110 HR 6312 EH: Credit Union, Bank, and Thrift Regulatory Relief Act of 2008
U.S. House of Representatives
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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 Credit Union, 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—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.
<enum>I</enum><header>Credit unions</header>
<section id="H137C4BD7AF61435BB370B4F0D97B9DD1"><enum>101.</enum><header>Investments in securities by Federal credit unions</header><text display-inline="no-display-inline">Section 107 of the <act-name parsable-cite="FCUA">Federal Credit Union Act</act-name> (<external-xref legal-doc="usc" parsable-cite="usc/12/1757">12 U.S.C. 1757</external-xref>) is amended—</text>
<paragraph id="H7D5A2E49915D4246864C842FE41B8533"><enum>(1)</enum><text>by striking <quote>A Federal credit union</quote> and inserting <quote>(a) <header-in-text level="subsection" style="OLC">In general</header-in-text>.—A Federal credit union</quote>; and</text></paragraph>
<paragraph id="HB1545F7361F44EB29077D5054550C454"><enum>(2)</enum><text>by adding at the end the following new subsection:</text>
<quoted-block id="H74B80A30048C4FE08E9F375DBAE93E5">
<subsection id="H8F538713CD394F1DBA00374DAF3DAF50"><enum>(b)</enum><header>Investment for the credit union’s own account</header>
<paragraph id="HF9CE64DAA4434A9CB150AF394DEEFCBC"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">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.</text></paragraph>
<paragraph id="H8C3369622A97474C8C6017EF9FD55D20"><enum>(2)</enum><header>Percentage limitations</header>
<subparagraph id="H047860269D2E47F6A7ACE2A1CFBAC138"><enum>(A)</enum><header>Single obligor</header><text>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.</text></subparagraph>
<subparagraph id="HBD7981ADC9D64B8E98A9E9EA7047BD90"><enum>(B)</enum><header>Aggregate investments</header><text>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.</text></subparagraph></paragraph>
<paragraph id="H4E7F84E82E9B4359A07926FA20AE9804"><enum>(3)</enum><header>Investment security defined</header>
<subparagraph id="HCC021B92A3BA403CA196DBBB34C7B133"><enum>(A)</enum><header>In general</header><text>For purposes of this subsection, the term <term>investment security</term> 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.</text></subparagraph>
<subparagraph id="H2F40761D8D4A471300179E69003CB545"><enum>(B)</enum><header>Further definition by Board</header><text>The Board may further define the term <term>investment security</term>.</text></subparagraph></paragraph>
<paragraph id="HE2D4DA1BAF5B4EB8B3EE00F0ED7CE2F"><enum>(4)</enum><header>Investment grade defined</header><text>The term <term>investment grade</term> 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.</text></paragraph>
<paragraph id="H0E138AFEBDD742C6BFCE6594F59D108F"><enum>(5)</enum><header>Clarification of prohibition on stock ownership</header><text>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.</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block></paragraph></section>
<section id="H65AC7BB131764A2700CBBB0046E029DE"><enum>102.</enum><header>Increase in investment limit in credit union service organizations</header><text display-inline="no-display-inline">Section 107(a)(7)(I) of the <act-name parsable-cite="FCUA">Federal Credit Union Act</act-name> (<external-xref legal-doc="usc" parsable-cite="usc/12/1757">12 U.S.C. 1757(7)(I)</external-xref>) (as so redesignated by section 101(1)) is amended by striking <quote>up to 1 per centum of the total paid</quote> and inserting <quote>up to 3 percent of the total paid</quote>.</text></section>
<section display-inline="no-display-inline" id="HA7D76A1F1CB14390A31F74406CB6D67C" section-type="subsequent-section"><enum>103.</enum><header>Member business loan exclusion for loans to nonprofit religious organizations</header><text display-inline="no-display-inline">Section 107A(a) of the <act-name parsable-cite="FCUA">Federal Credit Union Act</act-name> (<external-xref legal-doc="usc" parsable-cite="usc/12/1757a">12 U.S.C. 1757a(a)</external-xref>) is amended by inserting <quote>, excluding loans made to nonprofit religious organizations,</quote> after <quote>total amount of such loans</quote>.</text></section>
