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: Southeast Crescent Authority Act of 2007 - Establishes a Southeast Crescent Authority for all parts of the following southeastern states not eligible for assistance from the Appalachian Regional Commission or the Delta Regional Authority: Virginia, North Carolina, South Carolina, Georgia, Alabama, Mississippi, and Florida. Directs the Authority to perform various functions, including: (1) formulating plans and programs to spur economic development, and approving grants to states and public and nonprofit entities toward that end; (2) establishing priorities in a development plan for the region; (3) supporting local development districts, and creating them where they do not exist; and (4) encouraging private investment in the region. Permits the Authority to request and receive federal, state and local government personnel as employees. States that Authority grants for infrastructure development may be made only to state or local governments. Permits Authority grants for job training, employment-related education, business development, assisting severely distressed and poor areas, or for other purposes in accordance with this Act. Allows the Authority to designate annually: (1) distressed counties; and (2) isolated areas of distress in nondistressed counties. Directs the Authority to garner public participation in the development, revision, and implementation of its plans and programs.

establishes parts following southeastern states eligible assistance appalachian_regional_commission delta_regional_authority virginia north_carolina south_carolina georgia alabama mississippi florida directs authority perform functions including formulating plans programs spur economic development approving grants states public nonprofit entities end establishing priorities development plan region supporting local development districts creating exist encouraging private investment region permits authority request receive federal state local government personnel employees states authority grants infrastructure development state local governments grants job training employment related education business development assisting severely distressed poor areas purposes accordance act allows authority designate annually distressed counties isolated areas distress counties directs authority public participation development revision implementation plans programs


Summary: Amends the Foreign Assistance Act of 1969 to permit the appointment of the United States Executive Director of the Inter-American Development Bank or the Alternate Executive Director of the Inter-American Development Bank to the Board of Directors of the Inter-American Foundation.

amends foreign assistance act permit appointment director inter-american_development_bank alternate executive director inter-american_development_bank board_of_directors


Summary: Promoting Transparency in Financial Reporting Act of 2007 - Requires the Securities and Exchange Commission (SEC), the Financial Accounting Standards Board, and the Public Company Accounting Oversight Board to provide oral testimony by their respective chairpersons (or a designee), beginning in 2007, and annually for five years, to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives on their efforts to reduce the complexity in financial reporting, so that investors are provided with more accurate and clear financial information.

promoting transparency financial reporting act requires securities_and_exchange_commission sec public_company_accounting_oversight_board provide oral testimony respective chairpersons designee beginning annually years senate efforts reduce complexity financial reporting investors provided accurate clear financial information


Summary: Oil Industry Merger Antitrust Enforcement Act - Amends the Clayton Act to require, in any civil action in which the plaintiff alleges that the effect of a merger, acquisition, or other transaction (transaction) may be to substantially lessen competition or to create a monopoly in the business of exploring for, producing, refining, marketing, or selling petroleum, oil, natural gas, or their related products and that establishes that the transaction involves competitors in that business, the burden of proof shall be on the defendant to establish that such transaction will not substantially lessen competition or create a monopoly. Directs the Federal Trade Commission (FTC) and the Antitrust Division of the Department of Justice to jointly review and revise applicable enforcement guidelines and policies in order to: (1) specifically address the above transactions; and (2) ensure that the guidelines will prevent any transaction which substantially lessens competition or creates a monopoly.

oil industry merger antitrust enforcement act amends clayton act require civil action plaintiff alleges effect merger acquisition transaction transaction substantially lessen competition create monopoly business exploring producing refining marketing selling petroleum oil natural gas related products establishes transaction involves competitors business burden proof shall defendant establish transaction substantially lessen competition create monopoly directs federal_trade_commission ftc antitrust_division_of_the_department_of_justice jointly review revise applicable enforcement guidelines policies order specifically address transactions ensure guidelines prevent transaction substantially lessens competition creates monopoly


Summary: Amends the Internal Revenue Code to make permanent the tax rule exempting dividends, interest, rents, and royalties received or accrued from certain controlled foreign corporations by a related entity from treatment as foreign holding company income (thus permitting tax deferral of such income).

amends internal revenue code permanent tax rule exempting dividends interest rents royalties received accrued certain controlled foreign corporations related entity treatment foreign holding company income permitting tax deferral income


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.Subjects an industrial bank to Federal Deposit Insurance Corporation (FDIC) requirements regarding registration, reporting, and bank examinations. Prohibits the FDIC from imposing capital or capital adequacy requirements on functionally regulated affiliates of any depository institution controlled by industrial bank holding companies meeting certain criteria. Requires a federal supervisory agency of an industrial bank holding company to forego examination of any depository institution subsidiary of the holding company. 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 an industrial bank from being controlled by a commercial firm, except in certain circumstances. Prescribes activity and branching limitations affecting industrial bank subsidiaries of certain commercial firms.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 represents a serious risk to a depository institution subsidiary of the holding company.Subjects foreign bank acquisition or control of an industrial bank to approval of the Board of Governors of the Federal Reserve System.Requires a holding company of an industrial bank to serve as a source of financial and managerial strength to its subsidiary banks. Subjects an industrial bank holding company to: (1) enforcement by the FDIC, including its nonbank subsidiaries; and (2) the prompt corrective action requirements of the FDIA.

amends federal_deposit_insurance_act fdia apply bank share asset acquisition requirements bank_holding_company_act company industrial bank holding company subjects industrial bank federal_deposit_insurance_corporation fdic requirements registration reporting bank examinations prohibits fdic imposing capital capital adequacy requirements functionally regulated affiliates depository institution controlled industrial bank holding companies meeting certain criteria requires federal supervisory agency industrial bank holding company forego examination depository institution subsidiary holding company authorizes fdic require regulatory agency holding company controls industrial bank information necessary assess risk industrial bank determine condition prohibits industrial bank controlled commercial firm certain circumstances prescribes activity branching limitations affecting industrial bank subsidiaries certain commercial firms authorizes federal supervisory agency order holding company nonbank subsidiary terminate activity ownership control certain depository institution subsidiaries activity ownership control nonbank subsidiary represents risk depository institution subsidiary holding company subjects foreign bank acquisition control industrial bank approval board_of_governors federal_reserve_system requires holding company industrial bank serve source financial managerial strength subsidiary banks subjects industrial bank holding company enforcement fdic including nonbank subsidiaries prompt corrective action requirements fdia


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: New Savers Act - Requires the Commissioner of Internal Revenue to notify individual taxpayers of their options to: (1) have their income tax refunds electronically deposited to a designated bank account (e.g., savings account); and (2) purchase U.S. savings bonds when they file their federal income tax returns.Authorizes the Secretary of the Treasury to: (1) make grants to provide matching funds for clinics to assist low-income taxpayers in preparing and filing their federal income tax returns; (2) increase payments to financial institutions to offset the costs of opening electronic transfer accounts; and (3) provide grants to states to increase participation in qualified tuition programs by moderate and low-income families.Requires the Secretary to: (1) establish performance measures to evaluate the extent to which Americans save and use the federal tax filing process to facilitate savings activities; (2) establish a program to support and promote the expansion of access to financial services and development of new financial products and services; (3) convene a federal advisory board to expand access to U.S. savings bonds; and (4) publish an annual report on the use of qualified tuition programs for paying tuition and other higher education costs.Requires the Secretary of Health and Human Services to establish a performance measure for the percentage of state benefit recipients who receive benefits by direct deposit into insured bank accounts.Establishes as a tax-exempt individual retirement account (IRA) a young savers account, to be treated in the same manner as a Roth IRA.Amends the Internal Revenue Code to: (1) allow tax credits for contributions to qualified tuition programs and Coverdell education savings accounts and for employer contributions to employee payroll savings plans; and (2) impose certain reporting requirements for managers of qualified tuition programs.

