115 S2155 RS: Economic Growth, Regulatory Relief, and Consumer Protection Act
U.S. Senate
2017-11-16
text/xml
EN
Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
1.Short title; table of contents
(a)This Act may be cited as the Economic Growth, Regulatory Relief, and Consumer Protection Act
.
(b)The table of contents for this Act is as follows:Sec. 1. Short title; table of contents.Sec. 2. Definitions.TITLE I—Improving consumer access to mortgage creditSec. 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 creditSec. 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. 21009. Small public housing agencies.Sec. 2110. Examination cycle.Sec. 2121. 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 companiesSec. 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—StudiesSec. 501. Treasury report on risks of cyber threats.Sec. 502. SEC study on algorithmic trading.Sec. 503. GAO report on consumer reporting agencies. 2.In this Act:
(1)Appropriate Federal banking agency; company; depository institution; depository institution holding
companyThe terms appropriate Federal banking agency, company, depository institution, and depository institution holding company have the meanings given those terms in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813).
(2)The term bank holding company has the meaning given the term in section 2 of the Bank Holding Company Act of 1956 (12 U.S.C. 1841).
<enum>I</enum><header>Improving consumer access to mortgage credit</header>
<section id="id2F9E88A7BDF94E0BBAD8B74B69F88D6D"><enum>101.</enum><header>Minimum
standards for residential mortgage loans</header><text display-inline="no-display-inline">Section 129C(b)(2) of the Truth in Lending Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1639c">15 U.S.C. 1639c(b)(2)</external-xref>) is amended by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="id6989EE5805F3435383B571E6301FD03C" style="OLC">
<subparagraph id="idc5ed0e8727fd4f44acf200f8bf5453a3"><enum>(F)</enum><header>Safe
harbor</header>
<clause id="idDE4840B9B4E742B8BC4FA3BE5D38B363"><enum>(i)</enum><header>Definitions</header><text>In this subparagraph—</text> <subclause id="idAEEDC0C6A9914D10B22065525EC9982F"><enum>(I)</enum><text>the term <term>covered institution</term> means an insured depository institution or an insured credit union that, together with its affiliates, has less than $10,000,000,000 in total consolidated assets;</text>
</subclause><subclause id="id500592d601f74432af5ac559c54f2db5"><enum>(II)</enum><text>the term <term>insured credit union</term> has the meaning given the term in section 101 of the Federal Credit Union Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1752">12 U.S.C. 1752</external-xref>);</text> </subclause><subclause id="id4d9246c115be4e28bfe59f4414e8c420"><enum>(III)</enum><text>the term <term>insured depository institution</term> has the meaning given the term in section 3 of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1813">12 U.S.C. 1813</external-xref>);</text>
</subclause><subclause id="id71c9cd35ecae43dca05fda0aed5a0058"><enum>(IV)</enum><text>the term <term>interest-only</term> means that, under the terms of the legal obligation, one or more of the periodic payments may be applied solely to accrued interest and not to loan principal; and</text>
</subclause><subclause id="id4d18d565b08b49c3b303cb1b93d398b5"><enum>(V)</enum><text>the term <term>negative amortization</term> means payment of periodic payments that will result in an increase in the principal balance under the terms of the legal obligation.</text>
</subclause></clause><clause id="id8F6B9A3C35AA490F80A1534EF22D4EDE"><enum>(ii)</enum><header>Safe harbor</header><text>In this section—</text> <subclause id="id552f48c8a60a45b8a7aab538645d2573"><enum>(I)</enum><text>the term <term>qualified mortgage</term> includes any residential mortgage loan—</text>
<item id="id34929F176CC142D9A866C0C58EACA46F"><enum>(aa)</enum><text>that is originated and retained in portfolio by a covered institution;</text>
</item><item id="id8bd3bdf0dc8745f9b60af2b322072e7f"><enum>(bb)</enum><text>that is in compliance with the limitations with respect to prepayment penalties described in subsections (c)(1) and (c)(3);</text>
</item><item id="idc4b6cf20576547f199e8e1e09e45e9c3"><enum>(cc)</enum><text>that is in compliance with the requirements of clause (vii) of subparagraph (A);</text> </item><item id="idb062ac6cbdb541559b62f8cfb89c9f21"><enum>(dd)</enum><text>that does not have negative amortization or interest-only features; and</text>
</item><item id="id225e17be9d4d4bdb8f69795d38184104"><enum>(ee)</enum><text>for which the covered institution considers and documents the debt, income, and financial resources of the consumer in accordance with clause (iv); and</text>
</item></subclause><subclause id="idcc43f53e8996465593511fb86dae6d3d"><enum>(II)</enum><text>a residential mortgage loan described in subclause (I) shall be deemed to meet the requirements of subsection (a).</text>
</subclause></clause><clause commented="no" display-inline="no-display-inline" id="id9d1f956ea75b46b2a1388ca88ac54548"><enum>(iii)</enum><header>Exception for certain transfers</header><text>A residential mortgage loan described in clause (ii)(I) shall not qualify for the safe harbor under clause (ii) if the legal title to the residential mortgage loan is sold, assigned, or otherwise transferred to another person unless the residential mortgage loan is sold, assigned, or otherwise transferred—</text>
<subclause commented="no" display-inline="no-display-inline" id="idC15A72F002F14AC3A6D5B91E237B8136"><enum>(I)</enum><text>to another person by reason of the bankruptcy or failure of a covered institution;</text>
</subclause><subclause commented="no" display-inline="no-display-inline" id="idBC203EB680E540EDB55F9CDB9501D562"><enum>(II)</enum><text>to a covered institution so long as the loan is retained in portfolio by the covered institution to which the loan is sold, assigned, or otherwise transferred; <deleted-phrase reported-display-style="strikethrough">or</deleted-phrase></text>
</subclause><subclause commented="no" display-inline="no-display-inline" id="id65AB7D47368D4F99BBC7A41AB1721D54"><enum>(III)</enum><text>pursuant to a merger of a covered institution with another person or the acquisition of a covered institution by another person or of another person by a covered institution, so long as the loan is retained in portfolio by the person to whom the loan is sold, assigned, or otherwise transferred<deleted-phrase reported-display-style="strikethrough">.</deleted-phrase><added-phrase reported-display-style="italic">; or</added-phrase></text>
</subclause><subclause changed="added" id="ida08ad8f1f104435ea5f1a10308992e60" reported-display-style="italic"><enum>(IV)</enum><text>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. <added-phrase reported-display-style="italic"></added-phrase></text>
</subclause></clause><clause id="idd57703c22dc74b27907f679ccf40d67e"><enum>(iv)</enum><header>Consideration and documentation requirements</header><text>The consideration and documentation requirements described in clause (ii)(I)(ee) shall—</text> <subclause id="id42a889ba0ae8424391289da918a3b60a"><enum>(I)</enum><text>not be construed to require compliance with, or documentation in accordance with, appendix Q to part 1026 of title 12, Code of Federal Regulations, or any successor regulation; and</text>
</subclause><subclause id="id0b46bc4fd29f4d4ab272b8a2dd311d58"><enum>(II)</enum><text>be construed to permit multiple methods of documentation.</text></subclause></clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block> </section><section id="idB79CBD73CAD140F69B7975898F20D2BC"><enum>102.</enum><header>Safeguarding access to habitat for humanity homes</header><text display-inline="no-display-inline">Section 129E(i)(2) of the Truth in Lending Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1639e">15 U.S.C. 1639e(i)(2)</external-xref>) is amended—</text>
<paragraph id="id3a8e86ed02d449a3a103170517a6551a"><enum>(1)</enum><text>by redesignating subparagraphs (A) and (B) as clauses (i) and (ii), respectively, and adjusting the margins accordingly;</text>
</paragraph><paragraph id="id2c2a3de036ea4b4dae8c41e56bbade4f"><enum>(2)</enum><text>in the matter preceding clause (i), as so redesignated, by striking <quote>For purposes of</quote> and inserting the following:</text> <quoted-block display-inline="no-display-inline" id="id3A77F08EA6C54BA194A2643EFF5394DC" style="OLC"> <subparagraph id="id64E30EC6257E4DE5B237F8373FFE15BE"><enum>(A)</enum><header>In general</header><text>For purposes of</text></subparagraph><after-quoted-block>; and</after-quoted-block></quoted-block>
</paragraph><paragraph id="id2ef109aab79941b28d80e04820037749"><enum>(3)</enum><text>by adding at the end the following:</text> <quoted-block display-inline="no-display-inline" id="id72ce010d609245d79b928d87dca29f55" style="OLC"> <subparagraph commented="no" display-inline="no-display-inline" id="id1b4dc7d105f94db0bf8ca5edd9ea7635"><enum>(B)</enum><header>Rule of construction related to appraisal donations</header><text>If a fee appraiser voluntarily donates appraisal services to an organization eligible to receive tax-deductible charitable contributions, such voluntary donation shall be considered customary and reasonable for the purposes of paragraph (1).</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></section><section id="idB6226E21BBDA46C58901E262C5A98C54"><enum>103.</enum><header>Exemption from appraisals of real property located in rural areas</header><text display-inline="no-display-inline">Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (<external-xref legal-doc="usc" parsable-cite="usc/12/3331">12 U.S.C. 3331</external-xref> et seq.) is amended by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="idbef16ef2a86a4fc2a6a2e6034f107200" style="OLC">
<section id="ida15e19e7bab74e28bb16c7adaf00c16d"><enum>1127.</enum><header>Exemption from appraisals of real estate located in rural areas</header>
<subsection id="idc06702879c8440538e618986b7c8b2a2"><enum>(a)</enum><header>Definition</header><text>In this section, the term <term>mortgage originator</term> has the meaning given the term in section 103 of the Truth in Lending Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1602">15 U.S.C. 1602</external-xref>).</text> </subsection><subsection id="id45be289f9acf4ec99fad5c6ad0cd855c"><enum>(b)</enum><header>Appraisal not required</header><text>Except as provided in subsection (d), notwithstanding any other provision of law, an appraisal in connection with a federally related transaction involving real property or an interest in real property is not required if—</text>
<paragraph id="id2d0d1bdb591649388d940bfc066aabb3"><enum>(1)</enum><text>the real property or interest in real property is located in a rural area, as described in section 1026.35(b)(2)(iv)(A) of title 12, Code of Federal Regulations;</text>
</paragraph><paragraph id="ida990eb06a23b4840820246facba5f365"><enum>(2)</enum><text>not later than 3 days after the date on which the Closing Disclosure Form, made in accordance with the final rule of the Bureau of Consumer Financial Protection entitled <quote>Integrated Mortgage Disclosures Under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z)</quote> (78 Fed. Reg. 79730 (December 31, 2013)), relating to the federally related transaction is given to the consumer, the mortgage originator or its agent, directly or indirectly—</text>
<subparagraph id="id0e118a35f1bc459b89183dbff85de22e"><enum>(A)</enum><text>has contacted not fewer than 3 State certified appraisers or State licensed appraisers, as applicable; and</text>
</subparagraph><subparagraph id="id67a6f835814e4448866b7d97fcc619ee"><enum>(B)</enum><text>has documented that no State certified appraiser or State licensed appraiser, as applicable, was available within a reasonable amount of time, as determined by the Federal financial institutions regulatory agency with oversight of the mortgage originator, to perform the appraisal in connection with the federally related transaction;</text>
</subparagraph></paragraph><paragraph id="id1fae6f7eee3b4d0e9637e465c7231228"><enum>(3)</enum><text>the <deleted-phrase reported-display-style="strikethrough">balance of the loan</deleted-phrase><added-phrase reported-display-style="italic">transaction value</added-phrase> is less than $400,000; and</text> </paragraph><paragraph id="id0ee0421317054c858254dbec02ad93f5"><enum>(4)</enum><text>the mortgage originator is subject to oversight by a Federal financial institutions regulatory agency.</text>
</paragraph></subsection><subsection id="id86e5fa0d4d114ff4892985bafdbb3027"><enum>(c)</enum><header>Sale, assignment, or transfer</header><text>A mortgage originator that makes a loan without an appraisal under the terms of subsection (b) shall not sell, assign, or otherwise transfer legal title to the loan unless—</text>
<paragraph id="id19b32db6e82e4fb8b448a8646765717f"><enum>(1)</enum><text>the loan is sold, assigned, or otherwise transferred to another person by reason of the bankruptcy or failure of the mortgage originator;</text>
</paragraph><paragraph id="id86b4fc5f48d4470e89576615c1d11122"><enum>(2)</enum><text>the loan is sold, assigned, or otherwise transferred to another person regulated by a Federal financial institutions regulatory agency, so long as the loan is retained in portfolio by the person; <deleted-phrase reported-display-style="strikethrough">or</deleted-phrase></text>
</paragraph><paragraph id="ide59d89a88620477c8aeb031bf69f7bde"><enum>(3)</enum><text>the sale, assignment, or transfer is pursuant to a merger of the mortgage originator with another person or the acquisition of the mortgage originator by another person or of another person by the mortgage originator<deleted-phrase reported-display-style="strikethrough">.</deleted-phrase><added-phrase reported-display-style="italic">; or</added-phrase></text>
</paragraph><paragraph changed="added" id="idb6438d323ad043e991fbb41700fb45ac" reported-display-style="italic"><enum>(4)</enum><text>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. <added-phrase reported-display-style="italic"></added-phrase></text>
</paragraph></subsection><subsection id="idf03ee4323d2d49a68dbca19d1bb46a3f"><enum>(d)</enum><header>Exception</header><text>Subsection (b) shall not apply if—</text> <paragraph id="id69e0cb527c9248248ba3d5f8fb0fefbd"><enum>(1)</enum><text>a Federal financial institutions regulatory agency requires an appraisal under section 225.63(c), 323.3(c), 34.43(c), or 722.3(e) of title 12, Code of Federal Regulations; or</text>
</paragraph><paragraph id="id23469d65b3e54bf1aea09cb1c1bcd460"><enum>(2)</enum><text>the loan is a high-cost mortgage, as defined in section 103 of the Truth in Lending Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1602">15 U.S.C. 1602</external-xref>).</text>
</paragraph></subsection><subsection id="id4fd12336d766438d9c43bd3f6fea8628"><enum>(e)</enum><header>Anti-Evasion</header><text>Each Federal financial institutions regulatory agency shall ensure that any mortgage originator that the Federal financial institutions regulatory agency oversees that makes a significant amount of loans under subsection (b) is complying with the requirements of subsection (b)(2) with respect to each loan.</text></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="id85fe90d9cb9347b5be06fbbf343b0cdf"><enum>104.</enum><header>Home Mortgage Disclosure Act adjustment and study</header>
<subsection id="ida452a89325b54153bbc95d0391db5007"><enum>(a)</enum><header>In general</header><text>Section 304 of the Home Mortgage Disclosure Act of 1975 (<external-xref legal-doc="usc" parsable-cite="usc/12/2803">12 U.S.C. 2803</external-xref>) is amended—</text> <paragraph id="idcbc110d1867745fa8eadd07fcb7dbc45"><enum>(1)</enum><text>by redesignating subsection (i) as paragraph (3) and adjusting the margins accordingly;</text>
</paragraph><paragraph id="id746cd5f3e46146ea9bd24d2aedc3ff20"><enum>(2)</enum><text>by inserting before paragraph (3), as so redesignated, the following:</text> <quoted-block display-inline="no-display-inline" id="id340bfd2bbda44713991c4d667194f2d6" style="OLC"> <subsection id="id9221b0bb90e4435c951dd2cb9fab9a56"><enum>(i)</enum><header>Exemptions</header> <paragraph id="idda189e38ed0e48e498bf22f4ac64d4b1"><enum>(1)</enum><header>Closed-end mortgage loans</header><text>With respect to an insured depository institution or insured credit union, the requirements of paragraphs (5) and (6) of subsection (b) shall not apply with respect to closed-end mortgage loans if the insured depository institution or insured credit union originated fewer than 500 closed-end mortgage loans in each of the 2 preceding calendar years.</text>
</paragraph><paragraph id="id5CB0B1434B9B422A80EC7F2B01A018F1"><enum>(2)</enum><header>Open-end lines of credit</header><text>With respect to an insured depository institution or insured credit union, the requirements of paragraphs (5) and (6) of subsection (b) shall not apply with respect to open-end lines of credit if the insured depository institution or insured credit union originated fewer than 500 open-end lines of credit in each of the 2 preceding calendar years.</text></paragraph></subsection><after-quoted-block>; and</after-quoted-block></quoted-block>
</paragraph><paragraph id="id61d2f229496f401c807e205fd4ba5a89"><enum>(3)</enum><text>by adding at the end the following:</text> <quoted-block display-inline="no-display-inline" id="id76DAC67CBD314E3CA4453DA42F76245B" style="OLC"> <subsection id="id67420fc3346a4b64a49e68b44a3d61fa"><enum>(o)</enum><header>Definitions</header><text>In this section—</text>
<paragraph id="ide50aeeaa5a38465e9434f2b876f4e76b"><enum>(1)</enum><text>the term <term>insured credit union</term> has the meaning given the term in section 101 of the Federal Credit Union Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1752">12 U.S.C. 1752</external-xref>); and</text>
</paragraph><paragraph id="id9fac0d5bc757467c8e56b065876ae709"><enum>(2)</enum><text>the term <term>insured depository institution</term> has the meaning given the term in section 3 of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1813">12 U.S.C. 1813</external-xref>).</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block> </paragraph></subsection><subsection id="H81543D343E804F01887A47ED4BAAF42D"><enum>(b)</enum><header>Lookback study</header> <paragraph id="H21C2BFD01A404EEC85DDBEC8B3FDC1DA"><enum>(1)</enum><header>Study</header><text display-inline="yes-display-inline">Not earlier than 2 years after the date of enactment of this Act, the Comptroller General of the United States shall conduct a study to evaluate the impact of the amendments made by subsection (a) on the amount of data available under the Home Mortgage Disclosure Act of 1975 (<external-xref legal-doc="usc" parsable-cite="usc/12/2801">12 U.S.C. 2801</external-xref> et seq.) at the national and local level.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="id828EBC95EBA84112921CD58C4196B53E"><enum>(2)</enum><header>Report</header><text>Not later than 3 years after the date of enactment of this Act, the Comptroller General of the United States shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report that includes the findings and conclusions of the Comptroller General with respect to the study required under paragraph (1).</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="idf103f362ac6240278436d6a92d7b8139"><enum>(c)</enum><header>Technical correction</header><text>Section 304(i)(3) of the Home Mortgage Disclosure Act of 1975, as so redesignated by subsection (a)(1), is amended by striking <quote>section 303(2)(A)</quote> and inserting <quote>section 303(3)(A)</quote>.</text>
</subsection></section><section id="H49CFD975DE834A3B89DCDCAF54D7CA06"><enum>105.</enum><header>Credit union residential loans</header>
<subsection id="H164F5B944A9749998E860DFFC7E6082F"><enum>(a)</enum><header>Removal from member business loan limitation</header><text display-inline="yes-display-inline">Section 107A(c)(1)(B)(i) of the Federal Credit Union Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1757a">12 U.S.C. 1757a(c)(1)(B)(i)</external-xref>) is amended by striking <quote>that is the primary residence of a member</quote>.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="H3A386983940F4B3FAF338852DA00804D"><enum>(b)</enum><header>Rule of construction</header><text display-inline="yes-display-inline">Nothing in this section or the amendment made by this section shall preclude the National Credit Union Administration from treating an extension of credit that is fully secured by a lien on a 1- to 4-family dwelling that is not the primary residence of a member as a member business loan for purposes other than the member business loan limitation requirements under section 107A of the Federal Credit Union Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1757a">12 U.S.C. 1757a</external-xref>).</text>
</subsection></section><section id="id1C298E351D4D4A5896FFDD508658C0CB"><enum>106.</enum><header>Eliminating barriers to jobs for loan originators</header>
<subsection id="H728D72463CC8481BA81ABD491E7CB288"><enum>(a)</enum><header>In general</header><text>The S.A.F.E. Mortgage Licensing Act of 2008 (<external-xref legal-doc="usc" parsable-cite="usc/12/5101">12 U.S.C. 5101</external-xref> et seq.) is amended by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="id2CC67FCB14D34D8A8F99E5061BDA35D5" style="OLC">
<section id="H3045A6605CC24EDD860BCB5CE48D1826"><enum>1518.</enum><header>Employment transition of loan originators</header>
<subsection id="H6A169F0E30A147ABA403FB2E2F457032"><enum>(a)</enum><header>Definitions</header><text>In this section:</text> <paragraph id="H97C28770F34649C49242DBEB13201C91"><enum>(1)</enum><header>Application State</header><text display-inline="yes-display-inline">The term <term>application State</term> means a State in which a registered loan originator or a State-licensed loan originator seeks to be licensed.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="H2BCDECF220EE4F5EA3BFE7D56138B137"><enum>(2)</enum><header>State-licensed mortgage company</header><text display-inline="yes-display-inline">The term <term>State-licensed mortgage company</term> means an entity that is licensed or registered under the law of any State to engage in residential mortgage loan origination and processing activities.</text>
</paragraph></subsection><subsection id="H7144860AF2F24D0CA37CF61AA5636FED"><enum>(b)</enum><header>Temporary authority To originate loans for loan originators moving from a depository institution to
a non-Depository institution</header>
<paragraph id="H2552D9B5101A46A4B15F14050E67F4C5"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">Upon becoming employed by a State-licensed mortgage company, an individual who is a registered loan originator shall be deemed to have temporary authority to act as a loan originator in an application State for the period described in paragraph (2) if the individual—</text>
<subparagraph id="H84FBB95B3E804A63824C974BEB1CAA5B"><enum>(A)</enum><text>has not had—</text> <clause id="idB02F196F1F0C45EB8BD4B0E6D030459C"><enum>(i)</enum><text>an application for a loan originator license denied; or</text>
</clause><clause id="id57EE7530FF3E41A39FB5647111A1AA14"><enum>(ii)</enum><text>a loan originator license revoked or suspended in any governmental jurisdiction;</text>
</clause></subparagraph><subparagraph id="H0F1F5491B0854287BA7B7C4BBB13F0FE"><enum>(B)</enum><text>has not been subject to, or served with, a cease and desist order—</text> <clause id="idF9A116E0878A48F492B6671FEAEB8B29"><enum>(i)</enum><text>in any governmental jurisdiction; or</text>
</clause><clause id="id069F255E829F427A9D310F2AE582BAA5"><enum>(ii)</enum><text>under section 1514(c);</text> </clause></subparagraph><subparagraph id="HAC57015E29A343ED9DBC858295D1C619"><enum>(C)</enum><text>has not been convicted of a felony that would preclude licensure under the law of the application State;</text>
</subparagraph><subparagraph id="HFAA9497BD84E4786B84765AF5ED011A0"><enum>(D)</enum><text>has submitted an application to be a State-licensed loan originator in the application State; and</text> </subparagraph><subparagraph id="H0F21AA4B63B044FD9AAB802BEF41ED33"><enum>(E)</enum><text>was registered in the Nationwide Mortgage Licensing System and Registry as a loan originator during the 1-year period preceding the date on which the information required under section 1505(a) is submitted.</text>
</subparagraph></paragraph><paragraph id="HDAC26D1C53F7490F87F678F8CCF42C6B"><enum>(2)</enum><header>Period</header><text display-inline="yes-display-inline">The period described in this paragraph shall begin on the date on which an individual described in paragraph (1) submits the information required under section 1505(a) and shall end on the earliest of the date—</text>
<subparagraph id="HA44189B7F8E642E08611C2B8A8C92173"><enum>(A)</enum><text display-inline="yes-display-inline">on which the individual withdraws the application to be a State-licensed loan originator in the application State;</text>
</subparagraph><subparagraph id="H10C43E3D439E42BBABF21033FF8FFCDC"><enum>(B)</enum><text display-inline="yes-display-inline">on which the application State denies, or issues a notice of intent to deny, the application;</text>
</subparagraph><subparagraph id="HAA30D5858D064C029DECC1C4FD720BF1"><enum>(C)</enum><text display-inline="yes-display-inline">on which the application State grants a State license; or</text> </subparagraph><subparagraph id="HD88DEABE40E0470FA12C42558C6CC555"><enum>(D)</enum><text display-inline="yes-display-inline">that is 120 days after the date on which the individual submits the application, if the application is listed on the Nationwide Mortgage Licensing System and Registry as incomplete.</text>
</subparagraph></paragraph></subsection><subsection id="HBD9CC1F6423F4A9FB35BFE18C2AF661E"><enum>(c)</enum><header>Temporary authority To originate loans for State-Licensed loan originators moving interstate</header>
<paragraph id="H9BADCB6A9E5541098F46935FF1D4F79D"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">A State-licensed loan originator shall be deemed to have temporary authority to act as a loan originator in an application State for the period described in paragraph (2) if the State-licensed loan originator—</text>
<subparagraph id="HA737EF32E9E34403BD426E3190CB52F1"><enum>(A)</enum><text>meets the requirements of subparagraphs (A), (B), (C), and (D) of subsection (b)(1);</text> </subparagraph><subparagraph id="H7BED42417E344C9880D663079FCE6C98"><enum>(B)</enum><text>is employed by a State-licensed mortgage company in the application State; and</text>
</subparagraph><subparagraph id="H7CE72CA9A5884A07B74B604420FBE189"><enum>(C)</enum><text>was licensed in a State that is not the application State during the 30-day period preceding the date on which the information required under section 1505(a) was submitted in connection with the application submitted to the application State.</text>
</subparagraph></paragraph><paragraph id="HF98D7F1F395E401D80B0D82C441EB383"><enum>(2)</enum><header>Period</header><text display-inline="yes-display-inline">The period described in this paragraph shall begin on the date on which the State-licensed loan originator submits the information required under section 1505(a) in connection with the application submitted to the application State and end on the earliest of the date—</text>
<subparagraph id="HC9A681A51987462CA5FD5CC8EB53DCD7"><enum>(A)</enum><text display-inline="yes-display-inline">on which the State-licensed loan originator withdraws the application to be a State-licensed loan originator in the application State;</text>
</subparagraph><subparagraph id="H42049E70ADEF4EB3BBE5C8CFB263621F"><enum>(B)</enum><text display-inline="yes-display-inline">on which the application State denies, or issues a notice of intent to deny, the application;</text>
</subparagraph><subparagraph id="H229E011AD55B4148B1F1C49C274A16C2"><enum>(C)</enum><text display-inline="yes-display-inline">on which the application State grants a State license; or</text> </subparagraph><subparagraph id="HDE601D9E1C1445BA9E17A065C5142941"><enum>(D)</enum><text display-inline="yes-display-inline">that is 120 days after the date on which the State-licensed loan originator submits the application, if the application is listed on the Nationwide Mortgage Licensing System and Registry as incomplete.</text>
</subparagraph></paragraph></subsection><subsection id="H9958DE891D304281BFA5BCA24CB0B370"><enum>(d)</enum><header>Applicability</header>
