3.0.0 5461 2023-01-11T13:25:37Z 2023-01-11T13:25:37Z House H HR 2014-09-15 113 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. BARR:H.R. 5461.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 3[Page H7529]]]> ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2014-09-17T20:05:02Z hsag00 Agriculture Committee House Standing Referred to 2014-09-15T16:02:25Z hsba00 Financial Services Committee House Standing Referred to 2014-09-15T16:02:20Z Business Risk Mitigation and Price Stabilization Act of 2013 113 634 HR 2013-06-13 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS Mortgage Choice Act of 2013 113 3211 HR 2014-06-10 Received in the Senate. Related bill CRS Restoring Proven Financing for American Employers Act 113 4167 HR 2014-04-30 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS Insurance Capital Standards Clarification Act of 2014 113 4510 HR 2014-05-20 Hearings Held by the Subcommittee on Housing and Insurance Prior to Referral. Related bill CRS Promoting Job Creation and Reducing Small Business Burdens Act 113 5405 HR 2014-09-17 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS A bill to provide end user exemptions from certain provisions of the Commodity Exchange Act and the Securities Exchange Act of 1934. 113 888 S 2013-05-08 Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 67. 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 A bill to clarify the application of certain leverage and risk-based requirements under the Dodd-Frank Wall Street Reform and Consumer Protection Act. 113 2102 S 2014-03-11 Committee on Banking, Housing, and Urban Affairs Subcommittee on Financial Institutions and Consumer Protection. Hearings held. Related bill CRS Insurance Capital Standards Clarification Act of 2014 113 2270 S 2014-12-18 Became Public Law No: 113-279. Related bill CRS 2014-09-17 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2014-09-16 18:50:44 Motion to reconsider laid on the table Agreed to without objection. Floor H38310 2 House floor actions 2014-09-16 18:50:43 On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 327 - 97 (Roll no. 502). (text: CR 9/16/2014 H7508-7510) Floor H37300 2 House floor actions 502 https://clerk.house.gov/evs/2014/roll502.xml House 113 2014-09-16T22:50:43Z 2 2014-09-16 18:50:43 Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 327 - 97 (Roll no. 502).(text: CR 9/16/2014 H7508-7510) Floor 8000 9 Library of Congress 502 https://clerk.house.gov/evs/2014/roll502.xml House 113 2014-09-16T22:50:43Z 2 2014-09-16 18:42:28 Considered as unfinished business. (consideration: CR H7577) Floor H30000 2 House floor actions 2014-09-15 21:15:33 At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed. Floor H37220 2 House floor actions 2014-09-15 21:06:23 DEBATE - The House continued with debate on H.R. 5461. Floor H8D000 2 House floor actions 2014-09-15 20:34:30 DEBATE - The House proceeded with forty minutes of debate on H.R. 5461. Floor H8D000 2 House floor actions 2014-09-15 20:34:26 Considered under suspension of the rules. (consideration: CR H7508-7515) Floor H30000 2 House floor actions 2014-09-15 20:34:06 Mr. Huizenga (MI) moved to suspend the rules and pass the bill. Floor H30300 2 House floor actions 2014-09-15 Referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, 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 hsag00 Agriculture Committee 2014-09-15 Referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, 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 2014-09-15 Introduced in House IntroReferral Intro-H 9 Library of Congress 2014-09-15 Introduced in House IntroReferral 1000 9 Library of Congress B001282 Rep. Barr, Andy [R-KY-6] Andy Barr R KY 6 N M001139 Rep. Miller, Gary G. [R-CA-31] GARY MILLER R CA 31 2014-09-15 True H001058 Rep. Huizenga, Bill [R-MI-2] Bill Huizenga R MI 2 2014-09-15 True S001157 Rep. Scott, David [D-GA-13] David Scott D GA 13 2014-09-15 True Finance and Financial Sector Accounting and auditing Administrative law and regulatory procedures Bank accounts, deposits, capital Banking and financial institutions regulation Business records Commodities markets Commodity Futures Trading Commission Consumer Financial Protection Bureau Corporate finance and management Credit and credit markets Financial services and investments Foreign and international corporations Housing finance and home ownership Insurance industry and regulation Securities User charges and fees Finance and Financial Sector 00 2014-09-15 Introduced in House 2014-10-27T16:28:34Z Insurance Capital Standards Clarification Act of 2014 - Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act concerning establishment of minimum leverage and minimum risk-based capital requirements on a consolidated basis for a depository institution holding company or a nonbank financial company supervised by the Board of Governors of the Federal Reserve System.

