| Latest Action: 04/29/2008 - Referred to the House Committee on Financial Services.
Bill TextTo clarify the authority of the Federal Financing Bank to purchase loans guaranteed under part B of title IV of the Higher Education Act of 1965, and for other purposes. 4/29/2008--Introduced. Student Loan Access Act of 2008 - Authorizes the Federal Financing Bank, until July 1, 2009, to: (1) purchase guaranteed loans originated under the Federal Family Education Loan (FFEL) program of the Higher Education Act of 1965, or participation interests in such loans; (2) advance funds to eligible lenders for the purpose of originating or purchasing FFELs; and (3) invest in securities collateralized with FFELs. Prohibits such FFEL purchases from resulting in any net cost to the federal government. Permits the Secretary of the Treasury to extend the Bank's authority to take such actions beyond July 1, 2009, if economic conditions threaten timely, uninterrupted access to student loans. | | Also tagged in: Administrative procedure, Budgets, Business, Business ethics, Citizenship, Collection of accounts, College costs, Conflict of interests, Congress, Congressional investigations, Congressional reporting requirements, Debtor and creditor, Department of Education, Department of the Treasury, Education, Executive departments Latest Action: 05/07/2008 - Signed by President.
Bill TextTo ensure continued availability of access to the Federal student loan program for students and families. 5/7/2008--Public Law. (There are 4 other summaries) (This measure has not been amended since it was passed by the Senate on April 30, 2008. The summary of that version is repeated here.) Ensuring Continued Access to Student Loans Act of 2008 - (Sec. 2) Amends the Higher Education Act of 1965 to increase, by $2,000, the maximum annual unsubsidized Stafford loan amounts that may be provided to undergraduate students under the Federal Family Education Loan (FFEL) program. Sets the aggregate limit on such loans at $31,000 for dependent undergraduates and $57,500 for independent undergraduates. (Sec. 3) Gives parent borrowers of PLUS FFELs the option to defer loan principal repayment for up to six months after the students for whom such loans are borrowed cease to carry at least one-half the normal full-time academic workload. [...] show full description | | Also tagged in: Administrative remedies, Consumer complaints, Consumers, Department of the Treasury, Executive departments, Federal Deposit Insurance Corporation, Federal reserve system, Finance, Government information, Government publicity, Law, National Credit Union Administration, Telecommunication, Telephone Latest Action: 04/30/2008 - Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Bill TextTo amend the Federal Financial Institutions Examination Council Act to require the Council to establish a single telephone number that consumers with complaints or inquiries could call and be routed to the appropriate Federal banking agency or State bank supervisor, and for other purposes. 12/6/2007--Introduced. Financial Consumer Hotline Act of 2007 - Amends the Federal Financial Institutions Examination Council Act of 1978 to require federal financial institution regulatory agencies, coordinating through the Federal Financial Institutions Examination Council, to establish: (1) a single, toll-free telephone number for consumer complaints and inquiries concerning institutions under their jurisdiction; and (2) a system for routing such calls to the federal financial institution regulatory agency that primarily supervises the financial institution, or that is otherwise the appropriate agency to address the subject of the complaint or inquiry. Cites circumstances under [...] show full description | | Latest Action: 11/16/2007 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Bill TextA bill to amend the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to preserve and expand minority depository institutions, and for other purposes. 11/16/2007--Introduced. Preserving and Expanding Minority Depository Institutions Act - Amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to include the Chairman of the Board of Governors of the Federal Reserve System (Federal Reserve Board) and the Comptroller of the Currency among the persons with whom the Secretary of the Treasury must consult regarding methods for best preserving: (1) the present number of minority depository institutions; and (2) their minority character in cases involving mergers or acquisition of a minority depository institution. Directs the Secretary of the Treasury, the Chairman of the Federal Reserve Board, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, and the Chairperson of the Federal Deposit Insurance Corporation [...] show full description | | Latest Action: 12/06/2007 - Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Bill TextTo amend the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to preserve and expand minority depository institutions, and for other purposes. 12/5/2007--Passed House amended. (There are 2 other summaries) Preserving and Expanding Minority Depository Institutions Act - Amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) to include the Chairman of the Board of Governors of the Federal Reserve System (Federal Reserve Board) and the Comptroller of the Currency among the persons with whom the Secretary of the Treasury must consult regarding methods for best preserving: (1) the present number of minority depository institutions; and (2) their minority character in cases involving mergers or acquisition of a minority depository institution.Directs the Secretary of the Treasury, the Chairman of the Federal Reserve Board, the Comptroller of the Currency, the Director of the Office of Thrift Supervision [...] show full description | | Also tagged in: Administrative procedure, Business, Children, Civil liberties, Compensation for victims of crime, Computer crimes, Computer software, Conspiracy, Criminal justice, Executive departments, Extortion, Finance, Forfeiture, Fraud, Government property, Homicide Latest Action: 02/04/2008 - Referred to the Subcommittee on Crime, Terrorism, and Homeland Security.
