[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1389 Introduced in House (IH)]

114th CONGRESS
  1st Session
                                H. R. 1389

To improve the mortgage finance system and the regulation of financial 
                 institutions, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 17, 2015

 Mr. Barr (for himself and Mr. Tipton) introduced the following bill; 
   which was 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

_______________________________________________________________________

                                 A BILL


 
To improve the mortgage finance system and the regulation of financial 
                 institutions, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``The American Jobs and Community 
Revitalization Act of 2015''.

SEC. 2. IMPROVED CUSTOMER ACCESS TO MORTGAGES.

    (a) Application.--Not later than 90 days after the date of the 
enactment of this Act, the Bureau of Consumer Financial Protection 
shall establish an application process under which a person who lives 
or does business in a State may, with respect to an area identified by 
the person in such State that has not been designated by the Bureau as 
a rural area for purposes of a Federal consumer financial law (as 
defined under section 1002 of the Consumer Financial Protection Act of 
2010 (12 U.S.C. 5481)), apply for such area to be so designated.
    (b) Evaluation Criteria.--When evaluating an application submitted 
under subsection (a), the Bureau shall take into consideration the 
following factors:
            (1) Criteria used by the Director of the Bureau of the 
        Census for classifying geographical areas as rural or urban.
            (2) Criteria used by the Director of the Office of 
        Management and Budget to designate counties as metropolitan or 
        micropolitan or neither.
            (3) Criteria used by the Secretary of Agriculture to 
        determine property eligibility for rural development programs.
            (4) The Department of Agriculture rural-urban commuting 
        area codes.
            (5) A written opinion provided by the State's bank 
        supervisor, as defined under section 3(r) of the Federal 
        Deposit Insurance Act (12 U.S.C. 1813(r)).
            (6) Population density.
    (c) Public Comment Period.--
            (1) In general.--Not later than 60 days after receiving an 
        application submitted under subsection (a), the Bureau shall--
                    (A) publish such application in the Federal 
                Register; and
                    (B) make such application available for public 
                comment for not fewer than 90 days.
            (2) Limitation on additional applications.--Nothing in this 
        section shall be construed to require the Bureau, during the 
        public comment period with respect to an application submitted 
        under subsection (a), to accept an additional application with 
        respect to the area that is the subject of the initial 
        application.
    (d) Decision on Designation.--Not later than 90 days after the end 
of the public comment period under subsection (c)(1) for an 
application, the Bureau shall--
            (1) grant or deny such application, in whole or in part; 
        and
            (2) publish such grant or denial in the Federal Register, 
        along with an explanation of what factors the Bureau relied on 
        in making such determination.
    (e) Subsequent Applications.--A decision by the Bureau under 
subsection (d) to deny an application for an area to be designated as a 
rural area shall not preclude the Bureau from accepting a subsequent 
application submitted under subsection (a) for such area to be so 
designated, so long as such subsequent application is made after the 
end of the 90-day period beginning on the date that the Bureau denies 
the application under subsection (d).
    (f) Sunset.--This section shall cease to have any force or effect 
after the end of the 2-year period beginning on the date of the 
enactment of this Act.

SEC. 3. SAFE HARBOR FOR CERTAIN LOANS HELD ON PORTFOLIO.

