[Congressional Record Volume 164, Number 41 (Thursday, March 8, 2018)]
[Senate]
[Pages S1584-S1614]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           TEXT OF AMENDMENTS

  SA 2156. Mr. RUBIO (for himself and Mr. Sasse) 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. 504. REPORT ON FOREIGN INVESTMENT IN REAL ESTATE IN THE 
                   UNITED STATES.

       (a) In General.--Not later than one year after the date of 
     the enactment of this Act, the Secretary of the Treasury, in 
     consultation with the Secretary of Commerce, shall submit to 
     the appropriate congressional committees a report on foreign 
     investment in real estate in the United States that includes 
     the following:
       (1) For each of the 30 years preceding such date of 
     enactment, an estimate of the following:
       (A) The total amount of foreign investment in real estate 
     in the United States.
       (B) The amount of investment described in subparagraph (A), 
     disaggregated by--
       (i) each of the 10 foreign countries from which the most 
     such investment originates;
       (ii) each covered foreign country; and
       (iii) investment by public and private entities.
       (C) The total amount of foreign investment in real estate 
     in the United States in the 20 metropolitan statistical areas 
     with the most such investment.
       (D) The amount of investment described in subparagraph (C), 
     disaggregated by--
       (i) each of the metropolitan statistical areas described in 
     that subparagraph;
       (ii) each covered foreign country; and
       (iii) investment by public and private entities.
       (E) The total amount of foreign investment in real estate 
     in the United States in the 10 States with the most such 
     investment.
       (F) The amount of investment described in subparagraph (E), 
     disaggregated by--
       (i) each of the States described in that subparagraph;
       (ii) each covered foreign country; and

[[Page S1585]]

       (iii) investment by public and private entities.
       (2) An estimate of the percentage of the average home price 
     in the metropolitan statistical areas described in paragraph 
     (1)(C) attributable to foreign investment in real estate.
       (3) An estimate of the percentage of the average home price 
     in the States described in paragraph (1)(E) attributable to 
     foreign investment in real estate.
       (b) Definitions.--In this section:
       (1) Appropriate congressional committees.--The term 
     ``appropriate congressional committees'' means--
       (A) the Committee on Banking, Housing, and Urban Affairs 
     and the Committee on Foreign Relations of the Senate; and
       (B) the Committee on Financial Services and the Committee 
     on Foreign Affairs of the House of Representatives.
       (2) Covered country.--The term ``covered country'' means--
       (A) Argentina;
       (B) Brazil;
       (C) Canada;
       (D) Colombia;
       (E) Germany;
       (F) Japan;
       (G) Norway;
       (H) the People's Republic of China;
       (I) Singapore;
       (J) South Korea;
       (K) Switzerland;
       (L) the United Arab Emirates; and
       (M) Venezuela.
       (3) Metropolitan statistical area.--The term ``metropolitan 
     statistical area'' has the meaning given that term by the 
     Office of Management and Budget.
                                 ______
                                 
  SA 2157. Ms. CORTEZ MASTO (for herself, Mr. Booker, Mr. Brown, Ms. 
Duckworth, Mr. Durbin, Mrs. Feinstein, Ms. Hirono, Mrs. McCaskill, Mr. 
Menendez, Mrs. Murray, Mr. Nelson, Mrs. Shaheen, Mr. Udall, Mr. Van 
Hollen, Ms. Warren, Ms. Hassan, Ms. Stabenow, Mr. Heinrich, and Mr. 
Blumenthal) 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 104 of the amendment.
                                 ______
                                 
  SA 2158. Ms. CORTEZ MASTO 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, add the following:

     SEC. 308. SAFEGUARDS TO PREVENT DISPLACEMENT OF SENIORS.

       Section 255(j) of the National Housing Act (12 U.S.C. 
     1715z-20(j)) is amended--
       (1) by striking the subsection designation and all that 
     follows through ``The Secretary'' and inserting the 
     following:
       ``(j) Safeguards to Prevent Displacement of Homeowners.--
       ``(1) Deferral of obligations of homeowners.--The 
     Secretary''; and
       (2) by adding at the end the following:
       ``(2) Loss mitigation in cases of delinquent taxes, 
     insurance, and homeowners association fees.--
       ``(A) Requirement.--In the case of a mortgage insured under 
     this section that is in default by reason of failure to pay 
     taxes or insurance required under the mortgage or homeowners 
     association fees, the Secretary shall require that the 
     mortgagee, as a precondition of sending a due and payable 
     request to the Secretary, take appropriate loss mitigation 
     actions, which may include--
       ``(i) establishing a realistic repayment plan for the 
     delinquency;
       ``(ii) assisting the borrower in contacting a housing 
     counseling agency approved by the Secretary to obtain free 
     assistance with--

       ``(I) finding a viable resolution to the delinquency; or
       ``(II) identifying local resources available to provide 
     funds or homestead exemptions;

       ``(iii) refinancing the delinquent mortgage into a new home 
     equity conversion mortgage if--

       ``(I) there is sufficient equity to satisfy the existing 
     mortgage and the delinquency; and
       ``(II) the applicant for refinancing meets the financial 
     assessment guidelines of the Secretary;

       ``(iv) extending the deadline for foreclosure in a case in 
     which the youngest living borrower--

       ``(I) is not less than 80 years of age; and
       ``(II) has critical circumstances, such as a terminal 
     illness, long-term physical disability, or unique occupancy 
     need;

       ``(v) refraining from submitting a due and payable request 
     to the Secretary in a case in which the total arrearage for 
     the delinquency is not more than $2,000; and
       ``(vi) any other loss mitigation action the Secretary 
     considers appropriate.
       ``(B) Treatment of non-borrowing spouses.--For purposes of 
     loss mitigation required under subparagraph (A), a mortgagee 
     shall treat a non-borrowing spouse as a borrower.
       ``(C) Failure to comply.--In the case of a claim for 
     insurance benefits for a mortgage insured under this section 
     made by a mortgagee who fails to comply with the requirement 
     under subparagraph (A), the Secretary may reduce or deny 
     those benefits based on that failure.
       ``(3) Definitions.--In this subsection:
       ``(A) Borrower.--The term `borrower', with respect to a 
     mortgage insured under this section--
       ``(i) means the original borrower under the note and 
     mortgage; and
       ``(ii) does not include successors or assigns of the 
     original borrower.
       ``(B) Non-borrowing spouse.--The term `non-borrowing 
     spouse', with respect to a borrower under a mortgage insured 
     under this section, means the spouse of the borrower who is 
     not a borrower.''.
                                 ______
                                 
  SA 2159. Ms. CORTEZ MASTO 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 IV, add the following:

     SEC. 4__. EFFECTIVE DATE.

