Seasoned Customer CTR Exemption Act of 2007

To enhance the ability of community banks to foster economic growth and serve their communities, boost small businesses, increase individual savings, and for other purposes.

4/17/2007--Introduced.
Community Banks Serving Their Communities First Act, or the Communities First Act - Revises regulatory requirements for community banks, including amendments to:
(1) the Federal Deposit Insurance Act to permit certain insured depository institutions to submit a short form report of condition;
(2) the Sarbanes-Oxley Act of 2002 to exempt certain small-sized depository institutions from annual management assessment of internal controls requirements;
(3) the Securities Investor Protection Act of 1970 to exempt certain small-size community banks from its prohibition against advances for customers' net equity claims;
(4) the Federal Reserve Act to increase the asset size of banks exempt from the limitation on extensions of credit to executive officers, directors, and principal shareholders; and
(5) the Securities Exchange Act of 1934 to increase the shareholder registration threshold. Amends the Truth in Lending Act to direct the Federal Reserve Board to prescribe regulations authorizing a consumer to waive the right of rescission as to certain transactions when the creditor is an insured depository institution. Seasoned Customer CTR Exemption Act of 2007 - Instructs the Secretary of the Treasury to prescribe regulations to exempt a depository institution from filing a currency transaction report (CTR) in the case of certain qualified customers. Amends additional Acts, including:
(1) the Gramm-Leach-Bliley Act to exempt specified community banks from furnishing a mandatory privacy notice;
(2) the Fair Credit Reporting Act to require a consumer's written consent before a consumer reporting agency may furnish a consumer report upon request from another creditor; and
(3) the Federal Reserve Act to limit loans to executive officers. Amends the Internal Revenue Code with respect to specified tax provisions for long-term certificates of deposit, loans secured by agricultural real property, qualified small issue bonds, Federal Deposit Insurance Corporation-insured limited liability companies, and young savers accounts. Repeals the individual alternative minimum tax for individuals and community banks. Reduces the tax rates for community banks. Revises certain Subchapter S requirements for tax treatment of small businesses. Amends the Small Business Act with respect to:
(1) reduced fees for specified loans; and
(2) a low documentation loan program.


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Sponsor

• Rep. Nydia Velazquez [D, NY-12]
• and 29 Co-Sponsors
  • Rep. Jason Altmire [D, PA-4]
  • Rep. Jo Bonner [R, AL-1]
  • Rep. Dan Boren [D, OK-2]
  • Rep. Frederick Boucher [D, VA-9]
  • Rep. Bruce Braley [D, IA-1]
  • Rep. Virginia Brown-Waite [R, FL-5]
  • Rep. Dan Burton [R, IN-5]
  • Rep. Christopher Cannon [R, UT-3]
  • Rep. Yvette Clarke [D, NY-11]
  • Rep. Robert Cramer [D, AL-5]
  • Rep. Thomas Edwards [D, TX-17]
  • Rep. Al Green [D, TX-9]
  • Rep. Phil Hare [D, IL-17]
  • Rep. Peter Hoekstra [R, MI-2]
  • Rep. Ray LaHood [R, IL-18]
  • Rep. Kenny Marchant [R, TX-24]
  • Rep. Michael McCaul [R, TX-10]
  • Rep. Cathy McMorris Rodgers [R, WA-5]
  • Rep. Jerry McNerney [D, CA-11]
  • Rep. Jerry Moran [R, KS-1]
  • Rep. Ronald Paul [R, TX-14]
  • Rep. Steven Pearce [R, NM-2]
  • Rep. Ted Poe [R, TX-2]
  • Rep. Harold Rogers [R, KY-5]
  • Rep. David Scott [D, GA-13]
  • Rep. Albio Sires [D, NJ-13]
  • Rep. Mark Souder [R, IN-3]
  • Rep. Mark Udall [D, CO-2]
  • Rep. Timothy Walberg [R, MI-7]
  close

Committees

• House Financial Services
• 2 more
  • House Small Business
  • House Ways and Means
  close

Amendments

This bill has no amendments.

Amendments to H.R.1869

Number	Status	Purpose

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
April 17, 2007

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All Bill Actions

• Apr 17, 2007: Referred to House Small Business
• Apr 17, 2007: Referred to House Ways and Means
• Apr 17, 2007: Referred to House Financial Services
• Apr 17, 2007: Referred to the Committee on Financial Services, and in addition to the Committees on Ways and Means, and Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
• Introduced on Apr 17, 2007.

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Related Bills:

• S.1405

Related Issue Areas:

• Finance
• Administrative procedure
• Agriculture
• Bank holding companies
• 44 more
• Bank loans
• Bank management
• Bank records
• Banks and banking
• Bonds
• Business
• Civil liberties
• Community development banking
• Congress
• Congressional investigations
• Congressional reporting requirements
• Consumer credit
• Consumer education
• Consumers
• Corporation directors
• Corporation taxes
• Credit bureaus
• Debtor and creditor
• Department of the Treasury
• Executive departments
• Farm lands
• Federal reserve system
• Fees
• Government information
• Government paperwork
• Housing
• Income tax
• Individual retirement accounts
• Information disclosure (Securities law)
• Interest
• Law
• Minimum tax
• Money
• Mortgage banks
• Mortgages
• Partnerships
• Pensions
• Right of privacy
• Small business
• Stockholders
• Tax credits
• Tax rates
• Tax-exempt securities
• Taxation

Data from the Congressional Research Service

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Pass HR 1869 to enhance the ability of community banks to foster economic growth and serve their communities, boost small businesses, increase individual savings, and for other purposes. Array. Resolved Question: Business Degree ...

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Pass HR 1869 to enhance the ability of community banks to foster economic growth and serve their communities, boost small businesses, increase individual savings, and for other purposes. Array. Resolved Question: Ron Paul's economic ...

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March 27, 2008 Resolved Question: Why do companies get away with this kind of crap?

Pass HR 1869 to enhance the ability of community banks to foster economic growth and serve their communities, boost small businesses, increase individual savings, and for other purposes. Array. Resolved Question: Ron Paul's economic ...

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