[Congressional Record Volume 164, Number 40 (Wednesday, March 7, 2018)]
[Senate]
[Pages S1462-S1525]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           TEXT OF AMENDMENTS

  SA 2071. Mr. HOEVEN submitted an amendment intended to be proposed by 
him to the bill S. 2155, to promote economic growth, provide tailored 
regulatory relief, and enhance consumer protections, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. __. FARM LOAN FUNDING REFORM.

       (a) Limitations on Amount of Farm Ownership Loans.--Section 
     305(a)(2) of the Consolidated Farm and Rural Development Act 
     (7 U.S.C. 1925(a)(2)) is amended--
       (1) by striking ``$300,000'' and inserting ``$600,000'';
       (2) by striking ``$700,000'' and inserting ``$2,500,000''; 
     and
       (3) by striking ``2000'' and inserting ``2018''.
       (b) Limitations on Amount of Operating Loans.--Section 
     313(a)(1) of the Consolidated Farm and Rural Development Act 
     (7 U.S.C. 1943(a)(1)) is amended--
       (1) by striking ``$300,000'' and inserting ``$600,000'';
       (2) by striking ``$700,000'' and inserting ``$2,500,000''; 
     and
       (3) by striking ``2000'' and inserting ``2018''.
                                 ______
                                 
  SA 2072. Mrs. FEINSTEIN submitted an amendment intended to be 
proposed by her to the bill S. 2155, to promote economic growth, 
provide tailored regulatory relief, and enhance consumer protections, 
and for other purposes; which was ordered to lie on the table; as 
follows:

       Strike section 106.
                                 ______
                                 
  SA 2073. Mrs. FEINSTEIN submitted an amendment intended to be 
proposed by her to the bill S. 2155, to promote economic growth, 
provide tailored regulatory relief, and enhance consumer protections, 
and for other purposes; which was ordered to lie on the table; as 
follows:

       At the appropriate place, insert the following:

     SEC. __. COMMUNITY ADVANTAGE PROGRAM.

       (a) In General.--Section 7(a) of the Small Business Act (15 
     U.S.C. 636(a)) is amended by adding at the end the following:
       ``(35) Community advantage program.--
       ``(A) Definitions.--In this paragraph--
       ``(i) the term `covered institution' means--

       ``(I) a development company (as defined in section 103 of 
     the Small Business Investment Act of 1958 (15 U.S.C. 662)) 
     that is eligible to participate in the program established 
     under title V of such Act (15 U.S.C. 695 et seq.);
       ``(II) a nonprofit intermediary (as defined in subsection 
     (m)(11));
       ``(III) a non-Federally regulated entity certified as a 
     community development financial institution by the Community 
     Development Financial Institutions Fund established under 
     section 104(a) of the Riegle Community Development and 
     Regulatory Improvement Act of 1994 (12 U.S.C. 4703(a)); or
       ``(IV) any other nonprofit organization approved by the 
     Small Business Administration;

       ``(ii) the term `program' means the Community Advantage 
     Program established under subparagraph (B);
       ``(iii) the term `Reservist' means a member of a reserve 
     component of the Armed Forces named in section 10101 of title 
     10, United States Code;
       ``(iv) the term `service-connected' has the meaning given 
     the term in section 101(16) of title 38, United States Code; 
     and
       ``(v) the term `small business concern in an underserved 
     market' means a small business concern--

       ``(I) that is located in--

       ``(aa) a low- or moderate-income community;
       ``(bb) a HUBZone; or
       ``(cc) a community that has been designated as an 
     empowerment zone or an enterprise community under section 
     1391 of the Internal Revenue Code of 1986;

       ``(II) that has more than 50 percent of employees residing 
     in a low- or moderate-income community;
       ``(III) that has been in existence for not more than 2 
     years on the date on which a loan is made to the small 
     business concern under the Community Advantage Program 
     established under subparagraph (B);
       ``(IV) owned and controlled by veterans;
       ``(V) owned and controlled by service-disabled veterans; or
       ``(VI) not less than 51 percent of which is owned and 
     controlled by 1 or more--

       ``(aa) members of the Armed Forces participating in the 
     Transition Assistance Program of the Department of Defense;
       ``(bb) Reservists;
       ``(cc) spouses of veterans, members of the Armed Forces, or 
     Reservists; or

[[Page S1463]]

       ``(dd) surviving spouses of veterans who died on active 
     duty or as a result of a service-connected disability.
       ``(B) Establishment.--There is established a Community 
     Advantage Program under which the Administration may 
     guarantee loans made by covered institutions under this 
     subsection, including loans made to small business concerns 
     in underserved markets.
       ``(C) Requirements.--Not less than 60 percent of loans made 
     by a covered institution under the program shall consist of 
     loans made to small business concerns in underserved markets.
       ``(D) Maximum loan amount.--The maximum loan amount under 
     the program is $350,000.
       ``(E) Regulations.--
       ``(i) In general.--Not later than 1 year after the date of 
     enactment of this paragraph, the Administrator shall 
     promulgate regulations to carry out the program, which shall 
     be substantially similar to the Community Advantage Pilot 
     Program of the Administration, as in effect on the day before 
     the date of enactment of this paragraph.
       ``(ii) Pilot program.--Beginning on the date on which the 
     regulations promulgated by the Administrator under clause (i) 
     take effect, the Administrator may not carry out the 
     Community Advantage Pilot Program of the Administration.''.
       (b) Technical and Conforming Amendment.--Section 3(r) of 
     the Small Business Act (15 U.S.C. 632(r)) is amended--
       (1) in paragraph (1), by inserting before the period at the 
     end the following: ``, but does not include a covered 
     institution, as defined in section 7(a)(35)(A)''; and
       (2) in paragraph (2)--
       (A) in the matter preceding subparagraph (A), by striking 
     ``The term `non-Federally regulated SBA lender' means a 
     business concern if--'' and inserting the following: ``The 
     term `non-Federally regulated SBA lender'--
       ``(A) means a business concern if--'';
       (B) by redesignating subparagraphs (A), (B), and (C) as 
     clauses (i), (ii), and (iii), respectively, and adjusting the 
     margins accordingly;
       (C) in subparagraph (A)(iii), as so redesignated, by 
     striking the period at the end and inserting ``; and''; and
       (D) by adding at the end the following:
       ``(B) does not include a covered institution, as defined in 
     section 7(a)(35)(A).''.
                                 ______
                                 
  SA 2074. Mr. HELLER (for himself and Mr. Manchin) submitted an 
amendment intended to be proposed by him to the bill S. 2155, to 
promote economic growth, provide tailored regulatory relief, and 
enhance consumer protections, and for other purposes; which was ordered 
to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. BUSINESS DEVELOPMENT COMPANIES.

       (a) Expanding Access to Capital for Business Development 
     Companies.--
       (1) In general.--Section 61(a) of the Investment Company 
     Act of 1940 (15 U.S.C. 80a-60(a)) is amended--
       (A) by redesignating paragraphs (2) through (4) as 
     paragraphs (3) through (5), respectively; and
       (B) by striking paragraph (1) and inserting the following:
       ``(1) Except as provided in paragraph (2), the asset 
     coverage requirements of subparagraphs (A) and (B) of section 
     18(a)(1) (and any related rule promulgated under this Act) 
     applicable to business development companies shall be 200 
     percent.
       ``(2) The asset coverage requirements of subparagraphs (A) 
     and (B) of section 18(a)(1) and of subparagraphs (A) and (B) 
     of section 18(a)(2) (and any related rule promulgated under 
     this Act) applicable to a business development company shall 
     be 150 percent if--
       ``(A) not later than 5 business days after the date on 
     which those asset coverage requirements are approved under 
     subparagraph (D) of this paragraph, the business development 
     company discloses that the requirements were approved, and 
     the effective date of the approval, in--
       ``(i) any filing submitted to the Commission under section 
     13(a) or 15(d) of the Securities Exchange Act of 1934 (15 
     U.S.C. 78m(a); 78o(d)); and
       ``(ii) a notice on the website of the business development 
     company;
       ``(B) the business development company discloses, in each 
     periodic filing required under section 13(a) of the 
     Securities Exchange Act of 1934 (15 U.S.C. 78m(a))--
       ``(i) the aggregate outstanding principal amount or 
     liquidation preference, as applicable, of the senior 
     securities issued by the business development company and the 
     asset coverage percentage as of the date of the business 
     development company's most recent financial statements 
     included in that filing;
       ``(ii) that the business development company, under 
     subparagraph (D), has approved the asset coverage 
     requirements under this paragraph; and
       ``(iii) the effective date of the approval described in 
     clause (ii);
       ``(C) with respect to a business development company that 
     is an issuer of common equity securities, each periodic 
     filing of the company required under section 13(a) of the 
     Securities Exchange Act of 1934 (15 U.S.C. 78m(a)) includes 
     disclosures that are reasonably designed to ensure that 
     shareholders are informed of--
       ``(i) the amount of senior securities (and the associated 
     asset coverage ratios) of the company, determined as of the 
     date of the most recent financial statements of the company 
     included in that filing; and
       ``(ii) the principal risk factors associated with the 
     senior securities described in clause (i), to the extent that 
     risk is incurred by the company; and
       ``(D) the company--
       ``(i)(I) through a vote of the required majority (as 
     defined in section 57(o)), approves the application of this 
     paragraph to the company, to become effective on the date 
     that is 1 year after the date of the approval; or
       ``(II) obtains, at a special or annual meeting of 
     shareholders or partners at which a quorum is present, the 
     approval of more than 50 percent of the votes cast for the 
     application of this paragraph to the company, to become 
     effective on the first day after the date of the approval; 
     and
       ``(ii) if the company is not an issuer of common equity 
     securities that are listed on a national securities exchange, 
     extends, to each person that is a shareholder as of the date 
     of an approval described in subclause (I) or (II) of clause 
     (i), as applicable, the opportunity (which may include a 
     tender offer) to sell the securities held by that shareholder 
     as of that applicable approval date, with 25 percent of those 
     securities to be repurchased in each of the 4 calendar 
     quarters following the calendar quarter in which that 
     applicable approval date takes place.''.
       (2) Conforming amendments.--
       (A) Investment advisers act of 1940.--Section 205(b)(3) of 
     the Investment Advisers Act of 1940 (15 U.S.C. 80b-5(b)(3)) 
     is amended--
       (i) by striking ``section 61(a)(3)(B)(iii)'' and inserting 
     ``section 61(a)(4)(B)(iii)''; and
       (ii) by striking ``section 61(a)(3)(B)'' and inserting 
     ``section 61(a)(4)(B)''.
       (B) Investment company act of 1940.--The Investment Company 
     Act of 1940 (15 U.S.C. 80a-1 et seq.) is amended--
       (i) in section 57 (15 U.S.C. 80a-56)--

       (I) in subsection (j)(1), by striking ``section 
     61(a)(3)(B)'' and inserting ``section 61(a)(4)(B)''; and
       (II) in subsection (n)(2), by striking ``section 
     61(a)(3)(B)'' and inserting ``section 61(a)(4)(B)''; and

       (ii) in section 63(3) (15 U.S.C. 80a-62(3)), by striking 
     ``section 61(a)(3)'' and inserting ``section 61(a)(4)''.
       (b) Parity for Business Development Companies Regarding 
     Offering and Proxy Rules.--
       (1) Definitions.--In this subsection--
       (A) the term ``business development 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));
       (B) the term ``Commission'' means the Securities and 
     Exchange Commission;
       (C) the term ``Form N-2'' means the form described in 
     section 239.14 of title 17, Code of Federal Regulations;
       (D) the term ``Form S-3'' means the form described in 
     section 239.13 of title 17, Code of Federal Regulations; and
       (E) the term ``Schedule 14A'' means the information 
     required under section 240.14a-101 of title 17, Code of 
     Federal Regulations.
       (2) Revision to rules.--
       (A) In general.--Not later than 1 year after the date of 
     enactment of this Act, the Commission shall make the 
     revisions described in subparagraph (B) to allow a business 
     development company that has filed an election under section 
     54 of the Investment Company Act of 1940 (15 U.S.C. 80a-53) 
     to use the securities offering and proxy rules that are 
     available to other issuers that are required to file reports 
     under section 13(a) or section 15(d) of the Securities 
     Exchange Act of 1934 (15 U.S.C. 78m(a); 78o(d)).
       (B) Required revisions.--The revisions described in this 
     subparagraph are revisions to--
       (i) section 230.405 of title 17, Code of Federal 
     Regulations--

       (I) to remove the exclusion of a business development 
     company from the definition of the term ``well-known seasoned 
     issuer'' under that section; and
       (II) to add a registration statement filed on Form N-2 to 
     the definition of the term ``automatic shelf registration 
     statement'' under that section;

       (ii) sections 230.168 and 230.169 of title 17, Code of 
     Federal Regulations, to remove the exclusion of a business 
     development company from an issuer that is eligible for the 
     exemptions under those sections;
       (iii) section 230.163 of title 17, Code of Federal 
     Regulations, to remove a business development company from 
     the list of issuers that are ineligible for the exemption 
     under that section;
       (iv) section 230.163A of title 17, Code of Federal 
     Regulations, to remove the communications made by a business 
     development company from the list of communications that are 
     ineligible for the exemption under that section;
       (v) section 230.134 of title 17, Code of Federal 
     Regulations, to remove the exclusion of a communication 
     relating to a business development company from the 
     application of that section;
       (vi) sections 230.138 and 230.139 of title 17, Code of 
     Federal Regulations, to specifically include a business 
     development company as an issuer to which those sections 
     apply;
       (vii) section 230.156 of title 17, Code of Federal 
     Regulations, to provide that nothing in that section may be 
     construed to prevent a business development company from 
     qualifying for an exemption under section 230.168

[[Page S1464]]

     or 230.169 of title 17, Code of Federal Regulations, as 
     amended by the Commission in accordance with the requirements 
     of this subsection;
       (viii) section 230.164 of title 17, Code of Federal 
     Regulations, to remove a business development company from 
     the list of issuers that are excluded under that section;
       (ix) section 230.433 of title 17, Code of Federal 
     Regulations, to specifically include a business development 
     company that is a well-known seasoned issuer as an issuer to 
     which that section applies;
       (x) section 230.415 of title 17, Code of Federal 
     Regulations to state that the registration for securities 
     under section 230.415(a)(1)(x) of title 17, Code of Federal 
     Regulations, includes securities registered on Form N-2 by a 
     business development company that would otherwise meet the 
     eligibility requirements of Form S-3;
       (xi) section 230.497 of title 17, Code of Federal 
     Regulations, to include a process for a business development 
     company to file a form of prospectus in the same manner as 
     the process for filing a form of prospectus under section 
     230.424(b) of title 17, Code of Federal Regulations;
       (xii) sections 230.172 and 230.173 of title 17, Code of 
     Federal Regulations, to remove the exclusion of an offering 
     of a business development company from the application of 
     those sections;
       (xiii) section 230.418 of title 17, Code of Federal 
     Regulations, to provide that a business development company 
     that would otherwise meet the eligibility requirements of 
     Form S-3 shall be exempt from paragraph (a)(3) of that 
     section;
       (xiv) Schedule 14A to revise item 13(b)(1) of that Schedule 
     to include a business development company that would 
     otherwise meet the requirements of note E of that Schedule as 
     an issuer to which that item applies;
       (xv) section 243.103 of title 17, Code of Federal 
     Regulations, to provide that paragraph (a) of that section 
     applies for the purposes of Form N-2; and
       (xvi) item 34 on Form N-2 to require a business development 
     company to provide undertakings that are no more restrictive 
     than the undertakings that are required of a registrant under 
     section 229.512 of title 17, Code of Federal Regulations.
       (3) Revision to form n-2.--Not later than 1 year after the 
     date of enactment of this Act, the Commission shall revise 
     Form N-2--
       (A) to include an item or instruction that is similar to 
     item 12 on Form S-3 to provide that a business development 
     company that would otherwise meet the requirements of Form S-
     3 shall incorporate by reference the reports and documents 
     filed by the business development company under the 
     Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) into 
     the registration statement of the business development 
     company filed on Form N-2; and
       (B) to include an item or instruction that is similar to 
     the instruction regarding automatic shelf offerings by well-
     known seasoned issuers on Form S-3 to provide that a business 
     development company that is a well-known seasoned issuer may 
     file automatic shelf offerings on Form N-2.
       (4) Treatment if revisions not completed in timely 
     manner.--If the Commission fails to complete the revisions 
     required under paragraphs (2) and (3) by the dates described 
     in those paragraphs, a business development company, during 
     the period beginning on the date that is 1 day after 1 year 
     after the date of enactment of this Act and ending on the 
     date that the Commission completes those revisions, may deem 
     those revisions to have been completed in accordance with the 
     actions required to be taken by the Commission under those 
     paragraphs.
       (5) Rules of construction.--
       (A) Treatment of successor regulations and forms.--Any 
     reference in this subsection to a regulation or form shall be 
     construed as a reference to--
       (i) that regulation or form, as in effect on the day before 
     the date of enactment of this Act; or
       (ii) any successor to that regulation or form.
       (B) Distribution of sales material.--Nothing in this 
     subsection, or in the amendments made pursuant to the 
     requirements of this subsection, may be construed to prevent 
     a business development company from distributing sales 
     material under section 230.482 of title 17, Code of Federal 
     Regulations.
                                 ______
                                 
  SA 2075. Mr. HELLER submitted an amendment intended to be proposed by 
him to the bill S. 2155, to promote economic growth, provide tailored 
regulatory relief, and enhance consumer protections, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. REFUNDING OR CREDITING OVERPAYMENT OF SECTION 31 
                   FEES.

       (a) Definitions.--In this section--
       (1) the term ``Commission'' means the Securities and 
     Exchange Commission;
       (2) the term ``national securities association'' means an 
     association that is registered under section 15A of the 
     Securities Exchange Act of 1934 (15 U.S.C. 78o-3); and
       (3) the term ``national securities exchange'' means an 
     exchange that is registered as a national securities exchange 
     under section 6 of the Securities Exchange Act of 1934 (15 
     U.S.C. 78f).
       (b) Credit for Overpayment of Fees.--Notwithstanding 
     section 31(j) of the Securities Exchange Act of 1934 (15 
     U.S.C. 78ee(j)), and subject to subsection (c) of this 
     section, if a national securities exchange or a national 
     securities association has paid fees and assessments to the 
     Commission in an amount that is more than the amount that the 
     exchange or association was required to pay under section 31 
     of the Securities Exchange Act of 1934 (15 U.S.C. 78ee) and, 
     not later than 10 years after the date of such payment, the 
     exchange or association informs the Commission about the 
     payment of such excess amount, the Commission shall offset 
     future fees and assessments due by that exchange or 
     association in an amount that is equal to the difference 
     between the amount that the exchange or association paid and 
     the amount that the exchange or association was required to 
     pay under such section 31.
       (c) Applicability.--Subsection (b) shall apply only to fees 
     and assessments that a national securities exchange or a 
     national securities association was required to pay to the 
     Commission before the date of enactment of this Act.
                                 ______
                                 
  SA 2076. Mr. HELLER submitted an amendment intended to be proposed by 
him to the bill S. 2155, to promote economic growth, provide tailored 
regulatory relief, and enhance consumer protections, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the end, add the following:

                        TITLE VI--MISCELLANEOUS

     SEC. 601. OFFICE OF INDEPENDENT EXAMINATION REVIEW.

       (a) In General.--The Federal Financial Institutions 
     Examination Council Act of 1978 (12 U.S.C. 3301 et seq.) is 
     amended by adding at the end the following:

     ``SEC. 1012. OFFICE OF INDEPENDENT EXAMINATION REVIEW.

       ``(a) Establishment.--There is established in the Council 
     an Office of Independent Examination Review.
       ``(b) Head of Office.--
       ``(1) Establishment.--There is established the position of 
     the Ombudsman as the head of the Office of Independent 
     Examination Review, who shall be appointed by the Council for 
     a term of 5 years.
       ``(2) Removal.--
       ``(A) In general.--The President may remove the Ombudsman 
     from office.
       ``(B) Congressional notification.--Not later than 30 days 
     after the date on which the Ombudsman is removed from office 
     under subparagraph (A), the President shall submit to 
     Congress a written notification describing the reasons for 
     the removal.
       ``(c) Staffing.--The Ombudsman may hire staff to support 
     the activities of the Office of Independent Examination 
     Review.
       ``(d) Duties.--The Ombudsman shall--
       ``(1) receive and, at the discretion of the Ombudsman, 
     investigate complaints from financial institutions, 
     representatives of financial institutions, or any other 
     entity acting on behalf of financial institutions, concerning 
     examinations, examination practices, or examination reports;
       ``(2) hold meetings, not less than once every 90 days and 
     in locations designed to encourage participation from all 
     regions of the United States, with financial institutions, 
     representatives of financial institutions, or any other 
     entity acting on behalf of financial institutions, to discuss 
     examination procedures, examination practices, or examination 
     policies;
       ``(3) review examination procedures of the Federal 
     financial institutions regulatory agencies to ensure that the 
     written examination policies of the agencies are being 
     followed in practice and adhere to the standards for 
     consistency established by the Council;
       ``(4) conduct a continuing and regular program of 
     examination quality assurance for all types of examinations 
     conducted by the Federal financial institutions regulatory 
     agencies; and
       ``(5) submit to the Committee on Banking, Housing, and 
     Urban Affairs of the Senate, the Committee on Financial 
     Services of the House of Representatives, and the Council an 
     annual report on the reviews carried out pursuant to 
     paragraphs (3) and (4), including recommendations for 
     improvements in examination procedures, practices, and 
     policies.
       ``(e) Confidentiality.--The Ombudsman shall keep 
     confidential--
       ``(1) all meetings, discussions, and information provided 
     by financial institutions; and
       ``(2) any confidential or privileged information provided 
     by a Federal financial institutions regulatory agency.
       ``(f) Funding; Budget.--
       ``(1) In general.--One-fifth of the costs and expenses of 
     the Office of Independent Examination Review, including the 
     salaries of its employees, shall be paid by each of the 
     Federal financial institutions regulatory agencies, which 
     shall be based on the budget submitted under paragraph (2).
       ``(2) Budget.--Not later than April 15 of each fiscal year, 
     the Ombudsman shall submit to the Council a projected budget 
     for the Office of Independent Examination Review for the 
     following fiscal year.''.
       (b) Definitions.--Section 1003 of the Federal Financial 
     Institutions Examination Council Act of 1978 (12 U.S.C. 3302) 
     is amended--
       (1) by striking paragraph (1) and inserting the following:

[[Page S1465]]

       ``(1) the term `Federal financial institutions regulatory 
     agencies' means the Office of the Comptroller of the 
     Currency, the Board of Governors of the Federal Reserve 
     System, the Federal Deposit Insurance Corporation, the 
     National Credit Union Administration, and the Bureau of 
     Consumer Financial Protection;'';
       (2) in paragraph (2), by striking ``; and'' and inserting a 
     semicolon;
       (3) in paragraph (3), by striking the semicolon and 
     inserting ``; and''; and
       (4) by adding at the end the following:
       ``(4) the term `Ombudsman' means the Ombudsman established 
     under section 1012.''.
       (c) Federal Banking Agency Ombudsman.--
       (1) In general.--Section 309 of the Riegle Community 
     Development and Regulatory Improvement Act of 1994 (12 U.S.C. 
     4806) is amended--
       (A) in subsection (a), in the first sentence, by inserting 
     ``, the Bureau of Consumer Financial Protection,'' after 
     ``Federal banking agency'';
       (B) in subsection (b)--
       (i) by redesignating paragraphs (1) and (2) as 
     subparagraphs (A) and (B), respectively, and adjusting the 
     margins accordingly;
       (ii) in the matter preceding subparagraph (A), as so 
     redesignated, by striking ``In establishing'' and inserting 
     the following:
       ``(1) In general.--In establishing''; and
       (iii) in paragraph (1)(B), as so redesignated, by striking 
     ``the appellant from retaliation by agency examiners'' and 
     inserting ``the insured depository institution or insured 
     credit union from retaliation by an agency referred to in 
     subsection (a)'';
       (C) in subsection (e)--
       (i) in paragraph (2)--

       (I) in subparagraph (B), by striking ``; and'' and 
     inserting a semicolon;
       (II) in subparagraph (C), by striking the period at the end 
     and inserting ``; and''; and
       (III) by adding at the end the following:

       ``(D) ensure that appropriate safeguards exist for 
     protecting the insured depository institution or insured 
     credit union from retaliation by any appropriate Federal 
     banking agency for exercising the rights of the insured 
     depository institution or insured credit union under this 
     subsection.''; and
       (ii) by adding at the end the following:
       ``(6) Effect.--Nothing in this subsection shall be 
     construed to affect the authority of an appropriate Federal 
     banking agency or the National Credit Union Administration 
     Board to take enforcement or other supervisory action.''; and
       (2) in subsection (f), by adding at the end the following:
       ``(5) Retaliation.--The term `retaliation' includes 
     delaying consideration of, or withholding approval of, any 
     request, notice, or application that otherwise would have 
     been approved, but for the exercise of the rights of the 
     insured depository institution or insured credit union under 
     this section.''.
       (d) Federal Credit Union Act.--Section 205(j) of the 
     Federal Credit Union Act (12 U.S.C. 1785(j)) is amended by 
     inserting ``the Bureau of Consumer Financial Protection,'' 
     before ``the Administration'' each place that term appears.
       (e) Federal Financial Institutions Examination Council Act 
     of 1978.--Section 1005 of the Federal Financial Institutions 
     Examination Council Act of 1978 (12 U.S.C. 3304) is amended 
     by striking ``One-fifth'' and inserting ``One-fourth''.
                                 ______
                                 
  SA 2077. Mr. HELLER submitted an amendment intended to be proposed by 
him to the bill S. 2155, to promote economic growth, provide tailored 
regulatory relief, and enhance consumer protections, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the end, add the following:

                        TITLE VI--MISCELLANEOUS

     SEC. 601. PROHIBITING THE USE OF GUARANTEE FEES AS AN OFFSET.

       (a) Definition.--The term ``guarantee fee''--
       (1) means a fee in connection with any guarantee of the 
     timely payment of principal and interest on securities, 
     notes, and other obligations based on or backed by mortgages 
     on residential real properties designed principally for 
     occupancy of from 1 to 4 families; and
       (2) includes--
       (A) the guarantee fee charged by the Federal National 
     Mortgage Association with respect to mortgage-backed 
     securities; and
       (B) the management and guarantee fee charged by the Federal 
     Home Loan Mortgage Corporation with respect to participation 
     certificates.
       (b) Prohibition.--Except as provided in subsection (c), in 
     the Senate and the House of Representatives, for purposes of 
     determining points of order under the Congressional Budget 
     Act of 1974 (2 U.S.C. 621 et seq.) or any concurrent 
     resolution on the budget, any provision that increases, or 
     extends the increase of, any guarantee fee of an enterprise 
     shall not be counted in estimating the level of budget 
     authority, outlays, or revenues--
       (1) in the Senate, for any bill, joint resolution, 
     amendment, amendment between the Houses, conference report, 
     or motion; and
       (2) in the House of Representatives, for any bill or joint 
     resolution, or amendment thereto or conference report 
     thereon.
       (c) Exception.--The prohibition in subsection (b) shall not 
     apply to any legislation that--
       (1) includes a specific instruction to the Secretary of the 
     Treasury on the sale, transfer, relinquishment, liquidation, 
     divestiture, or other disposition of senior preferred stock 
     acquired pursuant to the Senior Preferred Stock Purchase 
     Agreement; and
       (2) provides for an increase, or extension of an increase, 
     of any guarantee fee of an enterprise to be used for the 
     purpose of financing reforms to the secondary mortgage 
     market.
                                 ______
                                 
  SA 2078. Mr. PORTMAN (for himself and Mr. Blunt) submitted an 
amendment intended to be proposed by him to the bill S. 2155, to 
promote economic growth, provide tailored regulatory relief, and 
enhance consumer protections, and for other purposes; which was ordered 
to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. __. APPOINTMENT OF INSPECTOR GENERAL.

       The Inspector General Act of 1978 (5 U.S.C. App.) is 
     amended--
       (1) in section 8G--
       (A) in subsection (a)(2), by striking ``and the Bureau of 
     Consumer Financial Protection'';
       (B) in subsection (c), by striking ``For the purposes of 
     implementing this section'' and all that follows through the 
     end of the subsection; and
       (C) in subsection (g)(3), by striking ``and the Bureau of 
     Consumer Financial Protection''; and
       (2) in section 12--
       (A) in paragraph (1), by inserting ``the Director of the 
     Bureau of Consumer Financial Protection;'' after ``the 
     President of the Export-Import Bank;''; and
       (B) in paragraph (2), by inserting ``the Bureau of Consumer 
     Financial Protection,'' after ``the Export-Import Bank,''.
                                 ______
                                 
  SA 2079. Mr. BROWN submitted an amendment intended to be proposed by 
him to the bill S. 2155, to promote economic growth, provide tailored 
regulatory relief, and enhance consumer protections, and for other 
purposes; which was ordered to lie on the table; as follows:

       Strike sections 401 and 402 and insert the following:

     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) by striking subparagraph (B); and
       (ii) by adding at the end the following:
       ``(B) 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 (h)(2), by striking ``$10,000,000,000'' 
     each place that term appears and inserting 
     ``$50,000,000,000''; and
       (3) in subsection (i)--
       (A) in paragraph (1)--
       (i) in subparagraph (A), by striking ``described in 
     subsection (a)'' and inserting ``with total consolidated 
     assets equal to or greater than $50,000,000,000''; and
       (ii) by adding at the end the following:
       ``(C) Publication.--The Board of Governors shall each year, 
     as part of the summary of results of tests required under 
     this paragraph, publish a report detailing the changes the 
     Board of Governors has made to the elements and assumptions 
     used in the stress tests for that year.''; and
       (B) in paragraph (2)(A)--
       (i) in the first sentence, by striking ``described in 
     subsection (a)'' and inserting ``with total consolidated 
     assets equal to or greater than $100,000,000,000'';
       (ii) in the second sentence, by striking 
     ``$10,000,000,000'' and inserting ``$50,000,000,000''; and
       (iii) by inserting ``Nothing in this section shall limit 
     the ability of Federal financial regulatory agencies to 
     require annual stress tests under this subparagraph for a 
     financial company that has total consolidated assets of more 
     than $10,000,000,000 and is regulated by a primary Federal 
     financial regulatory agency if the Federal financial 
     regulatory

[[Page S1466]]

     agency finds that the stress tests are warranted by the risk 
     profile or condition of the financial company.'' after the 
     end of the second sentence.
       (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.--Section 115(a)(2) 
     of the Financial Stability Act of 2010 (12 U.S.C. 5325(a)(2)) 
     is amended--
       (1) by striking ``may--'' and all that follows through 
     ``differentiate'' and inserting ``may differentiate''; and
       (2) by striking ``; or'' and all that follows through 
     ``(g)''.
       (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) 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 section 165 of the Financial Stability Act of 2010 (12 
     U.S.C. 5365).
                                 ______
                                 
  SA 2080. Mr. BROWN submitted an amendment intended to be proposed by 
him to the bill S. 2155, to promote economic growth, provide tailored 
regulatory relief, and enhance consumer protections, and for other 
purposes; which was ordered to lie on the table; as follows:

       In section 401(f), in the matter preceding paragraph (1), 
     insert after ``Regulations,'' the following: ``or any 
     intermediate holding company that meets the requirements 
     under section 252.153 of title 12, Code of Federal 
     Regulations, as in effect on the date of enactment of this 
     Act, with respect to a foreign banking organization (as 
     defined in section 211.21 of title 12, Code of Federal 
     Regulations) that has been identified as a global 
     systemically important bank by the Financial Stability 
     Board,''.
                                 ______
                                 
  SA 2081. Mr. KENNEDY (for himself and Mr. Schatz) submitted an 
amendment intended to be proposed by him to the bill S. 2155, to 
promote economic growth, provide tailored regulatory relief, and 
enhance consumer protections, and for other purposes; which was ordered 
to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. FAIR AND ACCURATE INFORMATION REPORTING FOR 
                   CONSUMERS.

       (a) Short Title.--This section may be cited as the ``Fair 
     and Accurate Information Reporting for Consumers Act'' or the 
     ``FAIR for Consumers Act''.
       (b) Free and Easy Access to Personal Data.--Section 
     612(a)(1) of the Fair Credit Reporting Act (15 U.S.C. 
     1681j(a)(1)) is amended by adding at the end the following:
       ``(D) Online consumer portal.--
       ``(i) In general.--Not later than 180 days after the date 
     of enactment of this subparagraph, each consumer reporting 
     agency described in section 603(p) shall develop an online 
     consumer portal that gives each consumer--

       ``(I) unlimited free access to--

       ``(aa) the consumer report of the consumer;
       ``(bb) the means by which the consumer may exercise the 
     rights of the consumer under subparagraph (E) and section 
     604(e)(2)(B);
       ``(cc) the ability to initiate a dispute with the consumer 
     reporting agency regarding the accuracy or completeness of 
     any information in a report in accordance with section 
     623(a)(3);
       ``(dd) the ability to freeze a consumer report for free;
       ``(ee) if the consumer reporting agency offers a product to 
     consumers to prevent access to the consumer report of the 
     consumer for the purpose of preventing identity theft, a 
     disclosure to the consumer regarding the differences between 
     that product and a credit freeze; and
       ``(ff) information on who has accessed the consumer report 
     of the consumer and for what permissible purpose the consumer 
     report was furnished in accordance with section 604 and 
     section 609; and

       ``(II) access to a free, annual credit score of the 
     consumer in accordance with section 609(f)(7)(A).

       ``(ii) No waiver.--A consumer reporting agency described in 
     section 603(p) may not require a consumer to waive any legal 
     or privacy rights to access--

       ``(I) a portal established under this subparagraph; or
       ``(II) any of the services described in subclauses (I) or 
     (II) of clause (i) that are provided through a portal 
     established under this subparagraph.

       ``(iii) No advertising or solicitations.--A portal 
     established under this subparagraph may not contain any 
     advertising, marketing offers, or other solicitations.
       ``(E) Opt-out options.--
       ``(i) In general.--If a consumer reporting agency sells or 
     shares consumer information in a manner that is not a 
     consumer report, the consumer reporting agency shall provide 
     each consumer with a clear, free method, through a website, 
     by phone, or in writing, by which the consumer may elect not 
     to have the information of the consumer so sold or shared.
       ``(ii) No expiration.--An election made by a consumer under 
     regulations promulgated under clause (i) shall expire on the 
     date on which the consumer expressly revokes the election 
     through a website, by phone, or in writing.''.
       (c) Accuracy in Credit Reports.--
       (1) Compliance procedures.--Section 607 of the Fair Credit 
     Reporting Act (15 U.S.C. 1681e) is amended by striking 
     subsection (b) and inserting the following:
       ``(b) Ensuring Accuracy.--
       ``(1) In general.--Whenever a consumer reporting agency 
     prepares a consumer report it shall follow reasonable 
     procedures to assure maximum possible accuracy of the 
     information concerning the individual about whom the report 
     relates.
       ``(2) Matching.--In assuring the maximum possible accuracy 
     under paragraph (1), each consumer reporting agency described 
     in section 603(p) shall ensure that, when including 
     information in the file of a consumer, the consumer reporting 
     agency matches all 9 digits of the social security number of 
     the consumer with the information that the consumer reporting 
     agency is including in the file.
       ``(3) Periodic audits.--Each consumer reporting agency 
     shall perform periodic audits on a representative sample of 
     consumer reports to check for accuracy.''.
       (d) Improved Dispute Process for Consumer Reporting 
     Agencies.--
       (1) Responsibilities of furnishers of information to 
     consumer reporting agencies.--Section 623(a)(8)(F)(i)(II) of 
     the Fair Credit Reporting Act (15 U.S.C. 1681s-
     2(a)(8)(F)(i)(II)) is amended by inserting ``, and does not 
     include any new or additional information that would be 
     relevant to a reinvestigation'' before the period at the end.
       (2) FTC obmudsperson.--Section 611(a) of the Fair Credit 
     Reporting Act (15 U.S.C. 1681i(a)) is amended by adding at 
     the end the following:
       ``(9) FTC ombudsperson.--
       ``(A) In general.--Not later than 180 days after the date 
     of enactment of this paragraph, the Federal Trade Commission 
     shall create the position of ombudsperson for the purpose of 
     resolving persistent errors that are not resolved in a timely 
     manner by a consumer reporting agency or addressing 
     violations of paragraph (5).
       ``(B) Civil fines.--The ombudsperson described in 
     subparagraph (A) may levy a civil fine of not more than 
     $3,500 per violation on a consumer reporting agency if the 
     consumer reporting agency repeatedly fails to resolve 
     disputes in a timely manner or to comply with paragraph 
     (5).''.
       (3) Provision and consideration of documentation provided 
     by consumers.--The Fair Credit Reporting Act (15 U.S.C. 1681 
     et seq.) is amended--
       (A) in section 611 (15 U.S.C. 1681i)--
       (i) in subsection (a)--

       (I) in paragraph (1), by adding at the end the following:

       ``(D) Obligations of consumer reporting agencies relating 
     to reinvestigations.--Commensurate with the volume and 
     complexity of disputes about which a consumer reporting 
     agency receives notice, or reasonably anticipates to receive 
     notice, under this paragraph, each consumer reporting agency 
     shall--
       ``(i) maintain sufficient personnel to conduct 
     reinvestigations of those disputes; and
       ``(ii) provide training with respect to the personnel 
     described in clause (i).'';

       (II) in paragraph (2)--

       (aa) in subparagraph (A), in the second sentence, by 
     inserting ``, including all documentation provided by the 
     consumer'' after

[[Page S1467]]

     ``received from the consumer or reseller''; and
       (bb) in subparagraph (B), by inserting ``, including all 
     documentation provided by the consumer,'' after ``from the 
     consumer or the reseller'';

       (III) in paragraph (4), by inserting ``, including all 
     documentation,'' after ``relevant information''; and
       (IV) in paragraph (6)(B)--

       (aa) by striking clause (iii) and inserting the following:
       ``(iii) a description of the actions taken by the consumer 
     reporting agency regarding the dispute;
       ``(iv) if applicable, contact information for any furnisher 
     involved in responding to the dispute and a description of 
     the role played by the furnisher in the reinvestigation 
     process;
       ``(v) a description of the results of the dispute, 
     including if applicable the specific modification or deletion 
     of information that was made to the file of the consumer 
     following the reinvestigation; and
       ``(vi) the options available to the consumer if the 
     consumer is dissatisfied with the result, including--

       ``(I) submitting documents in support of the dispute;
       ``(II) adding a consumer statement to the file;
       ``(III) filing a dispute with the furnisher; and
       ``(IV) submitting a complaint against the consumer 
     reporting agency or furnishers through the consumer complaint 
     database of the Bureau, the ombudsperson of the Federal Trade 
     Commission, or the State attorney general for the State in 
     which the consumer resides.'';

       (ii) in subsection (e), by adding at the end the following:
       ``(6) Notification of deletion of information.--A consumer 
     reporting agency described in section 603(p) shall 
     communicate with other consumer reporting agencies described 
     in section 603(p) to ensure that a dispute initiated with one 
     consumer reporting agency is reflected in a file maintained 
     by the other consumer reporting agencies described in section 
     603(p).'';
       (iii) in subsection (f)(2)(B)(ii), by inserting ``, 
     including all documentation,'' after ``relevant 
     information''; and
       (B) in section 623 (15 U.S.C. 1681s-2)--
       (i) in subsection (a)(8)(E), by striking clause (ii) and 
     inserting the following:
       ``(ii) review and consider all relevant information, 
     including all documentation, provided by the consumer with 
     the notice;''; and
       (ii) in subsection (b)(1), by striking subparagraph (B) and 
     inserting the following:
       ``(B) review and consider all relevant information, 
     including all documentation, provided by the consumer 
     reporting agency under section 611(a)(2);''.
       (4) Injunctive relief.--The Fair Credit Reporting Act (15 
     U.S.C. 1681 et seq.) is amended--
       (A) in section 616 (15 U.S.C. 1681n)--
       (i) in subsection (a), in the subsection heading, by 
     striking ``(a) In General.--'' and inserting ``(a) Damages.--
     '';
       (ii) by redesignating subsections (c) and (d) as 
     subsections (d) and (e), respectively; and
       (iii) by inserting after subsection (b) the following:
       ``(c) Injunctive Relief.--
       ``(1) In general.--In addition to any other remedy under 
     this section, a court may award injunctive relief to require 
     compliance with the requirements imposed under this title 
     with respect to any consumer.
       ``(2) Costs and attorney's fees.--In the event of any 
     successful action for injunctive relief under this 
     subsection, a court may award to the prevailing party costs 
     and reasonable attorney's fees (as determined by the court) 
     incurred by the prevailing party during the action.''; and
       (B) in section 617 (15 U.S.C. 1681o)--
       (i) in subsection (a), in the subsection heading, by 
     striking ``(a) In General.--'' and inserting ``(a) Damages.--
     '';
       (ii) by redesignating subsection (b) as subsection (c); and
       (iii) by inserting after subsection (a) the following:
       ``(b) Injunctive Relief.--
       ``(1) In general.--In addition to any other remedy under 
     this section, a court may award injunctive relief to require 
     compliance with the requirements imposed under this title 
     with respect to any consumer.
       ``(2) Costs and attorney's fees.--In the event of any 
     successful action for injunctive relief under this 
     subsection, a court may award to the prevailing party costs 
     and reasonable attorney's fees (as determined by the court) 
     incurred by the prevailing party during the action.''.
       (5) Enforcement.--Section 615(h)(8) of the Fair Credit 
     Reporting Act (15 U.S.C. 1681m(h)(8)) is amended--
       (A) in subparagraph (A), by striking ``section'' and 
     inserting ``subsection''; and
       (B) in subparagraph (B), by striking ``This section'' and 
     inserting ``This subsection''.
       (e) Increased Transparency.--
       (1) Disclosures to consumers.--Section 609 of the Fair 
     Credit Reporting Act (15 U.S.C. 1681g) is amended--
       (A) in subsection (a)(3)(B)--
       (i) in clause (i), by striking ``and'' at the end; and
       (ii) by striking clause (ii) and inserting the following:
       ``(ii) the address and telephone number of the person; and
       ``(iii) the permissible purpose of the person for obtaining 
     the consumer report, including the specific type of credit 
     product that is extended, reviewed, or collected, as 
     described in section 604(a)(3)(A).'';
       (B) in subsection (f)--
       (i) by amending paragraph (7)(A) to read as follows:
       ``(A) supply the consumer with a credit score through the 
     portal established under section 612(a)(1)(D) or as requested 
     by the consumer, as applicable, that--
       ``(i) is derived from a credit scoring model that is widely 
     distributed to users by the consumer reporting agency for the 
     purpose of any extension of credit or other transaction 
     designated by the consumer who is requesting the credit 
     score; or
       ``(ii) is widely distributed to lenders of common consumer 
     loan products and predicts the future credit behavior of the 
     consumer; and''; and
       (ii) in paragraph (8), by inserting ``, except that a 
     credit score shall be provided free of charge to the consumer 
     if requested in connection with a free annual consumer report 
     described in section 612(a)'' before the period at the end; 
     and
       (C) in subsection (g)(1)--
       (i) in subparagraph (A)(ii), by striking ``subparagraph 
     (D)'' and inserting ``subparagraph (C)'';
       (ii) in subparagraph (B)(ii), by striking ``consistent with 
     subparagraph (C)'';
       (iii) by striking subparagraph (C); and
       (iv) by redesignating subparagraphs (D) through (G) as 
     subparagraphs (C) through (F), respectively.
       (2) Notification requirements.--
       (A) Adverse information notification.--The Fair Credit 
     Reporting Act (15 U.S.C. 1681 et seq.) is amended--
       (i) in section 612 (15 U.S.C. 1681j), by striking 
     subsection (b) and inserting the following:
       ``(b) Free Disclosure After Notice of Adverse Action or 
     Offer of Credit on Materially Less Favorable Terms.--Not 
     later than 14 days after the date on which a consumer 
     reporting agency receives a notification under subsection 
     (a)(2) or (h)(6) of section 615, or from a debt collection 
     agency affiliated with the consumer reporting agency, the 
     consumer reporting agency shall make, without charge to the 
     consumer, all disclosures required in accordance with the 
     rules prescribed by the Bureau.''; and
       (ii) in section 615(a) (15 U.S.C. 1681m(a))--

       (I) by redesignating paragraphs (2), (3), and (4) as 
     paragraphs (3), (4), and (5), respectively;
       (II) by inserting after paragraph (1) the following:

       ``(2) direct the consumer reporting agency that provided 
     the consumer report that was used in the decision to take the 
     adverse action to provide the consumer with the disclosures 
     described in section 612(b);''; and

       (III) in paragraph (5), as so redesignated--

       (aa) in the matter preceding subparagraph (A), by striking 
     ``of the consumer's right'';
       (bb) by striking subparagraph (A) and inserting the 
     following:
       ``(A) that the consumer shall receive a copy of the 
     consumer report with respect to the consumer, free of charge, 
     from the consumer reporting agency that furnished the 
     consumer report; and''; and
       (cc) in subparagraph (B), by inserting ``of the right of 
     the consumer'' before ``to dispute''.
       (B) Notification in cases of less favorable terms.--Section 
     615(h) of the Fair Credit Reporting Act (15 U.S.C. 1681m(h)) 
     is amended--
       (i) in paragraph (1), by striking ``paragraph (6)'' and 
     inserting ``paragraph (7)'';
       (ii) in paragraph (2), by striking ``paragraph (6)'' and 
     inserting ``paragraph (7)'';
       (iii) in paragraph (5)(C), by striking ``may obtain'' and 
     inserting ``shall receive'';
       (iv) by redesignating paragraphs (6), (7), and (8) as 
     paragraphs (7), (8), and (9), respectively; and
       (v) by inserting after paragraph (5) the following:
       ``(6) Reports provided to consumers.--A person who uses a 
     consumer report as described in paragraph (1) shall notify 
     and direct the consumer reporting agency that provided the 
     consumer report to provide the consumer with the disclosures 
     described in section 612(b).''.
       (C) Notification of subsequent submissions of negative 
     information.--Section 623(a)(7)(A)(ii) of the Fair Credit 
     Reporting Act (15 U.S.C. 1681s-2(a)(7)(A)(ii)) is amended by 
     striking ``account, or customer'' and inserting ``or 
     account''.
       (3) Regulatory reform.--Section 621 of the Federal Credit 
     Reporting Act (15 U.S.C. 1681s) is amended by adding at the 
     end the following:
       ``(h) Consumer Reporting Agency Registry.--
       ``(1) Establishment of registry.--Not later than 180 days 
     after the date of enactment of this subsection, the Federal 
     Trade Commission shall establish a publicly available 
     registry of consumer reporting agencies that includes--
       ``(A) each consumer reporting agency that compiles and 
     maintains files on consumers on a nationwide basis;
       ``(B) each nationwide specialty consumer reporting agency;
       ``(C) all other consumer reporting agencies that are not 
     included under section 603(p) or 603(x); and
       ``(D) links to any relevant websites.
       ``(2) Registration requirement.--Each consumer reporting 
     agency shall register with a registry established by the 
     Federal

[[Page S1468]]

     Trade Commission under this subsection in a timeframe 
     established by the Commission.''.
                                 ______
                                 
  SA 2082. Mr. WYDEN (for himself, Mr. Merkley, and Ms. Warren) 
submitted an amendment intended to be proposed by him to the bill S. 
2155, to promote economic growth, provide tailored regulatory relief, 
and enhance consumer protections, and for other purposes; which was 
ordered to lie on the table; as follows:

       Strike section 107.
                                 ______
                                 
  SA 2083. Mr. WYDEN (for himself and Mr. Booker) submitted an 
amendment intended to be proposed by him to the bill S. 2155, to 
promote economic growth, provide tailored regulatory relief, and 
enhance consumer protections, and for other purposes; which was ordered 
to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. SMALL BUSINESS LOAN DATA COLLECTION.

       Not later than December 31, 2018, the Bureau of Consumer 
     Financial Protection shall ensure that financial institutions 
     subject to 704B of the Equal Credit Opportunity Act (15 
     U.S.C. 1691c-2) are complying with the requirements of that 
     section.
                                 ______
                                 
  SA 2084. Mr. BLUMENTHAL submitted an amendment intended to be 
proposed by him to the bill S. 2155, to promote economic growth, 
provide tailored regulatory relief, and enhance consumer protections, 
and for other purposes; which was ordered to lie on the table; as 
follows:

       At the end, add the following:

               TITLE __--PUBLIC SERVICE LOAN FORGIVENESS

     SEC. __. PUBLIC SERVICE LOAN FORGIVENESS.

       Section 455(m) of the Higher Education Act of 1965 (20 
     U.S.C. 1087e(m)) is amended--
       (1) in paragraph (1), in the matter preceding subparagraph 
     (A), by inserting ``, except as provided in paragraph (5),'' 
     after ``on any eligible Federal Direct Loan not in default''; 
     and
       (2) by adding at the end the following:
       ``(5) Loan cancellation for new loans.--
       ``(A) In general.--Beginning after the date of enactment of 
     the Economic Growth, Regulatory Relief, and Consumer 
     Protection Act, after the conclusion of each employment 
     period in a public service job, as described in subparagraph 
     (B), the Secretary shall cancel the percent specified in such 
     subparagraph of the total amount due on any eligible Federal 
     Direct Loan made after the date of enactment of the Economic 
     Growth, Regulatory Relief, and Consumer Protection Act for a 
     borrower who is employed in such public service job and 
     submits an employment certification form described in 
     subparagraph (C).
       ``(B) Percent amount.--The percent of a loan that shall be 
     canceled under subparagraph (A) is as follows:
       ``(i) In the case of a borrower who completes 2 years of 
     employment in a public service job, 15 percent of the total 
     amount due on the eligible Federal Direct Loan on the date 
     the borrower commenced employment in such public service job.
       ``(ii) In the case of a borrower who completes 4 years of 
     employment in a public service job, 15 percent of the total 
     amount due on the eligible Federal Direct Loan on the date 
     the borrower commenced employment in such public service job.
       ``(iii) In the case of a borrower who completes 6 years of 
     employment in a public service job, 20 percent of the total 
     amount due on the eligible Federal Direct Loan on the date 
     the borrower commenced employment in such public service job.
       ``(iv) In the case of a borrower who completes 8 years of 
     employment in a public service job, 20 percent of the total 
     amount due on the eligible Federal Direct Loan on the date 
     the borrower commenced employment in such public service job.
       ``(v) In the case of a borrower who completes 10 years of 
     employment in a public service job, 30 percent of the total 
     amount due on the eligible Federal Direct Loan on the date 
     the borrower commenced employment in such public service job.
       ``(C) Employment certification form.--
       ``(i) In general.--In order to receive loan cancellation 
     under this paragraph, a borrower shall submit to the 
     Secretary an employment certification form that is developed 
     by the Secretary and includes self-certification of 
     employment and a separate part for employer certification 
     that indicates the dates of employment.
       ``(ii) Deferment.--If a borrower submits to the Secretary 
     the employment certification form described in clause (i), 
     during the period in which the borrower is employed in a 
     public service job for which loan cancellation is eligible 
     under this paragraph, the borrower's eligible Federal Direct 
     Loan shall be placed in deferment.
       ``(D) Interest canceled.--If a portion of a loan is 
     canceled under this paragraph for any year, the entire amount 
     of interest on such loan that accrues for such year shall be 
     canceled.''.
                                 ______
                                 
  SA 2085. Mr. BLUMENTHAL submitted an amendment intended to be 
proposed by him to the bill S. 2155, to promote economic growth, 
provide tailored regulatory relief, and enhance consumer protections, 
and for other purposes; which was ordered to lie on the table; as 
follows:

       At the appropriate place, insert the following:

     SEC. ___. AUTO LENDING RULES.

       Not later than 1 year after the date of enactment of this 
     Act, the Federal Trade Commission shall promulgate rules 
     that--
       (1) prohibit auto dealer interest rate markups;
       (2) end yo-yo scams;
       (3) curb loan packing;
       (4) implement steps to ensure that dealers do not fail to 
     pay off liens on trade-in vehicles or cause other harm to 
     consumers when the dealer closes; and
       (5) eliminates predispute arbitration agreements in 
     contracts for the sale, servicing, financing, and leasing of 
     motor vehicles.
                                 ______
                                 
  SA 2086. Mr. BLUMENTHAL submitted an amendment intended to be 
proposed by him to the bill S. 2155, to promote economic growth, 
provide tailored regulatory relief, and enhance consumer protections, 
and for other purposes; which was ordered to lie on the table; as 
follows:

       At the appropriate place, insert the following:

     SEC. ___. CLARIFICATIONS REGARDING SCOPE OF EMPLOYMENT AND 
                   REEMPLOYMENT RIGHTS OF MEMBERS OF THE UNIFORMED 
                   SERVICES.

       (a) Clarification Regarding Definition of Rights and 
     Benefits.--Section 4303(2) of title 38, United States Code, 
     is amended--
       (1) by inserting ``(A)'' before ``The term''; and
       (2) by adding at the end the following new subparagraph:
       ``(B) Any procedural protections or provisions set forth in 
     this chapter shall also be considered a right or benefit 
     subject to the protection of this chapter.''.
       (b) Clarification Regarding Relation to Other Law and Plans 
     for Agreements.--Section 4302 of such title is amended by 
     adding at the end the following:
       ``(c)(1) Pursuant to this section and the procedural rights 
     afforded by subchapter III of this chapter, any agreement to 
     arbitrate a claim under this chapter is unenforceable, unless 
     all parties consent to arbitration after a complaint on the 
     specific claim has been filed in court or with the Merit 
     Systems Protection Board and all parties knowingly and 
     voluntarily consent to have that particular claim subjected 
     to arbitration.
       ``(2) For purposes of this subsection, consent shall not be 
     considered voluntary when a person is required to agree to 
     arbitrate an action, complaint, or claim alleging a violation 
     of this chapter as a condition of future or continued 
     employment, advancement in employment, or receipt of any 
     right or benefit of employment.''.
                                 ______
                                 
  SA 2087. Mr. BROWN submitted an amendment intended to be proposed by 
him to the bill S. 2155, to promote economic growth, provide tailored 
regulatory relief, and enhance consumer protections, and for other 
purposes; which was ordered to lie on the table; as follows:

       Strike section 109.
                                 ______
                                 
  SA 2088. Mrs. GILLIBRAND (for herself and Mr. Durbin) submitted an 
amendment intended to be proposed by her to the bill S. 2155, to 
promote economic growth, provide tailored regulatory relief, and 
enhance consumer protections, and for other purposes; which was ordered 
to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ____. EXCESSIVE EXECUTIVE COMPENSATION.

       (a) Denial of Deduction for Payments of Excessive 
     Compensation.--
       (1) In general.--Section 162 of the Internal Revenue Code 
     of 1986 is amended--
       (A) by redesignating subsection (s) as subsection (u); and
       (B) by inserting after subsection (r) the following:
       ``(s) Excessive Compensation.--
       ``(1) In general.--No deduction shall be allowed under this 
     chapter for any excessive compensation for any employee of 
     the taxpayer.
       ``(2) Excessive compensation.--For purposes of this 
     subsection, the term `excessive compensation' means, with 
     respect to any employee, the amount by which the compensation 
     for services performed by such employee during the taxable 
     year exceeds the lesser of--
       ``(A) the median of the compensation paid for services 
     performed by all employees of the taxpayer during the taxable 
     year, multiplied by 25, or
       ``(B) $1,000,000.
       ``(3) Other definitions and special rules.--For purposes of 
     this subsection--
       ``(A) Compensation.--The term `compensation' includes 
     wages, salary, fees, commissions, fringe benefits, deferred 
     compensation, retirement contributions, options, bonuses,

[[Page S1469]]

     property, and any other form of remuneration that the 
     Secretary determines is appropriate.
       ``(B) Employer.--All persons treated as a single employer 
     under subsection (a) or (b) of section 52 or subsection (m) 
     or (o) of section 414 shall be treated as a single taxpayer 
     for purposes of this subsection.
       ``(C) Employee.--The term `employee' includes full-time, 
     part-time, and seasonal employees.
       ``(4) Reporting.--Each employer which provides any 
     excessive compensation to any employee during a taxable year 
     shall file a report with the Secretary with respect to such 
     taxable year including--
       ``(A) the amount of compensation of the employee of the 
     taxpayer receiving the lowest amount of compensation during 
     such taxable year,
       ``(B) the amount of compensation of the employee of the 
     taxpayer receiving the highest amount of compensation during 
     such taxable year,
       ``(C) the median compensation of all employees of the 
     taxpayer during such taxable year,
       ``(D) the number of employees of the taxpayer who are 
     receiving excessive compensation during such taxable year, 
     and
       ``(E) the amount of compensation of each employee described 
     in subparagraph (D) during such taxable year.
     Such report shall be filed at such time and in such manner as 
     the Secretary may require.
       ``(t) Fines Relating to Executive Compensation.--No 
     deduction shall be allowed under this chapter for any fine 
     paid to the Securities and Exchange Commission under section 
     16(h)(4) of the Securities Exchange Act of 1934.''.
       (2) Effective date.--The amendment made by paragraph (1) 
     shall apply to taxable years beginning after the date of 
     enactment of this Act.
       (b) Amendment to the Securities Exchange Act of 1934.--
       (1) In general.--Section 16 of the Securities Exchange Act 
     of 1934 (15 U.S.C. 78p) is amended by adding at the end the 
     following:
       ``(h) Shareholder Approval of Executive Compensation.--
       ``(1) Calculation of compensation.--For purposes of this 
     subsection, the term `compensation' includes wages, salary, 
     fees, commissions, fringe benefits, deferred compensation, 
     retirement contributions, options, bonuses, property, and any 
     other form of remuneration that the Commission, in 
     consultation with the Secretary of the Treasury, determines 
     is appropriate.
       ``(2) Limitation.--
       ``(A) In general.--Except as provided in subparagraph (B), 
     the compensation paid to an employee of an issuer in any 
     taxable year may not exceed the lesser of--
       ``(i) $1,000,000; or
       ``(ii) an amount that is 25 times the median amount of 
     compensation paid to all employees of that issuer during that 
     taxable year.
       ``(B) Exception.--An issuer may pay compensation described 
     in subparagraph (A) to an employee of the issuer if, not more 
     than 18 months before the last day of the taxable year in 
     which the compensation is paid, not less than 50 percent of 
     the shareholders of the issuer vote to approve the 
     compensation through a proxy or consent or authorization for 
     an annual or other meeting of the shareholders of the issuer.
       ``(3) Proxy contents.--Proxy materials for a vote described 
     in paragraph (2)(B) by shareholders of an issuer shall 
     include, with respect to the most recent taxable year ending 
     before the date on which the vote takes place--
       ``(A) the amount of compensation paid to the lowest paid 
     employee of the issuer;
       ``(B) the amount of compensation paid to the highest paid 
     employee of the issuer;
       ``(C) the median amount of compensation paid to all 
     employees of the issuer;
       ``(D) the number of employees of the issuer who are paid 
     compensation in an amount that is more than 25 times the 
     amount described in subparagraph (C); and
       ``(E) the total amount of compensation paid to the 
     employees described in subparagraph (D).
       ``(4) Money penalty.--
       ``(A) In general.--The Commission may impose a civil 
     penalty against an issuer if--
       ``(i) the issuer, in a taxable year, pays compensation to 
     an employee of the issuer in an amount that exceeds the 
     lesser of--

       ``(I) $1,000,000; or
       ``(II) 25 times the median amount of compensation paid to 
     all employees of that issuer during that taxable year; and

       ``(ii)(I) the issuer does not conduct a vote described in 
     paragraph (2)(B) with respect to the compensation described 
     in clause (i); or
       ``(II) less than 50 percent of the shareholders of the 
     issuer vote to approve the compensation described in clause 
     (i), in contravention of the requirement under paragraph 
     (2)(B).
       ``(B) Amount of penalty.--The amount of the penalty imposed 
     under subparagraph (A) shall be equal to the excess of--
       ``(i) the compensation described in subparagraph (A)(i); 
     over
       ``(ii) the lesser of--

       ``(I) $1,000,000; or
       ``(II) the amount that is 25 times the median amount of 
     compensation paid to all employees of the issuer during the 
     taxable year in which that compensation is paid to that 
     employee.''.

