[Congressional Record Volume 158, Number 159 (Tuesday, December 11, 2012)]
[Senate]
[Pages S7746-S7750]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           TEXT OF AMENDMENTS

  SA 3312. Mr. PAUL submitted an amendment intended to be proposed by 
him to the bill S. 3637, to temporarily extend the transaction account 
guarantee program, and for other purposes; which was ordered to lie on 
the table; as follows:

       At the end, add the following:

     SEC. ___. AUDIT REFORM AND TRANSPARENCY FOR THE BOARD OF 
                   GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

       (a) In General.--Notwithstanding section 714 of title 31, 
     United States Code, or any other provision of law, an audit 
     of the Board of Governors of the Federal Reserve System and 
     the Federal reserve banks under subsection (b) of that 
     section 714 shall be completed before the end of calendar 
     year 2012.
       (b) Report.--
       (1) In general.--A report on the audit described in 
     subsection (a) shall be--
       (A) submitted by the Comptroller General of the United 
     States to Congress before the end of the 90-day period 
     beginning on the date on which such audit is completed; and
       (B) made available to the Speaker of the House of 
     Representatives, the majority and minority leaders of the 
     House of Representatives, the majority and minority leaders 
     of the Senate, the chairman and ranking member of the 
     committee and each subcommittee of jurisdiction in the House 
     of Representatives and the Senate, and any other Member of 
     Congress who requests it.
       (2) Contents.--The report under paragraph (1) shall include 
     a detailed description of the findings and conclusion of the 
     Comptroller General with respect to the audit that is the 
     subject of the report, together with such recommendations for 
     legislative or administrative action as the Comptroller 
     General may determine to be appropriate.
       (c) Repeal of Certain Limitations.--Section 714(b) of title 
     31, United States Code, is amended by striking all after ``in 
     writing.''.
       (d) Technical and Conforming Amendment.--Section 714 of 
     title 31, United States Code, is amended by striking 
     subsection (f).
                                 ______
                                 
  SA 3313. Mr. VITTER submitted an amendment intended to be proposed by 
him to the bill S. 3637, to temporarily extend the transaction account 
guarantee program, and for other purposes; which was ordered to lie on 
the table; as follows:

       Strike section 1 and insert the following:

     SECTION 1. TEMPORARY CONTINUATION OF THE TRANSACTION ACCOUNT 
                   GUARANTEE PROGRAM FOR INSURED DEPOSITORY 
                   INSTITUTIONS.

       (a) Temporary Extension.--Notwithstanding any other 
     provision of law that would repeal subparagraphs (B) and (C) 
     of section (11)(a)(1) of the Federal Deposit Insurance Act 
     (12 U.S.C. 1821(a)(1)) on January 1, 2013, such subparagraphs 
     shall remain in effect until December 31, 2014.
       (b) Prospective Repeal.--Effective on January 1, 2015, 
     section 11(a)(1) of the Federal Deposit Insurance Act (12 
     U.S.C. 1821(a)(1)) is amended--
       (1) in subparagraph (B)--
       (A) by striking ``deposit.--'' and all that follows through 
     ``clause (ii), the net amount'' in clause (i), and inserting 
     ``deposit.--The net amount''; and
       (B) by striking clauses (ii) and (iii); and
       (2) in subparagraph (C), by striking ``subparagraph 
     (B)(i)'' and inserting ``subparagraph (B)''.
       (c) Fee System.--
       (1) In general.--The Federal Deposit Insurance Corporation 
     (in this section referred to as the ``Corporation'') shall 
     establish, by rule, a fee system to fully offset the cost of 
     the transaction account guarantee program under clauses (ii) 
     and (iii) of section 11(A)(1)(B) of the Federal Deposit 
     Insurance Act, such that there is no net cost to the Deposit 
     Insurance Fund.
       (2) Pricing system requirements.--The fee system 
     established by the Corporation under this subsection shall 
     provide that--
       (A) those depository institutions that voluntarily 
     participate in the program shall be required to pay a pro 
     rata share of such fees; and
       (B) the 6 largest insured depository institutions, based on 
     total assets, as determined by the Corporation, shall each be 
     required to pay a share of such fees.
                                 ______
                                 
  SA 3314. Mr. REID proposed an amendment to the bill S. 3637, to 
temporarily extend the transaction account guarantee program, and for 
other purposes; as follows:

       At the end, add the following new section:

     SEC. ___

       This Act shall become effective 5 days after enactment.
                                 ______
                                 
  SA 3315. Mr. REID proposed an amendment to amendment SA 3314 proposed 
by Mr. Reid to the bill S. 3637, to temporarily extend the transaction 
account guarantee program, and for other purposes; as follows:

       In the amendment, strike ``5 days'' and insert ``4 days''.
                                 ______
                                 
  SA 3316. Mr. REID proposed an amendment to the bill S. 3637, to 
temporarily extend the transaction account guarantee program, and for 
other purposes; as follows:

       At the end, add the following new section:

     SEC. ___

       This Act shall become effective 3 days after enactment.
                                 ______
                                 
  SA 3317. Mr. REID proposed an amendment to amendment SA 3316 proposed 
by Mr. Reid to the bill S. 3637, to temporarily extend the transaction 
account guarantee program, and for other purposes; as follows:

       In the amendment, strike ``3 days'' and insert ``2 days''.
                                 ______
                                 
  SA 3318. Mr. REID proposed an amendment to amendment SA 3317 proposed 
by Mr. Reid to the amendment SA 3316 proposed by Mr. Reid to the bill 
S. 3637, to temporarily extend the transaction account guarantee 
program, and for other purposes; as follows:

       In the amendment, strike ``2 days'' and insert ``1 day''.
                                 ______
                                 
  SA 3319. Mr. UDALL of Colorado submitted an amendment intended to be 
proposed by him to the bill S. 3637, to temporarily extend the 
transaction account guarantee program, and for other purposes; which 
was ordered to lie on the table; as follows:

       At the end, add the following:

     SEC. __. CREDIT UNION SMALL BUSINESS DEVELOPMENT.

