H.R. 5031 (108th): Community Credit Card Bank Act of 2004

Introduced:
Sep 08, 2004 (108th Congress, 2003–2004)
Status:
Died (Referred to Committee)
Sponsor
George Nethercutt Jr.
Representative for Washington's 5th congressional district
Party
Republican
Text
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Last Updated
Sep 08, 2004
Length
3 pages
 
Status

This bill was introduced on September 8, 2004, in a previous session of Congress, but was not enacted.

Progress
Introduced Sep 08, 2004
Referred to Committee Sep 08, 2004
 
Full Title

To amend the Bank Holding Company Act of 1956 to clarify the application of the credit card bank exception to certain limited purpose credit card banks serving community banks, and for other purposes.

Summary

No summaries available.

Cosponsors
none
Committees

House Financial Services

Financial Institutions and Consumer Credit

The committee chair determines whether a bill will move past the committee stage.

 
Primary Source

THOMAS.gov (The Library of Congress)

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Citation

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Notes

H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


9/8/2004--Introduced.
Community Credit Card Bank Act of 2004 - Amends the Bank Holding Company Act of 1956 with respect to exclusion from coverage as a bank of an institution, including one that accepts collateral for extensions of credit by holding deposits under $100,000, and by other means, which:
(1) engages only in credit card operations;
(2) does not accept demand deposits or deposits that the depositor may withdraw by check or similar means for payment to third parties or others;
(3) does not accept any savings or time deposit of less than $100,000;
(4) maintains only one office that accepts deposits; and
(5) does not engage in the business of making commercial loans.
Declares that an institution shall not be treated as engaging in the business of making commercial loans solely on the basis of issuing or servicing commercial credit card accounts that constitute no more than ten percent of their credit card receivables, if:
(1) it has total assets of less than $1 million;
(2) it was chartered before June 1, 1998;
(3) at least 80 percent of its credit card receivables have either been acquired in portfolio purchases from unaffiliated insured depository institutions, or issued through unaffiliated insured depository institutions as agents of such institutions; and
(4) it issues or services commercial credit card loans that constitute, in the aggregate, not more than 10 percent of its credit card receivables.
(Thus applies the exclusion from coverage by the Bank Holding Company Act of 1956 to certain limited purpose credit card banks serving community banks.)

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

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