The experience of prior Congresses has shown that bills incorporating provisions that would reduce regulatory requirements on banks, thrifts, and credit unions tend to receive stronger support or less opposition than legislative proposals that address the industries separately. H.R. The legislation, like P.L. 109-351 , provides some, but not all, of the changes sought separately by advocates for the banking/thrift and the credit union industries. 6312 is enacted the industries' interests in regulatory relief are likely to continue. 6312

The Credit Union, Bank and Thrift Regulatory Relief Act of 2008 ( H.R. 6312 ) was introduced on June 19, 2008, by Representative Kanjorski, and was cosponsored by 3 members. The legislation passed the House on June 24, 2008 and on June 25, 2008 was referred to the Senate Committee on Banking, Housing, and Urban Affairs. The following is an overview of the legislation. Savings Association Credit Card Banks. The proposal includes the requirement for a biennial report to Congress. 6312

The proposed Credit Union, Bank and Thrift Regulatory Relief Act of 2008 is viewed by many as a compromise between the positions taken by credit union and the banking industries.
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 109th Congress, legislation was enacted (P.L. 109-351; 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.