Policyholder Protection Act of 2015
This bill amends the Federal Deposit Insurance Act to declare that any action of the Federal Deposit Insurance Corporation (FDIC) that requires a bank holding company to provide funds or other assets to a subsidiary depository institution is neither effective nor enforceable with respect to a savings and loan holding company that is also an insurance company, an affiliate of an insured depository institution that is an insurance company, or any other company that is an insurance company and directly or indirectly controls an insured depository institution (entities) if:
The bill declares that requiring a bank holding company that is an insurance company to serve as a source of financial strength shall be deemed the kind of action of the Board of Governors of the Federal Reserve System that requires a bank holding company to provide funds or other assets to a subsidiary depository institution for specified purposes of the Bank Holding Company Act of 1956.
The Dodd-Frank Wall Street Reform and Consumer Protection Act is amended, with respect to systemic risk determination and the treatment of insurance companies and their subsidiaries, to authorize the FDIC to stand in the place of the appropriate regulatory agency and file a judicial action to place such companies into orderly rehabilitation under state law if the appropriate regulatory agency has not done so.
The FDIC, when funding the orderly liquidation of an insurance company or its subsidiary, shall notify the relevant state insurance authority promptly of its intention to take a lien on the company's assets.
The FDIC may not take such a lien, however, if the state insurance authority informs it that doing so would have a materially adverse effect upon the insurance company's policyholders.
| Action Date | Type | Text | Source |
|---|---|---|---|
| 2015-11-17 | IntroReferral | Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. | Senate |
| 2015-11-16 | Floor | Motion to reconsider laid on the table Agreed to without objection. | House floor actions |
| 2015-11-16 | Floor | On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H8217) | House floor actions |
| 2015-11-16 | Floor | DEBATE - The House proceeded with forty minutes of debate on H.R. 1478. | House floor actions |
| 2015-11-16 | Floor | Considered under suspension of the rules. (consideration: CR H8217-8219) | House floor actions |
| 2015-11-16 | Floor | Mr. Posey moved to suspend the rules and pass the bill, as amended. | House floor actions |
| 2015-11-16 | Calendars | Placed on the Union Calendar, Calendar No. 260. | House floor actions |
| 2015-11-16 | Committee | Reported (Amended) by the Committee on Financial Services. H. Rept. 114-338. | House floor actions |
| 2015-11-04 | Committee | Ordered to be Reported (Amended) by the Yeas and Nays: 57 - 0. | House committee actions |
| 2015-11-04 | Committee | Committee Consideration and Mark-up Session Held. | House committee actions |
| 2015-11-03 | Committee | Committee Consideration and Mark-up Session Held. | House committee actions |
| 2015-03-19 | IntroReferral | Referred to the House Committee on Financial Services. | House floor actions |
| 2015-03-19 | IntroReferral | Introduced in House | Library of Congress |