new savers act requires commissioner internal_revenue notify individual taxpayers options income tax refunds electronically deposited designated bank account savings account purchase savings bonds file federal income tax returns authorizes secretary treasury grants provide matching funds clinics assist low income taxpayers preparing filing federal income tax returns increase payments financial institutions offset costs opening electronic transfer accounts provide grants states increase participation qualified tuition programs moderate low income families requires secretary establish performance measures evaluate extent americans save use federal tax filing process facilitate savings activities establish program support promote expansion access financial services development new financial products services convene federal advisory board expand access savings bonds publish annual report use qualified tuition programs paying tuition higher education costs requires secretary health_and_human_services establish performance measure percentage state benefit recipients receive benefits direct deposit insured bank accounts establishes tax exempt individual retirement account ira young savers account treated manner internal revenue code allow tax credits contributions qualified tuition programs coverdell education savings accounts employer contributions employee payroll savings plans impose certain reporting requirements managers qualified tuition programs


Summary: United States Employee Ownership Bank Act - Directs the Secretary of the Treasury to establish the United States Employee Ownership Bank to foster increased employee ownership and greater employee participation in company decisionmaking throughout the United States. Requires the Bank to make: (1) loans (subordinated to the interests of all other creditors) and loan guarantees to employees to purchase a business through an employee stock ownership plan or eligible worker-owned cooperative; and (2) grants to states and nonprofit and cooperative organizations with experience in developing employee-owned businesses and worker-owned cooperatives to provide education, outreach, and technical assistance to such employee business efforts. Requires the Bank to insure such loans or loan guarantees against nonrepayment of the outstanding loan balance.

united_states employee ownership bank act directs secretary treasury establish united_states employee ownership bank foster increased employee ownership greater employee participation company decisionmaking united_states requires bank loans subordinated interests creditors loan guarantees employees purchase business employee stock ownership plan eligible worker owned cooperative grants states nonprofit cooperative organizations experience developing employee owned businesses worker owned cooperatives provide education outreach technical assistance employee business efforts requires bank insure loans loan guarantees outstanding loan balance


Summary: Preserving and Expanding Minority Depository Institutions Act - Amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 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, 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.

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 chairperson federal_deposit_insurance_corporation submit annual report congress describing actions taken respect preservation expansion minority depository institutions


Summary: Financial Education and Counseling Assistance Act of 2007 - Amends the Housing and Urban Development Act of 1968 to require the Secretary of Housing and Urban Development (HUD) to carry out a grant program to assist eligible organizations to provide financial education and counseling services to homeowners and prospective homebuyers. Requires the Secretary to give preference to established community-based financial education and counseling organizations capable of providing in-person services. Prohibits an organization from receiving such financial assistance unless its financial counselors are HUD-certified.

counseling assistance act amends housing_and_urban_development_act require secretary housing_and_urban_development hud carry grant program assist eligible organizations provide financial education counseling services homeowners prospective homebuyers requires secretary preference established community based financial education counseling organizations capable providing person services prohibits organization receiving financial assistance financial counselors hud certified


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: 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: Corporate Executive Compensation Accountability and Transparency Act - Amends the Internal Revenue Code to the limit annual aggregate amounts which may be deferred under nonqualified deferred compensation arrangements. Amends the Sarbanes-Oxley Act of 2002 to extend from 12 to 36 months the look-back period for any bonuses, incentive-based or equity-based compensation, or profits realized from the sale of securities which must be reimbursed to a securities issuer by its chief executive officer and chief financial officer if the issuer is required to prepare an accounting restatement because of material noncompliance, as a result of misconduct, with any financial reporting requirement. Requires the Securities Exchange and Commission (SEC) to promulgate regulations to ensure more effective enforcement of such forfeitures. Requires such regulations to cite specified illicit accounting irregularities. Amends the Securities Exchange Act of 1934 to require that any proxy, consent, or authorization for an annual (or special) meeting of shareholders provide for a separate nonbinding shareholder vote on executive compensation, especially executive compensation (golden parachute payments) based on or related to disposition of substantially all the assets of an issuer in an acquisition, merger, consolidation, sale, or other disposition. Directs the SEC to promulgate regulations: (1) clarifying and strengthening requirements governing disclosure of compensation of consultants or advisors to a compensation committee; and (2) requiring each company subject to its jurisdiction to disclose the full grant date present value of equity instruments used as executive compensation awards in the Summary Compensation Table of the company. Amends the Federal Property and Administrative Services Act of 1949 to require certain federal contractors to disclose their executive compensation structures. Requires Armed Forces defense procurement contracts also to disclose such structures.

internal revenue code limit annual aggregate amounts deferred nonqualified deferred compensation arrangements amends sarbanes oxley act extend months look period bonuses incentive based equity based compensation profits realized sale securities reimbursed securities issuer chief executive officer chief financial officer issuer required prepare accounting restatement material noncompliance result misconduct financial reporting requirement requires sec promulgate regulations ensure effective enforcement forfeitures requires regulations cite specified illicit accounting amends securities_exchange_act require proxy consent authorization annual special meeting shareholders provide separate nonbinding shareholder vote executive compensation especially executive compensation golden parachute payments based related disposition substantially assets issuer acquisition merger consolidation sale disposition directs sec promulgate regulations clarifying strengthening requirements governing disclosure compensation consultants advisors compensation committee requiring company subject jurisdiction disclose grant date present value equity instruments executive compensation awards company amends federal_property_and_administrative_services act require certain federal contractors disclose executive compensation structures requires armed forces defense procurement contracts disclose structures


Summary: Credit Union Regulatory Improvements Act of 2008 - 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: Oil Shale Regulatory Act of 2008 - Amends the Department of the Interior, Environment, and Related Agencies Appropriations Act, 2008 to repeal its prohibition against the use of funds to: (1) publish regulations regarding a commercial leasing program for oil shale resources on public lands; or (2) conduct certain oil shale lease sales.Amends the Oil Shale, Tar Sands, and Other Strategic Unconventional Fuels Act of 2005 of the Energy Policy Act of 2005 to: (1) instruct the Secretary of the Interior to publish final regulations establishing a commercial leasing program for oil shale and tar sands not earlier than 90 days (currently, not later than six months) after completion of a specified programmatic environmental impact statement; and (2) authorize the Secretary, not earlier than December 31, 2011, to conduct a lease sale for oil shale and tar sands in a state that expresses support and interest in the development of tar sands and oil shale resources.

oil shale regulatory act amends department interior environment related agencies appropriations act repeal prohibition use funds publish regulations commercial leasing program oil shale resources public lands conduct certain oil shale lease sales amends oil_shale tar_sands strategic unconventional fuels act energy policy act instruct secretary interior publish final regulations establishing commercial leasing program oil shale tar sands earlier days currently later months completion specified programmatic environmental impact statement authorize secretary earlier december conduct lease sale oil shale tar sands state expresses support interest development tar sands oil shale resources


