I 
110TH CONGRESS 
2D SESSION 
H. R. 5841 
To provide regulatory relief and improve productivity for insured depository 
institutions, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
APRIL 17, 2008 
Mr. MOORE of Kansas (for himself and Mr. ROSKAM) introduced the following 
bill; which was referred to the Committee on Financial Services 
A BILL 
To provide regulatory relief and improve productivity 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 
‘‘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—NATIONAL BANK PROVISIONS 
Sec. 101. National bank directors. 
Sec. 102. Business organization flexibility for national banks. 
TITLE II—SAVINGS ASSOCIATION PROVISIONS 
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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. Business organization flexibility for Federal savings associations. 
Sec. 207. 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—NATIONAL BANK 
PROVISIONS 
SEC. 101. NATIONAL BANK DIRECTORS. 
(a) IN GENERAL.—Section 5146 of the Revised Stat-
utes of the United States (12 U.S.C. 72) is amended— 
(1) by striking ‘‘SEC. 5146. Every director 
must during’’ and inserting the following: 
‘‘SEC. 5146. REQUIREMENTS FOR BANK DIRECTORS. 
‘‘(a) RESIDENCY REQUIREMENTS.—Every director of 
a national bank shall, during’’; 
(2) by striking ‘‘total number of directors. 
Every director must own in his or her own right’’ 
and inserting ‘‘total number of directors. 
‘‘(b) INVESTMENT REQUIREMENT.— 
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‘‘(1) IN
GENERAL.—Every director of a na-
tional bank shall own, in his or her own right,’’; and 
(3) by adding at the end the following new 
paragraph: 
‘‘(2) EXCEPTION FOR SUBORDINATED DEBT IN 
CERTAIN
CASES.—In lieu of the requirements of 
paragraph (1) relating to the ownership of capital 
stock in the national bank, the Comptroller of the 
Currency may, by regulation or order, permit an in-
dividual to serve as a director of a national bank 
that has elected, or notifies the Comptroller of the 
bank’s intention to elect, to operate as a S corpora-
tion pursuant to section 1362(a) of the Internal 
Revenue Code of 1986, if that individual holds debt 
of at least $1,000 issued by the national bank that 
is subordinated to the interests of depositors and 
other general creditors of the national bank.’’. 
(b) CLERICAL AMENDMENT.—The table of sections 
for chapter one of title LXII of the Revised Statutes of 
the United States (12 U.S.C. 21 et seq.) is amended by 
striking the item relating to section 5146 and inserting 
the following new item: 
‘‘5146. Requirements for bank directors’’. 
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SEC. 102. BUSINESS ORGANIZATION FLEXIBILITY FOR NA-
TIONAL BANKS. 
(a) IN GENERAL.—Chapter one of title LXII of the 
Revised Statutes of the United States (12 U.S.C. 21 et 
seq.) is amended by inserting after section 5136B the fol-
lowing new section: 
‘‘SEC. 5136C. ALTERNATIVE BUSINESS ORGANIZATION. 
‘‘(a) IN GENERAL.—The Comptroller of the Currency 
may prescribe regulations— 
‘‘(1) to permit a national bank to be organized 
other than as a body corporate; and 
‘‘(2) to provide requirements for the organiza-
tional characteristics of a national bank organized 
and operating other than as a body corporate, con-
sistent with the safety and soundness of the national 
bank. 
‘‘(b) EQUAL TREATMENT.—Except as provided in 
regulations prescribed under subsection (a), a national 
bank that is operating other than as a body corporate shall 
have the same rights and privileges and shall be subject 
to the same duties, restrictions, penalties, liabilities, condi-
tions, and limitations as a national bank that is organized 
as a body corporate.’’. 
(b) TECHNICAL AND CONFORMING AMENDMENT.— 
Section 5136 of the Revised Statutes of the United States 
(12 U.S.C. 24) is amended, in the matter preceding the 
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paragraph designated as the ‘‘First’’, by inserting ‘‘or 
other form of business organization provided under regula-
tions prescribed by the Comptroller of the Currency under 
section 5136C’’ after ‘‘a body corporate’’. 
(c) CLERICAL AMENDMENT.—The table of sections 
for chapter one of title LXII of the Revised Statutes of 
the United States (12 U.S.C. 21 et seq.) is amended by 
inserting after the item relating to section 5136B the fol-
lowing new item: 
‘‘5136C. Alternative business organization.’’. 
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 
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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. 
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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. BUSINESS ORGANIZATION FLEXIBILITY FOR FED-
ERAL SAVINGS ASSOCIATIONS. 
(a) IN GENERAL.—Section 5 of the Home Owners’ 
Loan Act (12 U.S.C. 1464) is amended by adding at the 
end the following new subsection: 
‘‘(y) ALTERNATIVE BUSINESS ORGANIZATION.— 
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‘‘(1) IN GENERAL.—The Director may prescribe 
regulations that— 
‘‘(A) permit a Federal savings association 
to be organized other than as a corporation; 
and 
‘‘(B) provide requirements for the organi-
zational characteristics of a Federal savings as-
sociation organized and operating other than as 
a corporation, consistent with the safety and 
soundness of the Federal savings association. 
‘‘(2) EQUAL TREATMENT.—Except as otherwise 
provided in regulations prescribed under subsection 
(1), a Federal savings association that is operating 
other than as a corporation shall have the same 
rights and privileges and shall be subject to the 
same duties, restrictions, penalties, liabilities, condi-
tions, and limitations as a Federal savings associa-
tion that is organized as a corporation.’’. 
(b) TECHNICAL AND CONFORMING AMENDMENTS.— 
(1) Section 5(a)(1) of the Home Owners’ Loan 
Act (12 U.S.C. 1464(a)(1)) is amended by striking 
‘‘organization, incorporation,’’ and inserting ‘‘organi-
zation (as a corporation or other form of business 
organization provided under regulations prescribed 
by the Director under subsection (x)),’’. 
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(2) The last sentence of section 5(i)(1) of the 
Home Owners’ Loan Act (12 U.S.C. 1464(i)(1)) is 
amended by striking ‘‘incorporated’’ and inserting 
‘‘organized’’. 
(3) Section 5(o)(1) of the Home Owners’ Loan 
Act (12 U.S.C. 1464(a)(1)) is amended by striking 
‘‘organization, incorporation,’’ and inserting ‘‘organi-
zation (as a corporation or other form of business 
organization provided under regulations prescribed 
by the Director under subsection (x)),’’. 
SEC. 207. 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: 
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‘‘(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 
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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.’’. 
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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.’’. 
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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— 
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(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 
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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. 
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‘‘(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. 
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‘‘(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. 
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‘‘(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 
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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. 
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‘‘(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 
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‘‘(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. 
Æ 
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