[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.
____________________