H.R. 5031: Community Credit Card Bank Act of 2004
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H.R. 5031: Community Credit Card Bank Act of 2004
108th Congress · introduced 2004-09-08 · Finance and Financial Sector · Latest: Referred to the Subcommittee on Financial Institutions and Consumer Credit.
federal
Follow this bill, step by step
- Where it came from: introduced 2004-09-08 · official record
- Who proposed it: Rep. Nethercutt, George R., Jr. [R-WA-5] · what a sponsor is
- What happened next: no floor votes in our records yet. Why?
- Where it stands now: Referred to the Subcommittee on Financial Institutions and Consumer Credit. 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.
Official title
Community Credit Card Bank Act of 2004
Plain summary
Community Credit Card Bank Act of 2004 - Amends the Bank Holding Company Act of 1956 with respect to exclusion from coverage as a bank of an institution, including one that accepts collateral for extensions of credit by holding deposits under $100,000, and by other means, which: (1) engages only in credit card operations; (2) does not accept demand deposits or deposits that the depositor may withdraw by check or similar means for payment to third parties or others; (3) does not accept any savings or time deposit of less than $100,000; (4) maintains only one office that accepts deposits; and (5) does not engage in the business of making commercial loans. Declares that an institution shall not be treated as engaging in the business of making commercial loans solely on the basis of issuing or servicing commercial credit card accounts that constitute no more than ten percent of their credit card receivables, if: (1) it has total assets of less than $1 million; (2) it was chartered before June 1, 1998; (3) at least 80 percent of its credit card receivables have either been acquired in portfolio purchases from unaffiliated insured depository institutions, or issued through unaffiliated insured depository institutions as agents of such institutions; and (4) it issues or services commercial credit card loans that constitute, in the aggregate, not more than 10 percent of its credit card receivables. (Thus applies the exclusion from coverage by the Bank Holding Company Act of 1956 to certain limited purpose credit card banks serving community banks.)
Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.
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What does this mean? (plain words)
Official text
Community Credit Card Bank Act of 2004
Source: Congressional Research Service summary (Introduced in House)
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Alternatives
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How did my representative vote? · This bill's floor votes
Officials and money
Sponsor: Rep. Nethercutt, George R., Jr. [R-WA-5] · 0 cosponsors
Cost estimate: No cost estimate published yet.
No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.
Sources
- Congressional Research Service summary (Introduced in House)
- Congress.gov
- Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-108hr5031.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/108/hr>
Record fed-us-cong108-hr5031 · catalog fed-us-congress-bills-cong108 · updated 2026-11-15 by psicol fed-bills-cong108