Business Checking Fairness Act of 2008

To 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 for out-of-state branches;
(3) eliminate the lending limit on small business loans and increase it on other business loans; and
(4) increase the amount of capital available for commercial real estate loans. Amends the Home Owners' Loan Act to authorize the Director of Office of Thrift Supervision to prescribe regulations that permit a federal savings association to be organized as an alternative business organization. Amends the Gramm-Leach-Bliley Act to set forth exceptions to the annual privacy notice required of financial institutions.
Business Checking Fairness Act of 2008 - Amends federal banking law to authorize interest-bearing transaction accounts for all businesses.
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. Amends the Federal Reserve Act to direct the Board of Governors of the Federal Reserve System to obtain biennially, and report to Congress regarding, a sample of specified retail banking services and products provided by insured depository institutions and credit unions, including fees.


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Sponsor

• Rep. Dennis Moore [D, KS-3]
• and 8 Co-Sponsors
  • Rep. Dan Boren [D, OK-2]
  • Rep. Nancy Boyda [D, KS-2]
  • Rep. Russ Carnahan [D, MO-3]
  • Rep. Tom Feeney [R, FL-24]
  • Rep. Charles Gonzalez [D, TX-20]
  • Rep. Stephanie Herseth Sandlin [D, SD-0]
  • Rep. James Marshall [D, GA-8]
  • Rep. Peter Roskam [R, IL-6]
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Committees

• House Financial Services

Amendments

This bill has no amendments.

Amendments to H.R.5841

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, 2008

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All Bill Actions

• Apr 17, 2008: Referred to the House Committee on Financial Services.
• Introduced on Apr 17, 2008.

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April 16, 2008 HR 5841, To provide regulatory relief and improve productivity for ...

HR 5841 would provide regulatory relief and improve productivity for insured depository institutions.... Vote on This Bill: For | Against.

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April 16, 2008 Bill Introduced: HR5841 To provide regulatory relief and improve ...

To provide regulatory relief and improve productivity for insured depository institutions, and for other purposes.

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