       (2) Deadline for rulemaking.--Not later than 1 year after 
     the date of enactment of this Act, the Securities and 
     Exchange Commission shall issue any final rules and 
     regulations required to carry out subsection (h) of section 
     16 of the Securities Exchange Act of 1934 (15 U.S.C. 78p), as 
     added by paragraph (1) of this subsection.
                                 ______
                                 
  SA 2089. Mr. NELSON (for himself, Ms. Harris, Ms. Warren, Mr. 
Blumenthal, Mr. Merkley, and Mrs. Feinstein) submitted an amendment 
intended to be proposed by him to the bill S. 2155, to promote economic 
growth, provide tailored regulatory relief, and enhance consumer 
protections, and for other purposes; which was ordered to lie on the 
table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. VISITORIAL POWERS.

       The sixth undesignated paragraph of section 5240 of the 
     Revised Statutes (12 U.S.C. 484) is amended by striking 
     subparagraph (B) and inserting the following:
       ``(B) Notwithstanding subparagraph (A)--
       ``(i) lawfully authorized State auditors and examiners may, 
     at reasonable times and upon reasonable notice to a bank, 
     review its records solely to ensure compliance with 
     applicable State unclaimed property or escheat laws upon 
     reasonable cause to believe that the bank has failed to 
     comply with such laws;
       ``(ii) an attorney general (or other chief law enforcement 
     officer) of a State may issue subpoenas or administer 
     oversight and examination to national banks or officers of 
     national banks based upon reasonable cause to believe that 
     the national bank or an officer of a national bank has failed 
     to comply with applicable State laws; and
       ``(iii) national banks shall submit to an attorney general 
     (or other chief law enforcement officer) of a State aggregate 
     loan data, types of products, any other information that the 
     national bank determines is appropriate for each State.''.
                                 ______
                                 
  SA 2090. Mr. TILLIS (for himself, Ms. Warren, and Mr. Scott) 
submitted an amendment intended to be proposed by him to the bill S. 
2155, to promote economic growth, provide tailored regulatory relief, 
and enhance consumer protections, and for other purposes; which was 
ordered to lie on the table; as follows:

       At the end, add the following:

          TITLE VI--PROTECTING VETERANS FROM PREDATORY LENDING

     SEC. 601. SHORT TITLE.

       This title may be cited as the ``Protecting Veterans from 
     Predatory Lending Act of 2018''.

     SEC. 602. PROTECTING VETERANS FROM PREDATORY LENDING.

       (a) In General.--Subchapter I of chapter 37 of title 38, 
     United States Code, is amended by adding at the end the 
     following new section:

     ``Sec. 3709. Refinancing of housing loans

       ``(a) Fee Recoupment.--Except as provided in subsection (d) 
     and notwithstanding section 3703 of this title or any other 
     provision of law, a loan to a veteran for a purpose specified 
     in section 3710 of this title that is being refinanced may 
     not be guaranteed or insured under this chapter unless--
       ``(1) the issuer of the refinanced loan provides the 
     Secretary with a certification of the recoupment period for 
     fees, closing costs, and any expenses (other than taxes, 
     amounts held in escrow, and fees paid under this chapter) 
     that would be incurred by the borrower in the refinancing of 
     the loan;
       ``(2) all of the fees and incurred costs are scheduled to 
     be recouped on or before the date that is 36 months after the 
     date of loan issuance; and
       ``(3) the recoupment is calculated through lower regular 
     monthly payments (other than taxes, amounts held in escrow, 
     and fees paid under this chapter) as a result of the 
     refinanced loan.
       ``(b) Net Tangible Benefit Test.--Except as provided in 
     subsection (d) and notwithstanding section 3703 of this title 
     or any other provision of law, a loan to a veteran for a 
     purpose specified in section 3710 of this title that is 
     refinanced may not be guaranteed or insured under this 
     chapter unless--
       ``(1) the issuer of the refinanced loan provides the 
     borrower with a net tangible benefit test;
       ``(2) in a case in which the original loan had a fixed rate 
     mortgage interest rate and the refinanced loan will have a 
     fixed rate mortgage interest rate, the refinanced loan has a 
     mortgage interest rate that is not less than 50 basis points 
     less than the previous loan;
       ``(3) in a case in which the original loan had a fixed rate 
     mortgage interest rate and the refinanced loan will have an 
     adjustable rate mortgage interest rate, the refinanced loan 
     has a mortgage interest rate that is not less than 200 basis 
     points less than the previous loan; and
       ``(4) the lower interest rate is not produced solely from 
     discount points, unless--
       ``(A) such points are paid at closing; and
       ``(B) such points are not added to the principal loan 
     amount, unless--
       ``(i) for discount point amounts that are less than or 
     equal to one discount point, the resulting loan balance after 
     any fees and expenses allows the property with respect to 
     which the loan was issued to maintain a loan to value ratio 
     of 100 percent or less; and

[[Page S1470]]

       ``(ii) for discount point amounts that are greater than one 
     discount point, the resulting loan balance after any fees and 
     expenses allows the property with respect to which the loan 
     was issued to maintain a loan to value ratio of 90 percent or 
     less.
       ``(c) Loan Seasoning.--Except as provided in subsection (d) 
     and notwithstanding section 3703 of this title or any other 
     provision of law, a loan to a veteran for a purpose specified 
     in section 3710 of this title that is refinanced may not be 
     guaranteed or insured under this chapter until the date that 
     is the later of--
       ``(1) the date that is 210 days after the date on which the 
     first monthly payment is made on the loan; and
       ``(2) the date on which the sixth monthly payment is made 
     on the loan.
       ``(d) Cash-out Refinances.--(1) Subsections (a) through (c) 
     shall not apply in a case of a loan refinancing in which the 
     amount of the principal for the new loan to be guaranteed or 
     insured under this chapter is larger than the payoff amount 
     of the refinanced loan.
       ``(2) Not later than 180 days after the date of the 
     enactment of the Protecting Veterans from Predatory Lending 
     Act of 2018, the Secretary shall promulgate such rules as the 
     Secretary considers appropriate with respect to refinancing 
     described in paragraph (1) to ensure that such refinancing is 
     in the financial interest of the borrower, including rules 
     relating to recoupment, seasoning, and net tangible 
     benefits.''.
       (b) Regulations.--
       (1) In general.--In prescribing any regulation to carry out 
     section 3709 of title 38, United States Code, as added by 
     subsection (a), the Secretary of Veterans Affairs may waive 
     the requirements of sections 551 through 559 of title 5, 
     United States Code, if--
       (A) the Secretary determines that urgent or compelling 
     circumstances make compliance with such requirements 
     impracticable or contrary to the public interest;
       (B) the Secretary submits to the Committee on Veterans' 
     Affairs of the Senate and the Committee on Veterans' Affairs 
     of the House of Representatives, and publishes in the Federal 
     Register, notice of such waiver, including a description of 
     the determination made under subparagraph (A); and
       (C) a period of 10 days elapses following the notification 
     under subparagraph (B).
       (2) Public notice and comment.--If a regulation prescribed 
     pursuant to a waiver made under paragraph (1) is in effect 
     for a period exceeding one year, the Secretary shall provide 
     the public an opportunity for notice and comment regarding 
     such regulation.
       (3) Effective date.--This subsection shall take effect on 
     the date of the enactment of this Act.
       (4) Termination date.--The authorities under this 
     subsection shall terminate on the date that is one year after 
     the date of the enactment of this Act.
       (c) Report on Cash-out Refinances.--
       (1) In general.--Not later than one year after the date of 
     the enactment of this Act, the Secretary shall, in 
     consultation with the President of the Ginnie Mae, submit to 
     Congress a report on refinancing--
       (A) of loans--
       (i) made to veterans for purposes specified in section 3710 
     of title 38, United States Code; and
       (ii) that were guaranteed or insured under chapter 37 of 
     such title; and
       (B) in which the amount of the principal for the new loan 
     to be guaranteed or insured under such chapter is larger than 
     the payoff amount of the refinanced loan.
       (2) Contents.--The report required by paragraph (1) shall 
     include the following:
       (A) An assessment of whether additional requirements, 
     including a net tangible benefit test, fee recoupment period, 
     and loan seasoning requirement, are necessary to ensure that 
     the refinancing described in paragraph (1) is in the 
     financial interest of the borrower.
       (B) Such recommendations as the Secretary may have for 
     additional legislative or administrative action to ensure 
     that refinancing described in paragraph (1) is carried out in 
     the financial interest of the borrower.
       (d) Clerical Amendment.--The table of sections at the 
     beginning of chapter 37 of title 38, United States Code, is 
     amended by inserting after the item relating to section 3709 
     the following new item:

``3709. Refinancing of housing loans.''.

     SEC. 603. LOAN SEASONING FOR GINNIE MAE MORTGAGE-BACKED 
                   SECURITIES.

       Section 306(g)(1) of the National Housing Act (12 U.S.C. 
     1721(g)(1)) is amended by inserting ``The Association may not 
     guarantee the timely payment of principal and interest on a 
     security that is backed by a mortgage insured or guaranteed 
     under chapter 37 of title 38, United States Code, and that 
     was refinanced until the later of the date that is 210 days 
     after the date on which the first monthly payment is made on 
     the mortgage being refinanced and the date on which 6 full 
     monthly payments have been made on the mortgage being 
     refinanced.'' after ``Act of 1992.''.

     SEC. 604. REPORT ON LIQUIDITY OF THE DEPARTMENT OF VETERANS 
                   AFFAIRS HOUSING LOAN PROGRAM.

       (a) Report.--Not later than one year after the date of the 
     enactment of this Act, the Secretary of Housing and Urban 
     Development and the President of the Ginnie Mae shall submit 
     to the appropriate committees of Congress a report on the 
     liquidity of the housing loan program under chapter 37 of 
     title 38, United States Code, in the secondary mortgage 
     market, which shall--
       (1) assess the loans provided under that chapter that 
     collateralize mortgage-backed securities that are guaranteed 
     by Ginnie Mae; and
       (2) include recommendations for actions that Ginnie Mae 
     should take to ensure that the liquidity of that housing loan 
     program is maintained.
       (b) Definitions.--In this section:
       (1) Appropriate committees of congress.--The term 
     ``appropriate committees of Congress'' means--
       (A) the Committee on Veterans' Affairs and the Committee on 
     Banking, Housing, and Urban Affairs of the Senate; and
       (B) the Committee on Veterans' Affairs and the Committee on 
     Financial Services of the House of Representatives.
       (2) Ginnie mae.--The term ``Ginnie Mae'' means the 
     Government National Mortgage Association.

     SEC. 605. ANNUAL REPORT ON DOCUMENT DISCLOSURE AND CONSUMER 
                   EDUCATION.

       Not less frequently than once each year, the Secretary of 
     Veterans Affairs shall issue a publicly available report 
     that--
       (1) examines, with respect to loans provided to veterans 
     under chapter 37 of title 38, United States Code--
       (A) the refinancing of fixed-rate mortgage loans to 
     adjustable rate mortgage loans;
       (B) whether veterans are informed of the risks and 
     disclosures associated with that refinancing; and
       (C) whether advertising materials for that refinancing are 
     clear and do not contain misleading statements or assertions; 
     and
       (2) includes findings based on any complaints received by 
     veterans and on an ongoing assessment of the refinancing 
     market by the Secretary.
                                 ______
                                 
  SA 2091. Mr. TILLIS submitted an amendment intended to be proposed by 
him to the bill S. 2155, to promote economic growth, provide tailored 
regulatory relief, and enhance consumer protections, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. EXPANDING TESTING THE WATERS AND CONFIDENTIAL 
                   SUBMISSIONS.

       The Securities Act of 1933 (15 U.S.C. 77a et seq.) is 
     amended--
       (1) in section 5(d)--
       (A) by striking ``Notwithstanding'' and inserting the 
     following:
       ``(1) In general.--Notwithstanding'';
       (B) by striking ``an emerging growth company or any person 
     authorized to act on behalf of an emerging growth company'' 
     and inserting ``an issuer or any person authorized to act on 
     behalf of an issuer''; and
       (C) by adding at the end the following:
       ``(2) Additional requirements.--
       ``(A) In general.--The Commission may issue regulations, 
     subject to public notice and comment, to impose such other 
     terms, conditions, or requirements on the engaging in oral or 
     written communications described under paragraph (1) by an 
     issuer other than an emerging growth company as the 
     Commission determines appropriate.
       ``(B) Report to congress.--Prior to any rulemaking 
     described under subparagraph (A), the Commission shall issue 
     a report to the Congress containing a list of the findings 
     supporting the basis of such rulemaking.''; and
       (2) in section 6(e)--
       (A) in the heading, by striking ``Emerging Growth 
     Companies'' and inserting ``Draft Registration Statements'';
       (B) by redesignating paragraph (2) as paragraph (4); and
       (C) by striking paragraph (1) and inserting the following:
       ``(1) Prior to initial public offering.--Any issuer, prior 
     to its initial public offering date, may confidentially 
     submit to the Commission a draft registration statement, for 
     confidential nonpublic review by the staff of the Commission 
     prior to public filing, provided that the initial 
     confidential submission and all amendments thereto shall be 
     publicly filed with the Commission not later than 15 days 
     before the date on which the issuer conducts a road show (as 
     defined under section 230.433(h)(4) of title 17, Code of 
     Federal Regulations) or, in the absence of a road show, at 
     least 15 days prior to the requested effective date of the 
     registration statement.
       ``(2) Within 1 year after initial public offering or 
     exchange registration.--Any issuer, within the 1-year period 
     following the effective date of its initial public offering 
     or its registration of a security under section 12(b) of the 
     Securities Exchange Act of 1934, may confidentially submit to 
     the Commission a draft registration statement, for 
     confidential nonpublic review by the staff of the Commission 
     prior to public filing, provided that the initial 
     confidential submission and all amendments thereto shall be 
     publicly filed with the Commission not later than the time 
     the issuer makes a request for acceleration of the effective 
     date.
       ``(3) Additional requirements.--
       ``(A) In general.--The Commission may issue regulations, 
     subject to public notice and comment, to impose such other 
     terms, conditions, or requirements on the submission of draft 
     registration statements described under this subsection by an 
     issuer other than an emerging growth company as the 
     Commission determines appropriate.

[[Page S1471]]

       ``(B) Report to congress.--Prior to any rulemaking 
     described under subparagraph (A), the Commission shall issue 
     a report to the Congress containing a list of the findings 
     supporting the basis of such rulemaking.''.
                                 ______
                                 
  SA 2092. Mr. TILLIS submitted an amendment intended to be proposed by 
him to the bill S. 2155, to promote economic growth, provide tailored 
regulatory relief, and enhance consumer protections, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. TEMPORARY EXEMPTION FOR LOW-REVENUE ISSUERS.

       Section 404 of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 
     7262) is amended by adding at the end the following:
       ``(d) Temporary Exemption for Low-Revenue Issuers.--
       ``(1) Definitions.--In this subsection--
       ``(A) the term `average annual gross revenues' means the 
     total gross revenues of an issuer over its most recently 
     completed 3 fiscal years divided by 3;
       ``(B) the term `emerging growth company' has the meaning 
     given the term in section 3 of the Securities Exchange Act of 
     1934 (15 U.S.C. 78c); and
       ``(C) the term `large accelerated filer' has the meaning 
     given the term in section 240.12b-2 of title 17, Code of 
     Federal Regulations (or any successor regulation).
       ``(2) Low-revenue exemption.--Subsection (b) shall not 
     apply with respect to an audit report prepared for an issuer 
     that--
       ``(A) ceased to be an emerging growth company on the last 
     day of the fiscal year of the issuer following the 5-year 
     period beginning on the date of the first sale of common 
     equity securities of the issuer pursuant to an effective 
     registration statement under the Securities Act of 1933 (15 
     U.S.C. 77a et seq.);
       ``(B) had average annual gross revenues of less than 
     $50,000,000 as of its most recently completed fiscal year; 
     and
       ``(C) is not a large accelerated filer.
       ``(3) Expiration of temporary exemption.--An issuer ceases 
     to be eligible for the exemption described under paragraph 
     (1) on the earlier of--
       ``(A) the last day of the fiscal year of the issuer 
     following the 10-year period beginning on the date of the 
     first sale of common equity securities of the issuer pursuant 
     to an effective registration statement under the Securities 
     Act of 1933 (15 U.S.C. 77a et seq.);
       ``(B) the last day of the fiscal year of the issuer during 
     which the average annual gross revenues of the issuer exceed 
     $50,000,000; or
       ``(C) the date on which the issuer becomes a large 
     accelerated filer.''.
                                 ______
                                 
  SA 2093. Mrs. SHAHEEN (for herself and Mr. Leahy) submitted an 
amendment intended to be proposed by her to the bill S. 2155, to 
promote economic growth, provide tailored regulatory relief, and 
enhance consumer protections, and for other purposes; which was ordered 
to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. __. NATIONAL GUARD AND RESERVE ENTREPRENEURSHIP 
                   SUPPORTS.

       (a) Short Title.--This section may be cited as the 
     ``National Guard and Reserve Entrepreneurship Support Act''.
       (b) Extension of Loan Assistance and Deferral Eligibility 
     to Reservists Beyond Periods of Military Conflict.--
       (1) Small business act amendments.--Section 7 of the Small 
     Business Act (15 U.S.C. 636) is amended--
       (A) in subsection (b)(3)--
       (i) in subparagraph (A)--

       (I) by striking clause (ii);
       (II) by redesignating clause (i) as clause (ii);
       (III) by inserting before clause (ii), as so redesignated, 
     the following:

       ``(i) the term `active service' has the meaning given that 
     term in section 101(d)(3) of title 10, United States Code;''; 
     and

       (IV) in clause (ii), as so redesignated, by adding ``and'' 
     at the end;

       (ii) in subparagraph (B), by striking ``being ordered to 
     active military duty during a period of military conflict'' 
     and inserting ``being ordered to perform active service for a 
     period of more than 30 consecutive days'';
       (iii) in subparagraph (C), by striking ``active duty'' each 
     place it appears and inserting ``active service''; and
       (iv) in subparagraph (G)(ii)(II), by striking ``active 
     duty'' and inserting ``active service''; and
       (B) in subsection (n)--
       (i) in the subsection heading, by striking ``Active Duty'' 
     and inserting ``Active Service'';
       (ii) in paragraph (1)--

       (I) by striking subparagraph (C);
       (II) by redesignating subparagraphs (A) and (B) as 
     subparagraphs (B) and (C), respectively;
       (III) by inserting before subparagraph (B), as so 
     redesignated, the following:

       ``(A) Active service.--The term `active service' has the 
     meaning given that term in section 101(d)(3) of title 10, 
     United States Code.'';

       (IV) in subparagraph (B), as so redesignated, by striking 
     ``ordered to active duty during a period of military 
     conflict'' and inserting ``ordered to perform active service 
     for a period of more than 30 consecutive days''; and
       (V) in subparagraph (D), by striking ``active duty'' each 
     place it appears and inserting ``active service''; and

       (iii) in paragraph (2)(B), by striking ``active duty'' each 
     place it appears and inserting ``active service''.
       (2) Applicability.--The amendments made by paragraph (1)(A) 
     shall apply to an economic injury suffered or likely to be 
     suffered as the result of an essential employee being ordered 
     to perform active service (as defined in section 101(d)(3) of 
     title 10, United States Code) for a period of more than 30 
     consecutive days who is discharged or released from such 
     active service on or after the date of enactment of this Act.
       (3) Semiannual report.--Not later than 180 days after the 
     date of enactment of this Act, and semiannually thereafter, 
     the President shall submit to the Committee on Small Business 
     and Entrepreneurship and the Committee on Appropriations of 
     the Senate and the Committee on Small Business and the 
     Committee on Appropriations of the House of Representatives a 
     report on the number of loans made under the Military 
     Reservist Economic Injury Disaster Loan program and the 
     dollar volume of those loans. The report shall contain the 
     subsidy rate of the disaster loan program as authorized under 
     section 7(b) of the Small Business Act (15 U.S.C. 636(b)) 
     with the loans made under the Military Reservist Economic 
     Injury Disaster Loan program and without those loans 
     included.
       (4) Technical and conforming amendment.--Section 8(l) of 
     the Small Business Act (15 U.S.C. 637(l)) is amended--
       (A) by striking ``The Administration'' and inserting the 
     following:
       ``(1) In general.--The Administration'';
       (B) by striking ``(as defined in section 7(n)(1))''; and
       (C) by adding at the end the following:
       ``(2) Definition of period of military conflict.--In this 
     subsection, the term `period of military conflict' means--
       ``(A) a period of war declared by the Congress;
       ``(B) a period of national emergency declared by the 
     Congress or by the President; or
       ``(C) a period of a contingency operation, as defined in 
     section 101(a) of title 10, United States Code.''.
       (c) National Guard and Reserve Deployment Support and 
     Business Training Program.--
       (1) Expansion of small business administration outreach 
     programs.--Section 8(b)(17) of the Small Business Act (15 
     U.S.C. 637(b)(17)) is amended by striking ``and members of a 
     reserve component of the Armed Forces'' and inserting 
     ``members of a reserve component of the Armed Forces, and the 
     spouses of veterans and members of a reserve component of the 
     Armed Forces''.
       (2) Establishment of program.--Section 32 of the Small 
     Business Act (15 U.S.C. 657) is amended by adding at the end 
     the following:
       ``(g) National Guard and Reserve Deployment Support and 
     Business Training.--
       ``(1) In general.--In making grants carried out under 
     section 8(b)(17), the Associate Administrator shall establish 
     a program, to be known as the `National Guard and Reserve 
     Deployment Support and Business Training Program', to provide 
     training, counseling and other assistance to support members 
     of a reserve component of the Armed Forces and their spouses.
       ``(2) Authorities.--In carrying out this subsection, the 
     Associate Administrator may--
       ``(A) modify programs and resources made available through 
     section 8(b)(17) to provide pre-deployment and other 
     information specific to members of a reserve component of the 
     Armed Forces and their spouses;
       ``(B) collaborate with the Chief of the National Guard 
     Bureau or the Chief's designee, State Adjunct Generals or 
     their designees, and other public and private partners; and
       ``(C) provide training, information and other resources to 
     the Chief of the National Guard Bureau or the Chief's 
     designee and State Adjunct Generals or their designees for 
     the purpose of supporting members of a reserve component of 
     the Armed Forces and the spouses of veterans and members of a 
     reserve component of the Armed Forces.''.
                                 ______
                                 
  SA 2094. Mrs. SHAHEEN submitted an amendment intended to be proposed 
by her to the bill S. 2155, to promote economic growth, provide 
tailored regulatory relief, and enhance consumer protections, and for 
other purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. REINSTATING THE FEDERAL RESERVE SURVEY OF SMALL 
                   BUSINESS FINANCES.

       (a) Purpose.--The purpose of this section is to reinstate 
     the Survey of Small Business Finances, which was conducted 
     every 5 years from 1987 to 2003, in order to provide Congress 
     and the public with data essential to identify where the 
     inequities lie in access to credit for small business 
     concerns in the United States, especially in underserved 
     markets, including small business concerns owned and 
     controlled by women and small business concerns owned and 
     controlled by socially and economically disadvantaged 
     individuals.

[[Page S1472]]

       (b) Definitions.--In this section--
       (1) the term ``Board of Governors'' means the Board of 
     Governors of the Federal Reserve System;
       (2) the terms ``small business concern'' and ``small 
     business concern owned and controlled by women'' have the 
     meanings given those terms in section 3 of the Small Business 
     Act (15 U.S.C. 632); and
       (3) the term ``small business concern owned and controlled 
     by socially and economically disadvantaged individuals'' has 
     the meaning given the term in section 8(d)(3)(C) of the Small 
     Business Act (15 U.S.C. 637(d)(3)(C)).
       (c) Survey.--
       (1) In general.--Beginning not later than 1 year after the 
     date of enactment of this Act, and every 5 years thereafter, 
     the Board of Governors shall collect, compile, analyze, 
     prepare, and publish data for a survey of small business 
     finances using the same or similar questions included in the 
     2003 Survey of Small Business Finances, as conducted by the 
     Board of Governors.
       (2) Scope.--The Board of Governors shall collect 
     comprehensive financial information from a representative 
     sample of small business concerns in the United States for 
     the survey described in paragraph (1).
       (3) Additional data collection.--The Board of Governors may 
     add questions to the survey described in paragraph (1), 
     including questions that provide more data about the 
     financing and credit sources and the proportion of those 
     sources to small business concerns owned and controlled by 
     socially and economically disadvantaged individuals.
       (4) Accessibility of data.--All data, the questionnaires, 
     and technical documentation for the survey described in 
     paragraph (1) shall be accessible to the public on an 
     Internet website and free of charge.
                                 ______
                                 
  SA 2095. Mrs. SHAHEEN (for herself and Mr. Udall) submitted an 
amendment intended to be proposed by her to the bill S. 2155, to 
promote economic growth, provide tailored regulatory relief, and 
enhance consumer protections, and for other purposes; which was ordered 
to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. CREDIT MONITORING.

       Section 605A of the Fair Credit Reporting Act (15 U.S.C. 
     1681c-1), as amended by section 301(a), is amended by adding 
     at the end the following:
       ``(k) Credit Monitoring.--
       ``(1) Definitions.--In this subsection:
       ``(A) Covered breach.--The term `covered breach' means any 
     instance in which at least 1 piece of personally identifying 
     information is exposed or is reasonably likely to have been 
     exposed to an unauthorized party.
       ``(B) Covered consumer reporting agency.--The term `covered 
     consumer reporting agency' means--
       ``(i) a consumer reporting agency described in section 
     603(p) of the Fair Credit Reporting 21 Act (15 U.S.C. 
     1681a(p)); or
       ``(ii) a consumer reporting agency that earns not less than 
     $7,000,000 in annual revenue from the sales of consumer 
     reports.
       ``(2) Credit monitoring.--A covered consumer reporting 
     agency shall provide a free electronic credit monitoring 
     service that, at a minimum, notifies a consumer of a covered 
     breach at the covered consumer reporting agency to any 
     consumer who provides to the covered consumer reporting 
     agency--
       ``(A) appropriate proof of the identity of the consumer; 
     and
       ``(B) contact information of the consumer.
       ``(3) Rulemaking.--Not later than 1 year after the date of 
     enactment of this subsection, the Federal Trade Commission 
     shall promulgate regulations regarding the requirements of 
     this subsection, which shall at a minimum include--
       ``(A) a definition of an electronic credit monitoring 
     service; and
       ``(B) what constitutes appropriate proof of the identity of 
     the consumer.''.
                                 ______
                                 
  SA 2096. Mrs. SHAHEEN submitted an amendment intended to be proposed 
by her to the bill S. 2155, to promote economic growth, provide 
tailored regulatory relief, and enhance consumer protections, and for 
other purposes; which was ordered to lie on the table; as follows:

       At the end of title III, insert the following:

     SEC. 308. SIMPLIFYING ACCESS TO STUDENT LOAN INFORMATION.

       (a) Amendment to the Truth in Lending Act.--
       (1) In general.--Section 128(e) of the Truth in Lending Act 
     (15 U.S.C. 1638(e)) is amended by adding at the end the 
     following:
       ``(12) National student loan data system.--
       ``(A) In general.--Each private educational lender shall, 
     in accordance with title V of the Gramm-Leach-Bliley Act (15 
     U.S.C. 6801 et seq.)--
       ``(i) submit to the Secretary of Education for inclusion in 
     the National Student Loan Data System established under 
     section 485B of the Higher Education Act of 1965 (20 U.S.C. 
     1092b) information regarding each private education loan made 
     by such lender that will allow for the electronic exchange of 
     data between borrowers of private education loans and the 
     System; and
       ``(ii) in carrying out clause (i), ensure the privacy of 
     private education loan borrowers.
       ``(B) Information to be submitted.--The information 
     regarding private education loans required under subparagraph 
     (A) to be included in the National Student Loan Data System 
     shall include the following if determined appropriate by the 
     Secretary of Education:
       ``(i) The total amount and type of each such loan made, 
     including outstanding interest and outstanding principal on 
     such loan.
       ``(ii) The interest rate of each such loan made.
       ``(iii) Information regarding the borrower that the 
     Secretary of Education determines is necessary to ensure the 
     electronic exchange of data between borrowers of private 
     education loans and the System.
       ``(iv) Information, including contact information, 
     regarding the lender that owns the loan.
       ``(v) Information, including contact information, regarding 
     the servicer that is handling the loan.
       ``(vi) Information concerning the date of any failure to 
     repay a loan according to the terms agreed to in the 
     promissory note, such as a default on the loan, and the 
     collection of the loan, including any information concerning 
     the repayment status of that loan.
       ``(vii) Information regarding any instance in which the 
     borrower has been allowed to temporarily stop making payments 
     or to temporarily reduce monthly payment amounts for a 
     specified period, such as a deferment or forbearance granted 
     on the loan.
       ``(viii) The date of the completion of repayment by the 
     borrower of the loan.
       ``(ix) Any other information determined by the Secretary of 
     Education to be necessary for the operation of the National 
     Student Loan Data System.
       ``(C) Update.--Each private educational lender shall update 
     the information regarding private education loans required 
     under subparagraph (A) to be included in the National Student 
     Loan Data System on the same schedule as information is 
     updated under the System under section 485B of the Higher 
     Education Act of 1965 (20 U.S.C. 1092b).''.
       (2) Effective date.--The amendment made by paragraph (1) 
     shall apply to private education loans that are made for the 
     2018-2019 academic year or later.
       (b) Amendment to the Higher Education Act of 1965.--Section 
     485B of the Higher Education Act of 1965 (20 U.S.C. 1092b) is 
     amended--
       (1) in subsection (d)--
       (A) by redesignating paragraphs (5) and (6) as paragraphs 
     (6) and (7), respectively; and
       (B) by inserting after paragraph (4) the following:
       ``(5) ensuring that the data system--
       ``(A) displays for borrowers the date the borrower's 
     information was last updated;
       ``(B) includes a statement that the most accurate and up-
     to-date information can be found by contacting the borrower's 
     loan servicer; and
       ``(C) includes contact information for each loan 
     servicer;''; and
       (2) by adding at the end the following:
       ``(i) Private Education Loans.--
       ``(1) In general.--Not later than 1 year after the date of 
     enactment of this subsection, the National Student Loan Data 
     System established pursuant to subsection (a) shall contain 
     the information required to be included under section 
     128(e)(12) of the Truth in Lending Act (15 U.S.C. 
     1638(e)(12)).
       ``(2) Cosigner.--Notwithstanding any other provision of 
     law, the Secretary shall ensure that any cosigner of a 
     private education loan for which information is included in 
     the National Student Loan Data System--
       ``(A) is able to access the information in such System with 
     respect to such private education loan in a separate account 
     for such cosigner; and
       ``(B) does not have access to any information in such 
     System with respect to any loan for which the cosigner has 
     not cosigned.
       ``(3) Privacy.--The Secretary shall ensure that a private 
     educational lender--
       ``(A) has access to the National Student Loan Data System 
     only to submit information for such System regarding the 
     private education loans of such lender; and
       ``(B) may not see information in the System regarding the 
     loans of any other lender.
       ``(j) Additional Nslds Functionalities.--Not later than 1 
     year after the date of enactment of this subsection, the 
     Secretary shall establish--
       ``(1) a functionality within the National Student Loan Data 
     System established pursuant to subsection (a) that enables a 
     student borrower of a loan made, insured, or guaranteed under 
     this title to input information necessary for the estimation 
     of repayment amounts under the various repayment plans 
     available to the borrower of such loan to compare such 
     repayment plans; and
       ``(2) a functionality within the National Student Loan Data 
     System established pursuant to subsection (a) that 
     facilitates the reporting of student enrollment status 
     information to private educational lenders who have reported 
     open loans for such students.''.
                                 ______
                                 
  SA 2097. Mr. WHITEHOUSE (for himself, Mr. Reed, and Ms. Warren) 
submitted an amendment intended to be proposed by him to the bill S. 
2155, to promote economic growth, provide tailored regulatory relief, 
and enhance consumer protections, and for other purposes; which was 
ordered to lie on the table; as follows:


[[Page S1473]]


  

       At the appropriate place, insert the following:

     SEC. ___. LIMITS ON ANNUAL PERCENTAGE RATES.

       Chapter 2 of the Truth in Lending Act (15 U.S.C. 1631 et 
     seq.) is amended by adding at the end the following:

     ``SEC. 140B. LIMITS ON ANNUAL PERCENTAGE RATES.

       ``Notwithstanding any other provision of law, the annual 
     percentage rate applicable to any consumer credit transaction 
     (other than a residential mortgage transaction), including 
     any fees associated with such a transaction, may not exceed 
     the maximum rate permitted by the laws of the State in which 
     the consumer resides.''.
                                 ______
                                 
  SA 2098. Mr. WHITEHOUSE (for himself and Mr. Sanders) submitted an 
amendment intended to be proposed by him to the bill S. 2155, to 
promote economic growth, provide tailored regulatory relief, and 
enhance consumer protections, and for other purposes; which was ordered 
to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. SMALL BUSINESS LENDING ENHANCEMENT.

       (a) Definitions.--In this section--
       (1) the term ``Board'' means the National Credit Union 
     Administration Board;
       (2) the term ``insured credit union'' has the same meaning 
     as in section 101 of the Federal Credit Union Act (12 U.S.C. 
     1752);
       (3) the term ``member business loan'' has the same meaning 
     as in section 107A(c)(1) of the Federal Credit Union Act (12 
     U.S.C. 1757a(c)(1));
       (4) the term ``net worth'' has the same meaning as in 
     section 107A(c)(2) of the Federal Credit Union Act (12 U.S.C. 
     1757a(c)(2)); and
       (5) the term ``well capitalized'' has the same meaning as 
     in section 216(c)(1)(A) of the Federal Credit Union Act (12 
     U.S.C. 1790d(c)(1)(A)).
       (b) Limits on Member Business Loans.--Effective 6 months 
     after the date of enactment of this Act, section 107A(a) of 
     the Federal Credit Union Act (12 U.S.C. 1757a(a)) is amended 
     to read as follows:
       ``(a) Limitation.--
       ``(1) In general.--Except as provided in paragraph (2), an 
     insured credit union may not make any member business loan 
     that would result in the total amount of such loans 
     outstanding at that credit union at any one time to be equal 
     to more than the lesser of--
       ``(A) 1.75 times the actual net worth of the credit union; 
     or
       ``(B) 12.25 percent of the total assets of the credit 
     union.
       ``(2) Additional authority.--The Board may approve an 
     application by an insured credit union upon a finding that 
     the credit union meets the criteria under this paragraph to 
     make 1 or more member business loans that would result in a 
     total amount of such loans outstanding at any one time of not 
     more than 27.5 percent of the total assets of the credit 
     union, if the credit union--
       ``(A) had member business loans outstanding at the end of 
     each of the 4 consecutive quarters immediately preceding the 
     date of the application, in a total amount of not less than 
     80 percent of the applicable limitation under paragraph (1);
       ``(B) is well capitalized, as defined in section 
     216(c)(1)(A);
       ``(C) can demonstrate at least 5 years of experience of 
     sound underwriting and servicing of member business loans;
       ``(D) has the requisite policies and experience in managing 
     member business loans; and
       ``(E) has satisfied other standards that the Board 
     determines are necessary to maintain the safety and soundness 
     of the insured credit union.
       ``(3) Effect of not being well capitalized.--An insured 
     credit union that has made member business loans under an 
     authorization under paragraph (2) and that is not, as of its 
     most recent quarterly call report, well capitalized, may not 
     make any member business loans, until such time as the credit 
     union becomes well capitalized (as defined in section 
     216(c)(1)(A)), as reflected in a subsequent quarterly call 
     report, and obtains the approval of the Board.''.
       (c) Implementation.--
       (1) Tiered approval process.--The Board shall develop a 
     tiered approval process, under which an insured credit union 
     gradually increases the amount of member business lending in 
     a manner that is consistent with safe and sound operations, 
     subject to the limits established under section 107A(a)(2) of 
     the Federal Credit Union Act (12 U.S.C. 1757a(a)(2)), as 
     amended by this section. The rate of increase under the 
     process established under this paragraph may not exceed 30 
     percent per year.
       (2) Rulemaking required.--The Board shall issue proposed 
     rules, not later than 6 months after the date of enactment of 
     this Act, to establish the tiered approval process required 
     under paragraph (1). The tiered approval process shall 
     establish standards designed to ensure that the new business 
     lending capacity authorized under section 107A(a) of the 
     Federal Credit Union Act (12 U.S.C. 1757a(a)), as amended by 
     this section, is being used only by insured credit unions 
     that are well-managed and well capitalized, as required under 
     section 107A(a) of the Federal Credit Union Act (12 U.S.C. 
     1757a(a)), as amended by this section, and as defined by the 
     rules issued by the Board under this paragraph.
       (3) Considerations.--In issuing rules required under this 
     subsection, the Board shall consider--
       (A) the experience level of the institutions, including a 
     demonstrated history of sound member business lending;
       (B) the criteria under section 107A(a)(2) of the Federal 
     Credit Union Act (12 U.S.C. 1757a(a)(2)), as amended by this 
     section; and
       (C) such other factors as the Board determines necessary or 
     appropriate.
       (d) Reports to Congress on Member Business Lending.--
       (1) Report of the board.--
       (A) In general.--Not later than 3 years after the date of 
     enactment of this Act, the Board shall submit a report to 
     Congress on member business lending by insured credit unions.
       (B) Report.--The report required under subparagraph (A) 
     shall include--
       (i) the types and asset size of insured credit unions 
     making member business loans and the member business loan 
     limitations applicable to the insured credit unions;
       (ii) the overall amount and average size of member business 
     loans by each insured credit union;
       (iii) the ratio of member business loans by insured credit 
     unions to total assets and net worth;
       (iv) the performance of the member business loans, 
     including delinquencies and net charge offs;
       (v) the effect of this section and the amendments made by 
     this section on the number of insured credit unions engaged 
     in member business lending, any change in the amount of 
     member business lending, and the extent to which any increase 
     is attributed to the change in the limitation in section 
     107A(a) of the Federal Credit Union Act (12 U.S.C. 1757a(a)), 
     as amended by this section;
       (vi) the number, types, and asset size of insured credit 
     unions that were denied or approved by the Board for 
     increased member business loans under section 107A(a)(2) of 
     the Federal Credit Union Act (12 U.S.C. 1757a(a)(2)), as 
     amended by this section, including denials and approvals 
     under the tiered approval process;
       (vii) the types and sizes of businesses that receive member 
     business loans, the duration of the credit union membership 
     of the businesses at the time of the loan, the types of 
     collateral used to secure member business loans, and the 
     income level of members receiving member business loans; and
       (viii) the effect of any increases in member business loans 
     on the risk to the National Credit Union Share Insurance Fund 
     and the assessments on insured credit unions.
       (2) GAO study and report.--
       (A) Study.--The Comptroller General of the United States 
     shall conduct a study on the status of member business 
     lending by insured credit unions, including--
       (i) trends in such lending;
       (ii) types and amounts of member business loans;
       (iii) the effectiveness of this section in enhancing small 
     business lending;
       (iv) recommendations for legislative action, if any, with 
     respect to such lending; and
       (v) any other information that the Comptroller General 
     considers relevant with respect to such lending.
       (B) Report.--Not later than 3 years after the date of 
     enactment of this Act, the Comptroller General shall submit a 
     report to Congress on the study required under subparagraph 
     (A).
                                 ______
                                 
  SA 2099. Mr. SCOTT (for himself, Mrs. McCaskill, Mr. Cassidy, Mr. 
Peters, Mr. Hoeven, Ms. Stabenow, and Mr. Jones) submitted an amendment 
intended to be proposed by him to the bill S. 2155, to promote economic 
growth, provide tailored regulatory relief, and enhance consumer 
protections, and for other purposes; which was ordered to lie on the 
table; as follows:

       At the end of title III, add the following:

     SEC. ___. REDUCING IDENTITY FRAUD.

       (a) Purpose.--The purpose of this section is to reduce the 
     prevalence of synthetic identity fraud, which 
     disproportionally affects vulnerable populations, such as 
     minors and recent immigrants, by facilitating the validation 
     by permitted entities of fraud protection data, pursuant to 
     electronically received consumer consent, through use of a 
     database maintained by the Commissioner.
       (b) Definitions.--In this section:
       (1) Commissioner.--The term ``Commissioner'' means the 
     Commissioner of the Social Security Administration.
       (2) Financial institution.--The term ``financial 
     institution'' has the meaning given the term in section 509 
     of the Gramm-Leach-Bliley Act (15 U.S.C. 6809).
       (3) Fraud protection data.--The term ``fraud protection 
     data'' means a combination of the following information with 
     respect to an individual:
       (A) The name of the individual (including the first name 
     and any family forename or surname of the individual).
       (B) The social security number of the individual.
       (C) The date of birth (including the month, day, and year) 
     of the individual.
       (4) Permitted entity.--The term ``permitted entity'' means 
     a financial institution

[[Page S1474]]

     or a service provider, subsidiary, affiliate, agent, 
     subcontractor, or assignee of a financial institution.
       (c) Efficiency.--
       (1) Reliance on existing methods.--The Commissioner shall 
     evaluate the feasibility of making modifications to any 
     database that is in existence as of the date of enactment of 
     this Act or a similar resource such that the database or 
     resource--
       (A) is reasonably designed to effectuate the purpose of 
     this section; and
       (B) meets the requirements of subsection (d).
       (2) Execution.--The Commissioner shall make the 
     modifications necessary to any database that is in existence 
     as of the date of enactment of this Act or similar resource, 
     or develop a database or similar resource, to effectuate the 
     requirements described in paragraph (1).
       (d) Protection of Vulnerable Consumers.--The database or 
     similar resource described in subsection (c) shall--
       (1) compare fraud protection data provided in an inquiry by 
     a permitted entity against such information maintained by the 
     Commissioner in order to confirm (or not confirm) the 
     validity of the information provided;
       (2) be scalable and accommodate reasonably anticipated 
     volumes of verification requests from permitted entities with 
     commercially reasonable uptime and availability;
       (3) allow permitted entities to submit--
       (A) 1 or more individual requests electronically for real-
     time machine-to-machine (or similar functionality) accurate 
     responses; and
       (B) multiple requests electronically, such as those 
     provided in a batch format, for accurate electronic responses 
     within a reasonable period of time from submission, not to 
     exceed 24 hours;
       (4) be funded, including any appropriate upgrades, 
     maintenance, and associated direct and indirect 
     administrative costs, by users of the database or similar 
     resource, in a manner consistent with that described in 
     section 1106(b) of the Social Security Act (42 U.S.C. 
     1306(b)); and
       (5) not later than 180 days after the date of enactment of 
     this Act, be fully operational.
       (e) Certification Required.--Before providing confirmation 
     of fraud protection data to a permitted entity, the 
     Commissioner shall ensure that the Commissioner has a 
     certification from the permitted entity that is dated not 
     more than 2 years before the date on which that confirmation 
     is provided that includes the following declarations:
       (1) The entity is a permitted entity.
       (2) The entity is in compliance with this section.
       (3) The entity is, and will remain, in compliance with its 
     privacy and data security requirements, as described in title 
     V of the Gramm-Leach-Bliley Act (15 U.S.C. 6801 et seq.), 
     with respect to information the entity receives from the 
     Commissioner pursuant to this section.
       (4) The entity will retain sufficient records to 
     demonstrate its compliance with its certification and this 
     section for a period of not less than 2 years.
       (f) Consumer Consent.--
       (1) In general.--Notwithstanding any other provision of law 
     or regulation, a permitted entity may submit a request to the 
     database or similar resource described in subsection (c) 
     only--
       (A) pursuant to the written, including electronic, consent 
     received by a permitted entity from the individual who is the 
     subject of the request; and
       (B) in connection with a credit transaction or any 
     circumstance described in section 604 of the Fair Credit 
     Reporting Act (15 U.S.C. 1681b).
       (2) Electronic consent requirements.--For a permitted 
     entity to use the consent of an individual received 
     electronically pursuant to paragraph (1)(A), the permitted 
     entity must obtain the individual's electronic signature, as 
     defined in section 106 of the Electronic Signatures in Global 
     and National Commerce Act (15 U.S.C. 7006).
       (3) Effectuating electronic consent.--No provision of law 
     or requirement, including section 552a of title 5, United 
     States Code, shall prevent the use of electronic consent for 
     purposes of this subsection or for use in any other consent 
     based verification under the discretion of the Commissioner.
       (g) Compliance and Enforcement.--
       (1) Audits and monitoring.--
       (A) In general.--The Commissioner may--
       (i) conduct audits and monitoring to--

       (I) ensure proper use by permitted entities of the database 
     or similar resource described in subsection (c); and
       (II) deter fraud and misuse by permitted entities with 
     respect to the database or similar resource described in 
     subsection (c); and

       (ii) terminate services for any permitted entity that 
     prevents or refuses to allow the Commissioner to carry out 
     the activities described in clause (i).
       (2) Enforcement.--
       (A) In general.--Notwithstanding any other provision of 
     law, including the matter preceding paragraph (1) of section 
     505(a) of the Gramm-Leach-Bliley Act (15 U.S.C. 6805(a)), any 
     violation of this section and any certification made under 
     this section shall be enforced in accordance with paragraphs 
     (1) through (7) of such section 505(a) by the agencies 
     described in those paragraphs.
       (B) Relevant information.--Upon discovery by the 
     Commissioner, pursuant to an audit described in paragraph 
     (1)(A), of any violation of this section or any certification 
     made under this section, the Commissioner shall forward any 
     relevant information pertaining to that violation to the 
     appropriate agency described in subparagraph (A) for 
     evaluation by the agency for purposes of enforcing this 
     section.
                                 ______
                                 
  SA 2100. Mr. SCOTT (for himself, Mr. Kaine, Mr. Jones, Ms. Duckworth, 
Mrs. McCaskill, and Mr. Warner) submitted an amendment intended to be 
proposed by him to the bill S. 2155, to promote economic growth, 
provide tailored regulatory relief, and enhance consumer protections, 
and for other purposes; which was ordered to lie on the table; as 
follows:

       At the appropriate place, insert the following:

     SEC. ___. CREDIT SCORE COMPETITION.

       (a) Credit Score Validation; Validation Process.--
       (1) Use of credit scores by fannie mae in purchasing 
     residential mortgages.--Section 302(b) of the Federal 
     National Mortgage Association Charter Act (12 U.S.C. 1717(b)) 
     is amended by adding at the end the following:
       ``(7)(A) Definition.--In this paragraph, the term `credit 
     score' means a numerical value or a categorization derived 
     from a statistical tool or modeling system used by a person 
     who makes or arranges a loan to predict the likelihood of 
     certain credit behaviors, including default.
       ``(B) Use of Credit Scores.--The corporation may condition 
     purchase of a residential mortgage by the corporation under 
     this subsection on the provision of a credit score for the 
     borrower only if--
       ``(i) the credit score is derived from any credit scoring 
     model that has been validated and approved by the corporation 
     under this paragraph;
       ``(ii) the corporation has established and made publicly 
     available a description of the process the corporation will 
     use to validate and approve credit scoring models, which 
     process shall comply with any standards and criteria 
     established by the Director of the Federal Housing Finance 
     Agency pursuant to section 1328 of the Federal Housing 
     Enterprises Financial Safety and Soundness Act of 1992; and
       ``(iii) the corporation provides for the use of the credit 
     score by all of the automated underwriting systems of the 
     corporation and any other procedures and systems used by the 
     corporation to purchase residential mortgages.
       ``(C) Validation and Approval Process.--The process 
     described in subparagraph (B)(ii) shall include an evaluation 
     of--
       ``(i) the criteria used to validate and approve a credit 
     scoring model, including measures of the integrity, 
     reliability, and accuracy of that model, and an assurance 
     that the model is consistent with the safe and sound 
     operation of the corporation; and
       ``(ii) the data necessary for the validation of the credit 
     scoring model.
       ``(D) Application.--If the corporation elects to use a 
     credit score under this paragraph, the corporation shall 
     solicit applications from developers of credit scoring models 
     for the validation and approval of those models under the 
     process described in subparagraph (B)(ii).
       ``(E) Timeframe for Determination; Notice.--
       ``(i) In general.--The corporation shall make a 
     determination with respect to any application submitted under 
     subparagraph (D), and provide notice of that determination to 
     the applicant, before a date established by the corporation 
     that is not later than 180 days after the date on which an 
     application is submitted to the corporation.
       ``(ii) Extensions.--The Director of the Federal Housing 
     Finance Agency may authorize up to 2 extensions of the date 
     established under clause (i), each of which shall not exceed 
     30 days, upon a written request and a showing of good cause 
     by the corporation.
       ``(iii) Status notice.--The corporation shall provide 
     notice to an applicant regarding the status of an application 
     submitted under subparagraph (D) not later than 60 days after 
     the date on which the application was submitted to the 
     corporation.
       ``(iv) Reasons for disapproval.--If an application 
     submitted under subparagraph (D) is disapproved, the 
     corporation shall provide to the applicant the reasons for 
     the disapproval not later than 30 days after a determination 
     is made under this subparagraph.
       ``(F) Authority of Director.--If the corporation elects to 
     use a credit score under this paragraph, the Director of the 
     Federal Housing Finance Agency shall require the corporation 
     to routinely update the validation and approval process 
     described in subparagraph (B)(ii) as the Director determines 
     necessary to ensure that the process remains appropriate, 
     adequate, and complies with any standards and criteria 
     established pursuant to section 1328 of the Federal Housing 
     Enterprises Financial Safety and Soundness Act of 1992.''.
       (2) Use of credit scores by freddie mac in purchasing 
     residential mortgages.--Section 305 of the Federal Home Loan 
     Mortgage Corporation Act (12 U.S.C. 1454) is amended by 
     adding at the end the following:
       ``(d)(1) Definition.--In this subsection, the term `credit 
     score' means a numerical value or a categorization derived 
     from a statistical tool or modeling system used by a person 
     who makes or arranges a loan to predict the likelihood of 
     certain credit behaviors, including default.

[[Page S1475]]

       ``(2) Use of Credit Scores.--The Corporation may condition 
     purchase of a residential mortgage by the Corporation under 
     this section on the provision of a credit score for the 
     borrower only if--
       ``(A) the credit score is derived from any credit scoring 
     model that has been validated and approved by the Corporation 
     under this subsection;
       ``(B) the Corporation has established and made publicly 
     available a description of the process the Corporation will 
     use to validate and approve credit scoring models, which 
     shall comply with any standards and criteria established by 
     the Director of the Federal Housing Finance Agency pursuant 
     to section 1328 of the Federal Housing Enterprises Financial 
     Safety and Soundness Act of 1992; and
       ``(C) the Corporation provides for use of the credit score 
     by all of the automated underwriting systems of the 
     Corporation and any other procedures and systems used by the 
     Corporation to purchase residential mortgages.
       ``(3) Validation and Approval Process.--The process 
     described in paragraph (2)(B) shall include an evaluation 
     of--
       ``(A) the criteria used to validate and approve a credit 
     scoring model, including measures of the integrity, 
     reliability, and accuracy of that model and an assurance that 
     the model is consistent with the safe and sound operation of 
     the Corporation; and
       ``(B) the data necessary for the validation of the credit 
     scoring model.
       ``(4) Application.--If the Corporation elects to use a 
     credit score under this subsection, the Corporation shall 
     solicit applications from developers of credit scoring models 
     for the validation and approval of those models under the 
     process described in paragraph (2)(B).
       ``(5) Timeframe for Determination; Notice.--
       ``(A) In general.--The Corporation shall make a 
     determination with respect to any application submitted under 
     paragraph (4), and provide notice of that determination to 
     the applicant, before a date established by the Corporation 
     that is not later than 180 days after the date on which an 
     application is submitted to the Corporation.
       ``(B) Extensions.--The Director of the Federal Housing 
     Finance Agency may authorize up to 2 extensions of the date 
     established under subparagraph (A), each of which shall not 
     exceed 30 days, upon the written request and a showing of 
     good cause by the Corporation.
       ``(C) Status notice.--The Corporation shall provide notice 
     to an applicant regarding the status of an application 
     submitted under paragraph (4) not later than 60 days after 
     the date on which the application was submitted to the 
     Corporation.
       ``(D) Reasons for disapproval.--If an application submitted 
     under paragraph (4) is disapproved, the Corporation shall 
     provide to the applicant the reasons for the disapproval not 
     later than 30 days after a determination is made under this 
     paragraph.
       ``(6) Authority of Director.--If the Corporation elects to 
     use a credit score under this subsection, the Director of the 
     Federal Housing Finance Agency shall require the Corporation 
     to routinely update the validation and approval process 
     described in paragraph (2)(B) as the Director determines 
     necessary to ensure that the process remains appropriate, 
     adequate, and complies with any standards and criteria 
     established pursuant to section 1328 of the Federal Housing 
     Enterprises Financial Safety and Soundness Act of 1992.''.
       (b) Authority of Director of the Federal Housing Finance 
     Agency.--Subpart A of part 2 of subtitle A of the Federal 
     Housing Enterprises Financial Safety and Soundness Act of 
     1992 (12 U.S.C. 4541 et seq.) is amended by adding at the end 
     the following:

     ``SEC. 1328. REGULATIONS FOR USE OF CREDIT SCORES.

       ``The Director may, by regulation, establish standards and 
     criteria for any process used by an enterprise to validate 
     and approve credit scoring models pursuant to section 
     302(b)(7) of the Federal National Mortgage Association 
     Charter Act and section 305(d) of the Federal Home Loan 
     Mortgage Corporation Act.''.
       (c) Effective Date.--The amendments made by this section 
     shall take effect on the date that is 180 days after the date 
     of enactment of this Act.
                                 ______
                                 
  SA 2101. Mr. SCOTT (for himself, Mr. Jones, Mrs. Ernst, and Mr. 
Hoeven) submitted an amendment intended to be proposed by him to the 
bill S. 2155, to promote economic growth, provide tailored regulatory 
relief, and enhance consumer protections, and for other purposes; which 
was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. __. AMENDMENTS TO MORTGAGE DISCLOSURE REQUIREMENTS.

       Section 4(a) of the Real Estate Settlement Procedures Act 
     of 1974 (12 U.S.C. 2603(a)) is amended--
       (1) by striking ``itemize all charges'' and inserting 
     ``itemize all actual charges'';
       (2) by striking ``and all charges imposed upon the seller 
     in connection with the settlement and'' and inserting ``and 
     the seller in connection with the settlement. Such forms''; 
     and
       (3) by inserting after ``or both.'' the following: 
     ``Charges for any title insurance premium disclosed on such 
     forms shall be equal to the amount charged for each 
     individual title insurance policy, subject to any discounts 
     as required by State regulation or the title company rate 
     filings.''.
                                 ______
                                 
  SA 2102. Mr. INHOFE (for himself, Mr. Udall, Mr. Kennedy, Mr. 
Cassidy, and Mr. Hoeven) submitted an amendment intended to be proposed 
by him to the bill S. 2155, to promote economic growth, provide 
tailored regulatory relief, and enhance consumer protections, and for 
other purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. REGULATORY RELIEF FOR BANKS DURING DISASTERS.

       (a) Definitions.--In this section--
       (1) the terms ``appropriate Federal banking agency'' and 
     ``depository institution'' have the meanings given those 
     terms in section 3 of the Federal Deposit Insurance Act (12 
     U.S.C. 1813); and
       (2) the term ``major disaster'' has the meaning given the 
     term in section 102 of the Robert T. Stafford Disaster Relief 
     and Emergency Assistance Act (42 U.S.C. 5122).
       (b) Requirement.--Not later than 15 days after the date on 
     which the President declares a major disaster under section 
     401 of the Robert T. Stafford Disaster Relief and Emergency 
     Assistance Act (42 U.S.C. 5170), or not later than 15 days 
     after a state of disaster is declared by a Governor of a 
     State for all or part of that State, the appropriate Federal 
     banking agencies shall issue guidance to depository 
     institutions located in the area for which the President 
     declared the major disaster or the Governor declared a state 
     of disaster, as applicable, for reducing regulatory burdens 
     for borrowers and communities in order to facilitate recovery 
     from the disaster.
       (c) Contents.--Guidance issued under subsection (b) shall 
     include instructions from the appropriate Federal banking 
     agency regarding--
       (1) extending repayment terms, adjusting existing loans, 
     and easing terms for new loans, in accordance with prudent 
     banking practices that involve appropriate monitoring;
       (2) providing relief from reporting and publishing 
     requirements, including by accepting delayed filing and 
     publishing of reports by depository institutions in areas 
     affected by the major disaster or covered by the state of 
     disaster, as applicable;
       (3) taking appropriate actions to stabilize investments in 
     local government projects affected by the major disaster or 
     covered by the state of disaster, as applicable;
       (4) promoting awareness of the eligibility of depository 
     institutions for loans or investments made in areas affected 
     by the major disaster or covered by the state of disaster, as 
     applicable, under the Community Reinvestment Act of 1977 (12 
     U.S.C. 2901 et seq.); and
       (5) such other issues as determined appropriate by the 
     appropriate Federal banking agency.
                                 ______
                                 
  SA 2103. Mr. DURBIN (for himself, Mr. Reed, Ms. Warren, Mrs. Murray, 
Mr. Brown, Mr. Blumenthal, Ms. Baldwin, Ms. Duckworth, and Mr. 
Whitehouse) submitted an amendment intended to be proposed by him to 
the bill S. 2155, to promote economic growth, provide tailored 
regulatory relief, and enhance consumer protections, and for other 
purposes; which was ordered to lie on the table; as follows:

       Strike section 307(a) and insert the following:
       (a) In General.--Section 128(e) of the Truth in Lending Act 
     (15 U.S.C. 1638(e)) is amended by adding at the end the 
     following:
       ``(12) Rehabilitation of private education loans.--If a 
     borrower of a private education loan successfully and 
     voluntarily makes 9 payments within 20 days of the due date 
     during 10 consecutive months of amounts owed on the private 
     education loan, or otherwise brings the private education 
     loan current after the loan is charged-off, the loan shall be 
     considered rehabilitated, and the lender or servicer shall 
     request that any consumer reporting agency to which the 
     charge-off was reported remove the delinquency that led to 
     the charge-off and the charge-off from the borrower's credit 
     history.''.

       On page 127, strike lines 19 through 23, and insert the 
     following:
       (A) the implementation of paragraph (12) of section 128(e) 
     of the Truth in Lending Act (15 U.S.C. 1638(e)) (referred to 
     in this paragraph as ``the provision''), as added by 
     subsection (a);

       At the end of the bill, add the following:

                     TITLE VI--STUDENT PROTECTIONS

     SEC. 601. STUDENT LOAN BORROWER BILL OF RIGHTS.

