Latest Action: 10/03/2008 - Referred to the House Committee on Financial Services. Bill Text
To provide for a temporary increase in the maximum insured amount limitation for deposit insurance and credit union share insurance to $250,000, and for other purposes.
Latest Action: 07/11/2008 - Sponsor introductory remarks on measure. (CR S6605-6606) Bill TextA bill to amend the Internal Revenue Code of 1986 to allow banks to be taxed as limited liability companies, and for other purposes. 7/11/2008--Introduced. Amends the Internal Revenue Code to allow a state-chartered banking entity to elect to be treated as a partnership or separate entity for tax purposes if it is organized as a limited liability company under state law and has Federal Deposit Insurance Corporation (FDIC) insurance. Exempts such an entity from treatment as a bank under the Internal Revenue Code for purposes of its bad debts, losses, gains from the sale of its securities, and the taxation of its common trust funds.
Also tagged in: Administrative procedure, Bank capital, Bank loans, Bank management, Bank mergers, Business, Credit unions, Department of the Treasury, Disasters, Emergency management, Executive departments, Executive reorganization, Federal Deposit Insurance Corporation, Federal reserve system, Finance, Investments, Law, Leases, National Credit Union Administration, Risk, Savings banks, Securities
Latest Action: 05/01/2008 - Sponsor introductory remarks on measure. (CR S3708-3710) Bill TextA bill to modernize credit union net worth standards, advance credit union efforts to promote economic growth, and modify credit union regularity standards and reduce burdens, and for other purposes. 5/1/2008--Introduced. Credit Union Regulatory Improvements Act of 2008 - Amends the Federal Credit Union Act to reduce the minimum net worth ratio requirements of credit unions. Revises the minimum risk-based net ratio for such capitalizations.Transfers from the federal banking agencies to the Federal Deposit Insurance Corporation (FDIC) the authority to adjust the net worth levels of credit unions.Instructs the National Credit Union Administration Board (Board) to design the risk-based net worth requirement to take account of material risks to insured credit unions that are taken account of by comparable standards applicable to FDIC-insured institutions.Establishes a temporary waiver of the net worth restoration plan requirement for an undercapitalized [...] show full description
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: Appellate courts, Appropriations, Archives, Armed forces, Budgets, Business, Communications, Congress, Congressional elections, Consumer Product Safety Commission, Consumer protection, Consumers, Credit unions, Defense policy, Department of the Treasury, District courts, District of Columbia, Election Assistance Commission, Elections, Environmental protection, Executive departments, Executive Office of the President, Federal Communications Commission, Federal Deposit Insurance Corporation, Federal Election Commission, Federal Labor Relations Authority, Federal Trade Commission, Finance, Foundations, General Services Administration, Government ethics, Government information, Income tax, Independent regulatory commissions, Industrial relations, Inspectors general, Internal Revenue Service (IRS), Labor, Law, Merit Systems Protection Board, National Archives and Records Administration, National Credit Union Administration, Office of Government Ethics, Office of Personnel Management, Office of Special Counsel, Personnel management, Postal service, Presidential elections, Presidents, Promotions, Restrictive trade practices, Securities and Exchange Commission, Securities regulation, Selective Service System, Small business, Small Business Administration, Social services, Supreme Court, Tax courts, Taxation, Telecommunication, United States Postal Service
Latest Action: 07/13/2007 - Committee on Appropriations. Reported by Senator Durbin with an amendment in the nature of a substitute. With written report No. 110-129. Bill TextMaking appropriations for financial services and general government for the fiscal year ending September 30, 2008, and for other purposes. 7/13/2007--Reported to Senate amended. (There are 3 other summaries) Financial Services and General Government Appropriations Act, 2008 - Title I: Department of the Treasury - Department of the Treasury Appropriations Act, 2008 - Makes appropriations for FY2008 to the Department of the Treasury for: (1) departmental offices; (2) department-wide systems and capital investments programs; (3) the Office of Inspector General; (4) the Treasury Inspector General for Tax Administration; (5) the Air Transportation Stabilization Program Account; (6) the Financial Crimes Enforcement Network; (7) the Financial Management Service; (8) the Alcohol and Tobacco Tax and Trade Bureau; (9) the U.S. Mint for the U.S. Mint Public Enterprise Fund; (10) the Bureau of the Public Debt; (11) the Community Development Financial Institutions [...] show full description
Also tagged in: Banks and banking, Communications, Consumers, Deceptive advertising, 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: Bank capital, Bank examination, Bank holding companies, Bank management, Bank mergers, Bank records, Business, 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, Bank capital, Bank loans, Bank management, Bank mergers, Business, Credit unions, Department of the Treasury, Disasters, Emergency management, Executive departments, Executive reorganization, Federal Deposit Insurance Corporation, Federal reserve system, Finance, Investments, Law, Leases, National Credit Union Administration, Risk, Savings banks, Securities
