110TH CONGRESS 
2D SESSION 
H. R. 6312 
AN ACT 
To advance credit union efforts to promote economic growth, 
modify credit union regulatory standards and reduce bur-
dens, to provide regulatory relief and improve produc-
tivity for insured depository institutions, and for other 
purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 
(a) SHORT TITLE.—This Act may be cited as the 
‘‘Credit Union, Bank, and Thrift Regulatory Relief Act 
of 2008’’. 
(b) TABLE OF CONTENTS.—The table of contents for 
this Act is as follows: 
Sec. 1. Short title; table of contents. 
TITLE I—CREDIT UNIONS 
Sec. 101. Investments in securities by Federal credit unions. 
Sec. 102. Increase in investment limit in credit union service organizations. 
Sec. 103. Member business loan exclusion for loans to nonprofit religious orga-
nizations. 
Sec. 104. Authority of NCUA to establish longer maturities for certain credit 
union loans. 
Sec. 105. Providing the National Credit Union Administration with greater 
flexibility in responding to market conditions. 
Sec. 106. Conversions of certain credit unions to a community charter. 
Sec. 107. Credit union participation in the SBA section 504 program. 
Sec. 108. Amendments relating to credit union service to underserved areas. 
Sec. 109. Short-term payday loan alternatives within field of membership. 
Sec. 110. Credit union governance. 
Sec. 111. Encouraging small business development in underserved urban and 
rural communities. 
TITLE II—SAVINGS ASSOCIATION PROVISIONS 
Sec. 201. Restatement of authority for Federal savings associations to invest in 
small business investment companies. 
Sec. 202. Removal of limitation on investments in auto loans. 
Sec. 203. Repeal of qualified thrift lender requirement with respect to out-of- 
state branches. 
Sec. 204. Small business and other commercial loans. 
Sec. 205. Increase in limits on commercial real estate loans. 
Sec. 206. Savings association credit card banks. 
TITLE III—NOTICE PROVISIONS 
Sec. 301. Exception to annual privacy notice requirement under the Gramm- 
Leach-Bliley Act. 
TITLE IV—BUSINESS CHECKING 
Sec. 401. Short title. 
Sec. 402. Interest-bearing transaction accounts authorized for all businesses. 
Sec. 403. Interest-bearing transaction accounts authorized. 
Sec. 404. Rules of construction. 
Sec. 405. Consumer banking costs assessment.
TITLE I—CREDIT UNIONS 
SEC. 101. INVESTMENTS IN SECURITIES BY FEDERAL CRED-
IT UNIONS. 
Section 107 of the Federal Credit Union Act (12 
U.S.C. 1757) is amended— 
(1) by striking ‘‘A Federal credit union’’ and 
inserting ‘‘(a) IN
GENERAL.—A Federal credit 
union’’; and 
(2) by adding at the end the following new sub-
section: 
‘‘(b) INVESTMENT FOR THE CREDIT UNION’S OWN 
ACCOUNT.— 
‘‘(1) IN GENERAL.—In addition to the invest-
ments authorized in subsection (a), a Federal credit 
union may purchase and hold for its own account 
such investment securities of investment grade as 
the Board may authorize by regulation, subject to 
such limitations and restrictions as the Board may 
prescribe in the regulations. 
‘‘(2) PERCENTAGE LIMITATIONS.— 
‘‘(A) SINGLE OBLIGOR.—In no event may 
the total amount of investment securities of any 
single obligor or maker held by a Federal credit 
union for the credit union’s own account exceed
at any time an amount equal to 10 percent of 
the net worth of the credit union. 
‘‘(B) AGGREGATE
INVESTMENTS.—In no 
event may the aggregate amount of investment 
securities held by a Federal credit union for the 
credit union’s own account exceed at any time 
an amount equal to 10 percent of the assets of 
the credit union. 
‘‘(3) INVESTMENT SECURITY DEFINED.— 
‘‘(A) IN GENERAL.—For purposes of this 
subsection, the term ‘investment security’ 
means marketable obligations evidencing the in-
debtedness of any person in the form of bonds, 
notes, or debentures and other instruments 
commonly referred to as investment securities. 
‘‘(B) FURTHER DEFINITION BY BOARD.— 
The Board may further define the term ‘invest-
ment security’. 