       (a) Definition.--In this section, ``primary financial 
     regulatory agency'' has the meaning given the term in section 
     2 of the Dodd-Frank Wall Street Reform and Consumer 
     Protection Act (12 US.C. 5301).
       (b) In General.--Notwithstanding any other provision in 
     this title, this title shall not take effect until 30 days 
     after the date on which each Federal primary financial 
     regulatory agency has certified by order and in a report to 
     the Committee on Banking, Housing, and Urban Affairs of the 
     Senate and the Committee on Financial Services of the House 
     of Representatives that the primary financial regulatory 
     agency has issued a final rule for each applicable regulation 
     required under the Dodd-Frank Wall Street Reform and Consumer 
     Protection Act (12 U.S.C. 5301 et seq.), and any amendment 
     made by that Act.
                                 ______
                                 
  SA 2160. Ms. CORTEZ MASTO 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 section 401, add the following:
       (__) No Relief for Bad Actors.--
       (1) Definitions.--In this subsection:
       (A) Bad actor.--The term ``bad actor'' means a bank holding 
     company with total consolidated assets equal to or greater 
     than $50,000,000,000 if the company, its predecessor, or any 
     of its subsidiaries was subject to an order, judgment, or 
     decree of any court of competent jurisdiction entered on or 
     after July 21, 2010, or a final order of an Executive agency 
     entered on or after July 21, 2010, that--
       (i) is the result of an enforcement action initiated by an 
     Executive agency or State attorney general;
       (ii) imposes penalties for violations--

       (I) of any Federal or State law related to mortgage 
     origination, servicing, or foreclosure processing, as defined 
     by the Board of Governors of the Federal Reserve System; or
       (II) involving the offer or sale of residential mortgage-
     backed securities or any financial instrument that references 
     residential mortgage-backed securities under--

       (aa) the Securities Act of 1933 (15 U.S.C. 77b et seq.); or
       (bb) the Securities Exchange Act of 1934 (15 U.S.C. 78a et 
     seq.); and
       (iii) imposes monetary penalties of more than $1,000,000.
       (B) Executive agency.--The term ``Executive agency'' has 
     the meaning given the term in section 105 of title 5, United 
     States Code.
       (2) Prohibition.--Notwithstanding any other provision in 
     this title, a bad actor 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 bad actor on December 1, 2017.
                                 ______
                                 
  SA 2161. Ms. CORTEZ MASTO 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 section 401, add the following:
       (__) Quantitative or Qualitative Objections to Capital 
     Plans.--
       (1) In general.--Any bank holding company with total 
     consolidated assets greater than $50,000,000,000 that, in the 
     preceding 5 years, has received a quantitative or qualitative 
     objection or conditional nonobjection to a capital plan 
     submitted to the Board of Governors of the Federal Reserve 
     System pursuant the Comprehensive Capital Analysis and Review 
     conducted under section 225.8 of title 12, Code of Federal 
     Regulations, shall be--

[[Page S1586]]

       (A) 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--
       (i) 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
       (ii) 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)); and
       (B) subject to annual analyses to evaluate whether the bank 
     has the capital, on a total consolidated basis, necessary to 
     absorb losses as a result of adverse economic conditions.
       (2) Conditions.--Each analysis described in paragraph 
     (1)(B) shall provide for at least 3 different sets of 
     conditions under which the evaluation required by that 
     paragraph shall be conducted, including baseline, adverse, 
     and severely adverse.
                                 ______
                                 
  SA 2162. Ms. CORTEZ MASTO 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 110.
                                 ______
                                 
  SA 2163. Ms. CORTEZ MASTO 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. ___. ESTABLISHMENT OF THE FINANCIAL FINES AND CRIMES 
                   REGISTRY.

       (a) Definition.--In this section, the term ``covered 
     agency'' means--
       (1) the Federal Deposit Insurance Corporation;
       (2) the Federal Housing Finance Agency;
       (3) the Office of the Comptroller of the Currency;
       (4) the Board of Governors of the Federal Reserve System;
       (5) the Bureau of Consumer Financial Protection;
       (6) the Securities and Exchange Commission;
       (7) the Department of Justice;
       (8) the Department of Housing and Urban Development;
       (9) the Commodity Futures Trading Commission; and
       (10) the Department of the Treasury.
       (b) Establishment.--Each covered agency shall establish and 
     make accessible on a public website a database to be known as 
     the ``Financial Fines and Crimes Registry'' that shall list 
     all penalties (civil and criminal) that the covered agency 
     has assessed in the previous 20 years against any financial 
     institution, as defined under section 5312(a) of title 31, 
     United States Code, with assets greater than $50,000,000,000 
     at the time the penalty was assessed, including any actions 
     taken by the covered agency against an executive, director, 
     or officer of the financial institution.
                                 ______
                                 
  SA 2164. Ms. CORTEZ MASTO 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. ___. INVESTOR CHOICE.