<paragraph id="HA85BC979657241AF9FCBFE0B17D3709E"><enum>(1)</enum><header>Employer of loan originators</header><text display-inline="yes-display-inline">Any person employing an individual who is deemed to have temporary authority to act as a loan originator in an application State under this section shall be subject to the requirements of this title and to applicable State law to the same extent as if that individual was a State-licensed loan originator licensed by the application State.</text>
</paragraph><paragraph id="H92BDECEC8BF348449499C0D4E3F0C080"><enum>(2)</enum><header>Engaging in mortgage loan activities</header><text display-inline="yes-display-inline">Any individual who is deemed to have temporary authority to act as a loan originator in an application State under this section and who engages in residential mortgage loan origination activities shall be subject to the requirements of this title and to applicable State law to the same extent as if that individual was a State-licensed loan originator licensed by the application State.</text></paragraph></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection commented="no" id="HECD24BD3D7DC4F53BC57D05622D44153"><enum>(b)</enum><header>Table of contents amendment</header><text display-inline="yes-display-inline">Section 1(b) of the Housing and Economic Recovery Act of 2008 (<external-xref legal-doc="usc" parsable-cite="usc/42/4501">42 U.S.C. 4501</external-xref> note) is amended by inserting after the item relating to section 1517 the following:</text>
<quoted-block display-inline="no-display-inline" id="HFB6E9553B1344F72999265FF0B727D1C" style="OLC"><toc regeneration="no-regeneration"><toc-entry level="section">Sec. 1518. Employment transition of loan originators.</toc-entry></toc><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection commented="no" display-inline="no-display-inline" id="H066FC5FA91094E5294F32207280C805E"><enum>(c)</enum><header>Effective date</header><text display-inline="yes-display-inline">This section and the amendments made by this section shall take effect on the date that is 18 months after the date of enactment of this Act.</text>
</subsection></section><section commented="no" display-inline="no-display-inline" id="H51EB9E08425D4D019FC094B6270F010E"><enum>107.</enum><header display-inline="yes-display-inline">Protecting access to manufactured homes</header><text display-inline="no-display-inline">Section 103 of the Truth in Lending Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1602">15 U.S.C. 1602</external-xref>) is amended—</text> <paragraph id="id584de302b75a4a6f8e8cdd9ee291df58"><enum>(1)</enum><text>by redesignating the second subsection (cc) (relating to definitions relating to mortgage origination and residential mortgage loans) and subsection (dd) as subsections (dd) and (ee), respectively; and</text>
</paragraph><paragraph id="id9247fcd0a3214f6180445599351c18a9"><enum>(2)</enum><text>in paragraph (2) of subsection (dd), as so redesignated, by striking subparagraph (C) and inserting the following:</text>
<quoted-block display-inline="no-display-inline" id="idA4A344FF11DB49D3B56A266AAE3F9655" style="OLC">
<subparagraph id="id893bac2ab04944f5a88c20e16fdfd010"><enum>(C)</enum><text>does not include any person who is—</text> <clause id="idf8ef66435ccf438d9315d61bdc0485b5"><enum>(i)</enum><text>not otherwise described in subparagraph (A) or (B) and who performs purely administrative or clerical tasks on behalf of a person who is described in any such subparagraph; or</text>
</clause><clause id="id79289ef1058c4537af4078ed7f3da175"><enum>(ii)</enum><text>a retailer of manufactured or modular homes or an employee of the retailer if the retailer or employee, as applicable—</text>
<subclause id="id37112fb668df4ba1909e5f62b2ba7e32"><enum>(I)</enum><text>does not receive compensation or gain for engaging in activities described in subparagraph (A) that is in excess of any compensation or gain received in a comparable cash transaction;</text>
</subclause><subclause id="id46AE3973C6554999A67BE4651878BB34"><enum>(II)</enum><text>discloses to the consumer—</text> <item id="id0645E737D687420CAC3BCC61C0EB2B46"><enum>(aa)</enum><text>in writing any corporate affiliation with any <deleted-phrase reported-display-style="strikethrough">lender</deleted-phrase><added-phrase reported-display-style="italic">creditor</added-phrase>; and</text>
</item><item id="idBE96E8BE87BF4F1E9FABD71DAC7C0E2D"><enum>(bb)</enum><text>if the retailer has a corporate affiliation with any <deleted-phrase reported-display-style="strikethrough">lender</deleted-phrase><added-phrase reported-display-style="italic">creditor</added-phrase>, at least 1 unaffiliated <deleted-phrase reported-display-style="strikethrough">lender</deleted-phrase><added-phrase reported-display-style="italic">creditor</added-phrase>; and</text>
</item></subclause><subclause id="idba9f6c0d30b24bd4ad31dcbf7f8e66db"><enum>(III)</enum><text>does not directly negotiate with the consumer or lender on loan terms (including rates, fees, and other costs).</text></subclause></clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></section><section id="id2fc6127e157d4dc19f368a6143299839"><enum>108.</enum><header>Property Assessed Clean Energy financing</header><text display-inline="no-display-inline">Section 129C(b)(3) of the Truth in Lending Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1639c">15 U.S.C. 1639c(b)(3)</external-xref>) is amended by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="id4de97b5abae64185ad1d10b0998398f8" style="OLC">
<subparagraph id="id274569c8b43642c1a1d67aa1de604dc5"><enum>(C)</enum><header>Consideration of underwriting requirements for Property Assessed Clean Energy financing</header>
<clause id="id5e44cddd2cb54a35b68e6ad643f39e78"><enum>(i)</enum><header>Definition</header><text>In this subparagraph, the term <term>Property Assessed Clean Energy financing</term> means financing to cover the costs of home improvements that results in a tax assessment on the real property of the consumer.</text>
</clause><clause id="idc99ad8eb2b4247dfb013aea07bb567aa"><enum>(ii)</enum><header>Regulations</header><text>The Bureau shall prescribe regulations that carry out the purposes of subsection (a) and apply section 130 with respect to violations under subsection (a) of this section with respect to Property Assessed Clean Energy financing, which shall account for the unique nature of Property Assessed Clean Energy financing.</text>
</clause><clause id="id778560d69b1b44edbbc0799511ffe037"><enum>(iii)</enum><header>Collection of information and consultation</header><text>In prescribing the regulations under this subparagraph, the Bureau—</text> <subclause id="ide5fdd38472f44073ac82806effc83bce"><enum>(I)</enum><text>may collect such information and data that the Bureau determines is necessary; and</text>
</subclause><subclause id="id2f6ae8ce4cfa4d7da6057e56bf1b8a1c"><enum>(II)</enum><text>shall consult with State and local governments and bond-issuing authorities.</text></subclause></clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block> </section><section id="idae4519c29dc4401abbd44991a6d77cfe"><enum>109.</enum><header>Escrow requirements relating to certain consumer credit transactions</header><text display-inline="no-display-inline">Section <deleted-phrase reported-display-style="strikethrough">129D(c)</deleted-phrase><added-phrase reported-display-style="italic">129D</added-phrase> of the Truth in Lending Act (15 U.S.C. <deleted-phrase reported-display-style="strikethrough">1639d(c)</deleted-phrase><added-phrase reported-display-style="italic">1639d</added-phrase>) is amended—</text>
<paragraph id="id7E5D9D6364134DFB8D7EFAE5BE2D29D7"><enum>(1)</enum><text><deleted-phrase reported-display-style="strikethrough">by</deleted-phrase><added-phrase reported-display-style="italic">in subsection (c)—</added-phrase></text> <subparagraph id="idC8B75C528D92482FA10D1E4264116FE0"><enum><added-phrase reported-display-style="italic">(A)</added-phrase></enum><text><added-phrase reported-display-style="italic">by</added-phrase> redesignating paragraphs (1) through (4) as subparagraphs (A) through (D), respectively, and adjusting the margins accordingly;</text>
</subparagraph><subparagraph id="id5c9a4588c2ee42529f6d178d99a01d38"><enum><deleted-phrase reported-display-style="strikethrough">(2)</deleted-phrase><added-phrase reported-display-style="italic">(B)</added-phrase></enum><text>in the matter preceding subparagraph (A), as so redesignated, by striking <quote>The Board</quote> and inserting the following:</text> <quoted-block display-inline="no-display-inline" id="id0AC14E87FE2E4553A1AAFB125913E272" style="OLC"> <paragraph id="id0b112a77d91a4fd0bc35369ac23c6957"><enum>(1)</enum><header>In general</header><text>The Bureau</text></paragraph><after-quoted-block>; </after-quoted-block></quoted-block>
</subparagraph><subparagraph id="idED071F54A98E4E53830C868D25D69F92"><enum><deleted-phrase reported-display-style="strikethrough">(3)</deleted-phrase><added-phrase reported-display-style="italic">(C)</added-phrase></enum><text>in paragraph (1), as so redesignated, by striking <quote>the Board</quote> each place that term appears and inserting <quote>the Bureau</quote>; and</text> </subparagraph><subparagraph id="ida8d168ba88f34b0eb9a99f623657eaa1"><enum><deleted-phrase reported-display-style="strikethrough">(4)</deleted-phrase><added-phrase reported-display-style="italic">(D)</added-phrase></enum><text>by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="idA8BFE57B8A9F4B33B94ED41A37D879DC" style="OLC">
<paragraph id="id97fb60d75cc24a46b067a3b4a6f2fb98"><enum>(2)</enum><header>Treatment of loans held by smaller institutions</header><text>The Bureau shall, by regulation, exempt from the requirements of subsection (a) any loan made by an insured depository institution or an insured credit union secured by a first lien on the principal dwelling of a consumer if—</text>
<subparagraph id="id8A92FED42E174D2F8F150595800D6CA1"><enum>(A)</enum><text>the insured depository institution or insured credit union has assets of $10,000,000,000 or less;</text>
</subparagraph><subparagraph id="idfb6a5474aa1d4c74a100263a379ac08f"><enum>(B)</enum><text>during the preceding calendar year, the insured depository institution or insured credit union and its affiliates originated 1,000 or fewer loans secured by a first lien on a principal dwelling; and</text>
</subparagraph><subparagraph id="id1c235fa9613749eb858af4133378c673"><enum>(C)</enum><text>the transaction <deleted-phrase reported-display-style="strikethrough">otherwise</deleted-phrase> satisfies the criteria in sections <deleted-phrase reported-display-style="strikethrough">1026.35(b)(2)(iii)</deleted-phrase><added-phrase reported-display-style="italic">1026.35(b)(2)(iii)(A), 1026.35(b)(2)(iii)(D),</added-phrase> and 1026.35(b)(2)(v) of title 12, Code of Federal Regulations, or any successor regulation.</text></subparagraph></paragraph><after-quoted-block><deleted-phrase reported-display-style="strikethrough">.</deleted-phrase><added-phrase reported-display-style="italic">; and</added-phrase></after-quoted-block></quoted-block>
</subparagraph></paragraph><paragraph changed="added" id="idA6862F15BACC4A6F9147C24CB37F1A0C" reported-display-style="italic"><enum>(2)</enum><text>in subsection (i), by adding at the end the following:</text> <quoted-block changed="added" display-inline="no-display-inline" id="iddc05b3ed07d84f8c961f032625f345ff" reported-display-style="italic" style="OLC"> <paragraph id="id80863364a10b4720bce13b4cd56b671f"><enum>(3)</enum><header>Insured credit union</header><text>The term <term>insured credit union</term> has the meaning given the term in section 101 of the Federal Credit Union Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1752">12 U.S.C. 1752</external-xref>).</text>
</paragraph><paragraph id="id678dcc1982ef4e98a3c4435d7105241e"><enum>(4)</enum><header>Insured depository institution</header><text>The term <term>insured depository institution</term> has the meaning given the term in section 3 of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1813">12 U.S.C. 1813</external-xref>).</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block> </paragraph></section><section id="id5caa8914e0144f2ba31062ca3b9c4f9c"><enum>110.</enum><header>No wait for lower mortgage rates</header> <subsection id="id9d4df9a031b0412da62e610dfe62fbbb"><enum>(a)</enum><header>In general</header><text>Section 129(b) of the Truth in Lending Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1639">15 U.S.C. 1639(b)</external-xref>) is amended—</text>
<paragraph id="id299eb31e5279497591cd26737743544f"><enum>(1)</enum><text>by redesignating paragraph (3) as paragraph (4); and</text> </paragraph><paragraph id="id76248bd8b2c24432b8ee1bf1b7ae73c2"><enum>(2)</enum><text>by inserting after paragraph (2) the following:</text>
<quoted-block display-inline="no-display-inline" id="id358cbd8b0bb04f2d8daef27edbe84255" style="OLC">
<paragraph id="id29b27921ce61436c99bf4bf0426e29e1"><enum>(3)</enum><header>No wait for lower rate</header><text>If a creditor extends to a consumer a second offer of credit with a lower annual percentage rate, the transaction may be consummated without regard to the period specified in paragraph (1) with respect to the second offer.</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="id936405D7258F47E9B474ED0F3AEB59D9"><enum>(b)</enum><header>Sense of Congress</header><text>It is the sense of Congress that, whereas the Bureau of Consumer Financial Protection issued a final rule entitled <quote>Integrated Mortgage Disclosures Under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z)</quote> (78 Fed. Reg. 79730 (December 31, 2013)) (in this subsection referred to as the <quote>TRID Rule</quote>) to combine the disclosures a consumer receives in connection with applying for and closing on a mortgage loan, the Bureau of Consumer Financial Protection should endeavor to provide clearer, authoritative guidance on—</text>
<paragraph id="id571d0b8413474e428d3e731b8047cb78"><enum>(1)</enum><text>the applicability of the TRID Rule to mortgage assumption transactions;</text> </paragraph><paragraph id="id155a8a42a98c4204b6b194254dad5eae"><enum>(2)</enum><text>the applicability of the TRID Rule to construction-to-permanent home loans, and the conditions under which those loans can be properly originated; and</text>
</paragraph><paragraph id="id7100d5f2c3274b3c8b598eb310ccca05"><enum>(3)</enum><text>the extent to which lenders can rely on model disclosures published by the Bureau of Consumer Financial Protection without liability if recent changes to regulations are not reflected in the sample TRID Rule forms published by the Bureau of Consumer Financial Protection.</text>
</paragraph></subsection></section><enum>II</enum><header>Regulatory relief and protecting consumer access to credit</header>
<section id="id8365BF58FB9C41119C321BE98FD3C80A"><enum>201.</enum><header>Capital simplification for qualifying community banks</header>
<subsection id="id453AAA239C774CAE80C93A65A79BAD05"><enum>(a)</enum><header>Definitions</header><text>In this section:</text> <paragraph id="id73cdd0ec1f4640c79b999c90ded219d1"><enum>(1)</enum><header>Community Bank Leverage Ratio</header><text>The term <term>Community Bank Leverage Ratio</term> means the ratio of the tangible equity capital of a qualifying community bank, as reported on the qualifying community bank’s applicable regulatory filing with the qualifying community bank’s appropriate Federal banking agency, to the average total consolidated assets of the qualifying community bank, as reported on the qualifying community bank’s applicable regulatory filing with the qualifying community bank’s appropriate Federal banking agency.</text>
</paragraph><paragraph id="id04F45DDA8E0649ADA307D2BD3C5878E6"><enum>(2)</enum><header>Generally applicable leverage capital requirements; generally applicable risk-based capital
requirements</header><text>The terms <term>generally applicable leverage capital requirements</term> and <term>generally applicable risk-based capital requirements</term> have the meanings given those terms in section 171(a) of the Financial Stability Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/12/5371">12 U.S.C. 5371(a)</external-xref>).</text>
</paragraph><paragraph id="id09C7138E2E6C482EB05890532557CCCE"><enum>(3)</enum><header>Qualifying community bank</header>
<subparagraph id="id7710f94df21e4f0e9dcd997e8688d8c1"><enum>(A)</enum><header>Asset threshold</header><text>The term <term>qualifying community bank</term> means a depository institution or depository institution holding company with total consolidated assets of less than $10,000,000,000.</text>
</subparagraph><subparagraph id="idd32d7f440f4e4331a246eb1d92e7ca2a"><enum>(B)</enum><header>Risk profile</header><text>The appropriate Federal banking agencies may determine that a depository institution or depository institution holding company (or a class of depository institutions or depository institution holding companies) described in subparagraph (A) is not a qualifying community bank based on the depository institution’s or depository institution holding company’s risk profile, which shall be based on consideration of—</text>
<clause id="id8819684059c24d05abfc60a681b693bd"><enum>(i)</enum><text>off-balance sheet exposures;</text> </clause><clause id="idb9ea4ef4b94a41fa9cab83858532c460"><enum>(ii)</enum><text>trading assets and liabilities;</text>
</clause><clause id="id88fbddf6eb6c41bba5743511f144a6ac"><enum>(iii)</enum><text>total notional derivatives exposures; and</text> </clause><clause id="id53be872d853d4e9f9ba8ab80e4f2be96"><enum>(iv)</enum><text>such other factors as the appropriate Federal banking agencies determine appropriate.</text>
</clause></subparagraph></paragraph></subsection><subsection id="idE0276825ABBD4176A671C82CE44B55E6"><enum>(b)</enum><header>Community Bank Leverage Ratio</header><text>The appropriate Federal banking agencies shall, through notice and comment rule making under section 553 of title 5, United States Code—</text>
<paragraph id="id4C184A119F1647CDAA0E83212552C4BA"><enum>(1)</enum><text>develop a Community Bank Leverage Ratio of not less than 8 percent and not more than 10 percent for qualifying community banks; and</text>
</paragraph><paragraph id="idb4be5c85ca5a481895d690b7254b1990"><enum>(2)</enum><text>establish procedures for treatment of a <deleted-phrase reported-display-style="strikethrough">qualified</deleted-phrase><added-phrase reported-display-style="italic">qualifying</added-phrase> community bank that has a Community Bank Leverage Ratio that <deleted-phrase reported-display-style="strikethrough">is</deleted-phrase><added-phrase reported-display-style="italic">falls</added-phrase> below the percentage developed under paragraph (1) <added-phrase reported-display-style="italic">after exceeding the percentage developed under paragraph (1)</added-phrase>.</text>
</paragraph></subsection><subsection id="idC00FC841479741E0931A8068E5E4AC13"><enum>(c)</enum><header>Capital compliance</header>
<paragraph id="id716E86520C69445ABB3F3B5D1CD90593"><enum>(1)</enum><header>In general</header><text>Any qualifying community bank that <deleted-phrase reported-display-style="strikethrough">meets</deleted-phrase><added-phrase reported-display-style="italic">exceeds</added-phrase> the Community Bank Leverage Ratio developed under subsection (b)(1) shall be considered to have met—</text>
<subparagraph id="id26baebb2800a4b47bdd2968b14400ec1"><enum>(A)</enum><text>the generally applicable leverage capital requirements and the generally applicable risk-based capital requirements;</text>
</subparagraph><subparagraph id="id1c699f51f3184f1483f15101d10a9645"><enum>(B)</enum><text>in the case of a qualifying community bank that is a depository institution, the capital ratio requirements that are required in order to be considered well capitalized under section 38 of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1831o">12 U.S.C. 1831o</external-xref>) and any regulation implementing that section; and</text>
</subparagraph><subparagraph id="ida6583534bdfb47dc91569e5d743686ea"><enum>(C)</enum><text>any other capital or leverage requirements to which the qualifying community bank is subject.</text> </subparagraph></paragraph><paragraph id="id10c6c390cdc74bfebfe92f8d66c29b1e"><enum>(2)</enum><header>Existing authorities</header><text>Nothing in paragraph (1) shall limit the authority of the appropriate Federal banking agencies as in effect on the date of enactment of this Act.</text>
</paragraph></subsection><subsection changed="added" id="idd1dd6269e9d94969ad12e4fd683db3d6" reported-display-style="italic"><enum>(d)</enum><header>Consultation</header><text>The appropriate Federal banking agencies shall—</text> <paragraph id="idc26fafeae698484d8fde017b1361bc56"><enum>(1)</enum><text>consult with the applicable State bank supervisors in carrying out this section; and</text>
</paragraph><paragraph id="id487d4f51576b4b8090e2696fb9dcf9f6"><enum>(2)</enum><text>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).</text>
</paragraph></subsection></section><section id="HAEC52E1F9AAC45F3ADC31D22A96C0875" section-type="subsequent-section"><enum>202.</enum><header>Limited exception for reciprocal deposits</header>
<subsection id="H6E642923CE2D4C87A5B85B09BC046F84"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Section 29 of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1831f">12 U.S.C. 1831f</external-xref>) is amended by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="H2000A5A560014C0E8921874BA6C7FF12" style="OLC">
<subsection id="H062C7214A7954BC182495C7D76B643BB"><enum>(i)</enum><header>Limited exception for reciprocal deposits</header>
<paragraph id="H751BF612E2384D49B56E8B4B6F9EC776"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">Reciprocal deposits of an agent institution shall not be considered to be funds obtained, directly or indirectly, by or through a deposit broker to the extent that the total amount of such reciprocal deposits does not exceed the lesser of—</text>
<subparagraph id="HF67F8F2337B64D9E9EF8146FEF9B8D8C"><enum>(A)</enum><text>$5,000,000,000; or</text> </subparagraph><subparagraph id="H5830DE32AE0F45D0A2E311B1F1A867DA"><enum>(B)</enum><text>an amount equal to 20 percent of the total liabilities of the agent institution.</text>
</subparagraph></paragraph><paragraph id="H5C6A52FF7A4C46238F9C8321119A4A97"><enum>(2)</enum><header>Definitions</header><text display-inline="yes-display-inline">In this subsection:</text> <subparagraph id="HC2875916626B4BCBABA746BEE859502F"><enum>(A)</enum><header>Agent institution</header><text display-inline="yes-display-inline">The term <term>agent institution</term> means an insured depository institution that places a covered deposit through a deposit placement network at other insured depository institutions in amounts that are less than or equal to the standard maximum deposit insurance amount, specifying the interest rate to be paid for such amounts, if the insured depository institution—</text>
<clause id="H2278C86A762F439A98944C3D31FB7612"><enum>(i)</enum><subclause commented="no" display-inline="yes-display-inline" id="HD2006F312DDF4FB8BB007E5F06D32A99"><enum>(I)</enum><text>when most recently examined under section 10(d) was found to have a composite condition of outstanding or good; and</text>
</subclause><subclause id="H4E5789C603D54987A9090DAA752D09AF" indent="up1"><enum>(II)</enum><text>is well capitalized;</text> </subclause></clause><clause id="H4019283B16914E5D95A3DE78491B9AF7"><enum>(ii)</enum><text>has obtained a waiver pursuant to subsection (c); or</text>
</clause><clause id="H95F4BBA7B56E42668667FD8FD4E4CD50"><enum>(iii)</enum><text display-inline="yes-display-inline">does not receive an amount of reciprocal deposits that causes the total amount of reciprocal deposits held by the agent institution to be greater than the average of the total amount of reciprocal deposits held by the agent institution on the last day of each of the 4 calendar quarters preceding the calendar quarter in which the agent institution was found not to have a composite condition of outstanding or good or was determined to be not well capitalized.</text>
</clause></subparagraph><subparagraph id="H72F02AF6123E40A9AE303A1BC4BADF5D"><enum>(B)</enum><header>Covered deposit</header><text display-inline="yes-display-inline">The term <term>covered deposit</term> means a deposit that—</text> <clause id="HD21ADBE5E9554E9CB64B78B7044E7AFB"><enum>(i)</enum><text display-inline="yes-display-inline">is submitted for placement through a deposit placement network by an agent institution; and</text>
</clause><clause id="HDEB96886180444598838474A59643F78"><enum>(ii)</enum><text display-inline="yes-display-inline">does not consist of funds that were obtained for the agent institution, directly or indirectly, by or through a deposit broker before submission for placement through a deposit placement network.</text>
</clause></subparagraph><subparagraph id="H7817B14B2CAE4E74A6109F6C41E027AE"><enum>(C)</enum><header>Deposit placement network</header><text display-inline="yes-display-inline">The term <term>deposit placement network</term> means a network in which an insured depository institution participates, together with other insured depository institutions, for the processing and receipt of reciprocal deposits.</text>
</subparagraph><subparagraph id="H51DD1A9FD9A7435A9890E0D2DC56127D"><enum>(D)</enum><header>Network member bank</header><text display-inline="yes-display-inline">The term <term>network member bank</term> means an insured depository institution that is a member of a deposit placement network.</text> </subparagraph><subparagraph id="H38A2455F12764D9A834878239036B1AC"><enum>(E)</enum><header>Reciprocal deposits</header><text display-inline="yes-display-inline">The term <term>reciprocal deposits</term> means deposits received by an agent institution through a deposit placement network with the same maturity (if any) and in the same aggregate amount as covered deposits placed by the agent institution in other network member banks.</text>
</subparagraph><subparagraph id="idC2E82B8C53434C80B4FF4886F4FCBC56"><enum>(F)</enum><header>Well capitalized</header><text display-inline="yes-display-inline">The term <term>well capitalized</term> has the meaning given the term in section 38(b)(1).</text></subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block> </subsection><subsection commented="no" id="H8779CB4F01534B608C99406AFF3336C3"><enum>(b)</enum><header>Interest rate restriction</header><text display-inline="yes-display-inline">Section 29 of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1831f">12 U.S.C. 1831f</external-xref>) is amended by striking subsection (e) and inserting the following:</text>
<quoted-block display-inline="no-display-inline" id="H3814564BD6F242188E1E74142B1090A5" style="OLC">
<subsection id="H29C6136E5B274462BF5EAB24F94B60D6"><enum>(e)</enum><header>Restriction on interest rate paid</header>
<paragraph id="id3eb35d8c474b48b8937244090a807232"><enum>(1)</enum><header>Definitions</header><text>In this subsection—</text> <subparagraph id="iddfd4fd2a66294929b5d47330a32488a3"><enum>(A)</enum><text>the terms <term>agent institution</term>, <term>reciprocal deposits</term>, and <term>well capitalized</term> have the meanings given those terms in subsection (i); and</text>
</subparagraph><subparagraph id="idd763b8bb0aa64761bd825fc50f108a92"><enum>(B)</enum><text>the term <term>covered insured depository institution</term> means an insured depository institution that—</text> <clause id="id67838e955c6943c0ac6af9f504cfe227"><enum>(i)</enum><text>under subsection (c) or (d), accepts funds obtained, directly or indirectly, by or through a deposit broker; or</text>
</clause><clause id="ida9de22097263425fb48cf95d0389106e"><enum>(ii)</enum><text>while acting as an agent institution under subsection (i), accepts reciprocal deposits while not well capitalized.</text>
</clause></subparagraph></paragraph><paragraph id="idAED350466032472EB3381B65A257CFE9"><enum>(2)</enum><header>Prohibition</header><text>A covered insured depository institution may not pay a rate of interest on funds or reciprocal deposits described in paragraph (1) that, at the time that the funds or reciprocal deposits are accepted, significantly exceeds the limit set forth in paragraph (3).</text>
