[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6312 Engrossed in House (EH)]

  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
110th CONGRESS
  2d Session
                                H. R. 6312

_______________________________________________________________________

                                 AN ACT


 
  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.

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

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Credit Union, 
Bank, and Thrift Regulatory Relief Act of 2008''.
    (b) Table of Contents.--The table of contents for this Act is as 
follows:

Sec. 1. Short title; table of contents.
                         TITLE I--CREDIT UNIONS

Sec. 101. Investments in securities by Federal credit unions.
Sec. 102. Increase in investment limit in credit union service 
                            organizations.
Sec. 103. Member business loan exclusion for loans to nonprofit 
                            religious organizations.
Sec. 104. Authority of NCUA to establish longer maturities for certain 
                            credit union loans.
Sec. 105. Providing the National Credit Union Administration with 
                            greater flexibility in responding to market 
                            conditions.
Sec. 106. Conversions of certain credit unions to a community charter.
Sec. 107. Credit union participation in the SBA section 504 program.
Sec. 108. Amendments relating to credit union service to underserved 
                            areas.
Sec. 109. Short-term payday loan alternatives within field of 
                            membership.
Sec. 110. Credit union governance.
Sec. 111. Encouraging small business development in underserved urban 
                            and rural communities.
                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. 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.

                         TITLE I--CREDIT UNIONS

SEC. 101. INVESTMENTS IN SECURITIES BY FEDERAL CREDIT UNIONS.

    Section 107 of the Federal Credit Union Act (12 U.S.C. 1757) is 
amended--
            (1) by striking ``A Federal credit union'' and inserting 
        ``(a) In General.--A Federal credit union''; and
            (2) by adding at the end the following new subsection:
    ``(b) Investment for the Credit Union's Own Account.--
            ``(1) In general.--In addition to the investments 
        authorized in subsection (a), a Federal credit union may 
        purchase and hold for its own account such investment 
        securities of investment grade as the Board may authorize by 
        regulation, subject to such limitations and restrictions as the 
        Board may prescribe in the regulations.
            ``(2) Percentage limitations.--
                    ``(A) Single obligor.--In no event may the total 
                amount of investment securities of any single obligor 
                or maker held by a Federal credit union for the credit 
                union's own account exceed at any time an amount equal 
                to 10 percent of the net worth of the credit union.
                    ``(B) Aggregate investments.--In no event may the 
                aggregate amount of investment securities held by a 
                Federal credit union for the credit union's own account 
                exceed at any time an amount equal to 10 percent of the 
                assets of the credit union.
            ``(3) Investment security defined.--
                    ``(A) In general.--For purposes of this subsection, 
                the term `investment security' means marketable 
                obligations evidencing the indebtedness of any person 
                in the form of bonds, notes, or debentures and other 
                instruments commonly referred to as investment 
                securities.
                    ``(B) Further definition by board.--The Board may 
                further define the term `investment security'.
            ``(4) Investment grade defined.--The term `investment 
        grade' means with respect to an investment security purchased 
        by a credit union for its own account, an investment security 
        that at the time of such purchase is rated in one of the 4 
        highest rating categories by at least 1 nationally recognized 
        statistical rating organization.
            ``(5) Clarification of prohibition on stock ownership.--No 
        provision of this subsection shall be construed as authorizing 
        a Federal credit union to purchase shares of stock of any 
        corporation for the credit union's own account, except as 
        otherwise permitted by law.''.

SEC. 102. INCREASE IN INVESTMENT LIMIT IN CREDIT UNION SERVICE 
              ORGANIZATIONS.

    Section 107(a)(7)(I) of the Federal Credit Union Act (12 U.S.C. 
1757(7)(I)) (as so redesignated by section 101(1)) is amended by 
striking ``up to 1 per centum of the total paid'' and inserting ``up to 
3 percent of the total paid''.

SEC. 103. MEMBER BUSINESS LOAN EXCLUSION FOR LOANS TO NONPROFIT 
              RELIGIOUS ORGANIZATIONS.

    Section 107A(a) of the Federal Credit Union Act (12 U.S.C. 
1757a(a)) is amended by inserting ``, excluding loans made to nonprofit 
religious organizations,'' after ``total amount of such loans''.

