[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[S. 2155 Reported in Senate (RS)]
<DOC>
Calendar No. 287
115th CONGRESS
1st Session
S. 2155
To promote economic growth, provide tailored regulatory relief, and
enhance consumer protections, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
November 16, 2017
Mr. Crapo (for himself, Mr. Donnelly, Ms. Heitkamp, Mr. Tester, Mr.
Warner, Mr. Corker, Mr. Scott, Mr. Cotton, Mr. Rounds, Mrs. McCaskill,
Mr. Perdue, Mr. Manchin, Mr. Tillis, Mr. King, Mr. Kennedy, Mr. Kaine,
Mr. Moran, Mr. Peters, Mr. Risch, Mr. Bennet, Mr. Heller, Mr. Coons,
Mr. Blunt, and Mr. Carper) introduced the following bill; which was
read twice and referred to the Committee on Banking, Housing, and Urban
Affairs
December 18, 2017
Reported by Mr. Crapo, with amendments
[Omit the part struck through and insert the part printed in italic]
_______________________________________________________________________
A BILL
To promote economic growth, provide tailored regulatory relief, and
enhance consumer protections, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
(a) Short Title.--This Act may be cited as the ``Economic Growth,
Regulatory Relief, and Consumer Protection Act''.
(b) Table of Contents.--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. 2 1009. Small public housing agencies.
Sec. 21 10. Examination cycle.
Sec. 21 21. National securities exchange regulatory parity.
Sec. 212. International insurance capital standards accountability.
Sec. 213. Budget transparency for the NCUA.
Sec. 214. Making online banking initiation legal and easy.
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.
Sec. 306. Family self-sufficiency program.
Sec. 307. Rehabilitation of qualified education loans.
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.
Sec. 503. GAO report on consumer reporting agencies.
SEC. 2. DEFINITIONS.
In this Act:
(1) Appropriate federal banking agency; company; depository
institution; depository institution holding company.--The 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) Bank holding company.--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).
TITLE I--IMPROVING CONSUMER ACCESS TO MORTGAGE CREDIT
SEC. 101. MINIMUM STANDARDS FOR RESIDENTIAL MORTGAGE LOANS.
Section 129C(b)(2) of the Truth in Lending Act (15 U.S.C.
1639c(b)(2)) is amended by adding at the end the following:
``(F) Safe harbor.--
``(i) Definitions.--In this subparagraph--
``(I) the term `covered
institution' 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;
``(II) the term `insured credit
union' has the meaning given the term
in section 101 of the Federal Credit
Union Act (12 U.S.C. 1752);
``(III) the term `insured
depository institution' has the meaning
given the term in section 3 of the
Federal Deposit Insurance Act (12
U.S.C. 1813);
``(IV) the term `interest-only'
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
``(V) the term `negative
amortization' means payment of periodic
payments that will result in an
increase in the principal balance under
the terms of the legal obligation.
``(ii) Safe harbor.--In this section--
``(I) the term `qualified mortgage'
includes any residential mortgage
loan--
``(aa) that is originated
and retained in portfolio by a
covered institution;
``(bb) that is in
compliance with the limitations
with respect to prepayment
penalties described in
subsections (c)(1) and (c)(3);
``(cc) that is in
compliance with the
requirements of clause (vii) of
subparagraph (A);
``(dd) that does not have
negative amortization or
interest-only features; and
``(ee) for which the
covered institution considers
and documents the debt, income,
and financial resources of the
consumer in accordance with
clause (iv); and
``(II) a residential mortgage loan
described in subclause (I) shall be
deemed to meet the requirements of
subsection (a).
``(iii) Exception for certain transfers.--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--
``(I) to another person by reason
of the bankruptcy or failure of a
covered institution;
``(II) 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
``(III) 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.; or
``(IV) to a wholly owned subsidiary
of a covered institution, provided
that, after the sale, assignment, or
transfer, the residential mortgage loan
is considered to be an asset of the
covered institution for regulatory
accounting purposes.
``(iv) Consideration and documentation
requirements.--The consideration and
documentation requirements described in clause
(ii)(I)(ee) shall--
``(I) 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
``(II) be construed to permit
multiple methods of documentation.''.
SEC. 102. SAFEGUARDING ACCESS TO HABITAT FOR HUMANITY HOMES.
Section 129E(i)(2) of the Truth in Lending Act (15 U.S.C.
1639e(i)(2)) is amended--
(1) by redesignating subparagraphs (A) and (B) as clauses
(i) and (ii), respectively, and adjusting the margins
accordingly;
(2) in the matter preceding clause (i), as so redesignated,
by striking ``For purposes of'' and inserting the following:
``(A) In general.--For purposes of''; and
(3) by adding at the end the following:
``(B) Rule of construction related to appraisal
donations.--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).''.
SEC. 103. EXEMPTION FROM APPRAISALS OF REAL PROPERTY LOCATED IN RURAL
AREAS.
Title XI of the Financial Institutions Reform, Recovery, and
Enforcement Act of 1989 (12 U.S.C. 3331 et seq.) is amended by adding
at the end the following:
``SEC. 1127. EXEMPTION FROM APPRAISALS OF REAL ESTATE LOCATED IN RURAL
AREAS.
``(a) Definition.--In this section, the term `mortgage originator'
has the meaning given the term in section 103 of the Truth in Lending
Act (15 U.S.C. 1602).
``(b) Appraisal Not Required.--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--
``(1) 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;
``(2) 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
`Integrated Mortgage Disclosures Under the Real Estate
Settlement Procedures Act (Regulation X) and the Truth in
Lending Act (Regulation Z)' (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--
``(A) has contacted not fewer than 3 State
certified appraisers or State licensed appraisers, as
applicable; and
``(B) 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;
``(3) the balance of the loan transaction value is less
than $400,000; and
``(4) the mortgage originator is subject to oversight by a
Federal financial institutions regulatory agency.
``(c) Sale, Assignment, or Transfer.--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--
``(1) the loan is sold, assigned, or otherwise transferred
to another person by reason of the bankruptcy or failure of the
mortgage originator;
``(2) 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
``(3) 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.; or
``(4) the sale, loan, or transfer is to a wholly owned
subsidiary of the mortgage originator, provided that, after the
sale, assignment, or transfer, the loan is considered to be an
asset of the mortgage originator for regulatory accounting
purposes.
``(d) Exception.--Subsection (b) shall not apply if--
``(1) 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
``(2) the loan is a high-cost mortgage, as defined in
section 103 of the Truth in Lending Act (15 U.S.C. 1602).
``(e) Anti-Evasion.--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.''.
SEC. 104. HOME MORTGAGE DISCLOSURE ACT ADJUSTMENT AND STUDY.
(a) In General.--Section 304 of the Home Mortgage Disclosure Act of
1975 (12 U.S.C. 2803) is amended--
(1) by redesignating subsection (i) as paragraph (3) and
adjusting the margins accordingly;
(2) by inserting before paragraph (3), as so redesignated,
the following:
``(i) Exemptions.--
``(1) Closed-end mortgage loans.--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.
``(2) Open-end lines of credit.--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.''; and
(3) by adding at the end the following:
``(o) Definitions.--In this section--
``(1) the term `insured credit union' has the meaning given
the term in section 101 of the Federal Credit Union Act (12
U.S.C. 1752); and
``(2) the term `insured depository institution' has the
meaning given the term in section 3 of the Federal Deposit
Insurance Act (12 U.S.C. 1813).''.
(b) Lookback Study.--
(1) Study.--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 (12
U.S.C. 2801 et seq.) at the national and local level.
(2) Report.--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).
(c) Technical Correction.--Section 304(i)(3) of the Home Mortgage
Disclosure Act of 1975, as so redesignated by subsection (a)(1), is
amended by striking ``section 303(2)(A)'' and inserting ``section
303(3)(A)''.
SEC. 105. CREDIT UNION RESIDENTIAL LOANS.
(a) Removal From Member Business Loan Limitation.--Section
107A(c)(1)(B)(i) of the Federal Credit Union Act (12 U.S.C.
1757a(c)(1)(B)(i)) is amended by striking ``that is the primary
residence of a member''.
(b) Rule of Construction.--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 (12 U.S.C. 1757a).
SEC. 106. ELIMINATING BARRIERS TO JOBS FOR LOAN ORIGINATORS.
(a) In General.--The S.A.F.E. Mortgage Licensing Act of 2008 (12
U.S.C. 5101 et seq.) is amended by adding at the end the following:
``SEC. 1518. EMPLOYMENT TRANSITION OF LOAN ORIGINATORS.
``(a) Definitions.--In this section:
``(1) Application state.--The term `application State'
means a State in which a registered loan originator or a State-
licensed loan originator seeks to be licensed.
``(2) State-licensed mortgage company.--The term `State-
licensed mortgage company' means an entity that is licensed or
registered under the law of any State to engage in residential
mortgage loan origination and processing activities.
``(b) Temporary Authority To Originate Loans for Loan Originators
Moving From a Depository Institution to a Non-Depository Institution.--
``(1) In general.--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--
``(A) has not had--
``(i) an application for a loan originator
license denied; or
``(ii) a loan originator license revoked or
suspended in any governmental jurisdiction;
``(B) has not been subject to, or served with, a
cease and desist order--
``(i) in any governmental jurisdiction; or
``(ii) under section 1514(c);
``(C) has not been convicted of a felony that would
preclude licensure under the law of the application
State;
``(D) has submitted an application to be a State-
licensed loan originator in the application State; and
``(E) 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.
``(2) Period.--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--
``(A) on which the individual withdraws the
application to be a State-licensed loan originator in
the application State;
``(B) on which the application State denies, or
issues a notice of intent to deny, the application;
``(C) on which the application State grants a State
license; or
``(D) 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.
``(c) Temporary Authority To Originate Loans for State-Licensed
Loan Originators Moving Interstate.--
``(1) In general.--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--
``(A) meets the requirements of subparagraphs (A),
(B), (C), and (D) of subsection (b)(1);
``(B) is employed by a State-licensed mortgage
company in the application State; and
``(C) 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.
``(2) Period.--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--
``(A) on which the State-licensed loan originator
withdraws the application to be a State-licensed loan
originator in the application State;
``(B) on which the application State denies, or
issues a notice of intent to deny, the application;
``(C) on which the application State grants a State
license; or
``(D) 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.
``(d) Applicability.--
``(1) Employer of loan originators.--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.
``(2) Engaging in mortgage loan activities.--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.''.
(b) Table of Contents Amendment.--Section 1(b) of the Housing and
Economic Recovery Act of 2008 (42 U.S.C. 4501 note) is amended by
inserting after the item relating to section 1517 the following:
``Sec. 1518. Employment transition of loan originators.''.
(c) Effective Date.--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.
SEC. 107. PROTECTING ACCESS TO MANUFACTURED HOMES.
Section 103 of the Truth in Lending Act (15 U.S.C. 1602) is
amended--
(1) 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
(2) in paragraph (2) of subsection (dd), as so
redesignated, by striking subparagraph (C) and inserting the
following:
``(C) does not include any person who is--
``(i) 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
``(ii) a retailer of manufactured or
modular homes or an employee of the retailer if
the retailer or employee, as applicable--
``(I) 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;
``(II) discloses to the consumer--
``(aa) in writing any
corporate affiliation with any
lender creditor; and
``(bb) if the retailer has
a corporate affiliation with
any lender creditor, at least 1
unaffiliated lender creditor;
and
``(III) does not directly negotiate
with the consumer or lender on loan
terms (including rates, fees, and other
costs).''.
SEC. 108. PROPERTY ASSESSED CLEAN ENERGY FINANCING.
Section 129C(b)(3) of the Truth in Lending Act (15 U.S.C.
1639c(b)(3)) is amended by adding at the end the following:
``(C) Consideration of underwriting requirements
for property assessed clean energy financing.--
``(i) Definition.--In this subparagraph,
the term `Property Assessed Clean Energy
financing' means financing to cover the costs
of home improvements that results in a tax
assessment on the real property of the
consumer.
``(ii) Regulations.--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.
``(iii) Collection of information and
consultation.--In prescribing the regulations
under this subparagraph, the Bureau--
``(I) may collect such information
and data that the Bureau determines is
necessary; and
``(II) shall consult with State and
local governments and bond-issuing
authorities.''.
