3.0.0 6312 2022-02-03T05:17:33Z 2022-05-20T16:27:20Z House H HR 2008-06-19 110 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2008-06-25T19:52:29Z hsba00 Financial Services Committee House Standing Referred to 2008-06-19T14:03:25Z 2008-06-25 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2008-06-24 20:20:39 Motion to reconsider laid on the table Agreed to without objection. Floor H38310 2 House floor actions 2008-06-24 20:20:37 On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H5979-5982) Floor H37300 2 House floor actions 2008-06-24 20:20:37 Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote.(text: CR H5979-5982) Floor 8000 9 Library of Congress 2008-06-24 20:02:12 DEBATE - The House proceeded with forty minutes of debate on H.R. 6312. Floor H8D000 2 House floor actions 2008-06-24 20:02:11 Considered under suspension of the rules. (consideration: CR H5979-5984) Floor H30000 2 House floor actions 2008-06-24 20:01:38 Mr. Kanjorski moved to suspend the rules and pass the bill. Floor H30300 2 House floor actions 2008-06-19 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2008-06-19 Introduced in House IntroReferral Intro-H 9 Library of Congress 2008-06-19 Introduced in House IntroReferral 1000 9 Library of Congress K000008 Rep. Kanjorski, Paul E. [D-PA-11] PAUL KANJORSKI D PA E. 11 N M001140 Rep. Moore, Dennis [D-KS-3] DENNIS MOORE D KS 3 2008-06-19 True R000487 Rep. Royce, Edward R. [R-CA-40] ED ROYCE R CA 40 2008-06-19 True R000580 Rep. Roskam, Peter J. [R-IL-6] Peter Roskam R IL J. 6 2008-06-23 False Finance and Financial Sector Administrative procedure Automated teller machines Bank accounts Bank loans Bank management Checks Churches Civil Rights and Liberties, Minority Issues Commerce Community development banking Congress Congressional reporting requirements Consumer education Cost accounting Credit unions Depressed areas Economics and Public Finance Electronic funds transfers Fees Government Operations and Politics Government paperwork Interest Interest rates Investments Law Leases Mortgages Motor vehicles NOW accounts National Credit Union Administration Nonprofit organizations Religion Right of privacy Savings and loan associations Securities Small business Social Welfare Surveys Transportation and Public Works Finance and Financial Sector 00 2008-06-19 Introduced in House 2008-06-24T21:12:20Z Credit Union, Bank, and Thrift Regulatory Relief Act of 2008 - Amends the Federal Credit Union Act to: (1) permit a credit union to invest in securities for its own account, subject to certain percentage limitations; and (2) increase the investment and lending limit in credit union service organizations from 1% to 3% of a credit union's total paid and unimpaired capital and surplus.

Excludes credit union loans to nonprofit religious organizations from limitations placed upon member business loans.

Redefines member business loan to increase specified extensions of credit.

Authorizes the National Credit Union Administration Board to establish longer loan maturity dates.

Directs the Board to prescribe criteria for continued membership of certain member groups in the case of certain credit union conversions to a community charter.

Revises requirements for credit union membership in certain underserved areas.

Empowers a federal credit union to provide short-term loans as an alternative to payday loans.

Authorizes a credit union board of directors to expel a member for just cause, including disruption of credit union operations.

Excludes from the meaning of member business loan subject to certain limitations any extension of credit to a member, meeting specified criteria, whose proceeds are to be used for commercial, corporate, business, farm or agricultural purposes in an underserved area.

Amends the Home Owners' Loan Act governing federal savings associations to: (1) increase their investment in small business investment companies from 1% to 5%; (2) permit investments in auto loans; (3) repeal the qualified thrift lender requirement for out-of-state branches; (3) eliminate the lending limit on small business loans and increase it on other business loans; (4) increase the amount of capital available for commercial real estate loans; and (5) redefine savings association.

Amends the Gramm-Leach-Bliley Act to set forth exceptions to the annual privacy notice required of financial institutions.

Business Checking Fairness Act of 2008 - Amends federal banking law to authorize interest-bearing transaction accounts for all businesses.

Amends the Federal Reserve Act, the Home Owners' Loan Act, and the Federal Deposit Insurance Act to repeal the prohibition against payment of interest on demand deposits.

Amends the Federal Reserve Act to direct the Board of Governors of the Federal Reserve System to obtain biennially, and report to Congress regarding, a sample of specified retail banking services and products provided by insured depository institutions and credit unions, including fees.

