Policyholder Protection Act of 2015
Do you support it?
Want to know if it passes?
We'll email you when HR 1478 moves — a committee vote, a floor vote, or a signature. Nothing else.
Free forever · unsubscribe in one click.
Your answer was recorded either way.
Which district are you in?
Your ZIP is all we need to match you to your own representatives — so we can tell you how they voted on HR 1478.
You're tracking HR 1478
We'll email you the moment it moves.
HR 1478 — Policyholder Protection Act of 2015
Last action — Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
No card. One bill, free forever — alerts when it moves.
-
✓Introduced
-
✓In Committee
-
Died in session
This bill died with 114th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.
Summary
Policyholder Protection Act of 2015 (Sec. 2) 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: such funds or assets are to be provided by the entity, and the relevant state insurance authority determines that such an action would have a materially adverse effect on the entity's financial condition. 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 take such a lien only: to secure repayment of funds made available to such covered financial company or covered subsidiary; and if it determines that the lien will neither unduly impede nor delay the liquidation or rehabilitation of the insurance company, or the recovery by its policyholders.
Bill Text
We don't have the full text on file for this bill yet.
Read HR 1478 on the official United States source →Action History
-
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
-
Motion to reconsider laid on the table Agreed to without objection.
-
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H8217)
-
DEBATE - The House proceeded with forty minutes of debate on H.R. 1478.
-
Considered under suspension of the rules. (consideration: CR H8217-8219)
-
Mr. Posey moved to suspend the rules and pass the bill, as amended.
-
Placed on the Union Calendar, Calendar No. 260.
-
Reported (Amended) by the Committee on Financial Services. H. Rept. 114-338.
-
Ordered to be Reported (Amended) by the Yeas and Nays: 57 - 0.
-
Committee Consideration and Mark-up Session Held.
-
Committee Consideration and Mark-up Session Held.
-
Committee Consideration and Mark-up Session Held.
-
Referred to the House Committee on Financial Services.
-
Introduced in House
Sponsors
- Bill Posey · Primary
Sponsorship breakdown
Export CSV (upgrade) →1 sponsors · 0 co-sponsors · 546 not signed on
Sponsors (1)
Co-sponsors (0)
None.
Not signed on (546)
546 members have not signed on to this bill.
Show all 546 →"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.
Subjects
Frequently asked questions
- What does HR 1478 do?
- Policyholder Protection Act of 2015 (Sec. 2) 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: such funds or assets are to be provided by the entity, and the relevant state insurance authority determines that such an action would have a materially adverse effect on the entity's financial condition. 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 take such a lien only: to secure repayment of funds made available to such covered financial company or covered subsidiary; and if it determines that the lien will neither unduly impede nor delay the liquidation or rehabilitation of the insurance company, or the recovery by its policyholders.
- Who sponsors HR 1478?
- HR 1478 is sponsored by Bill Posey (R).
- What is the current status of HR 1478?
- This bill died with 114th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
- Where can I track HR 1478?
- Track HR 1478 free on One Click Politics — get push/email alerts when it moves.
Make your voice heard on HR 1478
Find the representatives who decide this bill and tell them where you stand — for yourself, or mobilize your whole list in one click with One Click Politics advocacy software.
Stay ahead of HR 1478
Last checked for changes about 16 hours ago · updated continuously
One Click Politics tracks every bill in Congress and all 50 states.
Track this bill →