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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

9 March 2006 · Introduced

Status

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

Sponsors

Rep. Hensarling, Jeb [R-TX-5], Rep. Moore, Dennis [D-KS-3], Rep. Hinojosa, Ruben [D-TX-15], Rep. Ross, Mike [D-AR-4], Rep. Rothman, Steven R. [D-NJ-9], Rep. Crowley, Joseph [D-NY-14], Rep. Wasserman Schultz, Debbie [D-FL-25], Rep. Feeney, Tom [R-FL-24], Rep. Bachus, Spencer [R-AL-6], Rep. Marchant, Kenny [R-TX-24], Rep. Gillmor, Paul E. [R-OH-5], Rep. Neugebauer, Randy [R-TX-19], Rep. Lewis, Jerry [R-CA-41], Rep. Meeks, Gregory W. [D-NY-5], Rep. Pearce, Stevan [R-NM-2], Rep. Ryun, Jim [R-KS-2], Rep. Israel, Steve [D-NY-3], Rep. Paul, Ron [R-TX-14], Rep. Sessions, Pete [R-TX-17], Rep. Jones, Walter B., Jr. [R-NC-3], Rep. Roybal-Allard, Lucille [D-CA-40], Rep. Garrett, Scott [R-NJ-5], Rep. Hooley, Darlene [D-OR-5], Rep. Renzi, Rick [R-AZ-1], Rep. Cantor, Eric [R-VA-7], Rep. Aderholt, Robert B. [R-AL-4], Rep. Miller, Jeff [R-FL-1], Rep. Green, Al [D-TX-9], Rep. Maloney, Carolyn B. [D-NY-12], Rep. Pence, Mike [R-IN-6], Rep. Ruppersberger, C. A. Dutch [D-MD-2], Rep. McCaul, Michael T. [R-TX-10], Rep. Lewis, Ron [R-KY-2], Rep. Souder, Mark E. [R-IN-3], Rep. Ryan, Tim [D-OH-13], Rep. Weller, Jerry [R-IL-11], Rep. Sodrel, Michael E. [R-IN-9], Rep. Harris, Katherine [R-FL-13], Rep. Carnahan, Russ [D-MO-3], Rep. Chabot, Steve [R-OH-1]

Subjects

Housing

Source updated

7 April 2025

Housing

Official sourceDownload fileView documentsShare

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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 28 July 2005

    Introduced

    Referred to the House Committee on Financial Services.

    Source: IntroReferral

  2. 28 July 2005

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 28 July 2005

    Introduced

    Introduced in House

    Source: IntroReferral

  4. 19 September 2005

    Referred

    Referred to the Subcommittee on Financial Institutions and Consumer Credit.

    Source: Committee

  5. 18 October 2005

    Committee

    Subcommittee Hearings Held.

    Source: Committee

  6. 16 November 2005

    Committee

    Committee Consideration and Mark-up Session Held.

    Source: Committee

  7. 16 November 2005

    Committee

    Subcommittee on Financial Institutions and Consumer Credit Discharged.

    Source: Committee

  8. 16 November 2005

    Vote

    Ordered to be Reported (Amended) by the Yeas and Nays: 67 - 0.

    Source: Committee

  9. 17 December 2005

    Introduced

    Referred sequentially to the House Committee on the Judiciary for a period ending not later than Dec. 31, 2005 for consideration of such provisions of the bill and the amendment as fall within the jurisdiction of that committee pursuant to clause 1(l), rule X.

    Source: IntroReferral

  10. 17 December 2005

    Reported

    Reported (Amended) by the Committee on 109-356, Part I.

    Source: Committee

  11. 17 December 2005

    Reported

    Reported (Amended) by the Committee on 109-356, Part I.

    Source: Committee

  12. 31 December 2005

    Introduced

    House Committee on Judiciary Granted an extension for further consideration ending not later than Feb. 3, 2006.

    Source: IntroReferral

  13. 3 February 2006

    Introduced

    House Committee on Judiciary Granted an extension for further consideration ending not later than Feb. 24, 2006.

    Source: IntroReferral

  14. 15 February 2006

    Committee

    Subcommittee on Crime, Terrorism, and Homeland Security Discharged.

    Source: Committee

  15. 15 February 2006

    Referred

    Referred to the Subcommittee on Crime, Terrorism, and Homeland Security.

    Source: Committee

  16. 15 February 2006

    Reported

    Ordered to be Reported (Amended) by Voice Vote.

    Source: Committee

  17. 15 February 2006

    Committee

    Committee Consideration and Mark-up Session Held.

    Source: Committee

  18. 16 February 2006

    Calendars

    Placed on the Union Calendar, Calendar No. 206.

    Source: Calendars

  19. 16 February 2006

    Reported

    Reported (Amended) by the Committee on Judiciary. H. Rept. 109-356, Part II.

    Source: Committee

  20. 16 February 2006

    Reported

    Reported (Amended) by the Committee on Judiciary. H. Rept. 109-356, Part II.

    Source: Committee

  21. 8 March 2006

    Floor

    Considered under suspension of the rules. (consideration: CR H702-722)

    Source: Floor

  22. 8 March 2006

    Vote

    At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.

    Source: Floor

  23. 8 March 2006

    Floor

    DEBATE - The House proceeded with forty minutes of debate on H.R. 3505.

    Source: Floor

  24. 8 March 2006

    Floor

    Mr. Oxley moved to suspend the rules and pass the bill, as amended.

    Source: Floor

  25. 8 March 2006

    Passed

    Motion to reconsider laid on the table Agreed to without objection.

    Source: Floor

  26. 8 March 2006

    Vote

    On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 415 - 2 (Roll no. 26). (text: CR H702-719)

    Source: Floor

  27. 8 March 2006

    Vote

    Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 415 - 2 (Roll no. 26).(text: CR H702-719)

    Source: Floor

  28. 9 March 2006

    Introduced

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

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Documents

13 official files

Referred in Senate (text)

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  • Referred in Senate (text)

    Referred in Senate · EN · 9 March 2006

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  • Referred in Senate (PDF)

    Referred in Senate · EN · 9 March 2006

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  • Engrossed in House (text)

    Engrossed in House · EN · 8 March 2006

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  • Engrossed in House (PDF)

    Engrossed in House · EN · 8 March 2006

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  • Passed House amended

    summary · EN · 8 March 2006

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  • Reported in House (text)

    Reported in House · EN · 16 February 2006

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  • Reported in House (PDF)

    Reported in House · EN · 16 February 2006

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  • Reported in House (text)

    Reported in House · EN · 16 February 2006

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  • Reported to House amended, Part II

    summary · EN · 16 February 2006

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  • Reported to House amended, Part I

    summary · EN · 17 December 2005

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  • Introduced in House (text)

    Introduced in House · EN · 28 July 2005

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  • Introduced in House (PDF)

    Introduced in House · EN · 28 July 2005

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  • Introduced in House

    summary · EN · 28 July 2005

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Sources

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