110 HR 5841 IH: To provide regulatory relief and improve productivity for
U.S. House of Representatives
2008-04-17
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.
1.Short title; table of
contents
(a)This Act may be cited
as the Bank and Thrift Regulatory Relief Act of 2008
.
(b)The table of contents for this Act is as follows:
Sec. 1. Short title; table of contents.
Title I—National bank provisions
Sec. 101. National bank directors.
Sec. 102. Business organization flexibility for national
banks.
Title II—Savings association provisions
Sec. 201. Restatement of authority for Federal savings
associations to invest in small business investment companies.
Sec. 202. Removal of limitation on investments in auto
loans.
Sec. 203. Repeal of qualified thrift lender requirement with
respect to out-of-state branches.
Sec. 204. Small business and other commercial
loans.
Sec. 205. Increase in limits on commercial real estate
loans.
Sec. 206. Business organization flexibility for Federal savings
associations.
Sec. 207. Savings association credit card banks.
Title III—Notice provisions
Sec. 301. Exception to annual privacy notice requirement under
the Gramm-Leach-Bliley Act.
Title IV—Business checking
Sec. 401. Short title.
Sec. 402. Interest-bearing transaction accounts authorized for
all businesses.
Sec. 403. Interest-bearing transaction accounts
authorized.
Sec. 404. Rules of construction.
Sec. 405. Consumer banking costs assessment.
<enum>I</enum><header>National bank
provisions</header>
<section id="H3F0704E0F48B4139A5CCEFABC27EB8E4"><enum>101.</enum><header>National bank
directors</header>
<subsection id="HA10B973731734AB793D6B22AADA6169"><enum>(a)</enum><header>In
General</header><text>Section 5146 of the Revised Statutes of the United States
(<external-xref legal-doc="usc" parsable-cite="usc/12/72">12 U.S.C. 72</external-xref>) is amended—</text>
<paragraph id="H09FAE159737346B38D677526ED3FA613"><enum>(1)</enum><text>by striking
<quote><header-in-text level="subsection" style="OLC">Sec.</header-in-text>
5146. Every director must during</quote> and inserting the following:</text>
<quoted-block id="H6A92122FC2D3466F95A0690801F29B08" style="OLC">
<section id="HA0FBDC49D8D14EA1A5FA59FDFE0251BC"><enum>5146.</enum><header>Requirements
for bank directors</header>
<subsection id="H955B92184ED046F9A7D261001C393E90"><enum>(a)</enum><header>Residency
Requirements</header><text>Every director of a national bank shall,
during</text>
</subsection></section><after-quoted-block>;</after-quoted-block></quoted-block>
</paragraph><paragraph id="HBF500BB3C7AC4D36B6B2BBF51FAF9573"><enum>(2)</enum><text>by striking “total
number of directors. Every director must own in his or her own right” and
inserting “total number of directors.</text>
<quoted-block id="HE453948308B74F7B939C25EE6C93B123" style="OLC">
<subsection id="H1C52FB64EDF94AE3B5906C48240042F5"><enum>(b)</enum><header>Investment
Requirement</header>
<paragraph id="HFB473578FD62412896FDC4A515192DBE"><enum>(1)</enum><header>In
general</header><text>Every director of a national bank shall own, in his or
her own right,</text>
</paragraph></subsection><after-quoted-block>;
and</after-quoted-block></quoted-block>
</paragraph><paragraph id="HC1D9E6E0486240D7808869FFE956F668"><enum>(3)</enum><text>by adding at the
end the following new paragraph:</text>
<quoted-block id="H0A927C9515434474B43E2CFF00FC3D70" style="OLC">
<paragraph id="H2A34EFA3B77D4E45B446A8954624A1E6"><enum>(2)</enum><header>Exception for
subordinated debt in certain cases</header><text>In lieu of the requirements of
paragraph (1) relating to the ownership of capital stock in the national bank,
the Comptroller of the Currency may, by regulation or order, permit an
individual to serve as a director of a national bank that has elected, or
notifies the Comptroller of the bank’s intention to elect, to operate as a S
corporation pursuant to <external-xref legal-doc="usc" parsable-cite="usc/26/1362">section 1362(a)</external-xref> of the Internal Revenue Code of 1986,
if that individual holds debt of at least $1,000 issued by the national bank
that is subordinated to the interests of depositors and other general creditors
of the national
bank.</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="HDB355D42B6F842F29C35FEC40088928F"><enum>(b)</enum><header>Clerical
Amendment</header><text>The table of sections for chapter one of title LXII of
the Revised Statutes of the United States (<external-xref legal-doc="usc" parsable-cite="usc/12/21">12 U.S.C. 21 et seq.</external-xref>) is amended by
striking the item relating to section 5146 and inserting the following new
item:</text>
<quoted-block id="H48D06CB408EC441C8F262E29B890EFCB" style="OLC">
<toc regeneration="no-regeneration">
<toc-entry level="section">5146. Requirements for bank
directors</toc-entry>
</toc>
<after-quoted-block>.</after-quoted-block></quoted-block>
</subsection></section><section display-inline="no-display-inline" id="HAB516206AD464702BB7D037365969F7B" section-type="subsequent-section"><enum>102.</enum><header>Business
organization flexibility for national banks</header>
