[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[S. 2155 Enrolled Bill (ENR)]
S.2155
One Hundred Fifteenth Congress
of the
United States of America
AT THE SECOND SESSION
Begun and held at the City of Washington on Wednesday,
the third day of January, two thousand and eighteen
An Act
To promote economic growth, provide tailored regulatory relief, and
enhance consumer protections, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,

f165c4916d9f4dd900ade648fc16833737b686ff82375cd93b0f46735ef0cf1d

(a) Short Title.--This Act may be cited as the ``Economic Growth,
Regulatory Relief, and Consumer Protection Act''.
(b) Table of Contents.--The table of contents for this Act is as
follows:

93b71191491fcd50c146d8b85b8b011a905bf6b2bb0718b54a856ddcabf5fcd0

eae596e6a0319f54acd18b0be12ecdeba44c8e3cd077e937ee989ec676cd35bb

TITLE I

-IMPROVING CONSUMER ACCESS TO MORTGAGE CREDIT

65fb69a6370b139bd5fe09de41c65f848d27db94c6e7f5523ada7c5811eb33a7

03574f0c3fd8e9de52b26685a9dcfeb37811743b4755c442e27d8f25ae5e03db

TITLE II

-REGULATORY RELIEF AND PROTECTING CONSUMER ACCESS TO CREDIT

330f921920aeb79dc7d49a331a7a2ee0552b5caab54fecbab434821e59bfe522

TITLE III

-PROTECTIONS FOR VETERANS, CONSUMERS, AND HOMEOWNERS

563414e3e76495e9fa0d7048abcf47105a99e71abe7038173830db55b5c7b59b

6ad2c644dd3a4535867ff78af981e235c189554f4b9c7b53a3799324290f4c6e

1bede883c517945f63b595a46a525cf749fed6b5b5d33d9187a4e0b1da96809d

TITLE IV

-TAILORING REGULATIONS FOR CERTAIN BANK HOLDING COMPANIES

a28a89f880079ccb819cb43d1c457b03d585fe837f3c96319f9ac88f91dae86d

TITLE V

-ENCOURAGING CAPITAL FORMATION

fe4d7b920447bdc22df99954275983daa41c1df0985d30b2f45776f5a2fd0eed

In this Act:
(1) Appropriate federal banking agency; company; depository
institution; depository institution holding company.--The terms
``appropriate Federal banking agency'', ``company'', ``depository
institution'', and ``depository institution holding company'' have
the meanings given those terms in section 3 of the Federal Deposit
Insurance Act (12 U.S.C. 1813).
(2) Bank holding company.--The term ``bank holding company''
has the meaning given the term in section 2 of the Bank Holding
Company Act of 1956 (12 U.S.C. 1841).

d1edd7621de8fd16866758fe1153eb53b14aec73ce7bfc049d2a3c8171f1630c

TITLE VI

-PROTECTIONS FOR STUDENT BORROWERS

Section 129C(b)(2) of the Truth in Lending Act (15 U.S.C.
1639c(b)(2)) is amended by adding at the end the following:
``(F) Safe harbor.--
``(i) Definitions.--In this subparagraph--
``(I) the term `covered institution' means an
insured depository institution or an insured credit
union that, together with its affiliates, has less than
$10,000,000,000 in total consolidated assets;
``(II) the term `insured credit union' has the
meaning given the term in section 101 of the Federal
Credit Union Act (12 U.S.C. 1752);
``(III) the term `insured depository institution'
has the meaning given the term in section 3 of the
Federal Deposit Insurance Act (12 U.S.C. 1813);
``(IV) the term `interest-only' means that, under
the terms of the legal obligation, one or more of the
periodic payments may be applied solely to accrued
interest and not to loan principal; and
``(V) the term `negative amortization' means
payment of periodic payments that will result in an
increase in the principal balance under the terms of
the legal obligation.
``(ii) Safe harbor.--In this section--
``(I) the term `qualified mortgage' includes any
residential mortgage loan--
``(aa) that is originated and retained in
portfolio by a covered institution;
``(bb) that is in compliance with the
limitations with respect to prepayment penalties
described in subsections (c)(1) and (c)(3);
``(cc) that is in compliance with the
requirements of clause (vii) of subparagraph (A);
``(dd) that does not have negative amortization
or interest-only features; and
``(ee) for which the covered institution
considers and documents the debt, income, and
financial resources of the consumer in accordance
with clause (iv); and
``(II) a residential mortgage loan described in
subclause (I) shall be deemed to meet the requirements
of subsection (a).
``(iii) Exception for certain transfers.--A residential
mortgage loan described in clause (ii)(I) shall not qualify
for the safe harbor under clause (ii) if the legal title to
the residential mortgage loan is sold, assigned, or
otherwise transferred to another person unless the
residential mortgage loan is sold, assigned, or otherwise
transferred--
``(I) to another person by reason of the bankruptcy
or failure of a covered institution;
``(II) to a covered institution so long as the loan
is retained in portfolio by the covered institution to
which the loan is sold, assigned, or otherwise
transferred;
``(III) pursuant to a merger of a covered
institution with another person or the acquisition of a
covered institution by another person or of another
person by a covered institution, so long as the loan is
retained in portfolio by the person to whom the loan is
sold, assigned, or otherwise transferred; or
``(IV) to a wholly owned subsidiary of a covered
institution, provided that, after the sale, assignment,
or transfer, the residential mortgage loan is
considered to be an asset of the covered institution
for regulatory accounting purposes.
``(iv) Consideration and documentation requirements.--
The consideration and documentation requirements described
in clause (ii)(I)(ee) shall--
``(I) not be construed to require compliance with,
or documentation in accordance with, appendix Q to part
1026 of title 12, Code of Federal Regulations, or any
successor regulation; and
``(II) be construed to permit multiple methods of
documentation.''.

42e66be6844673ff25b0db52a7dbcfdbb2830f81fa76afe9231e42bd84f2c7c0

Section 129E(i)(2) of the Truth in Lending Act (15 U.S.C.
1639e(i)(2)) is amended--
(1) by redesignating subparagraphs (A) and (B) as clauses (i)
and (ii), respectively, and adjusting the margins accordingly;
(2) in the matter preceding clause (i), as so redesignated, by
striking ``For purposes of'' and inserting the following:
``(A) In general.--For purposes of''; and
(3) by adding at the end the following:
``(B) Rule of construction related to appraisal
donations.--If a fee appraiser voluntarily donates appraisal
services to an organization eligible to receive tax-deductible
charitable contributions, such voluntary donation shall be
considered customary and reasonable for the purposes of
paragraph (1).''.

598ceeb5bb24401e0fa8fcc9e2143a5559cb54c5e4f9a4983378bc87e16b7591

RURAL AREAS.
Title XI of the Financial Institutions Reform, Recovery, and
Enforcement Act of 1989 (12 U.S.C. 3331 et seq.) is amended by adding
at the end the following:
``SEC. 1127. EXEMPTION FROM APPRAISALS OF REAL ESTATE LOCATED IN RURAL
AREAS.
``(a) Definitions.--In this section--
``(1) the term `mortgage originator' has the meaning given the
term in section 103 of the Truth in Lending Act (15 U.S.C. 1602);
and
``(2) the term `transaction value' means the amount of a loan
or extension of credit, including a loan or extension of credit
that is part of a pool of loans or extensions of credit.
``(b) Appraisal Not Required.--Except as provided in subsection
(d), notwithstanding any other provision of law, an appraisal in
connection with a federally related transaction involving real property
or an interest in real property is not required if--
``(1) the real property or interest in real property is located
in a rural area, as described in section 1026.35(b)(2)(iv)(A) of
title 12, Code of Federal Regulations;
``(2) not later than 3 days after the date on which the Closing
Disclosure Form, made in accordance with the final rule of the
Bureau of Consumer Financial Protection entitled `Integrated
Mortgage Disclosures Under the Real Estate Settlement Procedures
Act (Regulation X) and the Truth in Lending Act (Regulation Z)' (78
Fed. Reg. 79730 (December 31, 2013)), relating to the federally
related transaction is given to the consumer, the mortgage
originator or its agent, directly or indirectly--
``(A) has contacted not fewer than 3 State certified
appraisers or State licensed appraisers, as applicable, on the
mortgage originator's approved appraiser list in the market
area in accordance with part 226 of title 12, Code of Federal
Regulations; and
``(B) has documented that no State certified appraiser or
State licensed appraiser, as applicable, was available within 5
business days beyond customary and reasonable fee and
timeliness standards for comparable appraisal assignments, as
documented by the mortgage originator or its agent;
``(3) the transaction value is less than $400,000; and
``(4) the mortgage originator is subject to oversight by a
Federal financial institutions regulatory agency.
``(c) Sale, Assignment, or Transfer.--A mortgage originator that
makes a loan without an appraisal under the terms of subsection (b)
shall not sell, assign, or otherwise transfer legal title to the loan
unless--
``(1) the loan is sold, assigned, or otherwise transferred to
another person by reason of the bankruptcy or failure of the
mortgage originator;
``(2) the loan is sold, assigned, or otherwise transferred to
another person regulated by a Federal financial institutions
regulatory agency, so long as the loan is retained in portfolio by
the person;
``(3) the sale, assignment, or transfer is pursuant to a merger
of the mortgage originator with another person or the acquisition
of the mortgage originator by another person or of another person
by the mortgage originator; or
``(4) the sale, loan, or transfer is to a wholly owned
subsidiary of the mortgage originator, provided that, after the
sale, assignment, or transfer, the loan is considered to be an
asset of the mortgage originator for regulatory accounting
purposes.
``(d) Exception.--Subsection (b) shall not apply if--
``(1) a Federal financial institutions regulatory agency
requires an appraisal under section 225.63(c), 323.3(c), 34.43(c),
or 722.3(e) of title 12, Code of Federal Regulations; or
``(2) the loan is a high-cost mortgage, as defined in section
103 of the Truth in Lending Act (15 U.S.C. 1602).
``(e) Anti-Evasion.--Each Federal financial institutions regulatory
agency shall ensure that any mortgage originator that the Federal
financial institutions regulatory agency oversees that makes a
significant amount of loans under subsection (b) is complying with the
requirements of subsection (b)(2) with respect to each loan.''.

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(a) In General.--Section 304 of the Home Mortgage Disclosure Act of
1975 (12 U.S.C. 2803) is amended--
(1) by redesignating subsection (i) as paragraph (3) and
adjusting the margins accordingly;
(2) by inserting before paragraph (3), as so redesignated, the
following:
``(i) Exemptions.--
``(1) Closed-end mortgage loans.--With respect to an insured
depository institution or insured credit union, the requirements of
paragraphs (5) and (6) of subsection (b) shall not apply with
respect to closed-end mortgage loans if the insured depository
institution or insured credit union originated fewer than 500
closed-end mortgage loans in each of the 2 preceding calendar
years.
``(2) Open-end lines of credit.--With respect to an insured
depository institution or insured credit union, the requirements of
paragraphs (5) and (6) of subsection (b) shall not apply with
respect to open-end lines of credit if the insured depository
institution or insured credit union originated fewer than 500 open-
end lines of credit in each of the 2 preceding calendar years.
``(3) Required compliance.--Notwithstanding paragraphs (1) and
(2), an insured depository institution shall comply with paragraphs
(5) and (6) of subsection (b) if the insured depository institution
has received a rating of `needs to improve record of meeting
community credit needs' during each of its 2 most recent
examinations or a rating of `substantial noncompliance in meeting
community credit needs' on its most recent examination under
section 807(b)(2) of the Community Reinvestment Act of 1977 (12
U.S.C. 2906(b)(2)).''; and
(3) by adding at the end the following:
``(o) Definitions.--In this section--
``(1) the term `insured credit union' has the meaning given the
term in section 101 of the Federal Credit Union Act (12 U.S.C.
1752); and
``(2) the term `insured depository institution' has the meaning
given the term in section 3 of the Federal Deposit Insurance Act
(12 U.S.C. 1813).''.
(b) Lookback Study.--
(1) Study.--Not earlier than 2 years after the date of
enactment of this Act, the Comptroller General of the United States
shall conduct a study to evaluate the impact of the amendments made
by subsection (a) on the amount of data available under the Home
Mortgage Disclosure Act of 1975 (12 U.S.C. 2801 et seq.) at the
national and local level.
(2) Report.--Not later than 3 years after the date of enactment
of this Act, the Comptroller General of the United States shall
submit to the Committee on Banking, Housing, and Urban Affairs of
the Senate and the Committee on Financial Services of the House of
Representatives a report that includes the findings and conclusions
of the Comptroller General with respect to the study required under
paragraph (1).
(c) Technical Correction.--Section 304(i)(3) of the Home Mortgage
Disclosure Act of 1975, as so redesignated by subsection (a)(1), is
amended by striking ``section 303(2)(A)'' and inserting ``section
303(3)(A)''.

14bd0aa93fa0ba42901b51051ad0e21c30a86d439793523c02d4b3292198fc30

(a) Removal From Member Business Loan Limitation.--Section
107A(c)(1)(B)(i) of the Federal Credit Union Act (12 U.S.C.
1757a(c)(1)(B)(i)) is amended by striking ``that is the primary
residence of a member''.
(b) Rule of Construction.--Nothing in this section or the amendment
made by this section shall preclude the National Credit Union
Administration from treating an extension of credit that is fully
secured by a lien on a 1- to 4-family dwelling that is not the primary
residence of a member as a member business loan for purposes other than
the member business loan limitation requirements under section 107A of
the Federal Credit Union Act (12 U.S.C. 1757a).

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(a) In General.--The S.A.F.E. Mortgage Licensing Act of 2008 (12
U.S.C. 5101 et seq.) is amended by adding at the end the following:
``SEC. 1518. EMPLOYMENT TRANSITION OF LOAN ORIGINATORS.
``(a) Definitions.--In this section:
``(1) Application state.--The term `application State' means a
State in which a registered loan originator or a State-licensed
loan originator seeks to be licensed.
``(2) State-licensed mortgage company.--The term `State-
licensed mortgage company' means an entity that is licensed or
registered under the law of any State to engage in residential
mortgage loan origination and processing activities.
``(b) Temporary Authority To Originate Loans for Loan Originators
Moving From a Depository Institution to a Non-Depository Institution.--
``(1) In general.--Upon becoming employed by a State-licensed
mortgage company, an individual who is a registered loan originator
shall be deemed to have temporary authority to act as a loan
originator in an application State for the period described in
paragraph (2) if the individual--
``(A) has not had--
``(i) an application for a loan originator license
denied; or
``(ii) a loan originator license revoked or suspended
in any governmental jurisdiction;
``(B) has not been subject to, or served with, a cease and
desist order--
``(i) in any governmental jurisdiction; or
``(ii) under section 1514(c);
``(C) has not been convicted of a misdemeanor or felony
that would preclude licensure under the law of the application
State;
``(D) has submitted an application to be a State-licensed
loan originator in the application State; and
``(E) was registered in the Nationwide Mortgage Licensing
System and Registry as a loan originator during the 1-year
period preceding the date on which the information required
under section 1505(a) is submitted.
``(2) Period.--The period described in this paragraph shall
begin on the date on which an individual described in paragraph (1)
submits the information required under section 1505(a) and shall
end on the earliest of the date--
``(A) on which the individual withdraws the application to
be a State-licensed loan originator in the application State;
``(B) on which the application State denies, or issues a
notice of intent to deny, the application;
``(C) on which the application State grants a State
license; or
``(D) that is 120 days after the date on which the
individual submits the application, if the application is
listed on the Nationwide Mortgage Licensing System and Registry
as incomplete.
``(c) Temporary Authority To Originate Loans for State-Licensed
Loan Originators Moving Interstate.--
``(1) In general.--A State-licensed loan originator shall be
deemed to have temporary authority to act as a loan originator in
an application State for the period described in paragraph (2) if
the State-licensed loan originator--
``(A) meets the requirements of subparagraphs (A), (B),
(C), and (D) of subsection (b)(1);
``(B) is employed by a State-licensed mortgage company in
the application State; and
``(C) was licensed in a State that is not the application
State during the 30-day period preceding the date on which the
information required under section 1505(a) was submitted in
connection with the application submitted to the application
State.
``(2) Period.--The period described in this paragraph shall
begin on the date on which the State-licensed loan originator
submits the information required under section 1505(a) in
connection with the application submitted to the application State
and end on the earliest of the date--
``(A) on which the State-licensed loan originator withdraws
the application to be a State-licensed loan originator in the
application State;
``(B) on which the application State denies, or issues a
notice of intent to deny, the application;
``(C) on which the application State grants a State
license; or
``(D) that is 120 days after the date on which the State-
licensed loan originator submits the application, if the
application is listed on the Nationwide Mortgage Licensing
System and Registry as incomplete.
``(d) Applicability.--
``(1) Employer of loan originators.--Any person employing an
individual who is deemed to have temporary authority to act as a
loan originator in an application State under this section shall be
subject to the requirements of this title and to applicable State
law to the same extent as if that individual was a State-licensed
loan originator licensed by the application State.
``(2) Engaging in mortgage loan activities.--Any individual who
is deemed to have temporary authority to act as a loan originator
in an application State under this section and who engages in
residential mortgage loan origination activities shall be subject
to the requirements of this title and to applicable State law to
the same extent as if that individual was a State-licensed loan
originator licensed by the application State.''.
(b) Table of Contents Amendment.--Section 1(b) of the Housing and
Economic Recovery Act of 2008 (42 U.S.C. 4501 note) is amended by
inserting after the item relating to section 1517 the following:
``Sec. 1518. Employment transition of loan originators.''.
(c) Civil Liability.--Section 1513 of the S.A.F.E. Mortgage
Licensing Act of 2008 (12 U.S.C. 5112) is amended by striking ``persons
who are loan originators or are applying for licensing or registration
as loan originators.'' and inserting ``persons who--
``(1) have applied, are applying, or are licensed or registered
through the Nationwide Mortgage Licensing System and Registry; and
``(2) work in an industry with respect to which persons were
licensed or registered through the Nationwide Mortgage Licensing
System and Registry on the date of enactment of the Economic
Growth, Regulatory Relief, and Consumer Protection Act.''.
(d) Effective Date.--This section and the amendments made by this
section shall take effect on the date that is 18 months after the date
of enactment of this Act.