Summary: S Corporation Modernization Act of 2008 - Amends the Internal Revenue Code to revise the tax treatment of S corporations by: (1) reducing from 10 to seven years the period during which S corporation built-in gains are subject to tax; (2) repealing mandatory termination of S corporation elections for excessive passive investment income; (3) allowing S corporations to increase passive investment income from 25 to 60% without incurring additional tax; (4) allowing nonresident aliens to be potential current beneficiaries of an electing small business trust (ESBT); (5) allowing individual retirement accounts (IRAs) to be S corporation shareholders; and (6) allowing ESBTs to claim expanded charitable tax deductions.

corporation modernization act amends internal revenue code revise tax treatment corporations reducing seven years period corporation built gains subject tax repealing mandatory termination corporation elections excessive passive investment income allowing corporations increase passive investment income incurring additional tax allowing nonresident aliens potential current beneficiaries electing small business trust esbt allowing individual retirement accounts iras corporation shareholders allowing esbts claim expanded charitable tax deductions


Summary: Financial Consumer Hotline Act of 2008 - 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: Energy Transition Act of 2008 - Amends the Outer Continental Shelf Lands Act to modify requirements governing publication and uses of projected state lines on the Outer Continental Shelf (OCS). Authorizes a state governor to petition the Secretary of Energy to make available for oil and gas leasing any moratorium area within the offshore administrative boundaries beyond the submerged land of a state that is located greater than 50 miles from the state coastline (new producing areas). Amends the Alaska National Interest Lands Conservation Act (ANILCA) to repeal the prohibition against producing oil and gas from the Arctic National Wildlife Refuge (ANWR). Sets forth an oil and gas leasing program for the Alaskan Coastal Plain, including the Refuge. Authorizes the Secretary of the Interior, acting through the Director of the Bureau of Land Management, to: (1) designate specified acreage of the Coastal Plain as special areas; (2) exclude from leasing or surface occupancy any such special area; and (3) permit the use of horizontal drilling technology into such areas from the outside. Requires the state of Alaska to establish the Coastal Plain Local Government Impact Aid Assistance Fund. Prohibits exportation of oil or gas produced from leases granted under this Act. Allocates revenues among the Energy Independence Fund (established by this Act), the state of Alaska, and the Secretary of the Treasury. Requires the Administrator of the Environmental Protection Agency (EPA), upon request, to enter into a permitting agreement with a state or Indian tribe under a streamlined approval process for refinery construction and operation. Amends the Clean Air Act with respect to renewable biomass. Amends the Energy Independence and Security Act of 2007 to repeal EPA authority to waive specified prohibitions against certain fuels or fuel additives. Clean-Coal-Derived Fuels for Energy Security Act of 2008 - Directs the President to promulgate regulations to ensure that aviation fuel, motor vehicle fuel, home heating oil, and boiler fuel sold or introduced into commerce in the United States contains the applicable volume of clean coal-derived fuel. Exempts small refineries from compliance with such regulations until 2018, unless the President extends such exemption if compliance would impose a disproportionate economic hardship. Amends the Department of the Interior, Environment, and Related Agencies Appropriations Act, 2008 to repeal the prohibition against final regulations for the commercial leasing program for oil shale resources on public land. Instructs the Secretary of the Interior to require the Director of the U.S. Geological Survey to increase activities relating to the Energy Resources Program and other resource assessment activities related to domestic oil and natural gas reserves. Establishes the Energy Independence Fund. Instructs the Secretary of Energy to develop and report to Congress a strategic and comprehensive plan to eliminate all foreign imports of oil from countries outside of North America by 2028.

energy transition act amends outer_continental_shelf lands act modify requirements governing publication uses projected state lines outer_continental_shelf ocs authorizes state governor petition secretary energy available oil gas leasing moratorium area offshore administrative boundaries submerged land state located greater miles state coastline new producing areas amends alaska_national_interest_lands_conservation_act anilca repeal prohibition producing oil gas arctic_national_wildlife_refuge anwr sets forth oil gas leasing program alaskan coastal plain including refuge authorizes secretary interior acting director bureau_of_land_management designate specified acreage coastal_plain special areas exclude leasing surface occupancy special area permit use horizontal drilling technology areas outside requires state alaska establish coastal_plain_local_government_impact_aid_assistance_fund prohibits exportation oil gas produced leases granted act allocates revenues established act state alaska secretary treasury requires administrator environmental_protection_agency epa request enter permitting agreement state indian tribe streamlined approval process refinery construction operation amends clean air act respect renewable biomass amends energy_independence_and_security_act repeal epa authority waive specified prohibitions certain fuels fuel additives clean coal derived fuels energy security act directs president promulgate regulations ensure aviation fuel motor vehicle fuel home heating oil boiler fuel sold introduced commerce united_states contains applicable volume clean coal derived fuel exempts small refineries compliance regulations president extends exemption compliance impose disproportionate economic hardship amends related agencies appropriations act repeal prohibition final regulations commercial leasing program oil shale resources public land instructs secretary interior require director increase activities relating resource assessment activities related domestic oil natural gas reserves establishes instructs secretary energy develop report congress strategic comprehensive plan eliminate foreign imports oil countries outside north_america


Summary: Amends the Internal Revenue Code to allow a state-chartered banking entity to elect to be treated as a partnership or separate entity for tax purposes if it is organized as a limited liability company under state law and has Federal Deposit Insurance Corporation (FDIC) insurance. Exempts such an entity from treatment as a bank under the Internal Revenue Code for purposes of its bad debts, losses, gains from the sale of its securities, and the taxation of its common trust funds.

amends internal revenue code allow state chartered banking entity elect treated partnership separate entity tax purposes organized limited liability company state law federal_deposit_insurance_corporation fdic insurance exempts entity treatment bank internal revenue code purposes bad debts losses gains sale securities taxation common trust funds


Summary: Over-the-Counter Speculation Act - Amends the Commodity Exchange Act to authorize the Commodity Futures Trading Commission (CFTC), in the case of a major market disturbance, to require any trader required to report under this Act to take action to maintain or restore orderly trading in any contract listed for trading on a registered entity, including: (1) liquidation of any over-the-counter transaction; and (2) fixing of any limit that may apply to a market position involving any over-the-counter transaction acquired in good faith before the date of the CFTC's determination of a major market disturbance.Defines "major market disturbance" and "over-the-counter transaction."Sets forth reporting and recordkeeping requirements.

commodity_exchange_act authorize commodity_futures_trading_commission cftc case major market disturbance require trader required report act action maintain restore orderly trading contract listed trading registered entity including liquidation counter transaction fixing limit apply market position involving counter transaction acquired good faith date cftc determination major market disturbance defines major market disturbance counter transaction forth reporting recordkeeping requirements


Summary: Amends the Internal Revenue Code to: (1) prohibit tax-exempt employer pension or benefit plans from making a loan to any plan beneficiary through the use of a credit card or other intermediary; and (2) limit to three the number of loans a plan can make to a plan participant or beneficiary without tax consequences.

amends internal revenue code prohibit tax exempt employer pension benefit plans making loan plan beneficiary use credit card intermediary limit number loans plan plan participant beneficiary tax consequences


