Credit Union, Bank, and Thrift Regulatory Relief Act of 2008

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.

6/24/2008--Passed House without amendment. (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.


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Sponsor

• Rep. Paul Kanjorski [D, PA-11]
• and 3 Co-Sponsors
  • Rep. Dennis Moore [D, KS-3]
  • Rep. Peter Roskam [R, IL-6]
  • Rep. Edward Royce [R, CA-40]
  close

Committees

• House Financial Services
• 1 more
  • Senate Banking, Housing, and Urban Affairs
  close

Amendments

This bill has no amendments.

Amendments to H.R.6312

Number	Status	Purpose

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
June 19, 2008		June 24, 2008

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• Jun 25, 2008: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
• Passed by voice vote in the House on Jun 24, 2008. On motion to suspend the rules and pass the bill Agreed to by voice vote.
• Jun 24, 2008: Considered under suspension of the rules.
• Jun 24, 2008: DEBATE - The House proceeded with forty minutes of debate on H.R. 6312.
• Jun 24, 2008: Mr. Kanjorski moved to suspend the rules and pass the bill.
• Jun 19, 2008: Referred to the House Committee on Financial Services.
• Introduced on Jun 19, 2008.

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Related Issue Areas:

• Finance
• Administrative procedure
• Automated teller machines
• Bank accounts
• 40 more
• Bank loans
• Bank management
• Banks and banking
• Business
• Checks
• Churches
• Civil liberties
• Community development banking
• Congress
• Congressional reporting requirements
• Consumer education
• Consumers
• Cost accounting
• Credit unions
• Depressed areas
• Economic policy
• Electronic funds transfers
• Executive departments
• Fees
• Government information
• Government paperwork
• Interest
• Interest rates
• Investments
• Law
• Leases
• Mortgages
• Motor vehicles
• NOW accounts
• National Credit Union Administration
• Nonprofit organizations
• Religion
• Right of privacy
• Savings and loan associations
• Securities
• Small business
• Small business investment companies
• Social services
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• Transportation

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Blog Coverage

November 03, 2008 CUNA News Now: CUNA looks forward to CU work under Obama

"The Senate is where CUBTRRA now sits," Magill said, referring to the Credit Union, Bank and Thrift Regulatory Relief Act (H.R. 6312), approved by voice vote in the House on June 24. "A so-called lame duck session in the Senate, ...

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Source: CUNA News Now Headlines

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October 05, 2008 HR 1424_Essa Bill including Hope for Home Owners Program

Preview. Section-By-Section Summary of H.R. 6312, the Credit Union, Bank. shared by: crunchy on: 11/1/2008 | views: 0 | downloads: 0 | comments: 0 | category: financial. Preview. H.R. 3103, Hearing Aid Assistance Tax Credit Act ...

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September 20, 2008 CUNA News Now: CUNA: Possible lame duck session for 110th Congress

The House passed the Credit Union, Bank and Thrift Regulatory Relief Act(CUBTRRA, H.R. 6312) on June 19 by voice vote. CUNA continues to urge the Senate to act on this bill before the end of the 110th Congress. CUBTTRA combined most of ...

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