PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Congressional Research Service
Version 00 · Introduced in House · Jun 17, 1997
Depository Institution Consumer Protection Act of 1997 - Amends the Federal Deposit Insurance Act to require each Federal banking agency to prescribe consumer protection regulations pertaining to the sales, solicitations, advertising, or offers of a nondeposit product by a retail depository institution (including its affiliates, subsidiaries, and persons engaged in such activities at an institution office, or on its behalf). Encompasses within the ambit of such regulations: (1) anticoercion sales and product marketing rules; (2) product suitability; (3) mandatory disclosure of the non-insured and non-guaranteed status of a nondeposit product, including investment risks; (4) prohibition of misrepresentation; (5) physical segregation of banking and nonbanking activities; (6) sales personnel qualification requirements and training; and (7) the structuring of compensation programs with respect to nondeposit product referral or sales incentives. Directs Federal banking regulators to jointly establish a consumer enforcement mechanism for expeditious consumer complaint resolution. Proscribes the use of a deposit institution name or logo in connection with a nondeposit product serviced by such institution. Sets forth safeguards relating to confidential consumer financial information.
People & committees
Rep. LaFalce, John J. [D-NY-29] · D–NY
Legislative record
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Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Referred to the House Committee on Banking and Financial Services.
Sponsor introductory remarks on measure. (CR E1234)
Introduced in House
Introduced in House
Primary sources
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Source last updated: Aug 21, 2025. Consult Congress.gov for the current record.
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