       (a) Definitions.--In this section--
       (1) the term ``Board'' means the National Credit Union 
     Administration Board;
       (2) the term ``insured credit union'' has the same meaning 
     as in section 101 of the Federal Credit Union Act (12 U.S.C. 
     1752);
       (3) the term ``member business loan'' has the same meaning 
     as in section 107A(c)(1) of the Federal Credit Union Act (12 
     U.S.C. 1757a(c)(1));
       (4) the term ``net worth'' has the same meaning as in 
     section 107A(c)(2) of the Federal Credit Union Act (12 U.S.C. 
     1757a(c)(2)); and
       (5) the term ``well capitalized'' has the same meaning as 
     in section 216(c)(1)(A) of the Federal Credit Union Act (12 
     U.S.C. 1709d(c)(1)(A)).
       (b) Limits on Member Business Loans.--Effective 6 months 
     after the date of enactment of this Act, section 107A(a) of 
     the Federal Credit Union Act (12 U.S.C. 1757a(a)) is amended 
     to read as follows:
       ``(a) Limitation.--
       ``(1) In general.--Except as provided in paragraph (2), an 
     insured credit union may not make any member business loan 
     that would result in the total amount of such loans 
     outstanding at that credit union at any one time to be equal 
     to more than the lesser of--
       ``(A) 1.75 times the actual net worth of the credit union; 
     or
       ``(B) 12.25 percent of the total assets of the credit 
     union.
       ``(2) Additional authority.--The Board may approve an 
     application by an insured credit union upon a finding that 
     the credit union meets the criteria under this paragraph to 
     make 1 or more member business loans that would result in a 
     total amount of such loans outstanding at any one time of not 
     more than 27.5 percent of the total assets of the credit 
     union, if the credit union--

[[Page S7747]]

       ``(A) had member business loans outstanding at the end of 
     each of the 4 consecutive quarters immediately preceding the 
     date of the application, in a total amount of not less than 
     80 percent of the applicable limitation under paragraph (1);
       ``(B) is well capitalized, as defined in section 
     216(c)(1)(A);
       ``(C) can demonstrate at least 5 years of experience of 
     sound underwriting and servicing of member business loans;
       ``(D) has the requisite policies and experience in managing 
     member business loans; and
       ``(E) has satisfied other standards that the Board 
     determines are necessary to maintain the safety and soundness 
     of the insured credit union.
       ``(3) Effect of not being well capitalized.--An insured 
     credit union that has made member business loans under an 
     authorization under paragraph (2) and that is not, as of its 
     most recent quarterly call report, well capitalized, may not 
     make any member business loans, until such time as the credit 
     union becomes well capitalized (as defined in section 
     216(c)(1)(A)), as reflected in a subsequent quarterly call 
     report, and obtains the approval of the Board.''.
       (c) Implementation.--
       (1) Tiered approval process.--The National Credit Union 
     Administration Board shall develop a tiered approval process, 
     under which an insured credit union gradually increases the 
     amount of member business lending in a manner that is 
     consistent with safe and sound operations, subject to the 
     limits established under section 107A(a)(2) of the Federal 
     Credit Union Act (as amended by this section). The rate of 
     increase under the process established under this paragraph 
     may not exceed 30 percent per year.
       (2) Rulemaking required.--The Board shall issue proposed 
     rules, not later than 6 months after the date of enactment of 
     this Act, to establish the tiered approval process required 
     under paragraph (1). The tiered approval process shall 
     establish standards designed to ensure that the new business 
     lending capacity authorized under the amendment made by 
     subsection (b) is being used only by insured credit unions 
     that are well-managed and well capitalized, as required by 
     the amendments made under subsection (b), and as defined by 
     the rules issued by the Board under this paragraph.
       (3) Considerations.--In issuing rules required under this 
     subsection, the Board shall consider--
       (A) the experience level of the institutions, including a 
     demonstrated history of sound member business lending;
       (B) the criteria under section 107A(a)(2) of the Federal 
     Credit Union Act, as amended by this section; and
       (C) such other factors as the Board determines necessary or 
     appropriate.
       (d) Reports to Congress on Member Business Lending.--
       (1) Report of the board.--
       (A) In general.--Not later than 3 years after the date of 
     enactment of this Act, the Board shall submit a report to 
     Congress on member business lending by insured credit unions.
       (B) Report.--The report required under subparagraph (A) 
     shall include--
       (i) the types and asset size of insured credit unions 
     making member business loans and the member business loan 
     limitations applicable to the insured credit unions;
       (ii) the overall amount and average size of member business 
     loans by each insured credit union;
       (iii) the ratio of member business loans by insured credit 
     unions to total assets and net worth;
       (iv) the performance of the member business loans, 
     including delinquencies and net charge offs;
       (v) the effect of this section and the amendments made by 
     this section on the number of insured credit unions engaged 
     in member business lending, any change in the amount of 
     member business lending, and the extent to which any increase 
     is attributed to the change in the limitation in section 
     107A(a) of the Federal Credit Union Act, as amended by this 
     section;
       (vi) the number, types, and asset size of insured credit 
     unions that were denied or approved by the Board for 
     increased member business loans under section 107A(a)(2) of 
     the Federal Credit Union Act, as amended by this section, 
     including denials and approvals under the tiered approval 
     process;
       (vii) the types and sizes of businesses that receive member 
     business loans, the duration of the credit union membership 
     of the businesses at the time of the loan, the types of 
     collateral used to secure member business loans, and the 
     income level of members receiving member business loans; and
       (viii) the effect of any increases in member business loans 
     on the risk to the National Credit Union Share Insurance Fund 
     and the assessments on insured credit unions.
       (2) GAO study and report.--
       (A) Study.--The Comptroller General of the United States 
     shall conduct a study on the status of member business 
     lending by insured credit unions, including--
       (i) trends in such lending;
       (ii) types and amounts of member business loans;
       (iii) the effectiveness of this section in enhancing small 
     business lending;
       (iv) recommendations for legislative action, if any, with 
     respect to such lending; and
       (v) any other information that the Comptroller General 
     considers relevant with respect to such lending.
       (B) Report.--Not later than 3 years after the date of 
     enactment of this Act, the Comptroller General shall submit a 
     report to Congress on the study required by subparagraph (A).
                                 ______
                                 
