Also tagged in: Bank examination, Consumer credit, Consumers, Executive departments, Executive reorganization, Finance, Government information, Government publicity, Housing, Law, Licenses, Mortgage banks, Mortgages, Savings and loan associations, Standards, State and local government, State laws
Latest Action: 09/25/2008 - Sponsor introductory remarks on measure. (CR S9497-9498) Bill TextA bill to establish a Federal Mortgage Origination Commission, and for other purposes. 9/25/2008--Introduced. Mortgage Origination Commission Act of 2008 - Establishes the Mortgage Origination Commission to develop criteria and a numerical rating system to evaluate, and periodically report to the public on, the effectiveness of: (1) state licensing, supervision, and enforcement systems regarding mortgage loan originators and mortgage companies; and (2) mechanisms to collect, evaluate, and respond to complaints against state-licensed mortgage loan originators and mortgage companies. Amends the Truth in Lending Act to declare that its consumer credit protections shall be enforced by: (1) the Board of Governors of the Federal Reserve System (Board) under the Federal Deposit Insurance Act with respect to bank holding companies; and (2) the Director of the Office of Thrift Supervision with respect to savings and loan holding companies. Authorizes state agencies to [...] show full description
Also tagged in: Administrative procedure, Bank management, Banks and banking, 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: 03/05/2008 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Bill TextA bill to reduce the reporting and certification burdens for certain financial institutions of sections 302 and 404 of the Sarbanes-Oxley Act of 2002. 3/5/2008--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, Agriculture, Bank loans, Bank management, Bank records, Banks and banking, Bonds, Business, Civil liberties, Community development banking, Congress, Congressional investigations, Congressional reporting requirements, Consumer credit, Consumer education, Consumers, Corporation directors, Corporation taxes, Credit bureaus, Debtor and creditor, Department of the Treasury, Executive departments, Farm lands, Federal reserve system, Fees, Finance, Government information, Government paperwork, Housing, Income tax, Individual retirement accounts, Information disclosure (Securities law), Interest, Law, Minimum tax, Money, Mortgage banks, Mortgages, Partnerships, Pensions, Right of privacy, Small business, Stockholders, Tax credits, Tax rates, Taxation
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: Bank capital, Bank examination, Bank management, Bank mergers, Bank records, Business, Deposit insurance, Finance, Foreign banks and banking, International finance, Nonbank banks, Subsidiary corporations
Latest Action: 05/10/2007 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Bill TextA bill to amend the Federal Deposit Insurance Act to establish industrial bank holding company regulation, and for other purposes. 5/10/2007--Introduced. Industrial Bank Holding Company Act of 2007 - Amends the Federal Deposit Insurance Act (FDIA) to apply the bank share or asset acquisition requirements of the Bank Holding Company Act of 1956 to any company that is or would become an industrial bank holding company.Subjects an industrial bank to Federal Deposit Insurance Corporation (FDIC) requirements regarding registration, reporting, and bank examinations. Prohibits the FDIC from imposing capital or capital adequacy requirements on functionally regulated affiliates of any depository institution controlled by industrial bank holding companies meeting certain criteria. Requires a federal supervisory agency of an industrial bank holding company to forego examination of any depository institution subsidiary of the holding company. Authorizes the [...] show full description
Also tagged in: Administrative procedure, Agriculture, Bank loans, Bank management, Bank records, Banks and banking, Bonds, Business, Civil liberties, Community development banking, Congress, Congressional investigations, Congressional reporting requirements, Consumer credit, Consumer education, Consumers, Corporation directors, Corporation taxes, Credit bureaus, Debtor and creditor, Department of the Treasury, Executive departments, Farm lands, Federal reserve system, Fees, Finance, Government information, Government paperwork, Housing, Income tax, Individual retirement accounts, Information disclosure (Securities law), Interest, Law, Minimum tax, Money, Mortgage banks, Mortgages, Partnerships, Pensions, Right of privacy, Small business, Stockholders, Tax credits, Tax rates, Taxation
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: American investments, Business, Corporation taxes, Finance, Financial services, Foreign banks and banking, Foreign corporations, Holding companies, Income tax, Insurance, Insurance companies, International finance, Stockholders, Tax deferral, Tax exclusion, Taxation, Taxation of foreign income, Trade
Latest Action: 03/20/2007 - Sponsor introductory remarks on measure. (CR S3391) Bill TextA bill to amend the Internal Revenue Code of 1986 to permanently extend the subpart F exemption for active financing income. 3/20/2007--Introduced. Amends the Internal Revenue Code, with respect to taxation of U.S. shareholders of controlled foreign corporations, to permanently extend the subpart F exemption (which excludes such income from the shareholder's foreign personal holding company income) for active financing (insurance, banking, financing, or similar businesses) income earned on business operations overseas.