<section id="HD933EE8F0BEC43F899FD48E98F9C3594"><enum>104.</enum><header>Authority of NCUA to establish longer maturities for certain credit union loans</header><text display-inline="no-display-inline">Section 107(a)(5) of the <act-name parsable-cite="FCUA">Federal Credit Union Act</act-name> (<external-xref legal-doc="usc" parsable-cite="usc/12/1757">12 U.S.C. 1757(5)</external-xref>) (as so redesignated by section 101(1)) is amended in the matter preceding subparagraph (A), by striking <quote>except as otherwise provided herein</quote> and inserting <quote>or any longer maturity as the Board may allow, in regulations, except as otherwise provided in this Act</quote>.</text></section>
<section id="HF430D95D48F34F27B200F2FA46CB67AC"><enum>105.</enum><header>Providing the National Credit Union Administration with greater flexibility in responding to market conditions</header><text display-inline="no-display-inline">Section 107(a)(5)(A)(vi)(I) of the <act-name parsable-cite="FCUA">Federal Credit Union Act</act-name> (<external-xref legal-doc="usc" parsable-cite="usc/12/1757">12 U.S.C. 1757(5)(A)(vi)(I)</external-xref>) (as so redesignated by section 101(1)) is amended by striking <quote>six-month period and that prevailing interest rate levels</quote> and inserting <quote>6-month period or that prevailing interest rate levels</quote>.</text></section>
<section id="HB917DB4F2BDA4F5699E1D100A6120617"><enum>106.</enum><header>Conversions of certain credit unions to a community charter</header><text display-inline="no-display-inline">Section 109(g) of the <act-name parsable-cite="FCUA">Federal Credit Union Act</act-name> (<external-xref legal-doc="usc" parsable-cite="usc/12/1759">12 U.S.C. 1759(g)</external-xref>) is amended by inserting after paragraph (2) the following new paragraph:</text>
<quoted-block act-name="Federal" id="HA45EC9E7255F482FB9066823D6E81D1D">
<paragraph id="H92B31423B9614C36A2C53D2F1849D51C"><enum>(3)</enum><header>Criteria for continued membership of certain member groups in community charter conversions</header><text display-inline="yes-display-inline">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.</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></section>
<section id="HA22378144A724A839BA1F9A775774C99"><enum>107.</enum><header>Credit union participation in the SBA section 504 program</header><text display-inline="no-display-inline">Section 107(a)(5)(A)(iii) of the Federal Credit Union Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1757">12 U.S.C. 1757(5)(A)(iii)</external-xref>) (as so redesignated by section 101(1)) is amended by inserting <quote>, and applicable regulations,</quote> after <quote>specified in the law</quote>.</text></section>
<section id="H288DA2EFA17B47D8B91D71B87868942D"><enum>108.</enum><header>Amendments relating to credit union service to underserved areas</header>
<subsection id="H062103CC7CC34153A7A5A99FF8EDED8"><enum>(a)</enum><header>In general</header><text>Paragraph (2) of section 109(c) of the Federal Credit Union Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1759">12 U.S.C. 1759(c)(2)</external-xref>) is amended to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="H9A5349540FA4401CA005C52851BFC1D6" style="OLC">
<paragraph id="H9C28429BCE6846B6A1F69CA2A0EA1C8F"><enum>(2)</enum><header>Exception for underserved areas</header>
<subparagraph id="HF7DBDB0184A44BC98DDD318EAA26643"><enum>(A)</enum><header>In general</header><text display-inline="yes-display-inline">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—</text>
<clause id="H36D742018BEF43EABC3478665975CD35"><enum>(i)</enum><text display-inline="yes-display-inline">the Board determines—</text>
<subclause id="H9EA18175B4004156BE929800A5D0A536"><enum>(I)</enum><text>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</text></subclause>
