A bill to amend the Federal Deposit Insurance Act, the National Housing Act, and the Federal Credit Union Act to restrict the manner in which federally insured depository institutions may increase fees on individual retirement accounts.

Summary

Amends the Internal Revenue Code to prohibit any increase in a fee amount contained in the fee schedule included in the governing instrument of an individual retirement account, or any imposition of a fee not declared in such instrument, from taking effect before the end of a 90-day period beginning on the later of: (1) the date on which the individual for whom the account is maintained is notified; or (2) the earliest date on which such individual may withdraw the balance of the account without incurring any institutional penalty for early withdrawal. Amends the Federal Deposit Insurance Act, the National Housing Act, and the Federal Credit Union Act to require each federally-insured bank, savings and loan association, and credit union, respectively, to comply with such requirement.

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Timeline

1. 3 April 1985

   Referred

   Referred to Subcommittee on Financial Institutions Supervision, Regulation and Insurance.

   Source: Committee

2. 3 April 1985

   Introduced

   Referred to House Committee on Banking, Finance and Urban Affairs.

   Source: IntroReferral

3. 3 April 1985

   Introduced

   Introduced in House

   Source: IntroReferral

4. 3 April 1985

   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 · 3 April 1985

  Open at official source

Sponsors

• Rep. Vento, Bruce F. [D-MN-4] · D · Sponsor
• · hsba00 · Standing

Related records

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