House passes reg relief

Northwestern Financial Review, Apr 15-Apr 30, 2004

The House of Representatives passed regulatory relief legislation, 392-25. The bill would allow banks to pay interest on business checking accounts, ease interstate branching rules, and reduce the frequency of exams for some institutions. The bill also would permit some industrial loan companies to open branches across state lines.

The provision applies only to ILCs established before Oct. 1, 2003 and are owned by companies that derive at least 85 percent of their revenue from financial services. The bill also gives credit unions the opportunity to offer some sendees to non-members.