       (a) Short Title.--This section may be cited as the 
     ``Student Loan Borrower Bill of Rights''.
       (b) Truth in Lending Act Amendments.--The Truth in Lending 
     Act (15 U.S.C. 1601 et seq.), as amended by this Act, is 
     further amended--
       (1) in section 128--

[[Page S1476]]

       (A) in subsection (e)--
       (i) in the subsection heading, by striking ``Private'';
       (ii) in paragraph (1)(O), by striking ``paragraph (6)'' and 
     inserting ``paragraph (9)'';
       (iii) in paragraph (2)(L), by striking ``paragraph (6)'' 
     and inserting ``paragraph (9)'';
       (iv) in paragraph (4)(C), by striking ``paragraph (7)'' and 
     inserting ``paragraph (10)'';
       (v) by redesignating paragraphs (5) through (12) as 
     paragraphs (8) through (15), respectively;
       (vi) by inserting after paragraph (4) the following:
       ``(5) Disclosures before first fully amortized payment.--
     Not fewer than 30 days and not more than 150 days before the 
     first fully amortized payment on a postsecondary education 
     loan is due from the borrower, the postsecondary educational 
     lender shall disclose to the borrower, clearly and 
     conspicuously--
       ``(A) the information described in--
       ``(i) paragraph (2)(A) (adjusted, as necessary, for the 
     rate of interest in effect on the date the first fully 
     amortized payment on a postsecondary education loan is due);
       ``(ii) subparagraphs (B) through (G) of paragraph (2);
       ``(iii) paragraph (2)(H) (adjusted, as necessary, for the 
     rate of interest in effect on the date the first fully 
     amortized payment on a postsecondary education loan is due);
       ``(iv) paragraph (2)(K); and
       ``(v) subparagraphs (O) and (P) of paragraph (2);
       ``(B) the scheduled date upon which the first fully 
     amortized payment is due;
       ``(C) the name of the lender and servicer, and the address 
     to which communications and payments should be sent including 
     a telephone number and website where the borrower may obtain 
     additional information;
       ``(D) a description of alternative repayment plans, 
     including loan consolidation or refinancing, and 
     servicemember or veteran benefits under the Servicemembers 
     Civil Relief Act (50 U.S.C. App. 501 et seq.) or other 
     Federal or State law related to postsecondary education 
     loans; and
       ``(E) a statement that a Servicemember and Veterans Liaison 
     designated under paragraph (16)(I) is available to answer 
     inquiries about servicemember and veteran benefits related to 
     postsecondary education loans, including the toll-free 
     telephone number to contact the Liaison pursuant to paragraph 
     (16)(I).
       ``(6) Disclosures when borrower is 30 days delinquent.--Not 
     fewer than 5 days after a borrower becomes 30 days delinquent 
     on a postsecondary education loan, the postsecondary 
     educational lender shall disclose to the borrower, clearly 
     and conspicuously--
       ``(A) the date on which the loan will be charged-off (as 
     defined in paragraph (16)(A)) or assigned to collections, 
     including the consequences of such charge-off or assignment 
     to collections, if no payment is made;
       ``(B) the minimum payment that the borrower must make to 
     avoid the loan being charged off (as defined in paragraph 
     (16)(A)) or assigned to collection, and the minimum payment 
     that the borrower must make to bring the loan current;
       ``(C) a statement informing the borrower that a payment of 
     less than the minimum payment described in subparagraph (B) 
     could result in the loan being charged off (as defined in 
     paragraph (16)(A)) or assigned to collection; and
       ``(D) a statement that a Servicemember and Veterans Liaison 
     designated under paragraph (16)(I) is available to answer 
     inquiries about servicemember and veteran benefits related to 
     postsecondary education loans, including the toll-free 
     telephone number to contact the Liaison pursuant to paragraph 
     (16)(I).
       ``(7) Disclosures when borrower is having difficulty making 
     payment or is 60 days delinquent.--
       ``(A) In general.--Not fewer than 5 days after a borrower 
     notifies a postsecondary educational lender that the borrower 
     is having difficulty making payment or a borrower becomes 60 
     days delinquent on a postsecondary education loan, the 
     postsecondary educational lender shall--
       ``(i) complete a full review of the borrower's 
     postsecondary education loan and make a reasonable effort to 
     obtain the information necessary to determine--

       ``(I) if the borrower is eligible for an alternative 
     repayment plan, including loan consolidation or refinancing; 
     and
       ``(II) if the borrower is eligible for servicemember or 
     veteran benefits under the Servicemembers Civil Relief Act 
     (50 U.S.C. App. 501 et seq.) or other Federal or State law 
     related to postsecondary education loans;

       ``(ii) provide the borrower, in writing, in simple and 
     understandable terms, information about alternative repayment 
     plans and benefits for which the borrower is eligible, 
     including all terms, conditions, and fees or costs associated 
     with such repayment plan, pursuant to paragraph (8)(D);
       ``(iii) allow the borrower not less than 30 days to apply 
     for an alternative repayment plan or benefits, if eligible; 
     and
       ``(iv) notify the borrower that a Servicemember and 
     Veterans Liaison designated under paragraph (16)(I) is 
     available to answer inquiries about servicemember and veteran 
     benefits related to postsecondary education loans, including 
     the toll-free telephone number to contact the Liaison 
     pursuant to paragraph (16)(I).
       ``(B) Forbearance or deferment.--If a borrower notifies the 
     postsecondary educational lender that a long-term alternative 
     repayment plan is not appropriate, the postsecondary 
     educational lender may comply with this paragraph by 
     providing the borrower, in writing, in simple and 
     understandable terms, information about short-term options to 
     address an anticipated short-term difficulty in making 
     payments, such as forbearance or deferment options, including 
     all terms, conditions, and fees or costs associated with such 
     options pursuant to paragraph (8)(D).
       ``(C) Notification process.--
       ``(i) In general.--Each postsecondary educational lender 
     shall establish a process, in accordance subparagraph (A), 
     for a borrower to notify the lender that--

       ``(I) the borrower is having difficulty making payments on 
     a postsecondary education loan; and
       ``(II) a long-term alternative repayment plan is not 
     needed.

       ``(ii) Consumer financial protection bureau requirements.--
     The Director of the Bureau of Consumer Financial Protection, 
     in consultation with the Secretary of Education, shall 
     promulgate rules establishing minimum standards for 
     postsecondary educational lenders in carrying out the 
     requirements of this paragraph and a model form for borrowers 
     to notify postsecondary educational lenders of the 
     information under this paragraph.'';
       (vii) in paragraph (8), as redesignated by clause (v), by 
     adding at the end the following:
       ``(D) Model disclosure form for alternative repayment 
     plans, forbearance, and deferment options.--Not later than 2 
     years after the date of enactment of the Student Loan 
     Borrower Bill of Rights, the Director of the Bureau of 
     Consumer Financial Protection, in consultation with the 
     Secretary of Education, shall develop and issue model forms 
     to allow borrowers to compare alternative repayment plans, 
     forbearance, and deferment options with the borrower's 
     existing repayment plan with respect to a postsecondary 
     education loan. Such forms shall include the following:
       ``(i) The total amount to be paid over the life of the 
     loan.
       ``(ii) The total amount in interest to be paid over the 
     life of the loan.
       ``(iii) The monthly payment amount.
       ``(iv) The expected pay-off date.
       ``(v) Related fees and costs.
       ``(vi) Eligibility requirements, and how the borrower can 
     apply for the alternative repayment plan, forbearance, or 
     deferment option.
       ``(vii) Any relevant consequences due to action or 
     inaction, such as default, including any actions that would 
     result in the loss of eligibility for alternative repayment 
     plans, forbearance, or deferment options.'';
       (viii) in paragraph (11), as redesignated by clause (v), by 
     striking ``paragraph (7)'' and inserting ``paragraph (10)'';
       (ix) by striking paragraph (13), as redesignated by clause 
     (v), and inserting the following:
       ``(13) Definitions.--In this subsection--
       ``(A) the terms `covered educational institution', `private 
     educational lender', and `private education loan' have the 
     same meanings as in section 140; and
       ``(B) the term `postsecondary education loan' means
       ``(i) a private education loan; or
       ``(ii) a loan made, insured, or guaranteed under part B, D, 
     or E of title IV of the Higher Education Act of 1965 (20 
     U.S.C. 1071 et seq., 1087a et seq., and 1087aa et seq.).'';
       (x) in paragraph (14), as redesignated by clause (v), by 
     striking ``paragraph (5)'' and inserting ``paragraph (8)''; 
     and
       (xi) by adding at the end the following:
       ``(16) Student loan borrower bill of rights.--
       ``(A) Definitions.--In this paragraph:
       ``(i) Borrower.--The term `borrower' means the person to 
     whom a postsecondary education loan is extended.
       ``(ii) Charge off.--The term `charge off' means charge to 
     profit and loss, or subject to any similar action.
       ``(iii) Qualified written request.--

       ``(I) In general.--The term `qualified written request' 
     means a written correspondence of a borrower (other than 
     notice on a payment medium supplied by the student loan 
     servicer) transmitted by mail, facsimile, or electronically 
     through an email address or website designated by the student 
     loan servicer to receive communications from borrowers that--

       ``(aa) includes, or otherwise enables the student loan 
     servicer to identify, the name and account of the borrower; 
     and
       ``(bb) includes, to the extent applicable--
       ``(AA) sufficient detail regarding the information sought 
     by the borrower; or
       ``(BB) a statement of the reasons for the belief of the 
     borrower that there is an error regarding the account of the 
     borrower.

       ``(II) Correspondence delivered to other addresses.--

       ``(aa) In general.--A written correspondence of a borrower 
     is a qualified written request if the written correspondence 
     is transmitted to and received by a student loan servicer at 
     a mailing address, facsimile number, email address, or 
     website address other than the address or number designated 
     by that student loan servicer to receive communications from 
     borrowers but the written correspondence meets the 
     requirements under items (aa) and (bb) of subclause (I).
       ``(bb) Duty to transfer.--A student loan servicer shall, 
     within a reasonable period of time, transfer a written 
     correspondence of a

[[Page S1477]]

     borrower received by the student loan servicer at a mailing 
     address, facsimile number, email address, or website address 
     other than the address or number designated by that student 
     loan servicer to receive communications from borrowers to the 
     correct address or appropriate office or other unit of the 
     student loan servicer.
       ``(cc) Date of receipt.--A written correspondence of a 
     borrower transferred in accordance with item (bb) shall be 
     deemed to be received by the student loan servicer on the 
     date on which the written correspondence is transferred to 
     the correct address or appropriate office or other unit of 
     the student loan servicer.
       ``(iv) Servicer.--The term `servicer' means the person 
     responsible for the servicing of a postsecondary education 
     loan, including any agent of such person or the person who 
     makes, owns, or holds a loan if such person also services the 
     loan.
       ``(v) Servicing.--The term `servicing' means--

       ``(I) receiving any scheduled periodic payments from a 
     borrower pursuant to the terms of a postsecondary education 
     loan;
       ``(II) making the payments of principal and interest and 
     such other payments with respect to the amounts received from 
     the borrower, as may be required pursuant to the terms of the 
     loan; and
       ``(III) performing other administrative services with 
     respect to the loan.

       ``(B) Sale, transfer, or assignment.--If the sale, other 
     transfer, assignment, or transfer of servicing obligations of 
     a postsecondary education loan results in a change in the 
     identity of the party to whom the borrower must send 
     subsequent payments or direct any communications concerning 
     the loan--
       ``(i) the transferor shall--

       ``(I) notify the borrower, in writing, in simple and 
     understandable terms, not fewer than 45 days before 
     transferring a legally enforceable right to receive payment 
     from the borrower on such loan, of--

       ``(aa) the sale or other transfer, assignment, or transfer 
     of servicing obligations;
       ``(bb) the identity of the transferee;
       ``(cc) the name and address of the party to whom subsequent 
     payments or communications must be sent;
       ``(dd) the telephone numbers and websites of both the 
     transferor and the transferee;
       ``(ee) the effective date of the sale, transfer, or 
     assignment;
       ``(ff) the date on which the transferor will stop accepting 
     payment; and
       ``(gg) the date on which the transferee will begin 
     accepting payment; and

       ``(II) forward any payment from a borrower with respect to 
     such postsecondary education loan to the transferee, 
     immediately upon receiving such payment, during the 60-day 
     period beginning on the date on which the transferor stops 
     accepting payment of such postsecondary education loan; and

       ``(ii) the transferee shall--

       ``(I) notify the borrower, in writing, in simple and 
     understandable terms, not fewer than 45 days before acquiring 
     a legally enforceable right to receive payment from the 
     borrower on such loan, of--

       ``(aa) the sale or other transfer, assignment, or transfer 
     of servicing obligations;
       ``(bb) the identity of the transferor:
       ``(cc) the name and address of the party to whom subsequent 
     payments or communications must be sent;
       ``(dd) the telephone numbers and websites of both the 
     transferor and the transferee;
       ``(ee) the effective date of the sale, transfer, 
     assignment, or transfer of servicing obligations;
       ``(ff) the date on which the transferor will stop accepting 
     payment; and
       ``(gg) the date on which the transferee will begin 
     accepting payment;

       ``(II) accept as on-time and may not impose any late fee or 
     finance charge for any payment from a borrower with respect 
     to such postsecondary education loan that is forwarded from 
     the transferor during the 60-day period beginning on the date 
     on which the transferor stops accepting payment, if the 
     transferor receives such payment on or before the applicable 
     due date, including any grace period;
       ``(III) provide borrowers a simple, online process for 
     transferring existing electronic fund transfer authority; and
       ``(IV) honor any promotion or benefit offered to the 
     borrower or advertised by the previous owner or transferor of 
     such postsecondary education loan.

       ``(C) Material change in mailing address or procedure for 
     handling payments.--If a servicer makes a change in the 
     mailing address, office, or procedures for handling payments 
     with respect to any postsecondary education loan, and such 
     change causes a delay in the crediting of the account of the 
     borrower made during the 60-day period following the date on 
     which such change took effect, the servicer may not impose 
     any late fee or finance charge for a late payment on such 
     postsecondary education loan.
       ``(D) Interest rate and term changes for certain post-
     secondary education loans.--
       ``(i) Notification requirements.--

       ``(I) In general.--Except as provided in clause (iii), a 
     student loan servicer shall provide written notice to a 
     borrower of any material change in the terms of the 
     postsecondary education loan, including an increase in the 
     interest rate, not later than 45 days before the effective 
     date of the change or increase.
       ``(II) Material changes in terms.--The Bureau shall, by 
     regulation, establish guidelines for determining which 
     changes in terms are material under subclause (I).

       ``(ii) Limits on interest rate and fee increases applicable 
     to outstanding balance.--Except as provided in clause (iii), 
     a loan holder or student loan servicer may not increase the 
     interest rate or other fee applicable to an outstanding 
     balance on a postsecondary education loan.
       ``(iii) Exceptions.--The requirements under clauses (i) and 
     (ii) shall not apply to--

       ``(I) an increase in any applicable variable interest rate 
     incorporated in the terms of a postsecondary education loan 
     that provides for changes in the interest rate according to 
     operation of an index that is not under the control of the 
     loan holder or student loan servicer and is published for 
     viewing by the general public;
       ``(II) an increase in interest rate due to the completion 
     of a workout or temporary hardship arrangement by the 
     borrower or the failure of the borrower to comply with the 
     terms of a workout or temporary hardship arrangement if--

       ``(aa) the interest rate applicable to a category of 
     transactions following any such increase does not exceed the 
     rate or fee that applied to that category of transactions 
     prior to commencement of the arrangement; and
       ``(bb) the loan holder or student loan servicer has 
     provided the borrower, prior to the commencement of such 
     arrangement, with clear and conspicuous disclosure of the 
     terms of the arrangement (including any increases due to such 
     completion or failure); and

       ``(III) an increase in interest rate due to a provision 
     included within the terms of a postsecondary education loan 
     that provides for a lower interest rate based on the 
     borrower's agreement to a prearranged plan that authorizes 
     recurring electronic funds transfers if--

       ``(aa) the borrower withdraws the borrower's authorization 
     of the prearranged recurring electronic funds transfer plan; 
     and
       ``(bb) after withdrawal of the borrower's authorization and 
     prior to increasing the interest rate, the loan holder or 
     student loan servicer has provided the borrower with clear 
     and conspicuous disclosure of the impending change in 
     borrower's interest rate and a reasonable opportunity to 
     reauthorize the prearranged electronic funds transfers plan.
       ``(E) Application of payments.--
       ``(i) In general.--Unless otherwise directed by the 
     borrower of a postsecondary education loan, upon receipt of a 
     payment, the servicer shall apply amounts first to the 
     interest and fees owed on the payment due date, and then to 
     the principal balance of the postsecondary education loan 
     bearing the highest annual percentage rate, and then to each 
     successive interest and fees and then principal balance 
     bearing the next highest annual percentage rate, until the 
     payment is exhausted. A borrower may instruct or expressly 
     authorize the servicer to apply payments in a different 
     manner.
       ``(ii) Application of excess amounts.--Unless otherwise 
     directed by the borrower of a postsecondary education loan, 
     upon receipt of a payment, the servicer shall apply amounts 
     in excess of the minimum payment amount first to the interest 
     and fees owed on the payment due date, and then to the 
     principal balance of the postsecondary education loan balance 
     bearing the highest annual percentage rate, and then to each 
     successive interest and fees and principal balance bearing 
     the next highest annual percentage rate, until the payment is 
     exhausted. A borrower may instruct or expressly authorize the 
     servicer to apply such excess payments in a different manner. 
     A borrower may also voluntarily increase the periodic payment 
     amount, including by increasing their recurring electronic 
     payment, with the right to return to their original 
     amortization schedule at any time. Servicers shall provide a 
     simple, online method to allow borrowers to make voluntary 
     one-time additional payments, voluntarily increase the amount 
     of their periodic payment, and return to their original 
     amortization schedule.
       ``(iii) Apply payment on date received.--Unless otherwise 
     directed by the borrower of a postsecondary education loan, a 
     servicer shall apply payments to a borrower's account on the 
     date the payment is received.
       ``(iv) Promulgation of rules.--The Director of the Bureau 
     of Consumer Financial Protection, in consultation with the 
     Secretary of Education, may promulgate rules for the 
     application of postsecondary education loan payments that--

       ``(I) implements the requirements in this section;
       ``(II) minimizes the amount of fees and interest incurred 
     by the borrower and the total loan amount paid by the 
     borrower;
       ``(III) minimizes delinquencies, assignments to collection, 
     and charge-offs;
       ``(IV) requires servicers to apply payments on the date 
     received; and
       ``(V) allows the borrower to instruct the servicer to apply 
     payments in a manner preferred by the borrower, including 
     excess payments.

       ``(v) Method that best benefits borrower.--In promulgating 
     the rules under clause (iv), the Director of the Bureau of 
     Consumer Financial Protection shall choose the application 
     method that best benefits the borrower and is compatible with 
     existing repayment options.
       ``(F) Payments and fees.--
       ``(i) Prohibition on recommending default.--A loan holder 
     or student loan

[[Page S1478]]

     servicer may not recommend or encourage default or 
     delinquency on an existing postsecondary education loan prior 
     to and in connection with the process of qualifying for or 
     enrolling in an alternative repayment arrangement, including 
     the origination of a new postsecondary education loan that 
     refinances all or any portion of such existing loan or debt.
       ``(ii) Late fees.--

       ``(I) In general.--A late fee may not be charged to a 
     borrower for a postsecondary education loan under any of the 
     following circumstances, either individually or in 
     combination:

       ``(aa) On a per-loan basis when a borrower has multiple 
     postsecondary education loans in a billing group.
       ``(bb) In an amount greater than 4 percent of the amount of 
     the payment past due.
       ``(cc) Before the end of the 15-day period beginning on the 
     date the payment is due.
       ``(dd) More than once with respect to a single late 
     payment.
       ``(ee) The borrower fails to make a singular, non-
     successive regularly-scheduled payment on the postsecondary 
     education loan.
       ``(ff) The student loan servicer has failed to adopt 
     reasonable procedures designed to ensure that each billing 
     statement required under subparagraph (K) is mailed or 
     delivered to the consumer not later than 21 days before the 
     payment due date.
       ``(iii) Coordination with subsequent late fees.--No late 
     fee may be charged to a borrower for a postsecondary 
     education loan relating to an insufficient payment if the 
     payment is made on or before the due date of the payment, or 
     within any applicable grace period for the payment, if the 
     insufficiency is attributable only to a late fee relating to 
     an earlier payment, and the payment is otherwise a full 
     payment for the applicable period.
       ``(iv) Payments at local branches.--If the loan holder, in 
     the case of a postsecondary education loan account referred 
     to in subparagraph (A), is a financial institution that 
     maintains a branch or office at which payments on any such 
     account are accepted from the borrower in person, the date on 
     which the borrower makes a payment on the account at such 
     branch or office shall be considered to be the date on which 
     the payment is made for purposes of determining whether a 
     late fee may be imposed due to the failure of the borrower to 
     make payment on or before the due date for such payment.
       ``(G) Borrower inquiries.--
       ``(i) Duty of student loan servicers to respond to borrower 
     inquiries.--

       ``(I) Notice of receipt of request.--If a borrower of a 
     postsecondary education loan submits a qualified written 
     request to the student loan servicer for information relating 
     to the student loan servicing of the postsecondary education 
     loan, the student loan servicer shall provide a written 
     response acknowledging receipt of the qualified written 
     request within 5 business days unless any action requested by 
     the borrower is taken within such period.
       ``(II) Action with respect to inquiry.--Not later than 30 
     business days after the receipt from a borrower of a 
     qualified written request under subclause (I) and, if 
     applicable, before taking any action with respect to the 
     qualified written request of the borrower, the student loan 
     servicer shall--

       ``(aa) make appropriate corrections in the account of the 
     borrower, including the crediting of any late fees, and 
     transmit to the borrower a written notification of such 
     correction (which shall include the name and toll-free or 
     collect-call telephone number of a representative of the 
     student loan servicer who can provide assistance to the 
     borrower);
       ``(bb) after conducting an investigation, provide the 
     borrower with a written explanation or clarification that 
     includes--
       ``(AA) to the extent applicable, a statement of the reasons 
     for which the student loan servicer believes the account of 
     the borrower is correct as determined by the student loan 
     servicer; and
       ``(BB) the name and toll-free or collect-call telephone 
     number of an individual employed by, or the office or 
     department of, the student loan servicer who can provide 
     assistance to the borrower; or
       ``(cc) after conducting an investigation, provide the 
     borrower with a written explanation or clarification that 
     includes--
       ``(AA) information requested by the borrower or explanation 
     of why the information requested is unavailable or cannot be 
     obtained by the student loan servicer; and
       ``(BB) the name and toll-free or collect-call telephone 
     number of an individual employed by, or the office or 
     department of, the student loan servicer who can provide 
     assistance to the borrower.

       ``(III) Limited extension of response time.--

       ``(aa) In general.--There may be 1 extension of the 30-day 
     period described in subclause (II) of not more than 15 days 
     if, before the end of such 30-day period, the student loan 
     servicer notifies the borrower of the extension and the 
     reasons for the delay in responding.
       ``(bb) Reports to bureau.--Each student loan servicer 
     shall, on an annual basis, report to the Bureau the aggregate 
     number of extensions sought by the student loan servicer 
     under item (aa).
       ``(ii) Protection of credit information.--During the 60-day 
     period beginning on the date on which a student loan servicer 
     receives a qualified written request from a borrower relating 
     to a dispute regarding payments by the borrower, a student 
     loan servicer may not provide negative credit information to 
     any consumer reporting agency (as defined in section 603 of 
     the Fair Credit Reporting Act (15 U.S.C. 1681a)) relating to 
     the subject of the qualified written request or to such 
     period, including any information relating to a late payment 
     or payment owed by the borrower on the borrower's 
     postsecondary education loan.
       ``(H) Single point of contact for certain borrowers.--A 
     student loan servicer shall designate an office or other unit 
     of the student loan servicer to act as a point of contact 
     regarding postsecondary education loans for borrowers 
     considered to be at risk of default, including--
       ``(i) any borrower who requests information related to 
     options to reduce or suspend his or her monthly payment, or 
     otherwise indicates that he or she is experiencing or is 
     about to experience financial hardship or distress;
       ``(ii) any borrower who becomes 60 calendar days delinquent 
     on any loan;
       ``(iii) any borrower who has not completed the program of 
     study for which the borrower received the loan;
       ``(iv) any borrower who is enrolled in discretionary 
     forbearance for more than 9 months of the previous 12 months;
       ``(v) any borrower who has rehabilitated or consolidated 
     one or more student loans out of default within the prior 12 
     months;
       ``(vi) a borrower under a private education loan who is 
     seeking to modify the terms of the repayment of the 
     postsecondary education loan because of hardship; and
       ``(vii) any borrower or segment of borrowers determined by 
     the Director of the Bureau to be at risk of default.
       ``(I) Servicemembers, veterans, and postsecondary education 
     loans.--
       ``(i) Servicemember and veterans liaison.--Each servicer 
     shall designate an employee to act as the servicemember and 
     veterans liaison who is responsible for answering inquiries 
     from servicemembers and veterans, and is specially trained on 
     servicemember and veteran benefits under the Servicemembers 
     Civil Relief Act (50 U.S.C. App. 501 et seq.) and other 
     Federal or State laws related to postsecondary education 
     loans.
       ``(ii) Toll-free telephone number.--Each servicer shall 
     maintain a toll-free telephone number that shall--

       ``(I) connect directly to the servicemember and veterans 
     liaison designated under clause (i); and
       ``(II) be made available on the primary internet website of 
     the servicer and on monthly billing statements.

       ``(iii) Prohibition on charge offs and default.--A lender 
     or servicer may not charge off or report a postsecondary 
     education loan as delinquent, assigned to collection 
     (internally or by referral to a third party), in default, or 
     charged-off to a credit reporting agency if the borrower is 
     on active duty in the Armed Forces (as defined in section 
     101(d)(1) of title 10, United States Code) serving in a 
     combat zone (as designated by the President under section 
     112(c) of the Internal Revenue Code of 1986).
       ``(iv) Additional liaisons.--The Secretary shall determine 
     additional entities with whom borrowers interact, including 
     guaranty agencies, that shall designate an employee to act as 
     the servicemember and veterans liaison who is responsible for 
     answering inquiries from servicemembers and veterans and is 
     specially trained on servicemembers and veteran benefits and 
     option under the Servicemembers Civil Relief Act (50 U.S.C. 
     App. 501 et seq.).
       ``(J) Borrower's loan history.--
       ``(i) In general.--A servicer shall make available through 
     a secure website, or in writing upon request, the loan 
     history of each borrower for each postsecondary education 
     loan, separately designating--

       ``(I) payment history;
       ``(II) loan history, including any forbearances, deferrals, 
     delinquencies, assignment to collection, and charge offs;
       ``(III) annual percentage rate history;
       ``(IV) key loan terms, including application of payments to 
     interest, principal, and fees, origination date, principal, 
     capitalized interest, annual percentage rate, including any 
     cap, loan term, and any contractual incentives; and
       ``(V) balance due to pay off the outstanding balance.

       ``(ii) Original documentation.--A servicer shall make 
     available to the borrower, if requested, at no charge, copies 
     of the original loan documents and the promissory note for 
     each postsecondary education loan.
       ``(iii) Prompt delivery.--A loan holder or a student loan 
     servicer that has received a request by a borrower or a 
     person authorized by a borrower for the information described 
     in clause (i) shall provide such information to the borrower 
     or person authorized by the borrower not later than 5 
     business days after receiving such request.
       ``(K) Additional servicing standards.--
       ``(i) Statement required with each billing cycle.--A 
     student loan servicer for each borrower's account that is 
     being serviced by that student loan servicer and that 
     includes a postsecondary education loan shall transmit to the 
     borrower, for each billing cycle at the end of which there is 
     an outstanding balance in that account, a statement that 
     includes--

       ``(I) the outstanding balance in the account at the 
     beginning of the billing cycle;

[[Page S1479]]

       ``(II) the total amount credited to the account during the 
     billing cycle;
       ``(III) the amount of any fee added to the account during 
     the billing cycle, itemized to show the amounts, if any, due 
     to the application of an increased interest rate, and the 
     amount, if any, imposed as a minimum or fixed charge;
       ``(IV) the balance on which the fee described in subclause 
     (III) was computed and a statement of how the balance was 
     determined;
       ``(V) whether the balance described in subclause (IV) was 
     determined without first deducting all payments and other 
     credits during the billing cycle, and the amount of any such 
     payments and credits;
       ``(VI) the outstanding balance in the account at the end of 
     the billing cycle;
       ``(VII) the date by which, or the period within which, 
     payment must be made to avoid late fees, if any;
       ``(VIII) the address of the student loan servicer to which 
     the borrower may direct billing inquiries;
       ``(IX) the amount of any payments or other credits during 
     the billing cycle that was applied to pay down principal, and 
     the amount applied to interest;
       ``(X) in the case of a billing group, the allocation of any 
     payments or other credits during the billing cycle to each of 
     the postsecondary education loans in the billing group;
       ``(XI) information on how to file a complaint with the 
     Bureau and with the ombudsman designated pursuant to section 
     1035 of the Dodd-Frank Wall Street Reform and Consumer 
     Protection Act (12 U.S.C. 5535); and
       ``(XII) any other information determined by the Bureau, 
     which may include information in the Bureau's Student Loan 
     Payback Playbook.

       ``(ii) Disclosure of payment deadlines.--In the case of a 
     postsecondary education loan account under which a late fee 
     or charge may be imposed due to the failure of the borrower 
     to make payment on or before the due date for such payment, 
     the billing statement required under clause (i) with respect 
     to the account shall include, in a conspicuous location on 
     the billing statement, the date on which the payment is due 
     or, if different, the date on which a late fee will be 
     charged, together with the amount of the late fee to be 
     imposed if payment is made after that date.
       ``(L) Arbitration.--
       ``(i) Waiver of rights and remedies.--Any rights and 
     remedies available to borrowers against servicers may not be 
     waived by any agreement, policy, or form, including by a 
     predispute arbitration agreement.
       ``(ii) Predispute arbitration agreements.--No predispute 
     arbitration agreement shall be valid or enforceable by a 
     servicer, including as a third-party beneficiary or by 
     estoppel, if the agreement requires arbitration of a dispute 
     with respect to a postsecondary education loan. This clause 
     applies to predispute arbitration agreements entered into 
     before the date of enactment of the Student Loan Borrower 
     Bill of Rights, as well as on and after such date of 
     enactment, if the violation that is the subject of the 
     dispute occurred on or after such date of enactment.
       ``(M) Enforcement.--The provisions of this paragraph shall 
     be enforced by the agencies specified in subsections (a) 
     through (d) of section 108, in the manner set forth in that 
     section or under any other applicable authorities available 
     to such agencies by law, and by State Attorneys General.
       ``(N) Preemption.--Nothing in this paragraph may be 
     construed to preempt any provision of State law regarding 
     postsecondary education loans where the State law provides 
     stronger consumer protections.
       ``(O) Civil liability.--A servicer that fails to comply 
     with any requirement imposed under this paragraph shall be 
     deemed a creditor that has failed to comply with a 
     requirement under this chapter for purposes of liability 
     under section 130 and such servicer shall be subject to the 
     liability provisions under such section, including the 
     provisions under paragraphs (1), (2)(A)(i), (2)(B), and (3) 
     of section 130(a).
       ``(P) Eligibility for discharge.--The Director of the 
     Bureau of Consumer Financial Protection, in consultation with 
     the Secretary of Education, shall promulgate rules requiring 
     lenders and servicers of loans described in paragraph 
     (13)(B)(ii) to--
       ``(i) identify and contact borrowers who may be eligible 
     for student loan discharge by the Secretary;
       ``(ii) provide the borrower, in writing, in simple and 
     understandable terms, information about obtaining such 
     discharge; and
       ``(iii) create a streamlined process for eligible borrowers 
     to apply for and receive such discharge.
       ``(Q) Student loan servicer requirements.--A student loan 
     servicer may not--
       ``(i) charge a fee for responding to a qualified written 
     request under this chapter;
       ``(ii) fail to take timely action to respond to a qualified 
     written request from a borrower to correct an error relating 
     to an allocation of payment or the payoff amount of the 
     postsecondary education loan;
       ``(iii) fail to take reasonable steps to avail the borrower 
     of all possible alternative repayment arrangements to avoid 
     default;
       ``(iv) fail to perform the obligations required under title 
     IV of the Higher Education Act of 1965 (20 U.S.C. 1070 et 
     seq.);
       ``(v) fail to respond within 10 business days to a request 
     from a borrower to provide the name, address, and other 
     relevant contact information of the loan holder of the 
     borrower's postsecondary education loan or, for a Federal 
     Direct Loan or a Federal Perkins Loan, the Secretary of 
     Education or the institution of higher education who made the 
     loan, respectively;
       ``(vi) fail to comply with any applicable requirement of 
     the Servicemembers Civil Relief Act (50 U.S.C. App. 501 et 
     seq.);
       ``(vii) fail to comply with any other obligation that the 
     Bureau, by regulation, has determined to be appropriate to 
     carry out the consumer protection purposes of this chapter; 
     or
       ``(viii) fail to perform other standard servicer's 
     duties.''; and
       (B) by adding at the end the following:
       ``(g) Information To Be Available at No Charge.--The 
     information required to be disclosed under this section shall 
     be made available at no charge to the borrower.''; and
       (2) in section 130(a)--
       (A) in paragraph (3), by striking ``128(e)(7)'' and 
     inserting ``128(e)(10)''; and
       (B) in the flush matter at the end, by striking ``or 
     paragraph (4)(C), (6), (7), or (8) of section 128(e),'' and 
     inserting ``or paragraph (4)(C), (9), (10), or (11) of 
     section 128(e),''.
       (c) Student Loan Information by Eligible Lenders.--Section 
     433 of the Higher Education Act of 1965 (20 U.S.C. 1083) is 
     amended--
       (1) in subsection (b)--
       (A) in paragraph (12), by striking ``and'' after the 
     semicolon;
       (B) in paragraph (13), by striking the period at the end 
     and inserting ``; and''; and
       (C) by adding at the end the following:
       ``(14) a statement that--
       ``(A) the borrower may be entitled to servicemember and 
     veteran benefits under the Servicemembers Civil Relief Act 
     (50 U.S.C. App. 501 et seq.) and other Federal or State laws; 
     and
       ``(B) a Servicemember and Veterans Liaison designated under 
     section 128(e)(16)(I)(i) of the Truth in Lending Act (15 
     U.S.C. 1638(e)(16)(I)(i)) is available to answer inquiries 
     about servicemember and veteran benefits, including the toll-
     free telephone number to contact the Liaison pursuant to such 
     section.''; and
       (2) in subsection (e)--
       (A) in paragraph (2), by adding at the end the following:
       ``(D) A statement that--
       ``(i) the borrower may be entitled to servicemember and 
     veteran benefits under the Servicemembers Civil Relief Act 
     (50 U.S.C. App. 501 et seq.) and other Federal or State laws; 
     and
       ``(ii) a Servicemember and Veterans Liaison designated 
     under section 128(e)(16)(I)(i) of the Truth in Lending Act 
     (15 U.S.C. 1638(e)(16)(I)(i)) is available to answer 
     inquiries about servicemember and veteran benefits, including 
     the toll-free telephone number to contact the Liaison 
     pursuant to such section.''; and
       (B) in paragraph (3), by adding at the end the following:
       ``(F) A statement that--
       ``(i) the borrower may be entitled to servicemember and 
     veteran benefits under the Servicemembers Civil Relief Act 
     (50 U.S.C. App. 501 et seq.) and other Federal or State laws; 
     and
       ``(ii) a Servicemember and Veterans Liaison designated 
     under section 128(e)(16)(I)(i) of the Truth in Lending Act 
     (15 U.S.C. 1638(e)(16)(I)(i)) is available to answer 
     inquiries about servicemember and veteran benefits, including 
     the toll-free telephone number to contact the Liaison 
     pursuant to such section.''.

     SEC. 602. WAGE GARNISHMENT.

       The Fair Debt Collection Practices Act (15 U.S.C. 1692 et 
     seq.) is amended by inserting after section 812 (15 U.S.C. 
     1692j) the following:

     ``SEC. 812A. LIMITS ON SEIZURES OF INCOME FOR DEBT RELATING 
                   TO EDUCATION LOANS.

       ``(a) Definitions.--In this section--
       ``(1) the term `adjusted gross income' has the meaning 
     given the term in section 62 of the Internal Revenue Code of 
     1986; and
       ``(2) the term `poverty line' means the poverty line (as 
     defined by the Office of Management and Budget and revised 
     annually in accordance with section 673(2) of the Community 
     Services Block Grant Act (42 U.S.C. 9902(2)) applicable to a 
     family of the size involved.
       ``(b) Limitation on Collection.--
       ``(1) In general.--Notwithstanding any other provision of 
     law, a debt collector that is engaged in the collection of 
     debts relating to education loans may not take any action to 
     cause, or seek to cause, the collection of such a debt that 
     is taken from the wages, Federal benefits, or other amounts 
     due to a consumer through garnishment, deduction, offset, or 
     seizure in an amount that is more than the amount described 
     in paragraph (2).
       ``(2) Calculation.--The amount described in this paragraph 
     is the quotient obtained by dividing--
       ``(A) 10 percent of the amount by which the adjusted gross 
     income of the consumer exceeds 185 percent of the poverty 
     line; by
       ``(B) 12.
       ``(3) Presumption.--For purposes of this section, if a debt 
     collector described in paragraph (1) is unable to determine 
     the family size of a consumer, that person shall presume that 
     the family size of the consumer is 3 individuals.

[[Page S1480]]

       ``(c) Communications.--Any communication by a debt 
     collector described in subsection (b)(1) that is for the 
     purpose of seizing income of a consumer for debt that relates 
     an education loan shall be considered--
       ``(1) an attempt to collect a debt; and
       ``(2) conduct in connection with the collection of a debt 
     for the purposes of this title.''.

     SEC. 603. IMPROVED CONSUMER PROTECTIONS FOR PRIVATE EDUCATION 
                   LOANS.

       Section 128(e) of the Truth in Lending Act (15 U.S.C. 
     1638(e)), as amended by this Act, is further amended--
       (1) by adding at the end the following:
       ``(17) Discharge of private education loans in the event of 
     death or disability of the borrower.--Each private education 
     loan shall include terms that provide that the liability to 
     repay the loan shall be cancelled--
       ``(A) upon the death of the borrower;
       ``(B) if the borrower becomes permanently and totally 
     disabled, as determined under paragraph (1) or (3) of section 
     437(a) of the Higher Education Act of 1965 (20 U.S.C. 
     1087(a)) and the regulations promulgated by the Secretary of 
     Education under that section; and
       ``(C) if the Secretary of Veterans Affairs or the Secretary 
     of Defense determines that the borrower is unemployable due 
     to a service-connected condition or disability, in accordance 
     with the requirements of section 437(a)(2) of that Act and 
     the regulations promulgated by the Secretary of Education 
     under that section; and
       ``(18) Terms for co-borrowers.--Each private education loan 
     shall include terms that clearly define the requirements to 
     release a co-borrower from the obligation.
       ``(19) Prohibition of acceleration of payments on private 
     education loans.--
       ``(A) In general.--Except as provided in subparagraph (B), 
     a private education loan executed after the date of enactment 
     of this paragraph may not include a provision that permits 
     the loan holder or student loan servicer to accelerate, in 
     whole or in part, payments on the private education loan.
       ``(B) Acceleration caused by a payment default.--A private 
     education loan may include a provision that permits 
     acceleration of the loan in cases of payment default.
       ``(20) Prohibition on denial of credit due to eligibility 
     for protection under servicemembers civil relief act.--A 
     private educational lender may not deny or refuse credit to 
     an individual who is entitled to any right or protection 
     provided under the Servicemembers Civil Relief Act (50 U.S.C. 
     App. 501 et seq.) or subject, solely by reason of such 
     entitlement, such individual to any other action described in 
     paragraphs (1) through (6) of section 108 of such Act.'';
       (2) in paragraph (1)--
       (A) by striking subparagraph (D) and inserting the 
     following:
       ``(D) requirements for a co-borrower, including--
       ``(i) any changes in the applicable interest rates without 
     a co-borrower; and
       ``(ii) any conditions the borrower is required meet in 
     order to release a co-borrower from the private education 
     loan obligation;'';
       (B) by redesignating subparagraphs (O), (P), (Q), and (R) 
     as subparagraphs (P), (Q), (R), and (S), respectively; and
       (C) by inserting after subparagraph (N) the following:
       ``(O) in the case of a refinancing of education loans that 
     include a Federal student loan made, insured, or guaranteed 
     under title IV of the Higher Education Act of 1965 (20 U.S.C. 
     1070 et seq.)--
       ``(i) a list containing each loan to be refinanced, which 
     shall identify whether the loan is a private education loan 
     or a Federal student loan made, insured, or guaranteed under 
     title IV of the Higher Education Act of 1965 (20 U.S.C. 1070 
     et seq.); and
       ``(ii) benefits that the borrower may be forfeiting, 
     including income-driven repayment options, opportunities for 
     loan forgiveness, forbearance or deferment options, interest 
     subsidies, and tax benefits;''; and
       (3) in paragraph (2)--
       (A) by redesignating subparagraphs (O) and (P) as 
     subparagraphs (P) and (Q), respectively; and
       (B) by inserting after subparagraph (N) the following:
       ``(O) in the case of a refinancing of education loans that 
     include a Federal student loan made, insured, or guaranteed 
     under title IV of the Higher Education Act of 1965 (20 U.S.C. 
     1070 et seq.)--
       ``(i) a list containing each loan to be refinanced, which 
     shall identify whether the loan is a private education loan 
     or a Federal student loan made, insured, or guaranteed under 
     title IV of the Higher Education Act of 1965 (20 U.S.C. 1070 
     et seq.); and
       ``(ii) benefits that the borrower may be forfeiting, 
     including income-driven repayment options, opportunities for 
     loan forgiveness, forbearance or deferment options, interest 
     subsidies, and tax benefits;''.

     SEC. 604. KNOW BEFORE YOU OWE.

       (a) Short Title.--This section may be cited as the ``Know 
     Before You Owe Private Education Loan Act''.
       (b) Amendments to the Truth in Lending Act.--
       (1) In general.--Section 128(e) of the Truth in Lending Act 
     (15 U.S.C. 1638(e)), as amended by this Act, is further 
     amended--
       (A) by striking paragraph (3) and inserting the following:
       ``(3) Institutional certification required.--
       ``(A) In general.--Except as provided in subparagraph (B), 
     before a creditor may issue any funds with respect to an 
     extension of credit described in this subsection, the 
     creditor shall obtain from the relevant institution of higher 
     education where such loan is to be used for a student, such 
     institution's certification of--
       ``(i) the enrollment status of the student;
       ``(ii) the student's cost of attendance at the institution 
     as determined by the institution under part F of title IV of 
     the Higher Education Act of 1965; and
       ``(iii) the difference between--

       ``(I) such cost of attendance; and
       ``(II) the student's estimated financial assistance, 
     including such assistance received under title IV of the 
     Higher Education Act of 1965 and other financial assistance 
     known to the institution, as applicable.

       ``(B) Exception.--Notwithstanding subparagraph (A), a 
     creditor may issue funds, not to exceed the amount described 
     in subparagraph (A)(iii), with respect to an extension of 
     credit described in this subsection without obtaining from 
     the relevant institution of higher education such 
     institution's certification if such institution fails to 
     provide within 15 business days of the creditor's request for 
     such certification--
       ``(i) notification of the institution's refusal to certify 
     the request; or
       ``(ii) notification that the institution has received the 
     request for certification and will need additional time to 
     comply with the certification request.
       ``(C) Loans disbursed without certification.--If a creditor 
     issues funds without obtaining a certification, as described 
     in subparagraph (B), such creditor shall report the issuance 
     of such funds in a manner determined by the Director of the 
     Bureau of Consumer Financial Protection.''; and
       (B) by adding at the end the following:
       ``(21) Provision of information.--
       ``(A) Provision of information to students.--
       ``(i) Loan statement.--A creditor that issues any funds 
     with respect to an extension of credit described in this 
     subsection shall send loan statements, where such loan is to 
     be used for a student, to borrowers of such funds not less 
     than once every 3 months during the time that such student is 
     enrolled at an institution of higher education.
       ``(ii) Contents of loan statement.--Each statement 
     described in clause (i) shall--

       ``(I) report the borrower's total remaining debt to the 
     creditor, including accrued but unpaid interest and 
     capitalized interest;
       ``(II) report any debt increases since the last statement; 
     and
       ``(III) list the current interest rate for each loan.

       ``(B) Notification of loans disbursed without 
     certification.--On or before the date a creditor issues any 
     funds with respect to an extension of credit described in 
     this subsection, the creditor shall notify the relevant 
     institution of higher education, in writing, of the amount of 
     the extension of credit and the student on whose behalf 
     credit is extended. The form of such written notification 
     shall be subject to the regulations of the Bureau.
       ``(C) Annual report.--A creditor that issues funds with 
     respect to an extension of credit described in this 
     subsection shall prepare and submit an annual report to the 
     Bureau containing the required information about private 
     student loans to be determined by the Bureau, in consultation 
     with the Secretary of Education.''.
       (2) Definition of private education loan.--Section 
     140(a)(7)(A) of the Truth in Lending Act (15 U.S.C. 
     1650(a)(7)(A)) is amended--
       (A) by redesignating clause (ii) as clause (iii);
       (B) in clause (i), by striking ``and'' after the semicolon; 
     and
       (C) by adding after clause (i) the following:
       ``(ii) is not made, insured, or guaranteed under title VII 
     or title VIII of the Public Health Service Act (42 U.S.C. 292 
     et seq. and 296 et seq.); and''.
       (3) Regulations.--Not later than 365 days after the date of 
     enactment of this section, the Bureau of Consumer Financial 
     Protection shall issue regulations in final form to implement 
     paragraphs (3) and (21) of section 128(e) of the Truth in 
     Lending Act (15 U.S.C. 1638(e)), as amended by paragraph (1). 
     Such regulations shall become effective not later than 6 
     months after their date of issuance.
       (c) Amendments to the Higher Education Act of 1965.--
       (1) Program participation agreements.--Section 487(a) of 
     the Higher Education Act of 1965 (20 U.S.C. 1094(a)) is 
     amended by striking paragraph (28) and inserting the 
     following:
       ``(28)(A) Upon the request of a private educational lender, 
     acting in connection with an application initiated by a 
     borrower for a private education loan in accordance with 
     section 128(e)(3) of the Truth in Lending Act, the 
     institution shall, not later than 15 days after the date of 
     receipt of the request--
       ``(i) provide such certification to such private 
     educational lender--
       ``(I) that the student who initiated the application for 
     the private education loan, or on whose behalf the 
     application was initiated, is enrolled or is scheduled to 
     enroll at the institution;
       ``(II) of such student's cost of attendance at the 
     institution as determined under part F of this title; and
       ``(III) of the difference between--

       ``(aa) the cost of attendance at the institution; and
       ``(bb) the student's estimated financial assistance 
     received under this title and other

[[Page S1481]]

     assistance known to the institution, as applicable;

       ``(ii) notify the creditor that the institution has 
     received the request for certification and will need 
     additional time to comply with the certification request; or
       ``(iii) provide notice to the private educational lender of 
     the institution's refusal to certify the private education 
     loan under subparagraph (D).
       ``(B) With respect to a certification request described in 
     subparagraph (A), and prior to providing such certification 
     under subparagraph (A)(i) or providing notice of the refusal 
     to provide certification under subparagraph (A)(iii), the 
     institution shall--
       ``(i) determine whether the student who initiated the 
     application for the private education loan, or on whose 
     behalf the application was initiated, has applied for and 
     exhausted the Federal financial assistance available to such 
     student under this title and inform the student accordingly; 
     and
       ``(ii) provide the borrower whose loan application has 
     prompted the certification request by a private education 
     lender, as described in subparagraph (A)(i), with the 
     following information and disclosures:
       ``(I) The availability of, and the borrower's potential 
     eligibility for, Federal financial assistance under this 
     title, including disclosing the terms, conditions, interest 
     rates, and repayment options and programs of Federal student 
     loans.
       ``(II) The borrower's ability to select a private 
     educational lender of the borrower's choice.
       ``(III) The impact of a proposed private education loan on 
     the borrower's potential eligibility for other financial 
     assistance, including Federal financial assistance under this 
     title.
       ``(IV) The borrower's right to accept or reject a private 
     education loan within the 30-day period following a private 
     educational lender's approval of a borrower's application and 
     about a borrower's 3-day right to cancel period.
       ``(C) For purposes of this paragraph, the terms `private 
     educational lender' and `private education loan' have the 
     meanings given such terms in section 140 of the Truth in 
     Lending Act (15 U.S.C. 1650).
       ``(D)(i) An institution shall not provide a certification 
     with respect to a private education loan under this paragraph 
     unless the private education loan includes terms that 
     provide--
       ``(I) the borrower alternative repayment plans, including 
     loan consolidation or refinancing; and
       ``(II) that the liability to repay the loan shall be 
     cancelled upon the death or disability of the borrower or co-
     borrower.
       ``(ii) In this paragraph, the term `disability' means a 
     permanent and total disability, as determined in accordance 
     with the regulations of the Secretary of Education, or a 
     determination by the Secretary of Veterans Affairs that the 
     borrower is unemployable due to a service connected-
     disability.''.
       (2) Effective date.--The amendment made by paragraph (1) 
     shall take effect on the effective date of the regulations 
     described in subsection (b)(3).
       (3) Preferred lender arrangement.--Section 151(8)(A)(ii) of 
     the Higher Education Act of 1965 (20 U.S.C. 1019(8)(A)(ii)) 
     is amended by inserting ``certifying,'' after ``promoting,''.
       (d) Report.--Not later than 24 months after the issuance of 
     regulations under subsection (b)(3), the Director of the 
     Bureau of Consumer Financial Protection and the Secretary of 
     Education shall jointly submit to Congress a report on the 
     compliance of institutions of higher education and private 
     educational lenders with section 128(e)(3) of the Truth in 
     Lending Act (15 U.S.C. 1638(e)), as amended by subsection 
     (b), and section 487(a)(28) of the Higher Education Act of 
     1965 (20 U.S.C. 1094(a)), as amended by subsection (c). Such 
     report shall include information about the degree to which 
     specific institutions utilize certifications in effectively 
     encouraging the exhaustion of Federal student loan 
     eligibility and lowering student private education loan debt.

     SEC. 605. BANKRUPTCY PROTECTIONS.

       (a) Exceptions to Discharge.--Section 523(a)(8) of title 
     11, United States Code, is amended by striking ``dependents, 
     for'' and all that follows through the end of subparagraph 
     (B) and inserting ``dependents, for an educational benefit 
     overpayment or loan made, insured, or guaranteed by a 
     governmental unit or made under any program funded in whole 
     or in part by a governmental unit or an obligation to repay 
     funds received from a governmental unit as an educational 
     benefit, scholarship, or stipend;''.
       (b) Undue Hardship.--Section 523 of title 11, United States 
     Code, is amended by adding at the end the following:
       ``(f) Undue Hardship.--
       ``(1) In general.--For the purpose of subsection (a)(8), 
     there shall be a rebuttable presumption that excepting such 
     debt from discharge under this section would impose an undue 
     hardship on the debtor or the debtor's dependents if the 
     debtor demonstrates that, on the date of filing of the 
     petition, the debtor--
       ``(A) is receiving benefits under title II or XVI of the 
     Social Security Act (42 U.S.C. 401 et seq., 1381 et seq.) on 
     the basis of disability;
       ``(B) has been determined by the Secretary of Veterans 
     Affairs to be unemployable due to a service-connected 
     disability;
       ``(C) is a family caregiver of an eligible veteran pursuant 
     to section 1720G of title 38;
       ``(D) is a member of a household that has a gross income 
     that is less than 200 percent of the poverty line, and 
     provides for the care and support of an elderly, disabled, or 
     chronically ill member of the household of the debtor or 
     member of the immediate family of the debtor;
       ``(E) is a member of a household that has a gross income 
     that is less than 200 percent of the poverty line, and the 
     income of the debtor is solely derived from benefit payments 
     under section 202 of the Social Security Act (42 U.S.C. 402); 
     or
       ``(F) during the 5-year period preceding the filing of the 
     petition (exclusive of any applicable suspension of the 
     repayment period), was not enrolled in an education program 
     and had a gross income that was less than 200 percent of the 
     poverty line during each year during that period.
       ``(2) Definition.--In this subsection, the term `poverty 
     line' means the poverty line (as defined by the Office of 
     Management and Budget and revised annually in accordance with 
     section 673(2) of the Community Services Block Grant Act (42 
     U.S.C. 9902(2)) applicable to a household of the size 
     involved.''.

     SEC. 606. EDUCATION LOAN OMBUDSMAN.

       Section 1035 of the Consumer Financial Protection Act of 
     2010 (12 U.S.C. 5535) is amended--
       (1) in the section heading, by striking ``private'';
       (2) in subsection (a)--
       (A) by striking ``a Private'' and inserting ``an''; and
       (B) by striking ``private'';
       (3) in subsection (b), by striking ``private education 
     student loan'' and inserting ``education loan'';
       (4) in subsection (c)--
       (A) in the matter preceding paragraph (1), by striking 
     ``subsection'' and inserting ``section'';
       (B) in paragraph (1), by striking ``private'';
       (C) by striking paragraph (2) and inserting the following:
       ``(2) coordinate with the unit of the Bureau established 
     under section 1013(b)(3), in order to monitor complaints by 
     education loan borrowers and responses to those complaints by 
     the Bureau or other appropriate Federal or State agency;''; 
     and
       (D) in paragraph (3), by striking ``private'';
       (5) in subsection (d)--
       (A) in paragraph (2)--
       (i) by striking ``on the same day annually''; and
       (ii) by inserting ``and be made available to the public'' 
     after ``Representatives''; and
       (B) by adding at the end the following:
       ``(3) Contents.--The report required under paragraph (1) 
     shall include information on the number, nature, and 
     resolution of complaints received, disaggregated by lender, 
     servicer, region, State, and institution of higher 
     education.''; and
       (6) by striking subsection (e) and inserting the following:
       ``(e) Definitions.--In this section:
       ``(1) Education loan.--The term `education loan' means--
       ``(A) a private education loan, as defined in section 140 
     of the Truth in Lending Act (15 U.S.C.1650); and
       ``(B) a student loan made, insured, or guaranteed under 
     title IV of the Higher Education Act of 1965 (20 U.S.C. 1070 
     et seq.).
       ``(2) Institution of higher education.--The term 
     `institution of higher education' has the meaning given the 
     term in section 140 of the Truth in Lending Act (15 U.S.C. 
     1650).''.

     SEC. 607. SERVICEMEMBERS AND STUDENT LOANS.

       (a) In General.--Title II of the Servicemembers Civil 
     Relief Act (50 U.S.C. 3931 et seq.) is amended by adding at 
     the end the following new sections:

     ``SEC. 209. CONTINUAL MONITORING BY PRIVATE EDUCATIONAL 
                   LENDERS OF STATUS OF SERVICEMEMBERS.

       ``(a) In General.--Each private educational lender shall 
     continuously monitor the Defense Manpower Data Center, or any 
     successor database, for the purpose of continuously 
     monitoring the duty status of any borrower of a private 
     education loan who is a servicemember and complying with the 
     requirements of this Act.
       ``(b) Policies and Procedures.--Monitoring conducted under 
     subsection (a) shall be conducted in accordance with such 
     policies and procedures as the Secretary of Defense may 
     prescribe for purposes of this section.
       ``(c) Definitions.--In this section:
       ``(1) Private educational lender.--The term `private 
     educational lender' has the meaning given such term in 
     section 140 of the Truth in Lending Act (15 U.S.C. 1650).
       ``(2) Private education loan.--The term `private education 
     loan' has the meaning given such term in such section.

     ``SEC. 210. FORGIVENESS OF STUDENT DEBT.

       ``(a) Forgiveness of Student Debt of Servicemembers Who Die 
     in Line of Duty While Serving on Active Duty.--Upon the death 
     of a servicemember who dies in line of duty while serving on 
     active duty as a member of the Armed Forces, each student 
     loan of the servicemember is forgiven.
       ``(b) Forgiveness of Federal Student Debt Upon Service-
     connected Death.--Upon the service-connected death of a 
     servicemember, the balance of each student loan of the 
     servicemember guaranteed or issued by the Federal Government 
     is forgiven.
       ``(c) Service-connected Defined.--In this section, the term 
     `service-connected' has the meaning given such term in 
     section 101 of title 38, United States Code.''.

[[Page S1482]]

       (b) Clerical Amendment.--The table of contents of such Act 
     is amended by inserting after the item relating to section 
     208 the following new items:

``Sec. 209. Continual monitoring by private educational lenders of 
              status of servicemembers.
``Sec. 210. Forgiveness of student debt.''.
                                 ______
                                 
  SA 2104. Mr. CRAPO proposed an amendment to the bill S. 97, to enable 
civilian research and development of advanced nuclear energy 
technologies by private and public institutions, to expand theoretical 
and practical knowledge of nuclear physics, chemistry, and materials 
science, and for other purposes; as follows:

       On page 20, line 3, insert ``in accordance with section 988 
     of the Energy Policy Act of 2005 (42 U.S.C. 16352)'' before 
     the period at the end.
       On page 20, strike lines 15 through 17.
                                 ______
                                 
  SA 2105. Mr. MERKLEY submitted an amendment intended to be proposed 
by him to the bill S. 2155, to promote economic growth, provide 
tailored regulatory relief, and enhance consumer protections, and for 
other purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. MEDICAL DEBT RELIEF.

       (a) Amendments to Fair Credit Reporting Act.--
       (1) Medical debt defined.--Section 603 of the Fair Credit 
     Reporting Act (15 U.S.C. 1681a), as amended by section 302(b) 
     of this Act, is amended by adding at the end the following:
       ``(bb) Medical Debt.--The term `medical debt' means a debt 
     described in section 604(g)(1)(C).''.
       (2) Exclusion for paid or settled medical debt.--Section 
     605(a) of the Fair Credit Reporting Act (15 U.S.C. 1681c(a)), 
     as amended by section 302(b) of this Act, is amended by 
     adding at the end the following:
       ``(9) Any information related to a medical debt if the date 
     on which such debt was placed for collection, charged to 
     profit or loss, or subjected to any similar action antedates 
     the report by less than 180 days.
       ``(10) Any information related to a fully paid or settled 
     medical debt that had been characterized as delinquent, 
     charged off, or in collection which, from the date of payment 
     or settlement, antedates the report by more than 45 days.''.
       (b) Validation of Medical Debt.--
       (1) In general.--Section 809 of the Fair Debt Collection 
     Practices Act (15 U.S.C. 1692g) is amended by adding at the 
     end the following:
       ``(f) Validation of Medical Debt.--For purposes of medical 
     debt, the following shall apply:
       ``(1) Definitions.--For purposes of this subsection:
       ``(A) Consumer reporting agency.--The term `consumer 
     reporting agency' has the meaning given such term under 
     section 603(f) of the Fair Credit Reporting Act.
       ``(B) Medical debt.--The term `medical debt' means a debt 
     arising from the receipt of medical services, products, or 
     devices.
       ``(2) Notice of specific deadline.--Prior to furnishing 
     information regarding a medical debt to a consumer reporting 
     agency, a statement described under subsection (a)(3) shall 
     include the following information:
       ``(A) That the debt collector could report to a consumer 
     reporting agency regarding the debt at the end of the 180-day 
     period beginning on the date that the debt collector sends 
     the statement.
       ``(B) The specific date that is the end of the 180-day 
     period beginning on the date that the debt collector sends 
     the statement.
       ``(C) That, if the debt is settled or paid by the consumer 
     or an insurance company during the 180-day period beginning 
     on the date that the debt collector sends the statement--
       ``(i) the debt will not be reported to a consumer reporting 
     agency; and
       ``(ii) the consumer may, during the 180-day period--

       ``(I) communicate with an insurance company to determine 
     coverage for the debt; or
       ``(II) apply for financial assistance.

