Federal Reserve System
US Congress 111th Congress
Credit Risk Retention Act of 2009 [HB-1731]
[Finance ]
[Housing ]
[Real Estate ]
[Consumer Protection ]
[Insurance ]
Credit Risk Retention Act of 2009 - Amends the Truth in Lending Act to require the federal banking agencies to prescribe specified regulations jointly to require any creditor that makes a residential mortgage loan that is not a qualified mortgage (as defined by such agencies) to retain an economic interest in a material portion of the credit risk for any such loan that the creditor transfers, sells, or conveys to a third party. Requires the standards governing such regulations to: (1) apply only to residential mortgage loans that are not qualified
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Sponsored by: Rep. Heath Shuler
Referred To The House Committee On Financial Services. on 03/26/2009
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Mortgage Reform and Anti-Predatory Lending Act [HB-1728]
[Real Estate ]
[Housing ]
[Consumer Protection ]
[Finance ]
[Funding ]
[Grants ]
[Law Enforcement ]
[Property Tax ]
[Public Safety ]
[Small Business ]
[Insurance ]
[Economic Development ]
[Crime ]
Mortgage Reform and Anti-Predatory Lending Act - Title I: Residential Mortgage Loan Origination Standards - (Sec. 102) Amends the Truth in Lending Act (TILA) to prescribe fiduciary standards for originators of residential mortgages, including complete and timely written disclosure of: (1) the comparative costs and benefits of each residential mortgage loan product presented by the originator; (2) the nature of the originator's relationship to the consumer, including the cost of services provided by the originator; and (3) any relevant conflicts
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Sponsored by: Rep. Gregory W. Meeks
Received In The Senate And Read Twice And Referred To The Committee On Banking, Housing, And Urban Affairs. on 05/12/2009
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Consumer Checking Fairness Act [HB-1488]
[Consumer Protection ]
[Finance ]
Consumer Checking Fairness Act - Amends the Expedited Funds Availability Act to require depository institutions to: (1) post checks presented for payment against checking accounts used primarily for personal, family, or household purposes after the close of any business day in the numerical order of the checks, beginning with the lowest number; (2) notify accountholders of, and require their written consent for, an alternate posting order; and (3) credit all deposits to such accounts after the close of any business day before debiting any check
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Sponsored by: Rep. Kendrick B. Meek
Referred To The House Committee On Financial Services. on 03/12/2009
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Community Reinvestment Modernization Act of 2009 [HB-1479]
[Finance ]
[Housing ]
[Insurance ]
[Community Development ]
[Consumer Protection ]
[Small Business ]
[Economic Development ]
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
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Sponsored by: Rep. Raul M. Grijalva
Referred To The Committee On Financial Services, And In Addition To The Committee On Rules, For A Period To Be Subsequently Determined By The Speaker, In Each Case For Consideration Of Such Provisions As Fall Within The Jurisdiction Of The Committee Concerned. on 03/12/2009
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Consumer Overdraft Protection Fair Practices Act [HB-1456]
[Consumer Protection ]
[Finance ]
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)
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Sponsored by: Rep. Raul M. Grijalva
Referred To The Subcommittee On Financial Institutions And Consumer Credit. on 03/19/2009
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Financial Consumer Hotline Act of 2009 [HB-1455]
[Finance ]
[Consumer Protection ]
[Telecommunications ]
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
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Sponsored by: Rep. Carolyn B. Maloney
Sponsor Introductory Remarks On Measure. (cr E651) on 03/12/2009
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Federal Accounting Oversight Board Act of 2009 [HB-1349]
[Finance ]
[Budget and Spending ]
[Taxes ]
Federal Accounting Oversight Board Act of 2009 - Establishes the Federal Accounting Oversight Board (FAOB) to approve and oversee accounting principles and standards for purposes of the federal financial regulatory agencies and the reporting requirements they require. Directs the FAOB to report annually to Congress, the Financial Accounting Standards Board, and the International Accounting Standards Board on the principles and standards it has reviewed and approved Amends the Securities Act of 1933 and the Securities Exchange Act of 1934 to transfer
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Sponsored by: Sen. Shelley Moore Capito