    (a) In General.--Section 129C of the Truth in Lending Act (15 
U.S.C. 1639c) is amended by adding at the end the following:
    ``(j) Safe Harbor for Certain Loans Held on Portfolio.--
            ``(1) Safe harbor for creditors that are depository 
        institutions.--
                    ``(A) In general.--A creditor that is a depository 
                institution shall not be subject to suit for failure to 
                comply with subsection (a), (c)(1), or (f)(2) of this 
                section or section 129H with respect to a residential 
                mortgage loan, and the banking regulators shall treat 
                such loan as a qualified mortgage, if--
                            ``(i) the creditor has, since the 
                        origination of the loan, held the loan on the 
                        balance sheet of the creditor; and
                            ``(ii) all prepayment penalties with 
                        respect to the loan comply with the limitations 
                        described under subsection (c)(3).
                    ``(B) Exception for certain transfers.--In the case 
                of a depository institution that transfers a loan 
                originated by that institution to another depository 
                institution by reason of the bankruptcy or failure of 
                the originating depository institution or the purchase 
                of the originating depository institution, the 
                depository institution transferring such loan shall be 
                deemed to have complied with the requirement under 
                subparagraph (A)(i).
            ``(2) Safe harbor for mortgage originators.--A mortgage 
        originator shall not be subject to suit for a violation of 
        section 129B(c)(3)(B) for steering a consumer to a residential 
        mortgage loan if--
                    ``(A) the creditor of such loan is a depository 
                institution and has informed the mortgage originator 
                that the creditor intends to hold the loan on the 
                balance sheet of the creditor for the life of the loan; 
                and
                    ``(B) the mortgage originator informs the consumer 
                that the creditor intends to hold the loan on the 
                balance sheet of the creditor for the life of the loan.
            ``(3) Definitions.--For purposes of this subsection:
                    ``(A) Banking regulators.--The term `banking 
                regulators' means the Federal banking agencies, the 
                Bureau, and the National Credit Union Administration.
                    ``(B) Depository institution.--The term `depository 
                institution' has the meaning given that term under 
                section 19(b)(1) of the Federal Reserve Act (12 U.S.C. 
                505(b)(1)).
                    ``(C) Federal banking agencies.--The term `Federal 
                banking agencies' has the meaning given that term under 
                section 3 of the Federal Deposit Insurance Act.''.
    (b) Rule of Construction.--Nothing in the amendment made by this 
section may be construed as preventing a balloon loan from qualifying 
for the safe harbor provided under section 129C(j) of the Truth in 
Lending Act if the balloon loan otherwise meets all of the requirements 
under such subsection (j), regardless of whether the balloon loan meets 
the requirements described under clauses (i) through (iv) of section 
129C(b)(2)(E) of such Act (15 U.S.C. 1639c(b)(2)(E)).

SEC. 4. REVIEW AND RECONCILIATION OF CONFLICTING AND UNNECESSARY 
              REGULATIONS.