<subclause id="HD7677141AAB547CFA9401BDDD54BF9F6"><enum>(II)</enum><text>at the time of such approval, that the credit union is well capitalized or adequately capitalized (as defined in section 216(c)(1)); and</text></subclause></clause>
<clause id="H47DA46BB00434E5799F6C1EE8EE759E7"><enum>(ii)</enum><text display-inline="yes-display-inline">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.</text></clause></subparagraph>
<subparagraph id="HD61528DD0311499E91AE14699690352D"><enum>(B)</enum><header>Termination of approval</header><text>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.</text></subparagraph>
<subparagraph id="H2A32B2ED364C4B98B76FD360839D731F"><enum>(C)</enum><header>Annual credit union reporting requirement</header><text display-inline="yes-display-inline">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.</text></subparagraph>
<subparagraph id="HCF45E598FF82463199564B9538B724DE"><enum>(D)</enum><header>Publication by administration</header><text>The Administration shall publish annually a report containing—</text>
<clause id="HFFD751596DCA43BA873EDA38F2F40366"><enum>(i)</enum><text>a list of all the applications approved under this paragraph prior to the publication of the report;</text></clause>
<clause id="H3DAAC9A4D36446F482ED005CBCCF75F9"><enum>(ii)</enum><text>the number and locations of the underserved areas taken into account in approving such applications; and</text></clause>
<clause id="H23DB6D2CC2A94527921FF88335547767"><enum>(iii)</enum><text>the total number of members of credit unions who are members by reason of the approval of such applications.</text></clause></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></subsection>
<subsection id="HCA14CE16CA244D63A9CD77C7FE431F56"><enum>(b)</enum><header>Underserved area defined</header><text>Section 101 of the Federal Credit Union Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1752">12 U.S.C. 1752</external-xref>) is amended—</text>
<paragraph id="HD1FE0461AB0345F98544DB787E7EE942"><enum>(1)</enum><text>by striking <quote>and</quote> at the end of paragraph (8);</text></paragraph>
<paragraph id="HFA9438E5E16E484680793950A6312C48"><enum>(2)</enum><text>by striking the period at the end of paragraph (9) and inserting <quote>; and</quote>; and</text></paragraph>
<paragraph id="H11F38F3B1B3B4ED4AE0225A6BCB8CC9E"><enum>(3)</enum><text>by adding at the end the following new paragraph:</text>
<quoted-block display-inline="no-display-inline" id="HBA11CE77B21147A798348644F0B163E9" style="OLC">
<paragraph id="H937FABCECD3E4649B077C5BB1893A928"><enum>(10)</enum><text display-inline="yes-display-inline">the term <quote>underserved area</quote>—</text>
<subparagraph id="H184037B099224198B34ECC37FDFCBC1C"><enum>(A)</enum><text>means a geographic area consisting of a single census tract or a group of census tracts, each of which—</text>
<clause id="H3BECCAC3FB0C4E988FD912AFEC15A7B3"><enum>(i)</enum><text>meets the criteria for—</text>
<subclause id="HD5C1EAEC5DF54F7D8E7D140300919623"><enum>(I)</enum><text display-inline="yes-display-inline">a low income community, as defined in <external-xref legal-doc="usc" parsable-cite="usc/26/45D">section 45D(e)</external-xref> of the Internal Revenue Code of 1986; or</text></subclause>
<subclause id="HBF827D495C06472C9FABB1000956EDC4"><enum>(II)</enum><text display-inline="yes-display-inline">an investment area, as defined and designated under section 103(16) of the Community Development Banking and Financial Institutions Act of 1994; and</text></subclause></clause>
<clause id="H9496672894DB4A04ABF400421234E24E"><enum>(ii)</enum><text display-inline="yes-display-inline">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</text></clause></subparagraph>
<subparagraph id="H94F54CC6F8C347599533B0159D5C12"><enum>(B)</enum><text display-inline="yes-display-inline">notwithstanding subparagraph (A), includes, with respect to any Federal credit union, any geographic area within which such credit union—</text>
