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1 1 (June 13, 2024)

handle is hein.crs/govepgk0001 and id is 1 raw text is: Banking Legislation in the 118th Congress June 13, 2024 This Insight outlines the banking and credit union bills that have seen committee or floor action in the 118th Congress and provides links to other CRS resources. It does not cover bills that indirectly affect banks, such as bills that affect the treatment of certain loans made by banks and nonbank financial institutions. For information on bills relevant to bank regulators, see CRS Insight IN12387, Bills Affecting Bank Regulators in the 118th Congress. Bills That Passed the House or Senate H.R. 582 passed the House on January 30, 2023. Under the bill, new or poorly rated credit unions would need to hold monthly board meetings, whereas established healthy credit unions would need to hold six meetings a year, with one in each fiscal quarter. (Currently, monthly meetings are required for all credit unions.) See CRS In Focus IF11713, Introduction to Financial Services: Credit Unions. H.R. 4763, popularly known as FIT 21, passed the House on May 21, 2024. It would create a regulatory framework for digital assets (e.g., cryptocurrencies) and would allow banks, credit unions, and other financial firms to custody digital assets. See CRS Insight IN12223, An Overview ofH.R. 4763, Financial Innovation and Technologyfor the 21st Century Act. H.J.Res. 109 was vetoed by the President on May 31, 2024. Under the Congressional Review Act (CRA), H.J.Res. 109 would rescind the Securities and Exchange Commission's Staff Accounting Bulletin 121, which requires crypto platform operators to include customer funds on their balance sheets. Banks generally do not operate crypto platforms. However, banks that provide custody services to clients with cryptocurrency may be affected. See CRS Insight IN12358, Potential Disapproval ofSEC Staff Accounting Bulletin No. 121 Under the Congressional Review Act. S.J.Res. 32 was vetoed by the President. The Senate failed to override the veto on January 10, 2024. Under the CRA, the resolution would have rescinded the Consumer Financial Protection Bureau's (CFPB's) rule implementing Section 1071 of the Dodd-Frank Act (P.L. 111-203). The rule requires covered financial institutions engaged in small business lending, including banks and credit unions, to report on applications for credit. See CRS Report R47788, Section 1071: Small Business Lending Data Collection and Reporting, coordinated by Darryl E. Getter. Congressional Research Service https://crsreports.congress.gov IN12376 CRS INSIGHT Prepared for Members and Committees of Congress

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