91 HR 6321 IH: Financial Protections and Assistance for America’s Consumers, States, Businesses, and Vulnerable Populations Act
U.S. House of Representatives
2020-03-23
text/xml
EN
Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
1.Short title; table of contents(a)This Act may be cited as the Financial Protections and Assistance for America’s Consumers, States, Businesses, and Vulnerable Populations Act
.(b)The table of contents for this Act is as follows:Sec. 1. Short title; table of contents.Sec. 2. Severability.Title I—Protecting Consumers, Renters, Homeowners, and People Experiencing HomelessnessSec. 101. Direct stimulus payments for families.Sec. 102. Suspension of requirements regarding tenant contribution toward rent.Sec. 103. Temporary moratorium on eviction filings.Sec. 104. Suspension of other consumer loan payments.Sec. 105. Emergency rental assistance.Sec. 106. Emergency homeless assistance.Sec. 107. Participation of Indian Tribes and tribally designated housing entities in Continuum of Care Program.Sec. 108. Housing Assistance Fund.Sec. 109. Mortgage forbearance.Sec. 110. Bankruptcy protections.Sec. 111. Debt collection.Sec. 112. Disaste protection for workers’ credit.Sec. 113. Student loans.Sec. 114. Waiver of in-person appraisal requirements.Sec. 115. Supplemental funding for community development block grants.Sec. 116. COVID-19 Emergency Housing Relief.Sec. 117. Supplemental funding for service coordinators to assist elderly households.Sec. 118. Fair housing.Sec. 119. HUD counseling program authorization.Sec. 120. Defense Production Act of 1950.Title II—Assisting Small Businesses and Community Financial Institutions Sec. 201. Small Business Credit Facility.Sec. 202. Small Business Financial Assistance Program.Sec. 203. Loan and obligation payment relief for affected small businesses and non-profits.Sec. 204. Reauthorization of the State Small Business Credit Initiative Act of 2010.Sec. 205. Funding of the Initiative to Build Growth Equity Funds for Minority Businesses.Sec. 206. Community Development Financial Institutions Fund supplemental appropriation authorization.Sec. 207. Minority depository institution.Sec. 208. Loans to MDIs and CDFIs.Sec. 209. Insurance of transaction accounts.Title III—Supporting State, Territory, and Local GovernmentsSec. 301. Muni Facility.Sec. 302. Temporary waiver and reprogramming authority.Title IV—Promoting Financial Stability and Transparent MarketsSec. 401. Temporary halt to rulemakings unrelated to COVID–19.Sec. 402. Temporary ban on stock buybacks.Sec. 403. Disclosures related to supply chain disruption risk.Sec. 404. Disclosures related to global pandemic risk.Sec. 405. Oversight of Federal aid related to COVID–19.Sec. 406. International financial institutions.Sec. 407. Conditions on Federal aid to corporations.Sec. 408. Authority for warrants and debt instruments.Sec. 409. Authorization to participate in the New Arrangements to Borrow of the International Monetary Fund.Sec. 410. International Finance Corporation.Sec. 411. Oversight and Reports.Sec. 412. Technical corrections.Sec. 413. Definitions.Sec. 414. Rule of construction.Title V—Pandemic Planning and Guidance for Consumers and RegulatorsSec. 501. Financial Literacy Education Commission Emergency Response.Sec. 502. Interagency pandemic guidance for consumers.Sec. 503. SEC pandemic guidance for investors.Sec. 504. Updates of the Pandemic Influenza Plan and National Planning Frameworks.2.If any provision of this Act or the application of such provision to any person or circumstance is held to be unconstitutional, the remainder of this Act, and the application of the provisions of this Act, to any person or circumstance shall not be affected thereby.<enum>I</enum><header>Protecting Consumers, Renters, Homeowners, and People Experiencing Homelessness</header><section id="H3F853472F9E545488D5A35DD9E36A928"><enum>101.</enum><header>Direct stimulus payments for families</header><subsection id="H8EB51F91D4B84CB5BC2D58529F6F03A0"><enum>(a)</enum><header>Definitions</header><text>In this section:</text><paragraph id="HC28782CA86F54601AFAFFCAA89B036D6"><enum>(1)</enum><header>Digital dollar</header><text>The term <term>digital dollar</term> shall mean—</text><subparagraph id="H2C89653BED114FBCB93B86202F40535A"><enum>(A)</enum><text>a balance expressed as a dollar value consisting of digital ledger entries that are recorded as liabilities in the accounts of any Federal reserve bank; or</text></subparagraph><subparagraph id="HC94F5567A095410C9BF22EC638093FF2"><enum>(B)</enum><text display-inline="yes-display-inline">an electronic unit of value, redeemable by an eligible financial institution (as determined by the Board of Governors of the Federal Reserve System).</text></subparagraph></paragraph><paragraph id="HC8D7804FFFF74816B802A0C088E674BB"><enum>(2)</enum><header>Digital dollar wallet</header><text display-inline="yes-display-inline">The term <term>digital dollar wallet</term> shall mean a digital wallet or account, maintained by a Federal reserve bank on behalf of any person, that represents holdings in an electronic device or service that is used to store digital dollars that may be tied to a digital or physical identity.</text></paragraph><paragraph id="H07498296B8F44AAD94B5C94D0C305878"><enum>(3)</enum><header>Member bank</header><text>The term <term>member bank</term> means a member bank of the Board of Governors of the Federal Reserve System.</text></paragraph><paragraph id="HE8D69D205E0C439FBFBE814FC9334B96"><enum>(4)</enum><header>Pass-through digital dollar wallet</header><text display-inline="yes-display-inline">The term <term>pass-through digital dollar wallet</term> means a digital wallet or account, maintained by a member bank on behalf of a qualified individual, where such qualified individual is entitled to a pro rata share of a pooled reserve balance that the member bank maintains at any Federal reserve bank.</text></paragraph><paragraph id="HDA02AE53640A49F1B7200BB5664071EB"><enum>(5)</enum><header>Qualified individual defined</header><text display-inline="yes-display-inline">The term <term>qualified individual</term> means any individual other than any nonresident alien individual.</text></paragraph></subsection><subsection id="H8EFEACA276A74CE89F8DBF76D6863FBB"><enum>(b)</enum><header>Emergency stimulus check implementation</header><paragraph id="H287BB0CC022C4EDC8ADE1D828330A872"><enum>(1)</enum><header>Payments</header><text display-inline="yes-display-inline">The Secretary of the Treasury, acting through the Commissioner of the Internal Revenue Service, shall make monthly emergency payments to qualified individuals beginning on the first day of the first month beginning after the date of the enactment of this Act and ending on the later of—</text><subparagraph id="H239496ED36624C1182D5C9FCFAB8D612"><enum>(A)</enum><text display-inline="yes-display-inline">the date of the termination by the Federal Emergency Management Agency of the emergency declared on March 13, 2020, by the President under section 501(b) of the Robert T. Stafford Disaster Relief and Emergency Assistance Act with respect to the COVID–19 pandemic; and</text></subparagraph><subparagraph id="HC278D3B532294877A91816ED103AE477"><enum>(B)</enum><text display-inline="yes-display-inline">the date on which—</text><clause id="HD0B14D08E4CD4A6B9331114CEA355A02"><enum>(i)</enum><text>the national unemployment rate (as determined by the Bureau of Labor Statistics) is within 2 percentage points of the national unemployment rate on the date of enactment of this Act; and</text></clause><clause id="H4CDE219D94CE4E75BBFC0705177E864C"><enum>(ii)</enum><text>the 3-month average of the national unemployment rate has declined for two consecutive months.</text></clause></subparagraph></paragraph><paragraph id="H09DDFF33F0244BDEA17BDCC2FDFBE7D2"><enum>(2)</enum><header>Amount of payments</header><subparagraph id="H8889E3F168324FAAA3A90093D42E3001"><enum>(A)</enum><header>In general</header><text>With respect to a qualified individual, the amount of each monthly payment under paragraph (1) shall be as follows:</text><clause id="H3F7FCF1FFEB34031B14C17CA3DD36E99"><enum>(i)</enum><text display-inline="yes-display-inline">For a qualified individual age 18 or older, $2,000.</text></clause><clause id="H6C82D02BEA58493AAC3980B1605AFBAC"><enum>(ii)</enum><text>For a qualified individual under age 18, $1,000.</text></clause></subparagraph><subparagraph id="HCB9628DF6D78461790AC243DD5D8A3A1"><enum>(B)</enum><header>Income limitation</header><text display-inline="yes-display-inline">The amount of a payment under subparagraph (A) shall be reduced (but not below zero) by 5 percent of so much of the individual’s adjusted gross income as exceeds $75,000. The Secretary of the Treasury shall adjust such amount as appropriate to account for individuals filing joint returns.</text></subparagraph></paragraph><paragraph id="HC18DB638C79B4E69B4B84A0B78153A5C"><enum>(3)</enum><header>Method of delivery</header><subparagraph id="H6FF23028C052404ABB7B3B94BBC55F53"><enum>(A)</enum><header>In general</header><text>The Secretary of the Treasury, acting through the Commissioner of the Internal Revenue Service, shall make the payments required under paragraph (1)—</text><clause id="H922EFE1DD54D46DC8B87A78E380905A4"><enum>(i)</enum><text display-inline="yes-display-inline">first, by direct deposit (including to a pass-through digital dollar wallet), if the Commissioner has sufficient information to make direct deposit payments to the applicable individual; and</text></clause><clause id="H01AE6BF7609F4736B605CD974AE85EC7"><enum>(ii)</enum><text>otherwise, by check.</text></clause></subparagraph><subparagraph id="H1D78844ADF5740ECA6EF77707BD46D9F"><enum>(B)</enum><header>Outreach</header><text display-inline="yes-display-inline">The Secretary of the Treasury, acting through the Commissioner of the Internal Revenue Service, shall establish a system for a qualified individual to provide the Internal Revenue Service with the individual’s direct deposit information and shall perform outreach to inform the public of such system.</text></subparagraph></paragraph><paragraph id="HC9EA42DBCF1B46D4815304C92BD3893D"><enum>(4)</enum><header>Accessing payments</header><text display-inline="yes-display-inline">If a payment is deposited (by any method) into an account of a qualified individual at an insured depository institution (as defined in section 3 of the Federal Deposit Insurance Act) or insured credit union (as defined in section 101 of the Federal Credit Union Act), such funds shall be available for withdrawal on the same day, to the fullest extent possible.</text></paragraph><paragraph id="HD6F61A9E270742279C8F25D3150EFD58"><enum>(5)</enum><header>Funding</header><text>The Secretary of the Treasury shall, before each monthly payment required under subsection (a), notify the Board of Governors of the Federal Reserve System of the aggregate amount of such payment, and the Board of Governors shall issue notes in such amount and transfer such notes to the Secretary of the Treasury for use in making such payments.</text></paragraph></subsection><subsection id="H5BCA2FA975284399B5F8DF60054D1208"><enum>(c)</enum><header>Mandate for member banks To maintain pass-Through digital dollar wallets</header><paragraph id="H2CC60DBEB2B547EB9DB8CC9FD3ADF879"><enum>(1)</enum><header>Obligations of member banks</header><subparagraph id="HCB1358B3C2D84C7A9C2606498F504A3A"><enum>(A)</enum><header>In general</header><text display-inline="yes-display-inline">Member banks are hereby directed to establish and maintain pass-through digital dollar wallets for all persons eligible to receive payments from the United States pursuant to this Act who elect to deposit such payments into a pass-through digital dollar wallet.</text></subparagraph><subparagraph id="H1B5681FF96854AEF84A6C9E507A7D741"><enum>(B)</enum><header>Separate entity</header><clause id="H7DC9D41962744694BB1BF18EFCF6366F"><enum>(i)</enum><header>In general</header><text>Each member bank shall establish and maintain a separate legal entity for the exclusive purpose of holding all assets and maintaining all liabilities associated with pass-through digital dollar wallets.</text></clause><clause id="H2640680B32FA4107B646C3EE1D6D69D6"><enum>(ii)</enum><header>Assets</header><text display-inline="yes-display-inline">The assets of any entity described in this paragraph shall consist exclusively of a balance maintained in a master account at a Federal reserve bank, and the liabilities or obligations of the entity shall consist exclusively of an equal quantity of balances maintained by holders of pass-through digital dollar wallets.</text></clause><clause id="H89F8240340D54B92A4B935D9C5DBC8D6"><enum>(iii)</enum><header>Separate assets and liabilities</header><text>The assets and liabilities of any legal entity described in this paragraph shall not be deemed assets or liabilities of the member bank or its affiliates for purposes of any capital or liquidity regulation promulgated by Federal or State banking authorities.</text></clause></subparagraph><subparagraph id="H7CD0CED6F74D496ABB20CE77BE6BEDCD"><enum>(C)</enum><header>Application</header><text display-inline="yes-display-inline">Member banks with total consolidated assets in excess of $10,000,000,000 shall promptly offer individuals the ability to apply, through online or telephonic means, for a pass-through digital dollar wallets.</text></subparagraph></paragraph><paragraph id="HA8D06D7CC03046AA8C2177C94471FF04"><enum>(2)</enum><header>Terms</header><text display-inline="yes-display-inline">Member banks shall ensure that a pass-through digital dollar wallet established under this section—</text><subparagraph id="H5521EE7AF6094906A8623B2C6D774347"><enum>(A)</enum><text display-inline="yes-display-inline">may not be subject to any account fees, minimum balances, or maximum balances;</text></subparagraph><subparagraph id="HC825D2F2E363410A88EEE799FFD0D5FC"><enum>(B)</enum><text>shall pay interest at a rate not below the greater of—</text><clause id="H2CEDE1012F444D9E9C77C0D799B303CE"><enum>(i)</enum><text>the rate of interest on required reserves; and</text></clause><clause id="H832BAC16F8374967AF49BCDD27805D40"><enum>(ii)</enum><text>the rate of interest on excess reserves;</text></clause></subparagraph><subparagraph id="H1E41F2C48FF94B13A13384231148447E"><enum>(C)</enum><text display-inline="yes-display-inline">shall provide functionality and service levels not less favorable than those that the member bank offers for its existing transaction accounts (including with respect to access to debit cards and automated teller machines, online account access, automatic bill-pay and mobile banking services, customer service, and such other services as the Board determines), except that pass-through digital dollar wallet shall not include overdraft coverage;</text></subparagraph><subparagraph id="H423F533BFDC54B0799B2DD3579BF2E04"><enum>(D)</enum><text display-inline="yes-display-inline">shall be prominently branded in all account statements, marketing materials, and other communications of the member bank as a <quote>pass-through FedAccount</quote> maintained by the member bank on behalf of the Board of Governors of the Federal Reserve System;</text></subparagraph><subparagraph id="H77F170DFC9F64F848431634AF359C777"><enum>(E)</enum><text>may not be closed or restricted by the member bank on the basis of profitability considerations; and</text></subparagraph><subparagraph id="HBF0C884750544091AF7152F15438E854"><enum>(F)</enum><text>shall provide holders with reasonable protection against losses caused by fraud or security breaches.</text></subparagraph></paragraph><paragraph id="HDFA8C89E996C4D0B9148BE04A709EC5C"><enum>(3)</enum><header>Reimbursement for costs</header><subparagraph id="H7564D24EDC924113BCB3EA5DC7F23404"><enum>(A)</enum><header>In general</header><text display-inline="yes-display-inline">Each member bank with total consolidated assets not greater than $10,000,000,000 shall be reimbursed each calendar quarter by the relevant Federal reserve bank for actual and reasonable operational costs incurred by the member bank in offering pass-through digital dollar wallets.</text></subparagraph><subparagraph id="H14C03EB783CE4F118FF90D5C0BA4BB90"><enum>(B)</enum><header>Rulemaking</header><text>The Board of Governors of the Federal Reserve System shall issue rules to carry out subparagraph (A).</text></subparagraph></paragraph><paragraph id="HD28F119EBF3E4BD0A298EA2283B7B75C"><enum>(4)</enum><header>Authority of the Board</header><text>Member banks shall be subject to such rules as may be imposed by the Board of Governors of the Federal Reserve System in connection with maintaining pass-through digital dollar wallets.</text></paragraph></subsection><subsection id="H6921757C3C7844D7883050E3F376285E"><enum>(d)</enum><header>Authority for State nonmember banks and credit unions To offer pass-Through digital dollar wallets</header><text>The Federal reserve banks shall permit State banks and credit unions that are not member banks to open master accounts for the exclusive purpose of offering pass-through digital dollar wallets in compliance with the requirements of subsection (c). Each State bank or credit union electing to offer pass-through digital wallets shall be entitled to cost reimbursement in accordance with subsection (c)(3).</text></subsection><subsection id="H1A4EAFC7FE9148AD85E0B4BC63C338DE"><enum>(e)</enum><header>Mandate for Federal reserve banks To maintain digital dollar wallets</header><paragraph id="HB1F5EE3C354446589E0AEA01F45FBC00"><enum>(1)</enum><header>Authorization</header><text>Subject to such restrictions, limitations, and regulations as may be imposed by the Board of Governors of the Federal Reserve System, each Federal reserve bank shall maintain digital dollar wallets.</text></paragraph><paragraph id="HC4D48876DF554941A6A94B2E5BF657E1"><enum>(2)</enum><header>Mandate</header><subparagraph id="HADA681ACA1BD49DAA320DE587383360A"><enum>(A)</enum><header>In general</header><text>Not later than January 1, 2021, all Federal reserve banks shall make digital dollar wallets available to all citizens and legal permanent residents of the United States and business entities for which the principal place of business is located in the United States.</text></subparagraph><subparagraph id="HCD204ADCCDEB4754A5AB86FAF5792423"><enum>(B)</enum><header>Exception</header><text display-inline="yes-display-inline">In geographic areas where physical access to a branch of a Federal reserve bank is limited, Federal reserve banks serving such areas shall partner with United States Postal Service branch offices to ensure access and availability to application and account services for digital dollar wallets. </text></subparagraph></paragraph><paragraph id="HE7EB724734374AC0A849838D3C6157EE"><enum>(3)</enum><header>Terms of digital dollar wallets</header><text display-inline="yes-display-inline">Federal reserve banks shall ensure that digital dollar wallets established under this section—</text><subparagraph id="HDCDD1DD67F2B4F459E924B9ABB3FD0D8" display-inline="no-display-inline"><enum>(A)</enum><text display-inline="yes-display-inline">may not be subject to any account fees, minimum balances, or maximum balances;</text></subparagraph><subparagraph id="HDB35E003AD8A4BF895AB94B26ED0ACC2"><enum>(B)</enum><text>shall pay interest at a rate not below the greater of—</text><clause id="HB88B2C9EB30141F9BDC66E4779F72F0F"><enum>(i)</enum><text>the rate of interest on required reserves; and</text></clause><clause id="HD9CDD3066A694F31BF118760D48A0354"><enum>(ii)</enum><text>the rate of interest on excess reserves;</text></clause></subparagraph><subparagraph id="H43423A4C561B4A2FA854D01353740E60"><enum>(C)</enum><text display-inline="yes-display-inline">shall provide access to debit cards, online account access, automatic bill-pay and mobile banking services, customer service, and such other services as the Board determines, except that digital dollar wallets shall not include overdraft coverage;</text></subparagraph><subparagraph id="H89A631F4BF0845EB864840347978D59A"><enum>(D)</enum><text display-inline="yes-display-inline">shall provide, in conjunction with the United States Postal Service, access to automated teller machines to be maintained on behalf of the Board by the United States Postal Service at branch offices;</text></subparagraph><subparagraph id="H4BC339DBC2CB4B47AD6297C9474BF57C"><enum>(E)</enum><text display-inline="yes-display-inline">shall be prominently branded in all account statements, marketing materials, and other communications of the Federal reserve bank as a <quote>FedAccount</quote> maintained by the member bank on behalf of the United States of America;</text></subparagraph><subparagraph id="H7E18665CDC8446659848FABD93847B5A"><enum>(F)</enum><text>may not be closed or restricted on the basis of profitability considerations; and</text></subparagraph><subparagraph id="H52534C678B8C42AC8030FC7DFC642D34"><enum>(G)</enum><text>shall provide holders with reasonable protection against losses caused by fraud or security breaches.</text></subparagraph></paragraph><paragraph id="HDBEDC07DFA4F4888B0CD4C4A4A54BCD2"><enum>(4)</enum><header>Bank secrecy act</header><text display-inline="yes-display-inline">In establishing and maintaining digital dollar wallets, each Federal reserve bank shall comply with section 21 of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1829b">12 U.S.C. 1829b</external-xref>), section 123 of <external-xref legal-doc="public-law" parsable-cite="pl/91/508">Public Law 91–508</external-xref>, subchapter II of <external-xref legal-doc="usc-chapter" parsable-cite="usc-chapter/31/53">chapter 53</external-xref> of title 31, United States Code.</text></paragraph><paragraph id="H698EAB80D66A422CAB7FBB98D7407F65"><enum>(5)</enum><header>Penalties</header><text display-inline="yes-display-inline">The Board of Governors of the Federal Reserve System shall, by rule, establish penalties applicable to Federal reserve banks and employees of such banks for violations of privacy obligations relating to digital dollar wallets that are similar to the penalties imposed by the Commissioner of the Internal Revenue Service with respect to violations of privacy obligations relating to Federal tax returns.</text></paragraph></subsection><subsection id="H3036F4AA8BAF44BE8442BC5BD1F0380A"><enum>(f)</enum><header>Regulations</header><text>The Board of Governors of the Federal Reserve System shall promulgate regulations to carry out this section.</text></subsection></section><section id="HBFA00F64861E4E9E89159EA511730972" display-inline="no-display-inline" section-type="subsequent-section"><enum>102.</enum><header>Suspension of requirements regarding tenant contribution toward rent</header><subsection id="H7EF8C17196474DEEBCF2DCFA753327E2"><enum>(a)</enum><header>Suspension</header><text display-inline="yes-display-inline">Notwithstanding any other provision of law, the obligation of each tenant household of a dwelling unit in assisted housing to pay any contribution toward rent for occupancy in such dwelling unit shall be suspended with respect to such occupancy during the period beginning on the date of the enactment of this Act and ending 6 months after the date of the termination by the Federal Emergency Management Agency of the emergency declared on March 13, 2020, by the President under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (<external-xref legal-doc="usc" parsable-cite="usc/42/4121">42 U.S.C. 4121</external-xref> et seq.) relating to the Coronavirus Disease 2019 (COVID-19) pandemic.</text></subsection><subsection id="H2CAEF554EFE54038A96ED753C76EEDFC"><enum>(b)</enum><header>Federal reimbursement payments</header><text display-inline="yes-display-inline">To the extent that amounts are made available pursuant to subsection (e) for reimbursements under this subsection, the Secretary of Housing and Urban Development or the Secretary of Agriculture, as appropriate, shall—</text><paragraph id="HC699E5D1418B4BAEABD6884D231ECEB2"><enum>(1)</enum><text>provide owners of assisted housing and public housing agencies for any amounts in rent not received as a result of subsection (a), plus the amount of any increases in costs of administering and maintaining such housing to the extent only that such increases result from the public health emergency relating to Coronavirus Disease 2019 (COVID-19); and</text></paragraph><paragraph id="H0ABA868108BE4A77A350ADB6482C0F20"><enum>(2)</enum><text display-inline="yes-display-inline">in the case of public housing agencies providing assistance under section 8(o) of the United States Housing Act of 1937 (<external-xref legal-doc="usc" parsable-cite="usc/42/1437f">42 U.S.C. 1437f(o)</external-xref>), reimburse such agencies in an amount sufficient to cover any increase in housing assistance payments resulting from the suspension of tenant rent payments pursuant to subsection (a), plus the amount of any increases in the cost of administering such assistance to the extent only that such increases result from the public health emergency relating to Coronavirus Disease 2019 (COVID-19).</text></paragraph></subsection><subsection id="H308CEA3A4D8340539BA0DD9D6325A860"><enum>(c)</enum><header>Prohibitions</header><paragraph id="H59E98194B0E24322B80B17047F7A4201"><enum>(1)</enum><header>On fines</header><text display-inline="yes-display-inline">No tenant or tenant household may be charged a fine or fee for nonpayment of rent in accordance with subsection (a) and such nonpayment of rent shall not be grounds for any termination of tenancy or eviction.</text></paragraph><paragraph id="HA3A8152E8E0F4A3EB0D3DCA47BC08086"><enum>(2)</enum><header>On debt</header><text display-inline="yes-display-inline">No tenant or tenant household may be treated as accruing any debt by reason of suspension of contribution of rent under subsection (a).</text></paragraph><paragraph id="H6A556596F5B7439B9F5FAC542EB28933"><enum>(3)</enum><header>On repayment</header><text>Held liable for repayment of any amount of rent contribution suspended under subsection (a).</text></paragraph><paragraph id="HCB36DE7722BA4447B7293B774D2D543F"><enum>(4)</enum><header>On credit scores</header><text display-inline="yes-display-inline">The nonpayment of rent by a tenant or tenant household shall not be reported to a consumer reporting agency nor shall such nonpayment adversely affect a tenant or member of a tenant household’s credit score.</text></paragraph></subsection><subsection id="H2AACB4C7398D407B80AEC5608677B720"><enum>(d)</enum><header>Assisted housing</header><text display-inline="yes-display-inline">For purposes of this section, the term <quote>assisted housing</quote> means housing or a dwelling unit assisted under—</text><paragraph id="HF3A48AB941DF4D95A703421391494367"><enum>(1)</enum><text>section 213, 220, 221(d)(3), 221(d)(4), 223(e), 231, or 236 of the National Housing Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1715l">12 U.S.C. 1715l(d)(3)</external-xref>, (d)(4), or 1715z–1);</text></paragraph><paragraph id="HEE51AE1040054D4285A886B54B3FF024"><enum>(2)</enum><text>section 101 of the Housing and Urban Development Act of 1965 (<external-xref legal-doc="usc" parsable-cite="usc/12/1701s">12 U.S.C. 1701s</external-xref>);</text></paragraph><paragraph id="H7BA6BA15EA364D03BFC08532C158D35E"><enum>(3)</enum><text>section 202 of the Housing Act of 1959 (<external-xref legal-doc="usc" parsable-cite="usc/12/1701q">12 U.S.C. 1701q</external-xref>);</text></paragraph><paragraph id="H8DCE41C9B5964875B524CA02E701CDC5"><enum>(4)</enum><text>section 811 of the Cranston-Gonzales National Affordable Housing Act (<external-xref legal-doc="usc" parsable-cite="usc/42/8013">42 U.S.C. 8013</external-xref>);</text></paragraph><paragraph id="HD994A5BA207D4657A6E8B981C1FAC9E0"><enum>(5)</enum><text>title II of the Cranston-Gonzalez National Affordable Housing Act (<external-xref legal-doc="usc" parsable-cite="usc/42/12701">42 U.S.C. 12701</external-xref> et seq.);</text></paragraph><paragraph id="H029E46F6E093436087F79C826DD88D63"><enum>(6)</enum><text>subtitle D of title VIII of the Cranston-Gonzalez National Affordable Housing Act (<external-xref legal-doc="usc" parsable-cite="usc/42/12901">42 U.S.C. 12901</external-xref> et seq.);</text></paragraph><paragraph id="HCACC440D8C4C4145B73C09913F0A731F"><enum>(7)</enum><text>title I of the Housing and Community Development Act of 1974 (<external-xref legal-doc="usc" parsable-cite="usc/42/5301">42 U.S.C. 5301</external-xref> et seq.);</text></paragraph><paragraph id="H2ED5722764D84E0091E0AB5AEF2AEEC0"><enum>(8)</enum><text>section 8 of the United States Housing Act of 1937 (<external-xref legal-doc="usc" parsable-cite="usc/42/1437f">42 U.S.C. 1437f</external-xref>);</text></paragraph><paragraph id="H325377A73C164F92973ACDF6ED09A541"><enum>(9)</enum><text>the public housing program under title I of the United States Housing Act of 1937 (<external-xref legal-doc="usc" parsable-cite="usc/42/1437">42 U.S.C. 1437</external-xref> et seq.); or</text></paragraph><paragraph id="H44BF4FF4678E4509B9FBEC2BF4D9873C"><enum>(10)</enum><text display-inline="yes-display-inline">section 514, 515, 516, 521(a)(2), 538, or 542 of the Housing Act of 1949 (<external-xref legal-doc="usc" parsable-cite="usc/42/1484">42 U.S.C. 1484</external-xref>, 1485, 1486, 1490a(a)(2), 1490p–2, 1490r).</text></paragraph></subsection><subsection id="HEB4A4AA685344B82A4D46C7C19F981A2"><enum>(e)</enum><header>Authorization of appropriations</header><text>There is authorized to be appropriated such sums as may be necessary to make payments under subsection (b) to all owners of assisted housing and public housing agencies.</text></subsection></section><section id="HA9854A3F03E246A181171F0BA56DAB61"><enum>103.</enum><header>Temporary moratorium on eviction filings</header><subsection id="H4D15EC0F707A4BB1A2A16B9E3BAD74C3"><enum>(a)</enum><header>Congressional findings</header><text>The Congress finds that—</text><paragraph id="H03F28DCD602248B5B5AF4EA8D145EACF"><enum>(1)</enum><text display-inline="yes-display-inline">according to the 2018 American Community Survey, 36 percent of households in the United States—more than 43 million households—are renters;</text></paragraph><paragraph id="HE44AFD03CD384361A8EA571BA32479DD"><enum>(2)</enum><text>in 2019 alone, renters in the United States paid $512 billion in rent;</text></paragraph><paragraph id="H8ACC57E40F52440AA388C897722B2AF6"><enum>(3)</enum><text>according to the Joint Center for Housing Studies of Harvard University, 20.8 million renters in the United States spent more than 30 percent of their incomes on housing in 2018 and 10.9 million renters spent more than 50 percent of their incomes on housing in the same year;</text></paragraph><paragraph id="H416A3F04200E44E790F5213D9443F270"><enum>(4)</enum><text>Moody’s Analytics estimates that 27 million jobs in the U.S. economy are at high risk because of COVID-19;</text></paragraph><paragraph id="H430664BDD87F451184E3CDC74879A442"><enum>(5)</enum><text display-inline="yes-display-inline">the impacts of the spread of COVID-19, which is now considered a global pandemic, are expected to negatively impact the incomes of potentially millions of renter households, making it difficult for them to pay their rent on time; and</text></paragraph><paragraph id="H9E3C38FA127C44A39113E7F00FD7A3BE"><enum>(6)</enum><text>evictions in the current environment would increase homelessness and housing instability which would be counterproductive towards the public health goals of keeping individuals in their homes to the greatest extent possible.</text></paragraph></subsection><subsection id="HC8B83EB276204EB7B08D9420F57E18A7" display-inline="no-display-inline"><enum>(b)</enum><header>Moratorium</header><text display-inline="yes-display-inline">During the period beginning on the date of the enactment of this Act and ending on the date described in paragraph (1) of subsection (d), the lessor of a covered dwelling may not make, or cause to be made, any filing with the court of jurisdiction to initiate a legal action to recover possession of the covered dwelling from the tenant regardless of cause, except when a tenant perpetrates a serious criminal act that threatens the health, life, or safety of other tenants, owners, or staff of the property in which the covered dwelling is located.</text></subsection><subsection id="H37C5FCAE85EF43F6AC38A9CE059E7BDA"><enum>(c)</enum><header>Definitions</header><text display-inline="yes-display-inline">For purposes of this section, the following definitions shall apply:</text><paragraph id="H0AC0A909890C4A95AB03D368E3CE81A7"><enum>(1)</enum><header>Covered dwelling</header><text>The term <quote>covered dwelling</quote> means a dwelling that is occupied by a tenant—</text><subparagraph id="H74536779327E4DE4AF4CD78179E2CD52"><enum>(A)</enum><text>pursuant to a residential lease; or</text></subparagraph><subparagraph id="HCA757ACC9BDD4032BF5259A467E5390C"><enum>(B)</enum><text display-inline="yes-display-inline">without a lease or with a lease terminable at will under State law.</text></subparagraph></paragraph><paragraph id="HDB23DD49E709481091BC5EE336AA60CB"><enum>(2)</enum><header>Dwelling</header><text>The term <quote>dwelling</quote> has the meaning given such term in section 802 of the Fair Housing Act (<external-xref legal-doc="usc" parsable-cite="usc/42/3602">42 U.S.C. 3602</external-xref>) and includes houses and dwellings described in section 803(b) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/42/3603">42 U.S.C. 3603(b)</external-xref>).</text></paragraph></subsection><subsection id="H7E8CC03755A940F48A2D327BC3191ABF"><enum>(d)</enum><header>Sunset</header><paragraph id="H2A810F42BD974933B2E8F6E3E99E83DE"><enum>(1)</enum><header>Sunset date</header><text display-inline="yes-display-inline">The date described in this paragraph is the date of the expiration of the 6-month period that begins upon the termination by the Federal Emergency Management Agency of the emergency declared on March 13, 2020, by the President under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (<external-xref legal-doc="usc" parsable-cite="usc/42/4121">42 U.S.C. 4121</external-xref> et seq.) relating to the Coronavirus Disease 2019 (COVID-19) pandemic.</text></paragraph><paragraph id="HDDF19E4810EA493BA07C122EC4F21E19"><enum>(2)</enum><header>Notice to vacate after sunset date</header><text display-inline="yes-display-inline">After the date described in paragraph (1), the lessor of a covered dwelling may not require the tenant to vacate the covered dwelling before the expiration of the 30-day period that begins upon the provision by the lessor to the tenant, after the date described in paragraph (1), of a notice to vacate the covered dwelling.</text></paragraph></subsection></section><section id="HFC508B86E37941B5820B3641555B0E23"><enum>104.</enum><header>Suspension of other consumer loan payments</header><subsection id="H6965E902E8494843AAA742E0C8EC6BCE"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">During the COVID–19 emergency, a debt collector may not, with respect to a debt of a consumer (other than debt related to a federally related mortgage loan)—</text><paragraph id="H469C03AE3A1D4E8EBF355721DFE93BFB"><enum>(1)</enum><text>capitalize unpaid interest;</text></paragraph><paragraph id="HC7C23EE64C184C5CB8748BFB51F28A17"><enum>(2)</enum><text>apply a higher interest rate triggered by the nonpayment of a debt to the debt balance;</text></paragraph><paragraph id="HB5625DF2A16A48F289A34AB37604D1B2"><enum>(3)</enum><text>charge a fee triggered by the nonpayment of a debt;</text></paragraph><paragraph id="H8F215E8251FB4AA69E15BE7EF889E74C"><enum>(4)</enum><text>sue or threaten to sue for nonpayment of a debt;</text></paragraph><paragraph id="H3C408CB5C80F489EACC623146EC53FE2"><enum>(5)</enum><text>continue litigation to collect a debt that was initiated before the date of enactment of this section;</text></paragraph><paragraph id="H53B4881882504B0DA161ADDDED9FC7A6"><enum>(6)</enum><text>submit or cause to be submitted a confession of judgment to any court;</text></paragraph><paragraph id="H664897E5BFCD489A812A6E876F4019E8"><enum>(7)</enum><text>enforce a security interest through repossession, limitation of use, or foreclosure;</text></paragraph><paragraph id="HF1C50E1EB489498A9F6B2F2FEE2C6892"><enum>(8)</enum><text>take or threaten to take any action to enforce collection, or any adverse action for nonpayment of a debt, or for nonappearance at any hearing relating to a debt;</text></paragraph><paragraph id="H2D405B68D8AC4FCCAE2935D265BECFA2"><enum>(9)</enum><text display-inline="yes-display-inline">commence or continue any action to cause or to seek to cause the collection of a debt, including pursuant to a court order issued before the end of the 120-day period following the end of the COVID–19 emergency, from wages, Federal benefits, or other amounts due to a consumer by way of garnishment, deduction, offset, or other seizure;</text></paragraph><paragraph id="HE90805700D6D41CDAFCEED929A7DF511"><enum>(10)</enum><text display-inline="yes-display-inline">cause or seek to cause the collection of a debt, including pursuant to a court order issued before the end of the 120-day period following the end of the COVID–19 emergency, by levying on funds from a bank account or seizing any other assets of a consumer;</text></paragraph><paragraph id="H1481B3552B4D4B22A9DB287D6C8A72FB"><enum>(11)</enum><text display-inline="yes-display-inline">commence or continue an action to evict a consumer from real or personal property; or</text></paragraph><paragraph id="H87DB773E9BA14402986115855BFD3E74"><enum>(12)</enum><text>disconnect or terminate service from utility service, including electricity, natural gas, telecommunications or broadband, water, or sewer. </text></paragraph></subsection><subsection id="H701A9D0773784FE2969E34723FD3FEEE"><enum>(b)</enum><header>Rule of construction</header><text display-inline="yes-display-inline">Nothing in this section may be construed to prohibit a consumer from voluntarily paying, in whole or in part, a debt.</text></subsection><subsection id="HCD18A30047AF4130BF7F28A63F6A66CD"><enum>(c)</enum><header>Repayment period</header><text display-inline="yes-display-inline">After the expiration of the COVID–19 emergency, with respect to a debt described under subsection (a), a debt collector—</text><paragraph id="HD53AA3C458004D87B32CF13EC8719E78"><enum>(1)</enum><text>may not add to the debt balance any interest or fee prohibited by subsection (a);</text></paragraph><paragraph id="HFB9B0302A38F41F7A92E9AB5DF2B1CC9"><enum>(2)</enum><text display-inline="yes-display-inline">shall, for credit with a defined term or payment period, extend the time period to repay the debt balance by 1 payment period for each payment that a consumer missed during the COVID–19 emergency, with the payments due in the same amounts and at the same intervals as the pre-existing payment schedule;</text></paragraph><paragraph id="HACE6214941854FC59E21A5931EDE7D3F"><enum>(3)</enum><text display-inline="yes-display-inline">shall, for an open end credit plan (as defined under section 103 of the Truth in Lending Act) or other credit without a defined term, allow the consumer to repay the debt balance in a manner that does not exceed the amounts permitted by formulas under section 170(c) of the Truth in Lending Act and regulations promulgated thereunder; and</text></paragraph><paragraph id="HD3BFED7F2C30474D82798774DD86C447"><enum>(4)</enum><text display-inline="yes-display-inline">shall, when the consumer notifies the debt collector, offer reasonable and affordable repayment plans, loan modifications, refinancing, options with a reasonable time in which to repay the debt.</text></paragraph></subsection><subsection id="H4D97241F972D4825B41F279EA5057614"><enum>(d)</enum><header>Communications in connection with the collection of a debt</header><paragraph id="HE9A7B6767FEB49E8984BA597888E0316"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">During the COVID–19 emergency, without prior consent of a consumer given directly to a debt collector during the COVID–19 emergency, or the express permission of a court of competent jurisdiction, a debt collector may only communicate in writing in connection with the collection of any debt (other than debt related to a federally related mortgage loan).</text></paragraph><paragraph id="H4CD09CA0B5CD432EB2FE6B0E74D1C90C"><enum>(2)</enum><header>Required disclosures</header><subparagraph id="HB372C1BFF6554F0DBB39DF07922E4C23"><enum>(A)</enum><header>In general</header><text display-inline="yes-display-inline">All written communications described under paragraph (1) shall inform the consumer that the communication is for informational purposes and is not an attempt to collect a debt.</text></subparagraph><subparagraph id="HD317DA7FDE7D405FBE361ADC9BD2B6FA"><enum>(B)</enum><header>Requirements</header><text>The disclosure required under subparagraph (A) shall be made—</text><clause id="H25808F4989024CFE968AFE78DC18DA5A"><enum>(i)</enum><text>in type or lettering not smaller than 14-point bold type;</text></clause><clause id="H96A7ECABE6F9403991693D6732B00333"><enum>(ii)</enum><text>separate from any other disclosure;</text></clause><clause id="H2E0E18B1E10E42D6BBFB40B9838CB44B"><enum>(iii)</enum><text>in a manner designed to ensure that the recipient sees the disclosure clearly;</text></clause><clause id="H1324BEA34FCB48C0B7F5E8E74DBC7F5E"><enum>(iv)</enum><text display-inline="yes-display-inline">in English and Spanish and in any additional languages in which the debt collector communicates, including the language in which the loan was negotiated, to the extent known by the debt collector; and</text></clause><clause id="H7252E951E784469BBBE28851DFA4189B"><enum>(v)</enum><text display-inline="yes-display-inline">may be provided by first-class mail or electronically, if the borrower has otherwise consented to electronic communication with the debt collector and has not revoked such consent.</text></clause></subparagraph><subparagraph id="HD615940499004EF993F88461264FB17A"><enum>(C)</enum><header>Oral notification</header><text display-inline="yes-display-inline">Any oral notification shall be provided in the language the debt collector otherwise uses to communicate with the borrower.</text></subparagraph><subparagraph id="H3C5D948761F24D76A2839B6EDDFA325A"><enum>(D)</enum><header>Written translations</header><text display-inline="yes-display-inline">In providing written notifications in languages other than English in this section, a debt collector may rely on written translations developed by the Bureau of Consumer Financial Protection.</text></subparagraph></paragraph></subsection><subsection id="H9C5FA45C4DA24F98BCC758E67DC71C58"><enum>(e)</enum><header>Violations</header><paragraph id="HD2E12C72F395449BBA5C7A335A554552"><enum>(1)</enum><header>In general</header><text>Any person who violates this section shall—</text><subparagraph id="H52E1A14B839D45F0A35BFBAD0437AF33"><enum>(A)</enum><text display-inline="yes-display-inline">except as provided under subparagraph (B), be subject to civil liability in accordance with section 813 of the Fair Debt Collection Practices Act, as if the person is a debt collector for purposes of that section; and</text></subparagraph><subparagraph id="H0294044746E14E5BB55C7DFF78027FF1"><enum>(B)</enum><text display-inline="yes-display-inline">be liable to the consumer for an amount 10 times the amounts described in such section 813, for each violation.</text></subparagraph></paragraph><paragraph id="H2C9B51FAED4E45A5BB0DAB9FFCB7DCA9"><enum>(2)</enum><header>Predispute arbitration agreements</header><text>Notwithstanding any other provision of law, no predispute arbitration agreement or predispute joint-action waiver shall be valid or enforceable with respect to a dispute brought under this section, including a dispute as to the applicability of this section, which shall be determined under Federal law.</text></paragraph></subsection><subsection id="HCAB53C843D0A49FEB764D427B48AA42A"><enum>(f)</enum><header>Tolling</header><text display-inline="yes-display-inline">Except as provided in subsection (g)(5), any applicable time limitations, including statutes of limitations, related to a debt under Federal or State law shall be tolled during the COVID–19 emergency.</text></subsection><subsection id="H50057AD83B6F47CEB1B68A16CCBF26E1"><enum>(g)</enum><header>Claims of affected creditors and debt collectors</header><paragraph id="H75D63236BCBA4E2D91128C7CF0F3BE40"><enum>(1)</enum><header>Valuation of property</header><text display-inline="yes-display-inline">With respect to any action asserting a taking under the Fifth Amendment of the Constitution of the United States as a result of this section or seeking a declaratory judgment regarding the constitutionality of this section, the value of the property alleged to have been taken without just compensation shall be evaluated—</text><subparagraph id="HD014F11F014E4B08BCC50A7544D9A990"><enum>(A)</enum><text>with consideration of the likelihood of full and timely payment of the obligation without the actions taken pursuant to this section; and</text></subparagraph><subparagraph id="H2550DA573CD4496C9683E373517E8626"><enum>(B)</enum><text display-inline="yes-display-inline">without consideration of any assistance provided directly or indirectly to the consumer from other Federal, State, and local government programs instituted or legislation enacted in response to the COVID–19 emergency.</text></subparagraph></paragraph><paragraph id="H8F00C65E48B04D84AD2006403B9A1209"><enum>(2)</enum><header>Scope of just compensation</header><text display-inline="yes-display-inline">In an action described in paragraph (1), any assistance or benefit provided directly or indirectly to the person from other Federal, State, and local government programs instituted in or legislation enacted response to the COVID–19 emergency, shall be deemed to be compensation for the property taken, even if such assistance or benefit is not specifically provided as compensation for property taken by this section.</text></paragraph><paragraph id="HF1A2D154B2644EFB9A26E69B4A3895AE"><enum>(3)</enum><header>Appeals</header><text>Any appeal from an action under this section shall be treated under section 158 of title 28, United States Code, as if it were an appeal in a case under title 11, United States Code.</text></paragraph><paragraph id="H5229B94672A140BE9D7414FED92006D2"><enum>(4)</enum><header>Repose</header><text display-inline="yes-display-inline">Any action asserting a taking under the Fifth Amendment to the Constitution of the United States as a result of this section shall be brought within not later than 180 days after the end of the COVID–19 emergency.</text></paragraph></subsection><subsection id="HCE7E757D20C140B6BB6BE67DBAB0B79E"><enum>(h)</enum><header>Credit facility for other purposes</header><paragraph id="H460FE0907D8B4C9A87D3FFAEEB9DE70F"><enum>(1)</enum><header>Establishment</header><text>The Board of Governors of the Federal Reserve System shall establish a facility that the Board of Governors shall use to make payments to covered financial institutions to compensate such institutions for documented financial losses caused by the suspension of payments required under this section.</text></paragraph><paragraph id="H7C55088798F0432A9811568E67D1A63C"><enum>(2)</enum><header>Covered financial institution defined</header><text>In this subsection, the term <term>covered financial institution</term> means the holder of a loan described under this section.</text></paragraph></subsection><subsection id="H4AA4376E61F4401682493A2DBCD5BBC6"><enum>(i)</enum><header>Definitions</header><text>In this section:</text><paragraph id="HFB29CDD7CE7141D0B5F7A6E70F885210"><enum>(1)</enum><header>Consumer</header><text display-inline="yes-display-inline">The term <quote>consumer</quote> means any individual obligated or allegedly obligated to pay any debt.</text></paragraph><paragraph id="H665BF24A57944258BD55B2F2F62C747F" display-inline="no-display-inline"><enum>(2)</enum><header>COVID–19 emergency</header><text display-inline="yes-display-inline">The term <term>COVID–19 emergency</term> means the period that begins upon the date of the enactment of this Act and ends on the date of the termination by the Federal Emergency Management Agency of the emergency declared on March 13, 2020, by the President under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (<external-xref legal-doc="usc" parsable-cite="usc/42/4121">42 U.S.C. 4121</external-xref> et seq.) relating to the Coronavirus Disease 2019 (COVID–19) pandemic.</text></paragraph><paragraph id="H98A8F6F23B6D42C3BFC82C53DE213DED"><enum>(3)</enum><header>Creditor</header><text>The term <quote>creditor</quote> means—</text><subparagraph id="H513065E2AF534520954093152E3D7999"><enum>(A)</enum><text>any person who offers or extends credit creating a debt or to whom a debt is owed or other obligation for payment;</text></subparagraph><subparagraph id="H8A52113470F14D82AA58304CF54CD8AB"><enum>(B)</enum><text>any lessor of real or personal property; or</text></subparagraph><subparagraph id="H809EA369784840A79039E57A8E6963CA"><enum>(C)</enum><text>any provider of utility services.</text></subparagraph></paragraph><paragraph id="HFEA486D80D614A0B817016844001227D"><enum>(4)</enum><header>Debt</header><text display-inline="yes-display-inline">The term <quote>debt</quote>—</text><subparagraph id="HF3B76EE4A3A24FC7AD541FB3DE75AF8E"><enum>(A)</enum><text>means any obligation or alleged obligation that is or during the COVID emergency becomes past due—</text><clause id="H949614607F6E4EB48E02F57930ECC5E2"><enum>(i)</enum><text>for which the original agreement, or if there is no agreement, the original obligation to pay was created before the COVID emergency, whether or not such obligation has been reduced to judgment; and</text></clause><clause id="H70D822B1C5FA4CE493805A2509DD299B"><enum>(ii)</enum><text>that arises out of a transaction with a consumer; and</text></clause></subparagraph><subparagraph id="HB9A1190FD8B44149A251BF4B10C51090"><enum>(B)</enum><text>does not include a federally related mortgage loan.</text></subparagraph></paragraph><paragraph id="H779A615BCE13499580EA8196EF3A291D"><enum>(5)</enum><header>Debt collector</header><text>The term <quote>debt collector</quote> means a creditor, and any person or entity that engages in the collection of debt, including the Federal Government and a State government, irrespective of whether the debt is allegedly owed to or assigned to that person or to the entity.</text></paragraph><paragraph id="H9E559D8CF45E439AACBF26CB399DB450"><enum>(6)</enum><header>Federally related mortgage loan</header><text display-inline="yes-display-inline">The term <term>federally related mortgage loan</term> has the meaning given that term under section 3 of the Real Estate Settlement Procedures Act of 1974 (<external-xref legal-doc="usc" parsable-cite="usc/12/2602">12 U.S.C. 2602</external-xref>).</text></paragraph></subsection></section><section id="H3C98235DF1754D6BAA9EA087AD7CAA36" display-inline="no-display-inline" section-type="subsequent-section"><enum>105.</enum><header>Emergency rental assistance</header><subsection id="HB20F51E13FD94F0EB3775B33370F8AD2"><enum>(a)</enum><header>Authorization of appropriations</header><text display-inline="yes-display-inline">There is authorized to be appropriated for grants under the Emergency Solutions Grants program under subtitle B of title IV of the McKinney-Vento Homeless Assistance Act (<external-xref legal-doc="usc" parsable-cite="usc/42/11371">42 U.S.C. 11371</external-xref> et seq.) $100,000,000,000 for grants under such subtitle only for providing rental assistance in accordance with section 415(a)(4) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/42/11374">42 U.S.C. 11374(a)(4)</external-xref>) and this section to respond to needs arising from the emergency declared on March 13, 2020, by the President under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (<external-xref legal-doc="usc" parsable-cite="usc/42/4121">42 U.S.C. 4121</external-xref> et seq.) relating to the Coronavirus Disease 2019 (COVID–19) pandemic.</text></subsection><subsection id="H0C91A3DD23134CB0B6493B7FE997C8A4"><enum>(b)</enum><header>Income targeting</header><text display-inline="yes-display-inline">For purposes of assistance made available with amounts made available pursuant to subsection (a)—</text><paragraph id="H78A1CA38B02840D5874270EA9B02E532"><enum>(1)</enum><text>section 401(1)(A) of the McKinney-Vento Homeless Assistance Act (<external-xref legal-doc="usc" parsable-cite="usc/42/11360">42 U.S.C. 11360(1)(A)</external-xref>) shall be applied by substituting <quote>80 percent</quote> for <quote>30 percent</quote>; and</text></paragraph><paragraph id="H8685958C14B24AD4A0FF0D4DD5104FC1"><enum>(2)</enum><text display-inline="yes-display-inline">each grantee of such amounts shall use not less than 50 percent of the amounts received only for providing assistance for persons or families experiencing homelessness or at risk of homelessness, who have incomes not exceeding 50 percent of the median income for the relevant geographic area; except that the Secretary may waive the requirement under this paragraph if the grantee demonstrates to the satisfaction of the Secretary that the population in the geographic area served by the grantee having such incomes is sufficiently being served with respect to activities eligible for funding with such amounts.</text></paragraph></subsection><subsection id="H7847CA40F7204F17849B47543371C68E"><enum>(c)</enum><header>Definition of at risk of homelessness</header><text display-inline="yes-display-inline">For purposes of assistance made available with amounts made available pursuant to subsection (a), section 401(1) of the McKinney-Vento Homeless Assistance Act shall be applied, during the period that begins on the date of the enactment of this Act and ends upon the expiration of the 6-month period that begins upon the termination by the Federal Emergency Management Agency of the emergency declared on March 13, 2020, by the President under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (<external-xref legal-doc="usc" parsable-cite="usc/42/4121">42 U.S.C. 4121</external-xref> et seq.) relating to the Coronavirus Disease 2019 (COVID-19) pandemic, as if subparagraph (C) were repealed.</text></subsection><subsection id="HFFBABF7B3DBA4F0DBEBA84667A0AD6A5"><enum>(d)</enum><header>3-Year availability</header><text display-inline="yes-display-inline">Each grantee of amounts made available pursuant to subsection (a) shall expend—</text><paragraph id="H949718E03706413D8358DB673A7D91BD"><enum>(1)</enum><text>at least 60 percent of such grant amounts within 2 years of the date that such funds became available to the grantee for obligation; and</text></paragraph><paragraph id="H72F3520A68EE4ED2933131161EBB47DA"><enum>(2)</enum><text>100 percent of such grant amounts within 3 years of such date.</text></paragraph><continuation-text continuation-text-level="subsection">The Secretary may recapture any amounts not expended in compliance with paragraph (1) of this subsection and reallocate such amounts to grantees in compliance with the formula referred to in subsection (h)(1)(A) of this section. </continuation-text></subsection><subsection id="H87FFE96EA58C4CE59BFE7FEF761367E2"><enum>(e)</enum><header>Rent restrictions</header><text display-inline="yes-display-inline">Paragraph (1) of section 576.106(d) of the Secretary’s regulations (24 C.F.R. 576.106(d)(1)) shall be applied, with respect to rental assistance made available with amounts made available pursuant to subsection (a), by substituting <quote>120 percent of the Fair Market Rent</quote> for <quote>the Fair Market Rent</quote> .</text></subsection><subsection id="HCFFAC6346EA944B4958AFD64174BD0F5"><enum>(f)</enum><header>Subleases</header><text display-inline="yes-display-inline">Notwithstanding the second sentence of subsection (g) of section 576.106 of the Secretary’s regulations (24 C.F.R. 576.106(g)), a program participant may sublet, with rental assistance made available with amounts made available pursuant to subsection (a) of this section, a dwelling unit from a renter of the dwelling unit if there is a legally binding, written lease agreement for such sublease.</text></subsection><subsection id="HD4742BB56EC44E648BA07CEB42FDE191"><enum>(g)</enum><header>Housing relocation or stabilization activities</header><text display-inline="yes-display-inline">A grantee of amounts made available pursuant to subsection (a) may expend up to 20 percent of its allocation for activities under section 415(a)(5) of the McKinney-Vento Homeless Assistance Act (<external-xref legal-doc="usc" parsable-cite="usc/42/11374">42 U.S.C. 11374(a)(5)</external-xref>).</text></subsection><subsection id="HBC02BB4602A34F8AB4AF085EC07C5257"><enum>(h)</enum><header>Allocation of assistance</header><paragraph id="H9B5879992D244B2CA74F9CF3F16FC181"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">In allocating amounts made available pursuant to subsection (a), the Secretary of Housing and Urban Development shall—</text><subparagraph id="H68F522015F4E499F9A38F74323080969"><enum>(A)</enum><text display-inline="yes-display-inline">not later than 30 days after the date of the enactment of this Act, allocate any such amounts that do not exceed $50,000,000,000 under the formula specified in subsections (a), (b), and (e) of section 414 of the McKinney-Vento Homeless Assistance Act (<external-xref legal-doc="usc" parsable-cite="usc/42/11373">42 U.S.C. 11373</external-xref>) to, and notify, each State, metropolitan city, and urban county that is to receive a direct grant of such amounts; and</text></subparagraph><subparagraph id="HE33E3DF0318E45F2A7623EAFBD27103D"><enum>(B)</enum><text display-inline="yes-display-inline">not later than 120 days after the date of the enactment of this Act, allocate any remaining amounts to eligible grantees by a formula to be developed by the Secretary of Housing and Urban Development that takes into consideration the formula referred to in subparagraph (A) of this paragraph, and the need for emergency rental assistance under this section, including severe housing cost burden among extremely low- and very low-income renters and disruptions in housing and economic conditions, including unemployment.