<subsection id="H4F2C53275C5E47D590F9724C04F1FB68"><enum>(a)</enum><header>In
General</header><text>Chapter one of title LXII of the Revised Statutes of the
United States (<external-xref legal-doc="usc" parsable-cite="usc/12/21">12 U.S.C. 21 et seq.</external-xref>) is amended by inserting after section
5136B the following new section:</text>
<quoted-block id="HC111B9881D2E4C7C8819144259B01339" style="OLC">
<section id="HB68FAA210E884C528B1D8C4582EB8E78"><enum>5136C.</enum><header>Alternative
business organization</header>
<subsection id="H778E68799F4D4A7893C4CA43AD9445AE"><enum>(a)</enum><header>In
General</header><text>The Comptroller of the Currency may prescribe
regulations—</text>
<paragraph id="H8AB5F01C9091437BBBE37E7200CB7EFD"><enum>(1)</enum><text>to permit a
national bank to be organized other than as a body corporate; and</text>
</paragraph><paragraph id="H72BAC95458D148C9998F7CB99EE549E2"><enum>(2)</enum><text>to provide
requirements for the organizational characteristics of a national bank
organized and operating other than as a body corporate, consistent with the
safety and soundness of the national bank.</text>
</paragraph></subsection><subsection id="HA4B221FD937A4C25B8D3CD08582DBC8B"><enum>(b)</enum><header>Equal
Treatment</header><text>Except as provided in regulations prescribed under
subsection (a), a national bank that is operating other than as a body
corporate shall have the same rights and privileges and shall be subject to the
same duties, restrictions, penalties, liabilities, conditions, and limitations
as a national bank that is organized as a body
corporate.</text>
</subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H5A14DCAA2896473494D4583FF8743106"><enum>(b)</enum><header>Technical and
Conforming Amendment</header><text>Section 5136 of the Revised Statutes of the
United States (<external-xref legal-doc="usc" parsable-cite="usc/12/24">12 U.S.C. 24</external-xref>) is amended, in the matter preceding the paragraph
designated as the <quote>First</quote>, by inserting <quote>or other form of
business organization provided under regulations prescribed by the Comptroller
of the Currency under section 5136C</quote> after <quote>a body
corporate</quote>.</text>
</subsection><subsection id="HEF4F55694F844B2BAB156939FC08BBC"><enum>(c)</enum><header>Clerical
Amendment</header><text>The table of sections for chapter one of title LXII of
the Revised Statutes of the United States (<external-xref legal-doc="usc" parsable-cite="usc/12/21">12 U.S.C. 21 et seq.</external-xref>) is amended by
inserting after the item relating to section 5136B the following new
item:</text>
<quoted-block id="H22A60C21B10945CD968EC3372D540007" style="OLC">
<toc regeneration="no-regeneration">
<toc-entry level="section">5136C. Alternative business
organization.</toc-entry>
</toc>
<after-quoted-block>.</after-quoted-block></quoted-block>
</subsection></section><enum>II</enum><header>Savings
association provisions</header>
<section id="H6244FFF8BB9642FFA0A10000A2FD00ED"><enum>201.</enum><header>Restatement of
authority for Federal savings associations to invest in small business
investment companies</header><text display-inline="no-display-inline">Subparagraph (D) of section 5(c)(4) of the
<act-name parsable-cite="HOLA">Home Owners’ Loan Act</act-name> (12 U.S.C.
1464(c)(4)) is amended to read as follows:</text>
<quoted-block act-name="Home" id="H2A8EC3D26EAF4401AAC2F94B93E41CFF" style="OLC">
<subparagraph id="H2F72F6E3FC024DF091F4CA62C5C6618D"><enum>(D)</enum><header>Small business
investment companies</header><text>Any Federal savings association may invest
in 1 or more small business investment companies, or in any entity established
to invest solely in small business investment companies formed under the
<act-name parsable-cite="SBIA">Small Business Investment Act of
1958</act-name>, except that the total amount of investments under this
subparagraph may not at any time exceed the amount equal to 5 percent of
capital and surplus of the savings
association.</text>
</subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="H8096E667D14243D3AE6E79F9D9EA4B5B"><enum>202.</enum><header>Removal of
limitation on investments in auto loans</header>
<subsection id="HE77067CD010B48839DF4E714006FEEC8"><enum>(a)</enum><header>In
General</header><text>Section 5(c)(1) of the <act-name parsable-cite="HOLA">Home Owners’ Loan Act</act-name> (<external-xref legal-doc="usc" parsable-cite="usc/12/1464">12 U.S.C. 1464(c)(1)</external-xref>) is
amended by adding at the end the following new subparagraph:</text>
<quoted-block act-name="Home" id="H072D8C8AC8A64751B733887310C9E960" style="OLC">
<subparagraph id="HA59AC76062564D65AF61869F6218F9EF"><enum>(V)</enum><header>Auto
loans</header><text>Loans and leases for motor vehicles acquired for personal,
family, or household
purposes.</text>
</subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H7C176139625C4845A5C0B6E4EA4046D9"><enum>(b)</enum><header>Technical and
Conforming Amendment Relating to Qualified Thrift
Investments</header><text>Section 10(m)(4)(C)(ii) of the
<act-name parsable-cite="HOLA">Home Owners’ Loan Act</act-name> (12 U.S.C.