81f70dd514625a04adc55a4b38934830b2d11ce1d849eb804e508a1f734ab868

Section 103 of the Truth in Lending Act (15 U.S.C. 1602) is
amended--
(1) by redesignating the second subsection (cc) (relating to
definitions relating to mortgage origination and residential
mortgage loans) and subsection (dd) as subsections (dd) and (ee),
respectively; and
(2) in paragraph (2) of subsection (dd), as so redesignated, by
striking subparagraph (C) and inserting the following:
``(C) does not include any person who is--
``(i) not otherwise described in subparagraph (A) or
(B) and who performs purely administrative or clerical
tasks on behalf of a person who is described in any such
subparagraph; or
``(ii) a retailer of manufactured or modular homes or
an employee of the retailer if the retailer or employee, as
applicable--
``(I) does not receive compensation or gain for
engaging in activities described in subparagraph (A)
that is in excess of any compensation or gain received
in a comparable cash transaction;
``(II) discloses to the consumer--
``(aa) in writing any corporate affiliation
with any creditor; and
``(bb) if the retailer has a corporate
affiliation with any creditor, at least 1
unaffiliated creditor; and
``(III) does not directly negotiate with the
consumer or lender on loan terms (including rates,
fees, and other costs).''.

2dea927329c4d7d1839e0b69ff32a9ef700fd10ae942afaf3894f8b73b5e9032

TRANSACTIONS.
Section 129D of the Truth in Lending Act (15 U.S.C. 1639d) is
amended--
(1) in subsection (c)--
(A) by redesignating paragraphs (1) through (4) as
subparagraphs (A) through (D), respectively, and adjusting the
margins accordingly;
(B) in the matter preceding subparagraph (A), as so
redesignated, by striking ``The Board'' and inserting the
following:
``(1) In general.--The Bureau'';
(C) in paragraph (1), as so redesignated, by striking ``the
Board'' each place that term appears and inserting ``the
Bureau''; and
(D) by adding at the end the following:
``(2) Treatment of loans held by smaller institutions.--The
Bureau shall, by regulation, exempt from the requirements of
subsection (a) any loan made by an insured depository institution
or an insured credit union secured by a first lien on the principal
dwelling of a consumer if--
``(A) the insured depository institution or insured credit
union has assets of $10,000,000,000 or less;
``(B) during the preceding calendar year, the insured
depository institution or insured credit union and its
affiliates originated 1,000 or fewer loans secured by a first
lien on a principal dwelling; and
``(C) the transaction satisfies the criteria in sections
1026.35(b)(2)(iii)(A), 1026.35(b)(2)(iii)(D), and
1026.35(b)(2)(v) of title 12, Code of Federal Regulations, or
any successor regulation.''; and
(2) in subsection (i), by adding at the end the following:
``(3) Insured credit union.--The term `insured credit union'
has the meaning given the term in section 101 of the Federal Credit
Union Act (12 U.S.C. 1752).
``(4) Insured depository institution.--The term `insured
depository institution' has the meaning given the term in section 3
of the Federal Deposit Insurance Act (12 U.S.C. 1813).''.

0373043fd6bfc74336a4d03a93e89fb8709d0f6e1ccd4a43eaa86eb1a28371db

(a) In General.--Section 129(b) of the Truth in Lending Act (15
U.S.C. 1639(b)) is amended--
(1) by redesignating paragraph (3) as paragraph (4); and
(2) by inserting after paragraph (2) the following:
``(3) No wait for lower rate.--If a creditor extends to a
consumer a second offer of credit with a lower annual percentage
rate, the transaction may be consummated without regard to the
period specified in paragraph (1) with respect to the second
offer.''.
(b) Sense of Congress.--It is the sense of Congress that, whereas
the Bureau of Consumer Financial Protection issued a final rule
entitled ``Integrated Mortgage Disclosures Under the Real Estate
Settlement Procedures Act (Regulation X) and the Truth in Lending Act
(Regulation Z)'' (78 Fed. Reg. 79730 (December 31, 2013)) (in this
subsection referred to as the ``TRID Rule'') to combine the disclosures
a consumer receives in connection with applying for and closing on a
mortgage loan, the Bureau of Consumer Financial Protection should
endeavor to provide clearer, authoritative guidance on--
(1) the applicability of the TRID Rule to mortgage assumption
transactions;
(2) the applicability of the TRID Rule to construction-to-
permanent home loans, and the conditions under which those loans
can be properly originated; and
(3) the extent to which lenders can rely on model disclosures
published by the Bureau of Consumer Financial Protection without
liability if recent changes to regulations are not reflected in the
sample TRID Rule forms published by the Bureau of Consumer
Financial Protection.

20e5f1874909350dfd88e9b40db88176485f34bdbdaaee206a2d2329f32b2b7f

(a) Definitions.--In this section:
(1) Community bank leverage ratio.--The term ``Community Bank
Leverage Ratio'' means the ratio of the tangible equity capital of
a qualifying community bank, as reported on the qualifying
community bank's applicable regulatory filing with the qualifying
community bank's appropriate Federal banking agency, to the average
total consolidated assets of the qualifying community bank, as
reported on the qualifying community bank's applicable regulatory
filing with the qualifying community bank's appropriate Federal
banking agency.
(2) Generally applicable leverage capital requirements;
generally applicable risk-based capital requirements.--The terms
``generally applicable leverage capital requirements'' and
``generally applicable risk-based capital requirements'' have the
meanings given those terms in section 171(a) of the Financial
Stability Act of 2010 (12 U.S.C. 5371(a)).
(3) Qualifying community bank.--
(A) Asset threshold.--The term ``qualifying community
bank'' means a depository institution or depository institution
holding company with total consolidated assets of less than
$10,000,000,000.
(B) Risk profile.--The appropriate Federal banking agencies
may determine that a depository institution or depository
institution holding company (or a class of depository
institutions or depository institution holding companies)
described in subparagraph (A) is not a qualifying community
bank based on the depository institution's or depository
institution holding company's risk profile, which shall be
based on consideration of--
(i) off-balance sheet exposures;
(ii) trading assets and liabilities;
(iii) total notional derivatives exposures; and
(iv) such other factors as the appropriate Federal
banking agencies determine appropriate.
(b) Community Bank Leverage Ratio.--The appropriate Federal banking
agencies shall, through notice and comment rule making under section
553 of title 5, United States Code--
(1) develop a Community Bank Leverage Ratio of not less than 8
percent and not more than 10 percent for qualifying community
banks; and
(2) establish procedures for treatment of a qualifying
community bank that has a Community Bank Leverage Ratio that falls
below the percentage developed under paragraph (1) after exceeding
the percentage developed under paragraph (1).
(c) Capital Compliance.--
(1) In general.--Any qualifying community bank that exceeds the
Community Bank Leverage Ratio developed under subsection (b)(1)
shall be considered to have met--
(A) the generally applicable leverage capital requirements
and the generally applicable risk-based capital requirements;
(B) in the case of a qualifying community bank that is a
depository institution, the capital ratio requirements that are
required in order to be considered well capitalized under
section 38 of the Federal Deposit Insurance Act (12 U.S.C.
1831o) and any regulation implementing that section; and
(C) any other capital or leverage requirements to which the
qualifying community bank is subject.
(2) Existing authorities.--Nothing in paragraph (1) shall limit
the authority of the appropriate Federal banking agencies as in
effect on the date of enactment of this Act.
(d) Consultation.--The appropriate Federal banking agencies shall--
(1) consult with the applicable State bank supervisors in
carrying out this section; and
(2) notify the applicable State bank supervisor of any
qualifying community bank that it supervises that exceeds, or does
not exceed after previously exceeding, the Community Bank Leverage
ratio developed under subsection (b)(1).

1ce3bcc3a59e51cb0fee5af5e0446a58706fbc88a33519b81344e4f9c8fe5e08

(a) In General.--Section 29 of the Federal Deposit Insurance Act
(12 U.S.C. 1831f) is amended by adding at the end the following:
``(i) Limited Exception for Reciprocal Deposits.--
``(1) In general.--Reciprocal deposits of an agent institution
shall not be considered to be funds obtained, directly or
indirectly, by or through a deposit broker to the extent that the
total amount of such reciprocal deposits does not exceed the lesser
of--
``(A) $5,000,000,000; or
``(B) an amount equal to 20 percent of the total
liabilities of the agent institution.
``(2) Definitions.--In this subsection:
``(A) Agent institution.--The term `agent institution'
means an insured depository institution that places a covered
deposit through a deposit placement network at other insured
depository institutions in amounts that are less than or equal
to the standard maximum deposit insurance amount, specifying
the interest rate to be paid for such amounts, if the insured
depository institution--
``(i)(I) when most recently examined under section
10(d) was found to have a composite condition of
outstanding or good; and
``(II) is well capitalized;
``(ii) has obtained a waiver pursuant to subsection
(c); or
``(iii) does not receive an amount of reciprocal
deposits that causes the total amount of reciprocal
deposits held by the agent institution to be greater than
the average of the total amount of reciprocal deposits held
by the agent institution on the last day of each of the 4
calendar quarters preceding the calendar quarter in which
the agent institution was found not to have a composite
condition of outstanding or good or was determined to be
not well capitalized.
``(B) Covered deposit.--The term `covered deposit' means a
deposit that--
``(i) is submitted for placement through a deposit
placement network by an agent institution; and
``(ii) does not consist of funds that were obtained for
the agent institution, directly or indirectly, by or
through a deposit broker before submission for placement
through a deposit placement network.
``(C) Deposit placement network.--The term `deposit
placement network' means a network in which an insured
depository institution participates, together with other
insured depository institutions, for the processing and receipt
of reciprocal deposits.
``(D) Network member bank.--The term `network member bank'
means an insured depository institution that is a member of a
deposit placement network.
``(E) Reciprocal deposits.--The term `reciprocal deposits'
means deposits received by an agent institution through a
deposit placement network with the same maturity (if any) and
in the same aggregate amount as covered deposits placed by the
agent institution in other network member banks.
``(F) Well capitalized.--The term `well capitalized' has
the meaning given the term in section 38(b)(1).''.
(b) Interest Rate Restriction.--Section 29 of the Federal Deposit
Insurance Act (12 U.S.C. 1831f) is amended by striking subsection (e)
and inserting the following:
``(e) Restriction on Interest Rate Paid.--
``(1) Definitions.--In this subsection--
``(A) the terms `agent institution', `reciprocal deposits',
and `well capitalized' have the meanings given those terms in
subsection (i); and
``(B) the term `covered insured depository institution'
means an insured depository institution that--
``(i) under subsection (c) or (d), accepts funds
obtained, directly or indirectly, by or through a deposit
broker; or
``(ii) while acting as an agent institution under
subsection (i), accepts reciprocal deposits while not well
capitalized.
``(2) Prohibition.--A covered insured depository institution
may not pay a rate of interest on funds or reciprocal deposits
described in paragraph (1) that, at the time that the funds or
reciprocal deposits are accepted, significantly exceeds the limit
set forth in paragraph (3).
``(3) Limit on interest rates.--The limit on the rate of
interest referred to in paragraph (2) shall be--
``(A) the rate paid on deposits of similar maturity in the
normal market area of the covered insured depository
institution for deposits accepted in the normal market area of
the covered insured depository institution; or
``(B) the national rate paid on deposits of comparable
maturity, as established by the Corporation, for deposits
accepted outside the normal market area of the covered insured
depository institution.''.

d3a5eff49d65ef785486d06641b0bb6d1c526e99375155134d94c8c06ca9cd7e

Section 13(h)(1) of the Bank Holding Company Act of 1956 (12 U.S.C.
1851(h)(1)) is amended--
(1) in subparagraph (D), by redesignating clauses (i) and (ii)
as subclauses (I) and (II), respectively, and adjusting the margins
accordingly;
(2) by redesignating subparagraphs (A) through (D) as clauses
(i) through (iv), respectively, and adjusting the margins
accordingly;
(3) in the matter preceding clause (i), as so redesignated, in
the second sentence, by striking ``institution that functions
solely in a trust or fiduciary capacity, if--'' and inserting the
following: ``institution--
``(A) that functions solely in a trust or fiduciary
capacity, if--'';
(4) in clause (iv)(II), as so redesignated, by striking the
period at the end and inserting ``; or''; and
(5) by adding at the end the following:
``(B) that does not have and is not controlled by a company
that has--
``(i) more than $10,000,000,000 in total consolidated
assets; and
``(ii) total trading assets and trading liabilities, as
reported on the most recent applicable regulatory filing
filed by the institution, that are more than 5 percent of
total consolidated assets.''.

f7b1092d69f88f79b9929653db58934cf0e0d559fb95ceac4c511aabf2ab3739

Section 13 of the Bank Holding Company Act of 1956 (12 U.S.C. 1851)
is amended--
(1) in subsection (d)(1)(G)(vi), by inserting before the
semicolon the following: ``, except that the hedge fund or private
equity fund may share the same name or a variation of the same name
as a banking entity that is an investment adviser to the hedge fund
or private equity fund, if--
``(I) such investment adviser is not an insured
depository institution, a company that controls an
insured depository institution, or a company that is
treated as a bank holding company for purposes of
section 8 of the International Banking Act of 1978 (12
U.S.C. 3106);
``(II) such investment adviser does not share the
same name or a variation of the same name as an insured
depository institution, any company that controls an
insured depository institution, or any company that is
treated as a bank holding company for purposes of
section 8 of the International Banking Act of 1978 (12
U.S.C. 3106); and
``(III) such name does not contain the word
`bank'''; and
(2) in subsection (h)(5)(C), by inserting before the period the
following: ``, except as permitted under subsection
(d)(1)(G)(vi)''.

9b85d4dec61192f9d07ff8f531deef7bfb23362e912779c95d0d3798e9802d68

Section 7(a) of the Federal Deposit Insurance Act (12 U.S.C.
1817(a)) is amended by adding at the end the following:
``(12) Short form reporting.--
``(A) In general.--The appropriate Federal banking agencies
shall issue regulations that allow for a reduced reporting
requirement for a covered depository institution when the
institution makes the first and third report of condition for a
year, as required under paragraph (3).
``(B) Definition.--In this paragraph, the term `covered
depository institution' means an insured depository institution
that--
``(i) has less than $5,000,000,000 in total
consolidated assets; and
``(ii) satisfies such other criteria as the appropriate
Federal banking agencies determine appropriate.''.

a3b1befdb4594c2f68d8ac3584ffdb3e2ab556dae0d1bed854f40d8ce43e0f8c

COVERED SAVINGS ASSOCIATIONS.
The Home Owners' Loan Act (12 U.S.C. 1461 et seq.) is amended by
inserting after section 5 (12 U.S.C. 1464) the following:
``SEC. 5A. ELECTION TO OPERATE AS A COVERED SAVINGS ASSOCIATION.
``(a) Definition.--In this section, the term `covered savings
association' means a Federal savings association that makes an election
that is approved under subsection (b).
``(b) Election.--
``(1) In general.--In accordance with the rules issued under
subsection (f), a Federal savings association with total
consolidated assets equal to or less than $20,000,000,000, as
reported by the association to the Comptroller as of December 31,
2017, may elect to operate as a covered savings association by
submitting a notice to the Comptroller of that election.
``(2) Approval.--A Federal savings association shall be deemed
to be approved to operate as a covered savings association
beginning on the date that is 60 days after the date on which the
Comptroller receives the notice submitted under paragraph (1),
unless the Comptroller notifies the Federal savings association
that the Federal savings association is not eligible.
``(c) Rights and Duties.--Notwithstanding any other provision of
law, and except as otherwise provided in this section, a covered
savings association shall--
``(1) have the same rights and privileges as a national bank
that has the main office of the national bank situated in the same
location as the home office of the covered savings association; and
``(2) be subject to the same duties, restrictions, penalties,
liabilities, conditions, and limitations that would apply to a
national bank described in paragraph (1).
``(d) Treatment of Covered Savings Associations.--A covered savings
association shall be treated as a Federal savings association for the
purposes--
``(1) of governance of the covered savings association,
including incorporation, bylaws, boards of directors, shareholders,
and distribution of dividends;
``(2) of consolidation, merger, dissolution, conversion
(including conversion to a stock bank or to another charter),
conservatorship, and receivership; and
``(3) determined by regulation of the Comptroller.
``(e) Existing Branches.--A covered savings association may
continue to operate any branch or agency that the covered savings
association operated on the date on which an election under subsection
(b) is approved.
``(f) Rule Making.--The Comptroller shall issue rules to carry out
this section--
``(1) that establish streamlined standards and procedures that
clearly identify required documentation and timelines for an
election under subsection (b);
``(2) that require a Federal savings association that makes an
election under subsection (b) to identify specific assets and
subsidiaries that--
``(A) do not conform to the requirements for assets and
subsidiaries of a national bank; and
``(B) are held by the Federal savings association on the
date on which the Federal savings association submits a notice
of the election;
``(3) that establish--
``(A) a transition process for bringing the assets and
subsidiaries described in paragraph (2) into conformance with
the requirements for a national bank; and
``(B) procedures for allowing the Federal savings
association to submit to the Comptroller an application to
continue to hold assets and subsidiaries described in paragraph
(2) after electing to operate as a covered savings association;
``(4) that establish standards and procedures to allow a
covered savings association to--
``(A) terminate an election under subsection (b) after an
appropriate period of time; and
``(B) make a subsequent election under subsection (b) after
terminating an election under subparagraph (A);
``(5) that clarify requirements for the treatment of covered
savings associations, including the provisions of law that apply to
covered savings associations; and
``(6) as the Comptroller determines necessary in the interests
of safety and soundness.
``(g) Grandfathered Covered Savings Associations.--Subject to the
rules issued under subsection (f), a covered savings association may
continue to operate as a covered savings association if, after the date
on which the election is made under subsection (b), the covered savings
association has total consolidated assets greater than
$20,000,000,000.''.