Referred To The House Committee On Financial Services. on 03/05/2009
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Federal Reserve Sunshine Act [HB-1348]
[Finance ]
[Budget and Spending ]
[Small Business ]
[Consumer Protection ]
[Economic Development ]
Federal Reserve Sunshine Act - Directs the Board of Governors of the Federal Reserve System to publish on its website, with respect to all loans and other financial assistance it has provided since March 24, 2008: (1) the identity of each business, individual, or entity to which the Board has provided such assistance; (2) the type of financial assistance provided; (3) its value or amount; (4) the date on which it was provided; (5) the specific terms of any repayment expected, including the repayment time period, interest charges, collateral, limitations
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Sponsored by: Rep. Ron Paul
Referred To The House Committee On Financial Services. on 03/05/2009
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Fairness in Housing Recovery Act of 2009 [HB-1295]
[Finance ]
[Real Estate ]
[Housing ]
[Consumer Protection ]
[Funding ]
[Grants ]
[Law Enforcement ]
[Property Tax ]
[Taxes ]
[Insurance ]
[Economic Development ]
[Crime ]
Fairness in Housing Recovery Act of 2009 - Shields a servicer from liability for entering into a loan modification or loss mitigation plan for certain mortgages pursuant to guidelines issued by the Secretary of the Treasury under the Emergency Economic Stabilization Act of 2008 (EESA), if such servicer acts consistent with the fiduciary duty of servicers of pooled residential mortgages required by the Truth in Lending Act. Amends the National Housing Act to replace the Hope for Homeowners Program with a program for insurance of home ownership retention
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Sponsored by: Rep. Robert J. Wittman
Referred To The Subcommittee On Crime, Terrorism, And Homeland Security. on 08/19/2009
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Federal Reserve Transparency Act of 2009 [HB-1207]
[Finance ]
[Budget and Spending ]
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.
Sponsored by: Rep. Ted Poe
Committee Hearings Held. on 09/25/2009
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The Heroes Act [HB-8406]
[Budget and Spending ]
[Funding ]
[Grants ]
[Disaster Relief ]
Making emergency supplemental appropriations for the fiscal year ending September 30, 2021, and for other purposes.
Sponsored by: Rep. Raul M. Grijalva
Introduced In House on 09/29/2020
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Main Street Lending Improvement Act of 2020 [S.4655]
[Finance ]
[Small Business ]
[Budget and Spending ]
[Economic Development ]
[Funding ]
[Grants ]
[Inflation ]
Revises the Main Street Lending Program, a Federal Reserve lending facility established to provide COVID-19 (i.e., coronavirus disease 2019) related business loans. Specifically, the bill (1) allows financial institutions to collect interest on the entirety of certain smaller loans if a participation in the loan is sold to the special purpose vehicle established under the program, and (2) requires the Federal Reserve Bank of Boston to establish a help line to address lender-specific questions. The special purpose vehicle must purchase 99% of the
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Sponsored by: Sen. David Perdue
Read Twice And Referred To The Committee On Banking, Housing, And Urban Affairs. on 09/22/2020
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Federal Reserve Sunshine Act of 2020 [HB-8007]
[Finance ]
[Public Health ]
Revises certain requirements for meetings of the Board of Governors of the Federal Reserve System. Currently, open meetings requirements (such as those regarding public access, voting records, and notice) as they apply to the board are suspended during the COVID-19 (i.e., coronavirus disease 2019) emergency period if the board determines that unusual and exigent circumstances exist. The bill reinstates these open meetings requirements, with the exception of the advance notice requirement. The board must publish within 24 hours any determination
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Sponsored by: Rep. Tulsi Gabbard
Introduced In House on 08/11/2020
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RELIEF Act Rent Emergencies Leave Impacts on Evicted Families Act [S.4519]
[Housing ]
[Consumer Protection ]
[Finance ]
[Healthcare ]
[Budget and Spending ]
[Real Estate ]
[Disaster Relief ]
[Public Health ]
Generally revises housing protections established in response to the COVID-19 (i.e., coronavirus disease 2019) pandemic, including by expanding protections for renters and mortgage holders, providing consumer protections regarding credit reports and utility access, and increasing oversight regarding housing protections. Among other things, the bill prohibits all evictions and foreclosures for one year; prohibits increases in rent; provides an 18-month grace period for missed rent payments; prohibits landlords and mortgage servicers from reporting
