Preservation of Federalism in Banking Act
Latest action · Jun 7, 2007 Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedApr 23, 2007
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Preservation of Federalism in Banking Act - Amends the Revised Statutes of the United States and the Home Owners' Loan Act to declare applicable to either a national bank or federal savings association any consumer protection in state consumer law of general application (including unfair or deceptive acts or practices, consumer fraud law and repossession, foreclosure, and collection).
Declares that when a national bank or federal savings association avails itself of state law for its benefit, all related consumer protections in such state law shall apply.
Declares applicable to a national bank or federal savings association: (1) state banking or thrift laws enacted pursuant to federal law; and (2) state laws providing greater protection in high cost mortgage loans (predatory mortgage loans).
Permits the Comptroller of the Currency to preempt state law only when a comparable federal statute or regulation pursuant to a federal statute, other than this Act, expressly governs the activity.
States that any federal law relating to visitorial powers or which otherwise limits or restricts the supervisory, examination, or regulatory authority to which a national bank or federal savings association is subject shall not be construed as restricting the authority of any chief state law enforcement officer to bring an action on behalf of state residents to enforce federal or state law, or to seek relief and recover damages for violations by a national bank or federal savings association.
Prescribes procedural guidelines requiring the Comptroller and the Director of the Office of Thrift Supervision to record and monitor consumer complaints regarding either a national bank or a federal savings association, respectively.
Cosponsors 4
Members who signed on, in the order they did. All signed on Apr 23, 2007.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-CA | Barbara Lee | Original | Apr 23, 2007 |
| D-IN | Julia Carson | Original | Apr 23, 2007 |
| R-TX | Ron Paul | Original | Apr 23, 2007 |
| D-MO | Wm. Lacy Clay | Original | Apr 23, 2007 |
Actions 3
Everything that happened, newest first.
- Jun 7, 2007Referred to the Subcommittee on Financial Institutions and Consumer Credit.
- Apr 23, 2007Introduced in House
- Apr 23, 2007Referred to the House Committee on Financial Services.
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Administrative remedies
- Affiliated corporations
- Bank deposits
- Bank examination
- Civil actions and liability
- Collection of accounts
- Commerce
- Congressional reporting requirements
- Consumer complaints
- Consumer credit
- Consumer protection
- Damages
- Department of the Treasury
- Federal preemption
- Federal-state relations
- Finance and Financial Sector
- Foreclosure
- Fraud
- Government Operations and Politics
- Government paperwork
- Government publicity
- Government statistics
- Governmental investigations
- Housing and Community Development
- Law
- Mortgage banks
- Mortgages
- Restrictive trade practices
- Savings and loan associations
- State laws
- Subsidiary corporations
Text 1
Each version as it was printed, newest first.
- Apr 23, 2007Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.