115 S2155 IS: Economic Growth, Regulatory Relief, and Consumer Protection Act
U.S. Senate
2017-11-16
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.
1.Short title; table of contents
(a)This Act may be cited as the Economic Growth, Regulatory Relief, and Consumer Protection Act
.
(b)The table of contents for this Act is as follows:Sec. 1. Short title; table of contents. Sec. 2. Definitions. TITLE I—Improving consumer access to mortgage credit Sec. 101. Minimum standards for residential mortgage loans. Sec. 102. Safeguarding access to habitat for humanity homes. Sec. 103. Exemption from appraisals of real property located in rural areas. Sec. 104. Home Mortgage Disclosure Act adjustment and study. Sec. 105. Credit union residential loans. Sec. 106. Eliminating barriers to jobs for loan originators. Sec. 107. Protecting access to manufactured homes. Sec. 108. Property Assessed Clean Energy financing. Sec. 109. Escrow requirements relating to certain consumer credit transactions. Sec. 110. No wait for lower mortgage rates. TITLE II—Regulatory relief and protecting consumer access to credit Sec. 201. Capital simplification for qualifying community banks. Sec. 202. Limited exception for reciprocal deposits. Sec. 203. Community bank relief. Sec. 204. Removing naming restrictions. Sec. 205. Short form call reports. Sec. 206. Option for Federal savings associations to operate as covered savings associations. Sec. 207. Small bank holding company policy statement. Sec. 208. Application of the Expedited Funds Availability Act. Sec. 209. Mutual holding company dividend waivers. Sec. 210. Small public housing agencies. Sec. 211. Examination cycle. Sec. 212. National securities exchange regulatory parity. TITLE III—Protections for veterans, consumers, and homeowners Sec. 301. Protecting consumers' credit. Sec. 302. Protecting veterans’ credit. Sec. 303. Immunity from suit for disclosure of financial exploitation of senior citizens. Sec. 304. Restoration of the Protecting Tenants at Foreclosure Act of 2009. Sec. 305. Remediating lead and asbestos hazards. TITLE IV—Tailoring regulations for certain bank holding companies Sec. 401. Enhanced supervision and prudential standards for certain bank holding companies. Sec. 402. Supplementary leverage ratio for custodial banks. Sec. 403. Treatment of certain municipal obligations. TITLE V—Studies Sec. 501. Treasury report on risks of cyber threats. Sec. 502. SEC study on algorithmic trading. 2.In this Act:
(1)Appropriate Federal banking agency; company; depository institution; depository institution holding
companyThe terms appropriate Federal banking agency, company, depository institution, and depository institution holding company have the meanings given those terms in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813).
(2)The term bank holding company has the meaning given the term in section 2 of the Bank Holding Company Act of 1956 (12 U.S.C. 1841).
<enum>I</enum><header>Improving consumer access to mortgage credit</header>
<section id="id2F9E88A7BDF94E0BBAD8B74B69F88D6D"><enum>101.</enum><header>Minimum
standards for residential mortgage loans</header><text display-inline="no-display-inline">Section 129C(b)(2) of the Truth in Lending Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1639c">15 U.S.C. 1639c(b)(2)</external-xref>) is amended by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="id6989EE5805F3435383B571E6301FD03C" style="OLC">
<subparagraph id="idc5ed0e8727fd4f44acf200f8bf5453a3"><enum>(F)</enum><header>Safe
harbor</header>
<clause id="idDE4840B9B4E742B8BC4FA3BE5D38B363"><enum>(i)</enum><header>Definitions</header><text>In this subparagraph—</text> <subclause id="idAEEDC0C6A9914D10B22065525EC9982F"><enum>(I)</enum><text>the term <term>covered institution</term> means an insured depository institution or an insured credit union that, together with its affiliates, has less than $10,000,000,000 in total consolidated assets;</text>
</subclause><subclause id="id500592d601f74432af5ac559c54f2db5"><enum>(II)</enum><text>the term <term>insured credit union</term> has the meaning given the term in section 101 of the Federal Credit Union Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1752">12 U.S.C. 1752</external-xref>);</text> </subclause><subclause id="id4d9246c115be4e28bfe59f4414e8c420"><enum>(III)</enum><text>the term <term>insured depository institution</term> has the meaning given the term in section 3 of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1813">12 U.S.C. 1813</external-xref>);</text>
</subclause><subclause id="id71c9cd35ecae43dca05fda0aed5a0058"><enum>(IV)</enum><text>the term <term>interest-only</term> means that, under the terms of the legal obligation, one or more of the periodic payments may be applied solely to accrued interest and not to loan principal; and</text>
</subclause><subclause id="id4d18d565b08b49c3b303cb1b93d398b5"><enum>(V)</enum><text>the term <term>negative amortization</term> means payment of periodic payments that will result in an increase in the principal balance under the terms of the legal obligation.</text>
</subclause></clause><clause id="id8F6B9A3C35AA490F80A1534EF22D4EDE"><enum>(ii)</enum><header>Safe harbor</header><text>In this section—</text> <subclause id="id552f48c8a60a45b8a7aab538645d2573"><enum>(I)</enum><text>the term <term>qualified mortgage</term> includes any residential mortgage loan—</text>
<item id="id34929F176CC142D9A866C0C58EACA46F"><enum>(aa)</enum><text>that is originated and retained in portfolio by a covered institution;</text>
</item><item id="id8bd3bdf0dc8745f9b60af2b322072e7f"><enum>(bb)</enum><text>that is in compliance with the limitations with respect to prepayment penalties described in subsections (c)(1) and (c)(3);</text>
</item><item id="idc4b6cf20576547f199e8e1e09e45e9c3"><enum>(cc)</enum><text>that is in compliance with the requirements of clause (vii) of subparagraph (A);</text> </item><item id="idb062ac6cbdb541559b62f8cfb89c9f21"><enum>(dd)</enum><text>that does not have negative amortization or interest-only features; and</text>
</item><item id="id225e17be9d4d4bdb8f69795d38184104"><enum>(ee)</enum><text>for which the covered institution considers and documents the debt, income, and financial resources of the consumer in accordance with clause (iv); and</text>
</item></subclause><subclause id="idcc43f53e8996465593511fb86dae6d3d"><enum>(II)</enum><text>a residential mortgage loan described in subclause (I) shall be deemed to meet the requirements of subsection (a).</text>
</subclause></clause><clause commented="no" display-inline="no-display-inline" id="id9d1f956ea75b46b2a1388ca88ac54548"><enum>(iii)</enum><header>Exception for certain transfers</header><text>A residential mortgage loan described in clause (ii)(I) shall not qualify for the safe harbor under clause (ii) if the legal title to the residential mortgage loan is sold, assigned, or otherwise transferred to another person unless the residential mortgage loan is sold, assigned, or otherwise transferred—</text>
<subclause commented="no" display-inline="no-display-inline" id="idC15A72F002F14AC3A6D5B91E237B8136"><enum>(I)</enum><text>to another person by reason of the bankruptcy or failure of a covered institution;</text>
</subclause><subclause commented="no" display-inline="no-display-inline" id="idBC203EB680E540EDB55F9CDB9501D562"><enum>(II)</enum><text>to a covered institution so long as the loan is retained in portfolio by the covered institution to which the loan is sold, assigned, or otherwise transferred; or</text>
</subclause><subclause commented="no" display-inline="no-display-inline" id="id65AB7D47368D4F99BBC7A41AB1721D54"><enum>(III)</enum><text>pursuant to a merger of a covered institution with another person or the acquisition of a covered institution by another person or of another person by a covered institution, so long as the loan is retained in portfolio by the person to whom the loan is sold, assigned, or otherwise transferred.</text>
</subclause></clause><clause id="idd57703c22dc74b27907f679ccf40d67e"><enum>(iv)</enum><header>Consideration and documentation requirements</header><text>The consideration and documentation requirements described in clause (ii)(I)(ee) shall—</text> <subclause id="id42a889ba0ae8424391289da918a3b60a"><enum>(I)</enum><text>not be construed to require compliance with, or documentation in accordance with, appendix Q to part 1026 of title 12, Code of Federal Regulations, or any successor regulation; and</text>
</subclause><subclause id="id0b46bc4fd29f4d4ab272b8a2dd311d58"><enum>(II)</enum><text>be construed to permit multiple methods of documentation.</text></subclause></clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block> </section><section id="idB79CBD73CAD140F69B7975898F20D2BC"><enum>102.</enum><header>Safeguarding access to habitat for humanity homes</header><text display-inline="no-display-inline">Section 129E(i)(2) of the Truth in Lending Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1639e">15 U.S.C. 1639e(i)(2)</external-xref>) is amended—</text>
<paragraph id="id3a8e86ed02d449a3a103170517a6551a"><enum>(1)</enum><text>by redesignating subparagraphs (A) and (B) as clauses (i) and (ii), respectively, and adjusting the margins accordingly;</text>
</paragraph><paragraph id="id2c2a3de036ea4b4dae8c41e56bbade4f"><enum>(2)</enum><text>in the matter preceding clause (i), as so redesignated, by striking <quote>For purposes of</quote> and inserting the following:</text> <quoted-block display-inline="no-display-inline" id="id3A77F08EA6C54BA194A2643EFF5394DC" style="OLC"> <subparagraph id="id64E30EC6257E4DE5B237F8373FFE15BE"><enum>(A)</enum><header>In general</header><text>For purposes of</text></subparagraph><after-quoted-block>; and</after-quoted-block></quoted-block>
</paragraph><paragraph id="id2ef109aab79941b28d80e04820037749"><enum>(3)</enum><text>by adding at the end the following:</text> <quoted-block display-inline="no-display-inline" id="id72ce010d609245d79b928d87dca29f55" style="OLC"> <subparagraph commented="no" display-inline="no-display-inline" id="id1b4dc7d105f94db0bf8ca5edd9ea7635"><enum>(B)</enum><header>Rule of construction related to appraisal donations</header><text>If a fee appraiser voluntarily donates appraisal services to an organization eligible to receive tax-deductible charitable contributions, such voluntary donation shall be considered customary and reasonable for the purposes of paragraph (1).</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></section><section id="idB6226E21BBDA46C58901E262C5A98C54"><enum>103.</enum><header>Exemption from appraisals of real property located in rural areas</header><text display-inline="no-display-inline">Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (<external-xref legal-doc="usc" parsable-cite="usc/12/3331">12 U.S.C. 3331</external-xref> et seq.) is amended by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="idbef16ef2a86a4fc2a6a2e6034f107200" style="OLC">
<section id="ida15e19e7bab74e28bb16c7adaf00c16d"><enum>1127.</enum><header>Exemption from appraisals of real estate located in rural areas</header>
<subsection id="idc06702879c8440538e618986b7c8b2a2"><enum>(a)</enum><header>Definition</header><text>In this section, the term <term>mortgage originator</term> has the meaning given the term in section 103 of the Truth in Lending Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1602">15 U.S.C. 1602</external-xref>).</text> </subsection><subsection id="id45be289f9acf4ec99fad5c6ad0cd855c"><enum>(b)</enum><header>Appraisal not required</header><text>Except as provided in subsection (d), notwithstanding any other provision of law, an appraisal in connection with a federally related transaction involving real property or an interest in real property is not required if—</text>
<paragraph id="id2d0d1bdb591649388d940bfc066aabb3"><enum>(1)</enum><text>the real property or interest in real property is located in a rural area, as described in section 1026.35(b)(2)(iv)(A) of title 12, Code of Federal Regulations;</text>
</paragraph><paragraph id="ida990eb06a23b4840820246facba5f365"><enum>(2)</enum><text>not later than 3 days after the date on which the Closing Disclosure Form, made in accordance with the final rule of the Bureau of Consumer Financial Protection entitled <quote>Integrated Mortgage Disclosures Under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z)</quote> (78 Fed. Reg. 79730 (December 31, 2013)), relating to the federally related transaction is given to the consumer, the mortgage originator or its agent, directly or indirectly—</text>
<subparagraph id="id0e118a35f1bc459b89183dbff85de22e"><enum>(A)</enum><text>has contacted not fewer than 3 State certified appraisers or State licensed appraisers, as applicable; and</text>
</subparagraph><subparagraph id="id67a6f835814e4448866b7d97fcc619ee"><enum>(B)</enum><text>has documented that no State certified appraiser or State licensed appraiser, as applicable, was available within a reasonable amount of time, as determined by the Federal financial institutions regulatory agency with oversight of the mortgage originator, to perform the appraisal in connection with the federally related transaction;</text>
</subparagraph></paragraph><paragraph id="id1fae6f7eee3b4d0e9637e465c7231228"><enum>(3)</enum><text>the balance of the loan is less than $400,000; and</text> </paragraph><paragraph id="id0ee0421317054c858254dbec02ad93f5"><enum>(4)</enum><text>the mortgage originator is subject to oversight by a Federal financial institutions regulatory agency.</text>
</paragraph></subsection><subsection id="id86e5fa0d4d114ff4892985bafdbb3027"><enum>(c)</enum><header>Sale, assignment, or transfer</header><text>A mortgage originator that makes a loan without an appraisal under the terms of subsection (b) shall not sell, assign, or otherwise transfer legal title to the loan unless—</text>
<paragraph id="id19b32db6e82e4fb8b448a8646765717f"><enum>(1)</enum><text>the loan is sold, assigned, or otherwise transferred to another person by reason of the bankruptcy or failure of the mortgage originator;</text>
</paragraph><paragraph id="id86b4fc5f48d4470e89576615c1d11122"><enum>(2)</enum><text>the loan is sold, assigned, or otherwise transferred to another person regulated by a Federal financial institutions regulatory agency, so long as the loan is retained in portfolio by the person; or</text>
</paragraph><paragraph id="ide59d89a88620477c8aeb031bf69f7bde"><enum>(3)</enum><text>the sale, assignment, or transfer is pursuant to a merger of the mortgage originator with another person or the acquisition of the mortgage originator by another person or of another person by the mortgage originator.</text>
</paragraph></subsection><subsection id="idf03ee4323d2d49a68dbca19d1bb46a3f"><enum>(d)</enum><header>Exception</header><text>Subsection (b) shall not apply if—</text> <paragraph id="id69e0cb527c9248248ba3d5f8fb0fefbd"><enum>(1)</enum><text>a Federal financial institutions regulatory agency requires an appraisal under section 225.63(c), 323.3(c), 34.43(c), or 722.3(e) of title 12, Code of Federal Regulations; or</text>
</paragraph><paragraph id="id23469d65b3e54bf1aea09cb1c1bcd460"><enum>(2)</enum><text>the loan is a high-cost mortgage, as defined in section 103 of the Truth in Lending Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1602">15 U.S.C. 1602</external-xref>).</text>
</paragraph></subsection><subsection id="id4fd12336d766438d9c43bd3f6fea8628"><enum>(e)</enum><header>Anti-Evasion</header><text>Each Federal financial institutions regulatory agency shall ensure that any mortgage originator that the Federal financial institutions regulatory agency oversees that makes a significant amount of loans under subsection (b) is complying with the requirements of subsection (b)(2) with respect to each loan.</text></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="id85fe90d9cb9347b5be06fbbf343b0cdf"><enum>104.</enum><header>Home Mortgage Disclosure Act adjustment and study</header>
<subsection id="ida452a89325b54153bbc95d0391db5007"><enum>(a)</enum><header>In general</header><text>Section 304 of the Home Mortgage Disclosure Act of 1975 (<external-xref legal-doc="usc" parsable-cite="usc/12/2803">12 U.S.C. 2803</external-xref>) is amended—</text> <paragraph id="idcbc110d1867745fa8eadd07fcb7dbc45"><enum>(1)</enum><text>by redesignating subsection (i) as paragraph (3) and adjusting the margins accordingly;</text>
</paragraph><paragraph id="id746cd5f3e46146ea9bd24d2aedc3ff20"><enum>(2)</enum><text>by inserting before paragraph (3), as so redesignated, the following:</text> <quoted-block display-inline="no-display-inline" id="id340bfd2bbda44713991c4d667194f2d6" style="OLC"> <subsection id="id9221b0bb90e4435c951dd2cb9fab9a56"><enum>(i)</enum><header>Exemptions</header> <paragraph id="idda189e38ed0e48e498bf22f4ac64d4b1"><enum>(1)</enum><header>Closed-end mortgage loans</header><text>With respect to an insured depository institution or insured credit union, the requirements of paragraphs (5) and (6) of subsection (b) shall not apply with respect to closed-end mortgage loans if the insured depository institution or insured credit union originated fewer than 500 closed-end mortgage loans in each of the 2 preceding calendar years.</text>
</paragraph><paragraph id="id5CB0B1434B9B422A80EC7F2B01A018F1"><enum>(2)</enum><header>Open-end lines of credit</header><text>With respect to an insured depository institution or insured credit union, the requirements of paragraphs (5) and (6) of subsection (b) shall not apply with respect to open-end lines of credit if the insured depository institution or insured credit union originated fewer than 500 open-end lines of credit in each of the 2 preceding calendar years.</text></paragraph></subsection><after-quoted-block>; and</after-quoted-block></quoted-block>
</paragraph><paragraph id="id61d2f229496f401c807e205fd4ba5a89"><enum>(3)</enum><text>by adding at the end the following:</text> <quoted-block display-inline="no-display-inline" id="id76DAC67CBD314E3CA4453DA42F76245B" style="OLC"> <subsection id="id67420fc3346a4b64a49e68b44a3d61fa"><enum>(o)</enum><header>Definitions</header><text>In this section—</text>