</paragraph><paragraph id="H4F3C7D641F4D4CA59000547AACFDEDAA"><enum>(3)</enum><header>Limit on interest rates</header><text display-inline="yes-display-inline">The limit on the rate of interest referred to in paragraph (2) shall be—</text> <subparagraph id="H706B11A6C1FB416AA95E171C334A4CAB"><enum>(A)</enum><text display-inline="yes-display-inline">the rate paid on deposits of similar maturity in the normal market area of the covered insured depository institution for deposits accepted in the normal market area of the covered insured depository institution; or</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="HCA8822AED2F94B3196C56B8D176BF028"><enum>(B)</enum><text>the national rate paid on deposits of comparable maturity, as established by the Corporation, for deposits accepted outside the normal market area of the covered insured depository institution.</text></subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection></section><section id="id38898d3687e44cb1b87bd80be2368594"><enum>203.</enum><header>Community bank relief</header><text display-inline="no-display-inline">Section 13(h) of the Bank Holding Company Act of 1956 (<external-xref legal-doc="usc" parsable-cite="usc/12/1851">12 U.S.C. 1851(h)</external-xref>) is amended—</text> <paragraph id="id89CC9459BB1A4E77AFC3C0FDDDB3C643"><enum>(1)</enum><text>in paragraph (1)—</text>
<subparagraph id="id54057c9d30f346808e6ea8e04346dbd1"><enum>(A)</enum><text>in subparagraph (D), by redesignating clauses (i) and (ii) as subclauses (I) and (II), respectively, and adjusting the margins accordingly;</text>
</subparagraph><subparagraph id="id622115524f6c4c5abcdf91a374bf1f9a"><enum>(B)</enum><text>by redesignating subparagraphs (A) through (D) as clauses (i) through (iv), respectively, and adjusting the margins accordingly;</text>
</subparagraph><subparagraph id="ida597cef7a54e454d910803a726df72ad"><enum>(C)</enum><text>in the matter preceding clause (i), as so redesignated, in the second sentence, by striking <quote>institution that functions solely in a trust or fiduciary capacity, if—</quote> and inserting the following:</text> <quoted-block display-inline="yes-display-inline" id="id15abbd9f5f7b42328fa4f988feb0f103" style="OLC"> <text>institution—</text><subparagraph id="id93966e56b1c14c85be5c86cec3c1429b"><enum>(A)</enum><text>that functions solely in a trust or fiduciary capacity, if—</text></subparagraph><after-quoted-block>; </after-quoted-block></quoted-block> </subparagraph><subparagraph id="id5a240946c522438595bca9917ddbef7d"><enum>(D)</enum><text>in clause (iv)(II), as so redesignated, by striking the period at the end and inserting <quote>; or</quote>; and</text>
</subparagraph><subparagraph id="id314A5F173C054E54874AE27DF7B72502"><enum>(E)</enum><text>by adding at the end the following:</text> <quoted-block display-inline="no-display-inline" id="idA2B1248C10B14286A18DACEA6B98C920" style="OLC"> <subparagraph changed="deleted" commented="no" display-inline="no-display-inline" id="id8b8ac94517b74da9b6fea2b610d3f659" reported-display-style="strikethrough"><enum>(B)</enum><text>with—</text>
<clause commented="no" display-inline="no-display-inline" id="id86A77285846F47859F63DD2378C93338"><enum>(i)</enum><text>not more than $10,000,000,000 of total consolidated assets; and</text> </clause></subparagraph><subparagraph changed="added" id="id6f9a6b159adc4acc8d9206aecd680215" reported-display-style="italic"><enum>(B)</enum><text>that does not have and is not controlled by a company that has—</text>
<clause changed="added" id="id3027cbf1c36e4d61b2933e8854d58177" reported-display-style="italic"><enum>(i)</enum><text>more than $10,000,000,000 in total consolidated assets; and</text> </clause><clause changed="not-changed" id="id1f07f41a0955455197749853ab0fdec6"><enum>(ii)</enum><text>total trading assets and trading liabilities, as reported on the most recent applicable regulatory filing filed by the institution, that are <deleted-phrase committee-id="SSBK00" reported-display-style="strikethrough">not</deleted-phrase> more than 5 percent of total consolidated assets.</text></clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subparagraph></paragraph></section><section commented="no" id="HDC054E2987CF470AA3F2BDB3BA56693B"><enum>204.</enum><header>Removing naming restrictions</header><text display-inline="no-display-inline">Section 13 of the Bank Holding Company Act of 1956 (<external-xref legal-doc="usc" parsable-cite="usc/12/1851">12 U.S.C. 1851</external-xref>) is amended—</text> <paragraph commented="no" id="H8CA6BD2BB9BC4C1E8728736B9FFBBD36"><enum>(1)</enum><text display-inline="yes-display-inline">in subsection (d)(1)(G)(vi), by inserting before the semicolon the following:</text>
<quoted-block display-inline="yes-display-inline" id="H5E74A2EBE1734257A5EE34D31F15BD4B" style="OLC">
<text>, except that the hedge fund or private equity fund may share the same name or a variation of the same name as a banking entity that is an investment adviser to the hedge fund or private equity fund, if—</text><subclause id="H0A9646C19082410C9D1CDBF791BDD5EE"><enum>(I)</enum><text display-inline="yes-display-inline">such investment adviser is not an insured depository institution, a company that controls an insured depository institution, or a company that is treated as a bank holding company for purposes of section 8 of the International Banking Act of 1978 (<external-xref legal-doc="usc" parsable-cite="usc/12/3106">12 U.S.C. 3106</external-xref>);</text>
</subclause><subclause id="H2649441D637946A1BF3B43903A7DD41A"><enum>(II)</enum><text display-inline="yes-display-inline">such investment adviser does not share the same name or a variation of the same name as an insured depository institution, any company that controls an insured depository institution, or any company that is treated as a bank holding company for purposes of section 8 of the International Banking Act of 1978 (<external-xref legal-doc="usc" parsable-cite="usc/12/3106">12 U.S.C. 3106</external-xref>); and</text>
</subclause><subclause id="HCAB2BD8FEE1A4BEA898527B29EECD474"><enum>(III)</enum><text>such name does not contain the word <quote>bank</quote></text></subclause><after-quoted-block>; and</after-quoted-block></quoted-block> </paragraph><paragraph commented="no" display-inline="no-display-inline" id="HF94692F021A74AAD81BCFA8A48477520"><enum>(2)</enum><text>in subsection (h)(5)(C), by inserting before the period the following: <quote>, except as permitted under subsection (d)(1)(G)(vi)</quote>.</text>
</paragraph></section><section id="idBDE5263E2EB94810BA19114A9D2CB665"><enum>205.</enum><header>Short form call reports</header><text display-inline="no-display-inline">Section 7(a) of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1817">12 U.S.C. 1817(a)</external-xref>) is amended by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="H73EF9277058A482B83711CF6F2127C30" style="OLC">
<paragraph id="H5FFF2DA045F9490BB9D88D9E75841D37"><enum>(12)</enum><header>Short form reporting</header>
<subparagraph id="id71c69022649346e8a99c37ee76e55454"><enum>(A)</enum><header>In general</header><text>The appropriate Federal banking agencies shall issue regulations that allow for a reduced reporting requirement for a covered depository institution when the institution makes the first and third report of condition for a year, as required under paragraph (3).</text>
</subparagraph><subparagraph id="idEBE37E23FF134493857D0DE050310F85"><enum>(B)</enum><header>Definition</header><text>In this paragraph, the term <term>covered depository institution</term> means an insured depository institution that—</text> <clause id="id3D9B2064FC53477FB4549355FAA8061C"><enum>(i)</enum><text>has less than $5,000,000,000 in total consolidated assets; and</text>
</clause><clause id="id119B5F8A820743ACBD5B570558948E2F"><enum>(ii)</enum><text>satisfies such other criteria as the appropriate Federal banking agencies determine appropriate.</text></clause></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block> </section><section id="H2D109A96DD2A444A914620D6CEF287AA"><enum>206.</enum><header>Option for Federal savings associations to operate as covered savings associations</header><text display-inline="no-display-inline">The Home Owners’ Loan Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1461">12 U.S.C. 1461</external-xref> et seq.) is amended by inserting after section 5 (<external-xref legal-doc="usc" parsable-cite="usc/12/1464">12 U.S.C. 1464</external-xref>) the following:</text>
<quoted-block display-inline="no-display-inline" id="HBE68AE6BB6154F3CBB3086687D0CB022" style="OLC">
<section id="H8F78E7279D53497586D22419F63D14BF"><enum>5A.</enum><header>Election to operate as a covered savings association</header>
<subsection id="H5D4FD7336EE04037B30A9CB5884698BA"><enum>(a)</enum><header>Definition</header><text>In this section, the term <term>covered savings association</term> means a Federal savings association that makes an election that is approved under subsection (b).</text> </subsection><subsection id="H5840753BD2A94DC8B109BCDA4E2BB514"><enum>(b)</enum><header>Election</header> <paragraph id="H4601F8C7FD1C403980EAD4E3ACC014D9"><enum>(1)</enum><header>In general</header><text>Upon issuance of rules under subsection (f), and in accordance with those rules, a Federal savings association with total consolidated assets equal to or less than $15,000,000,000 may elect to operate as a covered savings association by submitting a notice to the Comptroller of that election.</text>
</paragraph><paragraph id="H04A0D33895A744BBB027F33C5FC58342"><enum>(2)</enum><header>Approval</header><text>A Federal savings association shall be deemed to be approved to operate as a covered savings association beginning on the date that is 60 days after the date on which the Comptroller receives the notice submitted under paragraph (1), unless the Comptroller notifies the Federal savings association that the Federal savings association is not eligible.</text>
</paragraph></subsection><subsection id="HA5C0C25023944473AAB6A1D8D187D5F7"><enum>(c)</enum><header>Rights and duties</header><text display-inline="yes-display-inline">Notwithstanding any other provision of law, and except as otherwise provided in this section, a covered savings association shall—</text>
<paragraph id="H6D84FBAA2A214E9B8EA030B6F4DC9F68"><enum>(1)</enum><text>have the same rights and privileges as a national bank that has the main office of the national bank situated in the same location as the home office of the covered savings association; and</text>
</paragraph><paragraph id="H778FD76FFD8B49BC9CB6BEEFB1C5C441"><enum>(2)</enum><text>be subject to the same duties, restrictions, penalties, liabilities, conditions, and limitations that would apply to a national bank described in paragraph (1).</text>
</paragraph></subsection><subsection id="H9082CAF1B1B44A999FC1D9A2901A3778"><enum>(d)</enum><header>Treatment of covered savings associations</header><text display-inline="yes-display-inline">A covered savings association shall be treated as a Federal savings association for the purposes—</text> <paragraph id="H62725F1D698D4C48852350F7DAE5A7F4"><enum>(1)</enum><text display-inline="yes-display-inline">of governance of the covered savings association, including incorporation, bylaws, boards of directors, shareholders, and distribution of dividends;</text>
</paragraph><paragraph id="HBBA896280DFF49288468ABE687E392E2"><enum>(2)</enum><text>of consolidation, merger, dissolution, conversion (including conversion to a stock bank or to another charter), conservatorship, and receivership; and</text>
</paragraph><paragraph id="H75F94EA1FD344EE19A4748286C2AB44E"><enum>(3)</enum><text>determined by regulation of the Comptroller.</text> </paragraph></subsection><subsection id="H9D297370D1794B56851CC561F865910C"><enum>(e)</enum><header>Existing branches</header><text display-inline="yes-display-inline">A covered savings association may continue to operate any branch or agency that the covered savings association operated on the date on which an election under subsection (b) is approved.</text>
</subsection><subsection id="H5843BC73420044BA8B4B7F2CB8018C01"><enum>(f)</enum><header>Rule making</header><text display-inline="yes-display-inline">The Comptroller shall issue rules to carry out this section—</text> <paragraph id="H534D961D6399474BB2B73704221151C7"><enum>(1)</enum><text>that establish streamlined standards and procedures that clearly identify required documentation <deleted-phrase reported-display-style="strikethrough">or</deleted-phrase><added-phrase reported-display-style="italic">and</added-phrase> timelines for an election under subsection (b);</text>
</paragraph><paragraph commented="no" id="HFD6CF0E30EE84CC2BFA9736F1FCC3C6F"><enum>(2)</enum><text display-inline="yes-display-inline">that require a Federal savings association that makes an election under subsection (b) to identify specific assets and subsidiaries that—</text>
<subparagraph commented="no" id="H4014C7EB035047F58863722C6E3F89F5"><enum>(A)</enum><text>do not conform to the requirements for assets and subsidiaries of a national bank; and</text> </subparagraph><subparagraph commented="no" id="H9AB199E70B794E2CA6A2E4A7E4370405"><enum>(B)</enum><text>are held by the Federal savings association on the date on which the Federal savings association submits a notice of the election;</text>
</subparagraph></paragraph><paragraph commented="no" id="HA31751B8F71440E2ACB0B10B08DF356F"><enum>(3)</enum><text>that establish—</text> <subparagraph commented="no" id="HD372F49B924946988390DE6289A43759"><enum>(A)</enum><text>a transition process for bringing the assets and subsidiaries described in paragraph (2) into conformance with the requirements for a national bank; and</text>
</subparagraph><subparagraph commented="no" id="HA36D131CB35D44C6801D041560172CAE"><enum>(B)</enum><text display-inline="yes-display-inline">procedures for allowing the Federal savings association to submit to the Comptroller an application to continue to hold assets and subsidiaries described in paragraph (2) after electing to operate as a covered savings association;</text>
</subparagraph></paragraph><paragraph id="H39B8614BB00E4F0FAEF1AFF8F1C04DD0"><enum>(4)</enum><text display-inline="yes-display-inline">that establish standards and procedures to allow a covered savings association to—</text> <subparagraph id="idE5B6F83EB6944726A896DECFBE2671B2"><enum>(A)</enum><text display-inline="yes-display-inline">terminate an election under subsection (b) after an appropriate period of time; and</text>
</subparagraph><subparagraph id="id15FA11A6B19E4CECAD6FF5B6F8DEEA70"><enum>(B)</enum><text display-inline="yes-display-inline">make a subsequent election under subsection (b) after terminating an election under subparagraph (A);</text>
</subparagraph></paragraph><paragraph id="H4E3B87CB9C06452BBD95CBB0310B248D"><enum>(5)</enum><text display-inline="yes-display-inline">that clarify requirements for the treatment of covered savings associations, including the provisions of law that apply to covered savings associations; and</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="H55651DEA93A340FF81F0F8BF65DE9D58"><enum>(6)</enum><text>as the Comptroller determines necessary in the interests of safety and soundness.</text> </paragraph></subsection><subsection id="id6e04b285645b4b0ea78386bd2232524c"><enum>(g)</enum><header>Grandfathered covered savings associations</header><text>Subject to the rules issued under subsection (f), a covered savings association may continue to operate as a covered savings association if, after the date on which the election is made under subsection (b), the covered savings association has total consolidated assets greater than $15,000,000,000.</text></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="id577E851E50D14CE59CDAA7E63A19DFFA"><enum>207.</enum><header>Small bank holding company policy statement</header>
<subsection id="id80D6F8E213E14CB3B3922CD0EF9FA520"><enum>(a)</enum><header>Definitions</header><text display-inline="yes-display-inline">In this section:</text> <paragraph id="idAC0838ACF9C4454880E1D556F36A694A"><enum>(1)</enum><header>Board</header><text>The term <term>Board</term> means the Board of Governors of the Federal Reserve System.</text>
</paragraph><paragraph id="id58fb61526f82434899f353fce6259dee"><enum>(2)</enum><header>Savings and loan holding company</header><text>The term <term>savings and loan holding company</term> has the meaning given the term in section 10(a) of the Home Owners’ Loan Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1467a">12 U.S.C. 1467a(a)</external-xref>).</text> </paragraph></subsection><subsection id="id83204B42EEE94D339A6DD91EE7173249"><enum>(b)</enum><header>Changes required to small bank holding company policy statement on assessment of financial and managerial factors</header><text display-inline="yes-display-inline">Not later than 180 days after the date of enactment of this Act, the Board shall revise appendix C to part 225 of title 12, Code of Federal Regulations (commonly known as the <quote>Small Bank Holding Company and Savings and Loan Holding Company Policy Statement</quote>), to raise the consolidated asset threshold under that appendix from $1,000,000,000 to $3,000,000,000 for any bank holding company or savings and loan holding company that—</text>
<paragraph id="id7e7c72bf8a0240328b2b7c29375c3ff9"><enum>(1)</enum><text>is not engaged in significant nonbanking activities either directly or through a nonbank subsidiary;</text>
</paragraph><paragraph id="id7ba506639184419b9e42643285e29753"><enum>(2)</enum><text>does not conduct significant off-balance sheet activities (including securitization and asset management or administration) either directly or through a nonbank subsidiary; and</text>
</paragraph><paragraph id="id8bd3f73994974a8db30e1715a72740d8"><enum>(3)</enum><text>does not have a material amount of debt or equity securities outstanding (other than trust preferred securities) that are registered with the Securities and Exchange Commission.</text>
</paragraph></subsection><subsection id="id3a4205cd0134454296d20448aeec0f2b"><enum>(c)</enum><header>Exclusions</header><text>The Board may exclude any bank holding company or savings and loan holding company, regardless of asset size, from the revision under subsection (b) if the Board determines that such action is warranted for supervisory purposes.</text>
</subsection><subsection id="H1C9D59B9C4CB401FAF35F66972AAA766"><enum>(d)</enum><header>Conforming amendment</header><text display-inline="yes-display-inline">Section 171(b)(5) of the Financial Stability Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/12/5371">12 U.S.C. 5371(b)(5)</external-xref>) is amended by striking subparagraph (C) and inserting the following:</text>
<quoted-block display-inline="no-display-inline" id="HEAEA346373CB4B32BF2ECF16D709EF92" style="OLC">
<subparagraph commented="no" display-inline="no-display-inline" id="HD0D79D1C433F496B8DC84725EF70F0D7"><enum>(C)</enum><text display-inline="yes-display-inline">any bank holding company or savings and loan holding company that is subject to the application of appendix C to part 225 of title 12, Code of Federal Regulations (commonly known as the <quote>Small Bank Holding Company and Savings and Loan Holding Company Policy Statement</quote>).</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection></section><section id="idF7306A8AE89E48B2AA37F92529969D39"><enum>208.</enum><header>Application of the Expedited Funds Availability Act</header>
<subsection id="H9F6081F90E3C4439A0A3ECF79621D360"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">The Expedited Funds Availability Act (<external-xref legal-doc="usc" parsable-cite="usc/12/4001">12 U.S.C. 4001</external-xref> et seq.) is amended—</text> <paragraph id="H6833B68A4F9A41D8B93941468B55D0A7"><enum>(1)</enum><text>in section 602 (<external-xref legal-doc="usc" parsable-cite="usc/12/4001">12 U.S.C. 4001</external-xref>)—</text>
<subparagraph id="id12D1C3AE25EB43C18F8279CB0A47334E"><enum>(A)</enum><text>in paragraph (20), by inserting <quote>, located in the United States,</quote> after <quote>ATM</quote>;</text> </subparagraph><subparagraph id="idF461BE3745FD4C2BB69950AD0E9C483F"><enum>(B)</enum><text>in paragraph (21), by inserting <quote>American Samoa, the Commonwealth of the Northern Mariana Islands,</quote> after <quote>Puerto Rico,</quote>; and</text>
</subparagraph><subparagraph id="id82B7AFE61EB94B00B56E2E769C381EFB"><enum>(C)</enum><text>in paragraph (23), by inserting <quote>American Samoa, the Commonwealth of the Northern Mariana Islands,</quote> after <quote>Puerto Rico,</quote>; and</text> </subparagraph></paragraph><paragraph id="HE0706AFDB82743438B04DA6A76E73631"><enum>(2)</enum><text display-inline="yes-display-inline">in section 603(d)(2)(A) (<external-xref legal-doc="usc" parsable-cite="usc/12/4002">12 U.S.C. 4002(d)(2)(A)</external-xref>), by inserting <quote>American Samoa, the Commonwealth of the Northern Mariana Islands,</quote> after <quote>Puerto Rico,</quote>.</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="H9090E9052C474F8FACF552B09212ABD8"><enum>(b)</enum><header>Effective date</header><text>The amendments made by this section shall take effect on the date that is 30 days after the date of enactment of this Act.</text>
</subsection></section><section changed="deleted" commented="no" display-inline="no-display-inline" id="id7a688e32f8334873b52f866b38110942" reported-display-style="strikethrough" section-type="subsequent-section"><enum>209.</enum><header display-inline="yes-display-inline">Mutual holding
company dividend waivers</header><text display-inline="no-display-inline">Not later than 180 days after the date of enactment of this Act, the Board of Governors of the Federal Reserve System shall amend section 239.8(d)(2)(iv) of title 12, Code of Federal Regulations, by striking <quote>12 months</quote> each place that term appears and inserting <quote>24 months</quote>.</text>
</section><section id="id8a903cb54842453fb3f16467ab399036"><enum>2<deleted-phrase reported-display-style="strikethrough">10</deleted-phrase><added-phrase reported-display-style="italic">09</added-phrase>.</enum><header>Small public housing agencies</header>
<subsection id="id71a7f814efaa431093a2934530dc4c99"><enum>(a)</enum><header>Small public housing agencies</header><text>Title I of the United States Housing Act of 1937 (<external-xref legal-doc="usc" parsable-cite="usc/42/1437">42 U.S.C. 1437</external-xref> et seq.) is amended by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="iddb5443fb06094f1f94c34a86fc539b70" style="OLC">
<section id="id47a67cbf64d846f396085cd07d844594"><enum>38.</enum><header>Small public housing agencies</header>
<subsection id="idb1012ca9814e4031b6603b9ad6f75394"><enum>(a)</enum><header>Definitions</header><text>In this section:</text> <paragraph id="id2763e708e62a487d9ca255668bf2a02c"><enum>(1)</enum><header>Housing voucher program</header><text>The term <term>housing voucher program</term> means a program for tenant-based assistance under section 8.</text>
</paragraph><paragraph id="id81eff22791ac4e4c915677e4a8269e24"><enum>(2)</enum><header>Small public housing agency</header><text>The term <term>small public housing agency</term> means a public housing agency—</text> <subparagraph id="id39FBC02F5EFE48338416C47FC9999543"><enum>(A)</enum><text>for which the sum of the number of public housing dwelling units administered by the agency and the number of vouchers under section 8(o) administered by the agency is 550 or fewer; and</text>
</subparagraph><subparagraph id="id55534A0EEBAB47A591423889EC2B156D"><enum>(B)</enum><text>that predominantly operates in a rural area, as described in section 1026.35(b)(2)(iv)(A) of title 12, Code of Federal Regulations.</text>
</subparagraph></paragraph><paragraph id="id028828d5e35f43239791663595121111"><enum>(3)</enum><header>Troubled small public housing agency</header><text>The term <term>troubled small public housing agency</term> means a small public housing agency designated by the Secretary as a troubled small public housing agency under subsection (c)(3).</text>
</paragraph></subsection><subsection id="id501981d79f5948b792067e2e3c682e59"><enum>(b)</enum><header>Applicability</header><text>Except as otherwise provided in this section, a small public housing agency shall be subject to the same requirements as a public housing agency.</text>
</subsection><subsection id="id6aa10b32abd54292ac38e59acb22531d"><enum>(c)</enum><header>Program inspections and evaluations</header>
<paragraph id="idffd0399dc18e48299926eb8f43bc53b6"><enum>(1)</enum><header>Public housing projects</header>
<subparagraph id="id027222e2312d45da9d4787f89d8b8b07"><enum>(A)</enum><header>Frequency of inspections by secretary</header><text>The Secretary shall carry out an inspection of the physical condition of a small public housing agency’s public housing projects not more frequently than once every 3 years, unless the agency has been designated by the Secretary as a troubled small public housing agency based on deficiencies in the physical condition of its public housing projects. <added-phrase reported-display-style="italic">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 (<external-xref legal-doc="usc" parsable-cite="usc/42/4822">42 U.S.C. 4822</external-xref>).</added-phrase></text>
</subparagraph><subparagraph id="ida60454c3c8b140f59a4638c172a55eb2"><enum>(B)</enum><header>Standards</header><text>The Secretary shall apply to small public housing agencies the same standards for the acceptable condition of public housing projects that apply to projects assisted under section 8.</text>
</subparagraph></paragraph><paragraph id="id3eba798a11d84fa7852e8750063d2491"><enum>(2)</enum><header>Housing voucher program</header><text><deleted-phrase reported-display-style="strikethrough">A small</deleted-phrase><added-phrase reported-display-style="italic">Except as required by section 8(o)(8)(F), a small</added-phrase> 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). <added-phrase reported-display-style="italic">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 (<external-xref legal-doc="usc" parsable-cite="usc/42/4822">42 U.S.C. 4822</external-xref>).</added-phrase></text>
</paragraph><paragraph id="id944beb7ccbea404680dc93d0fd53f682"><enum>(3)</enum><header>Troubled small public housing agencies</header>
<subparagraph id="id9ce647a9089e4584bf83be3b46880ede"><enum>(A)</enum><header>Public housing program</header><text>Notwithstanding any other provision of law, the Secretary may designate a small public housing agency as a troubled small public housing agency with respect to the public housing program of the small public housing agency if the Secretary determines that the agency has failed to maintain the public housing units of the small public housing agency in a satisfactory physical condition, based upon an inspection conducted by the Secretary.</text>
</subparagraph><subparagraph id="id9b54f692b609448c99c0b7d3b5f8697a"><enum>(B)</enum><header>Housing voucher program</header><text>Notwithstanding any other provision of law, the Secretary may designate a small public housing agency as a troubled small public housing agency with respect to the housing voucher program of the small public housing agency if the Secretary determines that the agency has failed to comply with the inspection requirements under paragraph (2).</text>
</subparagraph><subparagraph id="idb27f16c5247e4011b0f3d0aae6916069"><enum>(C)</enum><header>Appeals</header>
<clause id="id0b5e6b3a671a443a8ff115f5edf3b5ec"><enum>(i)</enum><header>Establishment</header><text>The Secretary shall establish an appeals process under which a small public housing agency may dispute a designation as a troubled small public housing agency.</text>
</clause><clause id="id58532a4ace7e4155b611ac5aa7315016"><enum>(ii)</enum><header>Official</header><text>The appeals process established under clause (i) shall provide for a decision by an official who has not been involved, and is not subordinate to a person who has been involved, in the original determination to designate a small public housing agency as a troubled small public housing agency.</text>
</clause></subparagraph><subparagraph id="id1000d585728941588c4016965c723deb"><enum>(D)</enum><header>Corrective action agreement</header>
<clause id="id419aee587ffc46bbaa0854c5bc2906bb"><enum>(i)</enum><header>Agreement required</header><text>Not later than 60 days after the date on which a small public housing agency is designated as a troubled public housing agency under subparagraph (A) or (B), the Secretary and the small public housing agency shall enter into a corrective action agreement under which the small public housing agency shall undertake actions to correct the deficiencies upon which the designation is based.</text>
