RELIEVE Act
Latest action · Sep 16, 2014 Committee on Banking, Housing, and Urban Affairs. Hearings held.
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.
- IntroducedJul 30, 2014
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Regulatory Easement for Lending Institutions that Enable a Vibrant Economy Act of 2014 or the RELIEVE Act - Directs the Board of Governors of the Federal Reserve System to publish in the Federal Register proposed revisions to the Small Bank Holding Company Policy Statement on Assessment of Financial and Managerial Factors that apply the policy (unless exclusion is warranted for supervisory purposes) to bank holding companies and savings and loan holding companies with pro forma consolidated assets of less than $1 billion, and which:
- are not engaged in significant nonbanking activities either directly or through a nonbank subsidiary,
- do not conduct significant off-balance sheet activities (including securitization and asset management or administration) either directly or through a nonbank subsidiary, and
- do not have a material amount of debt or equity securities outstanding (other than trust preferred securities) registered with the Securities and Exchange Commission (SEC).
Amends the Truth in Lending Act to limit to a city or town with under 50,000 inhabitants the meaning of "rural" with respect to rural lenders which may presume that the applicant for a residential mortgage loan has a reasonable ability to repay the loan and all applicable taxes, insurance, and assessments.
Amends the Federal Credit Union Act regarding insured amounts payable in connection with a bankrupt state-chartered credit union for which the National Credit Union Administration (NCUA) Board is the liquidating agent.
Revises requirements relating to the limitation to the standard maximum share insurance amount ($250,000) for the net amount of share insurance payable to any member at an insured credit union in the event of such a bankruptcy. Applies the limitation also to any person with funds lawfully held in a member account.
Requires the Board to provide pass-through share insurance paid by certain lawyers administering deposits or shares of any interest on a lawyer's trust account (IOLTA), or paid by the escrow agent administering other similar escrow accounts.
Defines "IOLTA" as a system in which lawyers place certain client funds in interest-bearing or dividend-bearing accounts, with the interest or dividends then used to fund programs such as legal service organizations providing services to clients in need.
Treats IOLTAs as escrow accounts for share insurance purposes, and considers them as member accounts if the administering attorney or escrow agent is a member of the insured credit union in which the funds are held.
Cosponsors 3
Members who signed on, in the order they did. All signed on Jul 30, 2014.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-NE | Deb Fischer | Original | Jul 30, 2014 |
| D-MT | Jon Tester | Original | Jul 30, 2014 |
| D-VA | Mark R. Warner | Original | Jul 30, 2014 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Banking, Housing, and Urban Affairs Committee | Referred Jul 30, 2014Hearings Sep 16, 2014 |
Actions 3
Everything that happened, newest first.
- Sep 16, 2014Committee on Banking, Housing, and Urban Affairs. Hearings held.
- Jul 30, 2014Introduced in Senate
- Jul 30, 2014Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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.
Printed hearings 1
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| S. Hrg. 113-535 | EXAMINING THE STATE OF SMALL DEPOSITORY INSTITUTIONS284 pages | Banking, Housing, and Urban Affairs Committee | Sep 16, 2014 |
Related bills 5
Companion bills and other measures the record links to this one.
Titles 3
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to provide regulatory easement for lending institutions that enable a vibrant economy.
- Short Titles as Introduced
- RELIEVE Act
- Regulatory Easement for Lending Institutions that Enable a Vibrant Economy Act of 2014
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Administrative law and regulatory procedures
- Bank accounts, deposits, capital
- Banking and financial institutions regulation
- Bankruptcy
- Federal Reserve System
- Finance and Financial Sector
- Financial services and investments
- Housing finance and home ownership
- Interest, dividends, interest rates
- Lawyers and legal services
- Rural conditions and development
Text 1
Each version as it was printed, newest first.
- Jul 30, 2014Introduced in Senate
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.