S. 2698: RELIEVE Act

113th Congress · introduced 2014-07-30 · Finance and Financial Sector · Latest: Committee on Banking, Housing, and Urban Affairs. Hearings held.

federal

Follow this bill, step by step

Where it came from: introduced 2014-07-30 · official record
Who proposed it: Sen. King, Angus S., Jr. [I-ME] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Committee on Banking, Housing, and Urban Affairs. Hearings held. 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

RELIEVE Act

Plain summary

Regulatory Easement for Lending Institutions that Enable a Vibrant Economy Act of 2014 or the RELIEVE Act - Directs the Board of Governors of the Federal Reserve System to publish in the Federal Register proposed revisions to the Small Bank Holding Company Policy Statement on Assessment of Financial and Managerial Factors that apply the policy (unless exclusion is warranted for supervisory purposes) to bank holding companies and savings and loan holding companies with pro forma consolidated assets of less than $1 billion, and which: are not engaged in significant nonbanking activities either directly or through a nonbank subsidiary, do not conduct significant off-balance sheet activities (including securitization and asset management or administration) either directly or through a nonbank subsidiary, and do not have a material amount of debt or equity securities outstanding (other than trust preferred securities) registered with the Securities and Exchange Commission (SEC). Amends the Truth in Lending Act to limit to a city or town with under 50,000 inhabitants the meaning of "rural" with respect to rural lenders which may presume that the applicant for a residential mortgage loan has a reasonable ability to repay the loan and all applicable taxes, insurance, and assessments. Amends the Federal Credit Union Act regarding insured amounts payable in connection with a bankrupt state-chartered credit union for which the National Credit Union Administration (NCUA) Board is the liquidating agent. Revises requirements relating to the limitation to the standard maximum share insurance amount ($250,000) for the net amount of share insurance payable to any member at an insured credit union in the event of such a bankruptcy. Applies the limitation also to any person with funds lawfully held in a member account. Requires the Board to provide pass-through share insurance paid by certain lawyers administering deposits or shares of any interest on a lawyer's trust account (IOLTA), or paid by the escrow agent administering other similar escrow accounts. Defines "IOLTA" as a system in which lawyers place certain client funds in interest-bearing or dividend-bearing accounts, with the interest or dividends then used to fund programs such as legal service organizations providing services to clients in need. Treats IOLTAs as escrow accounts for share insurance purposes, and considers them as member accounts if the administering attorney or escrow agent is a member of the insured credit union in which the funds are held.

Congressional Research Service summary (Introduced in Senate), 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

RELIEVE Act

Source: Congressional Research Service summary (Introduced in Senate)

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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: Sen. King, Angus S., Jr. [I-ME] · 3 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Mark R. Warner (D-VA), Deb Fischer (R-NE)

Sponsor's campaign money: Sen. King, Angus S., Jr. [I-ME] reported raising $72,269 (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

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 (2)

Federal Register: The official daily publication of the U.S. government for agency rules, proposed rules, public notices and presidential documents.
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 (Introduced in Senate)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-113s2698.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/113/s>

Record fed-us-cong113-s2698 · catalog fed-us-congress-bills-cong113 · updated 2026-11-15 by psicol fed-bills-cong113