       (a) Arbitration Agreements in the Securities Exchange Act 
     of 1934.--Section 15(o) of the Securities Exchange Act of 
     1934 (15 U.S.C. 78o(o)) is amended to read as follows:
       ``(o) Limitations on Pre-Dispute Agreements.--
     Notwithstanding any other provision of law, it shall be 
     unlawful for any broker, dealer, funding portal, or municipal 
     securities dealer to enter into, modify, or extend an 
     agreement with customers or clients of such entity with 
     respect to a future dispute between the parties to such 
     agreement that--
       ``(1) mandates arbitration for such dispute;
       ``(2) restricts, limits, or conditions the ability of a 
     customer or client of such entity to select or designate a 
     forum for resolution of such dispute; or
       ``(3) restricts, limits, or conditions the ability of a 
     customer or client to pursue a claim relating to such dispute 
     in an individual or representative capacity or on a class 
     action or consolidated basis.''.
       (b) Arbitration Agreements in the Investment Advisers Act 
     of 1940.--Section 205(f) of the Investment Advisers Act of 
     1940 (15 U.S.C. 80b-5(f)) is amended to read as follows:
       ``(f) Notwithstanding any other provision of law, it shall 
     be unlawful for any investment adviser to enter into, modify, 
     or extend an agreement with customers or clients of such 
     entity with respect to a future dispute between the parties 
     to such agreement that--
       ``(1) mandates arbitration for such dispute;
       ``(2) restricts, limits, or conditions the ability of a 
     customer or client of such entity to select or designate a 
     forum for resolution of such dispute; or
       ``(3) restricts, limits, or conditions the ability of a 
     customer or client to pursue a claim relating to such dispute 
     in an individual or representative capacity or on a class 
     action or consolidated basis.''.
       (c) Application.--The amendments made by this section shall 
     apply with respect to any agreement entered into, modified, 
     or extended after the date of the enactment of this Act.
                                 ______
                                 
  SA 2165. Ms. CORTEZ MASTO 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, add the following:

     SEC. 3__. ARBITRATION AGREEMENTS.

       (a) Definitions.--In this section, the terms ``bank'' and 
     ``credit union'' have the meanings given those terms in 
     section 2 of the Dodd-Frank Wall Street Reform and Consumer 
     Protection Act (12 U.S.C. 5301).
       (b) Revival of the Arbitration Agreements Rule.--
       (1) In general.--The Joint Resolution entitled ``Joint 
     Resolution providing for congressional disapproval under 
     chapter 8 of title 5, United States Code, of the rule 
     submitted by Bureau of Consumer Financial Protection relating 
     to `Arbitration Agreements','' approved November 1, 2017 
     (Public Law 115-74), is repealed.
       (2) Applicability.--
       (A) In general.--Except as provided in subparagraph (B), 
     part 1040 of title 12, Code of Federal Regulations, as in 
     effect on October 31, 2017, shall be applied and administered 
     as if the Joint Resolution described in paragraph (1) had not 
     been enacted.
       (B) Exemption for community financial institutions.--Part 
     1040 of title 12, Code of Federal Regulations, shall not 
     apply to any bank or credit union that, together with its 
     affiliates, has less than $10,000,000,000 in total 
     consolidated assets.
                                 ______
                                 
  SA 2166. Ms. CORTEZ MASTO 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. __. FINDINGS.

       Congress finds the following:
       (1) Findings on the costs of the financial crisis.--
       (A) The 2007-2008 financial crisis, which led to the near-
     total collapse of the global financial system had both 
     measurable and immeasurable costs to the economy of the 
     United States and virtually every working family, throwing 
     the United States into the longest and deepest recession in 
     generations. The costs of that crisis are staggering and 
     long-lasting by every measure.
       (B) The crisis ravaged our economy, costing more than 
     $16,000,000,000,000 or about $120,000 for every United States 
     household.
       (C) Tens of millions of Americans lost their jobs as the 
     number of unemployed climbed to 14,700,000 over the course of 
     the recession, and the number of underemployed and 
     discouraged job seekers who gave up work rose to 12,000,000, 
     a 94 percent increase.
       (D) The unemployment rate also shot up to a high of 10 
     percent, up from 6.6 percent in October 2008. Research shows 
     that many young people who entered into a terrible job market 
     will suffer permanently lower income prospects over the 
     course of their careers.
       (E) During the 2007-2008 financial crisis, known as the 
     ``Great Recession'', long-term unemployment was significantly 
     higher and persisted longer than in any previous period in 
     data that go back to the late 1940s.
       (F) At the outset of the recovery from the Great Recession 
     there were 7 people looking for jobs for every one opening.
       (G) The consequences of the crisis were particularly severe 
     for minority populations. In late 2009, white Americans 
     jobless rate peaked at 9.2 percent. For African-Americans, 
     however, the jobless rate climbed as high as a staggering 
     16.8 percent in March 2010. Additionally, the jobless rate 
     for Hispanics hit a peak of 13 percent in August 2009.
       (H) Facing mounting unemployment and in many cases harsh 
     and deceptive mortgage servicing practices, foreclosures 
     displaced more than 11,000,000 Americans, which pushed down 
     home prices, contributing to an average decline in home 
     values of more than 30 percent.
       (I) As many lost their jobs, they also lost their health 
     insurance, driving nearly 4,000,000 Americans into the 
     Medicaid program in 2009 alone.
       (J) Median family income fell to $45,800 in 2010 from 
     $49,600 in 2007, with low-income and middle-class families 
     sustaining the largest percentage losses in both wealth and 
     income during the crisis.
       (K) Once again, the Great Recession had the most profound 
     impact on African-Americans whose wealth declined by 
     approximately 52 percent, and Latino households