<paragraph id="ide50aeeaa5a38465e9434f2b876f4e76b"><enum>(1)</enum><text>the term <term>insured credit union</term> has the meaning given the term in section 101 of the Federal Credit Union Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1752">12 U.S.C. 1752</external-xref>); and</text>
</paragraph><paragraph id="id9fac0d5bc757467c8e56b065876ae709"><enum>(2)</enum><text>the term <term>insured depository institution</term> has the meaning given the term in section 3 of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1813">12 U.S.C. 1813</external-xref>).</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block> </paragraph></subsection><subsection id="H81543D343E804F01887A47ED4BAAF42D"><enum>(b)</enum><header>Lookback study</header> <paragraph id="H21C2BFD01A404EEC85DDBEC8B3FDC1DA"><enum>(1)</enum><header>Study</header><text display-inline="yes-display-inline">Not earlier than 2 years after the date of enactment of this Act, the Comptroller General of the United States shall conduct a study to evaluate the impact of the amendments made by subsection (a) on the amount of data available under the Home Mortgage Disclosure Act of 1975 (<external-xref legal-doc="usc" parsable-cite="usc/12/2801">12 U.S.C. 2801</external-xref> et seq.) at the national and local level.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="id828EBC95EBA84112921CD58C4196B53E"><enum>(2)</enum><header>Report</header><text>Not later than 3 years after the date of enactment of this Act, the Comptroller General of the United States shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report that includes the findings and conclusions of the Comptroller General with respect to the study required under paragraph (1).</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="idf103f362ac6240278436d6a92d7b8139"><enum>(c)</enum><header>Technical correction</header><text>Section 304(i)(3) of the Home Mortgage Disclosure Act of 1975, as so redesignated by subsection (a)(1), is amended by striking <quote>section 303(2)(A)</quote> and inserting <quote>section 303(3)(A)</quote>.</text>
</subsection></section><section id="H49CFD975DE834A3B89DCDCAF54D7CA06"><enum>105.</enum><header>Credit union residential loans</header>
<subsection id="H164F5B944A9749998E860DFFC7E6082F"><enum>(a)</enum><header>Removal from member business loan limitation</header><text display-inline="yes-display-inline">Section 107A(c)(1)(B)(i) of the Federal Credit Union Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1757a">12 U.S.C. 1757a(c)(1)(B)(i)</external-xref>) is amended by striking <quote>that is the primary residence of a member</quote>.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="H3A386983940F4B3FAF338852DA00804D"><enum>(b)</enum><header>Rule of construction</header><text display-inline="yes-display-inline">Nothing in this section or the amendment made by this section shall preclude the National Credit Union Administration from treating an extension of credit that is fully secured by a lien on a 1- to 4-family dwelling that is not the primary residence of a member as a member business loan for purposes other than the member business loan limitation requirements under section 107A of the Federal Credit Union Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1757a">12 U.S.C. 1757a</external-xref>).</text>
</subsection></section><section id="id1C298E351D4D4A5896FFDD508658C0CB"><enum>106.</enum><header>Eliminating barriers to jobs for loan originators</header>
<subsection id="H728D72463CC8481BA81ABD491E7CB288"><enum>(a)</enum><header>In general</header><text>The S.A.F.E. Mortgage Licensing Act of 2008 (<external-xref legal-doc="usc" parsable-cite="usc/12/5101">12 U.S.C. 5101</external-xref> et seq.) is amended by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="id2CC67FCB14D34D8A8F99E5061BDA35D5" style="OLC">
<section id="H3045A6605CC24EDD860BCB5CE48D1826"><enum>1518.</enum><header>Employment transition of loan originators</header>
<subsection id="H6A169F0E30A147ABA403FB2E2F457032"><enum>(a)</enum><header>Definitions</header><text>In this section:</text> <paragraph id="H97C28770F34649C49242DBEB13201C91"><enum>(1)</enum><header>Application State</header><text display-inline="yes-display-inline">The term <term>application State</term> means a State in which a registered loan originator or a State-licensed loan originator seeks to be licensed.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="H2BCDECF220EE4F5EA3BFE7D56138B137"><enum>(2)</enum><header>State-licensed mortgage company</header><text display-inline="yes-display-inline">The term <term>State-licensed mortgage company</term> means an entity that is licensed or registered under the law of any State to engage in residential mortgage loan origination and processing activities.</text>
</paragraph></subsection><subsection id="H7144860AF2F24D0CA37CF61AA5636FED"><enum>(b)</enum><header>Temporary authority To originate loans for loan originators moving from a depository institution to
a non-Depository institution</header>
<paragraph id="H2552D9B5101A46A4B15F14050E67F4C5"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">Upon becoming employed by a State-licensed mortgage company, an individual who is a registered loan originator shall be deemed to have temporary authority to act as a loan originator in an application State for the period described in paragraph (2) if the individual—</text>
<subparagraph id="H84FBB95B3E804A63824C974BEB1CAA5B"><enum>(A)</enum><text>has not had—</text> <clause id="idB02F196F1F0C45EB8BD4B0E6D030459C"><enum>(i)</enum><text>an application for a loan originator license denied; or</text>
</clause><clause id="id57EE7530FF3E41A39FB5647111A1AA14"><enum>(ii)</enum><text>a loan originator license revoked or suspended in any governmental jurisdiction;</text>
</clause></subparagraph><subparagraph id="H0F1F5491B0854287BA7B7C4BBB13F0FE"><enum>(B)</enum><text>has not been subject to, or served with, a cease and desist order—</text> <clause id="idF9A116E0878A48F492B6671FEAEB8B29"><enum>(i)</enum><text>in any governmental jurisdiction; or</text>
</clause><clause id="id069F255E829F427A9D310F2AE582BAA5"><enum>(ii)</enum><text>under section 1514(c);</text> </clause></subparagraph><subparagraph id="HAC57015E29A343ED9DBC858295D1C619"><enum>(C)</enum><text>has not been convicted of a felony that would preclude licensure under the law of the application State;</text>
</subparagraph><subparagraph id="HFAA9497BD84E4786B84765AF5ED011A0"><enum>(D)</enum><text>has submitted an application to be a State-licensed loan originator in the application State; and</text> </subparagraph><subparagraph id="H0F21AA4B63B044FD9AAB802BEF41ED33"><enum>(E)</enum><text>was registered in the Nationwide Mortgage Licensing System and Registry as a loan originator during the 1-year period preceding the date on which the information required under section 1505(a) is submitted.</text>
</subparagraph></paragraph><paragraph id="HDAC26D1C53F7490F87F678F8CCF42C6B"><enum>(2)</enum><header>Period</header><text display-inline="yes-display-inline">The period described in this paragraph shall begin on the date on which an individual described in paragraph (1) submits the information required under section 1505(a) and shall end on the earliest of the date—</text>
<subparagraph id="HA44189B7F8E642E08611C2B8A8C92173"><enum>(A)</enum><text display-inline="yes-display-inline">on which the individual withdraws the application to be a State-licensed loan originator in the application State;</text>
</subparagraph><subparagraph id="H10C43E3D439E42BBABF21033FF8FFCDC"><enum>(B)</enum><text display-inline="yes-display-inline">on which the application State denies, or issues a notice of intent to deny, the application;</text>
</subparagraph><subparagraph id="HAA30D5858D064C029DECC1C4FD720BF1"><enum>(C)</enum><text display-inline="yes-display-inline">on which the application State grants a State license; or</text> </subparagraph><subparagraph id="HD88DEABE40E0470FA12C42558C6CC555"><enum>(D)</enum><text display-inline="yes-display-inline">that is 120 days after the date on which the individual submits the application, if the application is listed on the Nationwide Mortgage Licensing System and Registry as incomplete.</text>
</subparagraph></paragraph></subsection><subsection id="HBD9CC1F6423F4A9FB35BFE18C2AF661E"><enum>(c)</enum><header>Temporary authority To originate loans for State-Licensed loan originators moving interstate</header>
<paragraph id="H9BADCB6A9E5541098F46935FF1D4F79D"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">A State-licensed loan originator shall be deemed to have temporary authority to act as a loan originator in an application State for the period described in paragraph (2) if the State-licensed loan originator—</text>
<subparagraph id="HA737EF32E9E34403BD426E3190CB52F1"><enum>(A)</enum><text>meets the requirements of subparagraphs (A), (B), (C), and (D) of subsection (b)(1);</text> </subparagraph><subparagraph id="H7BED42417E344C9880D663079FCE6C98"><enum>(B)</enum><text>is employed by a State-licensed mortgage company in the application State; and</text>
</subparagraph><subparagraph id="H7CE72CA9A5884A07B74B604420FBE189"><enum>(C)</enum><text>was licensed in a State that is not the application State during the 30-day period preceding the date on which the information required under section 1505(a) was submitted in connection with the application submitted to the application State.</text>
</subparagraph></paragraph><paragraph id="HF98D7F1F395E401D80B0D82C441EB383"><enum>(2)</enum><header>Period</header><text display-inline="yes-display-inline">The period described in this paragraph shall begin on the date on which the State-licensed loan originator submits the information required under section 1505(a) in connection with the application submitted to the application State and end on the earliest of the date—</text>
<subparagraph id="HC9A681A51987462CA5FD5CC8EB53DCD7"><enum>(A)</enum><text display-inline="yes-display-inline">on which the State-licensed loan originator withdraws the application to be a State-licensed loan originator in the application State;</text>
</subparagraph><subparagraph id="H42049E70ADEF4EB3BBE5C8CFB263621F"><enum>(B)</enum><text display-inline="yes-display-inline">on which the application State denies, or issues a notice of intent to deny, the application;</text>
</subparagraph><subparagraph id="H229E011AD55B4148B1F1C49C274A16C2"><enum>(C)</enum><text display-inline="yes-display-inline">on which the application State grants a State license; or</text> </subparagraph><subparagraph id="HDE601D9E1C1445BA9E17A065C5142941"><enum>(D)</enum><text display-inline="yes-display-inline">that is 120 days after the date on which the State-licensed loan originator submits the application, if the application is listed on the Nationwide Mortgage Licensing System and Registry as incomplete.</text>
</subparagraph></paragraph></subsection><subsection id="H9958DE891D304281BFA5BCA24CB0B370"><enum>(d)</enum><header>Applicability</header>
<paragraph id="HA85BC979657241AF9FCBFE0B17D3709E"><enum>(1)</enum><header>Employer of loan originators</header><text display-inline="yes-display-inline">Any person employing an individual who is deemed to have temporary authority to act as a loan originator in an application State under this section shall be subject to the requirements of this title and to applicable State law to the same extent as if that individual was a State-licensed loan originator licensed by the application State.</text>
</paragraph><paragraph id="H92BDECEC8BF348449499C0D4E3F0C080"><enum>(2)</enum><header>Engaging in mortgage loan activities</header><text display-inline="yes-display-inline">Any individual who is deemed to have temporary authority to act as a loan originator in an application State under this section and who engages in residential mortgage loan origination activities shall be subject to the requirements of this title and to applicable State law to the same extent as if that individual was a State-licensed loan originator licensed by the application State.</text></paragraph></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection commented="no" id="HECD24BD3D7DC4F53BC57D05622D44153"><enum>(b)</enum><header>Table of contents amendment</header><text display-inline="yes-display-inline">Section 1(b) of the Housing and Economic Recovery Act of 2008 (<external-xref legal-doc="usc" parsable-cite="usc/42/4501">42 U.S.C. 4501</external-xref> note) is amended by inserting after the item relating to section 1517 the following:</text>
<quoted-block display-inline="no-display-inline" id="HFB6E9553B1344F72999265FF0B727D1C" style="OLC"><toc regeneration="no-regeneration"><toc-entry level="section">Sec. 1518. Employment transition of loan originators.</toc-entry></toc><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection commented="no" display-inline="no-display-inline" id="H066FC5FA91094E5294F32207280C805E"><enum>(c)</enum><header>Effective date</header><text display-inline="yes-display-inline">This section and the amendments made by this section shall take effect on the date that is 18 months after the date of enactment of this Act.</text>
</subsection></section><section commented="no" display-inline="no-display-inline" id="H51EB9E08425D4D019FC094B6270F010E"><enum>107.</enum><header display-inline="yes-display-inline">Protecting access to manufactured homes</header><text display-inline="no-display-inline">Section 103 of the Truth in Lending Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1602">15 U.S.C. 1602</external-xref>) is amended—</text> <paragraph id="id584de302b75a4a6f8e8cdd9ee291df58"><enum>(1)</enum><text>by redesignating the second subsection (cc) (relating to definitions relating to mortgage origination and residential mortgage loans) and subsection (dd) as subsections (dd) and (ee), respectively; and</text>
</paragraph><paragraph id="id9247fcd0a3214f6180445599351c18a9"><enum>(2)</enum><text>in paragraph (2) of subsection (dd), as so redesignated, by striking subparagraph (C) and inserting the following:</text>
<quoted-block display-inline="no-display-inline" id="idA4A344FF11DB49D3B56A266AAE3F9655" style="OLC">
<subparagraph id="id893bac2ab04944f5a88c20e16fdfd010"><enum>(C)</enum><text>does not include any person who is—</text> <clause id="idf8ef66435ccf438d9315d61bdc0485b5"><enum>(i)</enum><text>not otherwise described in subparagraph (A) or (B) and who performs purely administrative or clerical tasks on behalf of a person who is described in any such subparagraph; or</text>
</clause><clause id="id79289ef1058c4537af4078ed7f3da175"><enum>(ii)</enum><text>a retailer of manufactured or modular homes or an employee of the retailer if the retailer or employee, as applicable—</text>
<subclause id="id37112fb668df4ba1909e5f62b2ba7e32"><enum>(I)</enum><text>does not receive compensation or gain for engaging in activities described in subparagraph (A) that is in excess of any compensation or gain received in a comparable cash transaction;</text>
</subclause><subclause id="id46AE3973C6554999A67BE4651878BB34"><enum>(II)</enum><text>discloses to the consumer—</text> <item id="id0645E737D687420CAC3BCC61C0EB2B46"><enum>(aa)</enum><text>in writing any corporate affiliation with any lender; and</text>
</item><item id="idBE96E8BE87BF4F1E9FABD71DAC7C0E2D"><enum>(bb)</enum><text>if the retailer has a corporate affiliation with any lender, at least 1 unaffiliated lender; and</text>
</item></subclause><subclause id="idba9f6c0d30b24bd4ad31dcbf7f8e66db"><enum>(III)</enum><text>does not directly negotiate with the consumer or lender on loan terms (including rates, fees, and other costs).</text></subclause></clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></section><section id="id2fc6127e157d4dc19f368a6143299839"><enum>108.</enum><header>Property Assessed Clean Energy financing</header><text display-inline="no-display-inline">Section 129C(b)(3) of the Truth in Lending Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1639c">15 U.S.C. 1639c(b)(3)</external-xref>) is amended by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="id4de97b5abae64185ad1d10b0998398f8" style="OLC">
<subparagraph id="id274569c8b43642c1a1d67aa1de604dc5"><enum>(C)</enum><header>Consideration of underwriting requirements for Property Assessed Clean Energy financing</header>
<clause id="id5e44cddd2cb54a35b68e6ad643f39e78"><enum>(i)</enum><header>Definition</header><text>In this subparagraph, the term <term>Property Assessed Clean Energy financing</term> means financing to cover the costs of home improvements that results in a tax assessment on the real property of the consumer.</text>
</clause><clause id="idc99ad8eb2b4247dfb013aea07bb567aa"><enum>(ii)</enum><header>Regulations</header><text>The Bureau shall prescribe regulations that carry out the purposes of subsection (a) and apply section 130 with respect to violations under subsection (a) of this section with respect to Property Assessed Clean Energy financing, which shall account for the unique nature of Property Assessed Clean Energy financing.</text>
</clause><clause id="id778560d69b1b44edbbc0799511ffe037"><enum>(iii)</enum><header>Collection of information and consultation</header><text>In prescribing the regulations under this subparagraph, the Bureau—</text> <subclause id="ide5fdd38472f44073ac82806effc83bce"><enum>(I)</enum><text>may collect such information and data that the Bureau determines is necessary; and</text>
</subclause><subclause id="id2f6ae8ce4cfa4d7da6057e56bf1b8a1c"><enum>(II)</enum><text>shall consult with State and local governments and bond-issuing authorities.</text></subclause></clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block> </section><section id="idae4519c29dc4401abbd44991a6d77cfe"><enum>109.</enum><header>Escrow requirements relating to certain consumer credit transactions</header><text display-inline="no-display-inline">Section 129D(c) of the Truth in Lending Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1639d">15 U.S.C. 1639d(c)</external-xref>) is amended—</text>
<paragraph id="id7E5D9D6364134DFB8D7EFAE5BE2D29D7"><enum>(1)</enum><text>by redesignating paragraphs (1) through (4) as subparagraphs (A) through (D), respectively, and adjusting the margins accordingly;</text>