    (a) Federal Deposit Insurance Corporation.--Section 9 of the 
Federal Deposit Insurance Act (12 U.S.C. 1819) is amended by adding at 
the end the following:
    ``(c) Review of Regulations.--
            ``(1) In general.--Before issuing a regulation or order the 
        Corporation shall assess other Federal regulations and orders 
        to determine the interaction between the proposed regulation or 
        order and other Federal regulations and orders.
            ``(2) Considerations.--In making a determination of the 
        interaction between the proposed regulation or order and other 
        Federal regulations, the Corporation shall evaluate the 
        following:
                    ``(A) Whether the proposed regulation or order is 
                in conflict with other Federal regulations or orders.
                    ``(B) Whether the proposed regulation or order is 
                inconsistent with other Federal regulations or orders.
                    ``(C) Whether the proposed regulation or order is 
                duplicative of other Federal regulations or orders.
                    ``(D) Whether other Federal regulations or orders 
                are outdated.
            ``(3) Resolving duplicative or inconsistent regulations or 
        orders.--The Corporation shall take all available measures 
        under current law to resolve any duplicative or inconsistent 
        existing regulation or order with any proposed regulation or 
        order before issuing a final regulation or order.
            ``(4) Report to congress.--Not later than the end of the 
        60-day period beginning on the date the Corporation makes a 
        determination under paragraph (2), the Corporation shall issue 
        a report to the Congress containing recommendations made by the 
        Corporation, including any recommendations of Federal laws or 
        regulations that should be repealed or amended, so that the 
        Congress may repeal or amend any conflicting, inconsistent, 
        duplicative, or outdated laws or regulations.
            ``(5) Limitation on judicial review.--Notwithstanding any 
        other provision of law, a court may not compel action or hold 
        unlawful and set aside any action solely on the basis of 
        compliance or noncompliance with the requirements of this 
        subsection.
            ``(6) Definitions.--For purposes of this subsection:
                    ``(A) Regulation and order.--The terms `regulation' 
                and `order' shall have the meaning given those terms, 
                respectively, by the Corporation, and the term `other 
                Federal regulations and orders' shall mean regulations 
                and orders of the Federal financial regulators, other 
                than the Corporation.
                    ``(B) Federal financial regulators.--The term 
                `Federal financial regulators' means the Board of 
                Governors of the Federal Reserve System, the Bureau of 
                Consumer Financial Protection, the Commodity Futures 
                Trading Commission, the Comptroller of the Currency, 
                the Corporation, the National Credit Union 
                Administration, and the Securities and Exchange 
                Commission.''.
    (b) Office of the Comptroller of the Currency.--Section 324 of the 
Revised Statutes of the United States (12 U.S.C. 1) is amended by 
adding at the end the following:
    ``(c) Review of Regulations.--
            ``(1) In general.--Before issuing a regulation or order the 
        Comptroller of the Currency shall assess other Federal 
        regulations and orders to determine the interaction between the 
        proposed regulation or order and other Federal regulations and 
        orders.
            ``(2) Considerations.--In making a determination of the 
        interaction between the proposed regulation or order and other 
        Federal regulations, the Comptroller shall evaluate the 
        following:
                    ``(A) Whether the proposed regulation or order is 
                in conflict with other Federal regulations or orders.
                    ``(B) Whether the proposed regulation or order is 
                inconsistent with other Federal regulations or orders.
                    ``(C) Whether the proposed regulation or order is 
                duplicative of other Federal regulations or orders.
                    ``(D) Whether other Federal regulations or orders 
                are outdated.
            ``(3) Resolving duplicative or inconsistent regulations or 
        orders.--The Comptroller shall take all available measures 
        under current law to resolve any duplicative or inconsistent 
        existing regulation or order with any proposed regulation or 
        order before issuing a final regulation or order.
            ``(4) Report to congress.--Not later than the end of the 
        60-day period beginning on the date the Comptroller makes a 
        determination under paragraph (2), the Comptroller shall issue 
        a report to the Congress containing recommendations made by the 
        Comptroller, including any recommendations of Federal laws or 
        regulations that should be repealed or amended, so that the 
        Congress may repeal or amend any conflicting, inconsistent, 
        duplicative, or outdated laws or regulations.
            ``(5) Limitation on judicial review.--Notwithstanding any 
        other provision of law, a court may not compel action or hold 
        unlawful and set aside any action solely on the basis of 
        compliance or noncompliance with the requirements of this 
        subsection.
            ``(6) Definitions.--For purposes of this subsection, the 
        terms `regulation' and `order' shall have the meaning given 
        those terms, respectively, by the Comptroller, and the term 
        `other Federal regulations and orders' shall mean regulations 
        and orders of the Federal financial regulators (as defined 
        under section 9(c)(6) of the Federal Deposit Insurance Act), 
        other than the Comptroller.''.
    (c) Board of Governors of the Federal Reserve System.--Section 10 
of the Federal Reserve Act is amended by inserting before paragraph 
(12) the following:
            ``(11) Review of regulations.--
                    ``(A) In general.--Before issuing a regulation or 
                order the Board of Governors of the Federal Reserve 
                System shall assess other Federal regulations and 
                orders to determine the interaction between the 
                proposed regulation or order and other Federal 
                regulations and orders.
                    ``(B) Considerations.--In making a determination of 
                the interaction between the proposed regulation or 
                order and other Federal regulations, the Board of 
                Governors shall evaluate the following:
                            ``(i) Whether the proposed regulation or 
                        order is in conflict with other Federal 
                        regulations or orders.
