Summary: Business Checking Fairness Act of 2007 - Amends federal 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. Amends the Federal Reserve Act, the Home Owners' Loan Act, and the Federal Deposit Insurance Act to repeal the prohibition against the payment of interest on demand deposits. Amends the Federal Reserve Act to require the Board to survey biennially and report biennially to Congress on bank fees and certain services. 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 requirements. Cites practices which shall not be treated as payment or receipt of interest if they relate to an escrow account maintained at a depository institution in connection with a real estate transaction.

business checking fairness act amends federal law authorize interest bearing dividend bearing transaction accounts businesses permitting transfers month account owner institution amends federal_reserve_act federal_deposit_insurance_act repeal prohibition payment interest demand deposits amends federal_reserve_act require board survey biennially report biennially congress bank fees certain services amends financial institutions reform recovery enforcement act interstate banking branching efficiency act repeal certain reporting requirements cites practices shall treated payment receipt interest relate escrow account maintained depository institution connection real estate transaction


Summary: Community Choice in Real Estate Act - Amends the Bank Holding Company Act of 1956 and the Revised Statutes of the United States to prohibit the Board of Governors of the Federal Reserve System and the Secretary of the Treasury, respectively, from determining that real estate brokerage activity or real estate management activity is financial in nature, is incidental to any financial activity, or is complementary to a financial activity. (In effect, prohibits financial holding companies and national banks from engaging, directly or indirectly, in real estate brokerage or real estate management activities.) Exempts from such prohibition: (1) activities of a bank holding company (or any affiliate) that directly relate to managing any real property owned by national banks or their affiliates; and (2) the right, power, or ability of any financial holding company to engage in any activity, or acquire or retain the shares of any company engaged in an activity authorized for financial holding companies on December 6, 2001 ("grandfather clause").

community choice real estate act amends bank_holding_company_act revised_statutes united_states prohibit board_of_governors federal_reserve_system secretary treasury respectively determining real estate brokerage activity real estate management activity financial nature incidental financial activity complementary financial activity effect prohibits financial holding companies national banks engaging directly indirectly real estate brokerage real estate management activities exempts prohibition activities bank holding company affiliate directly relate managing real property owned national banks affiliates right power ability financial holding company engage activity acquire retain shares company engaged activity authorized financial holding companies december grandfather clause


Summary: Municipal Deposit Insurance Protection Act of 2007 - Amends the Federal Deposit Insurance Act to set $2 million as the maximum amount of insurance for in-state municipal depositor accounts held by an insured depository institution.

protection act amends federal_deposit_insurance_act set million maximum insurance state municipal depositor accounts held insured depository institution


Summary: Health and Higher Education Facilities Improvement Act of 2007 - Amends the Internal Revenue Code to allow a small tax-exempt bond issuer, the proceeds of the obligations of which are to be used to make or finance eligible loans for health care or educational purposes, to elect to apply specified current limitations on the amount of obligations by treating each borrower as the issuer of a separate issue.

health higher education facilities improvement act amends internal revenue code allow small tax exempt bond issuer proceeds obligations finance eligible loans health care educational purposes elect apply specified current limitations obligations treating borrower issuer separate issue


Summary: Industrial Bank Holding Company Act of 2007 - Amends the Federal Deposit Insurance Act (FDIA) to apply the bank share or asset acquisition requirements of the Bank Holding Company Act of 1956 to any company that is or would become an industrial bank holding company. States that an application filed to acquire control of an industrial bank shall be treated as an application for a deposit facility. Subjects an industrial bank to Federal Deposit Insurance Corporation (FDIC) requirements regarding registration, reporting, and bank examinations. Authorizes the FDIC to accept reports that an industrial bank holding company or its subsidiary has provided to another federal or state supervisor or to any appropriate self-regulatory organization. Prohibits the FDIC from imposing any capital or capital adequacy rules, guidelines, standards, or requirements on any functionally regulated affiliate of any depository institution controlled by an industrial bank holding company that: (1) is not a depository institution; but (2) is in compliance with applicable capital requirements, and is properly registered as an investment adviser or licensed as an insurance agent. States that such prohibition shall not be construed as preventing the FDIC from imposing capital or capital adequacy regulations regarding: (1) activities of a registered investment adviser other than with respect to investment advisory activities or activities incidental to investment advisory activities; or (2) activities of a licensed insurance agent other than insurance agency activities or activities incidental to insurance agency activities. Requires a federal supervisory agency of an industrial bank holding company to: (1) forego, to the fullest extent possible, any examination of any depository institution subsidiary of the holding company; and (2) use the reports of examinations of the institution made by the appropriate federal or state regulatory agency in lieu of a direct examination. Authorizes the FDIC to require from either a regulatory agency or a holding company that controls an industrial bank any information necessary to: (1) assess risk to the industrial bank; or (2) determine its condition. Prohibits the construction of any law as preventing the FDIC from examining an industrial bank affiliate in order to disclose fully the effect of its relationship with the bank, if the FDIC finds it necessary to determine an industrial bank's condition. Prohibits an industrial bank from being controlled, directly or indirectly, by a commercial firm. Exempts certain grandfathered institutions and corporate reorganizations. Prescribes activity and branching limitations affecting industrial bank subsidiaries of certain commercial firms. Sets forth transition requirements for divestiture by a non-complying commercial firm of ownership or control of industrial bank subsidiary. Authorizes a federal supervisory agency to order a holding company or a nonbank subsidiary to terminate an activity or its ownership or control over certain depository institution subsidiaries if the activity or ownership or control of a nonbank subsidiary (other than a depository institution's nonbank subsidiary) represents a serious risk to a depository institution subsidiary of the holding company. Prohibits any foreign bank, after January 28, 2007, from acquiring direct or indirect control of an industrial bank unless the Board of Governors of the Federal Reserve System (Federal Reserve Board) has determined that the foreign bank is subject to comprehensive supervision or regulation on a consolidated basis by the appropriate authorities in the bank's home country. Requires the Federal Reserve Board to make such a determination jointly with the Director of Office of Thrift Supervision in the case of a foreign bank that is a savings and loan holding company. Requires a holding company of an industrial bank to serve as a source of financial and managerial strength to its subsidiary banks. Prohibits such holding company from conducting its operations in an unsafe or unsound manner. Declares FDIC enforcement provisions, particularly cease-and-desist proceedings, applicable to an industrial bank holding company and its nonbank subsidiaries in the same manner as such provisions apply to state nonmember insured banks. Subjects industrial bank holding companies to the prompt corrective action requirements of the FDIA. Authorizes the appropriate federal banking agency to prohibit any industrial bank holding company having control of the insured depository institution from making any capital distribution without prior FDIC approval if such industrial bank holding company is significantly undercapitalized and fails to submit and implement capital restoration plans.

amends federal_deposit_insurance_act fdia apply bank share asset acquisition requirements bank_holding_company_act company industrial bank holding company states application filed acquire control industrial bank shall treated application deposit facility subjects industrial bank federal_deposit_insurance_corporation fdic requirements registration reporting bank examinations authorizes fdic accept reports industrial bank holding company subsidiary provided federal state supervisor appropriate self regulatory organization prohibits fdic imposing capital capital adequacy rules guidelines standards requirements functionally regulated affiliate depository institution controlled industrial bank holding company depository institution compliance applicable capital requirements properly registered investment adviser licensed insurance agent states prohibition shall construed preventing fdic imposing capital capital adequacy regulations activities registered investment adviser respect investment advisory activities activities incidental investment advisory activities activities licensed insurance agent insurance agency activities activities incidental insurance agency activities requires federal supervisory agency industrial bank holding company forego fullest extent possible examination depository institution subsidiary holding company use reports examinations institution appropriate federal state regulatory agency lieu direct examination authorizes fdic require regulatory agency holding company controls industrial bank information necessary assess risk industrial bank determine condition prohibits construction law preventing fdic examining industrial bank affiliate order disclose fully effect relationship bank fdic finds necessary determine industrial bank condition prohibits industrial bank controlled directly indirectly commercial firm exempts certain grandfathered institutions corporate prescribes activity branching limitations affecting industrial bank subsidiaries certain commercial firms sets forth transition requirements divestiture non complying commercial firm ownership control industrial bank subsidiary authorizes federal supervisory agency order holding company nonbank subsidiary terminate activity ownership control certain depository institution subsidiaries activity ownership control nonbank subsidiary depository institution nonbank subsidiary represents risk depository institution subsidiary holding company prohibits foreign bank january acquiring direct indirect control industrial bank board_of_governors federal_reserve_system federal_reserve_board determined foreign bank subject comprehensive supervision regulation consolidated basis appropriate authorities bank home country requires federal_reserve_board determination jointly case foreign bank savings loan holding company requires holding company industrial bank serve source financial managerial strength subsidiary banks prohibits holding company conducting operations unsafe unsound manner declares fdic enforcement provisions particularly cease desist proceedings applicable industrial bank holding company nonbank subsidiaries manner provisions apply state nonmember insured banks subjects industrial bank holding companies prompt corrective action requirements fdia authorizes appropriate federal banking agency prohibit industrial bank holding company having control insured depository institution making capital distribution prior fdic approval industrial bank holding company significantly undercapitalized fails submit implement capital restoration plans