Bill TextA bill to amend title 18, United States Code, to enable increased federal prosecution of identity theft crimes and to allow for restitution to victims of identity theft. 11/15/2007--Passed Senate amended. (There are 2 other summaries) Identity Theft Enforcement and Restitution Act of 2007 - Amends the federal criminal code to: (1) authorize criminal restitution orders in identity theft cases to compensate victims for the time spent to remediate the intended or actual harm incurred; (2) expand identity theft and aggravated identity theft crimes to include offenses against organizations (currently, only natural persons are protected); (3) include conspiracy to commit a felony with the the definition of "felony violation" for purposes of aggravated identity theft crimes; (4) include making, uttering, or possessing counterfeited securities, mail theft, and tax fraud as predicate offenses for aggravated identity theft; (5) enable prosecution of [...] show full description | | Also tagged in: Aliens, Business, Business and politics, Campaign funds, Civil liberties, Communications, Congress, Congressional elections, Corporations, Elections, Finance, Freedom of speech, Government information, Government paperwork, Labor, Labor unions Latest Action: 10/01/2007 - Referred to the House Committee on House Administration.
Bill TextTo amend the Federal Election Campaign Act of 1971 to repeal restrictions relating to electioneering communications, and for other purposes. 10/1/2007--Introduced. Freedom of Political Speech Act of 2007 - Amends the Bipartisan Campaign Reform Act of 2002 to repeal: (1) disclosure requirements about disbursements for electioneering communications; and (2) the exception from the prohibition against such disbursements, directly or indirectly, by national banks, corporations, labor unions, or foreign nationals, in the case of disbursements from a segregated account to which individual U.S. citizens or lawful resident aliens have contributed for the express purpose of making such disbursements. | | Also tagged in: Administrative fees, Bonds, Bridges, Budgets, Business, Corporations, Customs administration, Finance, Government trust funds, Harbors, Highway finance, Income tax, Infrastructure, Inland water transportation, Investment of public funds, Law Latest Action: 09/06/2007 - Sponsor introductory remarks on measure. (CR S11215-11216)
Bill TextA bill to provide $50,000,000,000 in new transportation infrastructure funding through bonding to empower States and local governments to complete significant infrastructure projects across all modes of transportation, including roads, bridges, rail and transit systems, ports, and inland waterways, and for other purposes. 9/6/2007--Introduced. Build America Bonds Act of 2007 - Amends the Internal Revenue Code to allow an income tax credit to a taxpayer holding a Build America bond on one or more of its credit allowance dates. Defines a "Build America bond" as any bond issued by the Transportation Finance Corporation as part of an issue if 95% or more of the proceeds from such issue are to be used for expenditures incurred for one or more qualified projects. Requires proceeds from the sale of bonds issued under this Act to be held in a Build America Bonds Trust Account. Defines "qualified project" as the capital improvements to any transportation [...] show full description | | Also tagged in: Bonds, Budgets, Congress, Congressional investigations, Congressional reporting requirements, Data banks, Environmental protection, Executive departments, Executive reorganization, Federal aid to housing, Federal aid to transportation, Federal aid to water resources development, Federally-guaranteed loans, Finance, Government lending, Government securities Latest Action: 08/04/2007 - Referred to the Subcommittee on Highways and Transit.
Bill TextTo establish the National Infrastructure Bank to provide funding for qualified infrastructure projects, and for other purposes. 8/3/2007--Introduced. National Infrastructure Bank Act of 2007 - Establishes an independent National Infrastructure Bank to: (1) designate qualified transit, public housing, water, highway, bridge, or road infrastructure projects for loans, loan guarantees, and other financial assistance; and (2) issue general purpose and project-based infrastructure bonds exempt from state and local taxation. | | Also tagged in: Administrative fees, Auditing, Bank capital, Bank loans, Budgets, Building construction, Business, Business records, Buy American, Capital investments, Collection of accounts, Collective bargaining, Construction costs, Construction industries, Construction workers, Education Latest Action: 08/04/2007 - Referred to the Subcommittee on Aviation.
Bill TextTo fund capital projects of State and local governments, and for other purposes. 8/3/2007--Introduced. Rebuilding America's Infrastructure - Establishes the Federal Bank for Infrastructure Modernization. Authorizes the Bank to make loans to any state, local government, Indian tribe, and regional or multistate organization for the development of certain transportation- and educational- and water and hazardous treatment-related capital infrastructure facility projects. Sets forth specified requirements with respect to: (1) loan and borrower eligibility; and (2) compliance with the Americans with Disabilities Act of 1990, the Buy American Act, and the Davis-Bacon Act (wages) as they relate to the development of such projects. | | Latest Action: 08/03/2007 - Referred to the House Committee on Ways and Means.
Bill TextTo amend the Internal Revenue Code of 1986 to require the use of Federally insured intermediaries for nonrecognition treatment on like-kind exchanges involving cash to be used to acquire the replacement property. 8/3/2007--Introduced. 1031 Regulation Act of 2007 - Amends the Internal Revenue Code to require the use of a federally insured depository institution or credit union to hold cash to be used in a tax-free exchange of properties to acquire like-kind property. | | Also tagged in: Budgets, Business, Cooperative societies, Department of the Treasury, Employee ownership, Executive departments, Executive reorganization, Federally-guaranteed loans, Finance, Government lending, Industrial relations, Labor Latest Action: 08/02/2007 - Sponsor introductory remarks on measure. (CR S10821)
Bill TextA bill to provide for the establishment of the United States Employee Ownership Bank, and for other purposes. 8/2/2007--Introduced. United States Employee Ownership Bank Act - Directs the Secretary of the Treasury to establish the United States Employee Ownership Bank to foster increased employee ownership and greater employee participation in company decisionmaking throughout the United States. Requires the Bank to make: (1) loans (subordinated to the interests of all other creditors) and loan guarantees to employees to purchase a business through an employee stock ownership plan or eligible worker-owned cooperative; and (2) grants to states and nonprofit and cooperative organizations with experience in developing employee-owned businesses and worker-owned cooperatives to provide education, outreach, and technical assistance to such employee business efforts. Requires the Bank to insure such loans or loan guarantees against nonrepayment of the outstanding loan [...] show full description | | Also tagged in: Bonds, Budgets, Congress, Congressional investigations, Congressional reporting requirements, Data banks, Environmental protection, Executive departments, Executive reorganization, Federal aid to housing, Federal aid to transportation, Federal aid to water resources development, Federally-guaranteed loans, Finance, Government lending, Government securities Latest Action: 03/11/2008 - Committee on Banking, Housing, and Urban Affairs. Hearings held.