States that federal banking agencies shall not be required to subject any person to such minimum capital requirements, to the extent that such person either: (1) acts in its capacity as a regulated insurance entity regulated by a state insurance regulator, or (2) is a regulated foreign subsidiary engaged in the business of insurance.

Exempts from any requirement to prepare holding company financial statements in accordance with Generally Accepted Accounting Principles any Board-supervised depository institution holding company or nonbank financial company that is also a person regulated by a state insurance regulator or a regulated foreign subsidiary (or a regulated foreign affiliate) that files its holding company financial statements using only Statutory Accounting Principles in accordance with state law.

Restoring Proven Financing for American Employers Act - Amends the Bank Holding Company Act of 1956 with respect to certain prohibitions on proprietary trading by banking entities and certain relationships with hedge funds and private equity funds (Volcker Rule). Prohibits the Volcker Rule from being construed to require divestiture of any debt securities of collateralized loan obligations issued before January 31, 2014.

Declares that a banking entity shall not be considered to have an ownership interest in a collateralized loan obligation because it acquires or retains a debt security in it if the debt security has no indicia of ownership other than the right of the banking entity to participate in the removal for cause, or in the selection of a replacement after removal for cause or resignation, of an investment manager or investment adviser of the collateralized loan obligation. Defines "collateralized loan obligation" as any issuing entity of an asset-backed security comprised primarily of commercial loans.

Mortgage Choice Act of 2014 - Amends the Truth in Lending Act regarding requirements for disclosure to a consumer of points and fees information about a consumer credit transaction, secured by the consumer's principal dwelling, but which is neither a residential mortgage transaction, a reverse mortgage transaction, nor a transaction under an open end credit plan, when the total points and fees the consumer must pay at or before closing will exceed 8% of the total loan amount or $400, whichever is greater. (Such consumer credit transactions might include an equity credit line to which consumer purchases or leases may be charged.)

Excludes from the computation of such points and fees any escrow for future payment of insurance.

Modifies the criteria for exclusion from the computation of points and fees of certain reasonable charges elsewhere exempted from the computation of the finance charge in extensions of credit secured by an interest in real property. Excludes from points and fees any such reasonable charges even though a creditor receives compensation, but only in so far as the creditor or its affiliate retains the compensation as a result of their participation in an affiliated business arrangement.

(An "affiliated business arrangement" is one in which: (1) a person who is in a position to refer business incident to or a part of a real estate settlement service involving a federally related mortgage loan, or an associate of such person, has either an affiliate relationship with or a direct or beneficial ownership interest of more than 1% in a provider of settlement services; and (2) either of such persons directly or indirectly refers such business to that provider or affirmatively influences the provider's selection.)

Revises the additional requirement that such a reasonable charge be paid to a third party unaffiliated with the creditor. Requires the charge to be either: (1) a bona fide third party charge not retained by the mortgage originator, creditor, or an affiliate; or (2) a fee or premium for title examination, title insurance, or similar purposes.

Modifies the conditions under which federal agencies may exempt refinancings under a streamlined refinancing from an income verification requirement that the consumer has a reasonable ability to repay the loan and all applicable taxes, insurance, and assessments. Repeals the exception for bona fide third party charges not retained by the mortgage originator, creditor, or an affiliate from the requirement that total points and fees not exceed 3% of the total new loan amount. (Thus subjects such charges to the same 3% ceiling.)

Business Risk Mitigation and Price Stabilization Act of 2013 - Amends the Commodity Exchange Act (CEA) to exempt, from the rules of prudential regulators for swap dealers and major swap participants with respect to initial and variation margin requirements for swaps not cleared by a registered derivatives clearing organization, those swaps in which one of the counterparties: (1) is eligible for an exception from clearing requirements because it is not a financial entity, uses swaps to hedge or mitigate commercial risk, and notifies the Commodity Futures Trading Commission (CFTC) how it meets financial obligations associated with entering into non-cleared swaps; or (2) satisfies specified criteria governing treatment of affiliates in connection with clearing requirements.