</clause><clause id="id0d0031c950784de797d0c261e0f12688"><enum>(ii)</enum><header>Terms of agreement</header><text>A corrective action agreement entered into under clause (i) shall—</text> <subclause id="id12022495cf3846e0adeca888206c3b7f"><enum>(I)</enum><text>have a term of 1 year, and shall be renewable at the option of the Secretary;</text>
</subclause><subclause id="id6583218937ac4a1fb23c3907f0ca3714"><enum>(II)</enum><text>provide, where feasible, for technical assistance to assist the public housing agency in curing its deficiencies;</text>
</subclause><subclause id="id3b27bf313f5d48318fb9481620f1b34a"><enum>(III)</enum><text>provide for—</text> <item id="id26e9388bbeaf40e1b1a8adfce267ef1c"><enum>(aa)</enum><text>reconsideration of the designation of the small public housing agency as a troubled small public housing agency not less frequently than annually; and</text>
</item><item id="id8a5bdcac372e4515ae00d858a96b85de"><enum>(bb)</enum><text>termination of the agreement when the Secretary determines that the small public housing agency is no longer a troubled small public housing agency; and</text>
</item></subclause><subclause id="ideb6a7f5f176843049db5269e0b0699fb"><enum>(IV)</enum><text>provide that in the event of substantial noncompliance by the small public housing agency under the agreement, the Secretary may—</text>
<item id="id792443277dd646b08c92e64a3cf6543c"><enum>(aa)</enum><text>contract with another public housing agency or a private entity to manage the public housing of the troubled small public housing agency;</text>
</item><item id="idc6cff44d7de64d2b9d94e5b7213dd9ec"><enum>(bb)</enum><text>withhold funds otherwise distributable to the troubled small public housing agency;</text> </item><item id="id17fe1ed28b23469aa98734dfbdb554e6"><enum>(cc)</enum><text>assume possession of, and direct responsibility for, managing the public housing of the troubled small public housing agency;</text>
</item><item id="idb587a6f96bc34d33bbaa0c2af326758a"><enum>(dd)</enum><text>petition for the appointment of a receiver, in accordance with section 6(j)(3)(A)(ii); and</text> </item><item id="id57d8a39822f94fb8bfe567e8df88f9a3"><enum>(ee)</enum><text>exercise any other remedy available to the Secretary in the event of default under the public housing annual contributions contract entered into by the small public housing agency under section 5.</text>
</item></subclause></clause></subparagraph><subparagraph id="id35f3046975be4fdd9ac4e7e51a9d4f5f"><enum>(E)</enum><header>Emergency actions</header><text>Nothing in this paragraph may be construed to prohibit the Secretary from taking any emergency action necessary to protect Federal financial resources or the health or safety of residents of public housing projects.</text>
</subparagraph></paragraph></subsection><subsection id="idde82696ca4ab4a33a8ce0aafc8d5789d"><enum>(d)</enum><header>Reduction of administrative burdens</header>
<paragraph id="idad1dbe3b30d949dc9d4401b1d213ba9f"><enum>(1)</enum><header>Exemption</header><text>Notwithstanding any other provision of law, a small public housing agency shall be exempt from any environmental review requirements with respect to a development or modernization project having a total cost of not more than $100,000.</text>
</paragraph><paragraph id="id670e9ffff582478da21daebc57da5255"><enum>(2)</enum><header>Streamlined procedures</header><text>The Secretary shall, by rule, establish streamlined procedures for environmental reviews of small public housing agency development and modernization projects having a total cost of more than $100,000.</text></paragraph></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="ide428d15d8a204d8d98e522e83579a99f"><enum>(b)</enum><header>Energy conservation</header><text>Section 9(e)(2) of the United States Housing Act of 1937 (<external-xref legal-doc="usc" parsable-cite="usc/42/1437g">42 U.S.C. 1437g(e)(2)</external-xref>) is amended by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="id8923d0123f744bc0b24a3a6dd05f32ea" style="OLC">
<subparagraph id="id4710804f362948b18d4e27b8d36afd97"><enum>(D)</enum><header>Freeze of consumption levels</header>
<clause id="idc457b4fc993544669f2873d865e2c728"><enum>(i)</enum><header>In general</header><text>A small public housing agency, as defined in section 38(a), may elect to be paid for its utility and waste management costs under the formula for a period, at the discretion of the small public housing agency, of not more than 20 years based on the small public housing agency’s average annual consumption during the 3-year period preceding the year in which the election is made (in this subparagraph referred to as the <quote>consumption base level</quote>).</text>
</clause><clause id="id8ad75d92cad3421ba8edf4e94efb5d5a"><enum>(ii)</enum><header>Initial adjustment in consumption base level</header><text>The Secretary shall make an initial one-time adjustment in the consumption base level to account for differences in the heating degree day average over the most recent 20-year period compared to the average in the consumption base level.</text>
</clause><clause id="idb6abb6fc3e51458590a93bc3b626652e"><enum>(iii)</enum><header>Adjustments in consumption base level</header><text>The Secretary shall make adjustments in the consumption base level to account for an increase or reduction in units, a change in fuel source, a change in resident controlled electricity consumption, or for other reasons.</text>
</clause><clause id="id24290acfeba7422caa865194decd7010"><enum>(iv)</enum><header>Savings</header><text>All cost savings resulting from an election made by a small public housing agency under this subparagraph—</text>
<subclause id="idcc2b5082ab9a4baba80712be2e36254c"><enum>(I)</enum><text>shall accrue to the small public housing agency; and</text> </subclause><subclause id="id53eab8486eec45ba9f369d78a15ac7eb"><enum>(II)</enum><text>may be used for any public housing purpose at the discretion of the small public housing agency.</text>
</subclause></clause><clause id="ida4568fd8f0f3432aabc62ddf309cb3cb"><enum>(v)</enum><header>Third parties</header><text>A small public housing agency making an election under this subparagraph—</text> <subclause id="ide35607021bf7411c81c10bde63b61b43"><enum>(I)</enum><text>may use, but shall not be required to use, the services of a third party in its energy conservation program; and</text>
</subclause><subclause id="id48a1d3c547f2433ca50f680711bed0b7"><enum>(II)</enum><text>shall have the sole discretion to determine the source, and terms and conditions, of any financing used for its energy conservation program.</text></subclause></clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="id3debde4926b043b79613622322e6f3b8"><enum>(c)</enum><header>Reporting by agencies operating in consortia</header><text>Not later than 180 days after the date of enactment of this Act, the Secretary of Housing and Urban Development shall develop and deploy all electronic information systems necessary to accommodate full consolidated reporting by public housing agencies, as defined in section 3(b)(6) of the United States Housing Act of 1937 (<external-xref legal-doc="usc" parsable-cite="usc/42/1437a">42 U.S.C. 1437a(b)(6)</external-xref>), electing to operate in consortia under section 13(a) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/42/1437k">42 U.S.C. 1437k(a)</external-xref>).</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="idecf8e08699994b33b19d92b2ec41f5b8"><enum>(d)</enum><header>Effective date</header><text>The amendments made by subsections (a) and (b) shall take effect on the date that is 60 days after the date of enactment of this Act.</text>
</subsection><subsection changed="added" id="id50657CBBF2FA4A3F93048F70B0679DAA" reported-display-style="italic"><enum>(e)</enum><header>Shared waiting lists</header><text>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.</text>
</subsection></section><section commented="no" display-inline="no-display-inline" id="id9C462887D780495CA19C4E3BA0F2C431"><enum>21<deleted-phrase reported-display-style="strikethrough">1</deleted-phrase><added-phrase reported-display-style="italic">0</added-phrase>.</enum><header>Examination cycle</header><text display-inline="no-display-inline">Section 10(d)<deleted-phrase reported-display-style="strikethrough">(4)(A)</deleted-phrase> of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1820">12 U.S.C. 1820(d)</external-xref><deleted-phrase reported-display-style="strikethrough">(4)(A)</deleted-phrase>) is <deleted-phrase reported-display-style="strikethrough">amended by</deleted-phrase><added-phrase reported-display-style="italic">amended—</added-phrase></text> <paragraph commented="no" display-inline="no-display-inline" id="id50810BA869574CE7AD78E1CCB9431ED7"><enum><added-phrase reported-display-style="italic">(1)</added-phrase></enum><text display-inline="yes-display-inline"><added-phrase reported-display-style="italic">in paragraph (4)(A), by</added-phrase> striking <quote>$1,000,000,000</quote> and inserting <quote>$3,000,000,000</quote><deleted-phrase reported-display-style="strikethrough">.</deleted-phrase><added-phrase reported-display-style="italic">; and</added-phrase></text>
</paragraph><paragraph changed="added" id="id7E4BEC59F8F94C978BD6BE2C62F89197" reported-display-style="italic"><enum>(2)</enum><text>in paragraph (10), by striking <quote>$1,000,000,000</quote> and inserting <quote>$3,000,000,000</quote>. <added-phrase reported-display-style="italic"></added-phrase></text> </paragraph></section><section id="idf832f3c08fce4ee1bb7d34136ef4bf24"><enum>21<deleted-phrase reported-display-style="strikethrough">2</deleted-phrase><added-phrase reported-display-style="italic">1</added-phrase>.</enum><header>National securities exchange regulatory parity</header><text display-inline="no-display-inline">Section 18(b)(1) of the Securities Act of 1933 (<external-xref legal-doc="usc" parsable-cite="usc/15/77r">15 U.S.C. 77r(b)(1)</external-xref>) is amended—</text>
<paragraph id="id96045d2b17d94c2ab484205f4a8d6e91"><enum>(1)</enum><text>by striking subparagraph (A);</text> </paragraph><paragraph id="id8fa4968ec0c54f3eaece3db652831c6f"><enum>(2)</enum><text>in subparagraph (B)—</text>
<subparagraph id="id7C1E701BFEEE469BAB8C88CC24DB5B7D"><enum>(A)</enum><text>by inserting <quote>a security designated as qualified for trading in the national market system pursuant to section 11A(a)(2) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78k-1">15 U.S.C. 78k–1(a)(2)</external-xref>) that is</quote> before <quote>listed</quote>; and</text>
</subparagraph><subparagraph id="idAF59676635184A88978078AA6C48A97E"><enum>(B)</enum><text>by striking <quote>that has listing standards that the Commission determines by rule (on its own initiative or on the basis of a petition) are substantially similar to the listing standards applicable to securities described in subparagraph (A)</quote>;</text>
</subparagraph></paragraph><paragraph id="idc66e35d373ee4d7992165c5bdb1ddbff"><enum>(3)</enum><text>in subparagraph (C), by striking <quote>or (B)</quote>; and</text> </paragraph><paragraph commented="no" display-inline="no-display-inline" id="idBE9AFA1C579E4EB5ADB4353DF0E9CAF0"><enum>(4)</enum><text>by redesignating subparagraphs (B) and (C) as subparagraphs (A) and (B), respectively.</text>
</paragraph></section><section changed="added" id="id0E7DF00F49224D25B2F39A07700D0F8A" reported-display-style="italic"><enum>212.</enum><header>International insurance capital standards accountability</header>
<subsection id="id0697be1f5ebd45c6b6170c3999a7556a"><enum>(a)</enum><header>Findings</header><text display-inline="yes-display-inline">Congress finds that—</text> <paragraph id="id4403ae2202b74965905714076809f034"><enum>(1)</enum><text>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</text>
</paragraph><paragraph id="id14fd595c92304e0f88b16484f612268e"><enum>(2)</enum><text>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.</text>
</paragraph></subsection><subsection id="id58fb66a3ff7e433286dded6eb2b53d0c"><enum>(b)</enum><header>Insurance policy advisory committee</header>
<paragraph id="id3a32413592f946d2ab005f0e4fd8e1e0"><enum>(1)</enum><header>Establishment</header><text>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.</text>
</paragraph><paragraph id="id85bf35a246d34a07aa6226b6ef7d362c"><enum>(2)</enum><header>Membership</header><text>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.</text>
</paragraph></subsection><subsection id="idc72d9ed0e6574e22bfa88d285871f87d"><enum>(c)</enum><header>Reports</header>
<paragraph id="idef6b6839e476451986bda47a46df33e9"><enum>(1)</enum><header>Reports and testimony by Secretary of the Treasury and Chairman of the Federal Reserve</header>
<subparagraph id="idc7b01a2bc421432aae86a6a650a05aa3"><enum>(A)</enum><header>In general</header><text>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—</text>
<clause id="id21a2507a21784fa795d028c69d5aad64"><enum>(i)</enum><text>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;</text>
</clause><clause id="id3c3f930ead064ba5b570b7615458aa44"><enum>(ii)</enum><text>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;</text>
</clause><clause id="idb88aff900d4540db998c9f5c438f2455"><enum>(iii)</enum><text>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</text>
</clause><clause id="id216c822bdbc64aff8bb7b10136cb674f"><enum>(iv)</enum><text>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.</text>
</clause></subparagraph><subparagraph id="id38dc4f2714d7468497c2f815652dfb7e"><enum>(B)</enum><header>Termination</header><text>This paragraph shall terminate on December 31, 2022.</text> </subparagraph></paragraph><paragraph id="id65443ed9f5e241fd9609a6a1186c3133"><enum>(2)</enum><header>Reports and testimony by National Association of Insurance Commissioners</header><text>The National Association of Insurance Commissioners may provide testimony to Congress on the issues described in paragraph (1)(A).</text>
</paragraph><paragraph id="idb53cd2fa56b64ab69fd67779f93a8e14"><enum>(3)</enum><header>Joint report by the Chairman of the Federal Reserve and the Director of the Federal Insurance
Office</header>
<subparagraph id="id807ca631d995432a80f892592b15a400"><enum>(A)</enum><header>In general</header><text>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.</text>
</subparagraph><subparagraph id="id4d750740ceec41e282ace75fc681b3aa"><enum>(B)</enum><header>Notice and comment</header>
<clause id="id4DDDC274104B4F99835EA7B203D2843F"><enum>(i)</enum><header>Notice</header><text>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.</text>
</clause><clause id="idAA030BDCE3064C15A2793B9E1D0B2D64"><enum>(ii)</enum><header>Opportunity for comment</header><text>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.</text>
</clause></subparagraph><subparagraph id="idea081513da634368bab04101e70a88f4"><enum>(C)</enum><header>Review by Comptroller General</header><text>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.</text>
</subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="id0f6d90d45df24887be8aef62d57c6f32"><enum>(4)</enum><header>Report on increase in transparency</header><text>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.</text>
</paragraph></subsection></section><section changed="added" id="ida1c42abb598743748a7be8baa751eb9c" reported-display-style="italic"><enum>213.</enum><header>Budget transparency for the NCUA</header><text display-inline="no-display-inline">Section 209(b) of the Federal Credit Union Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1789">12 U.S.C. 1789(b)</external-xref>) is amended—</text> <paragraph id="id3bd83bca63a344209c233df3e627471a"><enum>(1)</enum><text>by redesignating paragraphs (1) and (2) as paragraphs (2) and (3), respectively;</text>
</paragraph><paragraph id="id5b52b89f8bb24d48a63fa5f861be5d80"><enum>(2)</enum><text>by inserting before paragraph (2), as so redesignated, the following:</text> <quoted-block changed="added" display-inline="no-display-inline" id="id1f77b965ae224e1ebfd463c3374f4997" reported-display-style="italic" style="OLC"> <paragraph id="id0ec1fa1066a44cfaa6b2b2832933361a"><enum>(1)</enum><text>on an annual basis and prior to the submission of the detailed business-type budget required under paragraph (2)—</text>
<subparagraph id="idcb057c82b630410dbdefa2e30cb021d0"><enum>(A)</enum><text>make publicly available and publish in the Federal Register a draft of the detailed business-type budget; and</text>
</subparagraph><subparagraph id="id8216220fc9bf410a95d450ed6676286c"><enum>(B)</enum><text>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;</text></subparagraph></paragraph><after-quoted-block>; and</after-quoted-block></quoted-block>
</paragraph><paragraph id="id8a71ba1405f949b79fabd4b68fc6f0ab"><enum>(3)</enum><text>in paragraph (2), as so redesignated—</text> <subparagraph id="idec37922fcaf74377ab6388da6bef219f"><enum>(A)</enum><text>by inserting <quote>detailed</quote> after <quote>submit a</quote>; and</text>
</subparagraph><subparagraph id="idff3a23a990c54158a8e13043debb0104"><enum>(B)</enum><text>by inserting <quote>, which shall address any comment submitted by the public under paragraph (1)(B)</quote> after <quote>Control Act</quote>.</text> </subparagraph></paragraph></section><section changed="added" id="id07A0B029A7D84D148FC3A2EF430B3703" reported-display-style="italic"><enum>214.</enum><header>Making online banking initiation legal and easy</header> <subsection id="id746E9A5975C14C328C316FBEA79587BA"><enum>(a)</enum><header>Definitions</header><text>In this section:</text>
<paragraph id="idecfdf3cb4ba14084a2efa0e318f7d103"><enum>(1)</enum><header>Affiliate</header><text>The term <term>affiliate</term> has the meaning given the term in section 2 of the Bank Holding Company Act of 1956 (<external-xref legal-doc="usc" parsable-cite="usc/12/1841">12 U.S.C. 1841</external-xref>).</text>
</paragraph><paragraph id="id7E33586606984830AA4D81924A78A9AE"><enum>(2)</enum><header>Driver's license</header><text>The term <term>driver's license</term> 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.</text>
</paragraph><paragraph id="id05992F0FF4334C339878546E4046FBF7"><enum>(3)</enum><header>Federal bank secrecy laws</header><text>The term <term>Federal bank secrecy laws</term> means—</text> <subparagraph id="idd62174c1f3e1487d8c3f34c9b95fcca0"><enum>(A)</enum><text>section 21 of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1829b">12 U.S.C. 1829b</external-xref>);</text>
</subparagraph><subparagraph id="id58DFCD2F8E204CCCBC39AE844397F45F"><enum>(B)</enum><text>section 123 of <external-xref legal-doc="public-law" parsable-cite="pl/91/508">Public Law 91–508</external-xref> (<external-xref legal-doc="usc" parsable-cite="usc/12/1953">12 U.S.C. 1953</external-xref>); and</text> </subparagraph><subparagraph id="id60544E0634094C479C52FCDF91FB275C"><enum>(C)</enum><text>subchapter II of <external-xref legal-doc="usc-chapter" parsable-cite="usc-chapter/31/53">chapter 53</external-xref> of title 31, United States Code.</text>
</subparagraph></paragraph><paragraph id="idED269CC8B9CC4EBBAFF64697BC967344"><enum>(4)</enum><header>Financial institution</header><text>The term <term>financial institution</term> means—</text> <subparagraph id="id5376e44f902748238b45888358b2ef3e"><enum>(A)</enum><text>an insured depository institution;</text>
</subparagraph><subparagraph id="idA8857A98761D429EBCBB2E4D983A396A"><enum>(B)</enum><text>an insured credit union; or</text> </subparagraph><subparagraph id="idC1A4260A994249EB839AA1F336349DF8"><enum>(C)</enum><text>any affiliate of an insured depository institution or insured credit union.</text>
</subparagraph></paragraph><paragraph id="id3F22DB3DA5454B929C97BB0A354D8B1B"><enum>(5)</enum><header>Financial product or service</header><text>The term <term>financial product or service</term> has the meaning given the term in section 1002 of the Consumer Financial Protection Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/12/5481">12 U.S.C. 5481</external-xref>).</text>
</paragraph><paragraph id="idE0A49364F166416DA66020443CCA6059"><enum>(6)</enum><header>Insured credit union</header><text>The term <term>insured credit union</term> has the meaning given the term in section 101 of the Federal Credit Union Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1752">12 U.S.C. 1752</external-xref>).</text> </paragraph><paragraph id="id1B4C29BA9BA44EA9B26CF7D94BAFAECB"><enum>(7)</enum><header>Insured depository institution</header><text>The term <term>insured depository institution</term> has the meaning given the term in section 3 of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1813">12 U.S.C. 1813</external-xref>).</text>
</paragraph><paragraph id="id7d355c2fe2fe46d588ba9090196ac409"><enum>(8)</enum><header>Online service</header><text>The term <term>online service</term> means any Internet-based service, such as a website or mobile application.</text> </paragraph><paragraph id="idB682F772FAAE48EE9C274210F06FACD4"><enum>(9)</enum><header>Personal identification card</header><text>The term <term>personal identification card</term> means an identification document issued by a State or local government to an individual solely for the purpose of identification of that individual.</text>
</paragraph><paragraph id="id96B785791900485DB716E18EF98602CF"><enum>(10)</enum><header>Personal information</header><text>The term <term>personal information</term> 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).</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="id39957BAFD71D401ABAC350B5C35C3D96"><enum>(11)</enum><header display-inline="yes-display-inline">Scan</header><text display-inline="yes-display-inline">The term <term>scan</term> 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.</text>
</paragraph><paragraph id="id9FDA1FBA1FEA46BCA67A266F05763B88"><enum>(12)</enum><header>State</header><text>The term <term>State</term> 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.</text>
</paragraph></subsection><subsection id="id5BF4296ACAE34A4B85AAB20DE8C5158A"><enum>(b)</enum><header>Use of a driver's license or personal identification card</header>
<paragraph id="idEBDB2A8936934E7A937354C97D619512"><enum>(1)</enum><header>In general</header><text>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).</text>
</paragraph><paragraph id="idDEA4AD77BF4447659DA8CA3790A18628"><enum>(2)</enum><header>Uses of information</header><text>Except as required to comply with Federal bank secrecy laws, a financial institution may only use the information obtained under paragraph (1)—</text>
<subparagraph id="id681c5cc09efe483f9b94e2be9d35fcaf"><enum>(A)</enum><text>to verify the authenticity of the driver’s license or personal identification card;</text> </subparagraph><subparagraph id="id077CF056FB7347EEA2E907FAC4E280DE"><enum>(B)</enum><text>to verify the identity of the individual; and</text>
</subparagraph><subparagraph id="idb6890b71cf454e94921dbf3fdc3ecb46"><enum>(C)</enum><text>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.</text>
</subparagraph></paragraph><paragraph id="ideb9abe415a0c4747b6c4b4a6cee4dcbd"><enum>(3)</enum><header>Deletion of image</header><text>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—</text>
<subparagraph id="idA3C0C301A7F6414CBF1DA9B951D5F3B4"><enum>(A)</enum><text>any image of the driver’s license or personal identification card, as applicable; and</text>
</subparagraph><subparagraph id="id85C235A51C2049E3BED04D59FABAFC84"><enum>(B)</enum><text>any copy of any such image.</text> </subparagraph></paragraph><paragraph id="idADBB929A92E943358D1F1546A54BB789"><enum>(4)</enum><header>Disclosure of personal information</header><text>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.</text>
</paragraph></subsection><subsection id="idB0E60603842E4096BAB304A888048BA4"><enum>(c)</enum><header>Relation to State law</header><text>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.</text>
</subsection></section><enum>III</enum><header>Protections for veterans, consumers, and homeowners </header>
<section changed="deleted" id="idC16D2F3E601947C88E8096D3DE00B6B5" reported-display-style="strikethrough"><enum>301.</enum><header>Protecting consumers' credit</header><text display-inline="no-display-inline">Section 605A of the Fair Credit Reporting Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1681c-1">15 U.S.C. 1681c–1</external-xref>) is amended—</text> <subsection id="id9036426de54d493b97e30178d009b1ca"><enum>(a)</enum><text>in subsection (a)(1)(A), by striking <quote>90 days</quote> and inserting <quote>1 year</quote>; and</text>
</subsection><subsection id="id61bc012d58844744ad198ab574eabecd"><enum>(b)</enum><text>by adding at the end the following:</text> <quoted-block changed="deleted" display-inline="no-display-inline" id="id8c4160607ad44bf99fe20b48e000f6f9" reported-display-style="strikethrough" style="OLC"> <subsection id="id348e83d9b3c84fb082dc889f48cc22ac"><enum>(i)</enum><header>Free annual freeze alerts; additional protections for credit reports of minor consumers</header> <paragraph id="idD2B33D712008434C854DA799DD427171"><enum>(1)</enum><header>Definition</header><text>In this subsection, the term <term>freeze alert</term> means a restriction placed on the file of a consumer, prohibiting the ability of a consumer reporting agency to furnish to any person, for the purpose of opening a new account involving the extension of credit, the consumer report of the consumer.</text>
</paragraph><paragraph id="idF366232846664AF7BE24E5C270B36DBD"><enum>(2)</enum><header>Free annual freeze alert</header>
<subparagraph id="id4561466EE294418C8421EA65D6DB3E63"><enum>(A)</enum><header>In general</header><text>Notwithstanding any other provision of State law, once every calendar year, free of charge, upon the direct request of a consumer, or an individual acting on behalf of or as a personal representative of the consumer, a consumer reporting agency that maintains a file on the consumer and has received appropriate proof of the identity of the requester shall provide 1 freeze alert in the file of that consumer that shall remain in effect until the consumer or requester requests that such freeze alert be removed.</text>
</subparagraph><subparagraph id="id82780003884843888A63759A51EA69A4"><enum>(B)</enum><header>Removal of alert</header><text>Notwithstanding any other provision of State law, once every calendar year, free of charge, upon the direct request of a consumer, or an individual acting on behalf of or as a personal representative of the consumer, a consumer reporting agency that receives a request to remove a freeze alert provided under paragraph (1) shall remove such a freeze alert.</text>
</subparagraph><subparagraph id="id2a570723d5894b128b44d61441897d4f"><enum>(C)</enum><header>Rule of construction</header><text>Nothing in this paragraph shall be construed to limit the authority of a State to require consumer reporting agencies to require freeze alerts free of charge.</text>
</subparagraph></paragraph><paragraph id="id02EF370F214949C7BE6C112F031EAA50"><enum>(3)</enum><header>Additional protections for credit reports of minor consumers</header>
<subparagraph id="idF71A5BE7A552459E868FF0AF818E0253"><enum>(A)</enum><header>In general</header><text>Upon the direct request of an individual acting on behalf of or as a personal representative of a minor, a consumer reporting agency that maintains a file on the minor and has received appropriate proof of the identity of the requester shall include a freeze alert, free of charge, in the file of that minor that shall remain in effect until an individual acting on behalf of or as a personal representative of the minor, or in the case of a minor who is no longer a minor, the minor, requests that such freeze alert be removed.</text>
</subparagraph><subparagraph id="idF8BE51A7DC7743DE8639B29654256481"><enum>(B)</enum><header>Block of information</header><text>While a freeze alert under subparagraph (A) is in place, a consumer reporting agency may not release—</text>
<clause id="idC5BE99C5A3BF4C5F928CAFFD5A2E62BA"><enum>(i)</enum><text>the consumer report of the minor;</text> </clause><clause id="id70752BA9912547088A1B0AA90B351574"><enum>(ii)</enum><text>any information derived from the consumer report of the minor; or</text>