Bill TextA bill to establish the National Infrastructure Bank to provide funding for qualified infrastructure projects, and for other purposes. 8/1/2007--Introduced. National Infrastructure Bank Act of 2007 - Establishes an independent National Infrastructure Bank to: (1) designate qualified transit, public housing, water, highway, bridge, or road infrastructure projects for loans, loan guarantees, and other financial assistance; and (2) issue general purpose and project-based infrastructure bonds exempt from state and local taxation. | | Latest Action: 07/10/2007 - Referred to the House Committee on Financial Services.
Bill TextTo protect innocent parties from certain fees imposed by depository institutions for dishonored checks, and for other purposes. 7/10/2007--Introduced. Innocent Check Depositor Protection Act - Amends the Expedited Funds Availability Act to prohibit a receiving depository institution from imposing check dishonorment fees upon a depositor if the check is drawn on an account at an originating institution which subsequently dishonors it for lack of sufficient funds. States that this Act shall not be construed as affecting any intervening depository institution or the costs of services it provides. | | Also tagged in: Bank accounts, Consumer protection, Consumers, Credit cards, Debit cards, Electronic funds transfers, Evidence (Law), Finance, Law, Liability (Law), Technology, Telecommunication Latest Action: 06/28/2007 - Referred to the House Committee on Financial Services.
Bill TextTo amend the Electronic Fund Transfer Act to provide similar protections under that Act for consumers as apply under the Truth in Lending Act, and for other purposes. 6/28/2007--Introduced. Electronic Funds Transfer Equal Consumer Protection Act - Amends the the Electronic Fund Transfer Act to treat as an error any electronic fund transfer affecting the customer's account regarding a transaction for goods or services not accepted by or not delivered to the customer, or not in accordance with the agreement made at the time of the transaction. Redefines electronic fund transfer to cover any transaction initiated through an electronic terminal, telephonic instrument, or computer, including transactions initiated through the use of a check card or a debit card. Revises requirements for a financial institution's discretionary provisional recredit of a consumer's account after receiving notice of an error. Makes such a provisional recredit mandatory, within one business [...] show full description | | Latest Action: 06/26/2007 - Sponsor introductory remarks on measure. (CR E1415)
Bill TextTo amend the Truth in Lending Act and the Federal Deposit Insurance Act to prohibit payday loans based on checks drawn on, or authorized withdrawals from, depository institutions and to prohibit insured depository institutions from making payday loans, and for other purposes. 6/26/2007--Introduced. Payday Loan Reform Act of 2007 - Amends the Truth in Lending Act to prohibit payday loans based on checks drawn on, or authorized withdrawals from, insured depository institutions. Amends the Federal Deposit Insurance Act to prohibit an insured depository institution from: (1) making or extending a payday loan, either directly or indirectly; or (2) making any loan to any other lender for purposes of financing, refinancing, or extending any payday loan. Declares payday loan instruments or transactions void from inception. | | Also tagged in: American investments, Balance of payments, Balance of trade, China, Congress, Congressional oversight, Congressional reporting requirements, East Asia, Economic growth, Economic policy, Finance, Financial services, Foreign exchange, Foreign exchange rates, Foreign policy, Foreign trade promotion Latest Action: 08/01/2007 - Committee on Banking, Housing, and Urban Affairs. Date of scheduled consideration. SD-538. 9:30 a.m.