</paragraph><paragraph id="id5c9a4588c2ee42529f6d178d99a01d38"><enum>(2)</enum><text>in the matter preceding subparagraph (A), as so redesignated, by striking <quote>The Board</quote> and inserting the following:</text> <quoted-block display-inline="no-display-inline" id="id0AC14E87FE2E4553A1AAFB125913E272" style="OLC"> <paragraph id="id0b112a77d91a4fd0bc35369ac23c6957"><enum>(1)</enum><header>In general</header><text>The Bureau</text></paragraph><after-quoted-block>; </after-quoted-block></quoted-block>
</paragraph><paragraph id="idED071F54A98E4E53830C868D25D69F92"><enum>(3)</enum><text>in paragraph (1), as so redesignated, by striking <quote>the Board</quote> each place that term appears and inserting <quote>the Bureau</quote>; and</text> </paragraph><paragraph id="ida8d168ba88f34b0eb9a99f623657eaa1"><enum>(4)</enum><text>by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="idA8BFE57B8A9F4B33B94ED41A37D879DC" style="OLC">
<paragraph id="id97fb60d75cc24a46b067a3b4a6f2fb98"><enum>(2)</enum><header>Treatment of loans held by smaller institutions</header><text>The Bureau shall, by regulation, exempt from the requirements of subsection (a) any loan made by an insured depository institution or an insured credit union secured by a first lien on the principal dwelling of a consumer if—</text>
<subparagraph id="id8A92FED42E174D2F8F150595800D6CA1"><enum>(A)</enum><text>the insured depository institution or insured credit union has assets of $10,000,000,000 or less;</text>
</subparagraph><subparagraph id="idfb6a5474aa1d4c74a100263a379ac08f"><enum>(B)</enum><text>during the preceding calendar year, the insured depository institution or insured credit union and its affiliates originated 1,000 or fewer loans secured by a first lien on a principal dwelling; and</text>
</subparagraph><subparagraph id="id1c235fa9613749eb858af4133378c673"><enum>(C)</enum><text>the transaction otherwise satisfies the criteria in sections 1026.35(b)(2)(iii) and 1026.35(b)(2)(v) of title 12, Code of Federal Regulations, or any successor regulation.</text></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></section><section id="id5caa8914e0144f2ba31062ca3b9c4f9c"><enum>110.</enum><header>No wait for lower mortgage rates</header>
<subsection id="id9d4df9a031b0412da62e610dfe62fbbb"><enum>(a)</enum><header>In general</header><text>Section 129(b) of the Truth in Lending Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1639">15 U.S.C. 1639(b)</external-xref>) is amended—</text> <paragraph id="id299eb31e5279497591cd26737743544f"><enum>(1)</enum><text>by redesignating paragraph (3) as paragraph (4); and</text>
</paragraph><paragraph id="id76248bd8b2c24432b8ee1bf1b7ae73c2"><enum>(2)</enum><text>by inserting after paragraph (2) the following:</text> <quoted-block display-inline="no-display-inline" id="id358cbd8b0bb04f2d8daef27edbe84255" style="OLC"> <paragraph id="id29b27921ce61436c99bf4bf0426e29e1"><enum>(3)</enum><header>No wait for lower rate</header><text>If a creditor extends to a consumer a second offer of credit with a lower annual percentage rate, the transaction may be consummated without regard to the period specified in paragraph (1) with respect to the second offer.</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="id936405D7258F47E9B474ED0F3AEB59D9"><enum>(b)</enum><header>Sense of Congress</header><text>It is the sense of Congress that, whereas the Bureau of Consumer Financial Protection issued a final rule entitled <quote>Integrated Mortgage Disclosures Under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z)</quote> (78 Fed. Reg. 79730 (December 31, 2013)) (in this subsection referred to as the <quote>TRID Rule</quote>) to combine the disclosures a consumer receives in connection with applying for and closing on a mortgage loan, the Bureau of Consumer Financial Protection should endeavor to provide clearer, authoritative guidance on—</text>
<paragraph id="id571d0b8413474e428d3e731b8047cb78"><enum>(1)</enum><text>the applicability of the TRID Rule to mortgage assumption transactions;</text> </paragraph><paragraph id="id155a8a42a98c4204b6b194254dad5eae"><enum>(2)</enum><text>the applicability of the TRID Rule to construction-to-permanent home loans, and the conditions under which those loans can be properly originated; and</text>
</paragraph><paragraph id="id7100d5f2c3274b3c8b598eb310ccca05"><enum>(3)</enum><text>the extent to which lenders can rely on model disclosures published by the Bureau of Consumer Financial Protection without liability if recent changes to regulations are not reflected in the sample TRID Rule forms published by the Bureau of Consumer Financial Protection.</text>
</paragraph></subsection></section><enum>II</enum><header>Regulatory relief and protecting consumer access to credit</header>
<section id="id8365BF58FB9C41119C321BE98FD3C80A"><enum>201.</enum><header>Capital simplification for qualifying community banks</header>
<subsection id="id453AAA239C774CAE80C93A65A79BAD05"><enum>(a)</enum><header>Definitions</header><text>In this section:</text> <paragraph id="id73cdd0ec1f4640c79b999c90ded219d1"><enum>(1)</enum><header>Community Bank Leverage Ratio</header><text>The term <term>Community Bank Leverage Ratio</term> means the ratio of the tangible equity capital of a qualifying community bank, as reported on the qualifying community bank’s applicable regulatory filing with the qualifying community bank’s appropriate Federal banking agency, to the average total consolidated assets of the qualifying community bank, as reported on the qualifying community bank’s applicable regulatory filing with the qualifying community bank’s appropriate Federal banking agency.</text>
</paragraph><paragraph id="id04F45DDA8E0649ADA307D2BD3C5878E6"><enum>(2)</enum><header>Generally applicable leverage capital requirements; generally applicable risk-based capital
requirements</header><text>The terms <term>generally applicable leverage capital requirements</term> and <term>generally applicable risk-based capital requirements</term> have the meanings given those terms in section 171(a) of the Financial Stability Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/12/5371">12 U.S.C. 5371(a)</external-xref>).</text>
</paragraph><paragraph id="id09C7138E2E6C482EB05890532557CCCE"><enum>(3)</enum><header>Qualifying community bank</header>
<subparagraph id="id7710f94df21e4f0e9dcd997e8688d8c1"><enum>(A)</enum><header>Asset threshold</header><text>The term <term>qualifying community bank</term> means a depository institution or depository institution holding company with total consolidated assets of less than $10,000,000,000.</text>
</subparagraph><subparagraph id="idd32d7f440f4e4331a246eb1d92e7ca2a"><enum>(B)</enum><header>Risk profile</header><text>The appropriate Federal banking agencies may determine that a depository institution or depository institution holding company (or a class of depository institutions or depository institution holding companies) described in subparagraph (A) is not a qualifying community bank based on the depository institution’s or depository institution holding company’s risk profile, which shall be based on consideration of—</text>
<clause id="id8819684059c24d05abfc60a681b693bd"><enum>(i)</enum><text>off-balance sheet exposures;</text> </clause><clause id="idb9ea4ef4b94a41fa9cab83858532c460"><enum>(ii)</enum><text>trading assets and liabilities;</text>
</clause><clause id="id88fbddf6eb6c41bba5743511f144a6ac"><enum>(iii)</enum><text>total notional derivatives exposures; and</text> </clause><clause id="id53be872d853d4e9f9ba8ab80e4f2be96"><enum>(iv)</enum><text>such other factors as the appropriate Federal banking agencies determine appropriate.</text>
</clause></subparagraph></paragraph></subsection><subsection id="idE0276825ABBD4176A671C82CE44B55E6"><enum>(b)</enum><header>Community Bank Leverage Ratio</header><text>The appropriate Federal banking agencies shall, through notice and comment rule making under section 553 of title 5, United States Code—</text>
<paragraph id="id4C184A119F1647CDAA0E83212552C4BA"><enum>(1)</enum><text>develop a Community Bank Leverage Ratio of not less than 8 percent and not more than 10 percent for qualifying community banks; and</text>
</paragraph><paragraph id="idb4be5c85ca5a481895d690b7254b1990"><enum>(2)</enum><text>establish procedures for treatment of a qualified community bank that has a Community Bank Leverage Ratio that is below the percentage developed under paragraph (1).</text>
</paragraph></subsection><subsection id="idC00FC841479741E0931A8068E5E4AC13"><enum>(c)</enum><header>Capital compliance</header>
<paragraph id="id716E86520C69445ABB3F3B5D1CD90593"><enum>(1)</enum><header>In general</header><text>Any qualifying community bank that meets the Community Bank Leverage Ratio developed under subsection (b)(1) shall be considered to have met—</text>
<subparagraph id="id26baebb2800a4b47bdd2968b14400ec1"><enum>(A)</enum><text>the generally applicable leverage capital requirements and the generally applicable risk-based capital requirements;</text>
</subparagraph><subparagraph id="id1c699f51f3184f1483f15101d10a9645"><enum>(B)</enum><text>in the case of a qualifying community bank that is a depository institution, the capital ratio requirements that are required in order to be considered well capitalized under section 38 of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1831o">12 U.S.C. 1831o</external-xref>) and any regulation implementing that section; and</text>
</subparagraph><subparagraph id="ida6583534bdfb47dc91569e5d743686ea"><enum>(C)</enum><text>any other capital or leverage requirements to which the qualifying community bank is subject.</text> </subparagraph></paragraph><paragraph id="id10c6c390cdc74bfebfe92f8d66c29b1e"><enum>(2)</enum><header>Existing authorities</header><text>Nothing in paragraph (1) shall limit the authority of the appropriate Federal banking agencies as in effect on the date of enactment of this Act.</text>
</paragraph></subsection></section><section id="HAEC52E1F9AAC45F3ADC31D22A96C0875" section-type="subsequent-section"><enum>202.</enum><header>Limited exception for reciprocal deposits</header>
<subsection id="H6E642923CE2D4C87A5B85B09BC046F84"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Section 29 of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1831f">12 U.S.C. 1831f</external-xref>) is amended by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="H2000A5A560014C0E8921874BA6C7FF12" style="OLC">
<subsection id="H062C7214A7954BC182495C7D76B643BB"><enum>(i)</enum><header>Limited exception for reciprocal deposits</header>
<paragraph id="H751BF612E2384D49B56E8B4B6F9EC776"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">Reciprocal deposits of an agent institution shall not be considered to be funds obtained, directly or indirectly, by or through a deposit broker to the extent that the total amount of such reciprocal deposits does not exceed the lesser of—</text>
<subparagraph id="HF67F8F2337B64D9E9EF8146FEF9B8D8C"><enum>(A)</enum><text>$5,000,000,000; or</text> </subparagraph><subparagraph id="H5830DE32AE0F45D0A2E311B1F1A867DA"><enum>(B)</enum><text>an amount equal to 20 percent of the total liabilities of the agent institution.</text>
</subparagraph></paragraph><paragraph id="H5C6A52FF7A4C46238F9C8321119A4A97"><enum>(2)</enum><header>Definitions</header><text display-inline="yes-display-inline">In this subsection:</text> <subparagraph id="HC2875916626B4BCBABA746BEE859502F"><enum>(A)</enum><header>Agent institution</header><text display-inline="yes-display-inline">The term <term>agent institution</term> means an insured depository institution that places a covered deposit through a deposit placement network at other insured depository institutions in amounts that are less than or equal to the standard maximum deposit insurance amount, specifying the interest rate to be paid for such amounts, if the insured depository institution—</text>
<clause id="H2278C86A762F439A98944C3D31FB7612"><enum>(i)</enum><subclause commented="no" display-inline="yes-display-inline" id="HD2006F312DDF4FB8BB007E5F06D32A99"><enum>(I)</enum><text>when most recently examined under section 10(d) was found to have a composite condition of outstanding or good; and</text>
</subclause><subclause id="H4E5789C603D54987A9090DAA752D09AF" indent="up1"><enum>(II)</enum><text>is well capitalized;</text> </subclause></clause><clause id="H4019283B16914E5D95A3DE78491B9AF7"><enum>(ii)</enum><text>has obtained a waiver pursuant to subsection (c); or</text>
</clause><clause id="H95F4BBA7B56E42668667FD8FD4E4CD50"><enum>(iii)</enum><text display-inline="yes-display-inline">does not receive an amount of reciprocal deposits that causes the total amount of reciprocal deposits held by the agent institution to be greater than the average of the total amount of reciprocal deposits held by the agent institution on the last day of each of the 4 calendar quarters preceding the calendar quarter in which the agent institution was found not to have a composite condition of outstanding or good or was determined to be not well capitalized.</text>
</clause></subparagraph><subparagraph id="H72F02AF6123E40A9AE303A1BC4BADF5D"><enum>(B)</enum><header>Covered deposit</header><text display-inline="yes-display-inline">The term <term>covered deposit</term> means a deposit that—</text> <clause id="HD21ADBE5E9554E9CB64B78B7044E7AFB"><enum>(i)</enum><text display-inline="yes-display-inline">is submitted for placement through a deposit placement network by an agent institution; and</text>
</clause><clause id="HDEB96886180444598838474A59643F78"><enum>(ii)</enum><text display-inline="yes-display-inline">does not consist of funds that were obtained for the agent institution, directly or indirectly, by or through a deposit broker before submission for placement through a deposit placement network.</text>
</clause></subparagraph><subparagraph id="H7817B14B2CAE4E74A6109F6C41E027AE"><enum>(C)</enum><header>Deposit placement network</header><text display-inline="yes-display-inline">The term <term>deposit placement network</term> means a network in which an insured depository institution participates, together with other insured depository institutions, for the processing and receipt of reciprocal deposits.</text>
</subparagraph><subparagraph id="H51DD1A9FD9A7435A9890E0D2DC56127D"><enum>(D)</enum><header>Network member bank</header><text display-inline="yes-display-inline">The term <term>network member bank</term> means an insured depository institution that is a member of a deposit placement network.</text> </subparagraph><subparagraph id="H38A2455F12764D9A834878239036B1AC"><enum>(E)</enum><header>Reciprocal deposits</header><text display-inline="yes-display-inline">The term <term>reciprocal deposits</term> means deposits received by an agent institution through a deposit placement network with the same maturity (if any) and in the same aggregate amount as covered deposits placed by the agent institution in other network member banks.</text>
</subparagraph><subparagraph id="idC2E82B8C53434C80B4FF4886F4FCBC56"><enum>(F)</enum><header>Well capitalized</header><text display-inline="yes-display-inline">The term <term>well capitalized</term> has the meaning given the term in section 38(b)(1).</text></subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block> </subsection><subsection commented="no" id="H8779CB4F01534B608C99406AFF3336C3"><enum>(b)</enum><header>Interest rate restriction</header><text display-inline="yes-display-inline">Section 29 of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1831f">12 U.S.C. 1831f</external-xref>) is amended by striking subsection (e) and inserting the following:</text>
<quoted-block display-inline="no-display-inline" id="H3814564BD6F242188E1E74142B1090A5" style="OLC">
<subsection id="H29C6136E5B274462BF5EAB24F94B60D6"><enum>(e)</enum><header>Restriction on interest rate paid</header>
<paragraph id="id3eb35d8c474b48b8937244090a807232"><enum>(1)</enum><header>Definitions</header><text>In this subsection—</text> <subparagraph id="iddfd4fd2a66294929b5d47330a32488a3"><enum>(A)</enum><text>the terms <term>agent institution</term>, <term>reciprocal deposits</term>, and <term>well capitalized</term> have the meanings given those terms in subsection (i); and</text>
</subparagraph><subparagraph id="idd763b8bb0aa64761bd825fc50f108a92"><enum>(B)</enum><text>the term <term>covered insured depository institution</term> means an insured depository institution that—</text> <clause id="id67838e955c6943c0ac6af9f504cfe227"><enum>(i)</enum><text>under subsection (c) or (d), accepts funds obtained, directly or indirectly, by or through a deposit broker; or</text>
</clause><clause id="ida9de22097263425fb48cf95d0389106e"><enum>(ii)</enum><text>while acting as an agent institution under subsection (i), accepts reciprocal deposits while not well capitalized.</text>
</clause></subparagraph></paragraph><paragraph id="idAED350466032472EB3381B65A257CFE9"><enum>(2)</enum><header>Prohibition</header><text>A covered insured depository institution may not pay a rate of interest on funds or reciprocal deposits described in paragraph (1) that, at the time that the funds or reciprocal deposits are accepted, significantly exceeds the limit set forth in paragraph (3).</text>
</paragraph><paragraph id="H4F3C7D641F4D4CA59000547AACFDEDAA"><enum>(3)</enum><header>Limit on interest rates</header><text display-inline="yes-display-inline">The limit on the rate of interest referred to in paragraph (2) shall be—</text> <subparagraph id="H706B11A6C1FB416AA95E171C334A4CAB"><enum>(A)</enum><text display-inline="yes-display-inline">the rate paid on deposits of similar maturity in the normal market area of the covered insured depository institution for deposits accepted in the normal market area of the covered insured depository institution; or</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="HCA8822AED2F94B3196C56B8D176BF028"><enum>(B)</enum><text>the national rate paid on deposits of comparable maturity, as established by the Corporation, for deposits accepted outside the normal market area of the covered insured depository institution.</text></subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection></section><section id="id38898d3687e44cb1b87bd80be2368594"><enum>203.</enum><header>Community bank relief</header><text display-inline="no-display-inline">Section 13(h) of the Bank Holding Company Act of 1956 (<external-xref legal-doc="usc" parsable-cite="usc/12/1851">12 U.S.C. 1851(h)</external-xref>) is amended—</text> <paragraph id="id89CC9459BB1A4E77AFC3C0FDDDB3C643"><enum>(1)</enum><text>in paragraph (1)—</text>
