Credit Union, Bank, and Thrift Regulatory Relief Act of 2008
Latest action · Jun 25, 2008 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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.
- IntroducedJun 19, 2008
- Passed HouseJun 24, 2008
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
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 from limitations placed upon member business loans.
(Sec. 104) Authorizes the National Credit Union Administration Board to establish longer loan maturity dates.
(Sec. 106) Directs the Board to prescribe criteria for continued membership of certain member groups in the case of certain credit union conversions to a community charter.
(Sec. 108) Revises requirements for credit union membership in certain underserved areas.
(Sec. 109) Empowers a federal credit union to provide short-term unsecured loans as an alternative to payday loans.
(Sec. 110) Authorizes a credit union board of directors to expel a member for just cause, including disruption of credit union operations.
(Sec. 111) Excludes from the meaning of member business loan subject to certain limitations any extension of credit to a member, meeting specified criteria, whose proceeds are to be used for commercial, corporate, business, farm or agricultural purposes in an underserved area.
Title II: Savings Association Provisions - (Sec. 201) Amends the Home Owners' Loan Act with respect to federal savings associations to: (1) increase their maximum authorized investment in small business investment companies from 1% to 5% of capital and surplus; (2) permit investments in any entity established to invest solely in small business investment companies; (3) permit investment in auto loans, without limitation as a percentage of assets; (4) repeal the requirement that out-of-state branches meet the criteria for treatment as a domestic building and loan association or as a qualified thrift lender; (5) eliminate the lending limit on small business loans and increase it on other commercial loans; (6) increase from 400% to 500% the amount of capital available for nonresidential (commercial) real estate loans; and (7) exclude credit card banks from specified treatment for multiple savings and loan holding companies.
Title III: Notice Provisions - (Sec. 301) Amends the Gramm-Leach-Bliley Act to set forth exceptions to the annual privacy notice required of financial institutions.
Title IV: Business Checking - Business Checking Fairness Act of 2008 - (Sec. 402) Amends federal banking 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.
(Sec. 403) Amends the Federal Reserve Act, the Home Owners' Loan Act, and the Federal Deposit Insurance Act to repeal the prohibition against payment of interest on demand deposits.
(Sec. 404) Prescribes a rule of construction for escrow accounts maintained at a depository institution for the purpose of completing the settlement of a real estate transaction.
Declares that the institution's absorption of expenses incidental to providing a normal banking service with respect to such escrow account, its forbearance from charging a related fee, and any resulting benefit accruing to the escrow account holder or beneficiary shall not be treated as the payment or receipt of interest for certain purposes.
Declares that no provision of this title shall be construed so as to: (1) require a depository institution that maintains such an escrow account to pay interest on it, or prohibit the institution from paying such interest; or (2) preempt state law dealing with payment of interest on such accounts.
(Sec. 405) Amends the Federal Reserve Act to direct the Board of Governors of the Federal Reserve System to survey and report biennially to Congress on a sample of specified retail banking services and products provided, as well as related fees charged, by insured depository institutions and credit unions.
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 provisions.
Cosponsors 3
Members who signed on, in the order they did. Signatures ran from Jun 19, 2008 to Jun 23, 2008; 2 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-KS | Dennis Moore | Original | Jun 19, 2008 |
| R-CA | Edward R. Royce | Original | Jun 19, 2008 |
| R-IL | Peter J. Roskam | Jun 23, 2008 |
Committees 2
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Jun 19, 2008 |
| Senate | Banking, Housing, and Urban Affairs Committee | Referred Jun 25, 2008 |
Actions 8
Everything that happened, newest first.
- Jun 25, 2008Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Jun 24, 2008Mr. Kanjorski moved to suspend the rules and pass the bill.
- Jun 24, 2008Considered under suspension of the rules. (consideration: CR H5979-5984)
- Jun 24, 2008DEBATE - The House proceeded with forty minutes of debate on H.R. 6312.
- Jun 24, 2008Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H5979-5982)
- Jun 24, 2008Motion to reconsider laid on the table Agreed to without objection.
- Jun 19, 2008Introduced in House
- Jun 19, 2008Referred to the House Committee on Financial Services.
In the Congressional Record 2
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| Extensions | Debate and remarks E1347 | Maxine Waters D-CA | Jun 25, 2008 |
| House | Debate and remarks H5979–H5984Text printed H5979–H5982 | Dennis Moore D-KS, Edward R. Royce R-CA, Jason Altmire D-PA, Paul E. Kanjorski D-PA | Jun 24, 2008 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
CRS reports 1
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
About this bill 1
Products that name it in their title: its number, its law number or one of its short titles.
| Product | Title | Kind | Published |
|---|---|---|---|
| RS22924 | Credit Union, Bank, and Thrift Regulatory Relief Act of 2008 Archived | Report | Jul 23, 2008 |
Titles 5
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To 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.
- Short Titles as Introduced
- Credit Union, Bank, and Thrift Regulatory Relief Act of 2008
- Short Titles as Passed House
- Credit Union, Bank, and Thrift Regulatory Relief Act of 2008
- Short Titles as Introduced for portions of this bill
- Business Checking Fairness Act of 2008
- Short Titles as Passed House for portions of this bill
- Business Checking Fairness Act of 2008
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Administrative procedure
- Automated teller machines
- Bank accounts
- Bank loans
- Bank management
- Checks
- Churches
- Civil Rights and Liberties, Minority Issues
- Commerce
- Community development banking
- Congress
- Congressional reporting requirements
- Consumer education
- Cost accounting
- Credit unions
- Depressed areas
- Economics and Public Finance
- Electronic funds transfers
- Fees
- Finance and Financial Sector
- Government Operations and Politics
- Government paperwork
- Interest
- Interest rates
- Investments
- Law
- Leases
- Mortgages
- Motor vehicles
- National Credit Union Administration
- Nonprofit organizations
- NOW accounts
- Religion
- Right of privacy
- Savings and loan associations
- Securities
- Small business
- Social Welfare
- Surveys
- Transportation and Public Works
Text 3
Each version as it was printed, newest first.
- Jun 25, 2008Referred in Senate
- Jun 24, 2008Engrossed in House
- Jun 19, 2008Introduced 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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
