Neighborhood Preservation Act

Bill: 111-hr-2529
Sponsor: Rep. Miller, Gary G. [R-CA-42]
Introduced: 2009-05-20 in the House
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures
Bank accounts, deposits, capital
Banking and financial institutions regulation
Department of the Treasury
Federal Deposit Insurance Corporation (FDIC)
Federal Reserve System
Housing finance and home ownership
National Credit Union Administration

Summary:
action_date: 2009-05-20
text: 
Neighborhood Preservation Act - Amends the Federal Deposit Insurance Act to authorize any depository institution (or affiliate) to lease, including lease with an option to purchase, to any person for up to five years an interest in residential property which: (1) was or is security for an extension of credit by such depository institution (or affiliate); and (2) came under the institution's or affiliate's ownership or control through foreclosure on the extension of credit or the bankruptcy or liquidation of the property owner to whom the credit was extended.
 
Directs the federal banking agencies to prescribe specified safety and soundness regulations, including minimum capital requirements, for any such institution or affiliate.
 
Permits the extension of such a lease beyond five years if any federal or state law, including the Bank Holding Company Act of 1956, so permits.

action_date: 2009-07-29
text: 
Neighborhood Preservation Act - Amends the Federal Deposit Insurance Act to authorize any depository institution (or affiliate) to lease, including lease with an option to purchase, to any individual for up to five years an interest in residential property which: (1) was or is security for an extension of credit by such depository institution (or affiliate); and (2) came under the institution's or affiliate's ownership or control through foreclosure (or a deed in lieu of foreclosure) on the extension of credit.
 
Directs the federal banking agencies to jointly prescribe specified safety and soundness regulations, including minimum capital requirements for such institutions or affiliates.
 
Permits extension of such a lease beyond five years if any federal or state law, including the Bank Holding Company Act of 1956, so permits.
 
States this Act applies only to leases entered into during the two-year period beginning on the date of the enactment of this Act.
 
 
 States the intent of the Congress that: (1) no permanent change in policy on leasing foreclosed property is being established with respect to depository institutions and depository institution holding companies; and (2) bank leasing of foreclosed property authorized under this Act should not apply to leases entered into after such two-year period.


Legislative actions:
action_date: 2009-07-30
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2009-07-29
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2009-07-29
text: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H8971-8973)
action_date: 2009-07-29
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H8971-8973)
action_date: 2009-07-29
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 2529.
action_date: 2009-07-29
text: Considered under suspension of the rules. (consideration: CR H8971-8973)
action_date: 2009-07-29
text: Mr. Moore (KS) moved to suspend the rules and pass the bill, as amended.
action_date: 2009-05-20
text: Referred to the House Committee on Financial Services.
action_date: 2009-05-20
text: Introduced in House
action_date: 2009-05-20
text: Introduced in House