1467a(m)(4)(C)(ii)) is amended by adding at the end the following new
subclause:</text>
<quoted-block act-name="Home" id="H12A1BBCE5D494CBFA0568FCEEA8DB09" style="OLC">
<subclause id="H8F5E3D48D705494C8D627CF58665C9D"><enum>(VIII)</enum><text>Loans and leases
for motor vehicles acquired for personal, family, or household
purposes.</text>
</subclause><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection></section><section display-inline="no-display-inline" id="H51B064920F8341BBAF03C657E56C4E7D" section-type="subsequent-section"><enum>203.</enum><header>Repeal of qualified
thrift lender requirement with respect to out-of-state branches</header><text display-inline="no-display-inline">Section 5(r)(1) of the
<act-name parsable-cite="HOLA">Home Owners’ Loan Act</act-name> (12 U.S.C.
1464(r)(1)) is amended by striking the last sentence.</text>
</section><section id="H0524FCF931B244B5A3D0ECC631C66D91"><enum>204.</enum><header>Small business
and other commercial loans</header>
<subsection id="HECF4E270E6D94AE2A52C4581F8AFFBA9"><enum>(a)</enum><header>Elimination of
lending limit on small business loans</header><text>Section 5(c)(1) of the
<act-name parsable-cite="HOLA">Home Owners’ Loan Act</act-name> (12 U.S.C.
1464(c)(1)) is amended by inserting after subparagraph (V) (as added by section
202(a) of this title) the following new subparagraph:</text>
<quoted-block act-name="Home" id="H1ECC1225902F4DD5A514D352DBD4802D" style="OLC">
<subparagraph id="H47D3255752B849EDAD25D1C4C47B594D"><enum>(W)</enum><header>Small business
loans</header><text>Small business loans, as defined in regulations which the
Director shall
prescribe.</text>
</subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H4FCFF9411DE945AFA591D521F0C0A152"><enum>(b)</enum><header>Increase in
lending limit on other business loans</header><text>Section 5(c)(2)(A) of the
<act-name parsable-cite="HOLA">Home Owners’ Loan Act</act-name> (12 U.S.C.
1464(c)(2)(A)) is amended by striking <quote>, and amounts in excess of 10
percent</quote> and all that follows through <quote>by the
Director</quote>.</text>
</subsection></section><section display-inline="no-display-inline" id="HCF693B68478F44E289178CA0CA767D06" section-type="subsequent-section"><enum>205.</enum><header>Increase in limits
on commercial real estate loans</header><text display-inline="no-display-inline">Section 5(c)(2)(B)(i) of the
<act-name parsable-cite="HOLA">Home Owners’ Loan Act</act-name> (12 U.S.C.
1464(c)(2)(B)(i)) is amended by striking <quote>400 percent</quote> and
inserting <quote>500 percent</quote>.</text>
</section><section id="H43BDC59C43A2468A97454C26B92F6114"><enum>206.</enum><header>Business
organization flexibility for Federal savings associations</header>
<subsection id="HF1B144ADDC534A2900B9866951CECB75"><enum>(a)</enum><header>In
General</header><text>Section 5 of the <act-name parsable-cite="HOLA">Home
Owners’ Loan Act</act-name> (<external-xref legal-doc="usc" parsable-cite="usc/12/1464">12 U.S.C. 1464</external-xref>) is amended by adding at the end
the following new subsection:</text>
<quoted-block act-name="Home" id="HA21B530AD19645E4ACF4B02FADCA442" style="OLC">
<subsection id="H1725BBBE6B1740A7B1C76CEE5912BE6"><enum>(y)</enum><header>Alternative
business organization</header>
<paragraph id="H7A2CD94D14FD491CAC12DC95C895CCDE"><enum>(1)</enum><header>In
general</header><text>The Director may prescribe regulations that—</text>
<subparagraph id="HDAE476CA1E624F8190477C5FF7E037BD"><enum>(A)</enum><text>permit a Federal
savings association to be organized other than as a corporation; and</text>
</subparagraph><subparagraph id="HE3364D7F63644CCAB33DC5DB1B084EFA"><enum>(B)</enum><text>provide
requirements for the organizational characteristics of a Federal savings
association organized and operating other than as a corporation, consistent
with the safety and soundness of the Federal savings association.</text>
</subparagraph></paragraph><paragraph id="H968EAA0BBFAA4A50ADEE93ECD6BA4F91"><enum>(2)</enum><header>Equal
treatment</header><text>Except as otherwise provided in regulations prescribed
under subsection (1), a Federal savings association that is operating other
than as a corporation shall have the same rights and privileges and shall be
subject to the same duties, restrictions, penalties, liabilities, conditions,
and limitations as a Federal savings association that is organized as a
corporation.</text>
</paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="HB6BE25F4BF594238A18CC04BC457B4E7"><enum>(b)</enum><header>Technical and
Conforming Amendments</header>
<paragraph id="HA785E68D82314F9EB22700B2A0D45CD9"><enum>(1)</enum><text>Section 5(a)(1) of
the <act-name parsable-cite="HOLA">Home Owners’ Loan Act</act-name> (12 U.S.C.
