3.0.0 2767 2023-01-11T13:24:30Z 2023-01-11T13:24:30Z House H HR 2013-07-22 113 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. GARRETT:H.R. 2767.Congress has the power to enact this legislation pursuantto the following:The primary Constitutional authority for this legislationis the Commerce Clause.[Page H4857]]]> hsba00 Financial Services Committee House Standing Markup by 2013-07-24T15:11:06Z Referred to 2013-07-22T16:00:20Z hswm00 Ways and Means Committee House Standing Referred to 2013-07-22T16:00:25Z Common Sense Economic Recovery Act of 2013 113 927 HR 2013-02-28 Referred to the House Committee on Financial Services. Related bill CRS Consumer Mortgage Choice Act 113 1077 HR 2013-03-12 Referred to the House Committee on Financial Services. Related bill CRS Financial Institutions Examination Fairness and Reform Act 113 1553 HR 2013-04-15 Referred to the House Committee on Financial Services. Related bill CRS Basel III CASE Act 113 2295 HR 2013-06-06 Referred to the House Committee on Financial Services. Related bill CRS Determination of Appropriate Risk-Based Capital Requirements for Community Financial Institutions Act of 2013 113 2547 HR 2013-06-27 Referred to the House Committee on Financial Services. Related bill CRS Defending American Taxpayers From Abusive Government Takings Act of 2013 113 2733 HR 2013-07-18 Referred to the House Committee on Financial Services. Related bill CRS Financial Institutions Examination Fairness and Reform Act 113 727 S 2014-09-16 Committee on Banking, Housing, and Urban Affairs. Hearings held. Related bill CRS Basel III CASE Act 113 731 S 2013-04-16 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS Consumer Mortgage Choice Act 113 949 S 2013-05-14 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS Mortgage Choice Act of 2013 113 1577 S 2014-09-16 Committee on Banking, Housing, and Urban Affairs. Hearings held. Related bill CRS Mortgage Choice Act of 2013 113 3211 HR 2014-06-10 Received in the Senate. Related bill CRS 2013-07-24 hsba00 Financial Services Committee 1 House committee actions Ordered to be Reported (Amended) by the Yeas and Nays: 30 - 27. Committee 2013-07-24 hsba00 Financial Services Committee 1 House committee actions Committee Consideration and Mark-up Session Held. Committee 2013-07-22 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 2 House floor actions hswm00 Ways and Means Committee 2013-07-22 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 2 House floor actions hsba00 Financial Services Committee 2013-07-22 Introduced in House IntroReferral Intro-H 9 Library of Congress 2013-07-22 Introduced in House IntroReferral 1000 9 Library of Congress G000548 Rep. Garrett, Scott [R-NJ-5] Scott Garrett R NJ 5 N H001036 Rep. Hensarling, Jeb [R-TX-5] Jeb Hensarling R TX 5 2013-07-22 True N000182 Rep. Neugebauer, Randy [R-TX-19] Randy Neugebauer R TX 19 2013-07-22 True C001047 Rep. Capito, Shelley Moore [R-WV-2] Shelley Capito R WV Moore 2 2013-07-22 True M001156 Rep. McHenry, Patrick T. [R-NC-10] Patrick McHenry R NC 10 2013-07-22 True M001182 Rep. Mulvaney, Mick [R-SC-5] Mick Mulvaney R SC 5 2013-09-25 False J000255 Rep. Jones, Walter B., Jr. [R-NC-3] WALTER JONES R NC B. 3 2013-09-25 False T000238 Rep. Thornberry, Mac [R-TX-13] WILLIAM THORNBERRY R TX M. 13 2013-09-25 False B001282 Rep. Barr, Andy [R-KY-6] Andy Barr R KY 6 2013-09-25 False B000013 Rep. Bachus, Spencer [R-AL-6] SPENCER BACHUS R AL 6 2013-09-25 False O000168 Rep. Olson, Pete [R-TX-22] Pete Olson R TX 22 2013-09-25 False H001057 Rep. Huelskamp, Tim [R-KS-1] Tim Huelskamp R KS 1 2013-09-25 False H001060 Rep. Hurt, Robert [R-VA-5] Robert Hurt R VA 5 2013-09-25 False S001183 Rep. Schweikert, David [R-AZ-6] David Schweikert R AZ 6 2013-09-25 False R000596 Rep. Radel, Trey [R-FL-19] Trey Radel R FL 19 2013-09-25 False C001095 Rep. Cotton, Tom [R-AR-4] Tom Cotton R AR 4 2013-09-25 False F000448 Rep. Franks, Trent [R-AZ-8] Trent Franks R AZ 8 2013-09-25 False M001187 Rep. Meadows, Mark [R-NC-11] Mark Meadows R NC 11 2013-09-25 False H001059 Rep. Hultgren, Randy [R-IL-14] Randy Hultgren R IL 14 2013-09-25 False H001058 Rep. Huizenga, Bill [R-MI-2] Bill Huizenga R MI 2 2013-09-25 False W000812 Rep. Wagner, Ann [R-MO-2] Ann Wagner R MO 2 2013-09-25 False D000614 Rep. Duffy, Sean P. [R-WI-7] Sean Duffy R WI P. 7 2013-09-25 False