</clause><clause id="id7797C46E21CA46429707865C1F31C057"><enum>(iii)</enum><text>any record created for the minor.</text> </clause></subparagraph><subparagraph id="id9C1B93652EF846E785335BA2A4E2BBAB"><enum>(C)</enum><header>Removal</header><text>Notwithstanding any other provision of State law, a consumer reporting agency that receives a request for a freeze alert for a minor or a request to remove a freeze alert for a minor shall provide or remove the freeze alert, as applicable, free of charge.</text></subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection></section><section changed="added" id="id22f38422982f4850ab9f1de3e75037c5" reported-display-style="italic"><enum>301.</enum><header>Protecting consumers’ credit</header>
<subsection id="id20575cebdcf94f8ca15a5ffe25080a4b"><enum>(a)</enum><header>In general</header><text>Section 605A of the Fair Credit Reporting Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1681c-1">15 U.S.C. 1681c–1</external-xref>) is amended—</text> <paragraph id="id896c59c99fc44c1da62d9b91d0b5d3a3"><enum>(1)</enum><text>in subsection (a)(1)(A), by striking <quote>90 days</quote> and inserting <quote>1 year</quote>; and</text>
</paragraph><paragraph id="id8c3a135aec7b4556a8a21c85882c00d1"><enum>(2)</enum><text>by adding at the end the following:</text> <quoted-block changed="added" display-inline="no-display-inline" id="idb46e3cd1ac2c4911826ff20c951777f2" reported-display-style="italic" style="OLC"> <subsection id="idf93d0cc598994af09495f88d9ca797c9"><enum>(i)</enum><header>National security freeze</header> <paragraph id="id2f4fc6c4c9d44fef82f6a6f6b09c6f8f"><enum>(1)</enum><header>Definitions</header><text>For purposes of this subsection:</text>
<subparagraph id="id969805bbcba84081912f697843200b53"><enum>(A)</enum><text>The term <term>consumer reporting agency</term> means a consumer reporting agency described in section 603(p).</text> </subparagraph><subparagraph id="idaae1bc7503c3431ba93745f06881108c"><enum>(B)</enum><text>The term <term>proper identification</term> has the meaning of such term as used under section 610.</text>
</subparagraph><subparagraph id="iddd2ea62e7fa34969af7dd0cab4ad8f97"><enum>(C)</enum><text>The term <term>security freeze</term> 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.</text>
</subparagraph></paragraph><paragraph id="id5b563bdbd40e44e4877e4797d54bdff9"><enum>(2)</enum><header>Placement of security freeze</header>
<subparagraph id="id0ac83881eccc4dccab18d6f14d3441f1"><enum>(A)</enum><header>In general</header><text>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—</text>
<clause id="ide6ae607cb3cc4eaeba7b9965a35b219b"><enum>(i)</enum><text>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</text>
</clause><clause id="idad86d9f75ff44c0180104fdaab96daaa"><enum>(ii)</enum><text>in the case of a request that is by mail, 3 business days after receiving the request directly from the consumer.</text>
</clause></subparagraph><subparagraph id="idfd21aab237d348e5897b6d49260cd584"><enum>(B)</enum><header>Confirmation and additional information</header><text>Not later than 5 business days after placing a security freeze under subparagraph (A), a consumer reporting agency shall—</text>
<clause id="id4fde1808a56e48ef8b7cd245e7310d8f"><enum>(i)</enum><text>send confirmation of the placement to the consumer; and</text> </clause><clause id="id5153b367d4d74536827d0e7266d91830"><enum>(ii)</enum><text>inform the consumer of—</text>
<subclause id="id81c493cc350c44acbf2e005508aca5ab"><enum>(I)</enum><text>the process by which the consumer may remove the security freeze, including a mechanism to authenticate the consumer; and</text>
</subclause><subclause id="id7dfcfe834c2f42e4b61de54358b5f328"><enum>(II)</enum><text>the consumer’s right described in section 615(d)(1)(D).</text> </subclause></clause></subparagraph><subparagraph id="id968f870d3f2a47f28d59a9b5e0f6e269"><enum>(C)</enum><header>Notice to third parties</header><text>A consumer reporting agency may advise a third party that a security freeze has been placed with respect to a consumer under subparagraph (A).</text>
</subparagraph></paragraph><paragraph id="id2a4d2da9df0f4a61bc9473713e63d750"><enum>(3)</enum><header>Removal of security freeze</header>
<subparagraph id="id072e7625a23b44a98e89f1bb58a4ee25"><enum>(A)</enum><header>In general</header><text>A consumer reporting agency shall remove a security freeze placed on the consumer report of a consumer only in the following cases:</text>
<clause id="idecca77d94615455b8b1076cbd1575835"><enum>(i)</enum><text>Upon the direct request of the consumer.</text> </clause><clause id="id6835a2405038483893ff88b9dd12107b"><enum>(ii)</enum><text>The security freeze was placed due to a material misrepresentation of fact by the consumer.</text>
</clause></subparagraph><subparagraph id="idab5372178c944f61aab0e04d99cfcbe9"><enum>(B)</enum><header>Notice if removal not by request</header><text>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.</text>
</subparagraph><subparagraph id="id0430e1ce8c914f19a04896f30c55450d"><enum>(C)</enum><header>Removal of security freeze by consumer request</header><text>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—</text>
<clause id="id65553d7264d94e80ac79edcb49262c88"><enum>(i)</enum><text>in the case of a request that is by telephone or electronic means, 1 hour after receiving the request for removal; or</text>
</clause><clause id="id3f26671d8cd54a84965aa11d2457fe31"><enum>(ii)</enum><text>in the case of a request that is by mail, 3 business days after receiving the request for removal.</text> </clause></subparagraph><subparagraph id="id325f7fac174842828a090592391200c8"><enum>(D)</enum><header>Third-party requests</header><text>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.</text>
</subparagraph></paragraph><paragraph id="id8c1864d39949406ea4d40839d5a6cb68"><enum>(4)</enum><header>Exceptions</header><text>A security freeze shall not apply to the making of a consumer report for use of the following:</text> <subparagraph id="id894337e2115a4e51bffb0f2444cdec7e"><enum>(A)</enum><text>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, <quote>reviewing the account</quote> includes activities related to account maintenance, monitoring, credit line increases, and account upgrades and enhancements.</text>
</subparagraph><subparagraph id="id4e2ee20e8bcc42e7944bc8ce960cc483"><enum>(B)</enum><text>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.</text>
</subparagraph><subparagraph id="ide5f39192b389441d9e03595baa20b370"><enum>(C)</enum><text>Any Federal, State, or local agency, law enforcement agency, trial court, or private collection agency acting pursuant to a court order, warrant, or subpoena.</text>
</subparagraph><subparagraph id="id370badf213c04c38bbad503f3e879bb8"><enum>(D)</enum><text>A child support agency acting pursuant to part D of title IV of the Social Security Act (<external-xref legal-doc="usc" parsable-cite="usc/42/651">42 U.S.C. 651</external-xref> et seq.).</text>
</subparagraph><subparagraph id="id624dfb7944d740af997058094e3351b2"><enum>(E)</enum><text>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.</text>
</subparagraph><subparagraph id="idf761d7a56ebc4718a451340efaccc698"><enum>(F)</enum><text>By a person using credit information for the purposes described under section 604(c).</text> </subparagraph><subparagraph id="id9d38871614774688846a55bad78fd19b"><enum>(G)</enum><text>Any person or entity administering a credit file monitoring subscription or similar service to which the consumer has subscribed.</text>
</subparagraph><subparagraph id="id38f3ffc35f3b4a749cbe0f98075d35b7"><enum>(H)</enum><text>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.</text>
</subparagraph><subparagraph id="id1cda7794ff014d18861042e8521e7551"><enum>(I)</enum><text>Any person using the information in connection with the underwriting of insurance.</text> </subparagraph><subparagraph id="ide795b986afed462fae9fad48a09b4fa1"><enum>(J)</enum><text>Any person using the information for employment, tenant, or background screening purposes.</text>
</subparagraph></paragraph><paragraph id="ide5d93859a1e748b8967fb5623a2dde09"><enum>(5)</enum><header>Notice of rights</header><text>At any time a consumer is required to receive a summary of rights required under section 609, the following notice shall be included:</text>
<quoted-block changed="added" display-inline="no-display-inline" id="idEC39B852BF944703A4CA49707362747A" reported-display-style="italic" style="OLC">
<appropriations-intermediate id="idF5893D2DFAD943399E8D35E1F0D01672"><header>Consumers Have the Right To Obtain a Security Freeze</header>
<subsection id="idE6AB6D13C093466DB3EA9E2D7AFF2FBB"><enum></enum><text>You have a right to place a <quote>security freeze</quote> 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.</text>
</subsection><subsection id="id2E9DFA7C8D4F469183E47607D1F81858"><enum></enum><text>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.</text>
</subsection><subsection id="id9486E637A2284BAE92A74E4409FD1EE9"><enum></enum><text>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.</text></subsection></appropriations-intermediate><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph><paragraph id="ida195fa79608f4b18a1084c92f66324e8"><enum>(6)</enum><header>Webpage</header>
<subparagraph id="idE22793F9D3A54416B523602E1731788A"><enum>(A)</enum><header>Consumer reporting agencies</header><text>A consumer reporting agency shall establish a webpage that—</text> <clause id="idFB1D2E592CCF4442BFC3484777D7A355"><enum>(i)</enum><text>allows a consumer to request a security freeze;</text>
</clause><clause id="id090B957AD45C4C8FABC0112FC6A5186F"><enum>(ii)</enum><text>allows a consumer to request an initial fraud alert;</text> </clause><clause id="id93c14a9d5638479ea88f884af30546b3"><enum>(iii)</enum><text>allows a consumer to request an extended fraud alert;</text>
</clause><clause id="id879d521ccda14852a6cb9cf77d4cc157"><enum>(iv)</enum><text>allows a consumer to request an active duty fraud alert;</text> </clause><clause id="idd9023fd709d143c99564f618c8d81645"><enum>(v)</enum><text>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</text>
</clause><clause id="id766B590070834DB189254D56E708D6BB"><enum>(vi)</enum><text>shall not be the only mechanism by which a consumer may request a security freeze.</text>
</clause></subparagraph><subparagraph id="idC741705C40B8404D81FF922370BE2376"><enum>(B)</enum><header>FTC</header><text>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.</text>
</subparagraph></paragraph></subsection><subsection id="id75227f4d3ffe4462821eb5b1bb40abb2"><enum>(j)</enum><header>National protection for files and credit records of minors</header>
<paragraph id="id41ad74c560db445d96372b337944a15b"><enum>(1)</enum><header>Definitions</header><text>As used in this subsection:</text> <subparagraph id="ide94e2e5cde8f48fca68df4bab00f5bdf"><enum>(A)</enum><text>The term <term>consumer reporting agency</term> means a consumer reporting agency described in section 603(p).</text>
</subparagraph><subparagraph id="id74fc3b742bc84ff99210fbc234b75fb9"><enum>(B)</enum><text>The term <term>minor</term> 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.</text>
</subparagraph><subparagraph id="ide8e12ca48b634e00bad8d4b49be41595"><enum><added-phrase committee-id="SSBK00" reported-display-style="italic">(C)</added-phrase></enum><text>The term <term>minor's representative</term> means a person who provides to a consumer reporting agency sufficient proof of authority to act on behalf of a minor.</text>
</subparagraph><subparagraph id="ida2348dab3e6846f28a5513d5ac651117"><enum><added-phrase committee-id="SSBK00" reported-display-style="italic">(D)</added-phrase></enum><text>The term <term>record</term> means a compilation of information that—</text> <clause id="id6d334f9c361c460192d715b199bc04e9"><enum>(i)</enum><text>identifies a minor;</text>
</clause><clause id="id14f5d6bd5cc647c9a7b7781b13cbc161"><enum>(ii)</enum><text>is created by a consumer reporting agency solely for the purpose of complying with this subsection; and</text>
</clause><clause id="id519a810a66e242149386f405e7b13fe7"><enum>(iii)</enum><text>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.</text>
</clause></subparagraph><subparagraph id="idb2d8a7a968984b9595e268fcdec332d6"><enum>(E)</enum><text>The term <term>security freeze</term> 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.</text>
</subparagraph><subparagraph id="id072808cfb24645d59a35f0f399ff2c1c"><enum>(F)</enum><text>The term <term>sufficient proof of authority</term> means documentation that shows a minor’s representative has authority to act on behalf of a minor and includes—</text>
<clause id="idff19c7d30239459c8a3a764551175707"><enum>(i)</enum><text>an order issued by a court of law;</text> </clause><clause id="iddd67d70412504b0c893161b6eec8072c"><enum>(ii)</enum><text>a lawfully executed and valid power of attorney;</text>
</clause><clause id="id5ecd47890edb4b83ab64d4d1fab9878c"><enum>(iii)</enum><text>a document issued by a Federal, State, or local government agency in the United States showing proof of parentage, including a birth certificate; or</text>
</clause><clause id="id97207fe053d1489fb14c355057dfc6c1"><enum>(iv)</enum><text>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.</text>
</clause></subparagraph><subparagraph id="idb5ae7ff21b4f41349e180d57e645c09e"><enum>(G)</enum><text>The term <term>sufficient proof of identification</term> means information or documentation that identifies a minor and a minor’s representative and includes—</text>
<clause id="id920976ddbb454c4196d6a2ab0331f767"><enum>(i)</enum><text>a social security number or a copy of a social security card issued by the Social Security Administration;</text>
</clause><clause id="id8c43d9a814a942f994a626d8adb3fc7a"><enum>(ii)</enum><text>a certified or official copy of a birth certificate issued by the entity authorized to issue the birth certificate; or</text>
</clause><clause id="ide2683c01e5ed4803bf9648445f361b7b"><enum>(iii)</enum><text>a copy of a driver’s license, an identification card issued by the motor vehicle administration, or any other government issued identification.</text>
</clause></subparagraph></paragraph><paragraph id="id0e68107dff09422db56653dc7a61fe21"><enum>(2)</enum><header>Placement of security freeze for a minor</header>
<subparagraph id="id39f191f2d20b4247b356428bc6330c48"><enum>(A)</enum><header>In general</header><text>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—</text>
<clause id="idcc834ea5f04f446cad580fb9862c9c8b"><enum>(i)</enum><text>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</text>
</clause><clause id="idb094a3bb31a14106ab209d7a297cf427"><enum>(ii)</enum><text>in the case of a request that is by mail, 3 business days after receiving the request directly from the minor’s representative.</text>
</clause></subparagraph><subparagraph id="id1044949ca2854effaa1b3bc20baca2a5"><enum>(B)</enum><header>Confirmation and additional information</header><text>Not later than 5 business days after placing a security freeze under subparagraph (A), a consumer reporting agency shall—</text>
<clause id="id3e9087d2fa4d475fb39a68d75418d465"><enum>(i)</enum><text>send confirmation of the placement to the minor’s representative; and</text> </clause><clause id="id20a8b00015964f89bcc22058cfef17e3"><enum>(ii)</enum><text>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.</text>
</clause></subparagraph><subparagraph id="idea10326f1d0a410094bfbccf2b37f59c"><enum>(C)</enum><header>Creation of file</header><text>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.</text>
</subparagraph></paragraph><paragraph id="id38fe17515a5741d49938a2409f3401d7"><enum>(3)</enum><header>Prohibition on release of record or file of minor</header><text>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.</text>
</paragraph><paragraph id="id861cbce4616046d091ced9cd27a9681c"><enum>(4)</enum><header>Removal of a minor security freeze</header>
<subparagraph id="idaeb42bed9df045259ae64335c6e4cca7"><enum>(A)</enum><header>In general</header><text>A consumer reporting agency shall remove a security freeze placed on the consumer report of a minor only in the following cases:</text>
<clause id="idaed0efba9371475796429ead599bc30b"><enum>(i)</enum><text>Upon the direct request of the minor’s representative.</text> </clause><clause id="id837d71b095e44b61b063a49f08af25cd"><enum>(ii)</enum><text>Upon the direct request of the minor, if the minor is not under the age of 16 years at the time of the request.</text>
</clause><clause id="id05e891cb30fb4055a34a8ab28f4b8fac"><enum>(iii)</enum><text>The security freeze was placed due to a material misrepresentation of fact by the minor’s representative.</text>
</clause></subparagraph><subparagraph id="id919954d37f6647b6ba06f5d0b8fb4040"><enum>(B)</enum><header>Notice if removal not by request</header><text>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.</text>
</subparagraph><subparagraph id="id63167e68482f464b83ee5b0ea10ab601"><enum>(C)</enum><header>Removal of freeze by request</header><text>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—</text>
<clause id="id625bbbf91f18439a8568711f67859cd9"><enum>(i)</enum><text>in the case of a request that is by telephone or electronic means, 1 hour after receiving the request for removal; or</text>
</clause><clause id="id7adb38fb5cc94aa28867b714d5ba3157"><enum>(ii)</enum><text>in the case of a request that is by mail, 3 business days after receiving the request for removal.</text></clause></subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block> </paragraph></subsection><subsection id="idb80c7dc04bd14f60976fea2daa014c3b"><enum>(b)</enum><header>Conforming amendment</header><text>Section 625(b)(1) of the Fair Credit Reporting Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1681t">15 U.S.C. 1681t(b)(1)</external-xref>) is amended—</text>
<paragraph id="id535af9e3d2224a278f5abe7d021cca39"><enum>(1)</enum><text>in subparagraph (H), by striking <quote>or</quote> at the end;</text> </paragraph><paragraph id="id38ad0c92ba6047d7b615a556540d23c9"><enum>(2)</enum><text>in subparagraph (I), by adding <quote>or</quote> at the end; and</text>
</paragraph><paragraph id="id76162cfa6d28450493b16bded0c9175e"><enum>(3)</enum><text>by adding at the end the following:</text> <quoted-block changed="added" display-inline="no-display-inline" id="id68178AB445054D6CB8476FC7DF4C77D0" reported-display-style="italic" style="OLC"> <subparagraph id="id78aebaa0340a4119ad001ef67ccbbf96"><enum>(J)</enum><text>subsections (i) and (j) of section 605A relating to security freezes;</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="idfbb3e629f55b4f1b91ecba07395c65ae"><enum>(c)</enum><header>Effective date</header><text>The amendments made by this section shall take effect on the date that is 120 days after the date of enactment of this Act.</text>
</subsection></section><section id="id218D3C7807E94D408004DDFCEDCDD52F"><enum>302.</enum><header>Protecting veterans’ credit</header>
<subsection id="iddf5dad0a02ae4ed2930817144641e41c"><enum>(a)</enum><header>Purposes</header><text display-inline="yes-display-inline">The purposes of this section are—</text> <paragraph id="idEC4FBFEB3CFF4BB791FA0CFB555508ED"><enum>(1)</enum><text display-inline="yes-display-inline">to rectify problematic reporting of medical debt included in a consumer report of a veteran due to inappropriate or delayed payment for hospital care or medical services provided in a non-Department of Veterans Affairs facility under the laws administered by the Secretary of Veterans Affairs; and</text>
</paragraph><paragraph id="idDAD3A49CF4D44BAAB2FFBC1B820D842D"><enum>(2)</enum><text display-inline="yes-display-inline">to clarify the process of debt collection for such medical debt.</text>
</paragraph></subsection><subsection id="idd2c98f64801e42b6ba17672b84f1571a"><enum>(b)</enum><header>Amendments to Fair Credit Reporting Act</header>
<paragraph id="id42f75595b27c4d12bb0c66a67a003ce9"><enum>(1)</enum><header>Veteran’s medical debt defined</header><text>Section 603 of the Fair Credit Reporting Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1681a">15 U.S.C. 1681a</external-xref>) is amended by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="id6B04D8D067E54C288E778F9485AE6C4C" style="OLC">
<subsection id="idab24a78223134bcfbc1e92d0e6b366e0"><enum>(z)</enum><header>Veteran</header><text>The term <term>veteran</term> has the meaning given the term in section 101 of title 38, United States Code.</text> </subsection><subsection id="idB933B9BA2AB643A8A54D38CE7BCA81EC"><enum>(aa)</enum><header>Veteran's medical debt</header><text>The term <term>veteran’s medical debt</term>—</text>
<paragraph changed="deleted" id="id93728995D94C4F35B5CDA7A3EE270113" reported-display-style="strikethrough"><enum>(1)</enum><text>means a debt of a veteran arising from health care provided in a non-Department of Veterans Affairs facility under the laws administered by the Secretary of Veterans Affairs; and</text>
</paragraph><paragraph changed="added" id="id8e5fd320e50e4ea6a1bec92af7618d9d" reported-display-style="italic"><enum>(1)</enum><text>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 (<external-xref legal-doc="usc" parsable-cite="usc/38/1701">38 U.S.C. 1701</external-xref> note); and</text>
</paragraph><paragraph id="id0384D7CCFE424D6593E2C0E7836759B2"><enum>(2)</enum><text>includes medical <added-phrase reported-display-style="italic">collection</added-phrase> debt that the Department of Veterans Affairs has wrongfully charged a veteran.</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block> </paragraph><paragraph id="id0e0b8efe09c84dd5bcacfc5df1397d61"><enum>(2)</enum><header>Exclusion for veteran’s medical debt</header><text>Section 605(a) of the Fair Credit Reporting Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1681c">15 U.S.C. 1681c(a)</external-xref>) is amended by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="idEACB630C86E54473BB89FFF90FA1A302" style="OLC">
<paragraph id="id0683e10fc3ee4841ad6a379a3108ad3c"><enum>(7)</enum><text><deleted-phrase reported-display-style="strikethrough">Any</deleted-phrase><added-phrase reported-display-style="italic">With respect to a consumer reporting agency described in section 603(p), any</added-phrase> 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 <added-phrase reported-display-style="italic">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 <short-title>Economic Growth, Regulatory Relief, and Consumer Protection Act</short-title></added-phrase>.</text>
</paragraph><paragraph id="id4797d249181347c4af21587bffb20bc2"><enum>(8)</enum><text><deleted-phrase reported-display-style="strikethrough">Any</deleted-phrase><added-phrase reported-display-style="italic">With respect to a consumer reporting agency described in section 603(p), any</added-phrase> information related to a fully paid or settled veteran’s medical debt that had been characterized as delinquent, charged off, or in collection <added-phrase reported-display-style="italic">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 <short-title>Economic Growth, Regulatory Relief, and Consumer Protection Act</short-title></added-phrase>.</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph><paragraph id="idbf4d2f05a71a4e6f93b37c56c699a039"><enum>(3)</enum><header>Removal of veteran’s medical debt from consumer report</header><text>Section 611 of the Fair Credit Reporting Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1681i">15 U.S.C. 1681i</external-xref>) is amended—</text> <subparagraph id="idf1c9649013d0474aa27f220a9cdf8fdf"><enum>(A)</enum><text>in subsection (a)(1)(A), by inserting <quote>and except as provided in subsection (g)</quote> after <quote>subsection (f)</quote>; and</text>
</subparagraph><subparagraph id="id66109e5ab17049ba928e687677cbc402"><enum>(B)</enum><text>by adding at the end the following:</text> <quoted-block display-inline="no-display-inline" id="idCC81053E3F734DCC89E9F0764F0A5B37" style="OLC"> <subsection id="idec75bd27ca2a4f52bdd72c967652fb8a"><enum>(g)</enum><header>Dispute process for veteran’s medical debt</header> <paragraph id="idD63C5340E36E470B8699113381563AC7"><enum>(1)</enum><header>In general</header><text>With respect to a veteran's medical debt<deleted-phrase committee-id="SSBK00" reported-display-style="strikethrough"> <deleted-phrase reported-display-style="strikethrough">of a consumer, the consumer</deleted-phrase></deleted-phrase><added-phrase reported-display-style="italic">, the veteran</added-phrase> may submit a notice described in paragraph (2)<deleted-phrase reported-display-style="strikethrough"> along with</deleted-phrase><added-phrase reported-display-style="italic">,</added-phrase> proof of liability of the Department of Veterans Affairs for payment of that debt<added-phrase reported-display-style="italic">,</added-phrase> 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 <deleted-phrase reported-display-style="strikethrough">consumer</deleted-phrase><added-phrase reported-display-style="italic">veteran</added-phrase>.</text>
</paragraph><paragraph id="idB1C1DA41F02E421B92B8AF466CA8BE29"><enum>(2)</enum><header>Notification to veteran</header><text>The Department of Veterans Affairs shall submit to a veteran a notice that the Department of Veterans Affairs has assumed liability for part or all of a veteran's medical debt.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="id90AE3E59AA754F81833D1CA94C971EB3"><enum>(3)</enum><header>Deletion of information from file</header><text>If a consumer reporting agency receives notice<deleted-phrase reported-display-style="strikethrough"> and</deleted-phrase><added-phrase reported-display-style="italic">,</added-phrase> proof of liability<added-phrase reported-display-style="italic">,</added-phrase> 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 <deleted-phrase reported-display-style="strikethrough">consumer</deleted-phrase><added-phrase reported-display-style="italic">veteran</added-phrase> and notify the furnisher and the <deleted-phrase reported-display-style="strikethrough">consumer</deleted-phrase><added-phrase reported-display-style="italic">veteran</added-phrase> of that deletion.</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subparagraph></paragraph></subsection><subsection changed="added" id="idd653c28f50aa4b3ea65c68289400098b" reported-display-style="italic"><enum>(c)</enum><header>Verification of veteran’s medical debt</header>
<paragraph id="id64F49C6EC9BE4AA998ABF97BD5321AA5"><enum>(1)</enum><header>Definitions</header><text>For purposes of this subsection—</text> <subparagraph id="id5aa85fd8918c40b99aaa970a2fca9c0a"><enum>(A)</enum><text>the term <term>consumer reporting agency</term> means a consumer reporting agency described in section 603(p) of the Fair Credit Reporting Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1681a">15 U.S.C. 1681a(p)</external-xref>); and</text>
</subparagraph><subparagraph id="idd4b86b010dec45eaaaa546b9fba8565f"><enum>(B)</enum><text>the terms <term>veteran</term> and <term>veteran’s medical debt</term> have the meanings given those terms in section 603 of the Fair Credit Reporting Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1681a">15 U.S.C. 1681a</external-xref>), as added by subsection (b)(1).</text>
</subparagraph></paragraph><paragraph id="id5fedfa05b6eb42dc9250dcd9cedd2980"><enum>(2)</enum><header>Establishment</header><text>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.</text>
</paragraph><paragraph id="idcb7f90c0b069460b920b668170335a61"><enum>(3)</enum><header>Database features</header><text>The Secretary of Veterans Affairs shall ensure that the database established under paragraph (2) provides consumer reporting agencies with—</text>
<subparagraph id="id2d142c17975140be9266581d7deb3f8e"><enum>(A)</enum><text>sufficiently detailed and specific information to verify whether a debt being furnished to the consumer reporting agency is a veteran’s medical debt;</text>
</subparagraph><subparagraph id="id9c37c92d5d744bf7938298d08045c221"><enum>(B)</enum><text>access to verification information in a secure electronic format;</text> </subparagraph><subparagraph id="iddbfb99d7ffa044eaa2c58d2c939a66cf"><enum>(C)</enum><text>timely access to verification information; and</text>
</subparagraph><subparagraph id="id9104d834a62640f5a50f3c06b6e0ed8a"><enum>(D)</enum><text>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.</text>
</subparagraph></paragraph><paragraph id="idbb4826d90c9c48f48da0a7622887d5ef"><enum>(4)</enum><header>Stakeholder input</header><text>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.</text>