</text></subparagraph></paragraph><paragraph id="H18F977462A814158B1688A6803F73788"><enum>(2)</enum><header>Allocations to States</header><text>A State recipient of an allocation under this section may elect to directly administer up to 50 percent of its allocation to carry out activities eligible under this section.</text></paragraph><paragraph id="H65713F03C70F42998F1389E763F9B527"><enum>(3)</enum><header>Election not to administer</header><text display-inline="yes-display-inline">If a grantee elects not to receive funds under this section, such funds shall be allocated to the State recipient in which the grantee is located. </text></paragraph></subsection><subsection id="H8C6FEDDB77C749CB80325A1D2FFF7C95"><enum>(i)</enum><header>Inapplicability of matching requirement</header><text display-inline="yes-display-inline">Subsection (a) of section 416 of the McKinney-Vento Homeless Assistance Act (<external-xref legal-doc="usc" parsable-cite="usc/42/11375">42 U.S.C. 11375(a)</external-xref>) shall not apply to any amounts made available pursuant to subsection (a) of this section.</text></subsection><subsection id="H2E4CDA0602A14364B7236949C93B9658"><enum>(j)</enum><header>Prohibition on prerequisites</header><text display-inline="yes-display-inline">None of the funds authorized under this section may be used to require people experiencing homelessness to receive treatment or perform any other prerequisite activities as a condition for receiving shelter, housing, or other services.</text></subsection><subsection id="HE96A2ABABB044DBCA8073BEEE92B793E"><enum>(k)</enum><header>Public hearings</header><paragraph id="HF67E1DA087634B0684090ABD556F2A23"><enum>(1)</enum><header>Inapplicability of in-person hearing requirements</header><text display-inline="yes-display-inline">A grantee may not be required to hold in-person public hearings in connection with its citizen participation plan, but shall provide citizens with notice and a reasonable opportunity to comment of not less than 15 days. Following the period that begins upon the date of the enactment of this Act and ends upon the date of the termination by the Federal Emergency Management Agency of the emergency declared on March 13, 2020, by the President under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (<external-xref legal-doc="usc" parsable-cite="usc/42/4121">42 U.S.C. 4121</external-xref> et seq.) relating to the Coronavirus Disease 2019 (COVID-19) pandemic, and after the period described in paragraph (2), the Secretary shall direct grantees to resume pre-crisis public hearing requirements.</text></paragraph><paragraph id="H89D49948F21847AC99FE932785A9A8DE"><enum>(2)</enum><header>Virtual public hearings</header><text>During the period that national or local health authorities recommend social distancing and limiting public gatherings for public health reasons, a grantee may fulfill applicable public hearing requirements for all grants from funds made available pursuant to this section by carrying out virtual public hearings. Any such virtual hearings shall provide reasonable notification and access for citizens in accordance with the grantee’s certifications, timely responses from local officials to all citizen questions and issues, and public access to all questions and responses.</text></paragraph></subsection><subsection id="H8CC1A06168BF4D76B72B85BC97927D55"><enum>(l)</enum><header>Administration</header><text display-inline="yes-display-inline">Of any amounts made available pursuant to subsection (a), not more than the lesser of 0.5 percent, or $15,000,000, may be used for staffing, training, technical assistance, technology, monitoring, research, and evaluation activities necessary to carry out the program carried out under this section, and such amounts shall remain available until September 30, 2024.</text></subsection></section><section id="HEA909F77C8454A35BD4DBB8C64C7A809" display-inline="no-display-inline" section-type="subsequent-section"><enum>106.</enum><header>Emergency homeless assistance</header><subsection id="HBD0036F7ED1B4E9C89A495C69614E7B3"><enum>(a)</enum><header>Authorization of appropriations</header><text display-inline="yes-display-inline">There is authorized to be appropriated under the Emergency Solutions Grants program under subtitle B of title IV of the McKinney-Vento Homeless Assistance Act (<external-xref legal-doc="usc" parsable-cite="usc/42/11371">42 U.S.C. 11371</external-xref> et seq.) $15,500,000,000 for grants under such subtitle in accordance with this section to respond to needs arising from the public health emergency relating to Coronavirus Disease 2019 (COVID-19).</text></subsection><subsection id="H8F6B4CBA0AA347BE8DA58AEDDBB97435"><enum>(b)</enum><header>Formula</header><text display-inline="yes-display-inline">Notwithstanding sections 413 and 414 of the McKinney-Vento Homeless Assistance Act (<external-xref legal-doc="usc" parsable-cite="usc/42/11372">42 U.S.C. 11372</external-xref>, 11373), the Secretary of Housing and Urban Development (in this Act referred to as the <quote>Secretary</quote>) shall allocate amounts made available pursuant to subsection (a) in accordance with a formula to be established by the Secretary that takes into consideration the following factors:</text><paragraph id="HE9054AF686644F5FA2053A80A2105DA3"><enum>(1)</enum><text>Risk of transmission of coronavirus in a jurisdiction.</text></paragraph><paragraph id="H06B4B69747134279A0D125F1F82EBCA6"><enum>(2)</enum><text>Whether a jurisdiction has a high number or rate of sheltered and unsheltered homeless individuals and families.</text></paragraph><paragraph id="HD880AC26A97C4B63A7166C5086D48216"><enum>(3)</enum><text>Economic and housing market conditions in a jurisdiction.</text></paragraph></subsection><subsection id="H6D5C09A7EB7E468497F3800A5CE2AB6A"><enum>(c)</enum><header>Eligible activities</header><text display-inline="yes-display-inline">In addition to eligible activities under section 415(a) of the McKinney-Vento Homeless Assistance Act (<external-xref legal-doc="usc" parsable-cite="usc/42/11374">42 U.S.C. 11374(a)</external-xref>), amounts made available pursuant to subsection (a) may also be used for costs of the following activities:</text><paragraph id="H2C7A38BFBFD7487FAD429C1A96071058"><enum>(1)</enum><text>Providing training on infectious disease prevention and mitigation.</text></paragraph><paragraph id="H9FE5781BBF054A4DA7B358AA23F40F6D"><enum>(2)</enum><text>Providing hazard pay, including for time worked before the effectiveness of this clause, for staff working directly to prevent and mitigate the spread of coronavirus or COVID-19 among people experiencing or at risk of homelessness.</text></paragraph><paragraph id="H36A740DC39F34DA98F1271539EB225EE"><enum>(3)</enum><text display-inline="yes-display-inline">Reimbursement of costs for eligible activities (including activities described in this paragraph) relating to preventing, preparing for, or responding to the coronavirus or COVID-19 that were accrued before the date of the enactment of this Act.</text></paragraph><continuation-text continuation-text-level="subsection">Use of such amounts for activities described in this paragraph shall not be considered use for administrative purposes for purposes of section 418 of the McKinney-Vento Homeless Assistance Act (<external-xref legal-doc="usc" parsable-cite="usc/42/11377">42 U.S.C. 11377</external-xref>). </continuation-text></subsection><subsection id="H678D8BFB104C43B59AFD9D648D6ECEA4"><enum>(d)</enum><header>Inapplicability of procurement standards</header><text display-inline="yes-display-inline">To the extent amounts made available pursuant to subsection (a) are used to procure goods and services relating to activities to prevent, prepare for, or respond to the coronavirus or COVID-19, the standards and requirements regarding procurement that are otherwise applicable shall not apply.</text></subsection><subsection id="H603CADE05CCD47A3926B6CBDD590B167"><enum>(e)</enum><header>Inapplicability of habitability and environmental review standards</header><text display-inline="yes-display-inline">Any Federal standards and requirements regarding habitability and environmental review shall not apply with respect to any emergency shelter that is assisted with amounts made available pursuant to subsection (a) and has been determined by a State or local health official, in accordance with such requirements as the Secretary shall establish, to be necessary to prevent and mitigate the spread of coronavirus or COVID-19, such shelters.</text></subsection><subsection id="H6928413817674DBF9032BA5ACDE81679"><enum>(f)</enum><header>Inapplicability of cap on emergency shelter activities</header><text display-inline="yes-display-inline">Subsection (b) of section 415 of the McKinney-Vento Homeless Assistance Act shall not apply to any amounts made available pursuant to subsection (a)(1) of this section.</text></subsection><subsection id="HCDB0727504F442BCB425EAB2AD4BF233" display-inline="no-display-inline"><enum>(g)</enum><header>Initial allocation of assistance</header><text display-inline="yes-display-inline">Section 417(b) of the McKinney-Vento Homeless Assistance Act (<external-xref legal-doc="usc" parsable-cite="usc/42/11376">42 U.S.C. 11376(b)</external-xref>) shall be applied with respect to amounts made available pursuant to subsection (a) by substituting <quote>30-day</quote> for <quote>60-day</quote>.</text></subsection><subsection id="H5277AC05491C461183C33DB304695546"><enum>(h)</enum><header>Waivers and alternative requirements</header><paragraph id="H98E61F90479B4E4F9C37F2AF4120D147"><enum>(1)</enum><header>Authority</header><text display-inline="yes-display-inline">In administering amounts made available pursuant to subsection (a), the Secretary may waive, or specify alternative requirements for, any provision of any statute or regulation (except for any requirements related to fair housing, nondiscrimination, labor standards, and the environment) that the Secretary administers in connection with the obligation or use by the recipient of such amounts, if the Secretary finds that good cause exists for the waiver or alternative requirement and such waiver or alternative requirement is consistent with the purposes described in this subsection.</text></paragraph><paragraph id="H7BF800BCADB94EE4B73B6D1FFE16E3FC"><enum>(2)</enum><header>Effectiveness; applicability</header><text>Any such waivers shall be deemed to be effective as of the date a State or unit of local government began preparing for coronavirus and shall apply to the use of amounts made available pursuant to subsection (a) and amounts provided in prior appropriation Acts for fiscal year 2020 under the heading <quote>Department of Housing and Urban Development—Community Planning and Development—Community Development Fund</quote> and used by recipients for the purposes described in this subsection.</text></paragraph><paragraph id="HF5139791CBCC4B33AAEE1A69036702DD"><enum>(3)</enum><header>Notification</header><text>The Secretary shall notify the public through the Federal Register or other appropriate means 5 days before the effective date of any such waiver or alternative requirement, and any such public notice may be provided on the internet at the appropriate Government website or through other electronic media, as determined by the Secretary.</text></paragraph><paragraph id="H13B3773CC63D419CA6CAE3C1D4405E82"><enum>(4)</enum><header>Exemption</header><text>The use of amounts made available pursuant to subsection (a) shall not be subject to the consultation, citizen participation, or match requirements that otherwise apply to the Emergency Solutions Grants program, except that a recipient shall publish how it has and will utilize its allocation at a minimum on the internet at the appropriate Government website or through other electronic media.</text></paragraph></subsection><subsection id="H098067E0DD244383B43C2A2E571024AC"><enum>(i)</enum><header>Inapplicability of matching requirement</header><text display-inline="yes-display-inline">Subsection (a) of section 416 of the McKinney-Vento Homeless Assistance Act (<external-xref legal-doc="usc" parsable-cite="usc/42/11375">42 U.S.C. 11375(a)</external-xref>) shall not apply to any amounts made available pursuant to subsection (a) of this section.</text></subsection><subsection id="HD60AFC6295064E58B9DCFC12360C3ABB"><enum>(j)</enum><header>Prohibition on prerequisites</header><text display-inline="yes-display-inline">None of the funds authorized under this section may be used to require people experiencing homelessness to receive treatment or perform any other prerequisite activities as a condition for receiving shelter, housing, or other services.</text></subsection></section><section id="H114676583DCC421AA1625624503AC9E9"><enum>107.</enum><header>Participation of Indian Tribes and tribally designated housing entities in Continuum of Care Program</header><subsection id="HD19048C7AD2E4DADA38938D23964FB5A"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Title IV of the McKinney-Vento Homeless Assistance Act (<external-xref legal-doc="usc" parsable-cite="usc/42/11360">42 U.S.C. 11360</external-xref> et seq.) is amended—</text><paragraph id="H0DD18C8673614EC1954EFBD6BD17CE36"><enum>(1)</enum><text>in section 401 (<external-xref legal-doc="usc" parsable-cite="usc/42/11360">42 U.S.C. 11360</external-xref>)—</text><subparagraph id="H64C45CF40BE64EDFA07F131D134E64AE"><enum>(A)</enum><text>by redesignating paragraphs (10) through (33) as paragraphs (12) through (35), respectively;</text></subparagraph><subparagraph id="HBDC5776706E44F71BDF4F24F6C436F2E"><enum>(B)</enum><text>by redesignating paragraphs (8) and (9) as paragraphs (9) and (10), respectively;</text></subparagraph><subparagraph id="H89927610AC3648F5AE76FF1AB1C6A218"><enum>(C)</enum><text>by inserting after paragraph (7) the following:</text><quoted-block display-inline="no-display-inline" id="H8BAE34EA20784DDE82469916D1F87DF2" style="OLC"><paragraph id="H2C7B008438274FB398BB36B2F6E7712D"><enum>(8)</enum><header>Formula area</header><text>The term <term>formula area</term> has the meaning given the term in section 1000.302 of title 24, Code of Federal Regulations, or any successor regulation.</text></paragraph><after-quoted-block>;</after-quoted-block></quoted-block></subparagraph><subparagraph id="H1406E9D2218748CA92D3E2A68354F7FB"><enum>(D)</enum><text>in paragraph (9), as so redesignated, by inserting <quote>a formula area,</quote> after <quote>nonentitlement area,</quote>; and</text></subparagraph><subparagraph id="H09385E5676104D408F1BF81E66EBFA03"><enum>(E)</enum><text>by inserting after paragraph (10), as so redesignated, the following:</text><quoted-block display-inline="no-display-inline" id="HBAF644CD3D734A2AB36FD68F6ECBECC4" style="OLC"><paragraph id="H8D1E6B02EAAD41A399DBF303AF032B77"><enum>(11)</enum><header>Indian Tribe</header><text>The term <term>Indian Tribe</term> has the meaning given the term <term>Indian tribe</term> in section 4 of the Native American Housing Assistance and Self-Determination Act of 1996 (<external-xref legal-doc="usc" parsable-cite="usc/25/4103">25 U.S.C. 4103</external-xref>).</text></paragraph><after-quoted-block>; and</after-quoted-block></quoted-block></subparagraph></paragraph><paragraph id="H6E0B023972A5451EB69EA55E3BE29601"><enum>(2)</enum><text display-inline="yes-display-inline">in subtitle C (<external-xref legal-doc="usc" parsable-cite="usc/42/11381">42 U.S.C. 11381</external-xref> et seq.), by adding at the end the following:</text><quoted-block display-inline="no-display-inline" id="H0F425DA839774324B1DDEB7AF4CA32E4" style="OLC"><section id="H8D70B1B0F50840598E2BE8C7D5679B62"><enum>435.</enum><header>Participation of Indian Tribes and tribally designated housing entities</header><text display-inline="no-display-inline">Notwithstanding any other provision of this title, for purposes of this subtitle, an Indian Tribe or tribally designated housing entity (as defined in section 4 of the Native American Housing Assistance and Self-Determination Act of 1996 (<external-xref legal-doc="usc" parsable-cite="usc/25/4103">25 U.S.C. 4103</external-xref>)) may—</text><paragraph id="HE67A3EBBD8FE48ABBB72504764675035"><enum>(1)</enum><text display-inline="yes-display-inline">be a collaborative applicant or eligible entity; or</text></paragraph><paragraph id="HEC3D36D57CF94BD0AA3B35D074204847"><enum>(2)</enum><text display-inline="yes-display-inline">receive grant amounts from another entity that receives a grant directly from the Secretary, and use the amounts in accordance with this subtitle.</text></paragraph></section><after-quoted-block>.</after-quoted-block></quoted-block></paragraph></subsection><subsection id="HEBE62501A6C64BC5BE116565B3AF46DF"><enum>(b)</enum><header>Technical and conforming amendment</header><text>The table of contents in section 101(b) of the McKinney-Vento Homeless Assistance Act (<external-xref legal-doc="public-law" parsable-cite="pl/100/77">Public Law 100–77</external-xref>; 101 Stat. 482) is amended by inserting after the item relating to section 434 the following:</text><quoted-block display-inline="no-display-inline" id="H2A8DF14AF4534DD79B76DF6C7D59D04B" style="OLC"><toc><toc-entry bold="off" level="section">Sec. 435. Participation of Indian Tribes and tribally designated housing entities.</toc-entry></toc><after-quoted-block>.</after-quoted-block></quoted-block></subsection></section><section id="H91643E1671D44DAB812CF540AA1E62AA" section-type="subsequent-section"><enum>108.</enum><header>Housing Assistance Fund</header><subsection id="HB492686C3D97432B912FFB4CA0576360"><enum>(a)</enum><header>Definitions</header><text>In this section:</text><paragraph id="HD1F5BAFAEC41485582A3232D3D4F19C5"><enum>(1)</enum><header>Secretary</header><text>The term <term>Secretary</term> means the Secretary of the Treasury.</text></paragraph><paragraph id="HFF59D80C83894472A1FF6EDF99741A21"><enum>(2)</enum><header>State</header><text>The term <term>State</term> means any State of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, the Virgin Islands, and the Northern Mariana Islands.</text></paragraph></subsection><subsection id="H17B26F67C7124CBAA20C38828F830053"><enum>(b)</enum><header>Establishment of fund</header><text>There is established at the Department of the Treasury a Housing Assistance Fund to provide such funds as are allocated in subsection (f) to State housing finance agencies for the purpose of preventing homeowner mortgage defaults, foreclosures, and displacements of individuals and families experiencing financial hardship after January 21, 2020.</text></subsection><subsection id="H9EB72E43AF164114A5A2DAFD874CD22A"><enum>(c)</enum><header>Allocation of funds</header><paragraph id="H193032326E46401BACA720B74CE55FBE"><enum>(1)</enum><header>In general</header><text>The Secretary of the Treasury shall establish such criteria as are necessary to allocate the funds available within the Housing Assistance Fund to each State. The Secretary shall allocate such funds among all States taking into consideration the number of unemployment claims within a State relative to the nationwide number of unemployment claims.</text></paragraph><paragraph id="HADC00E9E6A7940FC9A574CB7A179C59D"><enum>(2)</enum><header>Small state minimum</header><text>Each State shall receive no less than $125,000,000 for the purposes established in subsection (b).</text></paragraph></subsection><subsection id="H952CA7DE4C384ABE9A239B7BED3B9823"><enum>(d)</enum><header>Disbursement of funds</header><paragraph id="H35D44B4305AC471596C16A7910602EFF"><enum>(1)</enum><header>Initial disbursement</header><text>The Secretary shall disburse to the State housing finance agencies not less than <fraction>½</fraction> of the amount made available pursuant to this section, and in accordance with the allocations established under subsection (c), not later than 120 days after the date of enactment of this Act. The Secretary or designee shall enter into a contract with each State housing finance agency, which may be amended from time to time, establishing the terms of the use of such funds prior to the disbursement of such funds.</text></paragraph><paragraph id="HD3AC9470A89A424A85BAE9EF804EFA9E"><enum>(2)</enum><header>Second disbursement</header><text>The Secretary shall disburse all funds made available pursuant to this section, and in accordance with the allocations established under subsection (c), not later than 180 days after the date of enactment of this Act.</text></paragraph></subsection><subsection id="H478C12D8ED9441AFB5E7CD19DE7433E1"><enum>(e)</enum><header>Permissible uses of fund</header><paragraph id="H82A0073FC40F497F8C54EACD1C14CEFF"><enum>(1)</enum><header>In general</header><text>Funds made available to State housing finance agencies pursuant to this section may be used for the purposes established under subsection (b), which may include—</text><subparagraph id="H82A3225E0E30475C8A52D3D7CAD04848"><enum>(A)</enum><text>mortgage payment assistance;</text></subparagraph><subparagraph id="HA0632A4D98BE464B9EF309CCB8BBBA0F"><enum>(B)</enum><text>financial assistance to allow a borrower to reinstate their mortgage following a period of forbearance;</text></subparagraph><subparagraph id="HAA5571F8DD474726A3A386876E99A226"><enum>(C)</enum><text>principal reduction;</text></subparagraph><subparagraph id="H3101161E93724C34BCCE4DE36E7C0E6B"><enum>(D)</enum><text>utility payment assistance, including electric, gas, and water payment assistance;</text></subparagraph><subparagraph id="H0C5D16DDB12C4B30AE334147D7A927D6"><enum>(E)</enum><text>any program established under the Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets;</text></subparagraph><subparagraph id="H591960FCCD16498D85F39DFB3B21E696"><enum>(F)</enum><text>reimbursement of funds expended by a State or local government during the period beginning on January 21, 2020, and ending on the date that the first funds are disbursed by the State under the Housing Assistance Fund, for the purpose of providing housing or utility assistance to individuals or otherwise providing funds to prevent foreclosure or eviction of a homeowner or prevent mortgage delinquency or loss of housing or critical utilities as a response to the coronavirus disease 2019 (COVID–19) pandemic; and</text></subparagraph><subparagraph id="HBD53818BDD10473D8A611611FE144C4D"><enum>(G)</enum><text>any other assistance to prevent eviction, mortgage delinquency or default, foreclosure, or the loss of essential utility services.</text></subparagraph></paragraph><paragraph id="H61F1B489204B491C891C683485995C50"><enum>(2)</enum><header>Administrative expenses</header><text>Not greater than 10 percent of the amount allocated to a State pursuant to subsection (c) may be used by a State housing financing agency for administrative expenses. Any amounts allocated to administrative expenses that are no longer necessary for administrative expenses may be used in accordance with paragraph (1).</text></paragraph></subsection><subsection id="H844D87BEA1064D329E395D3FF831DD1A"><enum>(f)</enum><header>Authorization of appropriation</header><text display-inline="yes-display-inline">There is authorized to be appropriated for the fiscal year ending September 30, 2020, to remain available until expended or transferred or credited under subsection (h), $35,000,000,000 to the Housing Assistance Fund established under subsection (b).</text></subsection><subsection id="H1CB76092ADF24E67AD8C13BA28DF2AF4"><enum>(g)</enum><header>Use of housing finance agency innovation fund for the hardest hit housing markets funds</header><text>A State housing finance agency may reallocate any administrative or programmatic funds it has received as an allocation from the Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets created pursuant to section 101(a) of the Emergency Economic Stabilization Act of 2008 (<external-xref legal-doc="usc" parsable-cite="usc/12/5211">12 U.S.C. 5211(a)</external-xref>) that have not been otherwise allocated or disbursed as of the date of enactment of this Act to supplement any administrative or programmatic funds received from the Housing Assistance Fund. Such reallocated funds shall not be considered when allocating resources from the Housing Assistance Fund using the process established under subsection (c) and shall remain available for the uses permitted and under the terms and conditions established by the contract with Secretary created pursuant to subsection (d)(1) and the terms of subsection (h).</text></subsection><subsection id="H3300AB2FD9B346A09CA3CCA03D0F5C8D"><enum>(h)</enum><header>Rescission of funds</header><text>Any funds that have not been allocated by a State housing finance agency to provide assistance as described under subsection (e) by December 31, 2030, shall be reallocated by the Secretary in the following manner:</text><paragraph id="H0E1C5B3AC3FB4490B1AEB924952A9315" commented="no"><enum>(1)</enum><text>65 percent shall be transferred or credited to the Housing Trust Fund established under section 1338 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (<external-xref legal-doc="usc" parsable-cite="usc/12/4568">12 U.S.C. 4568</external-xref>); and</text></paragraph><paragraph id="H9864A844D03E462F8CAC51B1564C4783" commented="no"><enum>(2)</enum><text>35 percent shall be transferred or credited to the Capital Magnet Fund under section 1339 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (<external-xref legal-doc="usc" parsable-cite="usc/12/4569">12 U.S.C. 4569</external-xref>).</text></paragraph></subsection><subsection id="H6F11CEC22ADB4286A139992ED6C2EC2A"><enum>(i)</enum><header>Reporting requirements</header><text>The Secretary shall provide public reports not less frequently than quarterly regarding the use of funds provided by the Housing Assistance Funds. Such reports shall include the following data by State and by program within each State, both for the past quarter and throughout the life of the program—</text><paragraph id="HB00294DA86AC4EAFBA3878BFC2747D66"><enum>(1)</enum><text>the amount of funds allocated;</text></paragraph><paragraph id="H4CFA7139B23B46B386486EABEA33BBCC"><enum>(2)</enum><text>the amount of funds disbursed;</text></paragraph><paragraph id="HABEFE350203D4FBA81A483ABD3A0D498"><enum>(3)</enum><text>the number of households and individuals assisted;</text></paragraph><paragraph id="HA82E33E58AF64078BC83D11013A5ABE1"><enum>(4)</enum><text>the acceptance rate of applicants;</text></paragraph><paragraph id="HB47A3461F2F34B068142D9B0E4D2A3CB"><enum>(5)</enum><text>the average amount of assistance provided per household receiving assistance;</text></paragraph><paragraph id="H774798AB5C244B83B04FA00ED80E7A08"><enum>(6)</enum><text>the average length of assistance provided per household receiving assistance;</text></paragraph><paragraph id="HA63EA4969B1D462DADC70F3949481538"><enum>(7)</enum><text>the income ranges of households for each household receiving assistance; and</text></paragraph><paragraph id="H136C907BEFF3451880C68785FF626164"><enum>(8)</enum><text>the outcome 12 months after the household has received assistance.</text></paragraph></subsection></section><section id="H2449592C9AF44A32A185AEFF38B6C434"><enum>109.</enum><header>Mortgage forbearance</header><subsection id="HE46D4AF07F64440A8DD0111720601419"><enum>(a)</enum><header>Findings</header><paragraph id="H3FD45926A7A0400691D15D65DD2728AE"><enum>(1)</enum><header>Findings</header><text display-inline="yes-display-inline">Congress finds that—</text><subparagraph id="H0EEA2A2FE188407A95F26D49ABC0044C"><enum>(A)</enum><text>the collection of debts involves the use of the mails and wires and other instrumentalities of interstate commerce;</text></subparagraph><subparagraph id="H9B65CE1BB4504A789F1660BF426A4AEE"><enum>(B)</enum><text>at times of major disaster or emergency, the income of consumers is often impaired and their necessary daily expenses often increase;</text></subparagraph><subparagraph id="HEBBC612DCDCF48BFBE9A00448C1F3CAF"><enum>(C)</enum><text>temporary forbearance benefits not only consumer and small business debtors, but also other creditors by avoiding downward collateral price spirals triggered by an increase in foreclosure activity;</text></subparagraph><subparagraph id="HAF9A867C22594C5F815C0F63A66DCE5F"><enum>(D)</enum><text>without forbearance, many consumers and small businesses are unlikely to be able to pay their obligations according to their original terms and are likely to default on obligations or file for bankruptcy, resulting in reduced recoveries for creditors, and in the case of bankruptcy, no recovery of unaccrued interest;</text></subparagraph><subparagraph id="H47F4029AD4BF4DADA004122D48E358A4"><enum>(E)</enum><text>with forbearance, creditors are likely to realize greater long-term value because consumers and small businesses will be more likely to be able to repay their obligations after the major disaster or emergency has subsided;</text></subparagraph><subparagraph id="HB3917F83605B42B78CE6DEE8292F7A28"><enum>(F)</enum><text>the legislative and administrative response to major disasters and emergencies may consist of multiple components divided among different statutes and programs; and</text></subparagraph><subparagraph id="H772A03CEE1F641409E01A0BB5F0A058A"><enum>(G)</enum><text>when evaluating whether property has been taken from a person without just compensation, a holistic evaluation of the burdens and benefits of all legislative and administrative responses, including indirect benefits from macroeconomic stabilization, is appropriate.</text></subparagraph></paragraph><paragraph id="HA74E05B4D5394A8187EF32B87A60B989"><enum>(2)</enum><header>Further findings regarding mortgage forbearance</header><text>Congress further finds that—</text><subparagraph id="H577F8ACF74B140EBA5507D693087131D"><enum>(A)</enum><text>ensuring that consumers are able to remain in their residences reduces the disruptions and economic harm caused by such disasters and emergencies by ensuring that consumers are able to continue their existing employment, education, childcare, and healthcare arrangements, which are often geographically based;</text></subparagraph><subparagraph id="HB51F7883D46D4B8EABF2737C7255ED39"><enum>(B)</enum><text>temporary forbearance on residential mortgages is therefore critical to fostering economic recovery and stability in the wake of major disasters or emergencies;</text></subparagraph><subparagraph id="H70930F17D50D46D1B88E5B24191ABB77"><enum>(C)</enum><text>temporary mortgage forbearance during a declared disaster benefits not only mortgagors, but also mortgagees because mortgagors’ ability to pay is likely to be restored after a disaster or emergency subsides, so forbearance may increase mortgagors’ total recovery. Without forbearance, mortgagors are likely to default or file for bankruptcy, resulting in significant losses for mortgagees; and</text></subparagraph><subparagraph id="HC5CA37DC7C7243699F051F4DA01A2F7B"><enum>(D)</enum><text>temporary mortgage forbearance during a declared disaster also benefits the mortgagees of other properties because housing prices are geographically and serially correlated so an increase in foreclosures can drive down the value of collateral for all mortgage lenders, further destabilizing the economy.</text></subparagraph></paragraph><paragraph id="H0875A8C262F84BB29476F3B6784BD673"><enum>(3)</enum><header>Further findings regarding mortgage servicers</header><text>Congress further finds that—</text><subparagraph id="H5EC48B2D40264760B2A9648A623FBA84"><enum>(A)</enum><text>mortgage servicers are often contractually obligated to advance scheduled mortgage payments to securitization investors, irrespective of whether the servicer collects the payment from the mortgagor;</text></subparagraph><subparagraph id="H0A381CBB37744BB1A6BB2C440EBBB359"><enum>(B)</enum><text>mortgage servicers are often thinly capitalized and with limited capacity for engaging in large scale advancing of payments to securitization investors;</text></subparagraph><subparagraph id="HCB101ECC9E664F8A852C3D01856E6628"><enum>(C)</enum><text>securitization investors have long been aware of servicers’ thin capitalization; </text></subparagraph><subparagraph id="H7D709D25FBF843729DE7B53E17100CD5"><enum>(D)</enum><text>in the wake of the 2008 financial crisis, several servicers had difficulty obtaining sufficiently liquidity to make advances;</text></subparagraph><subparagraph id="HF4433257D9214F8EA28412AD6710CEFA"><enum>(E)</enum><text>mortgage servicing is a heavily regulated industry;</text></subparagraph><subparagraph id="H0EC0ABE0F40A418E80E3E6FC31119BE4"><enum>(F)</enum><text>in response to the 2008 financial crisis, Congress created a safe harbor for mortgage servicers that undertook loan modifications; </text></subparagraph><subparagraph id="HCFDA3EC4E7B34A70A5552C11F8B4C0EB"><enum>(G)</enum><text>in response to the 2008 financial crisis, the Home Affordable Modification Program paid mortgage servicers to undertake loan modifications; </text></subparagraph><subparagraph id="H8F406CBA48334DA8B32E3724B5ED0783"><enum>(H)</enum><text>as part of the 2012 joint State-Federal National Mortgage Settlement, mortgage servicers committed to undertaking loan modifications; and</text></subparagraph><subparagraph id="H92EAE43FE6364C55A0D5C690D0FBA250"><enum>(I)</enum><text>investors in mortgage securitizations are or should be aware of servicers’ thin capitalization, liquidity constraints, the extent and history of servicing regulation and therefore do not have a reasonable expectation that the terms of servicing contracts will be enforceable at times of national financial crisis.</text></subparagraph></paragraph><paragraph id="HA55B8C6408934268B3FF8AFA3DC7A4E3"><enum>(4)</enum><header>Determination</header><text>It is the sense of the Congress that, on the basis of the findings described under paragraphs (1), (2), and (3), the Congress determines that the provisions of this Act are necessary and proper for the purpose of carrying into execution the powers of the Congress to regulate commerce among the several States and to establish uniform bankruptcy laws.</text></paragraph></subsection><subsection id="HBB98A05836AC43E6BB5B4FC063A4B50A" display-inline="no-display-inline"><enum>(b)</enum><header>Prohibition on foreclosures and repossessions during the COVID–19 emergency</header><paragraph id="HEBF0916948E845FBBC70E71774E80E53"><enum>(1)</enum><header>Prohibition on foreclosures</header><text display-inline="yes-display-inline">The Real Estate Settlement Procedures Act of 1974 (<external-xref legal-doc="usc" parsable-cite="usc/12/2601">12 U.S.C. 2601</external-xref> et seq.) is amended—</text><subparagraph id="H143C841F55D84289A740952E2BCC6A05"><enum>(A)</enum><text>in section 3 (<external-xref legal-doc="usc" parsable-cite="usc/12/2602">12 U.S.C. 2602</external-xref>)—</text><clause id="H3C2B3BC90D32484CAF97ACD307C18340"><enum>(i)</enum><text>in paragraph (8), by striking <quote>and</quote> at the end;</text></clause><clause id="HF702C805FE044D14A3CFE33D121F4941"><enum>(ii)</enum><text>in paragraph (9), by striking the period at the end and inserting <quote>; and</quote>; and</text></clause><clause id="H0C271CF37B3F455C96C5257F9D4FB6D5"><enum>(iii)</enum><text>by adding at the end the following:</text><quoted-block style="OLC" display-inline="no-display-inline" id="H517BEE3638B941C8A4889DD96F066326"><paragraph id="HE69F4C7F349A431FB2D07FF1AC02E2F6"><enum>(10)</enum><text display-inline="yes-display-inline">the term <term>COVID–19 emergency</term> means the period that begins upon the date of the enactment of this Act and ends on the date of the termination by the Federal Emergency Management Agency of the emergency declared on March 13, 2020, by the President under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (<external-xref legal-doc="usc" parsable-cite="usc/42/4121">42 U.S.C. 4121</external-xref> et seq.) relating to the Coronavirus Disease 2019 (COVID–19) pandemic. </text></paragraph><after-quoted-block>; and</after-quoted-block></quoted-block></clause></subparagraph><subparagraph id="HFDD8102050994621A7F2D1E10292C422"><enum>(B)</enum><text>in section 6(k)(1) (<external-xref legal-doc="usc" parsable-cite="usc/12/2605">12 U.S.C. 2605(k)(1)</external-xref>)—</text><clause id="H0888F2E8B1D54F0B8CBACFC39AB4B5D4"><enum>(i)</enum><text>in subparagraph (D), by striking <quote>or</quote> at the end;</text></clause><clause id="HC4B912038F164C03B4711014B2BE2533"><enum>(ii)</enum><text>by redesignating subparagraph (E) as subparagraph (G); and</text></clause><clause id="HB4287EDE9EE04D5B979CB1B2B35897AA"><enum>(iii)</enum><text>by inserting after subparagraph (D) the following:</text><quoted-block style="OLC" display-inline="no-display-inline" id="H222D0694EB2041168AC0B338D51E8688"><subparagraph id="HF6CB28170CFE4E32A162793D335DC7EB"><enum>(E)</enum><text display-inline="yes-display-inline">commence or continue any judicial foreclosure action or non-judicial foreclosure process or any action to evict a consumer following a foreclosure during the COVID–19 emergency or the 180-day period following such emergency (except that such prohibition shall not apply to a mortgage secured by a dwelling that the servicer has determined after exercising reasonable diligence is vacant or abandoned);</text></subparagraph><subparagraph id="H4DDFDBD426964940A541EE187688E722"><enum>(F)</enum><text display-inline="yes-display-inline">fail to toll the time in a foreclosure process on a property during the COVID–19 emergency or the 180-day period following such emergency (except that such prohibition shall not apply to a mortgage secured by a dwelling that the servicer has determined after exercising reasonable diligence is vacant or abandoned); or</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block></clause></subparagraph></paragraph><paragraph id="HF4C98823A53944B0AD6A768B0B5F1B8B"><enum>(2)</enum><header>Repossession prohibition</header><text display-inline="yes-display-inline">During the COVID–19 emergency and for the 180-day period following such emergency, a servicer of a consumer loan secured by a manufactured home or a motor vehicle may not repossess such home or vehicle.</text></paragraph></subsection><subsection id="HF39C0773C0BA48D7BFA59B682BAE0030"><enum>(c)</enum><header>Forbearance of residential mortgage loan payments for single family properties (1–4 units)</header><text>Section 6 of the Real Estate Settlement Procedures Act of 1974 (<external-xref legal-doc="usc" parsable-cite="usc/12/2605">12 U.S.C. 2605</external-xref>) is amended by adding at the end the following:</text><quoted-block style="OLC" id="H12DB4C124B604C788E8B52E6A75B081B" display-inline="no-display-inline"><subsection id="H91C5F45B296842008F79AD6C5042264E"><enum>(n)</enum><header>Forbearance during the COVID–19 emergency</header><paragraph id="H2E75EB50E2E1494989F6563AB4B9D0D8"><enum>(1)</enum><header>Consumer right to request a forbearance</header><subparagraph id="H5D23B8294FF24BA3AF7DABEE738B1132"><enum>(A)</enum><header>Request for forbearance</header><text display-inline="yes-display-inline">A borrower experiencing a financial hardship during the COVID–19 emergency may request forbearance from any mortgage obligation, regardless of delinquency status, by submitting a request to the borrower’s servicer, either orally or in writing, affirming that the borrower is experiencing hardship during the COVID–19 emergency. A borrow shall not be required to provide any additional documentation to receive such forbearance.</text></subparagraph><subparagraph id="H0B51281592AB4FB98863FDEFF86B179F"><enum>(B)</enum><header>Length of forbearance; extension</header><text>A forbearance requested pursuant to subparagraph (A) shall be provided for a period of 180 days, and may be extended upon request of the borrower for an additional 180 days.</text></subparagraph><subparagraph id="H14B230A491514FB0B4A4779DCE647DA1"><enum>(C)</enum><header>Treatment of tenants</header><text>A borrower receiving a forbearance under this subsection with respect to a mortgage secured by a dwelling that has tenants, whether or not the borrower also lives in the dwelling, shall provide the tenants with rent relief for a period not less than the period covered by the forbearance.</text></subparagraph></paragraph><paragraph id="H10408158F0C84F18B147663BAC97448A"><enum>(2)</enum><header>Automatic forbearance for delinquent borrowers</header><subparagraph id="H579563496E744B359539764D104F09E9"><enum>(A)</enum><header>In general</header><text display-inline="yes-display-inline">Notwithstanding any other law governing forbearance relief, during the COVID–19 emergency, any borrower who is or becomes 60 days or more delinquent on a mortgage obligation shall automatically be granted a 180-day forbearance, which may be extended upon request of the borrower for an additional 180 days. Such a borrower may elect to continue making regular payments by notifying the servicer of the mortgage obligation of such election.</text></subparagraph><subparagraph id="HCE56A0B2109D4055AD053A6F0E660D7A"><enum>(B)</enum><header>Notice to borrower</header><text>The servicer of a mortgage obligation placed in forbearance pursuant to subparagraph (A) shall provide the borrower written notification of the forbearance and its duration as well as information about available loss mitigation options and the right to end the forbearance and resume making regular payments.</text></subparagraph><subparagraph id="HECF9B93714E64B1C85D02D4F4370242C"><enum>(C)</enum><header>Treatment of payments during forbearance</header><text display-inline="yes-display-inline">Any payments made by the borrower during the forbearance period shall be credited to the borrower’s account in accordance with section 129F of the Truth in Lending Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1639f">15 U.S.C. 1639f</external-xref>) or as the borrower may otherwise instruct that is consistent with the terms of the mortgage loan contract.</text></subparagraph></paragraph><paragraph id="H97D5FC737DFF4BC892D5416ECC20EB62"><enum>(3)</enum><header>Requirements for servicers</header><subparagraph id="H0323FCF45EFE4F9AB7D4C0D225E0BC44"><enum>(A)</enum><header>Notification</header><clause id="H043BF8087D16427DAFB7E64611AAAA96"><enum>(i)</enum><header>In general</header><text>Each servicer of a federally related mortgage loan shall notify the borrower of their right to request forbearance under paragraph (1)—</text><subclause id="H3882EE0CE50346E882C9237BB6619600"><enum>(I)</enum><text>not later than 14 days after the date of enactment of this subsection; and</text></subclause><subclause id="HC0878F45FAE54C16B28BB801B07F61A3"><enum>(II)</enum><text display-inline="yes-display-inline">until the end of COVID–19 emergency—</text><item id="HBD8E5B792AD645CDAD6D908529EF17B0"><enum>(aa)</enum><text>on each periodic statement provided to the borrower; and</text></item><item id="HF8C7104642EB4BCD813C312B5D139AB8"><enum>(bb)</enum><text>in any oral or written communication by the servicer with or to the borrower.</text></item></subclause></clause><clause id="H519C8AE6B2834647A6D62691E13C0AD0"><enum>(ii)</enum><header>Manner of notification</header><subclause id="HFA43B3596C084BC4B4B529E11CFBB3E8"><enum>(I)</enum><header>Written notification</header><text>Any written notification required under this section—</text><item id="H97D29EFABA6B430E842DD975C91A5D8D"><enum>(aa)</enum><text>shall be provided—</text><subitem id="HB26AA716639E4C75BB2277356FE1F498"><enum>(AA)</enum><text>in English and Spanish and in any additional languages in which the servicer communicates, including the language in which the loan was negotiated, to the extent known by the servicer; and</text></subitem><subitem id="H559420B637FC4180A58AF34767EA8049"><enum>(BB)</enum><text>at least as clearly and conspicuously as the most clear and conspicuous disclosure on the document;</text></subitem></item><item id="H01D81CB4CAA44FE28A1AC544D984E25D"><enum>(bb)</enum><text display-inline="yes-display-inline">shall include the notification of the availability of language assistance and housing counseling produced by the Federal Housing Finance Agency under subsection (o); and</text></item><item id="HAFF783EE9F4B4BC0A0B9D142A33C132B"><enum>(cc)</enum><text>may be provided by first-class mail or electronically, if the borrower has otherwise consented to electronic communication with the servicer and has not revoked such consent.</text></item></subclause><subclause id="HA2278CB24E384DB2B556547F9C21FB59"><enum>(II)</enum><header>Oral notification</header><text>Any oral notification required under clause (i) shall be provided in the language the servicer otherwise uses to communicate with the borrower.</text></subclause><subclause id="HA3894B6A26A34D9CB8AB4DDCECD81641"><enum>(III)</enum><header>Written translations</header><text>In providing written notifications in languages other than English under subclause (I), a servicer may rely on written translations developed by the Federal Housing Finance Agency or the Bureau.</text></subclause></clause></subparagraph><subparagraph id="HBC79248D730C4EB391DC3340BC37B59C"><enum>(B)</enum><header>Other requirements</header><clause id="HBD15658696F44F28B4D1D2DDA6EC829B" commented="no"><enum>(i)</enum><header>Forbearance required</header><text display-inline="yes-display-inline">Upon receiving a request for forbearance from a consumer under paragraph (1) or placing a borrower in automatic forbearance under paragraph (2), a servicer shall provide the forbearance for not less than 180 days, and an additional 180 days at the request of the borrower, provided that the borrower will have the option to discontinue the forbearance at any time.</text></clause><clause id="H6D08451F791146F5A2464AF2704FF82B"><enum>(ii)</enum><header>Prohibition on fees, penalties, and interest</header><text>During the period of a forbearance under this subsection, no fees, penalties or additional interest beyond the amounts scheduled or calculated as if the borrower made all contractual payments on time and in full under the terms of the mortgage contract in effect at the time the borrower enters into the forbearance shall accrue.</text></clause><clause id="H97AFAE0B8A4541F3BCD00CDD0F16CFCA"><enum>(iii)</enum><header>Treatment of escrow payments</header><text>If a borrower in forbearance under this subsection is required to make payments to an escrow account, the servicer shall pay or advance the escrow disbursements in a timely manner (defined as on or before the deadline to avoid a penalty), regardless of the status of the borrower’s payments. The servicer may collect any resulting escrow shortage or deficiency from the borrower after the forbearance period ends, in a lump sum payment, spread over 60 months, or capitalized into the loan, at the borrower’s election.</text></clause></subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block></subsection><subsection id="H3E0B90FD34D54267BD11B93F60BC83F4"><enum>(d)</enum><header>Notification of language assistance and housing counseling</header><text>Section 6 of the Real Estate Settlement Procedures Act of 1974 (<external-xref legal-doc="usc" parsable-cite="usc/12/2605">12 U.S.C. 2605</external-xref>), as amended by subsection (c), is further amended by adding at the end the following:</text><quoted-block style="OLC" id="HECE50C18BC774D6DABB324D62016778C" display-inline="no-display-inline"><subsection id="H3B2247B134DE440A9232CB2C4CC18F3A"><enum>(o)</enum><header>Notification of language assistance and housing counseling</header><paragraph id="H8415B03182F24E8A957FB9610FAD2574"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">The Federal Housing Finance Agency shall, within 30 days of the date of enactment of this Act, make available a document providing notice of the availability of language assistance and housing counseling in substantially the same form, and in at least the same languages, as the existing Language Translation Disclosure.</text></paragraph><paragraph id="H640E35683F01405C99AE3FFB8D4F641C"><enum>(2)</enum><header>Minimum requirement</header><text>The document described under subsection (a) shall include the notice in at least all the languages for which Federal Housing Finance Agency currently has translations on its existing Language Translation Disclosure available.</text></paragraph><paragraph id="HD61BFEB6C59445F6976C4246A7C4622F"><enum>(3)</enum><header>Provision to servicers</header><text>The Federal Housing Finance Agency shall make this document available to servicers to fulfill their requirements under subsection (n).</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block></subsection><subsection id="H0A7E683450854A83A36FE86859DA5C2F"><enum>(e)</enum><header>United States Department of Agriculture Direct Loan Program</header><text>Section 505 of the Housing Act of 1949 (<external-xref legal-doc="usc" parsable-cite="usc/42/1475">42 U.S.C. 1475</external-xref>) is amended—</text><paragraph id="H3F111D4F7ED54A1E901544154821F4E4"><enum>(1)</enum><text>by redesignating subsection (b) as subsection (c); and</text></paragraph><paragraph id="H1E6BA4AF27D94F31859FEA98C66483CF"><enum>(2)</enum><text>by inserting after subsection (a) the following:</text><quoted-block style="OLC" id="HC248D658ADC34A469DF14447F4A9791B" display-inline="no-display-inline"><subsection id="HE205507207964C179D6252C207921093"><enum>(b)</enum><header>Loan modification</header><paragraph id="H997B0C3066EC4EB1B34E3AA98DFAF2BE"><enum>(1)</enum><header>In general</header><text>The Secretary shall implement a loan modification program to modify the terms of outstanding loans for borrowers who face financial hardship.</text></paragraph><paragraph id="H77ABC80F560B4620B76EF2F5359F11B6"><enum>(2)</enum><header>Affordable payments</header><text>The Secretary's loan modification program under paragraph (1) shall be designed so as to provide affordable payments for borrowers. In defining <quote>affordable payments</quote> the Secretary shall consult definitions of affordability promulgated by the Federal Housing Finance Authority, the Department of Housing and Urban Development, and the Bureau of Consumer Financial Protection.</text></paragraph><paragraph id="H2F4EDA08111D42A0B89AB0DA626DC896"><enum>(3)</enum><header>Additional program requirements</header><text display-inline="yes-display-inline">The Secretary's loan modification program under paragraph (1) shall allow for measures including extension of the remaining loan term to up to 480 months and a reduction in interest rate to the market interest rate as defined by regulations of the Secretary. The modification program shall be available for borrowers in a moratorium and for borrowers not already in a moratorium who qualify under the terms established by the Secretary. The Secretary may also establish reasonable additional measures for providing affordable loan modifications to borrowers.</text></paragraph></subsection><after-quoted-block>;</after-quoted-block></quoted-block></paragraph><paragraph id="H43089BA77BD441F296E538DB6827F72C"><enum>(3)</enum><text>in subsection (c), as so redesignated, by adding at the end the following: <quote>Acceleration of the promissory note and initiation of foreclosure proceedings shall not terminate a borrower’s eligibility for a moratorium, loan reamortization, special servicing, or other foreclosure alternative.</quote>; and</text></paragraph><paragraph id="H3729645E75FC40469BE225528C7F5170"><enum>(4)</enum><text>by adding at the end the following:</text><quoted-block style="OLC" id="HB4D608A3419D49A6AE4B207A6101248F" display-inline="no-display-inline"><subsection id="H88867CA384A446BB9AC14A5C90ED3324"><enum>(d)</enum><header>Requirement</header><text display-inline="yes-display-inline">The Secretary shall comply with subsections (k)(1), (n), and (o) of section 6 of the Real Estate Settlement Procedures Act of 1974 with respect to any single-family loans it holds or services.</text></subsection><after-quoted-block>.</after-quoted-block></quoted-block></paragraph></subsection><subsection id="H6EA5B023FC1E4215957B29AAA0C9CB94"><enum>(f)</enum><header>Forbearance of residential mortgage loan payments for multifamily properties (5+ units)</header><paragraph id="H8A21FE8EA96B4D668C264729833D4C03"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">During the COVID–19 emergency, a multifamily borrower experiencing a financial hardship due, directly or indirectly, to the COVID–19 emergency may request a forbearance under the terms set forth in this section.</text></paragraph><paragraph id="H2EFEB5CEA67F4C46BC88FA8CD09C6C05"><enum>(2)</enum><header>Request for relief</header><text>A multifamily borrower may submit a request for forbearance under paragraph (1) to the borrower’s servicer, either orally or in writing, affirming that the multifamily borrower is experiencing hardship during the COVID–19 emergency.</text></paragraph><paragraph id="HCAA395E49EAA48609FA345C83E74053E"><enum>(3)</enum><header>Forbearance period</header><subparagraph id="H3E004336213542AC907B428813E1660D"><enum>(A)</enum><header>In general</header><text>Upon receipt of an oral or written request for forbearance from a multifamily borrower, a servicer shall—</text><clause id="HA82C3C125B3D4368A301387D69B23191"><enum>(i)</enum><text display-inline="yes-display-inline">document the financial hardship;</text></clause><clause id="H03D45BEDDB9E49778FFB6BCB38123913"><enum>(ii)</enum><text>provide the forbearance for not less than 180 days; and</text></clause><clause id="HF070F775B54E4062AABD53349DA65002"><enum>(iii)</enum><text>provide the forbearance for an additional 180 days upon the request of the borrower at least 30 days prior to the end of the forbearance period described under subparagraph (A).</text></clause></subparagraph><subparagraph id="H7418122EB35F47258598670E07FE0112"><enum>(B)</enum><header>Right to discontinue</header><text>A multifamily borrower shall have the option to discontinue the forbearance at any time.</text></subparagraph></paragraph><paragraph id="H9321374BD77C4B3C90D4001312F3FDBE"><enum>(4)</enum><header>Renter protections</header><text display-inline="yes-display-inline">During the term of a forbearance under this section, a multifamily borrower may not—</text><subparagraph id="H4137FB19CB90422291A177566667CF25"><enum>(A)</enum><text>evict a tenant for nonpayment of rent; or</text></subparagraph><subparagraph id="HCB29F2CA070D44E79E0B76E36523957B"><enum>(B)</enum><text>apply or accrue any fees or other penalties on renters for nonpayment of rent.</text></subparagraph></paragraph><paragraph id="H5B2C2C037D9241E6BA8AC068DDAA14D4"><enum>(5)</enum><header>Obligation to bring the loan current</header><text>A multifamily borrower shall bring a loan placed in forbearance under this section current within the earlier of—</text><subparagraph id="H57FBDE1A6A6C4B3FB571CFB6689C6B65"><enum>(A)</enum><text>12 months after the conclusion of the forbearance period; or</text></subparagraph><subparagraph id="H17DC624DD1534590815F60945128C455"><enum>(B)</enum><text>receipt of any business interruption insurance proceeds by the multifamily borrower.</text></subparagraph></paragraph><paragraph id="HDF4DDA6F4DA44D749596AC0FFBAFCDA1"><enum>(6)</enum><header>Definition</header><text>For the purposes of this subsection, the term <term>multifamily borrower</term> means a borrower of a residential mortgage loan that is secured by a lien against a property comprising five or more dwelling units.</text></paragraph></subsection><subsection id="H8D4EC0A4D7FA4FC7BE40018FDC3A54BF" display-inline="no-display-inline"><enum>(g)</enum><header>Federal Reserve credit facility for mortgage servicers</header><paragraph id="HE4CC7B8974E54A718FF875157B16FFEA"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">The Board of Governors of the Federal Reserve System and the Secretary of the Treasury, pursuant to the authority granted under section 13(3) of the Federal Reserve Act, directly (or indirectly through an intermediary, such as the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, the Government National Mortgage Association, an insured depository institution, non-depository lending institution, or a special purpose vehicle)—</text><subparagraph id="H1C95A30CA608493CBF4993CD876A077D"><enum>(A)</enum><text display-inline="yes-display-inline">shall extend credit to mortgage servicers and other obligated advancing parties that in each case have liquidity needs due to the COVID–19 emergency or compliance with this Act with respect to mortgage loans (the <quote>affected mortgages</quote>); and</text></subparagraph><subparagraph id="H49AEDCC99C51478387E4E28E4EC92EE3"><enum>(B)</enum><text display-inline="yes-display-inline">may extend further credit to mortgage servicers for other liquidity needs due to the actual or imminent delinquency or default on mortgage loans due to the COVID–19 emergency.