Also tagged in: Administrative procedure, Bank management, Banks and banking, 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: American investments, Business, Corporation taxes, Finance, Financial services, Foreign banks and banking, Foreign corporations, Holding companies, Income tax, Insurance, Insurance companies, International finance, Stockholders, Tax deferral, Tax exclusion, Taxation, Taxation of foreign income, Trade
Latest Action: 03/13/2007 - Sponsor introductory remarks on measure. (CR E530) Bill TextTo amend the Internal Revenue Code of 1986 to permanently extend the subpart F exemption for active financing income. 3/13/2007--Introduced. Amends the Internal Revenue Code, with respect to taxation of U.S. shareholders of controlled foreign corporations, to permanently extend the subpart F exemption (which excludes such income from the shareholder's foreign personal holding company income) for active financing (insurance, banking, financing, or similar businesses) income earned on business operations overseas.
Also tagged in: Administrative procedure, Affiliated corporations, Automobile insurance, Bank accounts, Bank examination, Bank loans, Bank mergers, Bank records, Banks and banking, Brokers, Business, Business insurance, Business records, Casualty insurance, Civil rights, Community development banking, Consent decrees, Consumer credit, Consumers, Data banks, Department of Housing and Urban Development, Department of the Treasury, Depressed areas, Discrimination in consumer credit, Economic policy, Executive departments, Fair housing, Federal Deposit Insurance Corporation, Federal reserve system, Finance, Financial institutions, Financial services, Fines (Penalties), Government corporations, Government information, Government paperwork, Government publicity, Housing, Information disclosure (Securities law), Injunctions, Insurance, Insurance agents, Insurance companies, Insurance premiums, Investment advisers, Investments, Law, Liability (Law), Minorities, Mortgage banks, Mortgage guaranty insurance, Mortgages, Mutual funds, Nonbank banks, Property insurance, Public meetings, Racial discrimination, Rural affairs, Securities industry, Securities regulation, Small business, Technology, Usury
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: Administrative procedure, Bank examination, Business, Corporate finance, Executive departments, Federal Deposit Insurance Corporation, Finance, Financial statements, Government corporations, Government information, Government paperwork, Law, Subsidiary corporations
Latest Action: 05/22/2007 - 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 establish industrial bank holding company regulation, and for other purposes. 5/21/2007--Passed House amended. (There are 2 other summaries) Industrial Bank Holding Company Act of 2007 - Amends the Federal Deposit Insurance Act (FDIA) to apply the bank share or asset acquisition requirements of the Bank Holding Company Act of 1956 to any company that is or would become an industrial bank holding company. States that an application filed to acquire control of an industrial bank shall be treated as an application for a deposit facility. Subjects an industrial bank to Federal Deposit Insurance Corporation (FDIC) requirements regarding registration, reporting, and bank examinations. Authorizes the FDIC to accept reports that an industrial bank holding company or its subsidiary has provided to another federal or state supervisor or to any appropriate self-regulatory organization. Prohibits [...] show full description
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
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
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