                            ``(ii) Whether the proposed regulation or 
                        order is inconsistent with other Federal 
                        regulations or orders.
                            ``(iii) Whether the proposed regulation or 
                        order is duplicative of other Federal 
                        regulations or orders.
                            ``(iv) Whether other Federal regulations or 
                        orders are outdated.
                    ``(C) Resolving duplicative or inconsistent 
                regulations or orders.--The Board of Governors shall 
                take all available measures under current law to 
                resolve any duplicative or inconsistent existing 
                regulation or order with any proposed regulation or 
                order before issuing a final regulation or order.
                    ``(D) Report to congress.--Not later than the end 
                of the 60-day period beginning on the date the Board of 
                Governors makes a determination under subparagraph (A), 
                the Board of Governors shall issue a report to the 
                Congress containing recommendations made by the Board 
                of Governors, including any recommendations of Federal 
                laws or regulations that should be repealed or amended, 
                so that the Congress may repeal or amend any 
                conflicting, inconsistent, duplicative, or outdated 
                laws or regulations.
                    ``(E) Limitation on judicial review.--
                Notwithstanding any other provision of law, a court may 
                not compel action or hold unlawful and set aside any 
                action solely on the basis of compliance or 
                noncompliance with the requirements of this paragraph.
                    ``(F) Definitions.--For purposes of this paragraph, 
                the terms `regulation' and `order' shall have the 
                meaning given those terms, respectively, by the Board 
                of Governors, and the term `other Federal regulations 
                and orders' shall mean regulations and orders of the 
                Federal financial regulators (as defined under section 
                9(c)(6) of the Federal Deposit Insurance Act), other 
                than the Board of Governors.''.
    (d) Bureau of Consumer Financial Protection.--Section 1022 of the 
Consumer Financial Protection Act of 2010 (12 U.S.C. 5512) is amended 
by adding at the end the following:
    ``(e) Review of Regulations.--
            ``(1) In general.--Before issuing a regulation or order the 
        Bureau shall assess other Federal regulations and orders to 
        determine the interaction between the proposed regulation or 
        order and other Federal regulations and orders.
            ``(2) Considerations.--In making a determination of the 
        interaction between the proposed regulation or order and other 
        Federal regulations, the Bureau shall evaluate the following:
                    ``(A) Whether the proposed regulation or order is 
                in conflict with other Federal regulations or orders.
                    ``(B) Whether the proposed regulation or order is 
                inconsistent with other Federal regulations or orders.
                    ``(C) Whether the proposed regulation or order is 
                duplicative of other Federal regulations or orders.
                    ``(D) Whether other Federal regulations or orders 
                are outdated.
            ``(3) Resolving duplicative or inconsistent regulations or 
        orders.--The Bureau shall take all available measures under 
        current law to resolve any duplicative or inconsistent existing 
        regulation or order with any proposed regulation or order 
        before issuing a final regulation or order.
            ``(4) Report to congress.--Not later than the end of the 
        60-day period beginning on the date the Bureau makes a 
        determination under paragraph (2), the Bureau shall issue a 
        report to the Congress containing recommendations made by the 
        Bureau, including any recommendations of Federal laws or 
        regulations that should be repealed or amended, so that the 
        Congress may repeal or amend any conflicting, inconsistent, 
        duplicative, or outdated laws or regulations.
            ``(5) Limitation on judicial review.--Notwithstanding any 
        other provision of law, a court may not compel action or hold 
        unlawful and set aside any action solely on the basis of 
        compliance or noncompliance with the requirements of this 
        subsection.
            ``(6) Definitions.--For purposes of this subsection, the 
        terms `regulation' and `order' shall have the meaning given 
        those terms, respectively, by the Bureau, and the term `other 
        Federal regulations and orders' shall mean regulations and 
        orders of the Federal financial regulators (as defined under 
        section 9(c)(6) of the Federal Deposit Insurance Act), other 
        than the Bureau.''.
    (e) National Credit Union Administration.--Section 102 of the 
Federal Credit Union Act (12 U.S.C. 1752a) is amended by adding at the 
end the following:
    ``(g) Review of Regulations.--
            ``(1) In general.--Before issuing a regulation or order the 
        Administration shall assess other Federal regulations and 
        orders to determine the interaction between the proposed 
        regulation or order and other Federal regulations and orders.
            ``(2) Considerations.--In making a determination of the 
        interaction between the proposed regulation or order and other 
        Federal regulations, the Administration shall evaluate the 
        following:
                    ``(A) Whether the proposed regulation or order is 
                in conflict with other Federal regulations or orders.
                    ``(B) Whether the proposed regulation or order is 
                inconsistent with other Federal regulations or orders.
                    ``(C) Whether the proposed regulation or order is 
                duplicative of other Federal regulations or orders.
                    ``(D) Whether other Federal regulations or orders 
                are outdated.
            ``(3) Resolving duplicative or inconsistent regulations or 
        orders.--The Administration shall take all available measures 
        under current law to resolve any duplicative or inconsistent 
        existing regulation or order with any proposed regulation or 
        order before issuing a final regulation or order.
            ``(4) Report to congress.--Not later than the end of the 
        60-day period beginning on the date the Administration makes a 
        determination under paragraph (2), the Administration shall 
        issue a report to the Congress containing recommendations made 
        by the Administration, including any recommendations of Federal 
        laws or regulations that should be repealed or amended, so that 
        the Congress may repeal or amend any conflicting, inconsistent, 
