1、Congressional Research Service The Library of CongressCRS Report for CongressReceived through the CRS WebOrder Code RS21552Updated March 23, 2004Financial Services Regulatory Relief Act of2003 (H.R. 1375): Credit Union ProvisionsPauline SmaleEconomic AnalystGovernment and Finance DivisionSummaryOn M
2、arch 18, 2004, the House passed omnibus regulatory relief legislation (H.R.1375) for insured depository financial institutions. The bill would alter or eliminatestatutory banking provisions considered outdated, unnecessary, or ineffective in an effortto lesson the overall burden of compliance. Anoth
3、er goal of this legislation is tocounterbalance the additional regulatory burdens being placed on banks and thrifts bythe anti-money laundering and anti-terrorist financing provisions of the 2001 USAPatriot Act. Title III of H.R. 1375 contains 13 credit union provisions. The provisionsare based on r
4、ecommendations from the credit union industry. This report providesbackground on the legislation and an overview of Title III. This report will be updatedas legislative developments warrant. BackgroundThe USA Patriot Act (P.L. 107-56) was enacted on October 26, 2001. The lawrequires federal financia
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