  SA 3320. Mr. TOOMEY submitted an amendment intended to be proposed by 
him to the bill S. 3637, to temporarily extend the transaction account 
guarantee program, and for other purposes; which was ordered to lie on 
the table; as follows:

       At the end, add the following:

     SEC. __. CONFIDENTIALITY OF INFORMATION SHARED BETWEEN STATE 
                   AND FEDERAL FINANCIAL SERVICES REGULATORS.

       Section 1512(a) of the S.A.F.E. Mortgage Licensing Act of 
     2008 (12 U.S.C. 5111(a)) is amended by inserting ``or 
     financial services'' before ``industry''.
                                 ______
                                 
  SA 3321. Mr. TOOMEY submitted an amendment intended to be proposed by 
him to the bill S. 3637, to temporarily extend the transaction account 
guarantee program, and for other purposes; which was ordered to lie on 
the table; as follows:

       At the end, add the following:
                TITLE II--FHA EMERGENCY FISCAL SOLVENCY

     SEC. 201. SHORT TITLE.

       This title may be cited as the ``FHA Emergency Fiscal 
     Solvency Act of 2012''.

     SEC. 202. FHA ANNUAL MORTGAGE INSURANCE PREMIUMS.

       (a) In General.--Subparagraph (B) of section 203(c)(2) of 
     the National Housing Act (12 U.S.C. 1709(c)(2)(B)) is 
     amended--
       (1) in the matter preceding clause (i)--
       (A) by striking ``may'' and inserting ``shall'';
       (B) by striking ``not exceeding 1.5 percent'' and inserting 
     ``not less than 0.55 percent''; and
       (C) by inserting ``and not exceeding 2.0 percent of such 
     remaining insured principal balance'' before ``for the 
     following periods:''; and
       (2) in clause (ii), by striking ``1.55 percent'' and 
     inserting ``2.05 percent''.
       (b) Effective Date.--The amendments made by subsection (a) 
     take effect upon the expiration of the 6-month period 
     beginning on the date of the enactment of this Act.

     SEC. 203. INDEMNIFICATION BY FHA MORTGAGEES.

       Section 202 of the National Housing Act (12 U.S.C. 1708) is 
     amended by adding at the end the following new subsection:
       ``(i) Indemnification by Mortgagees.--
       ``(1) In general.--If the Secretary determines that the 
     mortgagee knew, or should have known, of a serious or 
     material violation of the requirements established by the 
     Secretary with respect to a mortgage executed by a mortgagee 
     approved by the Secretary under the direct endorsement 
     program or insured by a mortgagee pursuant to the delegation 
     of authority under section 256 such that the mortgage loan 
     should not have been approved and endorsed for insurance, and 
     the Secretary pays an insurance claim with respect to the 
     mortgage within a reasonable period specified by the 
     Secretary, the Secretary may require the mortgagee approved 
     by the Secretary under the direct endorsement program or the 
     mortgagee delegated authority under section 256 to indemnify 
     the Secretary for the loss, irrespective of whether the 
     violation caused the mortgage default.
       ``(2) Fraud or misrepresentation.--If fraud or 
     misrepresentation was involved in connection with the 
     origination or underwriting and the Secretary determines that 
     the mortgagee knew or should have known of the fraud or 
     misrepresentation, the Secretary shall require the mortgagee 
     approved by the Secretary under the direct endorsement 
     program or the mortgagee delegated authority under section 
     256 to indemnify the Secretary for the loss regardless of 
     when an insurance claim is paid.
       ``(3) Appeals process.--The Secretary shall, by regulation, 
     establish an appeals process for mortgagees to appeal 
     indemnification determinations made pursuant to paragraph (1) 
     or (2).
       ``(4) Requirements and procedures.--The Secretary shall 
     issue regulations establishing appropriate requirements and 
     procedures governing the indemnification of the Secretary by 
     the mortgagee, including public reporting on--
       ``(A) the number of loans that--
       ``(i) were not originated or underwritten in accordance 
     with the requirements established by the Secretary; and
       ``(ii) involved fraud or misrepresentation in connection 
     with the origination or underwriting; and
       ``(B) the financial impact on the Mutual Mortgage Insurance 
     Fund when indemnification is required.''.

     SEC. 204. EARLY PERIOD DELINQUENCIES.

       Subsection (a) of section 202 of the National Housing Act 
     (12 U.S.C. 1708(a)) is amended by adding at the end the 
     following new paragraphs:

[[Page S7748]]

       ``(8) Programmatic review of early period delinquencies.--
     The Secretary shall establish and maintain a program--
       ``(A) to review the cause of each early period delinquency 
     on a mortgage that is an obligation of the Mutual Mortgage 
     Insurance Fund;
       ``(B) to require indemnification of the Secretary for a 
     loss associated with any such early period delinquency that 
     is the result of a material violation, as determined by the 
     Secretary, of any provision, regulation, or other guideline 
     established or promulgated pursuant to this title; and
       ``(C) to publicly report--
       ``(i) a summary of the results of all early period 
     delinquencies reviewed under subparagraph (A);
       ``(ii) any indemnifications required under subparagraph 
     (B); and
       ``(iii) the financial impact on the Mutual Mortgage 
     Insurance Fund of any such indemnifications.
       ``(9) Definition of early period delinquency.--For purposes 
     of this section, the term `early period delinquency' means, 
     with respect to a mortgage, that the mortgage becomes 90 or 
     more days delinquent within 24 months of the origination of 
     such mortgage.''.