Summary: Consumer Overdraft Protection Fair Practices Act - Amends the Truth in Lending Act to set forth restrictions on: (1) overdraft protection programs or services for consumers; and (2) representations or statements with respect to such a program or service in any advertisement or promotion. Amends the Electronic Fund Transfer Act and the Expedited Funds Availability Act to set forth restrictions on overdraft protection programs or services for consumers.

practices act amends truth lending act set forth restrictions overdraft protection programs services consumers representations statements respect program service advertisement promotion amends electronic fund transfer act expedited funds availability act set forth restrictions overdraft protection programs services consumers


Summary: CTR Modernization Act - Amends federal law governing mandatory reports on currency transactions to exempt depository institutions from the requirement that all domestic financial institutions file a report on every domestic coin and currency transaction. Requires such a depository institution to file a currency transaction report, however, if the transaction involves at least $30,000. Prohibits the Secretary of the Treasury after a certain date from requiring a depository institution to file a currency transaction report regarding a transaction of less than $30,000. Directs the Secretary to: (1) review at least every five years the threshold for reporting currency transactions; and (2) adjust the threshold amount for inflation. Directs the Secretary to prescribe regulations that exempt any depository institution from reporting a currency transaction with a qualified customer. Defines qualified customer as any person that: (1) is incorporated or organized under federal or state law, or registered and eligible to do business within the United States or a state; (2) has maintained a deposit account with the depository institution for at least 12 months; and (3) has engaged, using such account, in multiple currency transactions subject to reporting requirements. Requires the Secretary to prescribe regulations that: (1) provide guidance on identifying currency transactions involving illegal or suspicious activities; and (2) create a list of information that may be disclosed to customers before the reporting of suspicious activity.

ctr modernization act amends federal law governing mandatory reports currency transactions exempt depository institutions requirement domestic financial institutions file report domestic coin currency transaction requires depository institution file currency transaction report transaction involves prohibits secretary treasury certain date requiring depository institution file currency transaction report transaction directs secretary review years threshold reporting currency transactions adjust threshold inflation directs secretary prescribe regulations exempt depository institution reporting currency transaction qualified customer defines qualified customer person incorporated organized federal state law registered eligible business united_states state maintained deposit account depository institution months engaged account multiple currency transactions subject reporting requirements requires secretary prescribe regulations provide guidance identifying currency transactions involving illegal suspicious activities create list information disclosed customers reporting suspicious activity


Summary: Savings for Working Families Act of 2007 - Allows certain low-income individuals between age 18 and 61 to establish tax-exempt individual development accounts (IDAs) to pay for certain qualified expenses, including education expenses, first-time homebuyer costs, and business capitalization or expansion costs. Sets forth rules for the establishment, maintenance, and termination of IDAs. Permits tax-free withdrawals from IDAs for qualified expenses, but requires IDA beneficiaries to complete one or more financial education courses prior to making an IDA withdrawal.Allows certain financial institutions, tax-exempt organizations, and Indian tribes to sponsor and administer IDAs. Amends the Internal Revenue Code to allow such entities a business-related tax credit for the cost of administering IDAs and for making matching contributions to IDAs in parallel accounts. Provides that IDA amounts shall be disregarded for purposes of determining eligibility for assistance under certain means-tested federal programs.

savings working families act allows certain low income individuals age establish tax exempt individual development accounts idas pay certain qualified expenses including education expenses time homebuyer costs business capitalization expansion costs sets forth rules establishment maintenance termination idas permits tax free withdrawals idas qualified expenses requires ida beneficiaries complete financial education courses prior making ida withdrawal allows certain financial institutions tax exempt organizations indian tribes sponsor administer idas amends internal revenue code allow entities business related tax credit cost administering idas making matching contributions idas parallel accounts provides ida amounts shall disregarded purposes determining eligibility assistance certain means tested federal programs


Summary: Credit Union Regulatory Improvements Act of 2007 - Amends the Federal Credit Union Act to reduce the minimum net worth ratio requirements of credit unions. Revises the minimum risk-based net ratio for such capitalizations. Transfers from the federal banking agencies to the Federal Deposit Insurance Corporation (FDIC) the authority to adjust the net worth levels of credit unions. Instructs the National Credit Union Administration Board (Board) to design the risk-based net worth requirement to take account of material risks to insured credit unions that are taken account of by comparable standards applicable to FDIC-insured institutions. Establishes a temporary waiver of the net worth restoration plan requirement for an undercapitalized credit union which attains its status due to a major natural or man-made disaster. Revamps requirements for limits and restrictions on member business loans. Authorizes credit unions to lease to any business enterprise separate and clearly distinct space in credit union office buildings in underserved areas. Authorizes the Board, in specified circumstances, to encompass within credit union membership any person or organization within an underserved local community, neighborhood, or rural district. Permits a credit union to invest in securities for its own account. Increases the investment and lending limit in credit union service organizations. Exempts certain voluntary mergers involving multiple common-bond credit unions from the numerical limit for eligibility within the field of membership category of a credit union. 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. Includes just cause as grounds for expulsion from membership. Authorizes term limits for board members of federal credit unions. Revises voting requirements for credit union conversions to mutual savings banks. Amends the Clayton Act to exempt from its pre-merger notification and waiting period requirements any mergers of one insured credit union activities with another which require agency approval under the Federal Credit Union Act.

improvements act amends federal_credit_union_act reduce minimum net worth ratio requirements credit unions revises minimum risk based net ratio transfers federal banking agencies federal_deposit_insurance_corporation fdic authority adjust net worth levels credit unions instructs design risk based net worth requirement account material risks insured credit unions taken account comparable standards applicable fdic insured institutions establishes temporary waiver net worth restoration plan requirement undercapitalized credit union attains status major natural man disaster requirements limits restrictions member business loans authorizes credit unions lease business enterprise separate clearly distinct space credit union office buildings underserved areas authorizes board specified circumstances encompass credit union membership person organization underserved local community neighborhood rural district permits credit union invest securities account increases investment lending limit credit union service organizations exempts certain voluntary mergers involving multiple common bond credit unions numerical limit eligibility field membership category credit union directs board prescribe criteria continued membership certain member groups case certain credit union conversions community charter includes cause grounds expulsion membership authorizes term limits board members federal credit unions revises voting requirements credit union conversions mutual savings banks amends clayton act exempt pre merger notification waiting period requirements mergers insured credit union activities require agency approval federal_credit_union_act


Summary: Regulatory Relief and Fairness Act - Amends the Sarbanes-Oxley Act of 2002 to require rules of the Securities and Exchange Commission (SEC) to permit an insured depository institution, a bank holding company, or a savings and loan holding company to elect voluntarily not to provide otherwise mandatory certifications regarding its quarterly or annual reports or its management assessment of internal controls.

regulatory relief fairness act amends sarbanes oxley act require rules securities_and_exchange_commission sec permit insured depository institution bank holding company savings loan holding company elect voluntarily provide mandatory certifications quarterly annual reports management assessment internal controls


Summary: James Zadroga 9/11 Health and Compensation Act - Amends the Public Health Service Act to extend and expand arrangements with certain medical providers and the New York City Fire Department for monitoring and other services for those exposed to airborne toxins from the terrorist attacks of September 11, 2001 in New York City (9/11 attacks). Expands the categories of individuals to be covered by such arrangements and provides for a nationwide network of health care providers for treating victims residing outside the New York City area.Directs the Secretary of Health and Human Services to conduct or support research on the diagnosis and treatment of physical and mental health conditions related to the 9/11 attacks. Authorizes the Secretary to establish similar research programs for victims of the attack at the Pentagon on September 11, 2001.Directs the Secretary to convene a 9/11 Health Emergency Coordinating Council to discuss, examine, and formulate recommendations with respect to the adequacy and coordination of: (1) care and compensation for victims of the 9/11attacks; and (2) federal tracking of the monitoring of, and treatment for, individuals affected by such attacks.Amends the Air Transportation Safety and System Stabilization Act to provide, under certain circumstances, for an extension for filing claims under the September 11th Victim Compensation Fund of 2001.Directs the Secretary to extend and expand arrangements with New York City that provide for the World Trade Center Health Registry.Authorizes the Secretary to make grants to the New York City Department of Health and Mental Hygiene for the mental health needs of individuals affected by the 9/11 attacks.