Amends the Securities Exchange Act of 1934, regarding registration and regulation of security-based swap dealers and major security-based swap participants, to exempt from initial and variation margin requirements for swaps not cleared by a registered derivatives clearing organization a security-based swap in which one of the counterparties: (1) qualifies for a specified exception from clearing requirements, or (2) satisfies certain criteria governing the treatment of affiliates.

]]> 81 2014-09-16 Passed House without amendment 2014-10-24T21:16:54Z (This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Title I: Insurance Capital Standards - Insurance Capital Standards Clarification Act of 2014 - (Sec. 102) Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) concerning establishment of minimum leverage and minimum risk-based capital requirements on a consolidated basis for a depository institution holding company or a nonbank financial company supervised by the Board of Governors of the Federal Reserve System.

States that federal banking agencies shall not be required to subject any person to such minimum capital requirements, to the extent that such person either: (1) acts in its capacity as a regulated insurance entity regulated by a state insurance regulator, or (2) is a regulated foreign subsidiary engaged in the business of insurance (including a regulated foreign affiliate of such subsidiary).

States that a Board-supervised depository institution holding company or nonbank financial company engaged in the insurance business and regulated by either a state insurance regulator or the National Association of Insurance Commissioners, and which files its holding company financial statements using only Statutory Accounting Principles pursuant to state law, shall not be required by the Board, under this Act or the Home Owners' Loan Act (HOLA), to prepare such financial statements in accordance with Generally Accepted Accounting Principles.

Declares that nothing in this Act shall: (1) limit Board authority to conduct any regulatory or supervisory activity of either a depository institution holding company or a non-bank financial company under Board jurisdiction, including the collecting or reporting of any information on an entity or group-wide basis; or (2) excuse the Board from its obligations to comply with Dodd-Frank requirements regarding examination of nonbank financial companies and HOLA requirements regarding examination of savings and loan holding companies.

Title II: Collateralized Loan Obligations - Restoring Proven Financing for American Employers Act - (Sec. 202) Amends the Bank Holding Company Act of 1956 with respect to certain prohibitions on proprietary trading by banking entities and certain relationships with hedge funds and private equity funds (Volcker Rule).

Prescribes rules of construction governing a collateralized loan obligation to prohibit the Volcker Rule from being construed to require divestiture, before July 21, 2017, of any debt securities of collateralized loan obligations issued before January 31, 2014.

Declares that a banking entity shall not be considered to have an ownership interest in a collateralized loan obligation because it either acquires, has acquired, or retains a debt security in such obligation if the debt security has no indicia of ownership other than the right of the banking entity to participate in the removal for cause, or in the selection of a replacement after removal for cause or resignation, of an investment manager or investment adviser of the collateralized loan obligation.

Defines "collateralized loan obligation" as any issuing entity of an asset-backed security comprised primarily of commercial loans.

Deems an investment manager or adviser to be removed "for cause" if the removal is a result of:

  • a breach of a material term of the applicable management or advisory agreement or the agreement governing the collateralized loan obligation;
  • the investment manager's or investment adviser's inability to continue to perform its obligations under any such agreement;
  • any other action or inaction by the investment manager or investment adviser that has or could reasonably be expected to have a materially adverse effect on the collateralized loan obligation, if the investment manager or investment adviser fails to cure or take reasonable steps to cure such effect within a reasonable time; or
  • an event or circumstance which threatens, or could reasonably be expected to threaten, the interests of holders of the debt securities.

Title III: Definition Of Points And Fees In Mortgage Transactions - Mortgage Choice Act of 2014 - (Sec. 302) Amends the Truth in Lending Act with respect to requirements for disclosure to a consumer of points and fees information about a consumer credit transaction, secured by the consumer's principal dwelling, but which is not a residential mortgage transaction, a reverse mortgage transaction, or a transaction under an open end credit plan, when the total points and fees the consumer must pay at or before closing will exceed 8% of the total loan amount or $400, whichever is greater. (Such consumer credit transactions might include an equity credit line to which consumer purchases or leases may be charged.)

Excludes from the computation of such points and fees any escrow for future payment of insurance.

Modifies the criteria for exclusion from the computation of points and fees of certain reasonable charges elsewhere exempted from the computation of the finance charge in extensions of credit secured by an interest in real property. Excludes from points and fees any such reasonable charges even though a creditor receives compensation, but only in so far as the creditor or its affiliate retains the compensation as a result of their participation in an affiliated business arrangement.

