Financial Services Regulatory Relief Act of 2006

The Financial Services Regulatory Relief Act of 2006 provides regulatory relief and improves productivity for insured depository institutions. Key provisions include joint rulemaking between the Securities and Exchange Commission and the Federal Reserve Board, authorization for the Federal Reserve to pay interest on reserves, increased flexibility for reserve requirements, and simplifying dividend calculations for national banks. The act also enhances authority for banks to make community development investments and repeals obsolete limitations on removal authority of the Comptroller of the Currency. Additionally, it provides parity for savings associations under the Securities Exchange Act of 1934 and the Investment Advisers Act of 1940.