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Credit Union, Bank, and Thrift Regulatory Relief Act of 2008, July 23, 2008 1 (July 23, 2008)

handle is hein.tera/crser0010 and id is 1 raw text is: Order Code RS22924 July 23, 2008 A CRS Report for Congress Credit Union, Bank, and Thrift Regulatory Relief Act of 2008 Walter W. Eubanks and Pauline Smale Specialist in Financial Economics and Analyst in Financial Economics Government and Finance Division Summary Credit unions, banks and thrifts (savings associations) are subject to numerous safety, soundness, and consumer protection laws and regulations. Since 2001, both the banking/thrift and the credit union industries have worked with Congress to develop legislative proposals that would reduce existing regulatory requirements and what are seen as the burdens compliance enforcement places on depository financial institutions. During the 109h Congress, legislation was enacted (P.L. 109-35 1; 120 Stat. 1966) that provided some of the changes sought by the industries. The statute reduced regulatory requirements for all types of depository financial institutions. Both the banking/thrift and credit union industries remain interested in the regulatory relief provisions excluded from the law. Current legislation, the Credit Union, Bank, and Thrift Regulatory Relief Act of 2008 (H.R. 6312), would provide additional steps towards obtaining the package of regulatory relief originally sought. The legislation moved quickly through the House. H.R. 6312 was introduced on June 19, 2008, and on June 24, 2008, the bill was considered under suspension of the rules and passed by the House. On June 25, 2008, the legislation was referred to the Senate Committee on Banking, Housing, and Urban Affairs. This report will be updated as developments warrant. Background While federal financial regulatory agencies engaged in the process of implementing the provisions of the Financial Services Regulatory Relief Act of 2006 (P.L. 109-35 1), new financial services regulatory relief measures were introduced in the I 10h Congress.1 Reducing the regulatory burden on financial service providers has been an ongoing 1 For information on regulatory relief measures (in addition to H.R. 6312) in the 110 Congress, please see CRS Report RS22651, Financial Services Regulatory Relief.- Implementation and Reintroduced Provisions in the I 1Oh Congress, by Walter W. Eubanks and CRS Report RS2266 1, Credit Union Regulatory Improvements Act (CURIA): H.R. 1537 and S. 2957, by Pauline Smale. Congressional Research Service , The Library of Congress Prepared for Members and Committees of Congress

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