Also tagged in: Administrative procedure, Automated teller machines, Bank accounts, Bank loans, Bank management, Banks and banking, Business, Checks, Churches, Civil liberties, Community development banking, Congress, Congressional reporting requirements, Consumer education, Consumers, Cost accounting, Credit unions, Depressed areas, Economic policy, Electronic funds transfers, Executive departments, Fees, Finance, Government information, Government paperwork, Interest, Interest rates, Investments, Law, Leases, Mortgages, Motor vehicles, National Credit Union Administration, Nonprofit organizations, NOW accounts, Religion, Right of privacy, Securities, Small business, Small business investment companies, Social services, Surveys, Transportation
Latest Action: 06/25/2008 - Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Bill TextTo advance credit union efforts to promote economic growth, modify credit union regulatory standards and reduce burdens, to provide regulatory relief and improve productivity for insured depository institutions, and for other purposes. 6/24/2008--Passed House without amendment. (There is 1 other summary) (This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.) Credit Union, Bank, and Thrift Regulatory Relief Act of 2008 - Title I: Credit Unions - (Sec. 101) Amends the Federal Credit Union Act to: (1) permit a credit union to invest in securities for its own account, subject to certain percentage limitations; and (2) increase the investment and lending limit in credit union service organizations from 1% to 3% of a credit union's total paid and unimpaired capital and surplus. (Sec. 103) Excludes credit union loans to nonprofit religious organizations [...] show full description
Also tagged in: Administrative procedure, Bank capital, Bank loans, Bank management, Banks and banking, Branch banking, Business, Civil liberties, Congress, Congressional reporting requirements, Corporation taxes, Department of the Treasury, Executive departments, Fees, Finance, Government information, Government paperwork, Housing, Income tax, Interest, Investment banking, Investments, Law, Loans, Mortgages, Motor vehicles, NOW accounts, Right of privacy, Small business, Taxation, Transportation
Latest Action: 04/17/2008 - Referred to the House Committee on Financial Services. Bill TextTo provide regulatory relief and improve productivity for insured depository institutions, and for other purposes. 4/17/2008--Introduced. Bank and Thrift Regulatory Relief Act of 2008 - Amends the Revised Statutes of the United States to authorize the Comptroller of the Currency, in lieu of requirements relating to the ownership of capital stock in the national bank, to permit an individual to serve as a director of a national bank that has elected, or notified the Comptroller of its intention, to operate as a S corporation under the Internal Revenue Code. Authorizes the Comptroller to prescribe regulations that permit a national bank to be organized other than as a body corporate (that is, as an alternative business organization). Amends the Home Owners' Loan Act governing federal savings associations to: (1) increase their investment in small business investment companies from 1% to 5%; (2) permit investments in auto loans; (3) repeal the qualified thrift lender requirement [...] show full description
Also tagged in: Actions and defenses, Administrative law judges, Administrative procedure, Alcoholic beverages, Antitrust law, Authorization, Banks and banking, Budgets, Business, Consumer protection, Consumers, Economic policy, Economists, Executive departments, Federal preemption, Federal Trade Commission, Finance, Food, Governmental investigations, Housing, Independent regulatory commissions, Judicial review, Law, Mortgage interest rates, Mortgages, Nonprofit organizations, Restrictive trade practices, Social services, State and local government, State laws, Telemarketing
Latest Action: 04/08/2008 - Sponsor introductory remarks on measure. (CR S2754) Bill TextA bill to reauthorize the Federal Trade Commission, and for other purposes. 4/8/2008--Introduced. Federal Trade Commission Reauthorization Act of 2008 - Amends the Federal Trade Commission Act to authorize appropriations to carry out the powers and duties of the Federal Trade Commission (FTC) and to improve technology regarding the FTC's competition and consumer protection missions. Authorizes the FTC to directly handle civil actions under the Act or to request the Attorney General do so. Allows the FTC to give appointment preference to administrative judges with antitrust or trade regulation litigation and related economic analysis experience. Permits the FTC to commence a civil action to recover civil penalties in a district court for any violation of the Act. Permits the FTC to enforce the Act against nonprofit organizations. Authorizes the FTC to operate under general federal law rulemaking and judicial review provisions instead of under [...] show full description