1464(a)(1)) is amended by striking <quote>organization, incorporation,</quote>
and inserting <quote>organization (as a corporation or other form of business
organization provided under regulations prescribed by the Director under
subsection (x)),</quote>.</text>
</paragraph><paragraph id="HED38B20362FA400F862D93D700893C00"><enum>(2)</enum><text>The last sentence
of section 5(i)(1) of the <act-name parsable-cite="HOLA">Home Owners’ Loan
Act</act-name> (<external-xref legal-doc="usc" parsable-cite="usc/12/1464">12 U.S.C. 1464(i)(1)</external-xref>) is amended by striking
<quote>incorporated</quote> and inserting <quote>organized</quote>.</text>
</paragraph><paragraph id="H1E297BAFFD18459384A5005F3CB21846"><enum>(3)</enum><text>Section 5(o)(1) of
the <act-name parsable-cite="HOLA">Home Owners’ Loan Act</act-name> (12 U.S.C.
1464(a)(1)) is amended by striking <quote>organization, incorporation,</quote>
and inserting <quote>organization (as a corporation or other form of business
organization provided under regulations prescribed by the Director under
subsection (x)),</quote>.</text>
</paragraph></subsection></section><section display-inline="no-display-inline" id="H712496E9494C42B8BF4DE683085167C3" section-type="subsequent-section"><enum>207.</enum><header>Savings association
credit card banks</header><text display-inline="no-display-inline">Section
10(a)(1)(A) of the <act-name parsable-cite="HOLA">Home Owners’ Loan
Act</act-name> (<external-xref legal-doc="usc" parsable-cite="usc/12/1467a">12 U.S.C. 1467a(a)(1)(A)</external-xref>) is amended by inserting <quote>and
such term does not include an institution described in section 2(c)(2)(F) of
the <act-name parsable-cite="BHC65">Bank Holding Company Act of 1956</act-name>
for purposes of subsections (a)(1)(E), (c)(3)(B)(i), (c)(9)(C)(i), and
(e)(3)</quote> before the period at the end.</text>
</section><enum>III</enum><header>Notice
provisions</header>
<section id="H8CF8E17CD4154B928CE4A5A770DE59A2"><enum>301.</enum><header>Exception to
annual privacy notice requirement under the Gramm-Leach-Bliley
Act</header><text display-inline="no-display-inline">Section 503 of the
Gramm-Leach-Bliley Act (<external-xref legal-doc="usc" parsable-cite="usc/15/6803">15 U.S.C. 6803</external-xref>) is amended by adding the following new
subsections:</text>
<quoted-block id="HABEA294D201F45B7007D66877B38DCEF" style="OLC">
<subsection id="H14EEAC12592F4295BFD5CE5B82628BEB"><enum>(c)</enum><header>Exception to
Annual Notice Requirement</header><text>A financial institution that—</text>
<paragraph id="HE3965CCFEF3D4CEC94114B9C7CB847C4"><enum>(1)</enum><text>provides nonpublic
personal information only in accordance with the provisions of subsection
(b)(2) or (e) of section 502 or regulations prescribed under section
504(b);</text>
</paragraph><paragraph id="H92FCCD94E18B4DEF9D86FECBEE594996"><enum>(2)</enum><text>does not share
information with affiliates under section 603(d)(2)(A)(iii) of the
<act-name parsable-cite="FCRA">Fair Credit Reporting Act</act-name>; and</text>
</paragraph><paragraph id="HDC453390C3644EB38BE92D2900A9643F"><enum>(3)</enum><text>has not changed
its policies and practices with regard to disclosing nonpublic personal
information from the policies and practices that were disclosed in the most
recent disclosure sent to consumers in accordance with this subsection,</text>
</paragraph><continuation-text continuation-text-level="subsection">shall not
be required to provide an annual disclosure under this subsection until such
time as the financial institution fails to comply with any criteria described
in paragraph (1), (2), or (3).</continuation-text></subsection><subsection id="HA760BB7987DE4659951E94CCFC6877A6"><enum>(d)</enum><header>Exception to
Notice Requirement</header><text>A financial institution shall not be required
to provide any disclosure under this section if—</text>
<paragraph id="H717F27936B5A4622B494588391D65293"><enum>(1)</enum><text>the financial
institution is licensed by a State and is subject to existing regulation of
consumer confidentiality that prohibits disclosure of nonpublic personal
information without knowing and expressed consent of the consumer in the form
