H.R.2547
FDIC Enforcement Enhancement Act 
To amend the Federal Deposit Insurance Act to prevent misrepresentation about deposit insurance coverage, and for other purposes.
30 Total Points
Summary

FDIC Enforcement Enhancement Act - Amends the Federal Deposit Insurance Act (FDIA) to prohibit use of the terms "Federal Deposit," "Federal Deposit Insurance," "Federal Deposit Insurance Corporation," any combination of such terms, or the abbreviation "FDIC," as part of the business name or firm name of any person or business entity, including any advertisement, solicitation, or other document.

Prohibits use of such terms, or any other sign or symbol as part of a document, to represent, suggest, or imply that any deposit liability, obligation, certificate, or share is insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) if in fact the instrument is not insured or guaranteed by the FDIC.

Prohibits knowing misrepresentations of: (1) the federally insured status of any deposit liability, obligation, certificate, or share; or (2) the extent or the manner in which such instruments are insured by the FDIC.

Grants the FDIC jurisdiction over any person that violates this Act, and certain enforcement authority as if the person were a state nonmember insured bank.

Empowers the FDIC to issue orders requiring: (1) immediate cessation; and (2) affirmative action to prevent any further violation, or to remedy an existing one.

Subjects violations of this Act to civil money penalties.

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Legislation Detail
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Legislation Slant
Latest Action: Referred to Senate committee. Status: Received in the Senate and Read twice and referred to the Committee on Banking
This action occurred on Tuesday, July 17, 2007 and earned 5 points.
Legislative Progress
Introduced in the House on May 24, 2007
Passed in the House on July 16, 2007
Introduced in the Senate on July 17, 2007