[Congressional Record Volume 164, Number 40 (Wednesday, March 7, 2018)]
[Senate]
[Pages S1432-S1446]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




    ECONOMIC GROWTH, REGULATORY RELIEF, AND CONSUMER PROTECTION ACT

  The PRESIDING OFFICER. The clerk will report the bill by title.
  The senior assistant legislative clerk read as follows:

       A bill (S. 2155) to promote economic growth, provide 
     tailored regulatory relief, and enhance consumer protections, 
     and for other purposes.

  Thereupon, the Senate proceeded to consider the bill, which had been 
reported from the Committee on Banking, Housing, and Urban Affairs, 
with amendments, as follows:
  (The parts of the bill intended to be stricken are shown in boldface 
brackets and the parts of the bill intended to be inserted are shown in 
italics.)

                                S. 2155

       Be it enacted by the Senate and House of Representatives of 
     the United States of America in Congress assembled,

     SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

       (a) Short Title.--This Act may be cited as the ``Economic 
     Growth, Regulatory Relief, and Consumer Protection Act''.
       (b) Table of Contents.--The table of contents for this Act 
     is as follows:

Sec. 1. Short title; table of contents.
Sec. 2. Definitions.

         TITLE I--IMPROVING CONSUMER ACCESS TO MORTGAGE CREDIT

Sec. 101. Minimum standards for residential mortgage loans.
Sec. 102. Safeguarding access to habitat for humanity homes.
Sec. 103. Exemption from appraisals of real property located in rural 
              areas.
Sec. 104. Home Mortgage Disclosure Act adjustment and study.
Sec. 105. Credit union residential loans.
Sec. 106. Eliminating barriers to jobs for loan originators.
Sec. 107. Protecting access to manufactured homes.
Sec. 108. Property Assessed Clean Energy financing.
Sec. 109. Escrow requirements relating to certain consumer credit 
              transactions.
Sec. 110. No wait for lower mortgage rates.

  TITLE II--REGULATORY RELIEF AND PROTECTING CONSUMER ACCESS TO CREDIT

Sec. 201. Capital simplification for qualifying community banks.
Sec. 202. Limited exception for reciprocal deposits.
Sec. 203. Community bank relief.
Sec. 204. Removing naming restrictions.
Sec. 205. Short form call reports.
Sec. 206. Option for Federal savings associations to operate as covered 
              savings associations.
Sec. 207. Small bank holding company policy statement.
Sec. 208. Application of the Expedited Funds Availability Act.
[Sec. 209. Mutual holding company dividend waivers.]
Sec. 2[10]09. Small public housing agencies.
Sec. 21[1]0. Examination cycle.
Sec. 21[2]1. National securities exchange regulatory parity.
Sec. 212. International insurance capital standards accountability.
Sec. 213. Budget transparency for the NCUA.
Sec. 214. Making online banking initiation legal and easy.

     TITLE III--PROTECTIONS FOR VETERANS, CONSUMERS, AND HOMEOWNERS

Sec. 301. Protecting consumers' credit.
Sec. 302. Protecting veterans' credit.
Sec. 303. Immunity from suit for disclosure of financial exploitation 
              of senior citizens.
Sec. 304. Restoration of the Protecting Tenants at Foreclosure Act of 
              2009.
Sec. 305. Remediating lead and asbestos hazards.
Sec. 306. Family self-sufficiency program.
Sec. 307. Rehabilitation of qualified education loans.

   TITLE IV--TAILORING REGULATIONS FOR CERTAIN BANK HOLDING COMPANIES

Sec. 401. Enhanced supervision and prudential standards for certain 
              bank holding companies.
Sec. 402. Supplementary leverage ratio for custodial banks.
Sec. 403. Treatment of certain municipal obligations.

                            TITLE V--STUDIES

Sec. 501. Treasury report on risks of cyber threats.
Sec. 502. SEC study on algorithmic trading.
Sec. 503. GAO report on consumer reporting agencies.

     SEC. 2. DEFINITIONS.

       In this Act:
       (1) Appropriate federal banking agency; company; depository 
     institution; depository institution holding company.--The 
     terms ``appropriate Federal banking agency'', ``company'', 
     ``depository institution'', and ``depository institution 
     holding company'' have the meanings given those terms in 
     section 3 of the Federal Deposit Insurance Act (12 U.S.C. 
     1813).
       (2) Bank holding company.--The term ``bank holding 
     company'' has the meaning given the term in section 2 of the 
     Bank Holding Company Act of 1956 (12 U.S.C. 1841).

         TITLE I--IMPROVING CONSUMER ACCESS TO MORTGAGE CREDIT

     SEC. 101. MINIMUM STANDARDS FOR RESIDENTIAL MORTGAGE LOANS.

       Section 129C(b)(2) of the Truth in Lending Act (15 U.S.C. 
     1639c(b)(2)) is amended by adding at the end the following:
       ``(F) Safe harbor.--
       ``(i) Definitions.--In this subparagraph--

       ``(I) the term `covered institution' means an insured 
     depository institution or an insured credit union that, 
     together with its affiliates, has less than $10,000,000,000 
     in total consolidated assets;
       ``(II) the term `insured credit union' has the meaning 
     given the term in section 101 of the Federal Credit Union Act 
     (12 U.S.C. 1752);
       ``(III) the term `insured depository institution' has the 
     meaning given the term in section 3 of the Federal Deposit 
     Insurance Act (12 U.S.C. 1813);
       ``(IV) the term `interest-only' means that, under the terms 
     of the legal obligation, one or more of the periodic payments 
     may be applied solely to accrued interest and not to loan 
     principal; and
       ``(V) the term `negative amortization' means payment of 
     periodic payments that will result in an increase in the 
     principal balance under the terms of the legal obligation.

       ``(ii) Safe harbor.--In this section--

       ``(I) the term `qualified mortgage' includes any 
     residential mortgage loan--

       ``(aa) that is originated and retained in portfolio by a 
     covered institution;
       ``(bb) that is in compliance with the limitations with 
     respect to prepayment penalties described in subsections 
     (c)(1) and (c)(3);
       ``(cc) that is in compliance with the requirements of 
     clause (vii) of subparagraph (A);
       ``(dd) that does not have negative amortization or 
     interest-only features; and
       ``(ee) for which the covered institution considers and 
     documents the debt, income, and financial resources of the 
     consumer in accordance with clause (iv); and

       ``(II) a residential mortgage loan described in subclause 
     (I) shall be deemed to meet the requirements of subsection 
     (a).

       ``(iii) Exception for certain transfers.--A residential 
     mortgage loan described in clause (ii)(I) shall not qualify 
     for the safe harbor under clause (ii) if the legal title to 
     the residential mortgage loan is sold, assigned, or otherwise 
     transferred to another person unless the residential mortgage 
     loan is sold, assigned, or otherwise transferred--

       ``(I) to another person by reason of the bankruptcy or 
     failure of a covered institution;
       ``(II) to a covered institution so long as the loan is 
     retained in portfolio by the covered institution to which the 
     loan is sold, assigned, or otherwise transferred; [or]
       ``(III) pursuant to a merger of a covered institution with 
     another person or the acquisition of a covered institution by 
     another person or of another person by a covered institution, 
     so long as the loan is retained in portfolio by the person to 
     whom the loan is sold, assigned, or otherwise transferred[.]; 
     or

       ``(IV) to a wholly owned subsidiary of a covered 
     institution, provided that, after the sale, assignment, or 
     transfer, the residential mortgage loan is considered to be 
     an asset of the covered institution for regulatory accounting 
     purposes. 

[[Page S1433]]

       ``(iv) Consideration and documentation requirements.--The 
     consideration and documentation requirements described in 
     clause (ii)(I)(ee) shall--

       ``(I) not be construed to require compliance with, or 
     documentation in accordance with, appendix Q to part 1026 of 
     title 12, Code of Federal Regulations, or any successor 
     regulation; and
       ``(II) be construed to permit multiple methods of 
     documentation.''.

     SEC. 102. SAFEGUARDING ACCESS TO HABITAT FOR HUMANITY HOMES.

       Section 129E(i)(2) of the Truth in Lending Act (15 U.S.C. 
     1639e(i)(2)) is amended--
       (1) by redesignating subparagraphs (A) and (B) as clauses 
     (i) and (ii), respectively, and adjusting the margins 
     accordingly;
       (2) in the matter preceding clause (i), as so redesignated, 
     by striking ``For purposes of'' and inserting the following:
       ``(A) In general.--For purposes of''; and
       (3) by adding at the end the following:
       ``(B) Rule of construction related to appraisal 
     donations.--If a fee appraiser voluntarily donates appraisal 
     services to an organization eligible to receive tax-
     deductible charitable contributions, such voluntary donation 
     shall be considered customary and reasonable for the purposes 
     of paragraph (1).''.

     SEC. 103. EXEMPTION FROM APPRAISALS OF REAL PROPERTY LOCATED 
                   IN RURAL AREAS.

       Title XI of the Financial Institutions Reform, Recovery, 
     and Enforcement Act of 1989 (12 U.S.C. 3331 et seq.) is 
     amended by adding at the end the following:

     ``SEC. 1127. EXEMPTION FROM APPRAISALS OF REAL ESTATE LOCATED 
                   IN RURAL AREAS.

       ``(a) Definition.--In this section, the term `mortgage 
     originator' has the meaning given the term in section 103 of 
     the Truth in Lending Act (15 U.S.C. 1602).
       ``(b) Appraisal Not Required.--Except as provided in 
     subsection (d), notwithstanding any other provision of law, 
     an appraisal in connection with a federally related 
     transaction involving real property or an interest in real 
     property is not required if--
       ``(1) the real property or interest in real property is 
     located in a rural area, as described in section 
     1026.35(b)(2)(iv)(A) of title 12, Code of Federal 
     Regulations;
       ``(2) not later than 3 days after the date on which the 
     Closing Disclosure Form, made in accordance with the final 
     rule of the Bureau of Consumer Financial Protection entitled 
     `Integrated Mortgage Disclosures Under the Real Estate 
     Settlement Procedures Act (Regulation X) and the Truth in 
     Lending Act (Regulation Z)' (78 Fed. Reg. 79730 (December 31, 
     2013)), relating to the federally related transaction is 
     given to the consumer, the mortgage originator or its agent, 
     directly or indirectly--
       ``(A) has contacted not fewer than 3 State certified 
     appraisers or State licensed appraisers, as applicable; and
       ``(B) has documented that no State certified appraiser or 
     State licensed appraiser, as applicable, was available within 
     a reasonable amount of time, as determined by the Federal 
     financial institutions regulatory agency with oversight of 
     the mortgage originator, to perform the appraisal in 
     connection with the federally related transaction;
       ``(3) the [balance of the loan] transaction value is less 
     than $400,000; and
       ``(4) the mortgage originator is subject to oversight by a 
     Federal financial institutions regulatory agency.
       ``(c) Sale, Assignment, or Transfer.--A mortgage originator 
     that makes a loan without an appraisal under the terms of 
     subsection (b) shall not sell, assign, or otherwise transfer 
     legal title to the loan unless--
       ``(1) the loan is sold, assigned, or otherwise transferred 
     to another person by reason of the bankruptcy or failure of 
     the mortgage originator;
       ``(2) the loan is sold, assigned, or otherwise transferred 
     to another person regulated by a Federal financial 
     institutions regulatory agency, so long as the loan is 
     retained in portfolio by the person; or
       ``(3) the sale, assignment, or transfer is pursuant to a 
     merger of the mortgage originator with another person or the 
     acquisition of the mortgage originator by another person or 
     of another person by the mortgage originator[.]; or
       ``(4) the sale, loan, or transfer is to a wholly owned 
     subsidiary of the mortgage originator, provided that, after 
     the sale, assignment, or transfer, the loan is considered to 
     be an asset of the mortgage originator for regulatory 
     accounting purposes. 
       ``(d) Exception.--Subsection (b) shall not apply if--
       ``(1) a Federal financial institutions regulatory agency 
     requires an appraisal under section 225.63(c), 323.3(c), 
     34.43(c), or 722.3(e) of title 12, Code of Federal 
     Regulations; or
       ``(2) the loan is a high-cost mortgage, as defined in 
     section 103 of the Truth in Lending Act (15 U.S.C. 1602).
       ``(e) Anti-Evasion.--Each Federal financial institutions 
     regulatory agency shall ensure that any mortgage originator 
     that the Federal financial institutions regulatory agency 
     oversees that makes a significant amount of loans under 
     subsection (b) is complying with the requirements of 
     subsection (b)(2) with respect to each loan.''.

     SEC. 104. HOME MORTGAGE DISCLOSURE ACT ADJUSTMENT AND STUDY.

       (a) In General.--Section 304 of the Home Mortgage 
     Disclosure Act of 1975 (12 U.S.C. 2803) is amended--
       (1) by redesignating subsection (i) as paragraph (3) and 
     adjusting the margins accordingly;
       (2) by inserting before paragraph (3), as so redesignated, 
     the following:
       ``(i) Exemptions.--
       ``(1) Closed-end mortgage loans.--With respect to an 
     insured depository institution or insured credit union, the 
     requirements of paragraphs (5) and (6) of subsection (b) 
     shall not apply with respect to closed-end mortgage loans if 
     the insured depository institution or insured credit union 
     originated fewer than 500 closed-end mortgage loans in each 
     of the 2 preceding calendar years.
       ``(2) Open-end lines of credit.--With respect to an insured 
     depository institution or insured credit union, the 
     requirements of paragraphs (5) and (6) of subsection (b) 
     shall not apply with respect to open-end lines of credit if 
     the insured depository institution or insured credit union 
     originated fewer than 500 open-end lines of credit in each of 
     the 2 preceding calendar years.''; and
       (3) by adding at the end the following:
       ``(o) Definitions.--In this section--
       ``(1) the term `insured credit union' has the meaning given 
     the term in section 101 of the Federal Credit Union Act (12 
     U.S.C. 1752); and
       ``(2) the term `insured depository institution' has the 
     meaning given the term in section 3 of the Federal Deposit 
     Insurance Act (12 U.S.C. 1813).''.
       (b) Lookback Study.--
       (1) Study.--Not earlier than 2 years after the date of 
     enactment of this Act, the Comptroller General of the United 
     States shall conduct a study to evaluate the impact of the 
     amendments made by subsection (a) on the amount of data 
     available under the Home Mortgage Disclosure Act of 1975 (12 
     U.S.C. 2801 et seq.) at the national and local level.
       (2) Report.--Not later than 3 years after the date of 
     enactment of this Act, the Comptroller General of the United 
     States shall submit to the Committee on Banking, Housing, and 
     Urban Affairs of the Senate and the Committee on Financial 
     Services of the House of Representatives a report that 
     includes the findings and conclusions of the Comptroller 
     General with respect to the study required under paragraph 
     (1).
       (c) Technical Correction.--Section 304(i)(3) of the Home 
     Mortgage Disclosure Act of 1975, as so redesignated by 
     subsection (a)(1), is amended by striking ``section 
     303(2)(A)'' and inserting ``section 303(3)(A)''.

     SEC. 105. CREDIT UNION RESIDENTIAL LOANS.

       (a) Removal From Member Business Loan Limitation.--Section 
     107A(c)(1)(B)(i) of the Federal Credit Union Act (12 U.S.C. 
     1757a(c)(1)(B)(i)) is amended by striking ``that is the 
     primary residence of a member''.
       (b) Rule of Construction.--Nothing in this section or the 
     amendment made by this section shall preclude the National 
     Credit Union Administration from treating an extension of 
     credit that is fully secured by a lien on a 1- to 4-family 
     dwelling that is not the primary residence of a member as a 
     member business loan for purposes other than the member 
     business loan limitation requirements under section 107A of 
     the Federal Credit Union Act (12 U.S.C. 1757a).

     SEC. 106. ELIMINATING BARRIERS TO JOBS FOR LOAN ORIGINATORS.

       (a) In General.--The S.A.F.E. Mortgage Licensing Act of 
     2008 (12 U.S.C. 5101 et seq.) is amended by adding at the end 
     the following:

     ``SEC. 1518. EMPLOYMENT TRANSITION OF LOAN ORIGINATORS.

