119th Congress Finance and Financial Sector
H.R. 6556: Failing Bank Acquisition Fairness Act
Passed House
- Introduced (completed)
- Passed House (completed)
- Passed Senate (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill tightens restrictions on certain waivers granted by federal financial regulators to companies that acquire insured depository institutions. Under current law, a regulator may not approve an acquisition if it would result in an institution exceeding a set concentration limit (i.e., controlling more than 10% of total insured U.S. deposits). This may be waived if one or more of the institutions involved is in default or in danger of default or if the Federal Deposit Insurance Corporation (FDIC) is providing certain assistance.
In addition to these requirements, the bill requires the regulator to determine that (1) the merger is necessary to prevent significant economic disruption or financial instability, and (2) FDIC has not received a qualified bid from a company not subject to this concentration limit.
The bill also provides capitalization and management standards for qualified bids.
Read the full summary
Regulators that waive these concentration limits must report to Congress on the circumstances and justification of the waiver.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Josh Gottheimer D-NJ
Who scored on this bill
- 1Stephen Lynch SponsorIntroduced, marked up, reported, passed House4 events+62
- 2Josh GottheimerCosponsored; cosponsored bill passed2 events+4
See all scorers and every scoring event
Introductions and cosponsorships count toward weekly caps and show no points.
Other bills by Stephen Lynch
History
- Passed the House by voice vote.
- Introduced in the House by Stephen Lynch.
Show the full action history (16 actions)
- Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Considered under suspension of the rules. (consideration: CR H4438-4441)
- On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H4438-4440)
- Mr. Hill (AR) moved to suspend the rules and pass the bill, as amended.
- Considered under suspension of the rules.
- DEBATE - The House proceeded with forty minutes of debate on H.R. 6556.
- Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.
- On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.
- Motion to reconsider laid on the table Agreed to without objection.
- Reported (Amended) by the Committee on Financial Services. H. Rept. 119-475.
- Placed on the Union Calendar, Calendar No. 406.
- Committee Consideration and Mark-up Session Held
- Ordered to be Reported (Amended) by the Yeas and Nays: 51 - 0.
- Committee Consideration and Mark-up Session Held
- Introduced in House
- Referred to the House Committee on Financial Services.