‘‘(4) INVESTMENT GRADE DEFINED.—The term 
‘investment grade’ means with respect to an invest-
ment security purchased by a credit union for its 
own account, an investment security that at the time 
of such purchase is rated in one of the 4 highest rat-
ing categories by at least 1 nationally recognized 
statistical rating organization.
‘‘(5) CLARIFICATION
OF
PROHIBITION
ON 
STOCK OWNERSHIP.—No provision of this subsection 
shall be construed as authorizing a Federal credit 
union to purchase shares of stock of any corporation 
for the credit union’s own account, except as other-
wise permitted by law.’’. 
SEC. 102. INCREASE IN INVESTMENT LIMIT IN CREDIT 
UNION SERVICE ORGANIZATIONS. 
Section 107(a)(7)(I) of the Federal Credit Union Act 
(12 U.S.C. 1757(7)(I)) (as so redesignated by section 
101(1)) is amended by striking ‘‘up to 1 per centum of 
the total paid’’ and inserting ‘‘up to 3 percent of the total 
paid’’. 
SEC. 103. MEMBER BUSINESS LOAN EXCLUSION FOR LOANS 
TO NONPROFIT RELIGIOUS ORGANIZATIONS. 
Section 107A(a) of the Federal Credit Union Act (12 
U.S.C. 1757a(a)) is amended by inserting ‘‘, excluding 
loans made to nonprofit religious organizations,’’ after 
‘‘total amount of such loans’’. 
SEC. 104. AUTHORITY OF NCUA TO ESTABLISH LONGER MA-
TURITIES 
FOR 
CERTAIN 
CREDIT 
UNION 
LOANS. 
Section 107(a)(5) of the Federal Credit Union Act 
(12 U.S.C. 1757(5)) (as so redesignated by section 
101(1)) is amended in the matter preceding subparagraph
(A), by striking ‘‘except as otherwise provided herein’’ and 
inserting ‘‘or any longer maturity as the Board may allow, 
in regulations, except as otherwise provided in this Act’’. 
SEC. 105. PROVIDING THE NATIONAL CREDIT UNION AD-
MINISTRATION WITH GREATER FLEXIBILITY 
IN RESPONDING TO MARKET CONDITIONS. 
Section 107(a)(5)(A)(vi)(I) of the Federal Credit 
Union Act (12 U.S.C. 1757(5)(A)(vi)(I)) (as so redesig-
nated by section 101(1)) is amended by striking ‘‘six- 
month period and that prevailing interest rate levels’’ and 
inserting ‘‘6-month period or that prevailing interest rate 
levels’’. 
SEC. 106. CONVERSIONS OF CERTAIN CREDIT UNIONS TO A 
COMMUNITY CHARTER. 
Section 109(g) of the Federal Credit Union Act (12 
U.S.C. 1759(g)) is amended by inserting after paragraph 
(2) the following new paragraph: 
‘‘(3) CRITERIA FOR CONTINUED MEMBERSHIP 
OF CERTAIN MEMBER GROUPS IN COMMUNITY CHAR-
TER CONVERSIONS.—In the case of a voluntary con-
version of a common-bond credit union described in 
paragraph (1) or (2) of subsection (b) into a com-
munity credit union described in subsection (b)(3), 
the Board shall prescribe, by regulation, the criteria 
under which the Board may determine that a mem-
ber group or other portion of a credit union’s exist-
ing membership, that is located outside the well-de-
fined local community, neighborhood, or rural dis-
trict that shall constitute the community charter, 
can be satisfactorily served by the credit union and 
remain within the community credit union’s field of 
membership.’’. 
SEC. 107. CREDIT UNION PARTICIPATION IN THE SBA SEC-
TION 504 PROGRAM. 
Section 107(a)(5)(A)(iii) of the Federal Credit Union 
Act (12 U.S.C. 1757(5)(A)(iii)) (as so redesignated by 
section 101(1)) is amended by inserting ‘‘, and applicable 
regulations,’’ after ‘‘specified in the law’’. 
SEC. 108. AMENDMENTS RELATING TO CREDIT UNION 
SERVICE TO UNDERSERVED AREAS. 
