H.R. 1375: Financial Services Regulatory Relief Act of 2004

108th Congress · introduced 2003-03-20 · Finance and Financial Sector · Latest: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

federal

Follow this bill, step by step

Where it came from: introduced 2003-03-20 · official record
Who proposed it: Rep. Capito, Shelley Moore [R-WV-2] · what a sponsor is
What happened next: 4 recorded votes in our records. Latest: House roll call 66 (2004): On Agreeing to the Amendment, HR1375 (2004-03-18), Failed. See all
Where it stands now: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Financial Services Regulatory Relief Act of 2004

Plain summary

Financial Services Regulatory Relief Act of 2003 - Amends the Revised Statutes of the United States to: (1) revise capital stock ownership requirements for directors of national banks and national bank dividends; and (2) repeal the capital requirements for new intrastate branches, including capital stock and surplus requirements. Amends the Home Owners' Loan Act to prescribe guidelines for investments by a Federal savings association to promote the public welfare, including that of low- and moderate-income communities or families through housing, services, and jobs. Permits mergers of Federal savings association with nondepository institution affiliates. Amends the Federal Home Loan Bank Act to permit certain privately insured credit unions to become Federal Home Loan Bank members. Amends the Federal Credit Union Act (FCUA) to: (1) authorize a credit union to make investment securities for its own account; (2) increase the 12-year loan limitation to 15 years; (3) increase the investment limit in credit union service organizations; (4) exempt loans to nonprofit religious organizations from the restrictions relating to credit union net worth or capitalization standards; and (5) exempt multiple common-bond credit union mergers and conversions from numerical limitations. Amends the FDIA to permit interstate bank mergers between insured banks with different home States. Amends the National Bank Consolidation and Merger Act to permit the merger of a national bank which is a trust company with any trust company with a different home State under the same terms and conditions as though they were located in the same State. Amends the National Bank Receivership Act and the FDIA to permit a bank placed in receivership to bring an action for a Federal court order requiring removal of the receiver. Amends the FRA and the Bank Holding Company Act Amendments of 1970 to repeal specified insider lending reporting requirements. Amends the Depository Institution Management Interlocks Act to quintuple the size of the assets of a small depository institution exempt from the prohibition against depository institution management interlocks in the same metropolitan statistical area. Amends the Bank Holding Company Act of 1956 to exempt from the proscription against cross marketing of commercial activities those depository institutions that are controlled by a twenty-five percent (or less) holding-company-shareholder.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Financial Services Regulatory Relief Act of 2004

Source: Congressional Research Service summary (Introduced in House)

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The strongest published arguments

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Capito, Shelley Moore [R-WV-2] · 11 cosponsors

Cost estimate: CBO cost estimate: H.R. 1375, Financial Services Regulatory Relief Act of 2003 (2003-06-11); CBO cost estimate: H.R. 1375, Financial Services Regulatory Relief Act of 2003 (2003-06-11); CBO cost estimate: H.R. 1375, Financial Services Regulatory Relief Act of 2003 (2003-07-14); CBO cost estimate: H.R. 1375, Financial Services Regulatory Relief Act of 2003 (2003-07-14)

Cosponsors on this site

Sponsor's campaign money: Rep. Capito, Shelley Moore [R-WV-2] reported raising $5.4 million (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

Recorded votes

House roll call 66 (2004): On Agreeing to the Amendment, HR1375 (2004-03-18): Failed
House roll call 67 (2004): On Agreeing to the Amendment, HR1375 (2004-03-18): Failed
House roll call 68 (2004): On Agreeing to the Amendment, HR1375 (2004-03-18): Agreed to
House roll call 69 (2004): On Passage, HR1375 (2004-03-18): Passed

Words on this page, explained (4)

Authorization: A law that creates or continues a government program and says what it may do, often with a suggested spending ceiling. An authorization alone does not provide money; a separate appropriation does.
Exemption: A rule that removes certain people, property or activities from a tax or requirement.
Securities: Financial investments that can be bought and sold, such as stocks and bonds.
Statute: A written law passed by a legislature. A statute can be changed by a later law; changing a constitution needs an amendment.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in House)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-108hr1375.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/108/hr>

Record fed-us-cong108-hr1375 · catalog fed-us-congress-bills-cong108 · updated 2026-11-15 by psicol fed-bills-cong108