6ea167a27b516ebe721819edf20f59682b8fd2bf506009fde42578eb098ccec9

(a) Definitions.--In this section:
(1) Board.--The term ``Board'' means the Board of Governors of
the Federal Reserve System.
(2) Savings and loan holding company.--The term ``savings and
loan holding company'' has the meaning given the term in section
10(a) of the Home Owners' Loan Act (12 U.S.C. 1467a(a)).
(b) Changes Required to Small Bank Holding Company Policy Statement
on Assessment of Financial and Managerial Factors.--Not later than 180
days after the date of enactment of this Act, the Board shall revise
appendix C to part 225 of title 12, Code of Federal Regulations
(commonly known as the ``Small Bank Holding Company and Savings and
Loan Holding Company Policy Statement''), to raise the consolidated
asset threshold under that appendix from $1,000,000,000 to
$3,000,000,000 for any bank holding company or savings and loan holding
company that--
(1) is not engaged in significant nonbanking activities either
directly or through a nonbank subsidiary;
(2) does not conduct significant off-balance sheet activities
(including securitization and asset management or administration)
either directly or through a nonbank subsidiary; and
(3) does not have a material amount of debt or equity
securities outstanding (other than trust preferred securities) that
are registered with the Securities and Exchange Commission.
(c) Exclusions.--The Board may exclude any bank holding company or
savings and loan holding company, regardless of asset size, from the
revision under subsection (b) if the Board determines that such action
is warranted for supervisory purposes.
(d) Conforming Amendment.--Section 171(b)(5) of the Financial
Stability Act of 2010 (12 U.S.C. 5371(b)(5)) is amended by striking
subparagraph (C) and inserting the following:
``(C) any bank holding company or savings and loan holding
company that is subject to the application of appendix C to
part 225 of title 12, Code of Federal Regulations (commonly
known as the `Small Bank Holding Company and Savings and Loan
Holding Company Policy Statement').''.

a45a635076c80ec30c6616ba4d641652a685c5e53392b0db2d9b3e0028ee8626

(a) In General.--The Expedited Funds Availability Act (12 U.S.C.
4001 et seq.) is amended--
(1) in section 602 (12 U.S.C. 4001)--
(A) in paragraph (20), by inserting ``, located in the
United States,'' after ``ATM'';
(B) in paragraph (21), by inserting ``American Samoa, the
Commonwealth of the Northern Mariana Islands, Guam,'' after
``Puerto Rico,''; and
(C) in paragraph (23), by inserting ``American Samoa, the
Commonwealth of the Northern Mariana Islands, Guam,'' after
``Puerto Rico,''; and
(2) in section 603(d)(2)(A) (12 U.S.C. 4002(d)(2)(A)), by
inserting ``American Samoa, the Commonwealth of the Northern
Mariana Islands, Guam,'' after ``Puerto Rico,''.
(b) Effective Date.--The amendments made by this section shall take
effect on the date that is 30 days after the date of enactment of this
Act.

f46dae980bcef33deac226fd4341e77b2df20408b3c7df9f37fe73c0d2a48c28

(a) Small Public Housing Agencies.--Title I of the United States
Housing Act of 1937 (42 U.S.C. 1437 et seq.) is amended by adding at
the end the following:
``SEC. 38. SMALL PUBLIC HOUSING AGENCIES.
``(a) Definitions.--In this section:
``(1) Housing voucher program.--The term `housing voucher
program' means a program for tenant-based assistance under section
8.
``(2) Small public housing agency.--The term `small public
housing agency' means a public housing agency--
``(A) for which the sum of the number of public housing
dwelling units administered by the agency and the number of
vouchers under section 8(o) administered by the agency is 550
or fewer; and
``(B) that predominantly operates in a rural area, as
described in section 1026.35(b)(2)(iv)(A) of title 12, Code of
Federal Regulations.
``(3) Troubled small public housing agency.--The term `troubled
small public housing agency' means a small public housing agency
designated by the Secretary as a troubled small public housing
agency under subsection (c)(3).
``(b) Applicability.--Except as otherwise provided in this section,
a small public housing agency shall be subject to the same requirements
as a public housing agency.
``(c) Program Inspections and Evaluations.--
``(1) Public housing projects.--
``(A) Frequency of inspections by secretary.--The Secretary
shall carry out an inspection of the physical condition of a
small public housing agency's public housing projects not more
frequently than once every 3 years, unless the agency has been
designated by the Secretary as a troubled small public housing
agency based on deficiencies in the physical condition of its
public housing projects. Nothing contained in this subparagraph
relieves the Secretary from conducting lead safety inspections
or assessments in accordance with procedures established by the
Secretary under section 302 of the Lead-Based Paint Poisoning
Prevention Act (42 U.S.C. 4822).
``(B) Standards.--The Secretary shall apply to small public
housing agencies the same standards for the acceptable
condition of public housing projects that apply to projects
assisted under section 8.
``(2) Housing voucher program.--Except as required by section
8(o)(8)(F), a small public housing agency administering assistance
under section 8(o) shall make periodic physical inspections of each
assisted dwelling unit not less frequently than once every 3 years
to determine whether the unit is maintained in accordance with the
requirements under section 8(o)(8)(A). Nothing contained in this
paragraph relieves a small public housing agency from conducting
lead safety inspections or assessments in accordance with
procedures established by the Secretary under section 302 of the
Lead-Based Paint Poisoning Prevention Act (42 U.S.C. 4822).
``(3) Troubled small public housing agencies.--
``(A) Public housing program.--Notwithstanding any other
provision of law, the Secretary may designate a small public
housing agency as a troubled small public housing agency with
respect to the public housing program of the small public
housing agency if the Secretary determines that the agency has
failed to maintain the public housing units of the small public
housing agency in a satisfactory physical condition, based upon
an inspection conducted by the Secretary.
``(B) Housing voucher program.--Notwithstanding any other
provision of law, the Secretary may designate a small public
housing agency as a troubled small public housing agency with
respect to the housing voucher program of the small public
housing agency if the Secretary determines that the agency has
failed to comply with the inspection requirements under
paragraph (2).
``(C) Appeals.--
``(i) Establishment.--The Secretary shall establish an
appeals process under which a small public housing agency
may dispute a designation as a troubled small public
housing agency.
``(ii) Official.--The appeals process established under
clause (i) shall provide for a decision by an official who
has not been involved, and is not subordinate to a person
who has been involved, in the original determination to
designate a small public housing agency as a troubled small
public housing agency.
``(D) Corrective action agreement.--
``(i) Agreement required.--Not later than 60 days after
the date on which a small public housing agency is
designated as a troubled public housing agency under
subparagraph (A) or (B), the Secretary and the small public
housing agency shall enter into a corrective action
agreement under which the small public housing agency shall
undertake actions to correct the deficiencies upon which
the designation is based.
``(ii) Terms of agreement.--A corrective action
agreement entered into under clause (i) shall--
``(I) have a term of 1 year, and shall be renewable
at the option of the Secretary;
``(II) provide, where feasible, for technical
assistance to assist the public housing agency in
curing its deficiencies;
``(III) provide for--
``(aa) reconsideration of the designation of
the small public housing agency as a troubled small
public housing agency not less frequently than
annually; and
``(bb) termination of the agreement when the
Secretary determines that the small public housing
agency is no longer a troubled small public housing
agency; and
``(IV) provide that in the event of substantial
noncompliance by the small public housing agency under
the agreement, the Secretary may--
``(aa) contract with another public housing
agency or a private entity to manage the public
housing of the troubled small public housing
agency;
``(bb) withhold funds otherwise distributable
to the troubled small public housing agency;
``(cc) assume possession of, and direct
responsibility for, managing the public housing of
the troubled small public housing agency;
``(dd) petition for the appointment of a
receiver, in accordance with section
6(j)(3)(A)(ii); and
``(ee) exercise any other remedy available to
the Secretary in the event of default under the
public housing annual contributions contract
entered into by the small public housing agency
under section 5.
``(E) Emergency actions.--Nothing in this paragraph may be
construed to prohibit the Secretary from taking any emergency
action necessary to protect Federal financial resources or the
health or safety of residents of public housing projects.
``(d) Reduction of Administrative Burdens.--
``(1) Exemption.--Notwithstanding any other provision of law, a
small public housing agency shall be exempt from any environmental
review requirements with respect to a development or modernization
project having a total cost of not more than $100,000.
``(2) Streamlined procedures.--The Secretary shall, by rule,
establish streamlined procedures for environmental reviews of small
public housing agency development and modernization projects having
a total cost of more than $100,000.''.
(b) Energy Conservation.--Section 9(e)(2) of the United States
Housing Act of 1937 (42 U.S.C. 1437g(e)(2)) is amended by adding at the
end the following:
``(D) Freeze of consumption levels.--
``(i) In general.--A small public housing agency, as
defined in section 38(a), may elect to be paid for its
utility and waste management costs under the formula for a
period, at the discretion of the small public housing
agency, of not more than 20 years based on the small public
housing agency's average annual consumption during the 3-
year period preceding the year in which the election is
made (in this subparagraph referred to as the `consumption
base level').
``(ii) Initial adjustment in consumption base level.--
The Secretary shall make an initial one-time adjustment in
the consumption base level to account for differences in
the heating degree day average over the most recent 20-year
period compared to the average in the consumption base
level.
``(iii) Adjustments in consumption base level.--The
Secretary shall make adjustments in the consumption base
level to account for an increase or reduction in units, a
change in fuel source, a change in resident controlled
electricity consumption, or for other reasons.
``(iv) Savings.--All cost savings resulting from an
election made by a small public housing agency under this
subparagraph--
``(I) shall accrue to the small public housing
agency; and
``(II) may be used for any public housing purpose
at the discretion of the small public housing agency.
``(v) Third parties.--A small public housing agency
making an election under this subparagraph--
``(I) may use, but shall not be required to use,
the services of a third party in its energy
conservation program; and
``(II) shall have the sole discretion to determine
the source, and terms and conditions, of any financing
used for its energy conservation program.''.
(c) Reporting by Agencies Operating in Consortia.--Not later than
180 days after the date of enactment of this Act, the Secretary of
Housing and Urban Development shall develop and deploy all electronic
information systems necessary to accommodate full consolidated
reporting by public housing agencies, as defined in section 3(b)(6) of
the United States Housing Act of 1937 (42 U.S.C. 1437a(b)(6)), electing
to operate in consortia under section 13(a) of such Act (42 U.S.C.
1437k(a)).
(d) Effective Date.--The amendments made by subsections (a) and (b)
shall take effect on the date that is 60 days after the date of
enactment of this Act.
(e) Shared Waiting Lists.--Not later than 1 year after the date of
enactment of this Act, the Secretary of Housing and Urban Development
shall make available to interested public housing agencies and owners
of multifamily properties receiving assistance from the Department of
Housing and Urban Development 1 or more software programs that will
facilitate the voluntary use of a shared waiting list by multiple
public housing agencies or owners receiving assistance, and shall
publish on the website of the Department of Housing and Urban
Development procedural guidance for implementing shared waiting lists
that includes information on how to obtain the software.

fc9f3b00caa6bdd10def20e5bca13f0443ada4278c6153f2a5f4efc68b8efbaf

Section 10(d) of the Federal Deposit Insurance Act (12 U.S.C.
1820(d)) is amended--
(1) in paragraph (4)(A), by striking ``$1,000,000,000'' and
inserting ``$3,000,000,000''; and
(2) in paragraph (10), by striking ``$1,000,000,000'' and
inserting ``$3,000,000,000''.

707a5d5d89c61435ea051ffa92ddd4e0bd02fc7d3a3f60b2c19597be51a28ccd

(a) Findings.--Congress finds that--
(1) the Secretary of the Treasury, Board of Governors of the
Federal Reserve System, and Director of the Federal Insurance
Office shall support increasing transparency at any global
insurance or international standard-setting regulatory or
supervisory forum in which they participate, including supporting
and advocating for greater public observer access to working groups
and committee meetings of the International Association of
Insurance Supervisors; and
(2) to the extent that the Secretary of the Treasury, the Board
of Governors of the Federal Reserve System, and the Director of the
Federal Insurance Office take a position or reasonably intend to
take a position with respect to an insurance proposal by a global
insurance regulatory or supervisory forum, the Secretary of the
Treasury, the Board of Governors of the Federal Reserve System, and
the Director of the Federal Insurance Office shall achieve
consensus positions with State insurance regulators through the
National Association of Insurance Commissioners, when they are
United States participants in negotiations on insurance issues
before the International Association of Insurance Supervisors,
Financial Stability Board, or any other international forum of
financial regulators or supervisors that considers such issues.
(b) Insurance Policy Advisory Committee.--
(1) Establishment.--There is established the Insurance Policy
Advisory Committee on International Capital Standards and Other
Insurance Issues at the Board of Governors of the Federal Reserve
System.
(2) Membership.--The Committee shall be composed of not more
than 21 members, all of whom represent a diverse set of expert
perspectives from the various sectors of the United States
insurance industry, including life insurance, property and casualty
insurance and reinsurance, agents and brokers, academics, consumer
advocates, or experts on issues facing underserved insurance
communities and consumers.
(c) Reports.--
(1) Reports and testimony by secretary of the treasury and
chairman of the federal reserve.--
(A) In general.--The Secretary of the Treasury and the
Chairman of the Board of Governors of the Federal Reserve
System, or their designee, shall submit to the Committee on
Banking, Housing, and Urban Affairs of the Senate, and the
Committee on Financial Services of the House of
Representatives, an annual report and provide annual testimony
to the Committee on Banking, Housing, and Urban Affairs of the
Senate, and the Committee on Financial Services of the House of
Representatives on the efforts of the Secretary and the
Chairman with the National Association of Insurance
Commissioners with respect to global insurance regulatory or
supervisory forums, including--
(i) a description of the insurance regulatory or
supervisory standard-setting issues under discussion at
international standard-setting bodies, including the
Financial Stability Board and the International Association
of Insurance Supervisors;
(ii) a description of the effects that proposals
discussed at international insurance regulatory or
supervisory forums of insurance could have on consumer and
insurance markets in the United States;
(iii) a description of any position taken by the
Secretary of the Treasury, the Board of Governors of the
Federal Reserve System, and the Director of the Federal
Insurance Office in international insurance discussions;
and
(iv) a description of the efforts by the Secretary of
the Treasury, the Board of Governors of the Federal Reserve
System, and the Director of the Federal Insurance Office to
increase transparency at the Financial Stability Board with
respect to insurance proposals and the International
Association of Insurance Supervisors, including efforts to
provide additional public access to working groups and
committees of the International Association of Insurance
Supervisors.
(B) Termination.--This paragraph shall terminate on
December 31, 2024.
(2) Reports and testimony by national association of insurance
commissioners.--The National Association of Insurance Commissioners
may provide testimony to Congress on the issues described in
paragraph (1)(A).
(3) Joint report by the chairman of the federal reserve and the
director of the federal insurance office.--
(A) In general.--The Secretary of the Treasury, the
Chairman of the Board of Governors of the Federal Reserve
System, and the Director of the Federal Insurance Office shall,
in consultation with the National Association of Insurance
Commissioners, complete a study on, and submit to Congress a
report on the results of the study, the impact on consumers and
markets in the United States before supporting or consenting to
the adoption of any final international insurance capital
standard.
(B) Notice and comment.--
(i) Notice.--The Secretary of the Treasury, the
Chairman of the Board of Governors of the Federal Reserve
System, and the Director of the Federal Insurance Office
shall provide public notice before the date on which
drafting a report required under subparagraph (A) is
commenced and after the date on which the draft of the
report is completed.
(ii) Opportunity for comment.--There shall be an
opportunity for public comment for a period beginning on
the date on which the report is submitted under
subparagraph (A) and ending on the date that is 60 days
after the date on which the report is submitted.
(C) Review by comptroller general.--The Secretary of the
Treasury, Chairman of the Board of Governors of the Federal
Reserve System, and the Director of the Federal Insurance
Office shall submit to the Comptroller General of the United
States the report described in subparagraph (A) for review.
(4) Report on increase in transparency.--Not later than 180
days after the date of enactment of this Act, the Chairman of the
Board of Governors of the Federal Reserve System and the Secretary
of the Treasury, or their designees, shall submit to Congress a
report and provide testimony to Congress on the efforts of the
Chairman and the Secretary to increase transparency at meetings of
the International Association of Insurance Supervisors.

d19d8368af01e919c306f100417134e1e8cf67c34d42b1d4a212828415ce7968

Section 209(b) of the Federal Credit Union Act (12 U.S.C. 1789(b))
is amended--
(1) by redesignating paragraphs (1) and (2) as paragraphs (2)
and (3), respectively;
(2) by inserting before paragraph (2), as so redesignated, the
following:
``(1) on an annual basis and prior to the submission of the
detailed business-type budget required under paragraph (2)--
``(A) make publicly available and publish in the Federal
Register a draft of the detailed business-type budget; and
``(B) hold a public hearing, with public notice provided of
the hearing, during which the public may submit comments on the
draft of the detailed business-type budget;''; and
(3) in paragraph (2), as so redesignated--
(A) by inserting ``detailed'' after ``submit a''; and
(B) by inserting ``, which shall address any comment
submitted by the public under paragraph (1)(B)'' after
``Control Act''.

2536d9cb3ee7353795a3ec2cf0dffe7235a5c93c677ebcb193b75adf3ac35bbf

(a) Definitions.--In this section:
(1) Affiliate.--The term ``affiliate'' has the meaning given
the term in section 2 of the Bank Holding Company Act of 1956 (12
U.S.C. 1841).
(2) Driver's license.--The term ``driver's license'' means a
license issued by a State to an individual that authorizes the
individual to operate a motor vehicle on public streets, roads, or
highways.
(3) Federal bank secrecy laws.--The term ``Federal bank secrecy
laws'' means--
(A) section 21 of the Federal Deposit Insurance Act (12
U.S.C. 1829b);
(B) section 123 of Public Law 91-508 (12 U.S.C. 1953); and
(C) subchapter II of chapter 53 of title 31, United States
Code.
(4) Financial institution.--The term ``financial institution''
means--
(A) an insured depository institution;
(B) an insured credit union; or
(C) any affiliate of an insured depository institution or
insured credit union.
(5) Financial product or service.--The term ``financial product
or service'' has the meaning given the term in section 1002 of the
Consumer Financial Protection Act of 2010 (12 U.S.C. 5481).
(6) Insured credit union.--The term ``insured credit union''
has the meaning given the term in section 101 of the Federal Credit
Union Act (12 U.S.C. 1752).
(7) Insured depository institution.--The term ``insured
depository institution'' has the meaning given the term in section
3 of the Federal Deposit Insurance Act (12 U.S.C. 1813).
(8) Online service.--The term ``online service'' means any
Internet-based service, such as a website or mobile application.
(9) Personal identification card.--The term ``personal
identification card'' means an identification document issued by a
State or local government to an individual solely for the purpose
of identification of that individual.
(10) Personal information.--The term ``personal information''
means the information displayed on or electronically encoded on a
driver's license or personal identification card that is reasonably
necessary to fulfill the purpose and uses permitted by subsection
(b).
(11) Scan.--The term ``scan'' means the act of using a device
or software to decipher, in an electronically readable format,
personal information displayed on or electronically encoded on a
driver's license or personal identification card.
(12) State.--The term ``State'' means any State of the United
States, the District of Columbia, the Commonwealth of Puerto Rico,
and any other commonwealth, possession, or territory of the United
States.
(b) Use of a Driver's License or Personal Identification Card.--
(1) In general.--When an individual initiates a request through
an online service to open an account with a financial institution
or obtain a financial product or service from a financial
institution, the financial institution may record personal
information from a scan of the driver's license or personal
identification card of the individual, or make a copy or receive an
image of the driver's license or personal identification card of
the individual, and store or retain such information in any
electronic format for the purposes described in paragraph (2).
(2) Uses of information.--Except as required to comply with
Federal bank secrecy laws, a financial institution may only use the
information obtained under paragraph (1)--
(A) to verify the authenticity of the driver's license or
personal identification card;
(B) to verify the identity of the individual; and
(C) to comply with a legal requirement to record, retain,
or transmit the personal information in connection with opening
an account or obtaining a financial product or service.
(3) Deletion of image.--A financial institution that makes a
copy or receives an image of a driver's license or personal
identification card of an individual in accordance with paragraphs
(1) and (2) shall, after using the image for the purposes described
in paragraph (2), permanently delete--
(A) any image of the driver's license or personal
identification card, as applicable; and
(B) any copy of any such image.
(4) Disclosure of personal information.--Nothing in this
section shall be construed to amend, modify, or otherwise affect
any State or Federal law that governs a financial institution's
disclosure and security of personal information that is not
publicly available.
(c) Relation to State Law.--The provisions of this section shall
preempt and supersede any State law that conflicts with a provision of
this section, but only to the extent of such conflict.