(a) IN GENERAL.—Paragraph (2) of section 109(c) 
of the Federal Credit Union Act (12 U.S.C. 1759(c)(2)) 
is amended to read as follows: 
‘‘(2) EXCEPTION FOR UNDERSERVED AREAS.— 
‘‘(A) IN GENERAL.—Notwithstanding sub-
section (b), the Board may approve an applica-
tion by a Federal credit union to allow the 
membership of such credit union to include any 
person or organization whose principal resi-
dence or place of business is located within a
local community, neighborhood, or rural district 
if— 
‘‘(i) the Board determines— 
‘‘(I) at any time after August 7, 
1998, that all of the local community, 
neighborhood, or rural district taken 
into account for purposes of this para-
graph is an underserved area (as de-
fined in section 101(10)); and 
‘‘(II) at the time of such ap-
proval, that the credit union is well 
capitalized or adequately capitalized 
(as defined in section 216(c)(1)); and 
‘‘(ii) before the end of the 24-month 
period beginning on the date of such ap-
proval, the credit union has established 
and maintains an office or facility in the 
local community, neighborhood, or rural 
district at which credit union services are 
available. 
‘‘(B) TERMINATION
OF
APPROVAL.—Any 
failure of a Federal credit union to meet the re-
quirement of clause (ii) of subparagraph (A) by 
the end of the 24-month period referred to in 
such clause shall constitute a termination, as a
matter of law, of any approval of an application 
under this paragraph by the Board with respect 
to the membership of such credit union. 
‘‘(C) ANNUAL CREDIT UNION REPORTING 
REQUIREMENT.—Any 
Federal 
credit 
union 
which has an application approved under this 
paragraph shall submit an annual report to the 
Administration on the number of members of 
the credit union who are members by reason of 
such application and the number of offices or 
facilities maintained by the credit union in the 
local community, neighborhood, or rural district 
taken into account by the Board in approving 
such application. 
‘‘(D) 
PUBLICATION
BY
ADMINISTRA-
TION.—The Administration shall publish annu-
ally a report containing— 
‘‘(i) a list of all the applications ap-
proved under this paragraph prior to the 
publication of the report; 
‘‘(ii) the number and locations of the 
underserved areas taken into account in 
approving such applications; and
‘‘(iii) the total number of members of 
credit unions who are members by reason 
of the approval of such applications.’’. 
(b) UNDERSERVED AREA DEFINED.—Section 101 of 
the Federal Credit Union Act (12 U.S.C. 1752) is amend-
ed— 
(1) by striking ‘‘and’’ at the end of paragraph 
(8); 
(2) by striking the period at the end of para-
graph (9) and inserting ‘‘; and’’; and 
(3) by adding at the end the following new 
paragraph: 
‘‘(10) the term ‘underserved area’— 
‘‘(A) means a geographic area consisting of 
a single census tract or a group of census 
tracts, each of which— 
‘‘(i) meets the criteria for— 
‘‘(I) a low income community, as 
defined in section 45D(e) of the Inter-
nal Revenue Code of 1986; or 
‘‘(II) an investment area, as de-
fined and designated under section 
103(16) of the Community Develop-
ment Banking and Financial Institu-
tions Act of 1994; and
‘‘(ii) is not a tract in which 50 per-
cent or more of the resident families have 
annual incomes in excess of $75,000 (as 
adjusted periodically by the Board, at the 
discretion of the Board, to reflect changes 
in the average Consumer Price Index for 
all-urban consumers published by the De-
partment of Labor); and 
‘‘(B) notwithstanding subparagraph (A), 
includes, with respect to any Federal credit 
union, any geographic area within which such 
credit union— 
‘‘(i) has received approval to provide 
service before the date of the enactment of 
the Credit Union, Bank, and Thrift Regu-
latory Relief Act of 2008 from the Na-
tional Credit Union Administration; and 
‘‘(ii) has established a service facility 
before such date of enactment.’’. 
SEC. 109. SHORT-TERM PAYDAY LOAN ALTERNATIVES 
WITHIN FIELD OF MEMBERSHIP. 