       ``(3) Communications by debt collector.--The debt collector 
     may not, during the 180-day period beginning on the date that 
     the debt collector sends the statement described under 
     paragraph (2), communicate with, or report any information 
     to, any consumer reporting agency regarding such debt. This 
     paragraph shall have no effect on when a debt collector may 
     or may not engage in activities to collect or attempt to 
     collect any debt owed or due or asserted to be owed.
       ``(4) Reporting after the 180-day period.--Nothing in this 
     subsection shall prohibit the debt collector from 
     communicating with, or reporting any information to, any 
     consumer reporting agency regarding such debt after the end 
     of such 180-day period.''.
       (c) Effective Date.--The amendments made by this Act shall 
     take effect after the end of the 6-month period beginning on 
     the date of the enactment of this Act.
                                 ______
                                 
  SA 2106. Mr. MERKLEY submitted an amendment intended to be proposed 
by him to the bill S. 2155, to promote economic growth, provide 
tailored regulatory relief, and enhance consumer protections, and for 
other purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. LIMITATIONS ON COMMODITIES.

       (a) In General.--Section 4 of the Bank Holding Company Act 
     of 1956 (12 U.S.C. 1843) is amended --
       (1) in subsection (k)--
       (A) in paragraph (4)--
       (i) by striking subparagraph (H); and
       (ii) by redesignating subparagraph (I) as subparagraph (H); 
     and
       (B) by striking paragraph (7); and
       (2) by striking subsection (o) and inserting the following:
       ``(o) Limitations on Commodities.--
       ``(1) In general.--Notwithstanding any provision of 
     subsection (k), a financial holding company, or any affiliate 
     or subsidiary of a financial holding company, may not engage 
     in the trading, sale, or investment in any current or future 
     ownership interest, whether direct or indirect, in 
     commodities (including copper) that are to be physically 
     settled or the underlying physical properties related to such 
     commodities, if an insured depository institution is not 
     otherwise permitted to engage in such trading, selling, or 
     investment.
       ``(2) Rule of construction.--Nothing in this subsection 
     shall be construed to--
       ``(A) prohibit the exercise of any right of a financial 
     holding company, or any affiliate or subsidiary of a 
     financial holding company, as creditor of any loan 
     collateralized by a commodity subject to the limitation set 
     forth under paragraph (1); or
       ``(B) preempt or otherwise supercede any provision of 
     section 716 of the Wall Street Transparency and 
     Accountability Act of 2010 (15 U.S.C. 8305).''.
       (b) Effective Date.--
       (1) In general.--The amendment made by subsection (a) shall 
     take effect on December 31, 2016.
       (2) Conformance period.--
       (A) In general.--Except as provided in subparagraph (B), a 
     financial holding company, or any affiliate or subsidiary of 
     a financial holding company, shall comply with the amendment 
     made by subsection (a) not later than the effective date 
     described in paragraph (1).
       (B) Extension.--To ensure an orderly implementation of the 
     limitations set forth in the amendment made by subsection 
     (a), upon the application of a financial holding company, or 
     any affiliate or subsidiary of the financial holding company, 
     the Board of Governors of the Federal Reserve System may, by 
     rule or order, provide to the financial holding company, or 
     any affiliate or subsidiary of the financial holding company, 
     a one-time extension of the conformance period set forth 
     under subparagraph (A) for a period not to exceed more than 2 
     years.
                                 ______
                                 
  SA 2107. Mr. MERKLEY (for himself, Ms. Murkowski, Mrs. Murray, Mr. 
Wyden, Mr. Paul, Mr. Bennet, Mr. Markey, Ms. Warren, Mr. Sanders, and 
Ms. Harris) submitted an amendment intended to be proposed by him to 
the bill S. 2155, to promote economic growth, provide tailored 
regulatory relief, and enhance consumer protections, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. SECURE AND FAIR ENFORCEMENT BANKING.

       (a) Short Title.--This section may be cited as the ``Secure 
     and Fair Enforcement Banking Act'' or the ``SAFE Banking 
     Act''.
       (b) Safe Harbor for Depository Institutions.--A Federal 
     banking regulator may not--
       (1) terminate or limit the deposit insurance or share 
     insurance of a depository institution under the Federal 
     Deposit Insurance Act (12 U.S.C. 1811 et seq.) or the Federal 
     Credit Union Act (12 U.S.C. 1751 et seq.) solely because the 
     depository institution provides or has provided financial 
     services to a cannabis-related legitimate business;
       (2) prohibit, penalize, or otherwise discourage a 
     depository institution from providing financial services to a 
     cannabis-related legitimate business or to a State or Indian 
     tribe that exercises jurisdiction over cannabis-related 
     legitimate businesses;
       (3) recommend, incentivize, or encourage a depository 
     institution not to offer financial services to the owner, 
     operator, or an individual that is an account holder of a 
     cannabis-related legitimate business, or downgrade or cancel 
     financial services offered to an account holder of a 
     cannabis-related legitimate business solely because--
       (A) the account holder later becomes a cannabis-related 
     legitimate business; or
       (B) the depository institution was not aware that the 
     account holder is the owner or operator of a cannabis-related 
     legitimate business; and
       (4) take any adverse or corrective supervisory action on a 
     loan to an owner or operator of--
       (A) a cannabis-related legitimate business solely because 
     the business owner or operator is a cannabis-related business 
     without express statutory authority, as in effect on the day 
     before the date of enactment of this Act; or

[[Page S1483]]

       (B) real estate or equipment that is leased or sold to a 
     cannabis-related legitimate business solely because the owner 
     or operator of the real estate or equipment leased or sold 
     the equipment or real estate to a cannabis-related legitimate 
     business.
       (c) Protections Under Federal Law.--
       (1) In general.--In a State, political subdivision of a 
     State, or Indian country that allows the cultivation, 
     production, manufacturing, transportation, display, 
     dispensing, distribution, sale, or purchase of cannabis 
     pursuant to a law (including regulations) of the State, 
     political subdivision of the State, or the Indian tribe that 
     has jurisdiction over the Indian country, as applicable, a 
     depository institution and the officers, director, and 
     employees of the depository institution that provides 
     financial services to a cannabis-related legitimate business 
     may not be held liable pursuant to any Federal law (including 
     regulations)--
       (A) solely for providing the financial services pursuant to 
     the law (including regulations) of the State, political 
     subdivision of the State, or Indian tribe; or
       (B) for further investing any income derived from the 
     financial services.
       (2) Forfeiture.--A depository institution that has a legal 
     interest in the collateral for a loan made to an owner or 
     operator of a cannabis-related legitimate business, or to an 
     owner or operator of real estate or equipment that is leased 
     or sold to a cannabis-related legitimate business, shall not 
     be subject to criminal, civil, or administrative forfeiture 
     of that legal interest pursuant to any Federal law for 
     providing the loan or other financial services solely because 
     the collateral is owned by a cannabis-related business.
       (d) Rule of Construction.--Nothing in this section shall 
     require a depository institution to provide financial 
     services to a cannabis-related legitimate business.
       (e) Requirements for Filing Suspicious Activity Reports.--
     Section 5318(g) of title 31, United States Code, is amended 
     by adding at the end the following:
       ``(5) Requirements for cannabis-related businesses.--
       ``(A) Definitions.--In this paragraph--
       ``(i) the term `cannabis' has the meaning given the term 
     `marihuana' in section 102 of the Controlled Substances Act 
     (21 U.S.C. 802);
       ``(ii) the term `cannabis-related legitimate business' has 
     the meaning given the term in section 6 of the SAFE Banking 
     Act;
       ``(iii) the term `financial service' means a financial 
     product or service, as defined in section 1002 of the Dodd-
     Frank Wall Street Reform and Consumer Protection Act (12 
     U.S.C. 5481);
       ``(iv) the term `Indian country' has the meaning given the 
     term in section 1151 of title 18; and
       ``(v) the term `Indian tribe' has the meaning given the 
     term in section 102 of the Federally Recognized Indian Tribe 
     List Act of 1994 (25 U.S.C. 479a).
       ``(B) Reporting of suspicious transactions.--A financial 
     institution or any director, officer, employee, or agent of a 
     financial institution that reports a suspicious activity 
     related to a transaction by a cannabis-related legitimate 
     business shall comply with appropriate guidance issued by the 
     Financial Crimes Enforcement Network. The Secretary shall 
     ensure that the guidance is consistent with the purpose and 
     intent of the SAFE Banking Act and does not inhibit the 
     provision of financial services to a cannabis-related 
     legitimate business in a State, political subdivision of a 
     State, or Indian country that has allowed the cultivation, 
     production, manufacturing, transportation, display, 
     dispensing, distribution, sale, or purchase of cannabis, or 
     any other conduct relating to cannabis, pursuant to law or 
     regulation of the State, the political subdivision of the 
     State, or Indian tribe that has jurisdiction over the Indian 
     country.''.
       (f) Definitions.--In this section:
       (1) Cannabis.--The term ``cannabis'' has the meaning given 
     the term ``marihuana'' in section 102 of the Controlled 
     Substances Act (21 U.S.C. 802).
       (2) Cannabis product.--The term ``cannabis product'' means 
     any article which contains cannabis, including an article 
     which is a concentrate, an edible, a tincture, a cannabis-
     infused product, or a topical.
       (3) Cannabis-related legitimate business.--The term 
     ``cannabis-related legitimate business'' means a 
     manufacturer, producer, or any person or company that--
       (A) engages in any activity described in subparagraph (B) 
     pursuant to a law established by a State or a political 
     subdivision of a State; and
       (B)(i) participates in any business or organized activity 
     that involves handling cannabis or cannabis products, 
     including cultivating, producing, manufacturing, selling, 
     transporting, displaying, dispensing, distributing, or 
     purchasing cannabis or cannabis products; or
       (ii) provides--
       (I) any financial service, including retirement plans or 
     exchange traded funds, relating to cannabis; or
       (II) any business services, including the sale or lease of 
     real or any other property, legal or other licensed services, 
     or any other ancillary service, relating to cannabis.
       (4) Company.--The term ``company'' means a partnership, 
     corporation, association, (incorporated or unincorporated), 
     trust, estate, cooperative organization, State, or any other 
     entity.
       (5) Depository institution.--The term ``depository 
     institution'' means--
       (A) a depository institution as defined in section 3(c) of 
     the Federal Deposit Insurance Act (12 U.S.C. 1813(c));
       (B) a Federal credit union as defined in section 101 of the 
     Federal Credit Union Act (12 U.S.C. 1752); or
       (C) a State credit union as defined in section 101 of the 
     Federal Credit Union Act (12 U.S.C. 1752).
       (6) Federal banking regulator.--The term ``Federal banking 
     regulator'' means each of the Board of Governors of the 
     Federal Reserve System, the Bureau of Consumer Financial 
     Protection, the Federal Deposit Insurance Corporation, the 
     Office of the Comptroller of the Currency, the National 
     Credit Union Administration, or any Federal agency or 
     department that regulates banking or financial services, as 
     determined by the Secretary of the Treasury.
       (7) Financial service.--The term ``financial service'' 
     means a financial product or service, as defined in section 
     1002 of the Dodd-Frank Wall Street Reform and Consumer 
     Protection Act (12 U.S.C. 5481).
       (8) Indian country.--The term ``Indian country'' has the 
     meaning given the term in section 1151 of title 18, United 
     States Code.
       (9) Indian tribe.--The term ``Indian tribe'' has the 
     meaning given the term in section 102 of the Federally 
     Recognized Indian Tribe List Act of 1994 (25 U.S.C. 479a).
       (10) Manufacturer.--The term ``manufacturer'' means a 
     person or company who manufactures, compounds, converts, 
     processes, prepares, or packages cannabis or cannabis 
     products.
       (11) Producer.--The term ``producer'' means a person or 
     company who plants, cultivates, harvests, or in any way 
     facilitates the natural growth of cannabis.
       (12) State.--The term ``State'' means each of the several 
     States, the District of Columbia, Puerto Rico, any territory 
     or possession of the United States.
                                 ______
                                 
  SA 2108. Mr. MERKLEY submitted an amendment intended to be proposed 
by him to the bill S. 2155, to promote economic growth, provide 
tailored regulatory relief, and enhance consumer protections, and for 
other purposes; which was ordered to lie on the table; as follows:

       At the end of title III, add the following:

     SEC. 308. CONFLICTS OF INTEREST RELATING TO CERTAIN 
                   SECURITIZATIONS.

       (a) In General.--Section 621(b) of the Dodd-Frank Wall 
     Street Reform and Consumer Protection Act (Public Law 111-
     203; 15 U.S.C. 77z-2a note) is amended to read as follows:
       ``(b) Effective Date.--Section 27B of the Securities Act of 
     1933, as added by this section, shall take effect on the date 
     of enactment of this Act.''.
       (b) Private Right of Action.--Section 27B of the Securities 
     Act of 1933 (15 U.S.C. 77z-2a) is amended by adding at the 
     end the following:
       ``(e) Private Right of Action.--An investor aggrieved by a 
     violation of subsection (a) may bring an action in an 
     appropriate district court of the United States to recover 
     damages related to the material conflict of interest that 
     resulted from the transaction of the underwriter, placement 
     agent, initial purchaser, or sponsor, or any affiliate or 
     subsidiary of any such entity, of an asset-backed security, 
     as applicable.''.
                                 ______
                                 
  SA 2109. Mr. MERKLEY (for himself and Mrs. Feinstein) submitted an 
amendment intended to be proposed by him to the bill S. 2155, to 
promote economic growth, provide tailored regulatory relief, and 
enhance consumer protections, and for other purposes; which was ordered 
to lie on the table; as follows:

       Strike section 203 and insert the following:

     SEC. 203. ATTESTATION.

       Section 13 of the Bank Holding Company Act of 1956 (12 
     U.S.C. 1851) is amended by adding at the end the following:
       ``(i) Attestation.--The requirements to comply with 
     regulations implementing this section shall be considered to 
     have been satisfied for a banking entity that does not have, 
     and is not controlled by a company that has, more than 
     $10,000,000,000 in total consolidated assets if the chief 
     executive officer of the banking entity submits to the 
     appropriate Federal banking agency a signed attestation that 
     the banking entity, during the examination period covered by 
     the attestation, has not been and, as of the date on which 
     the attestation is submitted, is not engaging in covered 
     activities, other than trading in certain government, agency, 
     State, and municipal obligations, as such concepts are set 
     forth in `simplified program for less active banking 
     entities' of the regulations implementing this section.''.
                                 ______
                                 
  SA 2110. Mr. MERKLEY submitted an amendment intended to be proposed 
by him to the bill S. 2155, to promote economic growth, provide 
tailored regulatory relief, and enhance consumer protections, and for 
other purposes; which was ordered to lie on the table; as follows:

       Strike section 204.
       Redesignate sections 205 through 214 as sections 204 
     through 213, respectively.
                                 ______
                                 
  SA 2111. Mr. MERKLEY submitted an amendment intended to be proposed 
by

[[Page S1484]]

him to the bill S. 2155, to promote economic growth, provide tailored 
regulatory relief, and enhance consumer protections, and for other 
purposes; which was ordered to lie on the table; as follows:

       Strike section 203.
       Redesignate sections 204 through 214 as sections 203 
     through 213, respectively.
                                 ______
                                 
  SA 2112. Mr. MERKLEY submitted an amendment intended to be proposed 
by him to the bill S. 2155, to promote economic growth, provide 
tailored regulatory relief, and enhance consumer protections, and for 
other purposes; which was ordered to lie on the table; as follows:

       On page 22, line 6, insert ``the lowest cost loan 
     (including rates, fees, and other costs) as determined by the 
     State housing finance agency from'' after ``creditor,''.
                                 ______
                                 
  SA 2113. Mr. MERKLEY submitted an amendment intended to be proposed 
by him to the bill S. 2155, to promote economic growth, provide 
tailored regulatory relief, and enhance consumer protections, and for 
other purposes; which was ordered to lie on the table; as follows:

       On page 21, lines 14 and 15, strike ``or modular''.
                                 ______
                                 
  SA 2114. Mr. SANDERS submitted an amendment intended to be proposed 
by him to the bill S. 2155, to promote economic growth, provide 
tailored regulatory relief, and enhance consumer protections, and for 
other purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. TOO BIG TO FAIL, TOO BIG TO EXIST.

       (a) Definitions.--In this section--
       (1) the term ``covered entity'' means a financial 
     institution, as defined in section 803 of the Payment, 
     Clearing, and Settlement Supervision Act of 2010 (12 U.S.C. 
     5462); and
       (2) the term ``gross domestic product'' means gross 
     domestic product as calculated by the Bureau of Economic 
     Analysis.
       (b) Total Exposure.--
       (1) Total exposure.--
       (A) In general.--On February 1 of each year, no covered 
     entity may have a total exposure, as reported by the covered 
     entity on Form FR Y-15 for the previous year, equal to or 
     greater than 2 percent of the gross domestic product of the 
     United States for the previous calendar year.
       (B) Other reporting.--If a covered entity is not required 
     to complete a Form FR Y-15, the Financial Stability Oversight 
     Council shall design and assign a reporting form as 
     appropriate for each covered entity with total assets greater 
     than $50,000,000,000 that reflects the total risk exposures 
     of the financial institution, including off-balance sheet 
     exposures within 18 months of the date of enactment of this 
     Act. Once designated a reporting form, no covered entity may 
     have a total exposure, as reported by the covered entity for 
     the previous year, equal to or greater than 2 percent of the 
     gross domestic product of the United States for the previous 
     calendar year.
       (2) Restructuring.--Any covered entity that violates 
     paragraph (1) shall be designated as a ``Too Big to Exist 
     Institution'' by the Financial Stability Oversight Council. 
     The Vice Chair for Supervision of the Board of Governors of 
     the Federal Reserve System shall require and supervise a 
     ``Too Big to Exist Institution'' to restructure to comply 
     with paragraph (1) not later than 2 years after the date on 
     which the violation arises.
       (c) Prohibition Against Use of Federal Reserve Financing.--
     Notwithstanding any other provision of law (including 
     regulations), any ``Too Big to Exist Institution'' may not 
     use or otherwise have access to advances from any Federal 
     Reserve credit facility, the Federal Reserve discount window, 
     or any other program or facility made available under the 
     Federal Reserve Act (12 U.S.C. 221 et seq.), including any 
     asset purchases, temporary or bridge loans, government 
     investments in debt or equity, or capital injections from any 
     Federal institution.
       (d) Prohibition on Use of Insured Deposits.--
       (1) In general.--Any ``Too Big to Exist Institution'' that 
     is an insured depository institution, or owns such an 
     institution, may not use any insured deposit amounts to 
     fund--
       (A) any activity relating to hedging that is not directly 
     related to commercial banking activity at the insured bank;
       (B) any use of derivatives for speculative purposes;
       (C) any activity related to the dealing of derivatives; or
       (D) any other form of speculative activity that regulators 
     specify.
       (2) Risk of loss.--A ``Too Big to Exist Institution'' not 
     conduct any activity listed in paragraph (1) in such a manner 
     that--
       (A) puts insured deposits at risk; or
       (B) creates a risk of loss to the Deposit Insurance Fund.
       (e) Report; Testimony.--The Vice Chair for Supervision of 
     the Board of Governors of the Federal Reserve System and the 
     Chair of the Financial Stability Oversight Council shall 
     annually testify before the Committee on Banking, Housing, 
     and Urban Affairs of the Senate and the Committee on 
     Financial Services of the House of Representatives and submit 
     to those committees an annual report the restructuring and 
     designation under subsection (b)(2).
       (f) Effective Date.--Subsections (c) and (d) shall apply to 
     a covered entity 90 days after the date on which a covered 
     entity is designated as a ``Too Big to Exist Institution''.
                                 ______
                                 
  SA 2115. Ms. DUCKWORTH (for herself and Mr. Durbin) submitted an 
amendment intended to be proposed by her to the bill S. 2155, to 
promote economic growth, provide tailored regulatory relief, and 
enhance consumer protections, and for other purposes; which was ordered 
to lie on the table; as follows:

       On page 56, after line 24, insert the following:
       (f) Assessments of Poorly Performing Public Housing 
     Agencies.--
       (1) Definitions.--In this subsection--
       (A) the term ``poorly performing'', with respect to a 
     public housing agency, means a public housing agency that is 
     designated as troubled;
       (B) the term ``Secretary'' means the Secretary of Housing 
     and Urban Development;
       (C) the term ``small public housing agency'' has the 
     meaning given the term in section 38(a) of the United States 
     Housing Act of 1937, as added by subsection (a); and
       (D) the term ``troubled'', with respect to a public housing 
     agency, means--
       (i) any public housing agency designated as a troubled 
     public housing agency under section 6(j) of the United States 
     Housing Act of 1937 (42 U.S.C. 1437d(j)); or
       (ii) any small public housing agency designated as a 
     troubled small public housing agency under section 38(c)(3) 
     of the United States Housing Act of 1937, as added by 
     subsection (a).
       (2) Assessing feasibility of consolidating agencies in 
     receivership.--Not later than 180 days after the date of 
     enactment of this Act, the Secretary shall assess the 
     feasibility of using the authority under section 
     6(j)(3)(D)(i)(IV) of the United States Housing Act of 1937 
     (42 U.S.C. 1437d(j)(3)(D)(i)(IV)) (relating to consolidation 
     of agencies) for any public housing agency that was placed 
     into receivership during the 5-year period ending on the date 
     of enactment of this Act, where use of the authority would 
     not harm families who are currently assisted or eligible for 
     assistance in the community that the public housing agency 
     serves.
       (3) Report on troubled agencies.--Not later than 18 months 
     after the date of enactment of this Act, the Secretary shall 
     submit to Congress a report that includes--
       (A) the number of small public housing agencies that have 
     been designated as troubled for more than 1 year, and the 
     duration of that designation;
       (B) the number of small public housing agencies designated 
     as troubled that have been placed into administrative or 
     judicial receivership, and the duration of that receivership;
       (C) the number of small public housing agencies described 
     in subparagraph (A) or (B) that are in the same county as, or 
     a contiguous county to, another public housing agency that 
     administers the same program or programs with respect to 
     which the small public housing agency has been designated as 
     troubled;
       (D) the number of small public housing agencies described 
     in subparagraph (A) or (B) that serve an area that is also 
     served by a regional or statewide public housing agency that 
     administers the same program or programs with respect to 
     which the small public housing agency has been designated as 
     troubled;
       (E) for each small public housing agency described in 
     subparagraph (C) or (D)--
       (i) whether the Secretary has assessed the feasibility of 
     consolidating the small public housing agency with another 
     public housing agency; and
       (ii) the outcome of each assessment described in clause 
     (i); and
       (F) a comparison of the number of poorly performing public 
     housing agencies during the 5-year period ending on the date 
     of enactment of this Act with the number of poorly performing 
     public housing agencies during the period beginning on such 
     date of enactment and ending on the date of submission of the 
     report, including an analysis of the impact of the new 
     designation of ``troubled small public housing agency'' under 
     section 38(c)(3) of the United States Housing Act of 1937, as 
     added by subsection (a).
                                 ______
                                 
  SA 2116. Mr. MENENDEZ submitted an amendment intended to be proposed 
by him to the bill S. 2155, to promote economic growth, provide 
tailored regulatory relief, and enhance consumer protections, and for 
other purposes; which was ordered to lie on the table; as follows:

       At the end of title IV, add the following:

     SEC. 401. EFFECTIVE DATE.

       Notwithstanding any other provision of this title, this 
     title and the amendments made by this title shall take effect 
     on the effective date of the final regulations or guidelines 
     described in subsections (a) and (b) of

[[Page S1485]]

     section 956 of the Investor Protection and Securities Reform 
     Act of 2010 (12 U.S.C. 5641).
                                 ______
                                 
  SA 2117. Mr. MENENDEZ submitted an amendment intended to be proposed 
by him to the bill S. 2155, to promote economic growth, provide 
tailored regulatory relief, and enhance consumer protections, and for 
other purposes; which was ordered to lie on the table; as follows:

       At the end of section 401, add the following:
       (g) Performance Goals or Quotas.--Notwithstanding any other 
     provision in this title, a bank holding company with total 
     consolidated assets greater than $50,000,000,000 shall be 
     subject to standards or requirements under 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) that are no less stringent than the 
     standards or requirements applicable to the bank holding 
     company on December 1, 2017 if, during the 5-year period 
     ending on the date of enactment of this Act, the bank holding 
     company used, or presently uses, individual sales performance 
     goals or quotas as a compensation metric for employees at a 
     branch.
                                 ______
                                 
  SA 2118. Mr. MENENDEZ (for himself and Mr. Blumenthal) submitted an 
amendment intended to be proposed by him to the bill S. 2155, to 
promote economic growth, provide tailored regulatory relief, and 
enhance consumer protections, and for other purposes; which was ordered 
to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. DISCLOSURE AND CERTIFICATION REGARDING INVESTMENTS 
                   IN FIREARMS MANUFACTURERS AND IMPORTERS.

       (a) Definitions.--In this section--
       (1) the term ``Commission'' means the Securities and 
     Exchange Commission;
       (2) the term ``covered entity'' means an importer or a 
     manufacturer, as those terms are defined in section 921(a) of 
     title 18, United States Code;
       (3) the term ``held entity'' means an entity, the 
     securities of which a registered management company is 
     invested in;
       (4) the term ``management company'' has the meaning given 
     the term in section 4 of the Investment Company Act of 1940 
     (15 U.S.C. 80a-4);
       (5) the term ``registered management company'' means a 
     management company that has registered with the Commission 
     under the Investment Company Act of 1940 (15 U.S.C. 80a-1 et 
     seq.); and
       (6) the term ``security'' has the meaning given the term in 
     section 2(a) of the Investment Company Act of 1940 (15 U.S.C. 
     80a-2(a)).
       (b) Disclosure and Certification Required.--Not later than 
     180 days after the date of enactment of this Act, the 
     Commission shall revise section 270.30e-1 of title 17, Code 
     of Federal Regulations, or any successor regulation, to 
     require each registered management company, in each 
     transmission to stockholders of the company that is required 
     under that section, or any successor regulation, as 
     applicable, to--
       (1) disclose whether any held entity with respect to the 
     company is a covered entity; and
       (2) certify that, in making the disclosure required under 
     paragraph (1), the company exercised due diligence to 
     determine whether any held entity with respect to the company 
     is a covered entity, including whether any such held entity 
     exercises control over--
       (A) a covered entity; or
       (B) a subsidiary of a covered entity.
                                 ______
                                 
  SA 2119. Mr. MENENDEZ submitted an amendment intended to be proposed 
by him to the bill S. 2155, to promote economic growth, provide 
tailored regulatory relief, and enhance consumer protections, and for 
other purposes; which was ordered to lie on the table; as follows:

       At the end, add the following:

      TITLE VI--FORECLOSURE PROCEEDINGS AND ABANDONED FORECLOSURES

     SEC. 601. NOTIFICATION REQUIREMENTS FOR SERVICERS THAT 
                   INITIATE FORECLOSURE PROCEEDINGS.

       The Real Estate Settlement Procedures Act of 1974 (12 
     U.S.C. 2601 et seq.) is amended--
       (1) in section 3 (12 U.S.C. 2602)--
       (A) in paragraph (8), by striking ``and'' at the end;
       (B) in paragraph (9), by striking the period at the end and 
     inserting ``; and''; and
       (C) by adding at the end the following:
       ``(10) the term `enterprise' has the meaning given the term 
     in section 1303 of the Federal Housing Enterprises Financial 
     Safety and Soundness Act of 1992 (12 U.S.C. 4502).''; and
       (2) in section 6 (12 U.S.C. 2605), by adding at the end the 
     following:
       ``(n) Notices Relating to Foreclosure.--
       ``(1) Definition.--In this subsection, the term `covered 
     loan' means--
       ``(A) a federally related mortgage loan; or
       ``(B) a non-performing loan purchased from a Federal agency 
     or an enterprise.
       ``(2) Initial notice requirement.--
       ``(A) In general.--A servicer of a covered loan that makes 
     the first notice or filing required by applicable State law 
     for a judicial or non-judicial foreclosure process against a 
     borrower and any other record owners shall notify the 
     borrower and any other record owners in writing that, until 
     the date on which the deed and title for the property for 
     which the covered loan was made are transferred to another 
     person, the borrower and any other record owners--
       ``(i) may remain in the property until such time as the 
     borrower and any other record owners are required to vacate 
     the property under State law; and
       ``(ii) shall, to the extent required under State law, be 
     responsible for the payment of any taxes, assessments, and 
     other fees associated with the property.
       ``(B) State law requirements.--A servicer of a covered loan 
     is not required to provide the written notice described in 
     subparagraph (A) if the servicer provides notice to the 
     borrower and any other record owners, under applicable State 
     law, of the information described in subparagraph (A).
       ``(3) Notice of charge-off and release of lien.--
       ``(A) In general.--If a servicer of a covered loan makes 
     the first notice or filing required by applicable State law 
     for a judicial or non-judicial foreclosure process against a 
     borrower and any other record owners and subsequently charges 
     off the covered loan and releases the lien on the property 
     for which the covered loan was made, the servicer shall 
     provide prompt notice, in writing, of the charge-off and 
     release to--
       ``(i) the borrower and any other record owners, which shall 
     include a statement that--

       ``(I) the title to the property is no longer encumbered by 
     the lien;
       ``(II) the covered loan has been discharged;
       ``(III) the borrower and any other record owners may face 
     income tax consequences related to the discharged covered 
     loan; and
       ``(IV) the borrower and any other record owners may want to 
     consult a tax advisor; and

       ``(ii) the taxing district in which the property is 
     located.
       ``(B) Required attempts.--A servicer that is required to 
     provide notice to a borrower and any other record owners 
     under subparagraph (A)(i)--
       ``(i) shall make not less than 3 attempts to provide the 
     notice, where the servicer makes--

       ``(I) not less than 2 attempts to provide the notice by 
     telephone; and
       ``(II) not less than 1 attempt to provide the notice in 
     writing; and

       ``(ii) shall attempt to locate the borrower and any other 
     record owners and provide the notice if the servicer has 
     information that the borrower and any other record owners no 
     longer reside at the property.
       ``(C) Language.--A servicer shall provide the notice under 
     subparagraph (A)(i) in the preferred language of the borrower 
     if the servicer has information that the borrower has 
     indicated a preferred language other than English.
       ``(4) Standard notification forms.--The Bureau may develop 
     and issue standard forms, which may be submitted in paper or 
     electronic format, for the provision of the notices required 
     under paragraphs (2) and (3).
       ``(5) Database of abandoned foreclosures.--
       ``(A) Definition.--In this paragraph, the term `abandoned 
     foreclosure' means a covered loan--
       ``(i) that is secured by a property that was the principal 
     residence of the borrower--

       ``(I) at the time of the origination of the covered loan; 
     or
       ``(II) when the servicer of the covered loan made the first 
     notice or filing required by applicable State law for a 
     judicial or non-judicial foreclosure process;

       ``(ii) that is not an open-end credit or reverse mortgage 
     loan; and
       ``(iii) where the servicer of the covered loan--

       ``(I) has made the first notice or filing required by 
     applicable State law for a judicial or non-judicial 
     foreclosure process; and
       ``(II) has--

       ``(aa) ceased to pursue additional action in the 
     foreclosure process; or
       ``(bb) charged off the covered loan and released the lien 
     on the property for which the covered loan was made.
       ``(B) Database.--Not later than 3 years after the date of 
     enactment of this subsection, the Bureau shall establish, 
     maintain, and periodically update a database of abandoned 
     foreclosures.
       ``(C) Contents.--The database established under 
     subparagraph (B) shall include, for each abandoned 
     foreclosure--
       ``(i) the address information for the property;
       ``(ii) the status of the deed or title to the property;
       ``(iii) the number of days the borrower was delinquent 
     before the servicer initiated the foreclosure;
       ``(iv) the outstanding amount of the covered loan at the 
     time the servicer initiated the foreclosure;
       ``(v) the date on which the servicer initiated the 
     foreclosure;
       ``(vi) the date on which the servicer charged off the 
     covered loan and released the lien; and
       ``(vii) the amount of the covered loan charged off by the 
     servicer.
       ``(D) Accessibility.--The Bureau may, at the discretion of 
     the Director of the Bureau,

[[Page S1486]]

     provide access to the database established under subparagraph 
     (B) to taxing districts.
       ``(E) Protection of information.--The Bureau shall take 
     appropriate and necessary steps to ensure the protection of 
     personally identifiable information in the database 
     established under subparagraph (B).
       ``(6) Rule of construction.--Nothing in this section shall 
     be construed to preempt or prohibit any provision of State 
     law with respect to notice provided to borrowers relating to 
     a foreclosure, except to the extent that the requirements of 
     this section provide greater notice to such a borrower.''.

     SEC. 602. SELLER AND SERVICER ELIGIBILITY.

       (a) Enterprises.--
       (1) In general.--Not later than 90 days after the date of 
     enactment of this Act, the Federal Housing Finance Agency 
     shall promulgate a rule that provides that a seller or 
     servicer of a mortgage loan held by the Federal National 
     Mortgage Association or the Federal Home Loan Mortgage 
     Corporation (or an affiliate thereof)--
       (A) may not, with respect to the mortgage loan--
       (i) make the first notice or filing required by applicable 
     State law for a judicial or non-judicial foreclosure process; 
     and
       (ii) following the notice or filing, cease to pursue 
     additional action in the foreclosure process or charge off 
     the mortgage loan unless the seller or servicer 
     contemporaneously records a release of the mortgage loan in 
     the registry of deeds in which the mortgage is recorded, 
     which release shall include a discharge of the debt secured 
     by the mortgage loan; and
       (B) with respect to the servicer of the mortgage loan, is 
     required to comply with the notice requirements under 
     paragraphs (1) and (2) of section 6(n) of the Real Estate 
     Settlement Procedures Act of 1974, as added by section 601.
       (2) Rule of construction.--Nothing in paragraph (1) shall 
     be construed to inhibit or preclude a seller or servicer of a 
     mortgage loan described in paragraph (1) from continuing or 
     initiating loss mitigation during the foreclosure process, 
     including participating in any available mediation program or 
     process under State law.
       (b) Federal Housing Administration.--Section 203 of the 
     National Housing Act (12 U.S.C. 1709) is amended by adding at 
     the end the following:
       ``(z) Prohibition on Abandoned Foreclosures.--
       ``(1) In general.--To be eligible to service a mortgage 
     insured under this section, a servicer may not, with respect 
     to the mortgage--
       ``(A) make the first notice or filing required by 
     applicable State law for a judicial or non-judicial 
     foreclosure process; and
       ``(B) following the notice or filing, cease to pursue 
     additional action in the foreclosure process or charge off 
     the mortgage unless the servicer contemporaneously records a 
     release of the mortgage in the registry of deeds in which the 
     mortgage is recorded, which release shall include a discharge 
     of the debt secured by the mortgage.
       ``(2) Required notice.--A servicer of a mortgage insured 
     under this section shall comply with the notice requirements 
     under paragraphs (2) and (3) of section 6(n) of the Real 
     Estate Settlement Procedures Act of 1974.
       ``(3) Rule of construction.--Nothing in paragraph (1) shall 
     be construed to inhibit or preclude a servicer of a mortgage 
     from continuing or initiating loss mitigation during the 
     foreclosure process, including participating in any available 
     mediation program or process under State law.''.

     SEC. 603. GAO STUDY ON ABANDONED FORECLOSURES.

       (a) Definitions.--In this section:
       (1) Abandoned foreclosure.--The term ``abandoned 
     foreclosure'' means a covered loan--
       (A) that is secured by a property that was the principal 
     residence of the borrower--
       (i) at the time of the origination of the covered loan; or
       (ii) when the servicer of the covered loan made the first 
     notice or filing required by applicable State law for a 
     judicial or non-judicial foreclosure process;
       (B) that is not an open-end credit or reverse mortgage 
     loan; and
       (C) where the servicer of the covered loan--
       (i) has made the first notice or filing required by 
     applicable State law for a judicial or non-judicial 
     foreclosure process; and
       (ii) has--

       (I) ceased to pursue additional action in the foreclosure 
     process; or
       (II) charged off the covered loan and released the lien on 
     the property for which the covered loan was made.

       (2) Covered loan.--The term ``covered loan'' means--
       (A) a federally related mortgage loan; or
       (B) a non-performing loan purchased from a Federal agency 
     or an enterprise.
       (3) Enterprise.--The term ``enterprise'' has the meaning 
     given the term in section 1303 of the Federal Housing 
     Enterprises Financial Safety and Soundness Act of 1992 (12 
     U.S.C. 4502).
       (4) Federally related mortgage loan.--The term ``federally 
     related mortgage loan'' has the meaning given the term in 
     section 3 of the Real Estate Settlement Procedures Act of 
     1974 (12 U.S.C. 2602).
       (b) Study.--Not later than 1 year after the date of 
     enactment of this Act, the Comptroller General of the United 
     States shall submit to Congress, 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--
       (1) the incidence and concentration of abandoned 
     foreclosures;
       (2) the impact of abandoned foreclosures on neighborhood 
     and community property values, including the propensity of 
     abandoned foreclosures to lead to foreclosures on neighboring 
     properties; and
       (3) the best available methods to collect information on 
     abandoned foreclosures, taking into account the cost of 
     collecting that information.
       (c) Recommendations.--The report submitted under subsection 
     (b) may include recommendations for additional requirements 
     or conditions for servicers with respect to charging off 
     covered loans or releasing liens on abandoned foreclosures.

     SEC. 604. RULE OF CONSTRUCTION.

       Nothing in this title or the amendments made by this title 
     shall be construed to limit the rights of a tenant to remain 
     in a property during a foreclosure process that are in effect 
     under Federal or State law as of the date of enactment of 
     this Act.
                                 ______
                                 
  SA 2120. Mr. MENENDEZ submitted an amendment intended to be proposed 
by him to the bill S. 2155, to promote economic growth, provide 
tailored regulatory relief, and enhance consumer protections, and for 
other purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. NOTICE OF STATUS AS AN ACTIVE DUTY MILITARY 
                   CONSUMER.

       The Fair Credit Reporting Act (15 U.S.C. 1681 et seq.) is 
     amended--
       (1) in section 605 (15 U.S.C. 1681c), by adding at the end 
     the following:
       ``(i) Notice of Status as an Active Duty Military 
     Consumer.--
       ``(1) In general.--With respect to an item of adverse 
     information about a consumer that arises from the failure of 
     the consumer to make any required payment on a debt or other 
     obligation, if the action or inaction that gave rise to the 
     item occurred while the consumer was an active duty military 
     consumer--
       ``(A) the consumer may provide appropriate proof, including 
     official orders, to a consumer reporting agency that the 
     consumer was an active duty military consumer at the time the 
     action or inaction occurred; and
       ``(B) any consumer report provided by the consumer 
     reporting agency that includes the item shall clearly and 
     conspicuously disclose that the consumer was an active duty 
     military consumer when the action or inaction that gave rise 
     to the item occurred.
       ``(2) Model form.--The Bureau shall prepare a model form, 
     which shall be made publicly available, including in an 
     electronic format, by which a consumer may--
       ``(A) notify, and provide appropriate proof to, a consumer 
     reporting agency in a simple and easy manner, including 
     electronically, that the consumer is or was an active duty 
     military consumer; and
       ``(B) provide contact information of the consumer for the 
     purpose of communicating with the consumer while the consumer 
     is an active duty military consumer.
       ``(3) No adverse consequences.--Notice, whether provided by 
     the model form described in paragraph (2) or otherwise, that 
     a consumer is or was an active duty military consumer may not 
     provide the sole basis for--
       ``(A) with respect to a credit transaction between the 
     consumer and a creditor, a creditor--
       ``(i) denying an application for credit submitted by the 
     consumer;
       ``(ii) revoking an offer of credit made to the consumer by 
     the creditor;
       ``(iii) changing the terms of an existing credit 
     arrangement with the consumer; or
       ``(iv) refusing to grant credit to the consumer in a 
     substantially similar amount or on substantially similar 
     terms requested by the consumer;
       ``(B) furnishing negative information relating to the 
     creditworthiness of the consumer by or to a consumer 
     reporting agency; or
       ``(C) except as otherwise provided in this title, a 
     creditor or consumer reporting agency noting in the file of 
     the consumer that the consumer is or was an active duty 
     military consumer.'';
       (2) in section 605A (15 U.S.C. 1681c-1)--
       (A) in subsection (c)--
       (i) by redesignating paragraphs (1), (2), and (3) as 
     subparagraphs (A), (B), and (C), respectively, and adjusting 
     the margins accordingly;
       (ii) in the matter preceding subparagraph (A), as so 
     redesignated, by striking ``Upon'' and inserting the 
     following:
       ``(1) In general.--Upon''; and
       (iii) by adding at the end the following:
       ``(2) Negative information notification.--If a consumer 
     reporting agency receives an item of adverse information 
     about a consumer who has provided appropriate proof that the 
     consumer is an active duty military consumer, the consumer 
     reporting agency shall promptly notify the consumer, with a 
     frequency, in a manner, and according to a timeline 
     determined by the Bureau or specified by the consumer--

[[Page S1487]]

       ``(A) that the consumer reporting agency has received the 
     item of adverse information, along with a description of the 
     item; and
       ``(B) the method by which the consumer may dispute the 
     validity of the item.
       ``(3) Contact information for active duty military 
     consumers.--
       ``(A) In general.--If a consumer who has provided 
     appropriate proof to a consumer reporting agency that the 
     consumer is an active duty military consumer provides the 
     consumer reporting agency with contact information for the 
     purpose of communicating with the consumer while the consumer 
     is an active duty military consumer, the consumer reporting 
     agency shall use that contact information for all 
     communications with the consumer while the consumer is an 
     active duty military consumer.
       ``(B) Direct request.--Unless a consumer directs otherwise, 
     the provision of contact information by the consumer under 
     subparagraph (A) shall be deemed to be a request for the 
     consumer to receive an active duty alert under paragraph (1).
       ``(4) Sense of congress.--It is the sense of Congress that 
     any person making use of a consumer report that contains an 
     item of adverse information with respect to a consumer 
     should, if the action or inaction that gave rise to the item 
     occurred while the consumer was an active duty military 
     consumer, take that fact into account when evaluating the 
     creditworthiness of the consumer.''; and
       (B) in subsection (e), by striking paragraph (3) and 
     inserting the following:
       ``(3) subparagraphs (A) and (B) of subsection (c)(1), in 
     the case of a referral under subsection (c)(1)(C).''; and
       (3) in section 611(a)(1) (15 U.S.C. 1681i(a)(1)), by adding 
     at the end the following:
       ``(D) Notice of dispute related to active duty military 
     consumers.--With respect to an item of information described 
     in subparagraph (A) that is under dispute, if the consumer to 
     whom the item relates has notified the consumer reporting 
     agency conducting the investigation described in that 
     subparagraph, and has provided appropriate proof, that the 
     consumer was an active duty military consumer at the time the 
     action or inaction that gave rise to the disputed item 
     occurred, the consumer reporting agency shall--
       ``(i) include that fact in the file of the consumer; and
       ``(ii) indicate that fact in each consumer report that 
     includes the disputed item.''.
                                 ______
                                 
  SA 2121. Mr. MENENDEZ submitted an amendment intended to be proposed 
by him to the bill S. 2155, to promote economic growth, provide 
tailored regulatory relief, and enhance consumer protections, and for 
other purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. STUDENT LOAN PROTECTIONS.

       (a) Findings.--Congress finds the following:
       (1) The Bureau of Consumer Financial Protection (referred 
     to in this subsection as the ``CFPB'') Student Loan Ombudsman 
     stated the following:
       (A) ``The CFPB received more than 7,700 private student 
     loan complaints and approximately 2,300 debt collection 
     complaints related to student loans between September 1, 
     2016, and August 31, 2017.''.
       (B) ``Co-signers complain that information about discharge 
     or alternative arrangements in the case of death of the 
     primary borrower is not readily available and that decisions 
     are made on a case-by-case basis, giving co-signers little 
     understanding of how the process works, or if they will be 
     successful.''.
       (C) ``The complaints and input received by the CFPB 
     resemble many of the same issues experienced by mortgage 
     borrowers, such as improper application of payments, 
     untimeliness in error resolution, and inability to contact 
     appropriate personnel in times of hardship.''.
       (D) ``The difference between federal and private student 
     loans in periods of disability was not well-understood.''.
       (2) An estimated 2,500,000 individuals sustain a traumatic 
     brain injury each year and older adolescents between 15 and 
     19 years of age are more likely to sustain a traumatic brain 
     injury than individuals in other age groups.
       (3) It has been estimated that the annual incidence of 
     spinal cord injury, not including those individuals who die 
     at the scene of an accident, is approximately 54 cases per 
     1,000,000 individuals in the United States, or approximately 
     17,000 new cases each year. These injuries can lead to 
     permanent disability or loss of movement and can prohibit the 
     victim from engaging in any substantial gainful activity.
       (4) According to the CFPB, more than 90 percent of new 
     private student loans are co-signed.
       (5) According to the CFPB, private student loan companies 
     provide co-signer release to less than 1 percent of eligible 
     borrowers.
       (b) Additional Student Loan Protections.--
       (1) In general.--The Truth in Lending Act (15 U.S.C. 1601 
     et seq.) is amended--
       (A) in section 128(e) (15 U.S.C. 1638(e))--
       (i) by striking paragraph (10);
       (ii) by redesignating paragraph (11) as paragraph (10); and
       (iii) by adding at the end the following:
       ``(11) Discharge of private education loans in the event of 
     death or disability of a borrower.--Each private education 
     loan shall include terms that provide that any liability to 
     repay the loan, including the liability of any co-signer (as 
     defined in section 140(a)) with respect to the loan, shall be 
     cancelled--
       ``(A) upon the death of the borrower;
       ``(B) if the borrower becomes permanently and totally 
     disabled, as determined under section 437(a)(1) of the Higher 
     Education Act of 1965 (20 U.S.C. 1087(a)(1)) and the 
     regulations promulgated by the Secretary of Education under 
     that section; or
       ``(C) if, under section 437(a)(2) of the Higher Education 
     Act of 1965 (20 U.S.C. 1087(a)(2)), the Secretary of Veterans 
     Affairs determines that the borrower is unemployable due to a 
     service-connected condition.
       ``(12) Definitions.--For purposes of this subsection, the 
     terms `covered educational institution', `private educational 
     lender', and `private education loan' have the same meanings 
     as in section 140.''; and
       (B) in section 140 (15 U.S.C. 1650), by adding at the end 
     the following:
       ``(g) Additional Protections Relating to Borrower or Co-
     Signer of a Private Education Loan.--
       ``(1) Clear and conspicuous description of obligation of 
     borrower and co-signer.--In the case of any private 
     educational lender that provides a private education loan, 
     the lender shall clearly and conspicuously describe, in 
     writing, the obligations of a co-signer with respect to the 
     loan, including the effect that the death, disability, or 
     inability to engage in any substantial gainful activity of 
     the borrower (as provided in the terms required under section 
     128(e)(11)) or any co-signer would have on any such 
     obligation, in language that the Bureau determines would give 
     a reasonable person a reasonable understanding of the 
     obligation being assumed by becoming a co-signer for the 
     loan.
       ``(2) Prohibition on automatic default with respect to a 
     performing loan.--
       ``(A) Death, disability, or bankruptcy of co-signer.--If a 
     private education loan includes a co-signer, a private 
     educational lender may not take any adverse action (including 
     declaring a default, accelerating any loan obligation, 
     increasing the interest rate, or altering any obligations 
     under the private education loan in a way that is adverse to 
     the borrower) against the borrower based on--
       ``(i) the death, disability, or inability to engage in any 
     substantial gainful activity of the co-signer; or
       ``(ii) the bankruptcy of the co-signer.
       ``(B) Bankruptcy of borrower.--If a private education loan 
     includes a co-signer, a private educational lender may not 
     take any adverse action (including declaring a default, 
     accelerating any loan obligation, increasing the interest 
     rate, or altering any obligations under the private education 
     loan in a way that is adverse to any co-signer) against the 
     co-signer based on the bankruptcy of the borrower.
       ``(3) Co-signer release.--
       ``(A) Requirements for automatic release of co-signer.--
       ``(i) Criteria established by the bureau.--Not later than 
     180 days after the date of enactment of this subsection, the 
     Bureau shall establish criteria, which, if met by the 
     borrower of a private education loan, shall require the 
     private educational lender with respect to, or servicer of, 
     the private education loan, as applicable, to promptly 
     release any co-signer from the obligations of the co-signer 
     under the loan without requiring any action on behalf of the 
     borrower.
       ``(ii) Criteria established by lender.--A private 
     educational lender may establish criteria for automatic 
     release that are different from the criteria described in 
     clause (i) if the criteria established by the lender are not 
     more restrictive with respect to the borrower or any co-
     signer of the private education loan than the criteria 
     established under clause (i).
       ``(B) Disclosure of criteria for co-signer release.--A 
     private educational lender shall--
       ``(i) include in the promissory note of a private education 
     loan the criteria under which a co-signer may be released 
     from the obligation of the co-signer under a private 
     education loan under this paragraph; and
       ``(ii) disclose to the borrower and any co-signer at the 
     time the private education loan is consummated, clearly and 
     conspicuously, the criteria under which a co-signer may be 
     released from the obligation of the co-signer under a private 
     education loan.
       ``(C) Modifications to criteria.--If a private education 
     loan has a co-signer, the private educational lender with 
     respect to, or servicer of, the private education loan, as 
     applicable, may not modify the criteria under which the co-
     signer may be released from the obligation of the co-signer 
     under the private education loan without the consent of the 
     borrower and the co-signer if the modification would be 
     adverse to the borrower.
       ``(D) Notification on release.--A private educational 
     lender with respect to, or servicer of, a private education 
     loan, as applicable, shall promptly notify the borrower and 
     any co-signers for the private education loan if a co-signer 
     is released from the obligations of the co-signer under the 
     private education loan under this paragraph.
       ``(E) Modification of evaluation of creditworthiness, 
     credit standing, or credit

[[Page S1488]]

     capacity.--In determining whether the criteria for a co-
     signer release are met, a private educational lender with 
     respect to, or servicer of, a private education loan, as 
     applicable, may not evaluate the creditworthiness, credit 
     standing, or credit capacity of the borrower or a co-signer 
     of the private education loan using a standard that would be 
     more adverse to the borrower or co-signer, as applicable, 
     than the standard the private educational lender used to 
     evaluate the creditworthiness, credit standing, or credit 
     capacity of the borrower or co-signer on the date on which 
     the private education loan was consummated.
       ``(4) Designation of individual to act on behalf of the 
     borrower.--In the case of any private educational lender that 
     extends a private education loan, the lender shall provide 
     the borrower an option to designate an individual to have the 
     legal authority to act on behalf of the borrower with respect 
     to the private education loan in the event of the death, 
     disability, or inability to engage in any substantial gainful 
     activity of the borrower.
       ``(5) Counseling.--In the case of any private educational 
     lender that extends a private education loan, the lender 
     shall ensure that the borrower, and any co-signer, receives 
     comprehensive information on the terms and conditions of the 
     loan and of the responsibilities the borrower has with 
     respect to the loan, including--
       ``(A) the information required under subparagraphs (H), 
     (I), and (K) of section 485(l)(2) of the Higher Education Act 
     of 1965 (20 U.S.C. 1092(l)(2)); and
       ``(B) the terms required under section 128(e)(11).
       ``(6) Model form.--The Bureau shall publish a model form 
     under section 105 for describing the obligation of a co-
     signer for the purposes of paragraph (1).
       ``(7) Definition of death, disability, or inability to 
     engage in any substantial gainful activity.--For the purposes 
     of this subsection with respect to a borrower or co-signer, 
     the term `death, disability, or inability to engage in any 
     substantial gainful activity'--
       ``(A) means any condition described in section 437(a) of 
     the Higher Education Act of 1965 (20 U.S.C. 1087(a)); and
       ``(B) shall be interpreted by the Bureau in such a manner 
     as to conform with the regulations prescribed by the 
     Secretary of Education under section 437(a) of the Higher 
     Education Act of 1965 (20 U.S.C. 1087(a)) to the fullest 
     extent practicable, including safeguards to prevent fraud and 
     abuse.''.
       (2) Definitions.--Section 140(a) of the Truth in Lending 
     Act (15 U.S.C. 1650(a)) is amended--
       (A) by redesignating paragraphs (1) through (8) as 
     paragraphs (2) through (9), respectively; and
       (B) by inserting before paragraph (2), as so redesignated, 
     the following:
       ``(1) the term `co-signer'--
       ``(A) means any individual who is liable for the obligation 
     of another without compensation, regardless of how designated 
     in the contract or instrument with respect to that 
     obligation;
       ``(B) includes any person the signature of which is 
     requested as a condition to grant credit or to forbear on 
     collection; and
       ``(C) does not include a spouse of an individual described 
     in subparagraph (A), the signature of whom is needed to 
     perfect the security interest in a loan;''.
       (3) Technical and conforming amendment.--Section 
     108(f)(5)(B)(ii) of the Internal Revenue Code of 1986 is 
     amended by striking ``section 140(7) of the Consumer Credit 
     Protection Act (15 U.S.C. 1650(7)))'' and inserting ``section 
     140(a)(8) of the Truth in Lending Act (15 U.S.C. 
     1650(a)(8)))''.
       (4) Rulemaking.--Not later than 1 year after the date of 
     enactment of this Act, the Bureau of Consumer Financial 
     Protection shall issue regulations to carry out subsection 
     (g) of section 140 of the Truth in Lending Act (15 U.S.C. 
     1650), as added by paragraph (1)(B).
                                 ______
                                 
  SA 2122. Mr. MENENDEZ submitted an amendment intended to be proposed 
by him to the bill S. 2155, to promote economic growth, provide 
tailored regulatory relief, and enhance consumer protections, and for 
other purposes; which was ordered to lie on the table; as follows:

       Strike section 101 and insert the following:

     SEC. 101. COMMUNITY BANK AND CREDIT UNION PORTFOLIO LENDING.

       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) Covered institution.--The term `covered institution' 
     means--

       ``(aa) an insured depository institution or an insured 
     credit union that--
       ``(AA) at the time of origination of the residential 
     mortgage loan, together with its affiliates, has less than 
     $2,000,000,000 in total consolidated assets; and
       ``(BB) during the calendar year preceding the time of 
     origination of the residential mortgage loan, originated not 
     more than 2,000 residential mortgage loans that were sold, 
     assigned, or otherwise transferred to another person or 
     subject to, at the time of consummation, a commitment to be 
     acquired by another person; or
       ``(bb) an insured depository institution or insured credit 
     union that, at the time of origination of the residential 
     mortgage loan--
       ``(AA) together with its affiliates, has more than 
     $2,000,000,000 and less than $10,000,000,000 in total 
     consolidated assets;
       ``(BB) is not considered a specialty bank, such as a bank 
     that offers only a narrow product line (including credit card 
     or motor vehicle loans) to a regional or broader market;
       ``(CC) engages in the basic activities of lending and 
     deposit taking as a significant percentage of total assets;
       ``(DD) has a limited geographic scope; and
       ``(EE) meets any other criteria as determined by the 
     Bureau, including restrictions on the volume of residential 
     mortgage loans sold, assigned, or otherwise transferred to 
     another person or subject to, at the time of consummation, a 
     commitment to be acquired by another person.

       ``(II) 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).
       ``(III) 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).

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

       ``(I) the term `qualified mortgage', as defined in 
     subparagraph (A), includes any residential mortgage loan--

       ``(aa) that is originated by a covered institution and 
     continuously retained in portfolio by the covered 
     institution;
       ``(bb) that, except as provided in subparagraph (E), fully 
     amortizes over a term of not longer than 30 years;
       ``(cc) that complies with--
       ``(AA) the requirements of clauses (i), (ii), (iii), (iv), 
     (v), and (vii) of subparagraph (A); and
       ``(BB) any requirements consistent with the purposes 
     described in paragraph (3)(B)(i);
       ``(dd) for which the covered institution, at or before 
     consummation of the residential mortgage loan, takes into 
     account and verifies the monthly debt and income of the 
     consumer; and
       ``(ee) that is not considered a high-cost mortgage; and

       ``(II) a residential mortgage loan that meets the 
     requirements of subclause (I) shall be deemed to meet the 
     requirements of subsection (a) until the residential mortgage 
     loan no longer meets the requirements of subclause (I).''.

                                 ______
                                 
  SA 2123. Mr. MENENDEZ submitted an amendment intended to be proposed 
by him to the bill S. 2155, to promote economic growth, provide 
tailored regulatory relief, and enhance consumer protections, and for 
other purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. DATA SECURITY.

       (a) In General.--The Fair Credit Reporting Act (15 U.S.C. 
     1681 et seq.) is amended by inserting after section 605B (15 
     U.S.C. 1681c-2) the following:

     ``SEC. 605C. DATA SECURITY AT CONSUMER REPORTING AGENCIES.