SEC. 109. ESCROW REQUIREMENTS RELATING TO CERTAIN CONSUMER CREDIT
TRANSACTIONS.
Section 129D(c) 129D of the Truth in Lending Act (15 U.S.C.
1639d(c) 1639d) is amended--
(1) by in subsection (c)--
(A) by redesignating paragraphs (1) through (4) as
subparagraphs (A) through (D), respectively, and
adjusting the margins accordingly;
(2)(B) in the matter preceding subparagraph (A), as
so redesignated, by striking ``The Board'' and
inserting the following:
``(1) In general.--The Bureau'';
(3)(C) in paragraph (1), as so redesignated, by
striking ``the Board'' each place that term appears and
inserting ``the Bureau''; and
(4)(D) by adding at the end the following:
``(2) Treatment of loans held by smaller institutions.--The
Bureau shall, by regulation, exempt from the requirements of
subsection (a) any loan made by an insured depository
institution or an insured credit union secured by a first lien
on the principal dwelling of a consumer if--
``(A) the insured depository institution or insured
credit union has assets of $10,000,000,000 or less;
``(B) 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
``(C) the transaction otherwise satisfies the
criteria in sections 1026.35(b)(2)(iii)
1026.35(b)(2)(iii)(A), 1026.35(b)(2)(iii)(D), and
1026.35(b)(2)(v) of title 12, Code of Federal
Regulations, or any successor regulation.''.; and
(2) in subsection (i), by adding at the end the following:
``(3) Insured credit union.--The term `insured credit
union' has the meaning given the term in section 101 of the
Federal Credit Union Act (12 U.S.C. 1752).
``(4) Insured depository institution.--The term `insured
depository institution' has the meaning given the term in
section 3 of the Federal Deposit Insurance Act (12 U.S.C.
1813).''.
SEC. 110. NO WAIT FOR LOWER MORTGAGE RATES.
(a) In General.--Section 129(b) of the Truth in Lending Act (15
U.S.C. 1639(b)) is amended--
(1) by redesignating paragraph (3) as paragraph (4); and
(2) by inserting after paragraph (2) the following:
``(3) No wait for lower rate.--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.''.
(b) Sense of Congress.--It is the sense of Congress that, whereas
the Bureau of Consumer Financial Protection issued a final rule
entitled ``Integrated Mortgage Disclosures Under the Real Estate
Settlement Procedures Act (Regulation X) and the Truth in Lending Act
(Regulation Z)'' (78 Fed. Reg. 79730 (December 31, 2013)) (in this
subsection referred to as the ``TRID Rule'') 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--
(1) the applicability of the TRID Rule to mortgage
assumption transactions;
(2) the applicability of the TRID Rule to construction-to-
permanent home loans, and the conditions under which those
loans can be properly originated; and
(3) 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.
TITLE II--REGULATORY RELIEF AND PROTECTING CONSUMER ACCESS TO CREDIT
SEC. 201. CAPITAL SIMPLIFICATION FOR QUALIFYING COMMUNITY BANKS.
(a) Definitions.--In this section:
(1) Community bank leverage ratio.--The term ``Community
Bank Leverage Ratio'' 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.
(2) Generally applicable leverage capital requirements;
generally applicable risk-based capital requirements.--The
terms ``generally applicable leverage capital requirements''
and ``generally applicable risk-based capital requirements''
have the meanings given those terms in section 171(a) of the
Financial Stability Act of 2010 (12 U.S.C. 5371(a)).
(3) Qualifying community bank.--
(A) Asset threshold.--The term ``qualifying
community bank'' means a depository institution or
depository institution holding company with total
consolidated assets of less than $10,000,000,000.
(B) Risk profile.--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--
(i) off-balance sheet exposures;
(ii) trading assets and liabilities;
(iii) total notional derivatives exposures;
and
(iv) such other factors as the appropriate
Federal banking agencies determine appropriate.
(b) Community Bank Leverage Ratio.--The appropriate Federal banking
agencies shall, through notice and comment rule making under section
553 of title 5, United States Code--
(1) develop a Community Bank Leverage Ratio of not less
than 8 percent and not more than 10 percent for qualifying
community banks; and
(2) establish procedures for treatment of a qualified
qualifying community bank that has a Community Bank Leverage
Ratio that is falls below the percentage developed under
paragraph (1) after exceeding the percentage developed under
paragraph (1).
(c) Capital Compliance.--
(1) In general.--Any qualifying community bank that meets
exceeds the Community Bank Leverage Ratio developed under
subsection (b)(1) shall be considered to have met--
(A) the generally applicable leverage capital
requirements and the generally applicable risk-based
capital requirements;
(B) 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 (12 U.S.C. 1831o) and any
regulation implementing that section; and
(C) any other capital or leverage requirements to
which the qualifying community bank is subject.
(2) Existing authorities.--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.
(d) Consultation.--The appropriate Federal banking agencies shall--
(1) consult with the applicable State bank supervisors in
carrying out this section; and
(2) notify the applicable State bank supervisor of any
qualifying community bank that it supervises that exceeds, or
does not exceed after previously exceeding, the Community Bank
Leverage ratio developed under subsection (b)(1).
SEC. 202. LIMITED EXCEPTION FOR RECIPROCAL DEPOSITS.
(a) In General.--Section 29 of the Federal Deposit Insurance Act
(12 U.S.C. 1831f) is amended by adding at the end the following:
``(i) Limited Exception for Reciprocal Deposits.--
``(1) In general.--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--
``(A) $5,000,000,000; or
``(B) an amount equal to 20 percent of the total
liabilities of the agent institution.
``(2) Definitions.--In this subsection:
``(A) Agent institution.--The term `agent
institution' 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--
``(i)(I) when most recently examined under
section 10(d) was found to have a composite
condition of outstanding or good; and
``(II) is well capitalized;
``(ii) has obtained a waiver pursuant to
subsection (c); or
``(iii) 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.
``(B) Covered deposit.--The term `covered deposit'
means a deposit that--
``(i) is submitted for placement through a
deposit placement network by an agent
institution; and
``(ii) 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.
``(C) Deposit placement network.--The term `deposit
placement network' means a network in which an insured
depository institution participates, together with
other insured depository institutions, for the
processing and receipt of reciprocal deposits.
``(D) Network member bank.--The term `network
member bank' means an insured depository institution
that is a member of a deposit placement network.
``(E) Reciprocal deposits.--The term `reciprocal
deposits' 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.
``(F) Well capitalized.--The term `well
capitalized' has the meaning given the term in section
38(b)(1).''.
(b) Interest Rate Restriction.--Section 29 of the Federal Deposit
Insurance Act (12 U.S.C. 1831f) is amended by striking subsection (e)
and inserting the following:
``(e) Restriction on Interest Rate Paid.--
``(1) Definitions.--In this subsection--
``(A) the terms `agent institution', `reciprocal
deposits', and `well capitalized' have the meanings
given those terms in subsection (i); and
``(B) the term `covered insured depository
institution' means an insured depository institution
that--
``(i) under subsection (c) or (d), accepts
funds obtained, directly or indirectly, by or
through a deposit broker; or
``(ii) while acting as an agent institution
under subsection (i), accepts reciprocal
deposits while not well capitalized.
``(2) Prohibition.--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).
``(3) Limit on interest rates.--The limit on the rate of
interest referred to in paragraph (2) shall be--
``(A) 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
``(B) 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.''.
SEC. 203. COMMUNITY BANK RELIEF.
Section 13(h) of the Bank Holding Company Act of 1956 (12 U.S.C.
1851(h)) is amended--
(1) in paragraph (1)--
(A) in subparagraph (D), by redesignating clauses
(i) and (ii) as subclauses (I) and (II), respectively,
and adjusting the margins accordingly;
(B) by redesignating subparagraphs (A) through (D)
as clauses (i) through (iv), respectively, and
adjusting the margins accordingly;
(C) in the matter preceding clause (i), as so
redesignated, in the second sentence, by striking
``institution that functions solely in a trust or
fiduciary capacity, if--'' and inserting the following:
``institution--
``(A) that functions solely in a trust or fiduciary
capacity, if--'';
(D) in clause (iv)(II), as so redesignated, by
striking the period at the end and inserting ``; or'';
and
(E) by adding at the end the following:
<DELETED> ``(B) with--</DELETED>
<DELETED> ``(i) not more than
$10,000,000,000 of total consolidated assets;
and</DELETED>
``(B) that does not have and is not controlled by a
company that has--
``(i) more than $10,000,000,000 in total
consolidated assets; and
``(ii) 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.''.
SEC. 204. REMOVING NAMING RESTRICTIONS.
Section 13 of the Bank Holding Company Act of 1956 (12 U.S.C. 1851)
is amended--
(1) in subsection (d)(1)(G)(vi), by inserting before the
semicolon the following: ``, 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--
``(I) 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
(12 U.S.C. 3106);
``(II) 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 (12
U.S.C. 3106); and
``(III) such name does not contain
the word `bank'''; and
(2) in subsection (h)(5)(C), by inserting before the period
the following: ``, except as permitted under subsection
(d)(1)(G)(vi)''.
SEC. 205. SHORT FORM CALL REPORTS.
Section 7(a) of the Federal Deposit Insurance Act (12 U.S.C.
1817(a)) is amended by adding at the end the following:
``(12) Short form reporting.--
``(A) In general.--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).
``(B) Definition.--In this paragraph, the term
`covered depository institution' means an insured
depository institution that--
``(i) has less than $5,000,000,000 in total
consolidated assets; and
``(ii) satisfies such other criteria as the
appropriate Federal banking agencies determine
appropriate.''.
SEC. 206. OPTION FOR FEDERAL SAVINGS ASSOCIATIONS TO OPERATE AS COVERED
SAVINGS ASSOCIATIONS.
The Home Owners' Loan Act (12 U.S.C. 1461 et seq.) is amended by
inserting after section 5 (12 U.S.C. 1464) the following:
``SEC. 5A. ELECTION TO OPERATE AS A COVERED SAVINGS ASSOCIATION.
``(a) Definition.--In this section, the term `covered savings
association' means a Federal savings association that makes an election
that is approved under subsection (b).
``(b) Election.--
``(1) In general.--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.
``(2) Approval.--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.
``(c) Rights and Duties.--Notwithstanding any other provision of
law, and except as otherwise provided in this section, a covered
savings association shall--
``(1) 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
``(2) be subject to the same duties, restrictions,
penalties, liabilities, conditions, and limitations that would
apply to a national bank described in paragraph (1).
``(d) Treatment of Covered Savings Associations.--A covered savings
association shall be treated as a Federal savings association for the
purposes--
``(1) of governance of the covered savings association,
including incorporation, bylaws, boards of directors,
shareholders, and distribution of dividends;
``(2) of consolidation, merger, dissolution, conversion
(including conversion to a stock bank or to another charter),
conservatorship, and receivership; and
``(3) determined by regulation of the Comptroller.
``(e) Existing Branches.--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.
``(f) Rule Making.--The Comptroller shall issue rules to carry out
this section--
``(1) that establish streamlined standards and procedures
that clearly identify required documentation or and timelines
for an election under subsection (b);
``(2) that require a Federal savings association that makes
an election under subsection (b) to identify specific assets
and subsidiaries that--
``(A) do not conform to the requirements for assets
and subsidiaries of a national bank; and
``(B) are held by the Federal savings association
on the date on which the Federal savings association
submits a notice of the election;
``(3) that establish--
``(A) a transition process for bringing the assets
and subsidiaries described in paragraph (2) into
conformance with the requirements for a national bank;
and
``(B) 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;
``(4) that establish standards and procedures to allow a
covered savings association to--
``(A) terminate an election under subsection (b)
after an appropriate period of time; and
``(B) make a subsequent election under subsection
(b) after terminating an election under subparagraph
(A);
``(5) that clarify requirements for the treatment of
covered savings associations, including the provisions of law
that apply to covered savings associations; and
``(6) as the Comptroller determines necessary in the
interests of safety and soundness.
``(g) Grandfathered Covered Savings Associations.--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.''.
SEC. 207. SMALL BANK HOLDING COMPANY POLICY STATEMENT.
(a) Definitions.--In this section:
(1) Board.--The term ``Board'' means the Board of Governors
of the Federal Reserve System.
(2) Savings and loan holding company.--The term ``savings
and loan holding company'' has the meaning given the term in
section 10(a) of the Home Owners' Loan Act (12 U.S.C.