Section 107(a) of the Federal Credit Union Act (12 
U.S.C. 1757(5)) (as so redesignated by section 101(1)) 
is amended—
(1) by redesignating paragraphs (16) and (17) 
as paragraphs (17) and (18), respectively; and 
(2) by inserting after paragraph (15) the end 
the following new paragraph: 
‘‘(16) to make short-term unsecured loans as 
an alternative to payday loans, in amounts not more 
than $1,000 each and for a term of not more than 
90 days, to nonmembers in the field of membership, 
subject to the same terms and conditions as are ap-
plicable under paragraph (5)(A), including the inter-
est rate ceiling, with respect to loans to members, to 
the extent applicable, and to regulations prescribed 
by the Board.’’. 
SEC. 110. CREDIT UNION GOVERNANCE. 
(a) EXPULSION OF MEMBERS FOR JUST CAUSE.— 
Subsection (b) of section 118 of the Federal Credit Union 
Act (12 U.S.C. 1764(b)) is amended to read as follows: 
‘‘(b) POLICY AND ACTIONS OF BOARDS OF DIREC-
TORS OF FEDERAL CREDIT UNIONS.— 
‘‘(1) EXPULSION
OF
MEMBERS
FOR
NON-
PARTICIPATION OR FOR JUST CAUSE.—The board of 
directors of a Federal credit union may, by majority 
vote of a quorum of directors, adopt and enforce a 
policy with respect to expulsion from membership, 
by a majority vote of such board of directors, based
on just cause, including disruption of credit union 
operations, or on nonparticipation by a member in 
the affairs of the credit union. 
‘‘(2) WRITTEN
NOTICE
OF
POLICY
TO
MEM-
BERS.—If a policy described in paragraph (1) is 
adopted, written notice of the policy as adopted and 
the effective date of such policy shall be provided 
to— 
‘‘(A) each existing member of the credit 
union not less than 30 days prior to the effec-
tive date of such policy; and 
‘‘(B) each new member prior to or upon 
applying for membership.’’. 
(b) TERM LIMITS AUTHORIZED FOR BOARD MEM-
BERS OF FEDERAL CREDIT UNIONS.—Section 111(a) of 
the Federal Credit Union Act (12 U.S.C. 1761(a)) is 
amended by adding at the end the following new sentence: 
‘‘The bylaws of a Federal credit union may limit the num-
ber of consecutive terms any person may serve on the 
board of directors of such credit union.’’. 
SEC. 111. ENCOURAGING SMALL BUSINESS DEVELOPMENT 
IN UNDERSERVED URBAN AND RURAL COM-
MUNITIES. 
Section 107A(c)(1)(B) of the Federal Credit Union 
Act (12 U.S.C. 1757a(c)(1)(B)) is amended—
(1) by striking ‘‘or’’ after the semicolon at the 
end of clause (iv); 
(2) by redesignating clause (v) as clause (vi); 
and 
(3) by inserting after clause (iv) the following 
new clause: 
‘‘(v) that is made to a member, the 
proceeds of which are to be used for com-
mercial, corporate, business, farm or agri-
cultural purposes in an underserved area if 
such extension of credit— 
‘‘(I) is made to a person or orga-
nization whose principal residence or 
place of business is located within an 
underserved area (as defined in sec-
tion 101(10)) served by the credit 
union, and is not a business, or a 
local outlet of a business, operating on 
a nationwide basis (for purposes of 
the preceding clause, a locally-owned 
franchise that consists only of local 
operations shall not be treated as a 
business operating on a nationwide 
basis); or
‘‘(II) is secured by real property 
located within, or is intended to oper-
ate as part of a business located with-
in, such underserved area; or’’. 
TITLE II—SAVINGS ASSOCIATION 
PROVISIONS 
SEC. 201. RESTATEMENT OF AUTHORITY FOR FEDERAL 
SAVINGS ASSOCIATIONS TO INVEST IN SMALL 
BUSINESS INVESTMENT COMPANIES. 
Subparagraph (D) of section 5(c)(4) of the Home 
Owners’ Loan Act (12 U.S.C. 1464(c)(4)) is amended to 
read as follows: 
‘‘(D) SMALL BUSINESS INVESTMENT COM-
PANIES.—Any Federal savings association may 
invest in 1 or more small business investment 
companies, or in any entity established to invest 
solely in small business investment companies 
formed under the Small Business Investment 
Act of 1958, except that the total amount of in-
vestments under this subparagraph may not at 
any time exceed the amount equal to 5 percent 
of capital and surplus of the savings associa-
tion.’’.
SEC. 202. REMOVAL OF LIMITATION ON INVESTMENTS IN 
AUTO LOANS. 
