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Financial Services Regulatory Relief Act of 2003 (H.R. 1375): Credit Union Provisions, March 23, 2004 1 (March 23, 2004)

handle is hein.tera/crser0066 and id is 1 raw text is: Order Code RS21552 Updated March 23, 2004 CRS Report for Congress Received through the CRS Web Financial Services Regulatory Relief Act of 2003 (H.R. 1375): Credit Union Provisions Pauline Smale Economic Analyst Government and Finance Division Summary On March 18, 2004, the House passed omnibus regulatory relief legislation (H.R. 1375) for insured depository financial institutions. The bill would alter or eliminate statutory banking provisions considered outdated, unnecessary, or ineffective in an effort to lesson the overall burden of compliance. Another goal of this legislation is to counterbalance the additional regulatory burdens being placed on banks and thrifts by the anti-money laundering and anti-terrorist financing provisions of the 2001 USA Patriot Act. Title III of H.R. 1375 contains 13 credit union provisions. The provisions are based on recommendations from the credit union industry. This report provides background on the legislation and an overview of Title III. This report will be updated as legislative developments warrant. Background The USA Patriot Act (P.L. 107-56) was enacted on October 26, 2001. The law requires federal financial regulators to issue regulations to implement the provisions which seek to protect the U.S. financial system from money laundering and terrorist financing. To comply with the Act, federal regulators are producing a set of procedures and systems that will require the commitment of considerable resources by depository financial institutions. During the 107th Congress, the House Committee on Financial Services worked with regulators and industry representatives to develop legislation that would reduce existing regulatory requirements on depository financial institutions. The goal was to identify outdated, duplicative, or ineffective regulations that were notjustified by either the need to ensure safety and soundness or to provide consumer protection. The resulting bill, H.R. 3951, was reported to the House but no further action was taken. Similar legislation was introduced early in the first session of the 108th Congress as the Financial Services Regulatory Relief Act of 2003 (H.R. 1375). Like the previous legislation this bill has separate titles for three categories of financial institutions: national banks, savings associations, and credit unions. Additional titles address regulatory Congressional Research Service ** The Library of Congress

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