       ``(a) Definitions.--In this section--
       ``(1) the term `affected individual' means a consumer, the 
     sensitive personal information of whom is lost, stolen, or 
     accessed without authorization because of a data breach;
       ``(2) the term `appropriate committees of Congress' means--
       ``(A) the Committee on the Judiciary of the Senate;
       ``(B) the Committee on Banking, Housing, and Urban Affairs 
     of the Senate;
       ``(C) the Committee on the Judiciary of the House of 
     Representatives; and
       ``(D) the Committee on Financial Services of the House of 
     Representatives;
       ``(3) the term `data breach' means the loss, theft, or 
     other unauthorized access, other than access that is 
     incidental to the scope of employment, of data containing 
     sensitive personal information, in electronic or printed 
     form, that results in the potential compromise of the 
     confidentiality or integrity of the data; and
       ``(4) the term `sensitive personal information' means, with 
     respect to a consumer, information--
       ``(A) about the consumer relating to the education, 
     financial transactions, medical history, criminal history, or 
     employment history of the consumer; and
       ``(B) that can be used to distinguish or trace the identity 
     of the consumer, including the name, social security number, 
     date and place of birth, mother's maiden name, and biometric 
     records of the consumer.
       ``(b) Data Breaches at Consumer Reporting Agencies.--With 
     respect to a data breach at a consumer reporting agency, the 
     consumer reporting agency--
       ``(1) shall notify--
       ``(A) not later than 2 days after the date on which the 
     consumer reporting agency discovers the data breach--
       ``(i) the Federal Trade Commission;
       ``(ii) the Bureau; and
       ``(iii) appropriate law enforcement and intelligence 
     agencies, as identified by the Secretary of Homeland 
     Security; and

[[Page S1489]]

       ``(B) subject to paragraph (2), not later than 3 days after 
     the date on which the consumer reporting agency discovers the 
     data breach, and as quickly and efficiently as is 
     practicable, each affected individual with respect to the 
     data breach; and
       ``(2) may receive an extension of the deadline described in 
     paragraph (1)(B) if the Federal Trade Commission and the 
     intelligence agencies identified under paragraph (1)(A)(iii) 
     determine that there is a national security concern that 
     requires granting such an extension.
       ``(c) Annual Study and Report.--
       ``(1) In general.--Beginning in the first full year after 
     the date of enactment of this section, and annually 
     thereafter, the Bureau and the Federal Trade Commission, in 
     consultation with the Attorney General, shall conduct a study 
     regarding the costs to affected individuals from data 
     breaches at consumer reporting agencies, including--
       ``(A) the economic costs to those affected individuals;
       ``(B) the effects on--
       ``(i) the ability of those affected individuals to obtain 
     credit and housing; and
       ``(ii) the reputations of those affected individuals; and
       ``(C) the costs relating to the emotional and psychological 
     stress of those affected individuals from having the 
     sensitive personal information of those affected individuals 
     lost, stolen, or accessed without authorization.
       ``(2) Submission to congress.--Not later than 30 days after 
     the date on which each study conducted under paragraph (1) is 
     completed, the Bureau and the Federal Trade Commission shall 
     submit to the appropriate committees of Congress a report 
     that contains the results of the study.
       ``(3) Contents.--Each study conducted under paragraph (1) 
     and each report submitted under paragraph (2) shall contain a 
     survey of affected individuals who were contacted for the 
     purposes of conducting the study.
       ``(4) Authority.--In conducting any study under paragraph 
     (1), the Bureau, the Federal Trade Commission, and the 
     Attorney General may compel a consumer reporting agency to 
     disclose nonproprietary information.
       ``(d) Rule of Construction.--Nothing in this section may be 
     construed as modifying, limiting, or superseding any 
     provision of State law if the protection that the provision 
     of State law provides to consumers is greater than the 
     protection provided to consumers under this section.''.
       (b) Technical and Conforming Amendment.--The table of 
     contents for the Fair Credit Reporting Act (15 U.S.C. 1681 et 
     seq.) is amended by inserting after the item relating to 
     section 605B the following:

``605C. Data security at consumer reporting agencies.''.
                                 ______
                                 
  SA 2124. Ms. BALDWIN (for herself, Mr. Schumer, Mr. Van Hollen, Mr. 
Schatz, and Mr. Wyden) submitted an amendment intended to be proposed 
by her to the bill S. 2155, to promote economic growth, provide 
tailored regulatory relief, and enhance consumer protections, and for 
other purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. STOCK BUYBACKS.

       (a) Findings.--The Senate finds that--
       (1) public corporations have spent significant corporate 
     profits on stock buybacks;
       (2) following the passage of the Act entitled ``An Act to 
     provide for reconciliation pursuant to titles II and V of the 
     concurrent resolution on the budget for fiscal year 2018'', 
     approved December 22, 2017 (Public Law 115-466), corporations 
     diverted the vast majority of expected tax savings on stock 
     buybacks;
       (3) more generally, corporate spending on buybacks has been 
     at the expense of research and development spending and 
     increases in worker pay;
       (4) stock buybacks disproportionately benefit senior 
     executives of corporations and shareholders, furthering 
     income inequality and stagnant wages for the middle class; 
     and
       (5) corporations should evaluate how corporate profits are 
     allocated and invest in employees, training, and business 
     productivity improvements.
       (b) Sense of the Senate.--It is the sense of the Senate 
     that--
       (1) stock buybacks have not been properly regulated or 
     reviewed by the securities regulators;
       (2) corporations' stock buybacks should receive thorough 
     review and details of stock buyback plans should be disclosed 
     to the public; and
       (3) increases in corporate investment and higher worker pay 
     should benefit the economy and shareholders and workers will 
     both benefit.
       (c) Removal of Safe Harbor.--Section 240.10b-18 of title 
     17, Code of Federal Regulations, shall have no force or 
     effect.
       (d) Disclosure.--
       (1) In general.--The Securities Exchange Act of 1934 (15 
     U.S.C. 78a et seq.) is amended by inserting after section 9 
     (15 U.S.C. 78i) the following:

     ``SEC. 9A. ISSUER EQUITY SECURITIES REPURCHASES.

       ``(a) In General.--Any issuer that seeks to implement a 
     repurchase plan for an equity security shall submit to the 
     Commission a disclosure filing at least 15 days before 
     executing the plan that provides detailed information 
     addressing each of the following:
       ``(1) The number of equity securities to be repurchased, 
     time period for repurchase, and current number of outstanding 
     equity securities.
       ``(2) Worker wages, compared to prior years and compared to 
     the size of the proposed repurchase.
       ``(3) Whether and to what extent the issuer has engaged in 
     layoffs, or has materially reduced the size of its workforce 
     (other than through the sale of business lines or assets) in 
     the past 3 years.
       ``(4) A description of the issuer's pension plans, if any, 
     including whether the issuer has any unfunded pension 
     liability, other employee compensation plans, and the amount 
     the issuer contributes, including to 401(k)s and matching 
     programs.
       ``(5) How the repurchase plan serves the long-term 
     interests of all the issuer's stakeholders, including the 
     issuer's employees, customers, and shareholders.
       ``(6) Whether the issuer has considered alternative 
     investments, including research and development, worker 
     training or retaining programs, investment in the issuer's 
     facilities, expansion of the workforce, and the amount of 
     investment in each of these areas in the past year.
       ``(7) A description of--
       ``(A) how the repurchase plan will be executed, including 
     steps that the issuer, or any agent or broker the issuer, 
     uses or will take to prevent manipulation of--
       ``(i) the issuer's equity securities; and
       ``(ii) any contract or trading arrangement that has been or 
     will be entered into; and
       ``(B) the counterparty to the contract or trading 
     arrangement described in subparagraph (A)(ii).
       ``(8) A description of any expected tax or accounting 
     benefit from the repurchase and the amount of the benefit and 
     the time period for it to be recognized.
       ``(9) Why the repurchase plan is in the financial best 
     interest of the issuer, beyond the interests of executives or 
     shareholders, including whether the stock repurchase plan 
     will be funded in whole, or in part, by debt.
       ``(10) The impact that the repurchase plan will have on the 
     compensation, or elements used to determine the compensation, 
     of executives, including any compensation required to be 
     disclosed by the issuer under section 229.402 of title 17, 
     Code of Federal Regulations (or any successor thereto).
       ``(11) A certification by the issuer's chief executive 
     officer and board of directors regarding the accuracy of the 
     information contained in the repurchase plan disclosure and 
     an affirmation that the repurchase plan is in the long-term 
     financial best interest of the issuer.
       ``(b) Review.--The Commission shall complete a review of 
     the disclosure not later than 15 days after the date on which 
     the disclosure is submitted and, after reviewing the 
     information required to be disclosed by the issuer under this 
     section and other existing disclosure requirements, the 
     Commission shall determine whether to approve the repurchase 
     plan.
       ``(c) Consideration.--In considering whether to allow the 
     repurchase plan, the Commission shall take into 
     consideration--
       ``(1) the information pertaining to each of the items 
     described in subsection (a); and
       ``(2) the potential for manipulation of the equity security 
     based on the disclosed repurchase plan.
       ``(d) Details.--After the date on which a plan is approved 
     under this section, the issuer shall submit to the 
     Commission, not later than 10 days after the end of each 
     calendar month in which equity security repurchases are 
     effected, the full details of the repurchases in that month, 
     including the date, quantity, and price paid for equity 
     securities under the plan.''.
                                 ______
                                 
  SA 2125. Mr. REED submitted an amendment intended to be proposed by 
him to the bill S. 2155, to promote economic growth, provide tailored 
regulatory relief, and enhance consumer protections, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. __. PROTECTING STUDENT LOAN BORROWERS.

       (a) Exempted Transactions.--Section 104 of the Truth in 
     Lending Act (15 U.S.C. 1603) is amended--
       (1) in the matter preceding paragraph (1), by striking 
     ``This title'' and inserting ``(a) In General.--This title''; 
     and
       (2) by adding at the end the following:
       ``(b) Rule of Construction.--Nothing in subsection (a) 
     shall prevent or be construed to prevent the provisions of 
     section 128(g) from applying to any postsecondary education 
     lender, loan holder, or student loan servicer (as those terms 
     are defined in section 128(g)(3)).''.
       (b) Terms and Disclosures for Private Education Loans and 
     Postsecondary Education Loans.--
       (1) In general.--Section 128 of the Truth in Lending Act 
     (15 U.S.C. 1638) is amended--
       (A) in subsection (e)--
       (i) in paragraph (1)--

       (I) by striking subparagraph (D) and inserting the 
     following:

       ``(D) requirements for a co-borrower, including--

[[Page S1490]]

       ``(i) any changes in the applicable interest rates without 
     a co-borrower; and
       ``(ii) any conditions the borrower is required meet in 
     order to release a co-borrower from the private education 
     loan obligation;'';

       (II) by redesignating subparagraphs (O), (P), (Q), and (R) 
     as subparagraphs (P), (Q), (R), and (S), respectively; and
       (III) by inserting after subparagraph (N) the following:

       ``(O) in the case of a refinancing of education loans that 
     include a Federal student loan made, insured, or guaranteed 
     under title IV of the Higher Education Act of 1965 (20 U.S.C. 
     1070 et seq.)--
       ``(i) a list containing each loan to be refinanced, which 
     shall identify whether the loan is a private education loan 
     or a Federal student loan made, insured, or guaranteed under 
     title IV of the Higher Education Act of 1965 (20 U.S.C. 1070 
     et seq.); and
       ``(ii) benefits that the borrower may be forfeiting, 
     including income-driven repayment options, opportunities for 
     loan forgiveness, forbearance or deferment options, interest 
     subsidies, and tax benefits;'';
       (ii) in paragraph (2)--

       (I) by redesignating subparagraphs (O) and (P) as 
     subparagraphs (P) and (Q), respectively; and
       (II) by inserting after subparagraph (N) the following:

       ``(O) in the case of a refinancing of education loans that 
     include a Federal student loan made, insured, or guaranteed 
     under title IV of the Higher Education Act of 1965 (20 U.S.C. 
     1070 et seq.)--
       ``(i) a list containing each loan to be refinanced, which 
     shall identify whether the loan is a private education loan 
     or a Federal student loan made, insured, or guaranteed under 
     title IV of the Higher Education Act of 1965 (20 U.S.C. 1070 
     et seq.); and
       ``(ii) benefits that the borrower may be forfeiting, 
     including income-driven repayment options, opportunities for 
     loan forgiveness, forbearance or deferment options, interest 
     subsidies, and tax benefits;'';
       (iii) in paragraph (4)(B), by striking ``(P)'' and 
     inserting ``(Q)''; and
       (iv) by adding at the end the following:
       ``(12) Requirement for prompt crediting of private 
     education loan payments.--
       ``(A) In general.--Except as provided in subparagraph (B), 
     in connection with a private education loan, no lender, loan 
     holder, or servicer shall fail to credit a payment to the 
     loan account of a borrower as of the date of receipt, except 
     when a delay in crediting does not result in any charge to 
     the borrower or in the reporting of negative information to a 
     consumer reporting agency (as defined in section 603(f)).
       ``(B) Exception.--If a servicer specifies in writing 
     requirements for a borrower to follow in making payments, and 
     accepts a payment that does not conform to those 
     requirements, the servicer shall credit the payment not later 
     than 5 days after the date on which the servicer received the 
     payment.
       ``(13) Request for payoff amounts of a private education 
     loan.--A creditor or servicer of a private education loan 
     shall make an accurate payoff balance for the private 
     education loan, and the information necessary to calculate 
     the payoff balance as of a certain date, available to a 
     borrower within a reasonable time, but in no case more than 7 
     business days after the date on which the creditor or 
     servicer receives a written request for the payoff balance 
     from or on behalf of the borrower.
       ``(14) Terms for co-borrowers.--Each private education loan 
     shall include terms that clearly define the requirements to 
     release a co-borrower from the obligation.''; and
       (B) by adding at the end the following:
       ``(g) Postsecondary Education Loans.--
       ``(1) Requirement for prompt crediting of postsecondary 
     education loan payments.--
       ``(A) In general.--A postsecondary education lender, loan 
     holder, or student loan servicer shall, in connection with a 
     postsecondary education loan, credit a payment to the loan 
     account of the borrower as of the date of receipt of the 
     payment, except--
       ``(i) when a delay in crediting does not result in any 
     charge to the borrower or in the reporting of negative 
     information to a consumer reporting agency (as defined in 
     section 603(f)); and
       ``(ii) as provided in subparagraph (B).
       ``(B) Exception.--In any case where a student loan servicer 
     specifies to the borrower, in writing, the requirements to 
     follow in making payment on a postsecondary education loan 
     and accepts a payment from the borrower that does not conform 
     to those requirements, the student loan servicer shall credit 
     such payment not later than 5 days after the date on which 
     the servicer received the payment.
       ``(2) Request for payoff amounts of a postsecondary 
     education loan.--A postsecondary education lender, loan 
     holder, or student loan servicer shall make available an 
     accurate payoff balance for a postsecondary education loan, 
     and the information necessary to calculate the payoff balance 
     as of a certain date, to a borrower within a reasonable time, 
     but in no case more than 7 business days after the date on 
     which the postsecondary education lender, loan holder, or 
     student loan servicer receives a written request for the 
     payoff balance from or on behalf of the borrower.
       ``(3) Definitions.--In this subsection--
       ``(A) the term `loan holder' means a person who owns the 
     title to, or promissory note for, a postsecondary education 
     loan (except for a loan made under part D or E of title IV of 
     the Higher Education Act of 1965 (20 U.S.C. 1087a et seq., 20 
     U.S.C. 1087aa et seq.));
       ``(B) the term `postsecondary education lender'--
       ``(i) means an entity that--

       ``(I) is--

       ``(aa) a financial institution, as defined in section 3 of 
     the Federal Deposit Insurance Act (12 U.S.C. 1813);
       ``(bb) a Federal credit union, as defined in section 101 of 
     the Federal Credit Union Act (12 U.S.C. 1752); or
       ``(cc) any other person engaged in the business of 
     soliciting, making, or extending education loans; and

       ``(II) solicits, makes, or extends postsecondary education 
     loans; and

       ``(ii) does not include--

       ``(I) the Secretary of Education; or
       ``(II) an institution of higher education with respect to 
     any loans made by the institution under part E of title IV of 
     the Higher Education Act of 1965 (20 U.S.C. 1087aa et seq.);

       ``(C) the term `postsecondary education loan'--
       ``(i) means a loan that is--

       ``(I) made, insured, or guaranteed under part B, D, or E of 
     title IV of the Higher Education Act of 1965 (20 U.S.C. 1071 
     et seq., 1087a et seq., 1087aa et seq.); or
       ``(II) issued or made by a lender described in subparagraph 
     (B)(i)(I) and--

       ``(aa) extended to a borrower with the expectation that the 
     amounts extended will be used in whole or in part to pay 
     postsecondary education expenses; or
       ``(bb) extended for the purpose of refinancing or 
     consolidating 1 or more loans described in subclause (aa) or 
     subclause (I);
       ``(ii) includes a private education loan (as defined in 
     section 140(a)); and
       ``(iii) does not include a loan--

       ``(I) made under an open-end credit plan; or
       ``(II) that is secured by real property;

       ``(D) the term `student loan servicer'--
       ``(i) means a person who performs student loan servicing;
       ``(ii) includes a person performing student loan servicing 
     for a postsecondary education loan on behalf of an 
     institution of higher education or the Secretary of Education 
     under a contract or other agreement;
       ``(iii) does not include the Secretary of Education to the 
     extent the Secretary directly performs student loan servicing 
     for a postsecondary education loan; and
       ``(iv) does not include an institution of higher education, 
     to the extent that the institution directly performs student 
     loan servicing for a Federal Perkins Loan made by the 
     institution; and
       ``(E) the term `student loan servicing' includes any of the 
     following activities:
       ``(i) Receiving any scheduled periodic payments from a 
     borrower under a postsecondary education loan (or 
     notification of such payments).
       ``(ii) Applying payments described in clause (i) to an 
     account of the borrower pursuant to the terms of the 
     postsecondary education loan or of the contract governing the 
     servicing of the postsecondary education loan.
       ``(iii) During a period in which no payment is required on 
     the postsecondary education loan--

       ``(I) maintaining account records for the postsecondary 
     education loan; and
       ``(II) communicating with the borrower on behalf of the 
     loan holder or, with respect to a loan made under part D or E 
     of title IV of the Higher Education Act of 1965 (20 U.S.C. 
     1087a et seq., 20 U.S.C. 1087aa et seq.), the Secretary of 
     Education or the institution of higher education that made 
     the loan, respectively.

       ``(iv) Interacting with a borrower to facilitate the 
     activities described in clauses (i), (ii), and (iii), 
     including activities to help prevent default by the borrower 
     of the obligations arising from the postsecondary education 
     loan.''.
       (2) Regulations.--
       (A) In general.--Not later than 1 year after the date of 
     enactment of this Act, the Director of the Bureau of Consumer 
     Financial Protection shall issue final regulations to 
     implement paragraphs (1), (2), (4), (12), and (13) of section 
     128(e) of the Truth in Lending Act (15 U.S.C. 1638(e)), as 
     added and amended by this section.
       (B) Effective date.--Not later than 6 months after the date 
     on which the Director of the Bureau of Consumer Financial 
     Protection issues the final regulations required under 
     subparagraph (A), the regulations shall become effective.
                                 ______
                                 
  SA 2126. Mr. REED submitted an amendment intended to be proposed by 
him to the bill S. 2155, to promote economic growth, provide tailored 
regulatory relief, and enhance consumer protections, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the end of title V, add the following:

     SEC. 5__. STUDY ON ECONOMIC GROWTH AND CONSUMER PROTECTION.

       (a) Study.--The Comptroller General of the United States 
     shall conduct a study to evaluate the impact of this Act, and 
     the amendments made by this Act, on economic growth and 
     consumer protection, including whether--
       (1) any additional revenues generated by financial 
     institutions as a result of this Act, or the amendments made 
     by this Act, directly led to any changes in the wages of the

[[Page S1491]]

     employees of those financial institutions who are not in 
     managerial roles;
       (2) any revenues described in paragraph (1) with respect to 
     a financial institution described in that paragraph were 
     used--
       (A) to buy back the securities of that financial 
     institution; or
       (B) to provide higher rates of interest for consumers with 
     respect to savings accounts or money market accounts;
       (3) any positions of employment at any financial 
     institution affected by this Act, or the amendments made by 
     this Act, were moved outside of the United States after the 
     date of enactment of this Act;
       (4) a buy back of securities described in subparagraph (A) 
     of paragraph (2) with respect to a financial institution 
     described in that paragraph had a direct impact on the 
     compensation paid to the top 5 highest paid senior executives 
     of that financial institution;
       (5) this Act, or the amendments made by this Act, has had 
     any material impact on, on a State-by-State basis, the rates 
     of--
       (A) the delinquency of residential mortgages; and
       (B) foreclosures; and
       (6) during the 3-year period beginning on the date of 
     enactment of this Act, any settlements or enforcement actions 
     with respect to a financial institution affected by this Act, 
     or the amendments made by this Act, could have been avoided 
     if this Act, and the amendments made by this Act, had not 
     been enacted, including the costs to investors and consumers 
     of those settlements or enforcement actions.
       (b) Report.--Not later than 4 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 subsection 
     (a).
                                 ______
                                 
  SA 2127. Mr. REED submitted an amendment intended to be proposed by 
him to the bill S. 2155, to promote economic growth, provide tailored 
regulatory relief, and enhance consumer protections, and for other 
purposes; which was ordered to lie on the table; as follows:

       Strike section 301 and insert the following:

     SEC. 301. PROTECTING CONSUMERS' CREDIT.

       (a) In General.--The Fair Credit Reporting Act (15 U.S.C. 
     1681 et seq.) is amended--
       (1) in section 604 (15 U.S.C. 1681b)--
       (A) by striking subsections (c) through (e) and inserting 
     the following:
       ``(c) Conditions for Furnishing Certain Consumer Reports.--
       ``(1) In general.--A consumer reporting agency may furnish 
     a consumer report for the following purposes only if the 
     consumer provides the consumer reporting agency with 
     affirmative written consent to furnish the consumer report, 
     after furnishing proper identification under section 610:
       ``(A) An extension of credit pursuant to subsection 
     (a)(3)(A).
       ``(B) The underwriting of insurance pursuant to subsection 
     (a)(3)(C).
       ``(2) Additional reports; election.--After a consumer has 
     provided affirmative written consent and furnished proper 
     identification under paragraph (1) to a consumer reporting 
     agency, the consumer reporting agency may continue to furnish 
     consumer reports solely for the purposes of reviewing or 
     collecting on an account described in subparagraphs (A) and 
     (C) of subsection (a)(3).
       ``(3) Furnishing reports in connection with credit or 
     insurance transactions that are not initiated by consumer.--
       ``(A) In general.--A consumer reporting agency may furnish 
     a consumer report to a person in connection with any credit 
     or insurance transaction under subparagraph (A) or (C) of 
     subsection (a)(3) that is not initiated by the consumer only 
     if--
       ``(i) the consumer provides the consumer reporting agency 
     affirmative written consent to furnish the consumer report, 
     after furnishing proper identification under section 610; and
       ``(ii) the transaction consists of a firm offer of credit 
     or insurance.
       ``(B) Election.--The consumer may elect to--
       ``(i) have the consumer's name and addresses included in 
     lists of names and addresses provided by the consumer 
     reporting agency pursuant to subparagraphs (A) and (C) of 
     subsection (a)(3) in connection with any credit or insurance 
     transaction that is not initiated by the consumer only if--

       ``(I) the consumer provides the consumer reporting agency 
     affirmative written consent to furnish the consumer report, 
     after furnishing proper identification under section 610; and
       ``(II) the transaction consists of a firm offer of credit 
     or insurance; and

       ``(ii) revoke at any time the election pursuant to clause 
     (i) to have the consumer's name and address included in lists 
     provided by a consumer reporting agency.
       ``(C) Information regarding inquiries.--Except as provided 
     in section 609(a)(5), a consumer reporting agency shall not 
     furnish to any person a record of inquiries in connection 
     with a credit or insurance transaction that is not initiated 
     by a consumer.
       ``(4) Disclosures.--
       ``(A) In general.--A person may not procure a consumer 
     report for any purpose pursuant to subparagraphs (D), (F), 
     and (G) of subsection (a)(3) unless--
       ``(i) a clear and conspicuous disclosure has been made in 
     writing to the consumer at any time before the report is 
     procured or caused to be procured, in a document that 
     consists solely of the disclosure, that a consumer report may 
     be obtained for such purposes; and
       ``(ii) the consumer has authorized in writing the 
     procurement of the consumer report by that person.
       ``(B) Authorizations.--The authorization described in 
     subparagraph (A)(ii) may be made on the disclosure document 
     provided under subparagraph (A)(i).
       ``(5) Rule making.--Not later than 180 days after the date 
     of enactment of the Control Your Personal Credit Information 
     Act of 2018, the Director of the Bureau shall promulgate 
     regulations that--
       ``(A) implement this subsection;
       ``(B) establish a model form for the disclosure document 
     pursuant to paragraph (4) and define the term clear and 
     conspicuous disclosure;
       ``(C) establish guidelines that permit consumers to provide 
     a single written authorization as required by paragraph (1) 
     for a specific time period for multiple users for the 
     specified purpose during that time period;
       ``(D) require a consumer reporting agency to provide to 
     each consumer a secure, convenient, accessible, and cost-free 
     method by which a consumer may allow or disallow the 
     furnishing of consumer reports pursuant to this subsection; 
     and
       ``(E) require a consumer reporting agency not later than 2 
     business days after the date on which a consumer makes an 
     election to revoke the consumer's inclusion of the consumer's 
     name and address in lists provided by a consumer reporting 
     agency pursuant to paragraph (3)(B) to implement that 
     election.
       ``(6) Prohibitions.--
       ``(A) In general.--The method described in paragraph (5)(D) 
     shall not be used to--
       ``(i) collect any information on a consumer that is not 
     necessary for the purpose of the consumer to allow or 
     disallow the furnishing of consumer reports; or
       ``(ii) advertise any product or service.
       ``(B) No waiver.--In the offering of a method described in 
     paragraph (5)(D), a consumer reporting agency shall not 
     require a consumer to waive any rights nor indemnify the 
     consumer reporting agency from any liabilities arising from 
     the offering of such method.
       ``(7) Reports.--
       ``(A) CFPB.--
       ``(i) Recommendation.--Not later than 180 days after the 
     date of enactment of the Control Your Personal Credit 
     Information Act of 2018, the Director of the Bureau shall, 
     after consultation with the Federal Deposit Insurance 
     Corporation, the National Credit Union Administration, and 
     other Federal and State regulators as the Director of the 
     Bureau determines are appropriate, submit to the Committee on 
     Banking, Housing, and Urban Affairs of the Senate and the 
     Committee on Financial Services of the House of 
     Representatives recommendations on how to provide consumers 
     greater transparency and personal control over their consumer 
     reports furnished for permissible purposes under subsections 
     (a)(3)(E) and (a)(6).
       ``(ii) Report.--The Director of the Bureau 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 that includes 
     recommendations on how this subsection may be improved, a 
     description of enforcement actions taken to demonstrate 
     compliance with this subsection, recommendations on how to 
     improve oversight of consumer reporting agencies and users of 
     consumer reports, and any other recommendations concerning 
     how consumers may be provided greater transparency and 
     control over their personal information.
       ``(B) GAO.--
       ``(i) Study.--The Comptroller General of the United States 
     shall conduct a study on what additional protections or 
     restrictions may be needed to ensure that the information 
     collected in consumer files is secure and does not adversely 
     impact consumers.
       ``(ii) Report.--Not later than 1 year after the date of 
     enactment of the Control Your Personal Credit Information Act 
     of 2018, 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 on the results of 
     the study under clause (i), which shall include--

       ``(I) to the greatest extent possible, the presentation of 
     unambiguous conclusions and specific recommendations for 
     further legislative changes needed to ensure that the 
     information collected in consumer files is secure and does 
     not adversely impact consumers; and
       ``(II) if no recommendations for further legislative 
     changes are presented, a detailed explanation of why no such 
     changes are recommended.'';

       (B) by redesignating subsections (f) and (g) as subsections 
     (d) and (e), respectively; and
       (C) by adding at the end the following:
       ``(f) No Fees.--No consumer reporting agency may charge a 
     consumer any fee for any activity pursuant to this 
     section.'';
       (2) in section 607(a) (15 U.S.C. 1681e(a)), by inserting 
     ``Every consumer reporting agency shall use commercially 
     reasonable efforts to

[[Page S1492]]

     avoid unauthorized access to consumer reports and information 
     in the file of a consumer maintained by the consumer 
     reporting agency, including complying with any appropriate 
     standards established under section 501(b) of the Gramm-
     Leach-Bliley Act (15 U.S.C. 6801(b)).'' after the end of the 
     third sentence;
       (3) in section 609 (15 U.S.C. 1681g), by striking 
     subsection (b) and inserting the following:
       ``(b) Scope of Disclosure.--The Director of the Bureau 
     shall promulgate regulations to clarify that any information 
     held by a consumer reporting agency about a consumer shall be 
     disclosed to the consumer when a consumer makes a written 
     request, irrespective of whether the information is held by 
     the parent, subsidiary, or affiliate of a consumer reporting 
     agency.''; and
       (4) in section 610(a)(1) (15 U.S.C. 1681h(a)(1)), by 
     striking ``section 609'' and inserting ``sections 604 and 
     609''.
       (b) Technical and Conforming Amendments.--The Fair Credit 
     Reporting Act (15 U.S.C. 1681 et seq.) is amended--
       (1) in section 603(d)(3) (15 U.S.C. 1681a(d)(3)), in the 
     matter preceding subparagraph (A), by striking ``604(g)(3)'' 
     and inserting ``604(e)(3)'';
       (2) in section 615(d) (15 U.S.C. 1681m(d))--
       (A) in paragraph (1)--
       (i) in the matter preceding subparagraph (A), by striking 
     ``604(c)(1)(B)'' and inserting ``604(c)(3)(A)(ii)''; and
       (ii) in subparagraph (E), by striking ``604(e)'' and 
     inserting ``604(c)(5)(D)''; and
       (B) in paragraph (2)(A), by striking ``604(e)'' and 
     inserting ``604(c)(5)(D)''; and
       (3) in section 625(b)(1)(A) (15 U.S.C. 1681t(b)(1)(A)), by 
     striking ``subsection (c) or (e) of section 604'' and 
     inserting ``604(c)''.
                                 ______
                                 
  SA 2128. Mr. REED submitted an amendment intended to be proposed by 
him to the bill S. 2155, to promote economic growth, provide tailored 
regulatory relief, and enhance consumer protections, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the end, add the following:

                        TITLE VI--MISCELLANEOUS

     SEC. 601. PILOT PROGRAM REGARDING LOSS MITIGATION AND 
                   COMMUNICATION.

       (a) Definitions.--In this section:
       (1) Continuity of contact personnel.--The term ``continuity 
     of contact personnel'' means servicer personnel described in 
     section 1024.40(a) of title 12, Code of Federal Regulations.
       (2) Covered borrower.--The term ``covered borrower'' means 
     a borrower of a federally related mortgage loan initiating a 
     loss mitigation application.
       (3) Covered branch.--The term ``covered branch'' means a 
     national bank consumer banking branch affiliated with a 
     federally related mortgage loan servicer.
       (4) Director.--The term ``Director'' means the Director of 
     the Bureau of Consumer Financial Protection.
       (5) Federally related mortgage loan.--The term ``federally 
     related mortgage loan'' has the meaning given the term in 
     section 3 of the Real Estate Settlement Procedures Act of 
     1974 (12 U.S.C. 2602).
       (6) Loss mitigation application.--The term ``loss 
     mitigation application'' has the meaning given the term in 
     section 1024.31 of title 12, Code of Federal Regulations.
       (7) Servicer.--The term ``servicer'' has the meaning given 
     the term in section 1024.2(b) of title 12, Code of Federal 
     Regulations.
       (b) Program Implementation.--Not later than 180 days after 
     the date of enactment of this Act, the Director shall, 
     subject to such conditions and procedures as the Director 
     shall establish, implement a pilot program to determine the 
     feasibility of requiring servicers to use covered branches to 
     provide to any covered borrower the information described in 
     subsection (c).
       (c) Information for Borrowers.--Each borrower described in 
     subsection (b) shall, upon request by the covered borrower at 
     a national bank consumer banking branch affiliated with the 
     covered borrower's servicer, receive, within a commercially 
     reasonable period of time but no later than 3 business days 
     after the date of the request, at such branch--
       (1) all relevant contact information for the continuity of 
     contact personnel of the covered borrower in connection with 
     a loss mitigation application for purposes of the pilot 
     program established under subsection (b); and
       (2) the address of a nearby location, within a reasonable 
     distance of the current residence of the covered borrower, 
     where the covered borrower may copy, fax, scan, transmit by 
     overnight delivery, or mail or email documents to the covered 
     borrower's customer service representative or the continuity 
     of contact personnel of the servicer.
       (d) Other Appropriate Program Procedures.--In implementing 
     a pilot program, the Director shall--
       (1) determine the feasibility of other appropriate 
     procedures, subject to such conditions as the Director shall 
     establish, that facilitate the timely transfer of documents 
     and information from a covered borrower to a servicer 
     necessary to complete a loss mitigation application; and
       (2) ensure that a servicer evaluates the loss mitigation 
     application of a covered borrower within the time period set 
     forth in section 1024.41(c)(1) of title 12, Code of Federal 
     Regulations.
       (e) Duration and Extension.--
       (1) In general.--Except as provided in paragraph (2), the 
     program authorized by this section shall terminate 18 months 
     after the date on which the program is implemented.
       (2) Extension.--The Director may extend the program 
     authorized by this section for an additional 12 months.
       (f) Report to Congress.--Not later than 270 days after the 
     date of enactment of this Act, and on a quarterly basis 
     thereafter until the termination of the pilot program, the 
     Director shall submit to Congress a report on the findings of 
     the Director regarding the pilot program, including a finding 
     of whether the pilot program should be extended.
                                 ______
                                 
  SA 2129. Mr. REED submitted an amendment intended to be proposed by 
him to the bill S. 2155, to promote economic growth, provide tailored 
regulatory relief, and enhance consumer protections, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. CYBERSECURITY TRANSPARENCY.

       (a) Definitions.--In this section--
       (1) the term ``Commission'' means the Securities and 
     Exchange Commission;
       (2) the term ``cybersecurity threat''--
       (A) means an action, not protected by the First Amendment 
     to the Constitution of the United States, on or through an 
     information system that may result in an unauthorized effort 
     to adversely impact the security, availability, 
     confidentiality, or integrity of an information system or 
     information that is stored on, processed by, or transiting an 
     information system; and
       (B) does not include any action that solely involves a 
     violation of a consumer term of service or a consumer 
     licensing agreement;
       (3) the term ``information system''--
       (A) has the meaning given the term in section 3502 of title 
     44, United States Code; and
       (B) includes industrial control systems, such as 
     supervisory control and data acquisition systems, distributed 
     control systems, and programmable logic controllers;
       (4) the term ``issuer'' has the meaning given the term in 
     section 3 of the Securities Exchange Act of 1934 (15 U.S.C. 
     78c);
       (5) the term ``NIST'' means the National Institute of 
     Standards and Technology; and
       (6) the term ``reporting company'' means any company that 
     is an issuer--
       (A) the securities of which are registered under section 12 
     of the Securities Exchange Act of 1934 (15 U.S.C. 78l); or
       (B) that is required to file reports under section 15(d) of 
     the Securities Exchange Act of 1934 (15 U.S.C. 78o(d)).
       (b) Requirement To Issue Rules.--Not later than 360 days 
     after the date of enactment of this Act, the Commission shall 
     issue final rules to require each reporting company, in the 
     annual report submitted under section 13 or section 15(d) of 
     the Securities Exchange Act of 1934 (15 U.S.C. 78m and 
     78o(d)) or the annual proxy statement submitted under section 
     14(a) of that Act (15 U.S.C. 78n(a))--
       (1) to disclose whether any member of the governing body, 
     such as the board of directors or general partner, of the 
     reporting company has expertise or experience in 
     cybersecurity and in such detail as necessary to fully 
     describe the nature of the expertise or experience; and
       (2) if no member of the governing body of the reporting 
     company has expertise or experience in cybersecurity, to 
     describe what other cybersecurity steps taken by the 
     reporting company were taken into account by such persons 
     responsible for identifying and evaluating nominees for any 
     member of the governing body, such as a nominating committee.
       (c) Cybersecurity Expertise or Experience.--For purposes of 
     subsection (b), the Commission, in consultation with NIST, 
     shall define what constitutes expertise or experience in 
     cybersecurity, such as professional qualifications to 
     administer information security program functions or 
     experience detecting, preventing, mitigating, or addressing 
     cybersecurity threats, using commonly defined roles, 
     specialities, knowledge, skills, and abilities, such as those 
     provided in NIST Special Publication 800-181 entitled ``NICE 
     Cybersecurity Workforce Framework'', or any successor 
     thereto.
                                 ______
                                 
  SA 2130. Mr. REED submitted an amendment intended to be proposed by 
him to the bill S. 2155, to promote economic growth, provide tailored 
regulatory relief, and enhance consumer protections, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the end of title III, add the following:

     SEC. 308. EDUCATION LOAN OMBUDSMAN.

       Section 1035 of the Consumer Financial Protection Act of 
     2010 (12 U.S.C. 5535) is amended--
       (1) in the section heading, by striking ``private'';
       (2) in subsection (a)--
       (A) by striking ``a Private'' and inserting ``an''; and
       (B) by striking ``private'';
       (3) in subsection (b), by striking ``private education 
     student loan'' and inserting ``education loan'';

[[Page S1493]]

       (4) in subsection (c)--
       (A) in the matter preceding paragraph (1), by striking 
     ``subsection'' and inserting ``section'';
       (B) in paragraph (1), by striking ``private'';
       (C) by striking paragraph (2) and inserting the following:
       ``(2) coordinate with the unit of the Bureau established 
     under section 1013(b)(3), in order to monitor complaints by 
     education loan borrowers and responses to those complaints by 
     the Bureau or other appropriate Federal or State agency;''; 
     and
       (D) in paragraph (3), by striking ``private'';
       (5) in subsection (d)--
       (A) in paragraph (2)--
       (i) by striking ``on the same day annually''; and
       (ii) by inserting ``and be made available to the public'' 
     after ``Representatives''; and
       (B) by adding at the end the following:
       ``(3) Contents.--The report required under paragraph (1) 
     shall include information on the number, nature, and 
     resolution of complaints received, disaggregated by lender, 
     servicer, region, State, and institution of higher 
     education.''; and
       (6) by striking subsection (e) and inserting the following:
       ``(e) Definitions.--In this section:
       ``(1) Education loan.--The term `education loan' means--
       ``(A) a private education loan, as defined in section 140 
     of the Truth in Lending Act (15 U.S.C.1650); and
       ``(B) a student loan made, insured, or guaranteed under 
     title IV of the Higher Education Act of 1965 (20 U.S.C. 1070 
     et seq.).
       ``(2) Institution of higher education.--The term 
     `institution of higher education' has the meaning given the 
     term in section 140 of the Truth in Lending Act (15 U.S.C. 
     1650).''.
                                 ______
                                 
  SA 2131. Mr. REED (for himself and Mr. Blumenthal) submitted an 
amendment intended to be proposed by him to the bill S. 2155, to 
promote economic growth, provide tailored regulatory relief, and 
enhance consumer protections, and for other purposes; which was ordered 
to lie on the table; as follows:

       On page 29, line 3, insert ``, which shall include a review 
     of any Federal fine or penalty paid during the preceding 24-
     month period and whether any violation or settlement related 
     to an alleged violation of the Servicemembers Civil Relief 
     Act (50 U.S.C. 3901 et seq.) or section 987 of title 10, 
     United States Code, could have been avoided'' after 
     ``appropriate''.

       On page 39, line 3, insert ``, which shall include a review 
     of any Federal fine or penalty paid during the preceding 24-
     month period and whether any violation or settlement related 
     to an alleged violation of the Servicemembers Civil Relief 
     Act (50 U.S.C. 3901 et seq.) or section 987 of title 10, 
     United States Code, could have been avoided'' after 
     ``appropriate''.

       On page 40, line 6, insert ``, including based on a review 
     of any Federal fine or penalty paid during the preceding 24-
     month period and whether any violation or settlement related 
     to an alleged violation of the Servicemembers Civil Relief 
     Act (50 U.S.C. 3901 et seq.) or section 987 of title 10, 
     United States Code, could have been avoided'' after 
     ``eligible''.

       On page 44, line 18, insert ``, which may include a 
     determination by the Board that the bank holding company or 
     savings and loan holding company, as applicable, has an 
     unacceptable history of repeatedly paying Federal fines or 
     penalties or has an unacceptable history of violating or 
     settling alleged violations of the Servicemembers Civil 
     Relief Act (50 U.S.C. 3901 et seq.) or section 987 of title 
     10, United States Code, that could have been avoided'' after 
     ``purposes''.
                                 ______
                                 
  SA 2132. Mr. REED submitted an amendment intended to be proposed by 
him to the bill S. 2155, to promote economic growth, provide tailored 
regulatory relief, and enhance consumer protections, and for other 
purposes; which was ordered to lie on the table; as follows:

       On page 133, lines 16 and 17, strike ``by striking 
     `$50,000,000,000' and inserting `$250,000,000,000' '' and 
     insert ``by striking `If the Board of Governors' and all that 
     follows through `shall' and inserting `If the Board of 
     Governors determines that a bank holding company or a nonbank 
     financial company supervised by the Board of Governors poses 
     a grave threat to the financial stability of the United 
     States, the Board of Governors, upon an affirmative vote of 
     not fewer than \2/3\ of the voting members of the Council 
     then serving, shall' ''.
                                 ______
                                 
  SA 2133. Mr. REED (for himself, Mr. Brown, Mr. Kaine, Mr. Menendez, 
Ms. Warren, Mr. Van Hollen, and Mr. Blumenthal) submitted an amendment 
intended to be proposed by him to the bill S. 2155, to promote economic 
growth, provide tailored regulatory relief, and enhance consumer 
protections, and for other purposes; which was ordered to lie on the 
table; as follows:

       At the end of title III, add the following:

     SEC. 3__. PROTECTING SERVICEMEMBERS.

       Section 1002(12) of the Consumer Financial Protection Act 
     of 2010 (12 U.S.C. 5481(12)) is amended--
       (1) in subparagraph (Q), by striking ``; and'' and 
     inserting a semicolon;
       (2) in subparagraph (R), by striking the period at the end 
     and inserting ``; and''; and
       (3) by adding at the end the following:
       ``(S) sections 101, 106, 107 (except with respect to 
     bailments), 108 (except with respect to insurance), 201 
     (except with respect to child custody proceedings), 207, 301, 
     302, 303, 305, and 305A of the Servicemembers Civil Relief 
     Act (50 U.S.C. 3911, 3917, 3918, 3919, 3931, 3937, 3951, 
     3952, 3953, 3955, and 3956).''.
                                 ______
                                 
  SA 2134. Mr. KENNEDY submitted an amendment intended to be proposed 
by him to the bill S. 2155, to promote economic growth, provide 
tailored regulatory relief, and enhance consumer protections, and for 
other purposes; which was ordered to lie on the table; as follows:

       In section 401(a)(1)(B), strike clause (i) and insert the 
     following:
       (i) in subparagraph (A)--

       (I) by striking ``may'' and inserting ``shall''; and
       (II) by inserting ``to ensure that companies with 
     comparable risk profiles and business models are operating 
     under a similar set of requirements and'' before ``on its'';

                                 ______
                                 
  SA 2135. Ms. STABENOW (for herself and Mr. Peters) submitted an 
amendment intended to be proposed by her to the bill S. 2155, to 
promote economic growth, provide tailored regulatory relief, and 
enhance consumer protections, and for other purposes; which was ordered 
to lie on the table; as follows:

       In section 203, insert ``covered fund or bank holding'' 
     before ``company''.
                                 ______
                                 
  SA 2136. Ms. DUCKWORTH submitted an amendment intended to be proposed 
by her to the bill S. 2155, to promote economic growth, provide 
tailored regulatory relief, and enhance consumer protections, and for 
other purposes; which was ordered to lie on the table; as follows:

       On page 75, line 15, strike ``telephone or electronic'' and 
     insert ``toll-free telephone or secure electronic''.
       On page 76, between lines 2 and 3, insert the following:
       ``(E) Temporary removal of security freeze.--Upon receiving 
     a direct request from a consumer under subparagraph (A)(i), 
     if the consumer requests a temporary removal of a security 
     freeze, the consumer reporting agency shall, in accordance 
     with subparagraph (C), remove the security freeze for the 
     period of time specified by the consumer.''.
                                 ______
                                 
  SA 2137. Mr. DURBIN (for himself and Mr. Merkley) submitted an 
amendment intended to be proposed by him to the bill S. 2155, to 
promote economic growth, provide tailored regulatory relief, and 
enhance consumer protections, and for other purposes; which was ordered 
to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. PROTECTING CONSUMERS FROM UNREASONABLE CREDIT 
                   RATES.

       (a) Findings.--Congress finds that--
       (1) attempts have been made to prohibit usurious interest 
     rates in America since colonial times;
       (2) at the Federal level, in 2006, Congress enacted a 
     Federal 36-percent annualized usury cap for servicemembers 
     and their families for covered credit products, as defined by 
     the Department of Defense, which curbed payday, car title, 
     and tax refund lending around military bases;
       (3) notwithstanding such attempts to curb predatory 
     lending, high-cost lending persists in all 50 States due to 
     loopholes in State laws, safe harbor laws for specific forms 
     of credit, and the exportation of unregulated interest rates 
     permitted by preemption;
       (4) due to the lack of a comprehensive Federal usury cap, 
     consumers annually pay approximately $14,000,000,000 on high-
     cost overdraft loans, as much as approximately $7,000,000,000 
     on storefront and online payday loans, $3,800,000,000 on car 
     title loans, and additional amounts in unreported revenues on 
     high-cost online installment loans;
       (5) cash-strapped consumers pay on average approximately 
     400 percent annual interest for payday loans, 300 percent 
     annual interest for car title loans, up to 17,000 percent or 
     higher for bank overdraft loans, and triple-digit rates for 
     online installment loans;
       (6) a national maximum interest rate that includes all 
     forms of fees and closes all loopholes is necessary to 
     eliminate such predatory lending; and
       (7) alternatives to predatory lending that encourage small 
     dollar loans with minimal or no fees, installment payment 
     schedules, and affordable repayment periods should be 
     encouraged.
       (b) National Maximum Interest Rate.--Chapter 2 of the Truth 
     in Lending Act (15 U.S.C. 1631 et seq.) is amended by adding 
     at the end the following:

     ``SEC. 140B. MAXIMUM RATES OF INTEREST.

       ``(a) In General.--Notwithstanding any other provision of 
     law, no creditor may make

[[Page S1494]]

     an extension of credit to a consumer with respect to which 
     the fee and interest rate, as defined in subsection (b), 
     exceeds 36 percent.
       ``(b) Fee and Interest Rate Defined.--
       ``(1) In general.--For purposes of this section, the fee 
     and interest rate includes all charges payable, directly or 
     indirectly, incident to, ancillary to, or as a condition of 
     the extension of credit, including--
       ``(A) any payment compensating a creditor or prospective 
     creditor for--
       ``(i) an extension of credit or making available a line of 
     credit, such as fees connected with credit extension or 
     availability such as numerical periodic rates, annual fees, 
     cash advance fees, and membership fees; or
       ``(ii) any fees for default or breach by a borrower of a 
     condition upon which credit was extended, such as late fees, 
     creditor-imposed not sufficient funds fees charged when a 
     borrower tenders payment on a debt with a check drawn on 
     insufficient funds, overdraft fees, and over limit fees;
       ``(B) all fees which constitute a finance charge, as 
     defined by rules of the Bureau in accordance with this title;
       ``(C) credit insurance premiums, whether optional or 
     required; and
       ``(D) all charges and costs for ancillary products sold in 
     connection with or incidental to the credit transaction.
       ``(2) Tolerances.--
       ``(A) In general.--With respect to a credit obligation that 
     is payable in at least 3 fully amortizing installments over 
     at least 90 days, the term `fee and interest rate' does not 
     include--
       ``(i) application or participation fees that in total do 
     not exceed the greater of $30 or, if there is a limit to the 
     credit line, 5 percent of the credit limit, up to $120, if--

       ``(I) such fees are excludable from the finance charge 
     pursuant to section 106 and regulations issued thereunder;
       ``(II) such fees cover all credit extended or renewed by 
     the creditor for 12 months; and
       ``(III) the minimum amount of credit extended or available 
     on a credit line is equal to $300 or more;

       ``(ii) a late fee charged as authorized by State law and by 
     the agreement that does not exceed either $20 per late 
     payment or $20 per month; or
       ``(iii) a creditor-imposed not sufficient funds fee charged 
     when a borrower tenders payment on a debt with a check drawn 
     on insufficient funds that does not exceed $15.
       ``(B) Adjustments for inflation.--The Bureau may adjust the 
     amounts of the tolerances established under this paragraph 
     for inflation over time, consistent with the primary goals of 
     protecting consumers and ensuring that the 36 percent fee and 
     interest rate limitation is not circumvented.
       ``(c) Calculations.--
       ``(1) Open end credit plans.--For an open end credit plan--
       ``(A) the fee and interest rate shall be calculated each 
     month, based upon the sum of all fees and finance charges 
     described in subsection (b) charged by the creditor during 
     the preceding 1-year period, divided by the average daily 
     balance; and
       ``(B) if the credit account has been open less than 1 year, 
     the fee and interest rate shall be calculated based upon the 
     total of all fees and finance charges described in subsection 
     (b)(1) charged by the creditor since the plan was opened, 
     divided by the average daily balance, and multiplied by the 
     quotient of 12 divided by the number of full months that the 
     credit plan has been in existence.
       ``(2) Other credit plans.--For purposes of this section, in 
     calculating the fee and interest rate, the Bureau shall 
     require the method of calculation of annual percentage rate 
     specified in section 107(a)(1), except that the amount 
     referred to in that section 107(a)(1) as the `finance charge' 
     shall include all fees, charges, and payments described in 
     subsection (b)(1) of this section.
       ``(3) Adjustments authorized.--The Bureau may make 
     adjustments to the calculations in paragraphs (1) and (2), 
     but the primary goals of such adjustment shall be to protect 
     consumers and to ensure that the 36-percent fee and interest 
     rate limitation is not circumvented.
       ``(d) Definition of Creditor.--As used in this section, the 
     term `creditor' has the same meaning as in section 702(e) of 
     the Equal Credit Opportunity Act (15 U.S.C. 1691a(e)).
       ``(e) No Exemptions Permitted.--The exemption authority of 
     the Bureau under section 105 shall not apply to the rates 
     established under this section or the disclosure requirements 
     under section 127(b)(6).
       ``(f) Disclosure of Fee and Interest Rate for Credit Other 
     Than Open End Credit Plans.--In addition to the disclosure 
     requirements under section 127(b)(6), the Bureau may 
     prescribe regulations requiring disclosure of the fee and 
     interest rate established under this section.
       ``(g) Relation to State Law.--Nothing in this section may 
     be construed to preempt any provision of State law that 
     provides greater protection to consumers than is provided in 
     this section.
       ``(h) Civil Liability and Enforcement.--In addition to 
     remedies available to the consumer under section 130(a), any 
     payment compensating a creditor or prospective creditor, to 
     the extent that such payment is a transaction made in 
     violation of this section, shall be null and void, and not 
     enforceable by any party in any court or alternative dispute 
     resolution forum, and the creditor or any subsequent holder 
     of the obligation shall promptly return to the consumer any 
     principal, interest, charges, and fees, and any security 
     interest associated with such transaction. Notwithstanding 
     any statute of limitations or repose, a violation of this 
     section may be raised as a matter of defense by recoupment or 
     setoff to an action to collect such debt or repossess related 
     security at any time.
       ``(i) Violations.--Any person that violates this section, 
     or seeks to enforce an agreement made in violation of this 
     section, shall be subject to, for each such violation, 1 year 
     in prison and a fine in an amount equal to the greater of--
       ``(1) three times the amount of the total accrued debt 
     associated with the subject transaction; or
       ``(2) $50,000.
       ``(j) State Attorneys General.--An action to enforce this 
     section may be brought by the appropriate State attorney 
     general in any United States district court or any other 
     court of competent jurisdiction within 3 years from the date 
     of the violation, and such attorney general may obtain 
     injunctive relief.''.
       (c) Disclosure of Fee and Interest Rate for Open End Credit 
     Plans.--Section 127(b)(6) of the Truth in Lending Act (15 
     U.S.C. 1637(b)(6)) is amended by striking ``the total finance 
     charge expressed'' and all that follows through the end of 
     the paragraph and inserting ``the fee and interest rate, 
     displayed as `FAIR', established under section 141.''.
                                 ______
                                 
  SA 2138. Mr. DURBIN (for himself, Mr. Donnelly, Mr. Scott, Mr. Young, 
Ms. Duckworth, Mr. Menendez, and Mr. Portman) submitted an amendment 
intended to be proposed by him to the bill S. 2155, to promote economic 
growth, provide tailored regulatory relief, and enhance consumer 
protections, and for other purposes; which was ordered to lie on the 
table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. LEAD-SAFE HOUSING FOR KIDS.

       (a) Amendments to the Lead-Based Paint Poisoning Prevention 
     Act.--Section 302(a) of the Lead-Based Paint Poisoning 
     Prevention Act (42 U.S.C. 4822(a)) is amended--
       (1) by redesignating paragraph (4) as paragraph (5); and
       (2) by inserting after paragraph (3) the following:
       ``(4) Additional procedures for families with children 
     under the age of 6.--
       ``(A) Risk assessment.--
       ``(i) Definition.--In this subparagraph, the term `covered 
     housing'--

       ``(I) means housing receiving Federal assistance described 
     in paragraph (1) that was constructed prior to 1978; and
       ``(II) does not include--

       ``(aa) single-family housing covered by an application for 
     mortgage insurance under the National Housing Act (12 U.S.C. 
     1701 et seq.); or
       ``(bb) multi-family housing that--
         ``(AA) is covered by an application for mortgage 
     insurance under the National Housing Act (12 U.S.C. 1701 et 
     seq.); and
         ``(BB) does not receive any other Federal housing 
     assistance.
       ``(ii) Regulations.--Not later than 180 days after the date 
     of enactment of this paragraph, the Secretary shall 
     promulgate regulations that--

       ``(I) require the owner of covered housing in which a 
     family with a child of less than 6 years of age will reside 
     or is expected to reside to conduct an initial risk 
     assessment for lead-based paint hazards--

       ``(aa) in the case of covered housing receiving tenant-
     based rental assistance under section 8 of the United States 
     Housing Act of 1937 (42 U.S.C. 1437f), not later than 15 days 
     after the date on which the family and the owner submit a 
     request for approval of a tenancy;
       ``(bb) in the case of covered housing receiving public 
     housing assistance under the United States Housing Act of 
     1937 (42 U.S.C. 1437 et seq.) or project-based rental 
     assistance under section 8 of the United States Housing Act 
     of 1937 (42 U.S.C. 1437f), not later than 15 days after the 
     date on which a physical condition inspection occurs; and
       ``(cc) in the case of covered housing not described in item 
     (aa) or (bb), not later than a date established by the 
     Secretary;

       ``(II) provide that a visual assessment alone is not 
     sufficient for purposes of complying with subclause (I);
       ``(III) require that, if lead-based paint hazards are 
     identified by an initial risk assessment conducted under 
     subclause (I), the owner of the covered housing shall--

       ``(aa) not later than 30 days after the date on which the 
     initial risk assessment is conducted, control the lead-based 
     paint hazards, including achieving clearance in accordance 
     with regulations promulgated under section 402 or 404 of the 
     Toxic Substances Control Act (15 U.S.C. 2682, 2684), as 
     applicable; and
       ``(bb) provide notice to all residents in the covered 
     housing affected by the initial risk assessment, and provide 
     notice in the common areas of the covered housing, that lead-
     based paint hazards were identified and will be controlled 
     within the 30-day period described in item (aa); and

       ``(IV) provide that there shall be no extension of the 30-
     day period described in subclause (III)(aa).

       ``(iii) Exceptions.--The regulations promulgated under 
     clause (ii) shall provide an

[[Page S1495]]

     exception to the requirement under subclause (I) of such 
     clause for covered housing--

       ``(I) if the owner of the covered housing submits to the 
     Secretary documentation--

       ``(aa) that the owner conducted a risk assessment of the 
     covered housing for lead-based paint hazards during the 12-
     month period preceding the date on which the family is 
     expected to reside in the covered housing; and
       ``(bb) of any clearance examinations of lead-based paint 
     hazard control work resulting from the risk assessment 
     described in item (aa);

       ``(II) from which all lead-based paint has been identified 
     and removed and clearance has been achieved in accordance 
     with regulations promulgated under section 402 or 404 of the 
     Toxic Substances Control Act (15 U.S.C. 2682, 2684), as 
     applicable;
       ``(III)(aa) if lead-based paint hazards are identified in 
     the dwelling unit in the covered housing in which the family 
     will reside or is expected to reside;
       ``(bb) the dwelling unit is unoccupied;
       ``(cc) the owner of the covered housing, without any 
     further delay in occupancy or increase in rent, provides the 
     family with another dwelling unit in the covered housing that 
     has no lead-based paint hazards; and
       ``(dd) the common areas servicing the new dwelling unit 
     have no lead-based paint hazards; and
       ``(IV) in accordance with any other standard or exception 
     the Secretary deems appropriate based on health-based 
     standards.

       ``(B) Relocation.--Not later than 180 days after the date 
     of enactment of this paragraph, the Secretary shall 
     promulgate regulations to provide that a family with a child 
     of less than 6 years of age that occupies a dwelling unit in 
     covered housing in which lead-based paint hazards were 
     identified, but not controlled in accordance with regulations 
     required under clause (ii), may relocate on an emergency 
     basis and without placement on any waitlist, penalty 
     (including rent payments to be made for that dwelling unit), 
     or lapse in assistance to--
       ``(i) a dwelling unit that was constructed in 1978 or 
     later; or
       ``(ii) another dwelling unit in covered housing that has no 
     lead-based paint hazards.''.
       (b) Authorization of Appropriations.--There is authorized 
     to be appropriated to carry out the amendments made by 
     subsection (b) such sums as may be necessary for each of 
     fiscal years 2018 through 2022.
                                 ______
                                 
  SA 2139. Mr. COTTON (for himself and Mr. Jones) submitted an 
amendment intended to be proposed by him to the bill S. 2155, to 
promote economic growth, provide tailored regulatory relief, and 
enhance consumer protections, and for other purposes; which was ordered 
to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. CAPITAL REQUIREMENTS FOR CERTAIN ACQUISITION, 
                   DEVELOPMENT, OR CONSTRUCTION LOANS.

       The Federal Deposit Insurance Act is amended by adding at 
     the end the following new section:

     ``SEC. 51. CAPITAL REQUIREMENTS FOR CERTAIN ACQUISITION, 
                   DEVELOPMENT, OR CONSTRUCTION LOANS.

       ``(a) In General.--The appropriate Federal banking agencies 
     may only require a depository institution to assign a 
     heightened risk weight to a high volatility commercial real 
     estate (HVCRE) exposure (as such term is defined under 
     section 324.2 of title 12, Code of Federal Regulations, as of 
     October 11, 2017, or if a successor regulation is in effect 
     as of the date of the enactment of this section, such term or 
     any successor term contained in such successor regulation) 
     under any risk-based capital requirement if such exposure is 
     an HVCRE ADC loan.
       ``(b) HVCRE ADC Loan Defined.--For purposes of this section 
     and with respect to a depository institution, the term `HVCRE 
     ADC loan'--
       ``(1) means a credit facility secured by land or improved 
     real property that, prior to being reclassified by the 
     depository institution as a Non-HVCRE ADC loan pursuant to 
     subsection (d)--
       ``(A) primarily finances, has financed, or refinances the 
     acquisition, development, or construction of real property;
       ``(B) has the purpose of providing financing to acquire, 
     develop, or improve such real property into income-producing 
     real property; and
       ``(C) is dependent upon future income or sales proceeds 
     from, or refinancing of, such real property for the repayment 
     of such credit facility;
       ``(2) does not include a credit facility financing--
       ``(A) the acquisition, development, or construction of 
     properties that are--
       ``(i) one- to four-family residential properties;
       ``(ii) real property that would qualify as an investment in 
     community development; or
       ``(iii) agricultural land;
       ``(B) the acquisition or refinance of existing income-
     producing real property secured by a mortgage on such 
     property, if the cash flow being generated by the real 
     property is sufficient to support the debt service and 
     expenses of the real property, in accordance with the 
     institution's applicable loan underwriting criteria for 
     permanent financings;
       ``(C) improvements to existing income-producing improved 
     real property secured by a mortgage on such property, if the 
     cash flow being generated by the real property is sufficient 
     to support the debt service and expenses of the real 
     property, in accordance with the institution's applicable 
     loan underwriting criteria for permanent financings; or
       ``(D) commercial real property projects in which--
       ``(i) the loan-to-value ratio is less than or equal to the 
     applicable maximum supervisory loan-to-value ratio as 
     determined by the appropriate Federal banking agency; and
       ``(ii) the borrower has contributed capital of at least 15 
     percent of the real property's appraised, `as completed' 
     value to the project in the form of--

       ``(I) cash;
       ``(II) unencumbered readily marketable assets;
       ``(III) paid development expenses out-of-pocket; or
       ``(IV) contributed real property or improvements; and

       ``(iii) the borrower contributed the minimum amount of 
     capital described under clause (ii) before the depository 
     institution advances funds under the credit facility, and 
     such minimum amount of capital contributed by the borrower is 
     contractually required to remain in the project until the 
     credit facility has been reclassified by the depository 
     institution as a Non-HVCRE ADC loan under subsection (d);
       ``(3) does not include any loan made prior to January 1, 
     2015; and
       ``(4) does not include a credit facility reclassified as a 
     Non-HVCRE ADC loan under subsection (d).
       ``(c) Value of Contributed Real Property.--For purposes of 
     this section, the value of any real property contributed by a 
     borrower as a capital contribution shall be the appraised 
     value of the property as determined under standards 
     prescribed pursuant to section 1110 of the Financial 
     Institutions Reform, Recovery, and Enforcement Act of 1989 
     (12 U.S.C. 3339), in connection with the extension of the 
     credit facility or loan to such borrower.
       ``(d) Reclassification as a Non-HVCRE ADC Loan.--For 
     purposes of this section and with respect to a credit 
     facility and a depository institution, upon--
       ``(1) the completion of the development or construction of 
     the real property being financed by the credit facility; and
       ``(2) cash flow being generated by the real property being 
     sufficient to support the debt service and expenses of the 
     real property,
     in accordance with the institution's applicable loan 
     underwriting criteria for permanent financings, the credit 
     facility may be reclassified by the depository institution as 
     a Non-HVCRE ADC loan.
       ``(e) Existing Authorities.--Nothing in this section shall 
     limit 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.''.
                                 ______
                                 
  SA 2140. Mr. MORAN (for himself and Mr. Manchin) submitted an 
amendment intended to be proposed by him to the bill S. 2155, to 
promote economic growth, provide tailored regulatory relief, and 
enhance consumer protections, and for other purposes; which was ordered 
to lie on the table; as follows:

       At the end, add the following:

    TITLE VI--FINANCIAL INSTITUTIONS EXAMINATION FAIRNESS AND REFORM

     SEC. 601. SHORT TITLE.