       ``(a) Definitions.--In this section:
       ``(1) Application state.--The term `application State' 
     means a State in which a registered loan originator or a 
     State-licensed loan originator seeks to be licensed.
       ``(2) State-licensed mortgage company.--The term `State-
     licensed mortgage company' means an entity that is licensed 
     or registered under the law of any State to engage in 
     residential mortgage loan origination and processing 
     activities.
       ``(b) Temporary Authority To Originate Loans for Loan 
     Originators Moving From a Depository Institution to a Non-
     Depository Institution.--
       ``(1) In general.--Upon becoming employed by a State-
     licensed mortgage company, an individual who is a registered 
     loan originator shall be deemed to have temporary authority 
     to act as a loan originator in an application State for the 
     period described in paragraph (2) if the individual--
       ``(A) has not had--
       ``(i) an application for a loan originator license denied; 
     or
       ``(ii) a loan originator license revoked or suspended in 
     any governmental jurisdiction;
       ``(B) has not been subject to, or served with, a cease and 
     desist order--
       ``(i) in any governmental jurisdiction; or
       ``(ii) under section 1514(c);
       ``(C) has not been convicted of a felony that would 
     preclude licensure under the law of the application State;
       ``(D) has submitted an application to be a State-licensed 
     loan originator in the application State; and
       ``(E) was registered in the Nationwide Mortgage Licensing 
     System and Registry as a loan originator during the 1-year 
     period preceding the date on which the information required 
     under section 1505(a) is submitted.
       ``(2) Period.--The period described in this paragraph shall 
     begin on the date on which an individual described in 
     paragraph (1) submits the information required under section 
     1505(a) and shall end on the earliest of the date--

[[Page S1434]]

       ``(A) on which the individual withdraws the application to 
     be a State-licensed loan originator in the application State;
       ``(B) on which the application State denies, or issues a 
     notice of intent to deny, the application;
       ``(C) on which the application State grants a State 
     license; or
       ``(D) that is 120 days after the date on which the 
     individual submits the application, if the application is 
     listed on the Nationwide Mortgage Licensing System and 
     Registry as incomplete.
       ``(c) Temporary Authority To Originate Loans for State-
     Licensed Loan Originators Moving Interstate.--
       ``(1) In general.--A State-licensed loan originator shall 
     be deemed to have temporary authority to act as a loan 
     originator in an application State for the period described 
     in paragraph (2) if the State-licensed loan originator--
       ``(A) meets the requirements of subparagraphs (A), (B), 
     (C), and (D) of subsection (b)(1);
       ``(B) is employed by a State-licensed mortgage company in 
     the application State; and
       ``(C) was licensed in a State that is not the application 
     State during the 30-day period preceding the date on which 
     the information required under section 1505(a) was submitted 
     in connection with the application submitted to the 
     application State.
       ``(2) Period.--The period described in this paragraph shall 
     begin on the date on which the State-licensed loan originator 
     submits the information required under section 1505(a) in 
     connection with the application submitted to the application 
     State and end on the earliest of the date--
       ``(A) on which the State-licensed loan originator withdraws 
     the application to be a State-licensed loan originator in the 
     application State;
       ``(B) on which the application State denies, or issues a 
     notice of intent to deny, the application;
       ``(C) on which the application State grants a State 
     license; or
       ``(D) that is 120 days after the date on which the State-
     licensed loan originator submits the application, if the 
     application is listed on the Nationwide Mortgage Licensing 
     System and Registry as incomplete.
       ``(d) Applicability.--
       ``(1) Employer of loan originators.--Any person employing 
     an individual who is deemed to have temporary authority to 
     act as a loan originator in an application State under this 
     section shall be subject to the requirements of this title 
     and to applicable State law to the same extent as if that 
     individual was a State-licensed loan originator licensed by 
     the application State.
       ``(2) Engaging in mortgage loan activities.--Any individual 
     who is deemed to have temporary authority to act as a loan 
     originator in an application State under this section and who 
     engages in residential mortgage loan origination activities 
     shall be subject to the requirements of this title and to 
     applicable State law to the same extent as if that individual 
     was a State-licensed loan originator licensed by the 
     application State.''.
       (b) Table of Contents Amendment.--Section 1(b) of the 
     Housing and Economic Recovery Act of 2008 (42 U.S.C. 4501 
     note) is amended by inserting after the item relating to 
     section 1517 the following:

``Sec. 1518. Employment transition of loan originators.''.
       (c) Effective Date.--This section and the amendments made 
     by this section shall take effect on the date that is 18 
     months after the date of enactment of this Act.

     SEC. 107. PROTECTING ACCESS TO MANUFACTURED HOMES.

       Section 103 of the Truth in Lending Act (15 U.S.C. 1602) is 
     amended--
       (1) by redesignating the second subsection (cc) (relating 
     to definitions relating to mortgage origination and 
     residential mortgage loans) and subsection (dd) as 
     subsections (dd) and (ee), respectively; and
       (2) in paragraph (2) of subsection (dd), as so 
     redesignated, by striking subparagraph (C) and inserting the 
     following:
       ``(C) does not include any person who is--
       ``(i) not otherwise described in subparagraph (A) or (B) 
     and who performs purely administrative or clerical tasks on 
     behalf of a person who is described in any such subparagraph; 
     or
       ``(ii) a retailer of manufactured or modular homes or an 
     employee of the retailer if the retailer or employee, as 
     applicable--

       ``(I) does not receive compensation or gain for engaging in 
     activities described in subparagraph (A) that is in excess of 
     any compensation or gain received in a comparable cash 
     transaction;
       ``(II) discloses to the consumer--

       ``(aa) in writing any corporate affiliation with any 
     [lender] creditor; and
       ``(bb) if the retailer has a corporate affiliation with any 
     [lender] creditor, at least 1 unaffiliated [lender] creditor; 
     and

       ``(III) does not directly negotiate with the consumer or 
     lender on loan terms (including rates, fees, and other 
     costs).''.

     SEC. 108. PROPERTY ASSESSED CLEAN ENERGY FINANCING.

       Section 129C(b)(3) of the Truth in Lending Act (15 U.S.C. 
     1639c(b)(3)) is amended by adding at the end the following:
       ``(C) Consideration of underwriting requirements for 
     property assessed clean energy financing.--
       ``(i) Definition.--In this subparagraph, the term `Property 
     Assessed Clean Energy financing' means financing to cover the 
     costs of home improvements that results in a tax assessment 
     on the real property of the consumer.
       ``(ii) Regulations.--The Bureau shall prescribe regulations 
     that carry out the purposes of subsection (a) and apply 
     section 130 with respect to violations under subsection (a) 
     of this section with respect to Property Assessed Clean 
     Energy financing, which shall account for the unique nature 
     of Property Assessed Clean Energy financing.
       ``(iii) Collection of information and consultation.--In 
     prescribing the regulations under this subparagraph, the 
     Bureau--

       ``(I) may collect such information and data that the Bureau 
     determines is necessary; and
       ``(II) shall consult with State and local governments and 
     bond-issuing authorities.''.

     SEC. 109. ESCROW REQUIREMENTS RELATING TO CERTAIN CONSUMER 
                   CREDIT TRANSACTIONS.

       Section [129D(c)] 129D of the Truth in Lending Act (15 
     U.S.C. [1639d(c)] 1639d) is amended--
       (1) [by] in subsection (c)--
       (A) by redesignating paragraphs (1) through (4) as 
     subparagraphs (A) through (D), respectively, and adjusting 
     the margins accordingly;
       [(2)](B) in the matter preceding subparagraph (A), as so 
     redesignated, by striking ``The Board'' and inserting the 
     following:
       ``(1) In general.--The Bureau'';
       [(3)](C) in paragraph (1), as so redesignated, by striking 
     ``the Board'' each place that term appears and inserting 
     ``the Bureau''; and
       [(4)](D) by adding at the end the following:
       ``(2) Treatment of loans held by smaller institutions.--The 
     Bureau shall, by regulation, exempt from the requirements of 
     subsection (a) any loan made by an insured depository 
     institution or an insured credit union secured by a first 
     lien on the principal dwelling of a consumer if--
       ``(A) the insured depository institution or insured credit 
     union has assets of $10,000,000,000 or less;
       ``(B) during the preceding calendar year, the insured 
     depository institution or insured credit union and its 
     affiliates originated 1,000 or fewer loans secured by a first 
     lien on a principal dwelling; and
       ``(C) the transaction [otherwise] satisfies the criteria in 
     sections [1026.35(b)(2)(iii)] 1026.35(b)(2)(iii)(A), 
     1026.35(b)(2)(iii)(D), and 1026.35(b)(2)(v) of title 12, Code 
     of Federal Regulations, or any successor regulation.''[.]; 
     and
       (2) in subsection (i), by adding at the end the following:
       ``(3) Insured credit union.--The term `insured credit 
     union' has the meaning given the term in section 101 of the 
     Federal Credit Union Act (12 U.S.C. 1752).
       ``(4) Insured depository institution.--The term `insured 
     depository institution' has the meaning given the term in 
     section 3 of the Federal Deposit Insurance Act (12 U.S.C. 
     1813).''.

     SEC. 110. NO WAIT FOR LOWER MORTGAGE RATES.

       (a) In General.--Section 129(b) of the Truth in Lending Act 
     (15 U.S.C. 1639(b)) is amended--
       (1) by redesignating paragraph (3) as paragraph (4); and
       (2) by inserting after paragraph (2) the following:
       ``(3) No wait for lower rate.--If a creditor extends to a 
     consumer a second offer of credit with a lower annual 
     percentage rate, the transaction may be consummated without 
     regard to the period specified in paragraph (1) with respect 
     to the second offer.''.
       (b) Sense of Congress.--It is the sense of Congress that, 
     whereas the Bureau of Consumer Financial Protection issued a 
     final rule entitled ``Integrated Mortgage Disclosures Under 
     the Real Estate Settlement Procedures Act (Regulation X) and 
     the Truth in Lending Act (Regulation Z)'' (78 Fed. Reg. 79730 
     (December 31, 2013)) (in this subsection referred to as the 
     ``TRID Rule'') to combine the disclosures a consumer receives 
     in connection with applying for and closing on a mortgage 
     loan, the Bureau of Consumer Financial Protection should 
     endeavor to provide clearer, authoritative guidance on--
       (1) the applicability of the TRID Rule to mortgage 
     assumption transactions;
       (2) the applicability of the TRID Rule to construction-to-
     permanent home loans, and the conditions under which those 
     loans can be properly originated; and
       (3) the extent to which lenders can rely on model 
     disclosures published by the Bureau of Consumer Financial 
     Protection without liability if recent changes to regulations 
     are not reflected in the sample TRID Rule forms published by 
     the Bureau of Consumer Financial Protection.

  TITLE II--REGULATORY RELIEF AND PROTECTING CONSUMER ACCESS TO CREDIT

     SEC. 201. CAPITAL SIMPLIFICATION FOR QUALIFYING COMMUNITY 
                   BANKS.

       (a) Definitions.--In this section:
       (1) Community bank leverage ratio.--The term ``Community 
     Bank Leverage Ratio'' means the ratio of the tangible equity 
     capital of a qualifying community bank, as reported on the 
     qualifying community bank's applicable regulatory filing with 
     the qualifying community bank's appropriate Federal banking 
     agency, to the average total consolidated assets of the 
     qualifying community bank, as reported on the qualifying 
     community bank's applicable regulatory filing with the 
     qualifying community bank's appropriate Federal banking 
     agency.

[[Page S1435]]

       (2) Generally applicable leverage capital requirements; 
     generally applicable risk-based capital requirements.--The 
     terms ``generally applicable leverage capital requirements'' 
     and ``generally applicable risk-based capital requirements'' 
     have the meanings given those terms in section 171(a) of the 
     Financial Stability Act of 2010 (12 U.S.C. 5371(a)).
       (3) Qualifying community bank.--
       (A) Asset threshold.--The term ``qualifying community 
     bank'' means a depository institution or depository 
     institution holding company with total consolidated assets of 
     less than $10,000,000,000.
       (B) Risk profile.--The appropriate Federal banking agencies 
     may determine that a depository institution or depository 
     institution holding company (or a class of depository 
     institutions or depository institution holding companies) 
     described in subparagraph (A) is not a qualifying community 
     bank based on the depository institution's or depository 
     institution holding company's risk profile, which shall be 
     based on consideration of--
       (i) off-balance sheet exposures;
       (ii) trading assets and liabilities;
       (iii) total notional derivatives exposures; and
       (iv) such other factors as the appropriate Federal banking 
     agencies determine appropriate.
       (b) Community Bank Leverage Ratio.--The appropriate Federal 
     banking agencies shall, through notice and comment rule 
     making under section 553 of title 5, United States Code--
       (1) develop a Community Bank Leverage Ratio of not less 
     than 8 percent and not more than 10 percent for qualifying 
     community banks; and
       (2) establish procedures for treatment of a [qualified] 
     qualifying community bank that has a Community Bank Leverage 
     Ratio that is falls below the percentage developed under 
     paragraph (1) after exceeding the percentage developed under 
     paragraph (1).
       (c) Capital Compliance.--
       (1) In general.--Any qualifying community bank that [meets] 
     exceeds the Community Bank Leverage Ratio developed under 
     subsection (b)(1) shall be considered to have met--
       (A) the generally applicable leverage capital requirements 
     and the generally applicable risk-based capital requirements;
       (B) in the case of a qualifying community bank that is a 
     depository institution, the capital ratio requirements that 
     are required in order to be considered well capitalized under 
     section 38 of the Federal Deposit Insurance Act (12 U.S.C. 
     1831o) and any regulation implementing that section; and
       (C) any other capital or leverage requirements to which the 
     qualifying community bank is subject.
       (2) Existing authorities.--Nothing in paragraph (1) shall 
     limit the authority of the appropriate Federal banking 
     agencies as in effect on the date of enactment of this Act.
       (d) Consultation.--The appropriate Federal banking agencies 
     shall--
       (1) consult with the applicable State bank supervisors in 
     carrying out this section; and
       (2) notify the applicable State bank supervisor of any 
     qualifying community bank that it supervises that exceeds, or 
     does not exceed after previously exceeding, the Community 
     Bank Leverage ratio developed under subsection (b)(1).

     SEC. 202. LIMITED EXCEPTION FOR RECIPROCAL DEPOSITS.

       (a) In General.--Section 29 of the Federal Deposit 
     Insurance Act (12 U.S.C. 1831f) is amended by adding at the 
     end the following:
       ``(i) Limited Exception for Reciprocal Deposits.--
       ``(1) In general.--Reciprocal deposits of an agent 
     institution shall not be considered to be funds obtained, 
     directly or indirectly, by or through a deposit broker to the 
     extent that the total amount of such reciprocal deposits does 
     not exceed the lesser of--
       ``(A) $5,000,000,000; or
       ``(B) an amount equal to 20 percent of the total 
     liabilities of the agent institution.
       ``(2) Definitions.--In this subsection:
       ``(A) Agent institution.--The term `agent institution' 
     means an insured depository institution that places a covered 
     deposit through a deposit placement network at other insured 
     depository institutions in amounts that are less than or 
     equal to the standard maximum deposit insurance amount, 
     specifying the interest rate to be paid for such amounts, if 
     the insured depository institution--
       ``(i)(I) when most recently examined under section 10(d) 
     was found to have a composite condition of outstanding or 
     good; and
       ``(II) is well capitalized;
       ``(ii) has obtained a waiver pursuant to subsection (c); or
       ``(iii) does not receive an amount of reciprocal deposits 
     that causes the total amount of reciprocal deposits held by 
     the agent institution to be greater than the average of the 
     total amount of reciprocal deposits held by the agent 
     institution on the last day of each of the 4 calendar 
     quarters preceding the calendar quarter in which the agent 
     institution was found not to have a composite condition of 
     outstanding or good or was determined to be not well 
     capitalized.
       ``(B) Covered deposit.--The term `covered deposit' means a 
     deposit that--
       ``(i) is submitted for placement through a deposit 
     placement network by an agent institution; and
       ``(ii) does not consist of funds that were obtained for the 
     agent institution, directly or indirectly, by or through a 
     deposit broker before submission for placement through a 
     deposit placement network.
       ``(C) Deposit placement network.--The term `deposit 
     placement network' means a network in which an insured 
     depository institution participates, together with other 
     insured depository institutions, for the processing and 
     receipt of reciprocal deposits.
       ``(D) Network member bank.--The term `network member bank' 
     means an insured depository institution that is a member of a 
     deposit placement network.
       ``(E) Reciprocal deposits.--The term `reciprocal deposits' 
     means deposits received by an agent institution through a 
     deposit placement network with the same maturity (if any) and 
     in the same aggregate amount as covered deposits placed by 
     the agent institution in other network member banks.
       ``(F) Well capitalized.--The term `well capitalized' has 
     the meaning given the term in section 38(b)(1).''.
       (b) Interest Rate Restriction.--Section 29 of the Federal 
     Deposit Insurance Act (12 U.S.C. 1831f) is amended by 
     striking subsection (e) and inserting the following:
       ``(e) Restriction on Interest Rate Paid.--
       ``(1) Definitions.--In this subsection--
       ``(A) the terms `agent institution', `reciprocal deposits', 
     and `well capitalized' have the meanings given those terms in 
     subsection (i); and
       ``(B) the term `covered insured depository institution' 
     means an insured depository institution that--
       ``(i) under subsection (c) or (d), accepts funds obtained, 
     directly or indirectly, by or through a deposit broker; or
       ``(ii) while acting as an agent institution under 
     subsection (i), accepts reciprocal deposits while not well 
     capitalized.
       ``(2) Prohibition.--A covered insured depository 
     institution may not pay a rate of interest on funds or 
     reciprocal deposits described in paragraph (1) that, at the 
     time that the funds or reciprocal deposits are accepted, 
     significantly exceeds the limit set forth in paragraph (3).
       ``(3) Limit on interest rates.--The limit on the rate of 
     interest referred to in paragraph (2) shall be--
       ``(A) the rate paid on deposits of similar maturity in the 
     normal market area of the covered insured depository 
     institution for deposits accepted in the normal market area 
     of the covered insured depository institution; or
       ``(B) the national rate paid on deposits of comparable 
     maturity, as established by the Corporation, for deposits 
     accepted outside the normal market area of the covered 
     insured depository institution.''.

     SEC. 203. COMMUNITY BANK RELIEF.

       Section 13(h) of the Bank Holding Company Act of 1956 (12 
     U.S.C. 1851(h)) is amended--
       (1) in paragraph (1)--
       (A) in subparagraph (D), by redesignating clauses (i) and 
     (ii) as subclauses (I) and (II), respectively, and adjusting 
     the margins accordingly;
       (B) by redesignating subparagraphs (A) through (D) as 
     clauses (i) through (iv), respectively, and adjusting the 
     margins accordingly;
       (C) in the matter preceding clause (i), as so redesignated, 
     in the second sentence, by striking ``institution that 
     functions solely in a trust or fiduciary capacity, if--'' and 
     inserting the following: ``institution--
       ``(A) that functions solely in a trust or fiduciary 
     capacity, if--'';
       (D) in clause (iv)(II), as so redesignated, by striking the 
     period at the end and inserting ``; or''; and
       (E) by adding at the end the following:
       [``(B) with--
       [``(i) not more than $10,000,000,000 of total consolidated 
     assets; and]
       ``(B) that does not have and is not controlled by a company 
     that has--
       ``(i) more than $10,000,000,000 in total consolidated 
     assets; and
       ``(ii) total trading assets and trading liabilities, as 
     reported on the most recent applicable regulatory filing 
     filed by the institution, that are not more than 5 percent of 
     total consolidated assets.''.

