Seasoned Customer CTR Exemption Act of 2007

A bill 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.

5/16/2007--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

• Sen. Samuel Brownback [R, KS]
• and 3 Co-Sponsors
  • Sen. C. Saxby Chambliss [R, GA]
  • Sen. Thomas Coburn [R, OK]
  • Sen. Pat Roberts [R, KS]
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Committees

• Senate Finance

Amendments

This bill has no amendments.

Amendments to S.1405

Number	Status	Purpose

Bill Status

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Introduced		Voted on by Senate		Voted on by House		Considered By President		Bill Becomes Law
May 16, 2007

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All Bill Actions

• May 16, 2007: Read twice and referred to the Committee on Finance.
• Introduced on May 16, 2007.

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Related Bills:

• H.R.1869

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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Blog Coverage

July 20, 2007 savings bank - Columbia Encyclopedia article about savings bank

PO-2287-1: S.1405, THE FINANCIAL REGULATORY RELIEF AND ECONOMIC … … savings associations by savings and loan … part of a stock sharing plan … Elimination of thrift multistate multiple holding company restrictions. ...

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