        duplicative, or outdated laws or regulations.
            ``(5) Limitation on judicial review.--Notwithstanding any 
        other provision of law, a court may not compel action or hold 
        unlawful and set aside any action solely on the basis of 
        compliance or noncompliance with the requirements of this 
        subsection.
            ``(6) Definitions.--For purposes of this subsection, the 
        terms `regulation' and `order' shall have the meaning given 
        those terms, respectively, by the Administration, and the term 
        `other Federal regulations and orders' shall mean regulations 
        and orders of the Federal financial regulators (as defined 
        under section 9(c)(6) of the Federal Deposit Insurance Act), 
        other than the Administration.''.
    (f) Securities and Exchange Commission.--Section 4 of the 
Securities Exchange Act of 1934 (15 U.S.C. 78d) is amended by adding at 
the end the following:
    ``(j) Review of Regulations.--
            ``(1) In general.--Before issuing a regulation or order the 
        Commission shall assess other Federal regulations and orders to 
        determine the interaction between the proposed regulation or 
        order and other Federal regulations and orders.
            ``(2) Considerations.--In making a determination of the 
        interaction between the proposed regulation or order and other 
        Federal regulations, the Commission shall evaluate the 
        following:
                    ``(A) Whether the proposed regulation or order is 
                in conflict with other Federal regulations or orders.
                    ``(B) Whether the proposed regulation or order is 
                inconsistent with other Federal regulations or orders.
                    ``(C) Whether the proposed regulation or order is 
                duplicative of other Federal regulations or orders.
                    ``(D) Whether other Federal regulations or orders 
                are outdated.
            ``(3) Resolving duplicative or inconsistent regulations or 
        orders.--The Commission shall take all available measures under 
        current law to resolve any duplicative or inconsistent existing 
        regulation or order with any proposed regulation or order 
        before issuing a final regulation or order.
            ``(4) Report to congress.--Not later than the end of the 
        60-day period beginning on the date the Commission makes a 
        determination under paragraph (2), the Commission shall issue a 
        report to the Congress containing recommendations made by the 
        Commission, including any recommendations of Federal laws or 
        regulations that should be repealed or amended, so that the 
        Congress may repeal or amend any conflicting, inconsistent, 
        duplicative, or outdated laws or regulations.
            ``(5) Limitation on judicial review.--Notwithstanding any 
        other provision of law, a court may not compel action or hold 
        unlawful and set aside any action solely on the basis of 
        compliance or noncompliance with the requirements of this 
        subsection.
            ``(6) Definitions.--For purposes of this subsection, the 
        terms `regulation' and `order' shall have the meaning given 
        those terms, respectively, by the Commission, and the term 
        `other Federal regulations and orders' shall mean regulations 
        and orders of the Federal financial regulators (as defined 
        under section 9(c)(6) of the Federal Deposit Insurance Act), 
        other than the Commission.''.
    (g) Commodity Futures Trading Commission.--Section 2(a) of the 
Commodity Exchange Act (7 U.S.C. 2(a)) is amended by adding at the end 
the following:
                    ``(A) In general.--Before issuing a regulation or 
                order the Commission shall assess other Federal 
                regulations and orders to determine the interaction 
                between the proposed regulation or order and other 
                Federal regulations and orders.
                    ``(B) Considerations.--In making a determination of 
                the interaction between the proposed regulation or 
                order and other Federal regulations, the Commission 
                shall evaluate the following:
                            ``(i) Whether the proposed regulation or 
                        order is in conflict with other Federal 
                        regulations or orders.
                            ``(ii) Whether the proposed regulation or 
                        order is inconsistent with other Federal 
                        regulations or orders.
                            ``(iii) Whether the proposed regulation or 
                        order is duplicative of other Federal 
                        regulations or orders.
                            ``(iv) Whether other Federal regulations or 
                        orders are outdated.
                    ``(C) Resolving duplicative or inconsistent 
                regulations or orders.--The Commission shall take all 
                available measures under current law to resolve any 
                duplicative or inconsistent existing regulation or 
                order with any proposed regulation or order before 
                issuing a final regulation or order.
                    ``(D) Report to congress.--Not later than the end 
                of the 60-day period beginning on the date the 
                Commission makes a determination under subparagraph 
                (B), the Commission shall issue a report to the 
                Congress containing recommendations made by the 
                Commission, including any recommendations of Federal 
                laws or regulations that should be repealed or amended, 
                so that the Congress may repeal or amend any 
                conflicting, inconsistent, duplicative, or outdated 
                laws or regulations.
                    ``(E) Limitation on judicial review.--
                Notwithstanding any other provision of law, a court may 
                not compel action or hold unlawful and set aside any 
                action solely on the basis of compliance or 
                noncompliance with the requirements of this paragraph.
                    ``(F) Definitions.--For purposes of this paragraph, 
                the terms `regulation' and `order' shall have the 
                meaning given those terms, respectively, by the 
                Commission, and the term `other Federal regulations and 
                orders' shall mean regulations and orders of the 
                Federal financial regulators (as defined under section 
                9(c)(6) of the Federal Deposit Insurance Act), other 
                than the Commission.''.
    (h) Treatment of Joint Rulemakings.--In the case of a joint 
rulemaking with respect to which an assessment and determination is 
required pursuant to an amendment made under this section, the agencies 
shall jointly make such assessment and determination and shall submit a 
single report with respect to such determination.