     SEC. 204. REMOVING NAMING RESTRICTIONS.

       Section 13 of the Bank Holding Company Act of 1956 (12 
     U.S.C. 1851) is amended--
       (1) in subsection (d)(1)(G)(vi), by inserting before the 
     semicolon the following: ``, except that the hedge fund or 
     private equity fund may share the same name or a variation of 
     the same name as a banking entity that is an investment 
     adviser to the hedge fund or private equity fund, if--

       ``(I) such investment adviser is not an insured depository 
     institution, a company that controls an insured depository 
     institution, or a company that is treated as a bank holding 
     company for purposes of section 8 of the International 
     Banking Act of 1978 (12 U.S.C. 3106);
       ``(II) such investment adviser does not share the same name 
     or a variation of the same name as an insured depository 
     institution, any company that controls an insured depository 
     institution, or any company that is treated as a bank holding 
     company for purposes of section 8 of the International 
     Banking Act of 1978 (12 U.S.C. 3106); and
       ``(III) such name does not contain the word `bank' ''; and

       (2) in subsection (h)(5)(C), by inserting before the period 
     the following: ``, except as permitted under subsection 
     (d)(1)(G)(vi)''.

     SEC. 205. SHORT FORM CALL REPORTS.

       Section 7(a) of the Federal Deposit Insurance Act (12 
     U.S.C. 1817(a)) is amended by adding at the end the 
     following:

[[Page S1436]]

       ``(12) Short form reporting.--
       ``(A) In general.--The appropriate Federal banking agencies 
     shall issue regulations that allow for a reduced reporting 
     requirement for a covered depository institution when the 
     institution makes the first and third report of condition for 
     a year, as required under paragraph (3).
       ``(B) Definition.--In this paragraph, the term `covered 
     depository institution' means an insured depository 
     institution that--
       ``(i) has less than $5,000,000,000 in total consolidated 
     assets; and
       ``(ii) satisfies such other criteria as the appropriate 
     Federal banking agencies determine appropriate.''.

     SEC. 206. OPTION FOR FEDERAL SAVINGS ASSOCIATIONS TO OPERATE 
                   AS COVERED SAVINGS ASSOCIATIONS.

       The Home Owners' Loan Act (12 U.S.C. 1461 et seq.) is 
     amended by inserting after section 5 (12 U.S.C. 1464) the 
     following:

     ``SEC. 5A. ELECTION TO OPERATE AS A COVERED SAVINGS 
                   ASSOCIATION.

       ``(a) Definition.--In this section, the term `covered 
     savings association' means a Federal savings association that 
     makes an election that is approved under subsection (b).
       ``(b) Election.--
       ``(1) In general.--Upon issuance of rules under subsection 
     (f), and in accordance with those rules, a Federal savings 
     association with total consolidated assets equal to or less 
     than $15,000,000,000 may elect to operate as a covered 
     savings association by submitting a notice to the Comptroller 
     of that election.
       ``(2) Approval.--A Federal savings association shall be 
     deemed to be approved to operate as a covered savings 
     association beginning on the date that is 60 days after the 
     date on which the Comptroller receives the notice submitted 
     under paragraph (1), unless the Comptroller notifies the 
     Federal savings association that the Federal savings 
     association is not eligible.
       ``(c) Rights and Duties.--Notwithstanding any other 
     provision of law, and except as otherwise provided in this 
     section, a covered savings association shall--
       ``(1) have the same rights and privileges as a national 
     bank that has the main office of the national bank situated 
     in the same location as the home office of the covered 
     savings association; and
       ``(2) be subject to the same duties, restrictions, 
     penalties, liabilities, conditions, and limitations that 
     would apply to a national bank described in paragraph (1).
       ``(d) Treatment of Covered Savings Associations.--A covered 
     savings association shall be treated as a Federal savings 
     association for the purposes--
       ``(1) of governance of the covered savings association, 
     including incorporation, bylaws, boards of directors, 
     shareholders, and distribution of dividends;
       ``(2) of consolidation, merger, dissolution, conversion 
     (including conversion to a stock bank or to another charter), 
     conservatorship, and receivership; and
       ``(3) determined by regulation of the Comptroller.
       ``(e) Existing Branches.--A covered savings association may 
     continue to operate any branch or agency that the covered 
     savings association operated on the date on which an election 
     under subsection (b) is approved.
       ``(f) Rule Making.--The Comptroller shall issue rules to 
     carry out this section--
       ``(1) that establish streamlined standards and procedures 
     that clearly identify required documentation [or] and 
     timelines for an election under subsection (b);
       ``(2) that require a Federal savings association that makes 
     an election under subsection (b) to identify specific assets 
     and subsidiaries that--
       ``(A) do not conform to the requirements for assets and 
     subsidiaries of a national bank; and
       ``(B) are held by the Federal savings association on the 
     date on which the Federal savings association submits a 
     notice of the election;
       ``(3) that establish--
       ``(A) a transition process for bringing the assets and 
     subsidiaries described in paragraph (2) into conformance with 
     the requirements for a national bank; and
       ``(B) procedures for allowing the Federal savings 
     association to submit to the Comptroller an application to 
     continue to hold assets and subsidiaries described in 
     paragraph (2) after electing to operate as a covered savings 
     association;
       ``(4) that establish standards and procedures to allow a 
     covered savings association to--
       ``(A) terminate an election under subsection (b) after an 
     appropriate period of time; and
       ``(B) make a subsequent election under subsection (b) after 
     terminating an election under subparagraph (A);
       ``(5) that clarify requirements for the treatment of 
     covered savings associations, including the provisions of law 
     that apply to covered savings associations; and
       ``(6) as the Comptroller determines necessary in the 
     interests of safety and soundness.
       ``(g) Grandfathered Covered Savings Associations.--Subject 
     to the rules issued under subsection (f), a covered savings 
     association may continue to operate as a covered savings 
     association if, after the date on which the election is made 
     under subsection (b), the covered savings association has 
     total consolidated assets greater than $15,000,000,000.''.

     SEC. 207. SMALL BANK HOLDING COMPANY POLICY STATEMENT.

       (a) Definitions.--In this section:
       (1) Board.--The term ``Board'' means the Board of Governors 
     of the Federal Reserve System.
       (2) Savings and loan holding company.--The term ``savings 
     and loan holding company'' has the meaning given the term in 
     section 10(a) of the Home Owners' Loan Act (12 U.S.C. 
     1467a(a)).
       (b) Changes Required to Small Bank Holding Company Policy 
     Statement on Assessment of Financial and Managerial 
     Factors.--Not later than 180 days after the date of enactment 
     of this Act, the Board shall revise appendix C to part 225 of 
     title 12, Code of Federal Regulations (commonly known as the 
     ``Small Bank Holding Company and Savings and Loan Holding 
     Company Policy Statement''), to raise the consolidated asset 
     threshold under that appendix from $1,000,000,000 to 
     $3,000,000,000 for any bank holding company or savings and 
     loan holding company that--
       (1) is not engaged in significant nonbanking activities 
     either directly or through a nonbank subsidiary;
       (2) does not conduct significant off-balance sheet 
     activities (including securitization and asset management or 
     administration) either directly or through a nonbank 
     subsidiary; and
       (3) does not have a material amount of debt or equity 
     securities outstanding (other than trust preferred 
     securities) that are registered with the Securities and 
     Exchange Commission.
       (c) Exclusions.--The Board may exclude any bank holding 
     company or savings and loan holding company, regardless of 
     asset size, from the revision under subsection (b) if the 
     Board determines that such action is warranted for 
     supervisory purposes.
       (d) Conforming Amendment.--Section 171(b)(5) of the 
     Financial Stability Act of 2010 (12 U.S.C. 5371(b)(5)) is 
     amended by striking subparagraph (C) and inserting the 
     following:
       ``(C) any bank holding company or savings and loan holding 
     company that is subject to the application of appendix C to 
     part 225 of title 12, Code of Federal Regulations (commonly 
     known as the `Small Bank Holding Company and Savings and Loan 
     Holding Company Policy Statement').''.

     SEC. 208. APPLICATION OF THE EXPEDITED FUNDS AVAILABILITY 
                   ACT.

       (a) In General.--The Expedited Funds Availability Act (12 
     U.S.C. 4001 et seq.) is amended--
       (1) in section 602 (12 U.S.C. 4001)--
       (A) in paragraph (20), by inserting ``, located in the 
     United States,'' after ``ATM'';
       (B) in paragraph (21), by inserting ``American Samoa, the 
     Commonwealth of the Northern Mariana Islands,'' after 
     ``Puerto Rico,''; and
       (C) in paragraph (23), by inserting ``American Samoa, the 
     Commonwealth of the Northern Mariana Islands,'' after 
     ``Puerto Rico,''; and
       (2) in section 603(d)(2)(A) (12 U.S.C. 4002(d)(2)(A)), by 
     inserting ``American Samoa, the Commonwealth of the Northern 
     Mariana Islands,'' after ``Puerto Rico,''.
       (b) Effective Date.--The amendments made by this section 
     shall take effect on the date that is 30 days after the date 
     of enactment of this Act.

     [SEC. 209. MUTUAL HOLDING COMPANY DIVIDEND WAIVERS.

       [Not later than 180 days after the date of enactment of 
     this Act, the Board of Governors of the Federal Reserve 
     System shall amend section 239.8(d)(2)(iv) of title 12, Code 
     of Federal Regulations, by striking ``12 months'' each place 
     that term appears and inserting ``24 months''.]

     SEC. 2[10]09. SMALL PUBLIC HOUSING AGENCIES.

       (a) Small Public Housing Agencies.--Title I of the United 
     States Housing Act of 1937 (42 U.S.C. 1437 et seq.) is 
     amended by adding at the end the following:

     ``SEC. 38. SMALL PUBLIC HOUSING AGENCIES.

       ``(a) Definitions.--In this section:
       ``(1) Housing voucher program.--The term `housing voucher 
     program' means a program for tenant-based assistance under 
     section 8.
       ``(2) Small public housing agency.--The term `small public 
     housing agency' means a public housing agency--
       ``(A) for which the sum of the number of public housing 
     dwelling units administered by the agency and the number of 
     vouchers under section 8(o) administered by the agency is 550 
     or fewer; and
       ``(B) that predominantly operates in a rural area, as 
     described in section 1026.35(b)(2)(iv)(A) of title 12, Code 
     of Federal Regulations.
       ``(3) Troubled small public housing agency.--The term 
     `troubled small public housing agency' means a small public 
     housing agency designated by the Secretary as a troubled 
     small public housing agency under subsection (c)(3).
       ``(b) Applicability.--Except as otherwise provided in this 
     section, a small public housing agency shall be subject to 
     the same requirements as a public housing agency.
       ``(c) Program Inspections and Evaluations.--
       ``(1) Public housing projects.--
       ``(A) Frequency of inspections by secretary.--The Secretary 
     shall carry out an inspection of the physical condition of a 
     small public housing agency's public housing projects not 
     more frequently than once every 3 years, unless the agency 
     has been designated by the Secretary as a troubled small 
     public housing agency based on deficiencies

[[Page S1437]]

     in the physical condition of its public housing projects. 
     Nothing contained in this subparagraph relieves the Secretary 
     from conducting lead safety inspections or assessments in 
     accordance with procedures established by the Secretary under 
     section 302 of the Lead-Based Paint Poisoning Prevention Act 
     (42 U.S.C. 4822).
       ``(B) Standards.--The Secretary shall apply to small public 
     housing agencies the same standards for the acceptable 
     condition of public housing projects that apply to projects 
     assisted under section 8.
       ``(2) Housing voucher program.--[A small] Except as 
     required by section 8(o)(8)(F), a small public housing agency 
     administering assistance under section 8(o) shall make 
     periodic physical inspections of each assisted dwelling unit 
     not less frequently than once every 3 years to determine 
     whether the unit is maintained in accordance with the 
     requirements under section 8(o)(8)(A). Nothing contained in 
     this paragraph relieves a small public housing agency from 
     conducting lead safety inspections or assessments in 
     accordance with procedures established by the Secretary under 
     section 302 of the Lead-Based Paint Poisoning Prevention Act 
     (42 U.S.C. 4822).
       ``(3) Troubled small public housing agencies.--
       ``(A) Public housing program.--Notwithstanding any other 
     provision of law, the Secretary may designate a small public 
     housing agency as a troubled small public housing agency with 
     respect to the public housing program of the small public 
     housing agency if the Secretary determines that the agency 
     has failed to maintain the public housing units of the small 
     public housing agency in a satisfactory physical condition, 
     based upon an inspection conducted by the Secretary.
       ``(B) Housing voucher program.--Notwithstanding any other 
     provision of law, the Secretary may designate a small public 
     housing agency as a troubled small public housing agency with 
     respect to the housing voucher program of the small public 
     housing agency if the Secretary determines that the agency 
     has failed to comply with the inspection requirements under 
     paragraph (2).
       ``(C) Appeals.--
       ``(i) Establishment.--The Secretary shall establish an 
     appeals process under which a small public housing agency may 
     dispute a designation as a troubled small public housing 
     agency.
       ``(ii) Official.--The appeals process established under 
     clause (i) shall provide for a decision by an official who 
     has not been involved, and is not subordinate to a person who 
     has been involved, in the original determination to designate 
     a small public housing agency as a troubled small public 
     housing agency.
       ``(D) Corrective action agreement.--
       ``(i) Agreement required.--Not later than 60 days after the 
     date on which a small public housing agency is designated as 
     a troubled public housing agency under subparagraph (A) or 
     (B), the Secretary and the small public housing agency shall 
     enter into a corrective action agreement under which the 
     small public housing agency shall undertake actions to 
     correct the deficiencies upon which the designation is based.
       ``(ii) Terms of agreement.--A corrective action agreement 
     entered into under clause (i) shall--

       ``(I) have a term of 1 year, and shall be renewable at the 
     option of the Secretary;
       ``(II) provide, where feasible, for technical assistance to 
     assist the public housing agency in curing its deficiencies;
       ``(III) provide for--

       ``(aa) reconsideration of the designation of the small 
     public housing agency as a troubled small public housing 
     agency not less frequently than annually; and
       ``(bb) termination of the agreement when the Secretary 
     determines that the small public housing agency is no longer 
     a troubled small public housing agency; and

       ``(IV) provide that in the event of substantial 
     noncompliance by the small public housing agency under the 
     agreement, the Secretary may--

       ``(aa) contract with another public housing agency or a 
     private entity to manage the public housing of the troubled 
     small public housing agency;
       ``(bb) withhold funds otherwise distributable to the 
     troubled small public housing agency;
       ``(cc) assume possession of, and direct responsibility for, 
     managing the public housing of the troubled small public 
     housing agency;
       ``(dd) petition for the appointment of a receiver, in 
     accordance with section 6(j)(3)(A)(ii); and
       ``(ee) exercise any other remedy available to the Secretary 
     in the event of default under the public housing annual 
     contributions contract entered into by the small public 
     housing agency under section 5.
       ``(E) Emergency actions.--Nothing in this paragraph may be 
     construed to prohibit the Secretary from taking any emergency 
     action necessary to protect Federal financial resources or 
     the health or safety of residents of public housing projects.
       ``(d) Reduction of Administrative Burdens.--
       ``(1) Exemption.--Notwithstanding any other provision of 
     law, a small public housing agency shall be exempt from any 
     environmental review requirements with respect to a 
     development or modernization project having a total cost of 
     not more than $100,000.
       ``(2) Streamlined procedures.--The Secretary shall, by 
     rule, establish streamlined procedures for environmental 
     reviews of small public housing agency development and 
     modernization projects having a total cost of more than 
     $100,000.''.
       (b) Energy Conservation.--Section 9(e)(2) of the United 
     States Housing Act of 1937 (42 U.S.C. 1437g(e)(2)) is amended 
     by adding at the end the following:
       ``(D) Freeze of consumption levels.--
       ``(i) In general.--A small public housing agency, as 
     defined in section 38(a), may elect to be paid for its 
     utility and waste management costs under the formula for a 
     period, at the discretion of the small public housing agency, 
     of not more than 20 years based on the small public housing 
     agency's average annual consumption during the 3-year period 
     preceding the year in which the election is made (in this 
     subparagraph referred to as the `consumption base level').
       ``(ii) Initial adjustment in consumption base level.--The 
     Secretary shall make an initial one-time adjustment in the 
     consumption base level to account for differences in the 
     heating degree day average over the most recent 20-year 
     period compared to the average in the consumption base level.
       ``(iii) Adjustments in consumption base level.--The 
     Secretary shall make adjustments in the consumption base 
     level to account for an increase or reduction in units, a 
     change in fuel source, a change in resident controlled 
     electricity consumption, or for other reasons.
       ``(iv) Savings.--All cost savings resulting from an 
     election made by a small public housing agency under this 
     subparagraph--

       ``(I) shall accrue to the small public housing agency; and
       ``(II) may be used for any public housing purpose at the 
     discretion of the small public housing agency.

