3.0.0 3171 2023-01-11T13:18:30Z 2023-01-11T13:18:30Z House H HR 2009-07-10 111 hswm00 Ways and Means Committee House Standing Referred to 2009-07-10T13:02:38Z hsba00 Financial Services Committee House Standing Referred to 2009-07-10T13:02:37Z 2009-07-10 Referred to House Ways and Means IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2009-07-10 Referred to the Committee on Financial Services, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100-A 9 Library of Congress 2009-07-10 Referred to House Financial Services IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2009-07-10 Introduced in House IntroReferral Intro-H 9 Library of Congress 2009-07-10 Introduced in House IntroReferral 1000 9 Library of Congress B001234 Rep. Baca, Joe [D-CA-43] JOE BACA D CA 43 N C001049 Rep. Clay, Wm. Lacy [D-MO-1] WM. CLAY D MO LACY 1 2009-12-10 False Finance and Financial Sector Bank accounts, deposits, capital Consumer credit Financial literacy Financial services and investments Housing finance and home ownership Income tax exclusion Interest, dividends, interest rates Finance and Financial Sector 00 2009-07-10 Introduced in House 2009-10-02T19:41:33Z Bridging Bank to Recovery Act of 2009 - Authorizes an appropriate federal or state banking agency to charter and license a de novo bridging bank depository institution to enable underbanked and unbanked consumers, and consumers with credit scores at or below 680, to transition or return to the financial mainstream more easily through comprehensive banking services, including access to credit products, financial and credit training, loan restructurings and other tailored financial products and services to meet the needs of such consumers.

Defines underbanked consumers as individuals or families who have a deposit account with an insured depository institution or credit union, but who have limited or no ability to access nondepository services from such institutions.

Defines unbanked consumers as individuals or families who have neither an account with an insured depository institution or insured credit union, nor a transaction account with a money market mutual fund or brokerage firm.

Amends the Internal Revenue Code to: (1) exempt from federal income taxation the interest on deposits paid by bridging bank depository institutions; and (2) exclude from gross income the income from the discharge of indebtedness in connection with modification or repurchase of a subprime debt instrument if the beneficial owner of such instrument is a bridging bank depository institution.

States that modification of a subprime debt instrument shall not result, for purposes of nonrecognition of gain or loss, in a sale or other disposition of property if a bridging bank depository institution is the beneficial owner of such instrument at the time of modification.

]]> Bridging Bank to Recovery Act of 2009 Display Title Bridging Bank to Recovery Act of 2009 Official Title as Introduced To help stabilize and restore the economy by providing for greater access to credit for the underbanked, the unbanked, and consumers with low credit scores through the establishment of bridging bank depository institutions, and for other purposes. Introduced in House IH Short Titles as Introduced Bridging Bank to Recovery Act of 2009 Introduced in House 2009-07-10T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111hr3171ih/xml/BILLS-111hr3171ih.xml 2009-07-10 Referred to House Ways and Means 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.