H.R. 3171 · 111th Congress
Bridging Bank to Recovery Act of 2009
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Never voted on. It didn't reach a floor vote before the 111th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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Bridging Bank to Recovery Act of 2009 - Authorizes an appropriate federal or state banking agency to charter and license a de novo bridging bank depository institution to enable underbanked and unbanked consumers, and consumers with credit scores at or below 680, to transition or return to the financial mainstream more easily through comprehensive banking…
What it does: CRS summary · Introduced in House · Jul 10, 2009
Bridging Bank to Recovery Act of 2009 - Authorizes an appropriate federal or state banking agency to charter and license a de novo bridging bank depository institution to enable underbanked and unbanked consumers, and consumers with credit scores at or below 680, to transition or return to the financial mainstream more easily through comprehensive banking services, including access to credit products, financial and credit training, loan restructurings and other tailored financial products and services to meet the needs of such consumers.
Defines underbanked consumers as individuals or families who have a deposit account with an insured depository institution or credit union, but who have limited or no ability to access nondepository services from such institutions.
Defines unbanked consumers as individuals or families who have neither an account with an insured depository institution or insured credit union, nor a transaction account with a money market mutual fund or brokerage firm.
Amends the Internal Revenue Code to: (1) exempt from federal income taxation the interest on deposits paid by bridging bank depository institutions; and (2) exclude from gross income the income from the discharge of indebtedness in connection with modification or repurchase of a subprime debt instrument if the beneficial owner of such instrument is a bridging bank depository institution.
States that modification of a subprime debt instrument shall not result, for purposes of nonrecognition of gain or loss, in a sale or other disposition of property if a bridging bank depository institution is the beneficial owner of such instrument at the time of modification.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Bridging Bank to Recovery Act of 2009
Latest action (Jul 10, 2009): Referred to House Ways and Means
Policy area: Finance and Financial Sector · Origin: House · Introduced: Jul 10, 2009
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.