of laws, rules, or regulation of professional conduct or ethics promulgated
either by the court of highest appellate authority or by the principal
legislative body or regulatory agency or body of any State of the United
States, the District of Columbia, any territory of the United States, Puerto
Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the
Virgin Islands, or the Northern Mariana Islands; or</text>
</paragraph><paragraph id="H96EB01C6196C4FBE9D7890EEB3B3DF21"><enum>(2)</enum><text>the financial
institution is licensed by a State and becomes subject to future regulation of
consumer confidentiality that prohibits disclosure of nonpublic personal
information without knowing and expressed consent of the consumer in the form
of laws, rules, or regulation of professional conduct or ethics promulgated
either by the court of highest appellate authority or by the principal
legislative body or regulatory agency or body of any State of the United
States, the District of Columbia, any territory of the United States, Puerto
Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the
Virgin Islands, or the Northern Mariana
Islands.</text>
</paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</section><enum>IV</enum><header>Business
checking</header>
<section id="H0211B6252F614C6884F7273C564C186B" section-type="subsequent-section"><enum>401.</enum><header>Short
title</header><text display-inline="no-display-inline">This title may be cited
as the <quote>Business Checking Fairness Act of 2008</quote> .</text>
</section><section display-inline="no-display-inline" id="H914518B24D174750A5FA2C7EE41E5E50"><enum>402.</enum><header>Interest-bearing
transaction accounts authorized for all businesses</header><text display-inline="no-display-inline">Section
2 of <external-xref legal-doc="public-law" parsable-cite="pl/93/100">Public Law 93–100</external-xref> (<external-xref legal-doc="usc" parsable-cite="usc/12/1832">12 U.S.C. 1832</external-xref>) is amended—</text>
<paragraph id="H0A1AA021E17444D6006B2603BB978BE6"><enum>(1)</enum><text>by redesignating
subsections (b) and (c) as subsections (c) and (d), respectively; and</text>
</paragraph><paragraph id="H68769153D335406BAD88141473F83DD2"><enum>(2)</enum><text>by inserting after
subsection (a) the following:</text>
<quoted-block id="H8F6026BB17C1460E878D745EC5ECE910">
<subsection id="H0CC8B27CAB67440381F9D4022B221E94"><enum>(b)</enum><text>Notwithstanding
any other provision of law, any depository institution may permit the owner of
any deposit or account which is a deposit or account on which interest or
dividends are paid and is not a deposit or account described in subsection
(a)(2) to make up to 24 transfers per month (or such greater number as the
Board of Governors of the Federal Reserve System may determine by rule or
order), for any purpose, to another account of the owner in the same
institution. An account offered pursuant to this subsection shall be considered
a transaction account for purposes of section 19 of the
<act-name parsable-cite="FRA">Federal Reserve Act</act-name> unless the Board
of Governors of the Federal Reserve System determines
otherwise.</text>
</subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></section><section id="H5A0F54AEEBFB4B8C892CF136A1D9FF99"><enum>403.</enum><header>Interest-bearing
transaction accounts authorized</header>
<subsection id="HD8BDFEF7E9EB4D91812906CC02AFEB70"><enum>(a)</enum><header>Repeal of
prohibition on payment of interest on demand deposits</header>
<paragraph id="H60F22B9222244BF3AE0082CD71244700"><enum>(1)</enum><header><act-name parsable-cite="FRA">Federal Reserve Act</act-name></header><text>Section 19(i)
of the <act-name parsable-cite="FRA">Federal Reserve Act</act-name> (12 U.S.C.
371a) is amended to read as follows:</text>
<quoted-block act-name="Federal" id="H9562B04D28E64A13AAB75715BA7B87B0">
<subsection id="H23A767472B21447AB1764E417C059410"><enum>(i)</enum><text>[Repealed]</text>
</subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph><paragraph id="HF18B06C60BC9498CB2BB8D9189718600"><enum>(2)</enum><header>Home Owners’
Loan Act</header><text>The first sentence of section 5(b)(1)(B) of the
<act-name parsable-cite="HOLA">Home Owners’ Loan Act</act-name> (12 U.S.C.