</text></subparagraph></paragraph><paragraph id="H69DC98CB710D4D09B15CBE8EB7809BF3"><enum>(2)</enum><header>Non-compliant servicers</header><text display-inline="yes-display-inline">A mortgage servicer shall not be eligible for assistance under paragraph (1) if the provider is in violation of any requirement under this Act, and fails to promptly cure any such violation upon notice or discovery thereof. </text></paragraph><paragraph id="H932A6597910A47339ABBD672D682F08E"><enum>(3)</enum><header>Payments and purchases</header><text>Credit extended under paragraph (1)(A) shall be in an amount sufficient to—</text><subparagraph id="H291E84FDBC54409F817C047E8DD362F0"><enum>(A)</enum><text>cover—</text><clause id="HEBCFB2F22B99444C83080C8205AD4F25"><enum>(i)</enum><text>the pass-through payment of principal and interest to mortgage-backed securities holders;</text></clause><clause id="HC6B29F8331EA41AE989FC334C5DD10AB"><enum>(ii)</enum><text>the payment of taxes and insurance to third parties; and</text></clause><clause id="HEEDEB69437EF44538C5964A5B5C577D2"><enum>(iii)</enum><text>the temporary reimbursement of modification costs and fees due to servicers that will be deferred until such time as a forbearance period terminates, due in each case on, or in respect of, such affected mortgage loans or related mortgage-backed securities; and</text></clause></subparagraph><subparagraph id="H03317E3AA78243AF8E8C767FDF2BD546"><enum>(B)</enum><text>purchase affected mortgages from pools of securitized mortgages.</text></subparagraph></paragraph><paragraph id="H61569A7566B14B6687DDC8E486F92936"><enum>(4)</enum><header>Collateral</header><text>The credit authorized by this section shall be secured by the pledgor’s interest in accounts receivable, loans, or related interests resulting from the payment advances made on the affected mortgages by the mortgage servicers.</text></paragraph><paragraph id="H789EDA8897524454AF4A8E93763E1EC3"><enum>(5)</enum><header>Credit support</header><text display-inline="yes-display-inline">The Secretary of the Treasury shall provide credit support to the Board of Governors of the Federal Reserve System for the program required by this section.</text></paragraph><paragraph id="HEF0DC95DF68048DAB09FB1DFC7B6A256"><enum>(6)</enum><header>Conflict with other laws</header><text display-inline="yes-display-inline">Notwithstanding any Federal or State law to the contrary, the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, and the Government National Mortgage Association may permit the pledge or grant of a security interest in the pledgor’s interest in such accounts receivable or loans or related interests and honor or permit the enforcement of such pledge or grant in accordance with its terms.</text></paragraph><paragraph id="H1335F7EDBDE64F039FE36917953BB4AA"><enum>(7)</enum><header>Duration</header><text display-inline="yes-display-inline">The extension of credit by the Board of Governors of the Federal Reserve System and credit support from the Secretary of the Treasury under this section shall be available until the later of—</text><subparagraph id="H7E4B2EB337CE47F8AD7CED3ECD68B41A"><enum>(A)</enum><text display-inline="yes-display-inline">6 months after the end of the COVID–19 emergency; and</text></subparagraph><subparagraph id="HEDF5EE47104F44DCB44068A1FD76ADC2"><enum>(B)</enum><text display-inline="yes-display-inline">the date on which on the Board of Governors of the Federal Reserve System and the Secretary of the Treasury determine such credit and credit support should no longer be available to address the liquidity concern addressed by this section.</text></subparagraph></paragraph><paragraph id="H13CBB43116F54AA384B6799AADB494B4"><enum>(8)</enum><header>Amendments to National Housing Act</header><text display-inline="yes-display-inline">Section 306(g)(1) of the National Housing Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1721">12 U.S.C. 1721(g)(1)</external-xref>) is amended—</text><subparagraph id="H92B5F383820D4F1AB2EFD7525D02A9F3"><enum>(A)</enum><text>by inserting the following new sentence after the fourth sentence in the paragraph: <quote>In any case in which (I) the President declares a major disaster or emergency for the nation or any area that in either case has been affected by damage or other adverse effects of sufficient severity and magnitude to warrant major disaster assistance under the Robert T. Stafford Disaster Relief and Emergency Assistance Act or other Federal law, (II) upon request of an Issuer of any security, the Association elects to extend to the Issuer one or more of the disaster assistance or emergency programs that the Association determines to be available to account for the Issuer’s failure or anticipated failure to receive from the mortgagor the full amount of principal and interest due, then (III) the Association may elect not to declare the Issuer to be in default because of such request for such disaster or emergency assistance.</quote>;</text></subparagraph><subparagraph id="H2B61749430974C6E9E27490311D07AD5"><enum>(B)</enum><text>by inserting after the word <quote>issued</quote> in the sixth sentence, as redesignated, the following: <quote>subject to any pledge or grant of security interest of the pledgor’s interest in and to any such mortgage or mortgages or any interest therein and the proceeds thereon, which the Association may elect to approve;</quote>; and</text></subparagraph><subparagraph id="H37B032DEE2BF4EE59DC41B2F0F25FC79"><enum>(C)</enum><text>by inserting after the word <quote>issued</quote> in the seventh sentence, as redesignated, the following: <quote>, or (D) its approval and honoring of any pledge or grant of security interest of the pledgor’s interest in and to any such mortgage or mortgages or any interest therein and proceeds thereon.</quote>.</text></subparagraph></paragraph></subsection><subsection id="H7FC17F4D42D8422CA03A6781659790DF" display-inline="no-display-inline"><enum>(h)</enum><header>Safe harbor</header><paragraph id="H5864E59B8A2A412DAA669D35C5FA5B19"><enum>(1)</enum><header>In general</header><text>Notwithstanding any other provision of law, whenever a servicer of residential mortgages of residential mortgage-backed securities—</text><subparagraph id="H9E41159A81454090A33BD72E2F2E8CE5"><enum>(A)</enum><text display-inline="yes-display-inline">grants a borrower relief under section 6(n) and 6(p) of the Real Estate Settlement Procedures Act of 1974 with respect to a residential mortgage originated before April 1, 2020, including a mortgage held in a securitization or other investment vehicle; and</text></subparagraph><subparagraph id="H16638624BFCB426EA7589A73CBCBAA73"><enum>(B)</enum><text>the servicer or trustee or issuer owes a duty to investors or other parties regarding the standard for servicing such mortgage,</text></subparagraph><continuation-text continuation-text-level="paragraph">the servicer shall be deemed to have satisfied such a duty, and the servicer shall not be liable to any party who is owed such a duty and shall not be subject to any injunction, stay, or other equitable relief to such party, based upon its good faith compliance with the provisions of 6(n) and 6(p) of the Real Estate Settlement Procedures Act of 1974. Any person, including a trustee or issuer, who cooperates with a servicer when such cooperation is necessary for the servicer to implement the provisions of 6(n) and 6(p) of the Real Estate Settlement Procedures Act of 1974 shall be protected from liability in the same manner. </continuation-text></paragraph><paragraph id="HF0EBC9D18AC7407582CF805F1D90A084"><enum>(2)</enum><header>Standard industry practice</header><text display-inline="yes-display-inline">Compliance with 6(n) and 6(p) of the Real Estate Settlement Procedures Act of 1974 during the COVID–19 emergency shall constitute standard industry practice for purposes of all Federal and State laws.</text></paragraph><paragraph id="H2E9F2C0CFB7A421EACBFF486FFBF0E7E"><enum>(3)</enum><header>Definitions</header><text>As used in this subsection—</text><subparagraph id="H113762F115C84BE3BD0A8CC3984563D4"><enum>(A)</enum><text display-inline="yes-display-inline">the term <quote>servicer</quote> has the meaning given that term under section 6(i)(2) of the Real Estate Settlement Procedures Act of 1974 (<external-xref legal-doc="usc" parsable-cite="usc/12/2605">12 U.S.C. 2605(i)(2)</external-xref>); and</text></subparagraph><subparagraph id="H8A77773EAE5F4CC3AB12AF5387F3B676"><enum>(B)</enum><text>the term <quote>securitization vehicle</quote> has the meaning given that term under section 129A(f)(3) of the Truth in Lending Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1639a">15 U.S.C. 1639a(f)(3)</external-xref>).</text></subparagraph></paragraph><paragraph id="H0DB121B2CEB8408BB2AD6DE478AFC4FB"><enum>(4)</enum><header>Rule of construction</header><text>No provision of paragraph (1) or (2) shall be construed as affecting the liability of any servicer or person for actual fraud in servicing of a loan or for the violation of a State or Federal law.</text></paragraph></subsection><subsection id="H414EC06120804CA584DCBD090451235B"><enum>(i)</enum><header>Post-Pandemic mortgage repayment options</header><text>Section 6 of the Real Estate Settlement Procedures Act of 1974 (<external-xref legal-doc="usc" parsable-cite="usc/12/2605">12 U.S.C. 2605</external-xref>), as amended by subsection (d), is further amended by adding at the end the following:</text><quoted-block style="OLC" id="HD98926775CFF45E488F4D8F00C369F2D" display-inline="no-display-inline"><subsection id="HB350A6C013D04AE791C9E5A809544E43"><enum>(p)</enum><header>Post-Pandemic mortgage repayment options</header><text display-inline="yes-display-inline">With respect to a federally related residential mortgage loan, before the end of any forbearance provided under subsection (n), servicers shall—</text><paragraph id="H0E5303B6EC1B44FC93EB0B643CB25849"><enum>(1)</enum><text>evaluate the borrower’s ability to return to making regular mortgage payments;</text></paragraph><paragraph id="HB83650D211FF431993BF2E7E8B3A4C66"><enum>(2)</enum><text>if the borrower is able to return to making regular mortgage payments at the end of the forbearance period—</text><subparagraph id="HA589975F5F91442380025B98771DBDA9"><enum>(A)</enum><text display-inline="yes-display-inline">modify the borrower’s loan to extend the term for the same period as the length of the forbearance, with all payments that were not made during the forbearance distributed at the same intervals as the borrower’s existing payment schedule and evenly distributed across those intervals, with no penalties, late fees, additional interest accrued beyond the amounts scheduled or calculated as if the borrower made all contractual payments on time and in full under the terms of the mortgage contract in effect at the time the borrower entered into the forbearance, and with no modification fee charged to the borrower; </text></subparagraph><subparagraph id="H60D76E2BEE86457BAEA742C52452727B"><enum>(B)</enum><text>if the borrower elects to modify the loan to capitalize a resulting escrow shortage or deficiency, the servicer may modify the borrower’s loan by re-amortizing the principal balance and extending the term of the loan sufficient to maintain the regular mortgage payments; and</text></subparagraph><subparagraph id="H9E7DD2B30524491393D4F94F852CCEDC"><enum>(C)</enum><text>notify the borrower in writing of the extension, including provision of a new payment schedule and date of maturity, and that the borrower shall have the election of prepaying the suspended payments at any time, in a lump sum or otherwise;</text></subparagraph></paragraph><paragraph id="HCF35EF9654E446138927A5DBCBE39FD2"><enum>(3)</enum><text display-inline="yes-display-inline">if the borrower is financially unable to return to making periodic mortgage payments as provided for in the mortgage contract at the end of the COVID–19 emergency—</text><subparagraph id="H8791EDC11B20485D85B779B3602E90B7"><enum>(A)</enum><text>evaluate the borrower for all loan modification options, without regard to whether the borrower has previously requested, been offered, or provided a loan modification or other loss mitigation option and without any requirement that the borrower come current before such evaluation or as a condition of eligibility for such modification, including—</text><clause id="H129B299C68AC4D54973808F3F0F00ED8"><enum>(i)</enum><text>further extending the borrower’s repayment period;</text></clause><clause id="H95948A80A16140F68757C45A7A3AD129"><enum>(ii)</enum><text>reducing the principal balance of the loan; or</text></clause><clause id="H0362A576BE88468D9C5435A97BDFC48F"><enum>(iii)</enum><text>other modification or loss mitigation options available to the servicer under the terms of any investor requirements and existing laws and policies; and</text></clause></subparagraph><subparagraph id="H1F919829777C4F9091A1527B706523CB"><enum>(B)</enum><text>if the borrower qualifies for such a modification, the service shall offer a loan with such terms as to provide a loan with such terms as to provide an affordable payment, with no penalties, late fees, additional interest beyond the amounts scheduled or calculated as if the borrower made all contractual payments on time and in full under the terms of the mortgage contract in effect at the time the borrower entered into the forbearance, and with no modification fees charged to the borrower; and</text></subparagraph></paragraph><paragraph id="H08E7F15790EA4C928579015A34E9F542"><enum>(4)</enum><text>if a borrower is granted a forbearance on payments that would be owed pursuant to a trial loan modification plan—</text><subparagraph id="H46EF9CC6DD5A4CE79E119E6909478398"><enum>(A)</enum><text>any forbearance of payments shall not be treated as missed or delinquent payments or otherwise negatively affect the borrower's ability to complete their trial plan;</text></subparagraph><subparagraph id="HEB34C9699559459D93673C18FD6FE71D"><enum>(B)</enum><text>any past due amounts as of the end of the trial period, including unpaid interest, real estate taxes, insurance premiums, and assessments paid on the borrower’s behalf, will be added to the mortgage loan balance, but only to the extent that such charges are not fees associated with the granting of the forbearance, such as late fees, modification fees, or unpaid interest from the period of the forbearance beyond the amounts scheduled or calculated as if the borrower made all contractual payments on time and in full under the terms of the mortgage contract in effect at the time the borrower entered into the forbearance; and</text></subparagraph><subparagraph id="HAF27BE9B773449CEAF09390C76F5A565"><enum>(C)</enum><text>if the borrower is unable to resume payments on the trial modification at the end of the forbearance period, re-evaluate the borrower for all available loan modifications under paragraph 3, without any requirement that the borrower become current before such evaluation or as a condition of eligibility for such modification.</text></subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block></subsection><subsection id="HAC52713233D04C459CF1BD5164671298"><enum>(j)</enum><header>Claims of affected investors and other parties</header><text>Any action asserting a taking under the Fifth Amendment to the Constitution of the United States as a result of this subsection shall be brought not later than 180 days after the end of the COVID–19 emergency.</text></subsection><subsection id="HFCB2450EAC93498CA928B7B51A926C23" display-inline="no-display-inline"><enum>(k)</enum><header>Extension of the GSE Patch</header><text>The Director of the Bureau of Consumer Financial Protection shall revise section 1026.43(e)(4)(iii)(B) of title 12, Code of Federal Regulations, to extend the sunset of the special rule provided under such section 1026.43(e)(4) until January 1, 2022, or such later date as may be determined by the Bureau.</text></subsection><subsection id="H8AB8584F708F47D4BF0F721B1FA4517D" display-inline="no-display-inline"><enum>(l)</enum><header>Definitions</header><text>In this section:</text><paragraph id="H76DD408D4E7743E4AB6D195DC96A8720"><enum>(1)</enum><header>COVID–19 emergency</header><text display-inline="yes-display-inline">The term <term>COVID–19 emergency</term> means the period that begins upon the date of the enactment of this Act and ends on the date of the termination by the Federal Emergency Management Agency of the emergency declared on March 13, 2020, by the President under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (<external-xref legal-doc="usc" parsable-cite="usc/42/4121">42 U.S.C. 4121</external-xref> et seq.) relating to the Coronavirus Disease 2019 (COVID–19) pandemic.</text></paragraph><paragraph id="H1C25044FFD464D42818680EB4665DBE9"><enum>(2)</enum><header>Manufactured home</header><text display-inline="yes-display-inline">The term <term>manufactured home</term> has the meaning given that term under section 603 of the National Manufactured Housing Construction and Safety Standards Act of 1974 (<external-xref legal-doc="usc" parsable-cite="usc/42/5402">42 U.S.C. 5402</external-xref>). </text></paragraph><paragraph id="H1242165A266A42BD8C9B71A93012864C"><enum>(3)</enum><header>Motor vehicle</header><text display-inline="yes-display-inline">The term <term>motor vehicle</term> has the meaning given that term under Section 1029(f) of the Consumer Financial Protection Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/12/5519">12 U.S.C. 5519(f)</external-xref>).</text></paragraph><paragraph id="HF247D0A353A949358FDF4C7E21DFBC51"><enum>(4)</enum><header>Residential mortgage loan</header><text display-inline="yes-display-inline">The term <term>residential mortgage loan</term> means any consumer credit transaction that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on residence consisting of a single dwelling unit that is occupied by the mortgagor.</text></paragraph></subsection></section><section id="HC73C01B3989D4AB5823974579DA1E2F0"><enum>110.</enum><header>Bankruptcy protections</header><subsection id="H0FA4295E67DF49D1A221B820583E2A8C"><enum>(a)</enum><header>Increasing the homestead exemption</header><paragraph id="H40EA4668083F4EB1B2B3353387BBE614"><enum>(1)</enum><header>Homestead exemption</header><text>Section 522 of title 11, United States Code, is amended—</text><subparagraph id="H12966AACF5124D2CB8BDD97846768C3B"><enum>(A)</enum><text>in subsection (d)(1), by striking <quote>$15,000</quote> and inserting <quote>$100,000</quote>; and</text></subparagraph><subparagraph id="H8627DE330A484F019556198EDC859B53"><enum>(B)</enum><text>by adding at the end the following:</text><quoted-block id="HAA0723D461A647969DD867901F1E74C4" style="OLC"><subsection id="H6D07CA83BAA64C4388A34F3F90FD8DDF"><enum>(r)</enum><text>Notwithstanding any other provision of applicable nonbankruptcy law, a debtor in any State may exempt from property of the estate the property described in subsection (d)(1) not to exceed the value in subsection (d)(1) if the exemption for such property permitted by applicable nonbankruptcy law is lower than that amount.</text></subsection><after-quoted-block>.</after-quoted-block></quoted-block></subparagraph></paragraph></subsection><subsection id="H1C9B852AD53342ED97ACD14DFDD4E008"><enum>(b)</enum><header>Effect of missed mortgage payments on discharge</header><text>Section 1328 of title 11, United States Code, is amended by adding at the end the following:</text><quoted-block id="H670CDA8186174F68BCB2F8D5CAC0FAEA" style="OLC"><clause id="HAB3C27D4935C4A1682A47CA83FF1B56F"><enum>(i)</enum><text>A debtor shall not be denied a discharge under this section because, as of the date of discharge, the debtor did not make 6 or fewer payments directly to the holder of a debt secured by real property.</text></clause><subsection id="HF713B514D30C42168601064EAFE2B1D2"><enum>(j)</enum><text>Notwithstanding subsections (a) and (b), upon the debtor’s request, the court shall grant a discharge of all debts provided for in the plan that are dischargeable under subsection (a) if the debtor—</text><paragraph id="H3EAEEFA4B86A43888AC3162D4D78923E"><enum>(1)</enum><text>has made payments under a confirmed plan for at least 1 year; and</text></paragraph><paragraph id="HB5BBAFABBF574E6C98118803CE68B774"><enum>(2)</enum><text>is experiencing a loss of income or increase in expenses due, directly or indirectly, to the coronavirus disease 2019 (COVID–19) pandemic.</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block></subsection><subsection id="H1274910E2D7C4ED6A2523BD2E13F5FAC"><enum>(c)</enum><header>Modification of chapter 13 plan due to hardship caused by COVID-19 pandemic</header><text>Section 1329 of title 11, United States Code, is amended by adding at end the following:</text><quoted-block id="HDB60CFF8B25A4380BA1150DAED8B719C" style="OLC"><subsection id="H42A437042F6B4E918B0E2274E6498F9F"><enum>(d)</enum><paragraph commented="no" display-inline="yes-display-inline" id="H309EFD1225D4437D8A59DE5B61F5C878"><enum>(1)</enum><text>Subject to paragraph (3), for cases confirmed prior to the date of enactment of this subsection, the plan may be modified upon the request of the debtor if—</text><subparagraph id="HAB8E1F4429C44FE786DC926E90BB348F"><enum>(A)</enum><text>the debtor is experiencing or has experienced a material financial hardship due, directly or indirectly, to the coronavirus disease 2019 (COVID–19) pandemic; and</text></subparagraph><subparagraph id="H8AAD6EB235814CF483FE36BB132B0CB9"><enum>(B)</enum><text>the modification is approved after notice and a hearing.</text></subparagraph></paragraph><paragraph id="H44EE7B0221BE4721B2B50C39CDD9B930"><enum>(2)</enum><text>A modification under paragraph (1) may include extending the period of time for payments on claims not later than 7 years after the date on which the first payment under the original confirmed plan was due.</text></paragraph><paragraph id="HF9CDF5CE370443EF83E43CD6A41C5590"><enum>(3)</enum><text>Sections 1322(a), 1322(b), 1323(c), and the requirements of section 1325(a) shall apply to any modification under paragraph (1).</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block></subsection><subsection id="HBAFDE53B8A664918B3BB2224B34D6E0C"><enum>(d)</enum><header>Applicability</header><paragraph id="HC2244450090543F0AB663EF41F52C060"><enum>(1)</enum><text>The amendments made by subsections (a) and (b) shall apply to any case commenced before, on, or after the date of enactment of this Act.</text></paragraph><paragraph id="H719D262C627B4162BC0C11AB88B6736B"><enum>(2)</enum><text>The amendment made by subsection (c) shall apply to any case for which a plan has been confirmed under section 1325 of title 11, United States Code, before the date of enactment of this Act.</text></paragraph></subsection></section><section id="H60FA8756576945D5BE6E519B483760A9"><enum>111.</enum><header>Debt collection</header><subsection id="H724C717ABEE642118FE61402AE9414B1"><enum>(a)</enum><header>Temporary debt collection moratorium during the COVID-19 emergency period</header><paragraph id="HF26BD05CC2DB44F695B9568F6573F0B1"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">The Fair Debt Collection Practices Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1692">15 U.S.C. 1692</external-xref> et seq.) is amended by inserting after section 812 the following:</text><quoted-block style="USC" id="H05E64C962037442D8B53B1B8FA1E7BF9" display-inline="no-display-inline"><section id="H3112AD0EFF464BA8BF5C41BAC96876CF"><enum>812A.</enum><header>Temporary debt collection moratorium during the COVID-19 emergency period</header><subsection id="H4F214C2969B44EC0A1A03B925273A967"><enum>(a)</enum><header>Definitions</header><text display-inline="yes-display-inline">In this section:</text><paragraph id="H3781B5AAB44A47F3918CEDB9C16A7244"><enum>(1)</enum><header>Consumer</header><text display-inline="yes-display-inline">The term <quote>consumer</quote> means any natural person obligated or allegedly obligated to pay any debt.</text></paragraph><paragraph id="HA4AD4DCCF79545B09BB8A9B30DB2C87C"><enum>(2)</enum><header>COVID-19 emergency period</header><text>The term <quote>COVID-19 emergency period</quote> means the period that begins upon the date of the enactment of this Act and ends upon the date of the termination by the Federal Emergency Management Administration of the emergency declared on March 13, 2020, by the President under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (<external-xref legal-doc="usc" parsable-cite="usc/42/4121">42 U.S.C. 4121</external-xref> et seq.) relating to the Coronavirus Disease 2019 (COVID-19) pandemic.</text></paragraph><paragraph id="HB7F81A4222A449C8942F9CF81D2F5BB1"><enum>(3)</enum><header>Creditor</header><text display-inline="yes-display-inline">The term <quote>creditor</quote> means any person who offers or extends credit creating a debt or to whom a debt is owed or other obligation of payment.</text></paragraph><paragraph id="HCE20E5F1157F4B7B9D8148E266591D3B"><enum>(4)</enum><header>Debt</header><text>The term <quote>debt</quote>—</text><subparagraph id="H955507253242449C958D78F6D90131E8"><enum>(A)</enum><text>means any past due obligation or alleged obligation of a consumer, non-profit organization, or small business to pay money—</text><clause id="H61AE21425F724EE9A03C008FB252B0FA"><enum>(i)</enum><text>arising out of a transaction in which the money, property, insurance, or services which are the subject of the transaction are primarily for personal, family, business, non-profit, or household purposes, whether or not such obligation has been reduced to judgment; or</text></clause><clause id="H57E49CA681154C9BB6993CA5E89AE07B"><enum>(ii)</enum><text>owed to a local, State, or Federal government; and</text></clause></subparagraph><subparagraph id="HCCA44C8B17ED4D01A188ED9D5B7437FE"><enum>(B)</enum><text display-inline="yes-display-inline">does not include federally related mortgages (as defined under section 3 of the Real Estate Settlement Procedures Act of 1974) unless a deficiency judgment has been made with respect to such federally related mortgage.</text></subparagraph></paragraph><paragraph id="H00C6A64F2BD542EB8FD997DEE96133AE"><enum>(5)</enum><header>Debt collector</header><text display-inline="yes-display-inline">The term <quote>debt collector</quote> includes a creditor and any person or entity that engages in the collection of debt (including the Federal Government or a State government) whether or not the debt is allegedly owed to or assigned to that person or entity.</text></paragraph><paragraph id="H20BEF4173D5C48C084745D42D080EE51"><enum>(6)</enum><header>Depository institution</header><text>The term <quote>depository institution</quote>—</text><subparagraph id="HBF789A37A4034C9F97A7A62CA8B313E5"><enum>(A)</enum><text>has the meaning given that term under section 3 of the Federal Deposit Insurance Act; and</text></subparagraph><subparagraph id="H1E780FFD96674D3B91CC0F93E302B70E"><enum>(B)</enum><text>means a Federal or State credit union (as such terms are defined, respectively, under section 101 of the Federal Credit Union Act.)</text></subparagraph></paragraph><paragraph id="H586FEDDC50394BE0BDB6122D4BDCA8B4"><enum>(7)</enum><header>Non-profit organization</header><text display-inline="yes-display-inline">The term <quote>non-profit organization</quote> means an organization described in <external-xref legal-doc="usc" parsable-cite="usc/26/501">section 501(c)(3)</external-xref> of the Internal Revenue Code of 1986 and exempt from taxation under subsection (a) of such section.</text></paragraph><paragraph id="HEDB30AE8AAF74DF280C8305D7ECBE8DB"><enum>(8)</enum><header>Small business</header><text display-inline="yes-display-inline">The term <quote>small business</quote> has the meaning given the term <quote>small business concern</quote> under section 3 of the Small Business Act (<external-xref legal-doc="usc" parsable-cite="usc/15/632">15 U.S.C. 632</external-xref>).</text></paragraph></subsection><subsection id="HFB854B79B6AB497799A0A72C837C4C4E"><enum>(b)</enum><header>Prohibitions</header><text display-inline="yes-display-inline">Notwithstanding any other provision of law, during COVID-19 emergency period and the 120-day period immediately following, a debt collector is prohibited from—</text><paragraph id="H82D1DB72285F4D70AE19126FBB34011E"><enum>(1)</enum><text display-inline="yes-display-inline">capitalizing or adding extra interest or fees triggered by the non-payment of an obligation by a consumer, small business, or non-profit organization to the balance of an account;</text></paragraph><paragraph id="HC7B60F932C8C4389AD373BE8294E88DA"><enum>(2)</enum><text>suing or threatening to sue a consumer, small business, or non-profit for a past-due debt;</text></paragraph><paragraph id="HAB0C6092DDAE468E98C2E1FBDCE57AAA"><enum>(3)</enum><text display-inline="yes-display-inline">continuing litigation initiated before the date of enactment of this section to collect a debt from a consumer, small business, or non-profit organization;</text></paragraph><paragraph id="H4B87130B9EFA40D19040157DDA3AB6E7"><enum>(4)</enum><text display-inline="yes-display-inline">enforcing a security interest, including through repossession or foreclosure, against a consumer, small business, or non-profit organization;</text></paragraph><paragraph id="HC931065D1803474B9C15387986D866F7"><enum>(5)</enum><text display-inline="yes-display-inline">reporting a past-due debt of a consumer, small business, or non-profit organization to a consumer reporting agency;</text></paragraph><paragraph id="H82C1AEED30814628ACCEDE3B4631C88D"><enum>(6)</enum><text display-inline="yes-display-inline">taking or threatening to take any action to enforce collection, or any adverse action against a consumer, small business, or non-profit organization for non-payment or for non-appearance at any hearings related to a debt;</text></paragraph><paragraph id="H19CB2822088B47A7B01FED8A8B005EE8"><enum>(7)</enum><text display-inline="yes-display-inline">except with respect to enforcing an order for child support or spousal support, initiating or continuing any action to cause or to seek to cause the collection of a debt from wages, Federal benefits, or other amounts due to a consumer, small business, or non-profit organization, by way of garnishment, deduction, offset, or other seizure, or to cause or seek to cause the collection of a debt by seizing funds from a bank account or any other assets held by such consumer, small business, or non-profit organization;</text></paragraph><paragraph id="H90EAD346D9C84C0D87C512B7292DD965"><enum>(8)</enum><text>in the case of action or collection described under paragraph (7) that was initiated prior to the beginning of the date of such disaster or emergency, failing to suspend the action or collection until 120 days after the end of the COVID-19 emergency period;</text></paragraph><paragraph id="H06C79B6799104EF5B03EADE12E78EFE0"><enum>(9)</enum><text display-inline="yes-display-inline">upon the termination of the incident period for such disaster or emergency, failing to extend the time period to pay an obligation by one payment period for each payment that a consumer, small business, or non-profit organization missed during the incident period, with the payments due in the same amounts and at the same intervals as the pre-existing payment schedule of the consumer, small business, or non-profit organization (as applicable) or, if the debt has no payment periods, allow the consumer, small business, or non-profit a reasonable time in which to repay the debt in affordable payments;</text></paragraph><paragraph id="H9565B7F9776C40C59C399879B24C55DD"><enum>(10)</enum><text display-inline="yes-display-inline">disconnecting a consumer, small business, or non-profit organization from a utility prepaid or post-paid electricity, natural gas, telecommunications, broadband, water, or sewer service; or</text></paragraph><paragraph id="H884CF7CFFFAE46268E1EABE94B686376"><enum>(11)</enum><text display-inline="yes-display-inline">exercising a right to set off provision contained in any consumer, small business, or non-profit organization account agreement with a depository institution.</text></paragraph></subsection><subsection id="HCCD2AE7442694D2D8543AAE2880F95E7"><enum>(c)</enum><header>Violation</header><text display-inline="yes-display-inline">Any person who violates a provision of this section shall—</text><paragraph id="H4693272635F44B479279918C03464C39"><enum>(1)</enum><text>be treated as a debt collector for purposes of section 813; and</text></paragraph><paragraph id="H9E990007E3534B0781AC08A3C93898DF"><enum>(2)</enum><text display-inline="yes-display-inline">be liable to the consumer, small business, or non-profit organization an amount equal to 10 times the damages allowed under section 813 for each such violation.</text></paragraph></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block></paragraph><paragraph id="HCEE5E99E851248E897E2D30E19EB0F8A"><enum>(2)</enum><header>Table of contents amendment</header><text display-inline="yes-display-inline">The table of contents at the beginning of the Fair Debt Collection Practices Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1692">15 U.S.C. 1692</external-xref> et seq.) is amended by inserting after the item relating to section 812 the following new item:</text><quoted-block style="OLC" id="H23484576C8BB4AFE9BE0FF136A07E49A" display-inline="no-display-inline"><toc regeneration="no-regeneration"><toc-entry level="section">812A. Temporary debt collection moratorium during the COVID-19 emergency period.</toc-entry></toc><after-quoted-block>.</after-quoted-block></quoted-block></paragraph></subsection><subsection id="HFD4B7F4534F34003BB811AEDD8E14F02"><enum>(b)</enum><header>Confessions of judgment prohibition</header><paragraph id="H451C96E295DE4F8EB32787D99F9BC929"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">Chapter 2 of the Truth in Lending Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1631">15 U.S.C. 1631</external-xref> et seq.) is amended—</text><subparagraph id="HD292A018AF74451597BBC55ABE43B4C3"><enum>(A)</enum><text>by adding at the end the following:</text><quoted-block style="USC" id="H634388E90C0B43E7A9083FED51BBA3A6" display-inline="no-display-inline"><section id="H094E9F5FF7EC40269A463069F5DB3FCC"><enum>140B.</enum><header>Confessions of judgment prohibition</header><subsection id="H5C52A23E7C284512AF2A737642368D5A"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">During a period described under section 812A(b) of the Fair Debt Collection Practices Act, no person may directly or indirectly take or receive from another person or seek to enforce an obligation that constitutes or contains a cognovit or confession of judgment (for purposes other than executory process in the State of Louisiana), warrant of attorney, or other waiver of the right to notice and the opportunity to be heard in the event of suit or process thereon.</text></subsection><subsection id="H3A6FF6548F4846808573DDBA65E7E8CF"><enum>(b)</enum><header>Exemption</header><text display-inline="yes-display-inline">The exemption in section 104(1) shall not apply to this section.</text></subsection><subsection id="H3A4B43C72B0B45579F39F44CCB4D4CB0"><enum>(c)</enum><header>Debt defined</header><text>In this section, the term <quote>debt</quote> means any obligation of a person to pay to another person money—</text><paragraph id="H4C0DCF97511E4D2B91CA2A4CB942FFA6"><enum>(1)</enum><text>regardless of whether the obligation is absolute or contingent, if the understanding between the parties is that any part of the money shall be or may be returned;</text></paragraph><paragraph id="H01DCDC18CE684B3183921EF4751B29CA"><enum>(2)</enum><text>that includes the right of the person providing the money to an equitable remedy for breach of performance if the breach gives rise to a right to payment; and</text></paragraph><paragraph id="HA269C85B97B1483781E601DB96AD8237"><enum>(3)</enum><text>regardless of whether the obligation or right to an equitable remedy described in paragraph (2) has been reduced to judgment or is fixed, contingent, matured, unmatured, disputed, undisputed, secured, or unsecured.</text></paragraph></subsection></section><after-quoted-block>; and</after-quoted-block></quoted-block></subparagraph><subparagraph id="HA70B05A0B5804B4B8306606259C69F50"><enum>(B)</enum><text>in the table of contents for such chapter, by adding at the end the following:</text><quoted-block style="USC" id="H71ABE0F50CA144FCAAA27ACDEAA9AC88" display-inline="no-display-inline"><toc regeneration="no-regeneration"><toc-entry level="section">140B. Confessions of judgment prohibition.</toc-entry></toc><after-quoted-block>.</after-quoted-block></quoted-block></subparagraph></paragraph><paragraph id="H24F924DB35CB4A329E8315708CD15586"><enum>(2)</enum><header>Conforming amendment</header><text display-inline="yes-display-inline">Section 130(a) of the Truth in Lending Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1640">15 U.S.C. 1640(a)</external-xref>) is amended by adding at the end the following: <quote>For purposes of this section, the term <quote>creditor</quote> refers to any person charged with compliance.</quote>.</text></paragraph></subsection></section><section id="H9C6A128ECD934BC49433590918168E7A"><enum>112.</enum><header>Disaster protection for workers’ credit</header><subsection id="HA0B27C49A5C4423AA373C64FC1CA54A6"><enum>(a)</enum><header>Purpose</header><text>The purpose of this section, and the amendments made by this section, is to protect consumers' credit from negative impacts as a result of financial hardship due to the coronavirus disease (COVID–19) outbreak and future major disasters.</text></subsection><subsection id="H62020B7666934FE29370B9BEFEBC6755"><enum>(b)</enum><header>Reporting of information during major disasters</header><paragraph id="H84EE2FA348234820A6064AD492F5A89D"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">The Fair Credit Reporting Act is amended by inserting after section 605B the following:</text><quoted-block style="USC" display-inline="no-display-inline" id="HA644A80A1BC24B85B5F2EA4868F15D38"><section id="HDF12767471BF4859BDC4855E6392CD45"><enum>605C.</enum><header>Reporting of information during major disasters</header><subsection id="HFEFD952610D5415C908485B4CF42F932"><enum>(a)</enum><header>Definitions</header><text>In this section:</text><paragraph id="HB7A1DEE686C8488EA22FE0693432840B"><enum>(1)</enum><header>COVID–19 emergency period</header><text>The term <term>COVID–19 emergency period</term> means the period beginning on the date of enactment of this section and ending on the later of—</text><subparagraph id="H2A1313D9FE7C41729F5DB1A94E5F7AC7"><enum>(A)</enum><text>120 days after the date of enactment of this section; or</text></subparagraph><subparagraph id="H5C53C46A1EDE4C5FB422B502C5732249"><enum>(B)</enum><text display-inline="yes-display-inline">120 days after the date of termination by the Federal Emergency Management Administration of the emergency declared on March 13, 2020, by the President under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (<external-xref legal-doc="usc" parsable-cite="usc/42/4121">42 U.S.C. 4121</external-xref> et seq.) relating to the Coronavirus Disease 2019 (COVID-19) pandemic.</text></subparagraph></paragraph><paragraph id="H32D7465F5C4146AF86F3518F3E236696"><enum>(2)</enum><header>Covered major disaster period</header><text display-inline="yes-display-inline">The term <term>covered major disaster period</term> means—</text><subparagraph id="HEAF2BB2140304183B979063191BF2AC0"><enum>(A)</enum><text>the period beginning on the date on which a major disaster is declared by the President under section 401 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act (<external-xref legal-doc="usc" parsable-cite="usc/42/5170">42 U.S.C. 5170</external-xref>), under which assistance is authorized under section 408 of such Act (<external-xref legal-doc="usc" parsable-cite="usc/42/5174">42 U.S.C. 5174</external-xref>), and ending on the date that is 120 days after the end of the incident period designated in such declaration; or</text></subparagraph><subparagraph id="H86D46D21209E483F941222E3F9DBCF5B"><enum>(B)</enum><text display-inline="yes-display-inline">the period ending 120 days after the date of termination by the Federal Emergency Management Administration of the emergency declared on March 13, 2020, by the President under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (<external-xref legal-doc="usc" parsable-cite="usc/42/4121">42 U.S.C. 4121</external-xref> et seq.) relating to the Coronavirus Disease 2019 (COVID-19) pandemic.</text></subparagraph></paragraph><paragraph id="HFB6D99D3D6404E738A6D1042B06A221E"><enum>(3)</enum><header>Major disaster</header><text>The term <term>major disaster</term> means a major disaster declared by the President under section 401 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act (<external-xref legal-doc="usc" parsable-cite="usc/42/5170">42 U.S.C. 5170</external-xref>), under which assistance is authorized under section 408 of such Act (<external-xref legal-doc="usc" parsable-cite="usc/42/5174">42 U.S.C. 5174</external-xref>).</text></paragraph></subsection><subsection id="H2D8011009F514BC593FD44D3C48A81D2"><enum>(b)</enum><header>Moratorium on furnishing adverse information during COVID–19 emergency period</header><text display-inline="yes-display-inline">No person may furnish any adverse item of information (except information related to a felony criminal conviction) relating to a consumer that was the result of any action or inaction that occurred during the COVID–19 emergency period.</text></subsection><subsection id="H81D533CF42F0453286960E7C8267E237"><enum>(c)</enum><header>Moratorium on furnishing adverse information during covered major disaster period</header><text display-inline="yes-display-inline">No person may furnish any adverse item of information (except information related to a felony criminal conviction) relating to a consumer that was the result of any action or inaction that occurred during a covered major disaster period if the consumer is a resident of the affected area covered by a declaration made by the President under section 401 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act (<external-xref legal-doc="usc" parsable-cite="usc/42/5170">42 U.S.C. 5170</external-xref>), under which assistance is authorized under section 408 of such Act (<external-xref legal-doc="usc" parsable-cite="usc/42/5174">42 U.S.C. 5174</external-xref>). </text></subsection><subsection id="HC521228F6E5645249BE4C0EB86D94591"><enum>(d)</enum><header>Information excluded from consumer reports</header><text display-inline="yes-display-inline">In addition to the information described in section 605(a), no consumer reporting agency may make any consumer report containing an adverse item of information (except information related to a felony criminal conviction) reported relating to a consumer that was the result of any action or inaction that occurred during the COVID–19 emergency period or a covered major disaster period, and as applicable under subsection (f)(3), for 270 days after the expiration of the applicable period. </text></subsection><subsection id="H74FC31343E1D48F7A20D02C970271746"><enum>(e)</enum><header>Summary of rights</header><text display-inline="yes-display-inline">Not later than 60 days after the date of enactment of this subsection, the Bureau shall update the model summary of rights under section 609(c)(1) to include a description of the right of a consumer to—</text><paragraph id="HDBEBFEEEF91C4195856FA9CDF0E0D8C1"><enum>(1)</enum><text>request the deletion of adverse items of information under subsection (f); and</text></paragraph><paragraph id="H6FEF35EE67574C7DBF873A34DA0C4152"><enum>(2)</enum><text>request a consumer report or score, without charge to the consumer, under subsection (g).</text></paragraph></subsection><subsection id="HD3828B82088D4EE380787FFCA978A4FB"><enum>(f)</enum><header>Deletion of adverse items of information resulting from the coronavirus disease (COVID–19) outbreak and major disasters</header><paragraph id="H24F5EBE40B854E7C827F5BF38985B205"><enum>(1)</enum><header>Reporting</header><subparagraph id="HBC0C7F8341D3484EBACF76A9B7C9EBB3"><enum>(A)</enum><header>In general</header><text display-inline="yes-display-inline">Not later than 60 days after the date of enactment of this subsection, the Bureau shall create a website for consumers to report, under penalty of perjury, economic hardship as a result of the coronavirus disease (COVID–19) outbreak or a major disaster (if the consumer is a resident of the affected area covered by such major disaster) for the purpose of extending credit report protection for an additional 270 days after the end of the COVID–19 emergency period or covered major disaster period, as applicable.</text></subparagraph><subparagraph id="H2AFF1D76895D4836AA204E0C620E933E"><enum>(B)</enum><header>Documentation</header><text>The Bureau shall—</text><clause id="H39FAE42C21734DD9B945F3F63F4AA6CF"><enum>(i)</enum><text>not require any documentation from a consumer to substantiate the economic hardship; and</text></clause><clause id="HB39AB57554D244BC8FF9C8D9E20AE838"><enum>(ii)</enum><text>provide notice to the consumer that a report under subparagraph (A) is under penalty of perjury.</text></clause></subparagraph><subparagraph id="HC37C8DBAFFCF4FB5AEA08D0E9973D9B6"><enum>(C)</enum><header>Reporting period</header><text display-inline="yes-display-inline">A consumer may report economic hardship under subparagraph (A) during the COVID–19 emergency period or a covered major disaster period, as applicable, and for 60 days thereafter.</text></subparagraph></paragraph><paragraph id="H9179F26F56A840B1A232138FA9E0C031"><enum>(2)</enum><header>Database</header><text>The Bureau shall establish and maintain a secure database that—</text><subparagraph id="H6325DD89D31545869DB6C9617ED54F24"><enum>(A)</enum><text display-inline="yes-display-inline">is accessible to each consumer reporting agency described in section 603(p) and nationwide specialty consumer reporting agency for purposes of fulfilling their duties under paragraph (3) to check and automatically delete any adverse item of information (except information related to a felony criminal conviction) reported that occurred during the COVID–19 emergency period or a covered major disaster period with respect to a consumer; and</text></subparagraph><subparagraph id="HFE20D10CDA404C56A65BA478476EE857"><enum>(B)</enum><text>contains the information reported under paragraph (1).</text></subparagraph></paragraph><paragraph id="H5F1A11E44B6A43A1A9B71FD2A391F9EB"><enum>(3)</enum><header>Deletion of adverse items of information by nationwide consumer reporting and nationwide specialty consumer reporting agencies</header><subparagraph id="H2469BF41DF7947B89209833546DB3527"><enum>(A)</enum><header>In general</header><text display-inline="yes-display-inline">Each consumer reporting agency described in section 603(p) and each nationwide specialty consumer reporting agency shall, using the information contained in the database established under paragraph (2), delete from the file of each consumer named in the database each adverse item of information (except information related to a felony criminal conviction) that was a result of an action or inaction that occurred during the COVID–19 emergency period or a covered major disaster period up to 270 days following the end of the such period.</text></subparagraph><subparagraph id="H46C30ADF87684C7BB486D15BBB6AFD1C"><enum>(B)</enum><header>Timeline</header><text>Each consumer reporting agency described in section 603(p) and each nationwide specialty consumer reporting agency shall check the database at least weekly and delete adverse items of information as soon as practicable after information that is reported under paragraph (1) appears in the database established under paragraph (2).</text></subparagraph></paragraph><paragraph id="H2BAD5BEB8AA24F1586E87A8BE5CF8FFC"><enum>(4)</enum><header>Request for deletion of adverse items of information</header><subparagraph id="HA366873BE4C444C7AB489778646DBC92"><enum>(A)</enum><header>In general</header><text display-inline="yes-display-inline">A consumer who has filed a report of economic hardship with the Bureau may submit a request, without charge to the consumer, to a consumer reporting agency to delete from the consumer’s file an adverse item of information (except information related to a felony criminal conviction) that was a result of an action or inaction that occurred during the COVID–19 emergency period or a covered major disaster period up to 270 days following the end of the such period.</text></subparagraph><subparagraph id="HE38AB622A6734CB1B3EC713207F4F63F"><enum>(B)</enum><header>Timing</header><text>A consumer may submit a request under subparagraph (A), not later than 270-day period described in that subparagraph.</text></subparagraph><subparagraph id="H1CD761898CCD4CAC959144FA2FFE90AF"><enum>(C)</enum><header>Removal and notification</header><text>Upon receiving a request under this paragraph to delete an adverse item of information, a consumer reporting agency shall—</text><clause id="H73F456D82DCA4EE5A4D9D19DB055FABC"><enum>(i)</enum><text display-inline="yes-display-inline">delete the adverse item of information (except information related to a felony criminal conviction) from the consumer’s file; and</text></clause><clause id="H42A8E274E1D24B0BA2AC48CE223FC1E4"><enum>(ii)</enum><text>notify the consumer and the furnisher of the adverse item of information of the deletion.</text></clause></subparagraph></paragraph></subsection><subsection id="H62A5BFC1C33A42A8AAE45BB271CAC832"><enum>(g)</enum><header>Free credit report and scores</header><paragraph id="HE33990A1D23F42E4B91A8532049E0249"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">During the COVID–19 emergency period or a covered major disaster period and ending 12 months after the expiration of the COVID–19 emergency period or covered major disaster period, as applicable, each consumer reporting agency as described under 603(p) and nationwide specialty consumer reporting agency shall make all disclosures described under section 609 upon request by a consumer, by mail or online, without charge to the consumer and without limitation as to the number of requests. A consumer reporting agency shall also supply a consumer, upon request and without charge, with a credit score that—</text><subparagraph id="H9AB76535D3B84206A4B61728C527B533"><enum>(A)</enum><text>is derived from a credit scoring model that is widely distributed to users by the consumer reporting agency for the purpose of any extension of credit or other transaction designated by the consumer who is requesting the credit score; or</text></subparagraph><subparagraph id="HBFD813BDABC643D084333819E23E4DC5"><enum>(B)</enum><text>is widely distributed to lenders of common consumer loan products and predicts the future credit behavior of the consumer.</text></subparagraph></paragraph><paragraph id="H1DA61B043F3B420FBE275565C889FD13"><enum>(2)</enum><header>Timing</header><text>A file disclosure or credit score under paragraph (1) shall be provided to the consumer not later than—</text><subparagraph id="H9BFCADD234E6485E90233B5426353002"><enum>(A)</enum><text>7 days after the date on which the request is received if the request is made by mail; and</text></subparagraph><subparagraph id="HFA009E9442404FDBB6A0AEA8B305B180"><enum>(B)</enum><text>not later than 15 minutes if the request is made online.</text></subparagraph></paragraph><paragraph id="H3BA539491C844AA0A43686D5783929C7"><enum>(3)</enum><header>Additional reports</header><text>A file disclosure provided under paragraph (1) shall be in addition to any disclosure requested by the consumer under section 612(a).</text></paragraph><paragraph id="H3C6355FFC1F84C53BA04CC2699E1E5C8"><enum>(4)</enum><header>Prohibition</header><text>A consumer reporting agency that receives a request under paragraph (1) may not request or require any documentation from the consumer that demonstrates that the consumer was impacted by the coronavirus disease (COVID–19) outbreak or a major disaster (except to verify that the consumer resides in an area covered by the major disaster) as a condition of receiving the file disclosure or score. </text></paragraph></subsection><subsection id="H5359D9CC47494BB2A0FE043236EFD731"><enum>(h)</enum><header>Posting of rights</header><text>Not later than 30 days after the date of enactment of this section, each consumer reporting agency shall prominently post and maintain a direct link on the homepage of the public website of the consumer reporting agency information relating to the right of consumers to—</text><paragraph id="H463724DCE1CB43AE99C4D0BDA8913A3D"><enum>(1)</enum><text display-inline="yes-display-inline">request the deletion of adverse items of information (except information related to a felony criminal conviction) under subsection (f); and</text></paragraph><paragraph id="H1238E8B24BD44BB9AC925C62114B61ED"><enum>(2)</enum><text>request consumer file disclosures and scores, without charge to the consumer, under subsection (g).</text></paragraph></subsection><subsection id="H81618BFEB2894924B39C54D796AB6C83"><enum>(i)</enum><header>Ban on reporting medical debt information related to COVID–19 or a major disaster</header><paragraph id="H9E3F82EEABFB46168EB19EBD6AABD742"><enum>(1)</enum><header>Furnishing ban</header><text display-inline="yes-display-inline">No person shall furnish adverse information to a consumer reporting agency related to medical debt if such medical debt is with respect to medical expenses related to treatments arising from COVID–19 or a major disaster (whether or not the expenses were incurred during the COVID–19 emergency period or covered major disaster period).</text></paragraph><paragraph id="HF96BC12574FE4D1390440E9ABF2D8C82"><enum>(2)</enum><header>Consumer report ban</header><text display-inline="yes-display-inline">No consumer reporting agency may make a consumer report containing adverse information related to medical debt if such medical debt is with respect to medical expenses related to treatments arising from COVID–19 or a major disaster (whether or not the expenses were incurred during the COVID–19 emergency period or covered major disaster period).</text></paragraph></subsection><subsection id="HE5EC1D2A7FD5480491A0FAEA090F9036"><enum>(j)</enum><header>Credit scoring models</header><text display-inline="yes-display-inline">A person that creates and implements credit scoring models may not treat the absence, omission, or deletion of any information pursuant to this section as a negative factor or negative value in credit scoring models created or implemented by such person.</text></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block></paragraph><paragraph id="H4A5D4217314246308B501316AA32A64A"><enum>(2)</enum><header>Technical and conforming amendment</header><text>The table of contents for the Fair Credit Reporting Act is amended by inserting after the item relating to section 605B the following:</text><quoted-block style="USC" id="H210D628CEC7A4BCEB47B5766AA6B96C7"><toc><toc-entry level="section" idref="HDF12767471BF4859BDC4855E6392CD45">605C. Reporting of information during major disasters.</toc-entry></toc><after-quoted-block>.</after-quoted-block></quoted-block></paragraph></subsection><subsection id="HB6F333DA27A54A54B51575E5A54EAB20" display-inline="no-display-inline"><enum>(c)</enum><header>Limitations on new credit scoring models during the COVID–19 emergency and major disasters</header><text>The Fair Credit Reporting Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1681">15 U.S.C. 1681</external-xref> et seq.) is amended—</text><paragraph id="H65049D227E3E460F8CD31E24F1019450"><enum>(1)</enum><text>by adding at the end the following:</text><quoted-block style="USC" display-inline="no-display-inline" id="H5C923FA1A7704FD199A7B6872967E98F"><section id="H1C527B87F8CF44DC8E53C73AB933A399"><enum>630.</enum><header>Limitations on new credit scoring models during the COVID–19 emergency and major disasters</header><text display-inline="no-display-inline">With respect to a person that creates and implements credit scoring models, such person may not, during the COVID–19 emergency period or a covered major disaster period (as such terms are defined under section 605C), create or implement a new credit scoring model (including a revision to an existing scoring model) if the new credit scoring model would identify a significant percentage of consumers as being less creditworthy when compared to the previous credit scoring models created or implemented by such person.</text></section><after-quoted-block>; and</after-quoted-block></quoted-block></paragraph><paragraph id="H0D431ECE21564634B925DEB5F97BA025"><enum>(2)</enum><text>in the table of contents for such Act, by adding at the end the following new item:</text><quoted-block style="USC" id="H6D6B29A72F5F44CB91FF20B751EB8C17" display-inline="no-display-inline"><toc regeneration="no-regeneration"><toc-entry level="section">630. Limitations on new credit scoring models during the COVID–19 emergency and major disasters.</toc-entry></toc><after-quoted-block>.</after-quoted-block></quoted-block></paragraph></subsection></section><section id="H2F02A78529F14970BA4A43EAC0BA57ED"><enum>113.