<clause id="H275DDFF9359C4F03942BC1CD34089B49"><enum>(i)</enum><text display-inline="yes-display-inline">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</text></clause>
<clause id="HED926F8F186F4109948FC955DC7027D8"><enum>(ii)</enum><text display-inline="yes-display-inline"> has established a service facility before such date of enactment.</text></clause></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></paragraph></subsection></section>
<section id="HDA736F5FEAB54CEEB0744EBDDF26FAF9"><enum>109.</enum><header>Short-term payday loan alternatives within field of membership</header><text display-inline="no-display-inline">Section 107(a) of the Federal Credit Union Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1757">12 U.S.C. 1757(5)</external-xref>) (as so redesignated by section 101(1)) is amended—</text>
<paragraph id="H70ED7E4EB9E8458DAB3FCBA2067941D6"><enum>(1)</enum><text>by redesignating paragraphs (16) and (17) as paragraphs (17) and (18), respectively; and</text></paragraph>
<paragraph id="H7C0162AE20DD45CAB7614E06669BB8B2"><enum>(2)</enum><text>by inserting after paragraph (15) the end the following new paragraph:</text>
<quoted-block style="OLC" id="H2572934DCFEA4816864DAA44EB74ED50" display-inline="no-display-inline">
<paragraph id="H79425EA51D2B432EAC608859701ECAE4"><enum>(16)</enum><text display-inline="yes-display-inline">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.</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></paragraph></section>
<section id="HDD4278B546094CBF89EED9A1D3BC6BE7"><enum>110.</enum><header>Credit union governance</header>
<subsection id="HB5628160B71C45D7A41EDAE8E371CA64"><enum>(a)</enum><header>Expulsion of members for just cause</header><text display-inline="yes-display-inline">Subsection (b) of section 118 of the <act-name parsable-cite="FCUA">Federal Credit Union Act</act-name> (<external-xref legal-doc="usc" parsable-cite="usc/12/1764">12 U.S.C. 1764(b)</external-xref>) is amended to read as follows:</text>
<quoted-block act-name="Federal" id="H4E0D49913BBA46B3ADA36BE4FA94FEF5">
<subsection id="HAF238387FE134B218D45A95C08D2D68"><enum>(b)</enum><header>Policy and actions of boards of directors of Federal credit unions</header>
<paragraph id="H4C297A5619164DA19F2E4D370928F124"><enum>(1)</enum><header>Expulsion of members for nonparticipation or for just cause</header><text>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.</text></paragraph>
<paragraph id="H4C06E68BB4E84F61A357C0BA92D243B6"><enum>(2)</enum><header>Written notice of policy to members</header><text>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—</text>
<subparagraph id="H2FE3961F5CE743D09299CCE270049ED"><enum>(A)</enum><text>each existing member of the credit union not less than 30 days prior to the effective date of such policy; and</text></subparagraph>
<subparagraph id="H740993984EF4492B93CDD6C5AE700B6"><enum>(B)</enum><text>each new member prior to or upon applying for membership.</text></subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block></subsection>
<subsection id="H4E478E8AF7B2407E892931EA1BC55DD2"><enum>(b)</enum><header>Term limits authorized for Board members of Federal credit unions</header><text>Section 111(a) of the <act-name parsable-cite="FCUA">Federal Credit Union Act</act-name> (<external-xref legal-doc="usc" parsable-cite="usc/12/1761">12 U.S.C. 1761(a)</external-xref>) is amended by adding at the end the following new sentence: <quote>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.</quote>.</text></subsection></section>
<section id="H01230E5EE06D42EEA11BD4788B0070AF"><enum>111.</enum><header>Encouraging small business development in underserved urban and rural communities</header><text display-inline="no-display-inline">Section 107A(c)(1)(B) of the Federal Credit Union Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1757a">12 U.S.C. 1757a(c)(1)(B)</external-xref>) is amended—</text>
<paragraph id="HD87CF728EED94165A9E407C83221B1BE"><enum>(1)</enum><text>by striking <quote>or</quote> after the semicolon at the end of clause (iv);</text></paragraph>