1f9a0f39f6d82ae09b4c4d9acc1298b6aec4ce14a9ca95bf08eac7cfd92d60cf

The Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.) is
amended by adding at the end the following new section:
``SEC. 51. CAPITAL REQUIREMENTS FOR CERTAIN ACQUISITION, DEVELOPMENT,
OR CONSTRUCTION LOANS.
``(a) In General.--The appropriate Federal banking agencies may
only require a depository institution to assign a heightened risk
weight to a high volatility commercial real estate (HVCRE) exposure (as
such term is defined under section 324.2 of title 12, Code of Federal
Regulations, as of October 11, 2017, or if a successor regulation is in
effect as of the date of the enactment of this section, such term or
any successor term contained in such successor regulation) under any
risk-based capital requirement if such exposure is an HVCRE ADC loan.
``(b) HVCRE ADC Loan Defined.--For purposes of this section and
with respect to a depository institution, the term `HVCRE ADC loan'--
``(1) means a credit facility secured by land or improved real
property that, prior to being reclassified by the depository
institution as a non-HVCRE ADC loan pursuant to subsection (d)--
``(A) primarily finances, has financed, or refinances the
acquisition, development, or construction of real property;
``(B) has the purpose of providing financing to acquire,
develop, or improve such real property into income-producing
real property; and
``(C) is dependent upon future income or sales proceeds
from, or refinancing of, such real property for the repayment
of such credit facility;
``(2) does not include a credit facility financing--
``(A) the acquisition, development, or construction of
properties that are--
``(i) one- to four-family residential properties;
``(ii) real property that would qualify as an
investment in community development; or
``(iii) agricultural land;
``(B) the acquisition or refinance of existing income-
producing real property secured by a mortgage on such property,
if the cash flow being generated by the real property is
sufficient to support the debt service and expenses of the real
property, in accordance with the institution's applicable loan
underwriting criteria for permanent financings;
``(C) improvements to existing income-producing improved
real property secured by a mortgage on such property, if the
cash flow being generated by the real property is sufficient to
support the debt service and expenses of the real property, in
accordance with the institution's applicable loan underwriting
criteria for permanent financings; or
``(D) commercial real property projects in which--
``(i) the loan-to-value ratio is less than or equal to
the applicable maximum supervisory loan-to-value ratio as
determined by the appropriate Federal banking agency;
``(ii) the borrower has contributed capital of at least
15 percent of the real property's appraised, `as completed'
value to the project in the form of--
``(I) cash;
``(II) unencumbered readily marketable assets;
``(III) paid development expenses out-of-pocket; or
``(IV) contributed real property or improvements;
and
``(iii) the borrower contributed the minimum amount of
capital described under clause (ii) before the depository
institution advances funds (other than the advance of a
nominal sum made in order to secure the depository
institution's lien against the real property) under the
credit facility, and such minimum amount of capital
contributed by the borrower is contractually required to
remain in the project until the credit facility has been
reclassified by the depository institution as a non-HVCRE
ADC loan under subsection (d);
``(3) does not include any loan made prior to January 1, 2015;
and
``(4) does not include a credit facility reclassified as a non-
HVCRE ADC loan under subsection (d).
``(c) Value of Contributed Real Property.--For purposes of this
section, the value of any real property contributed by a borrower as a
capital contribution shall be the appraised value of the property as
determined under standards prescribed pursuant to section 1110 of the
Financial Institutions Reform, Recovery, and Enforcement Act of 1989
(12 U.S.C. 3339), in connection with the extension of the credit
facility or loan to such borrower.
``(d) Reclassification as a Non-HVRCE ADC Loan.--For purposes of
this section and with respect to a credit facility and a depository
institution, upon--
``(1) the substantial completion of the development or
construction of the real property being financed by the credit
facility; and
``(2) cash flow being generated by the real property being
sufficient to support the debt service and expenses of the real
property,
in accordance with the institution's applicable loan underwriting
criteria for permanent financings, the credit facility may be
reclassified by the depository institution as a Non-HVCRE ADC loan.
``(e) Existing Authorities.--Nothing in this section shall limit
the supervisory, regulatory, or enforcement authority of an appropriate
Federal banking agency to further the safe and sound operation of an
institution under the supervision of the appropriate Federal banking
agency.''.

ac6777bda18ba71c46a8c2bf4fe507961954443b20094c7224f34899b1a82fde

(a) Purpose.--The purpose of this section is to reduce the
prevalence of synthetic identity fraud, which disproportionally affects
vulnerable populations, such as minors and recent immigrants, by
facilitating the validation by permitted entities of fraud protection
data, pursuant to electronically received consumer consent, through use
of a database maintained by the Commissioner.
(b) Definitions.--In this section:
(1) Commissioner.--The term ``Commissioner'' means the
Commissioner of the Social Security Administration.
(2) Financial institution.--The term ``financial institution''
has the meaning given the term in section 509 of the Gramm-Leach-
Bliley Act (15 U.S.C. 6809).
(3) Fraud protection data.--The term ``fraud protection data''
means a combination of the following information with respect to an
individual:
(A) The name of the individual (including the first name
and any family forename or surname of the individual).
(B) The social security number of the individual.
(C) The date of birth (including the month, day, and year)
of the individual.
(4) Permitted entity.--The term ``permitted entity'' means a
financial institution or a service provider, subsidiary, affiliate,
agent, subcontractor, or assignee of a financial institution.
(c) Efficiency.--
(1) Reliance on existing methods.--The Commissioner shall
evaluate the feasibility of making modifications to any database
that is in existence as of the date of enactment of this Act or a
similar resource such that the database or resource--
(A) is reasonably designed to effectuate the purpose of
this section; and
(B) meets the requirements of subsection (d).
(2) Execution.--The Commissioner shall make the modifications
necessary to any database that is in existence as of the date of
enactment of this Act or similar resource, or develop a database or
similar resource, to effectuate the requirements described in
paragraph (1).
(d) Protection of Vulnerable Consumers.--The database or similar
resource described in subsection (c) shall--
(1) compare fraud protection data provided in an inquiry by a
permitted entity against such information maintained by the
Commissioner in order to confirm (or not confirm) the validity of
the information provided;
(2) be scalable and accommodate reasonably anticipated volumes
of verification requests from permitted entities with commercially
reasonable uptime and availability; and
(3) allow permitted entities to submit--
(A) 1 or more individual requests electronically for real-
time machine-to-machine (or similar functionality) accurate
responses; and
(B) multiple requests electronically, such as those
provided in a batch format, for accurate electronic responses
within a reasonable period of time from submission, not to
exceed 24 hours.
(e) Certification Required.--Before providing confirmation of fraud
protection data to a permitted entity, the Commissioner shall ensure
that the Commissioner has a certification from the permitted entity
that is dated not more than 2 years before the date on which that
confirmation is provided that includes the following declarations:
(1) The entity is a permitted entity.
(2) The entity is in compliance with this section.
(3) The entity is, and will remain, in compliance with its
privacy and data security requirements, as described in title V of
the Gramm-Leach-Bliley Act (15 U.S.C. 6801 et seq.), with respect
to information the entity receives from the Commissioner pursuant
to this section.
(4) The entity will retain sufficient records to demonstrate
its compliance with its certification and this section for a period
of not less than 2 years.
(f) Consumer Consent.--
(1) In general.--Notwithstanding any other provision of law or
regulation, a permitted entity may submit a request to the database
or similar resource described in subsection (c) only--
(A) pursuant to the written, including electronic, consent
received by a permitted entity from the individual who is the
subject of the request; and
(B) in connection with a credit transaction or any
circumstance described in section 604 of the Fair Credit
Reporting Act (15 U.S.C. 1681b).
(2) Electronic consent requirements.--For a permitted entity to
use the consent of an individual received electronically pursuant
to paragraph (1)(A), the permitted entity must obtain the
individual's electronic signature, as defined in section 106 of the
Electronic Signatures in Global and National Commerce Act (15
U.S.C. 7006).
(3) Effectuating electronic consent.--No provision of law or
requirement, including section 552a of title 5, United States Code,
shall prevent the use of electronic consent for purposes of this
subsection or for use in any other consent based verification under
the discretion of the Commissioner.
(g) Compliance and Enforcement.--
(1) Audits and monitoring.--The Commissioner may--
(A) conduct audits and monitoring to--
(i) ensure proper use by permitted entities of the
database or similar resource described in subsection (c);
and
(ii) deter fraud and misuse by permitted entities with
respect to the database or similar resource described in
subsection (c); and
(B) terminate services for any permitted entity that
prevents or refuses to allow the Commissioner to carry out the
activities described in subparagraph (A).
(2) Enforcement.--
(A) In general.--Notwithstanding any other provision of
law, including the matter preceding paragraph (1) of section
505(a) of the Gramm-Leach-Bliley Act (15 U.S.C. 6805(a)), any
violation of this section and any certification made under this
section shall be enforced in accordance with paragraphs (1)
through (7) of such section 505(a) by the agencies described in
those paragraphs.
(B) Relevant information.--Upon discovery by the
Commissioner, pursuant to an audit described in paragraph (1),
of any violation of this section or any certification made
under this section, the Commissioner shall forward any relevant
information pertaining to that violation to the appropriate
agency described in subparagraph (A) for evaluation by the
agency for purposes of enforcing this section.
(h) Recovery of Costs.--
(1) In general.--
(A) In general.--Amounts obligated to carry out this
section shall be fully recovered from the users of the database
or verification system by way of advances, reimbursements, user
fees, or other recoveries as determined by the Commissioner.
The funds recovered under this paragraph shall be deposited as
an offsetting collection to the account providing
appropriations for the Social Security Administration, to be
used for the administration of this section without fiscal year
limitation.
(B) Prices fixed by commissioner.--The Commissioner shall
establish the amount to be paid by the users under this
paragraph, including the costs of any services or work
performed, such as any appropriate upgrades, maintenance, and
associated direct and indirect administrative costs, in support
of carrying out the purposes described in this section, by
reimbursement or in advance as determined by the Commissioner.
The amount of such prices shall be periodically adjusted by the
Commissioner to ensure that amounts collected are sufficient to
fully offset the cost of the administration of this section.
(2) Initial development.--The Commissioner shall not begin
development of a verification system to carry out this section
until the Commissioner determines that amounts equal to at least 50
percent of program start-up costs have been collected under
paragraph (1).
(3) Existing resources.--The Commissioner may use funds
designated for information technology modernization to carry out
this section.
(4) Annual report.--The Commissioner shall annually submit to
the Committee on Ways and Means of the House of Representatives and
the Committee on Finance of the Senate a report on the amount of
indirect costs to the Social Security Administration arising as a
result of the implementation of this section.

6f6abaecd1e64d47a1e76ef25949fce3060b3b6e3a9e717d78d192dfe65e9536

Not later than 1 year after the date of enactment of this Act, the
Secretary of the Treasury shall submit to the Committee on Banking,
Housing, and Urban Affairs of the Senate and the Committee on Financial
Services of the House of Representatives a report on the risks of cyber
threats to financial institutions and capital markets in the United
States, including--
(1) an assessment of the material risks of cyber threats to
financial institutions and capital markets in the United States;
(2) the impact and potential effects of material cyber attacks
on financial institutions and capital markets in the United States;
(3) an analysis of how the appropriate Federal banking agencies
and the Securities and Exchange Commission are addressing the
material risks of cyber threats described in paragraph (1),
including--
(A) how the appropriate Federal banking agencies and the
Securities and Exchange Commission are assessing those threats;
(B) how the appropriate Federal banking agencies and the
Securities and Exchange Commission are assessing the cyber
vulnerabilities and preparedness of financial institutions;
(C) coordination amongst the appropriate Federal banking
agencies and the Securities and Exchange Commission, and their
coordination with other government agencies (including with
respect to regulations, examinations, lexicon, duplication, and
other regulatory tools); and
(D) areas for improvement; and
(4) a recommendation of whether any appropriate Federal banking
agency or the Securities and Exchange Commission needs additional
legal authorities or resources to adequately assess and address the
material risks of cyber threats described in paragraph (1), given
the analysis required by paragraph (3).

9f32f69d322a8bd0e421a4a5c7225b4e864d219321f076545b2581e54b1eb852

Section 7(a)(3)(A) of the Federal Reserve Act (12 U.S.C.
289(a)(3)(A)) is amended by striking ``$7,500,000,000'' and inserting
``$6,825,000,000''.