Bill TextA bill to amend the Exchange Rates and International Economic Coordination Act of 1988 and for other purposes. 6/21/2007--Introduced. Currency Reform and Financial Markets Access Act of 2007 - Amends the Exchange Rates and International Economic Policy Coordination Act of 1988 to revise U.S. policy provisions by urging: (1) the United States, and other major industrialized countries, to work together to ensure that the exchange rate of the currencies of major trading nations and the U.S. dollar reflect market forces and contribute to the growth and balance of the international economy; and (2) the United States to take appropriate action to ensure that U.S. trading partners are not engaged in hidden or unfair subsidies through management of their currency or international exchange rates. Revises a certain annual analysis the Secretary of the Treasury (Secretary) must make with respect to the exchange rate policies of foreign countries to include an analysis of whether [...] show full description | | Also tagged in: Asbestos, Budgets, Building construction, Child safety, Children, Congress, Congressional oversight, Construction costs, Disabled, Education, Educational facilities, Elementary and secondary education, Elementary education, Energy, Energy conservation, Energy efficiency Latest Action: 06/05/2007 - Sponsor introductory remarks on measure. (CR S7074-7075)
Bill TextA bill to establish State infrastructure banks for education, and for other purposes. 6/5/2007--Introduced. Investing for Tomorrow's Schools Act of 2007 - Authorizes the Secretary of Education to enter into cooperative agreements with states under which: (1) they establish state and multistate infrastructure banks for education; and (2) the Secretary awards grants to states for initial capital to make loans through such banks to local educational agencies and public libraries for construction, reconstruction, or renovation of public elementary or secondary schools and public library facilities. Grants congressional consent to states for interstate compacts to establish multistate infrastructure banks. Requires states to contribute from nonfederal sources at least 25% of the amount of each federal grant for an infrastructure bank. Lists types of projects eligible for such bank loans. Directs the Secretary to establish Healthy, High Performance School [...] show full description | | Also tagged in: Communications, Consumers, Deceptive advertising, Deposit insurance, Executive departments, Federal Deposit Insurance Corporation, Finance, Fines (Penalties), Fraud, Government corporations, Jurisdiction, Law, Names, Signs and symbols Latest Action: 07/17/2007 - Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Bill TextTo amend the Federal Deposit Insurance Act to prevent misrepresentation about deposit insurance coverage, and for other purposes. 7/16/2007--Passed House amended. (There is 1 other summary) FDIC Enforcement Enhancement Act - Amends the Federal Deposit Insurance Act (FDIA) to prohibit use of the terms "Federal Deposit," "Federal Deposit Insurance," "Federal Deposit Insurance Corporation," any combination of such terms, or the abbreviation "FDIC," as part of the business name or firm name of any person or business entity, including any advertisement, solicitation, or other document.Prohibits use of such terms, or any other sign or symbol as part of a document, to represent, suggest, or imply that any deposit liability, obligation, certificate, or share is insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) if in fact the instrument is not insured or guaranteed by the FDIC.Prohibits [...] show full description | | Also tagged in: Administrative procedure, Agriculture, Bank holding companies, Bank loans, Bank management, Bank records, Bonds, Business, Civil liberties, Community development banking, Congress, Congressional investigations, Congressional reporting requirements, Consumer credit, Consumer education, Consumers Latest Action: 05/16/2007 - Read twice and referred to the Committee on Finance.
Bill TextA bill to enhance the ability of community banks to foster economic growth and serve their communities, boost small businesses, increase individual savings, and for other purposes. 5/16/2007--Introduced. Community Banks Serving Their Communities First Act, or the Communities First Act - Revises regulatory requirements for community banks, including amendments to: (1) the Federal Deposit Insurance Act to permit certain insured depository institutions to submit a short form report of condition; (2) the Sarbanes-Oxley Act of 2002 to exempt certain small-sized depository institutions from annual management assessment of internal controls requirements; (3) the Securities Investor Protection Act of 1970 to exempt certain small-size community banks from its prohibition against advances for customers' net equity claims; (4) the Federal Reserve Act to increase the asset size of banks exempt from the limitation on extensions of credit to executive officers, directors, and principal [...] show full description | | Also tagged in: Administrative fees, Aged, Air cargo, Armed forces, Armed forces abroad, Aviation safety, Border patrols, Budgets, Children, Collection of accounts, Community development, Congressional reporting requirements, Consumption, Counterterrorism, Criminal justice, Defense policy Latest Action: 05/03/2007 - Referred to the House Committee on Ways and Means.
Bill TextTo require a study and comprehensive analytical report on transforming America by reforming the Federal tax code through elimination of all Federal taxes on individuals and corporations and replacing the Federal tax code with a transaction fee-based system. 5/3/2007--Introduced. Comprehensive Transform America Transaction Fee Act of 2007 - Directs the Secretary of the Treasury to conduct an in-depth study on the implementation of a transaction fee in the United States to replace all existing federal taxes. Sets forth guidelines for such study, including: (1) an identification of the transactions to which such fee would apply; (2) exclusions from such fee; (3) the rate of such fee; (4) potential uses for revenue from such fee; (5) progressivity standards; and (6) general matters, including point of liability for such fee and responsibility for collection. Requires the Secretary to report to Congress on the results of such study within one year after the enactment of [...] show full description | | Also tagged in: Actions and defenses, Administrative procedure, Bank records, Class actions (Civil procedure), Commodity Futures Trading Commission, Computer security measures, Consumer credit, Consumer education, Consumer protection, Consumers, Credit bureaus, Crime prevention, Criminal justice, Data banks, Department of the Treasury, Executive departments Latest Action: 05/01/2007 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Bill TextA bill to protect information relating to consumers, to require notice of security breaches, and for other purposes. 5/1/2007--Introduced. Data Security Act of 2007 - Prescribes security procedures which an entity that maintains or communicates sensitive account or personal information must implement and enforce in order to protect the information from an unauthorized use likely to result in substantial harm or inconvenience to the consumer.Grants exclusive enforcement powers to specified federal regulatory agencies with oversight of financial institutions. Denies a private right of action, including a class action, regarding any act or practice regulated under this Act. Prohibits any civil or criminal action in state court or under state law relating to any act or practice governed under this Act. Prescribes data security standards to be implemented by federal agencies.Preempts state law with respect to the responsibilities of any person [...] show full description | | Also tagged in: Bank accounts, Bank deposits, Consumer protection, Consumers, Credit unions, Debtor and creditor, Electronic data interchange, Finance, Financial statements, Fines (Penalties), Law, Saving and investment, Technology, Telecommunication Latest Action: 05/01/2007 - Sponsor introductory remarks on measure. (CR E898-899)
Bill TextTo sunset Federal laws and regulations which treat the American people like children by denying them the opportunity to make their own decision regarding control of their bank accounts and what type of information they wish to receive from their banks, and for other purposes. 5/1/2007--Introduced. Freedom to Bank Act - Terminates any provision of federal law (other than the Internal Revenue Code) that subjects a consumer to a penalty for withdrawing or transferring funds from any transaction account or any savings or time deposit. Declares that no creditor, depository institution, or credit union shall be required to provide periodic statements of account to a customer unless the customer has notified it of an election to receive such statements. Requires such entities to establish a procedure for notifying customers of their right to elect to receive statements of account and the method for implementing such election. | | Also tagged in: Actions and defenses, Administrative remedies, Affiliated corporations, Bank deposits, Bank examination, Business, Collection of accounts, Congressional reporting requirements, Consumer complaints, Consumer credit, Consumer protection, Consumers, Damages, Department of the Treasury, Executive departments, Federal preemption Latest Action: 06/07/2007 - Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Bill TextTo clarify the applicability of State law to national banks and Federal savings associations, and for other purposes. 4/23/2007--Introduced. Preservation of Federalism in Banking Act - Amends the Revised Statutes of the United States and the Home Owners' Loan Act to declare applicable to either a national bank or federal savings association any consumer protection in state consumer law of general application (including unfair or deceptive acts or practices, consumer fraud law and repossession, foreclosure, and collection). Declares that when a national bank or federal savings association avails itself of state law for its benefit, all related consumer protections in such state law shall apply. Declares applicable to a national bank or federal savings association: (1) state banking or thrift laws enacted pursuant to federal law; and (2) state laws providing greater protection in high cost mortgage loans (predatory mortgage loans). Permits the Comptroller [...] show full description | | Latest Action: 04/19/2007 - Referred to the House Committee on Financial Services.