[[Page S1587]]

     whose wealth declined by 66 percent, compared to a 16 percent 
     decrease in wealth for White households.
       (L) The Great Recession also reduced the value of homes 
     disproportionately for minorities, as the average real home 
     values for Latino homeowners decreased nearly $100,000 or 35 
     percent and nearly $69,000 or 31 percent for African-American 
     homeowners, while the average home values for White 
     homeowners fell 15 percent over this same period.
       (M) Equity investments also dramatically declined, with the 
     stock market falling by more than 50 percent in just 18 
     months, from October 2007 to March 2009.
       (N) Declining stock market values also hit assets in 
     retirement accounts such as 401(k)s that lost 
     $2,800,000,000,000, or about one third of their value between 
     September 2007 and December 2008.
       (O) Home prices across the nation fell about 30 percent 
     from their peak in April 2006 until the end of the recession 
     in June 2009.
       (P) The poverty rate steadily rose 2.5 percentage points 
     from 2007 to 2012, with 46,500,000 people living in poverty 
     in 2012.
       (Q) Real Gross Domestic Product in the United States in the 
     fourth quarter of 2008, and the first and second quarters of 
     2009, decreased by an annual rate of about 5.4 percent, 6.4 
     percent, and 0.7 percent, respectively.
       (R) Just as so many Americans had lost their jobs, their 
     homes, and their retirement savings through no fault of their 
     own, making it harder and harder for Americans to draw on 
     credit to make ends meet. Faced with financial difficulty, 
     more than 1,400,000 households declared bankruptcy in 2009, 
     on top of the 1,100,000 who did so in 2008.
       (S) From 2008 to 2014, more than 500 financial institutions 
     failed.
       (T) In addition to households, businesses (particularly 
     small businesses) felt the effects of the crisis. Unlike 
     larger firms which rely more on capital markets for funding, 
     small businesses, which are more dependent on capital from 
     traditional banks, other financial institutions, or the 
     personal borrowing by owners, were hit hard by the credit 
     crunch which made credit more scarce and expensive. With 
     nearly 40 percent of the country's private-sector workforce 
     employed by small businesses, the economic impact was 
     substantial.
       (U) The United States Government created various emergency 
     programs and provided more than $12,000,000,000,000 in direct 
     support to the United States financial institutions, not 
     including pre-crisis provisions such as deposit insurance 
     limits by the Federal Deposit Insurance Corporation and the 
     traditional monetary policy operations and lender-of-last-
     resort functions of the Board of Governors of the Federal 
     Reserve System.
       (V) After the worst of the crisis subsided, it became clear 
     that a massive reform of the financial system of the United 
     States was necessary to reset the economy and prevent a 
     future crisis.
       (W) The Dodd-Frank Wall Street Reform and Consumer 
     Protection Act accomplished that goal, providing 
     accountability, transparency and creating a stable financial 
     system essential to grow the economy and create jobs.
       (X) U.S. authorities collected more than $150,000,000,000 
     in fines from financial institutions for deceptive practices 
     involving subprime mortgages since the beginning of the 
     credit crisis in 2007, including for systemic failures in 
     record retention, mortgage servicing errors or abuses, 
     misleading investors with fraudulent underwriting, inflated 
     appraisals, and misstating capital levels.
       (2) Findings of the financial crisis inquiry commission.--
       (A) Established as part of the of the Fraud Enforcement and 
     Recovery Act (Public Law 111-21) passed by Congress and 
     signed by the President in May 2009, the Financial Crisis 
     Inquiry Commission was created to ``examine the causes, 
     domestic and global, of the current financial and economic 
     crisis in the United States.''.
       (B) The majority report issued by the Commission found that 
     the crisis was primarily caused by the collapse of a housing 
     bubble that was fueled by deteriorating mortgage lending 
     standards and mortgage securitization. The majority report 
     specifically concluded that--
       (i) the crisis was avoidable because it was the product of 
     human action and inaction, both by regulators and in the 
     private sector, in the face of numerous clear warning signs;
       (ii) widespread failures in financial regulation and 
     supervision were devastating; for example, the Board of 
     Governors of the Federal Reserve System failed to write 
     mortgage rules, the Office of the Comptroller of the Currency 
     and the Office of Thrift Supervision preempted State 
     regulators from reining in mortgage abuses, the Securities 
     and Exchange Commission failed to regulate investment banks, 
     and the Federal Reserve Bank of New York and other regulators 
     failed to stem excesses at large companies and did not 
     identify problems and take corrective action towards troubled 
     companies until it was too late;
       (iii) there were dramatic failures of corporate governance 
     and risk management at many systemically important firms, as 
     companies recklessly took on risk, including enormous 
     exposures to subprime mortgages and mortgage-related 
     securities, because mathematical models were over-relied 
     upon, compensation structures rewarded short-term risk 
     without regard for longer-term consequences, and management 
     often was ignorant of significant risk-taking, which enabled 
     a combination of excessive borrowing, risky investments, and 
     lack of transparency that put the financial system on a 
     collision course with crisis;
       (iv) companies took on excessive amounts of leverage, often 
     through non-transparent off-balance-sheet vehicles or over-
     the-counter (OTC) derivatives, and relied excessively on 
     short-term borrowing; borrowed funds were often used to 
     acquire risky assets;
       (v) the Government was ill-prepared for the crisis, largely 
     because of lack of transparency in key markets, and 
     inconsistent Government decisions about whether to save 
     failing firms increased uncertainty and panic;
       (vi) regulators did not foresee the broad systemic effects 
     caused by the bursting of the housing bubble and did not 
     fully appreciate the dire condition of Fannie Mae and Freddie 
     Mac until just before taking it over;
       (vii) there was a systemic breakdown in accountability and 
     ethics, in which borrowers took out loans they had no 
     ability, sometimes even no intention, to repay and lenders 
     knowingly made such loans, while securitizers packaged loans 
     without regard to quality and regulators failed to say 
     ``no'';
       (viii) collapsing mortgage lending standards and the 
     mortgage securitization pipeline lit and spread the flame of 
     contagion and crisis;
       (ix) lenders offloaded risks associated with bad loans by 
     selling them into a secondary market in which investors were 
     eager to buy mortgage-related securities, which transformed 
     toxic mortgages into toxic securities that were spread to 
     investors around the globe;
       (x) OTC derivatives contributed significantly to the 
     crisis;
       (xi) credit default swaps fueled mortgage securitization 
     and enabled creation of synthetic collateralized debt 
     obligations, which amplified losses by allowing multiple bets 
     on the same securities which were spread throughout the 
     system; and
       (xii) failures of the credit rating agencies were essential 
     cogs in the wheel of financial destruction because they gave 
     seals of approval, which investors blindly relied upon, to 
     poor-quality mortgages and mortgage-backed securities based 
     on inadequate analytical models.
       (3) Findings on the economy since the enactment of the 
     dodd-frank act.--
       (A) Since enactment of the Dodd-Frank Wall Street Reform 
     and Consumer Protection Act in the third quarter of 2010, the 
     United States economy has grown by 16.1 percent, more than 
     twice as fast as other advanced economies such as the Euro 
     Area and Japan.
       (B) Since passage of the Act, the economy has added a total 
     of 17,607,000 private sector jobs, and the unemployment rate 
     has fallen to 4.1 percent in January 2018 from the crisis 
     high of 10 percent.
       (C) Average hourly earnings for private employees increased 
     nearly 3 percent in 2016, the fastest 12-month pace since the 
     financial crisis. Average hourly earnings for private 
     employees increased nearly 2.5 percent in 2017. From January 
     2017 to January 2018, average hourly earnings for private 
     employees increased by .8 percent.
       (D) According to the most recent data, community banks, 
     which represent 92 percent of all insured institutions, are 
     posting record profits since the crisis. In the third quarter 
     of 2017, community banks posted a net income of 
     $6,000,000,000, a 9.4 percent increase from the same quarter 
     in 2016.
       (E) In the first quarter of 2011, just before the Bureau of 
     Consumer Financial Protection opened its doors, banks 
     collectively posted profits of $29,000,000,000. In 2016, the 
     industry set an all-time record of $171,300,000,000 in 
     profits. In the most recent quarter, banks posted profits of 
     $47,900,000,000, a 5.2 percent increase from the same quarter 
     in 2016.
       (F) Since 2009, corporate profits in the financial sector 
     have steadily increased. From 2010 to the third quarter of 
     2017, total profits after tax have increased by 26.4 percent.
       (G) In 2017, the percentage of unprofitable banks decreased 
     to 3.9 percent of all institutions insured by the Federal 
     Deposit Insurance Corporation in the third quarter of 2017 
     from 4.6 percent of all institutions insured by the Federal 
     Deposit Insurance Corporation in the third quarter of 2016. 
     Only 21 banks failed between 2015 and 2018.
       (H) Community banks showed strong growth in residential, 
     commercial, and industrial loans, and in small business 
     lending. In fact, overall loan growth at community banks has 
     been faster than at bigger banks. In the fourth quarter of 
     2016, lending was up 7.3 percent for community banks, and 3.5 
     percent for all institutions insured by the Federal Deposit 
     Insurance Corporation.
       (I) Federally insured credit unions have substantially 
     increased membership, assets, net income, and loans since the 
     Bureau of Consumer Financial Protection opened its doors in 
     2011. Credit union membership has expanded by 20,400,000 
     since 2010, which now stands at more than 111,900,000 members 
     nationwide.
       (J) Risk-weighted capital in the United States banking 
     sector has increased by 41 percent since 2009, meaning that 
     banks are significantly safer today than prior to the 
     financial crisis.
       (K) United States taxpayers gave $187,000.000,000 to Fannie 
     Mae and Freddie Mac. As the enterprises have stabilized, they