     SEC. 205. SEMIANNUAL ACTUARIAL STUDIES OF MMIF DURING PERIODS 
                   OF CAPITAL DEPLETION.

       (a) In General.--Paragraph (4) of section 202(a) of the 
     National Housing Act (12 U.S.C. 1708(a)(4)) is amended--
       (1) in the first sentence, by inserting ``except as 
     provided in subparagraph (B),'' after ``to be conducted 
     annually,'';
       (2) in the second sentence, by inserting ``, except as 
     provided in subparagraph (B),'' after ``annually'';
       (3) by striking the paragraph designation and heading and 
     all that follows through ``The Secretary shall provide'' and 
     inserting the following:
       ``(4) Independent actuarial study.--
       ``(A) Annual study.--The Secretary shall provide''; and
       (4) by adding at the end the following new subparagraph:
       ``(B) Semiannual studies during periods of capital 
     depletion.--During any period that the Fund fails to maintain 
     sufficient capital to comply with the capital ratio 
     requirement under section 205(f)(2)--
       ``(i) the independent study required by subparagraph (A) 
     shall be conducted semiannually and shall analyze the 
     financial position of the Fund as of September 30 and March 
     31 of each fiscal year during such period; and
       ``(ii) the Secretary shall submit a report meeting the 
     requirements of subparagraph (A) for each such semiannual 
     study.''.
       (b) Analysis of Quarterly Actuarial Studies.--The Secretary 
     of Housing and Urban Development shall conduct an analysis of 
     the cost and feasibility of providing for an independent 
     actuarial study of the Mutual Mortgage Insurance Fund on a 
     calendar quarterly basis, which shall compare the cost and 
     feasibility of conducting such a study on a quarterly basis 
     as compared to a semi-annual basis and shall determine 
     whether such an actuarial study can be conducted on a 
     quarterly basis without substantial additional costs to the 
     taxpayers. Not later than the expiration of the 90-day period 
     beginning on the date of the enactment of this Act, the 
     Secretary shall submit a report to the Congress setting forth 
     the findings and conclusion of the analysis conducted 
     pursuant to this subsection.

     SEC. 206. DELEGATION OF FHA INSURING AUTHORITY.

       Section 256 of the National Housing Act (12 U.S.C. 1715z-
     21) is amended--
       (1) by striking subsection (c);
       (2) in subsection (e), by striking ``, including'' and all 
     that follows through ``by the mortgagee''; and
       (3) by redesignating subsections (d) and (e) as subsections 
     (c) and (d), respectively.

     SEC. 207. AUTHORITY TO TERMINATE FHA MORTGAGEE ORIGINATION 
                   AND UNDERWRITING APPROVAL.

       Section 533 of the National Housing Act (12 U.S.C. 1735f-
     11) is amended--
       (1) in the first sentence of subsection (b), by inserting 
     ``or areas or on a nationwide basis'' after ``area'' each 
     place such term appears; and
       (2) in subsection (c), by striking ``(c)'' and all that 
     follows through ``The Secretary'' in the first sentence of 
     paragraph (2) and inserting the following:
       ``(c) Termination of Mortgagee Origination and Underwriting 
     Approval.--
       ``(1) Termination authority.--If the Secretary determines, 
     under the comparison provided in subsection (b), that a 
     mortgagee has a rate of early defaults and claims that is 
     excessive, the Secretary may terminate the approval of the 
     mortgagee to originate or underwrite single family mortgages 
     for any area, or areas, or on a nationwide basis, 
     notwithstanding section 202(c) of this Act.
       ``(2) Procedure.--The Secretary''.

     SEC. 208. AUTHORIZATION TO PARTICIPATE IN THE ORIGINATION OF 
                   FHA-INSURED LOANS.

       (a) Single Family Mortgages.--Section 203(b) of the 
     National Housing Act (12 U.S.C. 1709(b)) is amended by 
     striking paragraph (1) and inserting the following new 
     paragraph:
       ``(1) Have been made to a mortgagee approved by the 
     Secretary or to a person or entity authorized by the 
     Secretary under section 202(d)(1) to participate in the 
     origination of the mortgage, and be held by a mortgagee 
     approved by the Secretary as responsible and able to service 
     the mortgage properly.''.
       (b) Home Equity Conversion Mortgages.--Section 255(d) of 
     the National Housing Act (12 U.S.C. 1715z-20(d)) is amended 
     by striking paragraph (1) and inserting the following new 
     paragraph:
       ``(1) have been originated by a mortgagee approved by, or 
     by a person or entity authorized under section 202(d)(1) to 
     participate in the origination by, the Secretary;''.

     SEC. 209. REPORTING OF MORTGAGEE ACTIONS TAKEN AGAINST OTHER 
                   MORTGAGEES.

       Section 202 of the National Housing Act (12 U.S.C. 1708), 
     as amended by the preceding provisions of this title, is 
     further amended by adding at the end the following new 
     subsection:
       ``(j) Notification of Mortgagee Actions.--The Secretary 
     shall require each mortgagee, as a condition for approval by 
     the Secretary to originate or underwrite mortgages on single 
     family or multifamily housing that are insured by the 
     Secretary, if such mortgagee engages in the purchase of 
     mortgages insured by the Secretary and originated by other 
     mortgagees or in the purchase of the servicing rights to such 
     mortgages, and such mortgagee at any time takes action to 
     terminate or discontinue such purchases from another 
     mortgagee based on any determination or evidence of fraud or 
     material misrepresentation in connection with the origination 
     of such mortgages, to notify the Secretary of the action 
     taken and the reasons for such action not later than 15 days 
     after taking such action.''.