<paragraph id="H89C8977334CD46FCB9A185F67E6BB9B"><enum>(2)</enum><text>by redesignating clause (v) as clause (vi); and</text></paragraph>
<paragraph id="H9A542399FA7D4E2788CACCC85E76456F"><enum>(3)</enum><text>by inserting after clause (iv) the following new clause:</text>
<quoted-block display-inline="no-display-inline" id="HD044EE080BB64289A7907695DB5D4BA2" style="OLC">
<clause id="HE9C583B7BB344D4E974F00CEE4C800EF"><enum>(v)</enum><text display-inline="yes-display-inline">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—</text>
<subclause id="H0DD9C653C4D44D539D7B001432A0B358"><enum>(I)</enum><text display-inline="yes-display-inline">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</text></subclause>
<subclause id="HFB93232A1A8A448E83D7E7BC7C00FA1D"><enum>(II)</enum><text display-inline="yes-display-inline">is secured by real property located within, or is intended to operate as part of a business located within, such underserved area; or</text></subclause></clause><after-quoted-block>.</after-quoted-block></quoted-block></paragraph></section>
<enum>II</enum><header>Savings association provisions</header>
<section id="H2C8F8A55D7CE41FC92CC32B59FABD54B"><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> (<external-xref legal-doc="usc" parsable-cite="usc/12/1464">12 U.S.C. 1464(c)(4)</external-xref>) is amended to read as follows:</text>
<quoted-block style="OLC" act-name="Home" id="HD439F0AD771647FE95F700039F94BFD">
<subparagraph id="H7BAE320C54C54BCE93A508A0797B3D9F"><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="H75059F21D38B47D2AA2997D2006C2F8E"><enum>202.</enum><header>Removal of limitation on investments in auto loans</header>
<subsection id="H26A7854BA943449DAAAFFC74ABB88F26"><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 style="OLC" act-name="Home" id="H19729BB22CDE43C49BB0985544258EDE">
<subparagraph id="HFD6117CFB434421BB3C39438BF42EC"><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="H2DA2F20E3B6E403D9C2FF1C96B12B233"><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> (<external-xref legal-doc="usc" parsable-cite="usc/12/1467a">12 U.S.C. 1467a(m)(4)(C)(ii)</external-xref>) is amended by adding at the end the following new subclause:</text>
<quoted-block style="OLC" act-name="Home" id="HB4ED993F73B2401280FD1F00047DF6DF">
<subclause id="HFFA7977DFF3448BFAD73FDDFD88829E5"><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 id="H6F2AB137DA1F43AA88F0097FC0899B6" display-inline="no-display-inline" 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> (<external-xref legal-doc="usc" parsable-cite="usc/12/1464">12 U.S.C. 1464(r)(1)</external-xref>) is amended by striking the last sentence.</text></section>
<section id="HA9E236C11145493DB2E84140DDE17C6E"><enum>204.</enum><header>Small business and other commercial loans</header>
<subsection id="H3632746C77DF459A9F6EA677182B4DD3"><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> (<external-xref legal-doc="usc" parsable-cite="usc/12/1464">12 U.S.C. 1464(c)(1)</external-xref>) is amended by inserting after subparagraph (V) (as added by section 202(a) of this title) the following new subparagraph:</text>
<quoted-block style="OLC" act-name="Home" id="H28BB0C90C51849FC90C7FFD3D1F719C3">
<subparagraph id="H3214B8A18C5047238D8494921767F7EF"><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="HEED1C70C17044EDBA91438FC8C00D6BA"><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> (<external-xref legal-doc="usc" parsable-cite="usc/12/1464">12 U.S.C. 1464(c)(2)(A)</external-xref>) 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 id="H2AA50896631D486789CCD15CA0EBED3" display-inline="no-display-inline" 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> (<external-xref legal-doc="usc" parsable-cite="usc/12/1464">12 U.S.C. 1464(c)(2)(B)(i)</external-xref>) is amended by striking <quote>400 percent</quote> and inserting <quote>500 percent</quote>.</text></section>