16992c079c3345a4f10adc2344c6e1e2e9cb4a28a7727756a4e6066d41e5d7c8

(a) In General.--Section 605A of the Fair Credit Reporting Act (15
U.S.C. 1681c-1) is amended--
(1) in subsection (a)(1)(A), by striking ``90 days'' and
inserting ``1 year''; and
(2) by adding at the end the following:
``(i) National Security Freeze.--
``(1) Definitions.--For purposes of this subsection:
``(A) The term `consumer reporting agency' means a consumer
reporting agency described in section 603(p).
``(B) The term `proper identification' has the meaning of
such term as used under section 610.
``(C) The term `security freeze' means a restriction that
prohibits a consumer reporting agency from disclosing the
contents of a consumer report that is subject to such security
freeze to any person requesting the consumer report.
``(2) Placement of security freeze.--
``(A) In general.--Upon receiving a direct request from a
consumer that a consumer reporting agency place a security
freeze, and upon receiving proper identification from the
consumer, the consumer reporting agency shall, free of charge,
place the security freeze not later than--
``(i) in the case of a request that is by toll-free
telephone or secure electronic means, 1 business day after
receiving the request directly from the consumer; or
``(ii) in the case of a request that is by mail, 3
business days after receiving the request directly from the
consumer.
``(B) Confirmation and additional information.--Not later
than 5 business days after placing a security freeze under
subparagraph (A), a consumer reporting agency shall--
``(i) send confirmation of the placement to the
consumer; and
``(ii) inform the consumer of--
``(I) the process by which the consumer may remove
the security freeze, including a mechanism to
authenticate the consumer; and
``(II) the consumer's right described in section
615(d)(1)(D).
``(C) Notice to third parties.--A consumer reporting agency
may advise a third party that a security freeze has been placed
with respect to a consumer under subparagraph (A).
``(3) Removal of security freeze.--
``(A) In general.--A consumer reporting agency shall remove
a security freeze placed on the consumer report of a consumer
only in the following cases:
``(i) Upon the direct request of the consumer.
``(ii) The security freeze was placed due to a material
misrepresentation of fact by the consumer.
``(B) Notice if removal not by request.--If a consumer
reporting agency removes a security freeze under subparagraph
(A)(ii), the consumer reporting agency shall notify the
consumer in writing prior to removing the security freeze.
``(C) Removal of security freeze by consumer request.--
Except as provided in subparagraph (A)(ii), a security freeze
shall remain in place until the consumer directly requests that
the security freeze be removed. Upon receiving a direct request
from a consumer that a consumer reporting agency remove a
security freeze, and upon receiving proper identification from
the consumer, the consumer reporting agency shall, free of
charge, remove the security freeze not later than--
``(i) in the case of a request that is by toll-free
telephone or secure electronic means, 1 hour after
receiving the request for removal; or
``(ii) in the case of a request that is by mail, 3
business days after receiving the request for removal.
``(D) Third-party requests.--If a third party requests
access to a consumer report of a consumer with respect to which
a security freeze is in effect, where such request is in
connection with an application for credit, and the consumer
does not allow such consumer report to be accessed, the third
party may treat the application as incomplete.
``(E) Temporary removal of security freeze.--Upon receiving
a direct request from a consumer under subparagraph (A)(i), if
the consumer requests a temporary removal of a security freeze,
the consumer reporting agency shall, in accordance with
subparagraph (C), remove the security freeze for the period of
time specified by the consumer.
``(4) Exceptions.--A security freeze shall not apply to the
making of a consumer report for use of the following:
``(A) A person or entity, or a subsidiary, affiliate, or
agent of that person or entity, or an assignee of a financial
obligation owed by the consumer to that person or entity, or a
prospective assignee of a financial obligation owed by the
consumer to that person or entity in conjunction with the
proposed purchase of the financial obligation, with which the
consumer has or had prior to assignment an account or contract
including a demand deposit account, or to whom the consumer
issued a negotiable instrument, for the purposes of reviewing
the account or collecting the financial obligation owed for the
account, contract, or negotiable instrument. For purposes of
this subparagraph, `reviewing the account' includes activities
related to account maintenance, monitoring, credit line
increases, and account upgrades and enhancements.
``(B) Any Federal, State, or local agency, law enforcement
agency, trial court, or private collection agency acting
pursuant to a court order, warrant, or subpoena.
``(C) A child support agency acting pursuant to part D of
title IV of the Social Security Act (42 U.S.C. 651 et seq.).
``(D) A Federal agency or a State or its agents or assigns
acting to investigate fraud or acting to investigate or collect
delinquent taxes or unpaid court orders or to fulfill any of
its other statutory responsibilities, provided such
responsibilities are consistent with a permissible purpose
under section 604.
``(E) By a person using credit information for the purposes
described under section 604(c).
``(F) Any person or entity administering a credit file
monitoring subscription or similar service to which the
consumer has subscribed.
``(G) Any person or entity for the purpose of providing a
consumer with a copy of the consumer's consumer report or
credit score, upon the request of the consumer.
``(H) Any person using the information in connection with
the underwriting of insurance.
``(I) Any person using the information for employment,
tenant, or background screening purposes.
``(J) Any person using the information for assessing,
verifying, or authenticating a consumer's identity for purposes
other than the granting of credit, or for investigating or
preventing actual or potential fraud.
``(5) Notice of rights.--At any time a consumer is required to
receive a summary of rights required under section 609, the
following notice shall be included:
```Consumers Have the Right To Obtain a Security Freeze
```You have a right to place a ``security freeze'' on your credit
report, which will prohibit a consumer reporting agency from releasing
information in your credit report without your express authorization.
The security freeze is designed to prevent credit, loans, and services
from being approved in your name without your consent. However, you
should be aware that using a security freeze to take control over who
gets access to the personal and financial information in your credit
report may delay, interfere with, or prohibit the timely approval of
any subsequent request or application you make regarding a new loan,
credit, mortgage, or any other account involving the extension of
credit.
```As an alternative to a security freeze, you have the right to
place an initial or extended fraud alert on your credit file at no
cost. An initial fraud alert is a 1-year alert that is placed on a
consumer's credit file. Upon seeing a fraud alert display on a
consumer's credit file, a business is required to take steps to verify
the consumer's identity before extending new credit. If you are a
victim of identity theft, you are entitled to an extended fraud alert,
which is a fraud alert lasting 7 years.
```A security freeze does not apply to a person or entity, or its
affiliates, or collection agencies acting on behalf of the person or
entity, with which you have an existing account that requests
information in your credit report for the purposes of reviewing or
collecting the account. Reviewing the account includes activities
related to account maintenance, monitoring, credit line increases, and
account upgrades and enhancements.'.
``(6) Webpage.--
``(A) Consumer reporting agencies.--A consumer reporting
agency shall establish a webpage that--
``(i) allows a consumer to request a security freeze;
``(ii) allows a consumer to request an initial fraud
alert;
``(iii) allows a consumer to request an extended fraud
alert;
``(iv) allows a consumer to request an active duty
fraud alert;
``(v) allows a consumer to opt-out of the use of
information in a consumer report to send the consumer a
solicitation of credit or insurance, in accordance with
section 615(d); and
``(vi) shall not be the only mechanism by which a
consumer may request a security freeze.
``(B) FTC.--The Federal Trade Commission shall establish a
single webpage that includes a link to each webpage established
under subparagraph (A) within the Federal Trade Commission's
website www.Identitytheft.gov, or a successor website.
``(j) National Protection for Files and Credit Records of Protected
Consumers.--
``(1) Definitions.--As used in this subsection:
``(A) The term `consumer reporting agency' means a consumer
reporting agency described in section 603(p).
``(B) The term `protected consumer' means an individual who
is--
``(i) under the age of 16 years at the time a request
for the placement of a security freeze is made; or
``(ii) an incapacitated person or a protected person
for whom a guardian or conservator has been appointed.
``(C) The term `protected consumer's representative' means
a person who provides to a consumer reporting agency sufficient
proof of authority to act on behalf of a protected consumer.
``(D) The term `record' means a compilation of information
that--
``(i) identifies a protected consumer;
``(ii) is created by a consumer reporting agency solely
for the purpose of complying with this subsection; and
``(iii) may not be created or used to consider the
protected consumer's credit worthiness, credit standing,
credit capacity, character, general reputation, personal
characteristics, or mode of living.
``(E) The term `security freeze' means a restriction that
prohibits a consumer reporting agency from disclosing the
contents of a consumer report that is the subject of such
security freeze or, in the case of a protected consumer for
whom the consumer reporting agency does not have a file, a
record that is subject to such security freeze to any person
requesting the consumer report for the purpose of opening a new
account involving the extension of credit.
``(F) The term `sufficient proof of authority' means
documentation that shows a protected consumer's representative
has authority to act on behalf of a protected consumer and
includes--
``(i) an order issued by a court of law;
``(ii) a lawfully executed and valid power of attorney;
``(iii) a document issued by a Federal, State, or local
government agency in the United States showing proof of
parentage, including a birth certificate; or
``(iv) with respect to a protected consumer who has
been placed in a foster care setting, a written
communication from a county welfare department or its agent
or designee, or a county probation department or its agent
or designee, certifying that the protected consumer is in a
foster care setting under its jurisdiction.
``(G) The term `sufficient proof of identification' means
information or documentation that identifies a protected
consumer and a protected consumer's representative and
includes--
``(i) a social security number or a copy of a social
security card issued by the Social Security Administration;
``(ii) a certified or official copy of a birth
certificate issued by the entity authorized to issue the
birth certificate; or
``(iii) a copy of a driver's license, an identification
card issued by the motor vehicle administration, or any
other government issued identification.
``(2) Placement of security freeze for a protected consumer.--
``(A) In general.--Upon receiving a direct request from a
protected consumer's representative that a consumer reporting
agency place a security freeze, and upon receiving sufficient
proof of identification and sufficient proof of authority, the
consumer reporting agency shall, free of charge, place the
security freeze not later than--
``(i) in the case of a request that is by toll-free
telephone or secure electronic means, 1 business day after
receiving the request directly from the protected
consumer's representative; or
``(ii) in the case of a request that is by mail, 3
business days after receiving the request directly from the
protected consumer's representative.
``(B) Confirmation and additional information.--Not later
than 5 business days after placing a security freeze under
subparagraph (A), a consumer reporting agency shall--
``(i) send confirmation of the placement to the
protected consumer's representative; and
``(ii) inform the protected consumer's representative
of the process by which the protected consumer may remove
the security freeze, including a mechanism to authenticate
the protected consumer's representative.
``(C) Creation of file.--If a consumer reporting agency
does not have a file pertaining to a protected consumer when
the consumer reporting agency receives a direct request under
subparagraph (A), the consumer reporting agency shall create a
record for the protected consumer.
``(3) Prohibition on release of record or file of protected
consumer.--After a security freeze has been placed under paragraph
(2)(A), and unless the security freeze is removed in accordance
with this subsection, a consumer reporting agency may not release
the protected consumer's consumer report, any information derived
from the protected consumer's consumer report, or any record
created for the protected consumer.
``(4) Removal of a protected consumer security freeze.--
``(A) In general.--A consumer reporting agency shall remove
a security freeze placed on the consumer report of a protected
consumer only in the following cases:
``(i) Upon the direct request of the protected
consumer's representative.
``(ii) Upon the direct request of the protected
consumer, if the protected consumer is not under the age of
16 years at the time of the request.
``(iii) The security freeze was placed due to a
material misrepresentation of fact by the protected
consumer's representative.
``(B) Notice if removal not by request.--If a consumer
reporting agency removes a security freeze under subparagraph
(A)(iii), the consumer reporting agency shall notify the
protected consumer's representative in writing prior to
removing the security freeze.
``(C) Removal of freeze by request.--Except as provided in
subparagraph (A)(iii), a security freeze shall remain in place
until a protected consumer's representative or protected
consumer described in subparagraph (A)(ii) directly requests
that the security freeze be removed. Upon receiving a direct
request from the protected consumer's representative or
protected consumer described in subparagraph (A)(ii) that a
consumer reporting agency remove a security freeze, and upon
receiving sufficient proof of identification and sufficient
proof of authority, the consumer reporting agency shall, free
of charge, remove the security freeze not later than--
``(i) in the case of a request that is by toll-free
telephone or secure electronic means, 1 hour after
receiving the request for removal; or
``(ii) in the case of a request that is by mail, 3
business days after receiving the request for removal.
``(D) Temporary removal of security freeze.--Upon receiving
a direct request from a protected consumer or a protected
consumer's representative under subparagraph (A)(i), if the
protected consumer or protected consumer's representative
requests a temporary removal of a security freeze, the consumer
reporting agency shall, in accordance with subparagraph (C),
remove the security freeze for the period of time specified by
the protected consumer or protected consumer's
representative.''.
(b) Conforming Amendment.--Section 625(b)(1) of the Fair Credit
Reporting Act (15 U.S.C. 1681t(b)(1)) is amended--
(1) in subparagraph (H), by striking ``or'' at the end; and
(2) by adding at the end the following:
``(J) subsections (i) and (j) of section 605A relating to
security freezes; or''.
(c) Effective Date.--The amendments made by this section shall take
effect on the date that is 120 days after the date of enactment of this
Act.

e216dba5315a1cc82a2d20399ac1a6ca0759520be2b7cfe97dedce5887d32e62

(a) Purposes.--The purposes of this section are--
(1) to rectify problematic reporting of medical debt included
in a consumer report of a veteran due to inappropriate or delayed
payment for hospital care, medical services, or extended care
services provided in a non-Department of Veterans Affairs facility
under the laws administered by the Secretary of Veterans Affairs;
and
(2) to clarify the process of debt collection for such medical
debt.
(b) Amendments to Fair Credit Reporting Act.--
(1) Veteran's medical debt defined.--Section 603 of the Fair
Credit Reporting Act (15 U.S.C. 1681a) is amended by adding at the
end the following:
``(z) Veteran.--The term `veteran' has the meaning given the term
in section 101 of title 38, United States Code.
``(aa) Veteran's Medical Debt.--The term `veteran's medical debt'--
``(1) means a medical collection debt of a veteran owed to a
non-Department of Veterans Affairs health care provider that was
submitted to the Department for payment for health care authorized
by the Department of Veterans Affairs; and
``(2) includes medical collection debt that the Department of
Veterans Affairs has wrongfully charged a veteran.''.
(2) Exclusion for veteran's medical debt.--Section 605(a) of
the Fair Credit Reporting Act (15 U.S.C. 1681c(a)) is amended by
adding at the end the following:
``(7) With respect to a consumer reporting agency described in
section 603(p), any information related to a veteran's medical debt
if the date on which the hospital care, medical services, or
extended care services was rendered relating to the debt antedates
the report by less than 1 year if the consumer reporting agency has
actual knowledge that the information is related to a veteran's
medical debt and the consumer reporting agency is in compliance
with its obligation under section 302(c)(5) of the Economic Growth,
Regulatory Relief, and Consumer Protection Act.
``(8) With respect to a consumer reporting agency described in
section 603(p), any information related to a fully paid or settled
veteran's medical debt that had been characterized as delinquent,
charged off, or in collection if the consumer reporting agency has
actual knowledge that the information is related to a veteran's
medical debt and the consumer reporting agency is in compliance
with its obligation under section 302(c)(5) of the Economic Growth,
Regulatory Relief, and Consumer Protection Act.''.
(3) Removal of veteran's medical debt from consumer report.--
Section 611 of the Fair Credit Reporting Act (15 U.S.C. 1681i) is
amended--
(A) in subsection (a)(1)(A), by inserting ``and except as
provided in subsection (g)'' after ``subsection (f)''; and
(B) by adding at the end the following:
``(g) Dispute Process for Veteran's Medical Debt.--
``(1) In general.--With respect to a veteran's medical debt,
the veteran may submit a notice described in paragraph (2), proof
of liability of the Department of Veterans Affairs for payment of
that debt, or documentation that the Department of Veterans Affairs
is in the process of making payment for authorized hospital care,
medical services, or extended care services rendered to a consumer
reporting agency or a reseller to dispute the inclusion of that
debt on a consumer report of the veteran.
``(2) Notification to veteran.--The Department of Veterans
Affairs shall submit to a veteran a notice that the Department of
Veterans Affairs has assumed liability for part or all of a
veteran's medical debt.
``(3) Deletion of information from file.--If a consumer
reporting agency receives notice, proof of liability, or
documentation under paragraph (1), the consumer reporting agency
shall delete all information relating to the veteran's medical debt
from the file of the veteran and notify the furnisher and the
veteran of that deletion.''.
(c) Verification of Veteran's Medical Debt.--
(1) Definitions.--For purposes of this subsection--
(A) the term ``consumer reporting agency'' means a consumer
reporting agency described in section 603(p) of the Fair Credit
Reporting Act (15 U.S.C. 1681a(p)); and
(B) the terms ``veteran'' and ``veteran's medical debt''
have the meanings given those terms in section 603 of the Fair
Credit Reporting Act (15 U.S.C. 1681a), as added by subsection
(b)(1).
(2) Establishment.--Not later than 1 year after the date of
enactment of this Act, the Secretary of Veterans Affairs shall
establish a database to allow consumer reporting agencies to verify
whether a debt furnished to a consumer reporting agency is a
veteran's medical debt.
(3) Database features.--The Secretary of Veterans Affairs shall
ensure that the database established under paragraph (2), to the
extent permitted by law, provides consumer reporting agencies
with--
(A) sufficiently detailed and specific information to
verify whether a debt being furnished to the consumer reporting
agency is a veteran's medical debt;
(B) access to verification information in a secure
electronic format;
(C) timely access to verification information; and
(D) any other features that would promote the efficient,
timely, and secure delivery of information that consumer
reporting agencies could use to verify whether a debt is a
veteran's medical debt.
(4) Stakeholder input.--Prior to establishing the database for
verification under paragraph (2), the Secretary of Veterans Affairs
shall publish in the Federal Register a notice and request for
comment that solicits input from consumer reporting agencies and
other stakeholders.
(5) Verification.--Provided the database established under
paragraph (2) is fully functional and the data available to
consumer reporting agencies, a consumer reporting agency shall use
the database as a means to identify a veteran's medical debt
pursuant to paragraphs (7) and (8) of section 605(a) of the Fair
Credit Reporting Act (15 U.S.C. 1681c(a)), as added by subsection
(b)(2).
(d) Credit Monitoring.--
(1) In general.--Section 605A of the Fair Credit Reporting Act
(15 U.S.C. 1681c-1), as amended by section 301(a), is amended by
adding at the end the following:
``(k) Credit Monitoring.--
``(1) Definitions.--In this subsection:
``(A) The term `active duty military consumer' includes a
member of the National Guard.
``(B) The term `National Guard' has the meaning given the
term in section 101(c) of title 10, United States Code.
``(2) Credit monitoring.--A consumer reporting agency described
in section 603(p) shall provide a free electronic credit monitoring
service that, at a minimum, notifies a consumer of material
additions or modifications to the file of the consumer at the
consumer reporting agency to any consumer who provides to the
consumer reporting agency--
``(A) appropriate proof that the consumer is an active duty
military consumer; and
``(B) contact information of the consumer.
``(3) Rulemaking.--Not later than 1 year after the date of
enactment of this subsection, the Federal Trade Commission shall
promulgate regulations regarding the requirements of this
subsection, which shall at a minimum include--
``(A) a definition of an electronic credit monitoring
service and material additions or modifications to the file of
a consumer; and
``(B) what constitutes appropriate proof.
``(4) Applicability.--
``(A) Sections 616 and 617 shall not apply to any violation
of this subsection.
``(B) This subsection shall be enforced exclusively under
section 621 by the Federal agencies and Federal and State
officials identified in that section.''.
(2) Conforming amendment.--Section 625(b)(1) of the Fair Credit
Reporting Act (15 U.S.C. 1681t(b)(1)), as amended by section
301(b), is amended by adding at the end the following:
``(K) subsection (k) of section 605A, relating to credit
monitoring for active duty military consumers, as defined in
that subsection;''.
(e) Effective Date.--The amendments made by this section shall take
effect on the date that is 1 year after the date of enactment of this
Act.

0f2d87293cf7bed3a9566e3b5e0693a7818c8d356dbd1a343d4804950f1f5a25

EXPLOITATION OF SENIOR CITIZENS.
(a) Immunity.--
(1) Definitions.--In this section--
(A) the term ``Bank Secrecy Act officer'' means an
individual responsible for ensuring compliance with the
requirements mandated by subchapter II of chapter 53 of title
31, United States Code (commonly known as the ``Bank Secrecy
Act'');
(B) the term ``broker-dealer'' means a broker and a dealer,
as those terms are defined in section 3(a) of the Securities
Exchange Act of 1934 (15 U.S.C. 78c(a));
(C) the term ``covered agency'' means--
(i) a State financial regulatory agency, including a
State securities or law enforcement authority and a State
insurance regulator;
(ii) each of the Federal agencies represented in the
membership of the Financial Institutions Examination
Council established under section 1004 of the Federal
Financial Institutions Examination Council Act of 1978 (12
U.S.C. 3303);
(iii) a securities association registered under section
15A of the Securities Exchange Act of 1934 (15 U.S.C. 78o-
3);
(iv) the Securities and Exchange Commission;
(v) a law enforcement agency; or
(vi) a State or local agency responsible for
administering adult protective service laws;
(D) the term ``covered financial institution'' means--
(i) a credit union;
(ii) a depository institution;
(iii) an investment adviser;
(iv) a broker-dealer;
(v) an insurance company;
(vi) an insurance agency; or
(vii) a transfer agent;
(E) the term ``credit union'' has the meaning given the
term in section 2 of the Dodd-Frank Wall Street Reform and
Consumer Protection Act (12 U.S.C. 5301);
(F) the term ``depository institution'' has the meaning
given the term in section 3(c) of the Federal Deposit Insurance
Act (12 U.S.C. 1813(c));
(G) the term ``exploitation'' means the fraudulent or
otherwise illegal, unauthorized, or improper act or process of
an individual, including a caregiver or a fiduciary, that--
(i) uses the resources of a senior citizen for monetary
or personal benefit, profit, or gain; or
(ii) results in depriving a senior citizen of rightful
access to or use of benefits, resources, belongings, or
assets;
(H) the term ``insurance agency'' means any business entity
that sells, solicits, or negotiates insurance coverage;
(I) the term ``insurance company'' has the meaning given
the term in section 2(a) of the Investment Company Act of 1940
(15 U.S.C. 80a-2(a));
(J) the term ``insurance producer'' means an individual who
is required under State law to be licensed in order to sell,
solicit, or negotiate insurance coverage;
(K) the term ``investment adviser'' has the meaning given
the term in section 202(a) of the Investment Advisers Act of
1940 (15 U.S.C. 80b-2(a));
(L) the term ``investment adviser representative'' means an
individual who--
(i) is employed by, or associated with, an investment
adviser; and
(ii) does not perform solely clerical or ministerial
acts;
(M) the term ``registered representative'' means an
individual who represents a broker-dealer in effecting or
attempting to effect a purchase or sale of securities;
(N) the term ``senior citizen'' means an individual who is
not younger than 65 years of age;
(O) the term ``State'' means each of the several States,
the District of Columbia, and any territory or possession of
the United States;
(P) the term ``State insurance regulator'' has the meaning
given the term in section 315 of the Gramm-Leach-Bliley Act (15
U.S.C. 6735);
(Q) the term ``State securities or law enforcement
authority'' has the meaning given the term in section 24(f)(4)
of the Securities Exchange Act of 1934 (15 U.S.C. 78x(f)(4));
and
(R) the term ``transfer agent'' has the meaning given the
term in section 3(a) of the Securities Exchange Act of 1934 (15
U.S.C. 78c(a)).
(2) Immunity from suit.--
(A) Immunity for individuals.--An individual who has
received the training described in subsection (b) shall not be
liable, including in any civil or administrative proceeding,
for disclosing the suspected exploitation of a senior citizen
to a covered agency if the individual, at the time of the
disclosure--
(i) served as a supervisor or in a compliance or legal
function (including as a Bank Secrecy Act officer) for, or,
in the case of a registered representative, investment
adviser representative, or insurance producer, was
affiliated or associated with, a covered financial
institution; and
(ii) made the disclosure--
(I) in good faith; and
(II) with reasonable care.
(B) Immunity for covered financial institutions.--A covered
financial institution shall not be liable, including in any
civil or administrative proceeding, for a disclosure made by an
individual described in subparagraph (A) if--
(i) the individual was employed by, or, in the case of
a registered representative, insurance producer, or
investment adviser representative, affiliated or associated
with, the covered financial institution at the time of the
disclosure; and
(ii) before the time of the disclosure, each individual
described in subsection (b)(1) received the training
described in subsection (b).
(C) Rule of construction.--Nothing in subparagraph (A) or
(B) shall be construed to limit the liability of an individual
or a covered financial institution in a civil action for any
act, omission, or fraud that is not a disclosure described in
subparagraph (A).
(b) Training.--
(1) In general.--A covered financial institution or a third
party selected by a covered financial institution may provide the
training described in paragraph (2)(A) to each officer or employee
of, or registered representative, insurance producer, or investment
adviser representative affiliated or associated with, the covered
financial institution who--
(A) is described in subsection (a)(2)(A)(i);
(B) may come into contact with a senior citizen as a
regular part of the professional duties of the individual; or
(C) may review or approve the financial documents, records,
or transactions of a senior citizen in connection with
providing financial services to a senior citizen.
(2) Content.--
(A) In general.--The content of the training that a covered
financial institution or a third party selected by the covered
financial institution may provide under paragraph (1) shall--
(i) be maintained by the covered financial institution
and made available to a covered agency with examination
authority over the covered financial institution, upon
request, except that a covered financial institution shall
not be required to maintain or make available such content
with respect to any individual who is no longer employed
by, or affiliated or associated with, the covered financial
institution;
(ii) instruct any individual attending the training on
how to identify and report the suspected exploitation of a
senior citizen internally and, as appropriate, to
government officials or law enforcement authorities,
including common signs that indicate the financial
exploitation of a senior citizen;
(iii) discuss the need to protect the privacy and
respect the integrity of each individual customer of the
covered financial institution; and
(iv) be appropriate to the job responsibilities of the
individual attending the training.
(B) Timing.--The training under paragraph (1) shall be
provided--
(i) as soon as reasonably practicable; and
(ii) with respect to an individual who begins
employment, or becomes affiliated or associated, with a
covered financial institution after the date of enactment
of this Act, not later than 1 year after the date on which
the individual becomes employed by, or affiliated or
associated with, the covered financial institution in a
position described in subparagraph (A), (B), or (C) of
paragraph (1).
(C) Records.--A covered financial institution shall--
(i) maintain a record of each individual who--
(I) is employed by, or affiliated or associated
with, the covered financial institution in a position
described in subparagraph (A), (B), or (C) of paragraph
(1); and
(II) has completed the training under paragraph
(1), regardless of whether the training was--
(aa) provided by the covered financial
institution or a third party selected by the
covered financial institution;
(bb) completed before the individual was
employed by, or affiliated or associated with, the
covered financial institution; and
(cc) completed before, on, or after the date of
enactment of this Act; and
(ii) upon request, provide a record described in clause
(i) to a covered agency with examination authority over the
covered financial institution.
(c) Relationship to State Law.--Nothing in this section shall be
construed to preempt or limit any provision of State law, except only
to the extent that subsection (a) provides a greater level of
protection against liability to an individual described in subsection
(a)(2)(A) or to a covered financial institution described in subsection
(a)(2)(B) than is provided under State law.