[[Page S1588]]

     have paid back $271,000,000,000 to the Department of the 
     Treasury. In total, the Department of the Treasury spent 
     $626,400,000,000 in funds, and taxpayers have received 
     $713,400,000,000 in refunds, dividends, interest, warrants, 
     and other proceeds.
                                 ______
                                 
  SA 2167. Mr. CRUZ (for himself, Mr. Lee, Mr. Rubio, Mr. Inhofe, Mr. 
Paul, and Mr. Sasse) 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. ___. REPEAL.

       The Consumer Financial Protection Act of 2010 (12 U.S.C. 
     5481 et seq.) is repealed, and the provisions of law amended 
     or repealed by that Act are restored or revived as if the Act 
     had not been enacted.
                                 ______
                                 
  SA 2168. Ms. BALDWIN (for herself, Mr. Blumenthal, and Mr. 
Whitehouse) 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, add the following:

           TITLE VI--FINANCIAL SERVICES CONFLICTS OF INTEREST

     SEC. 601. SHORT TITLE.

       This title may be cited as the ``Financial Services 
     Conflict of Interest Act''.

     SEC. 602. RESTRICTIONS ON PRIVATE SECTOR PAYMENT FOR 
                   GOVERNMENT SERVICE.

       Section 209 of title 18, United States Code, is amended--
       (1) in subsection (a)--
       (A) by striking ``any salary'' and inserting ``any bonus or 
     salary''; and
       (B) by striking ``his services'' and inserting ``services 
     rendered or to be rendered''; and
       (2) in subsection (b)--
       (A) by inserting ``(1)'' after ``(b)''; and
       (B) by adding at the end the following:
       ``(2) For purposes of paragraph (1), a pension, retirement, 
     group life, health or accident insurance, profit-sharing, 
     stock bonus, or other employee welfare or benefit plan that 
     makes payment of compensation contingent on accepting a 
     position in the Federal Government shall not be considered 
     bona fide.
       ``(3) For purposes of paragraph (2), compensation includes 
     a retention award or bonus, severance pay, and any other 
     payment linked to future service in the Federal Government in 
     any way.''.

     SEC. 603. REQUIREMENTS RELATING TO SLOWING THE REVOLVING DOOR 
                   AMONG FINANCIAL SERVICES REGULATORS.

       (a) In General.--The Ethics in Government Act of 1978 (5 
     U.S.C. App.) is amended by adding at the end the following:

   ``TITLE VI--SPECIAL REQUIREMENTS FOR FINANCIAL SERVICES REGULATORS

     ``SEC. 601. DEFINITIONS.