Bill TextTo amend the Gramm-Leach-Bliley Act to provide an exception from the continuing requirement for annual privacy notices for financial institutions which do not share personal information with affiliates, and for other purposes. 4/19/2007--Introduced. Financial Privacy Notice Relief Act of 2007 - Amends the Gramm-Leach-Bliley Act to exempt from its annual privacy policy notice requirement any financial institution which: (1) provides nonpublic personal information only in accordance with specified requirements; (2) does not share information with affiliates under the Fair Credit Reporting Act; and (3) has not changed its policies and practices with regard to disclosing nonpublic personal information from those disclosed in the most recent disclosure sent to consumers. | | Also tagged in: Administrative procedure, Agriculture, Bank holding companies, Bank loans, Bank management, Bank records, Bonds, Business, Civil liberties, Community development banking, Congress, Congressional investigations, Congressional reporting requirements, Consumer credit, Consumer education, Consumers Latest Action: 04/17/2007 - Referred to House Ways and Means
Bill TextTo enhance the ability of community banks to foster economic growth and serve their communities, boost small businesses, increase individual savings, and for other purposes. 4/17/2007--Introduced. Community Banks Serving Their Communities First Act, or the Communities First Act - Revises regulatory requirements for community banks, including amendments to: (1) the Federal Deposit Insurance Act to permit certain insured depository institutions to submit a short form report of condition; (2) the Sarbanes-Oxley Act of 2002 to exempt certain small-sized depository institutions from annual management assessment of internal controls requirements; (3) the Securities Investor Protection Act of 1970 to exempt certain small-size community banks from its prohibition against advances for customers' net equity claims; (4) the Federal Reserve Act to increase the asset size of banks exempt from the limitation on extensions of credit to executive officers, directors, and principal shareholders;[...] show full description | | Also tagged in: Agricultural cooperatives, Agricultural credit, Agriculture, Bank accounts, Budgets, Business, Capital gains tax, Capital investments, Catastrophic health insurance, College costs, Construction costs, Consumer cooperatives, Cost of living adjustments, County politics and government, Depreciation and amortization, Earned income tax credit Latest Action: 04/12/2007 - Sponsor introductory remarks on measure. (CR S4439-4440)
Bill TextA bill to reward the hard work and risk of individuals who choose to live in and help preserve America's small, rural towns, and for other purposes. 4/12/2007--Introduced. New Homestead Act of 2007 - Directs the Secretary of Education to repay a specified percentage (up to $2,000 per year) of certain education loans to an individual who completes a degree and both resides and is employed for at least five years in an area outside a metropolitan statistical area which for 20 years has a net out-migration of inhabitants of at least 10% of the county population (qualifying county). Amends the Internal Revenue Code to allow a: (1) tax credit for the lesser of $5,000 or 10% of the purchase price of a principal residence in a qualifying county; and (2) capital loss deduction with respect to a sale or exchange of a principal residence in a qualifying county. Provides for the creation of tax-exempt individual homestead accounts, funded by individual cash contributions and matching [...] show full description | | Also tagged in: Actions and defenses, Administrative procedure, Bank records, Class actions (Civil procedure), Commodity Futures Trading Commission, Computer security measures, Consumer credit, Consumer education, Consumer protection, Consumers, Credit bureaus, Crime prevention, Criminal justice, Data banks, Department of the Treasury, Executive departments Latest Action: 03/27/2007 - Referred to the Subcommittee on Commerce, Trade and Consumer Protection.