     SEC. 210. DEFAULT AND ORIGINATION INFORMATION BY LOAN 
                   SERVICER AND ORIGINATING DIRECT ENDORSEMENT 
                   LENDER.

       (a) Collection of Information.--Paragraph (2) of section 
     540(b) of the National Housing Act (12 U.S.C. 1712 U.S.C. 
     1735f-18(b)(2)) is amended by adding at the end the following 
     new subparagraph:
       ``(C) For each entity that services insured mortgages, data 
     on the number of claims paid to each servicing mortgagee 
     during each calendar quarter occurring during the applicable 
     collection period.''.
       (b) Applicability.--Information described in subparagraph 
     (C) of section 540(b)(2) of the National Housing Act, as 
     added by subsection (a) of this section, shall first be made 
     available under such section 540 for the applicable 
     collection period (as such term is defined in such section) 
     relating to the first calendar quarter ending after the 
     expiration of the 12-month period that begins on the date of 
     the enactment of this Act.

     SEC. 211. DEPUTY ASSISTANT SECRETARY OF FHA FOR RISK 
                   MANAGEMENT AND REGULATORY AFFAIRS.

       (a) Establishment of Position.--Subsection (b) of section 4 
     of the Department of Housing and Urban Development Act (42 
     U.S.C. 3533(b)) is amended--
       (1) by inserting ``(1)'' after ``(b)''; and
       (2) by adding at the end the following new paragraph:
       ``(2) There shall be in the Department, within the Federal 
     Housing Administration, a Deputy Assistant Secretary for Risk 
     Management and Regulatory Affairs, who shall be appointed by 
     the Secretary and shall be responsible to the Federal Housing 
     Commissioner for all matters relating to managing and 
     mitigating risk to the mortgage insurance funds of the 
     Department and ensuring the performance of mortgages insured 
     by the Department.''.
       (b) Termination.--Upon the appointment of the initial 
     Deputy Assistant Secretary for Risk Management and Regulatory 
     Affairs pursuant to section 4(b)(2) of the Department of 
     Housing and Urban Development Act, as amended by subsection 
     (a) of this section, the position of chief risk officer 
     within the Federal Housing Administration, filled by 
     appointment by the Federal Housing Commissioner, is 
     abolished.

     SEC. 212. ESTABLISHMENT OF CHIEF RISK OFFICER FOR GNMA.

       Section 4 of the Department of Housing and Urban 
     Development Act (42 U.S.C. 3533) is amended by adding after 
     subsection (g), as added by section 1442 of the Dodd-Frank 
     Wall Street Reform and Consumer Protection Act (Public Law 
     111-203; 124 Stat. 2163), the following new subsection:
       ``(h) There shall be in the Department a Chief Risk Officer 
     for the Government National Mortgage Association, who shall--
       ``(1) be designated by the Secretary;
       ``(2) be responsible to the President of the Association 
     for all matters related to evaluating, managing, and 
     mitigating risk to the programs of the Association;
       ``(3) be in the competitive service or the senior executive 
     service;
       ``(4) be a career appointee;
       ``(5) be designated from among individuals who possess 
     demonstrated ability in general management of, and knowledge 
     of and extensive practical experience in risk evaluation 
     practices in large governmental or business entities; and
       ``(6) shall not be required to obtain the prior approval, 
     comment, or review of any officer or agency of the United 
     States before submitting to the Congress, or any committee or 
     subcommittee thereof, any reports, recommendations, 
     testimony, or comments if such submission include a statement 
     indicating that the views expressed therein are those of the 
     Chief Risk Officer of the Association and do not necessarily 
     represent the views of the Secretary.''.

     SEC. 213. REPORT ON MORTGAGE SERVICERS.

       (a) Examination.--The Secretary of Housing and Urban 
     Development shall conduct an

[[Page S7749]]

     examination into mortgage servicer compliance with the loan 
     servicing, loss mitigation, and insurance claim submission 
     guidelines of the FHA mortgage insurance programs under the 
     National Housing Act (12 U.S.C. 1701 et seq.), and an 
     estimate of the annual costs to the Mutual Mortgage Insurance 
     Fund, since 2008, resulting from any failures by mortgage 
     servicers to comply with such guidelines.
       (b) Report.--Not later than the expiration of the 120-day 
     period that begins upon the date of the enactment of this 
     Act, the Secretary shall submit a report to the Congress on 
     the results of the examination conducted pursuant to 
     subsection (a), including recommendations for any 
     administrative and legislative actions to improve mortgage 
     servicer compliance with the guidelines referred to in 
     subsection (a).

     SEC. 214. FHA EMERGENCY CAPITAL PLAN.