</paragraph><paragraph id="id2f1fc5b3901f4d8c93441a994b6227a4"><enum>(5)</enum><header>Verification</header><text>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 (<external-xref legal-doc="usc" parsable-cite="usc/15/1681c">15 U.S.C. 1681c(a)</external-xref>), as added by subsection (b)(2).</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="id4B7C33E93F9E463EB8322AFE84287BD2"><enum><deleted-phrase reported-display-style="strikethrough">(c)</deleted-phrase><added-phrase committee-id="SSBK00" reported-display-style="italic">(d)</added-phrase></enum><header>Effective date</header><text display-inline="yes-display-inline">The amendments made by this section shall take effect on the date that is <deleted-phrase reported-display-style="strikethrough">180 days</deleted-phrase><added-phrase reported-display-style="italic">1 year</added-phrase> after the date of enactment of this Act.</text>
</subsection></section><section commented="no" display-inline="no-display-inline" id="id45B692A3CB264F64BDE568E071AA2CFD"><enum>303.</enum><header>Immunity from suit for disclosure of financial exploitation of senior citizens</header>
<subsection id="id4F268488EF4E408CBDCAAD4C7B196162"><enum>(a)</enum><header>Immunity</header>
<paragraph id="idE20C0967B66B465387FB77701B4E987C"><enum>(1)</enum><header>Definitions</header><text>In this section—</text> <subparagraph id="idC4868F06CD4C43C39955BAB79697958C"><enum>(A)</enum><text>the term <term>Bank Secrecy Act officer</term> means an individual responsible for ensuring compliance with the requirements mandated by subchapter II of <external-xref legal-doc="usc-chapter" parsable-cite="usc-chapter/31/53">chapter 53</external-xref> of title 31, United States Code (commonly known as the <quote>Bank Secrecy Act</quote>);</text>
</subparagraph><subparagraph id="id27487153EB3842E585C13FEEADE654E3"><enum>(B)</enum><text>the term <term>broker-dealer</term> means a broker and a dealer, as those terms are defined in section 3(a) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78c">15 U.S.C. 78c(a)</external-xref>);</text>
</subparagraph><subparagraph id="idE59A9F6701CF4BA88407C3C2E5930732"><enum>(C)</enum><text>the term <term>covered agency</term> means—</text> <clause id="id4BAF0D5B29A043738BEC167E695E02CA"><enum>(i)</enum><text>a State financial regulatory agency, including a State securities or law enforcement authority and a State insurance regulator;</text>
</clause><clause id="id57D71864FBBA4318966A074522C66396"><enum>(ii)</enum><text>each of the <deleted-phrase reported-display-style="strikethrough">entities</deleted-phrase><added-phrase reported-display-style="italic">Federal agencies</added-phrase> represented in the membership of the Financial Institutions Examination Council established under section 1004 of the Federal Financial Institutions Examination Council Act of 1978 (<external-xref legal-doc="usc" parsable-cite="usc/12/3303">12 U.S.C. 3303</external-xref>);</text>
</clause><clause id="id39a3462c2a044db48bf134b689816be5"><enum>(iii)</enum><text>a securities association registered under section 15A of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78o-3">15 U.S.C. 78o–3</external-xref>);</text>
</clause><clause id="idC8DA6ABC7EC14278A685A32AF191DB92"><enum>(iv)</enum><text>the Securities and Exchange Commission;</text> </clause><clause id="idF19E7462FC0A40C9AED7C83E70660226"><enum>(v)</enum><text>a law enforcement agency; <deleted-phrase committee-id="SSBK00" reported-display-style="strikethrough">and</deleted-phrase><added-phrase committee-id="SSBK00" reported-display-style="italic">or</added-phrase></text>
</clause><clause id="idA3396D6EAB7848BC800C5D364235364C"><enum>(vi)</enum><text>a State or local agency responsible for administering adult protective service laws;</text> </clause></subparagraph><subparagraph id="id907814A6BD4F4D968B52C1A9D8310AED"><enum>(D)</enum><text>the term <term>covered financial institution</term> means—</text>
<clause id="idA578CE8BB12344B780224D5D9830B1F5"><enum>(i)</enum><text>a credit union;</text> </clause><clause id="idB040B0EFF30546708D09C303F087EA0E"><enum>(ii)</enum><text>a depository institution;</text>
</clause><clause id="idA80019ADB4854E9DB3A206EA2E57970E"><enum>(iii)</enum><text>an investment adviser;</text> </clause><clause commented="no" display-inline="no-display-inline" id="id7B8644922A9643F782840EAC788C636A"><enum>(iv)</enum><text>a broker-dealer;</text>
</clause><clause commented="no" display-inline="no-display-inline" id="id60B5A705EAD94242B8D22BD06C8C21B8"><enum>(v)</enum><text>an insurance company;</text> </clause><clause commented="no" display-inline="no-display-inline" id="idBCAD8C96B1CC4A48B43D21F176EE90B2"><enum>(vi)</enum><text>an insurance agency; <deleted-phrase committee-id="SSBK00" reported-display-style="strikethrough">and</deleted-phrase><added-phrase committee-id="SSBK00" reported-display-style="italic">or</added-phrase></text>
</clause><clause commented="no" display-inline="no-display-inline" id="idCB8C383ABC4842059AD662C566380C89"><enum>(vii)</enum><text>a transfer agent;</text> </clause></subparagraph><subparagraph id="id51E9D0016A144DD7B1A7BF5C7BFAFBC6"><enum>(E)</enum><text>the term <term>credit union</term> has the meaning given the term in section 2 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (<external-xref legal-doc="usc" parsable-cite="usc/12/5301">12 U.S.C. 5301</external-xref>);</text>
</subparagraph><subparagraph id="id9DFBC15053AC4AF19681296C509A5C47"><enum>(F)</enum><text>the term <term>depository institution</term> has the meaning given the term in section 3(c) of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1813">12 U.S.C. 1813(c)</external-xref>);</text>
</subparagraph><subparagraph id="id25D7CCFC6CDE41169620F938A3247205"><enum>(G)</enum><text>the term <term>exploitation</term> means the fraudulent or otherwise illegal, unauthorized, or improper act or process of an individual, including a caregiver or a fiduciary, that—</text>
<clause id="id70A9C964F7364733B2DCC8FAEE896C33"><enum>(i)</enum><text>uses the resources of a senior citizen for monetary or personal benefit, profit, or gain; or</text> </clause><clause id="id25FB61CC8A1F4C68B6DB114B65DFC12F"><enum>(ii)</enum><text>results in depriving a senior citizen of rightful access to or use of benefits, resources, belongings, or assets;</text>
</clause></subparagraph><subparagraph id="idDEFDBF8297414D7784BF3314CA93D7E7"><enum>(H)</enum><text>the term <term>insurance agency</term> means any business entity that sells, solicits, or negotiates insurance coverage;</text> </subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="idBCBFDCE69338435EA05029172E6BDC5C"><enum>(I)</enum><text display-inline="yes-display-inline">the term <term>insurance company</term> has the meaning given the term in section 2(a) of the Investment Company Act of 1940 (<external-xref legal-doc="usc" parsable-cite="usc/15/80a-2">15 U.S.C. 80a–2(a)</external-xref>);</text>
</subparagraph><subparagraph id="id8BF06EF8EE99466CB7F28FE07D626CA6"><enum>(J)</enum><text>the term <term>insurance producer</term> means an individual who is required under State law to be licensed in order to sell, solicit, or negotiate insurance coverage;</text>
</subparagraph><subparagraph id="idFDAB7264B98B4FF78344D9222E7509F0"><enum>(K)</enum><text>the term <term>investment adviser</term> has the meaning given the term in section 202(a) of the Investment Advisers Act of 1940 (<external-xref legal-doc="usc" parsable-cite="usc/15/80b-2">15 U.S.C. 80b–2(a)</external-xref>);</text>
</subparagraph><subparagraph id="idC46BCB25FD144F87905E69F862EECA74"><enum>(L)</enum><text>the term <term>investment adviser representative</term> means an individual who—</text> <clause id="id5D95953855F9474D9D8098459FEF0F0F"><enum>(i)</enum><text>is employed by, or associated with, an investment adviser; and</text>
</clause><clause id="id52E6823108D74387AFBB7868E0EAF326"><enum>(ii)</enum><text>does not perform solely clerical or ministerial acts;</text> </clause></subparagraph><subparagraph id="id5F8C9A0F7439497F8F0430E6CB8EE835"><enum>(M)</enum><text>the term <term>registered representative</term> means an individual who represents a broker-dealer in effecting or attempting to effect a purchase or sale of securities;</text>
</subparagraph><subparagraph id="idF4649889E9474470BD89F7DBAC27DE02"><enum>(N)</enum><text>the term <term>senior citizen</term> means an individual who is not younger than 65 years of age;</text> </subparagraph><subparagraph id="id56EE97D0D25A44D78613A25CB5365D63"><enum>(O)</enum><text>the term <term>State</term> means each of the several States, the District of Columbia, and any territory or possession of the United States;</text>
</subparagraph><subparagraph id="idA1F89B568ACF4218A0B1F415A7A0109F"><enum>(P)</enum><text>the term <term>State insurance regulator</term> has the meaning given the term in section 315 of the Gramm-Leach-Bliley Act (<external-xref legal-doc="usc" parsable-cite="usc/15/6735">15 U.S.C. 6735</external-xref>);</text> </subparagraph><subparagraph id="id0B9D45850955417698CF819DEC962617"><enum>(Q)</enum><text>the term <term>State securities or law enforcement authority</term> has the meaning given the term in section 24(f)(4) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78x">15 U.S.C. 78x(f)(4)</external-xref>); and</text>
</subparagraph><subparagraph id="id3e2099f04a3a416caf311012fe116661"><enum>(R)</enum><text>the term <term>transfer agent</term> has the meaning given the term in section 3(a) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78c">15 U.S.C. 78c(a)</external-xref>).</text>
</subparagraph></paragraph><paragraph id="idDBCA8EDB761A43B9BDE2D4324E53908D"><enum>(2)</enum><header>Immunity from suit</header>
<subparagraph id="id67F48DAFABD245A09DA0461C036C70C4"><enum>(A)</enum><header>Immunity for individuals</header><text>An individual who has received the training described in subsection (b) shall not be liable, including in any civil or administrative proceeding, for disclosing the suspected exploitation of a senior citizen to a covered agency if the individual, at the time of the disclosure—</text>
<clause id="id9A637886B2A24073ACD1ACCAE358903B"><enum>(i)</enum><text>served as a supervisor or <deleted-phrase reported-display-style="strikethrough">compliance officer</deleted-phrase><added-phrase reported-display-style="italic">in a compliance or legal function</added-phrase> (including as a Bank Secrecy Act officer) for, or, in the case of a registered representative, investment adviser representative, or insurance producer, was affiliated or associated with, a covered financial institution; and</text>
</clause><clause id="id447F37810C014DD8934ABBF976D15005"><enum>(ii)</enum><text>made the disclosure—</text> <subclause id="idDB36541BA3C24E8C816C9B995A9D8E3B"><enum>(I)</enum><text>in good faith; and</text>
</subclause><subclause id="id7B8D12FD595446929EC475B9E7D60937"><enum>(II)</enum><text>with reasonable care.</text> </subclause></clause></subparagraph><subparagraph id="id1E339F9AB7284430A2E6285B48F5E0C9"><enum>(B)</enum><header>Immunity for covered financial institutions</header><text>A covered financial institution shall not be liable, including in any civil or administrative proceeding, for a disclosure made by an individual described in subparagraph (A) if—</text>
<clause id="id6D6943051A884C07B3025F61291A10A1"><enum>(i)</enum><text>the individual was employed by, or, in the case of a registered representative, insurance producer, or investment adviser representative, affiliated or associated with, the covered financial institution at the time of the disclosure; and</text>
</clause><clause id="id61B06D819DD749BBBCCD32EA8DA6BE4A"><enum>(ii)</enum><text>before the time of the disclosure, each individual described in subsection (b)(1) received the training described in subsection (b).</text>
</clause></subparagraph><subparagraph id="idF6B31E5A4F644075BD91AB80B009AF32"><enum>(C)</enum><header>Rule of construction</header><text>Nothing in subparagraph (A) or (B) shall be construed to limit the liability of an individual or a covered financial institution in a civil action for any act, omission, or fraud that is not a disclosure described in subparagraph (A).</text>
</subparagraph></paragraph></subsection><subsection id="id970733B4E01E4E3E87F8BA8F2157DF8A"><enum>(b)</enum><header>Training</header>
<paragraph id="idDEB8A8DC0CF3419591D8FB0834382078"><enum>(1)</enum><header>In general</header><text>A covered financial institution or a third party selected by a covered financial institution may provide the training described in paragraph (2)(A) to each officer or employee of, or registered representative, insurance producer, or investment adviser representative affiliated or associated with, the covered financial institution who—</text>
<subparagraph id="id1B299658AE0A4ED09A3761B22189C812"><enum>(A)</enum><text>is described in subsection (a)(2)(A)(i);</text> </subparagraph><subparagraph id="idEF1BFF7C122A4886BA9E13866C07DCA8"><enum>(B)</enum><text>may come into contact with a senior citizen as a regular part of the professional duties of the individual; or</text>
</subparagraph><subparagraph id="id2B840272B2CE46B793C2F6CA067BF21B"><enum>(C)</enum><text>may review or approve the financial documents, records, or transactions of a senior citizen in connection with providing financial services to a senior citizen.</text>
</subparagraph></paragraph><paragraph id="idB02E366527104E75BBE277DA395FE98F"><enum>(2)</enum><header>Content</header>
<subparagraph id="id3A9EEF66EB174EDBB532D5D4FF3D8D54"><enum>(A)</enum><header>In general</header><text>The content of the training that a covered financial institution or a third party selected by the covered financial institution may provide under paragraph (1) shall—</text>
<clause id="id498AAA6655274A17ACAEE026773016A2"><enum>(i)</enum><text>be maintained by the covered financial institution and made available to a covered agency with examination authority over the covered financial institution, upon request, except that a covered financial institution shall not be required to maintain or make available such content with respect to any individual who is no longer employed by, or affiliated or associated with, the covered financial institution;</text>
</clause><clause id="id821A4790D369466A8B968C4130380630"><enum>(ii)</enum><text>instruct any individual attending the training on how to identify and report the suspected exploitation of a senior citizen internally and, as appropriate, to government officials or law enforcement authorities, including common signs that indicate the financial exploitation of a senior citizen;</text>
</clause><clause id="id4C7FBEE6729445D88DCA1559DE7C473B"><enum>(iii)</enum><text>discuss the need to protect the privacy and respect the integrity of each individual customer of the covered financial institution; and</text>
</clause><clause id="id6ADE775AF4414111B86A4A9B6C807C36"><enum>(iv)</enum><text>be appropriate to the job responsibilities of the individual attending the training.</text> </clause></subparagraph><subparagraph id="id790AFFBD291C4E869346CE020D613F0B"><enum>(B)</enum><header>Timing</header><text>The training under paragraph (1) shall be provided—</text>
<clause id="idD516BBA1623D4DEAA59861200E091144"><enum>(i)</enum><text>as soon as reasonably practicable; and</text>
</clause><clause id="idA4FAD742A4E54B4EBA6739D48748BD2D"><enum>(ii)</enum><text>with respect to an individual who begins employment, or becomes affiliated or associated, with a covered financial institution after the date of enactment of this Act, not later than 1 year after the date on which the individual becomes employed by, or affiliated or associated with, the covered financial institution in a position described in subparagraph (A), (B), or (C) of paragraph (1).</text>
</clause></subparagraph><subparagraph id="idCAA0200D13A4402D90BC7B06AC5217DC"><enum>(C)</enum><header>Records</header><text>A covered financial institution shall—</text> <clause id="id9D0E496ACEEF40729DB56165BA64BB7B"><enum>(i)</enum><text>maintain a record of each individual who—</text>
<subclause id="idA60289A11283469F9E7654E16C151FEE"><enum>(I)</enum><text>is employed by, or affiliated or associated with, the covered financial institution in a position described in subparagraph (A), (B), or (C) of paragraph (1); and</text>
</subclause><subclause id="idFBBC9B878CA8402BA4B4ED47250F5DF4"><enum>(II)</enum><text>has completed the training under paragraph (1), regardless of whether the training was—</text>
<item id="idEFA8159668B946088D31E6FE5232E9AF"><enum>(aa)</enum><text>provided by the covered financial institution or a third party selected by the covered financial institution;</text>
</item><item id="idBD46C5B2C0264248AF65DEB591AF489A"><enum>(bb)</enum><text>completed before the individual was employed by, or affiliated or associated with, the covered financial institution; and</text>
</item><item id="id921E26B7954743FEB025E22CBDB96CC9"><enum>(cc)</enum><text>completed before, on, or after the date of enactment of this Act; and</text> </item></subclause></clause><clause id="id586DAC2951BF48D1A84B66B20983DAA4"><enum>(ii)</enum><text>upon request, provide a record described in clause (i) to a covered agency with examination authority over the covered financial institution.</text>
</clause></subparagraph></paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="idCF2FE7CC9BB241A091AEE88654169EB2"><enum>(c)</enum><header>Relationship to State law</header><text display-inline="yes-display-inline">Nothing in this section shall be construed to preempt or limit any provision of State law, except only to the extent that subsection (a) provides a greater level of protection against liability to an individual described in subsection (a)(2)(A) or to a covered financial institution described in subsection (a)(2)(B) than is provided under State law.</text>
</subsection></section><section id="idBAA1BB9325204D0DABC5AB386F3C27B7"><enum>304.</enum><header>Restoration of the Protecting Tenants at Foreclosure Act of 2009</header>
<subsection id="H8D01A12D5F3D4D00A71A368784858987"><enum>(a)</enum><header>Repeal of sunset provision</header><text display-inline="yes-display-inline">Section 704 of the Protecting Tenants at Foreclosure Act of 2009 (<external-xref legal-doc="usc" parsable-cite="usc/12/5201">12 U.S.C. 5201</external-xref> note; <external-xref legal-doc="usc" parsable-cite="usc/12/5220">12 U.S.C. 5220</external-xref> note; <external-xref legal-doc="usc" parsable-cite="usc/42/1437f">42 U.S.C. 1437f</external-xref> note) is repealed.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="H515388298C1E476FADC5DD6BBB91FEFA"><enum>(b)</enum><header>Restoration</header><text display-inline="yes-display-inline">Sections 701 through 703 of the Protecting Tenants at Foreclosure Act of 2009, the provisions of law amended <deleted-phrase reported-display-style="strikethrough">or repealed</deleted-phrase> by such sections, and any regulations promulgated pursuant to such sections, as were in effect on December 30, 2014, are restored and revived.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="id454FEE885B0C4D4BAF37EF81F8CE566E"><enum>(c)</enum><header>Effective date</header><text>Subsections (a) and (b) shall take effect on the date that is 30 days after the date of enactment of this Act.</text>
</subsection></section><section id="id2fcf1bcf6c7f46f89e1d21f9cd0702b3"><enum>305.</enum><header>Remediating lead and asbestos hazards</header><text display-inline="no-display-inline">Section 109(a)(1) of the Emergency Economic Stabilization Act of 2008 (<external-xref legal-doc="usc" parsable-cite="usc/12/5219">12 U.S.C. 5219(a)(1)</external-xref>) is amended, in the second sentence, by inserting <quote>and to remediate lead and asbestos hazards in residential properties</quote> before the period at the end.</text>
</section><section changed="added" id="idEA814B18DF904816B5AA18DAFE8957F7" reported-display-style="italic"><enum>306.</enum><header>Family
self-sufficiency program</header>
<subsection id="IDe11d4c7742aa497a9edb659c9aabf061"><enum>(a)</enum><header>In
general</header><text>Section 23 of the United States Housing Act of 1937 (<external-xref legal-doc="usc" parsable-cite="usc/42/1437u">42 U.S.C. 1437u</external-xref>) is amended—</text>
<paragraph id="IDc2938c67dfb249df872bcca729c54733"><enum>(1)</enum><text>in subsection (a)—</text>
<subparagraph id="ID4519a7bd10e64832a4a7f453f0b95da6"><enum>(A)</enum><text>by striking <quote>public housing and</quote>; and</text>
</subparagraph><subparagraph id="IDfeaeeeedb6e748f29f299feae012608c"><enum>(B)</enum><text>by striking <quote>the certificate and voucher programs under section 8</quote> and inserting <quote>sections 8 and 9</quote>;</text>
</subparagraph></paragraph><paragraph id="IDe2abc9aea38b490586f909b12f6231c3"><enum>(2)</enum><text>by amending subsection (b) to read as follows:</text>
<quoted-block changed="added" display-inline="no-display-inline" id="idEFBAAE77CC1342F3BF596C19E7368A15" reported-display-style="italic" style="OLC">
<subsection id="ID2dc9b8d5f1314503b8d1fe57a76055c9"><enum>(b)</enum><header>Continuation of
prior required programs</header>
<paragraph id="ID70a283cb6c964a5abfdee1562ebcf4bb"><enum>(1)</enum><header>In
general</header><text>Each public housing agency that was required to administer a local Family Self-Sufficiency program on the date of enactment of the <short-title>Economic Growth, Regulatory Relief, and Consumer Protection Act</short-title> 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).</text>
</paragraph><paragraph id="ID39e68a37dcbd469c907097f8805cb2ec"><enum>(2)</enum><header>Reduction</header><text>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.</text>
</paragraph><paragraph id="ID937813e08e0041e0b07086fea195aa79"><enum>(3)</enum><header>Exception</header><text>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—</text>
<subparagraph id="IDd27a2e0c2013400d84b3ef7881af45bf"><enum>(A)</enum><text>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 (<external-xref legal-doc="usc" parsable-cite="usc/29/2801">29 U.S.C. 2801</external-xref> et seq.);</text>
</subparagraph><subparagraph id="ID344c2a4535bc40b7ab3b99fe599f58c0"><enum>(B)</enum><text>lack of funding for reasonable administrative costs;</text>
</subparagraph><subparagraph id="IDa3008265edc749e091e478106888b633"><enum>(C)</enum><text>lack of cooperation by other units of State or local government; or</text>
</subparagraph><subparagraph id="ID73444ab11c84430594daae59d57d7072"><enum>(D)</enum><text>any other circumstances that the Secretary may consider appropriate.</text></subparagraph></paragraph></subsection><after-quoted-block>;</after-quoted-block></quoted-block>
</paragraph><paragraph id="ID02ecef1081614ce1a4184e754ea25345"><enum>(3)</enum><text>by striking subsection (i);</text>
</paragraph><paragraph id="IDa3370f1f60e649ec9a04aea334c30dc3"><enum>(4)</enum><text>by redesignating subsections (c), (d), (e), (f), (g), and (h) as subsections (d), (e), (f), (g), (h), and (i) respectively;</text>
</paragraph><paragraph id="IDa52587ddd9ba47d79032c6953bfbb708"><enum>(5)</enum><text>by inserting after subsection (b), as amended, the following:</text>
<quoted-block changed="added" display-inline="no-display-inline" id="id9CA8454E6B414A7398FE4F5362572AE3" reported-display-style="italic" style="OLC">
<subsection id="ID94ec220bd87b4df18204d10ccd09670b"><enum>(c)</enum><header>Eligibility</header>
<paragraph id="ID688940c4e09a489381fa12beafa8c085"><enum>(1)</enum><header>Eligible
families</header><text>A family is eligible to participate in a local Family Self-Sufficiency program under this section if—</text>
<subparagraph id="IDb0991d0129bf434db310f281c142b603"><enum>(A)</enum><text>at least 1 household member seeks to become and remain employed in suitable employment or to increase earnings; and</text>
</subparagraph><subparagraph id="ID7ab7d97f17ce40fb90031ca3ab5eb0b1"><enum>(B)</enum><text>the household member receives direct assistance under section 8 or resides in a unit assisted under section 8 or 9.</text>
</subparagraph></paragraph><paragraph id="ID01d8177dedc34804a7273e7a21fa54f5"><enum>(2)</enum><header>Eligible
entities</header><text>The following entities are eligible to administer a local Family Self-Sufficiency program under this section:</text>
<subparagraph id="ID51f1c9d428b045e8bc3684a809751de5"><enum>(A)</enum><text>A public housing agency administering housing assistance to or on behalf of an eligible family under section 8 or 9.</text>
</subparagraph><subparagraph id="ID4690bce356de4949b26a7787ef1e0978"><enum>(B)</enum><text>The owner or sponsor of a multifamily property receiving project-based rental assistance under section 8, in accordance with the requirements under subsection (l).</text></subparagraph></paragraph></subsection><after-quoted-block>;</after-quoted-block></quoted-block>
</paragraph><paragraph id="IDfd154527eecc4b338ee60136aebbc959"><enum>(6)</enum><text>in subsection (d), as so redesignated—</text>
<subparagraph id="IDf2cca052b7944c4082a85f509a332b71"><enum>(A)</enum><text>in paragraph (1)—</text>
<clause id="ID461c23788e4a4d888af6938344419d5b"><enum>(i)</enum><text>by striking <quote>public housing agency</quote> the first time it appears and inserting <quote>eligible entity</quote>;</text>
</clause><clause id="ID33013ffca34440bba27c44fce980aedb"><enum>(ii)</enum><text>in the first sentence, by striking <quote>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</quote> and inserting <quote>a household member of an eligible family</quote>; and</text>
</clause><clause id="ID1a0e6f0cd456461fac81dd2c01063395"><enum>(iii)</enum><text>by striking the third sentence and inserting the following: <quote>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.</quote>;</text>
</clause></subparagraph><subparagraph id="ID1c82ef2e17144ae88c4693384015a779"><enum>(B)</enum><text>in paragraph (2)—</text>
<clause id="ID8e03acb294314087a3ede6c47e8a7a3f"><enum>(i)</enum><text>in the matter preceding subparagraph (A)—</text>
<subclause commented="no" id="ID777826d2d3a44c9d81a726b3cfba469f"><enum>(I)</enum><text>in the first sentence—</text>
<item commented="no" id="id5E7EE6412EC547BAAB19673F24077417"><enum>(aa)</enum><text>by striking <quote>A local program under this section</quote> and inserting <quote>An eligible entity</quote>;</text> </item><item commented="no" id="id76F5EF327C884B20B41069CB2D955396"><enum>(bb)</enum><text>by striking <quote>provide</quote> and inserting <quote>coordinate</quote>; and</text>
</item><item commented="no" id="idC529D194F1414C4AA174ACA151DDD043"><enum>(cc)</enum><text>by striking <quote>to</quote> and inserting <quote>for</quote>; and</text> </item></subclause><subclause id="ID03d08e217e23401f9a783d53c70f8698"><enum>(II)</enum><text>in the second sentence—</text>
<item id="id76EF62076F7F45868ED1E4B2707769E5"><enum>(aa)</enum><text>by striking <quote>provided during</quote> and inserting <quote>coordinated for</quote>;</text>
</item><item id="IDcd18f95bf5b44521b791b469ba3a85e4"><enum>(bb)</enum><text>by striking <quote>under section 8 or residing in public housing</quote> and inserting <quote>pursuant to section 8 or 9 and for the duration of the contract of participation</quote>; and</text>
</item><item id="IDfbbc6b47517c450487efbfcefc346f0c"><enum>(cc)</enum><text>by inserting <quote>, but are not limited to</quote> after <quote>may include</quote>;</text>
</item></subclause></clause><clause id="IDbb505b36a6214df69e099862c558ca91"><enum>(ii)</enum><text>in subparagraph (D), by inserting <quote>or attainment of a high school equivalency certificate</quote> after <quote>high school</quote>;</text>
</clause><clause id="IDcca59d01bfbb4107b5bd996a0d34fd13"><enum>(iii)</enum><text>by striking subparagraph (G);</text>
</clause><clause id="ID1d66e292730247169e876e9c558a720c"><enum>(iv)</enum><text>by redesignating subparagraphs (E), (F), and (J) as subparagraphs (F), (G), and (K) respectively;</text>
</clause><clause id="ID4a6d0098fb6e4458987b4189b9d1cd34"><enum>(v)</enum><text>by inserting after subparagraph (D) the following:</text>
<quoted-block changed="added" display-inline="no-display-inline" id="id6F06902786814D34AEFB9C430EF420EC" reported-display-style="italic" style="OLC">
<subparagraph id="ID844c8884f425455492966b334e6f2b4f"><enum>(E)</enum><text>education in pursuit of a post-secondary degree or certification;</text></subparagraph><after-quoted-block>;</after-quoted-block></quoted-block>
</clause><clause id="IDf8888752d7f24c259747dbeedd0c43ed"><enum>(vi)</enum><text>in subparagraph (H), by inserting <quote>financial literacy, such as training in financial management, financial coaching, and asset building, and</quote> after <quote>training in</quote>;</text>
</clause><clause id="id0A76B18B99A44BB98153BDC00DFB1021"><enum>(vii)</enum><text>in subparagraph (I), by striking <quote>and</quote> at the end; and</text> </clause><clause id="ID2b3467dc3cb84181af3aeb94c857ceab"><enum>(viii)</enum><text>by inserting after subparagraph (I) the following:</text>