compensation act amends public_health_service_act extend expand arrangements certain medical providers monitoring services exposed airborne toxins terrorist attacks september new_york_city attacks expands categories individuals covered arrangements provides nationwide network health care providers treating victims residing outside new_york_city area directs secretary health_and_human_services conduct support research diagnosis treatment physical mental health conditions related attacks authorizes secretary establish similar research programs victims attack pentagon september secretary convene health emergency coordinating council discuss examine formulate recommendations respect adequacy coordination care compensation victims federal tracking monitoring treatment individuals affected attacks amends air_transportation_safety_and_system_stabilization_act provide certain circumstances extension filing claims september 11th victim compensation fund secretary extend expand arrangements new_york_city provide authorizes secretary grants mental health needs individuals affected attacks


Summary: Small Business Securities Protection Act - Amends the Sarbanes-Oxley Act of 2002 to instruct the Securities and Exchange Commission to prescribe rules that incorporate risk-based concepts in evaluating internal control over financial reporting for issuers. Requires such rules also to incorporate: (1) specific guidelines for measuring the terms "material," "reasonable," "significant," and "sufficient" in the context of internal control over financial reporting; (2) a requirement that the Public Company Accounting Oversight Board consider the efficiency of audit practices in its inspections; (3) alternative requirements for smaller issuers that reflect the relative size and complexity of smaller issuers, and the relative financial and manpower burdens placed on them in testing and documenting internal controls; and (4) revised standards for independence by auditors to permit the rendering of internal control advice for resolution of internal control issues and related liability safe harbors for auditors providing such advice to smaller issuers.

sarbanes oxley act instruct securities_and_exchange_commission prescribe rules incorporate risk based concepts evaluating internal control financial reporting issuers requires rules incorporate specific guidelines measuring terms material reasonable significant sufficient context internal control financial reporting requirement public_company_accounting_oversight_board consider efficiency audit practices inspections alternative requirements smaller issuers reflect relative size complexity smaller issuers relative financial manpower burdens placed testing documenting internal controls revised standards independence auditors permit rendering internal control advice resolution internal control issues related liability safe harbors auditors providing advice smaller issuers


Summary: Community Banks Serving Their Communities First Act, or the Communities First Act - Revises regulatory requirements for community banks, including amendments to: (1) the Federal Deposit Insurance Act to permit certain insured depository institutions to submit a short form report of condition; (2) the Sarbanes-Oxley Act of 2002 to exempt certain small-sized depository institutions from annual management assessment of internal controls requirements; (3) the Securities Investor Protection Act of 1970 to exempt certain small-size community banks from its prohibition against advances for customers' net equity claims; (4) the Federal Reserve Act to increase the asset size of banks exempt from the limitation on extensions of credit to executive officers, directors, and principal shareholders; and (5) the Securities Exchange Act of 1934 to increase the shareholder registration threshold. Amends the Truth in Lending Act to direct the Federal Reserve Board to prescribe regulations authorizing a consumer to waive the right of rescission as to certain transactions when the creditor is an insured depository institution. Seasoned Customer CTR Exemption Act of 2007 - Instructs the Secretary of the Treasury to prescribe regulations to exempt a depository institution from filing a currency transaction report (CTR) in the case of certain qualified customers. Amends additional Acts, including: (1) the Gramm-Leach-Bliley Act to exempt specified community banks from furnishing a mandatory privacy notice; (2) the Fair Credit Reporting Act to require a consumer's written consent before a consumer reporting agency may furnish a consumer report upon request from another creditor; and (3) the Federal Reserve Act to limit loans to executive officers. Amends the Internal Revenue Code with respect to specified tax provisions for long-term certificates of deposit, loans secured by agricultural real property, qualified small issue bonds, Federal Deposit Insurance Corporation-insured limited liability companies, and young savers accounts. Repeals the individual alternative minimum tax for individuals and community banks. Reduces the tax rates for community banks. Revises certain Subchapter S requirements for tax treatment of small businesses. Amends the Small Business Act with respect to: (1) reduced fees for specified loans; and (2) a low documentation loan program.

act communities act revises regulatory requirements community banks including amendments federal_deposit_insurance_act permit certain insured depository institutions submit short form report condition sarbanes oxley act exempt certain small sized depository institutions annual management assessment internal controls requirements exempt certain small size community banks prohibition advances customers net equity claims federal_reserve_act increase asset size banks exempt limitation extensions credit executive officers directors principal shareholders securities exchange act increase shareholder registration threshold amends truth lending act direct federal_reserve_board prescribe regulations authorizing consumer waive right rescission certain transactions creditor insured depository institution customer ctr exemption act instructs secretary treasury prescribe regulations exempt depository institution filing currency transaction report ctr case certain qualified customers amends additional acts including gramm leach bliley act exempt specified community banks furnishing mandatory privacy notice fair credit reporting act require consumer written consent consumer reporting agency furnish consumer report request creditor federal_reserve_act limit loans executive officers amends internal revenue code respect specified tax provisions long term certificates deposit loans secured agricultural real property qualified small issue bonds federal_deposit_insurance_corporation insured limited liability companies young savers accounts repeals individual alternative minimum tax individuals community banks reduces tax rates community banks revises certain requirements tax treatment small businesses amends small_business_act respect reduced fees specified loans low documentation loan program


Summary: Preservation of Federalism in Banking Act - Amends the Revised Statutes of the United States and the Home Owners' Loan Act to declare applicable to either a national bank or federal savings association any consumer protection in state consumer law of general application (including unfair or deceptive acts or practices, consumer fraud law and repossession, foreclosure, and collection). Declares that when a national bank or federal savings association avails itself of state law for its benefit, all related consumer protections in such state law shall apply. Declares applicable to a national bank or federal savings association: (1) state banking or thrift laws enacted pursuant to federal law; and (2) state laws providing greater protection in high cost mortgage loans (predatory mortgage loans). Permits the Comptroller of the Currency to preempt state law only when a comparable federal statute or regulation pursuant to a federal statute, other than this Act, expressly governs the activity. States that any federal law relating to visitorial powers or which otherwise limits or restricts the supervisory, examination, or regulatory authority to which a national bank or federal savings association is subject shall not be construed as restricting the authority of any chief state law enforcement officer to bring an action on behalf of state residents to enforce federal or state law, or to seek relief and recover damages for violations by a national bank or federal savings association. Prescribes procedural guidelines requiring the Comptroller and the Director of the Office of Thrift Supervision to record and monitor consumer complaints regarding either a national bank or a federal savings association, respectively.

preservation banking act amends revised statutes united_states declare applicable national bank federal savings association consumer protection state consumer law general application including unfair deceptive acts practices consumer fraud law foreclosure collection declares national bank federal savings association state law benefit related consumer protections state law shall apply declares applicable national bank federal savings association state banking thrift laws enacted pursuant federal law state laws providing greater protection high cost mortgage loans predatory mortgage loans permits comptroller currency preempt state law comparable federal statute regulation pursuant federal statute act expressly governs activity states federal law relating powers limits restricts supervisory examination regulatory authority national bank federal savings association subject shall construed restricting authority chief state law enforcement officer bring action behalf state residents enforce federal state law seek relief recover damages violations national bank federal savings association prescribes procedural guidelines requiring comptroller director office_of_thrift_supervision record monitor consumer complaints national bank federal savings association respectively


Summary: Freedom to Bank Act - Terminates any provision of federal law (other than the Internal Revenue Code) that subjects a consumer to a penalty for withdrawing or transferring funds from any transaction account or any savings or time deposit. Declares that no creditor, depository institution, or credit union shall be required to provide periodic statements of account to a customer unless the customer has notified it of an election to receive such statements. Requires such entities to establish a procedure for notifying customers of their right to elect to receive statements of account and the method for implementing such election.