SEC. 104. AUTHORITY OF NCUA TO ESTABLISH LONGER MATURITIES FOR CERTAIN 
              CREDIT UNION LOANS.

    Section 107(a)(5) of the Federal Credit Union Act (12 U.S.C. 
1757(5)) (as so redesignated by section 101(1)) is amended in the 
matter preceding subparagraph (A), by striking ``except as otherwise 
provided herein'' and inserting ``or any longer maturity as the Board 
may allow, in regulations, except as otherwise provided in this Act''.

SEC. 105. PROVIDING THE NATIONAL CREDIT UNION ADMINISTRATION WITH 
              GREATER FLEXIBILITY IN RESPONDING TO MARKET CONDITIONS.

    Section 107(a)(5)(A)(vi)(I) of the Federal Credit Union Act (12 
U.S.C. 1757(5)(A)(vi)(I)) (as so redesignated by section 101(1)) is 
amended by striking ``six-month period and that prevailing interest 
rate levels'' and inserting ``6-month period or that prevailing 
interest rate levels''.

SEC. 106. CONVERSIONS OF CERTAIN CREDIT UNIONS TO A COMMUNITY CHARTER.

    Section 109(g) of the Federal Credit Union Act (12 U.S.C. 1759(g)) 
is amended by inserting after paragraph (2) the following new 
paragraph:
            ``(3) Criteria for continued membership of certain member 
        groups in community charter conversions.--In the case of a 
        voluntary conversion of a common-bond credit union described in 
        paragraph (1) or (2) of subsection (b) into a community credit 
        union described in subsection (b)(3), the Board shall 
        prescribe, by regulation, the criteria under which the Board 
        may determine that a member group or other portion of a credit 
        union's existing membership, that is located outside the well-
        defined local community, neighborhood, or rural district that 
        shall constitute the community charter, can be satisfactorily 
        served by the credit union and remain within the community 
        credit union's field of membership.''.

SEC. 107. CREDIT UNION PARTICIPATION IN THE SBA SECTION 504 PROGRAM.

    Section 107(a)(5)(A)(iii) of the Federal Credit Union Act (12 
U.S.C. 1757(5)(A)(iii)) (as so redesignated by section 101(1)) is 
amended by inserting ``, and applicable regulations,'' after 
``specified in the law''.

SEC. 108. AMENDMENTS RELATING TO CREDIT UNION SERVICE TO UNDERSERVED 
              AREAS.

