United States · Law · S
S. 2856 (109th)
Financial Services Regulatory Relief Act of 2006
Introduced
18 May 2006
Last action
—
Status
Became Public Law No: 109-351.
Sponsors
—
Subjects
Discovery layer
Source updated
7 April 2025
Summary
Financial Services Regulatory Relief Act of 2006 - Amends the Securities Exchange Act of 1934 to require the Securities and Exchange Commission (SEC) to implement by rule the statutory exceptions ("traditional banking activities") to the definition of "broker" subject to such Act. Amends the Federal Reserve Act to authorize: (1) payment of interest on funds maintained by a depository institution at a Federal Reserve bank; and (2) the Federal Reserve Board to reduce the reserves required to be maintained by a depository institution against its transaction accounts. Amends the Revised Statutes of the United States and the Federal Deposit Insurance Act to revise certain national bank requirements. Amends the Securities Exchange Act of 1934 and the Investment Advisers Act of 1940 to extend their purview to savings associations. Amends the Home Owners' Loan Act to repeal special rules governing purchased mortgage servicing rights. Amends the Federal Credit Union Act with respec to: (1) credit union leases on federal property; (2) increased loan limitation terms; and (3) money transfer services within the field of membership. Modifies depository institution guidelines, including: (1) reporting requirements relating to insider lending; (2) investments by insured savings associations in bank service companies; (3) streamlining of reports of condition; and (4) streamlining of depository institution merger application requirements. Revises banking agency requirements, including: (1) golden parachute authority and nonbank holding companies; (2) interagency data sharing; and (3) coordination of state examination authority. Amends the Fair Debt Collection Practices Act to exempt from federal regulatory oversight certain bad check enforcement programs operated by private entities under state regulatory oversight. Amends federal law governing sureties and surety bonds to permit the use of government obligations instead of surety bonds. Requires the Comptroller General to study and report to Congress on: (1) the currency transaction report filing system; and (2) institution diversity and consolidation.
This text is taken from the official record. PoliticalRepo does not editorialize.
Timeline
No timeline events have been ingested for this record yet.
Votes
No vote records are attached yet.
Versions
No version snapshots stored. Document URLs remain at the source.
Documents
15 official files
Enrolled Bill (text)
Enrolled Bill (text)
Enrolled Bill · EN
Enrolled Bill (PDF)
Enrolled Bill · EN
Public Law (text)
Public Law · EN · 13 October 2006
Public Law (PDF)
Public Law · EN · 13 October 2006
Public Law
summary · EN · 13 October 2006
Engrossed Amendment House (text)
Engrossed Amendment House · EN · 27 September 2006
Engrossed Amendment House (PDF)
Engrossed Amendment House · EN · 27 September 2006
Passed House amended
summary · EN · 27 September 2006
Engrossed in Senate (text)
Engrossed in Senate · EN · 25 May 2006
Engrossed in Senate (PDF)
Engrossed in Senate · EN · 25 May 2006
Passed Senate without amendment
summary · EN · 25 May 2006
Placed on Calendar Senate (text)
Placed on Calendar Senate · EN · 18 May 2006
Placed on Calendar Senate (PDF)
Placed on Calendar Senate · EN · 18 May 2006
Reported to Senate without amendment
summary · EN · 18 May 2006
Introduced in Senate
summary · EN · 18 May 2006
Sponsors
No sponsors or actors listed by the source.
Related records
No cross-record relationships stored yet.
Sources
PoliticalRepo is an index and interpretation layer, not the authoritative legal source.
- Official source: https://www.congress.gov/bill/109th-congress/senate-bill/2856
- Open data entity: https://api.congress.gov/v3/bill/109/s/2856