[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 812 Introduced in Senate (IS)]

114th CONGRESS
  1st Session
                                 S. 812

 To enhance the ability of community financial institutions to foster 
 economic growth and serve their communities, boost small businesses, 
          increase individual savings, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 19, 2015

   Mr. Moran (for himself, Mr. Tester, Mr. Inhofe, Mr. Portman, Mr. 
 Barrasso, and Ms. Heitkamp) introduced the following bill; which was 
read twice and referred to the Committee on Banking, Housing, and Urban 
                                Affairs

_______________________________________________________________________

                                 A BILL


 
 To enhance the ability of community financial institutions to foster 
 economic growth and serve their communities, boost small businesses, 
          increase individual savings, 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 ``Community Lending Enhancement and 
Regulatory Relief Act of 2015'' or the ``CLEAR Relief Act of 2015''.

SEC. 2. COMMUNITY BANK EXEMPTION FROM ANNUAL MANAGEMENT ASSESSMENT OF 
              INTERNAL CONTROLS REQUIREMENT OF THE SARBANES-OXLEY ACT 
              OF 2002.

    Section 404 of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7262) is 
amended by adding at the end the following:
    ``(d) Community Bank Exemption.--
            ``(1) Definitions.--In this subsection--
                    ``(A) the term `bank holding company' has the same 
                meaning as in section 2 of the Bank Holding Company Act 
                of 1956 (12 U.S.C. 1841);
                    ``(B) the term `insured depository institution' has 
                the same meaning as in section 3 of the Federal Deposit 
                Insurance Act (12 U.S.C. 1813); and
                    ``(C) the term `savings and loan holding company' 
                has the same meaning as in section 10 of the Home 
                Owners' Loan Act (12 U.S.C. 1467a).
            ``(2) In general.--This section and the rules prescribed 
        under this section shall not apply in any fiscal year to any 
        bank holding company, savings and loan holding company, or 
        insured depository institution which, as of the end of the 
        preceding fiscal year, had total consolidated assets of 
        $1,000,000,000 or less.
            ``(3) Adjustment of amount.--The Commission shall annually 
        adjust the dollar amount in paragraph (1) by an amount equal to 
        the percentage increase, for the most recent year, in total 
        assets held by all bank holding companies, savings and loan 
        holding companies, and insured depository institutions, as 
        reported by the Federal Deposit Insurance Corporation.''.

SEC. 3. ESCROW REQUIREMENTS RELATING TO CERTAIN CONSUMER CREDIT 
              TRANSACTIONS.

    Section 129D(c) of the Truth in Lending Act (15 U.S.C. 1639d(c)) is 
amended--
            (1) by redesignating paragraphs (1), (2), (3), and (4) as 
        subparagraphs (A), (B), (C), and (D), respectively, and moving 
        the margins 2 ems to the right;
            (2) by striking ``The Bureau'' and inserting the following:
            ``(1) In general.--The Bureau''; and
            (3) by adding at the end the following:
            ``(2) Treatment of loans held by smaller institutions.--The 
        Bureau shall, by regulation, exempt from the requirements of 
        subsection (a) any loan secured by a first lien on the 
        principal dwelling of a consumer, if such loan is held by an 
        insured depository institution having assets of $10,000,000,000 
        or less.''.

SEC. 4. MINIMUM STANDARDS FOR RESIDENTIAL MORTGAGE LOANS.

    Section 129C(b)(2) of the Truth in Lending Act (15 U.S.C. 
1639c(b)(2)) is amended--
            (1) by adding at the end the following:
                    ``(F) Safe harbor.--In this section--
                            ``(i) the term `qualified mortgage' 
                        includes any mortgage loan that is originated 
                        and retained in portfolio for a period of not 
                        less than 3 years by a depository institution 
                        having less than $10,000,000,000 in total 
                        assets; and
                            ``(ii) loans described in clause (i) shall 
                        be deemed to meet the requirements of 
                        subsection (a).''; and
            (2) in subparagraph (E)--
                    (A) by striking ``The Bureau may, by regulation,'' 
                and inserting ``The Bureau shall, by regulation,''; and
                    (B) by striking clause (iv) and inserting the 
                following:
                            ``(iv) that is extended by an insured 
                        depository institution that--
                                    ``(I) originates and retains the 
                                balloon loans in portfolio for a period 
                                of not less than 3 years; and
                                    ``(II) together with its affiliates 
                                has less than $10,000,000,000 in total 
                                consolidated assets.''.
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