    (a) In General.--Paragraph (2) of section 109(c) of the Federal 
Credit Union Act (12 U.S.C. 1759(c)(2)) is amended to read as follows:
            ``(2) Exception for underserved areas.--
                    ``(A) In general.--Notwithstanding subsection (b), 
                the Board may approve an application by a Federal 
                credit union to allow the membership of such credit 
                union to include any person or organization whose 
                principal residence or place of business is located 
                within a local community, neighborhood, or rural 
                district if--
                            ``(i) the Board determines--
                                    ``(I) at any time after August 7, 
                                1998, that all of the local community, 
                                neighborhood, or rural district taken 
                                into account for purposes of this 
                                paragraph is an underserved area (as 
                                defined in section 101(10)); and
                                    ``(II) at the time of such 
                                approval, that the credit union is well 
                                capitalized or adequately capitalized 
                                (as defined in section 216(c)(1)); and
                            ``(ii) before the end of the 24-month 
                        period beginning on the date of such approval, 
                        the credit union has established and maintains 
                        an office or facility in the local community, 
                        neighborhood, or rural district at which credit 
                        union services are available.
                    ``(B) Termination of approval.--Any failure of a 
                Federal credit union to meet the requirement of clause 
                (ii) of subparagraph (A) by the end of the 24-month 
                period referred to in such clause shall constitute a 
                termination, as a matter of law, of any approval of an 
                application under this paragraph by the Board with 
                respect to the membership of such credit union.
                    ``(C) Annual credit union reporting requirement.--
                Any Federal credit union which has an application 
                approved under this paragraph shall submit an annual 
                report to the Administration on the number of members 
                of the credit union who are members by reason of such 
                application and the number of offices or facilities 
                maintained by the credit union in the local community, 
                neighborhood, or rural district taken into account by 
                the Board in approving such application.
                    ``(D) Publication by administration.--The 
                Administration shall publish annually a report 
                containing--
                            ``(i) a list of all the applications 
                        approved under this paragraph prior to the 
                        publication of the report;
                            ``(ii) the number and locations of the 
                        underserved areas taken into account in 
                        approving such applications; and
                            ``(iii) the total number of members of 
                        credit unions who are members by reason of the 
                        approval of such applications.''.
    (b) Underserved Area Defined.--Section 101 of the Federal Credit 
Union Act (12 U.S.C. 1752) is amended--
            (1) by striking ``and'' at the end of paragraph (8);
            (2) by striking the period at the end of paragraph (9) and 
        inserting ``; and''; and
            (3) by adding at the end the following new paragraph:
            ``(10) the term `underserved area'--
                    ``(A) means a geographic area consisting of a 
                single census tract or a group of census tracts, each 
                of which--
                            ``(i) meets the criteria for--
                                    ``(I) a low income community, as 
                                defined in section 45D(e) of the 
                                Internal Revenue Code of 1986; or
                                    ``(II) an investment area, as 
                                defined and designated under section 
                                103(16) of the Community Development 
                                Banking and Financial Institutions Act 
                                of 1994; and
                            ``(ii) is not a tract in which 50 percent 
                        or more of the resident families have annual 
                        incomes in excess of $75,000 (as adjusted 
                        periodically by the Board, at the discretion of 
                        the Board, to reflect changes in the average 
                        Consumer Price Index for all-urban consumers 
                        published by the Department of Labor); and
                    ``(B) notwithstanding subparagraph (A), includes, 
                with respect to any Federal credit union, any 
                geographic area within which such credit union--
                            ``(i) has received approval to provide 
                        service before the date of the enactment of the 
                        Credit Union, Bank, and Thrift Regulatory 
                        Relief Act of 2008 from the National Credit 
                        Union Administration; and
                            ``(ii) has established a service facility 
                        before such date of enactment.''.

SEC. 109. SHORT-TERM PAYDAY LOAN ALTERNATIVES WITHIN FIELD OF 
              MEMBERSHIP.

    Section 107(a) of the Federal Credit Union Act (12 U.S.C. 1757(5)) 
(as so redesignated by section 101(1)) is amended--
            (1) by redesignating paragraphs (16) and (17) as paragraphs 
        (17) and (18), respectively; and
            (2) by inserting after paragraph (15) the end the following 
        new paragraph:
            ``(16) to make short-term unsecured loans as an alternative 
        to payday loans, in amounts not more than $1,000 each and for a 
        term of not more than 90 days, to nonmembers in the field of 
        membership, subject to the same terms and conditions as are 
        applicable under paragraph (5)(A), including the interest rate 
        ceiling, with respect to loans to members, to the extent 
        applicable, and to regulations prescribed by the Board.''.

SEC. 110. CREDIT UNION GOVERNANCE.

    (a) Expulsion of Members for Just Cause.--Subsection (b) of section 
118 of the Federal Credit Union Act (12 U.S.C. 1764(b)) is amended to 
read as follows:
    ``(b) Policy and Actions of Boards of Directors of Federal Credit 
Unions.--
            ``(1) Expulsion of members for nonparticipation or for just 
        cause.--The board of directors of a Federal credit union may, 
        by majority vote of a quorum of directors, adopt and enforce a 
        policy with respect to expulsion from membership, by a majority 
        vote of such board of directors, based on just cause, including 
        disruption of credit union operations, or on nonparticipation 
        by a member in the affairs of the credit union.
            ``(2) Written notice of policy to members.--If a policy 
        described in paragraph (1) is adopted, written notice of the 
        policy as adopted and the effective date of such policy shall 
        be provided to--
                    ``(A) each existing member of the credit union not 
                less than 30 days prior to the effective date of such 
                policy; and
                    ``(B) each new member prior to or upon applying for 
                membership.''.
    (b) Term Limits Authorized for Board Members of Federal Credit 
Unions.--Section 111(a) of the Federal Credit Union Act (12 U.S.C. 
1761(a)) is amended by adding at the end the following new sentence: 
``The bylaws of a Federal credit union may limit the number of 
consecutive terms any person may serve on the board of directors of 
such credit union.''.

