- Not enactedThe President has not signed this bill
- The senate has not voted
- The house has not voted
House Committee on Financial ServicesHouse Committee on Ways and MeansIntroducedJuly 10th, 2009
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Bridging Bank to Recovery Act of 2009
To help stabilize and restore the economy by providing for greater access to credit for the underbanked, the unbanked, and consumers with low credit scores through the establishment of bridging bank depository institutions, and for other purposes.
Bridging Bank to Recovery Act of 2009 - Authorizes an appropriate federal or state banking agency to charter and license a de novo bridging bank depository institution to enable underbanked and unbanked consumers, and consumers with credit scores at or below 680, to transition or return to the financial mainstream more easily through comprehensive banking services, including access to credit products, financial and credit training, loan restructurings and other tailored financial products and services to meet the needs of such consumers. Defines underbanked consumers as individuals or families who have a deposit account with an insured depository institution or credit union, but who have limited or no ability to access nondepository services from such institutions. Defines unbanked consumers as individuals or families who have neither an account with an insured depository institution or insured credit union, nor a transaction account with a money market mutual fund or brokerage firm. Amends the Internal Revenue Code to: (1) exempt from federal income taxation the interest on deposits paid by bridging bank depository institutions; and (2) exclude from gross income the income from the discharge of indebtedness in connection with modification or repurchase of a subprime debt instrument if the beneficial owner of such instrument is a bridging bank depository institution. States that modification of a subprime debt instrument shall not result, for purposes of nonrecognition of gain or loss, in a sale or other disposition of property if a bridging bank depository institution is the beneficial owner of such instrument at the time of modification.