(a) IN GENERAL.—Section 5(c)(1) of the Home Own-
ers’ Loan Act (12 U.S.C. 1464(c)(1)) is amended by add-
ing at the end the following new subparagraph: 
‘‘(V) AUTO LOANS.—Loans and leases for 
motor vehicles acquired for personal, family, or 
household purposes.’’. 
(b) TECHNICAL AND CONFORMING AMENDMENT RE-
LATING TO QUALIFIED THRIFT INVESTMENTS.—Section 
10(m)(4)(C)(ii) of the Home Owners’ Loan Act (12 
U.S.C. 1467a(m)(4)(C)(ii)) is amended by adding at the 
end the following new subclause: 
‘‘(VIII) Loans and leases for 
motor vehicles acquired for personal, 
family, or household purposes.’’. 
SEC. 203. REPEAL OF QUALIFIED THRIFT LENDER RE-
QUIREMENT 
WITH 
RESPECT 
TO 
OUT-OF- 
STATE BRANCHES. 
Section 5(r)(1) of the Home Owners’ Loan Act (12 
U.S.C. 1464(r)(1)) is amended by striking the last sen-
tence. 
SEC. 204. SMALL BUSINESS AND OTHER COMMERCIAL 
LOANS. 
(a) ELIMINATION
OF LENDING LIMIT
ON SMALL 
BUSINESS LOANS.—Section 5(c)(1) of the Home Owners’
Loan Act (12 U.S.C. 1464(c)(1)) is amended by inserting 
after subparagraph (V) (as added by section 202(a) of this 
title) the following new subparagraph: 
‘‘(W) SMALL
BUSINESS
LOANS.—Small 
business loans, as defined in regulations which 
the Director shall prescribe.’’. 
(b) INCREASE IN LENDING LIMIT ON OTHER BUSI-
NESS LOANS.—Section 5(c)(2)(A) of the Home Owners’ 
Loan Act (12 U.S.C. 1464(c)(2)(A)) is amended by strik-
ing ‘‘, and amounts in excess of 10 percent’’ and all that 
follows through ‘‘by the Director’’. 
SEC. 205. INCREASE IN LIMITS ON COMMERCIAL REAL ES-
TATE LOANS. 
Section 5(c)(2)(B)(i) of the Home Owners’ Loan Act 
(12 U.S.C. 1464(c)(2)(B)(i)) is amended by striking ‘‘400 
percent’’ and inserting ‘‘500 percent’’. 
SEC. 206. SAVINGS ASSOCIATION CREDIT CARD BANKS. 
Section 10(a)(1)(A) of the Home Owners’ Loan Act 
(12 U.S.C. 1467a(a)(1)(A)) is amended by inserting ‘‘and 
such term does not include an institution described in sec-
tion 2(c)(2)(F) of the Bank Holding Company Act of 1956 
for purposes of subsections (a)(1)(E), (c)(3)(B)(i), 
(c)(9)(C)(i), and (e)(3)’’ before the period at the end.
TITLE III—NOTICE PROVISIONS 
SEC. 301. EXCEPTION TO ANNUAL PRIVACY NOTICE RE-
QUIREMENT UNDER THE GRAMM-LEACH-BLI-
LEY ACT. 
Section 503 of the Gramm-Leach-Bliley Act (15 
U.S.C. 6803) is amended by adding the following new sub-
sections: 
‘‘(c) EXCEPTION
TO ANNUAL NOTICE REQUIRE-
MENT.—A financial institution that— 
‘‘(1) provides nonpublic personal information 
only in accordance with the provisions of subsection 
(b)(2) or (e) of section 502 or regulations prescribed 
under section 504(b); 
‘‘(2) does not share information with affiliates 
under section 603(d)(2)(A)(iii) of the Fair Credit 
Reporting Act; and 
‘‘(3) has not changed its policies and practices 
with regard to disclosing nonpublic personal infor-
mation from the policies and practices that were dis-
closed in the most recent disclosure sent to con-
sumers in accordance with this subsection, 
shall not be required to provide an annual disclosure under 
this subsection until such time as the financial institution 
fails to comply with any criteria described in paragraph 
(1), (2), or (3).