<section id="HDEFC1110AFED4753B263F5BFD82DD9ED" display-inline="no-display-inline" section-type="subsequent-section"><enum>206.</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="H3ECBB282C39B4480AB17CB80071FFE92"><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 style="OLC" id="H7B9CC8F43E8A4BCEA15DD97BFEF82B9B">
<subsection id="H89B669A13DDC41A1B87CF96DC2B3F7E"><enum>(c)</enum><header>Exception to Annual Notice Requirement</header><text>A financial institution that—</text>
<paragraph id="HAD9F3DF123364938AF83816FA600517B"><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="HCF233E820C8843C2ADE4EBABC4B4F45C"><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="H51716EF38BCA4B4AA25DAAC071B1CFC3"><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="H2D1E8203C7D145A8A3595703E5DE3CE9"><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="H77DC4A62F2DF402F93A49D192C93DFDE"><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="H087F497663C34176965445847FDEC300"><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="H1AE7CFE3BE8342CFBD3E9E96F8005944" 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 id="HBD8BCE16967842CFB4C6B3CE116DF693" display-inline="no-display-inline"><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="HA8F8C89B3D014E598EB22175AA84A52F"><enum>(1)</enum><text>by redesignating subsections (b) and (c) as subsections (c) and (d), respectively; and</text></paragraph>
<paragraph id="HE0939B4FD73B4317878DE1954E003900"><enum>(2)</enum><text>by inserting after subsection (a) the following:</text>
<quoted-block id="H636B64C99CC54775B100291B4EA874A3">
<subsection id="H1E933C2122824A40A9F552715D2C805C"><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="HAF7EF59287624D1A84F05735CFD4156B"><enum>403.</enum><header>Interest-bearing transaction accounts authorized</header>
<subsection id="HB040F191FF344356A474DA52E107F61E"><enum>(a)</enum><header>Repeal of prohibition on payment of interest on demand deposits</header>
<paragraph id="H1EC39E49981C43F2BFA5A00C49230AE"><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> (<external-xref legal-doc="usc" parsable-cite="usc/12/371a">12 U.S.C. 371a</external-xref>) is amended to read as follows:</text>
<quoted-block act-name="Federal" id="HD73E593665B84E9BAAA2AA1D12FCA72F">
<subsection id="H5E18EFF25E3A4B5FBE4585CA4821D640"><enum>(i)</enum><text>[Repealed]</text></subsection><after-quoted-block>.</after-quoted-block></quoted-block></paragraph>
<paragraph id="HE82DC8CE360742188B6E4572E89D54BC"><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> (<external-xref legal-doc="usc" parsable-cite="usc/12/1464">12 U.S.C. 1464(b)(1)(B)</external-xref>) 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="HD10E43CC53474D52AC82ABA4DFE4C829"><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> (<external-xref legal-doc="usc" parsable-cite="usc/12/1828">12 U.S.C. 1828(g)</external-xref>) is amended to read as follows:</text>
<quoted-block act-name="Federal" id="H0B3BAD8BF0734678003768C2BBB1B3EE">
<subsection id="HC96254AB902A440D887FD6DFE796FBBB"><enum>(g)</enum><text>[Repealed]</text></subsection><after-quoted-block>.</after-quoted-block></quoted-block></paragraph></subsection>
<subsection id="H7D83AE28A1B0465EA2C90027E3763BC"><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 id="HBDCF37BFA2344334933B21E86B7D96C5" display-inline="no-display-inline" 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="H21EC993D12F1405CBAA02FBAA03382B6"><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="HCD4BCD341CA04D4090FCFFB81977009E"><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="H5245755221304C84ABFFD66B66A0F1D0"><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="HC216949D2A0C4F758E723950A5B748E9"><enum>405.</enum><header>Consumer banking costs assessment</header>
<subsection id="H55696230302047B5AB4F181EC2C5500"><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="HF806760BC40E4281877EC0D2703685DF"><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="H7D40AB4A394B402796009BF6D498C5F0"><enum>(2)</enum><text display-inline="yes-display-inline">by inserting after section 29 the following new section:</text>
