Financial Services Regulatory Relief Act of 2002

Summary

Financial Services Regulatory Relief Act of 2002 - 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. Permits mergers of Federal savings association with nondepository institution affiliates. Repeals: (1) the dividend notice requirement for savings association subsidiaries of savings and loan holding companies; and (2) certain rules for purchased mortgage servicing rights. 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. Amends the Revised Statutes of the United States, the Federal Deposit Insurance Act (FDIA), and the Federal Reserve Act (FRA) to remove certain restrictions on de novo interstate branching of national and State banks, as well as State nonmember banks. Amends the FDIA to permit interstate bank mergers between insured and noninsured banks with different home States. Amends the National Bank Consolidation and Merger Act to permit the merger of a noninsured national bank with any non-insured out-of-State bank. Amends the National Bank Receivership Act and the FDIA to permit a bank placed in receivership to bring an action within 30 days for a Federal court order requiring removal of the receiver. Amends the FCUA to extend the period for challenging the appointment of a liquidating agent. 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 (BHCA) 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. Amends Federal criminal law to permit a Federal banking agency employee, including any examiner or assistant examiner, to obtain an open end consumer credit card account upon the same terms as other consumer credit cardholders. Authorizes interagency data sharing among Federal banking agencies, including the National Credit Union Administration Board. Amends the FDIA to subject personnel of uninsured banks who are convicted of specified crimes to the same penalty for unauthorized participation as personnel of insured banks. Amends the BHCA of 1956 and the FDIA to repeal the mandatory 15-day waiting period before an agency-approved depository institution merger may be consummated. Revises requirements governing depository institution merger applications.

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Documents

7 official files

• Reported in House (text)

  Reported in House · EN · 22 July 2002

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• Reported in House (PDF)

  Reported in House · EN · 22 July 2002

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• Reported to House amended, Part II

  summary · EN · 22 July 2002

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• Reported to House amended, Part I

  summary · EN · 18 June 2002

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• Introduced in House (text)

  Introduced in House · EN · 13 March 2002

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• Introduced in House (PDF)

  Introduced in House · EN · 13 March 2002

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• Introduced in House

  summary · EN · 13 March 2002

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