‘‘(d) EXCEPTION TO NOTICE REQUIREMENT.—A fi-
nancial institution shall not be required to provide any dis-
closure under this section if— 
‘‘(1) the financial institution is licensed by a 
State and is subject to existing regulation of con-
sumer confidentiality that prohibits disclosure of 
nonpublic personal information without knowing and 
expressed consent of the consumer in the form of 
laws, rules, or regulation of professional conduct or 
ethics promulgated either by the court of highest ap-
pellate authority or by the principal legislative body 
or regulatory agency or body of any State of the 
United States, the District of Columbia, any terri-
tory of the United States, Puerto Rico, Guam, 
American Samoa, the Trust Territory of the Pacific 
Islands, the Virgin Islands, or the Northern Mariana 
Islands; or 
‘‘(2) the financial institution is licensed by a 
State and becomes subject to future regulation of 
consumer confidentiality that prohibits disclosure of 
nonpublic personal information without knowing and 
expressed consent of the consumer in the form of 
laws, rules, or regulation of professional conduct or 
ethics promulgated either by the court of highest ap-
pellate authority or by the principal legislative body
or regulatory agency or body of any State of the 
United States, the District of Columbia, any terri-
tory of the United States, Puerto Rico, Guam, 
American Samoa, the Trust Territory of the Pacific 
Islands, the Virgin Islands, or the Northern Mariana 
Islands.’’. 
TITLE IV—BUSINESS CHECKING 
SEC. 401. SHORT TITLE. 
This title may be cited as the ‘‘Business Checking 
Fairness Act of 2008’’. 
SEC. 402. INTEREST-BEARING TRANSACTION ACCOUNTS 
AUTHORIZED FOR ALL BUSINESSES. 
Section 2 of Public Law 93–100 (12 U.S.C. 1832) 
is amended— 
(1) by redesignating subsections (b) and (c) as 
subsections (c) and (d), respectively; and 
(2) by inserting after subsection (a) the fol-
lowing: 
‘‘(b) Notwithstanding any other provision of law, any 
depository institution may permit the owner of any deposit 
or account which is a deposit or account on which interest 
or dividends are paid and is not a deposit or account de-
scribed in subsection (a)(2) to make up to 24 transfers 
per month (or such greater number as the Board of Gov-
ernors of the Federal Reserve System may determine by
rule or order), for any purpose, to another account of the 
owner in the same institution. An account offered pursu-
ant to this subsection shall be considered a transaction 
account for purposes of section 19 of the Federal Reserve 
Act unless the Board of Governors of the Federal Reserve 
System determines otherwise.’’. 
SEC. 403. INTEREST-BEARING TRANSACTION ACCOUNTS 
AUTHORIZED. 
(a) REPEAL OF PROHIBITION ON PAYMENT OF IN-
TEREST ON DEMAND DEPOSITS.— 
(1) FEDERAL RESERVE ACT.—Section 19(i) of 
the Federal Reserve Act (12 U.S.C. 371a) is amend-
ed to read as follows: 
‘‘(i) [Repealed]’’. 
(2) HOME OWNERS’ LOAN ACT.—The first sen-
tence of section 5(b)(1)(B) of the Home Owners’ 
Loan Act (12 U.S.C. 1464(b)(1)(B)) is amended by 
striking ‘‘savings association may not—’’ and all 
that follows through ‘‘(ii) permit any’’ and inserting 
‘‘savings association may not permit any’’. 
(3) FEDERAL DEPOSIT INSURANCE ACT.—Sec-
tion 18(g) of the Federal Deposit Insurance Act (12 
U.S.C. 1828(g)) is amended to read as follows: 
‘‘(g) [Repealed]’’.
(b) EFFECTIVE DATE.—The amendments made by 
subsection (a) shall take effect at the end of the 2-year 
period beginning on the date of the enactment of this Act. 
SEC. 404. RULES OF CONSTRUCTION. 
