RELIEVE Act
Latest action. Committee on Banking, Housing, and Urban Affairs. Hearings held.
Regulatory Easement for Lending Institutions that Enable a Vibrant Economy Act of 2014 or the RELIEVE Act - Directs the Board of Governors of the Federal Reserve System to publish in the Federal Register proposed revisions to the Small Bank Holding Company Policy Statement on Assessment of Financial and Managerial Factors that apply the policy (unless exclusion is warranted for supervisory purposes) to bank holding companies and savings and loan holding companies with pro forma consolidated assets of less than $1 billion, and which:
are not engaged in significant nonbanking activities either directly or through a nonbank subsidiary,
do not conduct significant off-balance sheet activities (including securitization and asset management or administration) either directly or through a nonbank subsidiary, and
do not have a material amount of debt or equity securities outstanding (other than trust preferred securities) registered with the Securities and Exchange Commission (SEC).
Amends the Truth in Lending Act to limit to a city or town with under 50,000 inhabitants the meaning of "rural" with respect to rural lenders which may presume that the applicant for a residential mortgage loan has a reasonable ability to repay the loan and all applicable taxes, insurance, and assessments.
Amends the Federal Credit Union Act regarding insured amounts payable in connection with a bankrupt state-chartered credit union for which the National Credit Union Administration (NCUA) Board is the liquidating agent.
Revises requirements relating to the limitation to the standard maximum share insurance amount ($250,000) for the net amount of share insurance payable to any member at an insured credit union in the event of such a bankruptcy. Applies the limitation also to any person with funds lawfully held in a member account.
Requires the Board to provide pass-through share insurance paid by certain lawyers administering deposits or shares of any interest on a lawyer's trust account (IOLTA), or paid by the escrow agent administering other similar escrow accounts.
Defines "IOLTA" as a system in which lawyers place certain client funds in interest-bearing or dividend-bearing accounts, with the interest or dividends then used to fund programs such as legal service organizations providing services to clients in need.
The summary continues for 1 more paragraph. Read it in full on Congress.gov
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in Senate" stage on July 30, 2014. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on September 16, 2014: Committee on Banking, Housing, and Urban Affairs. Hearings held.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the Senate
- Passage by the House
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 113th Congress (2013-14), 296 of the 9,091 bills and joint resolutions introduced became law, about 3.3 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
Angus King (I-ME) introduced it on July 30, 2014, and 3 members have since signed on as cosponsors.
They come from both major parties: 2 Democrats, 1 Republican.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on July 30, 2014, 4425 days ago. The most recent recorded action was 4377 days ago, on September 16, 2014.
Measures do not carry over. Anything the 113th Congress has not finished by January 3, 2015 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- SenateIn committee, no floor vote yet
- HouseAwaits Senate passage
- PresidentAwaits both chambers