H.R. 6312: Credit Union, Bank, and Thrift Regulatory Relief Act of 2008

110th Congress · introduced 2008-06-19 · 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 2008-06-19 · official record
Who proposed it: Rep. Kanjorski, Paul E. [D-PA-11] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
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

Credit Union, Bank, and Thrift Regulatory Relief Act of 2008

Plain summary

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.) Credit Union, Bank, and Thrift Regulatory Relief Act of 2008 - Title I: Credit Unions - (Sec. 101) 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. (Sec. 103) Excludes credit union loans to nonprofit religious organizations from limitations placed upon member business loans. (Sec. 104) Authorizes the National Credit Union Administration Board to establish longer loan maturity dates. (Sec. 106) 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. (Sec. 108) Revises requirements for credit union membership in certain underserved areas. (Sec. 109) Empowers a federal credit union to provide short-term unsecured loans as an alternative to payday loans. (Sec. 110) Authorizes a credit union board of directors to expel a member for just cause, including disruption of credit union operations. (Sec. 111) 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. Title II: Savings Association Provisions - (Sec. 201) Amends the Home Owners' Loan Act with respect to federal savings associations to: (1) increase their maximum authorized investment in small business investment companies from 1% to 5% of capital and surplus; (2) permit investments in any entity established to invest solely in small business investment companies; (3) permit investment in auto loans, without limitation as a percentage of assets; (4) repeal the requirement that out-of-state branches meet the criteria for treatment as a domestic building and loan association or as a qualified thrift lender; (5) eliminate the lending limit on small business loans and increase it on other commercial loans; (6) increase from 400% to 500% the amount of capital available for nonresidential (commercial) real estate loans; and (7) exclude credit card banks from specified treatment for multiple savings and loan holding companies. Title III: Notice Provisions - (Sec. 301) Amends the Gramm-Leach-Bliley Act to set forth exceptions to the annual privacy notice required of financial institutions. Title IV: Business Checking - Business Checking Fairness Act of 2008 - (Sec. 402) Amends federal banking law to authorize interest-bearing or dividend-bearing transaction accounts for all businesses, permitting up to 24 transfers per month to another account of the owner in the same institution. (Sec. 403) 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. (Sec. 404) Prescribes a rule of construction for escrow accounts maintained at a depository institution for the purpose of completing the settlement of a real estate transaction. Declares that the institution's absorption of expenses incidental to providing a normal banking service with respect to such escrow account, its forbearance from charging a related fee, and any resulting benefit accruing to the escrow account holder or beneficiary shall not be treated as the payment or receipt of interest for certain purposes. Declares that no provision of this title shall be construed so as to: (1) require a depository institution that maintains such an escrow account to pay interest on it, or prohibit the institution from paying such interest; or (2) preempt state law dealing with payment of interest on such accounts. (Sec. 405) Amends the Federal Reserve Act to direct the Board of Governors of the Federal Reserve System to survey and report biennially to Congress on a sample of specified retail banking services and products provided, as well as related fees charged, by insured depository institutions and credit unions. Amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, and the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 to repeal certain reporting provisions.

Congressional Research Service summary (Passed House without amendment), 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

Credit Union, Bank, and Thrift Regulatory Relief Act of 2008

Source: Congressional Research Service summary (Passed House without amendment)

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

Officials and money

Sponsor: Rep. Kanjorski, Paul E. [D-PA-11] · 3 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

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.

Words on this page, explained (3)

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.
Rulemaking: The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.
Securities: Financial investments that can be bought and sold, such as stocks and bonds.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Passed House without amendment)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-110hr6312.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/110/hr>

Record fed-us-cong110-hr6312 · catalog fed-us-congress-bills-cong110 · updated 2026-11-15 by psicol fed-bills-cong110