1467a(a)).
(b) Changes Required to Small Bank Holding Company Policy Statement
on Assessment of Financial and Managerial Factors.--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 ``Small Bank Holding Company and Savings and
Loan Holding Company Policy Statement''), 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--
(1) is not engaged in significant nonbanking activities
either directly or through a nonbank subsidiary;
(2) does not conduct significant off-balance sheet
activities (including securitization and asset management or
administration) either directly or through a nonbank
subsidiary; and
(3) 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.
(c) Exclusions.--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.
(d) Conforming Amendment.--Section 171(b)(5) of the Financial
Stability Act of 2010 (12 U.S.C. 5371(b)(5)) is amended by striking
subparagraph (C) and inserting the following:
``(C) 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 `Small Bank Holding
Company and Savings and Loan Holding Company Policy
Statement').''.
SEC. 208. APPLICATION OF THE EXPEDITED FUNDS AVAILABILITY ACT.
(a) In General.--The Expedited Funds Availability Act (12 U.S.C.
4001 et seq.) is amended--
(1) in section 602 (12 U.S.C. 4001)--
(A) in paragraph (20), by inserting ``, located in
the United States,'' after ``ATM'';
(B) in paragraph (21), by inserting ``American
Samoa, the Commonwealth of the Northern Mariana
Islands,'' after ``Puerto Rico,''; and
(C) in paragraph (23), by inserting ``American
Samoa, the Commonwealth of the Northern Mariana
Islands,'' after ``Puerto Rico,''; and
(2) in section 603(d)(2)(A) (12 U.S.C. 4002(d)(2)(A)), by
inserting ``American Samoa, the Commonwealth of the Northern
Mariana Islands,'' after ``Puerto Rico,''.
(b) Effective Date.--The amendments made by this section shall take
effect on the date that is 30 days after the date of enactment of this
Act.
<DELETED>SEC. 209. MUTUAL HOLDING COMPANY DIVIDEND WAIVERS.</DELETED>
<DELETED> 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 ``12 months'' each place that term appears and inserting
``24 months''.</DELETED>
SEC. 21009. SMALL PUBLIC HOUSING AGENCIES.
(a) Small Public Housing Agencies.--Title I of the United States
Housing Act of 1937 (42 U.S.C. 1437 et seq.) is amended by adding at
the end the following:
``SEC. 38. SMALL PUBLIC HOUSING AGENCIES.
``(a) Definitions.--In this section:
``(1) Housing voucher program.--The term `housing voucher
program' means a program for tenant-based assistance under
section 8.
``(2) Small public housing agency.--The term `small public
housing agency' means a public housing agency--
``(A) 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
``(B) that predominantly operates in a rural area,
as described in section 1026.35(b)(2)(iv)(A) of title
12, Code of Federal Regulations.
``(3) Troubled small public housing agency.--The term
`troubled small public housing agency' means a small public
housing agency designated by the Secretary as a troubled small
public housing agency under subsection (c)(3).
``(b) Applicability.--Except as otherwise provided in this section,
a small public housing agency shall be subject to the same requirements
as a public housing agency.
``(c) Program Inspections and Evaluations.--
``(1) Public housing projects.--
``(A) Frequency of inspections by secretary.--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. Nothing contained in this
subparagraph relieves the Secretary from conducting
lead safety inspections or assessments in accordance
with procedures established by the Secretary under
section 302 of the Lead-Based Paint Poisoning
Prevention Act (42 U.S.C. 4822).
``(B) Standards.--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.
``(2) Housing voucher program.--A small Except as required
by section 8(o)(8)(F), 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). Nothing contained in this paragraph
relieves a small public housing agency from conducting lead
safety inspections or assessments in accordance with procedures
established by the Secretary under section 302 of the Lead-
Based Paint Poisoning Prevention Act (42 U.S.C. 4822).
``(3) Troubled small public housing agencies.--
``(A) Public housing program.--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.
``(B) Housing voucher program.--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).
``(C) Appeals.--
``(i) Establishment.--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.
``(ii) Official.--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.
``(D) Corrective action agreement.--
``(i) Agreement required.--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.
``(ii) Terms of agreement.--A corrective
action agreement entered into under clause (i)
shall--
``(I) have a term of 1 year, and
shall be renewable at the option of the
Secretary;
``(II) provide, where feasible, for
technical assistance to assist the
public housing agency in curing its
deficiencies;
``(III) provide for--
``(aa) reconsideration of
the designation of the small
public housing agency as a
troubled small public housing
agency not less frequently than
annually; and
``(bb) termination of the
agreement when the Secretary
determines that the small
public housing agency is no
longer a troubled small public
housing agency; and
``(IV) provide that in the event of
substantial noncompliance by the small
public housing agency under the
agreement, the Secretary may--
``(aa) contract with
another public housing agency
or a private entity to manage
the public housing of the
troubled small public housing
agency;
``(bb) withhold funds
otherwise distributable to the
troubled small public housing
agency;
``(cc) assume possession
of, and direct responsibility
for, managing the public
housing of the troubled small
public housing agency;
``(dd) petition for the
appointment of a receiver, in
accordance with section
6(j)(3)(A)(ii); and
``(ee) 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.
``(E) Emergency actions.--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.
``(d) Reduction of Administrative Burdens.--
``(1) Exemption.--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.
``(2) Streamlined procedures.--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.''.
(b) Energy Conservation.--Section 9(e)(2) of the United States
Housing Act of 1937 (42 U.S.C. 1437g(e)(2)) is amended by adding at the
end the following:
``(D) Freeze of consumption levels.--
``(i) In general.--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 `consumption
base level').
``(ii) Initial adjustment in consumption
base level.--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.
``(iii) Adjustments in consumption base
level.--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.
``(iv) Savings.--All cost savings resulting
from an election made by a small public housing
agency under this subparagraph--
``(I) shall accrue to the small
public housing agency; and
``(II) may be used for any public
housing purpose at the discretion of
the small public housing agency.
``(v) Third parties.--A small public
housing agency making an election under this
subparagraph--
``(I) may use, but shall not be
required to use, the services of a
third party in its energy conservation
program; and
``(II) shall have the sole
discretion to determine the source, and
terms and conditions, of any financing
used for its energy conservation
program.''.
(c) Reporting by Agencies Operating in Consortia.--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 (42 U.S.C. 1437a(b)(6)), electing
to operate in consortia under section 13(a) of such Act (42 U.S.C.
1437k(a)).
(d) Effective Date.--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.
(e) Shared Waiting Lists.--Not later than 1 year after the date of
enactment of this Act, the Secretary of Housing and Urban Development
shall make available to interested public housing agencies and owners
of multifamily properties receiving assistance from the Department of
Housing and Urban Development 1 or more software programs that will
facilitate the voluntary use of a shared waiting list by multiple
public housing agencies or owners receiving assistance, and shall
publish on the website of the Department of Housing and Urban
Development procedural guidance for implementing shared waiting lists
that includes information on how to obtain the software.
SEC. 2110. EXAMINATION CYCLE.
Section 10(d) (4)(A) of the Federal Deposit Insurance Act (12
U.S.C. 1820(d) (4)(A)) is amended by amended--
(1) in paragraph (4)(A), by striking ``$1,000,000,000'' and
inserting ``$3,000,000,000''.; and
(2) in paragraph (10), by striking ``$1,000,000,000'' and
inserting ``$3,000,000,000''.
SEC. 2121. NATIONAL SECURITIES EXCHANGE REGULATORY PARITY.
Section 18(b)(1) of the Securities Act of 1933 (15 U.S.C.
77r(b)(1)) is amended--
(1) by striking subparagraph (A);
(2) in subparagraph (B)--
(A) by inserting ``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 (15 U.S.C. 78k-1(a)(2)) that is''
before ``listed''; and
(B) by striking ``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)'';
(3) in subparagraph (C), by striking ``or (B)''; and
(4) by redesignating subparagraphs (B) and (C) as
subparagraphs (A) and (B), respectively.
SEC. 212. INTERNATIONAL INSURANCE CAPITAL STANDARDS ACCOUNTABILITY.
(a) Findings.--Congress finds that--
(1) the Secretary of the Treasury, Board of Governors of
the Federal Reserve System, and Director of the Federal
Insurance Office shall support increasing transparency at any
global insurance or international standard-setting regulatory
or supervisory forum in which they participate, including
supporting and advocating for greater public observer access to
working groups and committee meetings of the International
Association of Insurance Supervisors; and
(2) to the extent that the Secretary of the Treasury, the
Board of Governors of the Federal Reserve System, and the
Director of the Federal Insurance Office take a position or
reasonably intend to take a position with respect to an
insurance proposal by a global insurance regulatory or
supervisory forum, the Secretary of the Treasury, the Board of
Governors of the Federal Reserve System, and the Director of
the Federal Insurance Office shall achieve consensus positions
with State insurance regulators through the National
Association of Insurance Commissioners, when they are United
States participants in negotiations on insurance issues before
the International Association of Insurance Supervisors,
Financial Stability Board, or any other international forum of
financial regulators or supervisors that considers such issues.
(b) Insurance Policy Advisory Committee.--
(1) Establishment.--There is established the Insurance
Policy Advisory Committee on International Capital Standards
and Other Insurance Issues at the Board of Governors of the
Federal Reserve System.
(2) Membership.--The Committee shall be composed of not
more than 21 members, all of whom represent a diverse set of
expert perspectives from the various sectors of the United
States insurance industry, including life insurance, property
and casualty insurance and reinsurance, agents and brokers,
academics, consumer advocates, or experts on issues facing
underserved insurance communities and consumers.
(c) Reports.--
(1) Reports and testimony by secretary of the treasury and
chairman of the federal reserve.--
(A) In general.--The Secretary of the Treasury and
the Chairman of the Board of Governors of the Federal
Reserve System, or their designee, 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, an annual report and provide
annual testimony to the Committee on Banking, Housing,
and Urban Affairs of the Senate, and the Committee on
Financial Services of the House of Representatives on
the efforts of the Secretary and the Chairman with the
National Association of Insurance Commissioners with
respect to global insurance regulatory or supervisory
forums, including--
(i) a description of the insurance
regulatory or supervisory standard-setting
issues under discussion at international
standard-setting bodies, including the
Financial Stability Board and the International
Association of Insurance Supervisors;
(ii) a description of the effects that
proposals discussed at international insurance
regulatory or supervisory forums of insurance
could have on consumer and insurance markets in
the United States;
(iii) a description of any position taken
by the Secretary of the Treasury, the Board of
Governors of the Federal Reserve System, and
the Director of the Federal Insurance Office in
international insurance discussions; and
(iv) a description of the efforts by the
Secretary of the Treasury, the Board of
Governors of the Federal Reserve System, and
the Director of the Federal Insurance Office to
increase transparency at the Financial
Stability Board with respect to insurance
proposals and the International Association of
Insurance Supervisors, including efforts to
provide additional public access to working
groups and committees of the International
Association of Insurance Supervisors.
(B) Termination.--This paragraph shall terminate on
December 31, 2022.
(2) Reports and testimony by national association of
insurance commissioners.--The National Association of Insurance
Commissioners may provide testimony to Congress on the issues
described in paragraph (1)(A).
(3) Joint report by the chairman of the federal reserve and
the director of the federal insurance office.--
(A) In general.--The Secretary of the Treasury, the
Chairman of the Board of Governors of the Federal
Reserve System, and the Director of the Federal
Insurance Office shall, in consultation with the
National Association of Insurance Commissioners,
complete a study on, and submit to Congress a report on
the results of the study, the impact on consumers and
markets in the United States before supporting or
consenting to the adoption of any key elements in any
international insurance proposal or international
insurance capital standard.
(B) Notice and comment.--
(i) Notice.--The Secretary of the Treasury,
the Chairman of the Board of Governors of the
Federal Reserve System, and the Director of the
Federal Insurance Office shall provide public
notice before the date on which drafting a
report required under subparagraph (A) is
commenced and after the date on which the draft
of the report is completed.
(ii) Opportunity for comment.--There shall
be an opportunity for public comment for a
period beginning on the date on which the
report is submitted under subparagraph (A) and
ending on the date that is 60 days after the
date on which the report is submitted.
(C) Review by comptroller general.--The Secretary
of the Treasury, Chairman of the Board of Governors of
the Federal Reserve System, and the Director of the
Federal Insurance Office shall submit to the
Comptroller General of the United States the report
described in subparagraph (A) for review.
