A bill to amend the Bank Holding Company Act of 1956 to limit the property and casualty and life insurance activities of bank holding companies and their subsidiaries.

Summary

Amends the Bank Holding Company Act of 1956 to prohibit bank holding companies and their subsidiaries from selling insurance as principals, agents or brokers, except: (1) where the insurance secures an extension of credit in the event of death, disability, or the involuntary unemployment of the debtor; (2) where the insurance is declining balance credit property insurance, sold by a subsidiary finance company, to protect against loss or damage to collateral securing an extension of credit of $10,000 or less (adjusted by the Consumer Price Index with 1980 as the base year); (3) any insurance agency activity in a community of less than 5,000 or which has inadequate insurance agency facilities; (4) any insurance agency activity lawfully engaged in by a bank holding company on June 12, 1980; (5) certain supervisory activity over agents who sell insurance covering a holding company's property and employees; and (6) any insurance agency activity, except the sale of unauthorized life insurance or annuities, conducted by a bank holding company or its subsidiary which has less than $50,000,000 in total assets.

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Timeline

1. 22 January 1981

   Introduced

   Read second time and referred to Senate Committee on Banking.

   Source: IntroReferral

2. 22 January 1981

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 6 February 1981

   Committee

   Committee on Banking requested executive comment from Federal Reserve System; Federal Deposit Insurance Corporation; Office of the Comptroller of the Currency.

   Source: Committee

4. 27 February 1981

   Committee

   Committee on Banking received executive comment from Federal Deposit Insurance Corporation.

   Source: Committee

5. 1 April 1981

   Committee

   Committee on Banking received executive comment from Office of the Comptroller of the Currency. Unfavorable.

   Source: Committee

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in Senate

  summary · EN · 22 January 1981

  Open at official source

Sponsors

• Sen. Mitchell, George J. [D-ME] · D · Sponsor
• Sen. Garn, E. J. (Jake) [R-UT] · R · Sponsor
• Sen. Williams, Harrison A., Jr. [D-NJ] · D · Sponsor
• Sen. Proxmire, William [D-WI] · D · Sponsor
• Sen. Bentsen, Lloyd M. [D-TX] · D · Cosponsor
• Sen. Nunn, Sam [D-GA] · D · Cosponsor
• Sen. Cohen, William S. [R-ME] · R · Cosponsor
• Sen. Heinz, John [R-PA] · R · Cosponsor
• · ssbk00 · Standing

Related records

• related to → A bill to amend the Bank Holding Company Act of 1956 to limit the property and casualty and life insurance activities of bank holding companies and their subsidiaries.