P.L. 109-351, The Financial Services Regulatory Relief Act of 2006

• This item is from the 109th Congress (2005-2006) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.

S. 2856 (enacted as Public Law 109-351) affects the operations of financial institutions and the agencies that regulate them. Effective October 1, 2011, it allows the Federal Reserve System to pay interest on certain reserve balances of depository institutions that are held on deposit at the Federal Reserve, and gives the Board of Governors of the Federal Reserve greater flexibility in setting reserve requirements. Other provisions modify the regulatory standards for certain types of financial transactions, expand and clarify federal authorities and procedures for enforcing regulations, and give financial regulatory agencies more flexibility in sharing data, retaining records, and scheduling examinations. Finally, the act allows federal agencies to lease land to credit unions without charge.