A bill to amend the Federal Deposit Insurance Act and title IV of the National Housing Act to prohibit brokered deposits.

Summary

Revises the Federal Deposit Insurance Act by providing that no insured bank, mutual savings, or cooperative bank, or officer, director, agent, or substantial stockholder of any such institution may pay a broker, finder, or other person compensation for obtaining a deposit for such bank. Revises the National Housing Act by providing that no insured institution or officer, director, agent, or substantial stockholder of any such insured institution may pay a broker, finder, or other person compensation for obtaining a deposit for such insured institution. Sets forth penalties for the soliciting of compensation from any insured bank as defined by the Federal Deposit Insurance Act or any insured institution as defined by the National Housing Act in return for obtaining funds of another for deposit or investment in such institutions.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 10 April 1974

   Introduced

   Referred to House Committee on on Banking and Currency.

   Source: IntroReferral

2. 10 April 1974

   Introduced

   Introduced in House

   Source: IntroReferral

3. 10 April 1974

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

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Documents

1 official file

• Introduced in House

  summary · EN · 10 April 1974

  Open at official source

Sponsors

• Rep. Hanley, James M. [D-NY-32] · D · Sponsor
• · hsba00 · Standing

Related records

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