SEC. 5. LONGER EXAMINATION CYCLE FOR HIGHLY RATED COMMUNITY BANKS.

    Section 10(d) of the Federal Deposit Insurance Act (12 U.S.C. 
1820(d)) is amended--
            (1) in paragraph (4)--
                    (A) in subparagraph (A), by striking 
                ``$500,000,000'' and inserting ``$1,000,000,000''; and
                    (B) in subparagraph (C)(ii), by striking 
                ``$100,000,000'' and inserting ``$200,000,000''; and
            (2) in paragraph (10)--
                    (A) by striking ``$100,000,000'' and inserting 
                ``$200,000,000''; and
                    (B) by striking ``$500,000,000'' and inserting 
                ``$1,000,000,000''.

SEC. 6. STREAMLINING CURRENCY TRANSACTION REPORTING.

    (a) Qualified Customer Exemption.--Section 5313(e) of title 31, 
United States Code, is amended to read as follows:
    ``(e) Discretionary Exemption for Qualified Customers.--
            ``(1) In general.--Before the end of the 270-day period 
        beginning on the date of the enactment of this subsection, the 
        Secretary of the Treasury shall issue final rules that exempt 
        any depository institution from filing a report pursuant to 
        this section with respect to a transaction for the payment, 
        receipt, or transfer of monetary instruments between the 
        depository institution and a qualified customer of the 
        depository institution.
            ``(2) Qualified customer defined.--For purposes of this 
        section, the term `qualified customer', with respect to a 
        depository institution, has such meaning as the Secretary of 
        the Treasury shall prescribe, which shall include any person 
        that--
                    ``(A) has maintained a deposit account with the 
                depository institution for at least 2 months, except 
                the Secretary may prescribe a shorter period by rule; 
                and
                    ``(B) has engaged, using such account, in any 
                currency transactions that would otherwise be subject 
                to the reporting requirements of subsection (a).
            ``(3) Rulemaking.--
                    ``(A) In general.--The Secretary of the Treasury 
                shall issue rules requiring a depository institution to 
                file a one-time notice of the designation for exemption 
                of each qualified customer of the depository 
                institution.
                    ``(B) Form and content of designation notice.--The 
                Secretary shall by rule prescribe the form, manner, 
                content, and timing of the qualified customer 
                designation notice. Such notice shall include 
                sufficient information to identify the qualified 
                customer and the accounts of the customer.
                    ``(C) Authority of secretary.--
                            ``(i) In general.--The Secretary may 
                        suspend, reject, or revoke any qualified 
                        customer designation notice, in accordance with 
                        criteria prescribed by the Secretary by rule.
                            ``(ii) Conditions.--The Secretary may 
                        establish conditions, in accordance with 
                        criteria prescribed by rule, under which a 
                        designation of exemption received under this 
                        section shall continue to be valid, with 
                        respect to the qualified customer for whom a 
                        depository institution secured such 
                        designation, if such depository institution 
                        merges with or is acquired by another 
                        depository institution.''.
    (b) Filing Threshold.--Not later than the end of the 60-day period 
beginning on the date of the enactment of this Act, the Secretary shall 
issue final regulations to raise the threshold amount under subsection 
(a) to at least $20,000.