(An "affiliated business arrangement" is one in which: (1) a person who is in a position to refer business incident to or a part of a real estate settlement service involving a federally related mortgage loan, or an associate of such person, has either an affiliate relationship with or a direct or beneficial ownership interest of more than 1% in a provider of settlement services; and (2) either of such persons directly or indirectly refers such business to that provider or affirmatively influences the provider's selection.)

Revises the additional requirement that such a reasonable charge be paid to a third party unaffiliated with the creditor. Requires the charge to be either: (1) a bona fide third party charge not retained by the mortgage originator, creditor, or an affiliate; or (2) a fee or premium for title examination, title insurance, or similar purposes.

Modifies the conditions under which federal departments and agencies may exempt refinancings under a streamlined refinancing from an income verification requirement that, at the time a refinancing is consummated, the consumer has a reasonable ability to repay the loan and all applicable taxes, insurance, and assessments.

Repeals the exception for bona fide third party charges not retained by the mortgage originator, creditor, or an affiliate from the requirement that total points and fees not exceed 3% of the total new loan amount. (Thus subjects such charges to the same 3% ceiling.)

(Sec. 303) Directs the Consumer Financial Protection Bureau (CFPB) to issue, within 90 days after enactment of this Act, final regulations to it carry out.

Title IV: Business Risk Mitigation And Price Stabilization - Business Risk Mitigation and Price Stabilization Act of 2014 - (Sec. 402) Amends the Commodity Exchange Act (CEA) to exempt, from the rules of prudential regulators for swap dealers and major swap participants with respect to initial and variation margin requirements for swaps not cleared by a registered derivatives clearing organization, those swaps in which one of the counterparties:

  • is eligible for an exception from clearing requirements because it is not a financial entity, uses swaps to hedge or mitigate commercial risk, and notifies the Commodity Futures Trading Commission (CFTC) how it meets financial obligations associated with entering into non-cleared swaps;
  • is eligible for a public interest exemption from swap clearing requirements for certain cooperative entities; or
  • satisfies specified criteria governing treatment of affiliates in connection with clearing requirements.

Amends the Securities Exchange Act of 1934 (SEA 1934) regarding registration and regulation of security-based swap dealers and major security-based swap participants, to exempt from initial and variation margin requirements for swaps not cleared by a registered derivatives clearing organization a security-based swap in which one of the counterparties either: (1) qualifies for a specified exception from clearing requirements, or (2) satisfies certain criteria governing the treatment of affiliates.

]]> To clarify the application of certain leverage and risk-based requirements under the Dodd-Frank Wall Street Reform and Consumer Protection Act, to improve upon the definitions provided for points and fees in connection with a mortgage transaction, and for other purposes. Display Title To clarify the application of certain leverage and risk-based requirements under the Dodd-Frank Wall Street Reform and Consumer Protection Act, to improve upon the definitions provided for points and fees in connection with a mortgage transaction, and for other purposes. Official Title as Introduced To clarify the application of certain leverage and risk-based requirements under the Dodd-Frank Wall Street Reform and Consumer Protection Act, to improve upon the definitions provided for points and fees in connection with a mortgage transaction, and for other purposes. Introduced in House IH Short Titles as Introduced for portions of this bill Mortgage Choice Act of 2014 Short Titles as Introduced for portions of this bill Restoring Proven Financing for American Employers Act Short Titles as Passed House for portions of this bill Restoring Proven Financing for American Employers Act H House Short Titles as Introduced for portions of this bill Insurance Capital Standards Clarification Act of 2014 Short Titles as Passed House for portions of this bill Insurance Capital Standards Clarification Act of 2014 H House Short Titles as Passed House for portions of this bill Business Risk Mitigation and Price Stabilization Act of 2014 H House Short Titles as Passed House for portions of this bill Mortgage Choice Act of 2014 H House Short Titles as Introduced for portions of this bill Business Risk Mitigation and Price Stabilization Act of 2013 Referred in Senate 2014-09-17T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113hr5461rfs/xml/BILLS-113hr5461rfs.xml Engrossed in House 2014-09-16T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113hr5461eh/xml/BILLS-113hr5461eh.xml Introduced in House 2014-09-15T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113hr5461ih/xml/BILLS-113hr5461ih.xml 2014-09-17 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. 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.