<subparagraph id="id54057c9d30f346808e6ea8e04346dbd1"><enum>(A)</enum><text>in subparagraph (D), by redesignating clauses (i) and (ii) as subclauses (I) and (II), respectively, and adjusting the margins accordingly;</text>
</subparagraph><subparagraph id="id622115524f6c4c5abcdf91a374bf1f9a"><enum>(B)</enum><text>by redesignating subparagraphs (A) through (D) as clauses (i) through (iv), respectively, and adjusting the margins accordingly;</text>
</subparagraph><subparagraph id="ida597cef7a54e454d910803a726df72ad"><enum>(C)</enum><text>in the matter preceding clause (i), as so redesignated, in the second sentence, by striking <quote>institution that functions solely in a trust or fiduciary capacity, if—</quote> and inserting the following:</text> <quoted-block display-inline="yes-display-inline" id="id15abbd9f5f7b42328fa4f988feb0f103" style="OLC"> <text>institution—</text><subparagraph id="id93966e56b1c14c85be5c86cec3c1429b"><enum>(A)</enum><text>that functions solely in a trust or fiduciary capacity, if—</text></subparagraph><after-quoted-block>; </after-quoted-block></quoted-block> </subparagraph><subparagraph id="id5a240946c522438595bca9917ddbef7d"><enum>(D)</enum><text>in clause (iv)(II), as so redesignated, by striking the period at the end and inserting <quote>; or</quote>; and</text>
</subparagraph><subparagraph id="id314A5F173C054E54874AE27DF7B72502"><enum>(E)</enum><text>by adding at the end the following:</text> <quoted-block display-inline="no-display-inline" id="idA2B1248C10B14286A18DACEA6B98C920" style="OLC"> <subparagraph commented="no" display-inline="no-display-inline" id="id8b8ac94517b74da9b6fea2b610d3f659"><enum>(B)</enum><text>with—</text>
<clause commented="no" display-inline="no-display-inline" id="id86A77285846F47859F63DD2378C93338"><enum>(i)</enum><text>not more than $10,000,000,000 of total consolidated assets; and</text> </clause><clause id="id1f07f41a0955455197749853ab0fdec6"><enum>(ii)</enum><text>total trading assets and trading liabilities, as reported on the most recent applicable regulatory filing filed by the institution, that are not more than 5 percent of total consolidated assets.</text></clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subparagraph></paragraph></section><section commented="no" id="HDC054E2987CF470AA3F2BDB3BA56693B"><enum>204.</enum><header>Removing naming restrictions</header>
<text display-inline="no-display-inline">Section 13 of the Bank Holding Company Act of 1956 (<external-xref legal-doc="usc" parsable-cite="usc/12/1851">12 U.S.C. 1851</external-xref>) is amended—</text> <paragraph commented="no" id="H8CA6BD2BB9BC4C1E8728736B9FFBBD36"><enum>(1)</enum><text display-inline="yes-display-inline">in subsection (d)(1)(G)(vi), by inserting before the semicolon the following:</text>
<quoted-block display-inline="yes-display-inline" id="H5E74A2EBE1734257A5EE34D31F15BD4B" style="OLC">
<text>, except that the hedge fund or private equity fund may share the same name or a variation of the same name as a banking entity that is an investment adviser to the hedge fund or private equity fund, if—</text><subclause id="H0A9646C19082410C9D1CDBF791BDD5EE"><enum>(I)</enum><text display-inline="yes-display-inline">such investment adviser is not an insured depository institution, a company that controls an insured depository institution, or a company that is treated as a bank holding company for purposes of section 8 of the International Banking Act of 1978 (<external-xref legal-doc="usc" parsable-cite="usc/12/3106">12 U.S.C. 3106</external-xref>);</text>
</subclause><subclause id="H2649441D637946A1BF3B43903A7DD41A"><enum>(II)</enum><text display-inline="yes-display-inline">such investment adviser does not share the same name or a variation of the same name as an insured depository institution, any company that controls an insured depository institution, or any company that is treated as a bank holding company for purposes of section 8 of the International Banking Act of 1978 (<external-xref legal-doc="usc" parsable-cite="usc/12/3106">12 U.S.C. 3106</external-xref>); and</text>
</subclause><subclause id="HCAB2BD8FEE1A4BEA898527B29EECD474"><enum>(III)</enum><text>such name does not contain the word <quote>bank</quote></text> </subclause><after-quoted-block>; and</after-quoted-block></quoted-block> </paragraph><paragraph commented="no" display-inline="no-display-inline" id="HF94692F021A74AAD81BCFA8A48477520"><enum>(2)</enum><text>in subsection (h)(5)(C), by inserting before the period the following: <quote>, except as permitted under subsection (d)(1)(G)(vi)</quote>.</text>
</paragraph></section><section id="idBDE5263E2EB94810BA19114A9D2CB665"><enum>205.</enum><header>Short form call reports</header><text display-inline="no-display-inline">Section 7(a) of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1817">12 U.S.C. 1817(a)</external-xref>) is amended by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="H73EF9277058A482B83711CF6F2127C30" style="OLC">
<paragraph id="H5FFF2DA045F9490BB9D88D9E75841D37"><enum>(12)</enum><header>Short form reporting</header>
<subparagraph id="id71c69022649346e8a99c37ee76e55454"><enum>(A)</enum><header>In general</header><text>The appropriate Federal banking agencies shall issue regulations that allow for a reduced reporting requirement for a covered depository institution when the institution makes the first and third report of condition for a year, as required under paragraph (3).</text>
</subparagraph><subparagraph id="idEBE37E23FF134493857D0DE050310F85"><enum>(B)</enum><header>Definition</header><text>In this paragraph, the term <term>covered depository institution</term> means an insured depository institution that—</text> <clause id="id3D9B2064FC53477FB4549355FAA8061C"><enum>(i)</enum><text>has less than $5,000,000,000 in total consolidated assets; and</text>
</clause><clause id="id119B5F8A820743ACBD5B570558948E2F"><enum>(ii)</enum><text>satisfies such other criteria as the appropriate Federal banking agencies determine appropriate.</text> </clause></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block> </section><section id="H2D109A96DD2A444A914620D6CEF287AA"><enum>206.</enum><header>Option for Federal savings associations to operate as covered savings associations</header><text display-inline="no-display-inline">The Home Owners’ Loan Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1461">12 U.S.C. 1461</external-xref> et seq.) is amended by inserting after section 5 (<external-xref legal-doc="usc" parsable-cite="usc/12/1464">12 U.S.C. 1464</external-xref>) the following:</text>
<quoted-block display-inline="no-display-inline" id="HBE68AE6BB6154F3CBB3086687D0CB022" style="OLC">
<section id="H8F78E7279D53497586D22419F63D14BF"><enum>5A.</enum><header>Election to operate as a covered savings association</header>
<subsection id="H5D4FD7336EE04037B30A9CB5884698BA"><enum>(a)</enum><header>Definition</header><text>In this section, the term <term>covered savings association</term> means a Federal savings association that makes an election that is approved under subsection (b).</text> </subsection><subsection id="H5840753BD2A94DC8B109BCDA4E2BB514"><enum>(b)</enum><header>Election</header> <paragraph id="H4601F8C7FD1C403980EAD4E3ACC014D9"><enum>(1)</enum><header>In general</header><text>Upon issuance of rules under subsection (f), and in accordance with those rules, a Federal savings association with total consolidated assets equal to or less than $15,000,000,000 may elect to operate as a covered savings association by submitting a notice to the Comptroller of that election.</text>
</paragraph><paragraph id="H04A0D33895A744BBB027F33C5FC58342"><enum>(2)</enum><header>Approval</header><text>A Federal savings association shall be deemed to be approved to operate as a covered savings association beginning on the date that is 60 days after the date on which the Comptroller receives the notice submitted under paragraph (1), unless the Comptroller notifies the Federal savings association that the Federal savings association is not eligible.</text>
</paragraph></subsection><subsection id="HA5C0C25023944473AAB6A1D8D187D5F7"><enum>(c)</enum><header>Rights and duties</header><text display-inline="yes-display-inline">Notwithstanding any other provision of law, and except as otherwise provided in this section, a covered savings association shall—</text>
<paragraph id="H6D84FBAA2A214E9B8EA030B6F4DC9F68"><enum>(1)</enum><text>have the same rights and privileges as a national bank that has the main office of the national bank situated in the same location as the home office of the covered savings association; and</text>
</paragraph><paragraph id="H778FD76FFD8B49BC9CB6BEEFB1C5C441"><enum>(2)</enum><text>be subject to the same duties, restrictions, penalties, liabilities, conditions, and limitations that would apply to a national bank described in paragraph (1).</text>
</paragraph></subsection><subsection id="H9082CAF1B1B44A999FC1D9A2901A3778"><enum>(d)</enum><header>Treatment of covered savings associations</header><text display-inline="yes-display-inline">A covered savings association shall be treated as a Federal savings association for the purposes—</text> <paragraph id="H62725F1D698D4C48852350F7DAE5A7F4"><enum>(1)</enum><text display-inline="yes-display-inline">of governance of the covered savings association, including incorporation, bylaws, boards of directors, shareholders, and distribution of dividends;</text>
</paragraph><paragraph id="HBBA896280DFF49288468ABE687E392E2"><enum>(2)</enum><text>of consolidation, merger, dissolution, conversion (including conversion to a stock bank or to another charter), conservatorship, and receivership; and</text>
</paragraph><paragraph id="H75F94EA1FD344EE19A4748286C2AB44E"><enum>(3)</enum><text>determined by regulation of the Comptroller.</text> </paragraph></subsection><subsection id="H9D297370D1794B56851CC561F865910C"><enum>(e)</enum><header>Existing branches</header><text display-inline="yes-display-inline">A covered savings association may continue to operate any branch or agency that the covered savings association operated on the date on which an election under subsection (b) is approved.</text>
</subsection><subsection id="H5843BC73420044BA8B4B7F2CB8018C01"><enum>(f)</enum><header>Rule making</header><text display-inline="yes-display-inline">The Comptroller shall issue rules to carry out this section—</text> <paragraph id="H534D961D6399474BB2B73704221151C7"><enum>(1)</enum><text>that establish streamlined standards and procedures that clearly identify required documentation or timelines for an election under subsection (b);</text>
</paragraph><paragraph commented="no" id="HFD6CF0E30EE84CC2BFA9736F1FCC3C6F"><enum>(2)</enum><text display-inline="yes-display-inline">that require a Federal savings association that makes an election under subsection (b) to identify specific assets and subsidiaries that—</text>
<subparagraph commented="no" id="H4014C7EB035047F58863722C6E3F89F5"><enum>(A)</enum><text>do not conform to the requirements for assets and subsidiaries of a national bank; and</text> </subparagraph><subparagraph commented="no" id="H9AB199E70B794E2CA6A2E4A7E4370405"><enum>(B)</enum><text>are held by the Federal savings association on the date on which the Federal savings association submits a notice of the election;</text>
</subparagraph></paragraph><paragraph commented="no" id="HA31751B8F71440E2ACB0B10B08DF356F"><enum>(3)</enum><text>that establish—</text> <subparagraph commented="no" id="HD372F49B924946988390DE6289A43759"><enum>(A)</enum><text>a transition process for bringing the assets and subsidiaries described in paragraph (2) into conformance with the requirements for a national bank; and</text>
</subparagraph><subparagraph commented="no" id="HA36D131CB35D44C6801D041560172CAE"><enum>(B)</enum><text display-inline="yes-display-inline">procedures for allowing the Federal savings association to submit to the Comptroller an application to continue to hold assets and subsidiaries described in paragraph (2) after electing to operate as a covered savings association;</text>
</subparagraph></paragraph><paragraph id="H39B8614BB00E4F0FAEF1AFF8F1C04DD0"><enum>(4)</enum><text display-inline="yes-display-inline">that establish standards and procedures to allow a covered savings association to—</text> <subparagraph id="idE5B6F83EB6944726A896DECFBE2671B2"><enum>(A)</enum><text display-inline="yes-display-inline">terminate an election under subsection (b) after an appropriate period of time; and</text>
</subparagraph><subparagraph id="id15FA11A6B19E4CECAD6FF5B6F8DEEA70"><enum>(B)</enum><text display-inline="yes-display-inline">make a subsequent election under subsection (b) after terminating an election under subparagraph (A);</text>
</subparagraph></paragraph><paragraph id="H4E3B87CB9C06452BBD95CBB0310B248D"><enum>(5)</enum><text display-inline="yes-display-inline">that clarify requirements for the treatment of covered savings associations, including the provisions of law that apply to covered savings associations; and</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="H55651DEA93A340FF81F0F8BF65DE9D58"><enum>(6)</enum><text>as the Comptroller determines necessary in the interests of safety and soundness.</text> </paragraph></subsection><subsection id="id6e04b285645b4b0ea78386bd2232524c"><enum>(g)</enum><header>Grandfathered covered savings associations</header><text>Subject to the rules issued under subsection (f), a covered savings association may continue to operate as a covered savings association if, after the date on which the election is made under subsection (b), the covered savings association has total consolidated assets greater than $15,000,000,000.</text></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="id577E851E50D14CE59CDAA7E63A19DFFA"><enum>207.</enum><header>Small bank holding company policy statement</header>
<subsection id="id80D6F8E213E14CB3B3922CD0EF9FA520"><enum>(a)</enum><header>Definitions</header><text display-inline="yes-display-inline">In this section:</text> <paragraph id="idAC0838ACF9C4454880E1D556F36A694A"><enum>(1)</enum><header>Board</header><text>The term <term>Board</term> means the Board of Governors of the Federal Reserve System.</text>
</paragraph><paragraph id="id58fb61526f82434899f353fce6259dee"><enum>(2)</enum><header>Savings and loan holding company</header><text>The term <term>savings and loan holding company</term> has the meaning given the term in section 10(a) of the Home Owners’ Loan Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1467a">12 U.S.C. 1467a(a)</external-xref>).</text> </paragraph></subsection><subsection id="id83204B42EEE94D339A6DD91EE7173249"><enum>(b)</enum><header>Changes required to small bank holding company policy statement on assessment of financial and managerial factors</header><text display-inline="yes-display-inline">Not later than 180 days after the date of enactment of this Act, the Board shall revise appendix C to part 225 of title 12, Code of Federal Regulations (commonly known as the <quote>Small Bank Holding Company and Savings and Loan Holding Company Policy Statement</quote>), to raise the consolidated asset threshold under that appendix from $1,000,000,000 to $3,000,000,000 for any bank holding company or savings and loan holding company that—</text>
<paragraph id="id7e7c72bf8a0240328b2b7c29375c3ff9"><enum>(1)</enum><text>is not engaged in significant nonbanking activities either directly or through a nonbank subsidiary;</text>
</paragraph><paragraph id="id7ba506639184419b9e42643285e29753"><enum>(2)</enum><text>does not conduct significant off-balance sheet activities (including securitization and asset management or administration) either directly or through a nonbank subsidiary; and</text>
</paragraph><paragraph id="id8bd3f73994974a8db30e1715a72740d8"><enum>(3)</enum><text>does not have a material amount of debt or equity securities outstanding (other than trust preferred securities) that are registered with the Securities and Exchange Commission.</text>
</paragraph></subsection><subsection id="id3a4205cd0134454296d20448aeec0f2b"><enum>(c)</enum><header>Exclusions</header><text>The Board may exclude any bank holding company or savings and loan holding company, regardless of asset size, from the revision under subsection (b) if the Board determines that such action is warranted for supervisory purposes.</text>
</subsection><subsection id="H1C9D59B9C4CB401FAF35F66972AAA766"><enum>(d)</enum><header>Conforming amendment</header><text display-inline="yes-display-inline">Section 171(b)(5) of the Financial Stability Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/12/5371">12 U.S.C. 5371(b)(5)</external-xref>) is amended by striking subparagraph (C) and inserting the following:</text>
<quoted-block display-inline="no-display-inline" id="HEAEA346373CB4B32BF2ECF16D709EF92" style="OLC">
<subparagraph commented="no" display-inline="no-display-inline" id="HD0D79D1C433F496B8DC84725EF70F0D7"><enum>(C)</enum><text display-inline="yes-display-inline">any bank holding company or savings and loan holding company that is subject to the application of appendix C to part 225 of title 12, Code of Federal Regulations (commonly known as the <quote>Small Bank Holding Company and Savings and Loan Holding Company Policy Statement</quote>).</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection></section><section id="idF7306A8AE89E48B2AA37F92529969D39"><enum>208.</enum><header>Application of the Expedited Funds Availability Act</header>
<subsection id="H9F6081F90E3C4439A0A3ECF79621D360"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">The Expedited Funds Availability Act (<external-xref legal-doc="usc" parsable-cite="usc/12/4001">12 U.S.C. 4001</external-xref> et seq.) is amended—</text> <paragraph id="H6833B68A4F9A41D8B93941468B55D0A7"><enum>(1)</enum><text>in section 602 (<external-xref legal-doc="usc" parsable-cite="usc/12/4001">12 U.S.C. 4001</external-xref>)—</text>