]]> 81 2008-06-24 Passed House without amendment 2008-09-10T15:58:56Z (This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Credit Union, Bank, and Thrift Regulatory Relief Act of 2008 - Title I: Credit Unions - (Sec. 101) Amends the Federal Credit Union Act to: (1) permit a credit union to invest in securities for its own account, subject to certain percentage limitations; and (2) increase the investment and lending limit in credit union service organizations from 1% to 3% of a credit union's total paid and unimpaired capital and surplus.

(Sec. 103) Excludes credit union loans to nonprofit religious organizations from limitations placed upon member business loans.

(Sec. 104) Authorizes the National Credit Union Administration Board to establish longer loan maturity dates.

(Sec. 106) Directs the Board to prescribe criteria for continued membership of certain member groups in the case of certain credit union conversions to a community charter.

(Sec. 108) Revises requirements for credit union membership in certain underserved areas.

(Sec. 109) Empowers a federal credit union to provide short-term unsecured loans as an alternative to payday loans.

(Sec. 110) Authorizes a credit union board of directors to expel a member for just cause, including disruption of credit union operations.

(Sec. 111) Excludes from the meaning of member business loan subject to certain limitations any extension of credit to a member, meeting specified criteria, whose proceeds are to be used for commercial, corporate, business, farm or agricultural purposes in an underserved area.

Title II: Savings Association Provisions - (Sec. 201) Amends the Home Owners' Loan Act with respect to federal savings associations to: (1) increase their maximum authorized investment in small business investment companies from 1% to 5% of capital and surplus; (2) permit investments in any entity established to invest solely in small business investment companies; (3) permit investment in auto loans, without limitation as a percentage of assets; (4) repeal the requirement that out-of-state branches meet the criteria for treatment as a domestic building and loan association or as a qualified thrift lender; (5) eliminate the lending limit on small business loans and increase it on other commercial loans; (6) increase from 400% to 500% the amount of capital available for nonresidential (commercial) real estate loans; and (7) exclude credit card banks from specified treatment for multiple savings and loan holding companies.

Title III: Notice Provisions - (Sec. 301) Amends the Gramm-Leach-Bliley Act to set forth exceptions to the annual privacy notice required of financial institutions.

Title IV: Business Checking - Business Checking Fairness Act of 2008 - (Sec. 402) Amends federal banking law to authorize interest-bearing or dividend-bearing transaction accounts for all businesses, permitting up to 24 transfers per month to another account of the owner in the same institution.

(Sec. 403) Amends the Federal Reserve Act, the Home Owners' Loan Act, and the Federal Deposit Insurance Act to repeal the prohibition against payment of interest on demand deposits.

(Sec. 404) Prescribes a rule of construction for escrow accounts maintained at a depository institution for the purpose of completing the settlement of a real estate transaction.

Declares that the institution's absorption of expenses incidental to providing a normal banking service with respect to such escrow account, its forbearance from charging a related fee, and any resulting benefit accruing to the escrow account holder or beneficiary shall not be treated as the payment or receipt of interest for certain purposes.

Declares that no provision of this title shall be construed so as to: (1) require a depository institution that maintains such an escrow account to pay interest on it, or prohibit the institution from paying such interest; or (2) preempt state law dealing with payment of interest on such accounts.

(Sec. 405) Amends the Federal Reserve Act to direct the Board of Governors of the Federal Reserve System to survey and report biennially to Congress on a sample of specified retail banking services and products provided, as well as related fees charged, by insured depository institutions and credit unions.

Amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, and the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 to repeal certain reporting provisions.

]]> Credit Union, Bank, and Thrift Regulatory Relief Act of 2008 Short Titles as Passed House for portions of this bill Business Checking Fairness Act of 2008 H House Short Titles as Introduced Credit Union, Bank, and Thrift Regulatory Relief Act of 2008 Short Titles as Passed House Credit Union, Bank, and Thrift Regulatory Relief Act of 2008 H House Short Titles as Introduced for portions of this bill Business Checking Fairness Act of 2008 Display Title Credit Union, Bank, and Thrift Regulatory Relief Act of 2008 Official Title as Introduced To advance credit union efforts to promote economic growth, modify credit union regulatory standards and reduce burdens, to provide regulatory relief and improve productivity for insured depository institutions, and for other purposes. Referred in Senate 2008-06-25T04:00:00Z Engrossed in House 2008-06-24T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110hr6312eh/xml/BILLS-110hr6312eh.xml Introduced in House 2008-06-19T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110hr6312ih/xml/BILLS-110hr6312ih.xml 2008-06-25 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.