(4) Report on increase in transparency.--Not later than 180
days after the date of enactment of this Act, the Chairman of
the Board of Governors of the Federal Reserve System and the
Secretary of the Treasury, or their designees, shall submit to
Congress a report and provide testimony to Congress on the
efforts of the Chairman and the Secretary to increase
transparency at meetings of the International Association of
Insurance Supervisors.
SEC. 213. BUDGET TRANSPARENCY FOR THE NCUA.
Section 209(b) of the Federal Credit Union Act (12 U.S.C. 1789(b))
is amended--
(1) by redesignating paragraphs (1) and (2) as paragraphs
(2) and (3), respectively;
(2) by inserting before paragraph (2), as so redesignated,
the following:
``(1) on an annual basis and prior to the submission of the
detailed business-type budget required under paragraph (2)--
``(A) make publicly available and publish in the
Federal Register a draft of the detailed business-type
budget; and
``(B) hold a public hearing, with public notice
provided of the hearing, during which the public may
submit comments on the draft of the detailed business-
type budget;''; and
(3) in paragraph (2), as so redesignated--
(A) by inserting ``detailed'' after ``submit a'';
and
(B) by inserting ``, which shall address any
comment submitted by the public under paragraph
(1)(B)'' after ``Control Act''.
SEC. 214. MAKING ONLINE BANKING INITIATION LEGAL AND EASY.
(a) Definitions.--In this section:
(1) Affiliate.--The term ``affiliate'' has the meaning
given the term in section 2 of the Bank Holding Company Act of
1956 (12 U.S.C. 1841).
(2) Driver's license.--The term ``driver's license'' means
a license issued by a State to an individual that authorizes
the individual to operate a motor vehicle on public streets,
roads, or highways.
(3) Federal bank secrecy laws.--The term ``Federal bank
secrecy laws'' means--
(A) section 21 of the Federal Deposit Insurance Act
(12 U.S.C. 1829b);
(B) section 123 of Public Law 91-508 (12 U.S.C.
1953); and
(C) subchapter II of chapter 53 of title 31, United
States Code.
(4) Financial institution.--The term ``financial
institution'' means--
(A) an insured depository institution;
(B) an insured credit union; or
(C) any affiliate of an insured depository
institution or insured credit union.
(5) Financial product or service.--The term ``financial
product or service'' has the meaning given the term in section
1002 of the Consumer Financial Protection Act of 2010 (12
U.S.C. 5481).
(6) Insured credit union.--The term ``insured credit
union'' has the meaning given the term in section 101 of the
Federal Credit Union Act (12 U.S.C. 1752).
(7) Insured depository institution.--The term ``insured
depository institution'' has the meaning given the term in
section 3 of the Federal Deposit Insurance Act (12 U.S.C.
1813).
(8) Online service.--The term ``online service'' means any
Internet-based service, such as a website or mobile
application.
(9) Personal identification card.--The term ``personal
identification card'' means an identification document issued
by a State or local government to an individual solely for the
purpose of identification of that individual.
(10) Personal information.--The term ``personal
information'' means the information displayed on or
electronically encoded on a driver's license or personal
identification card that is reasonably necessary to fulfill the
purpose and uses permitted by subsection (b).
(11) Scan.--The term ``scan'' means the act of using a
device or software to decipher, in an electronically readable
format, personal information displayed on or electronically
encoded on a driver's license or personal identification card.
(12) State.--The term ``State'' means any State of the
United States, the District of Columbia, the Commonwealth of
Puerto Rico, and any other commonwealth, possession, or
territory of the United States.
(b) Use of a Driver's License or Personal Identification Card.--
(1) In general.--When an individual initiates a request
through an online service to open an account with a financial
institution or obtain a financial product or service from a
financial institution, the financial institution may record
personal information from a scan of the driver's license or
personal identification card of the individual, or make a copy
or receive an image of the driver's license or personal
identification card of the individual, and store or retain such
information in any electronic format for the purposes described
in paragraph (2).
(2) Uses of information.--Except as required to comply with
Federal bank secrecy laws, a financial institution may only use
the information obtained under paragraph (1)--
(A) to verify the authenticity of the driver's
license or personal identification card;
(B) to verify the identity of the individual; and
(C) to comply with a legal requirement to record,
retain, or transmit the personal information in
connection with opening an account or obtaining a
financial product or service.
(3) Deletion of image.--A financial institution that makes
a copy or receives an image of a driver's license or personal
identification card of an individual in accordance with
paragraphs (1) and (2) shall, after using the image for the
purposes described in paragraph (2), permanently delete--
(A) any image of the driver's license or personal
identification card, as applicable; and
(B) any copy of any such image.
(4) Disclosure of personal information.--Nothing in this
section shall be construed to amend, modify, or otherwise
affect any State or Federal law that governs a financial
institution's disclosure and security of personal information
that is not publicly available.
(c) Relation to State Law.--The provisions of this section shall
preempt and supersede any State law that conflicts with a provision of
this section, but only to the extent of such conflict.
TITLE III--PROTECTIONS FOR VETERANS, CONSUMERS, AND HOMEOWNERS
<DELETED>SEC. 301. PROTECTING CONSUMERS' CREDIT.</DELETED>
<DELETED> Section 605A of the Fair Credit Reporting Act (15 U.S.C.
1681c-1) is amended--</DELETED>
<DELETED> (a) in subsection (a)(1)(A), by striking ``90 days'' and
inserting ``1 year''; and</DELETED>
<DELETED> (b) by adding at the end the following:</DELETED>
<DELETED> ``(i) Free Annual Freeze Alerts; Additional Protections
for Credit Reports of Minor Consumers.--</DELETED>
<DELETED> ``(1) Definition.--In this subsection, the term
`freeze alert' 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.</DELETED>
<DELETED> ``(2) Free annual freeze alert.--</DELETED>
<DELETED> ``(A) In general.--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.</DELETED>
<DELETED> ``(B) Removal of alert.--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.</DELETED>
<DELETED> ``(C) Rule of construction.--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.</DELETED>
<DELETED> ``(3) Additional protections for credit reports of
minor consumers.--</DELETED>
<DELETED> ``(A) In general.--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.</DELETED>
<DELETED> ``(B) Block of information.--While a
freeze alert under subparagraph (A) is in place, a
consumer reporting agency may not release--</DELETED>
<DELETED> ``(i) the consumer report of the
minor;</DELETED>
<DELETED> ``(ii) any information derived
from the consumer report of the minor;
or</DELETED>
<DELETED> ``(iii) any record created for the
minor.</DELETED>
<DELETED> ``(C) Removal.--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.''.</DELETED>
SEC. 301. PROTECTING CONSUMERS' CREDIT.
(a) In General.--Section 605A of the Fair Credit Reporting Act (15
U.S.C. 1681c-1) is amended--
(1) in subsection (a)(1)(A), by striking ``90 days'' and
inserting ``1 year''; and
(2) by adding at the end the following:
``(i) National Security Freeze.--
``(1) Definitions.--For purposes of this subsection:
``(A) The term `consumer reporting agency' means a
consumer reporting agency described in section 603(p).
``(B) The term `proper identification' has the
meaning of such term as used under section 610.
``(C) The term `security freeze' means a
restriction that prohibits a consumer reporting agency
from disclosing the contents of a consumer report that
is subject to such security freeze to any person
requesting the consumer report for the purpose of
opening a new account involving the extension of
credit.
``(2) Placement of security freeze.--
``(A) In general.--Upon receiving a direct request
from a consumer that a consumer reporting agency place
a security freeze, and upon receiving proper
identification from the consumer, the consumer
reporting agency shall, free of charge, place the
security freeze not later than--
``(i) in the case of a request that is by
telephone or electronic means, 1 business day
after receiving the request directly from the
consumer; or
``(ii) in the case of a request that is by
mail, 3 business days after receiving the
request directly from the consumer.
``(B) Confirmation and additional information.--Not
later than 5 business days after placing a security
freeze under subparagraph (A), a consumer reporting
agency shall--
``(i) send confirmation of the placement to
the consumer; and
``(ii) inform the consumer of--
``(I) the process by which the
consumer may remove the security
freeze, including a mechanism to
authenticate the consumer; and
``(II) the consumer's right
described in section 615(d)(1)(D).
``(C) Notice to third parties.--A consumer
reporting agency may advise a third party that a
security freeze has been placed with respect to a
consumer under subparagraph (A).
``(3) Removal of security freeze.--
``(A) In general.--A consumer reporting agency
shall remove a security freeze placed on the consumer
report of a consumer only in the following cases:
``(i) Upon the direct request of the
consumer.
``(ii) The security freeze was placed due
to a material misrepresentation of fact by the
consumer.
``(B) Notice if removal not by request.--If a
consumer reporting agency removes a security freeze
under subparagraph (A)(ii), the consumer reporting
agency shall notify the consumer in writing prior to
removing the security freeze.
``(C) Removal of security freeze by consumer
request.--Except as provided in subparagraph (A)(ii), a
security freeze shall remain in place until the
consumer directly requests that the security freeze be
removed. Upon receiving a direct request from a
consumer that a consumer reporting agency remove a
security freeze, and upon receiving proper
identification from the consumer, the consumer
reporting agency shall, free of charge, remove the
security freeze not later than--
``(i) in the case of a request that is by
telephone or electronic means, 1 hour after
receiving the request for removal; or
``(ii) in the case of a request that is by
mail, 3 business days after receiving the
request for removal.
``(D) Third-party requests.--If a third party
requests access to a consumer report of a consumer with
respect to which a security freeze is in effect, where
such request is in connection with an application for
credit, and the consumer does not allow such consumer
report to be accessed, the third party may treat the
application as incomplete.
``(4) Exceptions.--A security freeze shall not apply to the
making of a consumer report for use of the following:
``(A) A person or entity, or a subsidiary,
affiliate, or agent of that person or entity, or an
assignee of a financial obligation owed by the consumer
to that person or entity, or a prospective assignee of
a financial obligation owed by the consumer to that
person or entity in conjunction with the proposed
purchase of the financial obligation, with which the
consumer has or had prior to assignment an account or
contract including a demand deposit account, or to whom
the consumer issued a negotiable instrument, for the
purposes of reviewing the account or collecting the
financial obligation owed for the account, contract, or
negotiable instrument. For purposes of this
subparagraph, `reviewing the account' includes
activities related to account maintenance, monitoring,
credit line increases, and account upgrades and
enhancements.
``(B) A subsidiary, affiliate, agent, assignee, or
prospective assignee of a person to whom access has
been granted for purposes of facilitating the extension
of credit or other permissible use.
``(C) Any Federal, State, or local agency, law
enforcement agency, trial court, or private collection
agency acting pursuant to a court order, warrant, or
subpoena.
``(D) A child support agency acting pursuant to
part D of title IV of the Social Security Act (42
U.S.C. 651 et seq.).
``(E) A State or its agents or assigns acting to
investigate fraud or acting to investigate or collect
delinquent taxes or unpaid court orders or to fulfill
any of its other statutory responsibilities, provided
such responsibilities are consistent with a permissible
purpose under section 604.
``(F) By a person using credit information for the
purposes described under section 604(c).
``(G) Any person or entity administering a credit
file monitoring subscription or similar service to
which the consumer has subscribed.
``(H) Any person or entity for the purpose of
providing a consumer with a copy of the consumer's
consumer report or credit score, upon the request of
the consumer.
``(I) Any person using the information in
connection with the underwriting of insurance.
``(J) Any person using the information for
employment, tenant, or background screening purposes.
``(5) Notice of rights.--At any time a consumer is required
to receive a summary of rights required under section 609, the
following notice shall be included:
```Consumers Have the Right To Obtain a Security Freeze
```You have a right to place a ``security freeze'' on your credit
report, which will prohibit a consumer reporting agency from releasing
information in your credit report without your express authorization.
The security freeze is designed to prevent credit, loans, and services
from being approved in your name without your consent. However, you
should be aware that using a security freeze to take control over who
gets access to the personal and financial information in your credit
report may delay, interfere with, or prohibit the timely approval of
any subsequent request or application you make regarding a new loan,
credit, mortgage, or any other account involving the extension of
credit.