freedom bank act terminates provision federal law internal revenue code subjects consumer penalty withdrawing transferring funds transaction account savings time deposit declares creditor depository institution credit union shall required provide periodic statements account customer customer notified election receive statements requires entities establish procedure notifying customers right elect receive statements account method implementing election


Summary: FDIC Enforcement Enhancement Act - Amends the Federal Deposit Insurance Act (FDIA) to prohibit use of the terms "Federal Deposit," "Federal Deposit Insurance," "Federal Deposit Insurance Corporation," any combination of such terms, or the abbreviation "FDIC," as part of the business name or firm name of any person or business entity, including any advertisement, solicitation, or other document.Prohibits use of such terms, or any other sign or symbol as part of a document, to represent, suggest, or imply that any deposit liability, obligation, certificate, or share is insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) if in fact the instrument is not insured or guaranteed by the FDIC.Prohibits knowing misrepresentations of: (1) the federally insured status of any deposit liability, obligation, certificate, or share; or (2) the extent or the manner in which such instruments are insured by the FDIC. Grants the FDIC jurisdiction over any person that violates this Act, and certain enforcement authority as if the person were a state nonmember insured bank. Empowers the FDIC to issue orders requiring: (1) immediate cessation; and (2) affirmative action to prevent any further violation, or to remedy an existing one.Subjects violations of this Act to civil money penalties.

federal_deposit_insurance_act fdia prohibit use terms federal_deposit_insurance_corporation combination terms fdic business firm person business entity including advertisement solicitation document prohibits use terms sign symbol document represent suggest imply deposit liability obligation certificate share insured guaranteed federal_deposit_insurance_corporation fdic fact instrument insured guaranteed knowing misrepresentations federally insured status deposit liability obligation certificate share extent manner instruments insured fdic grants fdic jurisdiction person violates act certain enforcement authority person state nonmember insured bank empowers fdic issue orders requiring immediate cessation affirmative action prevent violation remedy existing subjects violations act civil money penalties


Summary: National Financial Literacy Act of 2007 - Amends the Community Reinvestment Act of 1977 to require federal financial supervisory agencies jointly to prescribe regulations establishing: (1) minimum standards to be met by a community-based financial literacy program in order to be eligible for consideration as a qualified community-based financial literacy program; (2) procedures for financial institutions to apply to a federal financial supervisory agency for approval of such a program; and (3) a requirement that financial institutions submit a regular report on how the institution supported and promoted financial literacy in its entire community, including low- and moderate-income neighborhoods. Authorizes a federal financial supervisory agency to take an institution's direct support of a qualified community-based financial literacy program into account when it assesses the institution's record of meeting the community's credit needs.

amends community reinvestment act require federal financial supervisory agencies jointly prescribe regulations establishing minimum standards met community based financial literacy program order eligible consideration qualified community based financial literacy program procedures financial institutions apply federal financial supervisory agency approval program requirement financial institutions submit regular report institution supported promoted financial literacy entire community including low- moderate income neighborhoods authorizes federal financial supervisory agency institution direct support qualified community based financial literacy program account assesses institution record meeting community credit needs


Summary: Treasury Annuity Study Act of 2007 - Instructs the Secretary of the Treasury to study and report to Congress on the feasibility of authorizing or requiring the Department of the Treasury to create annuity products and sell them to U.S. citizens.

treasury annuity study act instructs secretary treasury study report congress feasibility authorizing requiring department_of_the_treasury create annuity products sell citizens


Summary: Innocent Check Depositor Protection Act - Amends the Expedited Funds Availability Act to prohibit a receiving depository institution from imposing check dishonorment fees upon a depositor if the check is drawn on an account at an originating institution which subsequently dishonors it for lack of sufficient funds. States that this Act shall not be construed as affecting any intervening depository institution or the costs of services it provides.

innocent check depositor protection act amends expedited funds availability act prohibit receiving depository institution imposing check fees depositor check drawn account originating institution subsequently lack sufficient funds states act shall construed affecting intervening depository institution costs services provides


Summary: Affordable Financial Services Enhancement Act - Amends the Federal Credit Union Act to revise the credit union categories of field of membership that may be included in an underserved investment area. Repeals the limitation of credit union categories in such areas to the multiple common-bond credit union membership category. Extends to single common-bond credit unions and community credit unions the National Credit Union Board's authority to allow the membership of a credit union in such an area to include any person or organization within the local community, neighborhood, or rural district.

federal_credit_union_act revise credit union categories field membership included underserved investment area repeals limitation credit union categories areas multiple common bond credit union membership category extends single common bond credit unions community credit unions authority allow membership credit union area include person organization local community neighborhood rural district


Summary: Commission on the Tax Treatment of Hedge Funds and Private Equity Act of 2007 - Establishes the Commission on the Tax Treatment of Hedge Funds and Private Equity to review and make recommendations to Congress on the tax treatment of the U.S. hedge fund and private equity industry.

commission establishes commission review recommendations congress tax treatment hedge fund private equity industry


Summary: Amends the Federal Trade Commission Act to transfer to each federal banking agency, with respect to depository institutions it supervises, the authority to prescribe regulations governing unfair or deceptive practices by banks and savings and loan institutions currently vested in the Board of Governors of the Federal Reserve System (with respect to banks) and the Federal Home Loan Bank Board (with respect to savings and loan institutions). Requires the federal banking agencies to prescribe such regulations: (1) jointly to the extent practicable; and (2) in consultation with the Federal Trade Commission (FTC). Authorizes the FTC, with respect to entities within its jurisdiction, to commence a rulemaking proceeding and prescribe regulations whenever such banking agencies commence a rulemaking proceeding. Requires the FTC, whenever it commences such a rulemaking proceeding, to consult and coordinate with the federal banking agencies and the National Credit Union Administration (NCUA) Board so that the regulations prescribed by each such agency are consistent with and comparable to the regulations prescribed by the agencies to the extent practicable. Instructs the Comptroller General to report to Congress on the status of regulations of the federal banking agencies and the NCUA regarding unfair and deceptive acts or practices by depository institutions.

amends federal_trade_commission act transfer federal banking agency respect depository institutions supervises authority prescribe regulations governing unfair deceptive practices banks savings loan institutions currently vested board_of_governors federal_reserve_system respect banks respect savings loan institutions requires federal banking agencies prescribe regulations jointly extent practicable consultation federal_trade_commission ftc authorizes ftc respect entities jurisdiction commence rulemaking proceeding prescribe regulations banking agencies commence rulemaking proceeding requires ftc commences rulemaking proceeding consult coordinate federal banking agencies national_credit_union_administration ncua board regulations prescribed agency consistent comparable regulations prescribed agencies extent practicable instructs comptroller general report congress status regulations federal banking agencies ncua unfair deceptive acts practices depository institutions


Summary: America Saving for Personal Investment, Retirement, and Education Act of 2007 or the ASPIRE Act of 2007 - Establishes a KIDS Account Fund in the Treasury. Establishes within the Fund a Kids Investment and Development Savings Account (KIDS Account). Makes eligible to contribute to such account, and to receive a matching federal contribution, any U.S. citizen born after December 31, 2007, and under 18 years of age, whose modified adjusted gross income is below the applicable national median adjusted gross income amount. Creates the KIDS Account Fund Board to establish a default investment program under which, in a manner similar to a lifecycle investment program, sums in each KIDS Account are allocated to investment funds in the KIDS Account Fund based on the amount of time before the account holder attains the age of 18. States that, for purposes of the Internal Revenue Code, each KIDS Account shall be treated in the same manner as a Roth IRA. Applies Roth IRA requirements separately to KIDS accounts. Provides for: (1) distributions for higher education expenses; and (2) privately managed KIDS accounts. Subjects the Board to the same composition requirements, duties, and responsibilities as the Federal Retirement Thrift Investment Board. Instructs the Secretary of the Treasury, in coordination with the Financial Literacy and Education Commission, to develop programs to promote the financial literacy of account holders of KIDS Accounts.

america saving personal investment retirement education act aspire act establishes treasury establishes makes eligible contribute account receive matching federal contribution citizen born december years age modified adjusted gross income applicable national median adjusted gross income creates establish default investment program manner similar lifecycle investment program sums kids account allocated investment funds based time account holder attains age states purposes internal_revenue_code kids account shall treated manner roth ira applies roth ira requirements separately kids accounts provides distributions higher education expenses privately managed kids accounts subjects board composition requirements duties responsibilities federal_retirement_thrift_investment_board instructs secretary treasury coordination develop programs promote financial literacy account holders