4719c596b874d41d837b88fd6a5d9d65e9cbdaf7b071b9bb043184fb36cfbed3

OF 2009.
(a) Repeal of Sunset Provision.--Section 704 of the Protecting
Tenants at Foreclosure Act of 2009 (12 U.S.C. 5201 note; 12 U.S.C. 5220
note; 42 U.S.C. 1437f note) is repealed.
(b) Restoration.--Sections 701 through 703 of the Protecting
Tenants at Foreclosure Act of 2009, the provisions of law amended by
such sections, and any regulations promulgated pursuant to such
sections, as were in effect on December 30, 2014, are restored and
revived.
(c) Effective Date.--Subsections (a) and (b) shall take effect on
the date that is 30 days after the date of enactment of this Act.

96a2081fd153bd5c5f7f2dcb0e18e60195b103bec2c16d4e51a84967d7fcf015

Section 109(a)(1) of the Emergency Economic Stabilization Act of
2008 (12 U.S.C. 5219(a)(1)) is amended, in the second sentence, by
inserting ``and to remediate lead and asbestos hazards in residential
properties'' before the period at the end.

dc41e8ba8c08049fb5ab14326374fed45f2d703a0d49b012c55dfc35a9154ded

8989db8e2c0a0f272f875825c887aa938a672dba76fb8aa867ce20e5fdcde4af

Section 129C(b)(3) of the Truth in Lending Act (15 U.S.C.
1639c(b)(3)) is amended by adding at the end the following:
``(C) Consideration of underwriting requirements for
property assessed clean energy financing.--
``(i) Definition.--In this subparagraph, the term
`Property Assessed Clean Energy financing' means financing
to cover the costs of home improvements that results in a
tax assessment on the real property of the consumer.
``(ii) Regulations.--The Bureau shall prescribe
regulations that carry out the purposes of subsection (a)
and apply section 130 with respect to violations under
subsection (a) of this section with respect to Property
Assessed Clean Energy financing, which shall account for
the unique nature of Property Assessed Clean Energy
financing.
``(iii) Collection of information and consultation.--In
prescribing the regulations under this subparagraph, the
Bureau--
``(I) may collect such information and data that
the Bureau determines is necessary; and
``(II) shall consult with State and local
governments and bond-issuing authorities.''.

96ac6f4b4b883c9c79b9d31de2abb93f0ed7a8df640374461c11f56c23db5829

(a) Definitions.--In this section, the terms ``consumer'',
``consumer report'', and ``consumer reporting agency'' have the
meanings given those terms in section 603 of the Fair Credit Reporting
Act (15 U.S.C. 1681a).
(b) Report.--Not later than 1 year after the date of enactment of
this Act, the Comptroller General of the United States shall submit to
the Committee on Banking, Housing, and Urban Affairs of the Senate and
the Committee on Financial Services of the House of Representatives a
comprehensive report that includes--
(1) a review of the current legal and regulatory structure for
consumer reporting agencies and an analysis of any gaps in that
structure, including, in particular, the rulemaking, supervisory,
and enforcement authority of State and Federal agencies under the
Fair Credit Reporting Act (15 U.S.C. 1681 et seq.), the Gramm-
Leach-Bliley Act (Public Law 106-102; 113 Stat. 1338), and any
other relevant statutes;
(2) a review of the process by which consumers can appeal and
expunge errors on their consumer reports;
(3) a review of the causes of consumer reporting errors;
(4) a review of the responsibilities of data furnishers to
ensure that accurate information is initially reported to consumer
reporting agencies and to ensure that such information continues to
be accurate;
(5) a review of data security relating to consumer reporting
agencies and their efforts to safeguard consumer data;
(6) a review of who has access to, and may use, consumer
reports;
(7) a review of who has control or ownership of a consumer's
credit data;
(8) an analysis of--
(A) which Federal and State regulatory agencies supervise
and enforce laws relating to how consumer reporting agencies
protect consumer data; and
(B) all laws relating to data security applicable to
consumer reporting agencies; and
(9) recommendations to Congress on how to improve the consumer
reporting system, including legislative, regulatory, and industry-
specific recommendations.

d646274c841fede2df972461f3ddf03f7c30df2e2610df2e897f4102101db67b

(a) Protecting Veterans From Predatory Lending.--
(1) In general.--Subchapter I of chapter 37 of title 38, United
States Code, is amended by adding at the end the following new
section:
``Sec. 3709. Refinancing of housing loans
``(a) Fee Recoupment.--Except as provided in subsection (d) and
notwithstanding section 3703 of this title or any other provision of
law, a loan to a veteran for a purpose specified in section 3710 of
this title that is being refinanced may not be guaranteed or insured
under this chapter unless--
``(1) the issuer of the refinanced loan provides the Secretary
with a certification of the recoupment period for fees, closing
costs, and any expenses (other than taxes, amounts held in escrow,
and fees paid under this chapter) that would be incurred by the
borrower in the refinancing of the loan;
``(2) all of the fees and incurred costs are scheduled to be
recouped on or before the date that is 36 months after the date of
loan issuance; and
``(3) the recoupment is calculated through lower regular
monthly payments (other than taxes, amounts held in escrow, and
fees paid under this chapter) as a result of the refinanced loan.
``(b) Net Tangible Benefit Test.--Except as provided in subsection
(d) and notwithstanding section 3703 of this title or any other
provision of law, a loan to a veteran for a purpose specified in
section 3710 of this title that is refinanced may not be guaranteed or
insured under this chapter unless--
``(1) the issuer of the refinanced loan provides the borrower
with a net tangible benefit test;
``(2) in a case in which the original loan had a fixed rate
mortgage interest rate and the refinanced loan will have a fixed
rate mortgage interest rate, the refinanced loan has a mortgage
interest rate that is not less than 50 basis points less than the
previous loan;
``(3) in a case in which the original loan had a fixed rate
mortgage interest rate and the refinanced loan will have an
adjustable rate mortgage interest rate, the refinanced loan has a
mortgage interest rate that is not less than 200 basis points less
than the previous loan; and
``(4) the lower interest rate is not produced solely from
discount points, unless--
``(A) such points are paid at closing; and
``(B) such points are not added to the principal loan
amount, unless--
``(i) for discount point amounts that are less than or
equal to one discount point, the resulting loan balance
after any fees and expenses allows the property with
respect to which the loan was issued to maintain a loan to
value ratio of 100 percent or less; and
``(ii) for discount point amounts that are greater than
one discount point, the resulting loan balance after any
fees and expenses allows the property with respect to which
the loan was issued to maintain a loan to value ratio of 90
percent or less.
``(c) Loan Seasoning.--Except as provided in subsection (d) and
notwithstanding section 3703 of this title or any other provision of
law, a loan to a veteran for a purpose specified in section 3710 of
this title that is refinanced may not be guaranteed or insured under
this chapter until the date that is the later of--
``(1) the date that is 210 days after the date on which the
first monthly payment is made on the loan; and
``(2) the date on which the sixth monthly payment is made on
the loan.
``(d) Cash-out Refinances.--(1) Subsections (a) through (c) shall
not apply in a case of a loan refinancing in which the amount of the
principal for the new loan to be guaranteed or insured under this
chapter is larger than the payoff amount of the refinanced loan.
``(2) Not later than 180 days after the date of the enactment of
this section, the Secretary shall promulgate such rules as the
Secretary considers appropriate with respect to refinancing described
in paragraph (1) to ensure that such refinancing is in the financial
interest of the borrower, including rules relating to recoupment,
seasoning, and net tangible benefits.''.
(2) Regulations.--
(A) In general.--In prescribing any regulation to carry out
section 3709 of title 38, United States Code, as added by
paragraph (1), the Secretary of Veterans Affairs may waive the
requirements of sections 551 through 559 of title 5, United
States Code, if--
(i) the Secretary determines that urgent or compelling
circumstances make compliance with such requirements
impracticable or contrary to the public interest;
(ii) the Secretary submits to the Committee on
Veterans' Affairs of the Senate and the Committee on
Veterans' Affairs of the House of Representatives, and
publishes in the Federal Register, notice of such waiver,
including a description of the determination made under
clause (i); and
(iii) a period of 10 days elapses following the
notification under clause (ii).
(B) Public notice and comment.--If a regulation prescribed
pursuant to a waiver made under subparagraph (A) is in effect
for a period exceeding 1 year, the Secretary shall provide the
public an opportunity for notice and comment regarding such
regulation.
(C) Effective date.--This paragraph shall take effect on
the date of the enactment of this Act.
(D) Termination date.--The authorities under this paragraph
shall terminate on the date that is 1 year after the date of
the enactment of this Act.
(3) Report on cash-out refinances.--
(A) In general.--Not later than 1 year after the date of
the enactment of this Act, the Secretary shall, in consultation
with the President of the Ginnie Mae, submit to Congress a
report on refinancing--
(i) of loans--
(I) made to veterans for purposes specified in
section 3710 of title 38, United States Code; and
(II) that were guaranteed or insured under chapter
37 of such title; and
(ii) in which the amount of the principal for the new
loan to be guaranteed or insured under such chapter is
larger than the payoff amount of the refinanced loan.
(B) Contents.--The report required by subparagraph (A)
shall include the following:
(i) An assessment of whether additional requirements,
including a net tangible benefit test, fee recoupment
period, and loan seasoning requirement, are necessary to
ensure that the refinancing described in subparagraph (A)
is in the financial interest of the borrower.
(ii) Such recommendations as the Secretary may have for
additional legislative or administrative action to ensure
that refinancing described in subparagraph (A) is carried
out in the financial interest of the borrower.
(4) Clerical amendment.--The table of sections at the beginning
of chapter 37 of title 38, United States Code, is amended by
inserting after the item relating to section 3709 the following new
item:
``3709. Refinancing of housing loans.''.
(b) Loan Seasoning for Ginnie Mae Mortgage-backed Securities.--
Section 306(g)(1) of the National Housing Act (12 U.S.C. 1721(g)(1)) is
amended by inserting ``The Association may not guarantee the timely
payment of principal and interest on a security that is backed by a
mortgage insured or guaranteed under chapter 37 of title 38, United
States Code, and that was refinanced until the later of the date that
is 210 days after the date on which the first monthly payment is made
on the mortgage being refinanced and the date on which 6 full monthly
payments have been made on the mortgage being refinanced.'' after ``Act
of 1992.''.
(c) Report on Liquidity of the Department of Veterans Affairs
Housing Loan Program.--
(1) Report.--Not later than 1 year after the date of the
enactment of this Act, the Secretary of Housing and Urban
Development and the President of the Ginnie Mae shall submit to the
appropriate committees of Congress a report on the liquidity of the
housing loan program under chapter 37 of title 38, United States
Code, in the secondary mortgage market, which shall--
(A) assess the loans provided under that chapter that
collateralize mortgage-backed securities that are guaranteed by
Ginnie Mae; and
(B) include recommendations for actions that Ginnie Mae
should take to ensure that the liquidity of that housing loan
program is maintained.
(2) Definitions.--In this subsection:
(A) Appropriate committees of congress.--The term
``appropriate committees of Congress'' means--
(i) the Committee on Veterans' Affairs and the
Committee on Banking, Housing, and Urban Affairs of the
Senate; and
(ii) the Committee on Veterans' Affairs and the
Committee on Financial Services of the House of
Representatives.
(B) Ginnie mae.--The term ``Ginnie Mae'' means the
Government National Mortgage Association.
(d) Annual Report on Document Disclosure and Consumer Education.--
Not less frequently than once each year, the Secretary of Veterans
Affairs shall issue a publicly available report that--
(1) examines, with respect to loans provided to veterans under
chapter 37 of title 38, United States Code--
(A) the refinancing of fixed-rate mortgage loans to
adjustable rate mortgage loans;
(B) whether veterans are informed of the risks and
disclosures associated with that refinancing; and
(C) whether advertising materials for that refinancing are
clear and do not contain misleading statements or assertions;
and
(2) includes findings based on any complaints received by
veterans and on an ongoing assessment of the refinancing market by
the Secretary.