```As an alternative to a security freeze, you have the right to
place an initial or extended fraud alert on your credit file at no
cost. An initial fraud alert is a 1-year alert that is placed on a
consumer's credit file. Upon seeing a fraud alert display on a
consumer's credit file, a business is required to take steps to verify
the consumer's identity before extending new credit. If you are a
victim of identity theft, you are entitled to an extended fraud alert,
which is a fraud alert lasting 7 years.
```A security freeze does not apply to a person or entity, or its
affiliates, or collection agencies acting on behalf of the person or
entity, with which you have an existing account that requests
information in your credit report for the purposes of reviewing or
collecting the account. Reviewing the account includes activities
related to account maintenance, monitoring, credit line increases, and
account upgrades and enhancements.'.
``(6) Webpage.--
``(A) Consumer reporting agencies.--A consumer
reporting agency shall establish a webpage that--
``(i) allows a consumer to request a
security freeze;
``(ii) allows a consumer to request an
initial fraud alert;
``(iii) allows a consumer to request an
extended fraud alert;
``(iv) allows a consumer to request an
active duty fraud alert;
``(v) allows a consumer to opt-out of the
use of information in a consumer report to send
the consumer a solicitation of credit or
insurance, in accordance with section 615(d);
and
``(vi) shall not be the only mechanism by
which a consumer may request a security freeze.
``(B) FTC.--The Federal Trade Commission shall
establish a single webpage that includes a link to each
webpage established under subparagraph (A) within the
Federal Trade Commission's website
www.Identitytheft.gov, or a successor website.
``(j) National Protection for Files and Credit Records of Minors.--
``(1) Definitions.--As used in this subsection:
``(A) The term `consumer reporting agency' means a
consumer reporting agency described in section 603(p).
``(B) The term `minor' means an individual who is
under the age of 16 years at the time a request for the
placement of a security freeze is made.
``(C) The term `minor's representative' means a
person who provides to a consumer reporting agency
sufficient proof of authority to act on behalf of a
minor.
``(D) The term `record' means a compilation of
information that--
``(i) identifies a minor;
``(ii) is created by a consumer reporting
agency solely for the purpose of complying with
this subsection; and
``(iii) may not be created or used to
consider the minor's credit worthiness, credit
standing, credit capacity, character, general
reputation, personal characteristics, or mode
of living.
``(E) The term `security freeze' means a
restriction that prohibits a consumer reporting agency
from disclosing the contents of a consumer report that
is the subject of such security freeze or, in the case
of a minor for whom the consumer reporting agency does
not have a file, a record that is subject to such
security freeze to any person requesting the consumer
report for the purpose of opening a new account
involving the extension of credit.
``(F) The term `sufficient proof of authority'
means documentation that shows a minor's representative
has authority to act on behalf of a minor and
includes--
``(i) an order issued by a court of law;
``(ii) a lawfully executed and valid power
of attorney;
``(iii) a document issued by a Federal,
State, or local government agency in the United
States showing proof of parentage, including a
birth certificate; or
``(iv) with respect to a minor who has been
placed in a foster care setting, a written
communication from a county welfare department
or its agent or designee, or a county probation
department or its agent or designee, certifying
that the minor is in a foster care setting
under its jurisdiction.
``(G) The term `sufficient proof of identification'
means information or documentation that identifies a
minor and a minor's representative and includes--
``(i) a social security number or a copy of
a social security card issued by the Social
Security Administration;
``(ii) a certified or official copy of a
birth certificate issued by the entity
authorized to issue the birth certificate; or
``(iii) a copy of a driver's license, an
identification card issued by the motor vehicle
administration, or any other government issued
identification.
``(2) Placement of security freeze for a minor.--
``(A) In general.--Upon receiving a direct request
from a minor's representative that a consumer reporting
agency place a security freeze, and upon receiving
sufficient proof of identification and sufficient proof
of authority, the consumer reporting agency shall, free
of charge, place the security freeze not later than--
``(i) in the case of a request that is by
telephone or electronic means, 1 business day
after receiving the request directly from the
minor's representative; or
``(ii) in the case of a request that is by
mail, 3 business days after receiving the
request directly from the minor's
representative.
``(B) Confirmation and additional information.--Not
later than 5 business days after placing a security
freeze under subparagraph (A), a consumer reporting
agency shall--
``(i) send confirmation of the placement to
the minor's representative; and
``(ii) inform the minor's representative of
the process by which the minor may remove the
security freeze, including a mechanism to
authenticate the minor's representative.
``(C) Creation of file.--If a consumer reporting
agency does not have a file pertaining to a minor when
the consumer reporting agency receives a direct request
under subparagraph (A), the consumer reporting agency
shall create a record for the minor.
``(3) Prohibition on release of record or file of minor.--
After a security freeze has been placed under paragraph (2)(A),
and unless the security freeze is removed in accordance with
this subsection, a consumer reporting agency may not release
the minor's consumer report, any information derived from the
minor's consumer report, or any record created for the minor.
``(4) Removal of a minor security freeze.--
``(A) In general.--A consumer reporting agency
shall remove a security freeze placed on the consumer
report of a minor only in the following cases:
``(i) Upon the direct request of the
minor's representative.
``(ii) Upon the direct request of the
minor, if the minor is not under the age of 16
years at the time of the request.
``(iii) The security freeze was placed due
to a material misrepresentation of fact by the
minor's representative.
``(B) Notice if removal not by request.--If a
consumer reporting agency removes a security freeze
under subparagraph (A)(iii), the consumer reporting
agency shall notify the minor's representative in
writing prior to removing the security freeze.
``(C) Removal of freeze by request.--Except as
provided in subparagraph (A)(iii), a security freeze
shall remain in place until a minor's representative or
minor described in subparagraph (A)(ii) directly
requests that the security freeze be removed. Upon
receiving a direct request from the minor's
representative or minor described in subparagraph
(A)(ii) that a consumer reporting agency remove a
security freeze, and upon receiving sufficient proof of
identification and sufficient proof of authority, the
consumer reporting agency shall, free of charge, remove
the security freeze not later than--
``(i) in the case of a request that is by
telephone or electronic means, 1 hour after
receiving the request for removal; or
``(ii) in the case of a request that is by
mail, 3 business days after receiving the
request for removal.''.
(b) Conforming Amendment.--Section 625(b)(1) of the Fair Credit
Reporting Act (15 U.S.C. 1681t(b)(1)) is amended--
(1) in subparagraph (H), by striking ``or'' at the end;
(2) in subparagraph (I), by adding ``or'' at the end; and
(3) by adding at the end the following:
``(J) subsections (i) and (j) of section 605A
relating to security freezes;''.
(c) Effective Date.--The amendments made by this section shall take
effect on the date that is 120 days after the date of enactment of this
Act.
SEC. 302. PROTECTING VETERANS' CREDIT.
(a) Purposes.--The purposes of this section are--
(1) 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
(2) to clarify the process of debt collection for such
medical debt.
(b) Amendments to Fair Credit Reporting Act.--
(1) Veteran's medical debt defined.--Section 603 of the
Fair Credit Reporting Act (15 U.S.C. 1681a) is amended by
adding at the end the following:
``(z) Veteran.--The term `veteran' has the meaning given the term
in section 101 of title 38, United States Code.
``(aa) Veteran's Medical Debt.--The term `veteran's medical debt'--
<DELETED> ``(1) 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</DELETED>
``(1) means a medical collection debt of a veteran owed to
a health care provider in a non-Department of Veterans Affairs
facility that was submitted to the Department of Veterans
Affairs for repayment by the Veterans Choice Fund established
by section 802 of the Veterans Access, Choice, and
Accountability Act of 2014 (38 U.S.C. 1701 note); and
``(2) includes medical collection debt that the Department
of Veterans Affairs has wrongfully charged a veteran.''.
(2) Exclusion for veteran's medical debt.--Section 605(a)
of the Fair Credit Reporting Act (15 U.S.C. 1681c(a)) is
amended by adding at the end the following:
``(7) Any With respect to a consumer reporting agency
described in section 603(p), 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 if the consumer reporting agency
has actual knowledge that the information is related to a
veteran's medical debt and the consumer reporting agency is in
compliance with its obligation under section 302(c)(5) of the
Economic Growth, Regulatory Relief, and Consumer Protection
Act.
``(8) Any With respect to a consumer reporting agency
described in section 603(p), any information related to a fully
paid or settled veteran's medical debt that had been
characterized as delinquent, charged off, or in collection if
the consumer reporting agency has actual knowledge that the
information is related to a veteran's medical debt and the
consumer reporting agency is in compliance with its obligation
under section 302(c)(5) of the Economic Growth, Regulatory
Relief, and Consumer Protection Act.''.
(3) Removal of veteran's medical debt from consumer
report.--Section 611 of the Fair Credit Reporting Act (15
U.S.C. 1681i) is amended--
(A) in subsection (a)(1)(A), by inserting ``and
except as provided in subsection (g)'' after
``subsection (f)''; and
(B) by adding at the end the following:
``(g) Dispute Process for Veteran's Medical Debt.--
``(1) In general.--With respect to a veteran's medical debt
of a consumer, the consumer, the veteran 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 veteran.
``(2) Notification to veteran.--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.
``(3) Deletion of information from file.--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 veteran and notify
the furnisher and the consumer veteran of that deletion.''.
(c) Verification of Veteran's Medical Debt.--
(1) Definitions.--For purposes of this subsection--
(A) the term ``consumer reporting agency'' means a
consumer reporting agency described in section 603(p)
of the Fair Credit Reporting Act (15 U.S.C. 1681a(p));
and
(B) the terms ``veteran'' and ``veteran's medical
debt'' have the meanings given those terms in section
603 of the Fair Credit Reporting Act (15 U.S.C. 1681a),
as added by subsection (b)(1).
(2) Establishment.--Not later than 1 year after the date of
enactment of this Act, the Secretary of Veterans Affairs shall
establish a database to allow consumer reporting agencies to
verify whether a debt furnished to a consumer reporting agency
is a veteran's medical debt.
(3) Database features.--The Secretary of Veterans Affairs
shall ensure that the database established under paragraph (2)
provides consumer reporting agencies with--
(A) sufficiently detailed and specific information
to verify whether a debt being furnished to the
consumer reporting agency is a veteran's medical debt;
(B) access to verification information in a secure
electronic format;
(C) timely access to verification information; and
(D) any other features that would promote the
efficient, timely, and secure delivery of information
that consumer reporting agencies could use to verify
whether a debt is a veteran's medical debt.
(4) Stakeholder input.--Prior to establishing the database
for verification under paragraph (2), the Secretary of Veterans
Affairs shall publish in the Federal Register a notice and
request for comment that solicits input from consumer reporting
agencies and other stakeholders.
(5) Verification.--Provided the database established under
paragraph (2) is fully functional and the data available to
consumer reporting agencies, a consumer reporting agency shall
use the database as a means to identify a veteran's medical
debt pursuant to paragraphs (7) and (8) of section 605(a) of
the Fair Credit Reporting Act (15 U.S.C. 1681c(a)), as added by
subsection (b)(2).
(c)(d) Effective Date.--The amendments made by this section shall
take effect on the date that is 180 days 1 year after the date of
enactment of this Act.
SEC. 303. IMMUNITY FROM SUIT FOR DISCLOSURE OF FINANCIAL EXPLOITATION
OF SENIOR CITIZENS.
