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Financial Services Regulatory Relief Act of 2006, October 13, 2006. https://fraser.stlouisfed.org/title/1035, accessed on July 29, 2025.

Title: Financial Services Regulatory Relief Act of 2006

Author: United States. Congress
Date: October 13, 2006
Page 1
image-container-0 120 STAT. 1966 Oct. 13, 2006 [S. 2856] Financial Services Regulatory Relief Act of 2006. 12 USC 1811 note. PUBLIC LAW 109–351—OCT. 13, 2006 Public Law 109–351 109th Congress An Act To provide regulatory relief and improve productivity for insured depository institu- tions, and for other purposes. Be it enacted by the Senate and House of Representatives 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 ‘‘Financial Services Regulatory Relief Act of 2006’’. (b) TABLE OF CONTENTS.—The table of contents for this Act is as follows: Sec. 1. Short title; table of contents. TITLE I—BROKER RELIEF Sec. 101. Joint rulemaking required for revised definition of broker in the Securi- ties Exchange Act of 1934. TITLE II—MONETARY POLICY PROVISIONS Sec. 201. Authorization for the Federal Reserve to pay interest on reserves. Sec. 202. Increased flexibility for the Federal Reserve Board to establish reserve re- quirements. Sec. 203. Effective date. TITLE III—NATIONAL BANK PROVISIONS Sec. 301. Voting in shareholder elections. Sec. 302. Simplifying dividend calculations for national banks. Sec. 303. Repeal of obsolete limitation on removal authority of the Comptroller of the Currency. Sec. 304. Repeal of obsolete provision in the Revised Statutes. Sec. 305. Enhancing the authority for banks to make community development in- vestments. TITLE IV—SAVINGS ASSOCIATION PROVISIONS Sec. 401. Parity for savings associations under the Securities Exchange Act of 1934 and the Investment Advisers Act of 1940. Sec. 402. Repeal of overlapping rules governing purchased mortgage servicing rights. Sec. 403. Clarifying citizenship of Federal savings associations for Federal court ju- risdiction. Sec. 404. Repeal of limitation on loans to one borrower. TITLE V—CREDIT UNION PROVISIONS Sec. 501. Leases of land on Federal facilities for credit unions. Sec. 502. Increase in general 12-year limitation of term of Federal credit union loans to 15 years. Sec. 503. Check cashing and money transfer services offered within the field of membership. Sec. 504. Clarification of definition of net worth under certain circumstances for purposes of prompt corrective action. Sec. 505. Amendments relating to nonfederally insured credit unions. VerDate 14-DEC-2004 13:05 Jul 12, 2007 Jkt 059194 PO 00002 Frm 00710 Fmt 6580 Sfmt 6582 E:\PUBLAW\PUBL002.109 APPS06 PsN: PUBL002
image-container-1 120 STAT. 1967 PUBLIC LAW 109–351—OCT. 13, 2006 TITLE VI—DEPOSITORY INSTITUTION PROVISIONS Sec. 601. Reporting requirements relating to insider lending. Sec. 602. Investments by insured savings associations in bank service companies authorized. Sec. 603. Authorization for member bank to use pass-through reserve accounts. Sec. 604. Streamlining reports of condition. Sec. 605. Expansion of eligibility for 18-month examination schedule for community banks. Sec. 606. Streamlining depository institution merger application requirements. Sec. 607. Nonwaiver of privileges. Sec. 608. Clarification of application requirements for optional conversion for Fed- eral savings associations. Sec. 609. Exemption from disclosure of privacy policy for accountants. Sec. 610. Inflation adjustment for the small depository institution exception under the Depository Institution Management Interlocks Act. Sec. 611. Modification to cross marketing restrictions. TITLE VII—BANKING AGENCY PROVISIONS Sec. 701. Statute of limitations for judicial review of appointment of a receiver for depository institutions. Sec. 702. Enhancing the safety and soundness of insured depository institutions. Sec. 703. Cross guarantee authority. Sec. 704. Golden parachute authority and nonbank holding companies. Sec. 705. Amendments relating to change in bank control. Sec. 706. Amendment to provide the Federal Reserve Board with discretion con- cerning the imputation of control of shares of a company by trustees. Sec. 707. Interagency data sharing. Sec. 708. Clarification of extent of suspension, removal, and prohibition authority of Federal banking agencies in cases of certain crimes by institution-af- filiated parties. Sec. 709. Protection of confidential information received by Federal banking regu- lators from foreign banking supervisors. Sec. 710. Prohibition on participation by convicted individuals. Sec. 711. Coordination of State examination authority. Sec. 712. Deputy Director; succession authority for Director of the Office of Thrift Supervision. Sec. 713. Office of Thrift Supervision representation on Basel Committee on Bank- ing Supervision. Sec. 714. Federal Financial Institutions Examination Council. Sec. 715. Technical amendments relating to insured institutions. Sec. 716. Clarification of enforcement authority. Sec. 717. Federal banking agency authority to enforce deposit insurance conditions. Sec. 718. Receiver or conservator consent requirement. Sec. 719. Acquisition of FICO scores. Sec. 720. Elimination of criminal indictments against receiverships. Sec. 721. Resolution of deposit insurance disputes. Sec. 722. Recordkeeping. Sec. 723. Preservation of records. Sec. 724. Technical amendments to information sharing provision in the Federal Deposit Insurance Act. Sec. 725. Technical and conforming amendments relating to banks operating under the Code of Law for the District of Columbia. Sec. 726. Technical corrections to the Federal Credit Union Act. Sec. 727. Repeal of obsolete provisions of the Bank Holding Company Act of 1956. Sec. 728. Development of model privacy forms. TITLE VIII—FAIR DEBT COLLECTION PRACTICES ACT AMENDMENTS Sec. 801. Exception for certain bad check enforcement programs. Sec. 802. Other amendments. TITLE IX—CASH MANAGEMENT MODERNIZATION Sec. 901. Collateral modernization. TITLE X—STUDIES AND REPORTS Sec. 1001. Study and report by the Comptroller General on the currency trans- action report filing system. Sec. 1002. Study and report on institution diversity and consolidation. VerDate 14-DEC-2004 13:05 Jul 12, 2007 Jkt 059194 PO 00002 Frm 00711 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL002.109 APPS06 PsN: PUBL002
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Date: October 13, 2006
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Other Titles:
  • An Act to Provide Regulatory Relief and Improve Productivity for Insured Depository Institutions, and for Other Purposes
  • Public Law 109-351, 109th Congress, S. 2856
Note:
120 Stat. 1966.
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  • government publication
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