Summary: Saver's Bonus Act of 2007 [sic] - Directs the Secretary of the Treasury to develop programs to: (1) match deposits made by low-income individuals into certain savings accounts (saver's bonus); (2) deposit tax refunds electronically into savings accounts; and (3) allow individual taxpayers to purchase U.S. savings bonds on their federal income tax returns. Requires the Commissioner of the Internal Revenue Service (IRS) to notify low-income taxpayers of their eligibility for the saver's bonus and of their options under this Act.

saver bonus act sic directs secretary treasury develop programs match deposits low income individuals certain savings accounts saver bonus deposit tax refunds electronically savings accounts allow individual taxpayers purchase savings bonds federal income tax returns requires commissioner internal_revenue_service irs notify low income taxpayers eligibility saver bonus options act


Summary: Amends the Federal Reserve Act to repeal the authority of the Board of Governors of the Federal Reserve System, in unusual and exigent circumstances, to discount federal reserve bank-indorsed or -secured notes, drafts, and bills of exchange for private individuals, partnerships, or corporations unable to secure adequate credit accommodations from other banking institutions.

amends federal_reserve_act repeal authority board_of_governors federal_reserve_system unusual exigent circumstances discount federal reserve bank notes bills exchange private individuals partnerships corporations unable secure adequate credit accommodations banking institutions


Summary: Federal Board of Certification Act of 2008 - Establishes a Federal Board of Certification to certify that the mortgages within a security instrument meet the underlying standards they claim to meet with regards to such mortgage characteristics as: (1) documentation; (2) loan to value ratios; (3) debt service to income ratios; and (4) borrower credit standards and geographic concentration. States that the purpose of this certification process is to increase the transparency, predictability, and reliability of securitized mortgage products.Authorizes market participants, including firms that package mortgage loans into mortgage securities, to elect to have their mortgage securities evaluated by the Board.Authorizes the Board to: (1) promulgate regulations establishing enumerated security standards to use in certifying mortgage securities; (2) establish uniform principles and standards and report forms for the regular examination of such securities; and (3) develop uniform reporting systems for ascertaining mortgage security risk.Grants the Board access to all books, accounts, records, reports, files, memorandums, papers, things, and property belonging to or in use by federal financial institutions regulatory agencies.Requires any publication, transmission, or webpage containing an advertisement for or invitation to buy a mortgage security to carry a disclaimer that certification by the Federal Board of Certification can in no way be considered a guarantee of the mortgage security, but is merely a judgment of the degree of risk offered by the security in question.

establishes certify mortgages security instrument meet underlying standards claim meet regards mortgage characteristics documentation loan value ratios debt service income ratios borrower credit standards geographic concentration states purpose certification process increase transparency predictability reliability securitized mortgage products authorizes market participants including firms package mortgage loans mortgage securities elect mortgage securities evaluated board authorizes board promulgate regulations establishing enumerated security standards use certifying mortgage securities establish uniform principles standards report forms regular examination securities develop uniform reporting systems mortgage security risk grants board access books accounts records reports files memorandums papers things property belonging use federal financial institutions regulatory agencies requires publication transmission webpage containing advertisement invitation buy mortgage security carry disclaimer certification way considered guarantee mortgage security merely judgment degree risk offered security question


Summary: Prevent Excessive Speculation Act - Amends the Commodity Exchange Act to extend its coverage to specified energy commodities, including: (1) crude oil; (2) natural gas; (3) coal; (4) gasoline, heating oil, diesel fuel, and any other source of energy derived from coal, crude oil, or natural gas; (5) electricity; and (6) renewable biomass-derived fuels. Prohibits the Commodity Futures Trading Commission (CFTC) from permitting a foreign board of trade to provide its members or other participants subject to CFTC jurisdiction direct access to its electronic trading and order matching system unless it meets specified requirements. Authorizes the CFTC to: (1) require recordkeeping by any person either located within the United States or entering trades directly into the trade matching system of a foreign board of trade from the United States; and (2) require a person in the United States or subject to CFTC jurisdiction to limit or liquidate any position on a foreign board of trade to reduce the threat of price manipulation. Directs the CFTC to convene a working group of international regulators to develop uniform international reporting and regulatory standards to ensure protection of energy futures markets from nonlegitimate hedge trading, excessive speculation, manipulation, location shopping, and lowest common denominator regulation, each of which poses systemic risks to all energy futures markets, countries, and consumers. Directs the CFTC to establish position limits for energy and agricultural commodities. Authorizes the CFTC to require or permit a contract market, derivatives transaction execution facility, or electronic trading facility with respect to a significant price discovery contract to establish and enforce position accountability. Authorizes the CFTC to exercise oversight over any disturbance in a commodity market that disrupts its liquidity and price discovery function from accurately reflecting a commodity's supply and demand ("major market disturbance"). Sets forth reporting requirements for covered traders. Requires the CFTC to identify each large over-the-counter transaction or class of such transactions in order to detect and prevent potential price manipulation of, or excessive speculation in, any contract listed for trading on a registered entity. Instructs the CFTC to: (1) routinely require detailed reporting from index traders and swap dealers in markets under its jurisdiction; and (2) review the trading practices for index traders in markets under its jurisdiction to ensure that index trading is not adversely impacting the price discovery process. Requires the CFTC to disaggregate and make public monthly: (1) the number of positions and total value of index funds and other passive, long-only positions in energy and agricultural markets; and (2) data on speculative positions relative to bona fide physical hedgers in such markets. Directs the CFTC to appoint additional CFTC enforcement employees. Establishes a Working Group on Energy Markets to: (1) investigate energy commodity speculation's effect on U.S. energy prices and energy security; (2) recommend to the President and Congress laws to prevent such speculation; (3) review energy security considerations posed by developments in international energy markets; and (4) conduct a study of the energy market framework. Amends the Department of Energy Organization Act to require each federal agency to provide information to the Administrator of the Energy Information Administration for identification of each energy-producing company. Establishes within such Administration a Financial Market Analysis Office responsible for financial analysis of energy markets. Directs the Federal Energy Regulatory Commission (FERC) to report to specified congressional committees on the role of financial institutions in natural gas markets. Directs the Comptroller General of the United States to report to specific congressional committees on: (1) the international regime for regulating the trading of energy commodity futures and derivatives; and (2) the effects of noncommercial speculators upon energy futures markets and energy prices.