       This title may be cited as the ``Financial Institutions 
     Examination Fairness and Reform Act''.

     SEC. 602. TIMELINESS OF EXAMINATION REPORTS.

       The Federal Financial Institutions Examination Council Act 
     of 1978 (12 U.S.C. 3301 et seq.) is amended by adding at the 
     end the following:

     ``SEC. 1012. TIMELINESS OF EXAMINATION REPORTS.

       ``(a) In General.--
       ``(1) Final examination report.--A Federal financial 
     institutions regulatory agency shall provide a final 
     examination report to a financial institution not later than 
     60 days after the later of--
       ``(A) the exit interview for an examination of the 
     institution; or
       ``(B) the provision of additional information by the 
     institution relating to the examination.
       ``(2) Exit interview.--If a financial institution is not 
     subject to a resident examiner program, the exit interview 
     shall occur not later than the end of the 9-month period 
     beginning on the commencement of the examination, except that 
     such period may be extended by the Federal financial 
     institutions regulatory agency by providing written notice to 
     the institution and the Director describing with 
     particularity the reasons that a longer period is needed to 
     complete the examination.
       ``(b) Examination Materials.--Upon the request of a 
     financial institution, the Federal financial institutions 
     regulatory agency shall include with the final report an 
     appendix listing all examination or other factual information 
     relied upon by the agency in support of a material 
     supervisory determination.''.

[[Page S1496]]

  


     SEC. 603. INDEPENDENT EXAMINATION REVIEW DIRECTOR.

       (a) In General.--The Federal Financial Institutions 
     Examination Council Act of 1978 (12 U.S.C. 3301 et seq.), as 
     amended by section 602 of this Act, is further amended by 
     adding at the end the following:

     ``SEC. 1013. OFFICE OF INDEPENDENT EXAMINATION REVIEW.

       ``(a) Establishment.--There is established in the Council 
     an Office of Independent Examination Review.
       ``(b) Head of Office.--There is established the position of 
     the Independent Examination Review Director, as the head of 
     the Office of Independent Examination Review. The Director 
     shall be appointed by the Federal Financial Institutions 
     Examination Council.
       ``(c) Staffing.--The Director is authorized to hire staff 
     to support the activities of the Office of Independent 
     Examination Review.
       ``(d) Duties.--The Director shall--
       ``(1) receive and, at the discretion of the Director, 
     investigate complaints from financial institutions, their 
     representatives, or another entity acting on behalf of such 
     institutions, concerning examinations, examination practices, 
     or examination reports;
       ``(2) hold meetings, at least once every three months and 
     in locations designed to encourage participation from all 
     sections of the United States, with financial institutions, 
     their representatives, or another entity acting on behalf of 
     such institutions, to discuss examination procedures, 
     examination practices, or examination policies;
       ``(3) review examination procedures of the Federal 
     financial institutions regulatory agencies to ensure that the 
     written examination policies of those agencies are being 
     followed in practice and adhere to the standards for 
     consistency established by the Council;
       ``(4) conduct a continuing and regular program of 
     examination quality assurance for all examination types 
     conducted by the Federal financial institutions regulatory 
     agencies;
       ``(5) adjudicate any supervisory appeal initiated under 
     section 1014; and
       ``(6) report annually to the Committee on Financial 
     Services of the House of Representatives, the Committee on 
     Banking, Housing, and Urban Affairs of the Senate, and the 
     Council, on the reviews carried out pursuant to paragraphs 
     (3) and (4), including compliance with the requirements set 
     forth in section 1012 regarding timeliness of examination 
     reports, and the Council's recommendations for improvements 
     in examination procedures, practices, and policies.
       ``(e) Confidentiality.--The Director shall keep 
     confidential all meetings, discussions, and information 
     provided by financial institutions.''.
       (b) Definition.--Section 1003 of the Federal Financial 
     Institutions Examination Council Act of 1978 (12 U.S.C. 3302) 
     is amended--
       (1) in paragraph (2), by striking ``and'' at the end;
       (2) in paragraph (3), by adding ``and'' at the end; and
       (3) by adding at the end the following:
       ``(4) the term `Director' means the Independent Examination 
     Review Director established under section 1013(a) and (b).''.

     SEC. 604. RIGHT TO INDEPENDENT REVIEW OF MATERIAL SUPERVISORY 
                   DETERMINATIONS.

       The Federal Financial Institutions Examination Council Act 
     of 1978, as amended by sections 602 and 603 of this Act, is 
     further amended by adding at the end the following:

     ``SEC. 1014. RIGHT TO INDEPENDENT REVIEW OF MATERIAL 
                   SUPERVISORY DETERMINATIONS.

       ``(a) In General.--A financial institution shall have the 
     right to obtain an independent review of a material 
     supervisory determination contained in a final report of 
     examination.
       ``(b) Notice.--
       ``(1) Timing.--A financial institution seeking review of a 
     material supervisory determination under this section shall 
     file a written notice with the Director within 60 days after 
     receiving the final report of examination that is the subject 
     of such review.
       ``(2) Identification of determination.--The written notice 
     shall identify the material supervisory determination that is 
     the subject of the independent examination review, and a 
     statement of the reasons why the institution believes that 
     the determination is incorrect or should otherwise be 
     modified.
       ``(3) Information to be provided to institution.--Any 
     information relied upon by the agency in the final report 
     that is not in the possession of the financial institution 
     may be requested by the financial institution and shall be 
     delivered promptly by the agency to the financial 
     institution.
       ``(c) Right to Hearing.--
       ``(1) In general.--The Director shall--
       ``(A) determine the merits of the appeal on the record; or
       ``(B) at the election of the financial institution, refer 
     the appeal to an administrative law judge to conduct a 
     hearing pursuant to the procedures set forth under sections 
     556 and 557 of title 5, United States Code, which shall take 
     place not later than 60 days after the petition for review is 
     received by the Director.
       ``(2) Timing of decision.--An administrative law judge 
     conducting a hearing under paragraph (1)(B) shall issue a 
     proposed decision to the Director based upon the record 
     established at the hearing.
       ``(3) Standard of review.--In any hearing under this 
     subsection--
       ``(A) neither the administrative law judge nor the Director 
     shall defer to the opinions of the examiner or agency, but 
     shall independently determine the appropriateness of the 
     agency's decision based upon the relevant statutes, 
     regulations, other appropriate guidance, and evidence 
     presented at the hearing.
       ``(d) Final Decision.--A decision by the Director on an 
     independent review under this section shall--
       ``(1) be made not later than 60 days after the record has 
     been closed; and
       ``(2) be deemed final agency action and shall bind the 
     agency whose supervisory determination was the subject of the 
     review and the financial institution requesting the review.
       ``(e) Right to Judicial Review.--A financial institution 
     shall have the right to petition for review of the decision 
     of the Director under this section by filing a petition for 
     review not later than 60 days after the date on which the 
     decision is made in the United States Court of Appeals for 
     the District of Columbia Circuit or the Circuit in which the 
     financial institution is located.
       ``(f) Report.--The Director shall report annually to the 
     Committee on Financial Services of the House of 
     Representatives, the Committee on Banking, Housing, and Urban 
     Affairs of the Senate on actions taken under this section, 
     including the types of issues that the Director has reviewed 
     and the results of those reviews. In no case shall such a 
     report contain information about individual financial 
     institutions or any confidential or privileged information 
     shared by financial institutions.
       ``(g) Retaliation Prohibited.--A Federal financial 
     institutions regulatory agency may not--
       ``(1) retaliate against a financial institution, including 
     service providers, or any institution-affiliated party, for 
     exercising appellate rights under this section; or
       ``(2) delay or deny any agency action that would benefit a 
     financial institution or any institution-affiliated party on 
     the basis that an appeal under this section is pending under 
     this section.''.

     SEC. 605. ADDITIONAL AMENDMENTS.

       (a) Regulator Appeals Process, Ombudsman, and Alternative 
     Dispute Resolution.--
       (1) In general.--Section 309 of the Riegle Community 
     Development and Regulatory Improvement Act of 1994 (12 U.S.C. 
     4806) is amended--
       (A) in subsection (a), by inserting after ``appropriate 
     Federal banking agency'' the following: ``, the Bureau of 
     Consumer Financial Protection,'';
       (B) in subsection (b)--
       (i) by redesignating paragraphs (1) and (2) as 
     subparagraphs (A) and (B) and indenting appropriately;
       (ii) in the matter preceding subparagraph (A) (as 
     redesignated), by striking ``In establishing'' and inserting 
     ``(1) In general.--In establishing'';
       (iii) in paragraph (1)(B) (as redesignated), by striking 
     ``the appellant from retaliation by agency examiners'' and 
     inserting ``the insured depository institution or insured 
     credit union from retaliation by an agency referred to in 
     subsection (a)''; and
       (iv) by adding at the end the following:
       ``(2) Retaliation.--For purposes of this subsection and 
     subsection (e), retaliation includes delaying consideration 
     of, or withholding approval of, any request, notice, or 
     application that otherwise would have been approved, but for 
     the exercise of the institution's or credit union's rights 
     under this section.'';
       (C) in subsection (e)(2)--
       (i) in subparagraph (B), by striking ``and'' at the end;
       (ii) in subparagraph (C), by striking the period and 
     inserting ``; and''; and
       (iii) by adding at the end the following:
       ``(D) ensure that appropriate safeguards exist for 
     protecting the insured depository institution or insured 
     credit union from retaliation by any agency referred to in 
     subsection (a) for exercising its rights under this 
     subsection.''; and
       (D) in subsection (f)(1)(A)
       (i) in clause (ii), by striking ``; and'' and inserting a 
     semicolon;
       (ii) in clause (iii), by striking ``; and'' and inserting a 
     semicolon; and
       (iii) by adding at the end the following:
       ``(iv) any issue specifically listed in an exam report as a 
     matter requiring attention by the institution's management or 
     board of directors; and
       ``(v) any suspension or removal of an institution's status 
     as eligible for expedited processing of applications, 
     requests, notices, or filings on the grounds of a supervisory 
     or compliance concern, regardless of whether that concern has 
     been cited as a basis for a material supervisory 
     determination or matter requiring attention in an examination 
     report, provided that the conduct at issue did not involve 
     violation of any criminal law; and''.
       (2) Effect.--Nothing in this subsection affects the 
     authority of an appropriate Federal banking agency or the 
     National Credit Union Administration Board to take 
     enforcement or other supervisory action.
       (b) Federal Credit Union Act.--Section 205(j) of the 
     Federal Credit Union Act (12 U.S.C. 1785(j)) is amended by 
     inserting ``the Bureau of Consumer Financial Protection,'' 
     before ``the Administration'' each place that term appears.
       (c) Federal Financial Institutions Examination Council 
     Act.--The Federal Financial Institutions Examination Council 
     Act of

[[Page S1497]]

     1978 (12 U.S.C. 3301 et seq.), as amended by sections 602 
     through 604 of this Act, is further amended--
       (1) in section 1003 (12 U.S.C. 3302) by striking paragraph 
     (1) and inserting the following:
       ``(1) the term `Federal financial institutions regulatory 
     agencies'--
       ``(A) means the Office of the Comptroller of the Currency, 
     the Board of Governors of the Federal Reserve System, the 
     Federal Deposit Insurance Corporation, and the National 
     Credit Union Administration; and
       ``(B) includes the Bureau of Consumer Financial Protection 
     for purposes of sections 1012 through 1014;''; and
       (2) in section 1005 (12 U.S.C. 3304), by striking ``One-
     fifth'' and inserting ``One-fourth''.
                                 ______
                                 
  SA 2141. Ms. DUCKWORTH (for herself, Mr. Scott, Ms. Baldwin, and Mr. 
Johnson) submitted an amendment intended to be proposed by her to the 
bill S. 2155, to promote economic growth, provide tailored regulatory 
relief, and enhance consumer protections, and for other purposes; which 
was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. MEMBERSHIP ELIGIBILITY OF CERTAIN CAPTIVE INSURANCE 
                   COMPANIES.

       (a) In General.--The Federal Home Loan Bank Act (12 U.S.C. 
     1422 et seq.) is amended--
       (1) in section 4 (12 U.S.C. 1424), by adding at the end the 
     following:
       ``(d) Membership Eligibility of Certain Captive Insurance 
     Companies.--
       ``(1) Definitions.--In this subsection--
       ``(A) the terms `affiliate', `long-term', and `residential 
     mortgage loan' have the meanings given those terms in section 
     1263.1 of title 12, Code of Federal Regulations, as in effect 
     on the date of enactment of this subsection; and
       ``(B) the term `covered captive insurance company' means a 
     captive insurance company--
       ``(i) the primary insurance business of which is, or was on 
     January 19, 2016, the insurance of an affiliate;
       ``(ii) that was admitted to membership of a Federal Home 
     Loan Bank before January 19, 2016; and
       ``(iii) that, due solely to the change in the treatment of 
     captive insurance companies in the final rule of the Agency 
     entitled `Members of Federal Home Loan Banks' (81 Fed. Reg. 
     3246 (January 20, 2016))--

       ``(I) was required to terminate membership in the Federal 
     Home Loan Bank; or
       ``(II) will have membership in the Federal Home Loan Bank 
     terminated.

       ``(2) Continuation or restoration of membership.--A covered 
     captive insurance company may continue membership or have 
     membership restored in the same Federal Home Loan Bank 
     described in paragraph (1)(B)(ii) if--
       ``(A) the Federal Home Loan Bank determines, including 
     based on information submitted by the covered captive 
     insurance company, that--
       ``(i) the affiliate insured by the covered captive 
     insurance company makes, owns, or acquires long-term 
     residential mortgage loans; and
       ``(ii) the covered captive insurance company will comply 
     with the membership eligibility requirements described in 
     subsections (a), (b), and (c) of section 1263.6 of title 12, 
     Code of Federal Regulations, upon restoring membership; and
       ``(B) the covered captive insurance company continues to be 
     owned, or upon restoration of membership is owned and 
     continues to be owned, including direct ownership by a 
     controlling entity or indirect ownership through one or more 
     holding companies, by the same entity that owned the covered 
     captive insurance company on the date of enactment of this 
     subsection.
       ``(3) Benefits.--
       ``(A) In general.--A covered captive insurance company for 
     which membership in a Federal Home Loan Bank is continued or 
     restored under paragraph (2) shall have the same benefits of 
     membership in the Federal Home Loan Bank as the covered 
     captive insurance company had before January 19, 2016.
       ``(B) Application of regulation.--Section 1263.6(e) of 
     title 12, Code of Federal Regulations, or any successor 
     thereto, shall not apply to a covered captive insurance 
     company for which membership in a Federal Home Loan Bank is 
     continued or restored under paragraph (2).
       ``(C) Captives treated as insurance companies.--Except as 
     otherwise specifically provided for in this Act, for purposes 
     of this Act and any regulations promulgated under this Act, a 
     covered captive insurance company shall be treated as an 
     insurance company.
       ``(4) Limitation on advances.--With respect to a covered 
     captive insurance company for which membership in a Federal 
     Home Loan Bank is continued or restored under paragraph (2) 
     and that is not an affiliate of a depository financial 
     institution, the Federal Home Loan Bank may not make any 
     advances to the covered captive insurance company in an 
     amount that, in the aggregate, is greater than 50 percent of 
     the total assets of the covered captive insurance company 
     unless the Federal Home Loan Bank has received from the 
     affiliate of the covered captive insurance company or the 
     controlling entity described in paragraph (2)(B) a guarantee 
     of payment for any outstanding advances, which shall be in 
     addition to any collateral otherwise required to secure the 
     advances.''; and
       (2) in section 6(g) (12 U.S.C. 1426(g))--
       (A) in paragraph (1), by striking ``paragraph (2)'' and 
     inserting ``paragraphs (2) and (3)''; and
       (B) by adding at the end the following:
       ``(3) Exception for certain captive insurance companies.--A 
     covered captive insurance company (as defined in section 
     4(d)(1)) for which membership in a Federal Home Loan Bank is 
     restored under section 4(d)(2)--
       ``(A) shall not be subject to the 5-year period described 
     in paragraph (1); and
       ``(B) may acquire shares of the Federal Home Loan Bank 
     beginning after the membership is restored.''.
                                 ______
                                 
  SA 2142. Mr. CARPER submitted an amendment intended to be proposed by 
him to the bill S. 2155, to promote economic growth, provide tailored 
regulatory relief, and enhance consumer protections, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the end of title III, add the following:

     SEC. 308. MILITARY AND VETERANS EDUCATION PROTECTION.

       (a) Higher Education.--Section 487 of the Higher Education 
     Act of 1965 (20 U.S.C. 1094) is amended--
       (1) in subsection (a)(24)--
       (A) by inserting ``that receives funds provided under this 
     title'' before ``, such institution''; and
       (B) by striking ``other than funds provided under this 
     title, as calculated in accordance with subsection (d)(1)'' 
     and inserting ``other than Federal educational assistance, as 
     defined in subsection (d)(5) and calculated in accordance 
     with subsection (d)(1)''; and
       (2) in subsection (d)--
       (A) in the subsection heading, by striking ``Non-Title IV'' 
     and inserting ``Non-Federal Educational'';
       (B) in paragraph (1)--
       (i) in the matter preceding subparagraph (A), by inserting 
     ``that receives funds provided under this title'' before 
     ``shall'';
       (ii) in subparagraph (B)--

       (I) in clause (i), by striking ``assistance under this 
     title'' and inserting ``Federal educational assistance''; and
       (II) in clause (ii)(I), by inserting ``, or on a military 
     base if the administering Secretary for a program of Federal 
     educational assistance under clause (ii), (iii), or (iv) of 
     paragraph (5)(B) has authorized such location'' before the 
     semicolon;

       (iii) in subparagraph (C), by striking ``program under this 
     title'' and inserting ``program of Federal educational 
     assistance'';
       (iv) in subparagraph (E), by striking ``funds received 
     under this title'' and inserting ``Federal educational 
     assistance''; and
       (v) in subparagraph (F)--

       (I) in clause (iii), by striking ``under this title'' and 
     inserting ``of Federal educational assistance''; and
       (II) in clause (iv), by striking ``under this title'' and 
     inserting ``of Federal educational assistance'';

       (C) in paragraph (2)--
       (i) by striking subparagraph (A) and inserting the 
     following:
       ``(A) Ineligibility.--
       ``(i) In general.--Notwithstanding any other provision of 
     law, a proprietary institution of higher education receiving 
     funds provided under this title that fails to meet a 
     requirement of subsection (a)(24) for two consecutive 
     institutional fiscal years shall be ineligible to participate 
     in or receive funds under any program of Federal educational 
     assistance for a period of not less than two institutional 
     fiscal years.
       ``(ii) Regaining eligibility.--To regain eligibility to 
     participate in or receive funds under any program of Federal 
     educational assistance after being ineligible pursuant to 
     clause (i), a proprietary institution of higher education 
     shall demonstrate compliance with all eligibility and 
     certification requirements for the program for a minimum of 
     two consecutive institutional fiscal years after the 
     institutional fiscal year in which the institution became 
     ineligible. In order to regain eligibility to participate in 
     any program of Federal educational assistance under this 
     title, such compliance shall include meeting the requirements 
     of section 498 for such 2-year period.
       ``(iii) Notification of ineligibility.--The Secretary of 
     Education shall determine when a proprietary institution of 
     higher education that receives funds under this title is 
     ineligible under clause (i) and shall notify all other 
     administering Secretaries of the determination.
       ``(iv) Enforcement.--Each administering Secretary for a 
     program of Federal educational assistance shall enforce the 
     requirements of this subparagraph for the program concerned 
     upon receiving notification under clause (iii) of a 
     proprietary institution of higher education's 
     ineligibility.''; and
       (ii) in subparagraph (B)--

       (I) in the matter preceding clause (i)--

       (aa) by striking ``In addition'' and all that follows 
     through ``education fails'' and inserting ``Notwithstanding 
     any other provision of law, in addition to such other means 
     of enforcing the requirements of a program of Federal 
     educational assistance as may be available to the 
     administering Secretary, if a proprietary institution of 
     higher education

[[Page S1498]]

     that receives funds provided under this title fails''; and
       (bb) by striking ``the programs authorized by this title'' 
     and inserting ``all programs of Federal educational 
     assistance''; and

       (II) in clause (i), by inserting ``with respect to a 
     program of Federal educational assistance under this title,'' 
     before ``on the expiration date'';

       (D) in paragraph (4)(A), by striking ``sources under this 
     title'' and inserting ``Federal educational assistance''; and
       (E) by adding at the end the following:
       ``(5) Definitions.--In this subsection:
       ``(A) Administering secretary.--The term `administering 
     Secretary' means the Secretary of Education, the Secretary of 
     Defense, the Secretary of Veterans Affairs, the Secretary of 
     Homeland Security, or the Secretary of a military department 
     responsible for administering the Federal educational 
     assistance concerned.
       ``(B) Federal educational assistance.--The term `Federal 
     educational assistance' means funds provided under any of the 
     following provisions of law:
       ``(i) This title.
       ``(ii) Chapter 30, 31, 32, 33, 34, or 35 of title 38, 
     United States Code.
       ``(iii) Chapter 101, 105, 106A, 1606, 1607, or 1608 of 
     title 10, United States Code.
       ``(iv) Section 1784a of title 10, United States Code.''.
       (b) Department of Defense and Department of Veterans 
     Affairs Actions on Ineligibility of Certain Proprietary 
     Institutions of Higher Education for Participation in 
     Programs of Educational Assistance.--
       (1) Department of defense.--
       (A) In general.--Chapter 101 of title 10, United States 
     Code, is amended by inserting after section 2008 the 
     following new section:

     ``Sec. 2008a. Ineligibility of certain proprietary 
       institutions of higher education for participation in 
       Department of Defense programs of educational assistance

       ``(a) In General.--Upon receipt of a notice from the 
     Secretary of Education under clause (iii) of section 
     487(d)(2)(A) of the Higher Education Act of 1965 (20 U.S.C. 
     1094(d)(2)(A)) that a proprietary institution of higher 
     education is ineligible for participation in or receipt of 
     funds under any program of Federal educational assistance by 
     reason of such section, the Secretary of Defense shall ensure 
     that no educational assistance under the provisions of law 
     specified in subsection (b) is available or used for 
     education at the institution for the period of institutional 
     fiscal years covered by such notice.
       ``(b) Covered Assistance.--The provisions of law specified 
     in this subsection are the provisions of law on educational 
     assistance through the Department of Defense as follows:
       ``(1) This chapter.
       ``(2) Chapters 105, 106A, 1606, 1607, and 1608 of this 
     title.
       ``(3) Section 1784a of this title.
       ``(c) Notice on Ineligibility.--(1) The Secretary of 
     Defense shall take appropriate actions to notify persons 
     receiving or eligible for educational assistance under the 
     provisions of law specified in subsection (b) of the 
     application of the limitations in section 487(d)(2) of the 
     Higher Education Act of 1965 to particular proprietary 
     institutions of higher education.
       ``(2) The actions taken under this subsection with respect 
     to a proprietary institution shall include publication, on 
     the Internet website of the Department of Defense that 
     provides information to persons described in paragraph (1), 
     of the following:
       ``(A) The name of the institution.
       ``(B) The extent to which the institution failed to meet 
     the requirements of section 487(a)(24) of the Higher 
     Education Act of 1965.
       ``(C) The length of time the institution will be ineligible 
     for participation in or receipt of funds under any program of 
     Federal educational assistance by reason of section 
     487(d)(2)(A) of that Act.
       ``(D) The nonavailability of educational assistance through 
     the Department for enrollment, attendance, or pursuit of a 
     program of education at the institution by reason of such 
     ineligibility.''.
       (B) Clerical amendment.--The table of sections at the 
     beginning of chapter 101 of such title is amended by 
     inserting after the item relating to section 2008 the 
     following new item:

``2008a. Ineligibility of certain proprietary institutions of higher 
              education for participation in Department of Defense 
              programs of educational assistance.''.
       (2) Department of veterans affairs.--
       (A) In general.--Subchapter II of chapter 36 of title 38, 
     United States Code, is amended by inserting after section 
     3681 the following new section:

     ``Sec. 3681A. Ineligibility of certain proprietary 
       institutions of higher education for participation in 
       Department of Veterans Affairs programs of educational 
       assistance

       ``(a) In General.--Upon receipt of a notice from the 
     Secretary of Education under clause (iii) of section 
     487(d)(2)(A) of the Higher Education Act of 1965 (20 U.S.C. 
     1094(d)(2)(A)) that a proprietary institution of higher 
     education is ineligible for participation in or receipt of 
     funds under any program of Federal educational assistance by 
     reason of such section, the Secretary of Veterans Affairs 
     shall ensure that no educational assistance under the 
     provisions of law specified in subsection (b) is available or 
     used for education at the institution for the period of 
     institutional fiscal years covered by such notice.
       ``(b) Covered Assistance.--The provisions of law specified 
     in this subsection are the provisions of law on educational 
     assistance through the Department under chapters 30, 31, 32, 
     33, 34, and 35 of this title.
       ``(c) Notice on Ineligibility.--(1) The Secretary of 
     Veterans Affairs shall take appropriate actions to notify 
     persons receiving or eligible for educational assistance 
     under the provisions of law specified in subsection (b) of 
     the application of the limitations in section 487(d)(2) of 
     the Higher Education Act of 1965 to particular proprietary 
     institutions of higher education.
       ``(2) The actions taken under this subsection with respect 
     to a proprietary institution shall include publication, on 
     the Internet website of the Department that provides 
     information to persons described in paragraph (1), of the 
     following:
       ``(A) The name of the institution.
       ``(B) The extent to which the institution failed to meet 
     the requirements of section 487(a)(24) of the Higher 
     Education Act of 1965.
       ``(C) The length of time the institution will be ineligible 
     for participation in or receipt of funds under any program of 
     Federal educational assistance by reason of section 
     487(d)(2)(A) of that Act.
       ``(D) The nonavailability of educational assistance through 
     the Department for enrollment, attendance, or pursuit of a 
     program of education at the institution by reason of such 
     ineligibility.''.
       (B) Clerical amendment.--The table of sections at the 
     beginning of chapter 36 of such title is amended by inserting 
     after the item relating to section 3681 the following new 
     item:

``3681A. Ineligibility of certain proprietary institutions of higher 
              education for participation in Department of Veterans 
              Affairs programs of educational assistance.''.
                                 ______
                                 
  SA 2143. Mr. CARPER (for himself and Mr. Blunt) submitted an 
amendment intended to be proposed by him to the bill S. 2155, to 
promote economic growth, provide tailored regulatory relief, and 
enhance consumer protections, and for other purposes; which was ordered 
to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. DATA SECURITY.

       (a) Purposes.--The purposes of this section are--
       (1) to establish strong and uniform national data security 
     and breach notification standards for electronic data; and
       (2) to expressly preempt any related State laws in order to 
     provide the Federal Trade Commission with authority to 
     enforce such standards for entities covered under this 
     section.
       (b) Definitions.--For purposes of this section, the 
     following definitions shall apply:
       (1) Affiliate.--The term ``affiliate'' means any company 
     that controls, is controlled by, or is under common control 
     with another company.
       (2) Agency.--The term ``agency'' has the meaning given the 
     term in section 551 of title 5, United States Code.
       (3) Breach of data security.--The term ``breach of data 
     security''--
       (A) means the unauthorized acquisition of sensitive account 
     information or sensitive personal information; and
       (B) does not include the unauthorized acquisition of 
     sensitive account information or sensitive personal 
     information that is encrypted, redacted, or otherwise 
     protected by another method that renders the information 
     unreadable and unusable if the encryption, redaction, or 
     protection process or key is not also acquired without 
     authorization.
       (4) Carrier.--The term ``carrier'' means any entity that--
       (A) provides electronic data transmission, routing, 
     intermediate, and transient storage, or connections to the 
     system or network of the entity;
       (B) does not select or modify the content of the electronic 
     data;
       (C) is not the sender or the intended recipient of the 
     data; and
       (D) does not differentiate sensitive account information or 
     sensitive personal information from other information that 
     the entity transmits, routes, stores in intermediate or 
     transient storage, or for which such entity provides 
     connections.
       (5) Commission.--The term ``Commission'' means the Federal 
     Trade Commission.
       (6) Consumer.--The term ``consumer'' means an individual.
       (7) Consumer reporting agency that compiles and maintains 
     files on consumers on a nationwide basis.--The term 
     ``consumer reporting agency that compiles and maintains files 
     on consumers on a nationwide basis'' has the meaning given 
     the term in section 603(p) of the Fair Credit Reporting Act 
     (15 U.S.C. 1681a(p)).
       (8) Covered entity.--The term ``covered entity''--
       (A) means any individual, partnership, corporation, trust, 
     estate, cooperative, association, or entity that accesses, 
     maintains, communicates, or handles sensitive account 
     information or sensitive personal information; and

[[Page S1499]]

       (B) does not include--
       (i) an agency; or
       (ii) any other unit of Federal, State, or local government 
     or any subdivision of such a unit.
       (9) Financial institution.--The term ``financial 
     institution'' has the meaning given the term in section 509 
     of the Gramm-Leach-Bliley Act (15 U.S.C. 6809).
       (10) Information security program.--The term ``information 
     security program'' means the administrative, technical, or 
     physical safeguards that a covered entity uses to access, 
     collect, distribute, process, protect, store, use, transmit, 
     dispose of, or otherwise handle sensitive account information 
     and sensitive personal information.
       (11) Sensitive account information.--The term ``sensitive 
     account information'' means a financial account number 
     relating to a consumer, including a credit card number or 
     debit card number, in combination with any security code, 
     access code, password, or other personal identification 
     information required to access the financial account.
       (12) Sensitive personal information.--The term ``sensitive 
     personal information''--
       (A) means--
       (i) a Social Security number; or
       (ii) the first and last name of a consumer in combination 
     with--

       (I) the consumer's driver's license number, passport 
     number, military identification number, or other similar 
     number issued on a government document used to verify 
     identity;
       (II) information that could be used to access a consumer's 
     account, such as a user name and password or e-mail and 
     password; or
       (III) biometric data of the consumer used to gain access to 
     financial accounts of the consumer; and

       (B) does not include publicly available information that 
     is--
       (i) lawfully made available to the general public; and
       (ii) obtained from--

       (I) Federal, State, or local government records; or
       (II) widely distributed media.

       (13) Substantial harm or inconvenience.--The term 
     ``substantial harm or inconvenience'' means--
       (A) identity theft; or
       (B) fraudulent transactions on financial accounts.
       (14) Third-party service provider.--The term ``third-party 
     service provider'' means any person that maintains, 
     processes, or otherwise is permitted access to sensitive 
     account information or sensitive personal information in 
     connection with providing services to a covered entity.
       (c) Protection of Information and Security Breach 
     Notification.--
       (1) Security procedures required.--
       (A) In general.--Each covered entity shall develop, 
     implement, and maintain a comprehensive information security 
     program that contains administrative, technical, and physical 
     safeguards that are reasonably designed to achieve the 
     objectives in subparagraph (B).
       (B) Objectives.--The objectives of this paragraph are to--
       (i) ensure the security and confidentiality of sensitive 
     account information and sensitive personal information;
       (ii) protect against any anticipated threats or hazards to 
     the security or integrity of such information; and
       (iii) protect against unauthorized acquisition of such 
     information that could result in substantial harm to the 
     individuals to whom such information relates.
       (C) Limitation.--The information security program of a 
     covered entity under subparagraph (A) shall be appropriate 
     to--
       (i) the size and complexity of the covered entity;
       (ii) the nature and scope of the activities of the covered 
     entity; and
       (iii) the sensitivity of the consumer information to be 
     protected.
       (D) Elements.--In order to develop, implement, and maintain 
     an information security program required under subparagraph 
     (A), a covered entity shall--
       (i) designate an employee or employees to coordinate the 
     information security program;
       (ii) identify reasonably foreseeable internal and external 
     risks to the security, confidentiality, and integrity of 
     sensitive account information and sensitive personal 
     information and assess the sufficiency of any safeguards in 
     place to control these risks, including consideration of 
     risks in each relevant area of the operations of the covered 
     entity, including--

       (I) employee training and management;
       (II) information systems, including network and software 
     design and information processing, storage, transmission, and 
     disposal; and
       (III) detecting, preventing, and responding to attacks, 
     intrusions, or other systems failures;

       (iii) design and implement information safeguards to 
     control the risks identified in the risk assessment of the 
     covered entity and regularly assess the effectiveness of the 
     key controls, systems, and procedures of those safeguards;
       (iv) oversee service providers by--

       (I) taking reasonable steps to select and retain service 
     providers that are capable of maintaining appropriate 
     safeguards for the sensitive account information or sensitive 
     personal information at issue;
       (II) requiring service providers, by contract, to implement 
     and maintain the safeguards described in clause (iii); and
       (III) reasonably oversee or obtain an assessment of the 
     compliance by the service provider with contractual 
     obligations, where appropriate in light of the risk 
     assessment of the covered entity; and

       (v) evaluate and adjust the information security program in 
     light of the results of the risk assessments and testing and 
     monitoring required by clauses (iii) and (iv) and any 
     material changes to the operations or business arrangements 
     of the covered entity, or any other circumstances that the 
     covered entity knows or has reason to know may have a 
     material impact on the information security program of the 
     covered entity.
       (E) Security controls.--
       (i) In general.--Each covered entity shall--

       (I) consider whether the security measures described in 
     clause (ii) are appropriate for the covered entity and, if 
     so, adopt those measures that the covered entity concludes 
     are appropriate;
       (II) develop, implement, and maintain appropriate measures 
     to properly dispose of sensitive account information and 
     sensitive personal information; and
       (III) train staff to implement the covered entity's 
     information security program.

       (ii) Security measures.--The security measures described in 
     this clause are the following:

       (I) Access controls on information systems, including 
     controls to authenticate and permit access only to authorized 
     individuals and controls to prevent employees from providing 
     sensitive account information or sensitive personal 
     information to unauthorized individuals who may seek to 
     obtain that information through fraudulent means.
       (II) Access restrictions at physical locations containing 
     sensitive account information or sensitive personal 
     information, such as buildings, computer facilities, and 
     records storage facilities, to permit access only to 
     authorized individuals.
       (III) Encryption of electronic sensitive account 
     information or sensitive personal information, including 
     while in transit or in storage on networks or systems to 
     which unauthorized individuals may have access.
       (IV) Procedures designed to ensure that information system 
     modifications are consistent with the information security 
     program of the covered entity.
       (V) Dual control procedures, segregation of duties, and 
     employee background checks for employees with 
     responsibilities for, or access to, sensitive account 
     information or sensitive personal information.
       (VI) Monitoring systems and procedures to detect actual and 
     attempted attacks on, or intrusions into, information 
     systems.
       (VII) Response programs that specify actions to be taken 
     when the covered entity suspects or detects that unauthorized 
     individuals have gained access to information systems.
       (VIII) Measures to protect against destruction, loss, or 
     damage of sensitive account information or sensitive personal 
     information due to potential environmental hazards, such as 
     fire and water damage, or technological failures.

       (F) Administrative requirements.--
       (i) Board oversight.--If a covered entity has a board of 
     directors, the board of directors of the covered entity, or 
     an appropriate committee of the board of directors, shall--

       (I) approve the written information security program of the 
     covered entity; and
       (II) oversee the development, implementation, and 
     maintenance of the information security program of the 
     covered entity, including assigning specific responsibility 
     for the implementation of the program and reviewing reports 
     from management.

       (ii) Report to the board.--If a covered entity has a board 
     of directors, the covered entity shall report to the board, 
     or an appropriate committee of the board, at least annually, 
     including describing--

       (I) the overall status of the information security program 
     and the compliance of the covered entity with this section; 
     and
       (II) material matters related to the program of the covered 
     entity, addressing issues such as risk assessment, risk 
     management and control decisions, service provider 
     arrangements, results of testing, security breaches or 
     violations and management's responses, and recommendations 
     for changes in the information security program.

       (2) Investigation required.--
       (A) In general.--If a covered entity believes that a breach 
     of data security has or may have occurred in relation to 
     sensitive account information or sensitive personal 
     information that is maintained, communicated, or otherwise 
     handled by, or on behalf of, the covered entity, the covered 
     entity shall conduct an investigation to--
       (i) assess the nature and scope of the incident;
       (ii) identify any sensitive account information or 
     sensitive personal information that may have been involved in 
     the incident;
       (iii) determine if the sensitive account information or 
     sensitive personal information has been acquired without 
     authorization; and
       (iv) take reasonable measures to restore the security and 
     confidentiality of the systems compromised in the breach.
       (3) Notice required.--If a covered entity determines under 
     paragraph (2)(A)(iii) that

[[Page S1500]]

     the unauthorized acquisition of sensitive account information 
     or sensitive personal information involved in a breach of 
     data security is reasonably likely to cause substantial harm 
     to the consumers to whom the information relates, the covered 
     entity, or a third party acting on behalf of the covered 
     entity, shall--
       (A) notify, without unreasonable delay--
       (i) an appropriate Federal law enforcement agency;
       (ii) the appropriate agency or authority identified in 
     subsection (d);
       (iii) any relevant payment card network, if the breach 
     involves a breach of payment card numbers;
       (iv) each consumer reporting agency that compiles and 
     maintains files on consumers on a nationwide basis, if the 
     breach involves sensitive personal information or sensitive 
     account information relating to not fewer than 5,000 
     consumers; and
       (v) all consumers to whom the sensitive account information 
     or sensitive personal information relates;
       (B) provide notice to consumers by--
       (i) written notification sent to the postal address of the 
     consumer in the records of the covered entity;
       (ii) telephonic notification to the number of the consumer 
     in the records of the covered entity;
       (iii) e-mail of the consumer or other electronic means in 
     the records of the covered entity; or
       (iv) substitute notification in print and to broadcast 
     media where the individual whose personal information was 
     acquired resides, if providing written or e-mail notification 
     is not feasible due to--

       (I) lack of sufficient contact information for the 
     consumers that must be notified;
       (II) excessive cost to the covered entity; or
       (III) exigent circumstances; and

       (C) provide notice that includes--
       (i) a description of the type of sensitive account 
     information or sensitive personal information involved in the 
     breach of data security;
       (ii) a general description of the actions taken by the 
     covered entity to restore the security and confidentiality of 
     the sensitive account information or sensitive personal 
     information involved in the breach of data security; and
       (iii) a summary of rights of victims of identity theft 
     prepared by the Commission under section 609(d) of the Fair 
     Credit Reporting Act (15 U.S.C. 1681g(d)), if the breach of 
     data security involves sensitive personal information.
       (4) Clarification.--A financial institution shall have no 
     obligation under this section for a breach of security at 
     another covered entity involving sensitive account 
     information relating to an account owned by the financial 
     institution.
       (5) Special notification requirements.--
       (A) Third-party service providers.--In the event of a 
     breach of data security of a system maintained by a third-
     party entity that has been contracted to maintain, store, or 
     process data in electronic form containing sensitive account 
     information or sensitive personal information on behalf of a 
     covered entity that owns or possesses that data, that third-
     party entity shall notify--
       (i) the covered entity; and
       (ii) consumers if it is agreed in writing that the third-
     party service provider will provide that notification on 
     behalf of the covered entity.
       (B) Carrier obligations.--
       (i) In general.--If a carrier becomes aware of a breach of 
     data security involving data in electronic form containing 
     sensitive account information or sensitive personal 
     information that is owned or licensed by a covered entity 
     that connects to or uses a system or network provided by the 
     carrier for the purpose of transmitting, routing, or 
     providing intermediate or transient storage of that data, the 
     carrier shall notify the covered entity that initiated such 
     connection, transmission, routing, or storage of the data 
     containing sensitive account information or sensitive 
     personal information, if such covered entity can be 
     reasonably identified. If a service provider is acting solely 
     as a service provider for purposes of this paragraph, the 
     service provider has no other notification obligations under 
     this subsection.
       (ii) Covered entities who receive notice from carriers.--
     Upon receiving notification from a service provider under 
     subparagraph (A), a covered entity shall provide notification 
     as required under this subsection.
       (C) Communications with account holders.--If a covered 
     entity that is not a financial institution experiences a 
     breach of data security involving sensitive account 
     information, a financial institution that issues an account 
     to which the sensitive account information relates may 
     communicate with the account holder regarding the breach, 
     including--
       (i) an explanation that the financial institution was not 
     breached, and that the breach occurred at a third-party that 
     had access to the sensitive account information of the 
     consumer; or
       (ii) identify the covered entity that experienced the 
     breach after the covered entity has provided notice 
     consistent with this section.
       (6) Compliance.--
       (A) In general.--An entity shall be deemed to be in 
     compliance with--
       (i) in the case of a financial institution--

       (I) paragraph (1), if the financial institution maintains 
     policies and procedures to protect the confidentiality and 
     security of sensitive account information and sensitive 
     personal information that are consistent with the policies 
     and procedures of the financial institution that are designed 
     to comply with the requirements of section 501(b) of the 
     Gramm-Leach-Bliley Act (15 U.S.C. 6801(b)) and any 
     regulations or guidance prescribed under that section that 
     are applicable to the financial institution; and
       (II) paragraphs (2) and (3), if the financial institution--

       (aa)(AA) maintains policies and procedures to investigate 
     and provide notice to consumers of breaches of data security 
     that are consistent with the policies and procedures of the 
     financial institution that are designed to comply with the 
     investigation and notice requirements established by 
     regulations or guidance under section 501(b) of the Gramm-
     Leach-Bliley Act (15 U.S.C. 6801(b)) that are applicable to 
     the financial institution;
       (BB) is an affiliate of a bank holding company that 
     maintains policies and procedures to investigate and provide 
     notice to consumers of breaches of data security that are 
     consistent with the policies and procedures of a bank that is 
     an affiliate of the financial institution, and the policies 
     and procedures of the bank are designed to comply with the 
     investigation and notice requirements established by any 
     regulations or guidance under section 501(b) of the Gramm-
     Leach-Bliley Act (15 U.S.C. 6801(b)) that are applicable to 
     the bank; or
       (CC) is an affiliate of a savings and loan holding company 
     that maintains policies and procedures to investigate and 
     provide notice to consumers of data breaches of data security 
     that are consistent with the policies and procedures of a 
     savings association that is an affiliate of the financial 
     institution and the policies and procedures of the savings 
     association are designed to comply with the investigation and 
     notice requirements established by any regulations or 
     guidelines under section 501(b) of the Gramm-Leach-Bliley Act 
     (15 U.S.C. 6801(b)) that are applicable to savings 
     associations; and
       (bb) provides for notice to the entities described under 
     clauses (ii), (iii), and (iv) of paragraph (3)(A), if notice 
     is provided to consumers pursuant to the policies and 
     procedures of the financial institution described in item 
     (aa); and
       (ii) paragraphs (1), (2), and (3)--

       (I) if the entity is a covered entity for purposes of the 
     regulations promulgated under section 264(c) of the Health 
     Insurance Portability and Accountability Act of 1996 (42 
     U.S.C. 1320d-2 note), to the extent that the entity is in 
     compliance with those regulations; or
       (II) if the entity is in compliance with sections 13402 and 
     13407 of the HITECH Act (42 U.S.C. 17932 and 17937).

       (B) Definitions.--In this paragraph--
       (i) the terms ``bank holding company'' and ``bank'' have 
     the meanings given those terms in section 2 of the Bank 
     Holding Company Act of 1956 (12 U.S.C. 1841);
       (ii) 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)); and
       (iii) the term ``savings association'' has the meaning 
     given the term in section 2 of the Home Owners' Loan Act (12 
     U.S.C. 1462).
       (d) Administrative Enforcement.--
       (1) In general.--Notwithstanding any other provision of 
     law, subsection (c) shall be enforced exclusively under--
       (A) section 8 of the Federal Deposit Insurance Act (12 
     U.S.C. 1818), in the case of--
       (i) a national bank, a Federal branch or Federal agency of 
     a foreign bank, or any subsidiary thereof (other than a 
     broker, dealer, person providing insurance, investment 
     company, or investment adviser), or a savings association, 
     the deposits of which are insured by the Federal Deposit 
     Insurance Corporation, or any subsidiary thereof (other than 
     a broker, dealer, person providing insurance, investment 
     company, or investment adviser), by the Office of the 
     Comptroller of the Currency;
       (ii) a member bank of the Federal Reserve System (other 
     than a national bank), a branch or agency of a foreign bank 
     (other than a Federal branch, Federal agency, or insured 
     State branch of a foreign bank), a commercial lending company 
     owned or controlled by a foreign bank, an organization 
     operating under section 25 or 25A of the Federal Reserve Act 
     (12 U.S.C. 601, 611), or a bank holding company and its 
     nonbank subsidiary or affiliate (other than a broker, dealer, 
     person providing insurance, investment company, or investment 
     adviser), by the Board of Governors of the Federal Reserve 
     System; and
       (iii) a bank, the deposits of which are insured by the 
     Federal Deposit Insurance Corporation (other than a member of 
     the Federal Reserve System), an insured State branch of a 
     foreign bank, or any subsidiary thereof (other than a broker, 
     dealer, person providing insurance, investment company, or 
     investment adviser), by the Board of Directors of the Federal 
     Deposit Insurance Corporation;
       (B) the Federal Credit Union Act (12 U.S.C. 1751 et seq.), 
     by the National Credit Union Administration Board with 
     respect to any federally insured credit union;
       (C) the Securities Exchange Act of 1934 (15 U.S.C. 78a et 
     seq.), by the Securities and Exchange Commission with respect 
     to any broker or dealer;
       (D) the Investment Company Act of 1940 (15 U.S.C. 80a-1 et 
     seq.), by the Securities and Exchange Commission with respect 
     to any investment company;

[[Page S1501]]

       (E) the Investment Advisers Act of 1940 (15 U.S.C. 80b-1 et 
     seq.), by the Securities and Exchange Commission with respect 
     to any investment adviser registered with the Securities and 
     Exchange Commission under that Act;
       (F) the Commodity Exchange Act (7 U.S.C. 1 et seq.), by the 
     Commodity Futures Trading Commission with respect to any 
     futures commission merchant, commodity trading advisor, 
     commodity pool operator, or introducing broker;
       (G) the provisions of title XIII of the Housing and 
     Community Development Act of 1992 (12 U.S.C. 4501 et seq.), 
     by the Director of Federal Housing Enterprise Oversight (and 
     any successor to the functional regulatory agency) with 
     respect to the Federal National Mortgage Association, the 
     Federal Home Loan Mortgage Corporation, and any other entity 
     or enterprise (as defined in that title) subject to the 
     jurisdiction of the functional regulatory agency under that 
     title, including any affiliate of any the enterprise;
       (H) State insurance law, in the case of any person engaged 
     in providing insurance, by the applicable State insurance 
     authority of the State in which the person is domiciled; and
       (I) the Federal Trade Commission Act (15 U.S.C. 41 et 
     seq.), by the Commission for any other covered entity that is 
     not subject to the jurisdiction of any agency or authority 
     described under subparagraphs (A) through (H), including--
       (i) notwithstanding section 5(a)(2) of the Federal Trade 
     Commission Act (15 U.S.C. 45(a)(2)), common carriers subject 
     to the Communications Act of 1934 (47 U.S.C. 151 et seq.);
       (ii) notwithstanding the Federal Aviation Act of 1958 (49 
     U.S.C. App. 1301 et seq.), include the authority to enforce 
     compliance by air carriers and foreign air carriers; and
       (iii) notwithstanding the Packers and Stockyards Act (7 
     U.S.C. 181 et seq.), include the authority to enforce 
     compliance by persons, partnerships, and corporations subject 
     to the provisions of that Act.
       (2) Application to cable operators, satellite operators, 
     and telecommunications carriers.--
       (A) Data security and breach notification.--Sections 201, 
     202, 222, 338, and 631 of the Communications Act of 1934 (47 
     U.S.C. 201, 202, 222, 338, and 551), and any regulations 
     promulgated in accordance with those sections, shall not 
     apply with respect to the information security practices, 
     including practices relating to the notification of 
     unauthorized access to data in electronic form, of any 
     covered entity otherwise subject to those sections.
       (B) Rule of construction.--Nothing in this paragraph 
     otherwise limits authority of the Federal Communication 
     Commission with respect to sections 201, 202, 222, 338, and 
     631 of the Communications Act of 1934 (47 U.S.C. 201, 202, 
     222, 338, and 551).
       (3) No private right of action.--
       (A) In general.--This section may not be construed to 
     provide a private right of action, including a class action 
     with respect to any Act or practice regulated under this 
     section.
       (B) Exception.--A consumer or entity that suffers financial 
     harm as a result of the violation by a covered entity of this 
     section may bring an action in a district court of the United 
     States for the judicial district in which the consumer or 
     entity suffered the harm against the covered entity to 
     recover--
       (i) in the case of a negligent violation of this section, 
     actual financial damages, court costs allowed by the rules of 
     the court, and reasonable attorney's fees; and
       (ii) in the case of a knowing violation of this section, 
     the damages, costs, and attorney's fees described in clause 
     (i) of this subsection and punitive damages.
       (e) Relation to State Law.--No requirement or prohibition 
     may be imposed under the laws of any State with respect to 
     the responsibilities of any person to--
       (1) protect the security of information relating to 
     consumers that is maintained, communicated, or otherwise 
     handled by, or on behalf of, the person;
       (2) safeguard information relating to consumers from--
       (A) unauthorized access; and
       (B) unauthorized acquisition;
       (3) investigate or provide notice of the unauthorized 
     acquisition of, or access to, information relating to 
     consumers, or the potential misuse of the information, for 
     fraudulent, illegal, or other purposes; or
       (4) mitigate any potential or actual loss or harm resulting 
     from the unauthorized acquisition of, or access to, 
     information relating to consumers.
       (f) Delayed Effective Date for Certain Provisions.--
     Subsections (c) and (e) shall take effect on the date that is 
     1 year after the date of enactment of this Act.
                                 ______
                                 
  SA 2144. Mr. CARPER submitted an amendment intended to be proposed by 
him to the bill S. 2155, to promote economic growth, provide tailored 
regulatory relief, and enhance consumer protections, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. OFFICE OF FAIR LENDING AND EQUAL OPPORTUNITY OF THE 
                   BUREAU OF CONSUMER FINANCIAL PROTECTION.

       Section 1013 of the Consumer Financial Protection Act of 
     2010 (12 U.S.C. 5493) is amended by striking subsection (c) 
     and inserting the following:
       ``(c) Office of Fair Lending and Equal Opportunity.--
       ``(1) Establishment.--There is established within the 
     Division of Supervision, Enforcement, and Fair Lending of the 
     Bureau the Office of Fair Lending and Equal Opportunity.
       ``(2) Functions.--The Office of Fair Lending and Equal 
     Opportunity shall have such powers and duties as the 
     Associate Director for Supervision, Enforcement, and Fair 
     Lending of the Bureau (referred to in this subsection as the 
     `Associate Director') may delegate to the Office, including--
       ``(A) providing oversight and enforcement of Federal laws 
     intended to ensure the fair, equitable, and nondiscriminatory 
     access to credit for both individuals and communities that 
     are enforced by the Bureau, including the Equal Credit 
     Opportunity Act (15 U.S.C. 1691 et seq.) and the Home 
     Mortgage Disclosure Act of 1975 (12 U.S.C. 2801 et seq.);
       ``(B) coordinating fair lending efforts of the Bureau with 
     other Federal agencies and State regulators, as appropriate, 
     to promote consistent, efficient, and effective enforcement 
     of Federal fair lending laws;
       ``(C) working with private industry, fair lending, civil 
     rights, consumer, and community advocates on the promotion of 
     fair lending compliance and education; and
       ``(D) providing annual reports to Congress on the efforts 
     of the Bureau to fulfill the fair lending mandate of the 
     Bureau.
       ``(3) Administration of office.--There is established the 
     position of Assistant Director of the Bureau for Fair Lending 
     and Equal Opportunity, who shall--
       ``(A) be appointed by the Associate Director; and
       ``(B) carry out such duties as the Associate Director may 
     delegate to the Assistant Director.''.
                                 ______
                                 
  SA 2145. Mr. CARPER submitted an amendment intended to be proposed by 
him to the bill S. 2155, to promote economic growth, provide tailored 
regulatory relief, and enhance consumer protections, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. FTC CIVIL MONEY PENALTY AUTHORITY FOR CERTAIN 
                   VIOLATIONS OF THE SAFEGUARDS RULE.

       (a) Definitions.--In this section--
       (1) the term ``Commission'' means the Federal Trade 
     Commission; and
       (2) the term ``consumer reporting agency'' has the meaning 
     given the term in section 603(f) of the Fair Credit Reporting 
     Act (15 U.S.C. 1681a(f)).
       (b) Authority.--Notwithstanding any other provision of law 
     or regulation, the Commission may impose a civil money 
     penalty on any consumer reporting agency that violates part 
     314 of title 16, Code of Federal Regulations, or any 
     successor regulations.
                                 ______
                                 
  SA 2146. Mr. BOOKER (for himself and Mr. Lee) submitted an amendment 
intended to be proposed by him to the bill S. 2155, to promote economic 
growth, provide tailored regulatory relief, and enhance consumer 
protections, and for other purposes; which was ordered to lie on the 
table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. STOP DEBT COLLECTION ABUSE.

       (a) Definitions.--Section 803 of the Fair Debt Collection 
     Practices Act (15 U.S.C. 1692a) is amended--
       (1) in paragraph (4), by striking ``facilitating collection 
     of such debt for another'' and inserting ``collection of such 
     debt'';
       (2) by striking paragraphs (5) and (6) and inserting the 
     following:
       ``(5) The term `debt' means--
       ``(A) any obligation or alleged obligation of a consumer to 
     pay money arising out of a transaction in which the money, 
     property, insurance, or services that are the subject of the 
     transaction are primarily for personal, family, or household 
     purposes, whether or not such obligation has been reduced to 
     judgment; or
       ``(B) any obligation or alleged obligation of a consumer--
       ``(i) to pay a loan, an overpayment, a fine, penalty, a 
     fee, or other money to a Federal agency; and
       ``(ii) that is not less than 180 days past due.
       ``(6) The term `debt collector'--
       ``(A) means any person who--
       ``(i) uses any instrumentality of interstate commerce or 
     the mails in any business the principal purpose of which is 
     the collection of any debts;
       ``(ii) regularly collects or attempts to collect, directly 
     or indirectly, by its own means or by hiring another debt 
     collector, debts owed or due or asserted to be owed or due 
     another or that have been obtained by assignment or transfer 
     from another; or
       ``(iii) regularly collects debts owed or allegedly owed to 
     a Federal agency;
       ``(B) includes--
       ``(i) any creditor who, in the process of collecting his 
     own debts, uses any name other than his own which would 
     indicate that a third person is collecting or attempting to 
     collect such debts; and

[[Page S1502]]

       ``(ii) for purposes of section 808(6), includes any person 
     who uses any instrumentality of interstate commerce or the 
     mails in any business the principal purpose of which is the 
     enforcement of security interests; and
       ``(C) does not include--
       ``(i) any officer or employee of a creditor while, in the 
     name of the creditor, collecting debts for such creditor;
       ``(ii) any person while acting as a debt collector for 
     another person, both of whom are related by common ownership 
     or affiliated by corporate control, if the person acting as a 
     debt collector does so only for persons to whom it is so 
     related or affiliated and if the principal business of such 
     person is not the collection of debts;
       ``(iii) any officer or employee of the United States or any 
     State to the extent that collecting or attempting to collect 
     any debt is in the performance of his official duties;
       ``(iv) any person while serving or attempting to serve 
     legal process on any other person in connection with the 
     judicial enforcement of any debt;
       ``(v) any nonprofit organization which, at the request of 
     consumers, performs bona fide consumer credit counseling and 
     assists consumers in the liquidation of their debts by 
     receiving payments from such consumers and distributing such 
     amounts to creditors; and
       ``(vi) any person collecting or attempting to collect any 
     debt owed or due or asserted to be owed or due another or 
     that has been obtained by assignment or transfer from another 
     to the extent such activity--

       ``(I) is incidental to a bona fide fiduciary obligation or 
     a bona fide escrow arrangement;
       ``(II) concerns a debt which was originated by such person;
       ``(III) concerns a debt which was not in default at the 
     time it was obtained by such person; or
       ``(IV) concerns a debt obtained by such person as a secured 
     party in a commercial credit transaction involving the 
     creditor.''.