(a) Immunity.--
(1) Definitions.--In this section--
(A) the term ``Bank Secrecy Act officer'' means an
individual responsible for ensuring compliance with the
requirements mandated by subchapter II of chapter 53 of
title 31, United States Code (commonly known as the
``Bank Secrecy Act'');
(B) the term ``broker-dealer'' means a broker and a
dealer, as those terms are defined in section 3(a) of
the Securities Exchange Act of 1934 (15 U.S.C. 78c(a));
(C) the term ``covered agency'' means--
(i) a State financial regulatory agency,
including a State securities or law enforcement
authority and a State insurance regulator;
(ii) each of the entities Federal agencies
represented in the membership of the Financial
Institutions Examination Council established
under section 1004 of the Federal Financial
Institutions Examination Council Act of 1978
(12 U.S.C. 3303);
(iii) a securities association registered
under section 15A of the Securities Exchange
Act of 1934 (15 U.S.C. 78o-3);
(iv) the Securities and Exchange
Commission;
(v) a law enforcement agency; and or
(vi) a State or local agency responsible
for administering adult protective service
laws;
(D) the term ``covered financial institution''
means--
(i) a credit union;
(ii) a depository institution;
(iii) an investment adviser;
(iv) a broker-dealer;
(v) an insurance company;
(vi) an insurance agency; and or
(vii) a transfer agent;
(E) the term ``credit union'' has the meaning given
the term in section 2 of the Dodd-Frank Wall Street
Reform and Consumer Protection Act (12 U.S.C. 5301);
(F) the term ``depository institution'' has the
meaning given the term in section 3(c) of the Federal
Deposit Insurance Act (12 U.S.C. 1813(c));
(G) the term ``exploitation'' means the fraudulent
or otherwise illegal, unauthorized, or improper act or
process of an individual, including a caregiver or a
fiduciary, that--
(i) uses the resources of a senior citizen
for monetary or personal benefit, profit, or
gain; or
(ii) results in depriving a senior citizen
of rightful access to or use of benefits,
resources, belongings, or assets;
(H) the term ``insurance agency'' means any
business entity that sells, solicits, or negotiates
insurance coverage;
(I) the term ``insurance company'' has the meaning
given the term in section 2(a) of the Investment
Company Act of 1940 (15 U.S.C. 80a-2(a));
(J) the term ``insurance producer'' means an
individual who is required under State law to be
licensed in order to sell, solicit, or negotiate
insurance coverage;
(K) the term ``investment adviser'' has the meaning
given the term in section 202(a) of the Investment
Advisers Act of 1940 (15 U.S.C. 80b-2(a));
(L) the term ``investment adviser representative''
means an individual who--
(i) is employed by, or associated with, an
investment adviser; and
(ii) does not perform solely clerical or
ministerial acts;
(M) the term ``registered representative'' means an
individual who represents a broker-dealer in effecting
or attempting to effect a purchase or sale of
securities;
(N) the term ``senior citizen'' means an individual
who is not younger than 65 years of age;
(O) the term ``State'' means each of the several
States, the District of Columbia, and any territory or
possession of the United States;
(P) the term ``State insurance regulator'' has the
meaning given the term in section 315 of the Gramm-
Leach-Bliley Act (15 U.S.C. 6735);
(Q) the term ``State securities or law enforcement
authority'' has the meaning given the term in section
24(f)(4) of the Securities Exchange Act of 1934 (15
U.S.C. 78x(f)(4)); and
(R) the term ``transfer agent'' has the meaning
given the term in section 3(a) of the Securities
Exchange Act of 1934 (15 U.S.C. 78c(a)).
(2) Immunity from suit.--
(A) Immunity for individuals.--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--
(i) served as a supervisor or compliance
officer in a compliance or legal function
(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
(ii) made the disclosure--
(I) in good faith; and
(II) with reasonable care.
(B) Immunity for covered financial institutions.--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--
(i) 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
(ii) before the time of the disclosure,
each individual described in subsection (b)(1)
received the training described in subsection
(b).
(C) Rule of construction.--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).
(b) Training.--
(1) In general.--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--
(A) is described in subsection (a)(2)(A)(i);
(B) may come into contact with a senior citizen as
a regular part of the professional duties of the
individual; or
(C) may review or approve the financial documents,
records, or transactions of a senior citizen in
connection with providing financial services to a
senior citizen.
(2) Content.--
(A) In general.--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--
(i) 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;
(ii) 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;
(iii) discuss the need to protect the
privacy and respect the integrity of each
individual customer of the covered financial
institution; and
(iv) be appropriate to the job
responsibilities of the individual attending
the training.
(B) Timing.--The training under paragraph (1) shall
be provided--
(i) as soon as reasonably practicable; and
(ii) 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).
(C) Records.--A covered financial institution
shall--
(i) maintain a record of each individual
who--
(I) 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
(II) has completed the training
under paragraph (1), regardless of
whether the training was--
(aa) provided by the
covered financial institution
or a third party selected by
the covered financial
institution;
(bb) completed before the
individual was employed by, or
affiliated or associated with,
the covered financial
institution; and
(cc) completed before, on,
or after the date of enactment
of this Act; and
(ii) upon request, provide a record
described in clause (i) to a covered agency
with examination authority over the covered
financial institution.
(c) Relationship to State Law.--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.
SEC. 304. RESTORATION OF THE PROTECTING TENANTS AT FORECLOSURE ACT OF
2009.
(a) Repeal of Sunset Provision.--Section 704 of the Protecting
Tenants at Foreclosure Act of 2009 (12 U.S.C. 5201 note; 12 U.S.C. 5220
note; 42 U.S.C. 1437f note) is repealed.
(b) Restoration.--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.
(c) Effective Date.--Subsections (a) and (b) shall take effect on
the date that is 30 days after the date of enactment of this Act.
SEC. 305. REMEDIATING LEAD AND ASBESTOS HAZARDS.
Section 109(a)(1) of the Emergency Economic Stabilization Act of
2008 (12 U.S.C. 5219(a)(1)) is amended, in the second sentence, by
inserting ``and to remediate lead and asbestos hazards in residential
properties'' before the period at the end.
SEC. 306. FAMILY SELF-SUFFICIENCY PROGRAM.
(a) In General.--Section 23 of the United States Housing Act of
1937 (42 U.S.C. 1437u) is amended--
(1) in subsection (a)--
(A) by striking ``public housing and''; and
(B) by striking ``the certificate and voucher
programs under section 8'' and inserting ``sections 8
and 9'';
(2) by amending subsection (b) to read as follows:
``(b) Continuation of Prior Required Programs.--
``(1) In general.--Each public housing agency that was
required to administer a local Family Self-Sufficiency program
on the date of enactment of the Economic Growth, Regulatory
Relief, and Consumer Protection Act shall operate such local
program for, at a minimum, the number of families the agency
was required to serve on the date of enactment of such Act,
subject only to the availability under appropriations Acts of
sufficient amounts for housing assistance and the requirements
of paragraph (2).
``(2) Reduction.--The number of families for which a public
housing agency is required to operate such local program under
paragraph (1) shall be decreased by 1 for each family from any
supported rental housing program administered by such agency
that, after October 21, 1998, fulfills its obligations under
the contract of participation.
``(3) Exception.--The Secretary shall not require a public
housing agency to carry out a mandatory program for a period of
time upon the request of the public housing agency and upon a
determination by the Secretary that implementation is not
feasible because of local circumstances, which may include--
``(A) lack of supportive services accessible to
eligible families, which shall include insufficient
availability of resources for programs under title I of
the Workforce Investment Act of 1998 (29 U.S.C. 2801 et
seq.);
``(B) lack of funding for reasonable administrative
costs;
``(C) lack of cooperation by other units of State
or local government; or
``(D) any other circumstances that the Secretary
may consider appropriate.'';
(3) by striking subsection (i);
(4) by redesignating subsections (c), (d), (e), (f), (g),
and (h) as subsections (d), (e), (f), (g), (h), and (i)
respectively;
(5) by inserting after subsection (b), as amended, the
following:
``(c) Eligibility.--
``(1) Eligible families.--A family is eligible to
participate in a local Family Self-Sufficiency program under
this section if--
``(A) at least 1 household member seeks to become
and remain employed in suitable employment or to
increase earnings; and
``(B) the household member receives direct
assistance under section 8 or resides in a unit
assisted under section 8 or 9.
``(2) Eligible entities.--The following entities are
eligible to administer a local Family Self-Sufficiency program
under this section:
``(A) A public housing agency administering housing
assistance to or on behalf of an eligible family under
section 8 or 9.
``(B) The owner or sponsor of a multifamily
property receiving project-based rental assistance
under section 8, in accordance with the requirements
under subsection (l).'';
(6) in subsection (d), as so redesignated--
(A) in paragraph (1)--
(i) by striking ``public housing agency''
the first time it appears and inserting
``eligible entity'';
(ii) in the first sentence, by striking
``each leaseholder receiving assistance under
the certificate and voucher programs of the
public housing agency under section 8 or
residing in public housing administered by the
agency'' and inserting ``a household member of
an eligible family''; and
(iii) by striking the third sentence and
inserting the following: ``Housing assistance
may not be terminated as a consequence of
either successful completion of the contract of
participation or failure to complete such
contract. A contract of participation shall
remain in effect until the participating family
exits the Family Self-Sufficiency program upon
successful graduation or expiration of the
contract of participation, or for other good
cause.'';
(B) in paragraph (2)--
(i) in the matter preceding subparagraph
(A)--
(I) in the first sentence--
(aa) by striking ``A local
program under this section''
and inserting ``An eligible
entity'';
(bb) by striking
``provide'' and inserting
``coordinate''; and
(cc) by striking ``to'' and
inserting ``for''; and
(II) in the second sentence--
(aa) by striking ``provided
during'' and inserting
``coordinated for'';
(bb) by striking ``under
section 8 or residing in public
housing'' and inserting
``pursuant to section 8 or 9
and for the duration of the
contract of participation'';
and
(cc) by inserting ``, but
are not limited to'' after
``may include'';
(ii) in subparagraph (D), by inserting ``or
attainment of a high school equivalency
certificate'' after ``high school'';
(iii) by striking subparagraph (G);
(iv) by redesignating subparagraphs (E),
(F), and (J) as subparagraphs (F), (G), and (K)
respectively;
(v) by inserting after subparagraph (D) the
following:
``(E) education in pursuit of a post-secondary
degree or certification;'';
(vi) in subparagraph (H), by inserting
``financial literacy, such as training in
financial management, financial coaching, and
asset building, and'' after ``training in'';
(vii) in subparagraph (I), by striking
``and'' at the end; and
(viii) by inserting after subparagraph (I)
the following:
``(J) homeownership education and assistance;
and''; and
(C) in paragraph (3)--
(i) in the first sentence, by inserting
``the first recertification of income after''
after ``not later than 5 years after''; and
(ii) in the second sentence--
(I) by striking ``public housing
agency'' and inserting ``eligible
entity''; and
(II) by striking ``of the agency'';
(D) by amending paragraph (4) to read as follows:
``(4) Employment.--The contract of participation shall
require 1 household member of the participating family to seek
and maintain suitable employment.''; and
(E) by adding at the end the following:
``(5) Nonparticipation.--Assistance under section 8 or 9
for a family that elects not to participate in a Family Self-
Sufficiency program shall not be delayed by reason of such
election.'';
(7) in subsection (e), as so redesignated--
(A) in paragraph (1), by striking ``whose monthly
adjusted income does not exceed 50 percent'' and all
that follows through the period at the end of the third
sentence and inserting ``shall be calculated under the
rental provisions of section 3 or section 8(o), as
applicable.'';
(B) in paragraph (2)--
(i) by striking the first sentence and
inserting the following: ``For each
participating family, an amount equal to any
increase in the amount of rent paid by the
family in accordance with the provisions of
section 3 or 8(o), as applicable, that is
attributable to increases in earned income by
the participating family, shall be placed in an
interest-bearing escrow account established by
the eligible entity on behalf of the
participating family. Notwithstanding any other
provision of law, an eligible entity may use
funds it controls under section 8 or 9 for
purposes of making the escrow deposit for
participating families assisted under, or
residing in units assisted under, section 8 or
9, respectively, provided such funds are offset
by the increase in the amount of rent paid by
the participating family.'';
(ii) by striking the second sentence and
inserting the following: ``All Family Self-
Sufficiency programs administered under this
section shall include an escrow account.'';
(iii) in the fourth sentence, by striking
``subsection (c)'' and inserting ``subsection
(d)''; and
(iv) in the last sentence--
(I) by striking ``A public housing
agency'' and inserting ``An eligible
entity''; and
(II) by striking ``the public
housing agency'' and inserting ``such
eligible entity''; and
(C) by amending paragraph (3) to read as follows:
``(3) Forfeited escrow.--Any amount placed in an escrow
account established by an eligible entity for a participating
family as required under paragraph (2), that exists after the
end of a contract of participation by a household member of a
participating family that does not qualify to receive the
escrow, shall be used by the eligible entity for the benefit of
participating families in good standing.'';
(8) in subsection (f), as so redesignated, by striking ``,
unless the income of the family equals or exceeds 80 percent of
the median income of the area (as determined by the Secretary
with adjustments for smaller and larger families)'';
(9) in subsection (g), as so redesignated--
(A) in paragraph (1)--
(i) by striking ``public housing agency''
and inserting ``eligible entity'';
(ii) by striking ``the public housing
agency'' and inserting ``such eligible
entity''; and
(iii) by striking ``subsection (g)'' and
inserting ``subsection (h)''; and
(B) in paragraph (2)--
(i) by striking ``public housing agency''
and inserting ``eligible entity'' each place
that term appears;
(ii) by striking ``or the Job Opportunities
and Basic Skills Training Program under part F
of title IV of the Social Security Act'';
(iii) by inserting ``primary, secondary,
and post-secondary'' after ``public and
private''; and
(iv) in the second sentence, by inserting
``and tenants served by the program'' after
``the unit of general local government'';
(10) in subsection (h), as so redesignated--
(A) in paragraph (1)--
(i) by striking ``public housing agency''
and inserting ``eligible entity'';
(ii) by striking ``participating in the''
and inserting ``carrying out a''; and
(iii) by striking ``to the Secretary'';
(B) in paragraph (2)--
(i) by striking ``public housing agency''
and inserting ``eligible entity'';
(ii) by striking ``subsection (f)'' and
inserting ``subsection (g)'';
(iii) by striking ``residents of the public
housing'' and inserting ``the current and
prospective participants of the program''; and
(iv) by striking ``or the Job Opportunities
and Basic Skills Training Program under part F
of title IV of the Social Security Act''; and
(C) in paragraph (3)--
(i) in subparagraph (C)--
(I) by striking ``subsection
(c)(2)'' and inserting ``subsection
(d)(2)'';
(II) by striking ``provided to''
and inserting ``coordinated on behalf
of participating'';
(III) by inserting ``direct''
before ``assistance''; and
(IV) by striking ``the section 8
and public housing programs'' and
inserting ``sections 8 and 9'';
(ii) in subparagraph (D)--
(I) by striking ``subsection (d)''
and inserting ``subsection (e)''; and
(II) by striking ``public housing
agency'' and inserting ``eligible
entity'';
(iii) in subparagraph (E), by striking
``deliver'' and inserting ``coordinate'';
(iv) in subparagraph (H), by striking ``the
Job Opportunities and Basic Skills Training
Program under part F of title IV of the Social
Security Act and''; and
(v) in subparagraph (I), by striking
``public housing or section 8 assistance'' and
inserting ``assistance under section 8 or 9'';
(11) by amending subsection (i), as so redesignated, to
read as follows:
``(i) Family Self-Sufficiency Awards.--
``(1) In general.--Subject to appropriations, the Secretary
shall establish a formula by which annual funds shall be
awarded or as otherwise determined by the Secretary for the
costs incurred by an eligible entity in administering the
Family Self-Sufficiency program under this section.