</enum><header>Student loans</header><subsection id="H7D67E5D3AE344B479BE7CDE9BDF0EB8C"><enum>(a)</enum><header>Payments for Federal student loan borrowers as a result of a national emergency</header><paragraph id="H105625E8D74C494EBD60287CB9838E65"><enum>(1)</enum><header>In general</header><text>Part G of title IV of the Higher Education Act of 1965 (<external-xref legal-doc="usc" parsable-cite="usc/20/1088">20 U.S.C. 1088</external-xref> et seq.) is amended by inserting after section 493D the following:</text><quoted-block id="HD548CC6125834F92A4F8B6C2F6508580" style="OLC"><section id="H007E3DEB43F546CDB33D135441D50EA9"><enum>493E.</enum><header>Payments for student loan borrowers during the COVID-19 national emergency</header><subsection id="H7B565B3886BA4980ACFC6770244C327B"><enum>(a)</enum><header>Definitions</header><text>In this section:</text><paragraph id="H6DE3B77DFDBA4835B7FDFD0A6C623218"><enum>(1)</enum><header>Coronavirus</header><text>The term <quote>coronavirus</quote> has the meaning given the term in section 506 of the Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020 (<external-xref legal-doc="public-law" parsable-cite="pl/116/123">Public Law 116–123</external-xref>).</text></paragraph><paragraph id="H7C6ABBA21F2946C8B766747E3B1252B7"><enum>(2)</enum><header>Income-driven repayment</header><text>The term <quote>income-driven repayment</quote> means—</text><subparagraph id="H46193242A98B4C128DE55FC0B894C653"><enum>(A)</enum><text>income-based repayment authorized under section 493C for loans made, insured, or guaranteed under part B or part D; or</text></subparagraph><subparagraph id="HE6910BE768A24A03B03694771AF8F8D0"><enum>(B)</enum><text>income contingent repayment authorized under section 455(e) for loans made under part D.</text></subparagraph></paragraph><paragraph id="H50D5F6718D9B407CA0FD6E5E5843970B"><enum>(3)</enum><header>Involuntary collection</header><text>The term <quote>involuntary collection</quote> means—</text><subparagraph id="HD23E1DCB3829411E9BEE74A494C47CC8"><enum>(A)</enum><text>a wage garnishment authorized under section 488A of this Act or section 3720D of title 31, United States Code;</text></subparagraph><subparagraph id="H25801C8380D649D8B858051DC8BCFC3D"><enum>(B)</enum><text>a reduction of tax refund by amount of debt authorized under section 3720A of title 31, United States Code;</text></subparagraph><subparagraph id="H59BA0B12E5EF40CCB035E3AE0F61241C"><enum>(C)</enum><text>a reduction of any other Federal benefit payment by administrative offset authorized under section 3716 of title 31, United States Code (including a benefit payment due to an individual under the Social Security Act or any other provision described in subsection (c)(3)(A)(i) of such section); and</text></subparagraph><subparagraph id="H26E655C5D8424A16BC9FACDB515C5F42"><enum>(D)</enum><text display-inline="yes-display-inline">any other involuntary collection activity, including any collection activity through which a borrower is compelled to make payments on a private student loan.</text></subparagraph></paragraph><paragraph id="H3C28A72C22174F91AC9E98585A7F9E38"><enum>(4)</enum><header>COVID-19 emergency period</header><text>For purposes of this Act, the term <quote>COVID-19 emergency period</quote> means the period that begins upon the date of the enactment of this Act and ends upon the date of the termination by the Federal Emergency Management Administration of the emergency declared on March 13, 2020, by the President under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (<external-xref legal-doc="usc" parsable-cite="usc/42/4121">42 U.S.C. 4121</external-xref> et seq.) relating to the Coronavirus Disease 2019 (COVID-19) pandemic.</text></paragraph></subsection><subsection id="HF20A42BE61944D53B7FBBEAE318EA407"><enum>(b)</enum><header>COVID-19 national emergency student loan repayment assistance</header><paragraph id="HC5C99CDC993B4FD1840E1FC3684405FB"><enum>(1)</enum><header>Authority</header><text>Effective on the date of the enactment of this section, during the COVID-19 emergency period and the 6-month period immediately following, the Secretary of Education shall for each borrower of a loan made, insured, or guaranteed under part B, D, or E, pay the total amount due for such month on the loan, based on the payment plan selected by the borrower or the borrower’s loan status.</text></paragraph><paragraph id="H29CEC97A9C7C40759F869076E9A43DCF"><enum>(2)</enum><header>No capitalization of interest</header><text display-inline="yes-display-inline">With respect to any loan in repayment during the COVID-19 national emergency period and the 6-month period immediately following, interest due on loans made, insured, or guaranteed under part B, D, or E during such period shall not be capitalized at any time during the COVID-19 national emergency period and the 6-month period immediately following.</text></paragraph><paragraph id="H8EF174736CA04AC9B6E5FBD41037BC59"><enum>(3)</enum><header>Applicability of payments</header><text>Any payment made by the Secretary of Education under this section shall be considered by the Secretary of Education, or by a lender with respect to a loan made, insured, or guaranteed under part B—</text><subparagraph id="H3C0E8D178F934AF18FBEF7DC4CD6C38A"><enum>(A)</enum><text>as a qualifying payment under the public service loan forgiveness program under section 455(m), if the borrower would otherwise qualify under such section;</text></subparagraph><subparagraph id="HD03C5C72C310460BA76282C0CECB7B98"><enum>(B)</enum><text>in the case of a borrower enrolled in an income-driven repayment plan, as a qualifying payment for the purpose of calculating eligibility for loan forgiveness for the borrower in accordance with section 493C(b)(7) or section 455(d)(1)(D), as the case may be; and</text></subparagraph><subparagraph id="H12E2A7D268B247D6A824F5DA7573392D"><enum>(C)</enum><text>in the case of a borrower in default, as an on-time monthly payment for purposes of loan rehabilitation pursuant to section 428F(a).</text></subparagraph></paragraph><paragraph id="H9637002E388346FEB8092DF8E84F969D"><enum>(4)</enum><header>Reporting to consumer reporting agencies</header><text>During the period in which the Secretary of Education is making payments on a loan under paragraph (1), the Secretary shall ensure that, for the purpose of reporting information about the loan to a consumer reporting agency, any payment made by the Secretary is treated as if it were a regularly scheduled payment made by a borrower.</text></paragraph><paragraph id="H37DE72B058374EB8BDD0BA4A356F28AA"><enum>(5)</enum><header>Notice of payments and program</header><text display-inline="yes-display-inline">Not later than 15 days following the date of enactment of this section, and monthly thereafter during the COVID-19 national emergency period and the 6-month period immediately following, the Secretary of Education shall provide a notice to all borrowers of loans made, insured, or guaranteed under part B, D, or E—</text><subparagraph id="H6F2E99083E9E49989214662C949B19C8"><enum>(A)</enum><text>informing borrowers of the actions taken under this section;</text></subparagraph><subparagraph id="H7C9CF18A64FA448C8B93325719209436"><enum>(B)</enum><text>providing borrowers with an easily accessible method to opt out of the benefits provided under this section; and</text></subparagraph><subparagraph id="H0E4C40B2859B490EB4875EEC3F7ABF30"><enum>(C)</enum><text display-inline="yes-display-inline">notifying the borrower that the program under this section is a temporary program and will end 6 months after the COVID-19 national emergency period ends.</text></subparagraph></paragraph><paragraph id="HA62284CAA56548A3BC27A0C0980F0A7A"><enum>(6)</enum><header>Suspension of involuntary collection</header><text display-inline="yes-display-inline">During the COVID-19 national emergency period and the 6-month period immediately following, the Secretary of Education, or other holder of a loan made, insured, or guaranteed under part B, D, or E, shall immediately take action to halt all involuntary collection related to the loan.</text></paragraph><paragraph id="H167C87B130D44D51BA0F41040D5A913E"><enum>(7)</enum><header>Mandatory forbearance</header><text>During the period in which the Secretary of Education is making payments on a loan under paragraph (1), the Secretary, or a lender or guaranty agency for a loan made under part B, shall grant the borrower forbearance as follows:</text><subparagraph id="HA88DE5A382434EEB9A80A8163B617BEC"><enum>(A)</enum><text>A temporary cessation of all payments on the loan other than the payments of interest and principal on the loan that are made under paragraph (1).</text></subparagraph><subparagraph id="H93E2D073A22042A087244FFD325AA81E"><enum>(B)</enum><text>For borrowers who are delinquent but who are not yet in default before the date on which the Secretary begins making payments under paragraph (1), the retroactive application of forbearance to address any delinquency.</text></subparagraph></paragraph></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block></paragraph><paragraph id="H144014089DD44F3AB879449609705280"><enum>(2)</enum><header>FFEL amendment</header><text>Section 428(c)(8) of the Higher Education Act of 1965 (<external-xref legal-doc="usc" parsable-cite="usc/20/1078">20 U.S.C. 1078(c)(8)</external-xref>) is amended by striking <quote>and for which</quote> and all that follows through <quote>this subsection</quote>.</text></paragraph></subsection><subsection id="HE22ABFBBC29F416DB549FE697F4519AF"><enum>(b)</enum><header>Payments for private education loan borrowers as a result of the COVID-19 national emergency</header><text>Section 140 of the Truth in Lending Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1650">15 U.S.C. 1650</external-xref>) is amended by adding at the end the following new subsection:</text><quoted-block id="H119C4310B3ED48D2AD0B0916371B6F3D" style="OLC"><subsection id="H19CF8327D87145C295E4290EC5F69FCB"><enum>(h)</enum><header>COVID-19 national emergency private education loan repayment assistance</header><paragraph id="H398E97D1602049B69F8898E94D3DF72A"><enum>(1)</enum><header>Authority</header><text>Effective on the date of the enactment of this section, for the duration of the COVID-19 emergency period and the 6-month period immediately following, the Secretary of the Treasury shall, for each borrower of a private education loan, pay the total amount due for such month on the loan, based on the payment plan selected by the borrower or the borrower’s loan status.</text></paragraph><paragraph id="H13BDEF5ABFD943D2A26781F3C4126D0E"><enum>(2)</enum><header>No capitalization of interest</header><text display-inline="yes-display-inline">With respect to any loan in repayment during the COVID-19 national emergency period and the 6-month period immediately following, interest due on a private education loan during such period shall not be capitalized at any time during the COVID-19 national emergency period and the 6-month period immediately following.</text></paragraph><paragraph id="H7B0C14FF09B0492CA54E6BA7D246168B"><enum>(3)</enum><header>Reporting to consumer reporting agencies</header><text>During the period in which the Secretary of the Treasury is making payments on a loan under paragraph (1), the Secretary shall ensure that, for the purpose of reporting information about the loan to a consumer reporting agency, any payment made by the Secretary is treated as if it were a regularly scheduled payment made by a borrower.</text></paragraph><paragraph id="HF274278F8D3946E5B89BC16F45F919C7"><enum>(4)</enum><header>Notice of payments and program</header><text display-inline="yes-display-inline">Not later than 15 days following the date of enactment of this subsection, and monthly thereafter during the COVID-19 national emergency period and the 6-month period immediately following, the Secretary of the Treasury shall provide a notice to all borrowers of private education loans—</text><subparagraph id="H926D415D015C42138A9564B26E754852"><enum>(A)</enum><text>informing borrowers of the actions taken under this subsection;</text></subparagraph><subparagraph id="HE81F4721D435434892B454A2735F20AC"><enum>(B)</enum><text>providing borrowers with an easily accessible method to opt out of the benefits provided under this subsection; and</text></subparagraph><subparagraph id="H37229D37635F44F9B8EEEB330D998A48"><enum>(C)</enum><text display-inline="yes-display-inline">notifying the borrower that the program under this subsection is a temporary program and will end 6 months after the COVID-19 national emergency period ends.</text></subparagraph></paragraph><paragraph id="H93072FD79C094EB8BFB60F0D1E0C8B21"><enum>(5)</enum><header>Suspension of involuntary collection</header><text display-inline="yes-display-inline">During the COVID-19 national emergency period and the 6-month period immediately following, the holder of a private education loan shall immediately take action to halt all involuntary collection related to the loan.</text></paragraph><paragraph id="H2FD3B05A083B494CB81FF9ABE1261053"><enum>(6)</enum><header>Mandatory forbearance</header><text>During the period in which the Secretary of the Treasury is making payments on a loan under paragraph (1), the servicer of such loan shall grant the borrower forbearance as follows:</text><subparagraph id="H91E7529D12194588AB549B41E56EF02C"><enum>(A)</enum><text>A temporary cessation of all payments on the loan other than the payments of interest and principal on the loan that are made under paragraph (1).</text></subparagraph><subparagraph id="H7335C8B6556947EFAB10C13C88428F26"><enum>(B)</enum><text display-inline="yes-display-inline">For borrowers who are delinquent but who are not yet in default before the date on which the Secretary begins making payments under paragraph (1), the retroactive application of forbearance to address any delinquency.</text></subparagraph></paragraph><paragraph id="HA86497824B2D472695CD3828FB77ACC3"><enum>(7)</enum><header>Data to implement</header><text>Holders and servicers of private education loans shall report, to the satisfaction of the Secretary of the Treasury, the information necessary to calculate the amount to be paid under this section.</text></paragraph><paragraph id="H06A15513210B47488FE73EE03BCABF6C"><enum>(8)</enum><header>COVID-19 emergency period defined</header><text>In this subsection, the term <quote>COVID-19 emergency period</quote> means the period that begins upon the date of the enactment of this Act and ends upon the date of the termination by the Federal Emergency Management Administration of the emergency declared on March 13, 2020, by the President under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (<external-xref legal-doc="usc" parsable-cite="usc/42/4121">42 U.S.C. 4121</external-xref> et seq.) relating to the Coronavirus Disease 2019 (COVID-19) pandemic.</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block></subsection><subsection id="HAFC57296D4484681BDFD5D94ED6DFA8E"><enum>(c)</enum><header>Minimum relief for Federal and private student loan borrowers as a result of the COVID-19 national emergency</header><paragraph id="H738833A0448047E2917E95CDDB056CF8"><enum>(1)</enum><header>Minimum student loan relief as a result of the COVID-19 national emergency</header><text>Not later than 270 days after the last day of the COVID-19 emergency period, the Secretaries concerned shall jointly carry out a program under which a qualified borrower, with respect to the covered loans and private education of loans of such qualified borrower, shall receive in accordance with paragraph (3) an amount equal to the lesser of the following:</text><subparagraph id="HA3BCB788C8704EA3AB71EC2AAA49D8EF"><enum>(A)</enum><text>The total amount of each covered loan and each private education loan of the borrower; or</text></subparagraph><subparagraph id="HD5549EA2B5EC49C68708080BC0651595"><enum>(B)</enum><text display-inline="yes-display-inline">$10,000.</text></subparagraph></paragraph><paragraph id="H9CB27F737A264A22B32875F055132511"><enum>(2)</enum><header>Notification of borrowers</header><text>Not later than 270 days after the last day of the COVID-19 emergency period, the Secretaries concerned shall notify each qualified borrower of—</text><subparagraph id="HA54DD8B89A4D465DBCE8509D5E3B03EB"><enum>(A)</enum><text>the requirements to provide loan relief to such borrower under this section; and</text></subparagraph><subparagraph id="HA1214E89103B4C2A9E41A92384563935"><enum>(B)</enum><text>the opportunity for such borrower to make an election under paragraph (3)(A) with respect to the application of such loan relief to the covered loans and private education loans of such borrower.</text></subparagraph></paragraph><paragraph id="HE7CF787BC0684E2284C179E56C042839"><enum>(3)</enum><header>Distribution of funding</header><subparagraph id="H0592BBB649A949CE9D29DB37627B7FA9"><enum>(A)</enum><header>Election by borrower</header><text>Not later than 45 days after a notice is sent under paragraph (2), a qualified borrower may elect to apply the amount determined with respect to such borrower under paragraph (1) to—</text><clause id="HE30D8ED467DA4B5AA9D5FAA6CB2F310D"><enum>(i)</enum><text>any covered loan of the borrower;</text></clause><clause id="H1E2A377591BA47399C0E2C9D8F6F0B56"><enum>(ii)</enum><text>any private education loan of the borrower; and</text></clause><clause id="HC037B111E99B42FABAFB3E517AF18F6F"><enum>(iii)</enum><text>any combination of the loans described in clauses (i) and (ii).</text></clause></subparagraph><subparagraph id="H556316DCB045442A8BC330082A5C6008"><enum>(B)</enum><header>Automatic payment</header><clause id="H3D775070F68B464591E4953A8F1A923C"><enum>(i)</enum><header>In general</header><text>In the case of a qualified borrower who does not make an election under subparagraph (A) before the date described in such paragraph, the Secretaries concerned shall apply the amount determined with respect to such borrower under paragraph (1) in order of the covered loan or private education loan of the qualified borrower with the highest interest rate.</text></clause><clause id="H2EB73CD62D1E491AB929076ADA20F69C"><enum>(ii)</enum><header>Equal interest rates</header><text>In case of two or more covered loans or private education loans described in clause (i) with equal interest rates, the Secretaries concerned shall apply the amount determined with respect to such borrower under paragraph (1) first to the loan with the highest principal.</text></clause></subparagraph></paragraph><paragraph id="H129F6E9E6DF74420B8EE4FEF629F5F29"><enum>(4)</enum><header>Data to implement</header><subparagraph id="HDE3B17E2A3074B3BA9394368E141E3D2"><enum>(A)</enum><header>Secretary of education</header><text>Contractors of the Secretary of Education and lenders and guaranty agencies holding loans made, insured, or guaranteed under part B shall report, to the satisfaction of the Secretary of Education, the information necessary to calculate the amount to be applied under paragraph (1).</text></subparagraph><subparagraph id="HAE9F283D170A48E7818AEB4B2C5F24AC"><enum>(B)</enum><header>Secretary of treasury</header><text>Holders and servicers of private education loans shall report, to the satisfaction of the Secretary of the Treasury, the information necessary to calculate the amount to be applied under paragraph (1).</text></subparagraph></paragraph><paragraph id="H4B80A15298E246C8A5CC52B1978AB95B"><enum>(5)</enum><header>Memorandum of understanding</header><text>The Secretaries concerned shall enter into a memorandum of understanding to carry out this subsection.</text></paragraph><paragraph id="H6849E16AA58E46B5BA9BF6350CD0B84E"><enum>(6)</enum><header>Definitions</header><text>In this subsection:</text><subparagraph id="H37CBAA2BA3BF4794A77D2463E1F4FA7F"><enum>(A)</enum><header>Covered loan</header><text>The term <quote>covered loan</quote> means—</text><clause id="HAA2CEF16ADA94157ABD0850D00770DFF"><enum>(i)</enum><text>a loan made, insured, or guaranteed under part B of title IV of the Higher Education Act of 1965 (<external-xref legal-doc="usc" parsable-cite="usc/20/1071">20 U.S.C. 1071</external-xref> et seq.);</text></clause><clause id="HE06101E4810D4785AA0EF4CFCBF07477"><enum>(ii)</enum><text>a loan made under part D of title IV of the Higher Education Act of 1965 (<external-xref legal-doc="usc" parsable-cite="usc/20/1087a">20 U.S.C. 1087a</external-xref> et seq.); and</text></clause><clause id="HFC4F94B936C34DE88C83728920373AE2"><enum>(iii)</enum><text>a Federal Perkins Loan made pursuant to part E of title IV of the Higher Education Act of 1965 (<external-xref legal-doc="usc" parsable-cite="usc/20/1087aa">20 U.S.C. 1087aa</external-xref> et seq.).</text></clause></subparagraph><subparagraph id="H602F1A77D2DF47F6A2B4203A450045B6" display-inline="no-display-inline"><enum>(B)</enum><header>COVID-19 emergency period</header><text>The term <quote>COVID-19 emergency period</quote> means the period that begins upon the date of the enactment of this Act and ends upon the date of the termination by the Federal Emergency Management Administration of the emergency declared on March 13, 2020, by the President under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (<external-xref legal-doc="usc" parsable-cite="usc/42/4121">42 U.S.C. 4121</external-xref> et seq.) relating to the Coronavirus Disease 2019 (COVID-19) pandemic.</text></subparagraph><subparagraph id="HB9B3E62E309F4200823A94D9E7426040"><enum>(C)</enum><header>Private education loan</header><text>The term <quote>private education loan</quote> has the meaning given the term in section 140 of the Truth in Lending Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1650">15 U.S.C. 1650</external-xref>).</text></subparagraph><subparagraph id="H8A6A766FF4D942248115801A70B83144"><enum>(D)</enum><header>Qualified borrower</header><text>The term <quote>qualified borrower</quote> means a borrower of a covered loan or a private education loan.</text></subparagraph><subparagraph id="H89887BCD0FFC48B49CBC040E75A70388"><enum>(E)</enum><header>Secretaries concerned</header><text>The term <quote>Secretaries concerned</quote> means—</text><clause id="H2C6A713595984A0D9B8DDB92AD9D8025"><enum>(i)</enum><text>the Secretary of Education, with respect to covered loans and borrowers of such covered loans; and</text></clause><clause id="H0B119C0FD91648F7958B6A255CBFF76F"><enum>(ii)</enum><text>the Secretary of the Treasury, with respect to private education loans and borrowers of such private education loans.</text></clause></subparagraph></paragraph></subsection><subsection id="HE1A095EBA18141338A3B1735B24E9EC8"><enum>(d)</enum><header>Income share agreements</header><paragraph id="HE5CBC9D77D114BEB9312199F19BB3DC7"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">An individual who entered into an income share agreement to pay for education expenses of the individual shall not be required to make payments under such income share agreement for the duration of the COVID-19 emergency period and the 6-month period immediately following.</text></paragraph><paragraph id="H61C76EA5526B4ACF8858A93A597821C6"><enum>(2)</enum><header>COVID-19 emergency period</header><text>In this subsection, the term <quote>COVID-19 emergency period</quote> means the period that begins upon the date of the enactment of this Act and ends upon the date of the termination by the Federal Emergency Management Administration of the emergency declared on March 13, 2020, by the President under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (<external-xref legal-doc="usc" parsable-cite="usc/42/4121">42 U.S.C. 4121</external-xref> et seq.) relating to the Coronavirus Disease 2019 (COVID-19) pandemic.</text></paragraph></subsection><subsection id="H19E46F2E50BF499792B693AD806412F5"><enum>(e)</enum><header>Exclusion from gross income</header><paragraph id="H2A63FC05679C451C82C2B60F5F815359"><enum>(1)</enum><header>In general</header><text>Part III of subchapter B of <external-xref legal-doc="usc-chapter" parsable-cite="usc-chapter/26/1">chapter 1</external-xref> of the Internal Revenue Code of 1986 is amended by inserting after section 139H the following new section:</text><quoted-block id="H68779F755C3E4F6CBA8E062691C306BA" style="OLC"><section id="H9EE0AE13F1F94FDA9AEF71800A0494C6"><enum>139I.</enum><header>Student loan payments resulting from the COVID-19 national emergency</header><text display-inline="no-display-inline">Gross income shall not include any payment made on behalf of the taxpayer under section 493E(b)(1) of the Higher Education Act of 1965, section 140(h) of the Truth in Lending Act, or section 114(c) of the Financial Protections and Assistance for America’s Consumers, States, Businesses, and Vulnerable Populations.</text></section><after-quoted-block>.</after-quoted-block></quoted-block></paragraph><paragraph id="HEA40EEAAA19B4B87B5573731F61A0397"><enum>(2)</enum><header>Clerical amendment</header><text>The table of sections for part III of subchapter B of <external-xref legal-doc="usc-chapter" parsable-cite="usc-chapter/26/1">chapter 1</external-xref> of the Internal Revenue Code of 1986 is amended by inserting after the item relating to section 139H the following new item:</text><quoted-block id="H6C29071D19324FDDB3D2BEFDD1A298CA" style="OLC"><toc regeneration="no-regeneration"><toc-entry level="section">Sec. 139I. Student loan payments resulting from the COVID-19 national emergency.</toc-entry></toc><after-quoted-block>.</after-quoted-block></quoted-block></paragraph><paragraph id="H5F07434BEC9F499C9109E8DEDD313407"><enum>(3)</enum><header>Effective date</header><text>The amendments made by this subsection shall apply to taxable years beginning after December 31, 2019.</text></paragraph></subsection></section><section id="H12D045ED5F734F218DB1140EFD081FEA"><enum>114.</enum><header>Waiver of in-person appraisal requirements</header><subsection id="H4C2927D929B24E11BDFF03597828FAA0"><enum>(a)</enum><header>Finding</header><text display-inline="yes-display-inline">The Congress finds that as the country continues to grapple with the impact of the spread of COVID–19, several adjustments are needed to ensure that mortgage processing can continue to function without significant delays, despite requirements that would otherwise require in-person interactions.</text></subsection><subsection id="H8FC3558435E742709B917AE00DE9F373"><enum>(b)</enum><header>Waiver</header><paragraph id="HC2381D5122D5479DB5F586B07FB1FF40"><enum>(1)</enum><header>In general</header><text>Until the end of the COVID–19 emergency, any appraisal that is conducted for a loan with respect to which applicable law would otherwise require the performance of an interior inspection may be performed without an interior inspection, if—</text><subparagraph id="H8849A6B3F56447A28F0A18DC1E387E5E"><enum>(A)</enum><text>an exterior inspection is performed in conjunction with other methods to maximize credibility, including verifiable contemporaneous video or photographic documentation by the borrower and borrower observations; and</text></subparagraph><subparagraph id="H7FB8D74BD2634AE79B7D9A8BB205E81C"><enum>(B)</enum><text>the applicable lender, guarantor, regulating agency, or insurer may order additional services to include an interior inspection at a later date.</text></subparagraph></paragraph><paragraph id="HCBBE9857E9B6495D9C073761C2BEAE6A"><enum>(2)</enum><header>Stipulation</header><text>An appraiser conducting an appraisal without an interior inspection pursuant to this section shall stipulate an extraordinary assumption that the property’s interior quality, condition, and physical characteristics are as described and consistent with the exterior view, and shall employ all available methods to maximize accuracy while maintaining safety.</text></paragraph></subsection><subsection id="HAAF89FB48FDB4F069549FEE3F66A8904"><enum>(c)</enum><header>Rulemaking</header><text display-inline="yes-display-inline">Not later than the end of the 1-week period beginning on the date of enactment of this Act, the Federal Housing Commissioner of the Federal Housing Agency and the Director of the Federal Housing Finance Agency shall issue such rules or guidance as may be necessary to ensure that such agencies, the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, and the Federal home loan banks make any adjustments to mortgage processing requirements that may be necessary to provide flexibility to avoid in-person interactions while preserving the goals of the programs and consumer protection.</text></subsection><subsection id="H14C66C1DD7C54A1292C6874DCB463757"><enum>(d)</enum><header>COVID–19 emergency defined</header><text display-inline="yes-display-inline">In this section, the term <term>COVID–19 emergency</term> means the period that begins upon the date of the enactment of this Act and ends on the date of the termination by the Federal Emergency Management Agency of the emergency declared on March 13, 2020, by the President under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (<external-xref legal-doc="usc" parsable-cite="usc/42/4121">42 U.S.C. 4121</external-xref> et seq.) relating to the Coronavirus Disease 2019 (COVID–19) pandemic.</text></subsection></section><section id="H3A6FA71D9AEF4887AFBB27DAB9D923B8"><enum>115.</enum><header>Supplemental funding for community development block grants</header><subsection id="H2D2EB523F1D04AB693713A1EF144668D"><enum>(a)</enum><header>Funding and allocations</header><paragraph id="H1BCC0D1F2D4F44BB9790A4E31C0AB9FF"><enum>(1)</enum><header>Authorization of appropriations</header><text display-inline="yes-display-inline">There is authorized to be appropriated $12,000,000,000 for assistance in accordance with this section under the community development block grant program under title I of the Housing and Community Development Act of 1974 (<external-xref legal-doc="usc" parsable-cite="usc/42/5301">42 U.S.C. 5301</external-xref> et seq.).</text></paragraph><paragraph id="H89FB43504C554781AC173922617B1F01"><enum>(2)</enum><header>Initial allocation</header><text display-inline="yes-display-inline">$6,000,000,000 of the amount made available pursuant to paragraph (1) shall be distributed pursuant to section 106 of such Act (<external-xref legal-doc="usc" parsable-cite="usc/42/5306">42 U.S.C. 5306</external-xref>) to grantees and such allocations shall be made within 30 days after the date of the enactment of this Act.</text></paragraph><paragraph id="H86D582DD8FAC4ABD992E4F97F5FFB91D"><enum>(3)</enum><header>Subsequent allocation</header><subparagraph id="H726AD790AF3F4111AEA27E21D2B59FB6"><enum>(A)</enum><header>In general</header><text display-inline="yes-display-inline">The $6,000,000,000 made available pursuant to paragraph (1) that remains after allocation pursuant to paragraph (2) shall be allocated, not later than 45 days after the date of the enactment of this Act, directly to States to prevent, prepare for, and respond to coronavirus within the State, including activities within entitlement and nonentitlement communities, based on public health needs, risk of transmission of coronavirus, number of coronavirus cases compared to the national average, and economic and housing market disruptions, and other factors, as determined by the Secretary, using best available data.</text></subparagraph><subparagraph id="HBBDC96F4EADB45C68216CA75F2357F42"><enum>(B)</enum><header>Technical assistance</header><text display-inline="yes-display-inline">Of the amount referred to in subparagraph (A), $10,000,000 shall be made available for capacity building and technical assistance to support the use of such amounts to expedite or facilitate infectious disease response.</text></subparagraph></paragraph><paragraph id="HE24F2E544D054B5B91BCA8CF078ADAF7"><enum>(4)</enum><header>Direct distribution</header><text display-inline="yes-display-inline">Of the amount made available pursuant to paragraph (1), $3,000,000,000 shall be distributed directly to States and units of general local government, at the discretion of the Secretary of Housing and Urban Development (in this section referred to as the <quote>Secretary</quote>), according to a formula based on factors to be determined by the Secretary, prioritizing risk of transmission of coronavirus, number of coronavirus cases compared to the national average, and economic and housing market disruptions resulting from coronavirus.</text></paragraph><paragraph id="H1D0AF76575914EF9A1DA3E1E8727EF26"><enum>(5)</enum><header>Rolling allocations</header><text display-inline="yes-display-inline">Allocations under this subsection may be made on a rolling basis as additional needs develop and data becomes available.</text></paragraph><paragraph id="H1BB5E43D86A64A4DAEADB196C2DD0668"><enum>(6)</enum><header>Best available data</header><text>The Secretary shall make all allocations under this subsection based on the best available data at the time of allocation.</text></paragraph></subsection><subsection id="H5528E0C5B54C47F7B39E9F4514D0F81C"><enum>(b)</enum><header>Eligible activities</header><text>Amounts made available pursuant to subsection (a) may be used only for—</text><paragraph id="H218243A3B0EB4B30A620707F644A9425"><enum>(1)</enum><text>eligible activities described in 105(a) of the Housing and Community Development Act of 1974 (<external-xref legal-doc="usc" parsable-cite="usc/42/5305">42 U.S.C. 5305(a)</external-xref>) relating to preventing, preparing for, or responding to the public health emergency relating to Coronavirus Disease 2019 (COVID-19); and</text></paragraph><paragraph id="HA9BA2CC12C0B4055B717507ACA6797CE"><enum>(2)</enum><text display-inline="yes-display-inline">reimbursement of costs for such eligible activities relating to preventing, preparing for, or responding to Coronavirus Disease 2019 (COVID-19) that were accrued before the date of the enactment of this Act.</text></paragraph></subsection><subsection id="H1C3E9DB277ED44FDA4B1AE875D0A378F"><enum>(c)</enum><header>Inapplicability of public services cap</header><text display-inline="yes-display-inline">The limitation under paragraph (8) of section 105(a) of the Housing and Community Development Act of 1974 (<external-xref legal-doc="usc" parsable-cite="usc/42/5305">42 U.S.C. 5305(a)(8)</external-xref>) on the amount that may be used for activities under such paragraph shall not apply with respect to—</text><paragraph id="HF8BFB4516770459BB63924C90D8A5C3A"><enum>(1)</enum><text>amounts made available pursuant to subsection (a); and</text></paragraph><paragraph id="H48D7AA01D54045C58EB125148A593C63"><enum>(2)</enum><text>amounts made available in preceding appropriation Acts for fiscal years 2019 and 2020 for carrying out title I of the Housing and Community Development Act of 1974, to the extent such amounts are used for activities described in subsection (b) of this section.</text></paragraph></subsection><subsection id="HA97AFC6CA3FE44338F636C052C1F2B52"><enum>(d)</enum><header>Waivers</header><paragraph id="HD68E52400813411081092CEECA695620"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">The Secretary may waive, or specify alternative requirements for, any provision of any statute or regulation that the Secretary administers in connection with the use of amounts made available pursuant to subsection (a)(1) and for fiscal years 2019 and 2020 (except for requirements related to fair housing, nondiscrimination, labor standards, and the environment), if the Secretary finds that good cause exists for the waiver or alternative requirement and such waiver or alternative requirement would not be inconsistent with the overall purpose of title I of the Housing and Community Development Act of 1974, including for the purposes of addressing the impact of coronavirus.</text></paragraph><paragraph id="H6105C5B5FCEB47159E39805AF6E1F30C"><enum>(2)</enum><header>Notice</header><text>The Secretary shall notify the public through the Federal Register or other appropriate means 5 days before the effective date of any such waiver or alternative requirement in order for such waiver or alternative requirement to take effect. Such public notice may be provided on the internet at the appropriate Government website or through other electronic media, as determined by the Secretary.</text></paragraph></subsection><subsection id="HBAC13E1D745F4BC09DF051CC98DA64A1"><enum>(e)</enum><header>Statements of activities; comprehensive housing affordability strategies</header><paragraph id="H680AD655B4064F50B6194FEDF108DF65"><enum>(1)</enum><header>Inapplicability of requirements</header><text display-inline="yes-display-inline">Section 116(b) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/42/5316">42 U.S.C. 5316(b)</external-xref>; relating to submission of final statements of activities not later than August 16 of a given fiscal year) and any implementing regulations shall not apply to final statements submitted in accordance with paragraphs (2) and (3) of section 104 of such Act (<external-xref legal-doc="usc" parsable-cite="usc/42/5304">42 U.S.C. 5304(a)</external-xref>) and comprehensive housing affordability strategies submitted in accordance with section 105 of the Cranston-Gonzalez National Affordable Housing Act (<external-xref legal-doc="usc" parsable-cite="usc/42/12705">42 U.S.C. 12705</external-xref>) for fiscal years 2019 and 2020.</text></paragraph><paragraph id="HABE3DD0FCA08442984980A50F6FA2D07"><enum>(2)</enum><header>New requirements</header><text>Final statements and comprehensive housing affordability strategies shall instead be submitted not later than August 16, 2021.</text></paragraph><paragraph id="HA55C030312794ACEB2B8AE6E422F662C"><enum>(3)</enum><header>Amendments</header><text>Notwithstanding subsections (a)(2), (a)(3), and (c) of section 104 of the Housing and Community Development Act of 1974 (<external-xref legal-doc="usc" parsable-cite="usc/42/5304">42 U.S.C. 5304</external-xref>) and section 105 of the Cranston-Gonzalez National Affordable Housing Act (<external-xref legal-doc="usc" parsable-cite="usc/42/12705">42 U.S.C. 12705</external-xref>), a grantee may not be required to amend its statement of activities in order to engage in activities to prevent, prepare, and respond to coronavirus or the economic and housing disruption caused by it, but shall make public a report within 180 days of the end of the crisis which fully accounts for such activities.</text></paragraph></subsection><subsection id="HD0C69E8C34E74DFBA253131AFD2DFAB4"><enum>(f)</enum><header>Public hearings</header><paragraph id="HAE4E17F9A87846319C960BCA4F14E0DD"><enum>(1)</enum><header>Inapplicability of in-person hearing requirements</header><text display-inline="yes-display-inline">A grantee may not be required to hold in-person public hearings in connection with its citizen participation plan, but shall provide citizens with notice and a reasonable opportunity to comment of not less than 15 days. </text></paragraph><paragraph id="H7B65DDB58D3E44BC8189142851EC2919"><enum>(2)</enum><header>Virtual public hearings</header><text display-inline="yes-display-inline">During the period that national or local health authorities recommend social distancing and limiting public gatherings for public health reasons, a grantee may fulfill applicable public hearing requirements for all grants from funds made available pursuant to subsection (a)(1) and under the heading <quote>Department of Housing and Urban Development—Community Planning and Development—Community Development Fund</quote> in appropriation Acts for fiscal years 2019 and 2020 by carrying out virtual public hearings. Any such virtual hearings shall provide reasonable notification and access for citizens in accordance with the grantee’s certifications, timely responses from local officials to all citizen questions and issues, and public access to all questions and responses.</text></paragraph></subsection><subsection id="HBF78699D68D94EE0B4CD28BDF4C4D596"><enum>(g)</enum><header>Duplication of benefits</header><text>The Secretary shall ensure there are adequate procedures in place to prevent any duplication of benefits as defined by section 312 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act (<external-xref legal-doc="usc" parsable-cite="usc/42/5155">42 U.S.C. 5155</external-xref>) and act in accordance with section 1210 of the Disaster Recovery Reform Act of 2018 (division D of <external-xref legal-doc="public-law" parsable-cite="pl/115/254">Public Law 115–254</external-xref>; 132 Stat. 3442) and section 312 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act (<external-xref legal-doc="usc" parsable-cite="usc/42/5155">42 U.S.C. 5155</external-xref>).</text></subsection></section><section id="H9B1030E2989F4B498BD95005DFDDFCC7"><enum>116.</enum><header>COVID-19 Emergency Housing Relief</header><subsection id="H9A2F72941CF445F1AFBACA846BF8E75E"><enum>(a)</enum><header>Definition of COVID-19 emergency period</header><text>For purposes of this section, the term <quote>COVID-19 emergency period</quote> means the period that begins upon the date of the enactment of this Act and ends upon the date of the termination by the Federal Emergency Management Agency of the emergency declared on March 13, 2020, by the President under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (<external-xref legal-doc="usc" parsable-cite="usc/42/4121">42 U.S.C. 4121</external-xref> et seq.) relating to the Coronavirus Disease 2019 (COVID-19) pandemic.</text></subsection><subsection id="H021C63C3E8AF4B459362696795C483FD"><enum>(b)</enum><header>Suspension of community service, work, presence in unit, and minimum rent requirements and time limits on assistance</header><paragraph id="H5B91981E60784D128C4BF3E3DDF64E56"><enum>(1)</enum><header>Suspension</header><text display-inline="yes-display-inline">Notwithstanding any other provision of law, during the COVID-19 emergency period, the following provisions of law and requirements shall not apply:</text><subparagraph id="H4CC5A22407E8403DA537DA6D4D423D40"><enum>(A)</enum><text>Section 12(c) of the United States Housing Act of 1937 (<external-xref legal-doc="usc" parsable-cite="usc/42/1437j">42 U.S.C. 1437j(c)</external-xref>; relating to community service).</text></subparagraph><subparagraph id="H7FE376576D3C4E878FD2C2154EC57D0E"><enum>(B)</enum><text display-inline="yes-display-inline">Any work requirement or time limitation on assistance established by a public housing agency participating in the Moving to Work demonstration program authorized under section 204 of the Departments of Veterans Affairs and Housing and Urban Development and Independent Agencies Appropriations Act, 1996 (<external-xref legal-doc="public-law" parsable-cite="pl/104/134">Public Law 104–134</external-xref>; 110 Stat. 1321).</text></subparagraph><subparagraph id="H13CA047DE2B84E8188877749E68F7E07"><enum>(C)</enum><text>Paragraph (3) of section 3(a) of the United States Housing Act of 1937 (<external-xref legal-doc="usc" parsable-cite="usc/42/1437a">42 U.S.C. 1437a(a)(3)</external-xref>; relating to minimum rental amount).</text></subparagraph><subparagraph id="H2E99A63B379C4898BB279EAF8FA355A6"><enum>(D)</enum><text display-inline="yes-display-inline">Section 982.312 of the regulations of the Secretary of Housing and Urban Development (24 C.F.R. 982.312; relating to absence from unit).</text></subparagraph></paragraph><paragraph id="HFA9D541D92004BA5AFC6F18E6CDAC4D9"><enum>(2)</enum><header>Prohibition</header><text display-inline="yes-display-inline">No penalty may be imposed nor any adverse action taken for failure on the part of any tenant of public housing or a dwelling unit assisted under section 8 of the United States Housing Act of 1937 (<external-xref legal-doc="usc" parsable-cite="usc/42/1437f">42 U.S.C. 1437f</external-xref>) to comply with the laws and requirements specified in paragraph (1) during the period specified in paragraph (1).</text></paragraph></subsection><subsection id="HAA87028CC13944E4A4F8CA63A939200F" display-inline="no-display-inline"><enum>(c)</enum><header>Housing choice vouchers</header><paragraph id="H7DD599D3F592406D9A861BDE8A6EF630"><enum>(1)</enum><header>Section 8 vouchers</header><text display-inline="yes-display-inline">Notwithstanding any other provision of law, the Secretary of Housing and Urban Development shall provide that—</text><subparagraph id="HB452F9AA24CF4EE3ADF37D352C356249"><enum>(A)</enum><text>during the COVID-19 emergency period, a public housing agency may not terminate the availability to an eligible household of a housing choice voucher under section 8(o) of the United States Housing Act of 1937 (<external-xref legal-doc="usc" parsable-cite="usc/42/1437f">42 U.S.C. 1437f(o)</external-xref>) for failure to enter into a lease for an assisted dwelling unit;</text></subparagraph><subparagraph id="H417C3BBE19B94E06B563310896D06BEA"><enum>(B)</enum><text display-inline="yes-display-inline">in the case of any eligible household on whose behalf such a housing choice voucher has been made available, if as of the termination of the COVID-19 emergency period such availability has not terminated (including by reason of subparagraph (A)) and such voucher has not been used to enter into a lease for an assisted dwelling unit, the public housing agency making such voucher available may not terminate such availability until the expiration of the 60-day period beginning upon the termination of the COVID-19 emergency period; and</text></subparagraph><subparagraph id="HC0760BA722BC4E31A87BD04A6896705C"><enum>(C)</enum><text display-inline="yes-display-inline">during the COVID-19 emergency period, clause (i) of section 8(o)(8)(A) of the United States Housing Act of 1937 (<external-xref legal-doc="usc" parsable-cite="usc/42/1437f">42 U.S.C. 1437f(o)(8)</external-xref>A)(i); relating to initial inspection of dwelling units) shall not apply, except that in any case in which an inspection of a dwelling unit for which a housing assistance payment is established is not conducted before an assistance payment is made for such dwelling unit—</text><clause id="HDCE6847F3EFF4722BE058554B3372860"><enum>(i)</enum><text display-inline="yes-display-inline">such clause shall be applied by substituting <quote>the expiration of the 90-day period beginning on the termination of the COVID-19 emergency period (as such term is defined in section 117(a) of the Financial Protections and Assistance for America’s Consumers, States, Businesses, and Vulnerable Populations Act)</quote> for <quote>any assistance payment is made</quote>; and</text></clause><clause id="HCE58C19534134BB6A8C07B532C765D48"><enum>(ii)</enum><text>the public housing agency shall inform the tenant household and the owner of such dwelling unit of the inspection requirement applicable to such dwelling unit pursuant to clause (i).</text></clause></subparagraph></paragraph><paragraph id="HDC25005FB653463EAE801D4A3ED8B49A"><enum>(2)</enum><header>Rural housing vouchers</header><text display-inline="yes-display-inline">Notwithstanding any other provision of law, the Secretary of Agriculture shall provide that the same restrictions and requirements applicable under paragraph (1) to voucher assistance under section 8(o) of the United States Housing Act of 1937 shall apply with respect to voucher assistance under section 542 of the Housing Act of 1949 (<external-xref legal-doc="usc" parsable-cite="usc/42/1490r">42 U.S.C. 1490r</external-xref>). In applying such restrictions and requirements, the Secretary may take into consideration and provide for any differences between such programs while ensuring that the program under such section 542 is carried out in accordance with the purposes of such restrictions and requirements.</text></paragraph></subsection><subsection id="H8F8CC6C2AF1148A3A9B436E56A321D38" display-inline="no-display-inline"><enum>(d)</enum><header>Suspension of income reviews</header><text>During the COVID-19 emergency period, the Secretary of Housing and Urban Development and the Secretary of Agriculture shall waive any requirements under law or regulation requiring review of the income of an individual or household for purposes of assistance under a housing assistance program administered by such Secretary, except—</text><paragraph id="HFB3596E8873B44C28E65318D4C06B72B"><enum>(1)</enum><text>in the case of review of income upon the initial provision of housing assistance; or</text></paragraph><paragraph id="H4D64B16B9B214DF7A4F44D8433974987"><enum>(2)</enum><text>if such review is requested by an individual or household due to a loss of income.</text></paragraph></subsection><subsection id="H1D858ACFB8054D4EAF6D5A7D2AE7FF88"><enum>(e)</enum><header>Authority To suspend or delay deadlines</header><text>During the COVID-19 emergency period, the Secretary of Housing and Urban Development and the Secretary of Agriculture may suspend or delay any deadline relating to public housing agencies or owners of housing assisted under a program administered by such Secretary, except any deadline relating to responding to exigent conditions related to health and safety or emergency physical conditions.</text></subsection><subsection id="H506F564C0E164F51833ABC084C4B650E"><enum>(f)</enum><header>Suspension of assisted housing scoring activities</header><text>The Secretary of Housing and Urban Development shall suspend scoring under the Section 8 Management Assessment Program and the Public Housing Assessment System during the period beginning upon the date of the enactment of this Act and ending upon expiration of the 90-day period that begins upon the termination of the COVID-19 emergency period.</text></subsection><subsection id="HD4CC2A0FAFA5476FA1A6786B8EB9BBF7" display-inline="no-display-inline"><enum>(g)</enum><header>Requirements regarding residual receipts and reserve funds</header><paragraph id="H4A3A02DE8B4A472FBFC7D097E4EC4155"><enum>(1)</enum><header>Suspension of requirement to submit residual receipts to HUD</header><text display-inline="yes-display-inline">During the COVID-19 emergency period, any requirements for owners of federally assisted multifamily housing to remit residual receipts to the Secretary of Housing and Urban Development shall not apply. </text></paragraph><paragraph id="HA12448233E2547CAB987E0723997C912"><enum>(2)</enum><header>Eligible uses of reserve funds</header><text display-inline="yes-display-inline">During the COVID-19 emergency period, any costs of an owner of federally assisted multifamily housing for items, activities, and services related to responding to coronavirus or COVID-19 shall be considered eligible uses for the reserve fund for replacements for such housing.</text></paragraph></subsection></section><section id="H860EDCD8698F4D54B3272E533BE9414F"><enum>117.</enum><header>Supplemental funding for service coordinators to assist elderly households</header><subsection id="H15A222FB63E545DE9AE3E0E5AD1CDCCD"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">There is authorized to be appropriated $300,000,000 for grants under section 676 of the Housing and Community Development Act of 1992 (<external-xref legal-doc="usc" parsable-cite="usc/42/13632">42 U.S.C. 13632</external-xref>) for costs of providing service coordinators for purposes of coordinating services to prevent, prepare for, or respond to the public health emergency relating to Coronavirus Disease 2019 (COVID-19).</text></subsection><subsection id="H2E197E0CB1A5491CB87D3727575D73A7"><enum>(b)</enum><header>Hiring</header><text display-inline="yes-display-inline">In the hiring of staff using amounts made available pursuant to this section, grantees shall consider and hire, at all levels of employment and to the greatest extent possible, a diverse staff, including by race, ethnicity, gender, and disability status. Each grantee shall submit a report to the Secretary of Housing and Urban Development describing compliance with the preceding sentence not later than the expiration of the 120-day period that begins upon the termination of the emergency declared on March 13, 2020, by the President under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (<external-xref legal-doc="usc" parsable-cite="usc/42/4121">42 U.S.C. 4121</external-xref> et seq.) relating to the Coronavirus Disease 2019 (COVID-19) pandemic.</text></subsection><subsection id="H0E8BC04A56394571B5B0FB1D99315142"><enum>(c)</enum><header>One-Time grants</header><text display-inline="yes-display-inline">Grants made using amounts made available pursuant to subsection (a) shall not be renewable.</text></subsection><subsection id="H6D7B0177082F461C8756BF4FF4A6C7AA"><enum>(d)</enum><header>One-Year availability</header><text>Any amounts made available pursuant to this section that are allocated for a grantee and remaining unexpended upon the expiration of the 12-month period beginning upon such allocation shall be recaptured by the Secretary.</text></subsection></section><section id="H53CC09EA38A7437480154A4EAB0E8B12"><enum>118.</enum><header>Fair housing</header><subsection id="H298A1DA64B0342A2B67361118D172F35"><enum>(a)</enum><header>Definition of COVID-19 emergency period</header><text>For purposes of this section, the term <quote>COVID-19 emergency period</quote> means the period that begins upon the date of the enactment of this Act and ends upon the date of the termination by the Federal Emergency Management Agency of the emergency declared on March 13, 2020, by the President under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (<external-xref legal-doc="usc" parsable-cite="usc/42/4121">42 U.S.C. 4121</external-xref> et seq.) relating to the Coronavirus Disease 2019 (COVID-19) pandemic.</text></subsection><subsection id="H828CB58B813C43D19DEC460A90B48304"><enum>(b)</enum><header>Fair housing activities</header><paragraph id="H60D5CA4BBEEF4355B488F08E3954B034"><enum>(1)</enum><header>FHIP; FHAP</header><subparagraph id="H583F332263D846D2876F473F34DEC1BF"><enum>(A)</enum><header>Authorization of appropriations</header><text display-inline="yes-display-inline">To ensure that fair housing organizations and State and local civil rights agencies have sufficient resources to deal with expected increases in fair housing complaints, to investigate housing discrimination, including financial scams that target protected classes associated with or resulting from the COVID-19 pandemic, and during such pandemic, there is authorized to be appropriated for contracts, grants, and other assistance—</text><clause id="H6D3702BEA59A4236BA6A49259F474A20"><enum>(i)</enum><text display-inline="yes-display-inline">$55,000,000 for the Fair Housing Initiatives Program under section 561 of the Housing and Community Development Act of 1987 (<external-xref legal-doc="usc" parsable-cite="usc/42/3616a">42 U.S.C. 3616a</external-xref>); and</text></clause><clause id="H9686CF66A48B4DE5976AF26E6D85F27C"><enum>(ii)</enum><text>$35,000,000 for the Fair Housing Assistance Program under the Fair Housing Act (<external-xref legal-doc="usc" parsable-cite="usc/42/3601">42 U.S.C. 3601</external-xref> et seq.).</text></clause><continuation-text continuation-text-level="subparagraph">Amounts made available pursuant to this subparagraph may be used by such organizations and agencies to establish the capacity to and to carry out activities and services by telephone and online means, including for individuals with limited English proficiency and individuals with a disability in accordance with requirements under the Americans With Disabilities Act of 1990. </continuation-text></subparagraph><subparagraph id="H755E9C90C925469EA08BC2ACD3BB63D9"><enum>(B)</enum><header>Private enforcement initiative</header><text display-inline="yes-display-inline">In entering into contracts for private enforcement initiatives under 561(b) of the Housing and Community Development Act of 1987 (<external-xref legal-doc="usc" parsable-cite="usc/42/3616a">42 U.S.C. 3616a(b)</external-xref>) using amounts made available pursuant to subparagraph (A)(i) of this subsection, the Secretary of Housing and Urban Development shall give priority to applications from qualified fair housing enforcement organizations that have at least 2 years of fair housing testing experience.</text></subparagraph><subparagraph id="HF31FA4F6FBFD42C1BE4E2D25541DBB33" display-inline="no-display-inline"><enum>(C)</enum><header>3-year availability</header><text display-inline="yes-display-inline">Any amounts made available pursuant subparagraph (A) that are allocated for a grantee and remain unexpended upon the expiration of the 3-year period beginning upon such allocation shall be recaptured by the Secretary.</text></subparagraph></paragraph><paragraph id="H1D3EFE452C08426197BB75E0AA750B7D"><enum>(2)</enum><header>Office of Fair Housing and Equal Opportunity</header><text>There is authorized to be appropriated $200,000,000 for the Office of Fair Housing and Equal Opportunity of the Department of Housing and Urban Development for costs of fully staffing such Office to ensure robust enforcement of the Fair Housing Act during the COVID-19 pandemic, including ensuring that—</text><subparagraph id="HA713BAEDED864FA0B0717CFA2A2275B3"><enum>(A)</enum><text display-inline="yes-display-inline">assistance provided under this Act is provided and administered in a manner that affirmatively furthers fair housing in accordance with the Fair Housing Act;</text></subparagraph><subparagraph id="HA0668ECDC48C4625B37AA92FD2C2C1C6"><enum>(B)</enum><text display-inline="yes-display-inline">such Office has sufficient capacity for intake of housing discrimination complaints by telephone and online mechanisms, including for individuals with limited English proficiency and individuals with a disability in accordance with requirements under the Americans With Disabilities Act of 1990 and section 504 of the Rehabilitation Act of 1973 (<external-xref legal-doc="usc" parsable-cite="usc/29/794">29 U.S.C. 794</external-xref>); and</text></subparagraph><subparagraph id="H06603D16E16E41FCBC5A49B67C094E90"><enum>(C)</enum><text>such Office has the capacity to respond to all housing discrimination complaints made during the COVID-19 pandemic within time limitations required under law.