       (b) Debt Collection Practices for Debt Collectors Hired by 
     Government Agencies.--The Fair Debt Collection Practices Act 
     (15 U.S.C. 1692 et seq.) is amended by inserting after 
     section 812 (15 U.S.C. 1692j) the following:

     ``Sec. 812A. Debt collection practices for debt collectors 
       hired by Federal agencies

       ``(a) Limitation on Time To Turn Debt Over to Debt 
     Collector.--A Federal agency that is a creditor may sell or 
     transfer a debt described in section 803(5)(B) to a debt 
     collector not earlier than 90 days after the date on which 
     the obligation or alleged obligation arises.
       ``(b) Required Notice.--
       ``(1) In general.--Before transferring or selling a debt 
     described in section 803(5)(B) to a debt collector or 
     contracting with a debt collector to collect such a debt, a 
     Federal agency shall notify the consumer not fewer than 3 
     times that the Federal agency will take such action.
       ``(2) Frequency of notifications.--The second and third 
     notifications described in paragraph (1) shall be made not 
     less than 30 days after the date on which the previous 
     notification is made.''.
       (c) Unfair Practices.--Section 808 of the Fair Debt 
     Collection Practices Act (15 U.S.C. 1692f) is amended by 
     striking paragraph (1) and inserting the following:
       ``(1) The collection of any amount (including any interest, 
     fee, charge, or expense incidental to the principal 
     obligation) unless--
       ``(A) such amount is expressly authorized by the agreement 
     creating the debt or permitted by law; or
       ``(B) in the case of any amount charged by a debt collector 
     collecting a debt for a Federal agency, such amount is--
       ``(i) reasonable in relation to the actual costs of the 
     collection;
       ``(ii) authorized by a contract between the debt collector 
     and the Federal agency; and
       ``(iii) not greater than 10 percent of the amount collected 
     by the debt collector.''.
       (d) GAO Study and Report.--
       (1) Study.--The Comptroller General of the United States 
     shall commence a study on the use of debt collectors by 
     Federal, State, and local government agencies, including--
       (A) the powers given to the debt collectors by Federal, 
     State, and local government agencies;
       (B) the contracting process that allows a Federal, State, 
     or local government agency to award debt collection to a 
     certain company, including the selection process;
       (C) any fees charged to debtors in addition to principal 
     and interest on the outstanding debt;
       (D) how the fees described in subparagraph (C) vary from 
     State to State;
       (E) consumer protection at the State level that offer 
     recourse to those whom debts have been wrongfully attributed;
       (F) the revenues received by debt collectors from Federal, 
     State, and local government agencies;
       (G) the amount of any revenue sharing agreements between 
     debt collectors and Federal, State, and local government 
     agencies;
       (H) the difference in debt collection procedures across 
     geographic regions, including the extent to which debt 
     collectors pursue court judgments to collect debts; and
       (I) any legal immunity or other protections given to the 
     debt collectors hired by State and local government agencies, 
     including whether the debt collectors are subject to the Fair 
     Debt Collection Practices Act (15 U.S.C. 1692 et seq.).
       (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 on the completed 
     study required under paragraph (1).
                                 ______
                                 
  SA 2147. Ms. SMITH submitted an amendment intended to be proposed by 
her to the bill S. 2155, to promote economic growth, provide tailored 
regulatory relief, and enhance consumer protections, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ____. ACTING OFFICERS AT INDEPENDENT REGULATORY 
                   AGENCIES.

       (a) In General.--Section 3345 of title 5, United States 
     Code, is amended--
       (1) in subsection (a)(2), by inserting ``and except as 
     provided in subsection (d),'' after ``notwithstanding 
     paragraph (1),''; and
       (2) by adding at the end the following:
       ``(d) The President may not exercise authority under 
     subsection (a)(2) if the vacant office described in that 
     subsection is at an independent regulatory agency, as defined 
     in section 3502(5) of title 44.''.
       (b) Application.--
       (1) Definitions.--In this subsection--
       (A) the term ``covered office'' means an office--
       (i) for which appointment is required to be made by the 
     President, by and with the advice and consent of the Senate;
       (ii) the functions and duties of which the President may 
     direct an individual to perform temporarily in an acting 
     capacity under section 3345(a)(2) of title 5, United States 
     Code, as in effect on the day before the date of enactment of 
     this Act; and
       (iii) that is at an independent regulatory agency; and
       (B) the term ``independent regulatory agency'' has the 
     meaning given the term in section 3502(5) of title 44, United 
     States Code.
       (2) Prohibition.--Beginning on the date of enactment of 
     this Act, an individual who, as of the day before that date, 
     served in a covered office pursuant to direction from the 
     President under section 3345(a)(2) of title 5, United States 
     Code, as in effect on the day before the date of enactment of 
     this Act, may not continue to serve in that covered office 
     unless, as of the date on which the President issued that 
     direction, the individual was eligible to serve in the 
     covered office under a provision of law other than such 
     section 3345(a)(2).
                                 ______
                                 
  SA 2148. Ms. SMITH submitted an amendment intended to be proposed by 
her to the bill S. 2155, to promote economic growth, provide tailored 
regulatory relief, and enhance consumer protections, and for other 
purposes; which was ordered to lie on the table; as follows:

       Strike sections 401 and 402.
                                 ______
                                 
  SA 2149. Ms. SMITH submitted an amendment intended to be proposed by 
her to the bill S. 2155, to promote economic growth, provide tailored 
regulatory relief, and enhance consumer protections, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. ENSURING FREE ACCESS TO CREDIT REPORTS FOR 
                   CONSUMERS.

       (a) Short Title.--This section may be cited as the ``Free 
     Access to Credit Reports Act''.
       (b) Access.--Section 612 of the Fair Credit Reporting Act 
     (15 U.S.C. 1681j) is amended--
       (1) in subsection (a)--
       (A) in the subsection heading, by striking ``Annual''; and
       (B) in paragraph (1)(A), by striking ``once during any 12-
     month period''; and
       (2) in subsection (c), in the matter preceding paragraph 
     (1), by striking ``once during any 12-month period''.
       (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.
                                 ______
                                 
  SA 2150. Mr. MARKEY (for himself, Mr. Blumenthal, Mr. Whitehouse, and 
Mr. Sanders) submitted an amendment intended to be proposed by him to 
the bill S. 2155, to promote economic growth, provide tailored 
regulatory relief, and enhance consumer protections, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. __. ACCURACY OF COLLECTED PERSONAL INFORMATION.

       (a) Definitions.--In this section:
       (1) Commission.--The term ``Commission'' means the Federal 
     Trade Commission.
       (2) Covered data broker.--
       (A) In general.--The term ``covered data broker'' includes 
     all data brokers except those data brokers excepted under 
     subparagraph (B).
       (B) Exceptions.--The Commission may except a data broker if 
     the Commission considers, by rule, a data broker outside the

[[Page S1503]]

     scope of this section, such as a data broker who processes 
     information collected by or on behalf of and received from or 
     on behalf of a nonaffiliated third party concerning an 
     individual who is a customer or an employee of that third 
     party to enable that third party, directly or through parties 
     acting on its behalf, to provide benefits for its employees 
     or directly transact business with its customers.
       (3) Data broker.--The term ``data broker'' means a 
     commercial entity that collects, assembles, or maintains 
     personal information concerning an individual who is not a 
     customer or an employee of that entity in order to sell the 
     information or provide third-party access to the information.
       (4) Non-public information.--The term ``non-public 
     information'' means information about an individual that is--
       (A) of a private nature;
       (B) not available to the general public; and
       (C) not obtained from a public record.
       (5) Public record information.--The term ``public record 
     information'' means information about an individual that has 
     been obtained originally from records of a Federal, State, or 
     local government entity that are available for public 
     inspection.
       (b) Prohibition on Obtaining or Solicitation to Obtain 
     Personal Information by False Pretenses.--
       (1) In general.--A covered data broker may not obtain or 
     attempt to obtain, or cause to be disclosed or attempt to 
     cause to be disclosed to any person, personal information or 
     any other information relating to any person by making a 
     false, fictitious, or fraudulent statement or representation 
     to any person, including by providing any document to any 
     person, that the covered data broker knows or should know--
       (A) to be forged, counterfeit, lost, stolen, or 
     fraudulently obtained; or
       (B) contains a false, fictitious, or fraudulent statement 
     or representation.
       (2) Solicitation.--A covered data broker may not request a 
     person to obtain personal information, or any other 
     information, relating to any other person if the covered data 
     broker knows or should know that the person to whom the 
     request is made will obtain or attempt to obtain that 
     information in the manner described in paragraph (1).
       (c) Requirements Concerning Accuracy of and Access to 
     Personal Information.--
       (1) Accuracy.--
       (A) In general.--Except as provided in subparagraph (B), a 
     covered data broker shall establish procedures to ensure, to 
     the maximum extent practicable, the accuracy of--
       (i) the personal information it collects, assembles, or 
     maintains; and
       (ii) any other information it collects, assembles, or 
     maintains that specifically identifies an individual, unless 
     the information only identifies an individual's name or 
     address.
       (B) Exception.--A covered data broker may collect or 
     maintain information that may be inaccurate with respect to a 
     particular individual if that information is being collected 
     or maintained solely for the purpose of--
       (i) indicating whether there may be a discrepancy or 
     irregularity in the personal information that is associated 
     with an individual;
       (ii) helping to identify, or to authenticate the identity 
     of, an individual; or
       (iii) helping to protect against or investigate fraud or 
     other unlawful conduct.
       (2) Consumer access.--
       (A) In general.--Subject to subparagraph (D), a covered 
     data broker shall provide an individual a means to review any 
     personal information or other information that specifically 
     identifies that individual, that the covered data broker 
     collects, assembles, or maintains on that individual.
       (B) Review requirements.--The means for review under 
     subparagraph (A) shall be provided--
       (i) at an individual's request;
       (ii) after verifying the identity of the individual;
       (iii) at least 1 time per year;
       (iv) at no cost to the individual; and
       (v) in a format that can be readily understood by a 
     consumer, as determined by the Commission.
       (C) Period of review.--A covered data broker shall provide 
     an individual the means required under subparagraph (A) 
     within such period after receiving a request from such 
     individual as the Commission shall determine, by rule, is 
     appropriate.
       (D) Exceptions.--The Commission may, by rule, establish 
     such exceptions to subparagraph (A) as the Commission 
     considers appropriate, such as for child protection, law 
     enforcement, fraud prevention, or other government purposes.
       (E) Limitation on use of verifying information.--If a 
     covered data broker collects information from an individual 
     to verify the identity of the individual under subparagraph 
     (B)(ii) that the data broker did not have before such 
     collection, the data broker may not use such information for 
     any purpose other than for purposes of verifying the identity 
     of the individual under such subparagraph.
       (3) Disputed information.--
       (A) In general.--An individual whose personal information 
     is maintained by a covered data broker may dispute the 
     accuracy of any information described under paragraph (2)(A) 
     by requesting, in writing, that the covered data broker 
     correct the information.
       (B) Correction requirements.--A covered data broker, after 
     verifying the identity of an individual making a request 
     under subparagraph (A) to correct information, and unless 
     there are reasonable grounds to believe the request is 
     frivolous or irrelevant, shall--
       (i) with regard to public record information--

       (I) inform the individual of the source of the information 
     and, if reasonably available, where to direct the 
     individual's request for correction; or
       (II) if the individual provides proof that the public 
     record has been corrected or that the covered data broker was 
     reporting the information incorrectly, correct the inaccuracy 
     in the covered data broker's records; and

       (ii) with regard to non-public information--

       (I) note the information that is disputed, including the 
     individual's written request;
       (II) if the information can be independently verified, use 
     the procedures established under paragraph (1) to 
     independently verify the information; and
       (III) if the covered data broker was reporting the 
     information incorrectly, correct the inaccuracy in the 
     covered data broker's records.

       (C) Period of correction.--In a case in which a covered 
     data broker is subject to a requirement under subparagraph 
     (B) due to a request made by an individual under subparagraph 
     (A), such covered data broker shall take such action as may 
     be required to satisfy such requirement within such period as 
     the Commission shall determine, by rule, is appropriate.
       (4) Notice.--
       (A) In general.--A covered data broker shall maintain an 
     Internet website and place a clear and conspicuous notice on 
     that Internet website instructing an individual how--
       (i) to review information under paragraph (2)(A); and
       (ii) to express a preference under paragraph (5)(B).
       (B) Form.--A covered data broker shall ensure that the 
     notice the covered data broker places under subparagraph (A) 
     conforms to such model form as the Commission shall 
     promulgate for purposes of this paragraph.
       (5) Certain marketing information.--
       (A) In general.--A covered data broker may not use, share, 
     or sell any information for marketing purposes that is 
     subject to an expressed preference under subparagraph (B).
       (B) Expression of preferences.--A covered data broker that 
     maintains any information described under paragraph (1) and 
     that uses, shares, or sells that information for marketing 
     purposes shall provide each individual whose information the 
     covered data broker maintains with a reasonable means of 
     expressing a preference not to have that individual's 
     information used for those purposes.
       (6) Auditing.--
       (A) In general.--Subject to subparagraph (B), each covered 
     data broker shall establish measures that facilitate the 
     auditing or retracing of any internal or external access to, 
     or transmission of, any data containing personal information 
     collected, assembled, or maintained by the covered data 
     broker.
       (B) Exceptions.--The Commission may establish, by rule, 
     such exceptions to subparagraph (A) as the Commission 
     considers appropriate to further or protect law enforcement 
     or national security activities.
       (7) Security.--
       (A) In general.--Each covered data broker shall develop and 
     implement a comprehensive consumer privacy and data security 
     program to protect against harm that may be caused by--
       (i) loss of personal information collected, assembled, or 
     maintained by the covered data broker; or
       (ii) unauthorized access, destruction, use, modification, 
     or disclosure of such personal information.
       (B) Notice.--Whenever a covered data broker determines that 
     personal information of an individual that is collected, 
     assembled, or maintained by the covered data broker has been 
     lost or the subject of an unauthorized access, destruction, 
     use, modification, or disclosure, the covered data broker 
     shall notify such individual of such loss, access, 
     destruction, use, modification, or disclosure.
       (8) Persons regulated by the fair credit reporting act.--A 
     covered data broker shall be considered to be in compliance 
     with paragraphs (1) through (6) of this subsection with 
     respect to information that is subject to the Fair Credit 
     Reporting Act (15 U.S.C. 1681 et seq.) if the covered data 
     broker is in compliance with sections 609, 610, and 611 of 
     that Act (15 U.S.C. 1681g, 1681h, 1681i).
       (d) Regulations.--
       (1) In general.--Not later than 1 year after the date of 
     the enactment of this Act, the Commission shall promulgate 
     regulations under section 553 of title 5, United States Code, 
     to carry out this section.
       (2) Elements.--The regulations promulgated under paragraph 
     (1) shall include the following:
       (A) Such exceptions the Commission considers appropriate to 
     promulgate under subsection (a)(2)(B).
       (B) The period of review required under subsection 
     (c)(2)(C).
       (C) Such exceptions as the Commission considers appropriate 
     to promulgate under subsection (c)(2)(D).
       (D) The period of correction required under subsection 
     (c)(3)(C).
       (E) The model form required by subsection (c)(4)(B).

[[Page S1504]]

       (F) Requirements for auditing under subparagraph (A) of 
     subsection (c)(6) and such exceptions under subparagraph (B) 
     of such subsection as the Commission considers appropriate.
       (G) Establishment of a centralized Internet website for the 
     benefit of consumers that--
       (i) lists the covered data brokers that are subject to a 
     requirement of subsection (c); and
       (ii) provides information to consumers about their rights 
     under this section.
       (H) Such other regulations as the Commission considers 
     appropriate to carry out this section.
       (e) Enforcement.--
       (1) Enforcement by federal trade commission.--
       (A) Unfair or deceptive acts or practices.--A violation of 
     subsection (b) or (c) or a regulation promulgated under this 
     section shall be treated as a violation of a rule defining an 
     unfair or a deceptive act or practice under section 
     18(a)(1)(B) of the Federal Trade Commission Act (15 U.S.C. 
     57a(a)(1)(B)).
       (B) Powers of commission.--
       (i) In general.--The Commission shall enforce this section 
     in the same manner, by the same means, and with the same 
     jurisdiction, powers, and duties as though all applicable 
     terms and provisions of the Federal Trade Commission Act (15 
     U.S.C. 41 et seq.) were incorporated into and made a part of 
     this section.
       (ii) Privileges and immunities.--Any person who violates a 
     regulation prescribed under this section shall be subject to 
     the penalties and entitled to the privileges and immunities 
     provided in the Federal Trade Commission Act (15 U.S.C. 41 et 
     seq.).
       (2) Enforcement by states.--
       (A) Civil action.--Except as provided under subparagraph 
     (E), in any case in which the attorney general of a State has 
     reason to believe that an interest of the residents of that 
     State has been or is threatened or adversely affected by any 
     person subject to a provision of subsection (c) or (d) or a 
     regulation promulgated under this section in a practice that 
     violates such provision or regulation, the attorney general 
     of the State may, as parens patriae, bring a civil action on 
     behalf of the residents of the State in an appropriate 
     district court of the United States--
       (i) to enjoin further violation of such provision or 
     regulation by such person;
       (ii) to compel compliance with such provision or 
     regulation;
       (iii) to obtain damages, restitution, or other compensation 
     on behalf of such residents;
       (iv) to obtain such other relief as the court considers 
     appropriate; or
       (v) to obtain civil penalties in the amount determined 
     under subparagraph (B).
       (B) Civil penalties.--
       (i) Calculation.--For purposes of imposing a civil penalty 
     under subparagraph (A)(v), the amount determined under this 
     paragraph is the amount calculated by multiplying the number 
     of separate violations of a rule by an amount not greater 
     than $16,000.
       (ii) Adjustment for inflation.--Beginning on the date that 
     the Consumer Price Index is first published by the Bureau of 
     Labor Statistics that is after 1 year after the date of 
     enactment of this Act, and each year thereafter, the amount 
     specified in clause (i) shall be increased by the percentage 
     increase in the Consumer Price Index published on that date 
     from the Consumer Price Index published the previous year.
       (C) Rights of federal trade commission.--
       (i) Notice to federal trade commission.--

       (I) In general.--Except as provided in subclause (III), the 
     attorney general of a State shall notify the Commission in 
     writing that the attorney general intends to bring a civil 
     action under subparagraph (A) before initiating the civil 
     action.
       (II) Contents.--The notification required by subclause (I) 
     with respect to a civil action shall include a copy of the 
     complaint to be filed to initiate the civil action.
       (III) Exception.--If it is not feasible for the attorney 
     general of a State to provide the notification required by 
     subclause (I) before initiating a civil action under 
     subparagraph (A), the attorney general shall notify the 
     Commission immediately upon instituting the civil action.

       (ii) Intervention by federal trade commission.--The 
     Commission may--

       (I) intervene in any civil action brought by the attorney 
     general of a State under subparagraph (A); and
       (II) upon intervening--

       (aa) be heard on all matters arising in the civil action; 
     and
       (bb) file petitions for appeal of a decision in the civil 
     action.
       (D) Investigatory powers.--Nothing in this paragraph may be 
     construed to prevent the attorney general of a State from 
     exercising the powers conferred on the attorney general by 
     the laws of the State to conduct investigations, to 
     administer oaths or affirmations, or to compel the attendance 
     of witnesses or the production of documentary or other 
     evidence.
       (E) Preemptive action by federal trade commission.--If the 
     Commission institutes a civil action or an administrative 
     action with respect to a violation of a provision of 
     subsection (b) or (c) or a regulation promulgated under this 
     section, the attorney general of a State may not, during the 
     pendency of such action, bring a civil action under 
     subparagraph (A) against any defendant named in the complaint 
     of the Commission for the violation with respect to which the 
     Commission instituted such action.
       (F) Actions by other state officials.--
       (i) In general.--In addition to civil actions brought by 
     attorneys general under subparagraph (A), any other officer 
     of a State who is authorized by the State to do so may bring 
     a civil action under subparagraph (A), subject to the same 
     requirements and limitations that apply under this paragraph 
     to civil actions brought by attorneys general.
       (ii) Savings provision.--Nothing in this paragraph may be 
     construed to prohibit an authorized official of a State from 
     initiating or continuing any proceeding in a court of the 
     State for a violation of any civil or criminal law of the 
     State.
       (f) Effect on Other Laws.--
       (1) Preservation of commission authority.--Nothing in this 
     section may be construed in any way to limit or affect the 
     Commission's authority under any other provision of law.
       (2) Preservation of other federal law.--Nothing in this 
     section may be construed in any way to supersede, restrict, 
     or limit the application of the Fair Credit Reporting Act (15 
     U.S.C. 1681 et seq.) or any other Federal law.
                                 ______
                                 
  SA 2151. Mr. CRAPO (for himself, Mr. Donnelly, Ms. Heitkamp, Mr. 
Tester, and Mr. Warner) proposed an amendment to the bill S. 2155, to 
promote economic growth, provide tailored regulatory relief, and 
enhance consumer protections, and for other purposes; as follows:

       Strike all after the enacting clause and insert the 
     following:

     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. Escrow requirements relating to certain consumer credit 
              transactions.
Sec. 109. 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. Small public housing agencies.
Sec. 210. Examination cycle.
Sec. 211. International insurance capital standards accountability.
Sec. 212. Budget transparency for the NCUA.
Sec. 213. Making online banking initiation legal and easy.
Sec. 214. Promoting construction and development.
Sec. 215. Reducing identity fraud.
Sec. 216. Treasury report on risks of cyber threats.
Sec. 217. Discretionary surplus funds.

     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. Property Assessed Clean Energy financing.
Sec. 308. GAO report on consumer reporting agencies.
Sec. 309. Protecting veterans from predatory lending.
Sec. 310. Credit score competition.
Sec. 311. GAO report on Puerto Rico foreclosures.
Sec. 312. Report on children's lead-based paint hazard prevention and 
              abatement.
Sec. 313. Foreclosure relief and extension for servicemembers.

[[Page S1505]]

   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--ENCOURAGING CAPITAL FORMATION

Sec. 501. National securities exchange regulatory parity.
Sec. 502. SEC study on algorithmic trading.
Sec. 503. Annual review of government-business forum on capital 
              formation.
Sec. 504. Supporting America's innovators.
Sec. 505. Securities and Exchange Commission overpayment credit.
Sec. 506. U.S. territories investor protection.
Sec. 507. Encouraging employee ownership.
Sec. 508. Improving access to capital.
Sec. 509. Parity for closed-end companies regarding offering and proxy 
              rules.

              TITLE VI--PROTECTIONS FOR STUDENT BORROWERS

Sec. 601. Protections in the event of death or bankruptcy.
Sec. 602. Rehabilitation of private education loans.
Sec. 603. Best practices for higher education financial literacy.

     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;
       ``(III) pursuant to a merger of a covered institution with 
     another person or the acquisition of a covered institution by 
     another person or of another person by a covered institution, 
     so long as the loan is retained in portfolio by the person to 
     whom the loan is sold, assigned, or otherwise transferred; or
       ``(IV) to a wholly owned subsidiary of a covered 
     institution, provided that, after the sale, assignment, or 
     transfer, the residential mortgage loan is considered to be 
     an asset of the covered institution for regulatory accounting 
     purposes.

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

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

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

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

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

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

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

       ``(a) Definitions.--In this section--
       ``(1) the term `mortgage originator' has the meaning given 
     the term in section 103 of the Truth in Lending Act (15 
     U.S.C. 1602); and
       ``(2) the term `transaction value' means the amount of a 
     loan or extension of credit, including a loan or extension of 
     credit that is part of a pool of loans or extensions of 
     credit.
       ``(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, on 
     the mortgage originator's approved appraiser list in the 
     market area in accordance with part 226 of title 12, Code of 
     Federal Regulations; and
       ``(B) has documented that no State certified appraiser or 
     State licensed appraiser, as applicable, was available within 
     5 business days beyond customary and reasonable fee and 
     timeliness standards for comparable appraisal assignments, as 
     documented by the mortgage originator or its agent;
       ``(3) the 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;
       ``(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.''.

[[Page S1506]]

  


     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.
       ``(3) Required compliance.--Notwithstanding paragraphs (1) 
     and (2), an insured depository institution shall comply with 
     paragraphs (5) and (6) of subsection (b) if the insured 
     depository institution has received a rating of `needs to 
     improve record of meeting community credit needs' during each 
     of its 2 most recent examinations or a rating of `substantial 
     noncompliance in meeting community credit needs' on its most 
     recent examination under section 807(b)(2) of the Community 
     Reinvestment Act of 1977 (12 U.S.C. 2906(b)(2)).''; 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 misdemeanor or felony 
     that would preclude licensure under the law of the 
     application State;
       ``(D) has submitted an application to be a State-licensed 
     loan originator in the application State; and
       ``(E) was registered in the Nationwide Mortgage Licensing 
     System and Registry as a loan originator during the 1-year 
     period preceding the date on which the information required 
     under section 1505(a) is submitted.
       ``(2) Period.--The period described in this paragraph shall 
     begin on the date on which an individual described in 
     paragraph (1) submits the information required under section 
     1505(a) and shall end on the earliest of the date--
       ``(A) on which the individual withdraws the application to 
     be a State-licensed loan originator in the application State;
       ``(B) on which the application State denies, or issues a 
     notice of intent to deny, the application;
       ``(C) on which the application State grants a State 
     license; or
       ``(D) that is 120 days after the date on which the 
     individual submits the application, if the application is 
     listed on the Nationwide Mortgage Licensing System and 
     Registry as incomplete.
       ``(c) Temporary Authority To Originate Loans for State-
     Licensed Loan Originators Moving Interstate.--
       ``(1) In general.--A State-licensed loan originator shall 
     be deemed to have temporary authority to act as a loan 
     originator in an application State for the period described 
     in paragraph (2) if the State-licensed loan originator--
       ``(A) meets the requirements of subparagraphs (A), (B), 
     (C), and (D) of subsection (b)(1);
       ``(B) is employed by a State-licensed mortgage company in 
     the application State; and
       ``(C) was licensed in a State that is not the application 
     State during the 30-day period preceding the date on which 
     the information required under section 1505(a) was submitted 
     in connection with the application submitted to the 
     application State.
       ``(2) Period.--The period described in this paragraph shall 
     begin on the date on which the State-licensed loan originator 
     submits the information required under section 1505(a) in 
     connection with the application submitted to the application 
     State and end on the earliest of the date--
       ``(A) on which the State-licensed loan originator withdraws 
     the application to be a State-licensed loan originator in the 
     application State;
       ``(B) on which the application State denies, or issues a 
     notice of intent to deny, the application;
       ``(C) on which the application State grants a State 
     license; or
       ``(D) that is 120 days after the date on which the State-
     licensed loan originator submits the application, if the 
     application is listed on the Nationwide Mortgage Licensing 
     System and Registry as incomplete.
       ``(d) Applicability.--
       ``(1) Employer of loan originators.--Any person employing 
     an individual who is deemed to have temporary authority to 
     act as a loan originator in an application State under this 
     section shall be subject to the requirements of this title 
     and to applicable State law to the same extent as if that 
     individual was a State-licensed loan originator licensed by 
     the application State.
       ``(2) Engaging in mortgage loan activities.--Any individual 
     who is deemed to have temporary authority to act as a loan 
     originator in an application State under this section and who 
     engages in residential mortgage loan origination activities 
     shall be subject to the requirements of this title and to 
     applicable State law to the same extent as if that individual 
     was a State-licensed loan originator licensed by the 
     application State.''.
       (b) Table of Contents Amendment.--Section 1(b) of the 
     Housing and Economic Recovery Act of 2008 (42 U.S.C. 4501 
     note) is amended by inserting after the item relating to 
     section 1517 the following:

``Sec. 1518. Employment transition of loan originators.''.
       (c) Civil Liability.--Section 1513 of the S.A.F.E. Mortgage 
     Licensing Act of 2008 (12 U.S.C. 5112) is amended by striking 
     ``persons who are loan originators or are applying for 
     licensing or registration as loan originators.'' and 
     inserting ``persons who--
       ``(1) have applied, are applying, or are licensed or 
     registered through the Nationwide Mortgage Licensing System 
     and Registry; and
       ``(2) work in an industry with respect to which persons 
     were licensed or registered through the Nationwide Mortgage 
     Licensing System and Registry on the date of enactment of the 
     Economic Growth, Regulatory Relief, and Consumer Protection 
     Act.''.
       (d) 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

[[Page S1507]]

       (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 
     creditor; and
       ``(bb) if the retailer has a corporate affiliation with any 
     creditor, at least 1 unaffiliated creditor; and

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

     SEC. 108. ESCROW REQUIREMENTS RELATING TO CERTAIN CONSUMER 
                   CREDIT TRANSACTIONS.

       Section 129D of the Truth in Lending Act (15 U.S.C. 1639d) 
     is amended--
       (1) in subsection (c)--
       (A) by redesignating paragraphs (1) through (4) as 
     subparagraphs (A) through (D), respectively, and adjusting 
     the margins accordingly;
       (B) in the matter preceding subparagraph (A), as so 
     redesignated, by striking ``The Board'' and inserting the 
     following:
       ``(1) In general.--The Bureau'';
       (C) in paragraph (1), as so redesignated, by striking ``the 
     Board'' each place that term appears and inserting ``the 
     Bureau''; and
       (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 satisfies the criteria in sections 
     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. 109. NO WAIT FOR LOWER MORTGAGE RATES.

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

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

     SEC. 201. CAPITAL SIMPLIFICATION FOR QUALIFYING COMMUNITY 
                   BANKS.

       (a) Definitions.--In this section:
       (1) Community bank leverage ratio.--The term ``Community 
     Bank Leverage Ratio'' means the ratio of the tangible equity 
     capital of a qualifying community bank, as reported on the 
     qualifying community bank's applicable regulatory filing with 
     the qualifying community bank's appropriate Federal banking 
     agency, to the average total consolidated assets of the 
     qualifying community bank, as reported on the qualifying 
     community bank's applicable regulatory filing with the 
     qualifying community bank's appropriate Federal banking 
     agency.
       (2) Generally applicable leverage capital requirements; 
     generally applicable risk-based capital requirements.--The 
     terms ``generally applicable leverage capital requirements'' 
     and ``generally applicable risk-based capital requirements'' 
     have the meanings given those terms in section 171(a) of the 
     Financial Stability Act of 2010 (12 U.S.C. 5371(a)).
       (3) Qualifying community bank.--
       (A) Asset threshold.--The term ``qualifying community 
     bank'' means a depository institution or depository 
     institution holding company with total consolidated assets of 
     less than $10,000,000,000.
       (B) Risk profile.--The appropriate Federal banking agencies 
     may determine that a depository institution or depository 
     institution holding company (or a class of depository 
     institutions or depository institution holding companies) 
     described in subparagraph (A) is not a qualifying community 
     bank based on the depository institution's or depository 
     institution holding company's risk profile, which shall be 
     based on consideration of--
       (i) off-balance sheet exposures;
       (ii) trading assets and liabilities;
       (iii) total notional derivatives exposures; and
       (iv) such other factors as the appropriate Federal banking 
     agencies determine appropriate.
       (b) Community Bank Leverage Ratio.--The appropriate Federal 
     banking agencies shall, through notice and comment rule 
     making under section 553 of title 5, United States Code--
       (1) develop a Community Bank Leverage Ratio of not less 
     than 8 percent and not more than 10 percent for qualifying 
     community banks; and
       (2) establish procedures for treatment of a qualifying 
     community bank that has a Community Bank Leverage Ratio that 
     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 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--

[[Page S1508]]

       ``(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)(1) of the Bank Holding Company Act of 1956 
     (12 U.S.C. 1851(h)(1)) is amended--
       (1) in subparagraph (D), by redesignating clauses (i) and 
     (ii) as subclauses (I) and (II), respectively, and adjusting 
     the margins accordingly;
       (2) by redesignating subparagraphs (A) through (D) as 
     clauses (i) through (iv), respectively, and adjusting the 
     margins accordingly;
       (3) 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--'';
       (4) in clause (iv)(II), as so redesignated, by striking the 
     period at the end and inserting ``; or''; and
       (5) by adding at the end the following:
       ``(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 more than 5 percent of 
     total consolidated assets.''.

     SEC. 204. REMOVING NAMING RESTRICTIONS.

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

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

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

     SEC. 205. SHORT FORM CALL REPORTS.

       Section 7(a) of the Federal Deposit Insurance Act (12 
     U.S.C. 1817(a)) is amended by adding at the end the 
     following:
       ``(12) Short form reporting.--
       ``(A) In general.--The appropriate Federal banking agencies 
     shall issue regulations that allow for a reduced reporting 
     requirement for a covered depository institution when the 
     institution makes the first and third report of condition for 
     a year, as required under paragraph (3).
       ``(B) Definition.--In this paragraph, the term `covered 
     depository institution' means an insured depository 
     institution that--
       ``(i) has less than $5,000,000,000 in total consolidated 
     assets; and
       ``(ii) satisfies such other criteria as the appropriate 
     Federal banking agencies determine appropriate.''.

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

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

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

       ``(a) Definition.--In this section, the term `covered 
     savings association' means a Federal savings association that 
     makes an election that is approved under subsection (b).
       ``(b) Election.--
       ``(1) In general.--In accordance with the rules issued 
     under subsection (f), a Federal savings association with 
     total consolidated assets equal to or less than 
     $20,000,000,000, as reported by the association to the 
     Comptroller as of December 31, 2017, 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 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

[[Page S1509]]

     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 
     $20,000,000,000.''.

     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, Guam,'' after 
     ``Puerto Rico,''; and
       (C) in paragraph (23), by inserting ``American Samoa, the 
     Commonwealth of the Northern Mariana Islands, Guam,'' 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, Guam,'' 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. SMALL PUBLIC HOUSING AGENCIES.

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

     ``SEC. 38. SMALL PUBLIC HOUSING AGENCIES.

       ``(a) Definitions.--In this section:
       ``(1) Housing voucher program.--The term `housing voucher 
     program' means a program for tenant-based assistance under 
     section 8.
       ``(2) Small public housing agency.--The term `small public 
     housing agency' means a public housing agency--
       ``(A) for which the sum of the number of public housing 
     dwelling units administered by the agency and the number of 
     vouchers under section 8(o) administered by the agency is 550 
     or fewer; and
       ``(B) that predominantly operates in a rural area, as 
     described in section 1026.35(b)(2)(iv)(A) of title 12, Code 
     of Federal Regulations.
       ``(3) Troubled small public housing agency.--The term 
     `troubled small public housing agency' means a small public 
     housing agency designated by the Secretary as a troubled 
     small public housing agency under subsection (c)(3).
       ``(b) Applicability.--Except as otherwise provided in this 
     section, a small public housing agency shall be subject to 
     the same requirements as a public housing agency.
       ``(c) Program Inspections and Evaluations.--
       ``(1) Public housing projects.--
       ``(A) Frequency of inspections by secretary.--The Secretary 
     shall carry out an inspection of the physical condition of a 
     small public housing agency's public housing projects not 
     more frequently than once every 3 years, unless the agency 
     has been designated by the Secretary as a troubled small 
     public housing agency based on deficiencies in the physical 
     condition of its public housing projects. Nothing contained 
     in this subparagraph relieves the Secretary from conducting 
     lead safety inspections or assessments in accordance with 
     procedures established by the Secretary under section 302 of 
     the Lead-Based Paint Poisoning Prevention Act (42 U.S.C. 
     4822).
       ``(B) Standards.--The Secretary shall apply to small public 
     housing agencies the same standards for the acceptable 
     condition of public housing projects that apply to projects 
     assisted under section 8.
       ``(2) Housing voucher program.--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.''.

[[Page S1510]]

       (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. 210. EXAMINATION CYCLE.

       Section 10(d) of the Federal Deposit Insurance Act (12 
     U.S.C. 1820(d)) is 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. 211. INTERNATIONAL INSURANCE CAPITAL STANDARDS 
                   ACCOUNTABILITY.

       (a) Findings.--Congress finds that--
       (1) the Secretary of the Treasury, Board of Governors of 
     the Federal Reserve System, and Director of the Federal 
     Insurance Office shall support increasing transparency at any 
     global insurance or international standard-setting regulatory 
     or supervisory forum in which they participate, including 
     supporting and advocating for greater public observer access 
     to working groups and committee meetings of the International 
     Association of Insurance Supervisors; and
       (2) to the extent that the Secretary of the Treasury, the 
     Board of Governors of the Federal Reserve System, and the 
     Director of the Federal Insurance Office take a position or 
     reasonably intend to take a position with respect to an 
     insurance proposal by a global insurance regulatory or 
     supervisory forum, the Secretary of the Treasury, the Board 
     of Governors of the Federal Reserve System, and the Director 
     of the Federal Insurance Office shall achieve consensus 
     positions with State insurance regulators through the 
     National Association of Insurance Commissioners, when they 
     are United States participants in negotiations on insurance 
     issues before the International Association of Insurance 
     Supervisors, Financial Stability Board, or any other 
     international forum of financial regulators or supervisors 
     that considers such issues.
       (b) Insurance Policy Advisory Committee.--
       (1) Establishment.--There is established the Insurance 
     Policy Advisory Committee on International Capital Standards 
     and Other Insurance Issues at the Board of Governors of the 
     Federal Reserve System.
       (2) Membership.--The Committee shall be composed of not 
     more than 21 members, all of whom represent a diverse set of 
     expert perspectives from the various sectors of the United 
     States insurance industry, including life insurance, property 
     and casualty insurance and reinsurance, agents and brokers, 
     academics, consumer advocates, or experts on issues facing 
     underserved insurance communities and consumers.
       (c) Reports.--
       (1) Reports and testimony by secretary of the treasury and 
     chairman of the federal reserve.--
       (A) In general.--The Secretary of the Treasury and the 
     Chairman of the Board of Governors of the Federal Reserve 
     System, or their designee, shall submit to the Committee on 
     Banking, Housing, and Urban Affairs of the Senate, and the 
     Committee on Financial Services of the House of 
     Representatives, an annual report and provide annual 
     testimony to the Committee on Banking, Housing, and Urban 
     Affairs of the Senate, and the Committee on Financial 
     Services of the House of Representatives on the efforts of 
     the Secretary and the Chairman with the National Association 
     of Insurance Commissioners with respect to global insurance 
     regulatory or supervisory forums, including--
       (i) a description of the insurance regulatory or 
     supervisory standard-setting issues under discussion at 
     international standard-setting bodies, including the 
     Financial Stability Board and the International Association 
     of Insurance Supervisors;
       (ii) a description of the effects that proposals discussed 
     at international insurance regulatory or supervisory forums 
     of insurance could have on consumer and insurance markets in 
     the United States;
       (iii) a description of any position taken by the Secretary 
     of the Treasury, the Board of Governors of the Federal 
     Reserve System, and the Director of the Federal Insurance 
     Office in international insurance discussions; and
       (iv) a description of the efforts by the Secretary of the 
     Treasury, the Board of Governors of the Federal Reserve 
     System, and the Director of the Federal Insurance Office to 
     increase transparency at the Financial Stability Board with 
     respect to insurance proposals and the International 
     Association of Insurance Supervisors, including efforts to 
     provide additional public access to working groups and 
     committees of the International Association of Insurance 
     Supervisors.
       (B) Termination.--This paragraph shall terminate on 
     December 31, 2024.
       (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 final 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. 212. 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

[[Page S1511]]

     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. 213. 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.

     SEC. 214. PROMOTING CONSTRUCTION AND DEVELOPMENT.

       The Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.) 
     is amended by adding at the end the following new section:

     ``SEC. 51. CAPITAL REQUIREMENTS FOR CERTAIN ACQUISITION, 
                   DEVELOPMENT, OR CONSTRUCTION LOANS.

       ``(a) In General.--The appropriate Federal banking agencies 
     may only require a depository institution to assign a 
     heightened risk weight to a high volatility commercial real 
     estate (HVCRE) exposure (as such term is defined under 
     section 324.2 of title 12, Code of Federal Regulations, as of 
     October 11, 2017, or if a successor regulation is in effect 
     as of the date of the enactment of this section, such term or 
     any successor term contained in such successor regulation) 
     under any risk-based capital requirement if such exposure is 
     an HVCRE ADC loan.
       ``(b) HVCRE ADC Loan Defined.--For purposes of this section 
     and with respect to a depository institution, the term `HVCRE 
     ADC loan'--
       ``(1) means a credit facility secured by land or improved 
     real property that, prior to being reclassified by the 
     depository institution as a non-HVCRE ADC loan pursuant to 
     subsection (d)--
       ``(A) primarily finances, has financed, or refinances the 
     acquisition, development, or construction of real property;
       ``(B) has the purpose of providing financing to acquire, 
     develop, or improve such real property into income-producing 
     real property; and
       ``(C) is dependent upon future income or sales proceeds 
     from, or refinancing of, such real property for the repayment 
     of such credit facility;
       ``(2) does not include a credit facility financing--
       ``(A) the acquisition, development, or construction of 
     properties that are--
       ``(i) one- to four-family residential properties;
       ``(ii) real property that would qualify as an investment in 
     community development; or
       ``(iii) agricultural land;
       ``(B) the acquisition or refinance of existing income-
     producing real property secured by a mortgage on such 
     property, if the cash flow being generated by the real 
     property is sufficient to support the debt service and 
     expenses of the real property, in accordance with the 
     institution's applicable loan underwriting criteria for 
     permanent financings;
       ``(C) improvements to existing income-producing improved 
     real property secured by a mortgage on such property, if the 
     cash flow being generated by the real property is sufficient 
     to support the debt service and expenses of the real 
     property, in accordance with the institution's applicable 
     loan underwriting criteria for permanent financings; or
       ``(D) commercial real property projects in which--
       ``(i) the loan-to-value ratio is less than or equal to the 
     applicable maximum supervisory loan-to-value ratio as 
     determined by the appropriate Federal banking agency;
       ``(ii) the borrower has contributed capital of at least 15 
     percent of the real property's appraised, `as completed' 
     value to the project in the form of--

       ``(I) cash;
       ``(II) unencumbered readily marketable assets;
       ``(III) paid development expenses out-of-pocket; or
       ``(IV) contributed real property or improvements; and

       ``(iii) the borrower contributed the minimum amount of 
     capital described under clause (ii) before the depository 
     institution advances funds (other than the advance of a 
     nominal sum made in order to secure the depository 
     institution's lien against the real property) under the 
     credit facility, and such minimum amount of capital 
     contributed by the borrower is contractually required to 
     remain in the project until the credit facility has been 
     reclassified by the depository institution as a non-HVCRE ADC 
     loan under subsection (d);
       ``(3) does not include any loan made prior to January 1, 
     2015; and
       ``(4) does not include a credit facility reclassified as a 
     non-HVCRE ADC loan under subsection (d).
       ``(c) Value of Contributed Real Property.--For purposes of 
     this section, the value of any real property contributed by a 
     borrower as a capital contribution shall be the appraised 
     value of the property as determined under standards 
     prescribed pursuant to section 1110 of the Financial 
     Institutions Reform, Recovery, and Enforcement Act of 1989 
     (12 U.S.C. 3339), in connection with the extension of the 
     credit facility or loan to such borrower.
       ``(d) Reclassification as a Non-HVRCE ADC Loan.--For 
     purposes of this section and with respect to a credit 
     facility and a depository institution, upon--
       ``(1) the substantial completion of the development or 
     construction of the real property being financed by the 
     credit facility; and
       ``(2) cash flow being generated by the real property being 
     sufficient to support the debt service and expenses of the 
     real property,
     in accordance with the institution's applicable loan 
     underwriting criteria for permanent financings, the credit 
     facility may be reclassified by the depository institution as 
     a Non-HVCRE ADC loan.
       ``(e) Existing Authorities.--Nothing in this section shall 
     limit 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.''.

[[Page S1512]]

  


     SEC. 215. REDUCING IDENTITY FRAUD.

       (a) Purpose.--The purpose of this section is to reduce the 
     prevalence of synthetic identity fraud, which 
     disproportionally affects vulnerable populations, such as 
     minors and recent immigrants, by facilitating the validation 
     by permitted entities of fraud protection data, pursuant to 
     electronically received consumer consent, through use of a 
     database maintained by the Commissioner.
       (b) Definitions.--In this section:
       (1) Commissioner.--The term ``Commissioner'' means the 
     Commissioner of the Social Security Administration.
       (2) Financial institution.--The term ``financial 
     institution'' has the meaning given the term in section 509 
     of the Gramm-Leach-Bliley Act (15 U.S.C. 6809).
       (3) Fraud protection data.--The term ``fraud protection 
     data'' means a combination of the following information with 
     respect to an individual:
       (A) The name of the individual (including the first name 
     and any family forename or surname of the individual).
       (B) The social security number of the individual.
       (C) The date of birth (including the month, day, and year) 
     of the individual.
       (4) Permitted entity.--The term ``permitted entity'' means 
     a financial institution or a service provider, subsidiary, 
     affiliate, agent, subcontractor, or assignee of a financial 
     institution.
       (c) Efficiency.--
       (1) Reliance on existing methods.--The Commissioner shall 
     evaluate the feasibility of making modifications to any 
     database that is in existence as of the date of enactment of 
     this Act or a similar resource such that the database or 
     resource--
       (A) is reasonably designed to effectuate the purpose of 
     this section; and
       (B) meets the requirements of subsection (d).
       (2) Execution.--The Commissioner shall make the 
     modifications necessary to any database that is in existence 
     as of the date of enactment of this Act or similar resource, 
     or develop a database or similar resource, to effectuate the 
     requirements described in paragraph (1).
       (d) Protection of Vulnerable Consumers.--The database or 
     similar resource described in subsection (c) shall--
       (1) compare fraud protection data provided in an inquiry by 
     a permitted entity against such information maintained by the 
     Commissioner in order to confirm (or not confirm) the 
     validity of the information provided;
       (2) be scalable and accommodate reasonably anticipated 
     volumes of verification requests from permitted entities with 
     commercially reasonable uptime and availability; and
       (3) allow permitted entities to submit--
       (A) 1 or more individual requests electronically for real-
     time machine-to-machine (or similar functionality) accurate 
     responses; and
       (B) multiple requests electronically, such as those 
     provided in a batch format, for accurate electronic responses 
     within a reasonable period of time from submission, not to 
     exceed 24 hours.
       (e) Certification Required.--Before providing confirmation 
     of fraud protection data to a permitted entity, the 
     Commissioner shall ensure that the Commissioner has a 
     certification from the permitted entity that is dated not 
     more than 2 years before the date on which that confirmation 
     is provided that includes the following declarations:
       (1) The entity is a permitted entity.
       (2) The entity is in compliance with this section.
       (3) The entity is, and will remain, in compliance with its 
     privacy and data security requirements, as described in title 
     V of the Gramm-Leach-Bliley Act (15 U.S.C. 6801 et seq.), 
     with respect to information the entity receives from the 
     Commissioner pursuant to this section.
       (4) The entity will retain sufficient records to 
     demonstrate its compliance with its certification and this 
     section for a period of not less than 2 years.
       (f) Consumer Consent.--
       (1) In general.--Notwithstanding any other provision of law 
     or regulation, a permitted entity may submit a request to the 
     database or similar resource described in subsection (c) 
     only--
       (A) pursuant to the written, including electronic, consent 
     received by a permitted entity from the individual who is the 
     subject of the request; and
       (B) in connection with a credit transaction or any 
     circumstance described in section 604 of the Fair Credit 
     Reporting Act (15 U.S.C. 1681b).
       (2) Electronic consent requirements.--For a permitted 
     entity to use the consent of an individual received 
     electronically pursuant to paragraph (1)(A), the permitted 
     entity must obtain the individual's electronic signature, as 
     defined in section 106 of the Electronic Signatures in Global 
     and National Commerce Act (15 U.S.C. 7006).
       (3) Effectuating electronic consent.--No provision of law 
     or requirement, including section 552a of title 5, United 
     States Code, shall prevent the use of electronic consent for 
     purposes of this subsection or for use in any other consent 
     based verification under the discretion of the Commissioner.
       (g) Compliance and Enforcement.--
       (1) Audits and monitoring.--The Commissioner may--
       (A) conduct audits and monitoring to--
       (i) ensure proper use by permitted entities of the database 
     or similar resource described in subsection (c); and
       (ii) deter fraud and misuse by permitted entities with 
     respect to the database or similar resource described in 
     subsection (c); and
       (B) terminate services for any permitted entity that 
     prevents or refuses to allow the Commissioner to carry out 
     the activities described in subparagraph (A).
       (2) Enforcement.--
       (A) In general.--Notwithstanding any other provision of 
     law, including the matter preceding paragraph (1) of section 
     505(a) of the Gramm-Leach-Bliley Act (15 U.S.C. 6805(a)), any 
     violation of this section and any certification made under 
     this section shall be enforced in accordance with paragraphs 
     (1) through (7) of such section 505(a) by the agencies 
     described in those paragraphs.
       (B) Relevant information.--Upon discovery by the 
     Commissioner, pursuant to an audit described in paragraph 
     (1), of any violation of this section or any certification 
     made under this section, the Commissioner shall forward any 
     relevant information pertaining to that violation to the 
     appropriate agency described in subparagraph (A) for 
     evaluation by the agency for purposes of enforcing this 
     section.
       (h) Recovery of Costs.--
       (1) In general.--
       (A) In general.--Amounts obligated to carry out this 
     section shall be fully recovered from the users of the 
     database or verification system by way of advances, 
     reimbursements, user fees, or other recoveries as determined 
     by the Commissioner. The funds recovered under this paragraph 
     shall be deposited as an offsetting collection to the account 
     providing appropriations for the Social Security 
     Administration, to be used for the administration of this 
     section without fiscal year limitation.
       (B) Prices fixed by commissioner.--The Commissioner shall 
     establish the amount to be paid by the users under this 
     paragraph, including the costs of any services or work 
     performed, such as any appropriate upgrades, maintenance, and 
     associated direct and indirect administrative costs, in 
     support of carrying out the purposes described in this 
     section, by reimbursement or in advance as determined by the 
     Commissioner. The amount of such prices shall be periodically 
     adjusted by the Commissioner to ensure that amounts collected 
     are sufficient to fully offset the cost of the administration 
     of this section.
       (2) Initial development.--The Commissioner shall not begin 
     development of a verification system to carry out this 
     section until the Commissioner determines that amounts equal 
     to at least 50 percent of program start-up costs have been 
     collected under paragraph (1).
       (3) Existing resources.--The Commissioner may use funds 
     designated for information technology modernization to carry 
     out this section.
       (4) Annual report.--The Commissioner shall annually submit 
     to the Committee on Ways and Means of the House of 
     Representatives and the Committee on Finance of the Senate a 
     report on the amount of indirect costs to the Social Security 
     Administration arising as a result of the implementation of 
     this section.

     SEC. 216. 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. 217. DISCRETIONARY SURPLUS FUNDS.

       Section 7(a)(3)(A) of the Federal Reserve Act (12 U.S.C. 
     289(a)(3)(A)) is amended by striking ``$7,500,000,000'' and 
     inserting ``$6,825,000,000''.

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

     SEC. 301. PROTECTING CONSUMERS' CREDIT.

       (a) In General.--Section 605A of the Fair Credit Reporting 
     Act (15 U.S.C. 1681c-1) is amended--

[[Page S1513]]

       (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.
       ``(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 toll-free 
     telephone or secure 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 toll-free 
     telephone or secure 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.
       ``(E) Temporary removal of security freeze.--Upon receiving 
     a direct request from a consumer under subparagraph (A)(i), 
     if the consumer requests a temporary removal of a security 
     freeze, the consumer reporting agency shall, in accordance 
     with subparagraph (C), remove the security freeze for the 
     period of time specified by the consumer.
       ``(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) Any Federal, State, or local agency, law enforcement 
     agency, trial court, or private collection agency acting 
     pursuant to a court order, warrant, or subpoena.
       ``(C) A child support agency acting pursuant to part D of 
     title IV of the Social Security Act (42 U.S.C. 651 et seq.).
       ``(D) A Federal agency or 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.
       ``(E) By a person using credit information for the purposes 
     described under section 604(c).
       ``(F) Any person or entity administering a credit file 
     monitoring subscription or similar service to which the 
     consumer has subscribed.
       ``(G) 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.
       ``(H) Any person using the information in connection with 
     the underwriting of insurance.
       ``(I) Any person using the information for employment, 
     tenant, or background screening purposes.
       ``(J) Any person using the information for assessing, 
     verifying, or authenticating a consumer's identity for 
     purposes other than the granting of credit, or for 
     investigating or preventing actual or potential fraud.
       ``(5) Notice of rights.--At any time a consumer is required 
     to receive a summary of rights required under section 609, 
     the following notice shall be included:

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

       `` `You have a right to place a ``security freeze'' on your 
     credit report, which will prohibit a consumer reporting 
     agency from releasing information in your credit report 
     without your express authorization. The security freeze is 
     designed to prevent credit, loans, and services from being 
     approved in your name without your consent. However, you 
     should be aware that using a security freeze to take control 
     over who gets access to the personal and financial 
     information in your credit report may delay, interfere with, 
     or prohibit the timely approval of any subsequent request or 
     application you make regarding a new loan, credit, mortgage, 
     or any other account involving the extension of credit.
       `` `As an alternative to a security freeze, you have the 
     right to place an initial or extended fraud alert on your 
     credit file at no cost. An initial fraud alert is a 1-year 
     alert that is placed on a consumer's credit file. Upon seeing 
     a fraud alert display on a consumer's credit file, a business 
     is required to take steps to verify the consumer's identity 
     before extending new credit. If you are a victim of identity 
     theft, you are entitled to an extended fraud alert, which is 
     a fraud alert lasting 7 years.
       `` `A security freeze does not apply to a person or entity, 
     or its affiliates, or collection agencies acting on behalf of 
     the person or entity, with which you have an existing account 
     that requests information in your credit report for the 
     purposes of reviewing or collecting the account. Reviewing 
     the account includes activities related to account 
     maintenance, monitoring, credit line increases, and account 
     upgrades and enhancements.'.
       ``(6) Webpage.--
       ``(A) Consumer reporting agencies.--A consumer reporting 
     agency shall establish a webpage that--
       ``(i) allows a consumer to request a security freeze;
       ``(ii) allows a consumer to request an initial fraud alert;
       ``(iii) allows a consumer to request an extended fraud 
     alert;
       ``(iv) allows a consumer to request an active duty fraud 
     alert;
       ``(v) allows a consumer to opt-out of the use of 
     information in a consumer report to send the consumer a 
     solicitation of credit or insurance, in accordance with 
     section 615(d); and
       ``(vi) shall not be the only mechanism by which a consumer 
     may request a security freeze.
       ``(B) FTC.--The Federal Trade Commission shall establish a 
     single webpage that includes a link to each webpage 
     established under subparagraph (A) within the Federal Trade 
     Commission's website www.Identitytheft.gov, or a successor 
     website.
       ``(j) National Protection for Files and Credit Records of 
     Protected Consumers.--
       ``(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 `protected consumer' means an individual who 
     is--
       ``(i) under the age of 16 years at the time a request for 
     the placement of a security freeze is made; or
       ``(ii) an incapacitated person or a protected person for 
     whom a guardian or conservator has been appointed.
       ``(C) The term `protected consumer's representative' means 
     a person who provides to a consumer reporting agency 
     sufficient proof of authority to act on behalf of a protected 
     consumer.
       ``(D) The term `record' means a compilation of information 
     that--
       ``(i) identifies a protected consumer;
       ``(ii) is created by a consumer reporting agency solely for 
     the purpose of complying with this subsection; and

[[Page S1514]]

       ``(iii) may not be created or used to consider the 
     protected consumer'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 protected consumer 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 protected consumer's 
     representative has authority to act on behalf of a protected 
     consumer 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 protected consumer 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 protected consumer is in a foster care 
     setting under its jurisdiction.
       ``(G) The term `sufficient proof of identification' means 
     information or documentation that identifies a protected 
     consumer and a protected consumer'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 protected 
     consumer.--
       ``(A) In general.--Upon receiving a direct request from a 
     protected consumer'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 toll-free 
     telephone or secure electronic means, 1 business day after 
     receiving the request directly from the protected consumer's 
     representative; or
       ``(ii) in the case of a request that is by mail, 3 business 
     days after receiving the request directly from the protected 
     consumer'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 protected 
     consumer's representative; and
       ``(ii) inform the protected consumer's representative of 
     the process by which the protected consumer may remove the 
     security freeze, including a mechanism to authenticate the 
     protected consumer's representative.
       ``(C) Creation of file.--If a consumer reporting agency 
     does not have a file pertaining to a protected consumer when 
     the consumer reporting agency receives a direct request under 
     subparagraph (A), the consumer reporting agency shall create 
     a record for the protected consumer.
       ``(3) Prohibition on release of record or file of protected 
     consumer.--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 protected consumer's consumer 
     report, any information derived from the protected consumer's 
     consumer report, or any record created for the protected 
     consumer.
       ``(4) Removal of a protected consumer security freeze.--
       ``(A) In general.--A consumer reporting agency shall remove 
     a security freeze placed on the consumer report of a 
     protected consumer only in the following cases:
       ``(i) Upon the direct request of the protected consumer's 
     representative.
       ``(ii) Upon the direct request of the protected consumer, 
     if the protected consumer 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 protected consumer'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 
     protected consumer'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 protected consumer's representative or 
     protected consumer described in subparagraph (A)(ii) directly 
     requests that the security freeze be removed. Upon receiving 
     a direct request from the protected consumer's representative 
     or protected consumer 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 toll-free 
     telephone or secure 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) Temporary removal of security freeze.--Upon receiving 
     a direct request from a protected consumer or a protected 
     consumer's representative under subparagraph (A)(i), if the 
     protected consumer or protected consumer's representative 
     requests a temporary removal of a security freeze, the 
     consumer reporting agency shall, in accordance with 
     subparagraph (C), remove the security freeze for the period 
     of time specified by the protected consumer or protected 
     consumer's representative.''.
       (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; and
       (2) by adding at the end the following:
       ``(J) subsections (i) and (j) of section 605A relating to 
     security freezes; or''.
       (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, medical 
     services, or extended care 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 medical collection debt of a veteran owed to 
     a non-Department of Veterans Affairs health care provider 
     that was submitted to the Department for payment for health 
     care authorized by the Department of Veterans Affairs; 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) 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, medical 
     services, or extended care 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) With respect to a consumer reporting agency described 
     in section 603(p), any information related to a fully paid or 
     settled veteran's medical debt that had been characterized as 
     delinquent, charged off, or in collection if the consumer 
     reporting agency has actual knowledge that the information is 
     related to a veteran's medical debt and the consumer 
     reporting agency is in compliance with its obligation under 
     section 302(c)(5) of the Economic Growth, Regulatory Relief, 
     and Consumer Protection Act.''.
       (3) Removal of veteran's medical debt from consumer 
     report.--Section 611 of the Fair Credit Reporting Act (15 
     U.S.C. 1681i) is amended--
       (A) in subsection (a)(1)(A), by inserting ``and except as 
     provided in subsection (g)'' after ``subsection (f)''; and
       (B) by adding at the end the following:
       ``(g) Dispute Process for Veteran's Medical Debt.--
       ``(1) In general.--With respect to a veteran's medical 
     debt, the veteran may submit a notice described in paragraph 
     (2), 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 hospital care, medical services, or 
     extended care services rendered to a consumer reporting 
     agency or a reseller to dispute the inclusion of that debt on 
     a consumer report of the 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, proof of liability, or 
     documentation under paragraph (1), the consumer reporting 
     agency shall delete all information relating

[[Page S1515]]

     to the veteran's medical debt from the file of the veteran 
     and notify the furnisher and the 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), to the extent permitted by law, 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).
       (d) Credit Monitoring.--
       (1) In general.--Section 605A of the Fair Credit Reporting 
     Act (15 U.S.C. 1681c-1), as amended by section 301(a), is 
     amended by adding at the end the following:
       ``(k) Credit Monitoring.--
       ``(1) Definitions.--In this subsection:
       ``(A) The term `active duty military consumer' includes a 
     member of the National Guard.
       ``(B) The term `National Guard' has the meaning given the 
     term in section 101(c) of title 10, United States Code.
       ``(2) Credit monitoring.--A consumer reporting agency 
     described in section 603(p) shall provide a free electronic 
     credit monitoring service that, at a minimum, notifies a 
     consumer of material additions or modifications to the file 
     of the consumer at the consumer reporting agency to any 
     consumer who provides to the consumer reporting agency--
       ``(A) appropriate proof that the consumer is an active duty 
     military consumer; and
       ``(B) contact information of the consumer.
       ``(3) Rulemaking.--Not later than 1 year after the date of 
     enactment of this subsection, the Federal Trade Commission 
     shall promulgate regulations regarding the requirements of 
     this subsection, which shall at a minimum include--
       ``(A) a definition of an electronic credit monitoring 
     service and material additions or modifications to the file 
     of a consumer; and
       ``(B) what constitutes appropriate proof.
       ``(4) Applicability.--
       ``(A) Sections 616 and 617 shall not apply to any violation 
     of this subsection.
       ``(B) This section shall be enforced exclusively under 
     section 621 by the Federal agencies and Federal and State 
     officials identified in that section.''.
       (2) Conforming amendment.--Section 625(b)(1) of the Fair 
     Credit Reporting Act (15 U.S.C. 1681t(b)(1)), as amended by 
     section 301(b), is amended by adding at the end the 
     following:
       ``(K) subsection (k) of section 605A, relating to credit 
     monitoring for active duty military consumers, as defined in 
     that subsection;''.
       (e) Effective Date.--The amendments made by this section 
     shall take effect on the date that is 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 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; 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; 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 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