Summary: Preserving and Expanding Minority Depository Institutions Act - Amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) to include the Chairman of the Board of Governors of the Federal Reserve System (Federal Reserve Board) and the Comptroller of the Currency among the persons with whom the Secretary of the Treasury must consult regarding methods for best preserving: (1) the present number of minority depository institutions; and (2) their minority character in cases involving mergers or acquisition of a minority depository institution.Directs the Secretary of the Treasury, the Chairman of the Federal Reserve Board, the Comptroller of the Currency, the Director of the Office of Thrift Supervision (OTS), and the Chairperson of the Federal Deposit Insurance Corporation each to submit an annual report to Congress describing actions taken with respect to the preservation and expansion of minority depository institutions. Amends the Home Owners' Loan Act to repeal its (redundant) requirement that the OTS Director report annually to Congress on actions taken with respect to the preservation and expansion of minority depository institutions.

preserving expanding minority depository institutions act amends financial institutions reform recovery enforcement act include chairman board_of_governors federal_reserve_system federal_reserve_board comptroller currency persons secretary treasury consult methods best preserving present number minority depository institutions minority character cases involving mergers acquisition minority depository institution directs secretary treasury chairman federal_reserve_board comptroller_of_the_currency director office_of_thrift_supervision ots chairperson federal_deposit_insurance_corporation submit annual report congress describing actions taken respect preservation expansion minority depository institutions amends repeal redundant requirement ots director report annually congress actions taken respect preservation expansion minority depository institutions


Summary: Money Service Business Act of 2008 -Amends federal law governing anti-money laundering programs to provide that an insured depository institution has no obligation to review the compliance with federal anti-money laundering requirements of a money transmitting business for whom it maintains an account if such institution has on file specified mandatory self-certifications submitted by the money transmitting business.Sets forth civil and criminal penalties for violations of this Act without regard to whether such violations were willful.Shields such institution from liability for the non-compliance of a money transmitting business and its agents with federal anti-money laundering requirements.Prescribes requirements for self-certification by a money transmitting business that it is in compliance with federal anti-money laundering requirements (including its agents).Directs the Secretary of the Treasury to prescribe implementing regulations.

federal law governing anti money laundering programs provide insured depository institution obligation review compliance federal anti money laundering requirements money transmitting business maintains account institution file specified mandatory self certifications submitted money transmitting business sets forth civil criminal penalties violations act regard violations willful shields institution liability non compliance money transmitting business agents federal anti money laundering requirements prescribes requirements self certification money transmitting business compliance federal anti money laundering requirements including secretary treasury prescribe implementing regulations


Summary: Financial Consumer Hotline Act of 2007 - Amends the Federal Financial Institutions Examination Council Act of 1978 to require federal financial institution regulatory agencies, coordinating through the Federal Financial Institutions Examination Council, to establish: (1) a single, toll-free telephone number for consumer complaints and inquiries concerning institutions under their jurisdiction; and (2) a system for routing such calls to the federal financial institution regulatory agency that primarily supervises the financial institution, or that is otherwise the appropriate agency to address the subject of the complaint or inquiry.Cites circumstances under which state agencies may receive appropriate call transfers from such federal systems.

financial consumer hotline act amends federal financial institutions examination council act require federal financial institution regulatory agencies coordinating federal_financial_institutions_examination_council establish single toll free telephone number consumer complaints inquiries concerning institutions jurisdiction system routing calls federal financial institution regulatory agency primarily supervises financial institution appropriate agency address subject complaint inquiry cites circumstances state agencies receive appropriate transfers federal systems


Summary: Directs the Secretary of the Treasury to transfer to the Secretary of Agriculture $40 million of otherwise unappropriated funds to implement the emergency food assistance program established under the Emergency Food Assistance Act of 1983.

directs secretary treasury transfer secretary agriculture million unappropriated funds implement emergency food assistance program established emergency food assistance act


Summary: Kids IRA Act of 2008 (K-IRA) - Amends the Internal Revenue Code to establish young savers account for individual taxpayers under age 26. Treats such accounts as Roth individual retirement accounts (Roth IRAs) for income tax purposes. Allows a tax deduction for contributions to young savers accounts, up to $5,000 a taxable year.

kids ira act ira amends internal revenue code establish young savers account individual taxpayers age treats accounts roth individual retirement accounts roth iras income tax purposes allows tax deduction contributions young savers accounts taxable year


Summary: Credit Union Regulatory Relief Act of 2008 - 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. Excludes credit union loans to nonprofit religious organizations from limitations placed upon member business loans. Authorizes the National Credit Union Administration Board (Board) to establish longer loan maturity dates.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. Revises requirements for credit union membership in certain underserved areas. Empowers a federal credit union to provide short-term loans as an alternative to payday loans. Authorizes a credit union board of directors to expel a member based on just cause, including disruption of credit union operations (as well as nonparticipation, as under current law). Excludes from the meaning of member business loan subject to certain limitations (thus permitting without such 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. Amends the Clayton Act to exempt from its premerger notification and waiting period requirements any mergers of one insured credit union activities with another which require agency approval under the Federal Credit Union Act.

relief act amends federal_credit_union_act permit credit union invest securities account subject certain percentage limitations increase investment lending limit credit union service organizations credit union total paid unimpaired capital surplus excludes credit union loans nonprofit religious organizations limitations placed member business loans authorizes establish longer loan maturity dates directs board prescribe criteria continued membership certain member groups case certain credit union conversions community charter revises requirements credit union membership certain underserved areas empowers federal credit union provide short term loans alternative payday loans authorizes credit union board directors member based cause including disruption credit union operations current law excludes meaning member business loan subject certain limitations permitting limitations extension credit member meeting specified criteria proceeds commercial corporate business farm agricultural purposes underserved area amends clayton act exempt notification waiting period requirements mergers insured credit union activities require agency approval federal_credit_union_act


Summary: National Association of Registered Agents and Brokers Reform Act of 2008 - Amends the Gramm-Leach-Bliley Act to reestablish the National Association of Registered Agents and Brokers as a nonprofit corporation whose purpose is to provide a mechanism through which licensing, continuing education, and other insurance producer qualification requirements and conditions can be adopted and applied on a multi-state basis, while preserving the right of states to: (1) license, supervise, and discipline insurance producers; and (2) prescribe and enforce laws and regulations regarding insurance-related consumer protection and unfair trade practices. Sets forth membership requirements, including a mandatory criminal background check applicable to state-licensed insurance producers. Sets limits upon permissible uses of such criminal background information, and imposes a criminal penalty for improper use. Requires the Association, in establishing membership criteria, to consider the National Association of Insurance Commissioners (NAIC) Producer Licensing Model Act and the highest levels of insurance producer qualifications established under state licensing laws. Authorizes the Association to deny membership to a state-licensed insurance producer on the basis of the criminal history information obtained. Establishes classes and categories of membership. Declares that membership authorizes an insurance producer to sell, solicit, negotiate, effect, procure, deliver, renew, continue, or bind insurance in any state for any line or lines of insurance specified in such producer's home state license, and exercise all such incidental powers, including claims adjustments and settlement, risk management, employee benefits advice, retirement planning, and any other insurance-related consulting activities. Authorizes the Association to deny membership to any state-licensed insurance producer for failure to meet membership criteria established by the Association. Preserves state consumer protection and market conduct regulation powers. Grants the Association membership probation, suspension and revocation powers.Requires the Association to establish an office of consumer complaints, including a toll-free telephone number.Creates a Board of Directors to govern and supervise the Association and its members.Preempts specified state actions.Permits judicial review over litigation involving the Association.

amends gramm leach bliley act reestablish national_association_of_registered_agents_and_brokers nonprofit corporation purpose provide mechanism licensing continuing education insurance producer qualification requirements conditions adopted applied multi state basis preserving right states license supervise discipline insurance producers prescribe enforce laws regulations insurance related consumer protection unfair trade practices sets forth membership requirements including mandatory criminal background check applicable state licensed insurance producers sets limits permissible uses criminal background information imposes criminal penalty improper use requires association establishing membership criteria consider national_association_of_insurance_commissioners naic producer licensing highest levels insurance producer qualifications established state licensing laws authorizes association deny membership state licensed insurance producer basis criminal history information obtained establishes classes categories membership declares membership authorizes insurance producer sell solicit negotiate effect procure deliver renew continue bind insurance state line lines insurance specified producer home state license exercise incidental powers including claims adjustments settlement risk management employee benefits advice retirement planning insurance related consulting activities deny membership state licensed insurance producer failure meet membership criteria established association preserves state consumer protection market conduct regulation powers membership probation suspension revocation powers requires association establish office consumer complaints including toll free telephone number creates board directors govern supervise association members preempts specified state actions permits judicial review litigation involving association