prevent excessive speculation act amends commodity_exchange_act extend coverage specified energy commodities including crude oil natural gas coal gasoline heating oil diesel fuel source energy derived coal crude oil natural gas electricity renewable biomass derived fuels prohibits commodity_futures_trading_commission cftc permitting foreign board trade provide members participants subject cftc jurisdiction direct access electronic trading order matching system meets specified requirements authorizes cftc require recordkeeping person located united_states entering trades directly trade matching system foreign board trade united_states require person united_states subject cftc jurisdiction limit liquidate position foreign board trade reduce threat price manipulation directs cftc convene working group international regulators develop uniform international reporting regulatory standards ensure protection energy futures markets hedge trading excessive speculation manipulation location shopping lowest common regulation poses systemic risks energy futures markets countries consumers directs cftc establish position limits energy agricultural commodities authorizes cftc require permit contract market derivatives transaction execution facility electronic trading facility respect significant price discovery contract establish enforce position accountability authorizes cftc exercise oversight disturbance commodity market disrupts liquidity price discovery function accurately reflecting commodity supply demand major market disturbance sets forth reporting requirements covered traders requires cftc identify large counter transaction class transactions order detect prevent potential price manipulation excessive speculation contract listed trading registered entity instructs cftc routinely require detailed reporting index traders swap dealers markets jurisdiction review trading practices index traders markets jurisdiction ensure index trading adversely impacting price discovery process requires cftc disaggregate public monthly number positions total value index funds passive long positions energy agricultural markets data speculative positions relative bona fide physical markets directs cftc appoint additional cftc enforcement employees establishes investigate energy commodity speculation effect energy prices energy security recommend president congress laws prevent speculation review energy security considerations posed developments international energy markets conduct study energy market framework amends department_of_energy_organization_act require federal agency provide information administrator energy_information_administration identification energy producing company establishes responsible financial analysis energy markets directs federal_energy_regulatory_commission ferc report specified congressional committees role financial institutions natural gas markets directs comptroller_general_of_the_united_states report specific congressional committees international regime regulating trading energy commodity futures derivatives effects noncommercial energy futures markets energy prices


Summary: Prohibits a state from imposing any tax on electronic commerce (i.e., transactions conducted over the Internet or through Internet access) of any person unless that person has a physical presence in the state during the period to which such tax applies or is incorporated or domiciled in such state. Sets forth criteria for determining physical presence, including: (1) being physically in a state or assigning one or more employees to a state; (2) using the services of an agent to establish or maintain the electronic commerce in the state; or (3) leasing or owning tangible personal or real property in the state. Exempts from the definition of "physical presence" entering into an agreement to share revenue generated by the electronic commerce of another person, presence in the state for less than 15 days in a taxable year, and presence in a state to conduct limited or transient business activity.

prohibits state imposing tax electronic commerce transactions conducted internet internet access person person physical presence state period tax applies incorporated domiciled state sets forth criteria determining physical presence including physically state assigning employees state services agent establish maintain electronic commerce state leasing owning tangible personal real property state exempts definition physical presence entering agreement share revenue generated electronic commerce person presence state days taxable year presence state conduct limited transient business activity


Summary: Financial Crimes Accountability Act of 2008 - Directs the Attorney General to establish within the Department of Justice (DOJ) a Special Joint Task Force on Financial Crimes to: (1) provide direction for the investigation and prosecution of financial crimes (i.e., fraud, misrepresentation, or malfeasance involving financial products); and (2) make recommendations to the Attorney General and the President on allocating resources and coordinating governmental efforts to investigate and prosecute financial crimes.

accountability act directs attorney general establish department_of_justice doj special joint task force provide direction investigation prosecution financial crimes fraud misrepresentation involving financial products recommendations attorney general president allocating resources coordinating governmental efforts investigate prosecute financial crimes


Summary: Financial Regulation Reform Act of 2008 - Amends the Commodity Exchange Act to: (1) subject credit-default swap trading clearinghouses to regulation by the Commodity Futures Trading Commission (CFTC); and (2) direct the CFTC to set reporting and recordkeeping requirements for positions involving credit-default swaps. Grants the Federal Reserve Board authority over investment-bank holding companies. Directs the Securities and Exchange Commission (SEC) to issue final rules to: (1) designate clearinghouses for credit-default swaps; and (2) prohibit fraudulent, deceptive, or manipulative acts or practices in connection with such swaps. Establishes a temporary Commission on Financial Regulatory Reform to review the financial regulatory structure and propose a comprehensive framework for fundamental reform of financial regulation in the United States.

financial regulation reform act amends commodity exchange act subject credit default swap trading clearinghouses regulation commodity_futures_trading_commission cftc direct cftc set reporting recordkeeping requirements positions involving credit default swaps authority investment bank holding companies directs securities_and_exchange_commission sec issue final rules designate clearinghouses credit default swaps prohibit fraudulent deceptive manipulative acts practices connection swaps establishes temporary review financial regulatory structure propose comprehensive framework fundamental reform financial regulation united_states


Summary: Stop the Greed on Wall Street Act - Amends the Emergency Economic Stabilization Act of 2008 to limit the amount of aggregate annual compensation for employees and executives of financial institutions assisted under the Troubled Asset Relief Program (TARP) to the salary of the President of the United States.

stop wall street act amends emergency economic stabilization act limit aggregate annual compensation employees executives financial institutions assisted troubled_asset_relief_program tarp salary president united_states


Summary: Amends the Emergency Economic Stabilization Act to revise the process for exercising the authority of the Secretary of the Treasury to make purchases of troubled assets in any amount in excess of the $350 billion previously obligated. Changes the Joint Resolution of Disapproval, regarding the exercise of such authority, to a Joint Resolution of Approval. Prohibits the Secretary, that is, from exercising any authority to make any such purchases unless within 15 calendar days after Congress receives a report of the Secretary's plan to exercise the authority, a joint resolution approving the plan is enacted into law.

amends emergency economic stabilization act revise process exercising authority secretary treasury purchases troubled assets excess billion previously obligated changes joint resolution disapproval exercise authority joint resolution approval prohibits secretary exercising authority purchases calendar days congress receives report secretary plan exercise authority joint resolution approving plan enacted law


Summary: Financial Oversight Commission Act of 2009 - Establishes the Financial Oversight Commission to investigate the financial crisis of 2008, including relevant legislation, Executive Order, regulation, plan, policy, practice, or procedure that pertains to: (1) government sponsored enterprises; (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, review, and evaluate the lessons learned from the crisis in connection with the structure, coordination, management policies, and procedures of governmental and nongovernmental entities regarding crisis detection, prevention, and response.Requires the Commission to report to the President and Congress its findings, conclusions, and recommendations.

establishes investigate financial crisis including relevant legislation executive order regulation plan policy practice procedure pertains government sponsored enterprises 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 review evaluate lessons learned crisis connection structure coordination management policies procedures governmental nongovernmental entities crisis detection prevention response requires commission report president congress findings conclusions recommendations


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: Credit Agencies Identity Theft Responsibilities Act of 2009 - Amends the Fair Credit Reporting Act to require a consumer reporting agency which has reason to suspect identity theft to: (1) report such suspicion to the U.S. Secret Service; and (2) inform the Attorney General for criminal prosecution. Requires the Secret Service to forward such information to either the Federal Bureau of Investigation (FBI) or the Department of Homeland Security (DHS), respectively, if it has reason to believe that a suspected case of identity theft involves any suspicion of terrorism or immigration violations. Cites factors for suspicion of identity theft. Requires a consumer reporting agency to review, at regular intervals, all information on consumers it maintains or controls in order to determine whether there is any basis for suspicion of identity theft. Sets forth criminal penalties for agency failure to comply with this Act.

amends fair credit reporting act require consumer reporting agency reason suspect identity theft report suspicion inform attorney general criminal prosecution requires secret_service forward information federal_bureau_of_investigation fbi department_of_homeland_security dhs respectively reason believe suspected case identity theft involves suspicion terrorism immigration violations cites factors suspicion identity theft requires consumer reporting agency review regular intervals information consumers maintains controls order determine basis suspicion identity theft sets forth criminal penalties agency failure comply act


