Depository Institution Consumer Protection Act of 1997

Summary

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.

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

Timeline

1. 17 June 1997

   Introduced

   Referred to the House Committee on Banking and Financial Services.

   Source: IntroReferral

2. 17 June 1997

   Introduced

   Sponsor introductory remarks on measure. (CR E1234)

   Source: IntroReferral

3. 17 June 1997

   Introduced

   Introduced in House

   Source: IntroReferral

4. 17 June 1997

   Introduced

   Introduced in House

   Source: IntroReferral

5. 27 June 1997

   Referred

   Referred to the Subcommittee on Financial Institutions and Consumer Credit.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 17 June 1997 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 17 June 1997

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 17 June 1997

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 17 June 1997

  Open at official source

Sponsors

• Rep. LaFalce, John J. [D-NY-36] · D · Sponsor
• Rep. Gonzalez, Henry B. [D-TX-20] · D · Sponsor
• Rep. Vento, Bruce F. [D-MN-4] · D · Sponsor
• Charles Schumer · D · Sponsor
• Rep. Frank, Barney [D-MA-4] · D · Sponsor
• Maxine Waters · D · Sponsor
• CAROLYN MALONEY · D · Sponsor
• LUIS GUTIERREZ · D · Sponsor
• LUCILLE ROYBAL-ALLARD · D · Sponsor
• Rep. Velázquez, Nydia M. [D-NY-7] · D · Sponsor
• Rep. Hinchey, Maurice D. [D-NY-22] · D · Sponsor
• Rep. Ackerman, Gary L. [D-NY-7] · D · Sponsor
• Rep. Jackson, Jesse L., Jr. [D-IL-2] · D · Sponsor
• Rep. Kilpatrick, Carolyn C. [D-MI-13] · D · Sponsor
• Rep. Carson, Julia [D-IN-7] · D · Sponsor
• Rep. Torres, Esteban Edward [D-CA-34] · D · Sponsor
• Bernie Sanders · I · Sponsor
• · hsba00 · Standing

Related records

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