3.0.0 2698 2023-01-11T13:25:44Z 2023-01-11T13:25:44Z Senate S S 2014-07-30 113 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Hearings by 2014-09-16T14:00:00Z Referred to 2014-07-30T19:13:43Z To enhance the ability of community financial institutions to foster economic growth and serve their communities, boost small businesses, increase individual savings, and for other purposes. 113 3329 HR 2014-12-18 Became Public Law No: 113-250. Related bill CRS Credit Union Share Insurance Fund Parity Act 113 3468 HR 2014-12-18 Became Public Law No: 113-252. Related bill CRS A bill to require the Federal Reserve to make certain changes to the small bank holding company policy statement on assessment of financial and managerial factors, and for other purposes. 113 2696 S 2014-07-30 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS A bill to amend the Truth in Lending Act to clarify the application of the qualified mortgage rule to rural lenders, and for other purposes. 113 2697 S 2014-07-30 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS A bill to require the National Credit Union Administration to provide pass-through share insurance for the deposits or shares of any interest on lawyers trust accounts, and for other purposes. 113 2699 S 2014-07-30 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS 2014-09-16 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Committee on Banking, Housing, and Urban Affairs. Hearings held. Committee 2014-07-30 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2014-07-30 Introduced in Senate IntroReferral 10000 9 Library of Congress K000383 Sen. King, Angus S., Jr. [I-ME] Angus King I ME S. N W000805 Sen. Warner, Mark R. [D-VA] Mark Warner D VA R. 2014-07-30 True T000464 Sen. Tester, Jon [D-MT] Jon Tester D MT 2014-07-30 True F000463 Sen. Fischer, Deb [R-NE] Deb Fischer R NE 2014-07-30 True Finance and Financial Sector Administrative law and regulatory procedures Bank accounts, deposits, capital Banking and financial institutions regulation Bankruptcy Federal Reserve System Financial services and investments Housing finance and home ownership Interest, dividends, interest rates Lawyers and legal services Rural conditions and development Finance and Financial Sector 00 2014-07-30 Introduced in Senate 2014-10-24T20:35:34Z Regulatory Easement for Lending Institutions that Enable a Vibrant Economy Act of 2014 or the RELIEVE Act - Directs the Board of Governors of the Federal Reserve System to publish in the Federal Register proposed revisions to the Small Bank Holding Company Policy Statement on Assessment of Financial and Managerial Factors that apply the policy (unless exclusion is warranted for supervisory purposes) to bank holding companies and savings and loan holding companies with pro forma consolidated assets of less than $1 billion, and which:

  • are not engaged in significant nonbanking activities either directly or through a nonbank subsidiary,
  • do not conduct significant off-balance sheet activities (including securitization and asset management or administration) either directly or through a nonbank subsidiary, and
  • do not have a material amount of debt or equity securities outstanding (other than trust preferred securities) registered with the Securities and Exchange Commission (SEC).

Amends the Truth in Lending Act to limit to a city or town with under 50,000 inhabitants the meaning of "rural" with respect to rural lenders which may presume that the applicant for a residential mortgage loan has a reasonable ability to repay the loan and all applicable taxes, insurance, and assessments.

Amends the Federal Credit Union Act regarding insured amounts payable in connection with a bankrupt state-chartered credit union for which the National Credit Union Administration (NCUA) Board is the liquidating agent.

Revises requirements relating to the limitation to the standard maximum share insurance amount ($250,000) for the net amount of share insurance payable to any member at an insured credit union in the event of such a bankruptcy. Applies the limitation also to any person with funds lawfully held in a member account.

Requires the Board to provide pass-through share insurance paid by certain lawyers administering deposits or shares of any interest on a lawyer's trust account (IOLTA), or paid by the escrow agent administering other similar escrow accounts.

Defines "IOLTA" as a system in which lawyers place certain client funds in interest-bearing or dividend-bearing accounts, with the interest or dividends then used to fund programs such as legal service organizations providing services to clients in need.

Treats IOLTAs as escrow accounts for share insurance purposes, and considers them as member accounts if the administering attorney or escrow agent is a member of the insured credit union in which the funds are held.

]]> RELIEVE Act Display Title RELIEVE Act Official Title as Introduced A bill to provide regulatory easement for lending institutions that enable a vibrant economy. Introduced in Senate IS Short Titles as Introduced RELIEVE Act Short Titles as Introduced Regulatory Easement for Lending Institutions that Enable a Vibrant Economy Act of 2014 Introduced in Senate 2014-07-30T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113s2698is/xml/BILLS-113s2698is.xml 2014-09-16 Committee on Banking, Housing, and Urban Affairs. Hearings held. 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.