In the case of an escrow account maintained at a de-
pository institution for the purpose of completing the set-
tlement of a real estate transaction— 
(1) the absorption, by the depository institution, 
of expenses incidental to providing a normal banking 
service with respect to such escrow account; 
(2) the forbearance, by the depository institu-
tion, from charging a fee for providing any such 
banking function; and 
(3) any benefit which may accrue to the holder 
or the beneficiary of such escrow account as a result 
of an action of the depository institution described 
in subparagraph (1) or (2) or similar in nature to 
such action, including any benefits which have been 
so determined by the appropriate Federal regulator, 
shall not be treated as the payment or receipt of interest 
for purposes of this title and any provision of Public Law 
93–100, the Federal Reserve Act, the Home Owners’ Loan 
Act, or the Federal Deposit Insurance Act relating to the 
payment of interest on accounts or deposits at depository 
institutions. No provision of this title shall be construed
so as to require a depository institution that maintains 
an escrow account in connection with a real estate trans-
action to pay interest on such escrow account or to pro-
hibit such institution from paying interest on such escrow 
account. No provision of this title shall be construed as 
preempting the provisions of law of any State dealing with 
the payment of interest on escrow accounts maintained in 
connection with real estate transactions. 
SEC. 405. CONSUMER BANKING COSTS ASSESSMENT. 
(a) IN GENERAL.—The Federal Reserve Act (12 
U.S.C. 221 et seq.) is amended— 
(1) by redesignating sections 30 and 31 as sec-
tions 31 and 32, respectively; and 
(2) by inserting after section 29 the following 
new section: 
‘‘SEC. 30. SURVEY OF BANK FEES AND SERVICES. 
‘‘(a) BIENNIAL SURVEY REQUIRED.—The Board of 
Governors of the Federal Reserve System shall obtain bi-
ennially a sample, which is representative by type and size 
of the institution (including small institutions) and geo-
graphic location, of the following retail banking services 
and products provided by insured depository institutions 
and insured credit unions (along with related fees and 
minimum balances): 
‘‘(1) Checking and other transaction accounts.
‘‘(2) Negotiable order of withdrawal and sav-
ings accounts. 
‘‘(3) Automated teller machine transactions. 
‘‘(4) Other electronic transactions. 
‘‘(b) MINIMUM SURVEY REQUIREMENT.—The bien-
nial survey described in subsection (a) shall meet the fol-
lowing minimum requirements: 
‘‘(1) CHECKING AND OTHER TRANSACTION AC-
COUNTS.—Data on checking and transaction ac-
counts shall include, at a minimum, the following: 
‘‘(A) Monthly and annual fees and min-
imum balances to avoid such fees. 
‘‘(B) Minimum opening balances. 
‘‘(C) Check processing fees. 
‘‘(D) Check printing fees. 
‘‘(E) Balance inquiry fees. 
‘‘(F) Fees imposed for using a teller or 
other institution employee. 
‘‘(G) Stop payment order fees. 
‘‘(H) Nonsufficient fund fees. 
‘‘(I) Overdraft fees. 
‘‘(J) Fees imposed in connection with 
bounced-check protection and overdraft protec-
tion programs. 
‘‘(K) Deposit items returned fees.
‘‘(L) Availability of no-cost or low-cost ac-
counts for consumers who maintain low bal-
ances. 
‘‘(2) NEGOTIABLE ORDER OF WITHDRAWAL AC-
COUNTS AND SAVINGS ACCOUNTS.—Data on nego-
tiable order of withdrawal accounts and savings ac-
counts shall include, at a minimum, the following: 
‘‘(A) Monthly and annual fees and min-
imum balances to avoid such fees. 
‘‘(B) Minimum opening balances. 
‘‘(C) Rate at which interest is paid to con-
sumers. 
‘‘(D) Check processing fees for negotiable 
order of withdrawal accounts. 
‘‘(E) Fees imposed for using a teller or 
other institution employee. 
‘‘(F) Availability of no-cost or low-cost ac-
counts for consumers who maintain low bal-
ances. 
‘‘(3) AUTOMATED
TELLER
TRANSACTIONS.— 
Data on automated teller machine transactions shall 
include, at a minimum, the following: 
‘‘(A) Monthly and annual fees. 
‘‘(B) Card fees.
‘‘(C) Fees charged to customers for with-
drawals, deposits, and balance inquiries through 
institution-owned machines. 
‘‘(D) Fees charged to customers for with-
drawals, deposits, and balance inquiries through 
machines owned by others. 
‘‘(E) Fees charged to noncustomers for 
withdrawals, deposits, and balance inquiries 
through institution-owned machines. 
‘‘(F) Point-of-sale transaction fees. 