SEC. 7. FINANCIAL CRIMES ENFORCEMENT NETWORK DATA ACCOUNTABILITY 
              METRICS.

    (a) In General.--Section 310 of title 31, United States Code, is 
amended--
            (1) in subsection (b)(2)--
                    (A) by redesignating subparagraph (J) as 
                subparagraph (K); and
                    (B) by inserting after subparagraph (I) the 
                following new subparagraph:
                    ``(J) Report annually to the Committee on Financial 
                Services of the House of Representatives and the 
                Committee on Banking, Housing, and Urban Affairs of the 
                Senate on how the data access service described in 
                subparagraph (B) and the information collected by the 
                service is used to detect and prevent money laundering, 
                terrorist financing, and other financial crimes, 
                including--
                            ``(i) information on the number of 
                        investigations and prosecutions originated 
                        because of, and supported by, access to the 
                        information collected by the service; and
                            ``(ii) an identification and analysis of 
                        information collected by the service which is 
                        not used that the Director believes should be 
                        eliminated to reduce reporting requirements and 
                        increase effectiveness and efficiency.''; and
            (2) in subsection (c)--
                    (A) in paragraph (1)(C), by striking ``; and'' and 
                inserting a semicolon;
                    (B) by redesignating paragraph (2) as paragraph 
                (3); and
                    (C) by inserting after paragraph (1) the following 
                new paragraph:
            ``(2) for appropriate metrics to monitor, track, assess, 
        and report on access to information contained in the data 
        access service maintained by FinCEN, including:
                    ``(A) identifying, tracking, and measuring how such 
                information is used and the law enforcement results 
                obtained as a consequence of that use; and
                    ``(B) assuring accountability by law enforcement 
                agencies for the usefulness, security, and privacy of 
                such information while reducing unnecessary regulatory 
                burdens on reporters of information collected under 
                subsection (b)(2)(B); and''.

SEC. 8. EQUITABLE TREATMENT OF S CORPORATION BANKS.

    Section 171 of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act (12 U.S.C. 5371) is amended--
            (1) in subsection (a), by adding at the end the following 
        new paragraphs:
            ``(8) S corporation bank.--The term `S corporation bank' 
        means any insured depository institution operating as an S 
        corporation (as defined in section 1361(a) of the Internal 
        Revenue Code (26 U.S.C. 1361(a))).
            ``(9) Capital conservation buffer.--The term `capital 
        conservation buffer' means the requirements relating to capital 
        conservation and countercyclical capital buffers provided under 
        sections 3.11, 217.11, and 324.11 of title 12, Code of Federal 
        Regulations.'';
            (2) in subsection (b)(5)--
                    (A) in subparagraph (B), by striking ``; or'' and 
                inserting a semicolon;
                    (B) in subparagraph (C), by striking the period at 
                the end and inserting ``; or''; and
                    (C) by adding at the end the following new 
                subparagraph:
                    ``(D) any S corporation bank as described in 
                paragraph (8).''; and
            (3) by adding at the end of subsection (b) the following 
        new paragraph:
            ``(8) Capital requirements for s corporations.--
                    ``(A) In general.--Not later than 180 days after 
                the date of enactment of this Act, the appropriate 
                Federal banking agencies shall, with regard to the 
                treatment of dividend distributions required under the 
                capital conservation buffer for a S corporation bank, 
                issue final regulations authorizing such banks to make 
                such distributions for payment of taxes arising from 
                the activities of such bank.
                    ``(B) Requirements.--The regulations issued under 
                subparagraph (A) shall take into consideration the fact 
                that the income of an S corporation bank is calculated 
                prior to consideration of distributions for payment of 
                taxes arising from S corporation bank activities.''.
                                 <all>