6408c86ab5238d391062342bd64893c7f40e86ec4cb95c64c6b16ee474882857

(a) Use of Credit Scores by Fannie Mae in Purchasing Residential
Mortgages.--Section 302(b) of the Federal National Mortgage Association
Charter Act (12 U.S.C. 1717(b)) is amended by adding at the end the
following:
``(7)(A) Definitions.--In this paragraph--
``(i) the term `credit score' means a numerical value or a
categorization created by a third party derived from a statistical
tool or modeling system used by a person who makes or arranges a
loan to predict the likelihood of certain credit behaviors,
including default; and
``(ii) the term `residential mortgage' has the meaning given
the term in section 302 of the Federal Home Loan Mortgage
Corporation Act (12 U.S.C. 1451).
``(B) Use of Credit Scores.--The corporation shall condition
purchase of a residential mortgage by the corporation under this
subsection on the provision of a credit score for the borrower only
if--
``(i) the credit score is derived from any credit scoring model
that has been validated and approved by the corporation under this
paragraph; and
``(ii) the corporation provides for the use of the credit score
by all of the automated underwriting systems of the corporation and
any other procedures and systems used by the corporation to
purchase residential mortgages that use a credit score.
``(C) Validation and Approval Process.--The corporation shall
establish a validation and approval process for the use of credit score
models, under which the corporation may not validate and approve a
credit score model unless the credit score model--
``(i) satisfies minimum requirements of integrity, reliability,
and accuracy;
``(ii) has a historical record of measuring and predicting
default rates and other credit behaviors;
``(iii) is consistent with the safe and sound operation of the
corporation;
``(iv) complies with any standards and criteria established by
the Director of the Federal Housing Finance Agency under section
1328(1) of the Federal Housing Enterprises Financial Safety and
Soundness Act of 1992; and
``(v) satisfies any other requirements, as determined by the
corporation.
``(D) Replacement of Credit Score Model.--If the corporation has
validated and approved 1 or more credit score models under subparagraph
(C) and the corporation validates and approves an additional credit
score model, the corporation may determine that--
``(i) the additional credit score model has replaced the credit
score model or credit score models previously validated and
approved; and
``(ii) the credit score model or credit score models previously
validated and approved shall no longer be considered validated and
approved for the purposes of subparagraph (B).
``(E) Public Disclosure.--Upon establishing the validation and
approval process required under subparagraph (C), the corporation shall
make publicly available a description of the validation and approval
process.
``(F) Application.--Not later than 30 days after the effective date
of this paragraph, the corporation shall solicit applications from
developers of credit scoring models for the validation and approval of
those models under the process required under subparagraph (C).
``(G) Timeframe for Determination; Notice.--
``(i) In general.--The corporation shall make a determination
with respect to any application submitted under subparagraph (F),
and provide notice of that determination to the applicant, before a
date established by the corporation that is not later than 180 days
after the date on which an application is submitted to the
corporation.
``(ii) Extensions.--The Director of the Federal Housing Finance
Agency may authorize not more than 2 extensions of the date
established under clause (i), each of which shall not exceed 30
days, upon a written request and a showing of good cause by the
corporation.
``(iii) Status notice.--The corporation shall provide notice to
an applicant regarding the status of an application submitted under
subparagraph (F) not later than 60 days after the date on which the
application was submitted to the corporation.
``(iv) Reasons for disapproval.--If an application submitted
under subparagraph (F) is disapproved, the corporation shall
provide to the applicant the reasons for the disapproval not later
than 30 days after a determination is made under this subparagraph.
``(H) Authority of Director.--If the corporation elects to use a
credit score model under this paragraph, the Director of the Federal
Housing Finance Agency shall require the corporation to periodically
review the validation and approval process required under subparagraph
(C) as the Director determines necessary to ensure that the process
remains appropriate and adequate and complies with any standards and
criteria established pursuant to section 1328(1) of the Federal Housing
Enterprises Financial Safety and Soundness Act of 1992.
``(I) Extension.--If, as of the effective date of this paragraph, a
credit score model has not been approved under subparagraph (C), the
corporation may use a credit score model that was in use before the
effective date of this paragraph, if necessary to prevent substantial
market disruptions, until the earlier of--
``(i) the date on which a credit score model is validated and
approved under subparagraph (C); or
``(ii) the date that is 2 years after the effective date of
this paragraph.''.
(b) Use of Credit Scores by Freddie Mac in Purchasing Residential
Mortgages.--Section 305 of the Federal Home Loan Mortgage Corporation
Act (12 U.S.C. 1454) is amended by adding at the end the following:
``(d)(1) Definition.--In this subsection, the term `credit score'
means a numerical value or a categorization created by a third party
derived from a statistical tool or modeling system used by a person who
makes or arranges a loan to predict the likelihood of certain credit
behaviors, including default.
``(2) Use of Credit Scores.--The Corporation shall condition
purchase of a residential mortgage by the Corporation under this
section on the provision of a credit score for the borrower only if--
``(A) the credit score is derived from any credit scoring model
that has been validated and approved by the Corporation under this
subsection; and
``(B) the Corporation provides for the use of the credit score
by all of the automated underwriting systems of the Corporation and
any other procedures and systems used by the Corporation to
purchase residential mortgages that use a credit score.
``(3) Validation and Approval Process.--The Corporation shall
establish a validation and approval process for the use of credit score
models, under which the Corporation may not validate and approve a
credit score model unless the credit score model--
``(A) satisfies minimum requirements of integrity, reliability,
and accuracy;
``(B) has a historical record of measuring and predicting
default rates and other credit behaviors;
``(C) is consistent with the safe and sound operation of the
corporation;
``(D) complies with any standards and criteria established by
the Director of the Federal Housing Finance Agency under section
1328(1) of the Federal Housing Enterprises Financial Safety and
Soundness Act of 1992; and
``(E) satisfies any other requirements, as determined by the
Corporation.
``(4) Replacement of Credit Score Model.--If the Corporation has
validated and approved 1 or more credit score models under paragraph
(3) and the Corporation validates and approves an additional credit
score model, the Corporation may determine that--
``(A) the additional credit score model has replaced the credit
score model or credit score models previously validated and
approved; and
``(B) the credit score model or credit score models previously
validated and approved shall no longer be considered validated and
approved for the purposes of paragraph (2).
``(5) Public Disclosure.--Upon establishing the validation and
approval process required under paragraph (3), the Corporation shall
make publicly available a description of the validation and approval
process.
``(6) Application.--Not later than 30 days after the effective date
of this subsection, the Corporation shall solicit applications from
developers of credit scoring models for the validation and approval of
those models under the process required under paragraph (3).
``(7) Timeframe for Determination; Notice.--
``(A) In general.--The Corporation shall make a determination
with respect to any application submitted under paragraph (6), and
provide notice of that determination to the applicant, before a
date established by the Corporation that is not later than 180 days
after the date on which an application is submitted to the
Corporation.
``(B) Extensions.--The Director of the Federal Housing Finance
Agency may authorize not more than 2 extensions of the date
established under subparagraph (A), each of which shall not exceed
30 days, upon a written request and a showing of good cause by the
Corporation.
``(C) Status notice.--The Corporation shall provide notice to
an applicant regarding the status of an application submitted under
paragraph (6) not later than 60 days after the date on which the
application was submitted to the Corporation.
``(D) Reasons for disapproval.--If an application submitted
under paragraph (6) is disapproved, the Corporation shall provide
to the applicant the reasons for the disapproval not later than 30
days after a determination is made under this paragraph.
``(8) Authority of Director.--If the Corporation elects to use a
credit score under this subsection, the Director of the Federal Housing
Finance Agency shall require the Corporation to periodically review the
validation and approval process required under paragraph (3) as the
Director determines necessary to ensure that the process remains
appropriate and adequate and complies with any standards and criteria
established pursuant to section 1328(1) of the Federal Housing
Enterprises Financial Safety and Soundness Act of 1992.
``(9) Extension.--If, as of the effective date of this subsection,
a credit score model has not been approved under paragraph (3), the
Corporation may use a credit score model that was in use before the
effective date of this subsection, if necessary to prevent substantial
market disruptions, until the earlier of--
``(A) the date on which a credit score model is validated and
approved under paragraph (3); or
``(B) the date that is 2 years after the effective date of this
subsection.''.
(c) Authority of the Director.--Subpart A of part 2 of subtitle A
of the Federal Housing Enterprises Financial Safety and Soundness Act
of 1992 (12 U.S.C. 4541 et seq.) is amended by adding at the end the
following:
``SEC. 1328. REGULATIONS FOR USE OF CREDIT SCORES.
``The Director shall--
``(1) by regulation, establish standards and criteria for any
process used by an enterprise to validate and approve credit
scoring models pursuant to section 302(b)(7) of the Federal
National Mortgage Association Charter Act (12 U.S.C. 1717(b)(7))
and section 305(d) of the Federal Home Loan Mortgage Corporation
Act (12 U.S.C. 1454(d)); and
``(2) ensure that any credit scoring model that is validated
and approved by an enterprise under section 302(b)(7) (12 U.S.C.
1717(b)(7)) of the Federal National Mortgage Association Charter
Act or section 305(d) of the Federal Home Loan Mortgage Corporation
Act (12 U.S.C. 1454(d)) meets the requirements of clauses (i),
(ii), and (iii) of section 302(b)(7)(C) of the Federal National
Mortgage Association Charter Act and subparagraphs (A), (B), and
(C) of section 305(d)(3) of the Federal Home Loan Mortgage
Corporation Act, respectively.''.
(d) Effective Date.--The amendments made by subsections (a) and (b)
shall take effect on the date that is 180 days after the date of
enactment of this Act.

51d0e53af5876cf80452a2939a129b4311fe6f430c886eec860efe38c336f92e

Not earlier than 1 year after the date of enactment of this Act,
the Comptroller General of the United States shall submit to the
Committee on Banking, Housing, and Urban Affairs of the Senate and the
Committee on Financial Services of the House of Representatives a
report on foreclosures in the Commonwealth of Puerto Rico, including--
(1) the rate of foreclosures in the Commonwealth of Puerto Rico
before and after Hurricane Maria;
(2) the rate of return for housing developers in the
Commonwealth of Puerto Rico before and after Hurricane Maria;
(3) the rate of delinquency in the Commonwealth of Puerto Rico
before and after Hurricane Maria;
(4) the rate of homeownership in the Commonwealth of Puerto
Rico before and after Hurricane Maria; and
(5) the rate of defaults on federally insured mortgages in the
Commonwealth of Puerto Rico before and after Hurricane Maria.

4b4e2b58f59539535fceeb4434bea940f98e2f8ea34827744821e4c944d0f27c

AND ABATEMENT.
(a) Definitions.--In this section--
(1) the term ``Department'' means the Department of Housing and
Urban Development; and
(2) the term ``public housing agency'' has the meaning given
the term in section 3(b) of the United States Housing Act of 1937
(42 U.S.C. 1437a(b)).
(b) Report.--Not later than 1 year after the date of enactment of
this Act, the Secretary of Housing and Urban Development shall submit
to Congress a report that includes--
(1) an overview of existing policies and enforcement of the
Department, including public outreach, relating to lead-based paint
hazard prevention and abatement;
(2) recommendations and best practices for the Department,
public housing agencies, and landlords for improving lead-based
paint hazard prevention standards and Federal lead prevention and
abatement policies to protect the environmental health and safety
of children, including within housing receiving assistance from or
occupied by families receiving housing assistance from the
Department; and
(3) recommendations for legislation to improve lead-based paint
hazard prevention and abatement.

cf3c6d0ccae5e5cc048d14a0f1c4e926cca828d1db80b6cee0e50234a5cb92ee

Section 710(d) of the Honoring America's Veterans and Caring for
Camp Lejeune Families Act of 2012 (Public Law 112-154; 50 U.S.C. 3953
note) is amended by striking paragraphs (1) and (3).

893c73eb171717bb61c6ebcf51ebf679417bd7969d11547be4e0280f49776c5a

BANK HOLDING COMPANIES.
(a) In General.--Section 165 of the Financial Stability Act of 2010
(12 U.S.C. 5365) is amended--
(1) in subsection (a)--
(A) in paragraph (1), in the matter preceding subparagraph
(A), by striking ``$50,000,000,000'' and inserting
``$250,000,000,000''; and
(B) in paragraph (2)--
(i) in subparagraph (A), by striking ``may'' and
inserting ``shall'';
(ii) in subparagraph (B), by striking
``$50,000,000,000'' and inserting ``the applicable
threshold''; and
(iii) by adding at the end the following:
``(C) Risks to financial stability and safety and
soundness.--The Board of Governors may by order or rule
promulgated pursuant to section 553 of title 5, United States
Code, apply any prudential standard established under this
section to any bank holding company or bank holding companies
with total consolidated assets equal to or greater than
$100,000,000,000 to which the prudential standard does not
otherwise apply provided that the Board of Governors--
``(i) determines that application of the prudential
standard is appropriate--
``(I) to prevent or mitigate risks to the financial
stability of the United States, as described in
paragraph (1); or
``(II) to promote the safety and soundness of the
bank holding company or bank holding companies; and
``(ii) takes into consideration the bank holding
company's or bank holding companies' capital structure,
riskiness, complexity, financial activities (including
financial activities of subsidiaries), size, and any other
risk-related factors that the Board of Governors deems
appropriate.'';
(2) in subsection (b)(1)--
(A) in subparagraph (A)(iv), by striking ``and credit
exposure report''; and
(B) in subparagraph (B)(ii), by inserting ``, including
credit exposure reports'' before the semicolon at the end;
(3) in subsection (d)(2), in the matter preceding subparagraph
(A), by striking ``shall'' and inserting ``may'';
(4) in subsection (h)(2), by striking ``$10,000,000,000'' each
place that term appears and inserting ``$50,000,000,000'';
(5) in subsection (i)--
(A) in paragraph (1)(B)(i)--
(i) by striking ``3'' and inserting ``2''; and
(ii) by striking ``, adverse,''; and
(B) in paragraph (2)--
(i) in subparagraph (A)--
(I) in the first sentence, by striking
``semiannual'' and inserting ``periodic''; and
(II) in the second sentence--
(aa) by striking ``$10,000,000,000'' and
inserting ``$250,000,000,000''; and
(bb) by striking ``annual'' and inserting
``periodic''; and
(ii) in subparagraph (C)(ii)--
(I) by striking ``3'' and inserting ``2''; and
(II) by striking ``, adverse,''; and
(6) in subsection (j)(1), in the first sentence, by striking
``$50,000,000,000'' and inserting ``$250,000,000,000''.
(b) Rule of Construction.--Nothing in subsection (a) shall be
construed to limit--
(1) the authority of the Board of Governors of the Federal
Reserve System, in prescribing prudential standards under section
165 of the Financial Stability Act of 2010 (12 U.S.C. 5365) or any
other law, to tailor or differentiate among companies on an
individual basis or by category, taking into consideration their
capital structure, riskiness, complexity, financial activities
(including financial activities of their subsidiaries), size, and
any other risk-related factors that the Board of Governors deems
appropriate; or
(2) the supervisory, regulatory, or enforcement authority of an
appropriate Federal banking agency to further the safe and sound
operation of an institution under the supervision of the
appropriate Federal banking agency.
(c) Technical and Conforming Amendments.--
(1) Financial stability act of 2010.--The Financial Stability
Act of 2010 (12 U.S.C. 5311 et seq.) is amended--
(A) in section 115(a)(2)(B) (12 U.S.C. 5325(a)(2)(B)), by
striking ``$50,000,000,000'' and inserting ``the applicable
threshold'';
(B) in section 116(a) (12 U.S.C. 5326(a)), in the matter
preceding paragraph (1), by striking ``$50,000,000,000'' and
inserting ``$250,000,000,000'';
(C) in section 121(a) (12 U.S.C. 5331(a)), in the matter
preceding paragraph (1), by striking ``$50,000,000,000'' and
inserting ``$250,000,000,000'';
(D) in section 155(d) (12 U.S.C. 5345(d)), by striking
``50,000,000,000'' and inserting ``$250,000,000,000'';
(E) in section 163(b) (12 U.S.C. 5363(b)), by striking
``$50,000,000,000'' each place that term appears and inserting
``$250,000,000,000''; and
(F) in section 164 (12 U.S.C. 5364), by striking
``$50,000,000,000'' and inserting ``$250,000,000,000''.
(2) Federal reserve act.--The second subsection (s) (relating
to assessments) of section 11 of the Federal Reserve Act (12 U.S.C.
248(s)) is amended--
(A) in paragraph (2)--
(i) in subparagraph (A), by striking
``$50,000,000,000'' and inserting ``$100,000,000,000''; and
(ii) in subparagraph (B), by striking
``$50,000,000,000'' and inserting ``$100,000,000,000''; and
(B) by adding at the end the following:
``(3) Tailoring assessments.--In collecting assessments, fees,
or other charges under paragraph (1) from each company described in
paragraph (2) with total consolidated assets of between
$100,000,000,000 and $250,000,000,000, the Board shall adjust the
amount charged to reflect any changes in supervisory and regulatory
responsibilities resulting from the Economic Growth, Regulatory
Relief, and Consumer Protection Act with respect to each such
company.''.
(d) Effective Date.--
(1) In general.--Except as provided in paragraph (2), the
amendments made by this section shall take effect on the date that
is 18 months after the date of enactment of this Act.
(2) Exception.--Notwithstanding paragraph (1), the amendments
made by this section shall take effect on the date of enactment of
this Act with respect to any bank holding company with total
consolidated assets of less than $100,000,000,000.
(3) Additional authority.--Before the effective date described
in paragraph (1), the Board of Governors of the Federal Reserve
System may by order exempt any bank holding company with total
consolidated assets of less than $250,000,000,000 from any
prudential standard under section 165 of the Financial Stability
Act of 2010 (12 U.S.C. 5365).
(4) Rule of construction.--Nothing in this section shall be
construed to prohibit the Board of Governors of the Federal Reserve
System from issuing an order or rule making under section
165(a)(2)(C) of the Financial Stability Act of 2010 (12 U.S.C.
5365(a)(2)(C)), as added by this section, before the effective date
described in paragraph (1).
(e) Supervisory Stress Test.--Beginning on the effective date
described in subsection (d)(1), the Board of Governors of the Federal
Reserve System shall, on a periodic basis, conduct supervisory stress
tests of bank holding companies with total consolidated assets equal to
or greater than $100,000,000,000 and total consolidated assets of less
than $250,000,000,000 to evaluate whether such bank holding companies
have the capital, on a total consolidated basis, necessary to absorb
losses as a result of adverse economic conditions.
(f) Global Systemically Important Bank Holding Companies.--Any bank
holding company, regardless of asset size, that has been identified as
a global systemically important BHC under section 217.402 of title 12,
Code of Federal Regulations, shall be considered a bank holding company
with total consolidated assets equal to or greater than
$250,000,000,000 with respect to the application of standards or
requirements under--
(1) this section;
(2) sections 116(a), 121(a), 155(d), 163(b), 164, and 165 of
the Financial Stability Act of 2010 (12 U.S.C. 5326(a), 5331(a),
5345(d), 5363(b), 5364, 5365); and
(3) paragraph (2)(A) of the second subsection (s) (relating to
assessments) of section 11 of the Federal Reserve Act (12 U.S.C.
248(s)(2)).
(g) Clarification for Foreign Banks.--Nothing in this section shall
be construed to--
(1) affect the legal effect of the final rule of the Board of
Governors of the Federal Reserve System entitled ``Enhanced
Prudential Standards for Bank Holding Companies and Foreign Banking
Organizations'' (79 Fed. Reg. 17240 (March 27, 2014)) as applied to
foreign banking organizations with total consolidated assets equal
to or greater than $100,000,000,000; or
(2) limit the authority of the Board of Governors of the
Federal Reserve System to require the establishment of an
intermediate holding company under, implement enhanced prudential
standards with respect to, or tailor the regulation of a foreign
banking organization with total consolidated assets equal to or
greater than $100,000,000,000.

dd724e73331ec5d92464cc71debc621e92ebe549f45a82224d4f144fda6d188b

(a) Definition.--In this section, the term ``custodial bank'' means
any depository institution holding company predominantly engaged in
custody, safekeeping, and asset servicing activities, including any
insured depository institution subsidiary of such a holding company.
(b) Regulations.--
(1) Definition.--In this subsection, the term ``central bank''
means--
(A) the Federal Reserve System;
(B) the European Central Bank; and
(C) central banks of member countries of the Organisation
for Economic Co-operation and Development, if--
(i) the member country has been assigned a zero percent
risk weight under sections 3.32, 217.32, and 324.32 of
title 12, Code of Federal Regulations, or any successor
regulation; and
(ii) the sovereign debt of such member country is not
in default or has not been in default during the previous 5
years.
(2) Regulations.--The appropriate Federal banking agencies
shall promulgate regulations to amend sections 3.10, 217.10, and
324.10 of title 12, Code of Federal Regulations, to specify that--
(A) subject to subparagraph (B), funds of a custodial bank
that are deposited with a central bank shall not be taken into
account when calculating the supplementary leverage ratio as
applied to the custodial bank; and
(B) with respect to the funds described in subparagraph
(A), any amount that exceeds the total value of deposits of the
custodial bank that are linked to fiduciary or custodial and
safekeeping accounts shall be taken into account when
calculating the supplementary leverage ratio as applied to the
custodial bank.
(c) Rule of Construction.--Nothing in subsection (b) shall be
construed to limit the authority of the appropriate Federal banking
agencies to tailor or adjust the supplementary leverage ratio or any
other leverage ratio for any company that is not a custodial bank.

a6c3291cc97a630221a9f1e104b87a9b19417bc9e82b6fb59e06d9b32c464bed

(a) In General.--Section 18 of the Federal Deposit Insurance Act
(12 U.S.C. 1828) is amended--
(1) by moving subsection (z) so that it appears after
subsection (y); and
(2) by adding at the end the following:
``(aa) Treatment of Certain Municipal Obligations.--
``(1) Definitions.--In this subsection--
``(A) the term `investment grade', with respect to an
obligation, has the meaning given the term in section 1.2 of
title 12, Code of Federal Regulations, or any successor
thereto;
``(B) the term `liquid and readily-marketable' has the
meaning given the term in section 249.3 of title 12, Code of
Federal Regulations, or any successor thereto; and
``(C) the term `municipal obligation' means an obligation
of--
``(i) a State or any political subdivision thereof; or
``(ii) any agency or instrumentality of a State or any
political subdivision thereof.
``(2) Municipal obligations.--For purposes of the final rule
entitled `Liquidity Coverage Ratio: Liquidity Risk Measurement
Standards' (79 Fed. Reg. 61439 (October 10, 2014)), the final rule
entitled `Liquidity Coverage Ratio: Treatment of U.S. Municipal
Securities as High-Quality Liquid Assets' (81 Fed. Reg. 21223
(April 11, 2016)), and any other regulation that incorporates a
definition of the term `high-quality liquid asset' or another
substantially similar term, the appropriate Federal banking
agencies shall treat a municipal obligation as a high-quality
liquid asset that is a level 2B liquid asset if that obligation is,
as of the date of calculation--
``(A) liquid and readily-marketable; and
``(B) investment grade.''.
(b) Amendment to Liquidity Coverage Ratio Regulations.--Not later
than 90 days after the date of enactment of this Act, the Federal
Deposit Insurance Corporation, the Board of Governors of the Federal
Reserve System, and the Comptroller of the Currency shall amend the
final rule entitled ``Liquidity Coverage Ratio: Liquidity Risk
Measurement Standards'' (79 Fed. Reg. 61439 (October 10, 2014)) and the
final rule entitled ``Liquidity Coverage Ratio: Treatment of U.S.
Municipal Securities as High-Quality Liquid Assets'' (81 Fed. Reg.
21223 (April 11, 2016)) to implement the amendments made by this
section.