<quoted-block changed="added" display-inline="no-display-inline" id="id139F0C039ECF4FD196CD7C007B5FDF6B" reported-display-style="italic" style="OLC">
<subparagraph id="ID2736b13e4ca347aea8a57a1a26a17873"><enum>(J)</enum><text>homeownership education and assistance; and</text></subparagraph><after-quoted-block>; and</after-quoted-block></quoted-block>
</clause></subparagraph><subparagraph id="ID4ab47e236f034818af8cf4e2d9279d99"><enum>(C)</enum><text>in paragraph (3)—</text> <clause id="id00A824FE665F4F47B52CF145A193D964"><enum>(i)</enum><text>in the first sentence, by inserting <quote>the first recertification of income after</quote> after <quote>not later than 5 years after</quote>; and</text>
</clause><clause id="idD15F119F21E342B886200539F887DD51"><enum>(ii)</enum><text>in the second sentence—</text> <subclause id="ID8e6f694c55894286b3198aa6362cc2f8"><enum>(I)</enum><text>by striking <quote>public housing agency</quote> and inserting <quote>eligible entity</quote>; and</text>
</subclause><subclause id="IDd231c5c18951417d80d1650752822939"><enum>(II)</enum><text>by striking <quote>of the agency</quote>;</text>
</subclause></clause></subparagraph><subparagraph id="IDb8d7f324c5b64c009189dba1296b3310"><enum>(D)</enum><text>by amending paragraph (4) to read as follows:</text>
<quoted-block changed="added" display-inline="no-display-inline" id="idF8020463AD9845B384EECEF8DF552BE0" reported-display-style="italic" style="OLC">
<paragraph id="IDb05fd78b5854471a91d7dbcb1845f577"><enum>(4)</enum><header>Employment</header><text>The contract of participation shall require 1 household member of the participating family to seek and maintain suitable employment.</text></paragraph><after-quoted-block>;
and</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="IDeae4d3a6887242e6bf6b2fc7cf708cd8"><enum>(E)</enum><text>by adding at the end the following:</text>
<quoted-block changed="added" display-inline="no-display-inline" id="id02611B25FF454272AD0C1E6FF4B518DD" reported-display-style="italic" style="OLC">
<paragraph id="IDa5c190571c8f40d8a072e6a2d5378e21"><enum>(5)</enum><header>Nonparticipation</header><text>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.</text></paragraph><after-quoted-block>;</after-quoted-block></quoted-block>
</subparagraph></paragraph><paragraph id="IDacd36e4456a14235a272f2818828c1a0"><enum>(7)</enum><text>in subsection (e), as so redesignated—</text>
<subparagraph id="IDfe6d76eeec044e959ee78479fa543d6a"><enum>(A)</enum><text>in paragraph (1), by striking <quote>whose monthly adjusted income does not exceed 50 percent</quote> and all that follows through the period at the end of the third sentence and inserting <quote>shall be calculated under the rental provisions of section 3 or section 8(o), as applicable.</quote>;</text>
</subparagraph><subparagraph id="IDcb30d022f7fc4d5397931325a1229d02"><enum>(B)</enum><text>in paragraph (2)—</text>
<clause id="ID485bd37c02e14f36b422be8a5d3b6396"><enum>(i)</enum><text>by striking the first sentence and inserting the following: <quote>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.</quote>;</text>
</clause><clause id="ID446985d8744442d6a68a34376c00991d"><enum>(ii)</enum><text>by striking the second sentence and inserting the following: <quote>All Family Self-Sufficiency programs administered under this section shall include an escrow account.</quote>;</text>
</clause><clause id="ID70c28db7a7254232881d50bcbdea6a23"><enum>(iii)</enum><text>in the fourth sentence, by striking <quote>subsection (c)</quote> and inserting <quote>subsection (d)</quote>; and</text>
</clause><clause id="IDf385ad2b9c354ca28d6cf526fc2fea0b"><enum>(iv)</enum><text>in the last sentence—</text>
<subclause id="ID2569e8d9ec5c4874a4c63f7f1ec10a8f"><enum>(I)</enum><text>by striking <quote>A public housing agency</quote> and inserting <quote>An eligible entity</quote>; and</text>
</subclause><subclause id="ID7dcc1016cb444fcb84afc4cb90b8d808"><enum>(II)</enum><text>by striking <quote>the public housing agency</quote> and inserting <quote>such eligible entity</quote>; and</text>
</subclause></clause></subparagraph><subparagraph id="ID4fb135f922e84e688a01ff4c17c73da2"><enum>(C)</enum><text>by amending paragraph (3) to read as follows:</text>
<quoted-block changed="added" display-inline="no-display-inline" id="id987C009E53B64BBCB011E147B6A496C9" reported-display-style="italic" style="OLC">
<paragraph id="IDd80614f32de04290987e944757a4c82e"><enum>(3)</enum><header>Forfeited
escrow</header><text>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.</text></paragraph><after-quoted-block>;</after-quoted-block></quoted-block>
</subparagraph></paragraph><paragraph id="ID1f3eceeff2ad43f7b613842816c353db"><enum>(8)</enum><text>in subsection (f), as so redesignated, by striking <quote>, 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)</quote>;</text>
</paragraph><paragraph id="ID0a60aa60ab92430cbe44770792625bf9"><enum>(9)</enum><text>in subsection (g), as so redesignated—</text>
<subparagraph id="IDcf3615e7e6b64707b82ae8f3ba51f908"><enum>(A)</enum><text>in paragraph (1)—</text>
<clause id="IDc8ba02c28b2747079a6a6c0d8ca1122c"><enum>(i)</enum><text>by striking <quote>public housing agency</quote> and inserting <quote>eligible entity</quote>;</text>
</clause><clause id="ID47e48a55aaa74a2c81714687c0ab0890"><enum>(ii)</enum><text>by striking <quote>the public housing agency</quote> and inserting <quote>such eligible entity</quote>; and</text>
</clause><clause id="ID78a61a534926477aaefd41f17cbac85d"><enum>(iii)</enum><text>by striking <quote>subsection (g)</quote> and inserting <quote>subsection (h)</quote>; and</text>
</clause></subparagraph><subparagraph id="ID8f77859f094b42dbad79d83f2ece2e8f"><enum>(B)</enum><text>in paragraph (2)—</text>
<clause id="IDf3d640f498fe49649697bee3ae874908"><enum>(i)</enum><text>by striking <quote>public housing agency</quote> and inserting <quote>eligible entity</quote> each place that term appears;</text>
</clause><clause id="IDedaea513e35246e5b03e6678cea57e9f"><enum>(ii)</enum><text>by striking <quote>or the Job Opportunities and Basic Skills Training Program under part F of title IV of the Social Security Act </quote>;</text>
</clause><clause id="ID66dca04c28d54a7b9300e96eeadec674"><enum>(iii)</enum><text>by inserting <quote>primary, secondary, and post-secondary</quote> after <quote>public and private</quote>; and</text>
</clause><clause id="ID05b083a349a443da81ef742aa941b8c0"><enum>(iv)</enum><text>in the second sentence, by inserting <quote>and tenants served by the program</quote> after <quote>the unit of general local government</quote>;</text>
</clause></subparagraph></paragraph><paragraph id="IDdc39b6791b2644a399a3927695948551"><enum>(10)</enum><text>in subsection (h), as so redesignated—</text>
<subparagraph id="ID926345b95d734f42a04ff45522db04cd"><enum>(A)</enum><text>in paragraph (1)—</text>
<clause id="ID83acca913f904772902c33fd46eda2e0"><enum>(i)</enum><text>by striking <quote>public housing agency</quote> and inserting <quote>eligible entity</quote>;</text>
</clause><clause id="ID2205a958c1994f078ce5994487addf35"><enum>(ii)</enum><text>by striking <quote>participating in the</quote> and inserting <quote>carrying out a</quote>; and</text>
</clause><clause id="idC25342F3EB384211886D701F168430B7"><enum>(iii)</enum><text>by striking <quote>to the Secretary</quote>;</text>
</clause></subparagraph><subparagraph id="ID1172d030ba814cbb8add6b2971538f69"><enum>(B)</enum><text>in paragraph (2)—</text>
<clause id="ID4ea5d8fee7804726887c64d0513b84c4"><enum>(i)</enum><text>by striking <quote>public housing agency</quote> and inserting <quote>eligible entity</quote>;</text>
</clause><clause id="IDd30bc5f0b55b430ebb50358a1dddce4b"><enum>(ii)</enum><text>by striking <quote>subsection (f)</quote> and inserting <quote>subsection (g)</quote>;</text>
</clause><clause id="ID09261b3720fe417480933ef241a11709"><enum>(iii)</enum><text>by striking <quote>residents of the public housing</quote> and inserting <quote>the current and prospective participants of the program</quote>; and</text>
</clause><clause id="ID203f4c62b5a9423da49a1c39179544f3"><enum>(iv)</enum><text>by striking <quote>or the Job Opportunities and Basic Skills Training Program under part F of title IV of the Social Security Act</quote>; and</text>
</clause></subparagraph><subparagraph id="ID061ccc51fcac475b8640dae638cb0a1b"><enum>(C)</enum><text>in paragraph (3)—</text>
<clause id="IDc33433694cab4d43bd7328dc91bb71b7"><enum>(i)</enum><text>in subparagraph (C)—</text>
<subclause id="ID506ad769b29849edaa16c7dbfa76ec7f"><enum>(I)</enum><text>by striking <quote>subsection (c)(2)</quote> and inserting <quote>subsection (d)(2)</quote>;</text>
</subclause><subclause id="ID66e36051717c4c819bddc3371ea65506"><enum>(II)</enum><text>by striking <quote>provided to</quote> and inserting <quote>coordinated on behalf of participating</quote>;</text>
</subclause><subclause id="id4CB79C6BE427417D88C16E6FF980B7F3"><enum>(III)</enum><text>by inserting <quote>direct</quote> before <quote>assistance</quote>; and</text> </subclause><subclause id="ID160f8779faa54f26b5b8c9548118e68c"><enum>(IV)</enum><text>by striking <quote>the section 8 and public housing programs</quote> and inserting <quote>sections 8 and 9</quote>;</text>
</subclause></clause><clause id="IDaca15aef017046ad88c00aa614437326"><enum>(ii)</enum><text>in subparagraph (D)—</text>
<subclause id="ID8c274e237a6f49d2b17743d6a635ab88"><enum>(I)</enum><text>by striking <quote>subsection (d)</quote> and inserting <quote>subsection (e)</quote>; and</text>
</subclause><subclause id="IDdfb1a2e41227434c92a4b5aff580c0bb"><enum>(II)</enum><text>by striking <quote>public housing agency</quote> and inserting <quote>eligible entity</quote>;</text>
</subclause></clause><clause id="ID8a290451770d471aaaac856b37e91ba9"><enum>(iii)</enum><text>in subparagraph (E), by striking <quote>deliver</quote> and inserting <quote>coordinate</quote>;</text>
</clause><clause id="IDf9f2d4c9f5ed4d019ab1dbc586eba4a6"><enum>(iv)</enum><text>in subparagraph (H), by striking <quote>the Job Opportunities and Basic Skills Training Program under part F of title IV of the Social Security Act and</quote>; and</text>
</clause><clause id="IDf162733158d34da1bd645761805a8042"><enum>(v)</enum><text>in subparagraph (I), by striking <quote>public housing or section 8 assistance</quote> and inserting <quote>assistance under section 8 or 9</quote>;</text>
</clause></subparagraph></paragraph><paragraph id="IDdb81b0e4488b43d78de7a11cdb027baa"><enum>(11)</enum><text>by amending subsection (i), as so redesignated, to read as follows:</text>
<quoted-block changed="added" display-inline="no-display-inline" id="id8FAAF3959EE94BD0925CCD0A678F3033" reported-display-style="italic" style="OLC">
<subsection id="ID6dddcb6baece4cceaf511bbc5f4324b3"><enum>(i)</enum><header>Family
Self-Sufficiency Awards</header>
<paragraph id="IDefac34ffcaef4a138d51b8d78640cebc"><enum>(1)</enum><header>In
general</header><text>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.</text>
</paragraph><paragraph id="ID82f59cf7a77344478da9a59bcccbde4b"><enum>(2)</enum><header>Eligibility for
awards</header><text>The award established under paragraph (1) shall provide funding for family self-sufficiency coordinators as follows:</text>
<subparagraph id="ID368b5d16a421463989b62e6c11bcb7bc"><enum>(A)</enum><header>Base
award</header><text>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.</text>
</subparagraph><subparagraph id="ID2412425f4cfa4a2394658b036e122a79"><enum>(B)</enum><header>Additional
award</header><text>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).</text>
</subparagraph><subparagraph id="ID478f52db7fda4768bc41219e3625a7e4"><enum>(C)</enum><header>State and
regional agencies</header><text>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.</text>
</subparagraph><subparagraph id="IDc06ee770cef1493a81510c27ef7d18e6"><enum>(D)</enum><header>Determination
of number of coordinators</header><text>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.</text>
</subparagraph><subparagraph id="ID2eaafdc3df7a4797b39be7969c3694a9"><enum>(E)</enum><header>Award allocation
evaluation</header><text>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 <short-title>Economic Growth, Regulatory Relief, and Consumer Protection Act</short-title>, 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.</text>
</subparagraph></paragraph><paragraph id="ID666941aec94c46c29fe7de988e5e506a"><enum>(3)</enum><header>Renewals and allocation</header>
<subparagraph id="id761B4E171B194BDC915E369DF3BA239C"><enum>(A)</enum><header>In
general</header><text>Funds allocated by the Secretary under this subsection shall be allocated in the following order of priority:</text>
<clause id="IDf48db107fa5140a0974ff47d0ecccd31"><enum>(i)</enum><header>First
priority</header><text>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.</text>
</clause><clause id="ID241a284844bb46a28ad3e9b3bdc99fda"><enum>(ii)</enum><header>Second
priority</header><text>New or incremental coordinator funding authorized under this section.</text>
</clause></subparagraph><subparagraph id="IDc3eec609ad9b4c9f825390bd01c8a431"><enum>(B)</enum><header>Guidance</header><text>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—</text>
<clause id="id9556A210A85642CAAC72F5BA856CB096"><enum>(i)</enum><text>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</text>
</clause><clause id="id061955CD96914AC79ACDDACF824F6470"><enum>(ii)</enum><text>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.</text>
</clause></subparagraph></paragraph><paragraph id="IDda18092c2c5e406dbd3c5c001f79e6b9"><enum>(4)</enum><header>Recapture or
offset</header><text>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.</text>
</paragraph><paragraph id="IDa7459e10a8b3438e9f9ae562e8839945"><enum>(5)</enum><header>Performance
reporting</header><text>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.</text>
</paragraph><paragraph id="IDcaffa69a468149d2af2ff212650baf13"><enum>(6)</enum><header>Incentives for
innovation and high performance</header><text>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.</text></paragraph></subsection><after-quoted-block>;</after-quoted-block></quoted-block>
</paragraph><paragraph id="IDd7de5fd47de548f7802f2d8c4dd28055"><enum>(12)</enum><text>in subsection (j)—</text>
<subparagraph id="ID7f3b81dbea1d41afaee52c1ee6bc4d11"><enum>(A)</enum><text>by striking <quote>public housing agency</quote> and inserting <quote>eligible entity</quote>;</text>
</subparagraph><subparagraph id="IDa2812a41aeff4640a52911deadf53bed"><enum>(B)</enum><text>by striking <quote>public housing</quote> before <quote>units</quote>;</text>
</subparagraph><subparagraph id="ID745e6f661ff4463da5b42e0e6ec81788"><enum>(C)</enum><text>by striking <quote>in public housing projects administered by the agency</quote>;</text>
</subparagraph><subparagraph id="ID2778e0aedb1e40939eebd0d3d3cee1bc"><enum>(D)</enum><text>by inserting <quote>or coordination</quote> after <quote>provision</quote>; and</text>
</subparagraph><subparagraph id="IDae4f3b5f979a404180df88a18c50f839"><enum>(E)</enum><text>by striking the last sentence;</text>
</subparagraph></paragraph><paragraph id="ID87235f4fc1e9425d912bc8c7e1725019"><enum>(13)</enum><text>in subsection (k), by striking <quote>public housing agencies</quote> and inserting <quote>eligible entities</quote>;</text>
</paragraph><paragraph id="ID95cd7f6f1b204b6c9350db54d33c91f4"><enum>(14)</enum><text>by striking subsection (n);</text>
</paragraph><paragraph id="IDefce6656e41e4db7b264bdc7103d75f7"><enum>(15)</enum><text>by striking subsection (o);</text>
</paragraph><paragraph id="ID4fffc4263bb14e2c8cdbdf4c358e0e59"><enum>(16)</enum><text>by redesignating subsections (l) and (m) as subsections (m) and (n), respectively;</text>
</paragraph><paragraph id="ID90eae6d05d514df588d1ce393c61ec83"><enum>(17)</enum><text>by inserting after subsection (k) the following:</text>
<quoted-block changed="added" display-inline="no-display-inline" id="id9F066591CDDC424AAEAE3BBDC40D00E9" reported-display-style="italic" style="OLC">
<subsection id="ID6881e9f138f24bf081b3db3be9d2da5f"><enum>(l)</enum><header>Programs for
tenants in privately owned properties with project-Based assistance</header>
<paragraph id="ID255a9a81d00142a48abb11a6a41190ee"><enum>(1)</enum><header>Voluntary
availability of FSS program</header><text>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.</text>
</paragraph><paragraph id="ID449763e124db48e8870ee705752aa657"><enum>(2)</enum><header>Cooperative
agreement</header><text>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.</text>
</paragraph><paragraph id="IDfe9019b5171347b794b838c6e6f5349f"><enum>(3)</enum><header>Treatment of
families assisted under this subsection</header><text>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).</text>
</paragraph><paragraph id="IDb4cc18595768419d850b5515b79ba32f"><enum>(4)</enum><header>Escrow</header>
<subparagraph id="id69AD320D370D4F269C05FC8563F186CC"><enum>(A)</enum><header>Cooperative agreement</header><text>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.</text>
</subparagraph><subparagraph id="id442D299AE5E540228D8C30939EC19DF5"><enum>(B)</enum><header>Calculation and tracking by owner</header><text>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).</text>
</subparagraph></paragraph><paragraph id="IDbf80fda1e1cd494197de7030dc1eb2d9"><enum>(5)</enum><header>Exception</header><text>This subsection shall not apply to properties assisted under section 8(o)(13).</text>
</paragraph><paragraph id="IDafd6979209f04091b30ef546568edd63"><enum>(6)</enum><header>Suspension of
enrollment</header><text>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.</text></paragraph></subsection><after-quoted-block>;</after-quoted-block></quoted-block>
</paragraph><paragraph id="IDa088341cd8264f598eb03e22cc0e398a"><enum>(18)</enum><text>in subsection (m), as so redesignated—</text>
<subparagraph id="id7C2A72B901C14038AEA2E70D6B58FF27"><enum>(A)</enum><text>in paragraph (1)—</text>
<clause id="id7685FAFDF1AC4485A17FA0BA7D748824"><enum>(i)</enum><text>in the first sentence, by striking <quote>Each public housing agency</quote> and inserting <quote>Each eligible entity</quote>;</text>
</clause><clause id="IDc7eb08da9e9d45eb8e09b9435cf16739"><enum>(ii)</enum><text>in the second sentence, by striking <quote>The report shall include</quote> and inserting <quote>The contents of the report shall include</quote>; and</text>
</clause><clause id="id4F44A33583CA4B4FAABB71DCC3703161"><enum>(iii)</enum><text>in subparagraph (D)—</text> <subclause id="id4C79986ADD3541228D33780BADBF2240"><enum>(I)</enum><text>by striking <quote>public housing agency</quote> and inserting <quote>eligible entity</quote>; and</text>
</subclause><subclause id="id0644B74DFA9D4D3EB8B5AC4392309D29"><enum>(II)</enum><text>by striking <quote>local</quote>; and</text> </subclause></clause></subparagraph><subparagraph id="ID3a44597c6c714cc9afe629489f985ea9"><enum>(B)</enum><text>in paragraph (2), by inserting <quote>and describing any additional research needs of the Secretary to evaluate the effectiveness of the program</quote> after <quote>under paragraph (1)</quote>;</text>
</subparagraph></paragraph><paragraph id="id4DEBECE67CB643DD85224406C9C1D467"><enum>(19)</enum><text>in subsection (n), as so redesignated, by striking <quote>may</quote> and inserting <quote>shall</quote>; and</text> </paragraph><paragraph id="idF19F57EB2661470E83503DB1FB2DA317"><enum>(20)</enum><text>by adding at the end the following:</text>
<quoted-block changed="added" display-inline="no-display-inline" id="idE1A83A2E39BB4A1FA994A35DDC1F54ED" reported-display-style="italic" style="OLC">
<subsection id="id0FBC00222A754486B59455B8AA61A869"><enum>(o)</enum><header>Definitions</header><text>In this section:</text> <paragraph id="id9B4D49C0A3EA461F9E28B00E0734D3AF"><enum>(1)</enum><header>Eligible entity</header><text>The term <term>eligible entity</term> means an entity that meets the requirements under subsection (c)(2) to administer a Family Self-Sufficiency program under this section.</text>
</paragraph><paragraph id="id9D798C2304A14DE2AABA350C6B7D08D2"><enum>(2)</enum><header>Eligible family</header><text>The term <term>eligible family</term> means a family that meets the requirements under subsection (c)(1) to participate in the Family Self-Sufficiency program under this section.</text>
</paragraph><paragraph id="id4B7DAB2089FD4D29BF7BDB78A53A7631"><enum>(3)</enum><header>Participating family</header><text>The term <term>participating family</term> means an eligible family that is participating in the Family Self-Sufficiency program under this section.</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="ID8d675831e10643bb9f2837ff4f81e470"><enum>(b)</enum><header>Effective
date</header><text>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.</text>
</subsection></section><section changed="added" id="HC46A8404DE644EB8A263241FDE2644CC" reported-display-style="italic"><enum>307.</enum><header>Rehabilitation of
qualified education loans</header>
<subsection id="id3FDF19491591407CBFE3710F4A180610"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Section 623(a)(1) of the Fair Credit Reporting Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1681s-2">15 U.S.C. 1681s–2(a)(1)</external-xref>) is amended by adding at the end the following:</text>
<quoted-block changed="added" display-inline="no-display-inline" id="H6EAFE8FB3D614665891CD6EEC2FF887F" reported-display-style="italic" style="OLC">
<subparagraph id="HEF804CC38F17477DA1ED20AC099E20D8"><enum>(E)</enum><header>Rehabilitation
of qualified education loans</header>
<clause id="HE8E1EB8D371448FC897BEA54A53F8041"><enum>(i)</enum><header>In
general</header><text>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—</text>
<subclause id="idF7FCBFEB6EEB4BBF945D588CCCD650E4"><enum>(I)</enum><text>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</text>
</subclause><subclause id="id07F730C18DD84ED2B586A05D0660B40D"><enum>(II)</enum><text>the requirements of the loan rehabilitation program described in subclause (I) are successfully met.</text>
</subclause></clause><clause id="id02d770d27b284379b8e3779119b43ebc"><enum>(ii)</enum><header>Banking agencies</header>
<subclause id="idA1E8655A85B847CFA531C7DF3A80DDEB"><enum>(I)</enum><header>In general</header><text>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.</text>
</subclause><subclause id="id1F66B37F7F0343669778393187E33D7C"><enum>(II)</enum><header>Feedback</header><text>An appropriate Federal banking agency shall provide feedback to a financial institution within 120 days of a request for approval under subclause (I).</text>
</subclause></clause><clause id="H4B5F12711D9640F48ADDE19F73107546"><enum>(iii)</enum><header>Limitation</header>
<subclause id="id69F3CD9653274D0CB288546D586D9CEC"><enum>(I)</enum><header>In general</header><text>A consumer may obtain the benefits available under this subsection with respect to rehabilitating a loan only 1 time per loan.</text>
</subclause><subclause id="id14f46fc9f7094deca04f1836da385279"><enum>(II)</enum><header>Rule of construction</header><text>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).</text>
</subclause></clause><clause id="H0F4BA3EF62634BD2A870C223E45818AC"><enum>(iv)</enum><header>Definitions</header><text>For purposes of this subparagraph—</text> <subclause id="id5557d06b580e45069f95f51246a47678"><enum>(I)</enum><text>the term <term>appropriate Federal banking agency</term> has the meaning given the term in section 3 of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1813">12 U.S.C. 1813</external-xref>); and</text>
</subclause><subclause id="idE142DAC5E2994C76BDF5DFE6BE8D5F3A"><enum>(II)</enum><text>the term <term>qualified education loan</term> has the meaning given the term in <external-xref legal-doc="usc" parsable-cite="usc/26/221">section 221(d)</external-xref> of the Internal Revenue Code of 1986.</text></subclause></clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H8209F194B4554B7EB8705FEB8FFBAAF3"><enum>(b)</enum><header>GAO
Study</header>
<paragraph id="HB68EA39ADE7C402494C75B4E1F836BF5"><enum>(1)</enum><header>Study</header><text display-inline="yes-display-inline">The Comptroller General of the United States shall conduct a study, in consultation with the appropriate Federal banking agencies, regarding—</text>
<subparagraph id="H64EC79F097E644F68C11283896CB91E6"><enum>(A)</enum><text>the implementation of subparagraph (E) of section 623(a)(1) of the Fair Credit Reporting Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1681s-2">15 U.S.C. 1681s–2(a)(1)</external-xref>) (referred to in this paragraph as <quote>the provision</quote>), as added by subsection (a);</text>
</subparagraph><subparagraph id="idbc074e253aa64105a36e02e35c71b236"><enum>(B)</enum><text>the estimated operational, compliance, and reporting costs associated with the requirements of the provision;</text>
</subparagraph><subparagraph id="idBA414934E23049D89BBCBA63C2E5D732"><enum>(C)</enum><text>the effects of the requirements of the provision on the accuracy of credit reporting;</text> </subparagraph><subparagraph id="id01A4B3EA7FDB48ECA154F298DC5B7283"><enum>(D)</enum><text>the risks to safety and soundness, if any, created by the loan rehabilitation programs described in the provision; and</text>
</subparagraph><subparagraph id="H2B7113E5F9CC462A8481A6496B7BFDBE"><enum>(E)</enum><text>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.</text>
</subparagraph></paragraph><paragraph id="H050462F4F95140FDAF7455A29FE2E2E8"><enum>(2)</enum><header>Report</header><text>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).</text>
</paragraph></subsection></section><enum>IV</enum><header>Tailoring regulations for certain bank holding companies</header>
<section id="id8571648f7686416192f8ed6667c95901"><enum>401.</enum><header>Enhanced supervision and prudential standards for certain bank holding companies</header>
<subsection id="id2b16870acfa84d3286b786d25d965073"><enum>(a)</enum><header>In general</header><text>Section 165 of the Financial Stability Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/12/5365">12 U.S.C. 5365</external-xref>) is amended—</text> <paragraph id="id613da250a181405bb84be3903f1cbd23"><enum>(1)</enum><text>in subsection (a)—</text>
<subparagraph id="idc920cb83e1064071a6acb5fe02f4fef6"><enum>(A)</enum><text>in paragraph (1), in the matter preceding subparagraph (A), by striking <quote>$50,000,000,000</quote> and inserting <quote>$250,000,000,000</quote>; and</text> </subparagraph><subparagraph id="id71ff164935e34a5ab04c72650dc91348"><enum>(B)</enum><text>in paragraph (2)—</text>
<clause id="id8ac79659ee014efca293d576e5238cf0"><enum>(i)</enum><text>in subparagraph (A), by striking <quote>may</quote> and inserting <quote>shall</quote>;</text> </clause><clause id="idcc225083682b4b8d92ad5fb1261bf811"><enum>(ii)</enum><text>in subparagraph (B), by striking <quote>$50,000,000,000</quote> and inserting <quote>the applicable threshold</quote>; and</text>
</clause><clause id="id2760820e885a413e900c40566de21d11"><enum>(iii)</enum><text>by adding at the end the following:</text> <quoted-block display-inline="no-display-inline" id="id8804a26329774adf80d0ae230fb4a569" style="OLC"> <subparagraph id="id3d5cb995a57f4f3fbd18cff6e8a98b47"><enum>(C)</enum><header>Risks to financial stability and safety and soundness</header><text>The Board of Governors may by order or rule promulgated pursuant to section 553 of title 5, United States Code, apply any prudential standard established under this section to any bank holding company or bank holding companies with total consolidated assets equal to or greater than $100,000,000,000 to which the prudential standard does not otherwise apply provided that the Board of Governors—</text>
<clause id="idd0e41691b3b74dbb9d2d32ee72487fec"><enum>(i)</enum><text>determines that application of the prudential standard is appropriate—</text> <subclause id="id965A19E658ED48A199B766E320BDE482"><enum>(I)</enum><text>to prevent or mitigate risks to the financial stability of the United States, as described in paragraph (1); or</text>
</subclause><subclause id="id0313F84BC286444FB40E4A52687130F5"><enum>(II)</enum><text>to promote the safety and soundness of the bank holding company or bank holding companies; and</text> </subclause></clause><clause id="id2af32b5d3e2942a5a61ca30e52874cdb"><enum>(ii)</enum><text>takes into consideration the bank holding company’s or bank holding companies’ capital structure, riskiness, complexity, financial activities (including financial activities of subsidiaries), size, and any other risk-related factors that the Board of Governors deems appropriate.</text></clause></subparagraph><after-quoted-block>;</after-quoted-block></quoted-block>