Also tagged in: Administrative procedure, Bank holding companies, 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, 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: Bank capital, Banks and banking, Community development, Community development banking, Depressed areas, Economic policy, Finance, Housing, Infrastructure, Investments, Job creation, Law, Liability (Law), Rural affairs, Urban affairs
Latest Action: 12/14/2007 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Bill TextA bill to increase community development investments by depository institutions, and for other purposes. 12/14/2007--Introduced. 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 a federal savings association from making an investment which would subject it to unlimited liability to any person. Requires the Director of the Office of Thrift Supervision [...] show full description
Also tagged in: Actions and defenses, Administrative remedies, Affiliated corporations, Bank deposits, Bank examination, Banks and banking, Business, Collection of accounts, Congressional reporting requirements, Consumer complaints, Consumer credit, Consumer protection, Consumers, Damages, Department of the Treasury, Executive departments, Federal preemption, Federal-state relations, Finance, Foreclosure, Fraud, Government information, Government paperwork, Government publicity, Government statistics, Governmental investigations, Housing, Law, Mortgage banks, Mortgages, Restrictive trade practices, State and local government, State laws, Subsidiary corporations
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
Also tagged in: Agricultural cooperatives, Agricultural credit, Agriculture, Bank accounts, Banks and banking, 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, Economic policy, Education, Electrification, Energy, Entrepreneurs, Excise tax, Federal aid to education, Federally-guaranteed loans, Finance, Government information, Government paperwork, Health policy, Higher education, Home ownership, Housing, Housing finance, Income tax, Indexing (Economic policy), Infrastructure, Infrastructure (Economics), Internal migration, Investment tax credit, Job creation, Job training, Labor, Law, Medical care, Medical economics, Minimum tax, Nonprofit organizations, Politics and government, Residence requirements, Rural affairs, Rural economic development, Rural education, Rural housing, Saving and investment, Scholarships, Securities, Small business, Small towns, Social services, State and local government, Student loan funds, Tax credits, Tax deductions, Tax exclusion, Tax exemption, Tax penalties, Tax returns, Tax-exempt organizations, Trusts and trustees, Urban affairs, Venture capital, Vocational education, Welfare
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: Administrative procedure, Bank holding companies, 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, 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: Bank capital, Banks and banking, Community development, Community development banking, Depressed areas, Economic policy, Finance, Housing, Infrastructure, Investments, Job creation, Law, Liability (Law), Rural affairs, 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: Agricultural credit, Agriculture, Banks and banking, Business, Farm lands, Finance, Housing, Income tax, Interest, Mortgages, Rural affairs, Rural housing, 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.
Also tagged in: Agricultural credit, Agriculture, Banks and banking, Business, Farm lands, Finance, Housing, Income tax, Interest, Mortgages, Rural affairs, Rural housing, 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: Actions and defenses, Banks and banking, 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), Foreign banks and banking, Government information, Government publicity, Humanities, Identification devices, Independent regulatory commissions, Injunctions, International finance, Internet, Law, Libraries, Parties to actions, Pornography, Restrictive trade practices, Right of privacy, Sentences (Criminal procedure), Social security, Social security numbers, Technology, Telecommunication, Telephone, Web sites
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
Also tagged in: Automated teller machines, Bank accounts, Bank deposits, Bank reserves, Banks and banking, Business, Checks, Congressional reporting requirements, Credit cards, Credit unions, Deposit insurance, Dividends, Electronic commerce, Electronic funds transfers, Fees, Finance, Financial institutions, Financial services, Government information, Government paperwork, Housing, Interest, Internet, Law, Real estate business, 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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