<subparagraph id="id12D1C3AE25EB43C18F8279CB0A47334E"><enum>(A)</enum><text>in paragraph (20), by inserting <quote>, located in the United States,</quote> after <quote>ATM</quote>;</text> </subparagraph><subparagraph id="idF461BE3745FD4C2BB69950AD0E9C483F"><enum>(B)</enum><text>in paragraph (21), by inserting <quote>American Samoa, the Commonwealth of the Northern Mariana Islands,</quote> after <quote>Puerto Rico,</quote>; and</text>
</subparagraph><subparagraph id="id82B7AFE61EB94B00B56E2E769C381EFB"><enum>(C)</enum><text>in paragraph (23), by inserting <quote>American Samoa, the Commonwealth of the Northern Mariana Islands,</quote> after <quote>Puerto Rico,</quote>; and</text> </subparagraph></paragraph><paragraph id="HE0706AFDB82743438B04DA6A76E73631"><enum>(2)</enum><text display-inline="yes-display-inline">in section 603(d)(2)(A) (<external-xref legal-doc="usc" parsable-cite="usc/12/4002">12 U.S.C. 4002(d)(2)(A)</external-xref>), by inserting <quote>American Samoa, the Commonwealth of the Northern Mariana Islands,</quote> after <quote>Puerto Rico,</quote>.</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="H9090E9052C474F8FACF552B09212ABD8"><enum>(b)</enum><header>Effective date</header><text>The amendments made by this section shall take effect on the date that is 30 days after the date of enactment of this Act.</text>
</subsection></section><section commented="no" display-inline="no-display-inline" id="id7a688e32f8334873b52f866b38110942" section-type="subsequent-section"><enum>209.</enum><header display-inline="yes-display-inline">Mutual holding
company dividend waivers</header><text display-inline="no-display-inline">Not later than 180 days after the date of enactment of this Act, the Board of Governors of the Federal Reserve System shall amend section 239.8(d)(2)(iv) of title 12, Code of Federal Regulations, by striking <quote>12 months</quote> each place that term appears and inserting <quote>24 months</quote>.</text>
</section><section id="id8a903cb54842453fb3f16467ab399036"><enum>210.</enum><header>Small public housing agencies</header>
<subsection id="id71a7f814efaa431093a2934530dc4c99"><enum>(a)</enum><header>Small public housing agencies</header>
<text>Title I of the United States Housing Act of 1937 (<external-xref legal-doc="usc" parsable-cite="usc/42/1437">42 U.S.C. 1437</external-xref> et seq.) is amended by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="iddb5443fb06094f1f94c34a86fc539b70" style="OLC">
<section id="id47a67cbf64d846f396085cd07d844594"><enum>38.</enum><header>Small public housing agencies</header>
<subsection id="idb1012ca9814e4031b6603b9ad6f75394"><enum>(a)</enum><header>Definitions</header><text>In this section:</text> <paragraph id="id2763e708e62a487d9ca255668bf2a02c"><enum>(1)</enum><header>Housing voucher program</header><text>The term <term>housing voucher program</term> means a program for tenant-based assistance under section 8.</text>
</paragraph><paragraph id="id81eff22791ac4e4c915677e4a8269e24"><enum>(2)</enum><header>Small public housing agency</header><text>The term <term>small public housing agency</term> means a public housing agency—</text> <subparagraph id="id39FBC02F5EFE48338416C47FC9999543"><enum>(A)</enum><text>for which the sum of the number of public housing dwelling units administered by the agency and the number of vouchers under section 8(o) administered by the agency is 550 or fewer; and</text>
</subparagraph><subparagraph id="id55534A0EEBAB47A591423889EC2B156D"><enum>(B)</enum><text>that predominantly operates in a rural area, as described in section 1026.35(b)(2)(iv)(A) of title 12, Code of Federal Regulations.</text>
</subparagraph></paragraph><paragraph id="id028828d5e35f43239791663595121111"><enum>(3)</enum><header>Troubled small public housing agency</header><text>The term <term>troubled small public housing agency</term> means a small public housing agency designated by the Secretary as a troubled small public housing agency under subsection (c)(3).</text>
</paragraph></subsection><subsection id="id501981d79f5948b792067e2e3c682e59"><enum>(b)</enum><header>Applicability</header><text>Except as otherwise provided in this section, a small public housing agency shall be subject to the same requirements as a public housing agency.</text>
</subsection><subsection id="id6aa10b32abd54292ac38e59acb22531d"><enum>(c)</enum><header>Program inspections and evaluations</header>
<paragraph id="idffd0399dc18e48299926eb8f43bc53b6"><enum>(1)</enum><header>Public housing projects</header>
<subparagraph id="id027222e2312d45da9d4787f89d8b8b07"><enum>(A)</enum><header>Frequency of inspections by secretary</header><text>The Secretary shall carry out an inspection of the physical condition of a small public housing agency’s public housing projects not more frequently than once every 3 years, unless the agency has been designated by the Secretary as a troubled small public housing agency based on deficiencies in the physical condition of its public housing projects.</text>
</subparagraph><subparagraph id="ida60454c3c8b140f59a4638c172a55eb2"><enum>(B)</enum><header>Standards</header><text>The Secretary shall apply to small public housing agencies the same standards for the acceptable condition of public housing projects that apply to projects assisted under section 8.</text>
</subparagraph></paragraph><paragraph id="id3eba798a11d84fa7852e8750063d2491"><enum>(2)</enum><header>Housing voucher program</header><text>A small public housing agency administering assistance under section 8(o) shall make periodic physical inspections of each assisted dwelling unit not less frequently than once every 3 years to determine whether the unit is maintained in accordance with the requirements under section 8(o)(8)(A).</text>
</paragraph><paragraph id="id944beb7ccbea404680dc93d0fd53f682"><enum>(3)</enum><header>Troubled small public housing agencies</header>
<subparagraph id="id9ce647a9089e4584bf83be3b46880ede"><enum>(A)</enum><header>Public housing program</header><text>Notwithstanding any other provision of law, the Secretary may designate a small public housing agency as a troubled small public housing agency with respect to the public housing program of the small public housing agency if the Secretary determines that the agency has failed to maintain the public housing units of the small public housing agency in a satisfactory physical condition, based upon an inspection conducted by the Secretary.</text>
</subparagraph><subparagraph id="id9b54f692b609448c99c0b7d3b5f8697a"><enum>(B)</enum><header>Housing voucher program</header><text>Notwithstanding any other provision of law, the Secretary may designate a small public housing agency as a troubled small public housing agency with respect to the housing voucher program of the small public housing agency if the Secretary determines that the agency has failed to comply with the inspection requirements under paragraph (2).</text>
</subparagraph><subparagraph id="idb27f16c5247e4011b0f3d0aae6916069"><enum>(C)</enum><header>Appeals</header>
<clause id="id0b5e6b3a671a443a8ff115f5edf3b5ec"><enum>(i)</enum><header>Establishment</header><text>The Secretary shall establish an appeals process under which a small public housing agency may dispute a designation as a troubled small public housing agency.</text>
</clause><clause id="id58532a4ace7e4155b611ac5aa7315016"><enum>(ii)</enum><header>Official</header><text>The appeals process established under clause (i) shall provide for a decision by an official who has not been involved, and is not subordinate to a person who has been involved, in the original determination to designate a small public housing agency as a troubled small public housing agency.</text>
</clause></subparagraph><subparagraph id="id1000d585728941588c4016965c723deb"><enum>(D)</enum><header>Corrective action agreement</header>
<clause id="id419aee587ffc46bbaa0854c5bc2906bb"><enum>(i)</enum><header>Agreement required</header><text>Not later than 60 days after the date on which a small public housing agency is designated as a troubled public housing agency under subparagraph (A) or (B), the Secretary and the small public housing agency shall enter into a corrective action agreement under which the small public housing agency shall undertake actions to correct the deficiencies upon which the designation is based.</text>
</clause><clause id="id0d0031c950784de797d0c261e0f12688"><enum>(ii)</enum><header>Terms of agreement</header><text>A corrective action agreement entered into under clause (i) shall—</text> <subclause id="id12022495cf3846e0adeca888206c3b7f"><enum>(I)</enum><text>have a term of 1 year, and shall be renewable at the option of the Secretary;</text>
</subclause><subclause id="id6583218937ac4a1fb23c3907f0ca3714"><enum>(II)</enum><text>provide, where feasible, for technical assistance to assist the public housing agency in curing its deficiencies;</text>
</subclause><subclause id="id3b27bf313f5d48318fb9481620f1b34a"><enum>(III)</enum><text>provide for—</text> <item id="id26e9388bbeaf40e1b1a8adfce267ef1c"><enum>(aa)</enum><text>reconsideration of the designation of the small public housing agency as a troubled small public housing agency not less frequently than annually; and</text>
</item><item id="id8a5bdcac372e4515ae00d858a96b85de"><enum>(bb)</enum><text>termination of the agreement when the Secretary determines that the small public housing agency is no longer a troubled small public housing agency; and</text>
</item></subclause><subclause id="ideb6a7f5f176843049db5269e0b0699fb"><enum>(IV)</enum><text>provide that in the event of substantial noncompliance by the small public housing agency under the agreement, the Secretary may—</text>
<item id="id792443277dd646b08c92e64a3cf6543c"><enum>(aa)</enum><text>contract with another public housing agency or a private entity to manage the public housing of the troubled small public housing agency;</text>
</item><item id="idc6cff44d7de64d2b9d94e5b7213dd9ec"><enum>(bb)</enum><text>withhold funds otherwise distributable to the troubled small public housing agency;</text> </item><item id="id17fe1ed28b23469aa98734dfbdb554e6"><enum>(cc)</enum><text>assume possession of, and direct responsibility for, managing the public housing of the troubled small public housing agency;</text>
</item><item id="idb587a6f96bc34d33bbaa0c2af326758a"><enum>(dd)</enum><text>petition for the appointment of a receiver, in accordance with section 6(j)(3)(A)(ii); and</text> </item><item id="id57d8a39822f94fb8bfe567e8df88f9a3"><enum>(ee)</enum><text>exercise any other remedy available to the Secretary in the event of default under the public housing annual contributions contract entered into by the small public housing agency under section 5.</text>
</item></subclause></clause></subparagraph><subparagraph id="id35f3046975be4fdd9ac4e7e51a9d4f5f"><enum>(E)</enum><header>Emergency actions</header><text>Nothing in this paragraph may be construed to prohibit the Secretary from taking any emergency action necessary to protect Federal financial resources or the health or safety of residents of public housing projects.</text>
</subparagraph></paragraph></subsection><subsection id="idde82696ca4ab4a33a8ce0aafc8d5789d"><enum>(d)</enum><header>Reduction of administrative burdens</header>
<paragraph id="idad1dbe3b30d949dc9d4401b1d213ba9f"><enum>(1)</enum><header>Exemption</header><text>Notwithstanding any other provision of law, a small public housing agency shall be exempt from any environmental review requirements with respect to a development or modernization project having a total cost of not more than $100,000.</text>
</paragraph><paragraph id="id670e9ffff582478da21daebc57da5255"><enum>(2)</enum><header>Streamlined procedures</header><text>The Secretary shall, by rule, establish streamlined procedures for environmental reviews of small public housing agency development and modernization projects having a total cost of more than $100,000.</text></paragraph></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="ide428d15d8a204d8d98e522e83579a99f"><enum>(b)</enum><header>Energy conservation</header><text>Section 9(e)(2) of the United States Housing Act of 1937 (<external-xref legal-doc="usc" parsable-cite="usc/42/1437g">42 U.S.C. 1437g(e)(2)</external-xref>) is amended by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="id8923d0123f744bc0b24a3a6dd05f32ea" style="OLC">
<subparagraph id="id4710804f362948b18d4e27b8d36afd97"><enum>(D)</enum><header>Freeze of consumption levels</header>
<clause id="idc457b4fc993544669f2873d865e2c728"><enum>(i)</enum><header>In general</header><text>A small public housing agency, as defined in section 38(a), may elect to be paid for its utility and waste management costs under the formula for a period, at the discretion of the small public housing agency, of not more than 20 years based on the small public housing agency’s average annual consumption during the 3-year period preceding the year in which the election is made (in this subparagraph referred to as the <quote>consumption base level</quote>).</text>
</clause><clause id="id8ad75d92cad3421ba8edf4e94efb5d5a"><enum>(ii)</enum><header>Initial adjustment in consumption base level</header><text>The Secretary shall make an initial one-time adjustment in the consumption base level to account for differences in the heating degree day average over the most recent 20-year period compared to the average in the consumption base level.</text>
</clause><clause id="idb6abb6fc3e51458590a93bc3b626652e"><enum>(iii)</enum><header>Adjustments in consumption base level</header><text>The Secretary shall make adjustments in the consumption base level to account for an increase or reduction in units, a change in fuel source, a change in resident controlled electricity consumption, or for other reasons.</text>
</clause><clause id="id24290acfeba7422caa865194decd7010"><enum>(iv)</enum><header>Savings</header><text>All cost savings resulting from an election made by a small public housing agency under this subparagraph—</text>
<subclause id="idcc2b5082ab9a4baba80712be2e36254c"><enum>(I)</enum><text>shall accrue to the small public housing agency; and</text> </subclause><subclause id="id53eab8486eec45ba9f369d78a15ac7eb"><enum>(II)</enum><text>may be used for any public housing purpose at the discretion of the small public housing agency.</text>
</subclause></clause><clause id="ida4568fd8f0f3432aabc62ddf309cb3cb"><enum>(v)</enum><header>Third parties</header><text>A small public housing agency making an election under this subparagraph—</text> <subclause id="ide35607021bf7411c81c10bde63b61b43"><enum>(I)</enum><text>may use, but shall not be required to use, the services of a third party in its energy conservation program; and</text>
</subclause><subclause id="id48a1d3c547f2433ca50f680711bed0b7"><enum>(II)</enum><text>shall have the sole discretion to determine the source, and terms and conditions, of any financing used for its energy conservation program.</text></subclause></clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="id3debde4926b043b79613622322e6f3b8"><enum>(c)</enum><header>Reporting by agencies operating in consortia</header><text>Not later than 180 days after the date of enactment of this Act, the Secretary of Housing and Urban Development shall develop and deploy all electronic information systems necessary to accommodate full consolidated reporting by public housing agencies, as defined in section 3(b)(6) of the United States Housing Act of 1937 (<external-xref legal-doc="usc" parsable-cite="usc/42/1437a">42 U.S.C. 1437a(b)(6)</external-xref>), electing to operate in consortia under section 13(a) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/42/1437k">42 U.S.C. 1437k(a)</external-xref>).</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="idecf8e08699994b33b19d92b2ec41f5b8"><enum>(d)</enum><header>Effective date</header><text>The amendments made by subsections (a) and (b) shall take effect on the date that is 60 days after the date of enactment of this Act.</text>
</subsection></section><section commented="no" display-inline="no-display-inline" id="id9C462887D780495CA19C4E3BA0F2C431"><enum>211.</enum><header>Examination cycle</header><text display-inline="no-display-inline">Section 10(d)(4)(A) of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1820">12 U.S.C. 1820(d)(4)(A)</external-xref>) is amended by striking <quote>$1,000,000,000</quote> and inserting <quote>$3,000,000,000</quote>.</text>
</section><section id="idf832f3c08fce4ee1bb7d34136ef4bf24"><enum>212.</enum><header>National securities exchange regulatory parity</header><text display-inline="no-display-inline">Section 18(b)(1) of the Securities Act of 1933 (<external-xref legal-doc="usc" parsable-cite="usc/15/77r">15 U.S.C. 77r(b)(1)</external-xref>) is amended—</text> <paragraph id="id96045d2b17d94c2ab484205f4a8d6e91"><enum>(1)</enum><text>by striking subparagraph (A);</text>
</paragraph><paragraph id="id8fa4968ec0c54f3eaece3db652831c6f"><enum>(2)</enum><text>in subparagraph (B)—</text> <subparagraph id="id7C1E701BFEEE469BAB8C88CC24DB5B7D"><enum>(A)</enum><text>by inserting <quote>a security designated as qualified for trading in the national market system pursuant to section 11A(a)(2) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78k-1">15 U.S.C. 78k–1(a)(2)</external-xref>) that is</quote> before <quote>listed</quote>; and</text>
</subparagraph><subparagraph id="idAF59676635184A88978078AA6C48A97E"><enum>(B)</enum><text>by striking <quote>that has listing standards that the Commission determines by rule (on its own initiative or on the basis of a petition) are substantially similar to the listing standards applicable to securities described in subparagraph (A)</quote>;</text>
</subparagraph></paragraph><paragraph id="idc66e35d373ee4d7992165c5bdb1ddbff"><enum>(3)</enum><text>in subparagraph (C), by striking <quote>or (B)</quote>; and</text> </paragraph><paragraph commented="no" display-inline="no-display-inline" id="idBE9AFA1C579E4EB5ADB4353DF0E9CAF0"><enum>(4)</enum><text>by redesignating subparagraphs (B) and (C) as subparagraphs (A) and (B), respectively.</text>
</paragraph></section><enum>III</enum><header>Protections for veterans, consumers, and homeowners </header>
<section id="idC16D2F3E601947C88E8096D3DE00B6B5"><enum>301.</enum><header>Protecting consumers' credit</header><text display-inline="no-display-inline">Section 605A of the Fair Credit Reporting Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1681c-1">15 U.S.C. 1681c–1</external-xref>) is amended—</text> <subsection id="id9036426de54d493b97e30178d009b1ca"><enum>(a)</enum><text>in subsection (a)(1)(A), by striking <quote>90 days</quote> and inserting <quote>1 year</quote>; and</text>
