A bill to strengthen the supervisory authority of the Federal banking agencies over financial institutions and their affiliates.

Summary

Establishes a civil penalty of up to $1,000 per day for each day during which specified violations of the Federal Reserve Act occur. Prohibits member banks of the Federal Reserve System from making loans or extensions of credit to any of their officers, directors, or to specified other persons who have an interest in such bank where such loan or extension of credit exceeds the statutory limits on loans to one borrower. Extends such prohibition, under the Federal Deposit Insurance Act, to non-member insured banks. Authorizes the Board of Governors of the Federal Reserve Board, under the Bank Holdings Company Act, to order a bank holding company to terminate activity or ownership or control of any subsidiary when the Board has reason to believe that the continuation of such activity, ownership, or control constitutes a serious risk to the financial safety of the subsidiary. Revises the Federal Deposit Insurance Act to make directors, officers, employees, and agents as well as insured banks subject to cease-and-desist proceedings, and to temporary cease-and-desist orders. Establishes a civil penalty of up to $10,000 for any bank insured under the Federal Deposit Insurance Act or for any officer, director, employee, or agent of such bank who violates the terms of any cease-and-desist proceeding or cease-and-desist order issued pursuant to this Act.

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Documents

2 official files

• Reported to Senate with amendment(s)

  summary · EN · 13 May 1976

  Open at official source

• Introduced in Senate

  summary · EN · 9 September 1975

  Open at official source

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