Page:United States Statutes at Large Volume 120.djvu/1997

 120 STAT. 1966

PUBLIC LAW 109–351—OCT. 13, 2006

Public Law 109–351 109th Congress An Act Oct. 13, 2006 [S. 2856] Financial Services Regulatory Relief Act of 2006. 12 USC 1811 note.

To provide regulatory relief and improve productivity for insured depository institutions, 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 Securities 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 requirements. 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 investments. 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 jurisdiction. 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