</subsection><subsection id="id61bc012d58844744ad198ab574eabecd"><enum>(b)</enum><text>by adding at the end the following:</text> <quoted-block display-inline="no-display-inline" id="id8c4160607ad44bf99fe20b48e000f6f9" style="OLC"> <subsection id="id348e83d9b3c84fb082dc889f48cc22ac"><enum>(i)</enum><header>Free annual freeze alerts; additional protections for credit reports of minor consumers</header> <paragraph id="idD2B33D712008434C854DA799DD427171"><enum>(1)</enum><header>Definition</header><text>In this subsection, the term <term>freeze alert</term> means a restriction placed on the file of a consumer, prohibiting the ability of a consumer reporting agency to furnish to any person, for the purpose of opening a new account involving the extension of credit, the consumer report of the consumer.</text>
</paragraph><paragraph id="idF366232846664AF7BE24E5C270B36DBD"><enum>(2)</enum><header>Free annual freeze alert</header>
<subparagraph id="id4561466EE294418C8421EA65D6DB3E63"><enum>(A)</enum><header>In general</header><text>Notwithstanding any other provision of State law, once every calendar year, free of charge, upon the direct request of a consumer, or an individual acting on behalf of or as a personal representative of the consumer, a consumer reporting agency that maintains a file on the consumer and has received appropriate proof of the identity of the requester shall provide 1 freeze alert in the file of that consumer that shall remain in effect until the consumer or requester requests that such freeze alert be removed.</text>
</subparagraph><subparagraph id="id82780003884843888A63759A51EA69A4"><enum>(B)</enum><header>Removal of alert</header><text>Notwithstanding any other provision of State law, once every calendar year, free of charge, upon the direct request of a consumer, or an individual acting on behalf of or as a personal representative of the consumer, a consumer reporting agency that receives a request to remove a freeze alert provided under paragraph (1) shall remove such a freeze alert.</text>
</subparagraph><subparagraph id="id2a570723d5894b128b44d61441897d4f"><enum>(C)</enum><header>Rule of construction</header><text>Nothing in this paragraph shall be construed to limit the authority of a State to require consumer reporting agencies to require freeze alerts free of charge.</text>
</subparagraph></paragraph><paragraph id="id02EF370F214949C7BE6C112F031EAA50"><enum>(3)</enum><header>Additional protections for credit reports of minor consumers</header>
<subparagraph id="idF71A5BE7A552459E868FF0AF818E0253"><enum>(A)</enum><header>In general</header><text>Upon the direct request of an individual acting on behalf of or as a personal representative of a minor, a consumer reporting agency that maintains a file on the minor and has received appropriate proof of the identity of the requester shall include a freeze alert, free of charge, in the file of that minor that shall remain in effect until an individual acting on behalf of or as a personal representative of the minor, or in the case of a minor who is no longer a minor, the minor, requests that such freeze alert be removed.</text>
</subparagraph><subparagraph id="idF8BE51A7DC7743DE8639B29654256481"><enum>(B)</enum><header>Block of information</header><text>While a freeze alert under subparagraph (A) is in place, a consumer reporting agency may not release—</text>
<clause id="idC5BE99C5A3BF4C5F928CAFFD5A2E62BA"><enum>(i)</enum><text>the consumer report of the minor;</text> </clause><clause id="id70752BA9912547088A1B0AA90B351574"><enum>(ii)</enum><text>any information derived from the consumer report of the minor; or</text>
</clause><clause id="id7797C46E21CA46429707865C1F31C057"><enum>(iii)</enum><text>any record created for the minor.</text> </clause></subparagraph><subparagraph id="id9C1B93652EF846E785335BA2A4E2BBAB"><enum>(C)</enum><header>Removal</header><text>Notwithstanding any other provision of State law, a consumer reporting agency that receives a request for a freeze alert for a minor or a request to remove a freeze alert for a minor shall provide or remove the freeze alert, as applicable, free of charge.</text></subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection></section><section id="id218D3C7807E94D408004DDFCEDCDD52F"><enum>302.</enum><header>Protecting veterans’ credit</header>
<subsection id="iddf5dad0a02ae4ed2930817144641e41c"><enum>(a)</enum><header>Purposes</header><text display-inline="yes-display-inline">The purposes of this section are—</text> <paragraph id="idEC4FBFEB3CFF4BB791FA0CFB555508ED"><enum>(1)</enum><text display-inline="yes-display-inline">to rectify problematic reporting of medical debt included in a consumer report of a veteran due to inappropriate or delayed payment for hospital care or medical services provided in a non-Department of Veterans Affairs facility under the laws administered by the Secretary of Veterans Affairs; and</text>
</paragraph><paragraph id="idDAD3A49CF4D44BAAB2FFBC1B820D842D"><enum>(2)</enum><text display-inline="yes-display-inline">to clarify the process of debt collection for such medical debt.</text>
</paragraph></subsection><subsection id="idd2c98f64801e42b6ba17672b84f1571a"><enum>(b)</enum><header>Amendments to Fair Credit Reporting Act</header>
<paragraph id="id42f75595b27c4d12bb0c66a67a003ce9"><enum>(1)</enum><header>Veteran’s medical debt defined</header><text>Section 603 of the Fair Credit Reporting Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1681a">15 U.S.C. 1681a</external-xref>) is amended by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="id6B04D8D067E54C288E778F9485AE6C4C" style="OLC">
<subsection id="idab24a78223134bcfbc1e92d0e6b366e0"><enum>(z)</enum><header>Veteran</header><text>The term <term>veteran</term> has the meaning given the term in section 101 of title 38, United States Code.</text> </subsection><subsection id="idB933B9BA2AB643A8A54D38CE7BCA81EC"><enum>(aa)</enum><header>Veteran's medical debt</header><text>The term <term>veteran’s medical debt</term>—</text>
<paragraph id="id93728995D94C4F35B5CDA7A3EE270113"><enum>(1)</enum><text>means a debt of a veteran arising from health care provided in a non-Department of Veterans Affairs facility under the laws administered by the Secretary of Veterans Affairs; and</text>
</paragraph><paragraph id="id0384D7CCFE424D6593E2C0E7836759B2"><enum>(2)</enum><text>includes medical debt that the Department of Veterans Affairs has wrongfully charged a veteran.</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block> </paragraph><paragraph id="id0e0b8efe09c84dd5bcacfc5df1397d61"><enum>(2)</enum><header>Exclusion for veteran’s medical debt</header><text>Section 605(a) of the Fair Credit Reporting Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1681c">15 U.S.C. 1681c(a)</external-xref>) is amended by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="idEACB630C86E54473BB89FFF90FA1A302" style="OLC">
<paragraph id="id0683e10fc3ee4841ad6a379a3108ad3c"><enum>(7)</enum><text>Any information related to a veteran’s medical debt if the date on which the hospital care or medical services was rendered relating to the debt antedates the report by less than 1 year.</text>
</paragraph><paragraph id="id4797d249181347c4af21587bffb20bc2"><enum>(8)</enum><text>Any information related to a fully paid or settled veteran’s medical debt that had been characterized as delinquent, charged off, or in collection.</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph><paragraph id="idbf4d2f05a71a4e6f93b37c56c699a039"><enum>(3)</enum><header>Removal of veteran’s medical debt from consumer report</header><text>Section 611 of the Fair Credit Reporting Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1681i">15 U.S.C. 1681i</external-xref>) is amended—</text> <subparagraph id="idf1c9649013d0474aa27f220a9cdf8fdf"><enum>(A)</enum><text>in subsection (a)(1)(A), by inserting <quote>and except as provided in subsection (g)</quote> after <quote>subsection (f)</quote>; and</text>
</subparagraph><subparagraph id="id66109e5ab17049ba928e687677cbc402"><enum>(B)</enum><text>by adding at the end the following:</text> <quoted-block display-inline="no-display-inline" id="idCC81053E3F734DCC89E9F0764F0A5B37" style="OLC"> <subsection id="idec75bd27ca2a4f52bdd72c967652fb8a"><enum>(g)</enum><header>Dispute process for veteran’s medical debt</header> <paragraph id="idD63C5340E36E470B8699113381563AC7"><enum>(1)</enum><header>In general</header><text>With respect to a veteran's medical debt of a consumer, the consumer may submit a notice described in paragraph (2) along with proof of liability of the Department of Veterans Affairs for payment of that debt or documentation that the Department of Veterans Affairs is in the process of making payment for authorized medical services rendered to a consumer reporting agency or a reseller to dispute the inclusion of that debt on a consumer report of the consumer.</text>
</paragraph><paragraph id="idB1C1DA41F02E421B92B8AF466CA8BE29"><enum>(2)</enum><header>Notification to veteran</header><text>The Department of Veterans Affairs shall submit to a veteran a notice that the Department of Veterans Affairs has assumed liability for part or all of a veteran's medical debt.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="id90AE3E59AA754F81833D1CA94C971EB3"><enum>(3)</enum><header>Deletion of information from file</header><text>If a consumer reporting agency receives notice and proof of liability or documentation under paragraph (1), the consumer reporting agency shall delete all information relating to the veteran’s medical debt from the file of the consumer and notify the furnisher and the consumer of that deletion.</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subparagraph></paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="id4B7C33E93F9E463EB8322AFE84287BD2"><enum>(c)</enum><header>Effective date</header><text display-inline="yes-display-inline">The amendments made by this section shall take effect on the date that is 180 days after the date of enactment of this Act.</text>
</subsection></section><section commented="no" display-inline="no-display-inline" id="id45B692A3CB264F64BDE568E071AA2CFD"><enum>303.</enum><header>Immunity from suit for disclosure of financial exploitation of senior citizens</header>
<subsection id="id4F268488EF4E408CBDCAAD4C7B196162"><enum>(a)</enum><header>Immunity</header>
<paragraph id="idE20C0967B66B465387FB77701B4E987C"><enum>(1)</enum><header>Definitions</header><text>In this section—</text> <subparagraph id="idC4868F06CD4C43C39955BAB79697958C"><enum>(A)</enum><text>the term <term>Bank Secrecy Act officer</term> means an individual responsible for ensuring compliance with the requirements mandated by subchapter II of <external-xref legal-doc="usc-chapter" parsable-cite="usc-chapter/31/53">chapter 53</external-xref> of title 31, United States Code (commonly known as the <quote>Bank Secrecy Act</quote>);</text>
</subparagraph><subparagraph id="id27487153EB3842E585C13FEEADE654E3"><enum>(B)</enum><text>the term <term>broker-dealer</term> means a broker and a dealer, as those terms are defined in section 3(a) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78c">15 U.S.C. 78c(a)</external-xref>);</text>
</subparagraph><subparagraph id="idE59A9F6701CF4BA88407C3C2E5930732"><enum>(C)</enum><text>the term <term>covered agency</term> means—</text> <clause id="id4BAF0D5B29A043738BEC167E695E02CA"><enum>(i)</enum><text>a State financial regulatory agency, including a State securities or law enforcement authority and a State insurance regulator;</text>
</clause><clause id="id57D71864FBBA4318966A074522C66396"><enum>(ii)</enum><text>each of the entities represented in the membership of the Financial Institutions Examination Council established under section 1004 of the Federal Financial Institutions Examination Council Act of 1978 (<external-xref legal-doc="usc" parsable-cite="usc/12/3303">12 U.S.C. 3303</external-xref>);</text>
</clause><clause id="id39a3462c2a044db48bf134b689816be5"><enum>(iii)</enum><text>a securities association registered under section 15A of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78o-3">15 U.S.C. 78o–3</external-xref>);</text>
</clause><clause id="idC8DA6ABC7EC14278A685A32AF191DB92"><enum>(iv)</enum><text>the Securities and Exchange Commission;</text> </clause><clause id="idF19E7462FC0A40C9AED7C83E70660226"><enum>(v)</enum><text>a law enforcement agency; and</text>
</clause><clause id="idA3396D6EAB7848BC800C5D364235364C"><enum>(vi)</enum><text>a State or local agency responsible for administering adult protective service laws;</text> </clause></subparagraph><subparagraph id="id907814A6BD4F4D968B52C1A9D8310AED"><enum>(D)</enum><text>the term <term>covered financial institution</term> means—</text>
<clause id="idA578CE8BB12344B780224D5D9830B1F5"><enum>(i)</enum><text>a credit union;</text> </clause><clause id="idB040B0EFF30546708D09C303F087EA0E"><enum>(ii)</enum><text>a depository institution;</text>
</clause><clause id="idA80019ADB4854E9DB3A206EA2E57970E"><enum>(iii)</enum><text>an investment adviser;</text> </clause><clause commented="no" display-inline="no-display-inline" id="id7B8644922A9643F782840EAC788C636A"><enum>(iv)</enum><text>a broker-dealer;</text>
</clause><clause commented="no" display-inline="no-display-inline" id="id60B5A705EAD94242B8D22BD06C8C21B8"><enum>(v)</enum><text>an insurance company;</text> </clause><clause commented="no" display-inline="no-display-inline" id="idBCAD8C96B1CC4A48B43D21F176EE90B2"><enum>(vi)</enum><text>an insurance agency; and</text>
</clause><clause commented="no" display-inline="no-display-inline" id="idCB8C383ABC4842059AD662C566380C89"><enum>(vii)</enum><text>a transfer agent;</text> </clause></subparagraph><subparagraph id="id51E9D0016A144DD7B1A7BF5C7BFAFBC6"><enum>(E)</enum><text>the term <term>credit union</term> has the meaning given the term in section 2 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (<external-xref legal-doc="usc" parsable-cite="usc/12/5301">12 U.S.C. 5301</external-xref>);</text>
</subparagraph><subparagraph id="id9DFBC15053AC4AF19681296C509A5C47"><enum>(F)</enum><text>the term <term>depository institution</term> has the meaning given the term in section 3(c) of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1813">12 U.S.C. 1813(c)</external-xref>);</text>
</subparagraph><subparagraph id="id25D7CCFC6CDE41169620F938A3247205"><enum>(G)</enum><text>the term <term>exploitation</term> means the fraudulent or otherwise illegal, unauthorized, or improper act or process of an individual, including a caregiver or a fiduciary, that—</text>
<clause id="id70A9C964F7364733B2DCC8FAEE896C33"><enum>(i)</enum><text>uses the resources of a senior citizen for monetary or personal benefit, profit, or gain; or</text> </clause><clause id="id25FB61CC8A1F4C68B6DB114B65DFC12F"><enum>(ii)</enum><text>results in depriving a senior citizen of rightful access to or use of benefits, resources, belongings, or assets;</text>
</clause></subparagraph><subparagraph id="idDEFDBF8297414D7784BF3314CA93D7E7"><enum>(H)</enum><text>the term <term>insurance agency</term> means any business entity that sells, solicits, or negotiates insurance coverage;</text> </subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="idBCBFDCE69338435EA05029172E6BDC5C"><enum>(I)</enum><text display-inline="yes-display-inline">the term <term>insurance company</term> has the meaning given the term in section 2(a) of the Investment Company Act of 1940 (<external-xref legal-doc="usc" parsable-cite="usc/15/80a-2">15 U.S.C. 80a–2(a)</external-xref>);</text>
</subparagraph><subparagraph id="id8BF06EF8EE99466CB7F28FE07D626CA6"><enum>(J)</enum><text>the term <term>insurance producer</term> means an individual who is required under State law to be licensed in order to sell, solicit, or negotiate insurance coverage;</text>
</subparagraph><subparagraph id="idFDAB7264B98B4FF78344D9222E7509F0"><enum>(K)</enum><text>the term <term>investment adviser</term> has the meaning given the term in section 202(a) of the Investment Advisers Act of 1940 (<external-xref legal-doc="usc" parsable-cite="usc/15/80b-2">15 U.S.C. 80b–2(a)</external-xref>);</text>
</subparagraph><subparagraph id="idC46BCB25FD144F87905E69F862EECA74"><enum>(L)</enum><text>the term <term>investment adviser representative</term> means an individual who—</text> <clause id="id5D95953855F9474D9D8098459FEF0F0F"><enum>(i)</enum><text>is employed by, or associated with, an investment adviser; and</text>
</clause><clause id="id52E6823108D74387AFBB7868E0EAF326"><enum>(ii)</enum><text>does not perform solely clerical or ministerial acts;</text> </clause></subparagraph><subparagraph id="id5F8C9A0F7439497F8F0430E6CB8EE835"><enum>(M)</enum><text>the term <term>registered representative</term> means an individual who represents a broker-dealer in effecting or attempting to effect a purchase or sale of securities;</text>
</subparagraph><subparagraph id="idF4649889E9474470BD89F7DBAC27DE02"><enum>(N)</enum><text>the term <term>senior citizen</term> means an individual who is not younger than 65 years of age;</text> </subparagraph><subparagraph id="id56EE97D0D25A44D78613A25CB5365D63"><enum>(O)</enum><text>the term <term>State</term> means each of the several States, the District of Columbia, and any territory or possession of the United States;</text>
</subparagraph><subparagraph id="idA1F89B568ACF4218A0B1F415A7A0109F"><enum>(P)</enum><text>the term <term>State insurance regulator</term> has the meaning given the term in section 315 of the Gramm-Leach-Bliley Act (<external-xref legal-doc="usc" parsable-cite="usc/15/6735">15 U.S.C. 6735</external-xref>);</text> </subparagraph><subparagraph id="id0B9D45850955417698CF819DEC962617"><enum>(Q)</enum><text>the term <term>State securities or law enforcement authority</term> has the meaning given the term in section 24(f)(4) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78x">15 U.S.C. 78x(f)(4)</external-xref>); and</text>
