How the IBAA Spells Relief

The Independent Bankers Association of America's "Financial Institution Regulatory Relief Reform Act of 1995" addresses these areas, among others:

Community Reinvestment Act

*Exempt institutions with assets of $500 million or less.

*Provide "safe harbor" allowing a bank to rely on its most recent CRA rating in the applications process if the exam was within the past 12 months.

*Prohibit collection of race and gender data.

Home Mortgage Disclosure Act

*Increase current $10 million exemption to $50 million.

*Exempt banks that make less than 100 reportable loans per category per year.

*Limit reporting to purchase-money mortgages and refinancing of such mortgages, thus excluding home equity and home improvement loans.

Expedited Funds Availability Act

*Change "new account" definition to an account open less than six months.

*Lengthen availability schedule for local checks from one to two days.

Truth-in-Lending

*Reverse the Rodash decision, which required the rescission of a loan and repayment of all interest charges because of an improperly disclosed delivery fee. This provision would provide that the only remedy is a return of the improperly disclosed charges.

Bank Secrecy Act

*Increase the reporting level for currency transaction reports, or CTRs, to levels adjusted retroactively for inflation.

*Grant Treasury the authority to permit financial institutions with less than $100 million in deposits relief from filing CTRs.

Regulation O

*Delete aggregate lending limitation and expand executive officer borrowing authority.

Federal Deposit Insurance Corp. Improvement Act

*Repeal section 132, the "micromanagement" provision.

Truth-in-Savings

*Repeal the act except for sections requiring reasonable disclosure of fees and interest earned.

Lender Liability

*Enact the lender liability provisions of last Congress' Senate Superfund bill, which would clarify the responsibility of lenders foreclosing on property that turns out to be contaminated.

Financial Accounting Standards Board

*Convert to independent agency with a five-person board.