Bill TextTo protect information relating to consumers, to require notice of security breaches, and for other purposes. 3/26/2007--Introduced. Data Security Act of 2007 - Prescribes security procedures which an entity that maintains or communicates sensitive account or personal information must implement and enforce in order to protect the information from an unauthorized use likely to result in substantial harm or inconvenience to the consumer. Grants exclusive enforcement powers to specified federal regulatory agencies with oversight of financial institutions. Denies a private right of action, including a class action, regarding any act or practice regulated under this Act. Prohibits any civil or criminal action in state court or under state law relating to any act or practice governed under this Act. Prescribes data security standards to be implemented by federal agencies. Expresses the sense of the Congress that federal regulators shall make every [...] show full description | | Also tagged in: Administrative procedure, Bank holding companies, Bank management, Corporate accountability, Corporate management, Executive departments, Finance, Financial statements, Government information, Government paperwork, Independent regulatory commissions, Information disclosure (Securities law), Law, Savings and loan associations, Securities and Exchange Commission, Securities regulation Latest Action: 03/15/2007 - Referred to the House Committee on Financial Services.
Bill TextTo reduce the reporting and certification burdens for certain financial institutions of sections 302 and 404 of the Sarbanes-Oxley Act of 2002. 3/15/2007--Introduced. Regulatory Relief and Fairness Act - Amends the Sarbanes-Oxley Act of 2002 to require rules of the Securities and Exchange Commission (SEC) to permit an insured depository institution, a bank holding company, or a savings and loan holding company to elect voluntarily not to provide otherwise mandatory certifications regarding its quarterly or annual reports or its management assessment of internal controls. | | Also tagged in: Administrative procedure, Bank deposits, Bank records, Business, Coins and coinage, Congressional reporting requirements, Consumer education, Consumers, Crime prevention, Criminal justice, Department of the Treasury, Economic policy, Executive departments, Finance, Financial institutions, Government information Latest Action: 03/09/2007 - Referred to the House Committee on Financial Services.
Bill TextTo amend sections 5313 and 5318 of title 31, United States Code, to reform certain requirements for reporting cash transactions, and for other purposes. 3/9/2007--Introduced. CTR Modernization Act - Amends federal law governing mandatory reports on currency transactions to exempt depository institutions from the requirement that all domestic financial institutions file a report on every domestic coin and currency transaction. Requires such a depository institution to file a currency transaction report, however, if the transaction involves at least $30,000. Prohibits the Secretary of the Treasury after a certain date from requiring a depository institution to file a currency transaction report regarding a transaction of less than $30,000. Directs the Secretary to: (1) review at least every five years the threshold for reporting currency transactions; and (2) adjust the threshold amount for inflation. Directs the Secretary to prescribe regulations [...] show full description | | Also tagged in: Administrative procedure, Advice and consent of the Senate, Alabama, Armed forces, Armed forces reserves, Business, Collection of accounts, Congress, Congressional reporting requirements, Data banks, Defense policy, Disaster loans, Disaster relief, Emergency management, Employee training, Executive departments Latest Action: 08/03/2007 - Read twice. Placed on Senate Legislative Calendar under General Orders. Calendar No. 334.
Bill TextTo improve the disaster relief programs of the Small Business Administration, and for other purposes. 4/18/2007--Passed House amended. (There are 2 other summaries) Relief for Entrepreneurs: Coordination of Objectives and Values for Effective Recovery Act of 2007 or RECOVER Act - Title I: Planning - (Sec. 101) Amends the Small Business Act to direct the Administrator of the Small Business Administration (SBA) to develop, implement, and maintain a comprehensive written disaster plan, which shall include, among other things, a description of disasters most likely to occur in each SBA region as well as an assessment of the needs to respond to each disaster. Requires the plan to be: (1) completed within 180 days after enactment of this Act; and (2) updated annually and following any incident of national significance (significant incident). Directs the Administrator to report to the congressional small business committees with respect to each update.[...] show full description | | Also tagged in: Administrative procedure, Affiliated corporations, Automobile insurance, Bank accounts, Bank examination, Bank holding companies, Bank loans, Bank mergers, Bank records, Brokers, Business, Business insurance, Business records, Casualty insurance, Civil rights, Community development banking Latest Action: 03/01/2007 - Referred to the House Committee on Financial Services.
Bill TextTo enhance the availability of capital and credit for all citizens and communities, to ensure that community reinvestment keeps pace as banks, securities firms, and other financial service providers become affiliates as a result of the enactment of the Gramm-Leach-Bliley Act, and for other purposes. 3/1/2007--Introduced. Community Reinvestment Modernization Act of 2007 - Repeals specified revisions to regulations governing the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Director of the Office of Thrift Supervision. Reinstates banking agency regulations in effect before the publication of such revisions. Amends the Bank Holding Company Act of 1956 (BHCA) to subject to the Community Reinvestment Act of 1977 (CRA) nonbank affiliates of bank holding companies that engage in lending or offering banking products or services. Amends the CRA to require a rating reduction [...] show full description | | Also tagged in: Bank capital, Community development, Community development banking, Depressed areas, Economic policy, Finance, Housing, Infrastructure, Investments, Job creation, Law, Liability (Law), Rural affairs, Savings and loan associations, Urban affairs Latest Action: 02/28/2007 - Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Bill TextTo increase community development investments by depository institutions, and for other purposes. 2/27/2007--Passed House without amendment. (There is 1 other summary) (This measure has not been amended since it was introduced. The summary of that version is repeated here.) Depository Institution Community Development Investments Enhancement Act - Amends the Home Owners' Loan Act to revise requirements for community development investments by federal savings associations. Authorizes a federal savings association to make investments, directly or indirectly, each of which is designed primarily to promote the public welfare, including the welfare of low- and moderate-income communities or families through the provision of housing, services, and jobs (community development investments). Permits such investments to be made directly or by purchase of interests in an entity primarily engaged in making such investments. Prohibits [...] show full description | | Also tagged in: American Samoa, Auditing, Bank management, Bonds, Budgets, Federal-territorial relations, Finance, Government information, Government paperwork, Grants-in-aid, Guam, Infrastructure, Infrastructure (Economics), Loan defaults, Local finance, Marshall Islands Latest Action: 03/02/2007 - Referred to the Subcommittee on Insular Affairs.
