Magazine article American Banker

Vote on Thrift Fund Fix Likely Today in House, This Weekend in Senate

Magazine article American Banker

Vote on Thrift Fund Fix Likely Today in House, This Weekend in Senate

Article excerpt

House Majority Leader Richard Armey said he hopes to bring legislation capitalizing the Savings Association Insurance Fund to a vote today and send it to the Senate for a vote this weekend.

Lawmakers wrapped up the last two pieces of the thrift fund package on Wednesday, agreeing to prohibit Farm Credit System banks from owning credit unions and to ban deposit insurance for the retirement CD.

The package, expected to be tacked on to an omnimbus spending bill, also would provide regulatory relief and protect lenders from borrowers' toxic cleanup costs.

The regulatory relief package eases more than 30 federal paperwork and compliance rules. Major provisions include:

* Directing the Department of Housing and Urban Development and the Federal Reserve to streamline Real Estate Settlement Procedures Act rules.

* Allowing the Federal Reserve Board to exempt any class of loans from the Truth-in-Lending Act.

* Repealing civil liability for violation of the Truth-in-Savings Act.

* Increasing the size of institutions exempt from the Home Mortgage Disclosure Act from $10 million in assets to $50 million.

* Protecting banks that self-test for Equal Credit Opportunity Act compliance from penalties if corrective action is taken when violations are found.

* Eliminating application requirements for new automated teller machines.

American Bankers Association chief lobbyist Edward L. Yingling hailed Republican leaders' decision to include the regulatory relief provisions. …

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