Summary: TARP Accountability Act of 2009 - 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 Asset 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_asset_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 Assets Relief Program Targeted Assets Act of 2009 - Amends the Emergency Economic Stabilization Act of 2008 (EESA) to authorize the Secretary of the Treasury to establish the Troubled Asset Restoration and Assistance Program (TARAP) to allow the Treasury to purchase lender or servicer losses on rehabilitated mortgages, on terms and conditions determined by the Secretary. Directs the Treasury, acting through TARAP, to pay up to 80% of the difference between the original asset and the rehabilitated asset to the lender or servicer under certain conditions.Permits the portion of the difference between the original asset and the rehabilitated asset to the lender or servicer that is not paid for by the Secretary to be written to loss. Requires any regulations and other guidance the Secretary may issue to determine qualifications for an independent appraiser, and make final determinations as to: (1) whether an asset is troubled; (2) what the values are that will determine the amount of purchase; (3) the amount of reductions in the purchase price for certain otherwise ineligible assets; and (4) any other functionality issues required to operate the program. Authorizes the Secretary, conforming to specified guidelines, to make all necessary rules and determinations regarding documented best efforts, required timelines, and other processes and procedures. Identifies criteria for eligible assets and eligible lenders or servicers. Sunsets TARAP on December 31, 2009.Prohibits, for a 90-day period, a mortgage servicer, or holder, from taking action to initiate a foreclosure, or any action in connection with a foreclosure already instituted (other than to suspend it), with respect to any eligible mortgage of a consumer. Entitles a consumer to defer initiation of a foreclosure, or any action in connection with one already instituted by any creditor, servicer, or holder of a mortgage, until the end of the 90-day period beginning on the date of the enactment of this Act.

troubled assets relief program targeted assets act amends emergency economic stabilization act eesa authorize secretary treasury establish allow treasury purchase lender servicer losses rehabilitated mortgages terms conditions determined secretary directs treasury acting pay difference original asset rehabilitated asset lender servicer certain conditions permits portion difference original asset rehabilitated asset lender servicer paid secretary written loss requires regulations guidance secretary issue determine qualifications independent appraiser final determinations asset troubled values determine purchase reductions purchase price certain ineligible assets functionality issues required operate program authorizes secretary conforming specified guidelines necessary rules determinations documented best efforts required timelines processes procedures identifies criteria eligible assets eligible lenders servicers sunsets december day period mortgage servicer holder taking action initiate foreclosure action connection foreclosure instituted suspend respect eligible mortgage consumer entitles consumer defer initiation foreclosure action connection instituted creditor servicer holder mortgage end day period beginning date enactment act


Summary: Supporting America's Manufacturers Act - Amends the Trade Act of 1974 to require a recommendation from the International Trade Commission (ITC) before the President can impose increased duties or other import restrictions on an imported Chinese product that causes or threatens market disruption to a like U.S. product. Revises the authority of the President and the U.S. Trade Representative (USTR) to consider an equally divided ITC vote regarding a determination on the question of whether an imported Chinese product causes or threatens market disruption in the United States. Repeals the authority of the President and the USTR to consider the determination of either group of equally divided Commissioners to be the ITC's determination. Requires such a deadlocked vote to be considered an affirmative ITC determination. Provides that if the Commissioners voting are equally divided with respect to its determination, then the determination agreed upon by either group of Commissioners may be considered by the President and the Trade Representative as the determination of the Commission. Requires the USTR to make available promptly to the public reports recommending the President to take action, if any, to remedy market disruption. Revises requirements involving ITC determinations of critical circumstances and requests for provisional relief with respect to a Chinese product that causes or threatens market disruption to a like U.S. Product Requires the President to provide import relief from Chinese products that cause or threaten market disruption to a like U.S. product within a specified time if an agreement is not reached with the People's Republic of China (PRC) or if the President determines that an agreement reached with the PRC is not remedying the market disruption. Authorizes the President to provide import relief (including provisional relief in critical circumstances) that differs from that recommended by the ITC, or to deny such import relief only: (1) in extraordinary cases; and (2) if the President determines that providing such relief would cause serious harm to U.S. economic interests or to U.S. national security. Requires the President's decision on import relief to be reported to specified congressional committees. Requires import relief recommended by the ITC to take effect upon enactment of a congressional joint resolution in the event that the President: (1) takes action that differs from that recommended by the ITC; or (2) declines to provide import relief (including that recommended by the ITC) because it would cause serious harm to U.S. economic interests or to U.S. national security.

manufacturers act amends trade act require recommendation international_trade_commission itc president impose increased duties import restrictions imported chinese product causes threatens market disruption like product revises authority president ustr consider equally divided itc vote determination question imported chinese product causes threatens market disruption united_states repeals authority president ustr consider determination group equally divided commissioners itc determination requires vote considered affirmative itc determination provides commissioners voting equally divided respect determination determination agreed group commissioners considered president trade representative determination commission requires ustr available promptly public reports recommending president action remedy market disruption revises requirements involving itc determinations critical circumstances requests provisional relief respect chinese product causes threatens market disruption like product requires president provide import relief chinese products cause threaten market disruption like product specified time agreement reached prc president determines agreement reached prc market disruption authorizes president provide import relief including provisional relief critical circumstances differs recommended itc deny import relief extraordinary cases president determines providing relief cause harm economic interests national security requires president decision import relief reported specified congressional committees requires import relief recommended itc effect enactment congressional joint resolution event president takes action differs recommended itc declines provide import relief including recommended itc cause harm economic interests national security


Summary: Amends the Federal Deposit Insurance Act and the Emergency Economic Stabilization Act of 2008 (EESA) to make permanent the increase in the standard maximum deposit insurance amount from $100,000 to $250,000. Extends from five years to eight years after implementation of a Deposit Insurance Fund (DIF) restoration plan the deadline by which the DIF reserve ratio must meet or exceed the required minimum of 1.15% of estimated insured deposits. Increases the borrowing authority of the Federal Deposit Insurance Corporation (FDIC) from a maximum $30 billion to $100 billion. Extends to depository institution holding companies liability for special assessments to recover loss to the DIF arising from certain actions taken or assistance provided to avoid serious adverse effects on economic conditions or financial stability. Amends the National Housing Act to revise certain requirements for the HOPE for Homeowners Program. Repeals the requirement that the current borrower have, or is likely to have, a mortgage debt-to-income ratio greater than 31% (or any higher amount the Federal Home Loan Bank Board determines appropriate). Increases from 90% to 93% of a property's appraised value the cap on the principal obligation amount of a refinanced eligible insured mortgage. Repeals the prohibitions on: (1) second liens; and (2) payment of insurance benefits to a mortgagee in any case in which a mortgagor fails to make the first payment on a refinanced eligible mortgage. Reduces the annual premium for a refinanced eligible insured mortgage, and allows its further reduction or termination during the mortgage term. Repeals the entitlement of the Secretary of Housing and Urban Development and the mortgagor of an eligible insured mortgage, upon any sale or disposition of the subject property, to 50% of any appreciation in the property's appraised value since the date that the mortgage was insured. Authorizes the Federal Home Loan Bank Board to establish a payment to the servicer of the existing senior mortgage for every loan insured under the HOPE for Homeowners Program. Prescribes requirements (safe harbor) that will render a mortgage servicer not liable for entering into a loan modification or workout plan with respect to any mortgage on which: (1) default has occurred or is reasonably foreseeable; (2) the property securing it is occupied by the mortgagor; and (3) the servicer reasonably and in good faith believes that the anticipated recovery on the mortgage's principal outstanding obligation under a particular mortgage modification, workout plan, or other loss mitigation action will exceed, on a net present value basis, the anticipated recovery on the principal outstanding obligation to be realized through foreclosure. Requires the Secretary of the Treasury to take prompt action to provide EESA Troubled Asset Relief Program (TARP) assistance to smaller community financial institutions, including privately held institutions.