<quoted-block style="OLC" id="H84095B990DB74A5D988BCA407422868E" display-inline="no-display-inline">
<section id="HF0548FCAD3A24D90B04DF121DEF7F478"><enum>30.</enum><header>Survey of bank fees and services</header>
<subsection id="HC41AF87D91414A78969668622285C5B"><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="H78CC8A986415405F9BE6608EDA6433F7"><enum>(1)</enum><text>Checking and other transaction accounts. </text></paragraph>
<paragraph id="H0682E72ECBA34BABBB7779D5F422CFC"><enum>(2)</enum><text>Negotiable order of withdrawal and savings accounts. </text></paragraph>
<paragraph id="H037350190ABA491284956D1F10F00427"><enum>(3)</enum><text>Automated teller machine transactions. </text></paragraph>
<paragraph id="HD09529B521E6410788709D3C603286CF"><enum>(4)</enum><text>Other electronic transactions.</text></paragraph></subsection>
<subsection id="H6E146195BD2A4BB0BE1D9297FD3200E2"><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="H697B6026935C4742A241885F35CBC106"><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="H3C5F808FBF524922B1B3E86D296EDEFA"><enum>(A)</enum><text>Monthly and annual fees and minimum balances to avoid such fees. </text></subparagraph>
<subparagraph id="HD9611634248C48498F352DE4CA5EF3C"><enum>(B)</enum><text>Minimum opening balances. </text></subparagraph>
<subparagraph id="HBF2D140139F44AD1BCBA051A3C90079"><enum>(C)</enum><text>Check processing fees. </text></subparagraph>
<subparagraph id="H3C6081FC821D463DAD9369D2A5F00F1"><enum>(D)</enum><text>Check printing fees. </text></subparagraph>
<subparagraph id="H257F836C4DB545A9A0B6AFF128E3AE20"><enum>(E)</enum><text>Balance inquiry fees. </text></subparagraph>
<subparagraph id="H234961F051AC40F4993369BD765D84A7"><enum>(F)</enum><text>Fees imposed for using a teller or other institution employee. </text></subparagraph>
<subparagraph id="HDB689C8528DD4DD4A0CC7A40762C265"><enum>(G)</enum><text>Stop payment order fees. </text></subparagraph>
<subparagraph id="HA519F43EA2D34D4200EAAA88AEB5FD22"><enum>(H)</enum><text>Nonsufficient fund fees. </text></subparagraph>
<subparagraph id="HF9196E4612CA4D8C9EC3DCCDF42ED700"><enum>(I)</enum><text>Overdraft fees. </text></subparagraph>
<subparagraph id="H0427FC099DDF4B6681473703E42C4051"><enum>(J)</enum><text>Fees imposed in connection with bounced-check protection and overdraft protection programs. </text></subparagraph>
<subparagraph id="HC613ADEE00CB437B9572E5FA37CCBCB1"><enum>(K)</enum><text>Deposit items returned fees. </text></subparagraph>
<subparagraph id="HE72CB15E476642F9004DEC3433D04435"><enum>(L)</enum><text>Availability of no-cost or low-cost accounts for consumers who maintain low balances. </text></subparagraph></paragraph>
<paragraph id="HCD3859AF4BD345DC84223B3B1222E621"><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="HD3EFAE33CA9D4C4A99F0235C301800E1"><enum>(A)</enum><text>Monthly and annual fees and minimum balances to avoid such fees. </text></subparagraph>
<subparagraph id="H3C5C30898C224D17AA37C282F74274E"><enum>(B)</enum><text>Minimum opening balances. </text></subparagraph>
<subparagraph id="H190EB645A27E46D395CDEB78BAF1A0CE"><enum>(C)</enum><text>Rate at which interest is paid to consumers. </text></subparagraph>
<subparagraph id="H20223B4AC108428AB2A3C21FE1D8FC73"><enum>(D)</enum><text>Check processing fees for negotiable order of withdrawal accounts. </text></subparagraph>
<subparagraph id="H1F2E809E58294306A7CF4534E5D9A528"><enum>(E)</enum><text>Fees imposed for using a teller or other institution employee. </text></subparagraph>
<subparagraph id="H9501A0F25B6942308B1EF34CD62EE4F"><enum>(F)</enum><text>Availability of no-cost or low-cost accounts for consumers who maintain low balances. </text></subparagraph></paragraph>
<paragraph id="H8754001D59E54B30B2AF25AC14ED63D5"><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="H2F8072C57CBB4CA7B7C700ADAFCDDF42"><enum>(A)</enum><text>Monthly and annual fees. </text></subparagraph>
