3.0.0 4884 2023-01-11T13:16:23Z 2023-01-11T13:16:23Z House H HR 2010-03-18 111 hswm00 Ways and Means Committee House Standing Referred to 2010-03-18T14:02:30Z hsba00 Financial Services Committee House Standing Referred to 2010-03-18T14:01:57Z United States Covered Bond Act of 2010 111 5823 HR 2010-07-28 Ordered to be Reported (Amended) by Voice Vote. Related bill CRS 2010-03-18 Referred to House Ways and Means IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2010-03-18 Referred to the Committee on Financial Services, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100-A 9 Library of Congress 2010-03-18 Referred to House Financial Services IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2010-03-18 Introduced in House IntroReferral Intro-H 9 Library of Congress 2010-03-18 Introduced in House IntroReferral 1000 9 Library of Congress G000548 Rep. Garrett, Scott [R-NJ-5] Scott Garrett R NJ 5 N K000008 Rep. Kanjorski, Paul E. [D-PA-11] PAUL KANJORSKI D PA E. 11 2010-03-18 True B000013 Rep. Bachus, Spencer [R-AL-6] SPENCER BACHUS R AL 6 2010-03-18 True Finance and Financial Sector Administrative law and regulatory procedures Banking and financial institutions regulation Bankruptcy Department of the Treasury Financial services and investments Fraud offenses and financial crimes Government information and archives Housing finance and home ownership Securities Finance and Financial Sector 00 2010-03-18 Introduced in House 2010-04-30T16:45:42Z United States Covered Bond Act of 2010 - Directs the Secretary of the Treasury or a designee (covered bond regulator) to establish a regulatory oversight program for specified senior recourse debt obligations of an eligible issuer (covered bonds). Requires the covered bond regulator to: (1) consult with the primary federal regulator of an eligible issuer before approving any covered bond program; and (2) maintain a registry on a website available to the public containing the name of each approved covered bond program and information on all outstanding covered bonds issued under it.

Requires the covered bond regulator from time to time to establish minimum over-collateralization requirements for covered bonds backed by each eligible asset classes (including residential mortgage, home equity, commercial mortgage, public sector, auto, student loan, credit or charge card, small business, and other asset classes) based on the credit, collection, and interest-rate risks, but not the liquidity risks, associated with such eligible asset class.

Requires each dynamic pool of such assets (cover pool) securing covered bonds at all times to satisfy an asset-coverage test.

Prescribes: (1) covered bond eligibility requirements; and (2) procedures governing default and insolvency of a covered bond both prior and subsequent to conservatorship, receivership, liquidation, or bankruptcy of the issuer.

Subjects covered bonds that are offered and sold to the public by a bank (or its subsidiary) to: (1) securities regulations issued by the primary federal regulator of such bank; and (2) antifraud rules. Exempts such bonds from all other federal securities laws.

Subjects issuers of covered bonds to disclosure and reporting requirements.

Amends the Secondary Mortgage Market Enhancement Act of 1984 and the Internal Revenue Code of 1986 governing Real Estate Mortgage Investment Conduits to include within their purview covered bonds under this Act.

]]> United States Covered Bond Act of 2010 Display Title United States Covered Bond Act of 2010 Official Title as Introduced To establish a covered bond regulatory oversight program, and for other purposes. Introduced in House IH Short Titles as Introduced United States Covered Bond Act of 2010 Introduced in House 2010-03-18T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111hr4884ih/xml/BILLS-111hr4884ih.xml 2010-03-18 Referred to House Ways and Means 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. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.