that is also an insurance company, an affiliate of an insured depository institution that is an insurance company, or any other company that is an insurance company and directly or indirectly controls an insured depository institution (entities) if:

such funds or assets are to be provided by the entity, and
the relevant state insurance authority determines that such an action would have a materially adverse effect on the entity's financial condition.

The bill declares that requiring a bank holding company that is an insurance company to serve as a source of financial strength shall be deemed the kind of action of the Board of Governors of the Federal Reserve System that requires a bank holding company to provide funds or other assets to a subsidiary depository institution for specified purposes of the Bank Holding Company Act of 1956.

The Dodd-Frank Wall Street Reform and Consumer Protection Act is amended, with respect to systemic risk determination and the treatment of insurance companies and their subsidiaries, to authorize the FDIC to stand in the place of the appropriate regulatory agency and file a judicial action to place such companies into orderly rehabilitation under state law if the appropriate regulatory agency has not done so.

The FDIC, when funding the orderly liquidation of an insurance company or its subsidiary, shall notify the relevant state insurance authority promptly of its intention to take a lien on the company's assets.

The FDIC may not take such a lien, however, if the state insurance authority informs it that doing so would have a materially adverse effect upon the insurance company's policyholders.

What's happening now November 17, 2015

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Committees of jurisdiction 2