Summary: Roth TSP Act of 2008 - Requires the Executive Director of the Federal Retirement Thrift Investment Board to provide for the inclusion in the Thrift Savings Plan of a qualified Roth contribution program (a program under which an employee may elect to make designated Roth contributions in lieu of elective deferrals under the retirement plan).

roth tsp act requires executive director federal_retirement_thrift_investment_board provide inclusion thrift savings plan qualified roth contribution program program employee elect designated roth contributions lieu elective deferrals retirement plan


Summary: Bank and Thrift Regulatory Relief Act of 2008 - Amends the Revised Statutes of the United States to authorize the Comptroller of the Currency, in lieu of requirements relating to the ownership of capital stock in the national bank, to permit an individual to serve as a director of a national bank that has elected, or notified the Comptroller of its intention, to operate as a S corporation under the Internal Revenue Code. Authorizes the Comptroller to prescribe regulations that permit a national bank to be organized other than as a body corporate (that is, as an alternative business organization). 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; and (4) increase the amount of capital available for commercial real estate loans. Amends the Home Owners' Loan Act to authorize the Director of Office of Thrift Supervision to prescribe regulations that permit a federal savings association to be organized as an alternative business organization. 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.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. 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.

bank thrift regulatory relief act amends revised statutes united_states authorize comptroller currency lieu requirements relating ownership capital stock national bank permit individual serve director national bank elected notified comptroller intention operate corporation internal revenue code authorizes comptroller prescribe regulations permit national bank organized body corporate alternative business organization amends governing federal savings associations increase investment small business investment companies permit investments auto loans repeal qualified thrift lender requirement state branches eliminate lending limit small business loans increase business loans increase capital available commercial real estate loans amends authorize director office_of_thrift_supervision prescribe regulations permit federal savings association organized alternative business organization amends gramm leach bliley act set forth exceptions annual privacy notice required financial institutions business checking fairness act amends federal banking law authorize interest bearing transaction accounts businesses amends federal_reserve_act federal_deposit_insurance_act repeal prohibition payment interest demand deposits amends federal_reserve_act direct board_of_governors federal_reserve_system obtain biennially report congress sample specified retail banking services products provided insured depository institutions credit unions including fees


Summary: 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.

bank thrift regulatory relief act title credit unions sec amends federal_credit_union_act permit credit union invest securities account subject certain percentage limitations increase investment lending limit credit union service organizations credit union total paid unimpaired capital surplus sec excludes credit union loans nonprofit religious organizations limitations placed member business loans sec authorizes national_credit_union_administration_board establish longer loan maturity directs board prescribe criteria continued membership certain member groups case certain credit union conversions community revises requirements credit union membership certain underserved areas sec empowers federal credit union provide short term unsecured loans alternative payday loans sec authorizes credit union board directors member cause including disruption credit union operations sec excludes meaning member business loan subject certain limitations extension credit member meeting specified criteria proceeds commercial corporate business farm agricultural purposes underserved area title savings association provisions sec amends respect federal savings associations increase maximum authorized investment small business investment companies capital surplus permit investments entity established invest solely small business investment companies permit investment auto loans limitation percentage assets repeal requirement state branches meet criteria treatment domestic building loan association qualified thrift lender eliminate lending limit small business loans increase commercial loans increase capital available nonresidential commercial real estate loans exclude credit card banks specified treatment multiple savings loan holding companies title iii sec amends gramm leach bliley act set forth exceptions annual privacy notice required financial institutions title business checking business checking fairness act sec amends federal banking law authorize interest bearing dividend bearing transaction accounts businesses permitting transfers month account owner institution sec amends federal_reserve_act federal_deposit_insurance_act repeal prohibition payment interest demand deposits sec prescribes rule construction escrow accounts maintained depository institution purpose completing settlement real estate transaction declares institution absorption expenses incidental providing normal banking service respect escrow account forbearance charging related fee resulting benefit accruing escrow account holder beneficiary shall treated payment receipt interest certain purposes declares provision title shall construed require depository institution maintains escrow account pay interest prohibit institution paying interest preempt state law dealing payment interest accounts sec amends federal_reserve_act direct board_of_governors federal_reserve_system survey report biennially congress sample specified retail banking services products provided related fees charged insured depository institutions credit unions amends financial institutions reform recovery enforcement act interstate banking branching efficiency act repeal certain reporting provisions


Summary: Municipal Bond Market Support Act of 2008 - Amends Internal Revenue Code provisions relating to the small issuer exemption from interest expense allocation rules for financial institutions to: (1) increase from $10 to $30 million the annual limit on small issuers of tax-exempt municipal bonds; (2) allow an inflation adjustment to such increased limit amount after 2009; (3) repeal aggregation rules relating to the determination of small issuer eligibility; (4) allow small issuers an election to treat borrowers separately for purposes of issuance limitations; and (5) allow financial institutions to hold up to 2% of their assets in tax-exempt securities without affecting their interest expense tax deduction.

municipal_bond_market_support_act amends internal revenue code provisions relating small issuer exemption interest expense allocation rules financial institutions increase million annual limit small issuers tax exempt municipal bonds allow inflation adjustment increased limit repeal aggregation rules relating determination small issuer eligibility allow small issuers election treat borrowers separately purposes issuance limitations allow financial institutions hold assets tax exempt securities affecting interest expense tax deduction


Summary: FDIC Flexibility Act of 2008 - Amends the Federal Deposit Insurance Act to repeal: (1) requirements for least-cost resolution of troubled insured depository institutions; (2) requirements for consideration of direct financial assistance to a depository institution before appointment of a conservator or receiver; (3) certain Federal Deposit Insurance Corporation (FDIC) procedures for extension of time and mailed notification regarding determination of claims; and (4) specified FDIC authority relating to determination of claims. Amends the Federal Reserve Act to repeal limitations on advances to member banks by the Board of Governors of the Federal Reserve System. Amends the Federal Deposit Insurance Corporation Improvement Act of 1991 to repeal provisions regarding early resolution of troubled insured depository institutions by federal banking agencies.

fdic flexibility act amends federal_deposit_insurance_act repeal requirements cost resolution troubled insured depository institutions requirements consideration direct financial assistance depository institution appointment conservator receiver certain federal_deposit_insurance_corporation fdic procedures extension time mailed notification determination claims specified fdic authority relating determination claims amends federal_reserve_act repeal limitations advances member banks board_of_governors federal_reserve_system amends repeal provisions early resolution troubled insured depository institutions federal banking agencies


Summary: National Consumer Cooperative Bank Act Amendments of 2008 - Amends the National Consumer Cooperative Bank Act to declare that a nonprofit corporation (established to succeed the abolished Office of Self-Help Development and Technical Assistance) shall be deemed to be a community development financial institution, unless the National Consumer Cooperative Bank or any of its affiliates participates in certain depository institution incentives under the Community Development Banking and Financial Institutions Act of 1994.

amends act declare nonprofit corporation established succeed abolished shall deemed community development financial institution affiliates participates certain depository institution incentives


Summary: Equal Treatment of Covered Bonds Act of 2008 - Amends the Federal Deposit Insurance Act to include a covered bond as a qualified financial contract with an insured depository institution, if it was entered into before appointment of the Federal Deposit Insurance Corporation (FDIC) as receiver for the institution, where a person has the right to cause the contract's termination, liquidation, or acceleration upon such an appointment. Defines such a bond as a nondeposit recourse debt obligation of an insured depository institution, with a term to maturity of at least one year, which is secured by specifically identified assets which are performing in accordance with the terms of the contracts which created the assets. Declares federal banking agency regulations inapplicable to any covered bond unless they are prescribed jointly by the Secretary of the Treasury, the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, and the Board of Directors of the FDIC.

amends federal_deposit_insurance_act include covered bond qualified financial contract insured depository institution entered appointment federal_deposit_insurance_corporation fdic receiver institution person right cause contract termination liquidation acceleration appointment defines bond nondeposit recourse debt obligation insured depository institution term maturity year secured specifically identified assets performing accordance terms contracts created assets declares federal banking agency regulations inapplicable covered bond prescribed jointly secretary treasury board_of_governors federal_reserve_system comptroller currency director office_of_thrift_supervision board_of_directors fdic