</text></subparagraph><continuation-text continuation-text-level="paragraph">In the hiring of staff using amounts made available pursuant to this subsection, the Secretary of Housing and Urban Development shall consider and hire, at all levels of employment and to the greatest extent possible, a diverse staff, including by race, ethnicity, gender, and disability status. The Secretary shall submit a report to the Congress describing compliance with the preceding sentence on a quarterly basis, for each of the first 4 calendar quarters ending after the date of the enactment of this Act. </continuation-text></paragraph></subsection><subsection id="H36C788E38D704D9B945269874DDFF0B3"><enum>(c)</enum><header>Fair housing guidance and education</header><paragraph id="H2246D3D97B854454870DD3EEF0115C4C"><enum>(1)</enum><header>Prohibition of showings</header><text display-inline="yes-display-inline">Not later than the expiration of the 30-day period beginning on the date of the enactment of this Act, the Secretary of Housing and Urban Development shall issue guidance for owners of dwelling units assisted under housing assistance programs of the Department prohibiting, during the COVID-19 emergency period, of any showings of occupied assisted dwelling units to prospective tenants.</text></paragraph><paragraph id="HFD9719BF146A4F00B9E8B0CBE236E842"><enum>(2)</enum><header>Education</header><text display-inline="yes-display-inline">There is authorized to be appropriated $10,000,000 for the Office of Fair Housing and Equal Opportunity of the Department of Housing and Urban Development to carry out a national media campaign to educate the public of increased housing rights during COVID-19 emergency period, that provides that information and materials used in such campaign are available—</text><subparagraph id="H97F891757A454C9BBEE6ACB4361A3257"><enum>(A)</enum><text display-inline="yes-display-inline">in the languages used by communities with limited English proficiency; and</text></subparagraph><subparagraph id="HAAC001C1536E41D2A024A2D216FEA7C7"><enum>(B)</enum><text>to persons with disabilities.</text></subparagraph></paragraph></subsection></section><section id="HD8FE7B1BE61E41AEBC9EF9E188BBB282"><enum>119.</enum><header>HUD counseling program authorization</header><subsection id="H63B05927759F44928B68959A3BAA0927"><enum>(a)</enum><header>Findings</header><text>The Congress finds the following:</text><paragraph id="H170A65E1DB4346DFB4B75975723A87C0"><enum>(1)</enum><text display-inline="yes-display-inline">The spread of COVID–19, which is now considered a global pandemic, is expected to negatively impact the incomes of potentially millions of homeowners, making it difficult for them to pay their mortgages on time.</text></paragraph><paragraph id="H89A7C142CD3745ED86C0878AC3C589EA"><enum>(2)</enum><text>Housing counseling is critical to ensuring that homeowners have the resources they need to navigate the loss mitigation options available to them while they are experiencing financial hardship.</text></paragraph></subsection><subsection id="H4170849856F046A4B1A1D60C0B301E77"><enum>(b)</enum><header>Authorization</header><text display-inline="yes-display-inline">There is authorized to be appropriated the Secretary of Housing and Urban Development $700,000,000 to carry out counseling services described under section 106 of the Housing and Urban Development Act of 1968 (<external-xref legal-doc="usc" parsable-cite="usc/12/1701x">12 U.S.C. 1701x</external-xref>).</text></subsection></section><section id="HE6F914932D984730A81D2F192A0593A1"><enum>120.</enum><header>Defense Production Act of 1950</header><subsection id="H9FF7FFC897AA40358A3087CF2E989FAB"><enum>(a)</enum><header>Increase in authorizations</header><paragraph id="H31CFA048BA7C4CD3A52B86DCB6A5235B"><enum>(1)</enum><header>Authorizations</header><text display-inline="yes-display-inline">In addition to amounts otherwise authorized to be appropriated, there is authorized to be appropriated in the aggregate $3,000,000,000 for fiscal year 2020 and 2021 to carry out titles I and III of the Defense Production Act of 1950 to produce medical ventilators, personal protection equipment, and other critically needed medical supplies and to carry out any other actions necessary to respond to the COVID–19 emergency.</text></paragraph><paragraph id="HC5B2AC9C2BEB4D7AB9BB3649893E895C"><enum>(2)</enum><header>Carryover funds</header><text display-inline="yes-display-inline">Section 304(e) of the Defense Production Act of 1950 shall not apply at the close of fiscal year 2020.</text></paragraph><paragraph id="HAB32F761B49549C0B813532FE812FAFD"><enum>(3)</enum><header>COVID–19 emergency</header><text display-inline="yes-display-inline">In this section, the term <quote>COVID–19 emergency</quote> means the emergency declared on March 13, 2020, by the President under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (<external-xref legal-doc="usc" parsable-cite="usc/42/4121">42 U.S.C. 4121</external-xref> et seq.) relating to the Coronavirus Disease 2019 (COVID-19) pandemic.</text></paragraph></subsection><subsection id="HAE8E8D184AA44051B297D986C43E7F32"><enum>(b)</enum><header>Strengthening congressional oversight; public portal</header><paragraph id="H099569A58A8C4D8DB6CD23E0A6B05E58"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">Not later than three months after the date of enactment of this Act, and every three months thereafter, the Secretary of Commerce, in coordination with the Secretary of Health and Human Services, the Secretary of Defense, and any other Federal department or agency that has utilized authority under title I or title III of the Defense Production Act of 1950 to respond to the COVID–19 emergency, shall submit a report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate—</text><subparagraph id="HDFC5A63E09CD414A980DDCA069925495"><enum>(A)</enum><text>on the use of such authority and the expenditure of any funds in connection with such authority; and</text></subparagraph><subparagraph id="H25D4E95C13A24550B8CBD8DACB64B117"><enum>(B)</enum><text display-inline="yes-display-inline">that includes details of each purchase order made using such authorities, including the product and amount of product ordered and the entity that fulfilled the contract.</text></subparagraph></paragraph><paragraph id="HA3506BC38E3C4271AC19604E1F1C5718"><enum>(2)</enum><header>Public availability</header><text>The Secretary of Commerce shall place all reports submitted under paragraph (1) on an appropriate website available to the public, in an easily searchable format.</text></paragraph><paragraph id="HE8143529DC044CFAAFBB8EABA98B6CBC"><enum>(3)</enum><header>Sunset</header><text>The requirements under this section shall terminate after the expenditure of all funds appropriated pursuant to the authorizations under subsection (a).</text></paragraph></subsection></section><enum>II</enum><header>Assisting Small Businesses and Community Financial Institutions </header><section id="H7744638CA8064590A2CA9A8F76CEF9D7" section-type="subsequent-section"><enum>201.</enum><header>Small Business Credit Facility</header><subsection id="H2E7DAE52D92F4C5BA0B9D147D1B41D25"><enum>(a)</enum><header>Establishment</header><text>The Board of Governors of the Federal Reserve System shall establish a credit facility to provide loans to small businesses during the COVID–19 emergency.</text></subsection><subsection id="H61242C3115FE42FC9AE950E5321B6FD4"><enum>(b)</enum><header>Definitions</header><text display-inline="yes-display-inline">In this section:</text><paragraph id="H5A04C6BCD8C04FE2B03CB2011BE5C391"><enum>(1)</enum><header>COVID–19 emergency</header><text display-inline="yes-display-inline">The term <term>COVID–19 emergency</term> means the period that begins upon the date of the enactment of this Act and ends on the date of the termination by the Federal Emergency Management Agency of the emergency declared on March 13, 2020, by the President under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (<external-xref legal-doc="usc" parsable-cite="usc/42/4121">42 U.S.C. 4121</external-xref> et seq.) relating to the Coronavirus Disease 2019 (COVID–19) pandemic.</text></paragraph><paragraph id="H9CD79C9173F44F6E90FE991FBF3EEE95"><enum>(2)</enum><header>Small business</header><text display-inline="yes-display-inline">The term <term>small business</term> means—</text><subparagraph id="H1FD5BB0B2A3A46B0931327D785DF57F9"><enum>(A)</enum><text>a small business concern (as defined under section 3 of the Small Business Act (<external-xref legal-doc="usc" parsable-cite="usc/15/632">15 U.S.C. 632</external-xref>));</text></subparagraph><subparagraph id="HD12B9EBED60F4FB78C683760E0DA5377"><enum>(B)</enum><text>a family farm;</text></subparagraph><subparagraph id="H94E5F1861C5D4528B80AA94AFF5C8119"><enum>(C)</enum><text>an independent contractor; and</text></subparagraph><subparagraph id="HC3FE8B5B64BD42C7BAA59F47FB1049E7"><enum>(D)</enum><text display-inline="yes-display-inline">any other class of businesses to which the Board of Governors determines loans would promote full employment and price stability.</text></subparagraph></paragraph></subsection></section><section id="HF803276CCCE94DEF9FC89353610FD115" section-type="subsequent-section"><enum>202.</enum><header>Small Business Financial Assistance Program</header><subsection id="H9327874872F14112861DEC7257ACCA36"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">The Secretary of the Treasury shall establish a Small Business Financial Assistance Program under which the Secretary shall provide loans and loan guarantees to small businesses.</text></subsection><subsection id="H1ADA44F8B23E404797A373222C48817A"><enum>(b)</enum><header>Application</header><text>In making loans and loan guarantees under this section, the Secretary shall—</text><paragraph id="H142FFA5263194166A6C41F9AC80520AA"><enum>(1)</enum><text>provide a simple application process for borrowers; and</text></paragraph><paragraph id="H980B9E8C7DE241B69316576974A1B07B"><enum>(2)</enum><text>establish clear and easy to understand underwriting standards for such loans.</text></paragraph></subsection><subsection id="HC6417FADF1E9448E97832B7B317CD7F7"><enum>(c)</enum><header>Zero-Interest loans</header><text>Loans made by or guaranteed by the Secretary under this section shall be zero-interest loans, if the small business receiving such loan does not involuntarily terminate any employee of the small business during the COVID–19 emergency.</text></subsection><subsection id="HDF706CC8BF2643A1B3540651040F767C"><enum>(d)</enum><header>Advance</header><paragraph id="HCBCCD42EB3B348CABD934004B456A9D3"><enum>(1)</enum><header>In general</header><text>Upon request from an applicant for a loan under this section, the Secretary may provide to such applicant an advance, in cash, to such applicant.</text></paragraph><paragraph id="H49B27EFB5CA946E2A9D0C638027981AD"><enum>(2)</enum><header>Amount</header><text>An advance provided under paragraph (1) shall be in an amount equal to the revenue of the applicant for the period beginning January 1, 2020, and ending January 31, 2020.</text></paragraph><paragraph id="HB0BDE4308C024EAB82BA460E67FFEDE5"><enum>(3)</enum><header>Procedures</header><subparagraph id="H8CB08355A416420FB1CD1B87B41B2EEC"><enum>(A)</enum><header>Review</header><text>The Secretary shall have 1 week from the receipt of a request for an advance under paragraph (1) to conduct a risk assessment of the applicant to determine whether to approve or deny such request.</text></subparagraph><subparagraph id="HB6E9FA493EB040869DC10ED42F66ED63"><enum>(B)</enum><header>Approval</header><text>If the Secretary does not deny a request under subparagraph (A), the advance shall be directly deposited into the account identified by the applicant.</text></subparagraph><subparagraph id="H18B2A24EE4B74ADB88EBE16BA196823F"><enum>(C)</enum><header>Remaining funds</header><text>Not later than 4 weeks after approving a request of an applicant under subparagraph (A), the Secretary shall disburse the remaining funds to such applicant. </text></subparagraph></paragraph></subsection><subsection id="H11E42D6704244CF994BFE66DFADA983B"><enum>(e)</enum><header>Forgiveness</header><text display-inline="yes-display-inline">If small business that receives a loan or loan guarantee under this section demonstrates to the Secretary that the number of full-time employees of such small business on the date such small business submitted an application under this section is greater than or equal to the number of full-time employees of such small business on the date that is 1 year after the date of such submission, the Secretary shall forgive the remaining outstanding principal and interest on such loan or loan guarantee.</text></subsection><subsection id="H98787C5BA9044EF5BEC62107C615DA64"><enum>(f)</enum><header>Funding</header><text display-inline="yes-display-inline">The Secretary shall use $50,000,000,000 from the Exchange Stabilization Fund, without further appropriation, to carry out this section.</text></subsection><subsection id="H029489955FC744BFA65B51E8178EDA0E"><enum>(g)</enum><header>Definitions</header><text>In this section:</text><paragraph id="H3396E7231FC947F3B46EDF38AE1A7BA0" display-inline="no-display-inline"><enum>(1)</enum><header>COVID–19 emergency</header><text display-inline="yes-display-inline">The term <term>COVID–19 emergency</term> means the period that—</text><subparagraph id="H1CC95C97E1044039AC6AA78C20436C2C"><enum>(A)</enum><text>begins on the declaration of the emergency declared on March 13, 2020, by the President under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (<external-xref legal-doc="usc" parsable-cite="usc/42/4121">42 U.S.C. 4121</external-xref> et seq.) relating to the Coronavirus Disease 2019 (COVID–19) pandemic; and</text></subparagraph><subparagraph id="H154506F36C7E4A72B4B5121857D348A3"><enum>(B)</enum><text>ends on the termination by the Federal Emergency Management Agency of such emergency.</text></subparagraph></paragraph><paragraph id="H1D6FF593DE44482CB0FD22A21CFB384E"><enum>(2)</enum><header>Small business</header><text display-inline="yes-display-inline">The term <quote>small business</quote> means—</text><subparagraph id="H3279335E871D4F9B822BF5DED95A47DB"><enum>(A)</enum><text>a small business concern (as defined under section 3 of the Small Business Act (<external-xref legal-doc="usc" parsable-cite="usc/15/632">15 U.S.C. 632</external-xref>));</text></subparagraph><subparagraph id="H371790B0716043978BF8E895912751E7"><enum>(B)</enum><text>a family farm; and</text></subparagraph><subparagraph id="HE63D8CC014604589839CF27EEE251A19"><enum>(C)</enum><text>an independent contractor.</text></subparagraph></paragraph></subsection></section><section id="HBCBAC44499F64994A32F6D98003AFF03"><enum>203.</enum><header>Loan and obligation payment relief for affected small businesses and non-profits</header><subsection id="H033F9B397A7246949B02A048E4A09232"><enum>(a)</enum><header>In general</header><paragraph id="H6500689BB955428797D8B9BF55BC8B48"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">During the COVID–19 emergency, a debt collector may not, with respect to a debt of a small business or non-profit (other than debt related to a federally related mortgage loan)—</text><subparagraph id="HDBD255F32C68414487E9CF23ED8CB497"><enum>(A)</enum><text>capitalize unpaid interest;</text></subparagraph><subparagraph id="H5AC05D5938F64302B0C0B66B0F801018"><enum>(B)</enum><text>apply a higher interest rate triggered by the nonpayment of a debt to the debt balance;</text></subparagraph><subparagraph id="H6024CFA4B6F6440C81B007D685448014"><enum>(C)</enum><text>charge a fee triggered by the nonpayment of a debt;</text></subparagraph><subparagraph id="H31A4D810574C4352B0B0F93DC5226807"><enum>(D)</enum><text>sue or threaten to sue for nonpayment of a debt;</text></subparagraph><subparagraph id="HB43499CD29F14279BEC776A2FBB53FB4"><enum>(E)</enum><text>continue litigation to collect a debt that was initiated before the date of enactment of this section;</text></subparagraph><subparagraph id="H3ED77796EAFC456FA5C048F8987B5E71"><enum>(F)</enum><text>submit or cause to be submitted a confession of judgment to any court;</text></subparagraph><subparagraph id="H9429CBE1D9A1415C883155E38B255E0A"><enum>(G)</enum><text>enforce a security interest through repossession, limitation of use, or foreclosure;</text></subparagraph><subparagraph id="H4EEB101D67514A38B43F9438E1B7CF76"><enum>(H)</enum><text>take or threaten to take any action to enforce collection, or any adverse action for nonpayment of a debt, or for nonappearance at any hearing relating to a debt;</text></subparagraph><subparagraph id="HBF18C0149B5B4918A069120CF76E9E07"><enum>(I)</enum><text display-inline="yes-display-inline">commence or continue any action to cause or to seek to cause the collection of a debt, including pursuant to a court order issued before the end of the 120-day period following the end of the COVID–19 emergency, from wages, Federal benefits, or other amounts due to a small business or by way of garnishment, deduction, offset, or other seizure;</text></subparagraph><subparagraph id="H6DD761E1D07C4941B3C536055D84D577"><enum>(J)</enum><text display-inline="yes-display-inline">cause or non-profit seek to cause the collection of a debt, including pursuant to a court order issued before the end of the 120-day period following the end of the COVID–19 emergency, by levying on funds from a bank account or seizing any other assets of a small business or non-profit;</text></subparagraph><subparagraph id="H8316C1995C1C450DA8F9EA7E17DE9F8A"><enum>(K)</enum><text display-inline="yes-display-inline">commence or continue an action to evict a small business or non-profit from real or personal property; or</text></subparagraph><subparagraph id="HE314F74B469F44F5A51C544FEF2B24C6"><enum>(L)</enum><text>disconnect or terminate service from utility service, including electricity, natural gas, telecommunications or broadband, water, or sewer. </text></subparagraph></paragraph><paragraph id="H71EB447A9DDE405E9E14B9BE1743FD9C"><enum>(2)</enum><header>Rule of construction</header><text display-inline="yes-display-inline">Nothing in this subsection may be construed to prohibit a small business or non-profit from voluntarily paying, in whole or in part, a debt.</text></paragraph><paragraph id="H8FA60F5D0FA241D9A1FF5F9353C52DE9"><enum>(3)</enum><header>Repayment period</header><text display-inline="yes-display-inline">After the expiration of the COVID–19 emergency, with respect to a debt described under paragraph (1), a debt collector—</text><subparagraph id="H15C282CE1B84446DB7BF1CFD16E46CB7"><enum>(A)</enum><text>may not add to the debt balance any interest or fee prohibited by paragraph (1);</text></subparagraph><subparagraph id="H930CF63301C2446DABFFA4776F363532"><enum>(B)</enum><text display-inline="yes-display-inline">shall, for credit with a defined term or payment period, extend the time period to repay the debt balance by 1 payment period for each payment that a small business or non-profit missed during the COVID–19 emergency, with the payments due in the same amounts and at the same intervals as the pre-existing payment schedule;</text></subparagraph><subparagraph id="H691756D143664503A031496E4CA443A2"><enum>(C)</enum><text display-inline="yes-display-inline">shall, for an open end credit plan (as defined under section 103 of the Truth in Lending Act) or other credit without a defined term, allow the small business or non-profit to repay the debt balance in a manner that does not exceed the amounts permitted by formulas under section 170(c) of the Truth in Lending Act and regulations promulgated thereunder; and</text></subparagraph><subparagraph id="HAC3D39892771419F92972071887C29E3"><enum>(D)</enum><text display-inline="yes-display-inline">shall, when the small business or non-profit notifies the debt collector, offer reasonable and affordable repayment plans, loan modifications, refinancing, options with a reasonable time in which to repay the debt.</text></subparagraph></paragraph><paragraph id="HE7C891097866470AACB81B8FBA9AE99F"><enum>(4)</enum><header>Communications in connection with the collection of a debt</header><subparagraph id="H0D2A7125CD414D9E98830CC19104F1BE"><enum>(A)</enum><header>In general</header><text display-inline="yes-display-inline">During the COVID–19 emergency, without prior consent of a small business or non-profit given directly to a debt collector during the COVID–19 emergency, or the express permission of a court of competent jurisdiction, a debt collector may only communicate in writing in connection with the collection of any debt (other than debt related to a federally related mortgage loan).</text></subparagraph><subparagraph id="HA57684418178437BA5AB8FC148FACE26"><enum>(B)</enum><header>Required disclosures</header><clause id="HD2D796B961A34C258C3B04CD5E5FA2DF"><enum>(i)</enum><header>In general</header><text display-inline="yes-display-inline">All written communications described under subparagraph (A) shall inform the small business or non-profit that the communication is for informational purposes and is not an attempt to collect a debt.</text></clause><clause id="HAE44A5289A05493E882B672A60287E9F"><enum>(ii)</enum><header>Requirements</header><text>The disclosure required under clause (i) shall be made—</text><subclause id="HFD3B171E59774E058A0E39ED837DE8DF"><enum>(I)</enum><text>in type or lettering not smaller than 14-point bold type;</text></subclause><subclause id="H6EC0CAA776B845D7AED67D64E3BDE8B0"><enum>(II)</enum><text>separate from any other disclosure;</text></subclause><subclause id="H1487B416BB134C6F89A1C24B80851ACF"><enum>(III)</enum><text>in a manner designed to ensure that the recipient sees the disclosure clearly;</text></subclause><subclause id="H1DD1125A7AE748D284437B522C88C7B9"><enum>(IV)</enum><text display-inline="yes-display-inline">in English and Spanish and in any additional languages in which the debt collector communicates, including the language in which the loan was negotiated, to the extent known by the debt collector; and</text></subclause><subclause id="H8DB9D03D9D6249FE91CFFC5BC84330A7"><enum>(V)</enum><text display-inline="yes-display-inline">may be provided by first-class mail or electronically, if the borrower has otherwise consented to electronic communication with the debt collector and has not revoked such consent.</text></subclause></clause><clause id="HFE336C6C11CD4A56A389B3D9A1FBF52E"><enum>(iii)</enum><header>Oral notification</header><text display-inline="yes-display-inline">Any oral notification shall be provided in the language the debt collector otherwise uses to communicate with the borrower.</text></clause><clause id="H5EDA7E003B034C28A840568A5518215B"><enum>(iv)</enum><header>Written translations</header><text display-inline="yes-display-inline">In providing written notifications in languages other than English in this Section, a debt collector may rely on written translations developed by the Bureau of Consumer Financial Protection.</text></clause></subparagraph></paragraph><paragraph id="HD594F2E7836742FC85671CD154E67363"><enum>(5)</enum><header>Violations</header><subparagraph id="H99F94C14B4AD429A8A9FA5B622033672"><enum>(A)</enum><header>In general</header><text>Any person who violates this section shall be subject to civil liability in accordance with section 813 of the Fair Debt Collection Practices Act, as if the person is a debt collector for purposes of that section.</text></subparagraph><subparagraph id="HA5FFA7DE8A1B401CA686E2A4E5096C07"><enum>(B)</enum><header>Predispute arbitration agreements</header><text>Notwithstanding any other provision of law, no predispute arbitration agreement or predispute joint-action waiver shall be valid or enforceable with respect to a dispute brought under this section, including a dispute as to the applicability of this section, which shall be determined under Federal law.</text></subparagraph></paragraph><paragraph id="H0713483289414562B38D18CBF096EEA9"><enum>(6)</enum><header>Tolling</header><text display-inline="yes-display-inline">Except as provided in paragraph (7)(D), any applicable time limitations, including statutes of limitations, related to a debt under Federal or State law shall be tolled during the COVID–19 emergency.</text></paragraph><paragraph id="H4EC93B10AD6847E09B4AA0F5984FC6F2"><enum>(7)</enum><header>Claims of affected creditors and debt collectors</header><subparagraph id="H4E558400DC054CA9A8212B012C03DB34"><enum>(A)</enum><header>Valuation of property</header><text display-inline="yes-display-inline">With respect to any action asserting a taking under the Fifth Amendment of the Constitution of the United States as a result of this section or seeking a declaratory judgment regarding the constitutionality of this section, the value of the property alleged to have been taken without just compensation shall be evaluated—</text><clause id="H5C545DEE5681480A8DB061887BF4EED2"><enum>(i)</enum><text>with consideration of the likelihood of full and timely payment of the obligation without the actions taken pursuant to this section; and</text></clause><clause id="HB8CCF5A4B23F485F9BFA3BED5408F481"><enum>(ii)</enum><text display-inline="yes-display-inline">without consideration of any assistance provided directly or indirectly to the small business or non-profit from other Federal, State, and local government programs instituted or legislation enacted in response to the COVID–19 emergency.</text></clause></subparagraph><subparagraph id="H52753DB86C1E41C4A56E620CD86E83E5"><enum>(B)</enum><header>Scope of just compensation</header><text display-inline="yes-display-inline">In an action described in subparagraph (A), any assistance or benefit provided directly or indirectly to the person from other Federal, State, and local government programs instituted in or legislation enacted response to the COVID–19 emergency, shall be deemed to be compensation for the property taken, even if such assistance or benefit is not specifically provided as compensation for property taken by this section.</text></subparagraph><subparagraph id="H2CC8B8863C79412494AC758456879366"><enum>(C)</enum><header>Appeals</header><text>Any appeal from an action under this section shall be treated under section 158 of title 28, United States Code, as if it were an appeal in a case under title 11, United States Code.</text></subparagraph><subparagraph id="H70A4EA1E82D945CEBA0FA2EF7A7FCBDD"><enum>(D)</enum><header>Repose</header><text display-inline="yes-display-inline">Any action asserting a taking under the Fifth Amendment to the Constitution of the United States as a result of this section shall be brought within not later than 180 days after the end of the COVID–19 emergency.</text></subparagraph></paragraph><paragraph id="HFE78B41DD2524440B0EAADD4FE44B9D2"><enum>(8)</enum><header>Definitions</header><text>In this section:</text><subparagraph id="H3A93E37C8AB4407198607F62FF42FC92" display-inline="no-display-inline"><enum>(A)</enum><header>COVID–19 emergency</header><text display-inline="yes-display-inline">The term <term>COVID–19 emergency</term> means the period that begins upon the date of the enactment of this Act and ends on the date of the termination by the Federal Emergency Management Agency of the emergency declared on March 13, 2020, by the President under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (<external-xref legal-doc="usc" parsable-cite="usc/42/4121">42 U.S.C. 4121</external-xref> et seq.) relating to the Coronavirus Disease 2019 (COVID–19) pandemic.</text></subparagraph><subparagraph id="HF7044560A9E14F888740C07974033060"><enum>(B)</enum><header>Creditor</header><text>The term <quote>creditor</quote> means—</text><clause id="H8C9204888F1D4FD4A422A578E5BD1098"><enum>(i)</enum><text>any person who offers or extends credit creating a debt or to whom a debt is owed or other obligation for payment;</text></clause><clause id="H67F305DC104A4D66B010471D851A970E"><enum>(ii)</enum><text>any lessor of real or personal property; or</text></clause><clause id="HE3A063AAFF214B4D8AE63D11F4B72CA0"><enum>(iii)</enum><text>any provider of utility services.</text></clause></subparagraph><subparagraph id="HB8CBE2D103F442CEB4487097BD14388D"><enum>(C)</enum><header>Debt</header><text display-inline="yes-display-inline">The term <quote>debt</quote>—</text><clause id="HDDB77526D2694EDBB387A64B4305E850"><enum>(i)</enum><text>means any obligation or alleged obligation—</text><subclause id="H73D96682A1234A6E8E39B1F4EC02C7DC"><enum>(I)</enum><text>for which the original agreement, or if there is no agreement, the original obligation to pay was created before or during the COVID–19 emergency, whether or not such obligation has been reduced to judgment; and</text></subclause><subclause id="HCD765727E34C4778A67A62965111E7E7"><enum>(II)</enum><text>that arises out of a transaction with a small business or non-profit; and</text></subclause></clause><clause id="H4652A6C7D9B4471684AEC215F5D8B696"><enum>(ii)</enum><text>does not include a federally related mortgage loan.</text></clause></subparagraph><subparagraph id="H03CE5827CABB49EE847512B7DFC280CF"><enum>(D)</enum><header>Debt collector</header><text>The term <quote>debt collector</quote> means a creditor, and any person or entity that engages in the collection of debt, including the Federal Government and a State government, irrespective of whether the debt is allegedly owed to or assigned to that person or to the entity.</text></subparagraph><subparagraph id="H1763A16DD15B488BACF7AB012AE440A9"><enum>(E)</enum><header>Federally related mortgage loan</header><text display-inline="yes-display-inline">The term <term>federally related mortgage loan</term> has the meaning given that term under section 3 of the Real Estate Settlement Procedures Act of 1974 (<external-xref legal-doc="usc" parsable-cite="usc/12/2602">12 U.S.C. 2602</external-xref>).</text></subparagraph><subparagraph id="H055C20E453374270AEBB93CCB8889590"><enum>(F)</enum><header>Non-profit</header><text display-inline="yes-display-inline">The term <term>non-profit</term> means an organization described in <external-xref legal-doc="usc" parsable-cite="usc/26/501">section 501(c)(3)</external-xref> of the Internal Revenue Code of 1986 and exempt from taxation under section 501(a) of such Code.</text></subparagraph><subparagraph id="HA89B535486724A83A0B0736FBE7F9ED3"><enum>(G)</enum><header>Small business</header><text display-inline="yes-display-inline">The term <term>small business</term> has the meaning given the term <term>small business concern</term> under section 3 of the Small Business Act. </text></subparagraph></paragraph></subsection><subsection id="H44656CAFFAF44CD4A07D9A6962A1B763"><enum>(b)</enum><header>Credit facility for other purposes</header><text>The Board of Governors of the Federal Reserve System shall establish a facility that the Board of Governors shall use to make payments to holders of loans or obligations to compensate such holders for documented financial losses—</text><paragraph id="H4143E55AD5D4463EB56B868691046AE3"><enum>(1)</enum><text>with respect to a loan or obligation made to an individual, small business, or non-profit; and</text></paragraph><paragraph id="HA85705CDA0FB43C4ACC78D816B2F5444"><enum>(2)</enum><text display-inline="yes-display-inline">where such losses were caused by a suspension of payments required under Federal law in connection with the COVID–19 emergency.</text></paragraph></subsection></section><section id="H908C1CECD72540B5AB8C5B7386B34CE7" section-type="subsequent-section"><enum>204.</enum><header>Reauthorization of the State Small Business Credit Initiative Act of 2010</header><text display-inline="no-display-inline">The State Small Business Credit Initiative Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/15/5701">15 U.S.C. 5701</external-xref> et seq.) is amended—</text><paragraph id="H8869020C17264AF6999E1800D20F30D2"><enum>(1)</enum><text>by striking <quote>2009 allocation</quote> each place such term appears and inserting <quote>2019 allocation</quote>;</text></paragraph><paragraph id="HE3524D9073BE43BDA561B36BEAC96E91"><enum>(2)</enum><text display-inline="yes-display-inline">by striking <quote>2010 allocation</quote> each place such term appears and inserting <quote>2020 allocation</quote>;</text></paragraph><paragraph id="H9DFBFA3FD34C4238A0E5DAAFC6A282B8"><enum>(3)</enum><text display-inline="yes-display-inline">by striking <quote>date of enactment of this Act</quote> each place it appears and inserting <quote>date of the enactment of the Small Business Support and Access to Capital Act of 2020</quote>;</text></paragraph><paragraph id="H30F17C4513FC4D67B039178C81171B9A"><enum>(4)</enum><text display-inline="yes-display-inline">by striking <quote>date of the enactment of this Act</quote> each place it appears and inserting <quote>date of the enactment of the Small Business Support and Access to Capital Act of 2020</quote>;</text></paragraph><paragraph id="H7F61136B458D42DEBC2C956AA842C414"><enum>(5)</enum><text>in section 3003(b)(2)—</text><subparagraph id="H9DC9EB5D0D264A63A25B0F189128AE95"><enum>(A)</enum><text display-inline="yes-display-inline">in the section heading, by striking <quote><header-in-text level="section" style="OLC">2009 allocation formula</header-in-text></quote> and inserting striking <quote><header-in-text level="section" style="OLC">2019 allocation formula</header-in-text></quote>;</text></subparagraph><subparagraph id="H124F4E60C4A24B3687BD99E33FCFFC19"><enum>(B)</enum><text display-inline="yes-display-inline">by striking <quote>2008 State employment decline</quote> each place such term appears and inserting <quote>2018 State employment decline</quote>;</text></subparagraph><subparagraph id="H3E3CE6BF7006416EA32B6565AA73C604"><enum>(C)</enum><text>in subparagraph (A), by striking <quote>2009 allocation</quote> and inserting <quote>2019 allocation</quote>; and</text></subparagraph><subparagraph id="HA30E7E799EEE4B0F9A4E05EABC4CDB05"><enum>(D)</enum><text>in subparagraph (C)—</text><clause id="HD7AB190EFB0846978DF278C7A9856D96"><enum>(i)</enum><text display-inline="yes-display-inline">in the subparagraph heading, by striking <quote><header-in-text level="subparagraph" style="OLC">2008 State employment decline defined</header-in-text></quote> and inserting <quote><header-in-text level="subparagraph" style="OLC">2018 State employment decline defined</header-in-text></quote>;</text></clause><clause id="H36269BB80EEC479BA953CCC796575168"><enum>(ii)</enum><text>in clause (i), by striking <quote>December 2007</quote> and inserting <quote>December 2017</quote>; and</text></clause><clause id="HADE49138FCAB40458AD686FCBBCF5739"><enum>(iii)</enum><text display-inline="yes-display-inline">in clause (ii), by striking <quote>December 2008</quote> and inserting <quote>December 2018</quote>;</text></clause></subparagraph></paragraph><paragraph id="H009DDDAAD4A74351996EF4D67E8C0D79"><enum>(6)</enum><text display-inline="yes-display-inline">in section 3003(b)(3)—</text><subparagraph id="H7FC1DE767D9B4B7EB2EBF3DCBECBA99A"><enum>(A)</enum><text display-inline="yes-display-inline">in the section heading, by striking <quote><header-in-text level="section" style="OLC">2010 allocation formula</header-in-text></quote> and inserting striking <quote><header-in-text level="section" style="OLC">2020 allocation formula</header-in-text></quote>;</text></subparagraph><subparagraph id="H6BB7C04ECD7340B7ABA19E39DFB1D144"><enum>(B)</enum><text display-inline="yes-display-inline">by striking <quote>2009 unemployment number</quote> each place such term appears and inserting <quote>2019 unemployment number</quote>; and</text></subparagraph><subparagraph id="HFBA0322BF7DE46C98B3DD65FA3847840"><enum>(C)</enum><text>in subparagraph (C)—</text><clause id="HF8B750D896BB42CE8CB46FD8ADA4EE03"><enum>(i)</enum><text display-inline="yes-display-inline">in the subparagraph heading, by striking <quote><header-in-text level="subparagraph" style="OLC">2009 unemployment number defined</header-in-text></quote> and inserting <quote><header-in-text level="subparagraph" style="OLC">2019 unemployment number defined</header-in-text></quote>; and</text></clause><clause id="H4192C6BBC14B4456B9ABE40F335B82EE"><enum>(ii)</enum><text display-inline="yes-display-inline">by striking <quote>December 2009</quote> and inserting <quote>December 2019</quote>; </text></clause></subparagraph></paragraph><paragraph id="HC007564AF90342DD81FBBA84A789FE34"><enum>(7)</enum><text display-inline="yes-display-inline">in section 3005(e), by striking <quote>to the Secretary a report</quote> and inserting <quote>to the Secretary and Congress a report</quote>;</text></paragraph><paragraph id="H96E47DCA955C4CCC9FE67ED5C53AD591"><enum>(8)</enum><text>in section 3007—</text><subparagraph id="HB8F1D206FE77431186EAD14CCF3DF362"><enum>(A)</enum><text>in subsection (a)(1), by striking <quote>to the Secretary a report </quote> and inserting <quote>to the Secretary and Congress a report</quote>; and</text></subparagraph><subparagraph id="H2F03903C9FC142919C4A01CDF2098954"><enum>(B)</enum><text>in subsection (b)—</text><clause id="H17E051EC30904DFBBF82965497537622"><enum>(i)</enum><text>by striking <quote>March 31, 2011</quote> and inserting <quote>March 31, 2021</quote>; and</text></clause><clause id="H0E6D6B00F0A6478CA702E9F00DF4B1F8"><enum>(ii)</enum><text display-inline="yes-display-inline">by striking <quote>to the Secretary</quote> and inserting <quote>to the Secretary and Congress</quote>; and</text></clause></subparagraph></paragraph><paragraph id="HA1704047F6A74E548A1C1A897042B18A"><enum>(9)</enum><text display-inline="yes-display-inline">in section 3009—</text><subparagraph id="H39B15C267D194F2BB721C254676BAFA7"><enum>(A)</enum><text>in subsection (b), by striking <quote>$1,500,000,000</quote> and inserting <quote>$10,000,000,000</quote>; and</text></subparagraph><subparagraph id="H0D98EC95B1A94DD78BEA38F370C5D865"><enum>(B)</enum><text>in subsection (c), by adding at the end the following new sentence: <quote>At the end of such period, any amounts that remain unexpended or unobligated shall be transferred to the Community Development Financial Institutions Fund established under section 104(a) of the Riegle Community Development and Regulatory Improvement Act of 1994.</quote>.</text></subparagraph></paragraph></section><section id="HEED89B6CBD2246349A7B482D3B602D87" section-type="subsequent-section"><enum>205.</enum><header>Funding of the Initiative to Build Growth Equity Funds for Minority Businesses</header><subsection id="HFAD56120D32F4918BC96917B9A77FAB2"><enum>(a)</enum><header>Grant</header><text display-inline="yes-display-inline">The Minority Business Development Agency shall provide a grant of $3,000,000,000 to fully implement the Initiative to Build Growth Equity Funds for Minority Businesses (the <quote>Initiative</quote>; award number MB19OBD8020113), including to use such amounts as capital for the Equity Funds.</text></subsection><subsection id="HE665333728684E3A93363195659C6D0E"><enum>(b)</enum><header>Administrative expenses</header><text display-inline="yes-display-inline">Of the amounts provided under subsection (a), the grant recipient may use not more than 2.25 percent of such amount for administrative expenses, of which—</text><paragraph id="HDB98A3EA1CC64445B05422D9D7B0D096"><enum>(1)</enum><text>not more than 1.5 percent per annum may be used for fees to be paid to investment managers for fund investment activities, including deal sourcing, due diligence, investment monitoring, and investment reporting; and</text></paragraph><paragraph id="H96A1D44015D24CA3B69058A351D2CD2A"><enum>(2)</enum><text>not more than 0.75 percent per annum may be used for fund administration activities by the grant recipient, including fund manager evaluation, selection, monitoring, and overall fund program management.</text></paragraph></subsection><subsection id="H7A82A33F13C74314A5F87A6D1E924012"><enum>(c)</enum><header>Treatment of interest</header><text display-inline="yes-display-inline">Notwithstanding any other provision of law, with the approval of the Minority Business Development Agency, grant funds made available under subsection (a) may be deposited in interest-bearing accounts pending disbursement, and any interest which accrues may be retained without returning such interest to the Treasury of the United States and interest earned may be obligated and expended for the purposes for which the grant was made available without further appropriation.</text></subsection><subsection id="H4B18815B9BB64550A2941C96947D72EE"><enum>(d)</enum><header>Reporting and audit requirements</header><paragraph id="H1852D63C17EE4C2F9BF61E6231C5BB88"><enum>(1)</enum><header>Reporting by recipient</header><text display-inline="yes-display-inline">The grant recipient under this section shall issue a report to the Minority Business Development Agency every 6 months detailing the use of grant funds received under this section and any other information that the Minority Business Development Agency may require.</text></paragraph><paragraph id="HEF6310D3F9EF49BDA61B9C6785ACBBAD"><enum>(2)</enum><header>Annual report to Congress</header><text display-inline="yes-display-inline">The Minority Business Development Agency shall issue an annual report to the Congress containing the information received under paragraph (1) and an analysis of the implementation of the Initiative.</text></paragraph><paragraph id="HF1AC04EA83E74232BE96B150B48A7349"><enum>(3)</enum><header>GAO audit</header><text display-inline="yes-display-inline">The Comptroller General of the United States shall, every 2 years, carry out an audit of the Initiative and issue a report to the Congress and the Minority Business Development Agency containing the results of such audit.</text></paragraph><paragraph id="H4512509DA63C4B4CBFAE0446816BD929"><enum>(4)</enum><header>Fund managers</header><text display-inline="yes-display-inline">Fund managers shall annually report on their fund management activities, including—</text><subparagraph id="H0EC67310E2574B09B332B75D6C3CE3CD"><enum>(A)</enum><text>fund performance;</text></subparagraph><subparagraph id="H4CDFFC01F3C04D85A4C05060AE7DE5E4"><enum>(B)</enum><text>impacts of capital investments by industry and geography;</text></subparagraph><subparagraph id="H378F6BCD00F8486DADA98BF0C97489B8"><enum>(C)</enum><text>racial, ethnic, and gender demographics of minority businesses receiving capital from the Initiative; and</text></subparagraph><subparagraph id="H61760E3047B14946AD3EE59E6C079A77"><enum>(D)</enum><text>any other ancillary and economic benefits of capital investments from the Initiative.</text></subparagraph></paragraph></subsection><subsection id="H288B966CF1D4414993CB0CD738BEBC9C"><enum>(e)</enum><header>Funding</header><text display-inline="yes-display-inline">There is authorized to be appropriated to the Minority Business Development Agency $3,000,000,000 to make the grant described under subsection (a).</text></subsection></section><section id="H52CADF2CF4EE4AE987EE9607C3D41A2B" section-type="subsequent-section"><enum>206.</enum><header>Community Development Financial Institutions Fund supplemental appropriation authorization</header><text display-inline="no-display-inline">There is authorized to be appropriated $1,000,000,000 for fiscal year 2020, for providing financial assistance and technical assistance under subparagraphs (A) and (B) of section 108(a)(1) of the Community Development Banking and Financial Institutions Act of 1994 (<external-xref legal-doc="usc" parsable-cite="usc/12/4707">12 U.S.C. 4707(a)(1)</external-xref>), except that subsections (d) and (e) of such section 108 shall not apply to the provision of such assistance.</text></section><section id="HD20EA9D1E50F4765A3FFFE135DA6A321" section-type="subsequent-section"><enum>207.</enum><header>Minority depository institution</header><subsection id="H11B226A2829245208B9C7252E0A326F2" commented="no"><enum>(a)</enum><header>Sense of Congress on funding the loan-Loss reserve fund for small dollar loans</header><text>The sense of Congress is the following: </text><paragraph id="HBEF2E6561E4D4433BF213995FD436499" commented="no"><enum>(1)</enum><text display-inline="yes-display-inline">The Community Development Financial Institutions Fund (the <quote>CDFI Fund</quote>) is an agency of the Department of the Treasury, and was established by the Riegle Community Development and Regulatory Improvement Act of 1994. The mission of the CDFI Fund is <quote>to expand economic opportunity for underserved people and communities by supporting the growth and capacity of a national network of community development lenders, investors, and financial service providers</quote>. A community development financial institution (a <quote>CDFI</quote>) is a specialized financial institution serving low-income communities and a Community Development Entity (a <quote>CDE</quote>) is a domestic corporation or partnership that is an intermediary vehicle for the provision of loans, investments, or financial counseling in low-income communities. The CDFI Fund certifies CDFIs and CDEs. Becoming a certified CDFI or CDE allows organizations to participate in various CDFI Fund programs as follows:</text><subparagraph id="H3B6FE8766F5E40A9B54D46277ED629A1" commented="no"><enum>(A)</enum><text>The Bank Enterprise Award Program, which provides FDIC-insured depository institutions awards for a demonstrated increase in lending and investments in distressed communities and CDFIs.</text></subparagraph><subparagraph id="H35920305CFD84F559074E79B0B283693" commented="no"><enum>(B)</enum><text>The CDFI Program, which provides Financial and Technical Assistance awards to CDFIs to reinvest in the CDFI, and to build the capacity of the CDFI, including financing product development and loan loss reserves.</text></subparagraph><subparagraph id="H038585E76D0948B7965420535C783177" commented="no"><enum>(C)</enum><text>The Native American CDFI Assistance Program, which provides CDFIs and sponsoring entities Financial and Technical Assistance awards to increase lending and grow the number of CDFIs owned by Native Americans to help build capacity of such CDFIs.</text></subparagraph><subparagraph id="HD23615D3F60D4B4CBC25F81213BDE5F0" commented="no"><enum>(D)</enum><text>The New Market Tax Credit Program, which provides tax credits for making equity investments in CDEs that stimulate capital investments in low-income communities.</text></subparagraph><subparagraph id="HAC6A521786A94FE9930EE97D91E9BE99" commented="no"><enum>(E)</enum><text>The Capital Magnet Fund, which provides awards to CDFIs and non-profit affordable housing organizations to finance affordable housing solutions and related economic development activities.</text></subparagraph><subparagraph id="H5573E2919C294F77A7BFADD77AB4472D" commented="no"><enum>(F)</enum><text>The Bond Guarantee Program, a source of long-term, patient capital for CDFIs to expand lending and investment capacity for community and economic development purposes.</text></subparagraph></paragraph><paragraph id="H2F480743276443B5871B5BE4822F62AC" commented="no"><enum>(2)</enum><text>The Department of the Treasury is authorized to create multi-year grant programs designed to encourage low-to-moderate income individuals to establish accounts at federally insured banks, and to improve low-to-moderate income individuals’ access to such accounts on reasonable terms.</text></paragraph><paragraph id="H95729D72CA4749E899C4F8B00A17FB03" commented="no"><enum>(3)</enum><text>Under this authority, grants to participants in CDFI Fund programs may be used for loan-loss reserves and to establish small-dollar loan programs by subsidizing related losses. These grants also allow for the providing recipients with the financial counseling and education necessary to conduct transactions and manage their accounts. These loans provide low-cost alternatives to payday loans and other nontraditional forms of financing that often impose excessive interest rates and fees on borrowers, and lead millions of Americans to fall into debt traps. Small-dollar loans can only be made pursuant to terms, conditions, and practices that are reasonable for the individual consumer obtaining the loan.</text></paragraph><paragraph id="HAE0DF434C941452BBC7489D550AD3144" commented="no"><enum>(4)</enum><text>Program participation is restricted to eligible institutions, which are limited to organizations listed in section 501(c)(3) of the Internal Revenue Code and exempt from tax under 501(a) of such Code, federally insured depository institutions, community development financial institutions and State, local, or Tribal government entities.</text></paragraph><paragraph id="H05C8698A3E5845CBADC6AC3B8D88FA5E" commented="no"><enum>(5)</enum><text>Since its founding, the CDFI Fund has awarded over $3,300,000,000 to CDFIs and CDEs, allocated $54,000,000,000 in tax credits, and $1,510,000,000 in bond guarantees. According to the CDFI Fund, some programs attract as much as $10 in private capital for every $1 invested by the CDFI Fund. The Administration and the Congress should prioritize appropriation of funds for the loan loss reserve fund and technical assistance programs administered by the Community Development Financial Institution Fund, as included in the version of the <quote>Financial Services and General Government Appropriations Act, 2020</quote> (H.R. 3351) that passed the House of Representatives on June 26, 2019.</text></paragraph></subsection><subsection id="HDA00263C307344328B52A6011CEE44AA"><enum>(b)</enum><header>Definitions</header><text>In this section: </text><paragraph id="H40F7CF76CABB4BC4A73D8914C39A9567"><enum>(1)</enum><header>Community development financial institution</header><text display-inline="yes-display-inline">The term <term>community development financial institution</term> has the meaning given under section 103 of the Riegle Community Development and Regulatory Improvement Act of 1994 (<external-xref legal-doc="usc" parsable-cite="usc/12/4702">12 U.S.C. 4702</external-xref>).</text></paragraph><paragraph id="H29D2B52CD1674F4EB6D28F68D1920166"><enum>(2)</enum><header>Minority depository institution</header><text display-inline="yes-display-inline">The term <term>minority depository institution</term> has the meaning given under section 308 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (<external-xref legal-doc="usc" parsable-cite="usc/12/1463">12 U.S.C. 1463</external-xref> note), as amended by this Act.</text></paragraph></subsection><subsection id="HA72BC9844BBC4B5EBBB12B900BACDF69"><enum>(c)</enum><header>Inclusion of women’s banks in the definition of minority depository institution</header><text>Section 308(b)(1) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (<external-xref legal-doc="usc" parsable-cite="usc/12/1463">12 U.S.C. 1463</external-xref> note) is amended—</text><paragraph id="HADF0C8552B6044FE9CEA9A9D6B110EB9"><enum>(1)</enum><text>by redesignating subparagraphs (A), (B), and (C) as clauses (i), (ii), and (iii), respectively;</text></paragraph><paragraph id="HD73CBE3C71EA460F92455EBCB30C8A57"><enum>(2)</enum><text>by striking <quote>means any</quote> and inserting the following:</text><quoted-block style="OLC" id="H4CE3BA221C934B118D05C95398E89B90" display-inline="yes-display-inline"><text>means—</text><paragraph id="H2A304DA3BF4F4900AE6F2B5014130AAC"><enum>(A)</enum><text display-inline="yes-display-inline">any</text></paragraph><after-quoted-block>;</after-quoted-block></quoted-block></paragraph><paragraph id="H938D2B203B694283BBB73252A0F5908A"><enum>(3)</enum><text>in clause (iii) (as so redesignated), by striking the period at the end and inserting <quote>; or</quote>; and </text></paragraph><paragraph id="H5A85C9CAD1724350A978591C97B4CDBC"><enum>(4)</enum><text>by inserting at the end the following new subparagraph:</text><quoted-block style="OLC" id="HF29C1001BBE54B98BE0C507415506FAC" display-inline="no-display-inline"><subparagraph id="H11DEB147A6214836BC4905835F713934"><enum>(B)</enum><text display-inline="yes-display-inline">any bank described in clause (i), (ii), or (iii) of section 19(b)(1)(A) of the Federal Reserve Act—</text><clause id="HDE87A6C7C82946D1820E7492839FCF0B" commented="no" display-inline="no-display-inline"><enum>(i)</enum><text display-inline="yes-display-inline">more than 50 percent of the outstanding shares of which are held by 1 or more women; and</text></clause><clause id="H5A3509D472EF4CE6B3E3FEBFB0A92D02" commented="no" display-inline="no-display-inline"><enum>(ii)</enum><text display-inline="yes-display-inline">the majority of the directors on the board of directors of which are women.</text></clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block></paragraph></subsection><subsection id="HDD6B144B004A4EA4BEA564E6BC562486"><enum>(d)</enum><header>Establishment of impact bank designation</header><paragraph id="HA22341EEF7B74219BCA4E1BB2374B57D"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">Each appropriate Federal banking agency shall establish a program under which a depository institution with total consolidated assets of less than $10,000,000,000 may elect to be designated as an impact bank if 50 percent or more of the loans extended by such covered bank are extended to low-income borrowers.</text></paragraph><paragraph id="H91F0C3CA3FFE4538A075E645B729D182"><enum>(2)</enum><header>Designation</header><text display-inline="yes-display-inline">Based on data obtained through examinations, an appropriate Federal banking agency shall submit a notification to a depository institution stating that the depository institution qualifies for designation as an impact bank.</text></paragraph><paragraph id="H1A485A1A24704CC59F07F3E2C83AD1A0"><enum>(3)</enum><header>Application</header><text display-inline="yes-display-inline">A depository institution that does not receive a notification described in paragraph (2) may submit an application to the appropriate Federal banking agency demonstrating that the depository institution qualifies for designation as an impact bank.</text></paragraph><paragraph id="HE295F860DEF1416B9F6DC6039CB80B57"><enum>(4)</enum><header>Additional data or oversight</header><text display-inline="yes-display-inline">A depository institution is not required to submit additional data to an appropriate Federal banking agency or be subject to additional oversight from such an agency if such data or oversight is related specifically and solely for consideration for a designation as an impact bank.</text></paragraph><paragraph id="H57E05265C8464D3D9B39510C261A2826"><enum>(5)</enum><header>Removal of designation</header><text display-inline="yes-display-inline">If an appropriate Federal banking agency determines that a depository institution designated as an impact bank no longer meets the criteria for such designation, the appropriate Federal banking agency shall rescind the designation and notify the depository institution of such rescission. </text></paragraph><paragraph id="H4A0C51BFF2AD4370994E6FDF6BC773CF"><enum>(6)</enum><header>Reconsideration of designation; appeals</header><text>A depository institution may—</text><subparagraph id="H14F5954387054EBDB48CA9B0F4C155D5"><enum>(A)</enum><text display-inline="yes-display-inline">submit to the appropriate Federal banking agency a request to reconsider a determination that such depository institution no longer meets the criteria for the designation; or</text></subparagraph><subparagraph id="H378196AB99E046578F7167685A2EE74A"><enum>(B)</enum><text display-inline="yes-display-inline">file an appeal in accordance with procedures established by the appropriate Federal banking agency.</text></subparagraph></paragraph><paragraph id="H40093081D70640B4A94808278668550A"><enum>(7)</enum><header>Rulemaking</header><text display-inline="yes-display-inline">Not later than 1 year after the date of the enactment of this Act, the appropriate Federal banking agencies shall jointly issue rules to carry out the requirements of this subsection, including by providing a definition of a low-income borrower.</text></paragraph><paragraph id="H0AB752F7008C476B9F11630E897F7865"><enum>(8)</enum><header>Federal Deposit Insurance Act definitions</header><text display-inline="yes-display-inline">In this subsection, the terms <term>depository institution</term> and <term>appropriate Federal banking agency</term> have the meanings given such terms, respectively, in section 3 of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1813">12 U.S.C. 1813</external-xref>). </text></paragraph></subsection><subsection id="HF731E7F62E224A16AF1B41BAE77B1A98"><enum>(e)</enum><header>Minority Depository Institutions Advisory Committees</header><paragraph id="HAA9CAC4829554711BBE274468A40242F"><enum>(1)</enum><header>Establishment</header><text display-inline="yes-display-inline">Each covered regulator shall establish an advisory committee to be called the <quote>Minority Depository Institutions Advisory Committee</quote>.</text></paragraph><paragraph id="H870D670A0A91451CBD265B762B654776"><enum>(2)</enum><header>Duties</header><text display-inline="yes-display-inline">Each Minority Depository Institutions Advisory Committee shall provide advice to the respective covered regulator on meeting the goals established by section 308 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (<external-xref legal-doc="usc" parsable-cite="usc/12/1463">12 U.S.C. 1463</external-xref> note) to preserve the present number of covered minority institutions, preserve the minority character of minority-owned institutions in cases involving mergers or acquisitions, provide technical assistance, and encourage the creation of new covered minority institutions. The scope of the work of each such Minority Depository Institutions Advisory Committee shall include an assessment of the current condition of covered minority institutions, what regulatory changes or other steps the respective agencies may be able to take to fulfill the requirements of such section 308, and other issues of concern to minority depository institutions.