``(2) Eligibility for awards.--The award established under
paragraph (1) shall provide funding for family self-sufficiency
coordinators as follows:
``(A) Base award.--An eligible entity serving 25 or
more participants in the Family Self-Sufficiency
program under this section is eligible to receive an
award equal to the costs, as determined by the
Secretary, of 1 full-time family self-sufficiency
coordinator position. The Secretary may, by regulation
or notice, determine the policy concerning the award
for an eligible entity serving fewer than 25 such
participants, including providing prorated awards or
allowing such entities to combine their programs under
this section for purposes of employing a coordinator.
``(B) Additional award.--An eligible entity that
meets performance standards set by the Secretary is
eligible to receive an additional award sufficient to
cover the costs of filling an additional family self-
sufficiency coordinator position if such entity has 75
or more participating families, and an additional
coordinator for each additional 50 participating
families, or such other ratio as may be established by
the Secretary based on the award allocation evaluation
under subparagraph (E).
``(C) State and regional agencies.--For purposes of
calculating the award under this paragraph, each
administratively distinct part of a State or regional
eligible entity may be treated as a separate agency.
``(D) Determination of number of coordinators.--In
determining whether an eligible entity meets a specific
threshold for funding pursuant to this paragraph, the
Secretary shall consider the number of participants
enrolled by the eligible entity in its Family Self-
Sufficiency program as well as other criteria
determined by the Secretary.
``(E) Award allocation evaluation.--The Secretary
shall submit to Congress a report evaluating the award
allocation under this subsection, and make
recommendations based on this evaluation and other
related findings to modify such allocation, within 4
years after the date of enactment of the Economic
Growth, Regulatory Relief, and Consumer Protection Act,
and not less frequently than every 4 years thereafter.
The report requirement under this subparagraph shall
terminate after the Secretary has submitted 2 such
reports to Congress.
``(3) Renewals and allocation.--
``(A) In general.--Funds allocated by the Secretary
under this subsection shall be allocated in the
following order of priority:
``(i) First priority.--Renewal of the full
cost of all coordinators in the previous year
at each eligible entity with an existing Family
Self-Sufficiency program that meets applicable
performance standards set by the Secretary.
``(ii) Second priority.--New or incremental
coordinator funding authorized under this
section.
``(B) Guidance.--If the first priority, as
described in subparagraph (A)(i), cannot be fully
satisfied, the Secretary may prorate the funding for
each eligible entity, as long as--
``(i) each eligible entity that has
received funding for at least 1 part-time
coordinator in the prior fiscal year is
provided sufficient funding for at least 1
part-time coordinator as part of any such
proration; and
``(ii) each eligible entity that has
received funding for at least 1 full-time
coordinator in the prior fiscal year is
provided sufficient funding for at least 1
full-time coordinator as part of any such
proration.
``(4) Recapture or offset.--Any awards allocated under this
subsection by the Secretary in a fiscal year that have not been
spent by the end of the subsequent fiscal year or such other
time period as determined by the Secretary may be recaptured by
the Secretary and shall be available for providing additional
awards pursuant to paragraph (2)(B), or may be offset as
determined by the Secretary. Funds appropriated pursuant to
this section shall remain available for 3 years in order to
facilitate the re-use of any recaptured funds for this purpose.
``(5) Performance reporting.--Programs under this section
shall be required to report the number of families enrolled and
graduated, the number of established escrow accounts and
positive escrow balances, and any other information that the
Secretary may require. Program performance shall be reviewed
periodically as determined by the Secretary.
``(6) Incentives for innovation and high performance.--The
Secretary may reserve up to 5 percent of the amounts made
available under this subsection to provide support to or reward
Family Self-Sufficiency programs based on the rate of
successful completion, increased earned income, or other
factors as may be established by the Secretary.'';
(12) in subsection (j)--
(A) by striking ``public housing agency'' and
inserting ``eligible entity'';
(B) by striking ``public housing'' before
``units'';
(C) by striking ``in public housing projects
administered by the agency'';
(D) by inserting ``or coordination'' after
``provision''; and
(E) by striking the last sentence;
(13) in subsection (k), by striking ``public housing
agencies'' and inserting ``eligible entities'';
(14) by striking subsection (n);
(15) by striking subsection (o);
(16) by redesignating subsections (l) and (m) as
subsections (m) and (n), respectively;
(17) by inserting after subsection (k) the following:
``(l) Programs for Tenants in Privately Owned Properties With
Project-Based Assistance.--
``(1) Voluntary availability of fss program.--The owner of
a privately owned property may voluntarily make a Family Self-
Sufficiency program available to the tenants of such property
in accordance with procedures established by the Secretary.
Such procedures shall permit the owner to enter into a
cooperative agreement with a local public housing agency that
administers a Family Self-Sufficiency program or, at the
owner's option, operate a Family Self-Sufficiency program on
its own or in partnership with another owner. An owner, who
voluntarily makes a Family Self-Sufficiency program available
pursuant to this subsection, may access funding from any
residual receipt accounts for the property to hire a family
self-sufficiency coordinator or coordinators for their program.
``(2) Cooperative agreement.--Any cooperative agreement
entered into pursuant to paragraph (1) shall require the public
housing agency to open its Family Self-Sufficiency program
waiting list to any eligible family residing in the owner's
property who resides in a unit assisted under project-based
rental assistance.
``(3) Treatment of families assisted under this
subsection.--A public housing agency that enters into a
cooperative agreement pursuant to paragraph (1) may count any
family participating in its Family Self-Sufficiency program as
a result of such agreement as part of the calculation of the
award under subsection (i).
``(4) Escrow.--
``(A) Cooperative agreement.--A cooperative
agreement entered into pursuant to paragraph (1) shall
provide for the calculation and tracking of the escrow
for participating residents and for the owner to make
available, upon request of the public housing agency,
escrow for participating residents, in accordance with
paragraphs (2) and (3) of subsection (e), residing in
units assisted under section 8.
``(B) Calculation and tracking by owner.--The owner
of a privately owned property who voluntarily makes a
Family Self-Sufficiency program available pursuant to
paragraph (1) shall calculate and track the escrow for
participating residents and make escrow for
participating residents available in accordance with
paragraphs (2) and (3) of subsection (e).
``(5) Exception.--This subsection shall not apply to
properties assisted under section 8(o)(13).
``(6) Suspension of enrollment.--In any year, the Secretary
may suspend the enrollment of new families in Family Self-
Sufficiency programs under this subsection based on a
determination that insufficient funding is available for this
purpose.'';
(18) in subsection (m), as so redesignated--
(A) in paragraph (1)--
(i) in the first sentence, by striking
``Each public housing agency'' and inserting
``Each eligible entity'';
(ii) in the second sentence, by striking
``The report shall include'' and inserting
``The contents of the report shall include'';
and
(iii) in subparagraph (D)--
(I) by striking ``public housing
agency'' and inserting ``eligible
entity''; and
(II) by striking ``local''; and
(B) in paragraph (2), by inserting ``and describing
any additional research needs of the Secretary to
evaluate the effectiveness of the program'' after
``under paragraph (1)'';
(19) in subsection (n), as so redesignated, by striking
``may'' and inserting ``shall''; and
(20) by adding at the end the following:
``(o) Definitions.--In this section:
``(1) Eligible entity.--The term `eligible entity' means an
entity that meets the requirements under subsection (c)(2) to
administer a Family Self-Sufficiency program under this
section.
``(2) Eligible family.--The term `eligible family' means a
family that meets the requirements under subsection (c)(1) to
participate in the Family Self-Sufficiency program under this
section.
``(3) Participating family.--The term `participating
family' means an eligible family that is participating in the
Family Self-Sufficiency program under this section.''.
(b) Effective Date.--Not later than 360 days after the date of
enactment of this Act, the Secretary of Housing and Urban Development
shall issue regulations to implement this section and any amendments
made by this section, and this section and any amendments made by this
section shall take effect upon such issuance.
SEC. 307. REHABILITATION OF QUALIFIED EDUCATION LOANS.
(a) In General.--Section 623(a)(1) of the Fair Credit Reporting Act
(15 U.S.C. 1681s-2(a)(1)) is amended by adding at the end the
following:
``(E) Rehabilitation of qualified education
loans.--
``(i) In general.--Notwithstanding any
other provision of this section, a consumer may
request a financial institution to remove from
a consumer report a reported default regarding
a qualified education loan, and such
information shall not be considered inaccurate,
if--
``(I) the financial institution
chooses to offer a loan rehabilitation
program which includes, without
limitation, a requirement of the
consumer to make consecutive on-time
monthly payments in a number that
demonstrates, in the assessment of the
financial institution offering the loan
rehabilitation program, a renewed
ability and willingness to repay the
loan; and
``(II) the requirements of the loan
rehabilitation program described in
subclause (I) are successfully met.
``(ii) Banking agencies.--
``(I) In general.--If a financial
institution is supervised by a Federal
banking agency, the financial
institution shall seek written approval
concerning the terms and conditions of
the loan rehabilitation program
described in clause (i) from the
appropriate Federal banking agency.
``(II) Feedback.--An appropriate
Federal banking agency shall provide
feedback to a financial institution
within 120 days of a request for
approval under subclause (I).
``(iii) Limitation.--
``(I) In general.--A consumer may
obtain the benefits available under
this subsection with respect to
rehabilitating a loan only 1 time per
loan.
``(II) Rule of construction.--
Nothing in this subparagraph may be
construed to require a financial
institution to offer a loan
rehabilitation program or to remove any
reported default from a consumer report
as a consideration of a loan
rehabilitation program, except as
described in clause (i).
