[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5031 Introduced in House (IH)]






108th CONGRESS
  2d Session
                                H. R. 5031

     To amend the Bank Holding Company Act of 1956 to clarify the 
   application of the credit card bank exception to certain limited 
   purpose credit card banks serving community banks, and for other 
                               purposes.


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                    IN THE HOUSE OF REPRESENTATIVES

                           September 8, 2004

Mr. Nethercutt introduced the following bill; which was referred to the 
                    Committee on Financial Services

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                                 A BILL


 
     To amend the Bank Holding Company Act of 1956 to clarify the 
   application of the credit card bank exception to certain limited 
   purpose credit card banks serving community banks, and for other 
                               purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Community Credit Card Bank Act of 
2004''.

SEC. 2. COMMUNITY CREDIT CARD BANK EXCEPTION.

    Section 2(c)(2)(F)(v) of the Bank Holding Company Act of 1956 (12 
U.S.C. 1841(c)(2)(F)(v)) is amended by inserting, before the period at 
the end, the following: ``except that, in the case of an institution--
                                    ``(I) which has total assets of 
                                less than $1,000,000,000;
                                    ``(II) which was chartered before 
                                June 1, 1998;
                                    ``(III) at least 80 percent of the 
                                credit card receivables of which have 
                                either been acquired in portfolio 
                                purchases from unaffiliated insured 
                                depository institutions, or issued 
                                through unaffiliated insured depository 
                                institutions as agents of such 
                                institutions; and
                                    ``(IV) which issues or services 
                                commercial credit card loans that 
                                constitute, in the aggregate, not more 
                                than 10 percent of the credit card 
                                receivables of the institution,
                        the institution shall not be treated as 
                        engaging in the business of making commercial 
                        loans, for purposes of this subparagraph, 
                        solely on the basis of issuing or servicing 
                        such commercial credit card accounts.''.
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