       ``(v) Third parties.--A small public housing agency making 
     an election under this subparagraph--

       ``(I) may use, but shall not be required to use, the 
     services of a third party in its energy conservation program; 
     and
       ``(II) shall have the sole discretion to determine the 
     source, and terms and conditions, of any financing used for 
     its energy conservation program.''.

       (c) Reporting by Agencies Operating in Consortia.--Not 
     later than 180 days after the date of enactment of this Act, 
     the Secretary of Housing and Urban Development shall develop 
     and deploy all electronic information systems necessary to 
     accommodate full consolidated reporting by public housing 
     agencies, as defined in section 3(b)(6) of the United States 
     Housing Act of 1937 (42 U.S.C. 1437a(b)(6)), electing to 
     operate in consortia under section 13(a) of such Act (42 
     U.S.C. 1437k(a)).
       (d) Effective Date.--The amendments made by subsections (a) 
     and (b) shall take effect on the date that is 60 days after 
     the date of enactment of this Act.
       (e) Shared Waiting Lists.--Not later than 1 year after the 
     date of enactment of this Act, the Secretary of Housing and 
     Urban Development shall make available to interested public 
     housing agencies and owners of multifamily properties 
     receiving assistance from the Department of Housing and Urban 
     Development 1 or more software programs that will facilitate 
     the voluntary use of a shared waiting list by multiple public 
     housing agencies or owners receiving assistance, and shall 
     publish on the website of the Department of Housing and Urban 
     Development procedural guidance for implementing shared 
     waiting lists that includes information on how to obtain the 
     software.

     SEC. 2110. EXAMINATION CYCLE.

       Section 10(d) [(4)(A)] of the Federal Deposit Insurance Act 
     (12 U.S.C. 1820(d) [(4)(A))] is [amended by] amended--
       (1) in paragraph (4)(A), by striking ``$1,000,000,000'' and 
     inserting ``$3,000,000,000''[.]; and
       (2) in paragraph (10), by striking ``$1,000,000,000'' and 
     inserting ``$3,000,000,000''. 

     SEC. 21[2]1. NATIONAL SECURITIES EXCHANGE REGULATORY PARITY.

       Section 18(b)(1) of the Securities Act of 1933 (15 U.S.C. 
     77r(b)(1)) is amended--
       (1) by striking subparagraph (A);
       (2) in subparagraph (B)--
       (A) by inserting ``a security designated as qualified for 
     trading in the national market system pursuant to section 
     11A(a)(2) of the Securities Exchange Act of 1934 (15 U.S.C. 
     78k-1(a)(2)) that is'' before ``listed''; and
       (B) by striking ``that has listing standards that the 
     Commission determines by rule (on its own initiative or on 
     the basis of a petition) are substantially similar to the 
     listing standards applicable to securities described in 
     subparagraph (A)'';
       (3) in subparagraph (C), by striking ``or (B)''; and
       (4) by redesignating subparagraphs (B) and (C) as 
     subparagraphs (A) and (B), respectively.

     SEC. 212. INTERNATIONAL INSURANCE CAPITAL STANDARDS 
                   ACCOUNTABILITY.

       (a) Findings.--Congress finds that--
       (1) the Secretary of the Treasury, Board of Governors of 
     the Federal Reserve System, and Director of the Federal 
     Insurance Office shall support increasing transparency at any 
     global insurance or international standard-setting regulatory 
     or supervisory forum in which they participate, including 
     supporting and advocating for greater public observer access 
     to working groups and committee meetings of the International 
     Association of Insurance Supervisors; and
       (2) to the extent that the Secretary of the Treasury, the 
     Board of Governors of the Federal Reserve System, and the 
     Director of the Federal Insurance Office take a position or 
     reasonably

[[Page S1438]]

     intend to take a position with respect to an insurance 
     proposal by a global insurance regulatory or supervisory 
     forum, the Secretary of the Treasury, the Board of Governors 
     of the Federal Reserve System, and the Director of the 
     Federal Insurance Office shall achieve consensus positions 
     with State insurance regulators through the National 
     Association of Insurance Commissioners, when they are United 
     States participants in negotiations on insurance issues 
     before the International Association of Insurance 
     Supervisors, Financial Stability Board, or any other 
     international forum of financial regulators or supervisors 
     that considers such issues.
       (b) Insurance Policy Advisory Committee.--
       (1) Establishment.--There is established the Insurance 
     Policy Advisory Committee on International Capital Standards 
     and Other Insurance Issues at the Board of Governors of the 
     Federal Reserve System.
       (2) Membership.--The Committee shall be composed of not 
     more than 21 members, all of whom represent a diverse set of 
     expert perspectives from the various sectors of the United 
     States insurance industry, including life insurance, property 
     and casualty insurance and reinsurance, agents and brokers, 
     academics, consumer advocates, or experts on issues facing 
     underserved insurance communities and consumers.
       (c) Reports.--
       (1) Reports and testimony by secretary of the treasury and 
     chairman of the federal reserve.--
       (A) In general.--The Secretary of the Treasury and the 
     Chairman of the Board of Governors of the Federal Reserve 
     System, or their designee, shall submit to the Committee on 
     Banking, Housing, and Urban Affairs of the Senate, and the 
     Committee on Financial Services of the House of 
     Representatives, an annual report and provide annual 
     testimony to the Committee on Banking, Housing, and Urban 
     Affairs of the Senate, and the Committee on Financial 
     Services of the House of Representatives on the efforts of 
     the Secretary and the Chairman with the National Association 
     of Insurance Commissioners with respect to global insurance 
     regulatory or supervisory forums, including--
       (i) a description of the insurance regulatory or 
     supervisory standard-setting issues under discussion at 
     international standard-setting bodies, including the 
     Financial Stability Board and the International Association 
     of Insurance Supervisors;
       (ii) a description of the effects that proposals discussed 
     at international insurance regulatory or supervisory forums 
     of insurance could have on consumer and insurance markets in 
     the United States;
       (iii) a description of any position taken by the Secretary 
     of the Treasury, the Board of Governors of the Federal 
     Reserve System, and the Director of the Federal Insurance 
     Office in international insurance discussions; and
       (iv) a description of the efforts by the Secretary of the 
     Treasury, the Board of Governors of the Federal Reserve 
     System, and the Director of the Federal Insurance Office to 
     increase transparency at the Financial Stability Board with 
     respect to insurance proposals and the International 
     Association of Insurance Supervisors, including efforts to 
     provide additional public access to working groups and 
     committees of the International Association of Insurance 
     Supervisors.
       (B) Termination.--This paragraph shall terminate on 
     December 31, 2022.
       (2) Reports and testimony by national association of 
     insurance commissioners.--The National Association of 
     Insurance Commissioners may provide testimony to Congress on 
     the issues described in paragraph (1)(A).
       (3) Joint report by the chairman of the federal reserve and 
     the director of the federal insurance office.--
       (A) In general.--The Secretary of the Treasury, the 
     Chairman of the Board of Governors of the Federal Reserve 
     System, and the Director of the Federal Insurance Office 
     shall, in consultation with the National Association of 
     Insurance Commissioners, complete a study on, and submit to 
     Congress a report on the results of the study, the impact on 
     consumers and markets in the United States before supporting 
     or consenting to the adoption of any key elements in any 
     international insurance proposal or international insurance 
     capital standard.
       (B) Notice and comment.--
       (i) Notice.--The Secretary of the Treasury, the Chairman of 
     the Board of Governors of the Federal Reserve System, and the 
     Director of the Federal Insurance Office shall provide public 
     notice before the date on which drafting a report required 
     under subparagraph (A) is commenced and after the date on 
     which the draft of the report is completed.
       (ii) Opportunity for comment.--There shall be an 
     opportunity for public comment for a period beginning on the 
     date on which the report is submitted under subparagraph (A) 
     and ending on the date that is 60 days after the date on 
     which the report is submitted.
       (C) Review by comptroller general.--The Secretary of the 
     Treasury, Chairman of the Board of Governors of the Federal 
     Reserve System, and the Director of the Federal Insurance 
     Office shall submit to the Comptroller General of the United 
     States the report described in subparagraph (A) for review.
       (4) Report on increase in transparency.--Not later than 180 
     days after the date of enactment of this Act, the Chairman of 
     the Board of Governors of the Federal Reserve System and the 
     Secretary of the Treasury, or their designees, shall submit 
     to Congress a report and provide testimony to Congress on the 
     efforts of the Chairman and the Secretary to increase 
     transparency at meetings of the International Association of 
     Insurance Supervisors.

     SEC. 213. BUDGET TRANSPARENCY FOR THE NCUA.

       Section 209(b) of the Federal Credit Union Act (12 U.S.C. 
     1789(b)) is amended--
       (1) by redesignating paragraphs (1) and (2) as paragraphs 
     (2) and (3), respectively;
       (2) by inserting before paragraph (2), as so redesignated, 
     the following:
       ``(1) on an annual basis and prior to the submission of the 
     detailed business-type budget required under paragraph (2)--
       ``(A) make publicly available and publish in the Federal 
     Register a draft of the detailed business-type budget; and
       ``(B) hold a public hearing, with public notice provided of 
     the hearing, during which the public may submit comments on 
     the draft of the detailed business-type budget;''; and
       (3) in paragraph (2), as so redesignated--
       (A) by inserting ``detailed'' after ``submit a''; and
       (B) by inserting ``, which shall address any comment 
     submitted by the public under paragraph (1)(B)'' after 
     ``Control Act''.

     SEC. 214. MAKING ONLINE BANKING INITIATION LEGAL AND EASY.

       (a) Definitions.--In this section:
       (1) Affiliate.--The term ``affiliate'' has the meaning 
     given the term in section 2 of the Bank Holding Company Act 
     of 1956 (12 U.S.C. 1841).
       (2) Driver's license.--The term ``driver's license'' means 
     a license issued by a State to an individual that authorizes 
     the individual to operate a motor vehicle on public streets, 
     roads, or highways.
       (3) Federal bank secrecy laws.--The term ``Federal bank 
     secrecy laws'' means--
       (A) section 21 of the Federal Deposit Insurance Act (12 
     U.S.C. 1829b);
       (B) section 123 of Public Law 91-508 (12 U.S.C. 1953); and
       (C) subchapter II of chapter 53 of title 31, United States 
     Code.
       (4) Financial institution.--The term ``financial 
     institution'' means--
       (A) an insured depository institution;
       (B) an insured credit union; or
       (C) any affiliate of an insured depository institution or 
     insured credit union.
       (5) Financial product or service.--The term ``financial 
     product or service'' has the meaning given the term in 
     section 1002 of the Consumer Financial Protection Act of 2010 
     (12 U.S.C. 5481).
       (6) Insured credit union.--The term ``insured credit 
     union'' has the meaning given the term in section 101 of the 
     Federal Credit Union Act (12 U.S.C. 1752).
       (7) Insured depository institution.--The term ``insured 
     depository institution'' has the meaning given the term in 
     section 3 of the Federal Deposit Insurance Act (12 U.S.C. 
     1813).
       (8) Online service.--The term ``online service'' means any 
     Internet-based service, such as a website or mobile 
     application.
       (9) Personal identification card.--The term ``personal 
     identification card'' means an identification document issued 
     by a State or local government to an individual solely for 
     the purpose of identification of that individual.
       (10) Personal information.--The term ``personal 
     information'' means the information displayed on or 
     electronically encoded on a driver's license or personal 
     identification card that is reasonably necessary to fulfill 
     the purpose and uses permitted by subsection (b).
       (11) Scan.--The term ``scan'' means the act of using a 
     device or software to decipher, in an electronically readable 
     format, personal information displayed on or electronically 
     encoded on a driver's license or personal identification 
     card.
       (12) State.--The term ``State'' means any State of the 
     United States, the District of Columbia, the Commonwealth of 
     Puerto Rico, and any other commonwealth, possession, or 
     territory of the United States.
       (b) Use of a Driver's License or Personal Identification 
     Card.--
       (1) In general.--When an individual initiates a request 
     through an online service to open an account with a financial 
     institution or obtain a financial product or service from a 
     financial institution, the financial institution may record 
     personal information from a scan of the driver's license or 
     personal identification card of the individual, or make a 
     copy or receive an image of the driver's license or personal 
     identification card of the individual, and store or retain 
     such information in any electronic format for the purposes 
     described in paragraph (2).
       (2) Uses of information.--Except as required to comply with 
     Federal bank secrecy laws, a financial institution may only 
     use the information obtained under paragraph (1)--
       (A) to verify the authenticity of the driver's license or 
     personal identification card;
       (B) to verify the identity of the individual; and
       (C) to comply with a legal requirement to record, retain, 
     or transmit the personal information in connection with 
     opening an account or obtaining a financial product or 
     service.
       (3) Deletion of image.--A financial institution that makes 
     a copy or receives an image of a driver's license or personal 
     identification card of an individual in accordance with 
     paragraphs (1) and (2) shall, after using the image for the 
     purposes described in paragraph (2), permanently delete--
       (A) any image of the driver's license or personal 
     identification card, as applicable; and
       (B) any copy of any such image.
       (4) Disclosure of personal information.--Nothing in this 
     section shall be construed to amend, modify, or otherwise 
     affect any State or Federal law that governs a financial 
     institution's disclosure and security of personal information 
     that is not publicly available.
       (c) Relation to State Law.--The provisions of this section 
     shall preempt and supersede any State law that conflicts with 
     a provision of this section, but only to the extent of such 
     conflict.

[[Page S1439]]

  


     TITLE III--PROTECTIONS FOR VETERANS, CONSUMERS, AND HOMEOWNERS

     [SEC. 301. PROTECTING CONSUMERS' CREDIT.

       [Section 605A of the Fair Credit Reporting Act (15 U.S.C. 
     1681c-1) is amended--
       [(a) in subsection (a)(1)(A), by striking ``90 days'' and 
     inserting ``1 year''; and
       [(b) by adding at the end the following:
       [``(i) Free Annual Freeze Alerts; Additional Protections 
     for Credit Reports of Minor Consumers.--
       [``(1) Definition.--In this subsection, the term `freeze 
     alert' means a restriction placed on the file of a consumer, 
     prohibiting the ability of a consumer reporting agency to 
     furnish to any person, for the purpose of opening a new 
     account involving the extension of credit, the consumer 
     report of the consumer.
       [``(2) Free annual freeze alert.--
       [``(A) In general.--Notwithstanding any other provision of 
     State law, once every calendar year, free of charge, upon the 
     direct request of a consumer, or an individual acting on 
     behalf of or as a personal representative of the consumer, a 
     consumer reporting agency that maintains a file on the 
     consumer and has received appropriate proof of the identity 
     of the requester shall provide 1 freeze alert in the file of 
     that consumer that shall remain in effect until the consumer 
     or requester requests that such freeze alert be removed.
       [``(B) Removal of alert.--Notwithstanding any other 
     provision of State law, once every calendar year, free of 
     charge, upon the direct request of a consumer, or an 
     individual acting on behalf of or as a personal 
     representative of the consumer, a consumer reporting agency 
     that receives a request to remove a freeze alert provided 
     under paragraph (1) shall remove such a freeze alert.
       [``(C) Rule of construction.--Nothing in this paragraph 
     shall be construed to limit the authority of a State to 
     require consumer reporting agencies to require freeze alerts 
     free of charge.
       [``(3) Additional protections for credit reports of minor 
     consumers.--
       [``(A) In general.--Upon the direct request of an 
     individual acting on behalf of or as a personal 
     representative of a minor, a consumer reporting agency that 
     maintains a file on the minor and has received appropriate 
     proof of the identity of the requester shall include a freeze 
     alert, free of charge, in the file of that minor that shall 
     remain in effect until an individual acting on behalf of or 
     as a personal representative of the minor, or in the case of 
     a minor who is no longer a minor, the minor, requests that 
     such freeze alert be removed.
       [``(B) Block of information.--While a freeze alert under 
     subparagraph (A) is in place, a consumer reporting agency may 
     not release--
       [``(i) the consumer report of the minor;
       [``(ii) any information derived from the consumer report of 
     the minor; or
       [``(iii) any record created for the minor.
       [``(C) Removal.--Notwithstanding any other provision of 
     State law, a consumer reporting agency that receives a 
     request for a freeze alert for a minor or a request to remove 
     a freeze alert for a minor shall provide or remove the freeze 
     alert, as applicable, free of charge.''.]

     SEC. 301. PROTECTING CONSUMERS' CREDIT.

       (a) In General.--Section 605A of the Fair Credit Reporting 
     Act (15 U.S.C. 1681c-1) is amended--
       (1) in subsection (a)(1)(A), by striking ``90 days'' and 
     inserting ``1 year''; and
       (2) by adding at the end the following:
       ``(i) National Security Freeze.--
       ``(1) Definitions.--For purposes of this subsection:
       ``(A) The term `consumer reporting agency' means a consumer 
     reporting agency described in section 603(p).
       ``(B) The term `proper identification' has the meaning of 
     such term as used under section 610.
       ``(C) The term `security freeze' means a restriction that 
     prohibits a consumer reporting agency from disclosing the 
     contents of a consumer report that is subject to such 
     security freeze to any person requesting the consumer report 
     for the purpose of opening a new account involving the 
     extension of credit.
       ``(2) Placement of security freeze.--
       ``(A) In general.--Upon receiving a direct request from a 
     consumer that a consumer reporting agency place a security 
     freeze, and upon receiving proper identification from the 
     consumer, the consumer reporting agency shall, free of 
     charge, place the security freeze not later than--
       ``(i) in the case of a request that is by telephone or 
     electronic means, 1 business day after receiving the request 
     directly from the consumer; or
       ``(ii) in the case of a request that is by mail, 3 business 
     days after receiving the request directly from the consumer.
       ``(B) Confirmation and additional information.--Not later 
     than 5 business days after placing a security freeze under 
     subparagraph (A), a consumer reporting agency shall--
       ``(i) send confirmation of the placement to the consumer; 
     and
       ``(ii) inform the consumer of--

       ``(I) the process by which the consumer may remove the 
     security freeze, including a mechanism to authenticate the 
     consumer; and
       ``(II) the consumer's right described in section 
     615(d)(1)(D).

