Detailed Summary

Business Checking Fairness Act of 2007 - Amends federal law to authorize interest-bearing or dividend-bearing transaction accounts for all businesses, permitting up to 24 transfers per month to another account of the owner in the same institution.

Amends the Federal Reserve Act, the Home Owners' Loan Act, and the Federal Deposit Insurance Act to repeal the prohibition against the payment of interest on demand deposits.

Authorizes the payment of interest on reserves by a federal reserve bank at least quarterly on balances maintained there on behalf of a depository institution.

Amends the Federal Reserve Act to require the Board to survey biennially and report biennially to Congress on bank fees and certain services.

Amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, and the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994, to repeal certain reporting requirements.

Cites practices which shall not be treated as payment or receipt of interest if they relate to an escrow account maintained at a depository institution in connection with a real estate transaction.

Status of the Legislation

Latest Major Action: 1/4/2007: Referred to House committee. Status: Referred to the House Committee on Financial Services.

Points in Favor

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Points Against

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