‘‘(4) OTHER
ELECTRONIC
TRANSACTIONS.— 
Data on other electronic transactions shall include, 
at a minimum, the following: 
‘‘(A) Wire transfer fees. 
‘‘(B) Fees related to payments made over 
the Internet or through other electronic means. 
‘‘(5) OTHER
FEES
AND
CHARGES.—Data on 
any other fees and charges that the Board of Gov-
ernors of the Federal Reserve System determines to 
be appropriate to meet the purposes of this section. 
‘‘(6) FEDERAL RESERVE BOARD AUTHORITY.— 
The Board of Governors of the Federal Reserve Sys-
tem may cease the collection of information with re-
gard to any particular fee or charge specified in this 
subsection if the Board makes a determination that,
on the basis of changing practices in the financial 
services industry, the collection of such information 
is no longer necessary to accomplish the purposes of 
this section. 
‘‘(c) BIENNIAL REPORT TO CONGRESS REQUIRED.— 
‘‘(1) PREPARATION.—The Board of Governors 
of the Federal Reserve System shall prepare a report 
of the results of each survey conducted pursuant to 
subsections (a) and (b) of this section and section 
136(b)(1) of the Consumer Credit Protection Act. 
‘‘(2) CONTENTS OF THE REPORT.—In addition 
to the data required to be collected pursuant to sub-
sections (a) and (b), each report prepared pursuant 
to paragraph (1) shall include a description of any 
discernible trend, in the Nation as a whole, in a rep-
resentative sample of the 50 States (selected with 
due regard for regional differences), and in each 
consolidated metropolitan statistical area (as defined 
by the Director of the Office of Management and 
Budget), in the cost and availability of the retail 
banking services, including those described in sub-
sections (a) and (b) (including related fees and min-
imum balances), that delineates differences between 
institutions on the basis of the type of institution 
and the size of the institution, between large and
small institutions of the same type, and any engage-
ment of the institution in multistate activity. 
‘‘(3) SUBMISSION
TO
THE
CONGRESS.—The 
Board of Governors of the Federal Reserve System 
shall submit an biennial report to the Congress not 
later than June 1, 2009, and before the end of each 
2-year period beginning after such date. 
‘‘(d) DEFINITIONS.—For purposes of this section, the 
term ‘insured depository institution’ has the meaning 
given such term in section 3 of the Federal Deposit Insur-
ance Act, and the term ‘insured credit union’ has the 
meaning given such term in section 101 of the Federal 
Credit Union Act.’’. 
(b) CONFORMING AMENDMENT.— 
(1) IN
GENERAL.—Paragraph (1) of section 
136(b) of the Truth in Lending Act (15 U.S.C. 
1646(b)(1)) is amended to read as follows: 
‘‘(1) COLLECTION REQUIRED.—The Board shall 
collect, on a semiannual basis, from a broad sample 
of financial institutions which offer credit card serv-
ices, credit card price and availability information 
including— 
‘‘(A) the information required to be dis-
closed under section 127(c);
‘‘(B) the average total amount of finance 
charges paid by consumers; and 
‘‘(C) the following credit card rates and 
fees: 
‘‘(i) Application fees. 
‘‘(ii) Annual percentage rates for cash 
advances and balance transfers. 
‘‘(iii) Maximum annual percentage 
rate that may be charged when an account 
is in default. 
‘‘(iv) Fees for the use of convenience 
checks. 
‘‘(v) Fees for balance transfers. 
‘‘(vi) Fees for foreign currency con-
versions.’’. 
(2) EFFECTIVE DATE.—The amendment made 
by paragraph (1) shall take effect on January 1, 
2009. 
(c) REPEAL OF OTHER REPORT PROVISIONS.—Sec-
tion 1002 of Financial Institutions Reform, Recovery, and 
Enforcement Act of 1989 and section 108 of the Riegle-
Neal Interstate Banking and Branching Efficiency Act of 
1994 are hereby repealed. 
Passed the House of Representatives June 24, 2008. 
Attest: 
Clerk.
110TH CONGRESS 
2D SESSION 
H. R. 6312 
AN ACT 
To advance credit union efforts to promote eco-
nomic growth, modify credit union regulatory 
standards and reduce burdens, to provide regu-
latory relief and improve productivity for insured 
depository institutions, and for other purposes.