L000569 Rep. Luetkemeyer, Blaine [R-MO-3] Blaine Luetkemeyer R MO 3 2013-09-25 False R000598 Rep. Rothfus, Keith J. [R-PA-12] Keith Rothfus R PA J. 12 2013-09-25 False S001188 Rep. Stutzman, Marlin A. [R-IN-3] Marlin Stutzman R IN A. 3 2013-09-25 False S001176 Rep. Scalise, Steve [R-LA-1] Steve Scalise R LA 1 2013-09-25 False P000606 Rep. Pittenger, Robert [R-NC-9] Robert Pittenger R NC 9 2013-09-25 False W000796 Rep. Westmoreland, Lynn A. [R-GA-3] Lynn Westmoreland R GA A. 3 2013-09-25 False R000592 Rep. Rokita, Todd [R-IN-4] Todd Rokita R IN 4 2013-09-25 False J000289 Rep. Jordan, Jim [R-OH-4] Jim Jordan R OH 4 2013-09-25 False B001256 Rep. Bachmann, Michele [R-MN-6] Michele Bachmann R MN 6 2013-09-25 False H001052 Rep. Harris, Andy [R-MD-1] Andy Harris R MD 1 2013-09-25 False P000591 Rep. Price, Tom [R-GA-6] Tom Price R GA 6 2013-09-26 False W000816 Rep. Williams, Roger [R-TX-25] Roger Williams R TX 25 2013-09-26 False K000220 Rep. Kingston, Jack [R-GA-1] JACK KINGSTON R GA 1 2013-10-08 False S000937 Rep. Stockman, Steve [R-TX-36] STEVE STOCKMAN R TX 36 2013-10-08 False P000601 Rep. Palazzo, Steven M. [R-MS-4] Steven Palazzo R MS M. 4 2013-10-16 False H001053 Rep. Hartzler, Vicky [R-MO-4] Vicky Hartzler R MO 4 2013-10-16 False B001243 Rep. Blackburn, Marsha [R-TN-7] Marsha Blackburn R TN 7 2013-10-16 False C001092 Rep. Collins, Chris [R-NY-27] Chris Collins R NY 27 2013-10-16 False P000588 Rep. Pearce, Stevan [R-NM-2] Stevan Pearce R NM 2 2013-10-16 False M001177 Rep. McClintock, Tom [R-CA-4] Tom McClintock R CA 4 2013-10-16 False J000174 Rep. Johnson, Sam [R-TX-3] SAM JOHNSON R TX 3 2013-10-16 False B001248 Rep. Burgess, Michael C. [R-TX-26] Michael Burgess R TX C. 26 2013-10-29 False A000367 Rep. Amash, Justin [R-MI-3] Justin Amash R MI 3 2013-10-29 False W000814 Rep. Weber, Randy K., Sr. [R-TX-14] Randy Weber R TX K. 14 2013-10-29 False G000566 Rep. Gowdy, Trey [R-SC-4] Trey Gowdy R SC 4 2013-10-29 False K000362 Rep. King, Steve [R-IA-4] Steve King R IA 4 2013-10-29 False S001192 Rep. Stewart, Chris [R-UT-2] Chris Stewart R UT 2 2013-10-29 False D000615 Rep. Duncan, Jeff [R-SC-3] Jeff Duncan R SC 3 2013-12-04 False D000616 Rep. DesJarlais, Scott [R-TN-4] Scott DesJarlais R TN 4 2014-02-03 False G000289 Rep. Goodlatte, Bob [R-VA-6] ROBERT GOODLATTE R VA W. 6 2014-02-18 False G000552 Rep. Gohmert, Louie [R-TX-1] Louie Gohmert R TX 1 2014-05-19 False Y000065 Rep. Yoho, Ted S. [R-FL-3] Ted Yoho R FL S. 3 2014-07-17 False Y000063 Rep. Yoder, Kevin [R-KS-3] Kevin Yoder R KS 3 2014-12-10 False C001102 Rep. Clawson, Curt [R-FL-19] Curt Clawson R FL 19 2014-12-11 False Housing and Community Development Accounting and auditing Administrative law and regulatory procedures Administrative remedies Advisory bodies Bank accounts, deposits, capital Banking and financial institutions regulation Bankruptcy Civil actions and liability Congressional oversight Corporate finance and management Department of Housing and Urban Development Department of the Treasury Disaster relief and insurance Executive agency funding and structure Federal Deposit Insurance Corporation (FDIC) Federal Housing Finance Agency Federal Reserve System Federally chartered organizations Financial services and investments Fraud offenses and financial crimes Government corporations and government-sponsored enterprises Government information and archives Government studies and investigations Government trust funds Health facilities and institutions Housing finance and home ownership Housing supply and affordability Judicial review and appeals Low- and moderate-income housing Property rights Public contracts and procurement Right of privacy Sales and excise taxes Securities Tax-exempt organizations User charges and fees Housing and Community Development 00 2013-07-22 Introduced in House 2013-10-21T14:36:14Z Protecting American Taxpayers and Homeowners Act of 2013 - GSE Bailout Elimination and Taxpayer Protection Act - Directs the Director of the Federal Housing Finance Agency (FHFA), five years after enactment of this Act, to appoint FHFA as receiver of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government sponsored enterprises or (GSEs) under the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, to carry out mandatory receivership (thus terminating the current conservatorship for such GSEs).