       ``(C) Notice to third parties.--A consumer reporting agency 
     may advise a third party that a security freeze has been 
     placed with respect to a consumer under subparagraph (A).
       ``(3) Removal of security freeze.--
       ``(A) In general.--A consumer reporting agency shall remove 
     a security freeze placed on the consumer report of a consumer 
     only in the following cases:
       ``(i) Upon the direct request of the consumer.
       ``(ii) The security freeze was placed due to a material 
     misrepresentation of fact by the consumer.
       ``(B) Notice if removal not by request.--If a consumer 
     reporting agency removes a security freeze under subparagraph 
     (A)(ii), the consumer reporting agency shall notify the 
     consumer in writing prior to removing the security freeze.
       ``(C) Removal of security freeze by consumer request.--
     Except as provided in subparagraph (A)(ii), a security freeze 
     shall remain in place until the consumer directly requests 
     that the security freeze be removed. Upon receiving a direct 
     request from a consumer that a consumer reporting agency 
     remove a security freeze, and upon receiving proper 
     identification from the consumer, the consumer reporting 
     agency shall, free of charge, remove the security freeze not 
     later than--
       ``(i) in the case of a request that is by telephone or 
     electronic means, 1 hour after receiving the request for 
     removal; or
       ``(ii) in the case of a request that is by mail, 3 business 
     days after receiving the request for removal.
       ``(D) Third-party requests.--If a third party requests 
     access to a consumer report of a consumer with respect to 
     which a security freeze is in effect, where such request is 
     in connection with an application for credit, and the 
     consumer does not allow such consumer report to be accessed, 
     the third party may treat the application as incomplete.
       ``(4) Exceptions.--A security freeze shall not apply to the 
     making of a consumer report for use of the following:
       ``(A) A person or entity, or a subsidiary, affiliate, or 
     agent of that person or entity, or an assignee of a financial 
     obligation owed by the consumer to that person or entity, or 
     a prospective assignee of a financial obligation owed by the 
     consumer to that person or entity in conjunction with the 
     proposed purchase of the financial obligation, with which the 
     consumer has or had prior to assignment an account or 
     contract including a demand deposit account, or to whom the 
     consumer issued a negotiable instrument, for the purposes of 
     reviewing the account or collecting the financial obligation 
     owed for the account, contract, or negotiable instrument. For 
     purposes of this subparagraph, `reviewing the account' 
     includes activities related to account maintenance, 
     monitoring, credit line increases, and account upgrades and 
     enhancements.
       ``(B) A subsidiary, affiliate, agent, assignee, or 
     prospective assignee of a person to whom access has been 
     granted for purposes of facilitating the extension of credit 
     or other permissible use.
       ``(C) Any Federal, State, or local agency, law enforcement 
     agency, trial court, or private collection agency acting 
     pursuant to a court order, warrant, or subpoena.
       ``(D) A child support agency acting pursuant to part D of 
     title IV of the Social Security Act (42 U.S.C. 651 et seq.).
       ``(E) A State or its agents or assigns acting to 
     investigate fraud or acting to investigate or collect 
     delinquent taxes or unpaid court orders or to fulfill any of 
     its other statutory responsibilities, provided such 
     responsibilities are consistent with a permissible purpose 
     under section 604.
       ``(F) By a person using credit information for the purposes 
     described under section 604(c).
       ``(G) Any person or entity administering a credit file 
     monitoring subscription or similar service to which the 
     consumer has subscribed.
       ``(H) Any person or entity for the purpose of providing a 
     consumer with a copy of the consumer's consumer report or 
     credit score, upon the request of the consumer.
       ``(I) Any person using the information in connection with 
     the underwriting of insurance.
       ``(J) Any person using the information for employment, 
     tenant, or background screening purposes.
       ``(5) Notice of rights.--At any time a consumer is required 
     to receive a summary of rights required under section 609, 
     the following notice shall be included:

        `` `Consumers Have the Right To Obtain a Security Freeze

       `` `You have a right to place a ``security freeze'' on your 
     credit report, which will prohibit a consumer reporting 
     agency from releasing information in your credit report 
     without your express authorization. The security freeze is 
     designed to prevent credit, loans, and services from being 
     approved in your name without your consent. However, you 
     should be aware that using a security freeze to take control 
     over who gets access to the personal and financial 
     information in your credit report may delay, interfere with, 
     or prohibit the timely approval of any subsequent request or 
     application you make regarding a new loan, credit, mortgage, 
     or any other account involving the extension of credit.
       `` `As an alternative to a security freeze, you have the 
     right to place an initial or extended fraud alert on your 
     credit file at no cost. An initial fraud alert is a 1-year 
     alert that is placed on a consumer's credit file. Upon seeing 
     a fraud alert display on a consumer's credit file, a business 
     is required to take steps to verify the consumer's identity 
     before extending new credit. If you are a victim of identity 
     theft, you are entitled to an extended fraud alert, which is 
     a fraud alert lasting 7 years.
       `` `A security freeze does not apply to a person or entity, 
     or its affiliates, or collection agencies acting on behalf of 
     the person or entity, with which you have an existing account 
     that requests information in your credit report for the 
     purposes of reviewing or collecting the account.

[[Page S1440]]

     Reviewing the account includes activities related to account 
     maintenance, monitoring, credit line increases, and account 
     upgrades and enhancements.'.
       ``(6) Webpage.--
       ``(A) Consumer reporting agencies.--A consumer reporting 
     agency shall establish a webpage that--
       ``(i) allows a consumer to request a security freeze;
       ``(ii) allows a consumer to request an initial fraud alert;
       ``(iii) allows a consumer to request an extended fraud 
     alert;
       ``(iv) allows a consumer to request an active duty fraud 
     alert;
       ``(v) allows a consumer to opt-out of the use of 
     information in a consumer report to send the consumer a 
     solicitation of credit or insurance, in accordance with 
     section 615(d); and
       ``(vi) shall not be the only mechanism by which a consumer 
     may request a security freeze.
       ``(B) FTC.--The Federal Trade Commission shall establish a 
     single webpage that includes a link to each webpage 
     established under subparagraph (A) within the Federal Trade 
     Commission's website www.Identitytheft.gov, or a successor 
     website.
       ``(j) National Protection for Files and Credit Records of 
     Minors.--
       ``(1) Definitions.--As used in this subsection:
       ``(A) The term `consumer reporting agency' means a consumer 
     reporting agency described in section 603(p).
       ``(B) The term `minor' means an individual who is under the 
     age of 16 years at the time a request for the placement of a 
     security freeze is made.
       ``(C) The term `minor's representative' means a person who 
     provides to a consumer reporting agency sufficient proof of 
     authority to act on behalf of a minor.
       ``(D) The term `record' means a compilation of information 
     that--
       ``(i) identifies a minor;
       ``(ii) is created by a consumer reporting agency solely for 
     the purpose of complying with this subsection; and
       ``(iii) may not be created or used to consider the minor's 
     credit worthiness, credit standing, credit capacity, 
     character, general reputation, personal characteristics, or 
     mode of living.
       ``(E) The term `security freeze' means a restriction that 
     prohibits a consumer reporting agency from disclosing the 
     contents of a consumer report that is the subject of such 
     security freeze or, in the case of a minor for whom the 
     consumer reporting agency does not have a file, a record that 
     is subject to such security freeze to any person requesting 
     the consumer report for the purpose of opening a new account 
     involving the extension of credit.
       ``(F) The term `sufficient proof of authority' means 
     documentation that shows a minor's representative has 
     authority to act on behalf of a minor and includes--
       ``(i) an order issued by a court of law;
       ``(ii) a lawfully executed and valid power of attorney;
       ``(iii) a document issued by a Federal, State, or local 
     government agency in the United States showing proof of 
     parentage, including a birth certificate; or
       ``(iv) with respect to a minor who has been placed in a 
     foster care setting, a written communication from a county 
     welfare department or its agent or designee, or a county 
     probation department or its agent or designee, certifying 
     that the minor is in a foster care setting under its 
     jurisdiction.
       ``(G) The term `sufficient proof of identification' means 
     information or documentation that identifies a minor and a 
     minor's representative and includes--
       ``(i) a social security number or a copy of a social 
     security card issued by the Social Security Administration;
       ``(ii) a certified or official copy of a birth certificate 
     issued by the entity authorized to issue the birth 
     certificate; or
       ``(iii) a copy of a driver's license, an identification 
     card issued by the motor vehicle administration, or any other 
     government issued identification.
       ``(2) Placement of security freeze for a minor.--
       ``(A) In general.--Upon receiving a direct request from a 
     minor's representative that a consumer reporting agency place 
     a security freeze, and upon receiving sufficient proof of 
     identification and sufficient proof of authority, the 
     consumer reporting agency shall, free of charge, place the 
     security freeze not later than--
       ``(i) in the case of a request that is by telephone or 
     electronic means, 1 business day after receiving the request 
     directly from the minor's representative; or
       ``(ii) in the case of a request that is by mail, 3 business 
     days after receiving the request directly from the minor's 
     representative.
       ``(B) Confirmation and additional information.--Not later 
     than 5 business days after placing a security freeze under 
     subparagraph (A), a consumer reporting agency shall--
       ``(i) send confirmation of the placement to the minor's 
     representative; and
       ``(ii) inform the minor's representative of the process by 
     which the minor may remove the security freeze, including a 
     mechanism to authenticate the minor's representative.
       ``(C) Creation of file.--If a consumer reporting agency 
     does not have a file pertaining to a minor when the consumer 
     reporting agency receives a direct request under subparagraph 
     (A), the consumer reporting agency shall create a record for 
     the minor.
       ``(3) Prohibition on release of record or file of minor.--
     After a security freeze has been placed under paragraph 
     (2)(A), and unless the security freeze is removed in 
     accordance with this subsection, a consumer reporting agency 
     may not release the minor's consumer report, any information 
     derived from the minor's consumer report, or any record 
     created for the minor.
       ``(4) Removal of a minor security freeze.--
       ``(A) In general.--A consumer reporting agency shall remove 
     a security freeze placed on the consumer report of a minor 
     only in the following cases:
       ``(i) Upon the direct request of the minor's 
     representative.
       ``(ii) Upon the direct request of the minor, if the minor 
     is not under the age of 16 years at the time of the request.
       ``(iii) The security freeze was placed due to a material 
     misrepresentation of fact by the minor's representative.
       ``(B) Notice if removal not by request.--If a consumer 
     reporting agency removes a security freeze under subparagraph 
     (A)(iii), the consumer reporting agency shall notify the 
     minor's representative in writing prior to removing the 
     security freeze.
       ``(C) Removal of freeze by request.--Except as provided in 
     subparagraph (A)(iii), a security freeze shall remain in 
     place until a minor's representative or minor described in 
     subparagraph (A)(ii) directly requests that the security 
     freeze be removed. Upon receiving a direct request from the 
     minor's representative or minor described in subparagraph 
     (A)(ii) that a consumer reporting agency remove a security 
     freeze, and upon receiving sufficient proof of identification 
     and sufficient proof of authority, the consumer reporting 
     agency shall, free of charge, remove the security freeze not 
     later than--
       ``(i) in the case of a request that is by telephone or 
     electronic means, 1 hour after receiving the request for 
     removal; or
       ``(ii) in the case of a request that is by mail, 3 business 
     days after receiving the request for removal.''.
       (b) Conforming Amendment.--Section 625(b)(1) of the Fair 
     Credit Reporting Act (15 U.S.C. 1681t(b)(1)) is amended--
       (1) in subparagraph (H), by striking ``or'' at the end;
       (2) in subparagraph (I), by adding ``or'' at the end; and
       (3) by adding at the end the following:
       ``(J) subsections (i) and (j) of section 605A relating to 
     security freezes;''.
       (c) Effective Date.--The amendments made by this section 
     shall take effect on the date that is 120 days after the date 
     of enactment of this Act.

     SEC. 302. PROTECTING VETERANS' CREDIT.

       (a) Purposes.--The purposes of this section are--
       (1) to rectify problematic reporting of medical debt 
     included in a consumer report of a veteran due to 
     inappropriate or delayed payment for hospital care or medical 
     services provided in a non-Department of Veterans Affairs 
     facility under the laws administered by the Secretary of 
     Veterans Affairs; and
       (2) to clarify the process of debt collection for such 
     medical debt.
       (b) Amendments to Fair Credit Reporting Act.--
       (1) Veteran's medical debt defined.--Section 603 of the 
     Fair Credit Reporting Act (15 U.S.C. 1681a) is amended by 
     adding at the end the following:
       ``(z) Veteran.--The term `veteran' has the meaning given 
     the term in section 101 of title 38, United States Code.
       ``(aa) Veteran's Medical Debt.--The term `veteran's medical 
     debt'--
       [``(1) means a debt of a veteran arising from health care 
     provided in a non-Department of Veterans Affairs facility 
     under the laws administered by the Secretary of Veterans 
     Affairs; and]
       ``(1) means a medical collection debt of a veteran owed to 
     a health care provider in a non-Department of Veterans 
     Affairs facility that was submitted to the Department of 
     Veterans Affairs for repayment by the Veterans Choice Fund 
     established by section 802 of the Veterans Access, Choice, 
     and Accountability Act of 2014 (38 U.S.C. 1701 note); and
       ``(2) includes medical collection debt that the Department 
     of Veterans Affairs has wrongfully charged a veteran.''.
       (2) Exclusion for veteran's medical debt.--Section 605(a) 
     of the Fair Credit Reporting Act (15 U.S.C. 1681c(a)) is 
     amended by adding at the end the following:
       ``(7) [Any] With respect to a consumer reporting agency 
     described in section 603(p), any information related to a 
     veteran's medical debt if the date on which the hospital care 
     or medical services was rendered relating to the debt 
     antedates the report by less than 1 year if the consumer 
     reporting agency has actual knowledge that the information is 
     related to a veteran's medical debt and the consumer 
     reporting agency is in compliance with its obligation under 
     section 302(c)(5) of the Economic Growth, Regulatory Relief, 
     and Consumer Protection Act.
       ``(8) [Any] With respect to a consumer reporting agency 
     described in section 603(p), any information related to a 
     fully paid or settled veteran's medical debt that had been 
     characterized as delinquent, charged off, or in collection if 
     the consumer reporting agency has actual knowledge that the 
     information is related to a veteran's medical debt and the 
     consumer reporting agency is in compliance with its 
     obligation under section 302(c)(5) of the Economic Growth, 
     Regulatory Relief, and Consumer Protection Act.''.
       (3) Removal of veteran's medical debt from consumer 
     report.--Section 611 of the Fair Credit Reporting Act (15 
     U.S.C. 1681i) is amended--
       (A) in subsection (a)(1)(A), by inserting ``and except as 
     provided in subsection (g)'' after ``subsection (f)''; and
       (B) by adding at the end the following:
       ``(g) Dispute Process for Veteran's Medical Debt.--

[[Page S1441]]

       ``(1) In general.--With respect to a veteran's medical debt 
     [of a consumer, the consumer,] the veteran may submit a 
     notice described in paragraph (2) [along with], proof of 
     liability of the Department of Veterans Affairs for payment 
     of that debt, or documentation that the Department of 
     Veterans Affairs is in the process of making payment for 
     authorized medical services rendered to a consumer reporting 
     agency or a reseller to dispute the inclusion of that debt on 
     a consumer report of the [consumer] veteran.
       ``(2) Notification to veteran.--The Department of Veterans 
     Affairs shall submit to a veteran a notice that the 
     Department of Veterans Affairs has assumed liability for part 
     or all of a veteran's medical debt.
       ``(3) Deletion of information from file.--If a consumer 
     reporting agency receives notice [and], proof of liability, 
     or documentation under paragraph (1), the consumer reporting 
     agency shall delete all information relating to the veteran's 
     medical debt from the file of the [consumer] veteran and 
     notify the furnisher and the [consumer] veteran of that 
     deletion.''.
       (c) Verification of Veteran's Medical Debt.--
       (1) Definitions.--For purposes of this subsection--
       (A) the term ``consumer reporting agency'' means a consumer 
     reporting agency described in section 603(p) of the Fair 
     Credit Reporting Act (15 U.S.C. 1681a(p)); and
       (B) the terms ``veteran'' and ``veteran's medical debt'' 
     have the meanings given those terms in section 603 of the 
     Fair Credit Reporting Act (15 U.S.C. 1681a), as added by 
     subsection (b)(1).
       (2) Establishment.--Not later than 1 year after the date of 
     enactment of this Act, the Secretary of Veterans Affairs 
     shall establish a database to allow consumer reporting 
     agencies to verify whether a debt furnished to a consumer 
     reporting agency is a veteran's medical debt.
       (3) Database features.--The Secretary of Veterans Affairs 
     shall ensure that the database established under paragraph 
     (2) provides consumer reporting agencies with--
       (A) sufficiently detailed and specific information to 
     verify whether a debt being furnished to the consumer 
     reporting agency is a veteran's medical debt;
       (B) access to verification information in a secure 
     electronic format;
       (C) timely access to verification information; and
       (D) any other features that would promote the efficient, 
     timely, and secure delivery of information that consumer 
     reporting agencies could use to verify whether a debt is a 
     veteran's medical debt.
       (4) Stakeholder input.--Prior to establishing the database 
     for verification under paragraph (2), the Secretary of 
     Veterans Affairs shall publish in the Federal Register a 
     notice and request for comment that solicits input from 
     consumer reporting agencies and other stakeholders.
       (5) Verification.--Provided the database established under 
     paragraph (2) is fully functional and the data available to 
     consumer reporting agencies, a consumer reporting agency 
     shall use the database as a means to identify a veteran's 
     medical debt pursuant to paragraphs (7) and (8) of section 
     605(a) of the Fair Credit Reporting Act (15 U.S.C. 1681c(a)), 
     as added by subsection (b)(2).
       [(c)](d) Effective Date.--The amendments made by this 
     section shall take effect on the date that is [180 days] 1 
     year after the date of enactment of this Act.