SEC. 111. ENCOURAGING SMALL BUSINESS DEVELOPMENT IN UNDERSERVED URBAN 
              AND RURAL COMMUNITIES.

    Section 107A(c)(1)(B) of the Federal Credit Union Act (12 U.S.C. 
1757a(c)(1)(B)) is amended--
            (1) by striking ``or'' after the semicolon at the end of 
        clause (iv);
            (2) by redesignating clause (v) as clause (vi); and
            (3) by inserting after clause (iv) the following new 
        clause:
                            ``(v) that is made to a member, the 
                        proceeds of which are to be used for 
                        commercial, corporate, business, farm or 
                        agricultural purposes in an underserved area if 
                        such extension of credit--
                                    ``(I) is made to a person or 
                                organization whose principal residence 
                                or place of business is located within 
                                an underserved area (as defined in 
                                section 101(10)) served by the credit 
                                union, and is not a business, or a 
                                local outlet of a business, operating 
                                on a nationwide basis (for purposes of 
                                the preceding clause, a locally-owned 
                                franchise that consists only of local 
                                operations shall not be treated as a 
                                business operating on a nationwide 
                                basis); or
                                    ``(II) is secured by real property 
                                located within, or is intended to 
                                operate as part of a business located 
                                within, such underserved area; or''.

                TITLE II--SAVINGS ASSOCIATION PROVISIONS

SEC. 201. RESTATEMENT OF AUTHORITY FOR FEDERAL SAVINGS ASSOCIATIONS TO 
              INVEST IN SMALL BUSINESS INVESTMENT COMPANIES.

    Subparagraph (D) of section 5(c)(4) of the Home Owners' Loan Act 
(12 U.S.C. 1464(c)(4)) is amended to read as follows:
                    ``(D) Small business investment companies.--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 Small Business 
                Investment Act of 1958, 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.''.

SEC. 202. REMOVAL OF LIMITATION ON INVESTMENTS IN AUTO LOANS.

    (a) In General.--Section 5(c)(1) of the Home Owners' Loan Act (12 
U.S.C. 1464(c)(1)) is amended by adding at the end the following new 
subparagraph:
                    ``(V) Auto loans.--Loans and leases for motor 
                vehicles acquired for personal, family, or household 
                purposes.''.
    (b) Technical and Conforming Amendment Relating to Qualified Thrift 
Investments.--Section 10(m)(4)(C)(ii) of the Home Owners' Loan Act (12 
U.S.C. 1467a(m)(4)(C)(ii)) is amended by adding at the end the 
following new subclause:
                                    ``(VIII) Loans and leases for motor 
                                vehicles acquired for personal, family, 
                                or household purposes.''.

SEC. 203. REPEAL OF QUALIFIED THRIFT LENDER REQUIREMENT WITH RESPECT TO 
              OUT-OF-STATE BRANCHES.

    Section 5(r)(1) of the Home Owners' Loan Act (12 U.S.C. 1464(r)(1)) 
is amended by striking the last sentence.

SEC. 204. SMALL BUSINESS AND OTHER COMMERCIAL LOANS.

    (a) Elimination of Lending Limit on Small Business Loans.--Section 
5(c)(1) of the Home Owners' Loan Act (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:
                    ``(W) Small business loans.--Small business loans, 
                as defined in regulations which the Director shall 
                prescribe.''.
    (b) Increase in Lending Limit on Other Business Loans.--Section 
5(c)(2)(A) of the Home Owners' Loan Act (12 U.S.C. 1464(c)(2)(A)) is 
amended by striking ``, and amounts in excess of 10 percent'' and all 
that follows through ``by the Director''.

SEC. 205. INCREASE IN LIMITS ON COMMERCIAL REAL ESTATE LOANS.

    Section 5(c)(2)(B)(i) of the Home Owners' Loan Act (12 U.S.C. 
1464(c)(2)(B)(i)) is amended by striking ``400 percent'' and inserting 
``500 percent''.