Repeals the Fannie Mae and Freddie Mac charters effective five years after enactment of this Act.

Amends the Housing and Community Development Act of 1992, the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, the Federal National Mortgage Association Charter Act, and the Federal Home Loan Mortgage Corporation Act to prescribe specified requirements, limitations, and prohibitions on GSE activities until their charters are repealed and authorities terminated.

FHA Reform and Modernization Act of 2013 - Establishes the Federal Housing Administration (FHA) as a wholly owned government corporation to: (1) provide residential mortgage insurance and other credit enhancement and related activities; (2) supplement private sector activity by serving hard-to-serve markets, developing new mortgage products, and filling gaps in the provision and delivery of mortgage credit; and (3) deliver housing mortgage insurance and credit enhancement and provide other services in a non-discriminatory manner.

Prescribes FHA requirements concerning: (1) budget and business plans; (2) examinations, reports, and cost estimates; (3) the Mutual Mortgage Insurance Fund and capital ratios, reserves, and restoration plans; (4) borrower suspension, ineligibility, and foreclosure; (5) mortgage repurchase; (6) mortgagee indemnification; (7) eminent domain; and (8) residual income.

Transfers to FHA, at the end of a five-year transition period, the functions of, authority provided to, and the responsibilities of the Secretary of Housing and Urban Development (HUD) and HUD personnel.

Amends the National Housing Act to repeal the home equity conversion mortgage (reverse mortgage) program and mortgage insurance for hospitals.

National Mortgage Market Utility Act of 2013 - Requires the Director of FHFA to provide for the organization, incorporation, examination, operation, and regulation of a not-for-profit national mortgage market Utility to: (1) enhance efficiency, liquidity, and security in the secondary market for residual mortgages; (2) establish standards for originating and servicing eligible collateral and for issuers and trustees of qualified securities, which would be exempt from the Securities Act of 1933; and (3) operate a common securitization platform that could be available to issues of residential mortgage-backed securities.

Prohibits the Utility from: (1) originating, servicing, insuring, or guaranteeing any residential mortgage or other associated financial instrument; or (2) guaranteeing timely payment of principal or interest on any mortgage-related security.

Requires the Director to: (1) issue a charter for the Utility; and (2) oversee the transfer to the Utility of the securitization infrastructure announced by the FHFA on October 4, 2012, and as developed by an enterprise or the enterprises in conservatorship (the Platform).

Sets forth standards for qualified securities.

Directs the utility to organize and operate a national mortgage data repository.

United States Covered Bond Act of 2013 - Directs the Secretary of the Treasury to establish a covered bond regulatory oversight program for the evaluation and maintenance of programs of eligible issuers under which, on the security of a single cover pool, one or more series of covered bonds may be issued.