     SEC. 303. IMMUNITY FROM SUIT FOR DISCLOSURE OF FINANCIAL 
                   EXPLOITATION OF SENIOR CITIZENS.

       (a) Immunity.--
       (1) Definitions.--In this section--
       (A) the term ``Bank Secrecy Act officer'' means an 
     individual responsible for ensuring compliance with the 
     requirements mandated by subchapter II of chapter 53 of title 
     31, United States Code (commonly known as the ``Bank Secrecy 
     Act'');
       (B) the term ``broker-dealer'' means a broker and a dealer, 
     as those terms are defined in section 3(a) of the Securities 
     Exchange Act of 1934 (15 U.S.C. 78c(a));
       (C) the term ``covered agency'' means--
       (i) a State financial regulatory agency, including a State 
     securities or law enforcement authority and a State insurance 
     regulator;
       (ii) each of the [entities] Federal agencies represented in 
     the membership of the Financial Institutions Examination 
     Council established under section 1004 of the Federal 
     Financial Institutions Examination Council Act of 1978 (12 
     U.S.C. 3303);
       (iii) a securities association registered under section 15A 
     of the Securities Exchange Act of 1934 (15 U.S.C. 78o-3);
       (iv) the Securities and Exchange Commission;
       (v) a law enforcement agency; [and] or
       (vi) a State or local agency responsible for administering 
     adult protective service laws;
       (D) the term ``covered financial institution'' means--
       (i) a credit union;
       (ii) a depository institution;
       (iii) an investment adviser;
       (iv) a broker-dealer;
       (v) an insurance company;
       (vi) an insurance agency; [and] or
       (vii) a transfer agent;
       (E) the term ``credit union'' has the meaning given the 
     term in section 2 of the Dodd-Frank Wall Street Reform and 
     Consumer Protection Act (12 U.S.C. 5301);
       (F) the term ``depository institution'' has the meaning 
     given the term in section 3(c) of the Federal Deposit 
     Insurance Act (12 U.S.C. 1813(c));
       (G) the term ``exploitation'' means the fraudulent or 
     otherwise illegal, unauthorized, or improper act or process 
     of an individual, including a caregiver or a fiduciary, 
     that--
       (i) uses the resources of a senior citizen for monetary or 
     personal benefit, profit, or gain; or
       (ii) results in depriving a senior citizen of rightful 
     access to or use of benefits, resources, belongings, or 
     assets;
       (H) the term ``insurance agency'' means any business entity 
     that sells, solicits, or negotiates insurance coverage;
       (I) the term ``insurance company'' has the meaning given 
     the term in section 2(a) of the Investment Company Act of 
     1940 (15 U.S.C. 80a-2(a));
       (J) the term ``insurance producer'' means an individual who 
     is required under State law to be licensed in order to sell, 
     solicit, or negotiate insurance coverage;
       (K) the term ``investment adviser'' has the meaning given 
     the term in section 202(a) of the Investment Advisers Act of 
     1940 (15 U.S.C. 80b-2(a));
       (L) the term ``investment adviser representative'' means an 
     individual who--
       (i) is employed by, or associated with, an investment 
     adviser; and
       (ii) does not perform solely clerical or ministerial acts;
       (M) the term ``registered representative'' means an 
     individual who represents a broker-dealer in effecting or 
     attempting to effect a purchase or sale of securities;
       (N) the term ``senior citizen'' means an individual who is 
     not younger than 65 years of age;
       (O) the term ``State'' means each of the several States, 
     the District of Columbia, and any territory or possession of 
     the United States;
       (P) the term ``State insurance regulator'' has the meaning 
     given the term in section 315 of the Gramm-Leach-Bliley Act 
     (15 U.S.C. 6735);
       (Q) the term ``State securities or law enforcement 
     authority'' has the meaning given the term in section 
     24(f)(4) of the Securities Exchange Act of 1934 (15 U.S.C. 
     78x(f)(4)); and
       (R) the term ``transfer agent'' has the meaning given the 
     term in section 3(a) of the Securities Exchange Act of 1934 
     (15 U.S.C. 78c(a)).
       (2) Immunity from suit.--
       (A) Immunity for individuals.--An individual who has 
     received the training described in subsection (b) shall not 
     be liable, including in any civil or administrative 
     proceeding, for disclosing the suspected exploitation of a 
     senior citizen to a covered agency if the individual, at the 
     time of the disclosure--
       (i) served as a supervisor or [compliance officer] in a 
     compliance or legal function (including as a Bank Secrecy Act 
     officer) for, or, in the case of a registered representative, 
     investment adviser representative, or insurance producer, was 
     affiliated or associated with, a covered financial 
     institution; and
       (ii) made the disclosure--

       (I) in good faith; and
       (II) with reasonable care.

       (B) Immunity for covered financial institutions.--A covered 
     financial institution shall not be liable, including in any 
     civil or administrative proceeding, for a disclosure made by 
     an individual described in subparagraph (A) if--
       (i) the individual was employed by, or, in the case of a 
     registered representative, insurance producer, or investment 
     adviser representative, affiliated or associated with, the 
     covered financial institution at the time of the disclosure; 
     and
       (ii) before the time of the disclosure, each individual 
     described in subsection (b)(1) received the training 
     described in subsection (b).
       (C) Rule of construction.--Nothing in subparagraph (A) or 
     (B) shall be construed to limit the liability of an 
     individual or a covered financial institution in a civil 
     action for any act, omission, or fraud that is not a 
     disclosure described in subparagraph (A).
       (b) Training.--
       (1) In general.--A covered financial institution or a third 
     party selected by a covered financial institution may provide 
     the training described in paragraph (2)(A) to each officer or 
     employee of, or registered representative, insurance 
     producer, or investment adviser representative affiliated or 
     associated with, the covered financial institution who--
       (A) is described in subsection (a)(2)(A)(i);
       (B) may come into contact with a senior citizen as a 
     regular part of the professional duties of the individual; or
       (C) may review or approve the financial documents, records, 
     or transactions of a senior citizen in connection with 
     providing financial services to a senior citizen.
       (2) Content.--
       (A) In general.--The content of the training that a covered 
     financial institution or a third party selected by the 
     covered financial institution may provide under paragraph (1) 
     shall--
       (i) be maintained by the covered financial institution and 
     made available to a covered agency with examination authority 
     over the covered financial institution, upon request, except 
     that a covered financial institution shall not be required to 
     maintain or make available such content with respect to any 
     individual who is no longer employed by, or affiliated or 
     associated with, the covered financial institution;
       (ii) instruct any individual attending the training on how 
     to identify and report the suspected exploitation of a senior 
     citizen internally and, as appropriate, to government

[[Page S1442]]

     officials or law enforcement authorities, including common 
     signs that indicate the financial exploitation of a senior 
     citizen;
       (iii) discuss the need to protect the privacy and respect 
     the integrity of each individual customer of the covered 
     financial institution; and
       (iv) be appropriate to the job responsibilities of the 
     individual attending the training.
       (B) Timing.--The training under paragraph (1) shall be 
     provided--
       (i) as soon as reasonably practicable; and
       (ii) with respect to an individual who begins employment, 
     or becomes affiliated or associated, with a covered financial 
     institution after the date of enactment of this Act, not 
     later than 1 year after the date on which the individual 
     becomes employed by, or affiliated or associated with, the 
     covered financial institution in a position described in 
     subparagraph (A), (B), or (C) of paragraph (1).
       (C) Records.--A covered financial institution shall--
       (i) maintain a record of each individual who--

       (I) is employed by, or affiliated or associated with, the 
     covered financial institution in a position described in 
     subparagraph (A), (B), or (C) of paragraph (1); and
       (II) has completed the training under paragraph (1), 
     regardless of whether the training was--

       (aa) provided by the covered financial institution or a 
     third party selected by the covered financial institution;
       (bb) completed before the individual was employed by, or 
     affiliated or associated with, the covered financial 
     institution; and
       (cc) completed before, on, or after the date of enactment 
     of this Act; and
       (ii) upon request, provide a record described in clause (i) 
     to a covered agency with examination authority over the 
     covered financial institution.
       (c) Relationship to State Law.--Nothing in this section 
     shall be construed to preempt or limit any provision of State 
     law, except only to the extent that subsection (a) provides a 
     greater level of protection against liability to an 
     individual described in subsection (a)(2)(A) or to a covered 
     financial institution described in subsection (a)(2)(B) than 
     is provided under State law.

     SEC. 304. RESTORATION OF THE PROTECTING TENANTS AT 
                   FORECLOSURE ACT OF 2009.

       (a) Repeal of Sunset Provision.--Section 704 of the 
     Protecting Tenants at Foreclosure Act of 2009 (12 U.S.C. 5201 
     note; 12 U.S.C. 5220 note; 42 U.S.C. 1437f note) is repealed.
       (b) Restoration.--Sections 701 through 703 of the 
     Protecting Tenants at Foreclosure Act of 2009, the provisions 
     of law amended [or repealed] by such sections, and any 
     regulations promulgated pursuant to such sections, as were in 
     effect on December 30, 2014, are restored and revived.
       (c) Effective Date.--Subsections (a) and (b) shall take 
     effect on the date that is 30 days after the date of 
     enactment of this Act.

     SEC. 305. REMEDIATING LEAD AND ASBESTOS HAZARDS.

       Section 109(a)(1) of the Emergency Economic Stabilization 
     Act of 2008 (12 U.S.C. 5219(a)(1)) is amended, in the second 
     sentence, by inserting ``and to remediate lead and asbestos 
     hazards in residential properties'' before the period at the 
     end.

     SEC. 306. FAMILY SELF-SUFFICIENCY PROGRAM.

       (a) In General.--Section 23 of the United States Housing 
     Act of 1937 (42 U.S.C. 1437u) is amended--
       (1) in subsection (a)--
       (A) by striking ``public housing and''; and
       (B) by striking ``the certificate and voucher programs 
     under section 8'' and inserting ``sections 8 and 9'';
       (2) by amending subsection (b) to read as follows:
       ``(b) Continuation of Prior Required Programs.--
       ``(1) In general.--Each public housing agency that was 
     required to administer a local Family Self-Sufficiency 
     program on the date of enactment of the Economic Growth, 
     Regulatory Relief, and Consumer Protection Act shall operate 
     such local program for, at a minimum, the number of families 
     the agency was required to serve on the date of enactment of 
     such Act, subject only to the availability under 
     appropriations Acts of sufficient amounts for housing 
     assistance and the requirements of paragraph (2).
       ``(2) Reduction.--The number of families for which a public 
     housing agency is required to operate such local program 
     under paragraph (1) shall be decreased by 1 for each family 
     from any supported rental housing program administered by 
     such agency that, after October 21, 1998, fulfills its 
     obligations under the contract of participation.
       ``(3) Exception.--The Secretary shall not require a public 
     housing agency to carry out a mandatory program for a period 
     of time upon the request of the public housing agency and 
     upon a determination by the Secretary that implementation is 
     not feasible because of local circumstances, which may 
     include--
       ``(A) lack of supportive services accessible to eligible 
     families, which shall include insufficient availability of 
     resources for programs under title I of the Workforce 
     Investment Act of 1998 (29 U.S.C. 2801 et seq.);
       ``(B) lack of funding for reasonable administrative costs;
       ``(C) lack of cooperation by other units of State or local 
     government; or
       ``(D) any other circumstances that the Secretary may 
     consider appropriate.'';
       (3) by striking subsection (i);
       (4) by redesignating subsections (c), (d), (e), (f), (g), 
     and (h) as subsections (d), (e), (f), (g), (h), and (i) 
     respectively;
       (5) by inserting after subsection (b), as amended, the 
     following:
       ``(c) Eligibility.--
       ``(1) Eligible families.--A family is eligible to 
     participate in a local Family Self-Sufficiency program under 
     this section if--
       ``(A) at least 1 household member seeks to become and 
     remain employed in suitable employment or to increase 
     earnings; and
       ``(B) the household member receives direct assistance under 
     section 8 or resides in a unit assisted under section 8 or 9.
       ``(2) Eligible entities.--The following entities are 
     eligible to administer a local Family Self-Sufficiency 
     program under this section:
       ``(A) A public housing agency administering housing 
     assistance to or on behalf of an eligible family under 
     section 8 or 9.
       ``(B) The owner or sponsor of a multifamily property 
     receiving project-based rental assistance under section 8, in 
     accordance with the requirements under subsection (l).'';
       (6) in subsection (d), as so redesignated--
       (A) in paragraph (1)--
       (i) by striking ``public housing agency'' the first time it 
     appears and inserting ``eligible entity'';
       (ii) in the first sentence, by striking ``each leaseholder 
     receiving assistance under the certificate and voucher 
     programs of the public housing agency under section 8 or 
     residing in public housing administered by the agency'' and 
     inserting ``a household member of an eligible family''; and
       (iii) by striking the third sentence and inserting the 
     following: ``Housing assistance may not be terminated as a 
     consequence of either successful completion of the contract 
     of participation or failure to complete such contract. A 
     contract of participation shall remain in effect until the 
     participating family exits the Family Self-Sufficiency 
     program upon successful graduation or expiration of the 
     contract of participation, or for other good cause.'';
       (B) in paragraph (2)--
       (i) in the matter preceding subparagraph (A)--

       (I) in the first sentence--

       (aa) by striking ``A local program under this section'' and 
     inserting ``An eligible entity'';
       (bb) by striking ``provide'' and inserting ``coordinate''; 
     and
       (cc) by striking ``to'' and inserting ``for''; and

       (II) in the second sentence--

       (aa) by striking ``provided during'' and inserting 
     ``coordinated for'';
       (bb) by striking ``under section 8 or residing in public 
     housing'' and inserting ``pursuant to section 8 or 9 and for 
     the duration of the contract of participation''; and
       (cc) by inserting ``, but are not limited to'' after ``may 
     include'';
       (ii) in subparagraph (D), by inserting ``or attainment of a 
     high school equivalency certificate'' after ``high school'';
       (iii) by striking subparagraph (G);
       (iv) by redesignating subparagraphs (E), (F), and (J) as 
     subparagraphs (F), (G), and (K) respectively;
       (v) by inserting after subparagraph (D) the following:
       ``(E) education in pursuit of a post-secondary degree or 
     certification;'';
       (vi) in subparagraph (H), by inserting ``financial 
     literacy, such as training in financial management, financial 
     coaching, and asset building, and'' after ``training in'';
       (vii) in subparagraph (I), by striking ``and'' at the end; 
     and
       (viii) by inserting after subparagraph (I) the following:
       ``(J) homeownership education and assistance; and''; and
       (C) in paragraph (3)--
       (i) in the first sentence, by inserting ``the first 
     recertification of income after'' after ``not later than 5 
     years after''; and
       (ii) in the second sentence--

       (I) by striking ``public housing agency'' and inserting 
     ``eligible entity''; and
       (II) by striking ``of the agency'';

       (D) by amending paragraph (4) to read as follows:
       ``(4) Employment.--The contract of participation shall 
     require 1 household member of the participating family to 
     seek and maintain suitable employment.''; and
       (E) by adding at the end the following:
       ``(5) Nonparticipation.--Assistance under section 8 or 9 
     for a family that elects not to participate in a Family Self-
     Sufficiency program shall not be delayed by reason of such 
     election.'';
       (7) in subsection (e), as so redesignated--
       (A) in paragraph (1), by striking ``whose monthly adjusted 
     income does not exceed 50 percent'' and all that follows 
     through the period at the end of the third sentence and 
     inserting ``shall be calculated under the rental provisions 
     of section 3 or section 8(o), as applicable.'';
       (B) in paragraph (2)--
       (i) by striking the first sentence and inserting the 
     following: ``For each participating family, an amount equal 
     to any increase in the amount of rent paid by the family in 
     accordance with the provisions of section 3 or 8(o), as 
     applicable, that is attributable to increases in earned 
     income by the participating family, shall be placed in an 
     interest-bearing escrow account established by the eligible 
     entity on behalf of the participating family. Notwithstanding 
     any other provision of law, an eligible entity may use funds 
     it controls under section 8 or 9 for purposes of making the 
     escrow deposit for participating families assisted under, or 
     residing in units assisted under, section 8 or 9, 
     respectively, provided such funds are offset by the increase 
     in the amount of rent paid by the participating family.'';
       (ii) by striking the second sentence and inserting the 
     following: ``All Family Self-Sufficiency programs 
     administered under this section shall include an escrow 
     account.'';

[[Page S1443]]

       (iii) in the fourth sentence, by striking ``subsection 
     (c)'' and inserting ``subsection (d)''; and
       (iv) in the last sentence--

       (I) by striking ``A public housing agency'' and inserting 
     ``An eligible entity''; and
       (II) by striking ``the public housing agency'' and 
     inserting ``such eligible entity''; and