SEC. 206. SAVINGS ASSOCIATION CREDIT CARD BANKS.

    Section 10(a)(1)(A) of the Home Owners' Loan Act (12 U.S.C. 
1467a(a)(1)(A)) is amended by inserting ``and such term does not 
include an institution described in section 2(c)(2)(F) of the Bank 
Holding Company Act of 1956 for purposes of subsections (a)(1)(E), 
(c)(3)(B)(i), (c)(9)(C)(i), and (e)(3)'' before the period at the end.

                      TITLE III--NOTICE PROVISIONS

SEC. 301. EXCEPTION TO ANNUAL PRIVACY NOTICE REQUIREMENT UNDER THE 
              GRAMM-LEACH-BLILEY ACT.

    Section 503 of the Gramm-Leach-Bliley Act (15 U.S.C. 6803) is 
amended by adding the following new subsections:
    ``(c) Exception to Annual Notice Requirement.--A financial 
institution that--
            ``(1) 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);
            ``(2) does not share information with affiliates under 
        section 603(d)(2)(A)(iii) of the Fair Credit Reporting Act; and
            ``(3) 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,
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).
    ``(d) Exception to Notice Requirement.--A financial institution 
shall not be required to provide any disclosure under this section if--
            ``(1) 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
            ``(2) 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.''.

                      TITLE IV--BUSINESS CHECKING

SEC. 401. SHORT TITLE.

    This title may be cited as the ``Business Checking Fairness Act of 
2008''.

SEC. 402. INTEREST-BEARING TRANSACTION ACCOUNTS AUTHORIZED FOR ALL 
              BUSINESSES.

    Section 2 of Public Law 93-100 (12 U.S.C. 1832) is amended--
            (1) by redesignating subsections (b) and (c) as subsections 
        (c) and (d), respectively; and
            (2) by inserting after subsection (a) the following:
    ``(b) 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 Federal Reserve 
Act unless the Board of Governors of the Federal Reserve System 
determines otherwise.''.

SEC. 403. INTEREST-BEARING TRANSACTION ACCOUNTS AUTHORIZED.

    (a) Repeal of Prohibition on Payment of Interest on Demand 
Deposits.--
            (1) Federal reserve act.--Section 19(i) of the Federal 
        Reserve Act (12 U.S.C. 371a) is amended to read as follows:
    ``(i) [Repealed]''.
            (2) Home owners' loan act.--The first sentence of section 
        5(b)(1)(B) of the Home Owners' Loan Act (12 U.S.C. 
        1464(b)(1)(B)) is amended by striking ``savings association may 
        not--'' and all that follows through ``(ii) permit any'' and 
        inserting ``savings association may not permit any''.
            (3) Federal deposit insurance act.--Section 18(g) of the 
        Federal Deposit Insurance Act (12 U.S.C. 1828(g)) is amended to 
        read as follows:
    ``(g) [Repealed]''.
    (b) Effective Date.--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.

SEC. 404. RULES OF CONSTRUCTION.

    In the case of an escrow account maintained at a depository 
institution for the purpose of completing the settlement of a real 
estate transaction--
            (1) the absorption, by the depository institution, of 
        expenses incidental to providing a normal banking service with 
        respect to such escrow account;
            (2) the forbearance, by the depository institution, from 
        charging a fee for providing any such banking function; and
            (3) 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,
shall not be treated as the payment or receipt of interest for purposes 
of this title and any provision of Public Law 93-100, 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.

SEC. 405. CONSUMER BANKING COSTS ASSESSMENT.

    (a) In General.--The Federal Reserve Act (12 U.S.C. 221 et seq.) is 
amended--
            (1) by redesignating sections 30 and 31 as sections 31 and 
        32, respectively; and
            (2) by inserting after section 29 the following new 
        section:

``SEC. 30. SURVEY OF BANK FEES AND SERVICES.