amends federal_deposit_insurance_act emergency_economic_stabilization_act eesa permanent increase standard maximum deposit insurance extends years years implementation deposit_insurance_fund dif restoration plan deadline dif reserve ratio meet exceed required minimum estimated insured deposits increases borrowing authority federal_deposit_insurance_corporation fdic maximum billion billion extends depository institution holding companies liability special assessments recover loss dif arising certain actions taken assistance provided avoid adverse effects economic conditions financial stability amends national housing act revise certain requirements hope homeowners_program repeals requirement current borrower likely mortgage debt income ratio greater higher determines appropriate increases property appraised value cap principal obligation refinanced eligible insured mortgage repeals prohibitions second liens payment insurance benefits mortgagee case mortgagor fails payment refinanced eligible mortgage reduces annual premium refinanced eligible insured mortgage allows reduction termination mortgage term repeals entitlement secretary housing_and_urban_development mortgagor eligible insured mortgage sale disposition subject property appreciation property appraised value date mortgage insured authorizes establish payment servicer existing senior mortgage loan insured hope homeowners_program prescribes requirements safe harbor render mortgage servicer liable entering loan modification workout plan respect mortgage default occurred reasonably foreseeable property securing occupied mortgagor servicer reasonably good faith believes anticipated recovery mortgage principal outstanding obligation particular mortgage modification workout plan loss mitigation action exceed net present value basis anticipated recovery principal outstanding obligation realized foreclosure requires secretary treasury prompt action provide tarp assistance smaller community financial institutions including privately held institutions


Summary: Amends the Internal Revenue Code to: (1) extend the tax credit for first-time homebuyers through 2009; (2) expand such credit to include all purchasers of a principal residence; (3) waive the repayment requirement for a residence purchased after 2008 unless such residence is sold or vacated within 36 months of purchase; and (4) require a minimum 5% downpayment on home purchases to qualify for such credit.

amends internal revenue code extend tax credit time homebuyers expand credit include purchasers principal residence waive repayment requirement residence purchased residence sold vacated months purchase require minimum downpayment home purchases qualify credit


Summary: Federal Reserve Board Abolition Act - Abolishes the Board of Governors of the Federal Reserve System and each federal reserve bank.Repeals the Federal Reserve Act.

federal_reserve_board abolition act abolishes board_of_governors federal_reserve_system federal reserve bank repeals federal_reserve_act


Summary: Re-Build America Bond Act of 2009 - Establishes the Re-Build America Trust Fund. Directs the Secretary of the Treasury to issue Re-Build America Bonds. Makes appropriations to the Trust Fund of amounts equivalent to all revenues derived from proceeds from the sale and issuance of such bonds, in order to make expenditures for rail, transit, water, highway, bridge, or road infrastructure projects.

establishes directs secretary treasury issue makes appropriations trust_fund amounts equivalent revenues derived proceeds sale issuance bonds order expenditures rail transit water highway bridge road infrastructure projects


Summary: Federal Reserve Transparency Act of 2009 - Repeals the authority of the Comptroller General to carry out an onsite examination of an open insured bank or bank holding company only if the appropriate federal regulatory agency has consented in writing. (Retains the authority of the Comptroller General to audit a federal agency.) Directs the Comptroller General to complete, before the end of 2010, an audit of the Board of Governors of the Federal Reserve System and of the federal reserve banks, followed by a detailed report to Congress.

federal_reserve transparency act repeals authority comptroller_general carry onsite examination open insured bank bank holding company appropriate federal regulatory agency consented writing retains authority comptroller_general audit federal agency directs comptroller general complete end audit board_of_governors federal_reserve_system federal reserve banks followed detailed report congress


Summary: Savings for Working Families Act of 2009 - 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: Amends Internal Revenue Code provisions allowing nonrecognition of gain from like-kind exchanges to suspend the 180-day period for completing such exchanges in cases involving exchange facilitators who have filed a bankruptcy petition.

amends internal revenue code provisions allowing nonrecognition gain like kind exchanges suspend day period completing exchanges cases involving exchange facilitators filed bankruptcy petition


Summary: Fannie Mae and Freddie Mac Full Disclosure Act - Amends the Federal National Mortgage Association Charter Act to declare that stock, obligations, securities, participations, or other instruments issued by the Federal National Mortgage Association (Fannie Mae) shall not be exempt securities within the meaning of the laws administered by the Securities and Exchange Commission (SEC) (thus subjecting such securities to SEC regulation). Amends the Federal Home Loan Mortgage Corporation Act to declare that any securities issued or guaranteed by the Federal Home Loan Mortgage Corporation (Freddie Mac) shall not be exempt securities within the meaning of SEC-administered laws (thus subjecting such securities also to SEC regulation). States that transactions involving the initial disposition by an approved seller of pooled certificates acquired by the seller from Fannie Mae or Freddie Mac upon the initial issuance of the pooled certificates shall be deemed to be transactions by a person other than as an issuer, underwriter, or dealer within the meaning of the laws administered by the SEC. Defines pooled certificates as single class mortgage-backed securities guaranteed by Fannie Mae or Freddie Mac that have been issued by Fannie or Freddie directly to the approved seller in exchange for the mortgage loans underlying such mortgage-backed securities. Amends the Securities Act of 1933 to exempt specified applicants filing a securities registration statement subject to a fee from being required to pay aggregate fees in excess of 5% of the target offsetting collection amount for the fiscal year. States that fees paid in connection with registration statements relating to business combinations shall not be included in calculating the total fees paid by any applicant.

fannie_mae freddie_mac disclosure act amends federal_national_mortgage_association charter act declare stock obligations securities instruments issued federal_national_mortgage_association fannie_mae shall exempt securities meaning laws administered securities_and_exchange_commission sec subjecting securities sec regulation amends federal_home_loan_mortgage_corporation_act declare securities issued guaranteed federal_home_loan_mortgage_corporation freddie_mac shall exempt securities meaning sec administered laws subjecting securities sec regulation states transactions involving initial disposition approved seller pooled certificates acquired seller fannie_mae freddie_mac initial issuance pooled certificates shall deemed transactions person issuer underwriter dealer meaning laws administered sec defines pooled certificates single class mortgage backed securities guaranteed fannie_mae freddie_mac issued directly approved seller exchange mortgage loans underlying mortgage backed securities amends securities act exempt specified applicants filing securities registration statement subject fee required pay aggregate fees excess target offsetting collection fiscal year states fees paid connection registration statements relating business combinations shall included calculating total fees paid applicant