       (a) Establishment.--Not later than the expiration of the 
     30-day period beginning on the date of the enactment of this 
     Act, the Secretary of Housing and Urban Development shall 
     develop, submit to the Congress, and commence implementation 
     of an emergency capital plan for the restoration of the 
     fiscal solvency of the Mutual Mortgage Insurance Fund (in 
     this section referred to as the ``Fund'').
       (b) Contents.--The emergency capital plan developed 
     pursuant to this section shall--
       (1) provide a detailed explanation of the processes and 
     controls by which amounts of capital that are assets of the 
     Fund are monitored and tracked;
       (2) establish a plan to ensure the financial safety and 
     soundness of the Fund that avoids the need for borrowing 
     amounts from the Treasury of the United States to meet 
     obligations of the Fund; and
       (3) describe the procedure by which, if necessary, any 
     amounts from the Treasury needed to meet obligations of the 
     Fund will be obtained from the Treasury.
       (c) Monthly Reports.--
       (1) Reports.--Subject to paragraph (3), upon the conclusion 
     of each calendar month ending after the 14-day period that 
     begins on the date of the enactment of this Act, the 
     Secretary of Housing and Urban Development shall submit to 
     the Congress a report assessing the financial status of the 
     Fund at the conclusion of such month and setting forth the 
     information described in paragraph (2).
       (2) Contents.--Each report required under paragraph (1) for 
     a month shall contain the following information regarding the 
     Fund as of the conclusion of such month:
       (A) The number of mortgages that are obligations of the 
     Fund that are 60 or more days delinquent, the expected losses 
     to the Fund associated with such delinquent mortgages, and 
     the methodology used to make such calculation.
       (B) The number of mortgages that are obligations of the 
     Fund that have a loan-to-value ratio at the time of 
     origination that is less than 80 percent and the percentage 
     of all mortgages that are obligations of the Fund having such 
     a ratio.
       (C) The number of mortgages that are obligations of the 
     Fund that had an original principal obligation exceeding 125 
     percent of the median house price, for a home of the size of 
     the residence subject to the mortgage, for the area in which 
     such residence is located, and the percentage of all 
     mortgages that are obligations of the Fund having such an 
     original principal obligation.
       (D) The number of mortgages that are obligations of the 
     Fund for which the mortgagor's income at the time of 
     origination of the mortgage is greater than the median income 
     for the area in which the residence subject to the mortgage 
     is located, and the percentage of all mortgages that are 
     obligations of the Fund for which the mortgagor has such an 
     income.
       (E) The balances for the financing and capital reserve 
     accounts of the Fund.
       (F) Any actions taken during such month to help ensure the 
     financial soundness of the Fund and compliance with section 
     205(f) of the National Housing Act (12 U.S.C. 1711(f); 
     relating to a capital ratio requirement).
       (3) Termination of reporting requirement.--The requirement 
     to submit reports under paragraph (1) shall terminate on the 
     first date after the date of the enactment of this Act that 
     the Fund attains a capital ratio (as such term is defined in 
     section 205(f)(3) of the National Housing Act) of 2.0 
     percent.

     SEC. 215. FHA SAFETY AND SOUNDNESS REVIEW.

       (a) Review.--The Comptroller General of the United States 
     shall provide for an independent third party to--
       (1) conduct a one-time review of the mortgage insurance 
     programs and funds of the Secretary of Housing and Urban 
     Development that shall determine, as of the time of such 
     review--
       (A) the financial safety and soundness of such programs and 
     funds; and
       (B) the extent of loan loss reserves and capital adequacy 
     of such programs and funds; and
       (2) to submit a report under subsection (b).
     Such review shall be conducted in accordance with generally 
     accepted accounting principles applicable to the private 
     sector and Federal entities.
       (b) Report.--The report under this subsection shall 
     describe the methodology and standards used to conduct the 
     review under subsection (a)(1), set forth the results and 
     findings of the review, including the extent of loan loss 
     reserves and capital adequacy of the mortgage insurance 
     programs and funds of the Secretary of Housing and Urban 
     Development, and include recommendations regarding restoring 
     such reserves and capital to maintain such programs and funds 
     in a safe and sound condition.
       (c) Timing.--The review required under subsection (a) shall 
     be completed, and the report required under subsection (b) 
     shall be submitted, not later than the expiration of the 60-
     day period beginning on the date of the enactment of this 
     Act.
       (d) Rule of Construction.--Nothing in this section may be 
     construed to alter or affect, or exempt the Secretary of 
     Housing and Urban Development from complying with, any laws, 
     regulations, or guidance relating to preparation or 
     submission of budgets or audits or financial or management 
     statements or reports.

     SEC. 216. FHA DISCLOSURE STANDARDS.

       Not later than the expiration of the 90-day period 
     beginning on the date of the enactment of this Act, the 
     Secretary of Housing and Urban Development shall review and 
     revise all standards and requirements relating to disclosure 
     of information regarding the mortgage insurance programs and 
     funds, including actuarial studies conducted under section 
     202(a)(4) of the National Housing Act (12 U.S.C. 1708(a)(4)), 
     quarterly reports under section 202(a)(5) of such Act, and 
     annual audited financial statements under section 538 of such 
     Act (12 U.S.C. 1735f-16), to ensure that, after the date of 
     the enactment of this Act, such disclosures--
       (1) provide meaningful financial and other information that 
     is timely, comprehensive, and accurate;
       (2) do not contain any material misstatements or 
     misrepresentations;
       (3) make available all relevant information; and
       (4) prohibit material omissions that make the contents of 
     the disclosure misleading.

     SEC. 217. REPORT ON STREAMLINING FHA PROGRAMS.

       (a) Examination.--The Secretary of Housing and Urban 
     Development shall conduct an examination of the mortgage 
     insurance and any other programs of the Federal Housing 
     Administration to identify--
       (1) the level of use and need for such programs;
       (2) any such programs that are unused or underused; and
       (3) methods for streamlining, consolidating, simplifying, 
     increasing the efficiency of, and reducing the number of such 
     programs.
       (b) Report.--Not later than the expiration of the 12-month 
     period that begins upon the date of the enactment of this 
     Act, the Secretary shall submit a report to the Congress on 
     the results of the examination conducted pursuant to 
     subsection (a), including recommendations for any 
     administrative and legislative actions to streamline, 
     consolidate, simplify, increase the efficiency of, and reduce 
     the number of such programs.

     SEC. 218. BUDGET COMPLIANCE.

