[Congressional Record Volume 164, Number 40 (Wednesday, March 7, 2018)]
[Senate]
[Page S1488]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  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).''.

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