       (C) by amending paragraph (3) to read as follows:
       ``(3) Forfeited escrow.--Any amount placed in an escrow 
     account established by an eligible entity for a participating 
     family as required under paragraph (2), that exists after the 
     end of a contract of participation by a household member of a 
     participating family that does not qualify to receive the 
     escrow, shall be used by the eligible entity for the benefit 
     of participating families in good standing.'';
       (8) in subsection (f), as so redesignated, by striking ``, 
     unless the income of the family equals or exceeds 80 percent 
     of the median income of the area (as determined by the 
     Secretary with adjustments for smaller and larger 
     families)'';
       (9) in subsection (g), as so redesignated--
       (A) in paragraph (1)--
       (i) by striking ``public housing agency'' and inserting 
     ``eligible entity'';
       (ii) by striking ``the public housing agency'' and 
     inserting ``such eligible entity''; and
       (iii) by striking ``subsection (g)'' and inserting 
     ``subsection (h)''; and
       (B) in paragraph (2)--
       (i) by striking ``public housing agency'' and inserting 
     ``eligible entity'' each place that term appears;
       (ii) by striking ``or the Job Opportunities and Basic 
     Skills Training Program under part F of title IV of the 
     Social Security Act'';
       (iii) by inserting ``primary, secondary, and post-
     secondary'' after ``public and private''; and
       (iv) in the second sentence, by inserting ``and tenants 
     served by the program'' after ``the unit of general local 
     government'';
       (10) in subsection (h), as so redesignated--
       (A) in paragraph (1)--
       (i) by striking ``public housing agency'' and inserting 
     ``eligible entity'';
       (ii) by striking ``participating in the'' and inserting 
     ``carrying out a''; and
       (iii) by striking ``to the Secretary'';
       (B) in paragraph (2)--
       (i) by striking ``public housing agency'' and inserting 
     ``eligible entity'';
       (ii) by striking ``subsection (f)'' and inserting 
     ``subsection (g)'';
       (iii) by striking ``residents of the public housing'' and 
     inserting ``the current and prospective participants of the 
     program''; and
       (iv) by striking ``or the Job Opportunities and Basic 
     Skills Training Program under part F of title IV of the 
     Social Security Act''; and
       (C) in paragraph (3)--
       (i) in subparagraph (C)--

       (I) by striking ``subsection (c)(2)'' and inserting 
     ``subsection (d)(2)'';
       (II) by striking ``provided to'' and inserting 
     ``coordinated on behalf of participating'';
       (III) by inserting ``direct'' before ``assistance''; and
       (IV) by striking ``the section 8 and public housing 
     programs'' and inserting ``sections 8 and 9'';

       (ii) in subparagraph (D)--

       (I) by striking ``subsection (d)'' and inserting 
     ``subsection (e)''; and
       (II) by striking ``public housing agency'' and inserting 
     ``eligible entity'';

       (iii) in subparagraph (E), by striking ``deliver'' and 
     inserting ``coordinate'';
       (iv) in subparagraph (H), by striking ``the Job 
     Opportunities and Basic Skills Training Program under part F 
     of title IV of the Social Security Act and''; and
       (v) in subparagraph (I), by striking ``public housing or 
     section 8 assistance'' and inserting ``assistance under 
     section 8 or 9'';
       (11) by amending subsection (i), as so redesignated, to 
     read as follows:
       ``(i) Family Self-Sufficiency Awards.--
       ``(1) In general.--Subject to appropriations, the Secretary 
     shall establish a formula by which annual funds shall be 
     awarded or as otherwise determined by the Secretary for the 
     costs incurred by an eligible entity in administering the 
     Family Self-Sufficiency program under this section.
       ``(2) Eligibility for awards.--The award established under 
     paragraph (1) shall provide funding for family self-
     sufficiency coordinators as follows:
       ``(A) Base award.--An eligible entity serving 25 or more 
     participants in the Family Self-Sufficiency program under 
     this section is eligible to receive an award equal to the 
     costs, as determined by the Secretary, of 1 full-time family 
     self-sufficiency coordinator position. The Secretary may, by 
     regulation or notice, determine the policy concerning the 
     award for an eligible entity serving fewer than 25 such 
     participants, including providing prorated awards or allowing 
     such entities to combine their programs under this section 
     for purposes of employing a coordinator.
       ``(B) Additional award.--An eligible entity that meets 
     performance standards set by the Secretary is eligible to 
     receive an additional award sufficient to cover the costs of 
     filling an additional family self-sufficiency coordinator 
     position if such entity has 75 or more participating 
     families, and an additional coordinator for each additional 
     50 participating families, or such other ratio as may be 
     established by the Secretary based on the award allocation 
     evaluation under subparagraph (E).
       ``(C) State and regional agencies.--For purposes of 
     calculating the award under this paragraph, each 
     administratively distinct part of a State or regional 
     eligible entity may be treated as a separate agency.
       ``(D) Determination of number of coordinators.--In 
     determining whether an eligible entity meets a specific 
     threshold for funding pursuant to this paragraph, the 
     Secretary shall consider the number of participants enrolled 
     by the eligible entity in its Family Self-Sufficiency program 
     as well as other criteria determined by the Secretary.
       ``(E) Award allocation evaluation.--The Secretary shall 
     submit to Congress a report evaluating the award allocation 
     under this subsection, and make recommendations based on this 
     evaluation and other related findings to modify such 
     allocation, within 4 years after the date of enactment of the 
     Economic Growth, Regulatory Relief, and Consumer Protection 
     Act, and not less frequently than every 4 years thereafter. 
     The report requirement under this subparagraph shall 
     terminate after the Secretary has submitted 2 such reports to 
     Congress.
       ``(3) Renewals and allocation.--
       ``(A) In general.--Funds allocated by the Secretary under 
     this subsection shall be allocated in the following order of 
     priority:
       ``(i) First priority.--Renewal of the full cost of all 
     coordinators in the previous year at each eligible entity 
     with an existing Family Self-Sufficiency program that meets 
     applicable performance standards set by the Secretary.
       ``(ii) Second priority.--New or incremental coordinator 
     funding authorized under this section.
       ``(B) Guidance.--If the first priority, as described in 
     subparagraph (A)(i), cannot be fully satisfied, the Secretary 
     may prorate the funding for each eligible entity, as long 
     as--
       ``(i) each eligible entity that has received funding for at 
     least 1 part-time coordinator in the prior fiscal year is 
     provided sufficient funding for at least 1 part-time 
     coordinator as part of any such proration; and
       ``(ii) each eligible entity that has received funding for 
     at least 1 full-time coordinator in the prior fiscal year is 
     provided sufficient funding for at least 1 full-time 
     coordinator as part of any such proration.
       ``(4) Recapture or offset.--Any awards allocated under this 
     subsection by the Secretary in a fiscal year that have not 
     been spent by the end of the subsequent fiscal year or such 
     other time period as determined by the Secretary may be 
     recaptured by the Secretary and shall be available for 
     providing additional awards pursuant to paragraph (2)(B), or 
     may be offset as determined by the Secretary. Funds 
     appropriated pursuant to this section shall remain available 
     for 3 years in order to facilitate the re-use of any 
     recaptured funds for this purpose.
       ``(5) Performance reporting.--Programs under this section 
     shall be required to report the number of families enrolled 
     and graduated, the number of established escrow accounts and 
     positive escrow balances, and any other information that the 
     Secretary may require. Program performance shall be reviewed 
     periodically as determined by the Secretary.
       ``(6) Incentives for innovation and high performance.--The 
     Secretary may reserve up to 5 percent of the amounts made 
     available under this subsection to provide support to or 
     reward Family Self-Sufficiency programs based on the rate of 
     successful completion, increased earned income, or other 
     factors as may be established by the Secretary.'';
       (12) in subsection (j)--
       (A) by striking ``public housing agency'' and inserting 
     ``eligible entity'';
       (B) by striking ``public housing'' before ``units'';
       (C) by striking ``in public housing projects administered 
     by the agency'';
       (D) by inserting ``or coordination'' after ``provision''; 
     and
       (E) by striking the last sentence;
       (13) in subsection (k), by striking ``public housing 
     agencies'' and inserting ``eligible entities'';
       (14) by striking subsection (n);
       (15) by striking subsection (o);
       (16) by redesignating subsections (l) and (m) as 
     subsections (m) and (n), respectively;
       (17) by inserting after subsection (k) the following:
       ``(l) Programs for Tenants in Privately Owned Properties 
     With Project-Based Assistance.--
       ``(1) Voluntary availability of fss program.--The owner of 
     a privately owned property may voluntarily make a Family 
     Self-Sufficiency program available to the tenants of such 
     property in accordance with procedures established by the 
     Secretary. Such procedures shall permit the owner to enter 
     into a cooperative agreement with a local public housing 
     agency that administers a Family Self-Sufficiency program or, 
     at the owner's option, operate a Family Self-Sufficiency 
     program on its own or in partnership with another owner. An 
     owner, who voluntarily makes a Family Self-Sufficiency 
     program available pursuant to this subsection, may access 
     funding from any residual receipt accounts for the property 
     to hire a family self-sufficiency coordinator or coordinators 
     for their program.
       ``(2) Cooperative agreement.--Any cooperative agreement 
     entered into pursuant to paragraph (1) shall require the 
     public housing agency to open its Family Self-Sufficiency 
     program waiting list to any eligible family residing in the 
     owner's property who resides in a unit assisted under 
     project-based rental assistance.
       ``(3) Treatment of families assisted under this 
     subsection.--A public housing agency that enters into a 
     cooperative agreement pursuant to paragraph (1) may count any 
     family participating in its Family Self-Sufficiency program 
     as a result of such agreement as part of the calculation of 
     the award under subsection (i).
       ``(4) Escrow.--
       ``(A) Cooperative agreement.--A cooperative agreement 
     entered into pursuant to paragraph (1) shall provide for the 
     calculation and tracking of the escrow for participating 
     residents and for the owner to make available, upon request 
     of the public housing agency, escrow for participating 
     residents, in accordance with

[[Page S1444]]

     paragraphs (2) and (3) of subsection (e), residing in units 
     assisted under section 8.
       ``(B) Calculation and tracking by owner.--The owner of a 
     privately owned property who voluntarily makes a Family Self-
     Sufficiency program available pursuant to paragraph (1) shall 
     calculate and track the escrow for participating residents 
     and make escrow for participating residents available in 
     accordance with paragraphs (2) and (3) of subsection (e).
       ``(5) Exception.--This subsection shall not apply to 
     properties assisted under section 8(o)(13).
       ``(6) Suspension of enrollment.--In any year, the Secretary 
     may suspend the enrollment of new families in Family Self-
     Sufficiency programs under this subsection based on a 
     determination that insufficient funding is available for this 
     purpose.'';
       (18) in subsection (m), as so redesignated--
       (A) in paragraph (1)--
       (i) in the first sentence, by striking ``Each public 
     housing agency'' and inserting ``Each eligible entity'';
       (ii) in the second sentence, by striking ``The report shall 
     include'' and inserting ``The contents of the report shall 
     include''; and
       (iii) in subparagraph (D)--

       (I) by striking ``public housing agency'' and inserting 
     ``eligible entity''; and
       (II) by striking ``local''; and

       (B) in paragraph (2), by inserting ``and describing any 
     additional research needs of the Secretary to evaluate the 
     effectiveness of the program'' after ``under paragraph (1)'';
       (19) in subsection (n), as so redesignated, by striking 
     ``may'' and inserting ``shall''; and
       (20) by adding at the end the following:
       ``(o) Definitions.--In this section:
       ``(1) Eligible entity.--The term `eligible entity' means an 
     entity that meets the requirements under subsection (c)(2) to 
     administer a Family Self-Sufficiency program under this 
     section.
       ``(2) Eligible family.--The term `eligible family' means a 
     family that meets the requirements under subsection (c)(1) to 
     participate in the Family Self-Sufficiency program under this 
     section.
       ``(3) Participating family.--The term `participating 
     family' means an eligible family that is participating in the 
     Family Self-Sufficiency program under this section.''.
       (b) Effective Date.--Not later than 360 days after the date 
     of enactment of this Act, the Secretary of Housing and Urban 
     Development shall issue regulations to implement this section 
     and any amendments made by this section, and this section and 
     any amendments made by this section shall take effect upon 
     such issuance.

     SEC. 307. REHABILITATION OF QUALIFIED EDUCATION LOANS.

       (a) In General.--Section 623(a)(1) of the Fair Credit 
     Reporting Act (15 U.S.C. 1681s-2(a)(1)) is amended by adding 
     at the end the following:
       ``(E) Rehabilitation of qualified education loans.--
       ``(i) In general.--Notwithstanding any other provision of 
     this section, a consumer may request a financial institution 
     to remove from a consumer report a reported default regarding 
     a qualified education loan, and such information shall not be 
     considered inaccurate, if--

       ``(I) the financial institution chooses to offer a loan 
     rehabilitation program which includes, without limitation, a 
     requirement of the consumer to make consecutive on-time 
     monthly payments in a number that demonstrates, in the 
     assessment of the financial institution offering the loan 
     rehabilitation program, a renewed ability and willingness to 
     repay the loan; and
       ``(II) the requirements of the loan rehabilitation program 
     described in subclause (I) are successfully met.

       ``(ii) Banking agencies.--

       ``(I) In general.--If a financial institution is supervised 
     by a Federal banking agency, the financial institution shall 
     seek written approval concerning the terms and conditions of 
     the loan rehabilitation program described in clause (i) from 
     the appropriate Federal banking agency.
       ``(II) Feedback.--An appropriate Federal banking agency 
     shall provide feedback to a financial institution within 120 
     days of a request for approval under subclause (I).

       ``(iii) Limitation.--

       ``(I) In general.--A consumer may obtain the benefits 
     available under this subsection with respect to 
     rehabilitating a loan only 1 time per loan.
       ``(II) Rule of construction.--Nothing in this subparagraph 
     may be construed to require a financial institution to offer 
     a loan rehabilitation program or to remove any reported 
     default from a consumer report as a consideration of a loan 
     rehabilitation program, except as described in clause (i).

       ``(iv) Definitions.--For purposes of this subparagraph--

       ``(I) the term `appropriate Federal banking agency' has the 
     meaning given the term in section 3 of the Federal Deposit 
     Insurance Act (12 U.S.C. 1813); and
       ``(II) the term `qualified education loan' has the meaning 
     given the term in section 221(d) of the Internal Revenue Code 
     of 1986.''.

       (b) GAO Study.--
       (1) Study.--The Comptroller General of the United States 
     shall conduct a study, in consultation with the appropriate 
     Federal banking agencies, regarding--
       (A) the implementation of subparagraph (E) of section 
     623(a)(1) of the Fair Credit Reporting Act (15 U.S.C. 1681s-
     2(a)(1)) (referred to in this paragraph as ``the 
     provision''), as added by subsection (a);
       (B) the estimated operational, compliance, and reporting 
     costs associated with the requirements of the provision;
       (C) the effects of the requirements of the provision on the 
     accuracy of credit reporting;
       (D) the risks to safety and soundness, if any, created by 
     the loan rehabilitation programs described in the provision; 
     and
       (E) a review of the effectiveness and impact on the credit 
     of participants in any loan rehabilitation programs described 
     in the provision and whether such programs improved the 
     ability of participants in the programs to access credit 
     products.
       (2) Report.--Not later than 1 year after the date of 
     enactment of this Act, the Comptroller General of the United 
     States shall submit to Congress a report that contains all 
     findings and determinations made in conducting the study 
     required under paragraph (1).

   TITLE IV--TAILORING REGULATIONS FOR CERTAIN BANK HOLDING COMPANIES

     SEC. 401. ENHANCED SUPERVISION AND PRUDENTIAL STANDARDS FOR 
                   CERTAIN BANK HOLDING COMPANIES.