       ``(a) In General.--In this title, the terms `designated 
     agency ethics official' and `executive branch' have the 
     meanings given those terms under section 109.
       ``(b) Other Definitions.--In this title:
       ``(1) Covered financial services agency.--The term `covered 
     financial services agency'--
       ``(A) means a primary financial regulatory agency (as 
     defined in section 2 of the Dodd-Frank Wall Street Reform and 
     Consumer Protection Act (12 U.S.C. 5301)); and
       ``(B) includes--
       ``(i) the Board of Governors of the Federal Reserve System;
       ``(ii) the Office of the Comptroller of the Currency;
       ``(iii) the Federal Deposit Insurance Corporation;
       ``(iv) the National Credit Union Administration;
       ``(v) the Securities and Exchange Commission;
       ``(vi) the Federal Housing Finance Agency;
       ``(vii) the Bureau of Consumer Financial Protection;
       ``(viii) the Commodity Futures Trading Commission;
       ``(ix) the Department of the Treasury;
       ``(x) the National Economic Council; and
       ``(xi) the Council of Economic Advisors.
       ``(2) Covered financial services regulator.--The term 
     `covered financial services regulator' means an officer or 
     employee of a covered financial services agency who 
     occupies--
       ``(A) a supervisory position classified above GS-15 of the 
     General Schedule;
       ``(B) in the case of a position not under the General 
     Schedule, a supervisory position for which the rate of basic 
     pay is not less than 120 percent of the minimum rate of basic 
     pay for GS-15 of the General Schedule; or
       ``(C) any other supervisory position determined to be of 
     equal classification by the Director.
       ``(3) Director.--The term `Director' means the Director of 
     the Office of Government Ethics.
       ``(4) Former client.--The term `former client'--
       ``(A) means a person for whom a covered financial services 
     regulator served personally as an agent, attorney, or 
     consultant during the 2-year period ending on the date (after 
     such service) on which the covered financial services 
     regulator begins service in the Federal Government; and
       ``(B) does not include--
       ``(i) instances in which the service provided was limited 
     to a speech or similar appearance; or
       ``(ii) a client of the former employer of the covered 
     financial services regulator to whom the covered financial 
     services regulator did not personally provide such services.
       ``(5) Former employer.--The term `former employer'--
       ``(A) means a person for whom a covered financial services 
     regulator served as an employee, officer, director, trustee, 
     or general partner during the 2-year period ending on the 
     date (after such service) on which the covered financial 
     services regulator begins service in the Federal Government; 
     and
       ``(B) does not include--
       ``(i) an entity in the Federal Government, including an 
     executive branch agency;
       ``(ii) a State or local government;
       ``(iii) the District of Columbia;
       ``(iv) an Indian tribe, as defined in section 4 of the 
     Indian Self-Determination and Education Assistance Act (25 
     U.S.C. 5304); or
       ``(v) the government of a territory or possession of the 
     United States.

     ``SEC. 602. CONFLICT OF INTEREST AND ELIGIBILITY STANDARDS 
                   FOR FINANCIAL SERVICES REGULATORS.

       ``(a) In General.--A covered financial services regulator 
     shall not make, participate in making, or in any way attempt 
     to use the official position of the covered financial 
     services regulator to influence a particular matter that 
     provides a direct and substantial pecuniary benefit for a 
     former employer or former client of the covered financial 
     services regulator.
       ``(b) Recusal.--A covered financial services regulator 
     shall recuse himself or herself from any official action that 
     would violate subsection (a).
       ``(c) Waiver.--
       ``(1) In general.--The head of the covered financial 
     services agency employing a covered financial services 
     regulator, in consultation with the Director, may grant a 
     written waiver of the restrictions under subsection (a) if, 
     and to the extent that, the head of the covered financial 
     services agency certifies in writing that--
       ``(A) the application of the restriction to the particular 
     matter is inconsistent with the purposes of the restriction; 
     or
       ``(B) it is in the public interest to grant the waiver.
       ``(2) Publication.--The Director shall make each waiver 
     under paragraph (1) publicly available on the Web site of the 
     Office of Government Ethics.

     ``SEC. 603. NEGOTIATING FUTURE PRIVATE SECTOR EMPLOYMENT.

       ``(a) Prohibition.--Except as provided in subsection (c), 
     and notwithstanding any other provision of law, a covered 
     financial services regulator may not participate in any 
     particular matter which involves, to the knowledge of the 
     covered financial services regulator, an individual or entity 
     with whom the covered financial services regulator is in 
     negotiations of future employment or has an arrangement 
     concerning prospective employment.
       ``(b) Disclosure of Employment Negotiations.--
       ``(1) In general.--If a covered financial services 
     regulator begins any negotiations of future employment with 
     another person, or an agent or intermediary of another 
     person, or other discussion or communication with another 
     person, or an agent or intermediary of another person, 
     mutually conducted with a view toward reaching an agreement 
     regarding possible employment of the covered financial 
     services regulator, the covered financial services regulator 
     shall notify the designated agency ethics official of the 
     covered financial services agency employing the covered 
     financial services regulator regarding the negotiations, 
     discussions, or communications.
       ``(2) Information.--A designated agency ethics official 
     receiving notice under paragraph (1), after consultation with 
     the Director, shall inform the covered financial services 
     regulator of any potential conflicts of interest involved in 
     any negotiations, discussions, or communications with the 
     other person and the applicable prohibitions.
       ``(c) Waivers Only When Exceptional Circumstances Exist.--
       ``(1) In general.--The head of a covered financial services 
     agency may only grant a waiver of the prohibition under 
     subsection (a) if the head determines that exceptional 
     circumstances exist.
       ``(2) Review and publication.--For any waiver granted under 
     paragraph (1), the Director shall--
       ``(A) review the circumstances relating to the waiver and 
     the determination that exceptional circumstances exist; and
       ``(B) make the waiver publicly available on the Web site of 
     the Office of Government Ethics, which shall include--
       ``(i) the name of the private person or persons involved in 
     the negotiations or arrangement concerning prospective 
     employment; and
       ``(ii) the date on which the negotiations or arrangements 
     commenced.
       ``(d) Scope.--For purposes of this section, the term 
     `negotiations of future employment' is not limited to 
     discussions of specific

[[Page S1589]]

     terms or conditions of employment in a specific position.

     ``SEC. 604. RECORDKEEPING.