1464(b)(1)(B)) is amended by striking <quote>savings association may
not—</quote> and all that follows through <quote>(ii) permit any</quote> and
inserting <quote>savings association may not permit any</quote>.</text>
</paragraph><paragraph id="HE1A4E1C8DBAA4969B7D5F3FDAFEF944B"><enum>(3)</enum><header><act-name parsable-cite="FDIA">Federal Deposit Insurance
Act</act-name></header><text>Section 18(g) of the
<act-name parsable-cite="FDIA">Federal Deposit Insurance Act</act-name> (12
U.S.C. 1828(g)) is amended to read as follows:</text>
<quoted-block act-name="Federal" id="H0E66AFBCDAE14F79AA2DB5FBC3D4FBD2">
<subsection id="HE81F3AEC1AC04030BDB058ED07415BAB"><enum>(g)</enum><text>[Repealed]</text>
</subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="HFDDE9F14678C4F5AA818154781CDF3A5"><enum>(b)</enum><header>Effective
date</header><text>The amendments made by subsection (a) shall take effect at
the end of the 2-year period beginning on the date of the enactment of this
Act.</text>
</subsection></section><section display-inline="no-display-inline" id="H10325CC4388C47E4B7A0AC42AC3B0534" section-type="subsequent-section"><enum>404.</enum><header>Rules of
construction</header><text display-inline="no-display-inline">In the case of an
escrow account maintained at a depository institution for the purpose of
completing the settlement of a real estate transaction—</text>
<paragraph id="HBB5F8F2509A440CC872316AF26A3EBC1"><enum>(1)</enum><text display-inline="yes-display-inline">the absorption, by the depository
institution, of expenses incidental to providing a normal banking service with
respect to such escrow account;</text>
</paragraph><paragraph id="H96878AF9123344E3A2DF53C37302ECE5"><enum>(2)</enum><text>the forbearance,
by the depository institution, from charging a fee for providing any such
banking function; and</text>
</paragraph><paragraph id="HC8B6D69B0298432B98DCD11179BFA0CB"><enum>(3)</enum><text display-inline="yes-display-inline">any benefit which may accrue to the holder
or the beneficiary of such escrow account as a result of an action of the
depository institution described in subparagraph (1) or (2) or similar in
nature to such action, including any benefits which have been so determined by
the appropriate Federal regulator,</text>
</paragraph><continuation-text continuation-text-level="section">shall not be
treated as the payment or receipt of interest for purposes of this title and
any provision of <external-xref legal-doc="public-law" parsable-cite="pl/93/100">Public Law 93–100</external-xref>, the Federal Reserve Act, the Home Owners'
Loan Act, or the Federal Deposit Insurance Act relating to the payment of
interest on accounts or deposits at depository institutions. No provision of
this title shall be construed so as to require a depository institution that
maintains an escrow account in connection with a real estate transaction to pay
interest on such escrow account or to prohibit such institution from paying
interest on such escrow account. No provision of this title shall be construed
as preempting the provisions of law of any State dealing with the payment of
interest on escrow accounts maintained in connection with real estate
transactions.</continuation-text></section><section id="H8DE76C6A76AF4A509E2F419870E467E1"><enum>405.</enum><header>Consumer
banking costs assessment</header>
<subsection id="H88F26EC8CB9946CF9116C16131249E36"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">The Federal Reserve
Act (<external-xref legal-doc="usc" parsable-cite="usc/12/221">12 U.S.C. 221 et seq.</external-xref>) is amended—</text>
<paragraph id="H956C703387DC4823A611B913F3CF5DE9"><enum>(1)</enum><text display-inline="yes-display-inline">by redesignating sections 30 and 31 as
sections 31 and 32, respectively; and</text>
</paragraph><paragraph id="HF57F281C62394430A6B7E1435BCC00CD"><enum>(2)</enum><text display-inline="yes-display-inline">by inserting after section 29 the following
new section:</text>
<quoted-block display-inline="no-display-inline" id="H07E1AC121AEB4F61A853E590D4382E9C" style="OLC">
<section id="HAB599EB7B06341E1AF99FDAA6B00E31D"><enum>30.</enum><header>Survey of bank
fees and services</header>
<subsection id="H1E46C2D644764CBB97FD7F105371AC00"><enum>(a)</enum><header>Biennial survey
required</header><text display-inline="yes-display-inline">The Board of
Governors of the Federal Reserve System shall obtain biennially a sample, which
is representative by type and size of the institution (including small
institutions) and geographic location, of the following retail banking services
and products provided by insured depository institutions and insured credit
unions (along with related fees and minimum balances):</text>
<paragraph id="H704C09F6A3654CA492529079B22F9C09"><enum>(1)</enum><text>Checking and other
transaction accounts.</text>
</paragraph><paragraph id="HF3192B5097494C67B4FBCA1BF6528D45"><enum>(2)</enum><text>Negotiable order
of withdrawal and savings accounts.</text>
</paragraph><paragraph id="H730C8B39B49D42539309B4495132D347"><enum>(3)</enum><text>Automated teller
machine transactions.</text>
</paragraph><paragraph id="H370D49C69DD5439A8864C910D3F69550"><enum>(4)</enum><text>Other electronic
transactions.</text>
</paragraph></subsection><subsection id="H992C144D09DA4CCD93EAC82FA7778258"><enum>(b)</enum><header>Minimum survey