Latest Action: 03/15/2007 - Referred to the House Committee on Financial Services. Bill TextTo modernize credit union net worth standards, advance credit union efforts to promote economic growth, and modify credit union regulatory standards and reduce burdens, and for other purposes. 3/15/2007--Introduced. Credit Union Regulatory Improvements Act of 2007 - Amends the Federal Credit Union Act to reduce the minimum net worth ratio requirements of credit unions. Revises the minimum risk-based net ratio for such capitalizations. Transfers from the federal banking agencies to the Federal Deposit Insurance Corporation (FDIC) the authority to adjust the net worth levels of credit unions. Instructs the National Credit Union Administration Board (Board) to design the risk-based net worth requirement to take account of material risks to insured credit unions that are taken account of by comparable standards applicable to FDIC-insured institutions. Establishes a temporary waiver of the net worth restoration plan requirement for an undercapitalized [...] show full description
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Energy, Energy conservation, Energy efficiency, Enterprise zones, Environmental protection, Excise tax, Executive compensation, Executive departments, Executive reorganization, Expedited congressional procedure, Exports, Federal advisory bodies, Federal aid to education, Federal aid to housing, Federal budget process, Federal budgets, Federal Deposit Insurance Corporation, Federal employees, Federal reserve system, Fetus, Finance, Financial services, Floods, Food, Foreclosure, Foreign banks and banking, Foreign corporations, Foreign policy, Foreign tax credit, Fringe benefits, Fuel cells, Gas industry, Genetics, Geothermal resources, Golden parachutes, Government corporations, Government employees, Government employees' health insurance, Government information, Government paperwork, Government trust funds, Hazardous substances, Hazardous wastes, Health insurance, Health maintenance organizations, Health policy, Heat pumps, Higher education, Home ownership, Home repair and improvement, Hospital care, House rules and procedure, Housing, Housing finance, Human embryology, Humanities, Hurricanes, Hydroelectric power, Illinois, Incineration, Income tax, Indian economic development, Indiana, Individual retirement accounts, Information disclosure (Securities law), Injunctions, Inspectors general, Insurance premiums, Intergovernmental fiscal relations, Internal revenue law, International affairs, International finance, Inventories, Investment tax credit, Investments, Iowa, Iron and steel industry, Irrigation, Job training, Judicial review, Kansas, Labor, Labor unions, Labor-management committees, Landfills, Law, Leases, Legislative resolutions, Liability for environmental damages, Loan defaults, Losses, Louisiana, Low-income housing, Managed care, Margins (Security trading), Marine resources, Medicaid, Medical care, Medical economics, Medical records, Medical tests, Medicare, Medicine, Mental health services, Mental illness, Methane, Michigan, Midwest (U.S.), Mine safety, 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resources, Welfare, Wind power, Wisconsin, Wool
Latest Action: 10/03/2008 - Pursuant to the provisions of H. Res. 1525, the House moved to agree to the Senate amendments. (consideration: CR H10712-10806) Bill TextA bill to provide authority for the Federal Government to purchase and insure certain types of troubled assets for the purposes of providing stability to and preventing disruption in the economy and financial system and protecting taxpayers, to amend the Internal Revenue Code of 1986 to provide incentives for energy production and conservation, to extend certain expiring provisions, to provide individual income tax relief, and for other purposes. 10/3/2008--Public Law. (There are 6 other summaries) (This measure has not been amended since it was passed by the Senate on October 1, 2008. The summary of that version is repeated here.)Division A: Emergency Economic Stabilization - Emergency Economic Stabilization Act of 2008 - Title I: Troubled Assets Relief Program - (Sec. 101) Authorizes the Secretary of the Treasury (Secretary) to establish the Troubled Asset Relief Program (TARP) to purchase troubled assets from any financial [...] show full description
Latest Action: 04/11/2007 - Referred to the Subcommittee on Financial Institutions and Consumer Credit. Bill TextTo amend the Federal Deposit Insurance Act with respect to municipal deposits. 1/10/2007--Introduced. Municipal Deposit Insurance Protection Act of 2007 - Amends the Federal Deposit Insurance Act to set $2 million as the maximum amount of insurance for in-state municipal depositor accounts held by an insured depository institution.
Also tagged in: Automated teller machines, Bank accounts, Bank deposits, Bank reserves, Banks and banking, Business, Checks, Congressional reporting requirements, Credit cards, Credit unions, Dividends, Electronic commerce, Electronic funds transfers, Fees, Finance, Financial institutions, Financial services, Government information, Government paperwork, Housing, Interest, Internet, Law, Real estate business, Savings and loan associations, Surveys, Technology, Telecommunication, User charges
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. 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 and Branching Efficiency Act of 1994, to repeal certain reporting requirements. Cites practices which shall not be treated as payment or receipt of interest [...] show full description
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