Bill TextTo establish the United States Territories Infrastructure Bond Bank, and for other purposes. 2/15/2007--Introduced. United States Territories Infrastructure Bond Bank Authorization Act - Directs the Secretary to establish a United States Territories Infrastructure Bond Bank to provide low-cost financing for the governments of American Samoa, Guam, the U.S. Virgin Islands, and the Northern Mariana Islands to construct infrastructure or to refinance debt acquired to construct infrastructure. Directs the Secretary to incorporate the Bank in a U.S. jurisdiction and organize the initial meeting of its Board of Directors, which shall consist of five members, with one appointed by the Secretary and each of the governors of American Samoa, Guam, the U.S. Virgin Islands, and the Northern Mariana Islands. Allows the Secretary, after the initial five years of the Bank's existence, to invite the governor of another U.S. territory to appoint a Board member, at which time eligibility [...] show full description | | Also tagged in: Administrative procedure, Bank accounts, Bank deposits, Bank loans, Business, Checks, Consumer education, Consumer protection, Consumers, Contracts, Deceptive advertising, Electronic funds transfers, Federal reserve system, Fees, Finance, Finance charges Latest Action: 04/12/2007 - Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Bill TextTo extend the protections of the Truth in Lending Act to overdraft protection programs and services provided by depository institutions, to require customer consent before a depository institution may initiate overdraft protection services and fees, to enhance the information made available to consumers relating to overdraft protection services and fees, to prohibit systematic manipulation in the posting of checks and other debits to a depository account for the purpose of generating overdraft protection fees, and for other purposes. 2/8/2007--Introduced. Consumer Overdraft Protection Fair Practices Act - Amends the Truth in Lending Act to set forth restrictions on: (1) overdraft protection programs or services for consumers; and (2) representations or statements with respect to such a program or service in any advertisement or promotion. Amends the Electronic Fund Transfer Act and the Expedited Funds Availability Act to set forth restrictions on overdraft protection [...] show full description | | Also tagged in: Agricultural credit, Agriculture, Business, Farm lands, Finance, Housing, Income tax, Interest, Mortgages, Rural affairs, Rural housing, Savings and loan associations, Tax exclusion, Taxation Latest Action: 02/06/2007 - Sponsor introductory remarks on measure. (CR E274)
Bill TextTo amend the Internal Revenue Code of 1986 to exclude from gross income interest received on loans secured by agricultural real estate and rural housing. 2/6/2007--Introduced. Rural Communities Investment Act of 2007 - Amends the Internal Revenue Code to exclude from gross income interest received by a bank or savings association insured under the Federal Deposit Insurance Act on a loan acquired to purchase or improve rural housing and secured by rural housing or by a leasehold mortgage on such housing. Defines "rural housing" as any single family principal residence located in a rural area. | | Latest Action: 01/26/2007 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Bill TextA bill to amend the Bank Holding Company Act of 1956 and the Revised Statutes of the United States to prohibit financial holding companies and national banks from engaging, directly or indirectly, in real estate brokerage or real estate management activities, and for other purposes. 1/26/2007--Introduced. Community Choice in Real Estate Act - Amends the Bank Holding Company Act of 1956, and the Revised Statutes of the United States, to prohibit the Board of Governors of the Federal Reserve System and the Secretary of the Treasury, respectively, from determining that real estate brokerage activity or real estate management activity is financial in nature, is incidental to any financial activity, or is complementary to a financial activity. (In effect, prohibits financial holding companies and national banks from engaging, directly or indirectly, in real estate brokerage or real estate management activities.) Exempts from such prohibition: (1) activities of a bank holding [...] show full description | | Also tagged in: Bonds, Business, Charities, Education, Finance, Health facilities, Higher education, Income tax, Interest, Medical care, Medicine, Social services, Tax deductions, Taxation Latest Action: 01/23/2007 - Referred to the House Committee on Ways and Means.
Bill TextTo amend the Internal Revenue Code of 1986 to permit financial institutions to determine their interest expense deduction without regard to tax-exempt bonds issued to provide certain small loans for health care or educational purposes. 1/23/2007--Introduced. Health and Higher Education Facilities Improvement Act of 2007 - Amends the Internal Revenue Code to allow a small tax-exempt bond issuer, the proceeds of the obligations of which are to be used to make or finance eligible loans for health care or educational purposes, to elect to apply specified current limitations on the amount of obligations by treating each borrower as the issuer of a separate issue. | | Also tagged in: Budgets, Business, Business and politics, Campaign funds, Checkoff, Civil liberties, Computer software, Computers, Congress, Congressional elections, Corporations, Election candidates, Elections, Electronic data interchange, Electronic government information, Finance Latest Action: 01/16/2007 - Referred to the Committee on House Administration, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the comm
Bill TextTo amend the Federal Election Campaign Act of 1971 to reform the financing of campaigns for election for Federal office. 1/16/2007--Introduced. Citizen Legislature and Political Freedom Act - Amends the Federal Election Campaign Act of 1971 (FECA) to terminate limitations on federal election campaign contributions after 2007.Repeals the ban on contributions and expenditures by corporations and labor organizations with respect to elections occurring after December 2007. Amends the Internal Revenue Code to terminate after December 31, 2006, the designation of income tax payments to the Presidential Election Campaign Fund. Terminates the Fund itself and the Presidential Primary Matching Payment Account after December 31, 2007, and transfers any amounts remaining in the Fund to the general fund of the Treasury. Amends FECA to require any political committee of a state or local political party to file with the Federal Election Commission a copy of any report [...] show full description | | Also tagged in: Agricultural credit, Agriculture, Business, Farm lands, Finance, Housing, Income tax, Interest, Mortgages, Rural affairs, Rural housing, Savings and loan associations, Tax exclusion, Taxation Latest Action: 01/12/2007 - Read twice and referred to the Committee on Finance.
