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{{Economic Policy (U.S.)|congress=110|bill=h6312}}

The '''Business Checking Fairness Act of 2008''' (H.R.6312) was a bill in the [[110th Congress]] "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.” (Official title)<ref name="OpenCongress info">OpenCongress’ info page on [http://www.opencongress.org/bill/110-h6312/show Business Checking Fairness Act of 2008 (H.R. 6312)].</ref>

==Current status==

<USbillinfo congress="110" bill="H.6312" />

==Bill summary==
*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.<ref name="Govtrack">Govtrack.us’ info page on [http://www.govtrack.us/congress/bill.xpd?bill=h110-6312&tab=summary Business Checking Fairness Act of 2008 (H.R. 6312)].</ref>
*Excludes credit union loans to nonprofit religious organizations from limitations placed upon member business loans.
*Redefines member business loan to increase specified extensions of credit.<ref name="Govtrack"/>
*Authorizes the National Credit Union Administration Board to establish longer loan maturity dates.<ref name="Govtrack"/>
*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.<ref name="Govtrack"/>
*Revises requirements for credit union membership in certain underserved areas.<ref name="Govtrack"/>
*Empowers a federal credit union to provide short-term loans as an alternative to payday loans.<ref name="Govtrack"/>
*Authorizes a credit union board of directors to expel a member for just cause, including disruption of credit union operations.
*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.<ref name="Govtrack"/>
*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; (4) increase the amount of capital available for commercial real estate loans; and (5) redefine savings association.<ref name="Govtrack"/>
*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.<ref name="Govtrack"/>
*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.<ref name="Govtrack"/>
*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.<ref name="Govtrack"/>

==Key votes==


==Articles and resources==

===See also===

===References===

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