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United States · Bill · HR

H.R. 3505 (109th)

Financial Services Regulatory Relief Act of 2005

referredUnited States· United States Congress· EN

Introduced

28 July 2005

Last action

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Status

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Sponsors

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Subjects

Discovery layer

Source updated

7 April 2025

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Summary

Financial Services Regulatory Relief Act of 2005 - Amends the Revised Statutes of the United States to: (1) revise capital stock ownership requirements for directors of national banks and national bank dividends; and (2) repeal the capital requirements for new intrastate branches, including capital stock and surplus requirements. Amends the Home Owners' Loan Act to prescribe guidelines for investments by a federal savings association to promote the public welfare of low- and moderate-income communities or families through housing, services, and jobs. Permits mergers of federal savings association with nondepository institution affiliates. Increases the limits placed on commercial real estate loans. Repeals the one limit on loans to one borrower. Cites circumstances that would permit interstate acquisitions by a savings and loan holding company. Amends the Federal Home Loan Bank Act to permit certain privately insured credit unions to become Federal Home Loan Bank members. Amends the Federal Credit Union Act (FCUA) to: (1) authorize a credit union to make investment securities for its own account; (2) increase the 12-year loan limitation to 15 years; (3) increase the investment limit in credit union service organizations; (4) exempt loans to nonprofit religious organizations from the restrictions relating to credit union net worth or capitalization standards; and (5) exempt multiple common-bond credit union mergers and conversions from numerical limitations. Authorizes State regulatory authorities to examine and enforce compliance relating to nonfederally insured credit unions. Amends the FDIA to permit interstate bank mergers between insured banks with different home states. Prohibits interstate branching by subsidiaries of commercial firms. Amends the National Bank Consolidation and Merger Act to permit the merger of a national bank which is a trust company with any trust company with a different home state under the same terms and conditions as though they were located in the same state. Amends the National Bank Receivership Act and the FDIA to permit a bank placed in receivership to bring an action for a federal court order requiring removal of the receiver. Amends the FRA and the Bank Holding Company Act Amendments of 1970 to repeal specified insider lending reporting requirements. Amends the Depository Institution Management Interlocks Act to quintuple the size of the assets of a small depository institution exempt from the prohibition against depository institution management interlocks in the same metropolitan statistical area. Amends the Bank Holding Company Act of 1956 to exempt from the proscription against cross marketing of commercial activities those depository institutions that are controlled by a twenty-five percent (or less) holding-company-shareholder. Sets forth banking agency provisions which authorize: (1) waiver of examination schedules; (2) interagency data sharing; (3) destruction of old records of a depository institution by the FDIC after its appointment as receiver; and (4) short form reports of condition for certain community banks. Modifies guidelines governing the currency transaction reporting system.

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Documents

13 official files

Referred in Senate (text)

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