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Sponsored by: Sen. Kamala D. Harris
Read Twice And Referred To The Committee On Banking, Housing, And Urban Affairs. on 08/10/2020
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Promoting and Advancing Communities of Color through Inclusive Lending Act [HB-7993]
[Finance ]
[Race and Civil Rights ]
[Small Business ]
[Budget and Spending ]
[Community Development ]
[Economic Development ]
[Funding ]
[Grants ]
[Poverty ]
Revises requirements applicable to Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) and addresses lending during the COVID-19 (i.e., coronavirus disease 2019) pandemic. The bill establishes mandatory set-asides for (1) minority CDFIs under the CDFI Fund, and (2) CDFIs and MDIs under existing COVID-19 economic aid programs. The bill also establishes an impact bank designation for certain small depository institutions that lend primarily to low-income borrowers and establishes programs for impact banks
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Sponsored by: Rep. Gregory W. Meeks
Introduced In House on 08/07/2020
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Federal Reserve Racial and Economic Equity Act [S.4464]
[Finance ]
[Race and Civil Rights ]
[Economic Development ]
[Labor, Jobs, Employment ]
[Poverty ]
Requires the Federal Reserve Board to carry out its duties in a manner that supports the elimination of racial and ethnic disparities in employment, income, wealth, and access to affordable credit. The board must report on disparities in labor force trends as well as on plans and activities of the board to minimize and eliminate these disparities.
Sponsored by: Sen. Jack Reed
Read Twice And Referred To The Committee On Banking, Housing, And Urban Affairs. on 08/06/2020
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Federal Reserve Racial and Economic Equity Act [HB-7946]
[Finance ]
[Race and Civil Rights ]
[Economic Development ]
[Labor, Jobs, Employment ]
[Poverty ]
Requires the Federal Reserve Board to carry out its duties in a manner that supports the elimination of racial and ethnic disparities in employment, income, wealth, and access to affordable credit. The board must report on disparities in labor force trends as well as on plans and activities of the board to minimize and eliminate these disparities.
Sponsored by: Rep. Gregory W. Meeks
Introduced In House on 08/04/2020
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Special Districts Provide Essential Services Act [S.4308]
[Budget and Spending ]
[Funding ]
[Grants ]
[Public Health ]
[Disaster Relief ]
[Economic Development ]
Makes special districts eligible for the Coronavirus Relief Fund and the Municipal Liquidity Facility program. Specifically, the bill makes special districts eligible for payments from amounts paid to states from any new appropriations to the fund. A special district must submit a request for payment to the state with information demonstrating that the special district has experienced or is likely to experience during the COVID-19 (i.e., coronavirus disease 2019) emergency reduced revenue or operational funding derived from provided services, taxes,
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Sponsored by: Sen. Dianne Feinstein
Read Twice And Referred To The Committee On Finance. on 07/23/2020
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Uplifting Our Local Communities Act [HB-7717]
[Budget and Spending ]
[Community Development ]
[Economic Development ]
[Funding ]
[Grants ]
[Public Health ]
To authorize Federal reserve banks to purchase COVID-19 related municipal issuances, and for other purposes.
Sponsored by: Rep. Eleanor Holmes Norton
Introduced In House on 07/21/2020
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Jobs and Neighborhood Investment Act [S.4255]
[Community Development ]
[Economic Development ]
[Finance ]
[Funding ]
[Grants ]
[Housing ]
[Labor, Jobs, Employment ]
[Poverty ]
[Small Business ]
Establishes investment programs and generally revises provisions related to community development financial institutions and minority depository institutions. The Department of the Treasury must establish a Neighborhood Capital Investment Program to facilitate direct capital investments in low- and moderate-income community financial institutions. To qualify for the program, these institutions must, among other things, (1) demonstrate specified lending history regarding low-and moderate-income borrowers and other targeted populations, and (2) provide
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Sponsored by: Sen. Cory A. Booker
Read Twice And Referred To The Committee On Banking, Housing, And Urban Affairs. on 07/21/2020