Interlocking Ownership Disclosure Act

Summary

Interlocking Ownership Disclosure Act - Amend the Federal Deposit Insurance Act to require every depository institution, not later than April 15 of each year, to report to the appropriate Federal banking agency: (1) the name of each individual who directly or indirectly owns, or has the power to vote more than five percent of any class of voting securities of, such depository institution and of any other depository institution; or (2) the nonexistence of such other ownership interests. Requires such report to contain the names of all such other depository institutions, if any, the duration of such ownership interests during the preceding calendar year, and the percentage of ownership in each such depository institution. Requires the Board of Governors of the Federal Reserve System to make annual reports to specified congressional committees containing the findings on the nature and extent of interlocking ownership interests in depository institutions. Applies the requirements of this Act to commercial banks, savings banks, savings and loan associations, credit unions and other specified depository institutions.

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1 official file

• Introduced in House

  summary · EN · 14 November 1983

  Open at official source

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