    ``(a) Biennial Survey Required.--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):
            ``(1) Checking and other transaction accounts.
            ``(2) Negotiable order of withdrawal and savings accounts.
            ``(3) Automated teller machine transactions.
            ``(4) Other electronic transactions.
    ``(b) Minimum Survey Requirement.--The biennial survey described in 
subsection (a) shall meet the following minimum requirements:
            ``(1) Checking and other transaction accounts.--Data on 
        checking and transaction accounts shall include, at a minimum, 
        the following:
                    ``(A) Monthly and annual fees and minimum balances 
                to avoid such fees.
                    ``(B) Minimum opening balances.
                    ``(C) Check processing fees.
                    ``(D) Check printing fees.
                    ``(E) Balance inquiry fees.
                    ``(F) Fees imposed for using a teller or other 
                institution employee.
                    ``(G) Stop payment order fees.
                    ``(H) Nonsufficient fund fees.
                    ``(I) Overdraft fees.
                    ``(J) Fees imposed in connection with bounced-check 
                protection and overdraft protection programs.
                    ``(K) Deposit items returned fees.
                    ``(L) Availability of no-cost or low-cost accounts 
                for consumers who maintain low balances.
            ``(2) Negotiable order of withdrawal accounts and savings 
        accounts.--Data on negotiable order of withdrawal accounts and 
        savings accounts shall include, at a minimum, the following:
                    ``(A) Monthly and annual fees and minimum balances 
                to avoid such fees.
                    ``(B) Minimum opening balances.
                    ``(C) Rate at which interest is paid to consumers.
                    ``(D) Check processing fees for negotiable order of 
                withdrawal accounts.
                    ``(E) Fees imposed for using a teller or other 
                institution employee.
                    ``(F) Availability of no-cost or low-cost accounts 
                for consumers who maintain low balances.
            ``(3) Automated teller transactions.--Data on automated 
        teller machine transactions shall include, at a minimum, the 
        following:
                    ``(A) Monthly and annual fees.
                    ``(B) Card fees.
                    ``(C) Fees charged to customers for withdrawals, 
                deposits, and balance inquiries through institution-
                owned machines.
                    ``(D) Fees charged to customers for withdrawals, 
                deposits, and balance inquiries through machines owned 
                by others.
                    ``(E) Fees charged to noncustomers for withdrawals, 
                deposits, and balance inquiries through institution-
                owned machines.
                    ``(F) Point-of-sale transaction fees.
            ``(4) Other electronic transactions.--Data on other 
        electronic transactions shall include, at a minimum, the 
        following:
                    ``(A) Wire transfer fees.
                    ``(B) Fees related to payments made over the 
                Internet or through other electronic means.
            ``(5) Other fees and charges.--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.
            ``(6) Federal reserve board authority.--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.
    ``(c) Biennial Report to Congress Required.--
            ``(1) Preparation.--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.
            ``(2) Contents of the report.--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.
            ``(3) Submission to the congress.--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.
    ``(d) Definitions.--For purposes of this section, the term `insured 
depository institution' has the meaning given such term in section 3 of 
the Federal Deposit Insurance Act, and the term `insured credit union' 
has the meaning given such term in section 101 of the Federal Credit 
Union Act.''.
    (b) Conforming Amendment.--
            (1) In general.--Paragraph (1) of section 136(b) of the 
        Truth in Lending Act (15 U.S.C. 1646(b)(1)) is amended to read 
        as follows:
            ``(1) Collection required.--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--
                    ``(A) the information required to be disclosed 
                under section 127(c);
                    ``(B) the average total amount of finance charges 
                paid by consumers; and
                    ``(C) the following credit card rates and fees:
                            ``(i) Application fees.
                            ``(ii) Annual percentage rates for cash 
                        advances and balance transfers.
                            ``(iii) Maximum annual percentage rate that 
                        may be charged when an account is in default.
                            ``(iv) Fees for the use of convenience 
                        checks.
                            ``(v) Fees for balance transfers.
                            ``(vi) Fees for foreign currency 
                        conversions.''.
            (2) Effective date.--The amendment made by paragraph (1) 
        shall take effect on January 1, 2009.
    (c) Repeal of Other Report Provisions.--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.

            Passed the House of Representatives June 24, 2008.

            Attest:

                                                                 Clerk.
110th CONGRESS

  2d Session

                               H. R. 6312

_______________________________________________________________________

                                 AN ACT

  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.