Summary: Thrift Savings Fund Improvement Act - Establishes the Precious Metals Investment Fund as an investment option for individuals participating in the Thrift Savings Plan. Requires that contributions to such Fund be invested in physical gold, silver, or platinum bullion. Directs the Federal Retirement Thrift Investment Board to: (1) study the operation of existing precious metal funds to determine the best practices of such funds; (2) establish the Precious Metals Investment Fund incorporating the best practices of existing funds; and (3) make such Fund available to individuals participating in the Thrift Savings Plan.

thrift_savings_fund improvement act establishes investment option individuals participating thrift savings plan requires contributions fund invested physical gold silver platinum bullion directs federal_retirement_thrift_investment_board study operation existing precious metal funds determine best practices funds establish incorporating best practices existing funds fund available individuals participating thrift savings plan


Summary: Financial Consumer Hotline Act of 2009 - 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: Consumer Overdraft Protection Fair Practices Act - Amends the Truth in Lending Act to set forth restrictions upon overdraft protection fees or services placed upon a consumer account in order to cover any debit due to insufficient funds in such account. Prohibits certain misrepresentations made by an institution that it will extend credit to cover all overdrafts. Prohibits specified advertising claims regarding overdraft protection programs or services, including any representation or statement encouraging use of the account as a service to: (1) meet short-term credit needs; or (2) obtain advances on a consumer's next payment of salary, wages, benefits, or other income. Authorizes the Board of Governors of the Federal Reserve System to restrict additional acts or practices the Board deems unfair or deceptive in connection with the offering, operation, and advertising of overdraft protection programs and services. Amends the Electronic Fund Transfer Act to set forth restrictions governing overdraft protection services and fees concerning payment of an electronic fund transfer initiated by the consumer at an automated teller machine (ATM) despite of a lack of sufficient funds in the consumer's account. Amends the Expedited Funds Availability Act to prohibit a depository institution from: (1) imposing overdraft protection fees for paying any check drawn on the account in spite of a lack of sufficient funds unless the account holder has affirmatively requested such service; or (2) engaging in a pattern or practice of delaying the posting of any deposit in an account, or manipulating the process of posting any check or other debit against an account, if such pattern or practice results in an overdraft that triggers payment of an overdraft protection fee.

practices act amends truth lending act set forth restrictions overdraft protection fees services placed consumer account order cover debit insufficient funds account prohibits certain misrepresentations institution extend credit cover prohibits specified advertising claims overdraft protection programs services including representation statement encouraging use account service meet short term credit needs obtain advances consumer payment salary wages benefits income authorizes board_of_governors federal_reserve_system restrict additional acts practices board deems unfair deceptive connection offering operation advertising overdraft protection programs services amends electronic fund transfer act set forth restrictions governing overdraft protection services fees concerning payment electronic fund transfer initiated consumer automated teller machine atm despite lack sufficient funds consumer account amends expedited funds availability act prohibit depository institution imposing overdraft protection fees paying check drawn account lack sufficient funds account holder affirmatively requested service engaging pattern practice delaying posting deposit account manipulating process posting check debit account pattern practice results overdraft triggers payment overdraft protection fee


Summary: Community Reinvestment Modernization Act of 2009 - Repeals specified revisions to regulations governing the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Director of the Office of Thrift Supervision.Reinstates banking agency regulations in effect before the publication of such revisions.Amends the Bank Holding Company Act of 1956 (BHCA) to subject to the Community Reinvestment Act of 1977 (CRA) nonbank affiliates of bank holding companies that offer banking products or services, including insurance companies and securities firms. Amends the CRA to subject to a rating reduction any regulated financial institution engaged in negative credit practices or securitization activities, including predatory and discriminatory lending. Amends the Equal Credit Opportunity Act to require a depository institution, in connection with a small business credit application, to: (1) inquire whether the business is a women- or minority-owned business; and (2) maintain a record of the responses to such inquiry. Requires a depository institution to maintain records of the number and dollar amounts of customer deposit accounts for each deposit taking service facility. States that securities companies, mortgage banks, and insurance companies have a continuing affirmative obligation to meet the financial services needs in their assessment areas, including the needs of low- and moderate-income neighborhoods and persons of modest means. Amends the BHCA to require affiliates of securities companies, mortgage banks, and insurance companies to attain satisfactory ratings in accordance with this Act. Amends the Federal Credit Union Act to reaffirm that covered credit unions have a continuing and affirmative obligation to meet the needs of their assessment areas (including minority and low- and moderate-income neighborhoods). Directs the National Credit Union Administration Board (NCUAB) to prescribe regulations for evaluating a covered credit union's record of meeting such obligations. Insurance Disclosure Act - Directs the Secretary of Housing and Urban Development to: (1) establish requirements for insurers to submit information annually about noncommercial insurance, rural insurance, and investments by insurers; and (2) make such information public. Directs the Financial Institutions Examination Council to maintain a hierarchical database containing the structure of financial holding companies, bank holding companies, depository institutions, and non-depository institutions.Amends the BHCA to authorize certain expanded financial activities by a bank holding company only if it has neither been adjudicated in federal court, nor entered into a consent decree or settlement agreement premised upon a violation of the Fair Housing Act (antiredlining requirement). Requires: (1) notice and public comment before establishment of a financial holding company; (2) public meetings regarding bank acquisitions and mergers; and (3) a public comment period regarding branch closures. Amends Federal Deposit Insurance Act, the National Bank Consolidation and Merger Act, and the Home Owners' Loan Act with regard to mandatory meetings involving commenters and financial institutions. Amends the CRA to subject regulated financial institutions, regardless of size or aggregate assets, to mandatory biennial examinations.Amends the Home Mortgage Disclosure Act of 1975 to prohibit regulatory exemptions from its reporting requirements.

community reinvestment modernization act repeals specified revisions regulations governing comptroller currency board_of_governors federal_reserve_system federal_deposit_insurance_corporation director office_of_thrift_supervision reinstates banking agency regulations effect publication revisions amends bank_holding_company_act subject nonbank affiliates bank holding companies offer banking products services including insurance companies securities firms amends subject rating reduction regulated financial institution engaged negative credit practices securitization activities including predatory discriminatory lending amends equal_credit_opportunity_act require depository institution connection small business credit application inquire business women- minority owned business maintain record responses inquiry requires depository institution maintain records number dollar amounts customer deposit accounts deposit taking service facility states securities companies mortgage banks insurance companies continuing affirmative obligation meet financial services needs assessment areas including needs low- moderate income neighborhoods persons means amends require affiliates securities companies mortgage banks insurance companies attain satisfactory ratings accordance act amends federal_credit_union_act reaffirm covered credit unions continuing affirmative obligation meet needs assessment areas including minority low- moderate income neighborhoods directs national_credit_union_administration_board prescribe regulations evaluating covered credit union record meeting obligations insurance disclosure act directs secretary housing_and_urban_development establish requirements insurers submit information annually noncommercial insurance rural insurance investments insurers information public directs financial institutions examination council maintain database containing structure financial holding companies bank holding companies depository institutions non depository institutions amends authorize certain expanded financial activities bank holding company adjudicated federal court entered consent decree settlement agreement violation fair housing act requirement requires notice public comment establishment financial holding company public meetings bank acquisitions mergers public comment period branch closures merger act regard mandatory meetings involving financial institutions amends subject regulated financial institutions regardless size aggregate assets mandatory biennial examinations amends home_mortgage disclosure act prohibit regulatory exemptions reporting requirements