       ``The Director shall--
       ``(1) receive all employment histories, recusal and waiver 
     records, and other disclosure records for covered executive 
     branch officials necessary for monitoring compliance with 
     this title;
       ``(2) promulgate rules and regulations, in consultation 
     with the Director of the Office of Personnel Management and 
     the Attorney General, to implement this title;
       ``(3) provide guidance and assistance where appropriate to 
     facilitate compliance with this title;
       ``(4) review and, where necessary, assist designated agency 
     ethics officials in providing advice to covered financial 
     services regulators regarding compliance with this title; and
       ``(5) if the Director determines that a violation of this 
     title may have occurred, and in consultation with the 
     designated agency ethics official and the Counsel to the 
     President, refer the compliance case to the United States 
     Attorney for the District of Columbia for enforcement action.

     ``SEC. 605. PENALTIES AND INJUNCTIONS.

       ``(a) Criminal Penalties.--
       ``(1) In general.--Any person who violates section 602 or 
     603 shall be fined under title 18, United States Code, 
     imprisoned for not more than 1 year, or both.
       ``(2) Willful violations.--Any person who willfully 
     violates section 602 or 603 shall be fined under title 18, 
     United States Code, imprisoned for not more than 5 years, or 
     both.
       ``(b) Civil Enforcement.--
       ``(1) In general.--The Attorney General may bring a civil 
     action in an appropriate district court of the United States 
     against any person who violates, or whom the Attorney General 
     has reason to believe is engaging in conduct that violates, 
     section 602 or 603.
       ``(2) Civil penalty.--
       ``(A) In general.--Upon proof by a preponderance of the 
     evidence that a person violated section 602 or 603, the court 
     shall impose a civil penalty of not more than the greater 
     of--
       ``(i) $100,000 for each violation; or
       ``(ii) the amount of compensation the person received or 
     was offered for the conduct constituting the violation.
       ``(B) Rule of construction.--A civil penalty under this 
     subsection shall be in addition to any other criminal or 
     civil statutory, common law, or administrative remedy 
     available to the United States or any other person.
       ``(3) Injunctive relief.--
       ``(A) In general.--In a civil action brought under 
     paragraph (1) against a person, the Attorney General may 
     petition the court for an order prohibiting the person from 
     engaging in conduct that violates section 602 or 603.
       ``(B) Standard.--The court may issue an order under 
     subparagraph (A) if the court finds by a preponderance of the 
     evidence that the conduct of the person violates section 602 
     or 603.
       ``(C) Rule of construction.--The filing of a petition 
     seeking injunctive relief under this paragraph shall not 
     preclude any other remedy that is available by law to the 
     United States or any other person.''.

     SEC. 604. PROHIBITION OF PROCUREMENT OFFICERS ACCEPTING 
                   EMPLOYMENT FROM GOVERNMENT CONTRACTORS.

       (a) Expansion of Prohibition on Acceptance by Former 
     Officials of Compensation From Contractors.--Section 2104 of 
     title 41, United States Code, is amended--
       (1) in subsection (a)--
       (A) in the matter preceding paragraph (1)--
       (i) by striking ``or consultant'' and inserting 
     ``consultant, lawyer, or lobbyist''; and
       (ii) by striking ``one year'' and inserting ``2 years''; 
     and
       (B) in paragraph (3), by striking ``personally made for the 
     Federal agency'' and inserting ``participated personally and 
     substantially in''; and
       (2) by striking subsection (b) and inserting the following:
       ``(b) Prohibition on Compensation From Affiliates and 
     Subcontractors.--A former official responsible for a 
     Government contract referred to in paragraph (1), (2), or (3) 
     of subsection (a) may not accept compensation for 2 years 
     after awarding the contract from any division, affiliate, or 
     subcontractor of the contractor.''.
       (b) Requirement for Procurement Officers To Disclose Job 
     Offers Made on Behalf of Relatives.--Section 2103(a) of title 
     41, United States Code, is amended in the matter preceding 
     paragraph (1) by inserting after ``that official'' the 
     following: ``, or for a relative (as defined in section 3110 
     of title 5) of that official,''.
       (c) Requirement on Award of Government Contracts to Former 
     Employers.--
       (1) In general.--Chapter 21 of title 41, United States 
     Code, is amended by adding at the end the following:

     ``Sec. 2108. Prohibition on involvement by certain former 
       contractor employees in procurements

       ``An employee of the Federal Government may not be 
     personally and substantially involved with any award of a 
     contract to, or the administration of a contract awarded to, 
     a contractor that is a former employer of the employee during 
     the 2-year period beginning on the date on which the employee 
     leaves the employment of the contractor.''.
       (2) Technical and conforming amendment.--The table of 
     sections for chapter 21 of title 41, United States Code, is 
     amended by adding at the end the following:

``2108. Prohibition on involvement by certain former contractor 
              employees in procurements.''.

       (d) Regulations.--The Administrator for Federal Procurement 
     Policy and the Director of the Office of Management and 
     Budget shall--
       (1) in consultation with the Director of the Office of 
     Personnel Management and the Counsel to the President, 
     promulgate regulations to carry out and ensure the 
     enforcement of chapter 21 of title 41, United States Code, as 
     amended by this section; and
       (2) in consultation with designated agency ethics officials 
     (as defined under section 601 of the Ethics in Government Act 
     of 1978 (5 U.S.C. App.), as added by section 603), monitor 
     compliance with that chapter by individuals and agencies.

     SEC. 605. REVOLVING DOOR RESTRICTIONS ON FINANCIAL SERVICES 
                   REGULATORS MOVING INTO THE PRIVATE SECTOR.