</text></paragraph><paragraph id="H2AA273A7D6034221B25C6CB0D1FBA195"><enum>(3)</enum><header>Membership</header><subparagraph id="HCFCF3BA993FE4E52AF2003D6CF8112D5"><enum>(A)</enum><header>In general</header><text>Each Minority Depository Institutions Advisory Committee shall consist of no more than 10 members, who—</text><clause id="H22CA3C8EF8A849068841BCDDBE752F03"><enum>(i)</enum><text>shall serve for one two-year term;</text></clause><clause id="HD577F993CD5C41A190788C7BB61F9199"><enum>(ii)</enum><text>shall serve as a representative of a depository institution or an insured credit union with respect to which the respective covered regulator is the covered regulator of such depository institution or insured credit union; and</text></clause><clause id="HAE3EFB89B42849BCB7D82C5292E2587F"><enum>(iii)</enum><text display-inline="yes-display-inline">shall not receive pay by reason of their service on the advisory committee, but may receive travel or transportation expenses in accordance with section 5703 of title 5, United States Code.</text></clause></subparagraph><subparagraph id="H818F301EE10A4F538FA636836EA53069"><enum>(B)</enum><header>Diversity</header><text display-inline="yes-display-inline">To the extent practicable, each covered regulator shall ensure that the members of Minority Depository Institutions Advisory Committee of such agency reflect the diversity of depository institutions.</text></subparagraph></paragraph><paragraph id="HC2F975D6AF1C4475835C661C06F7E866"><enum>(4)</enum><header>Meetings</header><subparagraph id="H80275080DFFB493DAC5C2B670BF386A5"><enum>(A)</enum><header>In general</header><text display-inline="yes-display-inline">Each Minority Depository Institutions Advisory Committee shall meet not less frequently than twice each year.</text></subparagraph><subparagraph id="H4366B267195D492CB2D9D9BF27999424"><enum>(B)</enum><header>Invitations</header><text display-inline="yes-display-inline">Each Minority Depository Institutions Advisory Committee shall invite the attendance at each meeting of the Minority Depository Institutions Advisory Committee of—</text><clause id="HD236AAA82FBF4787B56DD50158418D41"><enum>(i)</enum><text display-inline="yes-display-inline">one member of the majority party and one member of the minority party of the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate; and</text></clause><clause id="H55D9CED149D840BBA6FEA0F31458BE65"><enum>(ii)</enum><text display-inline="yes-display-inline">one member of the majority party and one member of the minority party of any relevant subcommittees of such committees.</text></clause></subparagraph></paragraph><paragraph id="H90135D44B32443379FF652D637236FD9"><enum>(5)</enum><header>No termination of advisory committees</header><text display-inline="yes-display-inline">The termination requirements under <external-xref legal-doc="usc-act" parsable-cite="usc-act/Federal Advisory Committee Act /14">section 14</external-xref> of the Federal Advisory Committee Act (5 U.S.C. app.) shall not apply to a Minority Depository Institutions Advisory Committee established pursuant to this subsection.</text></paragraph><paragraph id="H877B94E76C6844C7BAE8CE3191FA26E1"><enum>(6)</enum><header>Definitions</header><text>In this subsection:</text><subparagraph id="HDEF2EB78B7424409A4E86C2BC74088A3"><enum>(A)</enum><header>Covered regulator</header><text display-inline="yes-display-inline">The term <term>covered regulator</term> means the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the National Credit Union Administration.</text></subparagraph><subparagraph id="H9E081BD4FCBD40DFAF734EC74B144233"><enum>(B)</enum><header>Covered minority institution</header><text display-inline="yes-display-inline">The term <term>covered minority institution</term> means a minority depository institution (as defined in section 308(b) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (<external-xref legal-doc="usc" parsable-cite="usc/12/1463">12 U.S.C. 1463</external-xref> note)) or a minority credit union (as defined in section 1204(c) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, as amended by this Act).</text></subparagraph><subparagraph id="HD34B59A8A6634B6685AF6BE1B9CCB177"><enum>(C)</enum><header>Depository institution</header><text>The term <term>depository institution</term> has the meaning given under section 3 of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1813">12 U.S.C. 1813</external-xref>).</text></subparagraph><subparagraph id="H8A4B2F96FC5C44D1A3FD0572B52DC2F4"><enum>(D)</enum><header>Insured credit union</header><text display-inline="yes-display-inline">The term <term>insured credit union</term> has the meaning given in section 101 of the Federal Credit Union Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1752">12 U.S.C. 1752</external-xref>).</text></subparagraph></paragraph><paragraph id="H7C1CE1BE625A4B548862170B14107386"><enum>(7)</enum><header>Technical amendment</header><text display-inline="yes-display-inline">Section 308(b) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (<external-xref legal-doc="usc" parsable-cite="usc/12/1463">12 U.S.C. 1463</external-xref> note) is amended by adding at the end the following new paragraph:</text><quoted-block style="OLC" id="HB164689B60B048218195DB4E2341FC2A" display-inline="no-display-inline"><paragraph id="H8EA1A67A469E41F7A003375EED1F6BAB"><enum>(3)</enum><header>Depository institution</header><text display-inline="yes-display-inline">The term <term>depository institution</term> means an <term>insured depository institution</term> (as defined in section 3 of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1813">12 U.S.C. 1813</external-xref>)) and an insured credit union (as defined in section 101 of the Federal Credit Union Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1752">12 U.S.C. 1752</external-xref>)). </text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></paragraph></subsection><subsection id="HAC8C344988B34BE6B4D1077504A25309"><enum>(f)</enum><header>Federal deposits in minority depository institutions</header><paragraph id="HA2C9B7183FD74ADA9EF6480EC42EF238"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">Section 308 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (<external-xref legal-doc="usc" parsable-cite="usc/12/1463">12 U.S.C. 1463</external-xref> note) is amended—</text><subparagraph id="H914A7B04403C443CB28B868B1C5B1EC1"><enum>(A)</enum><text>by adding at the end the following new subsection:</text><quoted-block style="OLC" id="H04AAAF306A594423AD16830EC334EC30" display-inline="no-display-inline"><subsection id="HE84B0BBFB9AB4923835D3385B3664A10"><enum>(d)</enum><header>Federal deposits</header><text display-inline="yes-display-inline">The Secretary of the Treasury shall ensure that deposits made by Federal agencies in minority depository institutions and impact banks are fully collateralized or fully insured, as determined by the Secretary. Such deposits shall include reciprocal deposits as defined in section 337.6(e)(2)(v) of title 12, Code of Federal Regulations (as in effect on March 6, 2019).</text></subsection><after-quoted-block>; and</after-quoted-block></quoted-block></subparagraph><subparagraph id="H2F963EEF2C034D24B49C3A2B1526519E"><enum>(B)</enum><text display-inline="yes-display-inline">in subsection (b), as amended by section 6(g), by adding at the end the following new paragraph:</text><quoted-block style="OLC" id="H4ECCE1859ECC4A0480F38E37CA6D78F1" display-inline="no-display-inline"><paragraph id="H5396C1F6C30F40988488976478BDA5D7"><enum>(4)</enum><header>Impact bank</header><text display-inline="yes-display-inline">The term <term>impact bank</term> means a depository institution designated by an appropriate Federal banking agency pursuant to section 5 of the Ensuring Diversity in Community Banking Act of 2020.</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></subparagraph></paragraph><paragraph id="H1C8AAED8ED9B463084A957A5C86278C4"><enum>(2)</enum><header>Technical amendments</header><text display-inline="yes-display-inline">Section 308 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (<external-xref legal-doc="usc" parsable-cite="usc/12/1463">12 U.S.C. 1463</external-xref> note) is amended—</text><subparagraph id="H8727191D80CC4D4FBE609344ECA2CBD2"><enum>(A)</enum><text>in the matter preceding paragraph (1), by striking <quote>section—</quote> and inserting <quote>section:</quote>; and </text></subparagraph><subparagraph id="H27755433A1564ABFB783EA29931C26B6"><enum>(B)</enum><text>in the paragraph heading for paragraph (1), by striking <quote><header-in-text level="paragraph" style="OLC">financial</header-in-text></quote> and inserting <quote><header-in-text level="paragraph" style="OLC">depository</header-in-text></quote>.</text></subparagraph></paragraph></subsection><subsection id="HE23367583FB241BAAA2D26044BB9F04D" commented="no"><enum>(g)</enum><header>Minority Bank Deposit Program</header><paragraph id="H32292DB22B074BF7B16E978AB27E495F" commented="no"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">Section 1204 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (<external-xref legal-doc="usc" parsable-cite="usc/12/1811">12 U.S.C. 1811</external-xref> note) is amended to read as follows:</text><quoted-block display-inline="no-display-inline" id="HA28D5551340446FA9A6B9D3025D07644" style="OLC"><section id="HA8813348A41447D1BF71A7D80C87D4E5" commented="no"><enum>1204.</enum><header>Expansion of use of minority banks and minority credit unions</header><subsection id="HA26B6CB3C682404C93C6B83BE99A9C96" commented="no"><enum>(a)</enum><header>Minority Bank Deposit Program</header><paragraph id="HF34278747A494490B044A1DC97256434" commented="no"><enum>(1)</enum><header>Establishment</header><text display-inline="yes-display-inline">There is established a program to be known as the <quote>Minority Bank Deposit Program</quote> to expand the use of minority banks and minority credit unions.</text></paragraph><paragraph id="HA199F25F8BC44943A983D189CBAF1615" commented="no"><enum>(2)</enum><header>Administration</header><text>The Secretary of the Treasury, acting through the Fiscal Service, shall—</text><subparagraph id="H110E1683B45440A5AE2DB9517C7A88D6" commented="no"><enum>(A)</enum><text display-inline="yes-display-inline">on application by a depository institution or credit union, certify whether such depository institution or credit union is a minority bank or minority credit union;</text></subparagraph><subparagraph id="HE4235F13B76F46759F157CF8FCE3ECD6" commented="no"><enum>(B)</enum><text>maintain and publish a list of all depository institutions and credit unions that have been certified pursuant to subparagraph (A); and</text></subparagraph><subparagraph id="H72183BD0BE414A45BD493D595A420236" commented="no"><enum>(C)</enum><text>periodically distribute the list described in subparagraph (B) to—</text><clause id="HD5DBC18A1546429A972CE87F6531964B" commented="no"><enum>(i)</enum><text>all Federal departments and agencies;</text></clause><clause id="HFA80554E8D7F4F2DBDB147D9900C86D3" commented="no"><enum>(ii)</enum><text>interested State and local governments; and</text></clause><clause id="H9AB0953314CD4DF7B3E2158955535A06" commented="no"><enum>(iii)</enum><text>interested private sector companies.</text></clause></subparagraph></paragraph><paragraph id="HA8848B99C02E4183A0465EC00B8FC9DC" commented="no"><enum>(3)</enum><header>Inclusion of certain entities on list</header><text display-inline="yes-display-inline">A depository institution or credit union that, on the date of the enactment of this section, has a current certification from the Secretary of the Treasury stating that such depository institution or credit union is a minority bank or minority credit union shall be included on the list described under paragraph (2)(B).</text></paragraph></subsection><subsection id="H5D2B40F3381F408E8C0FFB3CCDF625A4" commented="no"><enum>(b)</enum><header>Expanded Use Among Federal Departments and Agencies</header><paragraph id="HDAA418DFA4DB466485A67CE1457DD26E" commented="no"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">Not later than 1 year after the establishment of the program described in subsection (a), the head of each Federal department or agency shall develop and implement standards and procedures to ensure, to the maximum extent possible as permitted by law, the use of minority banks and minority credit unions to serve the financial needs of each such department or agency.</text></paragraph><paragraph id="H157AA05440504478A20C22FF5290ADF9" commented="no"><enum>(2)</enum><header>Report to Congress</header><text display-inline="yes-display-inline">Not later than 2 years after the establishment of the program described in subsection (a), and annually thereafter, the head of each Federal department or agency shall submit to Congress a report on the actions taken to increase the use of minority banks and minority credit unions to serve the financial needs of each such department or agency.</text></paragraph></subsection><subsection id="H9029B30802E54EAE80C4CDF23AA92FAE" commented="no"><enum>(c)</enum><header>Definitions</header><text>For purposes of this section:</text><paragraph id="HF0427B2C6E184E7BADF968B62C211E51" commented="no"><enum>(1)</enum><header>Credit union</header><text>The term <term>credit union</term> has the meaning given the term <term>insured credit union</term> in section 101 of the Federal Credit Union Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1752">12 U.S.C. 1752</external-xref>).</text></paragraph><paragraph id="H2321916A834E4DC0BEDC5A002A1E86C4" commented="no"><enum>(2)</enum><header>Depository institution</header><text>The term <term>depository institution</term> has the meaning given the term <term>insured depository institution</term> in section 3 of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1813">12 U.S.C. 1813</external-xref>).</text></paragraph><paragraph id="H70C065D3015249CAAA20D0DFAC31E4C6" commented="no"><enum>(3)</enum><header>Minority</header><text>The term <term>minority</term> means any Black American, Native American, Hispanic American, or Asian American.</text></paragraph><paragraph id="H1DEC2EC62F2146A1973C1BF801DE816B" commented="no"><enum>(4)</enum><header>Minority bank</header><text display-inline="yes-display-inline">The term <term>minority bank</term> means a minority depository institution as defined in section 308 of this Act.</text></paragraph><paragraph id="H9575325DDF1E4646A749080C83324C2E" commented="no"><enum>(5)</enum><header>Minority credit union</header><text display-inline="yes-display-inline">The term <term>minority credit union</term> means any credit union for which more than 50 percent of the membership (including board members) of such credit union are minority individuals, as determined by the National Credit Union Administration pursuant to section 308 of this Act.</text></paragraph></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block></paragraph><paragraph id="HAA1CD16E782144DBA095BE8AB4CF4A10" commented="no"><enum>(2)</enum><header>Conforming Amendments</header><text display-inline="yes-display-inline">The following provisions are amended by striking <quote>1204(c)(3)</quote> and inserting <quote>1204(c)</quote>:</text><subparagraph id="H70577641C95C4989A1754D0383092310" commented="no"><enum>(A)</enum><text display-inline="yes-display-inline">Section 808(b)(3) of the Community Reinvestment Act of 1977 (<external-xref legal-doc="usc" parsable-cite="usc/12/2907">12 U.S.C. 2907(b)(3)</external-xref>).</text></subparagraph><subparagraph id="H7DDC7B9EDE9549F2A68F6A373BAAC84F" commented="no"><enum>(B)</enum><text>Section 40(g)(1)(B) of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1831q">12 U.S.C. 1831q(g)(1)(B)</external-xref>).</text></subparagraph><subparagraph id="HB0CD58237D054212BFF08C1EE80A1829" commented="no"><enum>(C)</enum><text>Section 704B(h)(4) of the Equal Credit Opportunity Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1691c-2">15 U.S.C. 1691c–2(h)(4)</external-xref>).</text></subparagraph></paragraph></subsection><subsection id="H30F304E6EE414D5CAF85A04B7929892B"><enum>(h)</enum><header>Diversity report and best practices</header><paragraph id="HDF7F6932D2244121BDA9295B58B157CF"><enum>(1)</enum><header>Annual report</header><text display-inline="yes-display-inline">Each covered regulator shall submit to Congress an annual report on diversity including the following:</text><subparagraph id="HCF857087A4B445259F8077B7D0A3686F"><enum>(A)</enum><text display-inline="yes-display-inline">Data, based on voluntary self-identification, on the racial, ethnic, and gender composition of the examiners of each covered regulator, disaggregated by length of time served as an examiner.</text></subparagraph><subparagraph id="H931A0840D683464F9BD9E2856913DCAF"><enum>(B)</enum><text display-inline="yes-display-inline">The status of any examiners of covered regulators, based on voluntary self-identification, as a veteran.</text></subparagraph><subparagraph id="HCE817B646DC243828B4DFE0E93B11FB2"><enum>(C)</enum><text display-inline="yes-display-inline">Whether any covered regulator, as of the date on which the report required under this subsection is submitted, has adopted a policy, plan, or strategy to promote racial, ethnic, and gender diversity among examiners of the covered regulator.</text></subparagraph><subparagraph id="H8F8EC9EB8A534339B248C83D811642E7"><enum>(D)</enum><text display-inline="yes-display-inline">Whether any special training is developed and provided for examiners related specifically to working with banks that serve communities that are predominantly minorities, low income, or rural, and the key focus of such training.</text></subparagraph></paragraph><paragraph id="H5FDE1E916F8F47FFB956A2741E02DBAC"><enum>(2)</enum><header>Best practices</header><text display-inline="yes-display-inline">Each Office of Minority and Women Inclusion of a covered regulator shall develop, provide to the head of the covered regulator, and make publicly available best practices—</text><subparagraph id="H722AD63F64754394A0F3C6677BBB2455"><enum>(A)</enum><text>for increasing the diversity of candidates applying for examiner positions, including through outreach efforts to recruit diverse candidate to apply for entry-level examiner positions; and </text></subparagraph><subparagraph id="H0E47BA9CDE1948559C361E299E1F717B"><enum>(B)</enum><text>for retaining and providing fair consideration for promotions within the examiner staff for purposes of achieving diversity among examiners.</text></subparagraph></paragraph><paragraph id="H3AC0413F332B421790DBC97654460A45"><enum>(3)</enum><header>Covered regulator defined</header><text display-inline="yes-display-inline">In this subsection, the term <term>covered regulator</term> means the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the National Credit Union Administration.</text></paragraph></subsection><subsection id="H043D35297B6A4E948E49CAD734BF5740" commented="no"><enum>(i)</enum><header>Investments in minority depository institutions and impact banks</header><paragraph id="H984865453DD141D696A0F34A833B6883"><enum>(1)</enum><header>Control for certain institutions</header><text display-inline="yes-display-inline">Section 7(j)(8)(B) of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1817">12 U.S.C. 1817(j)(8)(B)</external-xref>) is amended to read as follows:</text><quoted-block style="OLC" id="H4586AA51843B49979AFC8257FD5CD832" display-inline="no-display-inline"><subparagraph id="HCC28FD19F53D409DA19BD65DE791AD41" indent="up1"><enum>(B)</enum><text><quote>control</quote> means the power, directly or indirectly—</text><clause id="HA630710617D74C5DAF9FEE6264477495"><enum>(i)</enum><text>to direct the management or policies of an insured depository institution; or</text></clause><clause id="HD829E1D745BF46FDA1BCFEAF9F793DA9"><enum>(ii)</enum><subclause commented="no" display-inline="yes-display-inline" id="HD38D79CFCC3241CAB0A0CC1996DF0D1D"><enum>(I)</enum><text>with respect to an insured depository institution, of a person to vote 25 per centum or more of any class of voting securities of such institution; or</text></subclause><subclause id="H6D2D500501D5470589EA02FABA0E47EF" indent="up1"><enum>(II)</enum><text display-inline="yes-display-inline">with respect to an insured depository institution that is an impact bank (as designated pursuant to section 5 of the Ensuring Diversity in Community Banking Act of 2020) or a minority depository institution (as defined in section 308(b) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989), of an individual to vote 30 percent of more of any class of voting securities of such an impact bank or a minority depository institution.</text></subclause></clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block></paragraph><paragraph id="HF1114A12A021437C951483FCF4B8474E"><enum>(2)</enum><header>Rulemaking</header><text>The appropriate Federal banking agency (as defined in section 3 of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1813">12 U.S.C. 1813</external-xref>)) shall jointly issue rules for de novo minority depository institutions and de novo impact banks (as designated pursuant to section 5) to allow 3 years to meet the capital requirements otherwise applicable to minority depository institutions and impact banks.</text></paragraph><paragraph id="HEAE708E499AE46DE9582DC6D587F0B6C"><enum>(3)</enum><header>Report</header><text display-inline="yes-display-inline">Not later than 1 year after the date of the enactment of this Act, the appropriate Federal banking agencies shall jointly submit to Congress a report on—</text><subparagraph id="H105851B2B45D47C3B80B83260083070C"><enum>(A)</enum><text>the principal causes for the low number of de novo minority depository institutions during the 10-year period preceding the date of the report;</text></subparagraph><subparagraph id="H03606847200E49E0B5A266C6A18BF543"><enum>(B)</enum><text>the main challenges to the creation of de novo minority depository institutions and de novo impact banks; and</text></subparagraph><subparagraph id="H9B696393AA804736AF014D0C0C53DA41"><enum>(C)</enum><text display-inline="yes-display-inline">regulatory and legislative considerations to promote the establishment of de novo minority depository institutions and de novo impact banks.</text></subparagraph></paragraph></subsection><subsection id="H8A32FCC92D944CFC9BE407D3AEEB3F52"><enum>(j)</enum><header>Requirement To mentor minority depository institutions or community development financial institutions To serve as a depositary or financial agent</header><paragraph id="H883828CFEA82470189987BA356751ED7" commented="no"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">Before a large financial institution may be employed as a financial agent of the Department of the Treasury or perform any reasonable duties as depositary of public moneys of the Department of the Treasury, the large financial institution shall demonstrate participation as a mentor in a covered mentor-protege program to a protege firm that is a minority depository institution or a community development financial institution.</text></paragraph><paragraph id="H546EE4DF3C3F4F539C875857328B8F06" commented="no"><enum>(2)</enum><header>Report</header><text display-inline="yes-display-inline">Not later than 6 months after the date of the enactment of this Act and annually thereafter, the Secretary of the Treasury shall submit to Congress a report on participants in a covered mentor-protege program, including an analysis of outcomes of such program.</text></paragraph><paragraph id="H13D00E8715DF4C098314A3116E6A4765"><enum>(3)</enum><header>Procedures</header><text>The Secretary of the Treasury shall publish procedures for compliance with the requirements of this subsection for large financial institutions.</text></paragraph><paragraph id="H47AF046FF5084B329B8C8112E58794E2" commented="no"><enum>(4)</enum><header>Definitions</header><text display-inline="yes-display-inline">In this subsection:</text><subparagraph id="H0C2EB201EA864CCD8F63B0E9497E5902" commented="no"><enum>(A)</enum><header>Covered mentor-protege program</header><text display-inline="yes-display-inline">The term <term>covered mentor-protege program</term> means a mentor-protege program established by the Secretary of the Treasury pursuant to section 45 of the Small Business Act (<external-xref legal-doc="usc" parsable-cite="usc/15/657r">15 U.S.C. 657r</external-xref>). </text></subparagraph><subparagraph id="H3F23C1FDA1844C8EBEEC5454A2B61C68" commented="no"><enum>(B)</enum><header>Large financial institution</header><text>The term <term>large financial institution</term> means any entity—</text><clause id="H3764602E78834B97A4E057DE0E051E63" commented="no"><enum>(i)</enum><text>regulated by the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, or the National Credit Union Administration; and</text></clause><clause id="H0FED44190F8C495A954FF1CBAF7E8920" commented="no"><enum>(ii)</enum><text display-inline="yes-display-inline">that has total consolidated assets greater than or equal to $50,000,000,000.</text></clause></subparagraph></paragraph></subsection><subsection id="H17A6BDA8B44648F2B4CED0EF3A21FDF8" commented="no"><enum>(k)</enum><header>Custodial deposit program for covered minority depository institutions and impact banks</header><paragraph id="HFF4204E176F84C329A5BB964206DE298" commented="no"><enum>(1)</enum><header>Establishment</header><text display-inline="yes-display-inline">The Secretary of the Treasury shall establish a custodial deposit program (in this subsection referred to as the <quote>Program</quote>) under which a covered bank shall receive monthly deposits from a qualifying account.</text></paragraph><paragraph id="HC9377907549743B4A00C5172FF78AF89" commented="no"><enum>(2)</enum><header>Application</header><text display-inline="yes-display-inline">A covered bank shall submit to the Secretary an application to participate in the Program at such time, in such manner, and containing such information as the Secretary may determine.</text></paragraph><paragraph id="H15D5DF0F83FE4E01B7F1AB0EF03F2544" commented="no"><enum>(3)</enum><header>Program operations</header><subparagraph id="HAD5B499439A04E3F864AFEB133A444BA" commented="no"><enum>(A)</enum><header>Designation of custodial entities</header><text display-inline="yes-display-inline">The Secretary shall designate eligible custodial entities to make monthly deposits with covered banks selected for participation in the Program on behalf of a qualifying account.</text></subparagraph><subparagraph id="H38A90CB7BD0B447F97F3DFEC9976E616" commented="no"><enum>(B)</enum><header>Custodial accounts</header><clause id="H63C03DDC1B544518A81223C6ADA29C4E" commented="no"><enum>(i)</enum><header>In general</header><text>The Secretary shall establish a custodial deposit account for each qualifying account with the eligible custodial entity designated to make deposits with covered banks for each such qualifying account.</text></clause><clause id="HC33E8F9416FC484CBFB39A1ACCD1122E" commented="no"><enum>(ii)</enum><header>Amount</header><text>The Secretary shall deposit a total amount not greater than 5 percent of a qualifying account into any custodial deposit accounts established under subparagraph (A).</text></clause><clause id="H962C47F0019C4B49B8EC400416E50178" commented="no"><enum>(iii)</enum><header>Deposits with Program participants</header><subclause id="H6D47C4F2C7C54413A32A65E11C425FB7" commented="no"><enum>(I)</enum><header>Monthly deposits</header><text display-inline="yes-display-inline">Each month, each eligible custodial entity designated by the Secretary shall deposit an amount not greater than the insured amount, in the aggregate, from each custodial deposit account, in a single covered bank.</text></subclause><subclause id="H207B1D897C0E4147BB563E3E2F2C008A" commented="no"><enum>(II)</enum><header>Limitation</header><text display-inline="yes-display-inline">With respect to the funds of an individual qualifying account, the eligible custodial entity may not deposit an amount greater than the insured amount in a single covered bank.</text></subclause><subclause id="H965859740A1946F3A15B7776049FA046" commented="no"><enum>(III)</enum><header>Insured amount defined</header><text display-inline="yes-display-inline">In this clause, the term <term>insured amount</term> means the amount that is the greater of—</text><item id="HD61306B6EA224DA49316082C9B6013B9" commented="no"><enum>(aa)</enum><text display-inline="yes-display-inline">the standard maximum deposit insurance amount (as defined in section 11(a)(1)(E) of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1821">12 U.S.C. 1821(a)(1)(E)</external-xref>)); or</text></item><item id="HA03A6F47F12F4A2CBE311814B66FA89F" commented="no"><enum>(bb)</enum><text display-inline="yes-display-inline">such higher amount negotiated between the Secretary and the Corporation under which the Corporation will insure all deposits of such higher amount.</text></item></subclause></clause><clause id="H684F8CD6B04748D5B848838FB4BA3AE0" commented="no"><enum>(iv)</enum><header>Limitations</header><text display-inline="yes-display-inline">The total amount of funds deposited under the Program in a covered bank may not exceed the lesser of—</text><subclause id="HEBD3D7C2723447408EBE22086A939705" commented="no"><enum>(I)</enum><text display-inline="yes-display-inline">10 percent of the average amount of deposits held by such covered bank in the previous quarter; or</text></subclause><subclause id="HCAD20589E55542B9801F79443C52C6B0" commented="no"><enum>(II)</enum><text display-inline="yes-display-inline">$100,000,000.</text></subclause></clause></subparagraph><subparagraph id="H4D3B8789D66B4A68B0BF6B725A5D795A" commented="no" display-inline="no-display-inline"><enum>(C)</enum><header>Interest</header><clause id="H94BA9D1F3E1946C6AC14178BE592D0EF" commented="no"><enum>(i)</enum><header>In general</header><text>Each eligible custodial entity designated by the Secretary shall—</text><subclause id="H0E671C94C25643BDB3DE128F328296FF" commented="no"><enum>(I)</enum><text>collect interest from each covered bank in which such custodial entity deposits funds pursuant to subparagraph (B); and</text></subclause><subclause id="H61D18F651B71423784EAF831C56A52C7" commented="no"><enum>(II)</enum><text>disburse such interest to the Secretary each month.</text></subclause></clause><clause id="HDF481794578D4554827300E3552DECA4" commented="no"><enum>(ii)</enum><header>Interest rate</header><text>The rate of any interest collected under this subparagraph may not exceed 50 percent of the discount window primary credit interest rate most recently published on the Federal Reserve Statistical Release on selected interest rates (daily or weekly), commonly referred to as the H.15 release (commonly known as the <quote>Federal funds rate</quote>).</text></clause></subparagraph><subparagraph id="H29BF887CDC3E44F2A32FA24A7A049D96" commented="no"><enum>(D)</enum><header>Statements</header><text display-inline="yes-display-inline">Each eligible custodial entity designated by the Secretary shall submit to the Secretary monthly statements that include the total amount of funds deposited with, and interest rate received from, each covered bank by the eligible custodial entity on behalf of qualifying entities.</text></subparagraph><subparagraph id="H2A05E1734D8747AC908E2A36709275D1" commented="no"><enum>(E)</enum><header>Records</header><text display-inline="yes-display-inline">The Secretary shall issue a quarterly report to Congress and make publicly available a record identifying all covered banks participating in the Program and amounts deposited under the Program in covered banks.</text></subparagraph></paragraph><paragraph id="H18236FA5BF3141B49D97A536093F1D50" commented="no" display-inline="no-display-inline"><enum>(4)</enum><header>Requirements relating to deposits</header><text display-inline="yes-display-inline">Deposits made with covered banks under this subsection may not—</text><subparagraph id="H772F3ABC2FBE415D9B5CB53698A0B813" commented="no"><enum>(A)</enum><text>be considered by the Corporation to be funds obtained, directly or indirectly, by or through any deposit broker for deposit into 1 or more deposit accounts (as described under section 29 of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1831f">12 U.S.C. 1831f</external-xref>)); or</text></subparagraph><subparagraph id="H722C2B4D611A42CAA868279BEA8E58A4" commented="no"><enum>(B)</enum><text display-inline="yes-display-inline">be subject to insurance fees from the Corporation that are greater than insurance fees for typical demand deposits not obtained, directly or indirectly, by or through any deposit broker (commonly known as <quote>core deposits</quote>).</text></subparagraph></paragraph><paragraph id="H1AC2C6902355467C8C5D34961C4B2CEE" commented="no"><enum>(5)</enum><header>Modifications</header><subparagraph id="HF7E0D98D9BEE41AE863431448CB6C6A3" commented="no"><enum>(A)</enum><header>In general</header><text display-inline="yes-display-inline">The Secretary shall provide a 3-month period for public notice and comment before making any material change to the operation of the Program.</text></subparagraph><subparagraph id="H090A91F2F61A4F87A9715EF59B38B65D" commented="no"><enum>(B)</enum><header>Exception</header><text>The requirements of subparagraph (A) shall not apply if the Secretary makes a material change to the Program to comply with safety and soundness standards or other law.</text></subparagraph></paragraph><paragraph id="H50D9198B4BC64B14B87095D93F0B05CE" commented="no"><enum>(6)</enum><header>Termination</header><subparagraph id="H1AE2E9A79B964AACADE6C4983F298139" commented="no"><enum>(A)</enum><header>By covered bank</header><text display-inline="yes-display-inline">A covered bank selected for participation in the Program pursuant to paragraph (3) may terminate participation in the Program by providing the Secretary a notification 60 days prior to termination.</text></subparagraph><subparagraph id="H71B2BFA05C964F928F8D9F57100E679B" commented="no"><enum>(B)</enum><header>By Secretary</header><text display-inline="yes-display-inline">The Secretary may terminate the participation of a covered bank in the Program if the Secretary determines the covered bank—</text><clause id="H6C809F219A1E4F53B861460636323EA5" commented="no"><enum>(i)</enum><text display-inline="yes-display-inline">violated any terms of participation in the Program;</text></clause><clause id="HF3AFEF13534D4ABCBF1E817C1B581917" commented="no"><enum>(ii)</enum><text display-inline="yes-display-inline">failed to comply with Federal bank secrecy laws, as documented in writing by the primary regulator of the covered bank;</text></clause><clause id="HE5DFA020582440B289892D4F4C8D54A1" commented="no"><enum>(iii)</enum><text>failed to remain well capitalized; or</text></clause><clause id="H954B582283B0427C95D3071A2774F692" commented="no"><enum>(iv)</enum><text display-inline="yes-display-inline">failed comply with safety and soundness standards, as documented in writing by the primary regulator of the covered bank.</text></clause></subparagraph></paragraph><paragraph id="HADFDF43E329F4EF984730345A45B6C31" commented="no"><enum>(7)</enum><header>Definitions</header><text display-inline="yes-display-inline">In this subsection:</text><subparagraph id="H92CF454071E84985AC04A30C1AD6C0A5" commented="no"><enum>(A)</enum><header>Corporation</header><text display-inline="yes-display-inline">The term <term>Corporation</term> means the Federal Deposit Insurance Corporation.</text></subparagraph><subparagraph id="HB2D4E9B253C44411A5B143AC43EB40FB" commented="no"><enum>(B)</enum><header>Covered bank</header><text display-inline="yes-display-inline">The term <term>covered bank</term> means—</text><clause id="H1BA7941DDC4D43D3A171D59E717FEAE1"><enum>(i)</enum><text>a minority depository institution that is regulated by the Corporation or the National Credit Union Administration that is well capitalized (as defined in section 38(b) of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1831o">12 U.S.C. 1831o(b)</external-xref>)); or</text></clause><clause id="HA3DC2C2FA2174CC8811C74246AE5E8BB"><enum>(ii)</enum><text display-inline="yes-display-inline">a depository institution designated pursuant to section 5 of the Ensuring Diversity in Community Banking Act of 2020 that is well capitalized (as defined in section 38(b) of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1831o">12 U.S.C. 1831o(b)</external-xref>)).</text></clause></subparagraph><subparagraph id="H7B12A7FDE69E474F8FE2346EA0C4D3A1" commented="no"><enum>(C)</enum><header>Eligible custodial entity</header><text display-inline="yes-display-inline">The term <term>eligible custodial entity</term> means—</text><clause id="H936F1B091D1542A6916EBD614D92859A"><enum>(i)</enum><text>an insured depository institution (as defined in section 3 of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1813">12 U.S.C. 1813</external-xref>));</text></clause><clause id="H41B02B39E05A41119777E33096B6EBC9"><enum>(ii)</enum><text>an insured credit union (as defined in section 101 of the Federal Credit Union Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1752">12 U.S.C. 1752</external-xref>)); or</text></clause><clause id="HF3E409FFEE6843B9A624180EE2144EBA"><enum>(iii)</enum><text display-inline="yes-display-inline">or a well capitalized State-chartered trust company,</text></clause><continuation-text continuation-text-level="subparagraph">designated by the Secretary under subsection (k)(3)(A). </continuation-text></subparagraph><subparagraph id="H67EA93AA447942B696EDEA9492251E6D"><enum>(D)</enum><header>Federal bank secrecy laws</header><text display-inline="yes-display-inline">The term <term>Federal bank secrecy laws</term> means—</text><clause id="HCB17194CDF34474495866E87CE81FE11"><enum>(i)</enum><text>section 21 of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1829b">12 U.S.C. 1829b</external-xref>);</text></clause><clause id="H67D90BE469204ABEBE03C0EA4540E90F"><enum>(ii)</enum><text>section 123 of <external-xref legal-doc="public-law" parsable-cite="pl/91/508">Public Law 91–508</external-xref>; and </text></clause><clause id="HA7241CCBEE4A42A3999642255B9A2D36"><enum>(iii)</enum><text>subchapter II of <external-xref legal-doc="usc-chapter" parsable-cite="usc-chapter/31/53">chapter 53</external-xref> of title 31, United States Code.</text></clause></subparagraph><subparagraph id="HA901D5303A2549508DF163216CF6580A" commented="no" display-inline="no-display-inline"><enum>(E)</enum><header>Qualifying account</header><text display-inline="yes-display-inline">The term <term>qualifying account</term> means any account established in the Department of the Treasury that—</text><clause id="H41FBE83D9EAB4E08B155868DEACA9FDF" commented="no"><enum>(i)</enum><text display-inline="yes-display-inline">is controlled by the Secretary; and</text></clause><clause id="H498B27872B2B4F68B503BAE331FEDCD6" commented="no"><enum>(ii)</enum><text display-inline="yes-display-inline">is expected to maintain a balance greater than $200,000,000 for the following calendar month.</text></clause></subparagraph><subparagraph id="H274380D44314414A8A1AB1AF17AB80D5" commented="no"><enum>(F)</enum><header>Secretary</header><text>The term <term>Secretary</term> means the Secretary of the Treasury.</text></subparagraph><subparagraph id="HBF06888B2BB64526876176E6B34ED5D4"><enum>(G)</enum><header>Well capitalized</header><text display-inline="yes-display-inline">The term <term>well capitalized</term> has the meaning given in section 38 of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1831o">12 U.S.C. 1831o</external-xref>).</text></subparagraph></paragraph></subsection><subsection id="H2450C7AA9BC848E8822E7E0625ED794E" commented="no"><enum>(l)</enum><header>Streamlined community development financial institution applications and reporting</header><paragraph id="H00B5C2AE5905410E9FEE12F050955760"><enum>(1)</enum><header>Application processes</header><text display-inline="yes-display-inline">Not later than 12 months after the date of the enactment of this Act and with respect to any person having assets under $3,000,000,000 that submits an application for deposit insurance with the Federal Deposit Insurance Corporation that could also become a community development financial institution, the Federal Deposit Insurance Corporation, in consultation with the Administrator of the Community Development Financial Institutions Fund, shall—</text><subparagraph id="H2404BBDE7D6F4BB8937884867B683FE1" commented="no"><enum>(A)</enum><text display-inline="yes-display-inline">develop systems and procedures to record necessary information to allow the Administrator to conduct preliminary analysis for such person to also become a community development financial institution; and</text></subparagraph><subparagraph id="H4FDD82C057184611B182031199FD5AB1" commented="no"><enum>(B)</enum><text display-inline="yes-display-inline">develop procedures to streamline the application and annual certification processes and to reduce costs for such person to become, and maintain certification as, a community development financial institution that serves low- and moderate-income neighborhoods (as defined under the Community Reinvestment Act of 1977 (<external-xref legal-doc="usc" parsable-cite="usc/12/2901">12 U.S.C. 2901</external-xref> et seq.)).</text></subparagraph></paragraph><paragraph id="H16570758A2674667AFBBBAE15E61CCDE"><enum>(2)</enum><header>Report on implementation</header><text display-inline="yes-display-inline">Not later than 18 months after the date of the enactment of this Act, the Federal Deposit Insurance Corporation shall submit to Congress a report describing the systems and procedures required under paragraph (1).</text></paragraph><paragraph id="H07CB5A2528B74B31AA79B9AAB4603E69"><enum>(3)</enum><header>Annual report</header><subparagraph id="H865B19D1A2C146E98EB546C1BF8B8616"><enum>(A)</enum><header>In general</header><text>Section 17(a)(1) of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1827">12 U.S.C. 1827(a)(1)</external-xref>) is amended—</text><clause id="H3A629D1CB98A49949BAF90C2357C4F34"><enum>(i)</enum><text display-inline="yes-display-inline">in subparagraph (E), by striking <quote>and</quote> at the end; </text></clause><clause id="H9F3C7CFABF6D4E499E72CFF71C9E1B10"><enum>(ii)</enum><text>by redesignating subparagraph (F) as subparagraph (G); and</text></clause><clause id="H5E19FFD3186545ACB44C578DA13B4282"><enum>(iii)</enum><text>by inserting after subparagraph (E) the following new subparagraph:</text><quoted-block style="OLC" id="HE3493123BE8F442C833E9BCA9805BC83" display-inline="no-display-inline"><subparagraph id="H972D5406CC5F4DFF9AED81EEBB95761B"><enum>(F)</enum><text display-inline="yes-display-inline">applicants for deposit insurance that could also become a community development financial institution (as defined in section 103 of the Riegle Community Development and Regulatory Improvement Act of 1994), a minority depository institution (as defined in section 308 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989), or an impact bank (as designated pursuant to section 5 of the Ensuring Diversity in Community Banking Act of 2020); and</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block></clause></subparagraph><subparagraph id="H92A22A5A88E74670871A6304CE522153"><enum>(B)</enum><header>Application</header><text>The amendment made by this paragraph shall apply with respect to the first report to be submitted after the date that is 2 years after the date of the enactment of this Act. </text></subparagraph></paragraph></subsection><subsection id="H272356C88267467EB56AC871312BAB71"><enum>(m)</enum><header>Task force on lending to small business concerns</header><paragraph id="HC518085F1A2C4E3B98DAEF2A0BDA7F76"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">Not later than 6 months after the date of the enactment of this Act, the Administrator of the Small Business Administration shall establish a task force to examine methods for improving relationships between the Small Business Administration and community development financial institutions, minority depository institutions, and impact bank (as designated pursuant to section 5 of the Ensuring Diversity in Community Banking Act of 2020) to increase the volume of loans provided by such institutions to small business concerns (as defined under section 3 of the Small Business Act (<external-xref legal-doc="usc" parsable-cite="usc/15/632">15 U.S.C. 632</external-xref>)).</text></paragraph><paragraph id="H0BCCDF64509348D69F88618A3A6FCE73"><enum>(2)</enum><header>Report to Congress</header><text>Not later than 18 months after the establishment of the task force described in paragraph (1), the Administrator of the Small Business Administration shall submit to Congress a report on the findings of such task force.</text></paragraph></subsection><subsection id="H4CFE98B025AC4EC7AD24828F4480626F"><enum>(n)</enum><header>Assistance to minority depository institutions and impact banks</header><text>The Secretary of the Treasury shall establish a program to provide assistance to a minority depository institution or an impact bank (as designated pursuant to section 5 of the Ensuring Diversity in Community Banking Act of 2020) to support growth and development of such minority depository institutions and impact banks, including by providing assistance with obtaining or converting a charter, bylaw amendments, field-of-membership expansion requests, and online training and resources.</text></subsection></section><section id="H2B624FC6F16F4FD589E8BF96C72394EA" section-type="subsequent-section"><enum>208.</enum><header>Loans to MDIs and CDFIs</header><subsection id="H0EF93C1F17D14B4B8C63A45BCF4A2190"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">During the COVID–19 emergency period, the Board of Governors of the Federal Reserve System shall provide zero-interest loans to minority depository institutions and community development financial institutions to help mitigate the economic impact of COVID–19 in low-income, underserved communities.</text></subsection><subsection id="H761EB99CF5124E4C881550E7258D3CBB"><enum>(b)</enum><header>Asset limitation</header><text display-inline="yes-display-inline">Subsection (a) shall only apply to minority depository institutions and community development financial institutions with less than $1,000,000,000 in assets.</text></subsection><subsection id="HF851EE33FF1D4CEA96C2EB7E4F9AB669"><enum>(c)</enum><header>Interest To resume 18 months after pandemic</header><text display-inline="yes-display-inline">Notwithstanding subsection (a), the Board of Governors shall charge interest on loans made pursuant to subsection (a) after the end of the 18-month period beginning at the end of the COVID–19 emergency period, at a rate to be determined by the Board of Governors based on the interest amount charged under the discount window lending programs.</text></subsection><subsection id="H22CBF1B062E748218B6C491F4C8F586E"><enum>(d)</enum><header>COVID–19 pandemic defined</header><text display-inline="yes-display-inline">In this section, the term <quote>COVID–19 emergency period</quote> means the period that begins upon the date of the enactment of this Act and ends upon the date of the termination by the Federal Emergency Management Administration of the emergency declared on March 13, 2020, by the President under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (<external-xref legal-doc="usc" parsable-cite="usc/42/4121">42 U.S.C. 4121</external-xref> et seq.) relating to the Coronavirus Disease 2019 (COVID-19) pandemic.</text></subsection></section><section id="H549DA1FE2DE9485184D2BDAB9689DD52" display-inline="no-display-inline" section-type="subsequent-section"><enum>209.</enum><header>Insurance of transaction accounts</header><subsection id="HFC54BFA952744337BC471420F057E92B"><enum>(a)</enum><header>Banks and savings associations</header><paragraph id="HD28DF7D8C45443368C76B03A6B5D0522"><enum>(1)</enum><header>Amendments</header><text display-inline="yes-display-inline">Section 11(a)(1) of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1821">12 U.S.C. 1821(a)(1)</external-xref>) is amended—</text><subparagraph id="H86F48FA6FD2848E988ED9103ECA21AC8"><enum>(A)</enum><text>in subparagraph (B)—</text><clause id="HB246B21F3F39478BA4BC392E167E5EC4"><enum>(i)</enum><text>by striking <quote>The net amount</quote> and inserting the following:</text><quoted-block display-inline="no-display-inline" id="H7038703DA0D44BBDAFA69223F6A006B1" style="OLC"><clause id="H6EC72D8537B8491F82729C792F500E3F"><enum>(i)</enum><header>In general</header><text display-inline="yes-display-inline">Subject to clause (ii), the net amount</text></clause><after-quoted-block>; and</after-quoted-block></quoted-block></clause><clause id="HBA3CDDF5CF804A91BA974967F2F35495"><enum>(ii)</enum><text>by adding at the end the following new clauses:</text><quoted-block display-inline="no-display-inline" id="H97DA2472336040F7BFE558C13C519D4B" style="OLC"><clause id="HF5F0518FA43C4AEFA4278C503460F0ED"><enum>(ii)</enum><header>Authorization for insurance for transaction accounts</header><text display-inline="yes-display-inline">Notwithstanding clause (i), the Corporation may fully insure the net amount that any depositor at an insured depository institution maintains in a transaction account. Such amount shall not be taken into account when computing the net amount due to such depositor under clause (i).</text></clause><clause id="H63BB096619DF4E0589675D0171A666A2"><enum>(iii)</enum><header>Transaction account defined</header><text>For purposes of this subparagraph, the term <quote>transaction account</quote> has the meaning given that term under section 19 of the Federal Reserve Act (<external-xref legal-doc="usc" parsable-cite="usc/12/461">12 U.S.C. 461</external-xref>).</text></clause><after-quoted-block>; and</after-quoted-block></quoted-block></clause></subparagraph><subparagraph id="H48F6EA9C1C144FEF9FB30A54227189F2"><enum>(B)</enum><text>in subparagraph (C), by striking <quote>subparagraph (B)</quote> and inserting <quote>subparagraph (B)(i)</quote>.</text></subparagraph></paragraph><paragraph id="H4707F4B611C4401EA6E5374D436217BE"><enum>(2)</enum><header>Prospective repeal</header><text display-inline="yes-display-inline">Effective January 1, 2022, section 11(a)(1) of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1821">12 U.S.C. 1821(a)(1)</external-xref>), as amended by paragraph (1), is amended—</text><subparagraph id="HC7E28EFCDBB64D1186CA81A84AA614CF"><enum>(A)</enum><text>in subparagraph (B)—</text><clause id="HEE1187A3496C4996B43B72CD21A78549"><enum>(i)</enum><text>by striking <quote><header-in-text level="subparagraph" style="OLC">deposit</header-in-text>.—</quote> and all that follows through <quote>clause (ii), the net amount</quote> and insert <quote><header-in-text level="subparagraph" style="OLC">deposit</header-in-text>.—The net amount</quote>; and</text></clause><clause id="H5344FC744884419F8B50A52D6F509398"><enum>(ii)</enum><text>by striking clauses (ii) and (iii); and</text></clause></subparagraph><subparagraph id="H510A244796AA40A2BE830E1F3653527F"><enum>(B)</enum><text>in subparagraph (C), by striking <quote>subparagraph (B)(i)</quote> and inserting <quote>subparagraph (B)</quote>.</text></subparagraph></paragraph></subsection><subsection id="H8E6FC89E634D44D58481199F03576EB4"><enum>(b)</enum><header>Credit unions</header><paragraph id="HA70D3592936E4A0AA6C395F8F297F57B"><enum>(1)</enum><header>Amendments</header><text display-inline="yes-display-inline">Section 207(k)(1) of the Federal Credit Union Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1787">12 U.S.C. 1787(k)(1)</external-xref>) is amended—</text><subparagraph id="HF5DE7927A1504934841F2789F154269C"><enum>(A)</enum><text>in subparagraph (A)—</text><clause id="H5C8EF9FAB8F641EDBFF97C1691894A52"><enum>(i)</enum><text>by striking <quote>Subject to the provisions of paragraph (2), the net amount</quote> and inserting the following:</text><quoted-block display-inline="no-display-inline" id="H276A72EFFA7F4C289FB0E3FEC8B01D74" style="OLC"><clause id="H091CAF24A2F2449DA199E5EF9ACE8FDB"><enum>(i)</enum><header>Net amount of insurance payable</header><text display-inline="yes-display-inline">Subject to clause (ii) and the provisions of paragraph (2), the net amount</text></clause><after-quoted-block>; and</after-quoted-block></quoted-block></clause><clause id="H67192A88E6BC4CB5AB81B858E4755B0A"><enum>(ii)</enum><text>by adding at the end the following new clauses:</text><quoted-block display-inline="no-display-inline" id="H8256C34C49084C1C81B938E19399B859" style="OLC"><clause id="H478868D2A7E74CD7AD5F3345E4714D60"><enum>(ii)</enum><header>Authorization for insurance for transaction accounts</header><text display-inline="yes-display-inline">Notwithstanding clause (i), the Board may fully insure the net amount that any member or depositor at an insured credit union maintains in a transaction account. Such amount shall not be taken into account when computing the net amount due to such member or depositor under clause (i).</text></clause><clause id="HE17CF386C48F448888E85C88BDD082AF" display-inline="no-display-inline"><enum>(iii)</enum><header>Transaction account defined</header><text>For purposes of this subparagraph, the term <quote>transaction account</quote> has the meaning given that term under section 19 of the Federal Reserve Act (<external-xref legal-doc="usc" parsable-cite="usc/12/461">12 U.S.C. 461</external-xref>).</text></clause><after-quoted-block>; and</after-quoted-block></quoted-block></clause></subparagraph><subparagraph id="H1DA9267EEF71454D87ADBA5770694F83"><enum>(B)</enum><text>in subparagraph (B), by striking <quote>subparagraph (A)</quote> and inserting <quote>subparagraph (A)(i)</quote>.</text></subparagraph></paragraph><paragraph id="H4CB9FEF03AD6461B83F9B836A0935729"><enum>(2)</enum><header>Prospective repeal</header><text display-inline="yes-display-inline">Effective January 1, 2022, section 207(k)(1) of the Federal Credit Union Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1787">12 U.S.C. 1787(k)(1)</external-xref>), as amended by paragraph (1), is amended—</text><subparagraph id="H826B0B9412584522B063359917ACEF18"><enum>(A)</enum><text>in subparagraph (A)—</text><clause id="HB190445C344945D0B18166D7136AC382"><enum>(i)</enum><text>by striking <quote><header-in-text level="clause" style="OLC"><enum-in-header>(i)</enum-in-header> Net amount of insurance payable.—</header-in-text></quote> and all that follows through <quote>paragraph (2), the net amount</quote> and inserting <quote>Subject to the provisions of paragraph (2), the net amount</quote>; and</text></clause><clause id="H5B8C14C8EE7D4D38A0F17F3A82DA7DE8"><enum>(ii)</enum><text>by striking clauses (ii) and (iii); and</text></clause></subparagraph><subparagraph id="H51FD1E1099E148218CFFF60EB24AE8B6"><enum>(B)</enum><text>in subparagraph (B), by striking <quote>subparagraph (A)(i)</quote> and inserting <quote>subparagraph (A)</quote>.</text></subparagraph></paragraph></subsection><subsection id="HDEB03FAB3C874381B9B8A5445ED4B734" display-inline="no-display-inline"><enum>(c)</enum><header>COVID–19 emergency defined</header><text display-inline="yes-display-inline">In this section, the term <quote>COVID–19 emergency</quote> means the period that begins upon the date of the enactment of this Act and ends upon the date of the termination by the Federal Emergency Management Agency of the emergency declared on March 13, 2020, by the President under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (<external-xref legal-doc="usc" parsable-cite="usc/42/4121">42 U.S.C. 4121</external-xref> et seq.) relating to the Coronavirus Disease 2019 (COVID-19) pandemic.</text></subsection></section><enum>III</enum><header>Supporting State, Territory, and Local Governments</header><section id="H0CAABDC8B14A465684AA025A89C016A9"><enum>301.</enum><header>Muni Facility</header><subsection id="HABC33C0FC33A4B57A2F2AD487950BC58"><enum>(a)</enum><header>Amendment to authority To buy and sell bonds and notes</header><text>Section 14(b) of the Federal Reserve Act (<external-xref legal-doc="usc" parsable-cite="usc/12/355">12 U.S.C. 355</external-xref>) is amended—</text><paragraph id="H1D52B057B5C74C1FBDE7C05D5FF0F089"><enum>(1)</enum><text>in paragraph (1)—</text><subparagraph id="HA31DF7F401694A23800C862438EF2A08"><enum>(A)</enum><text>by inserting <quote>and during unusual and exigent circumstances,</quote> before <quote>bonds issued</quote>; and</text></subparagraph><subparagraph id="H0EBC5726F7784B9AA4D32F82E190DB8E"><enum>(B)</enum><text display-inline="yes-display-inline">by striking <quote>of 1933</quote> and all that follows through <quote>assured revenues</quote>; and</text></subparagraph></paragraph><paragraph id="HFC0F8451B5DD469080A0D1309DDCAAFE"><enum>(2)</enum><text display-inline="yes-display-inline">by adding at the end the following:</text><quoted-block style="OLC" id="HC139C0110B33476FB530ED767A611DDB" display-inline="no-display-inline"><paragraph id="HB0FC522FC48A43EEACB97542F13D9BF6"><enum>(3)</enum><header>State defined</header><text display-inline="yes-display-inline">In this section, the term <quote>State</quote> means each of the several States, the District of Columbia, each territory and possession of the United States, and each federally recognized Indian Tribe.