Summary: Expedited Funds Availability Dollar Limits Adjustment Act of 2008 - Amends the Expedited Funds Availability Act to increase: (1) from $100 to $175 the amount of a federal, state, or local government check that is available for next business day withdrawal; and (2) from $400 to $700 the maximum cash amount of non-government checks available for 5 p.m. withdrawal.Directs the Board of Governors of the Federal Reserve System to make cost-of-living adjustments to such amounts every five years.

expedited funds availability dollar limits adjustment act amends expedited funds availability act increase federal state local government check available business day withdrawal maximum cash non government checks available withdrawal directs board_of_governors federal_reserve_system cost living adjustments amounts years


Summary: Home Heating Loan Guarantee Act of 2008 - Authorizes the Secretary of the Treasury to guarantee qualified home heating loans made by depository institutions during the 2008-2009 home heating season if necessary to minimize disruptions in the supply and distribution of home heating resources because of the inability of customers of the suppliers to pay for home heating supplies or repairs made to broken home heating equipment or leaking or frozen lines. Sets forth terms and conditions governing the loan guarantee, including overall loan limits.

authorizes secretary treasury guarantee qualified home heating loans depository institutions home heating season necessary minimize disruptions supply distribution home heating resources inability customers suppliers pay home heating supplies repairs broken home heating equipment leaking frozen lines sets forth terms conditions governing loan guarantee including overall loan limits


Summary: Prohibits the use of any funds made available under any Act authorizing the Secretary of the Treasury to purchase troubled assets to provide income for any senior officer of any company, entity, or partnership that receives credit or other direct assistance under such Act. Authorizes the Secretary to terminate the employment of any such senior officer who receives credit or direct assistance under any such Act. Defines "senior officer" as any chairman of the board, chief executive officer, chief financial officer, managing partner, or any individual deemed by the Secretary as having primary management or financial authority over the company, entity, or partnership before the receipt of credit or direct assistance under any such Act.

prohibits use funds available act authorizing secretary treasury purchase troubled assets provide income senior officer company entity partnership receives credit direct assistance act authorizes secretary terminate employment senior officer receives credit direct assistance act defines senior officer chairman board chief executive officer chief financial officer managing partner individual deemed secretary having primary management financial authority company entity partnership receipt credit direct assistance act


Summary: Public-Private Partnerships Community Stabilization Act of 2008 - Directs the Secretary of the Treasury, in carrying out any Act that provides authority to purchase troubled assets from financial institutions, to provide systematically for purchases from the Secretary, by public-private partnerships established at the community, local, and regional levels, of vacant residential properties the Secretary owns, holds, or controls by reason of purchases of troubled assets. Requires any federal property manager to provide for purchases by such partnerships of properties owned, held, or controlled by the manager, for the purpose of retaining the value of such properties, stabilizing communities, and minimizing the fiscal impacts of such Act on taxpayers.

public private partnerships community stabilization act directs secretary treasury carrying act provides authority purchase troubled assets financial institutions provide systematically purchases secretary public private partnerships established community local regional levels vacant residential properties secretary owns holds controls reason purchases troubled assets requires federal property manager provide purchases partnerships properties owned held controlled manager purpose retaining value properties stabilizing communities minimizing fiscal impacts act taxpayers


Summary: Fair Value Accounting Standards Reform Act of 2008 - Directs the Securities and Exchange Commission, upon enactment of an Act or Joint Resolution in 2008 providing for the economic recovery of financial institutions, to revise by rule, regulation, or order the application of fair value accounting, including Statement Number 157 of the Financial Accounting Standards Board, to any financial institution.

directs securities_and_exchange_commission enactment act joint resolution providing economic recovery financial institutions revise rule regulation order application fair value accounting including statement number financial institution


Summary: Net Worth Certificate Program Act of 2008 - Directs the Chairman of the Federal Deposit Insurance Corporation (FDIC) to create a net worth certificate program that will settle the financial markets without significant expense to taxpayers. States that such program will be authorized to purchase net worth certificates by issuing FDIC senior notes to the banks in the form of subordinated debentures, or in any other form the Chairman determines meets program goals and requirements. Requires the Chairman to certify that a bank eligible for the program is both: (1) in danger of failing; and (2) could be viable if given more time. Requires the Chairman to issue new, strict supervision rules for banks that wish to enter the program, including oversight of top executive compensation and removal of poor management.

net worth certificate program act directs chairman federal_deposit_insurance_corporation fdic create net worth certificate program settle financial markets significant expense taxpayers states program authorized purchase net worth certificates issuing fdic senior notes banks form subordinated debentures form chairman determines meets program goals requirements requires chairman certify bank eligible program danger failing viable given time requires chairman issue new strict supervision rules banks wish enter program including oversight executive compensation removal poor management


Summary: Main Street Protection Act of 2008 - Requires the Federal Deposit Insurance Corporation (FDIC) to insure deposits under the Federal Deposit Insurance Act without regard to the amount on deposit in any account or the amount of the deposits of any customer. Directs the Secretary of the Treasury to establish a program for insuring the principal amounts on deposit in any money market account using the U.S. Treasury stabilization fund without limitation on the amount insured in any such account. Authorizes the Secretary to make appropriate assessments against the institution holding such accounts to cover the cost of providing such insurance.

requires federal_deposit_insurance_corporation fdic insure deposits federal_deposit_insurance_act regard deposit account deposits customer directs secretary treasury establish program insuring principal amounts deposit money market account stabilization fund limitation insured account authorizes secretary appropriate assessments institution holding accounts cover cost providing insurance


Summary: Amends the Federal Deposit Insurance Act to increase the standard maximum amount of deposit insurance from $100,000 to: (1) $500,000, at the option of the insured depository institution; and (2) $250,000 or $500,000 for eligible retirement accounts, at the institution's option. Requires an annual inflation adjustment. Directs the Board of Directors of the Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Administration (NCUA) Board to report to Congress and publish in the Federal Register any such inflation adjustments to the standard maximum deposit insurance amount and to the standard maximum share insurance amount.

amends federal_deposit_insurance_act increase standard maximum deposit insurance option insured depository institution eligible retirement accounts institution option requires annual inflation adjustment directs board_of_directors federal_deposit_insurance_corporation fdic national_credit_union_administration ncua board report congress publish federal_register inflation adjustments standard maximum deposit insurance standard maximum share insurance


Summary: Amends the Federal Deposit Insurance Act to: (1) increase from $100,000 to $300,000 the maximum amount of deposit insurance for accounts insured by the Federal Deposit Insurance Corporation (FDIC); and (2) require the FDIC to adjust premiums for deposit insurance based on solvency of the Deposit Insurance Fund (DIF) to ensure that the Fund is funded by premiums from insured depository institutions, and not by taxpayer revenues. Repeals the cap on the maximum amount of deposit insurance for deposits in an insured depository institution made in connection with specified kinds of retirement accounts, including individual retirement accounts (IRAs).

amends federal_deposit_insurance_act increase maximum deposit insurance accounts insured federal_deposit_insurance_corporation fdic require fdic adjust premiums deposit insurance based solvency ensure fund funded premiums insured depository institutions taxpayer revenues repeals cap maximum deposit insurance deposits insured depository institution connection specified kinds retirement accounts including individual retirement accounts iras


Summary: Bringing Accounting, Increased Liquidity, Oversight and Upholding Taxpayer Security Act of 2008 or the No BAILOUTS Act of 2008 - Directs the Securities and Exchange Commission (SEC) to report to Congress on the effect of its clarification on fair value accounting issued September 30, 2008. States that the order of the SEC issued September 17, 2008, continues in effect until: (1) canceled or withdrawn by the SEC; or (2) repealed by an Act of Congress. Directs the SEC to: (1) reinstate rule 10a-1 (uptick rule on short sales of securities); (2) rescind rule 201 of regulation SHO; and (3) reinstate the price test restrictions that applied to short sales of securities before its action in the proceeding entitled "Regulation SHO and Rule 10a-1," adopted June 28, 2007. Requires the Board of Directors of the Federal Deposit Insurance Corporation (FDIC) to establish a net worth certificate program to provide capital to assist insured depository institutions to resolve solvency problems. Amends the Federal Deposit Insurance Act and the Federal Credit Union Act to increase from $100,000 to $250,000 the standard maximum deposit and share insurance amount.