       The Secretary of Housing and Urban Development shall 
     allocate $2,500,000 from the account for Administrative 
     Contract Expenses each fiscal year through September 30, 
     2017, which amounts shall be available only for the purposes 
     of this title and the amendments made by this title, 
     including such additional actuarial reviews as may be 
     required by section 205 of this title and the amendments made 
     by such section.
                                 ______
                                 
  SA 3322. Mr. CORKER submitted an amendment intended to be proposed by 
him to the bill S. 3637, to temporarily extend the transaction account 
guarantee program, and for other purposes; which was ordered to lie on 
the table; as follows:

       At the end, add the following:

     SEC. 3. FHA STABILIZATION AND REFORM.

       (a) Establishing Minimum FICO Score Requirement.--Section 
     203(b) of the National Housing Act (12 U.S.C. 1709(b)) is 
     amended by inserting after paragraph (7) the following:
       ``(8) Have been made to a mortgagor having a FICO score of 
     not less than 620.''.
       (b) Reducing Loan Limit.--Section 203(b)(2)(A) of the 
     National Housing Act (12 U.S.C. 1709(b)(2)(A)) is amended--
       (1) in clause (i), by striking ``or'' at the end;
       (2) in clause (ii), by adding ``or'' at the end; and
       (3) by inserting before the undesignated matter following 
     clause (ii) the following:
       ``(iii) $625,000;''.
       (c) HECM Moratorium.--During the 24-month period beginning 
     on the date of enactment of this Act, the Secretary of 
     Housing and Urban Development may not enter into an agreement 
     to insure a home equity conversion mortgage under section 255 
     of the National Housing Act (12 U.S.C. 1715z-20).
       (d) Limitation on Loans to Borrowers With Foreclosures.--
     Section 203(b)(9)(A) of the National Housing Act (12 U.S.C. 
     1709(b)(9)(A)) is amended--
       (1) by striking the period at the end and inserting ``; 
     or'';
       (2) by striking ``amount equal to not less'' and inserting 
     the following: ``amount equal to--
       ``(A) not less''; and
       (3) by adding at the end the following:
       ``(B) in the case of a mortgagor who was the mortgagor 
     under a mortgage that was foreclosed upon during the 7-year 
     period ending on the date on which the mortgagor applies for 
     the mortgage insured under this section, not less than 20 
     percent of the appraised value of the property or such larger 
     amount as the Secretary may determine.''.

[[Page S7750]]

                                 ______
                                 
  SA 3323. Mr. CORKER submitted an amendment intended to be proposed by 
him to the bill S. 3637, to temporarily extend the transaction account 
guarantee program, and for other purposes; which was ordered to lie on 
the table; as follows:

       On page 2, strike line 14 and all that follows through page 
     3, line 6 and insert the following:
       (c) Recovery of Liability Increase.--The Federal Deposit 
     Insurance Corporation (in this section referred to as the 
     ``Corporation'') shall fully and properly reserve, in each 
     calendar year, for the increased prospective liability of the 
     Deposit Insurance Fund established under section 11(a)(4) of 
     the Federal Deposit Insurance Act (12 U.S.C. 1821(a)(4)) that 
     occurs as a result of section 11(a)(1)(B)(ii) of that Act, 
     by--
       (1) estimating the amount of deposits of insured depository 
     institutions that are insured as a result of section 
     11(a)(1)(B)(ii) of that Act; and
       (2) collecting, at the same time as and in addition to the 
     assessments that would otherwise be collected by the 
     Corporation with respect to such year for insured depository 
     institutions (as defined in section 3(c)(2) of that Act (12 
     U.S.C. 1813(c)(2))) pursuant to section 7(b) of that Act (12 
     U.S.C. 1817(b)), an amount that bears the same proportion to 
     the assessments that would otherwise be collected as the 
     amount of deposits estimated pursuant to subparagraph (1) 
     bears to the total amount of insured deposits of insured 
     depository institutions, less that estimated amount as of the 
     end of the most recent preceding calendar quarter.
       On page 4, strike lines 13 through 20 and insert the 
     following:
       (c) Recovery of Liability Increase.--The National Credit 
     Union Administration (in this section referred to as the 
     ``Administration'') shall fully and properly reserve, in each 
     calendar year, for the increased prospective liability of the 
     National Credit Union Share Insurance Fund established under 
     section 203(a) of the Federal Credit Union Act (12 U.S.C. 
     1783(a)) that occurs as a result of section 207(k)(1) of that 
     Act (12 U.S.C. 1787(k)(1)), by--
       (1) estimating the amount of deposits of insured credit 
     unions that are insured as a result of section 207(k)(1)(B) 
     of that Act; and
       (2) collecting, at the same time as and in addition to the 
     assessments that would otherwise be collected by the 
     Administration with respect to such year for insured credit 
     unions (as defined in section 101 of that Act (12 U.S.C. 
     1752)) pursuant to section 202 of that Act (12 U.S.C. 1782), 
     an amount that bears the same proportion to the assessments 
     that would otherwise be collected as the amount of deposits 
     estimated pursuant to subparagraph (1) bears to the total 
     amount of insured deposits of insured credit unions, less 
     that estimated amount as of the end of the most recent 
     preceding calendar quarter.
                                 ______
                                 
  SA 3324. Mr. CORKER submitted an amendment intended to be proposed by 
him to the bill S. 3637, to temporarily extend the transaction account 
guarantee program, and for other purposes; which was ordered to lie on 
the table; as follows:

       On page 2, strike line 24 and all that follows through page 
     4, line 20 and insert the following:
       (2) collecting from participating insured depository 
     institutions (as defined in section 11(a)(1)(B)(iv) of that 
     Act) an amount equal to such estimated losses by September 30 
     of such calendar year, which shall be in addition to the 
     assessments that would otherwise be collected by the 
     Corporation with respect to such year for insured depository 
     institutions (as defined in section 3(c)(2) of that Act (12 
     U.S.C. 1813(c)(2))) pursuant to section 7(b) of that Act (12 
     U.S.C. 1817(b)).
       (d) Deposit Insurance Voluntary Participation.--Effective 
     on January 1, 2013, section 11(a)(1)(B) of the Federal 
     Deposit Insurance Act (12 U.S.C. 1821(a)(1)(B)) is amended--
       (1) in clause (ii), by striking ``an insured depository 
     institution'' and inserting ``a participating insured 
     depository institution''; and
       (2) by adding at the end the following:
       ``(iv) Participating insured depository institution 
     defined.--For purposes of this subparagraph, the term 
     `participating insured depository institution' means an 
     insured depository institution that elects, in a manner and 
     during a time period for such election specified by the 
     Corporation, to have all of its noninterest-bearing 
     transaction accounts fully insured by the Corporation.''.
       On page 4, strike lines 13 through 20 and insert the 
     following:
       (2) collecting from each participating insured credit union 
     an amount equal to such estimated losses by September 30 of 
     such calendar year, which shall be in addition to the 
     assessments that would otherwise be collected by the 
     Administration with respect to such year for insured credit 
     unions (as defined in section 101 of that Act (12 U.S.C. 
     1752)) pursuant to section 202 of that Act (12 U.S.C. 1782).
       (d) Credit Union Insurance Voluntary Participation.--
     Effective on January 1, 2013, section 207(k)(1)(A) of the 
     Federal Credit Union Act (12 U.S.C. 1787(k)(1)(A)) is 
     amended--
       (1) in clause (ii), by striking ``an insured credit union'' 
     and inserting ``a participating insured credit union''; and
       (2) by adding at the end the following:
       ``(iv) Participating insured credit union defined.--For 
     purposes of this subparagraph, the term `participating 
     insured credit union' means an insured credit union that 
     elects, in a manner and during a time period for such 
     election specified by the Administration, to have all of its 
     noninterest-bearing transaction accounts fully insured by the 
     Administration.''.
                                 ______
                                 
  SA 3325. Mr. WICKER submitted an amendment intended to be proposed by 
him to the bill S. 3637, to temporarily extend the transaction account 
guarantee program, and for other purposes; which was ordered to lie on 
the table; as follows:

       On page 2, line 1, strike ``December 31'' and insert 
     ``September 30''.
       On page 3, line 13, strike ``December 31'' and insert 
     ``September 30''.
       At the end, add the following:

     SEC. __. LIMITS ON GUARANTEE AMOUNTS.

       (a) Deposit Insurance.--Section 11(a)(1)(B)(ii) of the 
     Federal Deposit Insurance Act (12 U.S.C. 1821(a)(1)(B)(ii)) 
     is amended--
       (1) by striking ``shall fully insure the net amount that 
     any'' and inserting ``shall insure not more than $1,000,000 
     of the amount that any single''; and
       (2) by striking the second sentence.
       (b) Credit Union Insurance.--Section 207(k)(1)(A)(ii) of 
     the Federal Credit Union Act (12 U.S.C. 1787(k)(1)(A)(ii)) is 
     amended--
       (1) by striking ``shall fully insure the net amount that 
     any'' and inserting ``shall insure not more than $1,000,000 
     of the amount that any single''; and
       (2) by striking the second sentence.
                                 ______
                                 
  SA 3326. Mr. LIEBERMAN (for himself and Ms. Collins) proposed an 
amendment to the bill S. 3564, to extend the Public Interest 
Declassification Act of 2000 until 2018 and for other purposes; as 
follows:

       Strike all after the enacting clause and insert the 
     following:

     SECTION 1. SHORT TITLE.

       This Act may be cited as the ``Public Interest 
     Declassification Board Reauthorization Act of 2012''.

     SEC. 2. PUBLIC INTEREST DECLASSIFICATION BOARD.

       (a) Subsequent Appointment.--Section 703(c)(2)(D) of the 
     Public Interest Declassification Act of 2000 (Public Law 106-
     567; 50 U.S.C. 435 note) is amended by striking the period at 
     the end and inserting ``from the date of the appointment.''.
       (b) Vacancy.--Section 703(c)(3) of the Public Interest 
     Declassification Act of 2000 (Public Law 106-567; 50 U.S.C. 
     435 note) is amended by striking ``A member of the Board 
     appointed to fill a vacancy before the expiration of a term 
     shall serve for the remainder of the term.''.
       (c) Extension of Sunset.--Section 710(b) of the Public 
     Interest Declassification Act of 2000 (Public Law 106-567; 50 
     U.S.C. 435 note) is amended by striking ``2012.'' inserting 
     ``2014.''.
                                 ______
                                 
  SA 3327. Mr. LIEBERMAN (for himself and Ms. Collins) proposed an 
amendment to the bill S. 3564, to extend the Public Interest 
Declassification Act of 2000 until 2018 and for other purposes; as 
follows:

       Amend the title so as to read: ``To extend the Public 
     Interest Declassification Act of 2000 until 2014 and for 
     other purposes.''.
                                 ______
                                 
  SA 3328. Mrs. GILLIBRAND (for herself, Mr. Rockefeller, and Mr. 
Toomey) proposed an amendment to the bill H.R. 6328, to amend title 49, 
United States Code, to direct the Assistant Secretary of Homeland 
Security (Transportation Security Administration) to transfer unclaimed 
clothing recovered at airport security checkpoints to local veterans 
organizations and other local charitable organizations, and for other 
purposes; as follows:

       On page 2, line 20, after ``clothing to'' insert ``the 
     local airport authority or other local authorities for 
     donation to charity, including''.

                          ____________________