</clause></subparagraph></paragraph><paragraph id="idc56b08b338bf409781791f9e926fc44f"><enum>(2)</enum><text>in subsection (b)(1)—</text> <subparagraph id="id6f5a9db272bd498f9c8ff851a9dd5f73"><enum>(A)</enum><text>in subparagraph (A)(iv), by striking <quote>and credit exposure report</quote>; and</text>
</subparagraph><subparagraph id="id58a0b6805bc04cb3af74411c8ddd10ed"><enum>(B)</enum><text>in subparagraph (B)(ii), by inserting <quote>, including credit exposure reports</quote> before the semicolon at the end;</text> </subparagraph></paragraph><paragraph id="id9caaa765ddc24783b988ce6d6cc32934"><enum>(3)</enum><text>in subsection (d)(2), in the matter preceding subparagraph (A), by striking <quote>shall</quote> and inserting <quote>may</quote>;</text>
</paragraph><paragraph id="idc952cb842df04685bf410039d7b95626"><enum>(4)</enum><text>in subsection (h)(2), by striking <quote>$10,000,000,000</quote> each place that term appears and inserting <quote>$50,000,000,000</quote>;</text> </paragraph><paragraph id="ide5b09fb7ac114675a19d721c42a87606"><enum>(5)</enum><text>in subsection (i)—</text>
<subparagraph id="id9b5507bef6524c66a99ac76c153d1b99"><enum>(A)</enum><text>in paragraph (1)(B)(i)—</text> <clause id="id42768139832F459384659CB846ECEB34"><enum>(i)</enum><text>by striking <quote>3</quote> and inserting <quote>2</quote>; and</text>
</clause><clause id="idEA75DB724E36446EB3C7AFE7EE9B731C"><enum>(ii)</enum><text>by striking <quote>, adverse,</quote>; and</text> </clause></subparagraph><subparagraph id="id9381984027e649f2a24fe3ba9947a6f8"><enum>(B)</enum><text>in paragraph (2)<deleted-phrase reported-display-style="strikethrough">(A)</deleted-phrase>—</text>
<clause changed="added" id="id2EBFB0FAA173421484CC9F16DB55F2E2" reported-display-style="italic"><enum>(i)</enum><text>in subparagraph (A)—</text> <subclause changed="not-changed" id="id862d8c8ba9c9430caf7b39d3c7f03b1e"><enum><deleted-phrase committee-id="SSBK00" reported-display-style="strikethrough">(i)</deleted-phrase><added-phrase committee-id="SSBK00" reported-display-style="italic">(I)</added-phrase></enum><text>in the first sentence, by striking <quote>semiannual</quote> and inserting <quote>periodic</quote>; and</text>
</subclause><subclause changed="not-changed" id="id515d9eb6627e46b89d9e6fbb6404c540"><enum><deleted-phrase committee-id="SSBK00" reported-display-style="strikethrough">(ii)</deleted-phrase><added-phrase committee-id="SSBK00" reported-display-style="italic">(II)</added-phrase></enum><text>in the second sentence—</text> <item id="idE1D09E13A2E04B2B987B75D508AFD396"><enum><deleted-phrase committee-id="SSBK00" reported-display-style="strikethrough">(I)</deleted-phrase><added-phrase committee-id="SSBK00" reported-display-style="italic">(aa)</added-phrase></enum><text>by striking <quote>$10,000,000,000</quote> and inserting <quote>$250,000,000,000</quote>; and</text>
</item><item id="idC79E603D7F4940BBB0A0DC1DC85E9086"><enum><deleted-phrase committee-id="SSBK00" reported-display-style="strikethrough">(II)</deleted-phrase><added-phrase committee-id="SSBK00" reported-display-style="italic">(bb)</added-phrase></enum><text>by striking <quote>annual</quote> and inserting <quote>periodic</quote>; and</text> </item></subclause></clause><clause changed="added" id="idcce84168ef7946bdb1a6f4b2b1a35dcc" reported-display-style="italic"><enum>(ii)</enum><text>in subparagraph (C)(ii)—</text>
<subclause id="idb8d09d64ada342279416907f282fea34"><enum>(I)</enum><text>by striking <quote>3</quote> and inserting <quote>2</quote>; and</text> </subclause><subclause id="ideab91edfcfaf404bbe4eb32c1a778eda"><enum>(II)</enum><text>by striking <quote>, adverse,</quote>; and</text>
</subclause></clause></subparagraph></paragraph><paragraph id="idC0FCABF4B4BE41F18D5A12753A225053"><enum>(6)</enum><text>in subsection (j)(1), in the first sentence, by striking <quote>$50,000,000,000</quote> and inserting <quote>$250,000,000,000</quote>.</text> </paragraph></subsection><subsection id="id4e51a39796e24bf0b37732e57e1bec90"><enum>(b)</enum><header>Rule of construction</header><text>Nothing in subsection (a) shall be construed to limit—</text>
<paragraph id="idf2150375881143dba67dae6dac2a6d61"><enum>(1)</enum><text>the authority of the Board of Governors of the Federal Reserve System, in prescribing prudential standards under section 165 of the Financial Stability Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/12/5365">12 U.S.C. 5365</external-xref>) or any other law, to tailor or differentiate among companies on an individual basis or by category, taking into consideration their capital structure, riskiness, complexity, financial activities (including financial activities of their subsidiaries), size, and any other risk-related factors that the Board of Governors deems appropriate; or</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="idE9D0E14C51BA42B7A690987103F287E3"><enum>(2)</enum><text>the supervisory, regulatory, or enforcement authority of an appropriate Federal banking agency to further the safe and sound operation of an institution under the supervision of the appropriate Federal banking agency.</text>
</paragraph></subsection><subsection id="id1c603bb33acd49a8b085d66a987d603a"><enum>(c)</enum><header>Technical and conforming amendments</header>
<paragraph id="idcc5f59e6e5004ff39d861356a38910df"><enum>(1)</enum><header>Financial Stability Act of 2010</header><text>The Financial Stability Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/12/5311">12 U.S.C. 5311</external-xref> et seq.) is amended—</text> <subparagraph id="ide20d0d8e3b2c45b4841fbf57580b59df"><enum>(A)</enum><text>in section 115(a)(2)(B) (<external-xref legal-doc="usc" parsable-cite="usc/12/5325">12 U.S.C. 5325(a)(2)(B)</external-xref>), by striking <quote>$50,000,000,000</quote> and inserting <quote>the applicable threshold</quote>;</text>
</subparagraph><subparagraph id="id09f6a95bd4fc4cbf95b4ef93616b7471"><enum>(B)</enum><text>in section 116(a) (<external-xref legal-doc="usc" parsable-cite="usc/12/5326">12 U.S.C. 5326(a)</external-xref>), in the matter preceding paragraph (1), by striking <quote>$50,000,000,000</quote> and inserting <quote>$250,000,000,000</quote>;</text> </subparagraph><subparagraph id="id06acebaada7d4c129f122696238d637a"><enum>(C)</enum><text>in section 121(a) (12 U.S.C. <deleted-phrase reported-display-style="strikethrough">5311(a)</deleted-phrase><added-phrase reported-display-style="italic">5331(a)</added-phrase>), in the matter preceding paragraph (1), by striking <quote>$50,000,000,000</quote> and inserting <quote>$250,000,000,000</quote>;</text>
</subparagraph><subparagraph id="idcf254af872a844e3b88db76dece76595"><enum>(D)</enum><text>in section 155(d) (<external-xref legal-doc="usc" parsable-cite="usc/12/5345">12 U.S.C. 5345(d)</external-xref>), by striking <quote>50,000,000,000</quote> and inserting <quote>$250,000,000,000</quote>;</text> </subparagraph><subparagraph id="id3a912fff03ba4be8b948d9e12f145f94"><enum>(E)</enum><text>in section 163(b) (<external-xref legal-doc="usc" parsable-cite="usc/12/5363">12 U.S.C. 5363(b)</external-xref>), by striking <quote>$50,000,000,000</quote> each place that term appears and inserting <quote>$250,000,000,000</quote>; and</text>
</subparagraph><subparagraph id="id07e52742d6fc41a5b5ebe96ba214623c"><enum>(F)</enum><text>in section 164 (<external-xref legal-doc="usc" parsable-cite="usc/12/5364">12 U.S.C. 5364</external-xref>), by striking <quote>$50,000,000,000</quote> and inserting <quote>$250,000,000,000</quote>.</text> </subparagraph></paragraph><paragraph id="ida50c18638d83485a9c83d4717b67be38"><enum>(2)</enum><header>Federal Reserve Act</header><text>Paragraph (2) of the second subsection (s) (relating to assessments) of section 11 of the Federal Reserve Act (<external-xref legal-doc="usc" parsable-cite="usc/12/248">12 U.S.C. 248(s)(2)</external-xref>) is amended—</text>
<subparagraph id="idef325804651a4179861c58f6739e117d"><enum>(A)</enum><text>in subparagraph (A)—</text> <clause id="idce064e3ac28f4f878278365f341d82ab"><enum>(i)</enum><text>by striking <quote>$50,000,000,000</quote> and inserting <quote>$250,000,000,000</quote>; and</text>
</clause><clause id="id99514ce100fa4384b76a84a969d4dcc5"><enum>(ii)</enum><text>by inserting <quote>and</quote> after the semicolon at the end;</text> </clause></subparagraph><subparagraph id="id7c1752b7d1a64dffbb5602cfae7b4b5b"><enum>(B)</enum><text>by striking subparagraph (B); and</text>
</subparagraph><subparagraph id="id3fbb7dc9e2eb48c58f726fdd11e52e33"><enum>(C)</enum><text>by redesignating subparagraph (C) as subparagraph (B).</text> </subparagraph></paragraph></subsection><subsection id="ida212a321d0f7471dbc66b797268a4181"><enum>(d)</enum><header>Effective date</header> <paragraph id="idC0D395DB418B40779321F5DFEA3BEFE6"><enum>(1)</enum><header>In general</header><text>Except as provided in paragraph (2), the amendments made by this section shall take effect on the date that is 18 months after the date of enactment of this Act.</text>
</paragraph><paragraph id="id7420ef499089477d8739358bd887037f"><enum>(2)</enum><header>Exception</header><text>Notwithstanding paragraph (1), the amendments made by this section shall take effect on the date of enactment of this Act with respect to any bank holding company with total consolidated assets of less than $100,000,000,000.</text>
</paragraph><paragraph id="id6ae420bf9c364330b0cbe01dfdc6de22"><enum>(3)</enum><header>Additional authority</header><text>Before the effective date described in paragraph (1), the Board of Governors of the Federal Reserve System may by order exempt any bank holding company with total consolidated assets of less than $250,000,000,000 from any prudential standard under section 165 of the Financial Stability Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/12/5365">12 U.S.C. 5365</external-xref>).</text>
</paragraph><paragraph id="idc2325948850e49dd9635b99dc424d893"><enum>(4)</enum><header>Rule of construction</header><text>Nothing in this section shall be construed to prohibit the Board of Governors of the Federal Reserve System from issuing an order or rule making under section 165(a)(2)(C) of the Financial Stability Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/12/5365">12 U.S.C. 5365(a)(2)(C)</external-xref>), as added by this section, before the effective date described in paragraph (1).</text>
</paragraph></subsection><subsection id="idd9e86e797b244c2eb413142870717157"><enum>(e)</enum><header>Supervisory stress test</header><text>Beginning on the effective date described in subsection (d)(1), the Board of Governors of the Federal Reserve System shall, on a periodic basis, conduct supervisory stress tests of bank holding companies with total consolidated assets equal to or greater than $100,000,000,000 and total consolidated assets of <deleted-phrase reported-display-style="strikethrough">not more</deleted-phrase><added-phrase reported-display-style="italic">less</added-phrase> than $250,000,000,000 to evaluate whether such bank holding companies have the capital, on a total consolidated basis, necessary to absorb losses as a result of adverse economic conditions.</text>
</subsection><subsection id="id6e8a516bb9984cb6b43adcad3c2d7d0b"><enum>(f)</enum><header>Global systemically important bank holding companies</header><text>Any bank holding company, regardless of asset size, that has been identified as a global systemically important BHC under section 217.402 of title 12, Code of Federal Regulations, shall be considered a bank holding company with total consolidated assets equal to or greater than $250,000,000,000 with respect to the application of standards or requirements under—</text>
<paragraph id="idafd016cc44334a76a3ee8311f3fb5b74"><enum>(1)</enum><text>this section;</text> </paragraph><paragraph id="id2d447e57d884489e8cee43691703c658"><enum>(2)</enum><text>sections 116(a), 121(a), 155(d), 163(b), 164, and 165 of the Financial Stability Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/12/5326">12 U.S.C. 5326(a)</external-xref>, 5331(a), 5345(d), 5363(b), 5364, 5365); and</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="id1aa573035a154d56a5e54c05bb321e73"><enum>(3)</enum><text>paragraph (2)(A) of the second subsection (s) (relating to assessments) of section 11 of the Federal Reserve Act (<external-xref legal-doc="usc" parsable-cite="usc/12/248">12 U.S.C. 248(s)(2)</external-xref>).</text>
</paragraph></subsection></section><section id="idcb25f8ec696a49628de08c3668efc217"><enum>402.</enum><header>Supplementary leverage ratio for custodial banks</header>
<subsection id="idaab0eed8f768467cb7bce134b4f20b71"><enum>(a)</enum><header>Definition</header><text>In this section, the term <term>custodial bank</term> means any depository institution <deleted-phrase reported-display-style="strikethrough">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.</deleted-phrase><added-phrase reported-display-style="italic">holding company predominantly engaged in custody, safekeeping, and asset servicing activities, including any insured depository institution subsidiary of such a holding company.</added-phrase></text>
</subsection><subsection id="id677146f821de471f9ab34fd655360e56"><enum>(b)</enum><header>Regulations</header>
<paragraph id="id3CFC6E6649BA483687CDFB44693E7E1A"><enum>(1)</enum><header>Definition</header><text>In this subsection, the term <term>central bank</term> means—</text> <subparagraph id="idae303a506d3a45fea3d8e4adf2b043a3"><enum>(A)</enum><text>the Federal Reserve System;</text>
</subparagraph><subparagraph id="id355744642ab148048c500fa4f9517012"><enum>(B)</enum><text>the European Central Bank; and</text> </subparagraph><subparagraph id="id9ffed37f72814658abb6e84fd3316245"><enum>(C)</enum><text>central banks of member countries of the Organisation for Economic Co-operation and Development, if—</text>
<clause id="idee2d28677c6f415290bdc66174ed2430"><enum>(i)</enum><text>the <deleted-phrase reported-display-style="strikethrough">central bank of such</deleted-phrase> member country has been assigned a zero percent risk weight under <deleted-phrase reported-display-style="strikethrough">the final rule of the Office of the Comptroller of the Currency and Board of Governors of the Federal Reserve System entitled <quote>Regulatory Capital Rules: Regulatory Capital, Implementation of Basel III, Capital Adequacy, Transition Provisions, Prompt Corrective Action, Standardized Approach for Risk-weighted Assets, Market Discipline and Disclosure Requirements, Advanced Approaches Risk-Based Capital Rule, and Market Risk Capital Rule</quote> (78 Fed. Reg. 62018 (October 11, 2013)) and the final rule of the Federal Deposit Insurance Corporation entitled <quote>Regulatory Capital Rules: Regulatory Capital, Implementation of Basel III, Capital Adequacy, Transition Provisions, Prompt Corrective Action, Standardized Approach for Risk-Weighted Assets, Market Discipline and Disclosure Requirements, Advanced Approaches Risk-Based Capital Rule, and Market Risk Capital Rule</quote> (79 Fed. Reg. 20754 (April 14, 2014))</deleted-phrase><added-phrase reported-display-style="italic">sections 3.32, 217.32, and 324.32 of title 12, Code of Federal Regulations, or any successor regulation</added-phrase>; and</text>
</clause><clause id="id0a5298e6dcc249109f6fb32352f3c19d"><enum>(ii)</enum><text>the sovereign debt of such member country is not in default or has not been in default during the previous 5 years.</text>
</clause></subparagraph></paragraph><paragraph id="id7BAF191474BD46F2BE5A6D3251DA1E2E"><enum>(2)</enum><header>Regulations</header><text>The appropriate Federal banking agencies shall promulgate regulations to amend sections 3.10, 217.10, and 324.10 of title 12, Code of Federal Regulations, to specify that—</text>
<subparagraph id="id69e4861bacae4c199f8baa9b5994a64f"><enum>(A)</enum><text>subject to subparagraph (B), funds of a custodial bank that are deposited with a central bank shall not be taken into account when calculating the supplementary leverage ratio as applied to the custodial bank; and</text>
</subparagraph><subparagraph id="id943f2ef7105f4f2d97b5519748a4a100"><enum>(B)</enum><text>with respect to the funds described in subparagraph (A), any amount that exceeds the total value of deposits of the custodial bank that are linked to fiduciary or custodial and safekeeping accounts shall be taken into account when calculating the supplementary leverage ratio as applied to the custodial bank.</text>
</subparagraph></paragraph></subsection><subsection id="id412007ee424e4b43b348de2772e78282"><enum>(c)</enum><header>Rule of construction</header><text>Nothing in subsection (b) shall be construed to limit the authority of the appropriate Federal banking agencies to tailor or adjust the supplementary leverage ratio or any other leverage ratio for any company that is not a custodial bank.</text>
</subsection></section><section id="idab622c792f8045c4ba2bc07cefc9af82"><enum>403.</enum><header>Treatment of certain municipal obligations</header>
<subsection id="id5fc24f01436d4bb5a31ace74bc4b09c9"><enum>(a)</enum><header>In general</header><text>Section 18 of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1828">12 U.S.C. 1828</external-xref>) is amended—</text> <paragraph id="id22e49c5f9488411bb5e3754167d15b63"><enum>(1)</enum><text>by moving subsection (z) so that it appears after subsection (y); and</text>
</paragraph><paragraph id="id565bd7b5d3b449d8b5933cdb8bb47710"><enum>(2)</enum><text>by adding at the end the following:</text> <quoted-block display-inline="no-display-inline" id="id2ee96beb4e6c4065ba808c7201c5a95e" style="OLC"> <subsection id="id7239aa85e7e1420ba6343a05815e09e8"><enum>(aa)</enum><header>Treatment of certain municipal obligations</header> <paragraph id="idfb9698992bef4d6d8411f1163664646d"><enum>(1)</enum><header>Definitions</header><text>In this subsection—</text>
<subparagraph id="id90dcf8922d9d48fc92aa2e2207ce5246"><enum>(A)</enum><text>the term <term>investment grade</term>, with respect to an obligation, has the meaning given the term in section 1.2 of title 12, Code of Federal Regulations, or any successor thereto;</text>
</subparagraph><subparagraph id="id8064c9547f774c658d0a4762c714410d"><enum>(B)</enum><text>the term <term>liquid and readily-marketable</term> has the meaning given the term in section 249.3 of title 12, Code of Federal Regulations, or any successor thereto; and</text>
</subparagraph><subparagraph id="idb1320fb543d14d669097fb5892f8c6eb"><enum>(C)</enum><text>the term <term>municipal obligation</term> means an obligation of—</text> <clause id="id63ed5165e42a4b76a76d324d5a5fb998"><enum>(i)</enum><text>a State or any political subdivision thereof; or</text>
</clause><clause id="idb28331750e9b4a5fa056b7c07901d362"><enum>(ii)</enum><text>any agency or instrumentality of a State or any political subdivision thereof.</text> </clause></subparagraph></paragraph><paragraph id="id0194873d9410481ea17323940326c59c"><enum>(2)</enum><header>Municipal obligations</header><text>For purposes of the final rule entitled <quote>Liquidity Coverage Ratio: Liquidity Risk Measurement Standards</quote> (79 Fed. Reg. 61439 (October 10, 2014)), the final rule entitled <quote>Liquidity Coverage Ratio: Treatment of U.S. Municipal Securities as High-Quality Liquid Assets</quote> (81 Fed. Reg. 21223 (April 11, 2016)), and any other regulation that incorporates a definition of the term <term>high-quality liquid asset</term> or another substantially similar term, the appropriate Federal banking agencies shall treat a municipal obligation as a high-quality liquid asset that is a level 2B liquid asset if that obligation is, as of the date of calculation—</text>
<subparagraph id="id2e5808c84f4141e4af8c62b6ded93484"><enum>(A)</enum><text>liquid and readily-marketable; and</text> </subparagraph><subparagraph id="id71ab07c8fca34a85b61dd8161ae6387c"><enum>(B)</enum><text>investment grade.</text></subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="id8f21a2f17ab147b088603720853b9238"><enum>(b)</enum><header>Amendment to liquidity coverage ratio regulations</header><text>Not later than 90 days after the date of enactment of this Act, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and the Comptroller of the Currency shall amend the final rule entitled <quote>Liquidity Coverage Ratio: Liquidity Risk Measurement Standards</quote> (79 Fed. Reg. 61439 (October 10, 2014)) and the final rule entitled <quote>Liquidity Coverage Ratio: Treatment of U.S. Municipal Securities as High-Quality Liquid Assets</quote> (81 Fed. Reg. 21223 (April 11, 2016)) to implement the amendments made by this <deleted-phrase reported-display-style="strikethrough">Act</deleted-phrase><added-phrase reported-display-style="italic">section</added-phrase>.</text>
</subsection></section><enum>V</enum><header>Studies</header>
<section commented="no" display-inline="no-display-inline" id="id9441A5625D4D4945A0EAF923CD2F048E"><enum>501.</enum><header>Treasury report on risks of cyber threats</header><text display-inline="no-display-inline">Not later than 1 year after the date of enactment of this Act, the Secretary of the Treasury shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report on the risks of cyber threats to financial institutions and capital markets in the United States, including—</text>
<paragraph id="id7debd118249f40a38378bb3492c86e77"><enum>(1)</enum><text>an assessment of the material risks of cyber threats to financial institutions and capital markets in the United States;</text>
</paragraph><paragraph id="id5BB2EC1797ED4DB89AFD6235E9D48E6F"><enum>(2)</enum><text>the impact and potential effects of material cyber attacks on financial institutions and capital markets in the United States;</text>
</paragraph><paragraph id="id32f9044035474559bb83b42f753defae"><enum>(3)</enum><text>an analysis of how the appropriate Federal banking agencies and the Securities and Exchange Commission are addressing the material risks of cyber threats described in paragraph (1), including—</text>
<subparagraph id="idb5c052b679ba4e1dac32887635291b74"><enum>(A)</enum><text>how the appropriate Federal banking agencies and the Securities and Exchange Commission are assessing those threats;</text>
</subparagraph><subparagraph id="id9d79ef12c8be4ae48ab3bbcdcf9183e9"><enum>(B)</enum><text>how the appropriate Federal banking agencies and the Securities and Exchange Commission are assessing the cyber vulnerabilities and preparedness of financial institutions;</text>
</subparagraph><subparagraph id="id81cd260dbd7b422a95a3bfe843d5db27"><enum>(C)</enum><text>coordination amongst the appropriate Federal banking agencies and the Securities and Exchange Commission, and their coordination with other government agencies (including with respect to regulations, examinations, lexicon, duplication, and other regulatory tools); and</text>
</subparagraph><subparagraph id="id92047a0791674b89aa39af8861fd2fd9"><enum>(D)</enum><text>areas for improvement; and</text> </subparagraph></paragraph><paragraph id="idfaa0b8ef36cd415fb63268ceffce21bb"><enum>(4)</enum><text>a recommendation of whether any appropriate Federal banking agency or the Securities and Exchange Commission needs additional legal authorities or resources to adequately assess and address the material risks of cyber threats described in paragraph (1), given the analysis required by paragraph (3).</text>
</paragraph></section><section commented="no" display-inline="no-display-inline" id="id4EC8D2F68A6149BAB5C11D6AA212256F"><enum>502.</enum><header>SEC study on algorithmic trading</header>
<subsection id="id770061d813024664b6b819e1ebc051b7"><enum>(a)</enum><header>In general</header><text>Not later than 18 months after the date of enactment of this Act, the staff of the Securities and Exchange Commission shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report on the risks and benefits of algorithmic trading in capital markets in the United States.</text>
</subsection><subsection id="idd269f82f049443dbba53e5c4cd6058d2"><enum>(b)</enum><header>Matters required To be included</header><text>The matters covered by the report required by subsection (a) shall include the following:</text> <paragraph id="idb442751069434eb7917ade26749c8c55"><enum>(1)</enum><text>An assessment of the effect of algorithmic trading in equity and debt markets in the United States on the provision of liquidity in stressed and normal market conditions.</text>
</paragraph><paragraph id="id97542a8f394044ebbee0879e26cad1d6"><enum>(2)</enum><text>An assessment of the benefits and risks to equity and debt markets in the United States by algorithmic trading.</text>
</paragraph><paragraph id="id6f7b3e453a444352b661082fedfcc62c"><enum>(3)</enum><text>An analysis of whether the activity of algorithmic trading and entities that engage in algorithmic trading are subject to appropriate Federal supervision and regulation.</text>
</paragraph><paragraph id="id8cd18a8298d14696834b5abf66f3a894"><enum>(4)</enum><text>A recommendation of whether—</text> <subparagraph id="id874F2484B13A4752BFC466C10C7052AC"><enum>(A)</enum><text>based on the analysis described in paragraphs (1), (2), and (3), any changes should be made to regulations; and</text>
</subparagraph><subparagraph id="idA2DA4B8E96E94BB3B9C7D90522E8846D"><enum>(B)</enum><text>the Securities and Exchange Commission needs additional legal authorities or resources to effect the changes described in subparagraph (A).</text>
</subparagraph></paragraph></subsection></section><section changed="added" id="id228D2ADCCCE24087B3FA240A1234992D" reported-display-style="italic"><enum>503.</enum><header>GAO report on consumer reporting agencies</header>
<subsection id="idF58E6E7196D343978C27EBB232AB7A93"><enum>(a)</enum><header>Definitions</header><text>In this section, the terms <term>consumer</term>, <term>consumer report</term>, and <term>consumer reporting agency</term> have the meanings given those terms in section 603 of the Fair Credit Reporting Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1681a">15 U.S.C. 1681a</external-xref>).</text>
</subsection><subsection id="id86AFB0E184E24544BFFBBF8B4DD80493"><enum>(b)</enum><header>Report</header><text display-inline="yes-display-inline">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—</text>
<paragraph id="id3cc7235af72942299f398e81524e12e2"><enum>(1)</enum><text>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 (<external-xref legal-doc="usc" parsable-cite="usc/15/1681">15 U.S.C. 1681</external-xref> et seq.), the Gramm-Leach-Bliley Act (<external-xref legal-doc="public-law" parsable-cite="pl/106/102">Public Law 106–102</external-xref>; 113 Stat. 1338), and any other relevant statutes;</text>
</paragraph><paragraph id="id2478e0ab5458468c9052bc0b58028fe2"><enum>(2)</enum><text>a review of the process by which consumers can appeal and expunge errors on their consumer reports;</text> </paragraph><paragraph id="ide84627fab1d74bac83adb796d8c836d2"><enum>(3)</enum><text>a review of the causes of consumer reporting errors;</text>
</paragraph><paragraph id="idfaabbe1971804cf8a58eedecf56c81da"><enum>(4)</enum><text>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;</text>
</paragraph><paragraph id="idef0c85f5a7c248ea9911f9c2c7057c6c"><enum>(5)</enum><text>a review of data security relating to consumer reporting agencies and their efforts to safeguard consumer data;</text>
</paragraph><paragraph id="ida1404af826b04145b280bc419ae6fc23"><enum>(6)</enum><text>a review of who has access to, and may use, consumer reports;</text> </paragraph><paragraph id="id58a221fd1f5e4500bfb0163720073fb9"><enum>(7)</enum><text>a review of who has control or ownership of a consumer’s credit data;</text>
</paragraph><paragraph id="id892db767f7f64a5f8c05a972c8be8695"><enum>(8)</enum><text>an analysis of—</text> <subparagraph id="id852BC6B07CC74B4894F8150D80511DE6"><enum>(A)</enum><text>which Federal and State regulatory agencies supervise and enforce laws relating to how consumer reporting agencies protect consumer data; and</text>
</subparagraph><subparagraph id="idF61034C84A494B04B2AFDC60DE99D4B5"><enum>(B)</enum><text>all laws relating to data security applicable to consumer reporting agencies; and</text> </subparagraph></paragraph><paragraph id="id6a1566a9c25049cca0bac0e35ad7d97c"><enum>(9)</enum><text>recommendations to Congress on how to improve the consumer reporting system, including legislative, regulatory, and industry-specific recommendations.</text></paragraph></subsection></section>December 18, 2017Reported with amendments