requirement</header><text display-inline="yes-display-inline">The biennial
survey described in subsection (a) shall meet the following minimum
requirements:</text>
<paragraph id="HFB72CE7D596C4153A47EC8BE3FBC44AA"><enum>(1)</enum><header>Checking and
other transaction accounts</header><text>Data on checking and transaction
accounts shall include, at a minimum, the following:</text>
<subparagraph id="H6B14F395E5664F50BEC0C8C35E390053"><enum>(A)</enum><text>Monthly and annual
fees and minimum balances to avoid such fees.</text>
</subparagraph><subparagraph id="HE7BB5ABB747C4D29B2D88C7565221B1F"><enum>(B)</enum><text>Minimum opening
balances.</text>
</subparagraph><subparagraph id="H22AA2CBBAD0445E68EA1F11DA6539133"><enum>(C)</enum><text>Check processing
fees.</text>
</subparagraph><subparagraph id="HB1D73846CA644C47BE2FE70486E9FA02"><enum>(D)</enum><text>Check printing
fees.</text>
</subparagraph><subparagraph id="HB940DFE896CE4B678045C048ADE4A907"><enum>(E)</enum><text>Balance inquiry
fees.</text>
</subparagraph><subparagraph id="H03DFC229A9CC41BD81FD253D247B39B4"><enum>(F)</enum><text>Fees imposed for
using a teller or other institution employee.</text>
</subparagraph><subparagraph id="H35CF0A84517F48E6BB92CB23C3D01107"><enum>(G)</enum><text>Stop payment order
fees.</text>
</subparagraph><subparagraph id="HC8BAA3E0B3884B4B9C2CA4A19D8515D4"><enum>(H)</enum><text>Nonsufficient fund
fees.</text>
</subparagraph><subparagraph id="H7E6B24F7E1C74E98B99201CC4E05D7E9"><enum>(I)</enum><text>Overdraft fees.</text>
</subparagraph><subparagraph id="H408CFAF95B4841F4A4B934BFA460C584"><enum>(J)</enum><text>Fees imposed in
connection with bounced-check protection and overdraft protection programs.</text>
</subparagraph><subparagraph id="H9AD8B7AF07114C0EB87BD98F57AB6CB9"><enum>(K)</enum><text>Deposit items
returned fees.</text>
</subparagraph><subparagraph id="H48A3A5992F0D46E994002DB496E3B595"><enum>(L)</enum><text>Availability of
no-cost or low-cost accounts for consumers who maintain low balances.</text>
</subparagraph></paragraph><paragraph id="H0798F20F860C4D72A5A160A5A9E3497"><enum>(2)</enum><header>Negotiable order
of withdrawal accounts and savings accounts</header><text>Data on negotiable
order of withdrawal accounts and savings accounts shall include, at a minimum,
the following:</text>
<subparagraph id="HDC30B2E4F08D403FAC70328E4B14746E"><enum>(A)</enum><text>Monthly and annual
fees and minimum balances to avoid such fees.</text>
</subparagraph><subparagraph id="H29AC055C135C4016A2B4B0B42618F6E"><enum>(B)</enum><text>Minimum opening
balances.</text>
</subparagraph><subparagraph id="HAD132DE2B2824B4A00BCAADAFB95B317"><enum>(C)</enum><text>Rate at which
interest is paid to consumers.</text>
</subparagraph><subparagraph id="H8A472C48D7F14687A515445127A20133"><enum>(D)</enum><text>Check processing
fees for negotiable order of withdrawal accounts.</text>
</subparagraph><subparagraph id="HA85A20551E144CDA93005757F364B149"><enum>(E)</enum><text>Fees imposed for
using a teller or other institution employee.</text>
</subparagraph><subparagraph id="HF7FF8C2339344D65AAE842FFB7457311"><enum>(F)</enum><text>Availability of
no-cost or low-cost accounts for consumers who maintain low balances.</text>
</subparagraph></paragraph><paragraph id="H8F45BEFC7D65478C8E772F3F36D7DDCC"><enum>(3)</enum><header>Automated teller
transactions</header><text>Data on automated teller machine transactions shall
include, at a minimum, the following:</text>
<subparagraph id="H7E5DB162E4C540F597522EB969264EC5"><enum>(A)</enum><text>Monthly and annual
fees.</text>
</subparagraph><subparagraph id="HF4024764D7DF4A7ABE4F946417E2C0D4"><enum>(B)</enum><text>Card fees.</text>
</subparagraph><subparagraph id="H1DC7241DFABA4204BE8CDD14278700B"><enum>(C)</enum><text>Fees charged to
customers for withdrawals, deposits, and balance inquiries through
institution-owned machines.</text>
</subparagraph><subparagraph id="H3BD1CAD5A9E448D08DA3AFDE21D41256"><enum>(D)</enum><text>Fees charged to
customers for withdrawals, deposits, and balance inquiries through machines
owned by others.</text>
</subparagraph><subparagraph id="HF66E4FFC1AEB4510905B13EF90761E5F"><enum>(E)</enum><text>Fees charged to
noncustomers for withdrawals, deposits, and balance inquiries through
institution-owned machines.</text>
</subparagraph><subparagraph id="HB4931AE178A64DC4BF19B278A840F81"><enum>(F)</enum><text>Point-of-sale
transaction fees.</text>
</subparagraph></paragraph><paragraph id="HFBEF5C9B11DF4770AC015D15D630B163"><enum>(4)</enum><header>Other electronic
transactions</header><text>Data on other electronic transactions shall include,
at a minimum, the following:</text>
<subparagraph id="HF7BACE491124494A8553E87B7F8891E5"><enum>(A)</enum><text>Wire transfer
fees.</text>
</subparagraph><subparagraph id="H1E7C9163D7974E8C89B77BD4D97307DD"><enum>(B)</enum><text>Fees related to
payments made over the Internet or through other electronic means.</text>
</subparagraph></paragraph><paragraph id="HE3EEEFEDAF20412FA7C1A9E9AF1E277D"><enum>(5)</enum><header>Other fees and
charges</header><text>Data on any other fees and charges that the Board of
Governors of the Federal Reserve System determines to be appropriate to meet
the purposes of this section.</text>
</paragraph><paragraph id="HAFB05BE1A9834F3884D58B1D05711436"><enum>(6)</enum><header>Federal reserve
