Business Checking Fairness Act of 2007
Latest action · Jan 4, 2007 Referred to the House Committee on Financial Services.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJan 4, 2007
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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 if they relate to an escrow account maintained at a depository institution in connection with a real estate transaction.
Cosponsors 7
Members who signed on, in the order they did. Signatures ran from Apr 23, 2007 to Jul 15, 2008.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-WA | Cathy McMorris Rodgers | Apr 23, 2007 | |
| D-TX | Eddie Bernice Johnson | Apr 23, 2007 | |
| D-TX | Henry Cuellar | Apr 23, 2007 | |
| R-TX | Ron Paul | Apr 23, 2007 | |
| D-CA | Brad Sherman | Jan 15, 2008 | |
| R-ID | Bill Sali | Feb 28, 2008 | |
| R-NC | Virginia Foxx | Jul 15, 2008 |
Actions 2
Everything that happened, newest first.
- Jan 4, 2007Introduced in House
- Jan 4, 2007Referred to the House Committee on Financial Services.
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Automated teller machines
- Bank accounts
- Bank deposits
- Bank reserves
- Checks
- Commerce
- Congressional reporting requirements
- Credit cards
- Credit unions
- Deposit insurance
- Dividends
- Electronic commerce
- Electronic funds transfers
- Fees
- Finance and Financial Sector
- Financial institutions
- Financial services
- Government Operations and Politics
- Government paperwork
- Housing and Community Development
- Interest
- Internet
- Law
- Real estate business
- Savings and loan associations
- Science, Technology, Communications
- Surveys
- User charges
Text 1
Each version as it was printed, newest first.
- Jan 4, 2007Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.