</subparagraph><subparagraph id="id3e2099f04a3a416caf311012fe116661"><enum>(R)</enum><text>the term <term>transfer agent</term> has the meaning given the term in section 3(a) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78c">15 U.S.C. 78c(a)</external-xref>).</text>
</subparagraph></paragraph><paragraph id="idDBCA8EDB761A43B9BDE2D4324E53908D"><enum>(2)</enum><header>Immunity from suit</header>
<subparagraph id="id67F48DAFABD245A09DA0461C036C70C4"><enum>(A)</enum><header>Immunity for individuals</header><text>An individual who has received the training described in subsection (b) shall not be liable, including in any civil or administrative proceeding, for disclosing the suspected exploitation of a senior citizen to a covered agency if the individual, at the time of the disclosure—</text>
<clause id="id9A637886B2A24073ACD1ACCAE358903B"><enum>(i)</enum><text>served as a supervisor or compliance officer (including as a Bank Secrecy Act officer) for, or, in the case of a registered representative, investment adviser representative, or insurance producer, was affiliated or associated with, a covered financial institution; and</text>
</clause><clause id="id447F37810C014DD8934ABBF976D15005"><enum>(ii)</enum><text>made the disclosure—</text> <subclause id="idDB36541BA3C24E8C816C9B995A9D8E3B"><enum>(I)</enum><text>in good faith; and</text>
</subclause><subclause id="id7B8D12FD595446929EC475B9E7D60937"><enum>(II)</enum><text>with reasonable care.</text> </subclause></clause></subparagraph><subparagraph id="id1E339F9AB7284430A2E6285B48F5E0C9"><enum>(B)</enum><header>Immunity for covered financial institutions</header><text>A covered financial institution shall not be liable, including in any civil or administrative proceeding, for a disclosure made by an individual described in subparagraph (A) if—</text>
<clause id="id6D6943051A884C07B3025F61291A10A1"><enum>(i)</enum><text>the individual was employed by, or, in the case of a registered representative, insurance producer, or investment adviser representative, affiliated or associated with, the covered financial institution at the time of the disclosure; and</text>
</clause><clause id="id61B06D819DD749BBBCCD32EA8DA6BE4A"><enum>(ii)</enum><text>before the time of the disclosure, each individual described in subsection (b)(1) received the training described in subsection (b).</text>
</clause></subparagraph><subparagraph id="idF6B31E5A4F644075BD91AB80B009AF32"><enum>(C)</enum><header>Rule of construction</header><text>Nothing in subparagraph (A) or (B) shall be construed to limit the liability of an individual or a covered financial institution in a civil action for any act, omission, or fraud that is not a disclosure described in subparagraph (A).</text>
</subparagraph></paragraph></subsection><subsection id="id970733B4E01E4E3E87F8BA8F2157DF8A"><enum>(b)</enum><header>Training</header>
<paragraph id="idDEB8A8DC0CF3419591D8FB0834382078"><enum>(1)</enum><header>In general</header><text>A covered financial institution or a third party selected by a covered financial institution may provide the training described in paragraph (2)(A) to each officer or employee of, or registered representative, insurance producer, or investment adviser representative affiliated or associated with, the covered financial institution who—</text>
<subparagraph id="id1B299658AE0A4ED09A3761B22189C812"><enum>(A)</enum><text>is described in subsection (a)(2)(A)(i);</text> </subparagraph><subparagraph id="idEF1BFF7C122A4886BA9E13866C07DCA8"><enum>(B)</enum><text>may come into contact with a senior citizen as a regular part of the professional duties of the individual; or</text>
</subparagraph><subparagraph id="id2B840272B2CE46B793C2F6CA067BF21B"><enum>(C)</enum><text>may review or approve the financial documents, records, or transactions of a senior citizen in connection with providing financial services to a senior citizen.</text>
</subparagraph></paragraph><paragraph id="idB02E366527104E75BBE277DA395FE98F"><enum>(2)</enum><header>Content</header>
<subparagraph id="id3A9EEF66EB174EDBB532D5D4FF3D8D54"><enum>(A)</enum><header>In general</header><text>The content of the training that a covered financial institution or a third party selected by the covered financial institution may provide under paragraph (1) shall—</text>
<clause id="id498AAA6655274A17ACAEE026773016A2"><enum>(i)</enum><text>be maintained by the covered financial institution and made available to a covered agency with examination authority over the covered financial institution, upon request, except that a covered financial institution shall not be required to maintain or make available such content with respect to any individual who is no longer employed by, or affiliated or associated with, the covered financial institution;</text>
</clause><clause id="id821A4790D369466A8B968C4130380630"><enum>(ii)</enum><text>instruct any individual attending the training on how to identify and report the suspected exploitation of a senior citizen internally and, as appropriate, to government officials or law enforcement authorities, including common signs that indicate the financial exploitation of a senior citizen;</text>
</clause><clause id="id4C7FBEE6729445D88DCA1559DE7C473B"><enum>(iii)</enum><text>discuss the need to protect the privacy and respect the integrity of each individual customer of the covered financial institution; and</text>
</clause><clause id="id6ADE775AF4414111B86A4A9B6C807C36"><enum>(iv)</enum><text>be appropriate to the job responsibilities of the individual attending the training.</text> </clause></subparagraph><subparagraph id="id790AFFBD291C4E869346CE020D613F0B"><enum>(B)</enum><header>Timing</header><text>The training under paragraph (1) shall be provided—</text>
<clause id="idD516BBA1623D4DEAA59861200E091144"><enum>(i)</enum><text>as soon as reasonably practicable; and</text>
</clause><clause id="idA4FAD742A4E54B4EBA6739D48748BD2D"><enum>(ii)</enum><text>with respect to an individual who begins employment, or becomes affiliated or associated, with a covered financial institution after the date of enactment of this Act, not later than 1 year after the date on which the individual becomes employed by, or affiliated or associated with, the covered financial institution in a position described in subparagraph (A), (B), or (C) of paragraph (1).</text>
</clause></subparagraph><subparagraph id="idCAA0200D13A4402D90BC7B06AC5217DC"><enum>(C)</enum><header>Records</header><text>A covered financial institution shall—</text> <clause id="id9D0E496ACEEF40729DB56165BA64BB7B"><enum>(i)</enum><text>maintain a record of each individual who—</text>
<subclause id="idA60289A11283469F9E7654E16C151FEE"><enum>(I)</enum><text>is employed by, or affiliated or associated with, the covered financial institution in a position described in subparagraph (A), (B), or (C) of paragraph (1); and</text>
</subclause><subclause id="idFBBC9B878CA8402BA4B4ED47250F5DF4"><enum>(II)</enum><text>has completed the training under paragraph (1), regardless of whether the training was—</text>
<item id="idEFA8159668B946088D31E6FE5232E9AF"><enum>(aa)</enum><text>provided by the covered financial institution or a third party selected by the covered financial institution;</text>
</item><item id="idBD46C5B2C0264248AF65DEB591AF489A"><enum>(bb)</enum><text>completed before the individual was employed by, or affiliated or associated with, the covered financial institution; and</text>
</item><item id="id921E26B7954743FEB025E22CBDB96CC9"><enum>(cc)</enum><text>completed before, on, or after the date of enactment of this Act; and</text> </item></subclause></clause><clause id="id586DAC2951BF48D1A84B66B20983DAA4"><enum>(ii)</enum><text>upon request, provide a record described in clause (i) to a covered agency with examination authority over the covered financial institution.</text>
</clause></subparagraph></paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="idCF2FE7CC9BB241A091AEE88654169EB2"><enum>(c)</enum><header>Relationship to State law</header><text display-inline="yes-display-inline">Nothing in this section shall be construed to preempt or limit any provision of State law, except only to the extent that subsection (a) provides a greater level of protection against liability to an individual described in subsection (a)(2)(A) or to a covered financial institution described in subsection (a)(2)(B) than is provided under State law.</text>
</subsection></section><section id="idBAA1BB9325204D0DABC5AB386F3C27B7"><enum>304.</enum><header>Restoration of the Protecting Tenants at Foreclosure Act of 2009</header>
<subsection id="H8D01A12D5F3D4D00A71A368784858987"><enum>(a)</enum><header>Repeal of sunset provision</header><text display-inline="yes-display-inline">Section 704 of the Protecting Tenants at Foreclosure Act of 2009 (<external-xref legal-doc="usc" parsable-cite="usc/12/5201">12 U.S.C. 5201</external-xref> note; <external-xref legal-doc="usc" parsable-cite="usc/12/5220">12 U.S.C. 5220</external-xref> note; <external-xref legal-doc="usc" parsable-cite="usc/42/1437f">42 U.S.C. 1437f</external-xref> note) is repealed.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="H515388298C1E476FADC5DD6BBB91FEFA"><enum>(b)</enum><header>Restoration</header><text display-inline="yes-display-inline">Sections 701 through 703 of the Protecting Tenants at Foreclosure Act of 2009, the provisions of law amended or repealed by such sections, and any regulations promulgated pursuant to such sections, as were in effect on December 30, 2014, are restored and revived.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="id454FEE885B0C4D4BAF37EF81F8CE566E"><enum>(c)</enum><header>Effective date</header><text>Subsections (a) and (b) shall take effect on the date that is 30 days after the date of enactment of this Act.</text>
</subsection></section><section id="id2fcf1bcf6c7f46f89e1d21f9cd0702b3"><enum>305.</enum><header>Remediating lead and asbestos hazards</header><text display-inline="no-display-inline">Section 109(a)(1) of the Emergency Economic Stabilization Act of 2008 (<external-xref legal-doc="usc" parsable-cite="usc/12/5219">12 U.S.C. 5219(a)(1)</external-xref>) is amended, in the second sentence, by inserting <quote>and to remediate lead and asbestos hazards in residential properties</quote> before the period at the end.</text>
</section><enum>IV</enum><header>Tailoring regulations for certain bank holding companies</header>
<section id="id8571648f7686416192f8ed6667c95901"><enum>401.</enum><header>Enhanced supervision and prudential standards for certain bank holding companies</header>
<subsection id="id2b16870acfa84d3286b786d25d965073"><enum>(a)</enum><header>In general</header><text>Section 165 of the Financial Stability Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/12/5365">12 U.S.C. 5365</external-xref>) is amended—</text> <paragraph id="id613da250a181405bb84be3903f1cbd23"><enum>(1)</enum><text>in subsection (a)—</text>
<subparagraph id="idc920cb83e1064071a6acb5fe02f4fef6"><enum>(A)</enum><text>in paragraph (1), in the matter preceding subparagraph (A), by striking <quote>$50,000,000,000</quote> and inserting <quote>$250,000,000,000</quote>; and</text> </subparagraph><subparagraph id="id71ff164935e34a5ab04c72650dc91348"><enum>(B)</enum><text>in paragraph (2)—</text>
<clause id="id8ac79659ee014efca293d576e5238cf0"><enum>(i)</enum><text>in subparagraph (A), by striking <quote>may</quote> and inserting <quote>shall</quote>;</text> </clause><clause id="idcc225083682b4b8d92ad5fb1261bf811"><enum>(ii)</enum><text>in subparagraph (B), by striking <quote>$50,000,000,000</quote> and inserting <quote>the applicable threshold</quote>; and</text>
</clause><clause id="id2760820e885a413e900c40566de21d11"><enum>(iii)</enum><text>by adding at the end the following:</text> <quoted-block display-inline="no-display-inline" id="id8804a26329774adf80d0ae230fb4a569" style="OLC"> <subparagraph id="id3d5cb995a57f4f3fbd18cff6e8a98b47"><enum>(C)</enum><header>Risks to financial stability and safety and soundness</header><text>The Board of Governors may by order or rule promulgated pursuant to section 553 of title 5, United States Code, apply any prudential standard established under this section to any bank holding company or bank holding companies with total consolidated assets equal to or greater than $100,000,000,000 to which the prudential standard does not otherwise apply provided that the Board of Governors—</text>
<clause id="idd0e41691b3b74dbb9d2d32ee72487fec"><enum>(i)</enum><text>determines that application of the prudential standard is appropriate—</text> <subclause id="id965A19E658ED48A199B766E320BDE482"><enum>(I)</enum><text>to prevent or mitigate risks to the financial stability of the United States, as described in paragraph (1); or</text>
</subclause><subclause id="id0313F84BC286444FB40E4A52687130F5"><enum>(II)</enum><text>to promote the safety and soundness of the bank holding company or bank holding companies; and</text> </subclause></clause><clause id="id2af32b5d3e2942a5a61ca30e52874cdb"><enum>(ii)</enum><text>takes into consideration the bank holding company’s or bank holding companies’ capital structure, riskiness, complexity, financial activities (including financial activities of subsidiaries), size, and any other risk-related factors that the Board of Governors deems appropriate.</text>
</clause></subparagraph><after-quoted-block>;</after-quoted-block></quoted-block>
</clause></subparagraph></paragraph><paragraph id="idc56b08b338bf409781791f9e926fc44f"><enum>(2)</enum><text>in subsection (b)(1)—</text> <subparagraph id="id6f5a9db272bd498f9c8ff851a9dd5f73"><enum>(A)</enum><text>in subparagraph (A)(iv), by striking <quote>and credit exposure report</quote>; and</text>
</subparagraph><subparagraph id="id58a0b6805bc04cb3af74411c8ddd10ed"><enum>(B)</enum><text>in subparagraph (B)(ii), by inserting <quote>, including credit exposure reports</quote> before the semicolon at the end;</text> </subparagraph></paragraph><paragraph id="id9caaa765ddc24783b988ce6d6cc32934"><enum>(3)</enum><text>in subsection (d)(2), in the matter preceding subparagraph (A), by striking <quote>shall</quote> and inserting <quote>may</quote>;</text>
</paragraph><paragraph id="idc952cb842df04685bf410039d7b95626"><enum>(4)</enum><text>in subsection (h)(2), by striking <quote>$10,000,000,000</quote> each place that term appears and inserting <quote>$50,000,000,000</quote>;</text> </paragraph><paragraph id="ide5b09fb7ac114675a19d721c42a87606"><enum>(5)</enum><text>in subsection (i)—</text>
<subparagraph id="id9b5507bef6524c66a99ac76c153d1b99"><enum>(A)</enum><text>in paragraph (1)(B)(i)—</text> <clause id="id42768139832F459384659CB846ECEB34"><enum>(i)</enum><text>by striking <quote>3</quote> and inserting <quote>2</quote>; and</text>
</clause><clause id="idEA75DB724E36446EB3C7AFE7EE9B731C"><enum>(ii)</enum><text>by striking <quote>, adverse,</quote>; and</text> </clause></subparagraph><subparagraph id="id9381984027e649f2a24fe3ba9947a6f8"><enum>(B)</enum><text>in paragraph (2)(A)—</text>
<clause id="id862d8c8ba9c9430caf7b39d3c7f03b1e"><enum>(i)</enum><text>in the first sentence, by striking <quote>semiannual</quote> and inserting <quote>periodic</quote>; and</text> </clause><clause id="id515d9eb6627e46b89d9e6fbb6404c540"><enum>(ii)</enum><text>in the second sentence—</text>
<subclause id="idE1D09E13A2E04B2B987B75D508AFD396"><enum>(I)</enum><text>by striking <quote>$10,000,000,000</quote> and inserting <quote>$250,000,000,000</quote>; and</text> </subclause><subclause id="idC79E603D7F4940BBB0A0DC1DC85E9086"><enum>(II)</enum><text>by striking <quote>annual</quote> and inserting <quote>periodic</quote>; and</text>
</subclause></clause></subparagraph></paragraph><paragraph id="idC0FCABF4B4BE41F18D5A12753A225053"><enum>(6)</enum><text>in subsection (j)(1), in the first sentence, by striking <quote>$50,000,000,000</quote> and inserting <quote>$250,000,000,000</quote>.</text> </paragraph></subsection><subsection id="id4e51a39796e24bf0b37732e57e1bec90"><enum>(b)</enum><header>Rule of construction</header><text>Nothing in subsection (a) shall be construed to limit—</text>
<paragraph id="idf2150375881143dba67dae6dac2a6d61"><enum>(1)</enum><text>the authority of the Board of Governors of the Federal Reserve System, in prescribing prudential standards under section 165 of the Financial Stability Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/12/5365">12 U.S.C. 5365</external-xref>) or any other law, to tailor or differentiate among companies on an individual basis or by category, taking into consideration their capital structure, riskiness, complexity, financial activities (including financial activities of their subsidiaries), size, and any other risk-related factors that the Board of Governors deems appropriate; or</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="idE9D0E14C51BA42B7A690987103F287E3"><enum>(2)</enum><text>the supervisory, regulatory, or enforcement authority of an appropriate Federal banking agency to further the safe and sound operation of an institution under the supervision of the appropriate Federal banking agency.</text>
</paragraph></subsection><subsection id="id1c603bb33acd49a8b085d66a987d603a"><enum>(c)</enum><header>Technical and conforming amendments</header>
<paragraph id="idcc5f59e6e5004ff39d861356a38910df"><enum>(1)</enum><header>Financial Stability Act of 2010</header><text>The Financial Stability Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/12/5311">12 U.S.C. 5311</external-xref> et seq.) is amended—</text> <subparagraph id="ide20d0d8e3b2c45b4841fbf57580b59df"><enum>(A)</enum><text>in section 115(a)(2)(B) (<external-xref legal-doc="usc" parsable-cite="usc/12/5325">12 U.S.C. 5325(a)(2)(B)</external-xref>), by striking <quote>$50,000,000,000</quote> and inserting <quote>the applicable threshold</quote>;</text>
</subparagraph><subparagraph id="id09f6a95bd4fc4cbf95b4ef93616b7471"><enum>(B)</enum><text>in section 116(a) (<external-xref legal-doc="usc" parsable-cite="usc/12/5326">12 U.S.C. 5326(a)</external-xref>), in the matter preceding paragraph (1), by striking <quote>$50,000,000,000</quote> and inserting <quote>$250,000,000,000</quote>;</text> </subparagraph><subparagraph id="id06acebaada7d4c129f122696238d637a"><enum>(C)</enum><text>in section 121(a) (<external-xref legal-doc="usc" parsable-cite="usc/12/5311">12 U.S.C. 5311(a)</external-xref>), in the matter preceding paragraph (1), by striking <quote>$50,000,000,000</quote> and inserting <quote>$250,000,000,000</quote>;</text>