       (a) In General.--Section 165 of the Financial Stability Act 
     of 2010 (12 U.S.C. 5365) is amended--
       (1) in subsection (a)--
       (A) in paragraph (1), in the matter preceding subparagraph 
     (A), by striking ``$50,000,000,000'' and inserting 
     ``$250,000,000,000''; and
       (B) in paragraph (2)--
       (i) in subparagraph (A), by striking ``may'' and inserting 
     ``shall'';
       (ii) in subparagraph (B), by striking ``$50,000,000,000'' 
     and inserting ``the applicable threshold''; and
       (iii) by adding at the end the following:
       ``(C) Risks to financial stability and safety and 
     soundness.--The Board of Governors may by order or rule 
     promulgated pursuant to section 553 of title 5, United States 
     Code, apply any prudential standard established under this 
     section to any bank holding company or bank holding companies 
     with total consolidated assets equal to or greater than 
     $100,000,000,000 to which the prudential standard does not 
     otherwise apply provided that the Board of Governors--
       ``(i) determines that application of the prudential 
     standard is appropriate--

       ``(I) to prevent or mitigate risks to the financial 
     stability of the United States, as described in paragraph 
     (1); or
       ``(II) to promote the safety and soundness of the bank 
     holding company or bank holding companies; and

       ``(ii) takes into consideration the bank holding company's 
     or bank holding companies' capital structure, riskiness, 
     complexity, financial activities (including financial 
     activities of subsidiaries), size, and any other risk-related 
     factors that the Board of Governors deems appropriate.'';
       (2) in subsection (b)(1)--
       (A) in subparagraph (A)(iv), by striking ``and credit 
     exposure report''; and
       (B) in subparagraph (B)(ii), by inserting ``, including 
     credit exposure reports'' before the semicolon at the end;
       (3) in subsection (d)(2), in the matter preceding 
     subparagraph (A), by striking ``shall'' and inserting 
     ``may'';
       (4) in subsection (h)(2), by striking ``$10,000,000,000'' 
     each place that term appears and inserting 
     ``$50,000,000,000'';
       (5) in subsection (i)--
       (A) in paragraph (1)(B)(i)--
       (i) by striking ``3'' and inserting ``2''; and
       (ii) by striking ``, adverse,''; and
       (B) in paragraph (2) [(A)]--
       (i) in subparagraph (A)--

       [(i)](I) in the first sentence, by striking ``semiannual'' 
     and inserting ``periodic''; and
       [(ii)](II) in the second sentence--

       [(I)](aa) by striking ``$10,000,000,000'' and inserting 
     ``$250,000,000,000''; and
       [(II)](bb) by striking ``annual'' and inserting 
     ``periodic''; and
       (ii) in subparagraph (C)(ii)--

       (I) by striking ``3'' and inserting ``2''; and
       (II) by striking ``, adverse,''; and

       (6) in subsection (j)(1), in the first sentence, by 
     striking ``$50,000,000,000'' and inserting 
     ``$250,000,000,000''.
       (b) Rule of Construction.--Nothing in subsection (a) shall 
     be construed to limit--
       (1) the authority of the Board of Governors of the Federal 
     Reserve System, in prescribing prudential standards under 
     section 165 of the Financial Stability Act of 2010 (12 U.S.C. 
     5365) or any other law, to tailor or differentiate among 
     companies on an individual basis or by category, taking into 
     consideration their capital structure, riskiness, complexity, 
     financial activities (including financial activities of their 
     subsidiaries), size, and any other risk-related factors that 
     the Board of Governors deems appropriate; or
       (2) the supervisory, regulatory, or enforcement authority 
     of an appropriate Federal banking agency to further the safe 
     and sound operation of an institution under the supervision 
     of the appropriate Federal banking agency.
       (c) Technical and Conforming Amendments.--
       (1) Financial stability act of 2010.--The Financial 
     Stability Act of 2010 (12 U.S.C. 5311 et seq.) is amended--
       (A) in section 115(a)(2)(B) (12 U.S.C. 5325(a)(2)(B)), by 
     striking ``$50,000,000,000'' and inserting ``the applicable 
     threshold'';
       (B) in section 116(a) (12 U.S.C. 5326(a)), in the matter 
     preceding paragraph (1), by striking ``$50,000,000,000'' and 
     inserting ``$250,000,000,000'';
       (C) in section 121(a) (12 U.S.C. [5311(a)] 5331(a)), in the 
     matter preceding paragraph (1), by striking 
     ``$50,000,000,000'' and inserting ``$250,000,000,000'';
       (D) in section 155(d) (12 U.S.C. 5345(d)), by striking 
     ``50,000,000,000'' and inserting ``$250,000,000,000'';
       (E) in section 163(b) (12 U.S.C. 5363(b)), by striking 
     ``$50,000,000,000'' each place that

[[Page S1445]]

     term appears and inserting ``$250,000,000,000''; and
       (F) in section 164 (12 U.S.C. 5364), by striking 
     ``$50,000,000,000'' and inserting ``$250,000,000,000''.
       (2) Federal reserve act.--Paragraph (2) of the second 
     subsection (s) (relating to assessments) of section 11 of the 
     Federal Reserve Act (12 U.S.C. 248(s)(2)) is amended--
       (A) in subparagraph (A)--
       (i) by striking ``$50,000,000,000'' and inserting 
     ``$250,000,000,000''; and
       (ii) by inserting ``and'' after the semicolon at the end;
       (B) by striking subparagraph (B); and
       (C) by redesignating subparagraph (C) as subparagraph (B).
       (d) Effective Date.--
       (1) In general.--Except as provided in paragraph (2), the 
     amendments made by this section shall take effect on the date 
     that is 18 months after the date of enactment of this Act.
       (2) Exception.--Notwithstanding paragraph (1), the 
     amendments made by this section shall take effect on the date 
     of enactment of this Act with respect to any bank holding 
     company with total consolidated assets of less than 
     $100,000,000,000.
       (3) Additional authority.--Before the effective date 
     described in paragraph (1), the Board of Governors of the 
     Federal Reserve System may by order exempt any bank holding 
     company with total consolidated assets of less than 
     $250,000,000,000 from any prudential standard under section 
     165 of the Financial Stability Act of 2010 (12 U.S.C. 5365).
       (4) Rule of construction.--Nothing in this section shall be 
     construed to prohibit the Board of Governors of the Federal 
     Reserve System from issuing an order or rule making under 
     section 165(a)(2)(C) of the Financial Stability Act of 2010 
     (12 U.S.C. 5365(a)(2)(C)), as added by this section, before 
     the effective date described in paragraph (1).
       (e) Supervisory Stress Test.--Beginning on the effective 
     date described in subsection (d)(1), the Board of Governors 
     of the Federal Reserve System shall, on a periodic basis, 
     conduct supervisory stress tests of bank holding companies 
     with total consolidated assets equal to or greater than 
     $100,000,000,000 and total consolidated assets of [not more] 
     less than $250,000,000,000 to evaluate whether such bank 
     holding companies have the capital, on a total consolidated 
     basis, necessary to absorb losses as a result of adverse 
     economic conditions.
       (f) Global Systemically Important Bank Holding Companies.--
     Any bank holding company, regardless of asset size, that has 
     been identified as a global systemically important BHC under 
     section 217.402 of title 12, Code of Federal Regulations, 
     shall be considered a bank holding company with total 
     consolidated assets equal to or greater than $250,000,000,000 
     with respect to the application of standards or requirements 
     under--
       (1) this section;
       (2) sections 116(a), 121(a), 155(d), 163(b), 164, and 165 
     of the Financial Stability Act of 2010 (12 U.S.C. 5326(a), 
     5331(a), 5345(d), 5363(b), 5364, 5365); and
       (3) paragraph (2)(A) of the second subsection (s) (relating 
     to assessments) of section 11 of the Federal Reserve Act (12 
     U.S.C. 248(s)(2)).

     SEC. 402. SUPPLEMENTARY LEVERAGE RATIO FOR CUSTODIAL BANKS.

       (a) Definition.--In this section, the term ``custodial 
     bank'' means any depository institution [or depository 
     institution holding company for which the level of assets 
     under custody is not less than 30 times the total 
     consolidated assets of the depository institution or 
     depository institution holding company, as applicable.] 
     holding company predominantly engaged in custody, 
     safekeeping, and asset servicing activities, including any 
     insured depository institution subsidiary of such a holding 
     company.
       (b) Regulations.--
       (1) Definition.--In this subsection, the term ``central 
     bank'' means--
       (A) the Federal Reserve System;
       (B) the European Central Bank; and
       (C) central banks of member countries of the Organisation 
     for Economic Co-operation and Development, if--
       (i) the [central bank of such] member country has been 
     assigned a zero percent risk weight under [the final rule of 
     the Office of the Comptroller of the Currency and Board of 
     Governors of the Federal Reserve System entitled ``Regulatory 
     Capital Rules: Regulatory Capital, Implementation of Basel 
     III, Capital Adequacy, Transition Provisions, Prompt 
     Corrective Action, Standardized Approach for Risk-weighted 
     Assets, Market Discipline and Disclosure Requirements, 
     Advanced Approaches Risk-Based Capital Rule, and Market Risk 
     Capital Rule'' (78 Fed. Reg. 62018 (October 11, 2013)) and 
     the final rule of the Federal Deposit Insurance Corporation 
     entitled ``Regulatory Capital Rules: Regulatory Capital, 
     Implementation of Basel III, Capital Adequacy, Transition 
     Provisions, Prompt Corrective Action, Standardized Approach 
     for Risk-Weighted Assets, Market Discipline and Disclosure 
     Requirements, Advanced Approaches Risk-Based Capital Rule, 
     and Market Risk Capital Rule'' (79 Fed. Reg. 20754 (April 14, 
     2014))] sections 3.32, 217.32, and 324.32 of title 12, Code 
     of Federal Regulations, or any successor regulation; and
       (ii) the sovereign debt of such member country is not in 
     default or has not been in default during the previous 5 
     years.
       (2) Regulations.--The appropriate Federal banking agencies 
     shall promulgate regulations to amend sections 3.10, 217.10, 
     and 324.10 of title 12, Code of Federal Regulations, to 
     specify that--
       (A) subject to subparagraph (B), funds of a custodial bank 
     that are deposited with a central bank shall not be taken 
     into account when calculating the supplementary leverage 
     ratio as applied to the custodial bank; and
       (B) with respect to the funds described in subparagraph 
     (A), any amount that exceeds the total value of deposits of 
     the custodial bank that are linked to fiduciary or custodial 
     and safekeeping accounts shall be taken into account when 
     calculating the supplementary leverage ratio as applied to 
     the custodial bank.
       (c) Rule of Construction.--Nothing in subsection (b) shall 
     be construed to limit the authority of the appropriate 
     Federal banking agencies to tailor or adjust the 
     supplementary leverage ratio or any other leverage ratio for 
     any company that is not a custodial bank.

     SEC. 403. TREATMENT OF CERTAIN MUNICIPAL OBLIGATIONS.

       (a) In General.--Section 18 of the Federal Deposit 
     Insurance Act (12 U.S.C. 1828) is amended--
       (1) by moving subsection (z) so that it appears after 
     subsection (y); and
       (2) by adding at the end the following:
       ``(aa) Treatment of Certain Municipal Obligations.--
       ``(1) Definitions.--In this subsection--
       ``(A) the term `investment grade', with respect to an 
     obligation, has the meaning given the term in section 1.2 of 
     title 12, Code of Federal Regulations, or any successor 
     thereto;
       ``(B) the term `liquid and readily-marketable' has the 
     meaning given the term in section 249.3 of title 12, Code of 
     Federal Regulations, or any successor thereto; and
       ``(C) the term `municipal obligation' means an obligation 
     of--
       ``(i) a State or any political subdivision thereof; or
       ``(ii) any agency or instrumentality of a State or any 
     political subdivision thereof.
       ``(2) Municipal obligations.--For purposes of the final 
     rule entitled `Liquidity Coverage Ratio: Liquidity Risk 
     Measurement Standards' (79 Fed. Reg. 61439 (October 10, 
     2014)), the final rule entitled `Liquidity Coverage Ratio: 
     Treatment of U.S. Municipal Securities as High-Quality Liquid 
     Assets' (81 Fed. Reg. 21223 (April 11, 2016)), and any other 
     regulation that incorporates a definition of the term `high-
     quality liquid asset' or another substantially similar term, 
     the appropriate Federal banking agencies shall treat a 
     municipal obligation as a high-quality liquid asset that is a 
     level 2B liquid asset if that obligation is, as of the date 
     of calculation--
       ``(A) liquid and readily-marketable; and
       ``(B) investment grade.''.
       (b) Amendment to Liquidity Coverage Ratio Regulations.--Not 
     later than 90 days after the date of enactment of this Act, 
     the Federal Deposit Insurance Corporation, the Board of 
     Governors of the Federal Reserve System, and the Comptroller 
     of the Currency shall amend the final rule entitled 
     ``Liquidity Coverage Ratio: Liquidity Risk Measurement 
     Standards'' (79 Fed. Reg. 61439 (October 10, 2014)) and the 
     final rule entitled ``Liquidity Coverage Ratio: Treatment of 
     U.S. Municipal Securities as High-Quality Liquid Assets'' (81 
     Fed. Reg. 21223 (April 11, 2016)) to implement the amendments 
     made by this [Act] section.

                            TITLE V--STUDIES

     SEC. 501. TREASURY REPORT ON RISKS OF CYBER THREATS.

       Not later than 1 year after the date of enactment of this 
     Act, the Secretary of the Treasury shall submit to the 
     Committee on Banking, Housing, and Urban Affairs of the 
     Senate and the Committee on Financial Services of the House 
     of Representatives a report on the risks of cyber threats to 
     financial institutions and capital markets in the United 
     States, including--
       (1) an assessment of the material risks of cyber threats to 
     financial institutions and capital markets in the United 
     States;
       (2) the impact and potential effects of material cyber 
     attacks on financial institutions and capital markets in the 
     United States;
       (3) an analysis of how the appropriate Federal banking 
     agencies and the Securities and Exchange Commission are 
     addressing the material risks of cyber threats described in 
     paragraph (1), including--
       (A) how the appropriate Federal banking agencies and the 
     Securities and Exchange Commission are assessing those 
     threats;
       (B) how the appropriate Federal banking agencies and the 
     Securities and Exchange Commission are assessing the cyber 
     vulnerabilities and preparedness of financial institutions;
       (C) coordination amongst the appropriate Federal banking 
     agencies and the Securities and Exchange Commission, and 
     their coordination with other government agencies (including 
     with respect to regulations, examinations, lexicon, 
     duplication, and other regulatory tools); and
       (D) areas for improvement; and
       (4) a recommendation of whether any appropriate Federal 
     banking agency or the Securities and Exchange Commission 
     needs additional legal authorities or resources to adequately 
     assess and address the material risks of cyber threats 
     described in paragraph (1), given the analysis required by 
     paragraph (3).

     SEC. 502. SEC STUDY ON ALGORITHMIC TRADING.

       (a) In General.--Not later than 18 months after the date of 
     enactment of this Act, the staff of the Securities and 
     Exchange Commission shall submit to the Committee on

[[Page S1446]]

     Banking, Housing, and Urban Affairs of the Senate and the 
     Committee on Financial Services of the House of 
     Representatives a report on the risks and benefits of 
     algorithmic trading in capital markets in the United States.
       (b) Matters Required To Be Included.--The matters covered 
     by the report required by subsection (a) shall include the 
     following:
       (1) An assessment of the effect of algorithmic trading in 
     equity and debt markets in the United States on the provision 
     of liquidity in stressed and normal market conditions.
       (2) An assessment of the benefits and risks to equity and 
     debt markets in the United States by algorithmic trading.
       (3) An analysis of whether the activity of algorithmic 
     trading and entities that engage in algorithmic trading are 
     subject to appropriate Federal supervision and regulation.
       (4) A recommendation of whether--
       (A) based on the analysis described in paragraphs (1), (2), 
     and (3), any changes should be made to regulations; and
       (B) the Securities and Exchange Commission needs additional 
     legal authorities or resources to effect the changes 
     described in subparagraph (A).

     SEC. 503. GAO REPORT ON CONSUMER REPORTING AGENCIES.

       (a) Definitions.--In this section, the terms ``consumer'', 
     ``consumer report'', and ``consumer reporting agency'' have 
     the meanings given those terms in section 603 of the Fair 
     Credit Reporting Act (15 U.S.C. 1681a).
       (b) Report.--Not later than 1 year after the date of 
     enactment of this Act, the Comptroller General of the United 
     States shall submit to the Committee on Banking, Housing, and 
     Urban Affairs of the Senate and the Committee on Financial 
     Services of the House of Representatives a comprehensive 
     report that includes--
       (1) a review of the current legal and regulatory structure 
     for consumer reporting agencies and an analysis of any gaps 
     in that structure, including, in particular, the rulemaking, 
     supervisory, and enforcement authority of State and Federal 
     agencies under the Fair Credit Reporting Act (15 U.S.C. 1681 
     et seq.), the Gramm-Leach-Bliley Act (Public Law 106-102; 113 
     Stat. 1338), and any other relevant statutes;
       (2) a review of the process by which consumers can appeal 
     and expunge errors on their consumer reports;
       (3) a review of the causes of consumer reporting errors;
       (4) a review of the responsibilities of data furnishers to 
     ensure that accurate information is initially reported to 
     consumer reporting agencies and to ensure that such 
     information continues to be accurate;
       (5) a review of data security relating to consumer 
     reporting agencies and their efforts to safeguard consumer 
     data;
       (6) a review of who has access to, and may use, consumer 
     reports;
       (7) a review of who has control or ownership of a 
     consumer's credit data;
       (8) an analysis of--
       (A) which Federal and State regulatory agencies supervise 
     and enforce laws relating to how consumer reporting agencies 
     protect consumer data; and
       (B) all laws relating to data security applicable to 
     consumer reporting agencies; and
       (9) recommendations to Congress on how to improve the 
     consumer reporting system, including legislative, regulatory, 
     and industry-specific recommendations.

  The PRESIDING OFFICER. The Senator from Idaho.


                Committee-Reported Amendments Withdrawn

  Mr. CRAPO. Mr. President, I have polled the committee, and on behalf 
of the committee, I withdraw the committee-reported amendments.
  The PRESIDING OFFICER. The committee-reported amendments are 
withdrawn.
  The majority leader.


                           Amendment No. 2151

       (Purpose: In the nature of a substitute)

  Mr. McCONNELL. Mr. President, I call up the Crapo substitute 
amendment No. 2151.
  The PRESIDING OFFICER. The clerk will report.
  The senior assistant legislative clerk read as follows:

       The Senator from Kentucky [Mr. McConnell], for Mr. Crapo, 
     proposes an amendment numbered 2151.

  Mr. McCONNELL. I ask unanimous consent that the reading of the 
amendment be dispensed with.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  (The amendment is printed in today's Record under ``Text of 
Amendments.'')
  The PRESIDING OFFICER. The Senator from Idaho.


                Amendment No. 2152 to Amendment No. 2151

  Mr. CRAPO. Mr. President, I call up amendment No. 2152.
  The PRESIDING OFFICER. The clerk will report.
  The senior assistant legislative clerk read as follows:

       The Senator from Idaho [Mr. Crapo] proposes an amendment 
     numbered 2152 to amendment No. 2151.

  Mr. CRAPO. I ask unanimous consent that the reading of the amendment 
be dispensed with.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  The amendment is as follows:

                     (Purpose: To improve the bill)

       On page 192, line 13, strike ``1 year'' and insert ``15 
     months''.

  The PRESIDING OFFICER. The majority leader.

                          ____________________