<subparagraph id="H0556F68BE62D48DEA92C8DEFBC5C587C"><enum>(B)</enum><text>Card fees. </text></subparagraph>
<subparagraph id="H0E19CD992FB0476C009DD6FC3308A3B7"><enum>(C)</enum><text>Fees charged to customers for withdrawals, deposits, and balance inquiries through institution-owned machines. </text></subparagraph>
<subparagraph id="H45D45CC40D6D4F2F9B683BD26012F6AD"><enum>(D)</enum><text>Fees charged to customers for withdrawals, deposits, and balance inquiries through machines owned by others. </text></subparagraph>
<subparagraph id="H5663F30066F6414E82B4BF8E4D2E895D"><enum>(E)</enum><text>Fees charged to noncustomers for withdrawals, deposits, and balance inquiries through institution-owned machines. </text></subparagraph>
<subparagraph id="H019D4B4F6E14458281CB3774E0BB33E3"><enum>(F)</enum><text>Point-of-sale transaction fees. </text></subparagraph></paragraph>
<paragraph id="HACF041D3E4DC42FD922B8CD67DA9B1A4"><enum>(4)</enum><header>Other electronic transactions</header><text>Data on other electronic transactions shall include, at a minimum, the following: </text>
<subparagraph id="HEFCE2021042C46BA801900A765B4AEE7"><enum>(A)</enum><text>Wire transfer fees. </text></subparagraph>
<subparagraph id="HFB735B48BD9541F394FF89DADFD9219"><enum>(B)</enum><text>Fees related to payments made over the Internet or through other electronic means. </text></subparagraph></paragraph>
<paragraph id="HDE9F5C99511546EABD17B91FF5F5C4A8"><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="HAD6725AB1D074AF8BF007CA88BECA58D"><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="H918F6979E2A3433C9BBD00D75E3BC061"><enum>(c)</enum><header>Biennial report to congress required</header><text></text>
<paragraph id="H2086229C7EAC4B8EA09DCCB2CED932C6"><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="HC62F10AAD5AE4948009514A2BA13F0C6"><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="H1C1B4456DAF147E3ABB472BF722908A1"><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="HA41D319BB9764C1FAAC2468DC1F84D48"><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="HEBD61153C1B54A1B99C692A395E48BC0"><enum>(b)</enum><header>Conforming amendment</header>
<paragraph id="H3B29251FB9F844ACA6B8ECC24CCF2EB4"><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 style="OLC" id="HD541E785942B4ED79B4997B0AB21A953" display-inline="no-display-inline">
<paragraph id="H3B7FC1CE57A44C76B7CD1D615820F917"><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="H3BAFCA875683478BAA5081C9AA00CB64"><enum>(A)</enum><text>the information required to be disclosed under section 127(c); </text></subparagraph>
<subparagraph id="HA18642CA5AC1433F9F61F9F600874DE4"><enum>(B)</enum><text>the average total amount of finance charges paid by consumers; and</text></subparagraph>
<subparagraph id="H6C63D5B2059D429BB82BF436878DDBAB"><enum>(C)</enum><text>the following credit card rates and fees: </text>
<clause id="HC2E478558DB64D33B2F19603E56D8FED"><enum>(i)</enum><text>Application fees. </text></clause>
<clause id="H58AE9DE54A7540C681F5D37225E9DBDD"><enum>(ii)</enum><text>Annual percentage rates for cash advances and balance transfers. </text></clause>
<clause id="HA312786558004CE7834F1CDFEA31324D"><enum>(iii)</enum><text>Maximum annual percentage rate that may be charged when an account is in default. </text></clause>
<clause id="H5B1C5023C2D8447A8F81F747FFA1C1FE"><enum>(iv)</enum><text>Fees for the use of convenience checks. </text></clause>
<clause id="H831D2A690E8644D7B109609EB9A5827C"><enum>(v)</enum><text>Fees for balance transfers. </text></clause>
<clause id="HC2D71AD9C869477B8DF36200537E25C1"><enum>(vi)</enum><text>Fees for foreign currency conversions.</text></clause></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></paragraph>
<paragraph id="HE232F9E4ECD9469999FFA5526F2EF9BA"><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="H2B806287B42941ADAB8C00996B3EF414"><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>
Passed the House of Representatives June 24, 2008.Lorraine C. Miller,Clerk.