</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></paragraph></subsection><subsection id="H49DFC4305A63402BBD86DBBABF60BC6C"><enum>(b)</enum><header>Federal Reserve authorization To purchase COVID–19 related municipal issuances</header><paragraph id="H9CBE485A83BB4A559E5C5C7C1D5DD6F1"><enum>(1)</enum><header>Authority</header><text display-inline="yes-display-inline">Within seven days after the date of enactment of this subsection, the Federal Reserve Board of Governors shall establish a facility to buy and sell, at home or abroad, bills, notes, bonds, and warrants that are issued by any State or political subdivision thereof between March 1, 2020, and July 1, 2021, in order to fund a public health or public service response to the COVID–19 pandemic. The Board of Governors of the Federal Reserve System may extend the authority under this subsection if the Board determines necessary.</text></paragraph><paragraph id="H9ED79B8D17C543D5B6CDEB228673B9CB" display-inline="no-display-inline"><enum>(2)</enum><header>Required purchases</header><text display-inline="yes-display-inline">The Board of Governors of the Federal Reserve System shall establish policies and procedures to require the direct placement of bills, notes, bonds, and warrants described in paragraph (1) with the Board at an interest cost that does not exceed the Federal funds rate target for short-term interbank lending, within seven days after the date of enactment of this section.</text></paragraph><paragraph id="HB55BD5992E5446AF80907357B237BB23"><enum>(3)</enum><header>Review of spending</header><text display-inline="yes-display-inline">During the 3-year period beginning on the date on which all purchases under this section are completed, relevant Federal authorities shall review such purchases to determine if funds were diverted from legitimate public health or public services responses to the COVID-19 pandemic to make such purchase. The relevant Federal authorities shall take appropriate action based on findings of such review.</text></paragraph><paragraph id="HB7D7DC4A09864605A6E73F884ECECD05"><enum>(4)</enum><header>Definitions</header><text>In this subsection:</text><subparagraph id="H16D5F0E0D32D41E5860EE88CE73C25B5"><enum>(A)</enum><header>Public health or public service response to the COVID–19 pandemic</header><text>The term <term>public health or public service response to the COVID–19 pandemic</term> means—</text><clause id="HC3D89D7586E24C5BB1F5BE150F7B832F"><enum>(i)</enum><text display-inline="yes-display-inline">the purchase, manufacture, or delivery of medical equipment, facilities, or services—</text><subclause id="H92B0B69F5A254AA3A22A9EE840C048AD"><enum>(I)</enum><text>to treat or quarantine COVID–19 patients;</text></subclause><subclause id="H5A213E74E7AC4E5AA9869264F17452A6"><enum>(II)</enum><text>to protect first responders interacting with such patients; or</text></subclause><subclause id="H0AF39E5D935B4DCF8425D70CC79F5D27"><enum>(III)</enum><text display-inline="yes-display-inline">to test for COVID–19 infections and track social contacts of patients who have tested positive for the virus; </text></subclause></clause><clause id="H3851022880564B43A5E620CFC1D7E4B2"><enum>(ii)</enum><text>the purchase, manufacture, or delivery of basic living supports for individuals who are not COVID–19 patients during periods of voluntary or mandatory social distancing or quarantine designed to prevent the spread of COVID–19; or</text></clause><clause id="HBC9196EB408F4ACF9E897066FE41CA1C"><enum>(iii)</enum><text display-inline="yes-display-inline">the maintenance and delivery of basic public services to communities responding to the public health or economic effects of the COVID–19 pandemic.</text></clause></subparagraph><subparagraph id="H1085EC2D8BE34312BFABF5D328689F8D"><enum>(B)</enum><header>State</header><text display-inline="yes-display-inline">The term <term>State</term> means each of the several States, the District of Columbia, each territory and possession of the United States, and each federally recognized Indian Tribe.</text></subparagraph></paragraph></subsection></section><section id="H5C9F57650D9147889BF71262F7783455" section-type="subsequent-section"><enum>302.</enum><header>Temporary waiver and reprogramming authority</header><subsection id="H6B88B08D0AE840C7B878E514F33AD7B7"><enum>(a)</enum><header>Waiver authority</header><paragraph id="HAC4B33BB72F94F6A801E6FC7108B05C8"><enum>(1)</enum><header>In general</header><text>With respect to a covered grant awarded to a State, territory, or local government by a Federal financial regulator, the Federal financial regulator may, upon request, waive any matching or cost-sharing requirements with respect to such grant until January 1, 2023.</text></paragraph><paragraph id="H29B09F9617904D308C226A6F1AE97020"><enum>(2)</enum><header>Requirements for waiver recipients</header><text display-inline="yes-display-inline">A State, territory, or local government granted a waiver with respect to a grant under subsection (a) shall waive any matching or cost-sharing requirements that such government imposes on sub-grantees on such grant until January 1, 2023.</text></paragraph></subsection><subsection id="HE4EDEBC8CC364DE8B1A70267E5EA371A"><enum>(b)</enum><header>Reprogramming authority</header><paragraph id="HE4D39936C8EB4B2D8791E4145232A92C"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">With respect to a covered grant awarded to a State, territory, or local government by a Federal financial regulator, the Federal financial regulator may, upon request, permit the State, territory, or local government to reprogram awarded grant funds for purposes related to unemployment, childcare, and healthcare, if the majority of normally funded activities under such grant are not in areas related to unemployment, childcare, and healthcare.</text></paragraph><paragraph id="HA3E1618761B54D7398CD4CBDBCC060B2"><enum>(2)</enum><header>Consideration for future grants</header><text display-inline="yes-display-inline">Any grantee (or sub-grantee) with respect to which a Federal financial regulator allows to reprogram funds under paragraph (1) shall be given priority by such Federal financial regulator for future awards of the type reprogrammed.</text></paragraph></subsection><subsection id="HAA518A172D5D4510B46585057B97E23F"><enum>(c)</enum><header>Definitions</header><text>In this section:</text><paragraph id="HA14E1578B2BC4CDFAB5E53C1432E684B"><enum>(1)</enum><header>Covered grants</header><text display-inline="yes-display-inline">The term <quote>covered award</quote> means a grant—</text><subparagraph id="H53136B329F4D478CAAC9113207681903"><enum>(A)</enum><text display-inline="yes-display-inline">that was awarded to a State, territory, or local government before the date of enactment of this Act and under which the State, territory, or local government may still receive additional grant amounts; or</text></subparagraph><subparagraph id="H8C7CBD3AF9294FBA9A2BFF897081A1C7"><enum>(B)</enum><text display-inline="yes-display-inline">with respect to which the period of performance does not expire before January 1, 2023.</text></subparagraph></paragraph><paragraph id="H681F62DAB0B54DD1B97C388CE4E92782"><enum>(2)</enum><header>Federal financial regulator</header><text display-inline="yes-display-inline">The term <quote>Federal financial regulator</quote> means the Board of Governors of the Federal Reserve System, the Bureau of Consumer Financial Protection, the Department of Housing and Urban Development, the Department of the Treasury (other than the Internal Revenue Service), the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the National Credit Union Administration, and the Securities and Exchange Commission.</text></paragraph></subsection></section><enum>IV</enum><header>Promoting Financial Stability and Transparent Markets</header><section id="H7984F078D14540F28C40961B702A8D13" section-type="subsequent-section"><enum>401.</enum><header>Temporary halt to rulemakings unrelated to COVID–19</header><subsection id="H7F0D0589B2A94311B383B4B248E7A3AC"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Until the end of the 30-day period following the end of the COVID-19 emergency period, the Federal financial regulators—</text><paragraph id="HD925560D627F455C9D6F5C69387F2A09"><enum>(1)</enum><text>may not adopt or amend any rule, regulation, guidance, or order unless such rule, regulation, guidance, or order is directly related to responding to the COVID-19 emergency; and</text></paragraph><paragraph id="H82077E714D1641FDBB3E57CFE6D94819"><enum>(2)</enum><text display-inline="yes-display-inline">shall keep open and extend any ongoing public comment period related to a proposed or final rule, unless such rule is related to responding to the COVID-19 emergency.</text></paragraph></subsection><subsection id="H0C8ABA18BCFD431AAE85246432F05603"><enum>(b)</enum><header>Notice and sunset of emergency actions</header><text display-inline="yes-display-inline">The Federal financial regulators shall—</text><paragraph id="H09BCF6DC23504C3497DBA9118E1DBEBC"><enum>(1)</enum><text display-inline="yes-display-inline">provide the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate with a notice of any regulatory actions taken during the COVID-19 emergency period, along with an explanation of how such action was necessary and appropriate in response to the COVID-19 emergency; and</text></paragraph><paragraph id="H822B31741A974AE282ADBF6FB52A1D26"><enum>(2)</enum><text display-inline="yes-display-inline">limit the period of effectiveness of any action taken in response to the COVID-19 emergency to be not longer than 12-months following the end of the COVID-19 emergency period.</text></paragraph></subsection><subsection id="H238BAE3F1CDE48C6B606655337BAA0E5"><enum>(c)</enum><header>Voting by regulators</header><text display-inline="yes-display-inline">Any action taken pursuant to this section by a Federal financial regulator headed by a multi-person entity may only be taken by unanimous vote. </text></subsection><subsection id="H69150FD14C56467DBA1D63D42EF43241"><enum>(d)</enum><header>Definitions</header><text>In this section:</text><paragraph id="H5DFAF38B7F3F4698AAC08AE644120E9F"><enum>(1)</enum><header>COVID-19 emergency period</header><text display-inline="yes-display-inline">For purposes of this Act, the term <quote>COVID-19 emergency period</quote> means the period that begins upon the date of the enactment of this Act and ends upon the date of the termination by the Federal Emergency Management Agency of the emergency declared on March 13, 2020, by the President under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (<external-xref legal-doc="usc" parsable-cite="usc/42/4121">42 U.S.C. 4121</external-xref> et seq.) relating to the Coronavirus Disease 2019 (COVID-19) pandemic.</text></paragraph><paragraph id="HB1D894430CBE40A197776AA3853F36F5"><enum>(2)</enum><header>Federal financial regulator</header><text>In this section, the term <quote>Federal financial regulator</quote> means the Board of Governors of the Federal Reserve System, the Bureau of Consumer Financial Protection, the Department of Housing and Urban Development, the Department of the Treasury (other than the Internal Revenue Service), the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the Office of the Comptroller of the Currency, the National Credit Union Administration, and the Securities and Exchange Commission.</text></paragraph></subsection></section><section id="H67BBC811FB07415E830E55987A0EAA89" section-type="subsequent-section"><enum>402.</enum><header>Temporary ban on stock buybacks</header><subsection id="HF8E194C7B4314430ABAD67A8FB4CA0FC"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">It shall be unlawful for any issuer, the securities of which are traded on a national securities exchange, to purchase securities of the issuer during the period beginning on the date of enactment of this section and ending 120 days after the end of the COVID-19 emergency period.</text></subsection><subsection id="H2A207F99AE2448418D50C41F695023C3"><enum>(b)</enum><header>Early termination</header><text display-inline="yes-display-inline">The Securities and Exchange Commission may terminate the prohibition under subsection (a) after the end of the COVID-19 emergency period and before the end of the 120-day period described under subsection (a), if—</text><paragraph id="H739BF5F388E2495D864F6277BD9FFD0C"><enum>(1)</enum><text>the Commission determines such termination is in the public interest; and</text></paragraph><paragraph id="HB6C72245E08B457BB6D8E3F02AB4CFE5"><enum>(2)</enum><text display-inline="yes-display-inline">immediately notifies the Congress and the public of such determination and the reason for such determination, including on the website of the Commission.</text></paragraph></subsection><subsection id="HC7CCF04758D64DDB8E437FBD7A5F0DF2"><enum>(c)</enum><header>Enforcement; rulemaking</header><paragraph id="H1ED8A918A9B44CFCA296CE00D1360E02"><enum>(1)</enum><header>In general</header><text>The Securities and Exchange Commission shall have the authority to enforce this Act and may issue such rules as may be necessary to carry out this Act.</text></paragraph><paragraph id="H864DF471C3D54E029ABB595FA2E34E7C"><enum>(2)</enum><header>Commission voting</header><text display-inline="yes-display-inline">Any action taken by the Commission pursuant to this section may only be taken upon a unanimous vote of the commissioners.</text></paragraph></subsection><subsection id="HEAD5FFF6FCD149E28B98A689FFDFF04E"><enum>(d)</enum><header>Definitions</header><text>In this section:</text><paragraph id="HC79A66654B744E72A1CB2A4EA6314BBD"><enum>(1)</enum><header>COVID–19 emergency period</header><text display-inline="yes-display-inline">The term <quote>COVID-19 emergency period</quote> means the period that begins upon the date of the enactment of this Act and ends upon the date of the termination by the Federal Emergency Management Agency of the emergency declared on March 13, 2020, by the President under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (<external-xref legal-doc="usc" parsable-cite="usc/42/4121">42 U.S.C. 4121</external-xref> et seq.) relating to the Coronavirus Disease 2019 (COVID-19) pandemic.</text></paragraph><paragraph id="H6D3ABCB36F0D4A8E95C93862CBF99C58"><enum>(2)</enum><header>Other definitions</header><text>The terms <quote>issuer</quote>, <quote>national securities exchange</quote>, and <quote>security</quote> have the meaning given those terms, respectively, under section 3 of the Securities Exchange Act of 1934.</text></paragraph></subsection></section><section id="HA4D7DE6FD3214AF3B00D1688F26D160B" section-type="subsequent-section"><enum>403.</enum><header>Disclosures related to supply chain disruption risk</header><text display-inline="no-display-inline">Section 13 of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78m">15 U.S.C. 78m</external-xref>) is amended by adding at the end the following:</text><quoted-block id="HBD8D3616425745688685678205A91159" style="OLC"><subsection id="HE8A424B3DFAC4FE1AAA2ED0D4E481C75"><enum>(s)</enum><header>Disclosures related to supply chain disruption risk</header><paragraph id="HAB2E93F8CBE94AA9B52CC3FDE0AC3CF1"><enum>(1)</enum><header>In general</header><text>Each issuer required to file an annual report under subsection (a) shall disclose in that report—</text><subparagraph id="H9E382D2356A649D497E1854546E28FBB"><enum>(A)</enum><text>an identification of—</text><clause id="H5E8F1359E3274776B2627046D681B1EA"><enum>(i)</enum><text display-inline="yes-display-inline">the risks in the issuer’s sourcing of goods, labor, services, and other supply chain related matters, including—</text><subclause id="HA7C9DA934CD04902B867FE876D236C45"><enum>(I)</enum><text>risks of dependency upon sole sourcing arrangements or sourcing concentrated in one geographic locality;</text></subclause><subclause id="HD77588C6F65440FEA57037C529527BEB"><enum>(II)</enum><text>shipping risks; and</text></subclause><subclause id="H20E286D5454E4BAC8132E50F9E161936"><enum>(III)</enum><text display-inline="yes-display-inline">risks arising from natural disasters, pandemics, extreme weather, armed conflicts, refugee and related disruptions, trade conflicts or disruptions, and labor wage, safety, and health care practices; and</text></subclause></clause><clause id="H691807B0166D4D35967DA6FA834FBC4D"><enum>(ii)</enum><text>the impacts any risk or disruption identified in clause (i) would have on the issuer’s workforce, suppliers, and customers;</text></clause></subparagraph><subparagraph id="HEDA17B18E6854FA8906B7A470D9E95AE"><enum>(B)</enum><text>the issuer’s business continuity or other contingency plans that will be implemented in the case of a supply chain disruption in order to mitigate such risks and impacts; and</text></subparagraph><subparagraph id="HA4F575878541425898FA1771E8EA2E44"><enum>(C)</enum><text display-inline="yes-display-inline">all other material information.</text></subparagraph></paragraph><paragraph id="H76763F27799C4185B3115AA4CDEC9AA7"><enum>(2)</enum><header>Updates</header><text display-inline="yes-display-inline">Disclosures required under this subsection shall be updated when there are material changes.</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block></section><section id="H49415F22D4044C36819788037009327E" section-type="subsequent-section"><enum>404.</enum><header>Disclosures related to global pandemic risk</header><subsection id="H40D0EEDC3F234A018EE462ED242DB301"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Section 13 of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78m">15 U.S.C. 78m</external-xref>), as amended by section 403, is further amended by adding at the end the following:</text><quoted-block id="H38D283B1EA854227964E2F9B27FAE9A2" style="OLC"><subsection id="H4A244883BD4747BFBDF7E363FCAC3787"><enum>(t)</enum><header>Disclosures related to global pandemic risk</header><paragraph id="HCEBF94E5BBE249C480EE1A6BA372747D"><enum>(1)</enum><header>In general</header><text>Each issuer required to file current reports under subsection (a) shall, in the event the World Health Organization declares a pandemic, file a report with the Commission containing a description of—</text><subparagraph id="HE25A2129FDF449E7BE8D6EB50A518FA5"><enum>(A)</enum><text display-inline="yes-display-inline">the risks and exposures to the issuer related to the pandemic, including risks to health and worker safety faced by the issuer’s employees and independent contractors;</text></subparagraph><subparagraph id="H78B22B0EAAD84DE1B6EFDFC5CC506124"><enum>(B)</enum><text display-inline="yes-display-inline">the steps the issuer is taking to mitigate such risks and exposures, including measures to protect the workforce, including information related to wages, healthcare, and leave;</text></subparagraph><subparagraph id="H8B9BDE164810414EAB2A23BAE128AF17"><enum>(C)</enum><text display-inline="yes-display-inline">a preliminary view on the effect the pandemic may have on the issuer’s business, solvency, and workforce; and</text></subparagraph><subparagraph id="HD2C406FE790E43F7B6D96019FF600E28"><enum>(D)</enum><text>all other material information.</text></subparagraph></paragraph><paragraph id="HD3938CB176464C24B120194B6ABC3014"><enum>(2)</enum><header>Updates</header><text display-inline="yes-display-inline">Disclosures required under this subsection shall be updated when there are material changes.</text></paragraph><paragraph id="H7C4E0D3C789744229C717A2E5BD22CBD"><enum>(3)</enum><header>Public availability of reports</header><text>The Commission shall make each report filed to the Commission under paragraph (1) available to the public, including on the website of the Commission.</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block></subsection><subsection id="HFB70C62F903443F08F8CAC122E9DDC2A"><enum>(b)</enum><header>Application</header><text display-inline="yes-display-inline">Section 13(t) of the Securities Exchange Act of 1934, as added by subsection (a), shall apply to a pandemic declared by the World Health Organization that is in existence on the date of enactment of this Act or that is declared after the date of enactment of this Act.</text></subsection></section><section id="H20E45EA7D2514B9E8D4ED2DF7D86BE05"><enum>405.</enum><header>Oversight of Federal aid related to COVID–19</header><subsection id="H05745D06442C4A028D03BB8AA92C8FE9" commented="no" display-inline="no-display-inline"><enum>(a)</enum><header>Congressional COVID–19 Aid Oversight Panel</header><paragraph id="H10C019E3BED54836AFD73469C70C0EF5" commented="no"><enum>(1)</enum><header>Establishment</header><text display-inline="yes-display-inline">There is hereby established the Congressional COVID–19 Aid Oversight Panel (hereafter in this subsection referred to as the <quote>Oversight Panel</quote>) as an establishment in the legislative branch.</text></paragraph><paragraph id="H6259BC485BB049098ECD7D60724916CC" commented="no"><enum>(2)</enum><header>Duties</header><text>The Oversight Panel shall review the current state of the financial markets and the regulatory system and submit regular reports to Congress on the following:</text><subparagraph id="H28BC7FB64AE34851BF4F47B14BD31AA5" commented="no"><enum>(A)</enum><text display-inline="yes-display-inline">The use of Federal aid provided during the COVID–19 emergency.</text></subparagraph><subparagraph id="H569AC99FFDBC48F6B93B49CD58158A1E" commented="no"><enum>(B)</enum><text display-inline="yes-display-inline">The impact of Federal aid related to COVID–19 on the financial markets and financial institutions.</text></subparagraph></paragraph><paragraph id="H2F86034F83604BA4AABF13A0B34980D2" commented="no"><enum>(3)</enum><header>Membership</header><subparagraph id="H38C57C375E60428EA661B60DC3C16C74"><enum>(A)</enum><header>In general</header><text>The Oversight Panel shall consist of 5 members, as follows:</text><clause id="H23E083E7D7B84FC1BE4ED8047EC03898"><enum>(i)</enum><text>One member appointed by the Speaker of the House of Representatives.</text></clause><clause id="HD57DB5DB6F2A4CCAA6B673E088BACFA2"><enum>(ii)</enum><text>One member appointed by the minority leader of the House of Representatives.</text></clause><clause id="H11E76F0E09B448229126FD4DE7829BF9"><enum>(iii)</enum><text>One member appointed by the majority leader of the Senate.</text></clause><clause id="H3FCEE24415F94976913F7A21B123E648"><enum>(iv)</enum><text>One member appointed by the minority leader of the Senate.</text></clause><clause id="HCD5E6B6372A94001994474C4C9D345E6"><enum>(v)</enum><text>One member appointed by the Speaker of the House of Representatives and the majority leader of the Senate, after consultation with the minority leader of the Senate and the minority leader of the House of Representatives.</text></clause></subparagraph><subparagraph id="H45CDADFA31C149F88D80DDAF32DC36DD" commented="no"><enum>(B)</enum><header>Pay</header><text>Each member of the Oversight Panel shall each be paid at a rate equal to the daily equivalent of the annual rate of basic pay for level I of the Executive Schedule for each day (including travel time) during which such member is engaged in the actual performance of duties vested in the Commission.</text></subparagraph><subparagraph id="HEFE79A1A9D68418E947E7381F84B8DF3"><enum>(C)</enum><header>Prohibition of compensation of Federal employees</header><text>Members of the Oversight Panel who are full-time officers or employees of the United States or Members of Congress may not receive additional pay, allowances, or benefits by reason of their service on the Oversight Panel.</text></subparagraph><subparagraph id="HA270DBEA3F1E41FBA988107F48127DC5" commented="no"><enum>(D)</enum><header>Travel expenses</header><text>Each member shall receive travel expenses, including per diem in lieu of subsistence, in accordance with applicable provisions under subchapter I of <external-xref legal-doc="usc-chapter" parsable-cite="usc-chapter/5/57">chapter 57</external-xref> of title 5, United States Code.</text></subparagraph><subparagraph id="H96050C364634436A955895368680C442" commented="no"><enum>(E)</enum><header>Quorum</header><text>Four members of the Oversight Panel shall constitute a quorum but a lesser number may hold hearings.</text></subparagraph><subparagraph id="HC745C0C49C9540D9A44BE03F4FB5F62B" commented="no"><enum>(F)</enum><header>Vacancies</header><text>A vacancy on the Oversight Panel shall be filled in the manner in which the original appointment was made.</text></subparagraph><subparagraph id="H2ADA9CE1428148B0BCC449EB84F19202" commented="no"><enum>(G)</enum><header>Meetings</header><text>The Oversight Panel shall meet at the call of the Chairperson or a majority of its members.</text></subparagraph></paragraph><paragraph id="HE7105C457EDD4A30B6B13FC0A9EF1EAF" commented="no"><enum>(4)</enum><header>Staff</header><subparagraph id="H8018A2240C89438DAD677B1FA6913803" commented="no"><enum>(A)</enum><header>In general</header><text display-inline="yes-display-inline">The Oversight Panel may appoint and fix the pay of any personnel as the Oversight Panel considers appropriate.</text></subparagraph><subparagraph id="H6D0C920EFCF441F6881A359883EFDE6F" commented="no"><enum>(B)</enum><header>Experts and consultants</header><text>The Oversight Panel may procure temporary and intermittent services under section 3109(b) of title 5, United States Code.</text></subparagraph><subparagraph id="HFEAC602280734FC283599548FE8FD7FF" commented="no"><enum>(C)</enum><header>Staff of agencies</header><text>Upon request of the Oversight Panel, the head of any Federal department or agency may detail, on a reimbursable basis, any of the personnel of that department or agency to the Oversight Panel to assist it in carrying out its duties under this section.</text></subparagraph></paragraph><paragraph id="HB8D847B49AB948C7BC00FF30F0870758" commented="no"><enum>(5)</enum><header>Powers</header><subparagraph id="H77D6A1CE0A9E4906A2D25B780537366C" commented="no"><enum>(A)</enum><header>Hearings and sessions</header><text>The Oversight Panel may, for the purpose of carrying out this section, hold hearings, sit and act at times and places, take testimony, and receive evidence as the Panel considers appropriate and may administer oaths or affirmations to witnesses appearing before it.</text></subparagraph><subparagraph id="H785E3CCB39EC45B79741D3222EC6EFE0" commented="no"><enum>(B)</enum><header>Powers of members and agents</header><text>Any member or agent of the Oversight Panel may, if authorized by the Oversight Panel, take any action which the Oversight Panel is authorized to take by this section.</text></subparagraph><subparagraph id="HEC575C022D3B4183BC17420B49252E3E" commented="no"><enum>(C)</enum><header>Obtaining Official Data</header><text>The Oversight Panel may secure directly from any department or agency of the United States information necessary to enable it to carry out this section. Upon request of the Chairperson of the Oversight Panel, the head of that department or agency shall furnish that information to the Oversight Panel.</text></subparagraph><subparagraph id="HE6DE4E2F990C43AEB026B8817CA73BE2" commented="no" display-inline="no-display-inline"><enum>(D)</enum><header>Reports</header><text>The Oversight Panel shall receive and consider all reports required to be submitted to the Oversight Panel under this section.</text></subparagraph></paragraph><paragraph id="H90FFA20068B7423EA5D7217C289C7C0D" commented="no"><enum>(6)</enum><header>Authorization of appropriations</header><text display-inline="yes-display-inline">There is authorized to be appropriated to the Oversight Panel such sums as may be necessary for any fiscal year, half of which shall be derived from the applicable account of the House of Representatives, and half of which shall be derived from the contingent fund of the Senate.</text></paragraph><paragraph id="H1C402582E4C84072B486D7FFC665100A"><enum>(7)</enum><header>Sunset</header><text display-inline="yes-display-inline">The Oversight Panel established by this subsection shall terminate on the date that is two years following the termination by the Federal Emergency Management Agency of the emergency declared on March 13, 2020, by the President under the Robert T. Stafford Disaster Relief and Emergency Act (<external-xref legal-doc="usc" parsable-cite="usc/42/4121">42 U.S.C. 4121</external-xref> et seq.) relating to the Coronavirus Disease 2019 (COVID-19) pandemic.</text></paragraph><paragraph id="H73AF700D80DF4D968B68E689C124C6F3"><enum>(8)</enum><header>Definitions</header><text display-inline="yes-display-inline">In this subsection:</text><subparagraph id="H6904F1AE06BD41BF995848503D2768B7" commented="no"><enum>(A)</enum><header>COVID–19 emergency</header><text display-inline="yes-display-inline">The term <quote>COVID–19 emergency</quote> means the period that begins upon the date of the enactment of this Act and ends one year after the termination by the Federal Emergency Management Agency of the emergency declared on March 13, 2020, by the President under the Robert T. Stafford Disaster Relief and Emergency Act (<external-xref legal-doc="usc" parsable-cite="usc/42/4121">42 U.S.C. 4121</external-xref> et seq.) relating to the Coronavirus Disease 2019 (COVID-19) pandemic.</text></subparagraph><subparagraph id="H937BF5B0F88B4600B38779233F635FC2"><enum>(B)</enum><header>Federal aid</header><text display-inline="yes-display-inline">The term <quote>Federal aid</quote> means any emergency lending provided under section 13(3) of the Federal Reserve Act or any Federal financial support in the form of a grant, loan, or loan guarantee.</text></subparagraph></paragraph></subsection><subsection id="HFF9AC91555FA4741B63B22205F11747E" commented="no" display-inline="no-display-inline"><enum>(b)</enum><header>Special Inspector General authority over Federal aid related to COVID–19</header><text>Section 121 of the Emergency Economic Stabilization Act of 2008 (<external-xref legal-doc="usc" parsable-cite="usc/12/5231">12 U.S.C. 5231</external-xref>) is amended—</text><paragraph id="HE2C4A47978D444DF88C301AA3803C3B9"><enum>(1)</enum><text>in subsection (k)—</text><subparagraph id="HA7E34DEC8C5F488EAF306CA9185D8CBC"><enum>(A)</enum><text>in paragraph (1), by striking <quote>or</quote> at the end;</text></subparagraph><subparagraph id="H2AE48C95D0A74F32A2158041D1BFD055"><enum>(B)</enum><text>in paragraph (2), by striking the period at the end and inserting <quote>; or</quote>; and</text></subparagraph><subparagraph id="H96475E9CC2314B80BCE695AF4F39515B"><enum>(C)</enum><text>by adding at the end the following:</text><quoted-block style="OLC" id="H2EE76E9DF4134ADD9B6ACC95F49957AC" display-inline="no-display-inline"><paragraph id="HFA850B56E08044B7B478E10E3982F4C2"><enum>(3)</enum><text display-inline="yes-display-inline">the date on which all Federal aid related to the COVID–19 emergency is repaid.</text></paragraph><after-quoted-block>; and</after-quoted-block></quoted-block></subparagraph></paragraph><paragraph id="H9C13E93677114EF6BB5A9926F4ECAB97"><enum>(2)</enum><text>by adding at the end the following:</text><quoted-block style="OLC" id="HB0F3DB8FE97F4AFEA9A3B45DE4C6C55E" display-inline="no-display-inline"><subsection id="HEF5256EDA58447D1B188914343340EC2"><enum>(l)</enum><header>Responsibility with respect to Federal aid related to COVID–19</header><paragraph id="H6C30E6B6E2484818BEABAB98896C84BD"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">The Special Inspector General shall have the same authority and responsibilities with respect to Federal aid provided during the COVID–19 emergency as the Special Inspector General has with respect to financial assistance (including the purchase of troubled assets) provided under this title.</text></paragraph><paragraph id="HD7E027E446284D31A077670C14B95BD4" display-inline="no-display-inline"><enum>(2)</enum><header>Definitions</header><text display-inline="yes-display-inline">In this section:</text><subparagraph id="H5F46C3A58EFE4B3B900378A38F244E8F" commented="no"><enum>(A)</enum><header>COVID–19 emergency</header><text display-inline="yes-display-inline">The term <quote>COVID–19 emergency</quote> means the period that begins upon the date of the enactment of this Act and ends one year after the termination by the Federal Emergency Management Agency of the emergency declared on March 13, 2020, by the President under the Robert T. Stafford Disaster Relief and Emergency Act (<external-xref legal-doc="usc" parsable-cite="usc/42/4121">42 U.S.C. 4121</external-xref> et seq.) relating to the Coronavirus Disease 2019 (COVID-19) pandemic.</text></subparagraph><subparagraph id="H83B59135AE76477488009C225491FBBC"><enum>(B)</enum><header>Federal aid</header><text display-inline="yes-display-inline">The term <quote>Federal aid</quote> means any emergency lending provided under section 13(3) of the Federal Reserve Act or any Federal financial support in the form of a grant, loan, or loan guarantee.</text></subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block></paragraph></subsection></section><section id="H23C56C25DC3740B8AB423A62DD8102CC"><enum>406.</enum><header>International financial institutions</header><subsection id="H1459BA4F54B14DFE831D49579239AB30"><enum>(a)</enum><header>United States participation in, and contributions to, the nineteenth replenishment of the resources of the International Development Association</header><text display-inline="yes-display-inline">The International Development Association Act (<external-xref legal-doc="usc" parsable-cite="usc/22/284">22 U.S.C. 284</external-xref> et seq.) is amended by adding at the end the following:</text><quoted-block style="OLC" id="H111F52F75243436BA87B68631005230A" display-inline="no-display-inline"><section id="H3E8DD9BEB52E4C60A1433E7F0DE50D4D"><enum>31.</enum><header>Nineteenth replenishment</header><subsection id="H2BC535D328DC4B5F95F5760873AE12B0"><enum>(a)</enum><text display-inline="yes-display-inline">The United States Governor of the International Development Association is authorized to contribute on behalf of the United States $3,004,200,000 to the nineteenth replenishment of the resources of the Association, subject to obtaining the necessary appropriations.</text></subsection><subsection id="H7CF3CE0DD07F4BF4A22F970237AC0351"><enum>(b)</enum><text>In order to pay for the United States contribution provided for in subsection (a), there are authorized to be appropriated, without fiscal year limitation, $3,004,200,000 for payment by the Secretary of the Treasury.</text></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block></subsection><subsection id="H3AB6B3531F21404FB3D98AB664C3B39B"><enum>(b)</enum><header>United States participation in, and contributions to, the fifteenth replenishment of the resources of the African Development Fund</header><text>The African Development Fund Act (<external-xref legal-doc="usc" parsable-cite="usc/22/290g">22 U.S.C. 290g</external-xref> et seq.) is amended by adding at the end the following:</text><quoted-block style="OLC" id="H4895F888CEA749F0911C7BAC3F76D8E7" display-inline="no-display-inline"><section id="H1C739C425CC540CEB79B48FF6C80B05A"><enum>226.</enum><header>Fifteenth replenishment</header><subsection id="H404928271AAC44FB93A5004F19271E6B"><enum>(a)</enum><text display-inline="yes-display-inline">The United States Governor of the Fund is authorized to contribute on behalf of the United States $513,900,000 to the fifteenth replenishment of the resources of the Fund, subject to obtaining the necessary appropriations.</text></subsection><subsection id="H2AAFB4C3CCD64EF9BC3349B8DEC358FA"><enum>(b)</enum><text>In order to pay for the United States contribution provided for in subsection (a), there are authorized to be appropriated, without fiscal year limitation, $513,900,000 for payment by the Secretary of the Treasury.</text></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block></subsection><subsection id="H99BBA58716484658B0A57A7FEE17DAD4"><enum>(c)</enum><header>United States participation in, and contributions to, the seventh capital increase for the African Development Bank</header><text>The African Development Bank Act (<external-xref legal-doc="usc" parsable-cite="usc/22/290i">22 U.S.C. 290i</external-xref> et seq.) is amended by adding at the end the following:</text><quoted-block style="OLC" id="HD94222EEE9A64293BC93011CDE7EA4D5" display-inline="no-display-inline"><section id="H509E842642BA4830AD5780A1B33D90E9"><enum>1345.</enum><header>Seventh capital increase</header><subsection id="HDA90E8980A6745D08987B7AD0A478801"><enum>(a)</enum><header>Subscription authorized</header><paragraph id="HDE26DE595A8848028A917B2FF2848601"><enum>(1)</enum><text display-inline="yes-display-inline">The United States Governor of the Bank may subscribe on behalf of the United States to 532,023 additional shares of the capital stock of the Bank.</text></paragraph><paragraph id="H63A77B2E0AD340FEB024B0005DB68321"><enum>(2)</enum><text>Any subscription by the United States to the capital stock of the Bank shall be effective only to such extent and in such amounts as are provided in advance in appropriations Acts.</text></paragraph></subsection><subsection id="H8460FD6531234F03862E5C680703A846"><enum>(b)</enum><header>Limitations on authorization of appropriations</header><paragraph id="H0AE153E227CA4788BC497D440A64B9FC"><enum>(1)</enum><text display-inline="yes-display-inline">In order to pay for the increase in the United States subscription to the Bank under subsection (a), there are authorized to be appropriated, without fiscal year limitation, $7,286,587,008 for payment by the Secretary of the Treasury.</text></paragraph><paragraph id="HED8D4D00A5F74C79A4E96C90452CE09E"><enum>(2)</enum><text>Of the amount authorized to be appropriated under paragraph (1)—</text><subparagraph id="H4AE6E7B1CB8E452EBB911589FDF0D071"><enum>(A)</enum><text>$437,190,016 shall be for paid in shares of the Bank; and</text></subparagraph><subparagraph id="HE2E3BBCA8AE740F280774F5690DEA2C6"><enum>(B)</enum><text>$6,849,396,992 shall be for callable shares of the Bank.</text></subparagraph></paragraph></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block></subsection></section><section id="H523C3BE5F03145CF94BEA80A6D49BC21"><enum>407.</enum><header>Conditions on Federal aid to corporations</header><subsection id="H7E95D9D3D8CE4963BF7BCBE228B2E60C" display-inline="no-display-inline"><enum>(a)</enum><header>Requirements on all corporations until Federal aid related to COVID–19 is repaid</header><text>Any corporation that receives Federal aid related to COVID–19 shall, until the date on which all such Federal aid is repaid by the corporation to the Federal Government, comply with the following:</text><paragraph id="HD8B6B0C9A0AF4EAB96434AB9FF7CD1DF"><enum>(1)</enum><header>Restrictions on executive bonuses</header><text>The corporation may not pay a bonus to any executive of the corporation.</text></paragraph><paragraph id="H08A28E935A7D454D9E48D3BDAD67A1B3"><enum>(2)</enum><header>Ban on executive golden parachutes</header><text display-inline="yes-display-inline">The corporation may not pay any type of compensation (whether present, deferred, or contingent) to an executive of the corporation, if such compensation is in connection with the termination of employment of the executive.</text></paragraph><paragraph id="H64B55BA50C1846EA8E3F2B83C41CC3F2"><enum>(3)</enum><header>Ban on stock buybacks</header><text>The corporation may not purchase securities of the corporation.</text></paragraph><paragraph id="HAFC3B116682145C992F5E14CF0F1C04D"><enum>(4)</enum><header>Ban on dividends</header><text>The corporation may not pay dividends on securities of the corporation.</text></paragraph><paragraph id="H2BBEDFE4C05942D196DEED2E388F2495"><enum>(5)</enum><header>Ban on Federal lobbying</header><text>The corporation may not carry out any Federal lobbying activities.</text></paragraph></subsection><subsection id="H62A67FA5CF854F79AAB8F8370EDD30A0" display-inline="no-display-inline"><enum>(b)</enum><header>Permanent requirements on accelerated filers receiving Federal aid related to COVID–19</header><paragraph id="HE177DFE2492F46849B597EB7B2E15B8B"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">An accelerated filer that receives Federal aid related to COVID–19 shall permanently comply with the following:</text><subparagraph id="HCA9E6A0F718F44C28B740D2539B5FC5A"><enum>(A)</enum><header>Worker board representation</header><clause id="H9D6EBDF383D04FA1AEBE0859B25E0B50"><enum>(i)</enum><header>In general</header><text display-inline="yes-display-inline">At least <fraction>1⁄3</fraction> of the members of the accelerated filer’s directors are chosen by the employees of the accelerated filer in a one-employee-one-vote election process.</text></clause><clause id="HD1626568E8FE4E5DBD874734E8C948AA"><enum>(ii)</enum><header>Compliance date</header><text>An accelerated filer shall comply with the requirements under clause (i) not later than the end of the 2-year period beginning on the date of enactment of this Act.</text></clause><clause id="H3B21A4E28331413489C49C679D4E25F0"><enum>(iii)</enum><header>Definitions</header><text>In this subparagraph—</text><subclause id="H21C917F584BB4BB3898DCE57F20140B0"><enum>(I)</enum><text display-inline="yes-display-inline">the term <quote>director</quote> has the meaning given the term in section 3 of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78c">15 U.S.C. 78c</external-xref>); and</text></subclause><subclause id="H576564DCFF4D4C03BB970ECB4A98A7D0"><enum>(II)</enum><text>the term <quote>employee</quote> has the meaning given the term in section 2 of the National Labor Relations Act (<external-xref legal-doc="usc" parsable-cite="usc/29/152">29 U.S.C. 152</external-xref>).</text></subclause></clause></subparagraph><subparagraph id="H90EA85A6FC494297BC19850E83368542"><enum>(B)</enum><header>Additional disclosures</header><text>If the securities of the corporation are traded on a national securities exchange, the corporation shall issue the following disclosures to the Securities and Exchange Commission on a quarterly basis (and make such disclosures available to shareholders of the corporation and the public):</text><clause id="H2F04CFB36AD544848D6A731B59903350"><enum>(i)</enum><text>The political spending disclosures required under paragraph (2).</text></clause><clause id="HD6BF3A9F840E40439D2D01D738B5A062"><enum>(ii)</enum><text display-inline="yes-display-inline">The human capital management disclosures required under paragraph (3).</text></clause><clause id="H16FE4546A2654936AE23E44723ED2E0D"><enum>(iii)</enum><text display-inline="yes-display-inline">The environmental, social, and governance disclosures required under paragraph (4).</text></clause><clause id="H6E9FF67CEEDE4DF5833AA6A755037792"><enum>(iv)</enum><text display-inline="yes-display-inline">The Federal aid disclosures required under paragraph (5).</text></clause><clause id="H0AEC671B780042CABC090FCF665F3459"><enum>(v)</enum><text display-inline="yes-display-inline">The disclosures of financial performance on a country-by-country basis required under paragraph (6).</text></clause></subparagraph></paragraph><paragraph id="HF941D97F0EC54DFFA8D81113A4850929"><enum>(2)</enum><header>Political spending disclosures</header><subparagraph id="HBACBEA610E164CB8B31B9CFD3DDB813E"><enum>(A)</enum><header>In general</header><text>With respect to an accelerated filer, the disclosures required under this paragraph are—</text><clause id="HB88F5D79FF47448F8D51588BA23DE845"><enum>(i)</enum><text>a description of any expenditure for political activities made during the preceding quarter;</text></clause><clause id="HA81C964D1CEA4BB7B6B4ABA6592FD62B" commented="no"><enum>(ii)</enum><text display-inline="yes-display-inline">the date of each expenditure for political activities;</text></clause><clause id="H1370F13CFA7E483E8C8D9F0288152215" commented="no"><enum>(iii)</enum><text>the amount of each expenditure for political activities;</text></clause><clause id="HB2CD5CA1FC50430FB27FA2B1BA06F46A" commented="no"><enum>(iv)</enum><text>if the expenditure for political activities was made in support of or opposed to a candidate, the name of the candidate and the office sought by, and the political party affiliation of, the candidate;</text></clause><clause id="HD2888A5A5E904A6EB812D9722DD9BC76"><enum>(v)</enum><text display-inline="yes-display-inline">the name or identity of trade associations or organizations described in <external-xref legal-doc="usc" parsable-cite="usc/26/501">section 501(c)</external-xref> of the Internal Revenue Code of 1986 and exempt from tax under section 501(a) of such Code which receive dues or other payments as described in paragraph (1)(A)(i)(III);</text></clause><clause id="H63A5701708C64F17B5F13D3014FAC3F6"><enum>(vi)</enum><text display-inline="yes-display-inline">a summary of each expenditure for political activities made during the preceding year in excess of $10,000, and each expenditure for political activities for a particular election if the total amount of such expenditures for that election is in excess of $10,000;</text></clause><clause id="H55C082E8B1C3487C8BE33C1BAE1AD027"><enum>(vii)</enum><text>a description of the specific nature of any expenditure for political activities the corporation intends to make for the forthcoming fiscal year, to the extent the specific nature is known to the corporation; and</text></clause><clause id="HEDC76EEFD20544F28CA78CF8FFF12DBA"><enum>(viii)</enum><text>the total amount of expenditures for political activities intended to be made by the corporation for the forthcoming fiscal year.</text></clause></subparagraph><subparagraph id="HBDEB35089D2D476A9283B6A9086D5710" display-inline="no-display-inline"><enum>(B)</enum><header>Definitions</header><text display-inline="yes-display-inline">In this paragraph:</text><clause id="HB30393D6B21B48CDA50723B04BD74F48"><enum>(i)</enum><header>Expenditure for political activities</header><text display-inline="yes-display-inline">The term <term>expenditure for political activities</term>—</text><subclause id="H8785CD474DEB4D91BC04CFF397F7F116"><enum>(I)</enum><text>means—</text><item id="H043D6CCAA31C4FB59A86133090FA9B40"><enum>(aa)</enum><text>an independent expenditure (as defined in section 301(17) of the Federal Election Campaign Act of 1971 (<external-xref legal-doc="usc" parsable-cite="usc/52/30101">52 U.S.C. 30101(17)</external-xref>));</text></item><item id="H91848AFCD9484A7F9493A97C68FFAE4F"><enum>(bb)</enum><text display-inline="yes-display-inline">an electioneering communication (as defined in section 304(f)(3) of that Act (<external-xref legal-doc="usc" parsable-cite="usc/52/30104">52 U.S.C. 30104(f)(3)</external-xref>)) and any other public communication (as defined in section 301(22) of that Act (<external-xref legal-doc="usc" parsable-cite="usc/52/30101">52 U.S.C. 30101(22)</external-xref>)) that would be an electioneering communication if it were a broadcast, cable, or satellite communication; or</text></item><item id="H943DCC66F050499AA4682C5017ED0779"><enum>(cc)</enum><text display-inline="yes-display-inline">dues or other payments to trade associations or organizations described in <external-xref legal-doc="usc" parsable-cite="usc/26/501">section 501(c)</external-xref> of the Internal Revenue Code of 1986 and exempt from tax under section 501(a) of that Code that are, or could reasonably be anticipated to be, used or transferred to another association or organization for the purposes described in item (aa) or (bb); and</text></item></subclause><subclause id="H17032E7A4230451A91258E2645C86671"><enum>(II)</enum><text>does not include—</text><item id="HD6D1E7C678624859B7774ADFE582DE89"><enum>(aa)</enum><text display-inline="yes-display-inline">direct lobbying efforts through registered lobbyists employed or hired by the corporation;</text></item><item id="HBD111C47138B46D19D80707D3E02F898"><enum>(bb)</enum><text>communications by a corporation to its shareholders and executive or administrative personnel and their families; or</text></item><item id="HE8EBC77FF381438FA4AA8A948A556DF6" commented="no"><enum>(cc)</enum><text>the establishment and administration of contributions to a separate segregated fund to be utilized for political purposes by a corporation.</text></item></subclause></clause><clause id="H8AFF5E1EC7CC4289BEF4D18A6D2BBB9E" commented="no"><enum>(ii)</enum><header>Exception</header><text>The term <term>corporation</term> does not include an investment company registered under section 8 of the Investment Company Act of 1940 (<external-xref legal-doc="usc" parsable-cite="usc/15/80a-8">15 U.S.C. 80a–8</external-xref>).</text></clause></subparagraph></paragraph><paragraph id="H5D0DF2CDCD2C4329896ADDA817542B7D"><enum>(3)</enum><header>Human capital management disclosures</header><text display-inline="yes-display-inline">With respect to an accelerated filer, the disclosures required under this paragraph are the following:</text><subparagraph id="H5A2F7366940847AEBF13989BFD9CCF19"><enum>(A)</enum><text>Workforce demographic information, including the number of full-time employees, the number of part-time employees, the number of contingent workers (including temporary and contract workers), and any policies or practices relating to subcontracting, outsourcing, and insourcing.</text></subparagraph><subparagraph id="H8603627121CF4DFDA14AE8AD8FB93650"><enum>(B)</enum><text>Workforce stability information, including information about the voluntary turnover or retention rate, the involuntary turnover rate, the internal hiring rate, and the internal promotion rate.</text></subparagraph><subparagraph id="HA2D27CB37C96441ABC38B1776BF544C6"><enum>(C)</enum><text>Workforce composition, including data on diversity (including racial and gender composition) and any policies and audits related to diversity.</text></subparagraph><subparagraph id="HE576A0381E23472DA159C1823F239D83"><enum>(D)</enum><text>Workforce skills and capabilities, including information about training of employees (including the average number of hours of training and spending on training per employee per year), skills gaps, and alignment of skills and capabilities with business strategy.</text></subparagraph><subparagraph id="H6039B77E72384ADEBFDC797D389EFFD6"><enum>(E)</enum><text>Workforce culture and empowerment, including information about—</text><clause id="HCDC11525825D4B8789F02339FEAA7720"><enum>(i)</enum><text>policies and practices of the corporation relating to freedom of association and work-life balance initiatives;</text></clause><clause id="H3D7BE53BBCE14FE29895D1B09B5E98A5"><enum>(ii)</enum><text>any incidents of verified workplace harassment in the previous 5 fiscal years of the corporation;</text></clause><clause id="H3E839988B56A45C19C5AF57C327B3181"><enum>(iii)</enum><text>policies and practices of the corporation relating to employee engagement and psychological wellbeing, including management discussion regarding—</text><subclause id="H9E3F2EDACD144AC9890EC5B93E51D876"><enum>(I)</enum><text>the creation of an autonomous work environment;</text></subclause><subclause id="HA59A55EBB843498E91CED91D844713B4"><enum>(II)</enum><text>fostering a sense of purpose in the workforce;</text></subclause><subclause id="H66A2357D0B514A259B00AC17A463049B"><enum>(III)</enum><text>trust in management; and</text></subclause><subclause id="HAB0D50E4008F4506A25E1B2715D7BFA2"><enum>(IV)</enum><text>a supportive, fair, and constructive workplace.</text></subclause></clause></subparagraph><subparagraph id="H338C87260D1C4548873DDACA9809E4F6"><enum>(F)</enum><text>Workforce health and safety, including information about—</text><clause id="H172BB8A7790843DAB8A87B8BFE574EB0"><enum>(i)</enum><text>the frequency, severity, and lost time due to injuries, illness, and fatalities;</text></clause><clause id="H4AB81E8050FF461AA61701348716A0EF"><enum>(ii)</enum><text>the total dollar value of assessed fines under the Occupational Safety and Health Act of 1970;</text></clause><clause id="H1B8A077B640B42FABDF4070EEC32E125"><enum>(iii)</enum><text>the total number of actions brought under section 13 of the Occupational Safety and Health Act of 1970 to prevent imminent dangers; and</text></clause><clause id="H4EC0CDA0BA8D43D3B84DF2D6747B1316"><enum>(iv)</enum><text>the total number of actions brought against the corporation under section 11(c) of the Occupational Safety and Health Act of 1970.</text></clause></subparagraph><subparagraph id="H9FBEEE8448CD42A99F5B285A504C5B5A"><enum>(G)</enum><text>Workforce compensation and incentives, including information about—</text><clause id="HD9B25AF2664247268F132FCEA0B5B076"><enum>(i)</enum><text>total workforce compensation, including disaggregated information about compensation for full-time, part-time, and contingent workers;</text></clause><clause id="H7D8D35176CF5481693DE020F1B252C32"><enum>(ii)</enum><text>policies and practices about how performance, productivity, and sustainability are considered when setting pay and making promotion decisions; and</text></clause><clause id="H211D792CF36447D2A0DC3CFD67171321"><enum>(iii)</enum><text>policies and practices relating to any incentives and bonuses provided to employees below the named executive level and any policies or practices designed to counter any risks create by such incentives and bonuses.</text></clause></subparagraph><subparagraph id="HE7EEAB87B42D4A8B8615D1ED71B23B96"><enum>(H)</enum><text>Workforce recruiting, including information about the quality of hire, new hire engagement rate, and new hire retention rate.</text></subparagraph></paragraph><paragraph id="HBAD4D4F8AD3F4796AF59F90474712A9C"><enum>(4)</enum><header>Environmental, social, and governance disclosures</header><text display-inline="yes-display-inline">With respect to an accelerated filer, the disclosures required under this paragraph are disclosures that satisfy the recommendations of the Task Force on Climate-related Financial Disclosures of the Financial Stability Board as reported in June, 2017.</text></paragraph><paragraph id="H42991A8E9CC14C4BB7F8F4A07646A02E"><enum>(5)</enum><header>Federal aid disclosures</header><text display-inline="yes-display-inline">With respect to an accelerated filer, the disclosure required under this paragraph is a description of how the Federal aid related to COVID–19 received by the corporation is being used to support the corporation’s employees.</text></paragraph><paragraph id="H53EBA54D800A48F498C2CE75DAB48230"><enum>(6)</enum><header>Disclosures of financial performance on a country-by-country basis</header><subparagraph id="H12F44EDA855243A98DD84F12388C472F"><enum>(A)</enum><header>In general</header><text display-inline="yes-display-inline">With respect to an accelerated filer, the disclosures required under this paragraph are the following:</text><clause id="HDABD046C3C7C4F029E1AF16082615D13"><enum>(i)</enum><header>Constituent entity information</header><text display-inline="yes-display-inline">Information on any constituent entity of the corporation, including the following:</text><subclause id="H7D7836A3B4C04C1C90CB4434E68B32C8"><enum>(I)</enum><text>The complete legal name of the constituent entity.</text></subclause><subclause id="H6E84AEC04C02419382F4C9314DE556C4"><enum>(II)</enum><text>The tax jurisdiction, if any, in which the constituent entity is resident for tax purposes.</text></subclause><subclause id="HEE9B8E1C7567498BB347D5F75E98DCC3"><enum>(III)</enum><text>The tax jurisdiction in which the constituent entity is organized or incorporated (if different from the tax jurisdiction of residence).</text></subclause><subclause id="HBE61423C6BB24B6B9D70A0719C7451B7"><enum>(IV)</enum><text>The tax identification number, if any, used for the constituent entity by the tax administration of the constituent entity's tax jurisdiction of residence.</text></subclause><subclause id="H6D20894AF63647E0A8E5C011F441C345"><enum>(V)</enum><text>The main business activity or activities of the constituent entity.</text></subclause></clause><clause id="H958876B60AF64BDEA222629B8C354777"><enum>(ii)</enum><header>Tax jurisdiction</header><text>Information on each tax jurisdiction in which one or more constituent entities is resident, presented as an aggregated or consolidated form of the information for the constituent entities resident in each tax jurisdiction, including the following:</text><subclause id="H15C82912BEA5492B81BD3C00DFB898A8"><enum>(I)</enum><text>Revenues generated from transactions with other constituent entities.</text></subclause><subclause id="HDFA2B111816D4CEBA1D40FCA6D031F72"><enum>(II)</enum><text>Revenues not generated from transactions with other constituent entities.</text></subclause><subclause id="HC19090BFBAA445D08278D88AD13045D4"><enum>(III)</enum><text>Profit or loss before income tax.</text></subclause><subclause id="H27A19DFA345E40C9B6B30D4F09BF0EC6"><enum>(IV)</enum><text>Total income tax paid on a cash basis to all tax jurisdictions.</text></subclause><subclause id="HD7C68D87F41B4CF7A60FE4B281D17661"><enum>(V)</enum><text>Total accrued tax expense recorded on taxable profits or losses.</text></subclause><subclause id="H0E1548EA6F9B42AEA336558564D85AA0"><enum>(VI)</enum><text>Stated capital.</text></subclause><subclause id="HEE5B1CB66EE442F888B9482E062A0AA0"><enum>(VII)</enum><text>Total accumulated earnings.</text></subclause><subclause id="HB50423C0EFA74386B18CFBB2222B1065"><enum>(VIII)</enum><text>Total number of employees on a full-time equivalent basis.