``(iv) Definitions.--For purposes of this
subparagraph--
``(I) the term `appropriate Federal
banking agency' has the meaning given
the term in section 3 of the Federal
Deposit Insurance Act (12 U.S.C. 1813);
and
``(II) the term `qualified
education loan' has the meaning given
the term in section 221(d) of the
Internal Revenue Code of 1986.''.
(b) GAO Study.--
(1) Study.--The Comptroller General of the United States
shall conduct a study, in consultation with the appropriate
Federal banking agencies, regarding--
(A) the implementation of subparagraph (E) of
section 623(a)(1) of the Fair Credit Reporting Act (15
U.S.C. 1681s-2(a)(1)) (referred to in this paragraph as
``the provision''), as added by subsection (a);
(B) the estimated operational, compliance, and
reporting costs associated with the requirements of the
provision;
(C) the effects of the requirements of the
provision on the accuracy of credit reporting;
(D) the risks to safety and soundness, if any,
created by the loan rehabilitation programs described
in the provision; and
(E) a review of the effectiveness and impact on the
credit of participants in any loan rehabilitation
programs described in the provision and whether such
programs improved the ability of participants in the
programs to access credit products.
(2) Report.--Not later than 1 year after the date of
enactment of this Act, the Comptroller General of the United
States shall submit to Congress a report that contains all
findings and determinations made in conducting the study
required under paragraph (1).
TITLE IV--TAILORING REGULATIONS FOR CERTAIN BANK HOLDING COMPANIES
SEC. 401. ENHANCED SUPERVISION AND PRUDENTIAL STANDARDS FOR CERTAIN
BANK HOLDING COMPANIES.
(a) In General.--Section 165 of the Financial Stability Act of 2010
(12 U.S.C. 5365) is amended--
(1) in subsection (a)--
(A) in paragraph (1), in the matter preceding
subparagraph (A), by striking ``$50,000,000,000'' and
inserting ``$250,000,000,000''; and
(B) in paragraph (2)--
(i) in subparagraph (A), by striking
``may'' and inserting ``shall'';
(ii) in subparagraph (B), by striking
``$50,000,000,000'' and inserting ``the
applicable threshold''; and
(iii) by adding at the end the following:
``(C) Risks to financial stability and safety and
soundness.--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--
``(i) determines that application of the
prudential standard is appropriate--
``(I) to prevent or mitigate risks
to the financial stability of the
United States, as described in
paragraph (1); or
``(II) to promote the safety and
soundness of the bank holding company
or bank holding companies; and
``(ii) 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.'';
(2) in subsection (b)(1)--
(A) in subparagraph (A)(iv), by striking ``and
credit exposure report''; and
(B) in subparagraph (B)(ii), by inserting ``,
including credit exposure reports'' before the
semicolon at the end;
(3) in subsection (d)(2), in the matter preceding
subparagraph (A), by striking ``shall'' and inserting ``may'';
(4) in subsection (h)(2), by striking ``$10,000,000,000''
each place that term appears and inserting ``$50,000,000,000'';
(5) in subsection (i)--
(A) in paragraph (1)(B)(i)--
(i) by striking ``3'' and inserting ``2'';
and
(ii) by striking ``, adverse,''; and
(B) in paragraph (2) (A)--
(i) in subparagraph (A)--
(i)(I) in the first sentence, by
striking ``semiannual'' and inserting
``periodic''; and
(ii)(II) in the second sentence--
(I)(aa) by striking
``$10,000,000,000'' and
inserting ``$250,000,000,000'';
and
(II)(bb) by striking
``annual'' and inserting
``periodic''; and
(ii) in subparagraph (C)(ii)--
(I) by striking ``3'' and inserting
``2''; and
(II) by striking ``, adverse,'';
and
(6) in subsection (j)(1), in the first sentence, by
striking ``$50,000,000,000'' and inserting
``$250,000,000,000''.
(b) Rule of Construction.--Nothing in subsection (a) shall be
construed to limit--
(1) 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 (12 U.S.C.
5365) 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
(2) 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.
(c) Technical and Conforming Amendments.--
(1) Financial stability act of 2010.--The Financial
Stability Act of 2010 (12 U.S.C. 5311 et seq.) is amended--
(A) in section 115(a)(2)(B) (12 U.S.C.
5325(a)(2)(B)), by striking ``$50,000,000,000'' and
inserting ``the applicable threshold'';
(B) in section 116(a) (12 U.S.C. 5326(a)), in the
matter preceding paragraph (1), by striking
``$50,000,000,000'' and inserting ``$250,000,000,000'';
(C) in section 121(a) (12 U.S.C. 5311(a) 5331(a)),
in the matter preceding paragraph (1), by striking
``$50,000,000,000'' and inserting ``$250,000,000,000'';
(D) in section 155(d) (12 U.S.C. 5345(d)), by
striking ``50,000,000,000'' and inserting
``$250,000,000,000'';
(E) in section 163(b) (12 U.S.C. 5363(b)), by
striking ``$50,000,000,000'' each place that term
appears and inserting ``$250,000,000,000''; and
(F) in section 164 (12 U.S.C. 5364), by striking
``$50,000,000,000'' and inserting ``$250,000,000,000''.
(2) Federal reserve act.--Paragraph (2) of the second
subsection (s) (relating to assessments) of section 11 of the
Federal Reserve Act (12 U.S.C. 248(s)(2)) is amended--
(A) in subparagraph (A)--
(i) by striking ``$50,000,000,000'' and
inserting ``$250,000,000,000''; and
(ii) by inserting ``and'' after the
semicolon at the end;
(B) by striking subparagraph (B); and
(C) by redesignating subparagraph (C) as
subparagraph (B).
(d) Effective Date.--
(1) In general.--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.
(2) Exception.--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.
(3) Additional authority.--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 (12 U.S.C. 5365).
(4) Rule of construction.--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 (12
U.S.C. 5365(a)(2)(C)), as added by this section, before the
effective date described in paragraph (1).
(e) Supervisory Stress Test.--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 less 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.
(f) Global Systemically Important Bank Holding Companies.--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--
(1) this section;
(2) sections 116(a), 121(a), 155(d), 163(b), 164, and 165
of the Financial Stability Act of 2010 (12 U.S.C. 5326(a),
5331(a), 5345(d), 5363(b), 5364, 5365); and
(3) paragraph (2)(A) of the second subsection (s) (relating
to assessments) of section 11 of the Federal Reserve Act (12
U.S.C. 248(s)(2)).
SEC. 402. SUPPLEMENTARY LEVERAGE RATIO FOR CUSTODIAL BANKS.
(a) Definition.--In this section, the term ``custodial bank'' 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. holding company
predominantly engaged in custody, safekeeping, and asset servicing
activities, including any insured depository institution subsidiary of
such a holding company.
(b) Regulations.--
(1) Definition.--In this subsection, the term ``central
bank'' means--
(A) the Federal Reserve System;
(B) the European Central Bank; and
(C) central banks of member countries of the
Organisation for Economic Co-operation and Development,
if--
(i) 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 ``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'' (78 Fed. Reg. 62018 (October 11,
2013)) and the final rule of the Federal
Deposit Insurance Corporation entitled
``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''
(79 Fed. Reg. 20754 (April 14, 2014)) sections
3.32, 217.32, and 324.32 of title 12, Code of
Federal Regulations, or any successor
regulation; and
(ii) the sovereign debt of such member
country is not in default or has not been in
default during the previous 5 years.
(2) Regulations.--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--
(A) 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
(B) 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.
(c) Rule of Construction.--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.
SEC. 403. TREATMENT OF CERTAIN MUNICIPAL OBLIGATIONS.
(a) In General.--Section 18 of the Federal Deposit Insurance Act
(12 U.S.C. 1828) is amended--
(1) by moving subsection (z) so that it appears after
subsection (y); and
(2) by adding at the end the following:
``(aa) Treatment of Certain Municipal Obligations.--
``(1) Definitions.--In this subsection--
``(A) the term `investment grade', 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;
``(B) the term `liquid and readily-marketable' has
the meaning given the term in section 249.3 of title
12, Code of Federal Regulations, or any successor
thereto; and
``(C) the term `municipal obligation' means an
obligation of--
``(i) a State or any political subdivision
thereof; or
``(ii) any agency or instrumentality of a
State or any political subdivision thereof.
``(2) Municipal obligations.--For purposes of the final
rule entitled `Liquidity Coverage Ratio: Liquidity Risk
Measurement Standards' (79 Fed. Reg. 61439 (October 10, 2014)),
the final rule entitled `Liquidity Coverage Ratio: Treatment of
U.S. Municipal Securities as High-Quality Liquid Assets' (81
Fed. Reg. 21223 (April 11, 2016)), and any other regulation
that incorporates a definition of the term `high-quality liquid
asset' 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--
``(A) liquid and readily-marketable; and
``(B) investment grade.''.
(b) Amendment to Liquidity Coverage Ratio Regulations.--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 ``Liquidity Coverage Ratio: Liquidity Risk
Measurement Standards'' (79 Fed. Reg. 61439 (October 10, 2014)) and the
final rule entitled ``Liquidity Coverage Ratio: Treatment of U.S.
Municipal Securities as High-Quality Liquid Assets'' (81 Fed. Reg.
21223 (April 11, 2016)) to implement the amendments made by this Act
section.
TITLE V--STUDIES
SEC. 501. TREASURY REPORT ON RISKS OF CYBER THREATS.
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--
(1) an assessment of the material risks of cyber threats to
financial institutions and capital markets in the United
States;
(2) the impact and potential effects of material cyber
attacks on financial institutions and capital markets in the
United States;
(3) 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--
(A) how the appropriate Federal banking agencies
and the Securities and Exchange Commission are
assessing those threats;
(B) how the appropriate Federal banking agencies
and the Securities and Exchange Commission are
assessing the cyber vulnerabilities and preparedness of
financial institutions;
(C) 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
(D) areas for improvement; and
(4) 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).
SEC. 502. SEC STUDY ON ALGORITHMIC TRADING.
(a) In General.--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.
(b) Matters Required To Be Included.--The matters covered by the
report required by subsection (a) shall include the following:
(1) 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.
(2) An assessment of the benefits and risks to equity and
debt markets in the United States by algorithmic trading.
(3) An analysis of whether the activity of algorithmic
trading and entities that engage in algorithmic trading are
subject to appropriate Federal supervision and regulation.
(4) A recommendation of whether--
(A) based on the analysis described in paragraphs
(1), (2), and (3), any changes should be made to
regulations; and
(B) the Securities and Exchange Commission needs
additional legal authorities or resources to effect the
changes described in subparagraph (A).
SEC. 503. GAO REPORT ON CONSUMER REPORTING AGENCIES.
(a) Definitions.--In this section, the terms ``consumer'',
``consumer report'', and ``consumer reporting agency'' have the
meanings given those terms in section 603 of the Fair Credit Reporting
Act (15 U.S.C. 1681a).
(b) Report.--Not later than 1 year 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
comprehensive report that includes--
(1) a review of the current legal and regulatory structure
for consumer reporting agencies and an analysis of any gaps in
that structure, including, in particular, the rulemaking,
supervisory, and enforcement authority of State and Federal
agencies under the Fair Credit Reporting Act (15 U.S.C. 1681 et
seq.), the Gramm-Leach-Bliley Act (Public Law 106-102; 113
Stat. 1338), and any other relevant statutes;
(2) a review of the process by which consumers can appeal
and expunge errors on their consumer reports;
(3) a review of the causes of consumer reporting errors;
(4) a review of the responsibilities of data furnishers to
ensure that accurate information is initially reported to
consumer reporting agencies and to ensure that such information
continues to be accurate;
(5) a review of data security relating to consumer
reporting agencies and their efforts to safeguard consumer
data;
(6) a review of who has access to, and may use, consumer
reports;
(7) a review of who has control or ownership of a
consumer's credit data;
(8) an analysis of--
(A) which Federal and State regulatory agencies
supervise and enforce laws relating to how consumer
reporting agencies protect consumer data; and
(B) all laws relating to data security applicable
to consumer reporting agencies; and
(9) recommendations to Congress on how to improve the
consumer reporting system, including legislative, regulatory,
and industry-specific recommendations.
Calendar No. 287
115th CONGRESS
1st Session
S. 2155
_______________________________________________________________________
A BILL
To promote economic growth, provide tailored regulatory relief, and
enhance consumer protections, and for other purposes.
_______________________________________________________________________
December 18, 2017
Reported with amendments