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HR 41 110th Congress House Finance and Financial Sector Automated teller machines Bank accounts Bank deposits Bank reserves Checks Commerce Congressional reporting requirements Credit cards Credit unions Deposit insurance Dividends Electronic commerce Electronic funds transfers Fees Financial institutions Financial services Government Operations and Politics Government paperwork Housing and Community Development

Business Checking Fairness Act of 2007

Introduced: January 4, 2007 Introduced by: Velázquez, Nydia M. Democratic · New York See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 4, 2007
Referred to the House Committee on Financial Services.
Jan 4, 2007
Introduced in House
 Plain-English summary Congressional Research Service

Business Checking Fairness Act of 2007 - Amends federal law to authorize interest-bearing or dividend-bearing transaction accounts for all businesses, permitting up to 24 transfers per month to another account of the owner in the same institution.

Amends the Federal Reserve Act, the Home Owners' Loan Act, and the Federal Deposit Insurance Act to repeal the prohibition against the payment of interest on demand deposits.

Amends the Federal Reserve Act to require the Board to survey biennially and report biennially to Congress on bank fees and certain services.

Amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, and the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994, to repeal certain reporting requirements.

Cites practices which shall not be treated as payment or receipt of interest if they relate to an escrow account maintained at a depository institution in connection with a real estate transaction.

What's happening now January 4, 2007

Referred to the House Committee on Financial Services.

 Committees of jurisdiction 1
 Cosponsors 3
All 3 Democratic 2 Republican 1