Defines covered bonds as any recourse debt obligation of an eligible issuer that: (1) has an original term to maturity of not less than one year, (2) is secured by a perfected security interest in or other perfected lien on a cover pool owned directly or indirectly by the obligation's issuer, (3) is issued under a covered bond program approved by the applicable covered bond regulator, (4) is identified in a register of covered bonds maintained by the Secretary, and (5) is not a deposit subject to the Federal Deposit Insurance Act.

Amends the Secondary Mortgage Market Enhancement Act of 1984 to authorize any person, trust, corporation, partnership, association, business trust, or business entity created under federal or state law to purchase, hold, and invest in covered bonds.

Amends the Internal Revenue Code with respect to the tax treatment of estates created under covered bond programs and certain transfers under covered bond programs. Imposes a tax on certain estates created under covered bond programs.

Directs the Board of Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation (FDIC), and the Comptroller of the Currency to study the impact of the Regulatory Capital Rules finalized by the Board on July 2, 2013 (pursuant to the Third Basel Accord on capital adequacy, stress testing, and market liquidity risk, or Basel III).

Prohibits the Board, the FDIC, and the Comptroller of the Currency, in implementing the Basel III Liquidity Coverage Ratio amendments, from requiring, as a condition for status as a high quality liquid asset, that residential mortgage-backed securities be collateralized only by (or be collateralized by a certain percentage of) full recourse mortgage loans.

Amends the Truth in Lending Act to modify the items, compensation, and charges included in points and fees with respect to a high-cost mortgage.

Amends the Bank Holding Company Act to exclude from hedge funds and private equity funds certain issuers of asset-backed securities.

Amends the Securities Act of 1933 with respect to exemptions from specified prohibitions relating to interstate commerce and the mails for transactions by any person other than an issuer, underwriter, or dealer or transactions by an issuer not involving any public offering. Prohibits the Securities and Exchange Commission (SEC) from conditioning the availability of such exemptions upon an issuer's undertaking to provide to investors, in connection with initial offers or sales or on an ongoing basis after an initial offer or sale, the same or substantially similar information as would be required in a transaction to which such prohibitions apply. (Thus suspends Regulation AB II rulemaking.)

Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) and the Securities Exchange Act of 1934 to repeal the requirement that federal banking agencies and the SEC jointly prescribe credit risk regulations for securitizers to retain an economic interest in a portion of the credit risk for any asset the securitizer, through the issuance of an asset-backed security, transfers, sells, or conveys to a third party.

Amends the Truth in Lending Act, the Home Mortgage Disclosure Act of 1975, the Truth in Lending Act, and the Dodd-Frank Act to make exemptions from specified requirements, or repeal related requirements, for certain residential mortgages, particularly those serving as collateral for a qualified security.

Amends the Federal Financial Institutions Examination Council Act of 1978 with respect to: (1) timeliness of examination reports, (2) examination standards, (3) establishment of an Office of Examination Ombudsman, and (4) the right to appeal before an independent administrative law judge.

Common Sense Economic Recovery Act of 2013 - Cites circumstances under which, for purposes of determining capital requirements or measuring an insured depository institution's capital, such an institution may treat a non-accrual loan as an accrual loan.

(Non-accrual [also known as non-performing or doubtful] loans are those on which interest is overdue and full collection of principal is uncertain, and so interest, if it has not been paid in over 90 days, cannot be credited to the bank's revenue account until it has actually been received.)]]>

Protecting American Taxpayers and Homeowners Act of 2013 Display Title Protecting American Taxpayers and Homeowners Act of 2013 Official Title as Introduced To protect American taxpayers and homeowners by creating a sustainable housing finance system for the 21st century. Introduced in House IH Short Titles as Introduced for portions of this bill National Mortgage Market Utility Act of 2013 Short Titles as Introduced for portions of this bill United States Covered Bond Act of 2013 Short Titles as Introduced Protecting American Taxpayers and Homeowners Act of 2013 Short Titles as Introduced for portions of this bill GSE Bailout Elimination and Taxpayer Protection Act Short Titles as Introduced for portions of this bill FHA Reform and Modernization Act of 2013 Short Titles as Introduced for portions of this bill Common Sense Economic Recovery Act of 2013 Introduced in House 2013-07-22T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113hr2767ih/xml/BILLS-113hr2767ih.xml 2013-07-24 Ordered to be Reported (Amended) by the Yeas and Nays: 30 - 27. 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.