34d0ad628db49085c1430af4df25e93141602e94251edece335b158c7beec313

Section 18(b)(1) of the Securities Act of 1933 (15 U.S.C.
77r(b)(1)) is amended--
(1) by striking subparagraph (A);
(2) in subparagraph (B)--
(A) by inserting ``a security designated as qualified for
trading in the national market system pursuant to section
11A(a)(2) of the Securities Exchange Act of 1934 (15 U.S.C.
78k-1(a)(2)) that is'' before ``listed''; and
(B) by striking ``that has listing standards that the
Commission determines by rule (on its own initiative or on the
basis of a petition) are substantially similar to the listing
standards applicable to securities described in subparagraph
(A)'';
(3) in subparagraph (C), by striking ``or (B)''; and
(4) by redesignating subparagraphs (B) and (C) as subparagraphs
(A) and (B), respectively.

268bb024bb75d0cb7c137b30ac5f11c07bcdb9b015971df2da97a2c35206c028

(a) In General.--Not later than 18 months after the date of
enactment of this Act, the staff of the Securities and Exchange
Commission shall submit to the Committee on Banking, Housing, and Urban
Affairs of the Senate and the Committee on Financial Services of the
House of Representatives a report on the risks and benefits of
algorithmic trading in capital markets in the United States.
(b) Matters Required To Be Included.--The matters covered by the
report required by subsection (a) shall include the following:
(1) An assessment of the effect of algorithmic trading in
equity and debt markets in the United States on the provision of
liquidity in stressed and normal market conditions.
(2) An assessment of the benefits and risks to equity and debt
markets in the United States by algorithmic trading.
(3) An analysis of whether the activity of algorithmic trading
and entities that engage in algorithmic trading are subject to
appropriate Federal supervision and regulation.
(4) A recommendation of whether--
(A) based on the analysis described in paragraphs (1), (2),
and (3), any changes should be made to regulations; and
(B) the Securities and Exchange Commission needs additional
legal authorities or resources to effect the changes described
in subparagraph (A).

84384eb1f6d952e3a2b42edb0f7e59606e7e528fe670f627aa945424de60d1f1

FORMATION.
Section 503 of the Small Business Investment Incentive Act of 1980
(15 U.S.C. 80c-1) is amended by adding at the end the following:
``(e) The Commission shall--
``(1) review the findings and recommendations of the forum; and
``(2) each time the forum submits a finding or recommendation
to the Commission, promptly issue a public statement--
``(A) assessing the finding or recommendation of the forum;
and
``(B) disclosing the action, if any, the Commission intends
to take with respect to the finding or recommendation.''.

53c84c293cab4529a8a56bfdbdc3c33ba9ba25751865ffdae8cc230ac4b1e518

Section 3(c)(1) of the Investment Company Act of 1940 (15 U.S.C.
80a-3(c)(1)) is amended--
(1) in the matter preceding subparagraph (A), by inserting
``(or, in the case of a qualifying venture capital fund, 250
persons)'' after ``one hundred persons''; and
(2) by adding at the end the following:
``(C)(i) The term `qualifying venture capital fund' means a
venture capital fund that has not more than $10,000,000 in
aggregate capital contributions and uncalled committed capital,
with such dollar amount to be indexed for inflation once every
5 years by the Commission, beginning from a measurement made by
the Commission on a date selected by the Commission, rounded to
the nearest $1,000,000.
``(ii) The term `venture capital fund' has the meaning
given the term in section 275.203(l)-1 of title 17, Code of
Federal Regulations, or any successor regulation.''.

5f9578b2afdc6e3b9d06d4f9288d647f780d573ad28574753ed548cc82f207dd

(a) Definitions.--In this section--
(1) the term ``Commission'' means the Securities and Exchange
Commission;
(2) the term ``national securities association'' means an
association that is registered under section 15A of the Securities
Exchange Act of 1934 (15 U.S.C. 78o-3); and
(3) the term ``national securities exchange'' means an exchange
that is registered as a national securities exchange under section
6 of the Securities Exchange Act of 1934 (15 U.S.C. 78f).
(b) Credit for Overpayment of Fees.--Notwithstanding section 31(j)
of the Securities Exchange Act of 1934 (15 U.S.C. 78ee(j)), and subject
to subsection (c) of this section, if a national securities exchange or
a national securities association has paid fees and assessments to the
Commission in an amount that is more than the amount that the exchange
or association was required to pay under section 31 of the Securities
Exchange Act of 1934 (15 U.S.C. 78ee) and, not later than 10 years
after the date of such payment, the exchange or association informs the
Commission about the payment of such excess amount, the Commission
shall offset future fees and assessments due by that exchange or
association in an amount that is equal to the difference between the
amount that the exchange or association paid and the amount that the
exchange or association was required to pay under such section 31.
(c) Applicability.--Subsection (b) shall apply only to fees and
assessments that a national securities exchange or a national
securities association was required to pay to the Commission before the
date of enactment of this Act.

6f489e295060af1beb4113ed5c976eaccdd6a8a83c1dc651d2edeb7f7c7415fe

(a) In General.--Section 6(a) of the Investment Company Act of 1940
(15 U.S.C. 80a-6(a)) is amended--
(1) by striking paragraph (1); and
(2) by redesignating paragraphs (2) through (5) as paragraphs
(1) through (4), respectively.
(b) Effective Date and Safe Harbor.--
(1) Effective date.--Except as provided in paragraph (2), the
amendment made by subsection (a) shall take effect on the date of
enactment of this Act.
(2) Safe harbor.--With respect to a company that is exempt
under section 6(a)(1) of the Investment Company Act of 1940 (15
U.S.C. 80a-6(a)(1)) on the day before the date of enactment of this
Act, the amendment made by subsection (a) shall take effect on the
date that is 3 years after the date of enactment of this Act.
(3) Extension of safe harbor.--The Securities and Exchange
Commission, by rule or regulation upon its own motion, or by order
upon application, may conditionally or unconditionally, under
section 6(c) of the Investment Company Act of 1940 (15 U.S.C. 80a-
6(c)), further delay the effective date for a company described in
paragraph (2) for a maximum of 3 years following the initial 3-year
period if, before the end of the initial 3-year period, the
Commission determines that such a rule, regulation, motion, or
order is necessary or appropriate in the public interest and for
the protection of investors.

7be88235f6a65cec0419f95a3f00276f82ce44e6728d5e5b362349358d638e41

Not later than 60 days after the date of the enactment of this Act,
the Securities and Exchange Commission shall revise section 230.701(e)
of title 17, Code of Federal Regulations, so as to increase from
$5,000,000 to $10,000,000 the aggregate sales price or amount of
securities sold during any consecutive 12-month period in excess of
which the issuer is required under such section to deliver an
additional disclosure to investors. The Commission shall index for
inflation such aggregate sales price or amount every 5 years to reflect
the change in the Consumer Price Index for All Urban Consumers
published by the Bureau of Labor Statistics, rounding to the nearest
$1,000,000.

2f5256256f8d5828b057e936d4d73e50751a32fe51d830f9e9a4f45c12c4c0b1

The Securities and Exchange Commission shall amend--
(1) section 230.251 of title 17, Code of Federal Regulations,
to remove the requirement that the issuer not be subject to section
13 or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78a
et seq.) immediately before the offering; and
(2) section 230.257 of title 17, Code of Federal Regulations,
with respect to an offering described in section 230.251(a)(2) of
title 17, Code of Federal Regulations, to deem any issuer that is
subject to section 13 or 15(d) of the Securities Exchange Act of
1934 as having met the periodic and current reporting requirements
of section 230.257 of title 17, Code of Federal Regulations, if
such issuer meets the reporting requirements of section 13 of the
Securities Exchange Act of 1934.

3cb25f5ddacb830a981dc2054d9105135f83c557ac91b9e2d63dd7b0bfa7a075

PROXY RULES.
(a) Revision to Rules.--Not later than the end of the 1-year period
beginning on the date of enactment of this Act, the Securities and
Exchange Commission shall propose and, not later than 2 years after the
date of enactment of this Act, the Securities and Exchange Commission
shall finalize any rules, as appropriate, to allow any closed-end
company, as defined in section 5(a)(2) of the Investment Company Act of
1940 (15 U.S.C. 80a-5), that is registered as an investment company
under such Act, and is listed on a national securities exchange or that
makes periodic repurchase offers pursuant to section 270.23c-3 of title
17, Code of Federal Regulations, to use the securities offering and
proxy rules, subject to conditions the Commission determines
appropriate, that are available to other issuers that are required to
file reports under section 13 or section 15(d) of the Securities
Exchange Act of 1934 (15 U.S.C. 78m; 78o(d)). Any action that the
Commission takes pursuant to this subsection shall consider the
availability of information to investors, including what disclosures
constitute adequate information to be designated as a ``well-known
seasoned issuer''.
(b) Treatment if Revisions Not Completed in a Timely Manner.--If
the Commission fails to complete the revisions required by subsection
(a) by the time required by such subsection, any registered closed-end
company that is listed on a national securities exchange or that makes
periodic repurchase offers pursuant to section 270.23c-3 of title 17,
Code of Federal Regulations, shall be deemed to be an eligible issuer
under the final rule of the Commission titled ``Securities Offering
Reform'' (70 Fed. Reg. 44722; published August 3, 2005).
(c) Rules of Construction.--
(1) No effect on rule 482.--Nothing in this section or the
amendments made by this section shall be construed to impair or
limit in any way a registered closed-end company from using section
230.482 of title 17, Code of Federal Regulations, to distribute
sales material.
(2) References.--Any reference in this section to a section of
title 17, Code of Federal Regulations, or to any form or schedule
means such rule, section, form, or schedule, or any successor to
any such rule, section, form, or schedule.

2a54bae8b7a928b978f031ee5b4feb73707538784f8cbf79f02bf970390d3b39

(a) In General.--Section 140 of the Truth in Lending Act (15 U.S.C.
1650) is amended--
(1) in subsection (a)--
(A) by redesignating paragraphs (1) through (8) as
paragraphs (2) through (9), respectively; and
(B) by inserting before paragraph (2), as so redesignated,
the following:
``(1) the term `cosigner'--
``(A) means any individual who is liable for the obligation
of another without compensation, regardless of how designated
in the contract or instrument with respect to that obligation,
other than an obligation under a private education loan
extended to consolidate a consumer's pre-existing private
education loans;
``(B) includes any person the signature of which is
requested as condition to grant credit or to forbear on
collection; and
``(C) does not include a spouse of an individual described
in subparagraph (A), the signature of whom is needed to perfect
the security interest in a loan.''; and
(2) by adding at the end the following:
``(g) Additional Protections Relating to Borrower or Cosigner of a
Private Education Loan.--
``(1) Prohibition on automatic default in case of death or
bankruptcy of non-student obligor.--With respect to a private
education loan involving a student obligor and 1 or more cosigners,
the creditor shall not declare a default or accelerate the debt
against the student obligor on the sole basis of a bankruptcy or
death of a cosigner.
``(2) Cosigner release in case of death of borrower.--
``(A) Release of cosigner.--The holder of a private
education loan, when notified of the death of a student
obligor, shall release within a reasonable timeframe any
cosigner from the obligations of the cosigner under the private
education loan.
``(B) Notification of release.--A holder or servicer of a
private education loan, as applicable, shall within a
reasonable time-frame notify any cosigners for the private
education loan if a cosigner is released from the obligations
of the cosigner for the private education loan under this
paragraph.
``(C) Designation of individual to act on behalf of the
borrower.--Any lender that extends a private education loan
shall provide the student obligor an option to designate an
individual to have the legal authority to act on behalf of the
student obligor with respect to the private education loan in
the event of the death of the student obligor.''.
(b) Applicability.--The amendments made by subsection (a) shall
only apply to private education loan agreements entered into on or
after the date that is 180 days after the date of enactment of this
Act.

ab01e18740d49006ac61d405c220a31be95af02a932be895b0b41473b6d48874

(a) In General.--Section 623(a)(1) of the Fair Credit Reporting Act
(15 U.S.C. 1681s-2(a)(1)) is amended by adding at the end the
following:
``(E) Rehabilitation of private education loans.--
``(i) In general.--Notwithstanding any other provision
of this section, a consumer may request a financial
institution to remove from a consumer report a reported
default regarding a private education loan, and such
information shall not be considered inaccurate, if--
``(I) the financial institution chooses to offer a
loan rehabilitation program which includes, without
limitation, a requirement of the consumer to make
consecutive on-time monthly payments in a number that
demonstrates, in the assessment of the financial
institution offering the loan rehabilitation program, a
renewed ability and willingness to repay the loan; and
``(II) the requirements of the loan rehabilitation
program described in subclause (I) are successfully
met.
``(ii) Banking agencies.--
``(I) In general.--If a financial institution is
supervised by a Federal banking agency, the financial
institution shall seek written approval concerning the
terms and conditions of the loan rehabilitation program
described in clause (i) from the appropriate Federal
banking agency.
``(II) Feedback.--An appropriate Federal banking
agency shall provide feedback to a financial
institution within 120 days of a request for approval
under subclause (I).
``(iii) Limitation.--
``(I) In general.--A consumer may obtain the
benefits available under this subsection with respect
to rehabilitating a loan only 1 time per loan.
``(II) Rule of construction.--Nothing in this
subparagraph may be construed to require a financial
institution to offer a loan rehabilitation program or
to remove any reported default from a consumer report
as a consideration of a loan rehabilitation program,
except as described in clause (i).
``(iv) Definitions.--For purposes of this
subparagraph--
``(I) the term `appropriate Federal banking agency'
has the meaning given the term in section 3 of the
Federal Deposit Insurance Act (12 U.S.C. 1813); and
``(II) the term `private education loan' has the
meaning given the term in section 140(a) of the Truth
in Lending Act (15 U.S.C. 1650(a)).''.
(b) GAO Study.--
(1) Study.--The Comptroller General of the United States shall
conduct a study, in consultation with the appropriate Federal
banking agencies, regarding--
(A) the implementation of subparagraph (E) of section
623(a)(1) of the Fair Credit Reporting Act (15 U.S.C. 1681s-
2(a)(1)) (referred to in this paragraph as ``the provision''),
as added by subsection (a);
(B) the estimated operational, compliance, and reporting
costs associated with the requirements of the provision;
(C) the effects of the requirements of the provision on the
accuracy of credit reporting;
(D) the risks to safety and soundness, if any, created by
the loan rehabilitation programs described in the provision;
and
(E) a review of the effectiveness and impact on the credit
of participants in any loan rehabilitation programs described
in the provision and whether such programs improved the ability
of participants in the programs to access credit products.
(2) Report.--Not later than 1 year after the date of enactment
of this Act, the Comptroller General of the United States shall
submit to Congress a report that contains all findings and
determinations made in conducting the study required under
paragraph (1).

697f00a9aec660327767d673fd3e82cbdb3780546e11d6eee71c87f321b0f6a7

Section 514(a) of the Financial Literacy and Education Improvement
Act (20 U.S.C. 9703(a)) is amended by adding at the end the following:
``(3) Best practices for teaching financial literacy.--
``(A) In general.--After soliciting public comments and
consulting with and receiving input from relevant parties,
including a diverse set of institutions of higher education and
other parties, the Commission shall, by not later than 1 year
after the date of enactment of the Economic Growth, Regulatory
Relief, and Consumer Protection Act, establish best practices
for institutions of higher education regarding methods to--
``(i) teach financial literacy skills; and
``(ii) provide useful and necessary information to
assist students at institutions of higher education when
making financial decisions related to student borrowing.
``(B) Best practices.--The best practices described in
subparagraph (A) shall include the following:
``(i) Methods to ensure that each student has a clear
sense of the student's total borrowing obligations,
including monthly payments, and repayment options.
``(ii) The most effective ways to engage students in
financial literacy education, including frequency and
timing of communication with students.
``(iii) Information on how to target different student
populations, including part-time students, first-time
students, and other nontraditional students.
``(iv) Ways to clearly communicate the importance of
graduating on a student's ability to repay student loans.
``(C) Maintenance of best practices.--The Commission shall
maintain and periodically update the best practices information
required under this paragraph and make the best practices
available to the public.
``(D) Rule of construction.--Nothing in this paragraph
shall be construed to require an institution of higher
education to adopt the best practices required under this
paragraph.''.
Speaker of the House of Representatives.
Vice President of the United States and
President of the Senate.

7c8b8f8510dcf103c785a3a8d8b50702c0e5a60b131e7d14469f100ce18475ea

Economic Growth, Regulatory Relief, and Consumer Protection Act

Other Sections