The Financial Services Regulatory Relief Act of 2006, SB 2856, passed both the House and Senate, and was presented to the President on October 3, 2006. Introduced May 18, 2006, this legislation is designed primarily to provide regulatory relief to and improve productivity for insured depository institutions.

Of possible industry interest is Title VIII, Fair Debt Collection Practices Act Amendments (Sec. 801), that amends the Fair Debt Collection Practices Act. As passed, it will exempt from federal regulatory oversight certain bad check enforcement programs operated by private entities under state regulatory oversight if they meet specified requirements. Additionally, Sec. 802, Other Amendments, contains new language regarding: legal pleadings, notice provisions, and amendments to Sec. 809(b) covering collection activities and related communications within the first 30 days.

For a copy of the enrolled legislation, go to Thomas and type in SB 2856 under the "Search Bill Text" function.