Bill TextA bill to amend the Internal Revenue Code of 1986 to exclude from gross income interest received on loans secured by agricultural real property. 1/12/2007--Introduced. Rural Economic Investment Act of 2007 - Amends the Internal Revenue Code to exclude from gross income interest received by a bank or savings association that is insured under the Federal Deposit Insurance Act on a loan secured by agricultural real estate or by a leasehold mortgage on agricultural real estate (real property used for agricultural production or certain single family rural residences). | | Also tagged in: Administrative procedure, Bank deposits, Bank records, Business, Coins and coinage, Congressional reporting requirements, Crime prevention, Criminal justice, Department of the Treasury, Executive departments, Finance, Financial institutions, Government information, Government paperwork, Law, Money Latest Action: 01/24/2007 - Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Bill TextTo amend section 5313 of title 31, United States Code, to reform certain requirements for reporting cash transactions, and for other purposes. 1/23/2007--Passed House without amendment. (There is 1 other summary) (This measure has not been amended since it was introduced. The summary of that version is repeated here.) Seasoned Customer CTR Exemption Act of 2007 - Amends federal money and finance law to: (1) repeal the authority of the Secretary of the Treasury to exempt a depository institution from currency transaction reporting (CTR) requirements with respect to transactions between the depository institution and a qualified business customer; and (2) instruct the Secretary to prescribe regulations that exempt a depository institution from filing a CTR if the transaction is with a qualified customer. Defines qualified customer as any person that: (1) is incorporated or organized under federal or state law, including a sole proprietorship,[...] show full description | | Latest Action: 01/04/2007 - Referred to the House Committee on Financial Services.
Bill TextTo amend the Bank Holding Company Act of 1956 and the Revised Statutes of the United States to prohibit financial holding companies and national banks from engaging, directly or indirectly, in real estate brokerage or real estate management activities, and for other purposes. 1/4/2007--Introduced. Community Choice in Real Estate Act - Amends the Bank Holding Company Act of 1956 and the Revised Statutes of the United States to prohibit the Board of Governors of the Federal Reserve System and the Secretary of the Treasury, respectively, from determining that real estate brokerage activity or real estate management activity is financial in nature, is incidental to any financial activity, or is complementary to a financial activity. (In effect, prohibits financial holding companies and national banks from engaging, directly or indirectly, in real estate brokerage or real estate management activities.) Exempts from such prohibition: (1) activities of a bank holding company [...] show full description | | Also tagged in: Automated teller machines, Bank accounts, Bank deposits, Bank reserves, Business, Checks, Congressional reporting requirements, Credit cards, Credit unions, Deposit insurance, Dividends, Electronic commerce, Electronic funds transfers, Fees, Finance, Financial institutions Latest Action: 01/04/2007 - Referred to the House Committee on Financial Services.
Bill TextTo repeal the prohibition on the payment of interest on demand deposits, and for other purposes. 1/4/2007--Introduced. Business Checking Fairness Act of 2007 - Amends federal law to authorize interest-bearing or dividend-bearing transaction accounts for all businesses, permitting up to 24 transfers per month to another account of the owner in the same institution. Amends the Federal Reserve Act, the Home Owners' Loan Act, and the Federal Deposit Insurance Act to repeal the prohibition against the payment of interest on demand deposits. Authorizes the payment of interest on reserves by a federal reserve bank at least quarterly on balances maintained there on behalf of a depository institution. Amends the Federal Reserve Act to require the Board to survey biennially and report biennially to Congress on bank fees and certain services. Amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, and the Riegle-Neal Interstate Banking [...] show full description | | Also tagged in: Actions and defenses, Business, Child pornography, Child sexual abuse, Children, Civil liberties, Consumer education, Consumers, Credit unions, Criminal justice, Electronic mail systems, Executive departments, Federal Communications Commission, Federal Trade Commission, Finance, Fines (Penalties) Latest Action: 01/04/2007 - Read twice and referred to the Committee on Commerce, Science, and Transportation.
Bill TextA bill to amend the Communications Act of 1934 to prevent the carriage of child pornography by video service providers, to protect children from online predators, and to restrict the sale or purchase of children's personal information in interstate commerce. 1/4/2007--Introduced. Protecting Children in the 21st Century Act - Amends the Communications Act of 1934 to require the Federal Communications Commission (FCC) to issue regulations requiring video services to prevent child pornography. Amends the Crime Control Act of 1990 to triple the fines on providers of electronic communication services or remote computing services who knowingly and willfully fail to report child pornography. Requires warning labels for websites depicting sexually explicit material. Deleting Online Predators Act of 2007 - Amends the Communications Act of 1934 to require schools and libraries that receive universal service support to enforce a policy that: (1) prohibits access to a commercial [...] show full description |
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