increased liquidity oversight taxpayer security act bailouts act directs securities_and_exchange_commission sec report congress effect clarification fair value accounting issued september states order sec issued september continues effect canceled withdrawn sec repealed act congress directs sec reinstate rule rule short sales securities rescind rule regulation reinstate price test restrictions applied short sales securities action proceeding entitled regulation rule adopted june requires board_of_directors federal_deposit_insurance_corporation fdic establish net worth certificate program provide capital assist insured depository institutions resolve solvency problems amends federal_deposit_insurance_act federal_credit_union_act increase standard maximum deposit share insurance


Summary: Economic Growth and Financial Stabilization Act - Amends the Internal Revenue Code to prescribe a 0% capital gains rate for individuals. Revises the formula for: (1) the alternative tax for corporations to prescribe a 0% capital gains rate; and (2) the ordinary income tax for corporations by eliminating the two tax rate brackets above 25% and reducing the maximum amount of tax imposed. Establishes in the Department of the Treasury a Distressed Assets Loan Fund under the control of the Secretary of the Treasury to make loans available at low rates of interest to depository institutions with distressed assets. Amends the Federal Deposit Insurance Act and the Federal Credit Union Act to increase from $100,000 to $250,000 the maximum amount of deposit insurance and share insurance, respectively. Treats gain or loss from the sale or exchange of any applicable preferred stock by any applicable financial institution as ordinary income or loss.

internal revenue code prescribe capital gains rate individuals revises formula alternative tax corporations prescribe capital gains rate ordinary income tax corporations eliminating tax rate brackets reducing maximum tax imposed establishes control secretary treasury loans available low rates interest depository institutions distressed assets amends federal_deposit_insurance_act federal_credit_union_act increase maximum deposit insurance share insurance respectively treats gain loss sale exchange applicable preferred stock applicable financial institution ordinary income loss


Summary: Amends the Federal Deposit Insurance Act to increase the standard maximum amount of deposit insurance from $100,000 to: (1) $250,000, $500,000, $750,000, or $1 million, at the option of the insured depository institution; and (2) $250,000, $500,000, $750,000, or $1 million for eligible retirement accounts, at the institution's option. Requires an annual inflation adjustment. Directs the Board of Directors of the Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Administration (NCUA) Board to report to Congress and publish in the Federal Register any such inflation adjustments to the standard maximum deposit insurance amount and to the standard maximum share insurance amount.

amends federal_deposit_insurance_act increase standard maximum deposit insurance million option insured depository institution million eligible retirement accounts institution option requires annual inflation adjustment directs board_of_directors federal_deposit_insurance_corporation fdic national_credit_union_administration ncua board report congress publish federal_register inflation adjustments standard maximum deposit insurance standard maximum share insurance


Summary: Temporary Increase in FDIC and Credit Union Insurance Act of 2008 - Amends the Federal Deposit Insurance Act and the Federal Credit Union Act to establish a temporary increase from $100,000 to $250,000, through December 31, 2009, in the maximum insured amount limitation for deposit insurance and credit union share insurance.

fdic act amends federal_deposit_insurance_act federal_credit_union_act establish temporary increase december maximum insured limitation deposit insurance credit union share insurance


Summary: Financial Oversight Commission Act of 2008 - Establishes the Financial Oversight Commission to investigate facts and circumstances relating to the financial crisis of 2008, including any relevant legislation, Executive Order, regulation, plan, policy, practice, or procedure that pertains to: (1) government sponsored enterprises (GSEs), including the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac); (2) the stock market; (3) the housing market; (4) credit rating agencies; (5) the financial services sector, including hedge funds, private equity, and the insurance industry; and (6) the role of congressional oversight and resource allocation. Directs the Commission to identify, evaluate, and report to Congress and the President on the lessons learned from the financial crisis regarding the structure, coordination, management policies, and procedures of governmental and nongovernmental entities related to crisis detection, prevention, and response.

act establishes investigate facts circumstances relating financial crisis including relevant legislation executive order regulation plan policy practice procedure pertains government sponsored enterprises gses including federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac stock market housing market credit rating agencies financial services sector including hedge funds private equity insurance industry role congressional oversight resource allocation directs commission identify evaluate report congress president lessons learned financial crisis structure coordination management policies procedures governmental nongovernmental entities related crisis detection prevention response


Summary: Limits the applicability of Treasury Notice 2008-83 (suspending restrictions on the offset of net operating losses and unrealized built-in losses against the taxable income of certain corporate entities that acquire or merge with other entities) to a period beginning on September 30, 2008, and ending on the earlier of the date of the first committee action on this Act or the date on which the Chairman of the House Committee on Ways and Means and the Chairman of the Senate Committee on Finance issue a joint statement indicating their intent to to terminate the application of such notice. Directs the Inspector General of the Department of the Treasury to conduct an investigation into the issuance of Treasury Notice 2008-83 and report to Congress on such investigation.

limits applicability treasury notice suspending restrictions offset net operating losses built losses taxable income certain corporate entities acquire merge entities period beginning september ending earlier date committee action act date chairman house_committee ways_and_means chairman senate_committee_on_finance issue joint statement indicating intent terminate application notice directs inspector general department_of_the_treasury conduct investigation issuance treasury notice report congress investigation


Summary: Special Inspector General for the Troubled Asset Relief Program Act of 2008 - Amends the Emergency Economic Stabilization Act of 2008 to authorize the Special Inspector General to exercise specified employment authorities for additional personnel, but not after six months following enactment of this Act. Authorizes the Special Inspector General to conduct, supervise, and coordinate an audit or investigation of any action taken under such Act, except any action related to: (1) graduated authorization to purchase troubled assets; (2) oversight and audits by the Comptroller General; (3) the Comptroller General's study and report on margin authority; and (4) the Congressional Oversight Panel.

special inspector general amends emergency economic stabilization act authorize special inspector general exercise specified employment authorities additional personnel months following enactment act authorizes special inspector general conduct supervise coordinate audit investigation action taken act action related graduated authorization purchase troubled assets oversight audits comptroller_general comptroller_general study report margin authority congressional_oversight_panel


Summary: TARP Accountability Act of 2008 - Amends the Federal Deposit Insurance Act (FDIA) to require inclusion within each report of condition filed by an insured depository institution which received assistance under the Troubled Assets Relief Program (TARP) the amount of any increase in new lending during the period covered by the report (or the amount of any reduction in any decrease in new lending) that is attributable to TARP assistance. Requires, in the alternative, that if the institution cannot accurately quantify the effect such assistance has had on new lending, then it report the total amount of the increase in new lending, if any, during the covered period.

tarp accountability act amends federal_deposit_insurance_act fdia require inclusion report condition filed insured depository institution received assistance troubled assets relief program tarp increase new lending period covered report reduction decrease new lending attributable tarp assistance requires alternative institution accurately quantify effect assistance new lending report total increase new lending covered period


Summary: Troubled Asset Relief Program Inspector General Improvement Act - Amends the Emergency Economic Stabilization Act of 2008 with respect to the Special Inspector General (SIG) for the Troubled Asset Relief Program (TARP). Makes the first $50 million available to the SIG within three days after his or her nomination is first confirmed by the Senate. Directs the Secretary of the Treasury to: (1) take action to address deficiencies identified by the SIG or another auditor engaged by the TARP; or (2) certify to appropriate congressional committees that no action is necessary or appropriate. Revises the duties of the SIG to conduct, supervise, and coordinate audits and investigations to: (1) eliminate the limitation of the object of investigations to the purchase, management, and sale of troubled assets by the Secretary and the Secretary's management of the program to guarantee such assets; and (2) extend the objects of investigation to any activities of the Secretary in the expenditure or obligation of funds under such Act. Requires the SIG to report to specified congressional committees by July 1, 2009, on the use of any funds received by an financial institution under TARP. Authorizes the SIG to exercise specified federal civil service employment authorities. Prohibits the SIG from making any appointment after one year following the date of the first confirmation of his or her nomination as SIG.

troubled asset relief program inspector general improvement act amends emergency economic stabilization act respect special inspector general sig troubled_asset_relief_program tarp makes million available sig days nomination confirmed senate directs secretary treasury action address deficiencies identified sig auditor engaged tarp certify appropriate congressional committees action necessary appropriate revises duties sig conduct supervise coordinate audits investigations eliminate limitation object investigations purchase management sale troubled assets secretary secretary management program guarantee assets extend objects investigation activities secretary expenditure obligation funds act requires sig report specified congressional committees july use funds received financial institution tarp authorizes sig exercise specified federal civil service employment authorities prohibits sig making appointment year following date confirmation nomination sig