[[Page S1516]]

     financial institution may provide the training described in 
     paragraph (2)(A) to each officer or employee of, or 
     registered representative, insurance producer, or investment 
     adviser representative affiliated or associated with, the 
     covered financial institution who--
       (A) is described in subsection (a)(2)(A)(i);
       (B) may come into contact with a senior citizen as a 
     regular part of the professional duties of the individual; or
       (C) may review or approve the financial documents, records, 
     or transactions of a senior citizen in connection with 
     providing financial services to a senior citizen.
       (2) Content.--
       (A) In general.--The content of the training that a covered 
     financial institution or a third party selected by the 
     covered financial institution may provide under paragraph (1) 
     shall--
       (i) be maintained by the covered financial institution and 
     made available to a covered agency with examination authority 
     over the covered financial institution, upon request, except 
     that a covered financial institution shall not be required to 
     maintain or make available such content with respect to any 
     individual who is no longer employed by, or affiliated or 
     associated with, the covered financial institution;
       (ii) instruct any individual attending the training on how 
     to identify and report the suspected exploitation of a senior 
     citizen internally and, as appropriate, to government 
     officials or law enforcement authorities, including common 
     signs that indicate the financial exploitation of a senior 
     citizen;
       (iii) discuss the need to protect the privacy and respect 
     the integrity of each individual customer of the covered 
     financial institution; and
       (iv) be appropriate to the job responsibilities of the 
     individual attending the training.
       (B) Timing.--The training under paragraph (1) shall be 
     provided--
       (i) as soon as reasonably practicable; and
       (ii) with respect to an individual who begins employment, 
     or becomes affiliated or associated, with a covered financial 
     institution after the date of enactment of this Act, not 
     later than 1 year after the date on which the individual 
     becomes employed by, or affiliated or associated with, the 
     covered financial institution in a position described in 
     subparagraph (A), (B), or (C) of paragraph (1).
       (C) Records.--A covered financial institution shall--
       (i) maintain a record of each individual who--

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

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

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

       (a) Repeal of Sunset Provision.--Section 704 of the 
     Protecting Tenants at Foreclosure Act of 2009 (12 U.S.C. 5201 
     note; 12 U.S.C. 5220 note; 42 U.S.C. 1437f note) is repealed.
       (b) Restoration.--Sections 701 through 703 of the 
     Protecting Tenants at Foreclosure Act of 2009, the provisions 
     of law amended 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

[[Page S1517]]

       (II) by striking ``of the agency'';

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

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

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

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

       (ii) in subparagraph (D)--

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

       (iii) in subparagraph (E), by striking ``deliver'' and 
     inserting ``coordinate'';
       (iv) in subparagraph (H), by striking ``the Job 
     Opportunities and Basic Skills Training Program under part F 
     of title IV of the Social Security Act and''; and
       (v) in subparagraph (I), by striking ``public housing or 
     section 8 assistance'' and inserting ``assistance under 
     section 8 or 9'';
       (11) by amending subsection (i), as so redesignated, to 
     read as follows:
       ``(i) Family Self-Sufficiency Awards.--
       ``(1) In general.--Subject to appropriations, the Secretary 
     shall establish a formula by which annual funds shall be 
     awarded or as otherwise determined by the Secretary for the 
     costs incurred by an eligible entity in administering the 
     Family Self-Sufficiency program under this section.
       ``(2) Eligibility for awards.--The award established under 
     paragraph (1) shall provide funding for family self-
     sufficiency coordinators as follows:
       ``(A) Base award.--An eligible entity serving 25 or more 
     participants in the Family Self-Sufficiency program under 
     this section is eligible to receive an award equal to the 
     costs, as determined by the Secretary, of 1 full-time family 
     self-sufficiency coordinator position. The Secretary may, by 
     regulation or notice, determine the policy concerning the 
     award for an eligible entity serving fewer than 25 such 
     participants, including providing prorated awards or allowing 
     such entities to combine their programs under this section 
     for purposes of employing a coordinator.
       ``(B) Additional award.--An eligible entity that meets 
     performance standards set by the Secretary is eligible to 
     receive an additional award sufficient to cover the costs of 
     filling an additional family self-sufficiency coordinator 
     position if such entity has 75 or more participating 
     families, and an additional coordinator for each additional 
     50 participating families, or such other ratio as may be 
     established by the Secretary based on the award allocation 
     evaluation under subparagraph (E).
       ``(C) State and regional agencies.--For purposes of 
     calculating the award under this paragraph, each 
     administratively distinct part of a State or regional 
     eligible entity may be treated as a separate agency.
       ``(D) Determination of number of coordinators.--In 
     determining whether an eligible entity meets a specific 
     threshold for funding pursuant to this paragraph, the 
     Secretary shall consider the number of participants enrolled 
     by the eligible entity in its Family Self-Sufficiency program 
     as well as other criteria determined by the Secretary.
       ``(E) Award allocation evaluation.--The Secretary shall 
     submit to Congress a report evaluating the award allocation 
     under this subsection, and make recommendations based on this 
     evaluation and other related findings to modify such 
     allocation, within 4 years after the date of enactment of the 
     Economic Growth, Regulatory Relief, and Consumer Protection 
     Act, and not less frequently than every 4 years thereafter. 
     The report requirement under this subparagraph shall 
     terminate after the Secretary has submitted 2 such reports to 
     Congress.
       ``(3) Renewals and allocation.--
       ``(A) In general.--Funds allocated by the Secretary under 
     this subsection shall be allocated in the following order of 
     priority:
       ``(i) First priority.--Renewal of the full cost of all 
     coordinators in the previous year at each eligible entity 
     with an existing Family Self-Sufficiency program that meets 
     applicable performance standards set by the Secretary.
       ``(ii) Second priority.--New or incremental coordinator 
     funding authorized under this section.
       ``(B) Guidance.--If the first priority, as described in 
     subparagraph (A)(i), cannot be fully satisfied, the Secretary 
     may prorate the funding for each eligible entity, as long 
     as--
       ``(i) each eligible entity that has received funding for at 
     least 1 part-time coordinator in the prior fiscal year is 
     provided sufficient funding for at least 1 part-time 
     coordinator as part of any such proration; and
       ``(ii) each eligible entity that has received funding for 
     at least 1 full-time coordinator in the prior fiscal year is 
     provided sufficient funding for at least 1 full-time 
     coordinator as part of any such proration.
       ``(4) Recapture or offset.--Any awards allocated under this 
     subsection by the Secretary in a fiscal year that have not 
     been spent by the end of the subsequent fiscal year or such 
     other time period as determined by the Secretary may be 
     recaptured by the Secretary and shall be available for 
     providing additional awards pursuant to paragraph (2)(B), or 
     may be offset as determined by the Secretary. Funds 
     appropriated pursuant to this section shall remain available 
     for 3 years in order to facilitate the re-use of any 
     recaptured funds for this purpose.
       ``(5) Performance reporting.--Programs under this section 
     shall be required to report the number of families enrolled 
     and graduated, the number of established escrow accounts and 
     positive escrow balances, and any other information that the 
     Secretary may require. Program performance shall be reviewed 
     periodically as determined by the Secretary.
       ``(6) Incentives for innovation and high performance.--The 
     Secretary may reserve up to 5 percent of the amounts made 
     available under this subsection to provide support to or 
     reward Family Self-Sufficiency programs based on the rate of 
     successful completion, increased earned income, or other 
     factors as may be established by the Secretary.'';
       (12) in subsection (j)--

[[Page S1518]]

       (A) by striking ``public housing agency'' and inserting 
     ``eligible entity'';
       (B) by striking ``public housing'' before ``units'';
       (C) by striking ``in public housing projects administered 
     by the agency'';
       (D) by inserting ``or coordination'' after ``provision''; 
     and
       (E) by striking the last sentence;
       (13) in subsection (k), by striking ``public housing 
     agencies'' and inserting ``eligible entities'';
       (14) by striking subsection (n);
       (15) by striking subsection (o);
       (16) by redesignating subsections (l) and (m) as 
     subsections (m) and (n), respectively;
       (17) by inserting after subsection (k) the following:
       ``(l) Programs for Tenants in Privately Owned Properties 
     With Project-Based Assistance.--
       ``(1) Voluntary availability of fss program.--The owner of 
     a privately owned property may voluntarily make a Family 
     Self-Sufficiency program available to the tenants of such 
     property in accordance with procedures established by the 
     Secretary. Such procedures shall permit the owner to enter 
     into a cooperative agreement with a local public housing 
     agency that administers a Family Self-Sufficiency program or, 
     at the owner's option, operate a Family Self-Sufficiency 
     program on its own or in partnership with another owner. An 
     owner, who voluntarily makes a Family Self-Sufficiency 
     program available pursuant to this subsection, may access 
     funding from any residual receipt accounts for the property 
     to hire a family self-sufficiency coordinator or coordinators 
     for their program.
       ``(2) Cooperative agreement.--Any cooperative agreement 
     entered into pursuant to paragraph (1) shall require the 
     public housing agency to open its Family Self-Sufficiency 
     program waiting list to any eligible family residing in the 
     owner's property who resides in a unit assisted under 
     project-based rental assistance.
       ``(3) Treatment of families assisted under this 
     subsection.--A public housing agency that enters into a 
     cooperative agreement pursuant to paragraph (1) may count any 
     family participating in its Family Self-Sufficiency program 
     as a result of such agreement as part of the calculation of 
     the award under subsection (i).
       ``(4) Escrow.--
       ``(A) Cooperative agreement.--A cooperative agreement 
     entered into pursuant to paragraph (1) shall provide for the 
     calculation and tracking of the escrow for participating 
     residents and for the owner to make available, upon request 
     of the public housing agency, escrow for participating 
     residents, in accordance with paragraphs (2) and (3) of 
     subsection (e), residing in units assisted under section 8.
       ``(B) Calculation and tracking by owner.--The owner of a 
     privately owned property who voluntarily makes a Family Self-
     Sufficiency program available pursuant to paragraph (1) shall 
     calculate and track the escrow for participating residents 
     and make escrow for participating residents available in 
     accordance with paragraphs (2) and (3) of subsection (e).
       ``(5) Exception.--This subsection shall not apply to 
     properties assisted under section 8(o)(13).
       ``(6) Suspension of enrollment.--In any year, the Secretary 
     may suspend the enrollment of new families in Family Self-
     Sufficiency programs under this subsection based on a 
     determination that insufficient funding is available for this 
     purpose.'';
       (18) in subsection (m), as so redesignated--
       (A) in paragraph (1)--
       (i) in the first sentence, by striking ``Each public 
     housing agency'' and inserting ``Each eligible entity'';
       (ii) in the second sentence, by striking ``The report shall 
     include'' and inserting ``The contents of the report shall 
     include''; and
       (iii) in subparagraph (D)--

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

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

     SEC. 307. 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. 308. 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.

     SEC. 309. PROTECTING VETERANS FROM PREDATORY LENDING.

       (a) Protecting Veterans From Predatory Lending.--
       (1) In general.--Subchapter I of chapter 37 of title 38, 
     United States Code, is amended by adding at the end the 
     following new section:

     ``Sec. 3709. Refinancing of housing loans

       ``(a) Fee Recoupment.--Except as provided in subsection (d) 
     and notwithstanding section 3703 of this title or any other 
     provision of law, a loan to a veteran for a purpose specified 
     in section 3710 of this title that is being refinanced may 
     not be guaranteed or insured under this chapter unless--
       ``(1) the issuer of the refinanced loan provides the 
     Secretary with a certification of the recoupment period for 
     fees, closing costs, and any expenses (other than taxes, 
     amounts held in escrow, and fees paid under this chapter) 
     that would be incurred by the borrower in the refinancing of 
     the loan;
       ``(2) all of the fees and incurred costs are scheduled to 
     be recouped on or before the date that is 36 months after the 
     date of loan issuance; and
       ``(3) the recoupment is calculated through lower regular 
     monthly payments (other than taxes, amounts held in escrow, 
     and fees paid under this chapter) as a result of the 
     refinanced loan.
       ``(b) Net Tangible Benefit Test.--Except as provided in 
     subsection (d) and notwithstanding section 3703 of this title 
     or any other provision of law, a loan to a veteran for a 
     purpose specified in section 3710 of this title that is 
     refinanced may not be guaranteed or insured under this 
     chapter unless--
       ``(1) the issuer of the refinanced loan provides the 
     borrower with a net tangible benefit test;
       ``(2) in a case in which the original loan had a fixed rate 
     mortgage interest rate and the refinanced loan will have a 
     fixed rate mortgage interest rate, the refinanced loan has a 
     mortgage interest rate that is not less than 50 basis points 
     less than the previous loan;
       ``(3) in a case in which the original loan had a fixed rate 
     mortgage interest rate and the refinanced loan will have an 
     adjustable

[[Page S1519]]

     rate mortgage interest rate, the refinanced loan has a 
     mortgage interest rate that is not less than 200 basis points 
     less than the previous loan; and
       ``(4) the lower interest rate is not produced solely from 
     discount points, unless--
       ``(A) such points are paid at closing; and
       ``(B) such points are not added to the principal loan 
     amount, unless--
       ``(i) for discount point amounts that are less than or 
     equal to one discount point, the resulting loan balance after 
     any fees and expenses allows the property with respect to 
     which the loan was issued to maintain a loan to value ratio 
     of 100 percent or less; and
       ``(ii) for discount point amounts that are greater than one 
     discount point, the resulting loan balance after any fees and 
     expenses allows the property with respect to which the loan 
     was issued to maintain a loan to value ratio of 90 percent or 
     less.
       ``(c) Loan Seasoning.--Except as provided in subsection (d) 
     and notwithstanding section 3703 of this title or any other 
     provision of law, a loan to a veteran for a purpose specified 
     in section 3710 of this title that is refinanced may not be 
     guaranteed or insured under this chapter until the date that 
     is the later of--
       ``(1) the date that is 210 days after the date on which the 
     first monthly payment is made on the loan; and
       ``(2) the date on which the sixth monthly payment is made 
     on the loan.
       ``(d) Cash-out Refinances.--(1) Subsections (a) through (c) 
     shall not apply in a case of a loan refinancing in which the 
     amount of the principal for the new loan to be guaranteed or 
     insured under this chapter is larger than the payoff amount 
     of the refinanced loan.
       ``(2) Not later than 180 days after the date of the 
     enactment of this section, the Secretary shall promulgate 
     such rules as the Secretary considers appropriate with 
     respect to refinancing described in paragraph (1) to ensure 
     that such refinancing is in the financial interest of the 
     borrower, including rules relating to recoupment, seasoning, 
     and net tangible benefits.''.
       (2) Regulations.--
       (A) In general.--In prescribing any regulation to carry out 
     section 3709 of title 38, United States Code, as added by 
     paragraph (1), the Secretary of Veterans Affairs may waive 
     the requirements of sections 551 through 559 of title 5, 
     United States Code, if--
       (i) the Secretary determines that urgent or compelling 
     circumstances make compliance with such requirements 
     impracticable or contrary to the public interest;
       (ii) the Secretary submits to the Committee on Veterans' 
     Affairs of the Senate and the Committee on Veterans' Affairs 
     of the House of Representatives, and publishes in the Federal 
     Register, notice of such waiver, including a description of 
     the determination made under clause (i); and
       (iii) a period of 10 days elapses following the 
     notification under clause (ii).
       (B) Public notice and comment.--If a regulation prescribed 
     pursuant to a waiver made under subparagraph (A) is in effect 
     for a period exceeding 1 year, the Secretary shall provide 
     the public an opportunity for notice and comment regarding 
     such regulation.
       (C) Effective date.--This paragraph shall take effect on 
     the date of the enactment of this Act.
       (D) Termination date.--The authorities under this paragraph 
     shall terminate on the date that is 1 year after the date of 
     the enactment of this Act.
       (3) Report on cash-out refinances.--
       (A) In general.--Not later than 1 year after the date of 
     the enactment of this Act, the Secretary shall, in 
     consultation with the President of the Ginnie Mae, submit to 
     Congress a report on refinancing--
       (i) of loans--

       (I) made to veterans for purposes specified in section 3710 
     of title 38, United States Code; and
       (II) that were guaranteed or insured under chapter 37 of 
     such title; and

       (ii) in which the amount of the principal for the new loan 
     to be guaranteed or insured under such chapter is larger than 
     the payoff amount of the refinanced loan.
       (B) Contents.--The report required by subparagraph (A) 
     shall include the following:
       (i) An assessment of whether additional requirements, 
     including a net tangible benefit test, fee recoupment period, 
     and loan seasoning requirement, are necessary to ensure that 
     the refinancing described in subparagraph (A) is in the 
     financial interest of the borrower.
       (ii) Such recommendations as the Secretary may have for 
     additional legislative or administrative action to ensure 
     that refinancing described in subparagraph (A) is carried out 
     in the financial interest of the borrower.
       (4) Clerical amendment.--The table of sections at the 
     beginning of chapter 37 of title 38, United States Code, is 
     amended by inserting after the item relating to section 3709 
     the following new item:

``3709. Refinancing of housing loans.''.
       (b) Loan Seasoning for Ginnie Mae Mortgage-backed 
     Securities.--Section 306(g)(1) of the National Housing Act 
     (12 U.S.C. 1721(g)(1)) is amended by inserting ``The 
     Association may not guarantee the timely payment of principal 
     and interest on a security that is backed by a mortgage 
     insured or guaranteed under chapter 37 of title 38, United 
     States Code, and that was refinanced until the later of the 
     date that is 210 days after the date on which the first 
     monthly payment is made on the mortgage being refinanced and 
     the date on which 6 full monthly payments have been made on 
     the mortgage being refinanced.'' after ``Act of 1992.''.
       (c) Report on Liquidity of the Department of Veterans 
     Affairs Housing Loan Program.--
       (1) Report.--Not later than 1 year after the date of the 
     enactment of this Act, the Secretary of Housing and Urban 
     Development and the President of the Ginnie Mae shall submit 
     to the appropriate committees of Congress a report on the 
     liquidity of the housing loan program under chapter 37 of 
     title 38, United States Code, in the secondary mortgage 
     market, which shall--
       (A) assess the loans provided under that chapter that 
     collateralize mortgage-backed securities that are guaranteed 
     by Ginnie Mae; and
       (B) include recommendations for actions that Ginnie Mae 
     should take to ensure that the liquidity of that housing loan 
     program is maintained.
       (2) Definitions.--In this subsection:
       (A) Appropriate committees of congress.--The term 
     ``appropriate committees of Congress'' means--
       (i) the Committee on Veterans' Affairs and the Committee on 
     Banking, Housing, and Urban Affairs of the Senate; and
       (ii) the Committee on Veterans' Affairs and the Committee 
     on Financial Services of the House of Representatives.
       (B) Ginnie mae.--The term ``Ginnie Mae'' means the 
     Government National Mortgage Association.
       (d) Annual Report on Document Disclosure and Consumer 
     Education.--Not less frequently than once each year, the 
     Secretary of Veterans Affairs shall issue a publicly 
     available report that--
       (1) examines, with respect to loans provided to veterans 
     under chapter 37 of title 38, United States Code--
       (A) the refinancing of fixed-rate mortgage loans to 
     adjustable rate mortgage loans;
       (B) whether veterans are informed of the risks and 
     disclosures associated with that refinancing; and
       (C) whether advertising materials for that refinancing are 
     clear and do not contain misleading statements or assertions; 
     and
       (2) includes findings based on any complaints received by 
     veterans and on an ongoing assessment of the refinancing 
     market by the Secretary.

     SEC. 310. CREDIT SCORE COMPETITION.

       (a) Use of Credit Scores by Fannie Mae in Purchasing 
     Residential Mortgages.--Section 302(b) of the Federal 
     National Mortgage Association Charter Act (12 U.S.C. 1717(b)) 
     is amended by adding at the end the following:
       ``(7)(A) Definitions.--In this paragraph--
       ``(i) the term `credit score' means a numerical value or a 
     categorization created by a third party derived from a 
     statistical tool or modeling system used by a person who 
     makes or arranges a loan to predict the likelihood of certain 
     credit behaviors, including default; and
       ``(ii) the term `residential mortgage' has the meaning 
     given the term in section 302 of the Federal Home Loan 
     Mortgage Corporation Act (12 U.S.C. 1451).
       ``(B) Use of Credit Scores.--The corporation may condition 
     purchase of a residential mortgage by the corporation under 
     this subsection on the provision of a credit score for the 
     borrower only if--
       ``(i) the credit score is derived from any credit scoring 
     model that has been validated and approved by the corporation 
     under this paragraph; and
       ``(ii) the corporation provides for the use of the credit 
     score by all of the automated underwriting systems of the 
     corporation and any other procedures and systems used by the 
     corporation to purchase residential mortgages that use a 
     credit score.
       ``(C) Validation and Approval Process.--The corporation 
     shall establish a validation and approval process for the use 
     of credit score models, under which the corporation may not 
     validate and approve a credit score model unless the credit 
     score model--
       ``(i) satisfies minimum requirements of integrity, 
     reliability, and accuracy;
       ``(ii) has a historical record of measuring and predicting 
     default rates and other credit behaviors;
       ``(iii) is consistent with the safe and sound operation of 
     the corporation;
       ``(iv) complies with any standards and criteria established 
     by the Director of the Federal Housing Finance Agency under 
     section 1328(1) of the Federal Housing Enterprises Financial 
     Safety and Soundness Act of 1992; and
       ``(v) satisfies any other requirements, as determined by 
     the corporation.
       ``(D) Replacement of Credit Score Model.--If the 
     corporation has validated and approved 1 or more credit score 
     models under subparagraph (C) and the corporation validates 
     and approves an additional credit score model, the 
     corporation may determine that--
       ``(i) the additional credit score model has replaced the 
     credit score model or credit score models previously 
     validated and approved; and
       ``(ii) the credit score model or credit score models 
     previously validated and approved shall no longer be 
     considered validated and approved for the purposes of 
     subparagraph (B).
       ``(E) Public Disclosure.--Upon establishing the validation 
     and approval process

[[Page S1520]]

     required under subparagraph (C), the corporation shall make 
     publicly available a description of the validation and 
     approval process.
       ``(F) Application.--Not later than 30 days after the 
     effective date of this paragraph, the corporation shall 
     solicit applications from developers of credit scoring models 
     for the validation and approval of those models under the 
     process required under subparagraph (C).
       ``(G) Timeframe for Determination; Notice.--
       ``(i) In general.--The corporation shall make a 
     determination with respect to any application submitted under 
     subparagraph (F), and provide notice of that determination to 
     the applicant, before a date established by the corporation 
     that is not later than 180 days after the date on which an 
     application is submitted to the corporation.
       ``(ii) Extensions.--The Director of the Federal Housing 
     Finance Agency may authorize not more than 2 extensions of 
     the date established under clause (i), each of which shall 
     not exceed 30 days, upon a written request and a showing of 
     good cause by the corporation.
       ``(iii) Status notice.--The corporation shall provide 
     notice to an applicant regarding the status of an application 
     submitted under subparagraph (F) not later than 60 days after 
     the date on which the application was submitted to the 
     corporation.
       ``(iv) Reasons for disapproval.--If an application 
     submitted under subparagraph (F) is disapproved, the 
     corporation shall provide to the applicant the reasons for 
     the disapproval not later than 30 days after a determination 
     is made under this subparagraph.
       ``(H) Authority of Director.--If the corporation elects to 
     use a credit score model under this paragraph, the Director 
     of the Federal Housing Finance Agency shall require the 
     corporation to periodically review the validation and 
     approval process required under subparagraph (C) as the 
     Director determines necessary to ensure that the process 
     remains appropriate and adequate and complies with any 
     standards and criteria established pursuant to section 
     1328(1) of the Federal Housing Enterprises Financial Safety 
     and Soundness Act of 1992.
       ``(I) Extension.--If, as of the effective date of this 
     paragraph, a credit score model has not been approved under 
     subparagraph (C), the corporation may use a credit score 
     model that was in use before the effective date of this 
     paragraph, if necessary to prevent substantial market 
     disruptions, until the earlier of--
       ``(i) the date on which a credit score model is validated 
     and approved under subparagraph (C); or
       ``(ii) the date that is 2 years after the effective date of 
     this paragraph.''.
       (b) Use of Credit Scores by Freddie Mac in Purchasing 
     Residential Mortgages.--Section 305 of the Federal Home Loan 
     Mortgage Corporation Act (12 U.S.C. 1454) is amended by 
     adding at the end the following:
       ``(d)(1) Definition.--In this subsection, the term `credit 
     score' means a numerical value or a categorization created by 
     a third party derived from a statistical tool or modeling 
     system used by a person who makes or arranges a loan to 
     predict the likelihood of certain credit behaviors, including 
     default.
       ``(2) Use of Credit Scores.--The Corporation shall 
     condition purchase of a residential mortgage by the 
     Corporation under this section on the provision of a credit 
     score for the borrower only if--
       ``(A) the credit score is derived from any credit scoring 
     model that has been validated and approved by the Corporation 
     under this subsection; and
       ``(B) the Corporation provides for use of the credit score 
     by all of the automated underwriting systems of the 
     Corporation and any other procedures and systems used by the 
     Corporation to purchase residential mortgages that uses a 
     credit score.
       ``(3) Validation and Approval Process.--The Corporation 
     shall establish a validation and approval process for the use 
     of credit score models, under which the Corporation may not 
     validate and approve a credit score model unless the credit 
     score model--
       ``(A) satisfies minimum requirements of integrity, 
     reliability, and accuracy;
       ``(B) has a historical record of measuring and predicting 
     default rates and other credit behaviors;
       ``(C) is consistent with the safe and sound operation of 
     the corporation;
       ``(D) complies with any standards and criteria established 
     by the Director of the Federal Housing Finance Agency under 
     section 1328(1) of the Federal Housing Enterprises Financial 
     Safety and Soundness Act of 1992; and
       ``(E) satisfies any other requirements, as determined by 
     the Corporation.
       ``(4) Replacement of Credit Score Model.--If the 
     Corporation has validated and approved 1 or more credit score 
     models under paragraph (3) and if the Corporation validates 
     and approves an additional credit score model, the 
     Corporation may determine that--
       ``(A) the additional credit score model has replaced the 
     credit score model or credit score models previously 
     validated and approved; and
       ``(B) the credit score model or credit score models 
     previously validated and approved shall no longer be 
     considered validated and approved for purposes of paragraph 
     (2).
       ``(5) Public Disclosure.--Upon establishing the validation 
     and approval process required under paragraph (3), the 
     Corporation shall make publicly available a description of 
     the validation and approval process.
       ``(6) Application.--Not later than 30 days after the 
     effective date of this subsection, the Corporation shall 
     solicit applications from developers of credit scoring models 
     for the validation and approval of those models under the 
     process required under paragraph (3).
       ``(7) Timeframe for Determination; Notice.--
       ``(A) In general.--The Corporation shall make a 
     determination with respect to any application submitted under 
     paragraph (6), and provide notice of that determination to 
     the applicant, before a date established by the Corporation 
     that is not later than 180 days after the date on which an 
     application is submitted to the Corporation.
       ``(B) Extensions.--The Director of the Federal Housing 
     Finance Agency may authorize not more than 2 extensions of 
     the date established under subparagraph (A), each of which 
     shall not exceed 30 days, upon a written request and a 
     showing of good cause by the Corporation.
       ``(C) Status notice.--The Corporation shall provide notice 
     to an applicant regarding the status of an application 
     submitted under paragraph (6) not later than 60 days after 
     the date on which the application was submitted to the 
     Corporation.
       ``(D) Reasons for disapproval.--If an application submitted 
     under paragraph (6) is disapproved, the Corporation shall 
     provide to the applicant the reasons for the disapproval not 
     later than 30 days after a determination is made under this 
     paragraph.
       ``(8) Authority of Director.--If the Corporation elects to 
     use a credit score under this subsection, the Director of the 
     Federal Housing Finance Agency shall require the Corporation 
     to periodically review the validation and approval process 
     required under paragraph (3) as the Director determines 
     necessary to ensure that the process remains appropriate and 
     adequate and complies with any standards and criteria 
     established pursuant to section 1328(1) of the Federal 
     Housing Enterprises Financial Safety and Soundness Act of 
     1992.
       ``(9) Extension.--If, as of the effective date of this 
     subsection, a credit score model has not been approved under 
     paragraph (3), the Corporation may use a credit score model 
     that was in use before the effective date of this subsection, 
     if necessary to prevent substantial market disruptions, until 
     the earlier of--
       ``(A) the date on which a credit score model is validated 
     and approved under paragraph (3); or
       ``(B) the date that is 2 years after the effective date of 
     this subsection.''.
       (c) Authority of the Director.--Subpart A of part 2 of 
     subtitle A of the Federal Housing Enterprises Financial 
     Safety and Soundness Act of 1992 (12 U.S.C. 4541 et seq.) is 
     amended by adding at the end the following:

     ``SEC. 1328. REGULATIONS FOR USE OF CREDIT SCORES.

       ``The Director shall--
       ``(1) by regulation, establish standards and criteria for 
     any process used by an enterprise to validate and approve 
     credit scoring models pursuant to section 302(b)(7) of the 
     Federal National Mortgage Association Charter Act (12 U.S.C. 
     1717(b)(7)) and section 305(d) of the Federal Home Loan 
     Mortgage Corporation Act (12 U.S.C. 1454(d)); and
       ``(2) ensure that any credit scoring model that is 
     validated and approved by an enterprise under section 
     302(b)(7) (12 U.S.C. 1717(b)(7)) of the Federal National 
     Mortgage Association Charter Act or section 305(d) of the 
     Federal Home Loan Mortgage Corporation Act (12 U.S.C. 
     1454(d)) meets the requirements of clauses (i), (ii), and 
     (iii) of section 302(b)(7)(C) of the Federal National 
     Mortgage Association Charter Act and subparagraphs (A), (B), 
     and (C) of section 305(d)(3) of the Federal Home Loan 
     Mortgage Corporation Act, respectively.''.
       (d) Effective Date.--The amendments made by subsections (a) 
     and (b) shall take effect on the date that is 180 days after 
     the date of enactment of this Act.

     SEC. 311. GAO REPORT ON PUERTO RICO FORECLOSURES.

       Not earlier 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 report on foreclosures in 
     the Commonwealth of Puerto Rico, including--
       (1) the rate of foreclosures in the Commonwealth of Puerto 
     Rico before and after Hurricane Maria;
       (2) the rate of return for housing developers in the 
     Commonwealth of Puerto Rico before and after Hurricane Maria;
       (3) the rate of delinquency in the Commonwealth of Puerto 
     Rico before and after Hurricane Maria;
       (4) the rate of homeownership in the Commonwealth of Puerto 
     Rico before and after Hurricane Maria; and
       (5) the rate of defaults on federally insured mortgages in 
     the Commonwealth of Puerto Rico before and after Hurricane 
     Maria.

     SEC. 312. REPORT ON CHILDREN'S LEAD-BASED PAINT HAZARD 
                   PREVENTION AND ABATEMENT.

       (a) Definitions.--In this section--
       (1) the term ``Department'' means the Department of Housing 
     and Urban Development; and
       (2) the term ``public housing agency'' has the meaning 
     given the term in section 3(b) of the United States Housing 
     Act of 1937 (42 U.S.C. 1437a(b)).

[[Page S1521]]

       (b) Report.--Not later than 1 year after the date of 
     enactment of this Act, the Secretary of Housing and Urban 
     Development shall submit to Congress a report that includes--
       (1) an overview of existing policies and enforcement of the 
     Department, including public outreach, relating to lead-based 
     paint hazard prevention and abatement;
       (2) recommendations and best practices for the Department, 
     public housing agencies, and landlords for improving lead-
     based paint hazard prevention standards and Federal lead 
     prevention and abatement policies to protect the 
     environmental health and safety of children, including within 
     housing receiving assistance from or occupied by families 
     receiving housing assistance from the Department; and
       (3) recommendations for legislation to improve lead-based 
     paint hazard prevention and abatement.

     SEC. 313. FORECLOSURE RELIEF AND EXTENSION FOR 
                   SERVICEMEMBERS.

       Section 710(d) of the Honoring America's Veterans and 
     Caring for Camp Lejeune Families Act of 2012 (Public Law 112-
     154; 50 U.S.C. 3953 note) is amended by striking paragraphs 
     (1) and (3).

   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)--
       (i) in subparagraph (A)--

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

       (aa) by striking ``$10,000,000,000'' and inserting 
     ``$250,000,000,000''; and
       (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. 5331(a)), in the matter 
     preceding paragraph (1), by striking ``$50,000,000,000'' and 
     inserting ``$250,000,000,000'';
       (D) in section 155(d) (12 U.S.C. 5345(d)), by striking 
     ``50,000,000,000'' and inserting ``$250,000,000,000'';
       (E) in section 163(b) (12 U.S.C. 5363(b)), by striking 
     ``$50,000,000,000'' each place that term appears and 
     inserting ``$250,000,000,000''; and
       (F) in section 164 (12 U.S.C. 5364), by striking 
     ``$50,000,000,000'' and inserting ``$250,000,000,000''.
       (2) Federal reserve act.--The second subsection (s) 
     (relating to assessments) of section 11 of the Federal 
     Reserve Act (12 U.S.C. 248(s)) is amended--
       (A) in paragraph (2)--
       (i) in subparagraph (A), by striking ``$50,000,000,000'' 
     and inserting ``$100,000,000,000''; and
       (ii) in subparagraph (B), by striking ``$50,000,000,000'' 
     and inserting ``$100,000,000,000''; and
       (B) by adding at the end the following:
       ``(3) Tailoring assessments.--In collecting assessments, 
     fees, or other charges under paragraph (1) from each company 
     described in paragraph (2) with total consolidated assets of 
     between $100,000,000,000 and $250,000,000,000, the Board 
     shall adjust the amount charged to reflect any changes in 
     supervisory and regulatory responsibilities resulting from 
     the Economic Growth, Regulatory Relief, and Consumer 
     Protection Act with respect to each such company.''.
       (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 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)).
       (g) Clarification for Foreign Banks.--Nothing in this 
     section shall be construed to--
       (1) affect the legal effect of the final rule of the Board 
     of Governors of the Federal Reserve System entitled 
     ``Enhanced Prudential Standards for Bank Holding Companies 
     and Foreign Banking Organizations'' (79 Fed. Reg. 17240 
     (March 27, 2014)) as applied to foreign banking organizations 
     with total consolidated assets equal to or greater than 
     $100,000,000,000; or
       (2) limit the authority of the Board of Governors of the 
     Federal Reserve System to require the establishment of an 
     intermediate holding company under, implement enhanced 
     prudential standards with respect to, or tailor the 
     regulation of a foreign banking organization with total 
     consolidated assets equal to or greater than 
     $100,000,000,000.

     SEC. 402. SUPPLEMENTARY LEVERAGE RATIO FOR CUSTODIAL BANKS.

       (a) Definition.--In this section, the term ``custodial 
     bank'' means any depository institution holding company 
     predominantly engaged in custody, safekeeping, and asset 
     servicing activities, including any insured depository 
     institution subsidiary of such a holding company.

[[Page S1522]]

       (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 member country has been assigned a zero percent 
     risk weight under 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 section.

                 TITLE V--ENCOURAGING CAPITAL FORMATION

     SEC. 501. 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. 502. SEC STUDY ON ALGORITHMIC TRADING.

       (a) In General.--Not later than 18 months after the date of 
     enactment of this Act, the staff of the Securities and 
     Exchange Commission shall submit to the Committee on Banking, 
     Housing, and Urban Affairs of the Senate and the Committee on 
     Financial Services of the House of Representatives a report 
     on the risks and benefits of algorithmic trading in capital 
     markets in the United States.
       (b) Matters Required To Be Included.--The matters covered 
     by the report required by subsection (a) shall include the 
     following:
       (1) An assessment of the effect of algorithmic trading in 
     equity and debt markets in the United States on the provision 
     of liquidity in stressed and normal market conditions.
       (2) An assessment of the benefits and risks to equity and 
     debt markets in the United States by algorithmic trading.
       (3) An analysis of whether the activity of algorithmic 
     trading and entities that engage in algorithmic trading are 
     subject to appropriate Federal supervision and regulation.
       (4) A recommendation of whether--
       (A) based on the analysis described in paragraphs (1), (2), 
     and (3), any changes should be made to regulations; and
       (B) the Securities and Exchange Commission needs additional 
     legal authorities or resources to effect the changes 
     described in subparagraph (A).

     SEC. 503. ANNUAL REVIEW OF GOVERNMENT-BUSINESS FORUM ON 
                   CAPITAL FORMATION.

       Section 503 of the Small Business Investment Incentive Act 
     of 1980 (15 U.S.C. 80c-1) is amended by adding at the end the 
     following:
       ``(e) The Commission shall--
       ``(1) review the findings and recommendations of the forum; 
     and
       ``(2) each time the forum submits a finding or 
     recommendation to the Commission, promptly issue a public 
     statement--
       ``(A) assessing the finding or recommendation of the forum; 
     and
       ``(B) disclosing the action, if any, the Commission intends 
     to take with respect to the finding or recommendation.''.

     SEC. 504. SUPPORTING AMERICA'S INNOVATORS.

       Section 3(c)(1) of the Investment Company Act of 1940 (15 
     U.S.C. 80a-3(c)(1)) is amended--
       (1) in the matter preceding subparagraph (A), by inserting 
     ``(or, in the case of a qualifying venture capital fund, 250 
     persons)'' after ``one hundred persons''; and
       (2) by adding at the end the following:
       ``(C)(i) The term `qualifying venture capital fund' means a 
     venture capital fund that has not more than $10,000,000 in 
     aggregate capital contributions and uncalled committed 
     capital, with such dollar amount to be indexed for inflation 
     once every 5 years by the Commission, beginning from a 
     measurement made by the Commission on a date selected by the 
     Commission, rounded to the nearest $1,000,000.
       ``(ii) The term `venture capital fund' has the meaning 
     given the term in section 275.203(l)-1 of title 17, Code of 
     Federal Regulations, or any successor regulation.''.

     SEC. 505. SECURITIES AND EXCHANGE COMMISSION OVERPAYMENT 
                   CREDIT.

       (a) Definitions.--In this section--
       (1) the term ``Commission'' means the Securities and 
     Exchange Commission;
       (2) the term ``national securities association'' means an 
     association that is registered under section 15A of the 
     Securities Exchange Act of 1934 (15 U.S.C. 78o-3); and
       (3) the term ``national securities exchange'' means an 
     exchange that is registered as a national securities exchange 
     under section 6 of the Securities Exchange Act of 1934 (15 
     U.S.C. 78f).
       (b) Credit for Overpayment of Fees.--Notwithstanding 
     section 31(j) of the Securities Exchange Act of 1934 (15 
     U.S.C. 78ee(j)), and subject to subsection (c) of this 
     section, if a national securities exchange or a national 
     securities association has paid fees and assessments to the 
     Commission in an amount that is more than the amount that the 
     exchange or association was required to pay under section 31 
     of the Securities Exchange Act of 1934 (15 U.S.C. 78ee) and, 
     not later than 10 years after the date of such payment, the 
     exchange or association informs the Commission about the 
     payment of such excess amount, the Commission shall offset 
     future fees and assessments due by that exchange or 
     association in an amount that is equal to the difference 
     between the amount that the exchange or association paid and 
     the amount that the exchange or association was required to 
     pay under such section 31.
       (c) Applicability.--Subsection (b) shall apply only to fees 
     and assessments that a national securities exchange or a 
     national securities association was required to pay to the 
     Commission before the date of enactment of this Act.

     SEC. 506. U.S. TERRITORIES INVESTOR PROTECTION.

       (a) In General.--Section 6(a) of the Investment Company Act 
     of 1940 (15 U.S.C. 80a-6(a)) is amended--
       (1) by striking paragraph (1); and
       (2) by redesignating paragraphs (2) through (5) as 
     paragraphs (1) through (4), respectively.
       (b) Effective Date and Safe Harbor.--
       (1) Effective date.--Except as provided in paragraph (2), 
     the amendment made by subsection (a) shall take effect on the 
     date of enactment of this Act.
       (2) Safe harbor.--With respect to a company that is exempt 
     under section 6(a)(1) of the Investment Company Act of 1940 
     (15 U.S.C. 80a-6(a)(1)) on the day before the date of 
     enactment of this Act, the amendment made by subsection (a) 
     shall take effect on the date that is 3 years after the date 
     of enactment of this Act.

[[Page S1523]]

       (3) Extension of safe harbor.--The Securities and Exchange 
     Commission, by rule or regulation upon its own motion, or by 
     order upon application, may conditionally or unconditionally, 
     under section 6(c) of the Investment Company Act of 1940 (15 
     U.S.C. 80a-6(c)), further delay the effective date for a 
     company described in paragraph (2) for a maximum of 3 years 
     following the initial 3-year period if, before the end of the 
     initial 3-year period, the Commission determines that such a 
     rule, regulation, motion, or order is necessary or 
     appropriate in the public interest and for the protection of 
     investors.

     SEC. 507. ENCOURAGING EMPLOYEE OWNERSHIP.

       Not later than 60 days after the date of the enactment of 
     this Act, the Securities and Exchange Commission shall revise 
     section 230.701(e) of title 17, Code of Federal Regulations, 
     so as to increase from $5,000,000 to $10,000,000 the 
     aggregate sales price or amount of securities sold during any 
     consecutive 12-month period in excess of which the issuer is 
     required under such section to deliver an additional 
     disclosure to investors. The Commission shall index for 
     inflation such aggregate sales price or amount every 5 years 
     to reflect the change in the Consumer Price Index for All 
     Urban Consumers published by the Bureau of Labor Statistics, 
     rounding to the nearest $1,000,000.

     SEC. 508. IMPROVING ACCESS TO CAPITAL.

       The Securities and Exchange Commission shall amend--
       (1) section 230.251 of title 17, Code of Federal 
     Regulations, to remove the requirement that the issuer not be 
     subject to section 13 or 15(d) of the Securities Exchange Act 
     of 1934 (15 U.S.C. 78a et seq.) immediately before the 
     offering; and
       (2) section 230.257 of title 17, Code of Federal 
     Regulations, with respect to an offering described in section 
     230.251(a)(2) of title 17, Code of Federal Regulations, to 
     deem any issuer that is subject to section 13 or 15(d) of the 
     Securities Exchange Act of 1934 as having met the periodic 
     and current reporting requirements of section 230.257 of 
     title 17, Code of Federal Regulations, if such issuer meets 
     the reporting requirements of section 13 of the Securities 
     Exchange Act of 1934.

     SEC. 509. PARITY FOR CLOSED-END COMPANIES REGARDING OFFERING 
                   AND PROXY RULES.

       (a) Revision to Rules.--Not later than the end of the 1-
     year period beginning on the date of enactment of this Act, 
     the Securities and Exchange Commission shall propose and, not 
     later than 2 years after the date of enactment of this Act, 
     the Securities and Exchange Commission shall finalize any 
     rules, as appropriate, to allow any closed-end company, as 
     defined in section 5(a)(2) of the Investment Company Act of 
     1940 (15 U.S.C. 80a-5), that is registered as an investment 
     company under such Act, and is listed on a national 
     securities exchange or that makes periodic repurchase offers 
     pursuant to section 270.23c-3 of title 17, Code of Federal 
     Regulations, to use the securities offering and proxy rules, 
     subject to conditions the Commission determines appropriate, 
     that are available to other issuers that are required to file 
     reports under section 13 or section 15(d) of the Securities 
     Exchange Act of 1934 (15 U.S.C. 78m; 78o(d)). Any action that 
     the Commission takes pursuant to this subsection shall 
     consider the availability of information to investors, 
     including what disclosures constitute adequate information to 
     be designated as a ``well-known seasoned issuer''.
       (b) Treatment if Revisions Not Completed in a Timely 
     Manner.--If the Commission fails to complete the revisions 
     required by subsection (a) by the time required by such 
     subsection, any registered closed-end company that is listed 
     on a national securities exchange or that makes periodic 
     repurchase offers pursuant to section 270.23c-3 of title 17, 
     Code of Federal Regulations, shall be deemed to be an 
     eligible issuer under the final rule of the Commission titled 
     ``Securities Offering Reform'' (70 Fed. Reg. 44722; published 
     August 3, 2005).
       (c) Rules of Construction.--
       (1) No effect on rule 482.--Nothing in this section or the 
     amendments made by this section shall be construed to impair 
     or limit in any way a registered closed-end company from 
     using section 230.482 of title 17, Code of Federal 
     Regulations, to distribute sales material.
       (2) References.--Any reference in this section to a section 
     of title 17, Code of Federal Regulations, or to any form or 
     schedule means such rule, section, form, or schedule, or any 
     successor to any such rule, section, form, or schedule.

              TITLE VI--PROTECTIONS FOR STUDENT BORROWERS

     SEC. 601. PROTECTIONS IN THE EVENT OF DEATH OR BANKRUPTCY.

       (a) In General.--Section 140 of the Truth in Lending Act 
     (15 U.S.C. 1650) is amended--
       (1) in subsection (a)--
       (A) by redesignating paragraphs (1) through (8) as 
     paragraphs (2) through (9), respectively; and
       (B) by inserting before paragraph (2), as so redesignated, 
     the following:
       ``(1) the term `cosigner'--
       ``(A) means any individual who is liable for the obligation 
     of another without compensation, regardless of how designated 
     in the contract or instrument with respect to that 
     obligation, other than an obligation under a private 
     education loan extended to consolidate a consumer's pre-
     existing private education loans;
       ``(B) includes any person the signature of which is 
     requested as condition to grant credit or to forbear on 
     collection; and
       ``(C) does not include a spouse of an individual described 
     in subparagraph (A), the signature of whom is needed to 
     perfect the security interest in a loan.''; and
       (2) by adding at the end the following:
       ``(g) Additional Protections Relating to Borrower or 
     Cosigner of a Private Education Loan.--
       ``(1) Prohibition on automatic default in case of death or 
     bankruptcy of non-student obligor.--With respect to a private 
     education loan involving a student obligor and 1 or more 
     cosigners, the creditor shall not declare a default or 
     accelerate the debt against the student obligor on the sole 
     basis of a bankruptcy or death of a cosigner.
       ``(2) Cosigner release in case of death of borrower.--
       ``(A) Release of cosigner.--The holder of a private 
     education loan, when notified of the death of a student 
     obligor, shall release within a reasonable timeframe any 
     cosigner from the obligations of the cosigner under the 
     private education loan.
       ``(B) Notification of release.--A holder or servicer of a 
     private education loan, as applicable, shall within a 
     reasonable time-frame notify any cosigners for the private 
     education loan if a cosigner is released from the obligations 
     of the cosigner for the private education loan under this 
     paragraph.
       ``(C) Designation of individual to act on behalf of the 
     borrower.--Any lender that extends a private education loan 
     shall provide the student obligor an option to designate an 
     individual to have the legal authority to act on behalf of 
     the student obligor with respect to the private education 
     loan in the event of the death of the student obligor.''.
       (b) Applicability.--The amendments made by subsection (a) 
     shall only apply to private education loan agreements entered 
     into on or after the date that is 180 days after the date of 
     enactment of this Act.

     SEC. 602. REHABILITATION OF PRIVATE 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 private 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 private 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 `private education loan' has the meaning 
     given the term in section 140(a) of the Truth in Lending Act 
     (15 U.S.C. 1650(a)).''.

       (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

[[Page S1524]]

     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).

     SEC. 603. BEST PRACTICES FOR HIGHER EDUCATION FINANCIAL 
                   LITERACY.

       Section 514(a) of the Financial Literacy and Education 
     Improvement Act (20 U.S.C. 9703(a)) is amended by adding at 
     the end the following:
       ``(3) Best practices for teaching financial literacy.--
       ``(A) In general.--After soliciting public comments and 
     consulting with and receiving input from relevant parties, 
     including a diverse set of institutions of higher education 
     and other parties, the Commission shall, by not later than 1 
     year after the date of enactment of the Economic Growth, 
     Regulatory Relief, and Consumer Protection Act, establish 
     best practices for institutions of higher education regarding 
     methods to--
       ``(i) teach financial literacy skills; and
       ``(ii) provide useful and necessary information to assist 
     students at institutions of higher education when making 
     financial decisions related to student borrowing.
       ``(B) Best practices.--The best practices described in 
     subparagraph (A) shall include the following:
       ``(i) Methods to ensure that each student has a clear sense 
     of the student's total borrowing obligations, including 
     monthly payments, and repayment options.
       ``(ii) The most effective ways to engage students in 
     financial literacy education, including frequency and timing 
     of communication with students.
       ``(iii) Information on how to target different student 
     populations, including part-time students, first-time 
     students, and other nontraditional students.
       ``(iv) Ways to clearly communicate the importance of 
     graduating on a student's ability to repay student loans.
       ``(C) Maintenance of best practices.--The Commission shall 
     maintain and periodically update the best practices 
     information required under this paragraph and make the best 
     practices available to the public.
       ``(D) Rule of construction.--Nothing in this paragraph 
     shall be construed to require an institution of higher 
     education to adopt the best practices required under this 
     paragraph.''.
                                 ______
                                 
  SA 2152. Mr. CRAPO (for himself, Mr. Donnelly, Ms. Heitkamp, Mr. 
Tester, and Mr. Warner) proposed an amendment to amendment SA 2151 
proposed by Mr. Crapo (for himself, Mr. Donnelly, Ms. Heitkamp, Mr. 
Tester, and Mr. Warner) to the bill S. 2155, to promote economic 
growth, provide tailored regulatory relief, and enhance consumer 
protections, and for other purposes; as follows:

       On page 192, line 13, strike ``1 year'' and insert ``15 
     months''.
                                 ______
                                 
  SA 2153. Mr. HATCH submitted an amendment intended to be proposed by 
him to the bill S. 2155, to promote economic growth, provide tailored 
regulatory relief, and enhance consumer protections, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. APPLICABILITY OF CAPITAL AND MARGIN REQUIREMENTS TO 
                   COUNTERPARTIES.

       Section 4s(e)(4) of the Commodity Exchange Act (7 U.S.C. 
     6s(e)(4)) is amended--
       (1) by striking ``counterparty qualifies'' and inserting 
     the following: ``counterparty--
       ``(A) qualifies'';
       (2) in subparagraph (A) (as so designated), by striking the 
     period at the end and inserting ``; or''; and
       (3) by adding at the end the following:
       ``(B)(i) is a money transmitter (as defined in section 
     1010.100(ff)(5) of title 31, Code of Federal Regulations) (or 
     any successor regulation)) that--
       ``(I) is regulated by a State, the District of Columbia, or 
     a territory or possession of the United States for financial 
     adequacy;
       ``(II) is registered in accordance with section 1022.380 of 
     title 31, Code of Federal Regulations (or any successor 
     regulation); and
       ``(III) enters only into swaps exclusively for the purpose 
     of offsetting risks generated from foreign currency contracts 
     with an entity that is not a financial end user (as defined 
     in section 23.151 of title 17, Code of Federal Regulations 
     (or any successor regulation)); and
       ``(ii) has total assets of $1,000,000,000 or less on the 
     last day of its most recent fiscal year.''.
                                 ______
                                 
  SA 2154. Mr. BOOKER (for himself and Mr. Casey) submitted an 
amendment intended to be proposed by him to the bill S. 2155, to 
promote economic growth, provide tailored regulatory relief, and 
enhance consumer protections, and for other purposes; which was ordered 
to lie on the table; as follows:

       At the end, insert the following:

                 TITLE VI--WORKER DIVIDEND ACT OF 2018

     SEC. 601. SHORT TITLE.

       This title may be cited as the ``Worker Dividend Act of 
     2018''.

     SEC. 602. FAILURE OF EMPLOYER TO PAY WORKER DIVIDENDS.

       (a) In General.--Subtitle D of the Internal Revenue Code of 
     1986 is amended by inserting after chapter 36 the following 
     new chapter:

         ``CHAPTER 37--PROVISIONS RELATING TO WORKER DIVIDENDS

``Sec. 4501. Failure of employer to pay worker dividends.

     ``SEC. 4501. FAILURE OF EMPLOYER TO PAY WORKER DIVIDENDS.

       ``(a) General Rule.--If, for a taxable year in which a 
     covered employer repurchases any securities of the employer 
     on the open market, the covered employer fails to pay to its 
     employees a worker dividend meeting the requirements of 
     subsection (b), then there is hereby imposed on the covered 
     employer a tax equal to the lesser of the amounts determined 
     under subparagraphs (A) and (B) of subsection (b)(1).
       ``(b) Worker Dividend.--For purposes of this section--
       ``(1) In general.--The term `worker dividend' means a 
     payment made by a covered employer to employees of the 
     employer at locations in the United States, if the total of 
     all such payments made during the taxable year is not less 
     than the lesser of--
       ``(A) the amount paid by the employer to repurchase 
     securities of the employer on the open market during the 
     taxable year, and
       ``(B) 50 percent of the amount by which the earnings before 
     interest, taxes, depreciation, and amortization of the 
     employer during the taxable year in the United States exceed 
     $250,000,000.
       ``(2) Payments to be in addition to compensation.--Such 
     term shall not include any payment unless such payment is in 
     addition to, and (including by election of the employee) is 
     not included in (except as provided in paragraph (5)) or 
     substituted for, any cash or other compensation ordinarily 
     paid to the employee by the employer.
       ``(3) Payments to be equal.--Such term shall not include 
     any payment unless the amount of the payment made to each 
     employee of the employer in the United States is of an equal 
     amount. Notwithstanding the preceding sentence, in the case 
     of an employee employed at less than full time, the payment 
     to such employee may be in a pro rata amount based on the 
     hours worked by the employee per week.
       ``(4) Timing of payment.--Such term shall not include any 
     payment which is not made within 60 days of the close of the 
     taxable year to which it relates.
       ``(5) Option to increase compensation.--A covered employer 
     may, by providing such documentation as the Secretary may 
     require, elect to have the worker dividend paid to employees 
     in the form of an increase in regular compensation. In the 
     case of a covered employer making such election--
       ``(A) paragraph (4) shall not apply, and
       ``(B) the term `worker dividend' includes only increases in 
     compensation which are so documented and which are paid 
     within 1 calendar year of the date the increase goes into 
     effect.
       ``(c) Covered Employer.--For purposes of this section, the 
     term `covered employer' means, for any taxable year, any 
     entity the stock of which is publicly traded.
       ``(d) Aggregation Rule.--All persons treated as a single 
     employer under subsection (a) or (b) of section 52 shall be 
     treated as a single employer for purposes of determining 
     whether an individual is an employee of a covered employer.
       ``(e) Regulations.--The Secretary, in consultation with the 
     Secretary of Labor, shall promulgate regulations or other 
     guidance to ensure compliance with this section, including 
     the determination of full time status and rules to prevent 
     avoidance of the purposes of subsection (b)(2).
       ``(f) Reporting.--With respect to any taxable year in which 
     a covered employer repurchases any securities of the employer 
     on the open market, not later than the due date for the 
     return of tax for such taxable year such employer shall 
     report to the Secretary and the Chairman of the Securities 
     and Exchange Commission, in such manner as the Secretary 
     shall determine, the amount of any worker dividend paid 
     during such taxable year and any other information as the 
     Secretary shall require.''.
       (b) Clerical Amendment.--The table of chapters for subtitle 
     D of the Internal Revenue Code of 1986 is amended by 
     inserting after the item relating to chapter 36 the following 
     new item:

        ``Chapter 37--Provisions Relating to Worker Dividends''.

       (c) Effective Date.--The amendments made by this section 
     shall apply to repurchases of employer securities in taxable 
     years beginning after the date of the enactment of this Act.
                                 ______
                                 
  SA 2155. Mr. SANDERS submitted an amendment intended to be proposed 
by him to the bill S. 2155, to promote economic growth, provide 
tailored regulatory relief, and enhance consumer protections, and for 
other purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

[[Page S1525]]

  


     SEC. ___. INTEREST RATE REDUCTION.

       (a) National Consumer Credit Usury Rate.--Section 107 of 
     the Truth in Lending Act (15 U.S.C. 1606) is amended by 
     adding at the end the following new subsection:
       ``(f) National Consumer Credit Usury Rate.--
       ``(1) Limitation established.--Notwithstanding subsection 
     (a) or any other provision of law, but except as provided in 
     paragraph (2), the annual percentage rate applicable to any 
     extension of credit may not exceed 15 percent on unpaid 
     balances, inclusive of all finance charges. Any fees that are 
     not considered finance charges under section 106(a) may not 
     be used to evade the limitations of this paragraph, and the 
     total sum of such fees may not exceed the total amount of 
     finance charges assessed.
       ``(2) Exceptions.--
       ``(A) Board authority.--The Board may establish, after 
     consultation with the appropriate committees of Congress, the 
     Secretary of the Treasury, and any other interested Federal 
     financial institution regulatory agency, an annual percentage 
     rate of interest ceiling exceeding the 15 percent annual rate 
     under paragraph (1) for periods of not to exceed 18 months, 
     upon a determination that--
       ``(i) money market interest rates have risen over the 
     preceding 6-month period; and
       ``(ii) prevailing interest rate levels threaten the safety 
     and soundness of individual lenders, as evidenced by adverse 
     trends in liquidity, capital, earnings, and growth.
       ``(B) Treatment of credit unions.--The limitation in 
     paragraph (1) does not apply with respect to any extension of 
     credit by an insured credit union, as that term is defined in 
     section 101 of the Federal Credit Union Act (12 U.S.C. 1752).
       ``(3) Penalties for charging higher rates.--
       ``(A) Violation.--The taking, receiving, reserving, or 
     charging of an annual percentage rate or fee greater than 
     that permitted by paragraph (1), when knowingly done, shall 
     be deemed a violation of this title, and a forfeiture of the 
     entire interest which the note, bill, or other evidence of 
     the obligation carries with it, or which has been agreed to 
     be paid thereon.
       ``(B) Refund of interest amounts.--If an annual percentage 
     rate or fee greater than that permitted under paragraph (1) 
     has been paid, the person by whom it has been paid, or the 
     legal representative thereof, may, by bringing an action not 
     later than 2 years after the date on which the usurious 
     collection was last made, recover back from the lender in an 
     action in the nature of an action of debt, the entire amount 
     of interest, finance charges, or fees paid.
       ``(4) Civil liability.--Any creditor who violates this 
     subsection shall be subject to the provisions of section 130.
       ``(g) Relation to State Law.--Nothing in this section may 
     be construed to preempt any provision of State law that 
     provides greater protection to consumers than is provided in 
     this section.''.
       (b) Civil Liability Conforming Amendment.--Section 130(a) 
     of the Truth in Lending Act (15 U.S.C. 1640(a)) is amended by 
     inserting ``section 107(f),'' before ``this chapter''.

                          ____________________