</text></subclause><subclause id="HA3669FD0116D4DB8B68318A2ACB9C624"><enum>(IX)</enum><text>Net book value of tangible assets, which, for purposes of this section, does not include cash or cash equivalents, intangibles, or financial assets.</text></subclause></clause><clause id="HED3CCE1BE22B43BDB156A5349463C4AF"><enum>(iii)</enum><header>Special rules</header><text>The information listed in clause (ii) shall be provided, in aggregated or consolidated form, for any constituent entity or entities that have no tax jurisdiction of residence. In addition, if a constituent entity is an owner of a constituent entity that does not have a jurisdiction of tax residence, then the owner's share of such entity's revenues and profits will be aggregated or consolidated with the information for the owner's tax jurisdiction of residence.</text></clause></subparagraph><subparagraph id="H77F25344AA7D4F989D9B286928CB46FE"><enum>(B)</enum><header>Definitions</header><text>In this paragraph—</text><clause id="HE233A51E164B40CD86E57AEED0069894"><enum>(i)</enum><text display-inline="yes-display-inline">the term <term>constituent entity</term> means, with respect to an accelerated filer, any separate business entity of the accelerated filer;</text></clause><clause id="HED69251E9BF34A84A6E0C87DFB0D956A"><enum>(ii)</enum><text>the term <term>tax jurisdiction</term>—</text><subclause id="HFF0829FD07884605AACBB2790B42346C"><enum>(I)</enum><text>means a country or a jurisdiction that is not a country but that has fiscal autonomy; and</text></subclause><subclause id="H8AC838FE72C04D5F9762C4DCB7867BFA"><enum>(II)</enum><text>includes a territory or possession of the United States that has fiscal autonomy.</text></subclause></clause></subparagraph></paragraph></subsection><subsection id="H8F62B00E7EB247CEBFD247FB3FC555AF" display-inline="no-display-inline"><enum>(c)</enum><header>Permanent requirements on all corporations receiving Federal aid related to COVID–19</header><text>Any corporation that receives Federal aid related to COVID–19 shall permanently comply with the following:</text><paragraph id="H466912871D65435A81CA194910551377" display-inline="no-display-inline"><enum>(1)</enum><header>Paid leave for workers</header><text display-inline="yes-display-inline">The corporation shall provide at least 14 days of paid leave to workers (employees and contractors, full-time and part-time) who—</text><subparagraph id="HABEEA2C1DF614704BB4BD4D8C037D4D2"><enum>(A)</enum><text>are unable to telework;</text></subparagraph><subparagraph id="H3AC1F6D5CDF94714999B667D74EE6F23"><enum>(B)</enum><text>need to be isolated or quarantined to prevent the spread of COVID–19; or</text></subparagraph><subparagraph id="H2254063711464B8FAAB725459EF8FB23"><enum>(C)</enum><text>need time off to care for the needs of family members.</text></subparagraph></paragraph><paragraph id="H44E6278D73A9498CA503925B49FF73B7"><enum>(2)</enum><header>Minimum wage</header><text display-inline="yes-display-inline">The corporation shall pay each employee (full-time and part-time) of the corporation a wage of not less than $15 an hour, beginning not later than January 1, 2021.</text></paragraph><paragraph id="HB65C8AA9CCE34369B05AFF65878B43CE"><enum>(3)</enum><header>Limitation on CEO and executive pay</header><text display-inline="yes-display-inline">The corporation may not have a CEO to median worker pay ratio of greater than 50 to 1 and no officer or employee of the corporation may received higher compensation than the chief executive officer (or any equivalent position).</text></paragraph></subsection><subsection id="HA0C74FEBCDC641549C1B8CEBB24EB688" display-inline="no-display-inline"><enum>(d)</enum><header>Requirements on all corporations receiving Federal aid related to COVID–19 until the end of the emergency</header><text>Any corporation that receives Federal aid related to COVID–19 shall, until the COVID–19 emergency ends, comply with the following:</text><paragraph id="H7E94184E742E4BFEAFF970A12DC16A63" commented="no"><enum>(1)</enum><header>Workforce levels and benefits</header><text display-inline="yes-display-inline">The corporation shall maintain at least the same workforce levels and benefits that existed before the COVID–19 emergency.</text></paragraph><paragraph id="HB8446508E1654ABCA87DB1869EECCD04"><enum>(2)</enum><header>Maintenance of worker pay</header><text display-inline="yes-display-inline">The corporation shall maintain worker (employee or contractor, full-time and part-time) pay throughout the entire duration of the COVID–19 emergency at or above the pay level the worker was earning before the emergency. </text></paragraph><paragraph id="H8514F487DE1C4246B76ED7B835A0487D" commented="no"><enum>(3)</enum><header>Maintenance of collective bargaining agreements</header><text display-inline="yes-display-inline">The corporation may not alter any collective bargaining agreement that was in place at the beginning of the COVID–19 emergency.</text></paragraph></subsection><subsection id="H18D0BAF108DD4F578E5EE1B276F340C2" display-inline="no-display-inline"><enum>(e)</enum><header>Enforcement; rulemaking</header><text display-inline="yes-display-inline">The Securities and Exchange Commission and the Secretary of the Treasury shall have the authority to enforce this section and may issue such rules as may be necessary to carry out this section.</text></subsection><subsection id="H6F8D645C72F345268EB5A2E40008B609" display-inline="no-display-inline"><enum>(f)</enum><header>Definitions</header><text>In this section:</text><paragraph id="HB2BC0254E778447A9FBA68184B327DCE"><enum>(1)</enum><header>Accelerated filer</header><text display-inline="yes-display-inline">The Securities and Exchange Commission shall define the term <quote>accelerated filer</quote> for purposes of this section.</text></paragraph><paragraph id="H28AF3D95604B4AD588DE1E95788BBFDA" display-inline="no-display-inline"><enum>(2)</enum><header>CEO to median worker pay ratio</header><text display-inline="yes-display-inline">With respect to an accelerated filer, the term <quote>CEO to median worker pay ratio</quote> means the ratio of—</text><subparagraph id="H969833022B28444DB7907588FB47B99B"><enum>(A)</enum><text display-inline="yes-display-inline">the annual total compensation of the chief executive officer (or any equivalent position) of the corporation; and</text></subparagraph><subparagraph id="H34D01C55E93E4558A0961CB72B869393"><enum>(B)</enum><text display-inline="yes-display-inline">the median of the annual total compensation of all employees of the corporation, except the chief executive officer (or any equivalent position) of the corporation.</text></subparagraph></paragraph><paragraph id="HF575DDBEC15847398CDB380DFA224121" commented="no"><enum>(3)</enum><header>COVID–19 emergency</header><text display-inline="yes-display-inline">The term <quote>COVID–19 emergency</quote> means the period that begins upon the date of the enactment of this Act and ends upon the termination by the Federal Emergency Management Agency of the emergency declared on March 13, 2020, by the President under the Robert T. Stafford Disaster Relief and Emergency Act (<external-xref legal-doc="usc" parsable-cite="usc/42/4121">42 U.S.C. 4121</external-xref> et seq.) relating to the Coronavirus Disease 2019 (COVID-19).</text></paragraph><paragraph id="HA18985AEC9A04A9A9290C2A250743129"><enum>(4)</enum><header>Federal aid</header><text display-inline="yes-display-inline">The term <quote>Federal aid</quote> means any emergency lending provided under section 13(3) of the Federal Reserve Act or any Federal financial support in the form of a grant, loan, or loan guarantee.</text></paragraph><paragraph id="H3ED202593FE94A159026F13A07E2A7A1"><enum>(5)</enum><header>S corporation</header><text>The term <quote>S corporation</quote> has the meaning given that term under <external-xref legal-doc="usc" parsable-cite="usc/26/1361">section 1361(a)</external-xref> of the Internal Revenue Code of 1986.</text></paragraph><paragraph id="H5CA879D7E55D4432BBBE910B392ED715"><enum>(6)</enum><header>Securities terms</header><text display-inline="yes-display-inline">The terms <quote>national securities exchange</quote> and <quote>security</quote> have the meaning given those terms, respectively, under section 3 of the Securities Exchange Act of 1934.</text></paragraph></subsection></section><section id="H418C1DD5F4454438AA1252539FCD9036"><enum>408.</enum><header>Authority for warrants and debt instruments</header><subsection id="H5A4AC392379D4A268EEF74B04DDBCC26"><enum>(a)</enum><header>Definitions</header><text display-inline="yes-display-inline">In this section:</text><paragraph id="H38EC1C5EBE51478AA89F40A5E9223459"><enum>(1)</enum><header>Asset</header><text>The term <quote>asset</quote> means any financial instrument that the Secretary, after consultation with the Chairman of the Board of Governors of the Federal Reserve System, determines the purchase of which or the guarantee of which is necessary to promote economic stability.</text></paragraph><paragraph id="H39F67933B841497FABF0D7C0A0065416"><enum>(2)</enum><header>Company</header><text>The term <quote>company</quote> means any entity that is not subject to the prohibitions in subsection (e).</text></paragraph><paragraph id="H90A92163B7D04F5D904FA621FF769EBF"><enum>(3)</enum><header>Secretary</header><text>The term <quote>Secretary</quote> means the Secretary of the Treasury.</text></paragraph></subsection><subsection id="H97CED3E2770A46A1A6471D294A058191"><enum>(b)</enum><header>Warrant or senior debt instrument</header><text>The Secretary may not purchase, or make any commitment to purchase, or guarantee, or make any commitment to guarantee, any asset in response to the coronavirus disease (COVID–19) outbreak, unless the Secretary receives from the company from which such assets are to be purchased or are to be guaranteed—</text><paragraph id="HFF059024ACA346088E1CEC7B9974A2AC"><enum>(1)</enum><text>in the case of a company, the securities of which are traded on a national securities exchange, a warrant giving the right to the Secretary to receive preferred voting stock; or</text></paragraph><paragraph id="H7938B7AF4AD3496BA3C2BD4062050C41"><enum>(2)</enum><text display-inline="yes-display-inline">in the case of any company other than one described in paragraph (1), a warrant for preferred voting stock, or a senior debt instrument from such company.</text></paragraph></subsection><subsection id="HA0F3E27A8A2B4E10B09EEE18E9A51C02"><enum>(c)</enum><header>Terms and conditions</header><text display-inline="yes-display-inline">The terms and conditions of any warrant or senior debt instrument required under subsection (b) shall meet the following requirements:</text><paragraph id="HD10713EDDE0A484E99F2FB26FD4A9744"><enum>(1)</enum><header>Purposes</header><text>Such terms and conditions shall, at a minimum, be designed—</text><subparagraph id="H1EBE15D3D93140138BB7054FB32ACBB3"><enum>(A)</enum><text>to provide for reasonable participation by the Secretary, for the benefit of taxpayers, in equity appreciation in the case of a warrant or other equity security, or a reasonable interest rate premium, in the case of a debt instrument; and</text></subparagraph><subparagraph id="H172953E837024AFFA38FFE354A075F60"><enum>(B)</enum><text>to provide additional protection for the taxpayer against losses from sale of assets by the Secretary and any associated administrative expenses.</text></subparagraph></paragraph><paragraph id="HC3042B476A324D2081BB1D7E99832A53"><enum>(2)</enum><header>Terms of preferred voting stock</header><text>Any preferred voting stock received from a company should include the following terms:</text><subparagraph id="HB384C22BCBEA4A409486F408FB0DD5EE"><enum>(A)</enum><header>Voting rights</header><text>The Secretary shall have the right to vote on matters brought before the stockholders generally. The Secretary shall control a percentage of votes equal to the percentage of the total value of the company the government’s share will represent after the investment.</text></subparagraph><subparagraph id="HEB7C6E46FDB84E10A6E5E6AD3EFBB22F"><enum>(B)</enum><header>Bankruptcy immunity</header><text>The rights associated with the preferred voting stock shall not be subject to modification, amendment, or any change by the bankruptcy laws of the United States or any other state.</text></subparagraph></paragraph><paragraph id="H2EFC31AD8FE14551B4D8D1B1BB502D64"><enum>(3)</enum><header>Authority to sell, exercise, or surrender</header><subparagraph id="HA7F1455388E84AF4B4CE9EDB6DB5F1FE"><enum>(A)</enum><header>In general</header><text>For the primary benefit of taxpayers, the Secretary may sell, exercise, or surrender a warrant or any senior debt instrument received under this section, based on the conditions established under paragraph (1).</text></subparagraph><subparagraph id="H215A7056DAF7439BBC67F93833254EAF"><enum>(B)</enum><header>Proceeds</header><text>Of any proceeds received through the sale, exercise, or surrender of any warrant or any senior debt instrument—</text><clause id="H4696F300EAE24AC78B4AD91831F4F3DE"><enum>(i)</enum><text>65 percent shall be transferred or credited to the Housing Trust Fund established under section 1338 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (<external-xref legal-doc="usc" parsable-cite="usc/12/4568">12 U.S.C. 4568</external-xref>); and</text></clause><clause id="H0D0A122796B5430BA9D9A4C70684A425"><enum>(ii)</enum><text>35 percent shall be transferred or credited to the Capital Magnet Fund under section 1339 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (<external-xref legal-doc="usc" parsable-cite="usc/12/4569">12 U.S.C. 4569</external-xref>).</text></clause></subparagraph></paragraph><paragraph id="H2358166F87724DB5B3A25E4B9612E16B"><enum>(4)</enum><header>Conversion</header><text>The warrant shall provide that if, after the warrant is received by the Secretary under this section, the company that issued the warrant is no longer listed or traded on a national securities exchange or securities association, as described in subsection (b)(1), the Secretary will have an option to convert the warrants to senior debt to ensure that the Treasury is appropriately compensated for the value of the warrant, in an amount determined by the Secretary for the primary benefit of taxpayers.</text></paragraph><paragraph id="H9AC4D02973784256A6023B3673CE7CC2"><enum>(5)</enum><header>Protections</header><text>Any warrant representing securities to be received by the Secretary under this section shall contain anti-dilution provisions of the type employed in capital market transactions, as determined by the Secretary for the primary benefit of taxpayers. Such provisions shall protect the value of the securities from market transactions such as stock splits, stock distributions, dividends, and other distributions, mergers, and other forms of reorganization or recapitalization.</text></paragraph><paragraph id="H6162B3DB0344409995F59A0DDED2FED9"><enum>(6)</enum><header>Exercise price</header><text>The exercise price for any warrant issued pursuant to this section shall be set by the Secretary, for the primary benefit of taxpayers.</text></paragraph><paragraph id="HB238C94A16114E12B51AD76FF6F603F7"><enum>(7)</enum><header>Sufficiency</header><text>The company shall guarantee to the Secretary that it has authorized shares of stock available to fulfill its obligations under this section. Should the company not have sufficient authorized shares, including preferred shares that may carry dividend rights equal to a multiple number of common shares, the Secretary may, to the extent necessary for the primary benefit of taxpayers, accept a senior debt note in an amount, and on such terms as will compensate the Secretary with equivalent value, in the event that a sufficient shareholder vote to authorize the necessary additional shares cannot be obtained.</text></paragraph></subsection><subsection id="H47EF8A7A765C4CE58F5C20F3FEB4566B"><enum>(d)</enum><header>Exceptions</header><text display-inline="yes-display-inline">The Secretary may establish an exception to the requirements of this section and appropriate alternative requirements for any participating company that is legally prohibited from issuing securities and debt instruments, so as not to allow circumvention of the requirements of this section.</text></subsection><subsection id="H3F6477CE5F7D4EDCBFB2CB3F94FD1014"><enum>(e)</enum><header>Prohibitions of Foreign Companies</header><paragraph id="HC3542A2B86F040F6AB99CC198ABEDF50"><enum>(1)</enum><header>In general</header><text>The Secretary may not purchase, or make any commitment to purchase, or guarantee, or make any commitment to guarantee, any asset in response to the coronavirus disease (COVID–19) outbreak from—</text><subparagraph id="H8D797313273B4DF1B127AA022EDB8F1E"><enum>(A)</enum><text>any foreign incorporated entity that the Secretary has determined is an inverted domestic corporation or any subsidiary of such entity; or</text></subparagraph><subparagraph id="HDC9B7C2D117E43CAA460056ECF4937A4"><enum>(B)</enum><text>any joint venture if more than 10 percent of the joint venture (by vote or value) is held by a foreign incorporated entity that the Secretary has determined is an inverted domestic corporation or any subsidiary of such entity.</text></subparagraph></paragraph><paragraph id="H828FF013EC8344918029A4FA4DF05BD0"><enum>(2)</enum><header>Inverted domestic corporation</header><subparagraph id="H00D03B9D0BC64E4599C46B0A2FB3B942"><enum>(A)</enum><header>In general</header><text>For purposes of this subsection, a foreign incorporated entity shall be treated as an inverted domestic corporation if, pursuant to a plan (or a series of related transactions)—</text><clause id="H52D7BFB715644BAD8FAE533C0F63CF7A"><enum>(i)</enum><text>the entity completes on or after May 8, 2014, the direct or indirect acquisition of—</text><subclause id="H9F85F714EA8044FEAC6CF16200218311"><enum>(I)</enum><text>substantially all of the properties held directly or indirectly by a domestic corporation; or</text></subclause><subclause id="H1D2A0DA56D4B4D3E82A80777ED2F3185"><enum>(II)</enum><text>substantially all of the assets of, or substantially all of the properties constituting a trade or business of, a domestic partnership; and</text></subclause></clause><clause id="HC99977F725BA4626BE75516160964989"><enum>(ii)</enum><text>after the acquisition, either—</text><subclause id="HBB744F663CFC42C9BC62A838C62A1D30"><enum>(I)</enum><text>more than 50 percent of the stock (by vote or value) of the entity is held—</text><item id="H2606D833A52C47EFAE0AE5B41DFF8DF2"><enum>(aa)</enum><text>in the case of an acquisition with respect to a domestic corporation, by former shareholders of the domestic corporation by reason of holding stock in the domestic corporation; or</text></item><item id="H00379D09D0E9473EAB05C0FFCAEEACF1"><enum>(bb)</enum><text>in the case of an acquisition with respect to a domestic partnership, by former partners of the domestic partnership by reason of holding a capital or profits interest in the domestic partnership; or</text></item></subclause><subclause id="H564DF33521A6499EBF7D4CBD7FAD7B0D"><enum>(II)</enum><text>the management and control of the expanded affiliated group which includes the entity occurs, directly or indirectly, primarily within the United States, as determined pursuant to regulations prescribed by the Secretary, and such expanded affiliated group has significant domestic business activities.</text></subclause></clause></subparagraph><subparagraph id="HDAEF1573E3394E5780A0E92201F5E82D"><enum>(B)</enum><header>Exception for corporations with substantial business activities in foreign country of organization</header><clause id="H3A9FFA7CBEF84D8F99E2C1CAD891F02B"><enum>(i)</enum><header>In general</header><text>A foreign incorporated entity described in subparagraph (A) shall not be treated as an inverted domestic corporation if after the acquisition the expanded affiliated group which includes the entity has substantial business activities in the foreign country in which or under the law of which the entity is created or organized when compared to the total business activities of such expanded affiliated group.</text></clause><clause id="H258F0938253044DA8239ECB75BD14395"><enum>(ii)</enum><header>Substantial business activities</header><text>The Secretary shall establish regulations for determining whether an affiliated group has substantial business activities for purposes of clause (i), except that such regulations may not treat any group as having substantial business activities if such group would not be considered to have substantial business activities under the regulations prescribed under <external-xref legal-doc="usc" parsable-cite="usc/26/7874">section 7874</external-xref> of the Internal Revenue Code of 1986, as in effect on January 18, 2017.</text></clause></subparagraph><subparagraph id="H535D2C048BF4411D865FE939144DA9CC"><enum>(C)</enum><header>Significant domestic business activities</header><clause id="H8621121CB7B4466491202D21838DF1F2"><enum>(i)</enum><header>In general</header><text>For purposes of subparagraph (A)(ii)(II), an expanded affiliated group has significant domestic business activities if at least 25 percent of—</text><subclause id="H7E00E1BD9B4948739FAD5C1CCA000609"><enum>(I)</enum><text>the employees of the group are based in the United States;</text></subclause><subclause id="H8CAAE7E8ED1F4977B2BEB56F4710CC23"><enum>(II)</enum><text>the employee compensation incurred by the group is incurred with respect to employees based in the United States;</text></subclause><subclause id="HBFA19A6FE3A0498CB5A1B6BA51676D88"><enum>(III)</enum><text>the assets of the group are located in the United States; or</text></subclause><subclause id="HCE27DCFBCE9E434F9F342B35EDE457E6"><enum>(IV)</enum><text>the income of the group is derived in the United States.</text></subclause></clause><clause id="H337B06BD55044722965CB199B55DF40F"><enum>(ii)</enum><header>Determination</header><text>Determinations pursuant to clause (i) shall be made in the same manner as such determinations are made for purposes of determining substantial business activities under regulations referred to in subparagraph (B) as in effect on January 18, 2017, but applied by treating all references in such regulations to “foreign country” and “relevant foreign country” as references to “the United States”. The Secretary may issue regulations decreasing the threshold percent in any of the tests under such regulations for determining if business activities constitute significant domestic business activities for purposes of this subparagraph.</text></clause></subparagraph></paragraph><paragraph id="H57C09589578642228C5D673345275520"><enum>(3)</enum><header>Waiver</header><subparagraph id="HA9094A73DFF6439AA25F97C1F1D7378D"><enum>(A)</enum><header>In general</header><text>The Secretary may waive paragraph (1) if the Secretary determines that the waiver is—</text><clause id="H8C2ADB16C2D44E469AC5440A9ED65ACC"><enum>(i)</enum><text>required in the interest of national security; or</text></clause><clause id="H4E6BB68DB83D4619BA9D46E0130670D8"><enum>(ii)</enum><text>necessary for the efficient or effective administration of Federal or federally funded—</text><subclause id="H7C04264D943F49CBA2BF31F36012C26C"><enum>(I)</enum><text>programs that provide health benefits to individuals; or</text></subclause><subclause id="H1879D51990A44EF192CDEE3330B71DA0"><enum>(II)</enum><text>public health programs.</text></subclause></clause></subparagraph><subparagraph id="HF345D01011D94D7292FEA7988A69281F"><enum>(B)</enum><header>Report to Congress</header><text>The Secretary shall, not later than 14 days after issuing such waiver, submit a written notification of the waiver to the relevant authorizing committees of Congress and the Committees on Appropriations of the Senate and the House of Representatives.</text></subparagraph></paragraph><paragraph id="H7D05849EE38242978B8848510AFE38C6"><enum>(4)</enum><header>Definitions and special rules</header><subparagraph id="H8F665F53EA384D1892AC60718C6BE252"><enum>(A)</enum><header>Definitions</header><text>In this subsection, the terms “expanded affiliated group”, “foreign incorporated entity”, “domestic”, and “foreign” have the meaning given those terms in section 835(c) of the Homeland Security Act of 2002 (<external-xref legal-doc="usc" parsable-cite="usc/6/395">6 U.S.C. 395(c)</external-xref>).</text></subparagraph><subparagraph id="H462B2554F7684B9AA63E530C7FF9BFAD"><enum>(B)</enum><header>Special rules</header><text>In applying paragraph (2) of this subsection for purposes of paragraph (1) of this subsection, the rules described under 835(c)(1) of the Homeland Security Act of 2002 (<external-xref legal-doc="usc" parsable-cite="usc/6/395">6 U.S.C. 395(c)(1)</external-xref>) shall apply.</text></subparagraph></paragraph><paragraph id="H4804802E458A4818ABB7508DFE1E37A2"><enum>(5)</enum><header>Regulations regarding management and control</header><subparagraph id="H740AA47B954F43D0B28472BE3EF21C43"><enum>(A)</enum><header>In general</header><text>The Secretary shall, for purposes of this subsection, prescribe regulations for purposes of determining cases in which the management and control of an expanded affiliated group is to be treated as occurring, directly or indirectly, primarily within the United States. The regulations prescribed under the preceding sentence shall apply to periods after May 8, 2014.</text></subparagraph><subparagraph id="H12F04CAB23784B6692C52F16DD426CF7"><enum>(B)</enum><header>Executive officers and senior management</header><text>The regulations prescribed under subparagraph (A) shall provide that the management and control of an expanded affiliated group shall be treated as occurring, directly or indirectly, primarily within the United States if substantially all of the executive officers and senior management of the expanded affiliated group who exercise day-to-day responsibility for making decisions involving strategic, financial, and operational policies of the expanded affiliated group are based or primarily located within the United States. Individuals who in fact exercise such day-to-day responsibilities shall be treated as executive officers and senior management regardless of their title.</text></subparagraph></paragraph></subsection><subsection id="H80ABB7B3A65F4EBAB23751421686CA22"><enum>(f)</enum><header>Preemption</header><text>Any State or Federal laws that prohibit the transactions authorized by this statute, including State or Federal laws that prohibit company directors from agreeing to the transactions authorized by this statute, are preempted and superseded by this statute.</text></subsection></section><section id="H53C5CAAACBCC460FA355DD0B842A5B03" section-type="subsequent-section"><enum>409.</enum><header>Authorization to participate in the New Arrangements to Borrow of the International Monetary Fund</header><text display-inline="no-display-inline">Section 17 of the Bretton Woods Agreements Act (<external-xref legal-doc="usc" parsable-cite="usc/22/286e-2">22 U.S.C. 286e–2</external-xref>) is amended—</text><paragraph id="H409D3C19FB2B415F8C2723592C13B0AA"><enum>(1)</enum><text>in subsection (a)—</text><subparagraph id="HC253C987FE2C4B36932D54DB2AFF9208"><enum>(A)</enum><text>by redesignating paragraphs (3) through (5) as paragraphs (4) through (6) and inserting after paragraph (2) the following:</text><quoted-block style="OLC" id="H2A7E13C7DFFD42F9A5D4A9C01A79713F" display-inline="no-display-inline"><paragraph id="H5EEA073E3D35400AB5B39B01CF06F140"><enum>(3)</enum><text display-inline="yes-display-inline">In order to carry out the purposes of a one-time decision of the Executive Directors of the International Monetary Fund (the Fund) to expand the resources of the New Arrangements to Borrow, established pursuant to the decision of January 27, 1997, referred to in paragraph (1) above, the Secretary of the Treasury is authorized to make loans, in an amount not to exceed the dollar equivalent of 28,202,470,000 of Special Drawing Rights, in addition to any amounts previously authorized under this section; except that prior to activation of the New Arrangements to Borrow, the Secretary shall report to Congress on whether supplementary resources are needed to forestall or cope with an impairment of the international monetary system and whether the Fund has fully explored other means of funding to the Fund.</text></paragraph><after-quoted-block>; and</after-quoted-block></quoted-block></subparagraph><subparagraph id="H8E44941672EB4322BDB44362B2D1A27D"><enum>(B)</enum><text>in paragraph (6) (as so redesignated by subparagraph (A) of this paragraph), by striking <quote>December 16, 2022</quote> and inserting <quote>December 31, 2025</quote>; and</text></subparagraph></paragraph><paragraph id="HE7970F47D4D8451BBA853902698246E9"><enum>(2)</enum><text>in subsection (e)(1), by inserting <quote>(a)(3),</quote> after <quote>(a)(2),</quote>.</text></paragraph></section><section id="H1BC4D121596740C685FDB35642EAD54E" section-type="subsequent-section"><enum>410.</enum><header>International Finance Corporation</header><text display-inline="no-display-inline"> The International Finance Corporation Act (<external-xref legal-doc="usc" parsable-cite="usc/22/282">22 U.S.C. 282</external-xref> et seq.) is amended by adding at the end the following:</text><quoted-block style="OLC" id="H3E3BE321A13D47C8BCFDFEB03BAF4D95" display-inline="no-display-inline"><section id="H987DDD693133428C8A2800C366A01DB0"><enum>18.</enum><header>Capital increases and amendment to the Articles of Agreement</header><subsection id="HBEBA34F25F7D4A408BB67F8B71FA0736"><enum>(a)</enum><header>Votes authorized</header><text display-inline="yes-display-inline">The United States Governor of the Corporation is authorized to vote in favor of—</text><paragraph id="HCC59F4590676497DAEF556C8E56B2419"><enum>(1)</enum><text>a resolution to increase the authorized capital stock of the Corporation by 16,999,998 shares, to implement the conversion of a portion of the retained earnings of the Corporation into paid-in capital, which will result in the United States being issued an additional 3,771,899 shares of capital stock, without any cash contribution;</text></paragraph><paragraph id="H01E48A8E40C84317BC90B1B9FA8447E7"><enum>(2)</enum><text>a resolution to increase the authorized capital stock of the Corporation on a general basis by 4,579,995 shares; and</text></paragraph><paragraph id="H81625BB519754B2F9F25722F95DE5380"><enum>(3)</enum><text display-inline="yes-display-inline">a resolution to increase the authorized capital stock of the Corporation on a selective basis by 919,998 shares.</text></paragraph></subsection><subsection id="H018A0E87A1AA43C49C9EFA2E915F032D"><enum>(b)</enum><header>Amendment of the Articles of Agreement</header><text display-inline="yes-display-inline">The United States Governor of the Corporation is authorized to agree to and accept an amendment to Article II, Section 2(c)(ii) of the Articles of Agreement of the Corporation that would increase the vote by which the Board of Governors of the Corporation may increase the capital stock of the Corporation from a four-fifths majority to an 85 percent majority.</text></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block></section><section id="H62AAF8E389B94032AFE56F7BC34F7BA1"><enum>411.</enum><header>Oversight and Reports</header><subsection id="HCF6A762C3CDE4A479B7371363B3A7E43"><enum>(a)</enum><header>Oversight</header><paragraph id="H6318433636594A2DAC6C15C833C1112C"><enum>(1)</enum><header>SIGTARP</header><text>As provided for under section 405, the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) shall have oversight of the Secretary’s administration of the loans and loan guarantees provided under section 410, the use of the funds by eligible businesses, and compliance with the requirements of section 407.</text></paragraph><paragraph id="H700D975707B94C44BA74A1B1A67D7321"><enum>(2)</enum><header>Oversight Panel</header><text display-inline="yes-display-inline">As provided for under section 405, the Congressional COVID–19 Aid Oversight Panel shall have oversight of the Secretary’s administration of the loans and loan guarantees provided under section 410, the use of the funds by eligible businesses, and compliance with the requirements of section 407.</text></paragraph></subsection><subsection id="H90503E51C77B45E1BE77A65EF65B97B0"><enum>(b)</enum><header>Secretary</header><text>The Secretary shall, with respect to the loans and loan guarantees provided under section 410, make such reports as are required under section 5302 of title 31, United States Code.</text></subsection><subsection id="HE695B205FF4F4BB2A680645925E6C927"><enum>(c)</enum><header>Government Accountability Office</header><paragraph id="H393D43B352744B30B34B5D6036C2CD22"><enum>(1)</enum><header>Study</header><text>The Comptroller General of the United States shall conduct a study on the loans and loan guarantees provided under section 410.</text></paragraph><paragraph id="HE05A9CEE0B5D4BF3B565A38CA7849416"><enum>(2)</enum><header>Report</header><text>Not later than 9 months after the date of enactment of this Act, and annually thereafter through the year succeeding the last year for which loans or loan guarantees provided under section 410 are in effect, the Comptroller General shall submit to the Committee on Financial Services, the Committee on Appropriations, and the Committee on the Budget of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs, the Committee on Appropriations, and the Committee on the Budget of the Senate a report on the loans and loan guarantees provided under section 410.</text></paragraph></subsection><subsection id="H3A371CC67524478EA9C1CF353B1DA4A3"><enum>(d)</enum><header>Diversity Report</header><text display-inline="yes-display-inline">The Congressional COVID–19 Aid Oversight Panel, in conjunction with the SIGTARP, shall collect diversity data from any corporation that receives Federal aid related to COVID–19, and issue a report that will be made publicly available no later than one year after the disbursement of funds. In addition to any other data, the report shall include the following:</text><paragraph id="HC6BC96A40FE94B81B730ABC3FC10937E"><enum>(1)</enum><header>Employee demographics</header><text>The gender, race, and ethnic identity (and to the extent possible, results disaggregated by ethnic group) of the corporation’s employees, as otherwise known or provided voluntarily for the total number of employees (full- and part-time) and the career level of employees (executive and manager versus employees in other roles).</text></paragraph><paragraph id="H40F3DA68BCD642D2A079186440BD8FFB"><enum>(2)</enum><header>Supplier diversity</header><text>The number and dollar value invested with minority- and women-owned suppliers (and to the extent possible, results disaggregated by ethnic group), including professional services (legal and consulting) and asset managers, and deposits and other accounts with minority depository institutions, as compared to all vendor investments.</text></paragraph><paragraph id="H7044FFB4335543AC8B462065CEF4A3C6"><enum>(3)</enum><header>Pay equity</header><text>A comparison of pay amongst racial and ethnic minorities (and to the extent possible, results disaggregated by ethnic group) as compared to their White counterparts and comparison of pay between men and women for similar roles and assignments.</text></paragraph><paragraph id="H2978C25A86244F70AD9F77C198F5D7E5"><enum>(4)</enum><header>Corporate board diversity</header><text>Corporate board demographic data, including total number of board members, gender, race and ethnic identity of board members (and to the extent possible, results disaggregated by ethnic group), as otherwise known or provided voluntarily, board position titles, as well as any leadership and subcommittee assignments.</text></paragraph><paragraph id="HF2C95E5439EA4C4E95A064AACD56DA26"><enum>(5)</enum><header>Diversity and Inclusion Offices</header><text>The reporting structure of lead diversity officials, number of staff and budget dedicated to diversity and inclusion initiatives.</text></paragraph></subsection><subsection id="H3597B96FA9C244DDA020D71274350682"><enum>(e)</enum><header>Diversity and inclusion initiatives</header><text>Any corporation that receives Federal aid related to COVID–19 must maintain officials and budget dedicated to diversity and inclusion initiatives for no less than 5 years after disbursement of funds.</text></subsection></section><section id="H240D602206134D16B27D98B67BC5CEFC" section-type="subsequent-section" display-inline="no-display-inline"><enum>412.</enum><header>Technical corrections</header><subsection id="HC03F73D1598948F88FF1578DF6919F6D"><enum>(a)</enum><header>Environment cooperation commissions; North American Development Bank</header><text>Section 601 of the United States-Mexico-Canada Agreement Implementation Act (<external-xref legal-doc="public-law" parsable-cite="pl/116/113">Public Law 116–113</external-xref>; 134 Stat. 78) is amended by inserting <quote>, other than sections 532 and 533 of such Act and part 2 of subtitle D of title V of such Act (as amended by section 831 of this Act),</quote> before <quote>is repealed</quote>.</text></subsection><subsection id="HB1331047C5E642B49D0BFE7938658B51"><enum>(b)</enum><header>Protective orders</header><text>Section 422 of the United States-Mexico-Canada Agreement Implementation Act (134 Stat. 64) is amended in subsection (a)(2)(A) by striking <quote>all that follows through <quote>, the administering authority</quote></quote> and inserting <quote>all that follows through <quote>Agreement, the administering authority</quote></quote>.</text></subsection><subsection id="H1F1E3AEC547B418D800982AA5984FFC5"><enum>(c)</enum><header>Dispute settlement</header><text>Subsection (j) of section 504 of the United States-Mexico-Canada Agreement Implementation Act (134 Stat. 76) is amended in the item proposed to be inserted into the table of contents of such Act relating to section 414 by striking <quote>determination</quote> and inserting <quote>determinations</quote>. </text></subsection><subsection id="H797006C6473A4290970B77586FB3B481"><enum>(d)</enum><header>Effective date</header><text display-inline="yes-display-inline">Each amendment made by this section shall take effect as if included in the enactment of the United States-Mexico-Canada Agreement Implementation Act.</text></subsection><subsection id="H8B9F62193F684EBAB44993BF43EB2AA4"><enum>(e)</enum><header>North American Development Bank: limitation on callable capital subscriptions</header><text>The Secretary of the Treasury may subscribe without fiscal year limitation to the callable capital portion of the United States share of capital stock of the North American Development Bank in an amount not to exceed $1,020,000,000. The authority in the preceding sentence shall be in addition to any other authority provided by previous Acts.</text></subsection></section><section id="H08CF90E839AD4418BBF6B583FFBBCD39"><enum>413.</enum><header>Definitions</header><text display-inline="no-display-inline">In this title:</text><paragraph id="HE223BEE447A249EE8783168BB37D64CD"><enum>(1)</enum><header>Covered loss</header><text display-inline="yes-display-inline">The term <quote>covered loss</quote> includes losses, direct or incremental, incurred as a result of COVID–19, as determined by the Secretary.</text></paragraph><paragraph id="HFEF6B61B9BBE4C63B9E9F62E4642B587"><enum>(2)</enum><header>Eligible business</header><text>The term <quote>eligible business</quote> means a United States business that has incurred covered losses such that the continued operations of the business are jeopardized, as determined by the Secretary, and that has not otherwise applied for or received economic relief in the form of loans or loan guarantees provided under any other provision of this Act.</text></paragraph><paragraph id="HFCE13BFAB88D444690A8282B4454CD47"><enum>(3)</enum><header>Secretary</header><text>The term <quote>Secretary</quote> means the Secretary of the Treasury, or the designee of the Secretary of the Treasury.</text></paragraph></section><section id="HBC1C747FD95742AB857E2697251B95BC"><enum>414.</enum><header>Rule of construction</header><text display-inline="no-display-inline">Nothing in this title shall be construed to allow the Secretary to provide relief to eligible businesses except in the form of secured loans and loan guarantees as provided in this title and under terms and conditions that are in the interest of the Federal Government.</text></section><enum>V</enum><header>Pandemic Planning and Guidance for Consumers and Regulators</header><section id="H66CF3C8A53CD499E8694EF47A08A4873"><enum>501.</enum><header>Financial Literacy Education Commission Emergency Response</header><subsection id="H7036C1B03E6A472BBABB37DBC3B94B4C"><enum>(a)</enum><header>Purpose</header><text>The purpose of this section is to provide financial literacy education, including information on access to banking services and other financial products, for individuals seeking information and resources as they recover from any financial distress caused by the coronavirus disease (COVID–19) outbreak and future major disasters.</text></subsection><subsection id="HD4CCC8C007F445A89AA9A7F6D68C530A"><enum>(b)</enum><header>Financial Literacy and Education Commission response to the COVID–19 emergency</header><paragraph id="H561894804E3E4D0B8B6AA8AC02BE52E9"><enum>(1)</enum><header>Special meeting</header><text display-inline="yes-display-inline">Not later than the end of the 60-day period beginning on the date of enactment of this section, the Financial Literacy and Education Commission (the <quote>Commission</quote>) shall convene a special meeting to discuss and plan assistance related to the financial impacts of the COVID–19 emergency.</text></paragraph><paragraph id="H61F7345B31CF43FEBD7F79DEE47ACDB5"><enum>(2)</enum><header>Update of the Commission’s website</header><subparagraph id="H7901AF22171E4583A2A689ACEA43D6B5"><enum>(A)</enum><header>In general</header><text display-inline="yes-display-inline">Not later than the end of the 60-day period beginning on the date of enactment of this section, the Commission shall update the website of the Commission with a full list of tools to help individuals recover from any financial hardship as a result of the COVID–19 emergency.</text></subparagraph><subparagraph id="H55D3CC337E544BA0BF68D46A7B3C87DD"><enum>(B)</enum><header>Specific requirements</header><text>In performing the update required under subparagraph (A), the Commission shall—</text><clause id="H4061C10088A143DC9D9C95096FF687C6"><enum>(i)</enum><text>place special emphasis on providing an additional set of tools geared towards women, racial and ethnic minorities, veterans, disabled, and LGBTQ+ communities; and</text></clause><clause id="H8D664003F9A44A56BFC697A517302EDA"><enum>(ii)</enum><text>provide information in English and Spanish.</text></clause></subparagraph><subparagraph id="HE3386CF92C864F73B2166FD6D0AAB50D"><enum>(C)</enum><header>Information from members</header><text display-inline="yes-display-inline">Not later than the end of the 60-day period beginning on the date of enactment of this section, each Federal department or agency that is a member of the Commission shall provide an update on the website of the Commission disclosing any tools that the department or agency is offering to individuals or to employees of the department or agency related to the COVID–19 emergency.</text></subparagraph></paragraph><paragraph id="H51B4633AB424419BBFDFA49585524B83"><enum>(3)</enum><header>Implementation report to Congress</header><text display-inline="yes-display-inline">The Secretary of the Treasury and the Director of the Bureau of Consumer Financial Protection shall, jointly and not later than the end of the 30-day period following the date on which the meeting required under paragraph (1) is held and all updates required under paragraph (2) have been completed, report to Congress on the implementation of this section.</text></paragraph><paragraph id="H5A8639281A3E4ACB9BC1594DB8C070EB"><enum>(4)</enum><header>COVID–19 emergency defined</header><text display-inline="yes-display-inline">In this subsection, the term <quote>COVID-19 emergency</quote> means the emergency declared on March 13, 2020, by the President under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (<external-xref legal-doc="usc" parsable-cite="usc/42/4121">42 U.S.C. 4121</external-xref> et seq.) relating to the Coronavirus Disease 2019 (COVID-19) pandemic.</text></paragraph></subsection></section><section commented="no" id="H32690D81B7FA4B3C9FC0EC5C337B747E"><enum>502.</enum><header>Interagency pandemic guidance for consumers</header><subsection id="H8815DB79958744B8A40F7C0F5585F70B"><enum>(a)</enum><header>Interagency pandemic guidance</header><paragraph id="H851C4E0B51954642BAF6762EFC31DC31"><enum>(1)</enum><header>Guidance</header><text display-inline="yes-display-inline">Not later than the end of the 60-day period beginning on the date of enactment of this section, the Federal financial regulators shall issue interagency regulatory guidance on preparedness, flexibility, and relief options for consumers in pandemics and major disasters, such as deferment, forbearance, affordable payment plan options, and other options such as delays on debt collections and wage garnishments.</text></paragraph><paragraph id="H96548298752F4DE7B7AB3A0916D52B7B"><enum>(2)</enum><header>Updates</header><text display-inline="yes-display-inline">The Federal financial regulators shall update the guidance required under paragraph (1) as necessary to keep such guidance current.</text></paragraph></subsection><subsection id="H9FB481746E2441CCB3B0FEC3945E5C70"><enum>(b)</enum><header>Pandemic preparedness testing</header><paragraph id="H4549A88CD00E4FD496D721061E73DFF1"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">Not later than the end of the 2-year period beginning on the date of enactment of this section, and every 5 years thereafter, the Federal financial regulators shall carry out testing along with the institutions regulated by the Federal financial regulators to determine how effectively such institutions will be able to respond to a pandemic or major disaster.</text></paragraph><paragraph id="H8FEDB0220E6C4BE093A5F3EE6711BC1C"><enum>(2)</enum><header>Report</header><text display-inline="yes-display-inline">After the end of each test required under paragraph (1), the Federal financial regulators shall, jointly, issue a report to Congress containing the results of such test and any regulatory or legislative recommendations the regulators may have to increase pandemic preparedness.</text></paragraph></subsection><subsection id="H734551BA11F04BF5B16E3F16F3C631C0"><enum>(c)</enum><header>Definitions</header><text>In this section:</text><paragraph id="H1D9BE37980F54888A7BF239CA8DB5D3B"><enum>(1)</enum><header>Federal financial regulators</header><text>The term <term>Federal financial regulators</term> means the Board of Governors of the Federal Reserve System, the Bureau of Consumer Financial Protection, the Comptroller of the Currency, the Director of the Federal Housing Finance Agency, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Secretary of Agriculture, and the Secretary of Housing and Urban Development.</text></paragraph><paragraph id="H93336BC3D06745389CC64FF428EF04C0"><enum>(2)</enum><header>Major disaster</header><text>The term <term>major disaster</term> means a major disaster declared by the President under section 401 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act (<external-xref legal-doc="usc" parsable-cite="usc/42/5170">42 U.S.C. 5170</external-xref>), under which assistance is authorized under section 408 of such Act (<external-xref legal-doc="usc" parsable-cite="usc/42/5174">42 U.S.C. 5174</external-xref>), or section 501 of such Act (<external-xref legal-doc="usc" parsable-cite="usc/42/5191">42 U.S.C. 5191</external-xref>).</text></paragraph></subsection></section><section id="HDC28EF1CC9694A66883FEE92C916B003"><enum>503.</enum><header>SEC pandemic guidance for investors</header><subsection id="H4CA1B30AF17A4989AB36FF1A07061F2E"><enum>(a)</enum><header>Pandemic guidance</header><paragraph id="H0FA3483C2E174A72B1636780488EA78B"><enum>(1)</enum><header>Guidance</header><text display-inline="yes-display-inline">Not later than the end of the 60-day period beginning on the date of enactment of this section, the Securities and Exchange Commission shall issue regulatory guidance on preparedness, flexibility, relief, and investor protection for investors in pandemics and major disasters, including relevant disclosures.</text></paragraph><paragraph id="H89B546F08FD24DF78314959831264FF2"><enum>(2)</enum><header>Updates</header><text display-inline="yes-display-inline">The Commission shall update the guidance required under paragraph (1) as necessary to keep such guidance current.</text></paragraph></subsection><subsection id="HA89A8E26D096453D89B98C06A3B9F35E"><enum>(b)</enum><header>Pandemic preparedness testing</header><paragraph id="HD9FB4200707848D382BD61973381CCB6"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">Not later than the end of the 60-day period beginning on the date of enactment of this Act, and every 5 years thereafter, the Securities and Exchange Commission shall carry out testing along with the entities regulated by the Commission to determine how effectively such entities will be able to respond to a pandemic or major disaster.</text></paragraph><paragraph id="H9D2CB86E4E5D45939C922669CDDAF291"><enum>(2)</enum><header>Report</header><text display-inline="yes-display-inline">After the end of each test required under paragraph (1), the Commission shall issue a report to Congress containing the results of such test and any regulatory or legislative recommendations the Commission may have to increase pandemic preparedness.</text></paragraph></subsection><subsection id="H6ACF5AE4B87F4E44A1122026897C9B4E"><enum>(c)</enum><header>Major disaster defined</header><text>In this section, the term <term>major disaster</term> means a major disaster declared by the President under section 401 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act (<external-xref legal-doc="usc" parsable-cite="usc/42/5170">42 U.S.C. 5170</external-xref>), under which assistance is authorized under section 408 of such Act (<external-xref legal-doc="usc" parsable-cite="usc/42/5174">42 U.S.C. 5174</external-xref>), or section 501 of such Act (<external-xref legal-doc="usc" parsable-cite="usc/42/5191">42 U.S.C. 5191</external-xref>).</text></subsection></section><section id="HB275ED3BBD4247698E26F3CC925140AB"><enum>504.</enum><header>Updates of the Pandemic Influenza Plan and National Planning Frameworks</header><subsection id="HAE067FC21C3A429DB461C46538B2947A"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Not later than one year following the end of the Declaration of the National Emergency, the President shall ensure that the Pandemic Influenza Plan (2017 Update) and the National Planning Frameworks are updated. The Secretary of the Treasury, in consultation with the Federal financial regulators, shall provide to the President the following:</text><paragraph id="HFA0B2C0E061B4A408633B07AD1F0A37A"><enum>(1)</enum><text display-inline="yes-display-inline">An assessment of the effectiveness of current plans and strategies to address the economic, financial, and monetary issues arising from a pandemic or other disaster.</text></paragraph><paragraph id="H7B391B1AB56E4886AAD0BDABB3EC6F2A"><enum>(2)</enum><text display-inline="yes-display-inline">A description of the most significant challenges to protecting the economy, the financial system, and consumers, during a pandemic or other disaster, including the specific challenges experienced by women, racial and ethnic minorities, diverse-owned businesses, veterans, and the disabled.</text></paragraph><paragraph id="H522B6B0D025A4D9B8EF7D105D9E28B6B"><enum>(3)</enum><text>Actions that could be carried out in a crisis, as defined by the preparedness plans described in subsection (a), such as the following:</text><subparagraph id="HA23B2589653C4379AA5F26BDD3EAB1C4"><enum>(A)</enum><text display-inline="yes-display-inline">Significant increases of unemployment insurance benefits (including payment amounts) for all workers under a certain income threshold, including freelancers and the self-employed, during the crisis.</text></subparagraph><subparagraph id="H74A0DFB5DF5A459E831ACF5A7ACD0D0D"><enum>(B)</enum><text display-inline="yes-display-inline">Loan deference, modification, and forbearance mechanisms of all consumer and business payments, allowing long-term repayment plans and excluding no industries, during the crisis.</text></subparagraph><subparagraph id="H8792DED09E9945BE8463E0F465F2F0E5"><enum>(C)</enum><text display-inline="yes-display-inline">Suspension of foreclosure and eviction proceedings taken against individuals or businesses during the crisis.</text></subparagraph><subparagraph id="HC2EA5429A752480396375F9F3DCDE605"><enum>(D)</enum><text>Suspension of all negative consumer credit reporting during the crisis.</text></subparagraph><subparagraph id="H1F842A8A6A4040BCA1518C3F21D7082B"><enum>(E)</enum><text>Prohibition of debt collection, repossession, and garnishment of wages during the crisis.</text></subparagraph><subparagraph id="HD59C8E68CEFD4F189E162CD31A6F1537"><enum>(F)</enum><text>Provision of emergency homeless assistance during the crisis.</text></subparagraph><subparagraph id="H38F6E314C10F4FF3A07129EFED479FD2"><enum>(G)</enum><text>An increase in Community Development Block Grants during the crisis and to improve community response.</text></subparagraph><subparagraph id="HE3A39A5D5E8B4384810311C98A133545"><enum>(H)</enum><text display-inline="yes-display-inline">Reduction of hurdles in the form of waivers and authorities to modify existing housing and homelessness programs to facilitate response to the crisis.</text></subparagraph><subparagraph id="H265FED3DC85F418995FC66F7CB503485"><enum>(I)</enum><text display-inline="yes-display-inline">Expand the size standards for eligible businesses with access to no-interest or low-interest loans through the Small Business Administration during the crisis.</text></subparagraph><subparagraph id="H52A3FCD9573F41AC89D3C6F5A505FD14"><enum>(J)</enum><text>Remove the size standard limits on eligible businesses with access to no-interest or low-interest loans through the Small Business Administration during the crisis for businesses that agree to maintain their employment workforce and preserve benefits during the crisis.</text></subparagraph><subparagraph id="H2389DF33385C4898A9D2B273369E8C22"><enum>(K)</enum><text display-inline="yes-display-inline"> Support for additional no-interest or low-interest loans for small businesses through the Small Business Administration during the crisis.</text></subparagraph><subparagraph id="H008060015C2B4B098C89EF4F8C3E76B1"><enum>(L)</enum><text>Utilization of the Community Development Financial Institutions (CDFI) Fund to support small businesses as well as low-income communities during the crisis.</text></subparagraph><subparagraph id="H17AD77DD7E2B4E108171A6917BBACF75"><enum>(M)</enum><text>Support for State, territory, and local government financing during the crisis.</text></subparagraph><subparagraph id="H086B15DD0B8243408A6895103F426A5A"><enum>(N)</enum><text>Waiver of matching requirements for municipal governments during the crisis.</text></subparagraph><subparagraph id="HF5EE2AA00A3D49F389AD106D6955F43F"><enum>(O)</enum><text display-inline="yes-display-inline">Suspension of requirements relating to minimum distributions for retirement plans and individual retirement accounts for the calendar years of which the crisis is occurring.</text></subparagraph></paragraph></subsection><subsection id="H66916B2B04034F39A5ECDE05A65CFD10"><enum>(b)</enum><header>Special consideration for diversity</header><text display-inline="yes-display-inline">In issuing the updates required under subsection (a), the President shall ensure that consideration is given as to how to minimize the economic impacts of a crisis on women, minorities, diverse-owned businesses, veterans, and the disabled. </text></subsection><subsection id="H5ADB260701DD462BA972BC7EC51B26B5"><enum>(c)</enum><header>Making plans public</header><text>The updated plans described in subsection (a) shall be made publicly available, but may have classified information redacted. </text></subsection><subsection id="H489AF15DE6E5406DAE5C4DB73548B0E7"><enum>(d)</enum><header>Definitions</header><text>In this section:</text><paragraph id="HEC527D8905CA4F17BA4793F9F0995ED9"><enum>(1)</enum><header>Declaration of the National Emergency</header><text display-inline="yes-display-inline">The term <quote>Declaration of the National Emergency</quote> means the emergency declared by the President under section 501 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act (<external-xref legal-doc="usc" parsable-cite="usc/42/5191">42 U.S.C. 5191</external-xref>) relating to the COVID–19 pandemic. </text></paragraph><paragraph id="H25CAA0379B6E4830B6704957C4ED03DD"><enum>(2)</enum><header>Federal financial regulator</header><text>The term <quote>Federal financial regulators</quote> means the Bureau of Consumer Financial Protection, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the National Credit Union Administration, and the Securities and Exchange Commission. </text></paragraph></subsection></section>