Business Checking Fairness Act of 2008 - OpenCongress Wiki
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Business Checking Fairness Act of 2008
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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)[1]
Contents |
Current status
| H.R.6312 (110th Congress) - Credit Union, Bank, and Thrift Regulatory Relief Act of 2008 | Status: House Passed |
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.
Sponsor: Paul KanjorskiCommittees: House Financial Services, Senate Banking, Housing, and Urban Affairs
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.[2]
- 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.[2]
- Authorizes the National Credit Union Administration Board to establish longer loan maturity dates.[2]
- 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.[2]
- Revises requirements for credit union membership in certain underserved areas.[2]
- Empowers a federal credit union to provide short-term loans as an alternative to payday loans.[2]
- 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.[2]
- 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.[2]
- 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.[2]
- 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.[2]
- 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.[2]