</subparagraph><subparagraph id="idcf254af872a844e3b88db76dece76595"><enum>(D)</enum><text>in section 155(d) (<external-xref legal-doc="usc" parsable-cite="usc/12/5345">12 U.S.C. 5345(d)</external-xref>), by striking <quote>50,000,000,000</quote> and inserting <quote>$250,000,000,000</quote>;</text> </subparagraph><subparagraph id="id3a912fff03ba4be8b948d9e12f145f94"><enum>(E)</enum><text>in section 163(b) (<external-xref legal-doc="usc" parsable-cite="usc/12/5363">12 U.S.C. 5363(b)</external-xref>), by striking <quote>$50,000,000,000</quote> each place that term appears and inserting <quote>$250,000,000,000</quote>; and</text>
</subparagraph><subparagraph id="id07e52742d6fc41a5b5ebe96ba214623c"><enum>(F)</enum><text>in section 164 (<external-xref legal-doc="usc" parsable-cite="usc/12/5364">12 U.S.C. 5364</external-xref>), by striking <quote>$50,000,000,000</quote> and inserting <quote>$250,000,000,000</quote>.</text> </subparagraph></paragraph><paragraph id="ida50c18638d83485a9c83d4717b67be38"><enum>(2)</enum><header>Federal Reserve Act</header><text>Paragraph (2) of the second subsection (s) (relating to assessments) of section 11 of the Federal Reserve Act (<external-xref legal-doc="usc" parsable-cite="usc/12/248">12 U.S.C. 248(s)(2)</external-xref>) is amended—</text>
<subparagraph id="idef325804651a4179861c58f6739e117d"><enum>(A)</enum><text>in subparagraph (A)—</text> <clause id="idce064e3ac28f4f878278365f341d82ab"><enum>(i)</enum><text>by striking <quote>$50,000,000,000</quote> and inserting <quote>$250,000,000,000</quote>; and</text>
</clause><clause id="id99514ce100fa4384b76a84a969d4dcc5"><enum>(ii)</enum><text>by inserting <quote>and</quote> after the semicolon at the end;</text> </clause></subparagraph><subparagraph id="id7c1752b7d1a64dffbb5602cfae7b4b5b"><enum>(B)</enum><text>by striking subparagraph (B); and</text>
</subparagraph><subparagraph id="id3fbb7dc9e2eb48c58f726fdd11e52e33"><enum>(C)</enum><text>by redesignating subparagraph (C) as subparagraph (B).</text> </subparagraph></paragraph></subsection><subsection id="ida212a321d0f7471dbc66b797268a4181"><enum>(d)</enum><header>Effective date</header> <paragraph id="idC0D395DB418B40779321F5DFEA3BEFE6"><enum>(1)</enum><header>In general</header><text>Except as provided in paragraph (2), the amendments made by this section shall take effect on the date that is 18 months after the date of enactment of this Act.</text>
</paragraph><paragraph id="id7420ef499089477d8739358bd887037f"><enum>(2)</enum><header>Exception</header><text>Notwithstanding paragraph (1), the amendments made by this section shall take effect on the date of enactment of this Act with respect to any bank holding company with total consolidated assets of less than $100,000,000,000.</text>
</paragraph><paragraph id="id6ae420bf9c364330b0cbe01dfdc6de22"><enum>(3)</enum><header>Additional authority</header><text>Before the effective date described in paragraph (1), the Board of Governors of the Federal Reserve System may by order exempt any bank holding company with total consolidated assets of less than $250,000,000,000 from any prudential standard under section 165 of the Financial Stability Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/12/5365">12 U.S.C. 5365</external-xref>).</text>
</paragraph><paragraph id="idc2325948850e49dd9635b99dc424d893"><enum>(4)</enum><header>Rule of construction</header><text>Nothing in this section shall be construed to prohibit the Board of Governors of the Federal Reserve System from issuing an order or rule making under section 165(a)(2)(C) of the Financial Stability Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/12/5365">12 U.S.C. 5365(a)(2)(C)</external-xref>), as added by this section, before the effective date described in paragraph (1).</text>
</paragraph></subsection><subsection id="idd9e86e797b244c2eb413142870717157"><enum>(e)</enum><header>Supervisory stress test</header><text>Beginning on the effective date described in subsection (d)(1), the Board of Governors of the Federal Reserve System shall, on a periodic basis, conduct supervisory stress tests of bank holding companies with total consolidated assets equal to or greater than $100,000,000,000 and total consolidated assets of not more than $250,000,000,000 to evaluate whether such bank holding companies have the capital, on a total consolidated basis, necessary to absorb losses as a result of adverse economic conditions.</text>
</subsection><subsection id="id6e8a516bb9984cb6b43adcad3c2d7d0b"><enum>(f)</enum><header>Global systemically important bank holding companies</header><text>Any bank holding company, regardless of asset size, that has been identified as a global systemically important BHC under section 217.402 of title 12, Code of Federal Regulations, shall be considered a bank holding company with total consolidated assets equal to or greater than $250,000,000,000 with respect to the application of standards or requirements under—</text>
<paragraph id="idafd016cc44334a76a3ee8311f3fb5b74"><enum>(1)</enum><text>this section;</text> </paragraph><paragraph id="id2d447e57d884489e8cee43691703c658"><enum>(2)</enum><text>sections 116(a), 121(a), 155(d), 163(b), 164, and 165 of the Financial Stability Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/12/5326">12 U.S.C. 5326(a)</external-xref>, 5331(a), 5345(d), 5363(b), 5364, 5365); and</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="id1aa573035a154d56a5e54c05bb321e73"><enum>(3)</enum><text>paragraph (2)(A) of the second subsection (s) (relating to assessments) of section 11 of the Federal Reserve Act (<external-xref legal-doc="usc" parsable-cite="usc/12/248">12 U.S.C. 248(s)(2)</external-xref>).</text>
</paragraph></subsection></section><section id="idcb25f8ec696a49628de08c3668efc217"><enum>402.</enum><header>Supplementary leverage ratio for custodial banks</header>
<subsection id="idaab0eed8f768467cb7bce134b4f20b71"><enum>(a)</enum><header>Definition</header><text>In this section, the term <term>custodial bank</term> means any depository institution or depository institution holding company for which the level of assets under custody is not less than 30 times the total consolidated assets of the depository institution or depository institution holding company, as applicable.</text>
</subsection><subsection id="id677146f821de471f9ab34fd655360e56"><enum>(b)</enum><header>Regulations</header>
<paragraph id="id3CFC6E6649BA483687CDFB44693E7E1A"><enum>(1)</enum><header>Definition</header><text>In this subsection, the term <term>central bank</term> means—</text> <subparagraph id="idae303a506d3a45fea3d8e4adf2b043a3"><enum>(A)</enum><text>the Federal Reserve System;</text>
</subparagraph><subparagraph id="id355744642ab148048c500fa4f9517012"><enum>(B)</enum><text>the European Central Bank; and</text> </subparagraph><subparagraph id="id9ffed37f72814658abb6e84fd3316245"><enum>(C)</enum><text>central banks of member countries of the Organisation for Economic Co-operation and Development, if—</text>
<clause id="idee2d28677c6f415290bdc66174ed2430"><enum>(i)</enum><text>the central bank of such member country has been assigned a zero percent risk weight under the final rule of the Office of the Comptroller of the Currency and Board of Governors of the Federal Reserve System entitled <quote>Regulatory Capital Rules: Regulatory Capital, Implementation of Basel III, Capital Adequacy, Transition Provisions, Prompt Corrective Action, Standardized Approach for Risk-weighted Assets, Market Discipline and Disclosure Requirements, Advanced Approaches Risk-Based Capital Rule, and Market Risk Capital Rule</quote> (78 Fed. Reg. 62018 (October 11, 2013)) and the final rule of the Federal Deposit Insurance Corporation entitled <quote>Regulatory Capital Rules: Regulatory Capital, Implementation of Basel III, Capital Adequacy, Transition Provisions, Prompt Corrective Action, Standardized Approach for Risk-Weighted Assets, Market Discipline and Disclosure Requirements, Advanced Approaches Risk-Based Capital Rule, and Market Risk Capital Rule</quote> (79 Fed. Reg. 20754 (April 14, 2014)); and</text>
</clause><clause id="id0a5298e6dcc249109f6fb32352f3c19d"><enum>(ii)</enum><text>the sovereign debt of such member country is not in default or has not been in default during the previous 5 years.</text>
</clause></subparagraph></paragraph><paragraph id="id7BAF191474BD46F2BE5A6D3251DA1E2E"><enum>(2)</enum><header>Regulations</header><text>The appropriate Federal banking agencies shall promulgate regulations to amend sections 3.10, 217.10, and 324.10 of title 12, Code of Federal Regulations, to specify that—</text>
<subparagraph id="id69e4861bacae4c199f8baa9b5994a64f"><enum>(A)</enum><text>subject to subparagraph (B), funds of a custodial bank that are deposited with a central bank shall not be taken into account when calculating the supplementary leverage ratio as applied to the custodial bank; and</text>
</subparagraph><subparagraph id="id943f2ef7105f4f2d97b5519748a4a100"><enum>(B)</enum><text>with respect to the funds described in subparagraph (A), any amount that exceeds the total value of deposits of the custodial bank that are linked to fiduciary or custodial and safekeeping accounts shall be taken into account when calculating the supplementary leverage ratio as applied to the custodial bank.</text>
</subparagraph></paragraph></subsection><subsection id="id412007ee424e4b43b348de2772e78282"><enum>(c)</enum><header>Rule of construction</header><text>Nothing in subsection (b) shall be construed to limit the authority of the appropriate Federal banking agencies to tailor or adjust the supplementary leverage ratio or any other leverage ratio for any company that is not a custodial bank.</text>
</subsection></section><section id="idab622c792f8045c4ba2bc07cefc9af82"><enum>403.</enum><header>Treatment of certain municipal obligations</header>
<subsection id="id5fc24f01436d4bb5a31ace74bc4b09c9"><enum>(a)</enum><header>In general</header><text>Section 18 of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1828">12 U.S.C. 1828</external-xref>) is amended—</text> <paragraph id="id22e49c5f9488411bb5e3754167d15b63"><enum>(1)</enum><text>by moving subsection (z) so that it appears after subsection (y); and</text>
</paragraph><paragraph id="id565bd7b5d3b449d8b5933cdb8bb47710"><enum>(2)</enum><text>by adding at the end the following:</text> <quoted-block display-inline="no-display-inline" id="id2ee96beb4e6c4065ba808c7201c5a95e" style="OLC"> <subsection id="id7239aa85e7e1420ba6343a05815e09e8"><enum>(aa)</enum><header>Treatment of certain municipal obligations</header> <paragraph id="idfb9698992bef4d6d8411f1163664646d"><enum>(1)</enum><header>Definitions</header><text>In this subsection—</text>
<subparagraph id="id90dcf8922d9d48fc92aa2e2207ce5246"><enum>(A)</enum><text>the term <term>investment grade</term>, with respect to an obligation, has the meaning given the term in section 1.2 of title 12, Code of Federal Regulations, or any successor thereto;</text>
</subparagraph><subparagraph id="id8064c9547f774c658d0a4762c714410d"><enum>(B)</enum><text>the term <term>liquid and readily-marketable</term> has the meaning given the term in section 249.3 of title 12, Code of Federal Regulations, or any successor thereto; and</text>
</subparagraph><subparagraph id="idb1320fb543d14d669097fb5892f8c6eb"><enum>(C)</enum><text>the term <term>municipal obligation</term> means an obligation of—</text> <clause id="id63ed5165e42a4b76a76d324d5a5fb998"><enum>(i)</enum><text>a State or any political subdivision thereof; or</text>
</clause><clause id="idb28331750e9b4a5fa056b7c07901d362"><enum>(ii)</enum><text>any agency or instrumentality of a State or any political subdivision thereof.</text> </clause></subparagraph></paragraph><paragraph id="id0194873d9410481ea17323940326c59c"><enum>(2)</enum><header>Municipal obligations</header><text>For purposes of the final rule entitled <quote>Liquidity Coverage Ratio: Liquidity Risk Measurement Standards</quote> (79 Fed. Reg. 61439 (October 10, 2014)), the final rule entitled <quote>Liquidity Coverage Ratio: Treatment of U.S. Municipal Securities as High-Quality Liquid Assets</quote> (81 Fed. Reg. 21223 (April 11, 2016)), and any other regulation that incorporates a definition of the term <term>high-quality liquid asset</term> or another substantially similar term, the appropriate Federal banking agencies shall treat a municipal obligation as a high-quality liquid asset that is a level 2B liquid asset if that obligation is, as of the date of calculation—</text>
<subparagraph id="id2e5808c84f4141e4af8c62b6ded93484"><enum>(A)</enum><text>liquid and readily-marketable; and</text> </subparagraph><subparagraph id="id71ab07c8fca34a85b61dd8161ae6387c"><enum>(B)</enum><text>investment grade.</text></subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="id8f21a2f17ab147b088603720853b9238"><enum>(b)</enum><header>Amendment to liquidity coverage ratio regulations</header><text>Not later than 90 days after the date of enactment of this Act, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and the Comptroller of the Currency shall amend the final rule entitled <quote>Liquidity Coverage Ratio: Liquidity Risk Measurement Standards</quote> (79 Fed. Reg. 61439 (October 10, 2014)) and the final rule entitled <quote>Liquidity Coverage Ratio: Treatment of U.S. Municipal Securities as High-Quality Liquid Assets</quote> (81 Fed. Reg. 21223 (April 11, 2016)) to implement the amendments made by this Act.</text>
</subsection></section><enum>V</enum><header>Studies</header>
<section commented="no" display-inline="no-display-inline" id="id9441A5625D4D4945A0EAF923CD2F048E"><enum>501.</enum><header>Treasury report on risks of cyber threats</header><text display-inline="no-display-inline">Not later than 1 year after the date of enactment of this Act, the Secretary of the Treasury shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report on the risks of cyber threats to financial institutions and capital markets in the United States, including—</text>
<paragraph id="id7debd118249f40a38378bb3492c86e77"><enum>(1)</enum><text>an assessment of the material risks of cyber threats to financial institutions and capital markets in the United States;</text>
</paragraph><paragraph id="id5BB2EC1797ED4DB89AFD6235E9D48E6F"><enum>(2)</enum><text>the impact and potential effects of material cyber attacks on financial institutions and capital markets in the United States;</text>
</paragraph><paragraph id="id32f9044035474559bb83b42f753defae"><enum>(3)</enum><text>an analysis of how the appropriate Federal banking agencies and the Securities and Exchange Commission are addressing the material risks of cyber threats described in paragraph (1), including—</text>
<subparagraph id="idb5c052b679ba4e1dac32887635291b74"><enum>(A)</enum><text>how the appropriate Federal banking agencies and the Securities and Exchange Commission are assessing those threats;</text>
</subparagraph><subparagraph id="id9d79ef12c8be4ae48ab3bbcdcf9183e9"><enum>(B)</enum><text>how the appropriate Federal banking agencies and the Securities and Exchange Commission are assessing the cyber vulnerabilities and preparedness of financial institutions;</text>
</subparagraph><subparagraph id="id81cd260dbd7b422a95a3bfe843d5db27"><enum>(C)</enum><text>coordination amongst the appropriate Federal banking agencies and the Securities and Exchange Commission, and their coordination with other government agencies (including with respect to regulations, examinations, lexicon, duplication, and other regulatory tools); and</text>
</subparagraph><subparagraph id="id92047a0791674b89aa39af8861fd2fd9"><enum>(D)</enum><text>areas for improvement; and</text> </subparagraph></paragraph><paragraph id="idfaa0b8ef36cd415fb63268ceffce21bb"><enum>(4)</enum><text>a recommendation of whether any appropriate Federal banking agency or the Securities and Exchange Commission needs additional legal authorities or resources to adequately assess and address the material risks of cyber threats described in paragraph (1), given the analysis required by paragraph (3).</text>
</paragraph></section><section commented="no" display-inline="no-display-inline" id="id4EC8D2F68A6149BAB5C11D6AA212256F"><enum>502.</enum><header>SEC study on algorithmic trading</header>
<subsection id="id770061d813024664b6b819e1ebc051b7"><enum>(a)</enum><header>In general</header><text>Not later than 18 months after the date of enactment of this Act, the staff of the Securities and Exchange Commission shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report on the risks and benefits of algorithmic trading in capital markets in the United States.</text>
</subsection><subsection id="idd269f82f049443dbba53e5c4cd6058d2"><enum>(b)</enum><header>Matters required To be included</header><text>The matters covered by the report required by subsection (a) shall include the following:</text> <paragraph id="idb442751069434eb7917ade26749c8c55"><enum>(1)</enum><text>An assessment of the effect of algorithmic trading in equity and debt markets in the United States on the provision of liquidity in stressed and normal market conditions.</text>
</paragraph><paragraph id="id97542a8f394044ebbee0879e26cad1d6"><enum>(2)</enum><text>An assessment of the benefits and risks to equity and debt markets in the United States by algorithmic trading.</text>
</paragraph><paragraph id="id6f7b3e453a444352b661082fedfcc62c"><enum>(3)</enum><text>An analysis of whether the activity of algorithmic trading and entities that engage in algorithmic trading are subject to appropriate Federal supervision and regulation.</text>
</paragraph><paragraph id="id8cd18a8298d14696834b5abf66f3a894"><enum>(4)</enum><text>A recommendation of whether—</text> <subparagraph id="id874F2484B13A4752BFC466C10C7052AC"><enum>(A)</enum><text>based on the analysis described in paragraphs (1), (2), and (3), any changes should be made to regulations; and</text>
</subparagraph><subparagraph id="idA2DA4B8E96E94BB3B9C7D90522E8846D"><enum>(B)</enum><text>the Securities and Exchange Commission needs additional legal authorities or resources to effect the changes described in subparagraph (A).</text></subparagraph></paragraph></subsection></section>