Truth in Bank Labelling Act

Summary

Truth in Bank Labelling Act - Amends the Federal Deposit Insurance Act to prohibit any bank or branch of a foreign bank from operating in the United States or in any U.S. territory or possession any business where deposits are received, checks paid, or money lent unless the deposits of such bank or branch are insured by the Federal Deposit Insurance Corporation (FDIC). Requires every insured bank to use the word "bank" or "banking" in its name. Prohibits any business concern from using the word "bank" or "banking" in its name unless its deposits are insured by the FDIC. Establishes a civil penalty for violations of this Act. Authorizes the FDIC to apply to the appropriate U.S. district court for an injunction to prohibit the violation of this Act. Allows the FDIC to exempt entities from this Act in the public interest. Amends the Bank Holding Company Act of 1956 to redefine a "bank" for purposes of such Act as any institution which is insured by the Federal Deposit Insurance Corporation.

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1 official file

• Introduced in House

  summary · EN · 4 February 1985

  Open at official source

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