board authority</header><text>The Board of Governors of the Federal Reserve
System may cease the collection of information with regard to any particular
fee or charge specified in this subsection if the Board makes a determination
that, on the basis of changing practices in the financial services industry,
the collection of such information is no longer necessary to accomplish the
purposes of this section.</text>
</paragraph></subsection><subsection id="H29C8ACB194674CC89B71C2D8DDE269E"><enum>(c)</enum><header>Biennial report
to congress required</header><text></text>
<paragraph id="HE59B77D39F464C92B17FA42F1200F682"><enum>(1)</enum><header>Preparation</header><text>The
Board of Governors of the Federal Reserve System shall prepare a report of the
results of each survey conducted pursuant to subsections (a) and (b) of this
section and section 136(b)(1) of the Consumer Credit Protection Act.</text>
</paragraph><paragraph id="HC385B62C6E86480D004DBE461E64A6AC"><enum>(2)</enum><header>Contents of the
report</header><text>In addition to the data required to be collected pursuant
to subsections (a) and (b), each report prepared pursuant to paragraph (1)
shall include a description of any discernible trend, in the Nation as a whole,
in a representative sample of the 50 States (selected with due regard for
regional differences), and in each consolidated metropolitan statistical area
(as defined by the Director of the Office of Management and Budget), in the
cost and availability of the retail banking services, including those described
in subsections (a) and (b) (including related fees and minimum balances), that
delineates differences between institutions on the basis of the type of
institution and the size of the institution, between large and small
institutions of the same type, and any engagement of the institution in
multistate activity.</text>
</paragraph><paragraph id="H4DEBFA25D70A4DF2B153BB00A6C962C1"><enum>(3)</enum><header>Submission to
the congress</header><text display-inline="yes-display-inline">The Board of
Governors of the Federal Reserve System shall submit an biennial report to the
Congress not later than June 1, 2009, and before the end of each 2-year period
beginning after such date.</text>
</paragraph></subsection><subsection id="H206AEE16B80049C09FE818CFCB838789"><enum>(d)</enum><header>Definitions</header><text>For
purposes of this section, the term <quote>insured depository
institution</quote> has the meaning given such term in section 3 of the Federal
Deposit Insurance Act, and the term <quote>insured credit union</quote> has the
meaning given such term in section 101 of the Federal Credit Union
Act.</text>
</subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="H59B883728BDE4653A8292EB961811EAF"><enum>(b)</enum><header>Conforming
amendment</header>
<paragraph id="HD69EAF833E5A44909287AD5491025D92"><enum>(1)</enum><header>In
general</header><text>Paragraph (1) of section 136(b) of the Truth in Lending
Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1646">15 U.S.C. 1646(b)(1)</external-xref>) is amended to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="HC12B72011D794BD290EC88004F40DC88" style="OLC">
<paragraph id="H5EE17F29761F47D59E7D7574C68155F6"><enum>(1)</enum><header>Collection
required</header><text display-inline="yes-display-inline">The Board shall
collect, on a semiannual basis, from a broad sample of financial institutions
which offer credit card services, credit card price and availability
information including—</text>
<subparagraph id="H17B4E086E311428A9051044E8700D400"><enum>(A)</enum><text>the information
required to be disclosed under section 127(c);</text>
</subparagraph><subparagraph id="H0E241B4AE3B34A2F9CEC3596B3F41018"><enum>(B)</enum><text>the average total
amount of finance charges paid by consumers; and</text>
</subparagraph><subparagraph id="H5F552AECBCC04133B3D1584355EF06DD"><enum>(C)</enum><text>the following
credit card rates and fees:</text>
<clause id="H47B79EFA7E554CA89B2836FC585CAAD1"><enum>(i)</enum><text>Application fees.</text>
</clause><clause id="HD808281F4D084C28AAECA497B7CDA5"><enum>(ii)</enum><text>Annual percentage
rates for cash advances and balance transfers.</text>
</clause><clause id="H7BACB7B30F4E42D1003E2B166BBF789E"><enum>(iii)</enum><text>Maximum annual
percentage rate that may be charged when an account is in default.</text>
</clause><clause id="H500830A161454DF28D3BA1C7EBEC64D8"><enum>(iv)</enum><text>Fees for the use
of convenience checks.</text>
</clause><clause id="H958D514992934377B370754001278E3F"><enum>(v)</enum><text>Fees for balance
transfers.</text>
</clause><clause id="H3A202DEC25BC468FBCB92970A5D85E26"><enum>(vi)</enum><text>Fees for foreign
currency
conversions.</text>
</clause></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph><paragraph id="HF7B52E558A294FA498933F2D6816FF89"><enum>(2)</enum><header>Effective
date</header><text display-inline="yes-display-inline">The amendment made by
paragraph (1) shall take effect on January 1, 2009.</text>
</paragraph></subsection><subsection id="H2677E6DEED1D41B0805202B57DFAF1D4"><enum>(c)</enum><header>Repeal of other
report provisions</header><text>Section 1002 of Financial Institutions Reform,
Recovery, and Enforcement Act of 1989 and section 108 of the Riegle-Neal
Interstate Banking and Branching Efficiency Act of 1994 are hereby
repealed.</text>
</subsection></section>