       (a) In General.--Section 207 of title 18, United States 
     Code, is amended--
       (1) by redesignating subsections (e) through (l) as 
     subsections (f) through (m), respectively; and
       (2) by inserting after subsection (d) the following:
       ``(e) Restrictions on Employment for Financial Services 
     Regulators.--
       ``(1) In general.--In addition to the restrictions set 
     forth in subsections (a), (b), (c), and (d), a covered 
     financial services regulator shall not--
       ``(A) during the 2-year period beginning on the date on 
     which his or her employment as a covered financial services 
     regulator ceases--
       ``(i) knowingly act as agent or attorney for, or otherwise 
     represent, any other person for compensation (except the 
     United States) in any formal or informal appearance before;
       ``(ii) with the intent to influence, make any oral or 
     written communication on behalf of any other person (except 
     the United States) to; or
       ``(iii) knowingly aid, advise, or assist in--

       ``(I) representing any other person (except the United 
     States) in any formal or informal appearance before; or
       ``(II) making, with the intent to influence, any oral or 
     written communication on behalf of any other person (except 
     the United States) to,

     any court of the United States, or any officer or employee 
     thereof, in connection with any judicial or other proceeding, 
     that was actually pending under his or her official 
     responsibility as a covered financial services regulator 
     during the 1-year period ending on the date on which his or 
     her employment as a covered financial services regulator 
     ceases or in which he or she participated personally and 
     substantially as a covered financial services regulator; or
       ``(B) during the 2-year period beginning on the date on 
     which his or her employment as a covered financial services 
     regulator ceases--
       ``(i) knowingly act as a lobbyist or agent for, or 
     otherwise represent, any other person for compensation 
     (except the United States) in any formal or informal 
     appearance before;
       ``(ii) with the intent to influence, make any oral or 
     written communication or conduct any lobbying activities on 
     behalf of any other person (except the United States) to; or
       ``(iii) knowingly aid, advise, or assist in--

       ``(I) representing any other person (except the United 
     States) in any formal or informal appearance before; or
       ``(II) making, with the intent to influence, any oral or 
     written communication or conduct any lobbying activities on 
     behalf of any other person (except the United States) to,

     any department or agency of the executive branch or Congress 
     (including any committee of Congress), or any officer or 
     employee thereof, in connection with any matter that is 
     pending before the department, the agency, or Congress.
       ``(2) Penalty.--Any person who violates paragraph (1) shall 
     be punished as provided in section 216.
       ``(3) Definitions.--In this subsection--
       ``(A) the term `covered financial services regulator' has 
     the meaning given that term in section 601 of the Ethics in 
     Government Act of 1978 (5 U.S.C. App.); and
       ``(B) the terms `lobbying activities' and `lobbyist' have 
     the meanings given those terms in section 3 of the Lobbying 
     Disclosure Act of 1995 (2 U.S.C. 1602).''.
       (b) Technical and Conforming Amendments.--
       (1) Section 103(a) of the Honest Leadership and Open 
     Government Act of 2007 (2 U.S.C. 4702(a)) is amended by 
     striking ``section 207(e)'' each place it appears and 
     inserting ``section 207(f)''.
       (2) Section 207 of title 18, United States Code, as amended 
     by subsection (a), is amended--
       (A) in subsection (g)(1), as so redesignated, in the matter 
     preceding subparagraph (A), by striking ``or (e)'' and 
     inserting ``or (f)'';
       (B) in subsection (j)(1)(B), as so redesignated, by 
     striking ``subsection (f)'' and inserting ``subsection (g)''; 
     and
       (C) in subsection (k), as so redesignated--
       (i) in paragraph (1)(B), by striking ``(25 U.S.C. 
     450i(j))'' and inserting ``(25 U.S.C. 5323(j))'';
       (ii) in paragraph (2), in the matter preceding subparagraph 
     (A), by striking ``and (e)'' and inserting ``(e), and (f)'';

[[Page S1590]]

       (iii) in paragraph (4), by striking ``and (e)'' and 
     inserting ``(e), and (f)''; and
       (iv) in paragraph (7)--

       (I) in subparagraph (A), by striking ``and (e)'' and 
     inserting ``(e), and (f)''; and
       (II) in subparagraph (B)(ii), in the matter preceding 
     subclause (I), by striking ``subsections (c), (d), or (e)'' 
     and inserting ``subsection (c), (d), (e), or (f)''.

       (3) Section 141(b)(4) of the Trade Act of 1974 (19 U.S.C. 
     2171(b)(4)) is amended by striking ``207(f)(3)'' and 
     inserting ``207(g)(3)''.
       (4) Section 7802(b)(3)(B) of the Internal Revenue Code of 
     1986 is amended by striking ``and (f) of section 207'' and 
     inserting ``and (g) of section 207''.
       (5) Section 3105(c) of the USEC Privatization Act (42 
     U.S.C. 2297h-3(c)) is amended by striking ``and (d)'' and 
     inserting ``and (e)''.
       (6) Section 106(p)(6)(I)(ii) of title 49, United States 
     Code, is amended by striking ``and (f) of section 207'' and 
     inserting ``and (g) of section 207''.

     SEC. 606. RESTRICTIONS ON FEDERAL EXAMINERS AND SUPERVISORS 
                   OF FINANCIAL INSTITUTIONS.

       (a) In General.--Section 10(k) of the Federal Deposit 
     Insurance Act (12 U.S.C. 1820(k)) is amended--
       (1) in the subsection heading--
       (A) by striking ``One-Year'' and inserting ``Two-Year''; 
     and
       (B) by striking ``Examiners'' and inserting ``Examiners and 
     Supervisors'';
       (2) in paragraph (1)--
       (A) by striking subparagraph (B) and inserting the 
     following:
       ``(B) served--
       ``(i) not less than 2 months during the final 12 months of 
     the employment of the person with that agency or entity as 
     the senior examiner (or a functionally equivalent position) 
     of a depository institution or depository institution holding 
     company with continuing, broad responsibility for the 
     examination (or inspection) of that depository institution or 
     depository institution holding company on behalf of the 
     relevant agency or Federal reserve bank; or
       ``(ii) as a supervisor of the senior examiner with 
     responsibility for managing the oversight of not more than 5 
     depository institutions or depository institution holding 
     companies on behalf of the relevant agency or Federal reserve 
     bank; and''; and
       (B) in subparagraph (C)--
       (i) in the matter preceding clause (i), by striking ``1 
     year'' and inserting ``2 years'';
       (ii) in clause (i)--

       (I) by striking ``other company'' and inserting ``other 
     company, firm, or association''; and
       (II) by striking ``or'' at the end;

       (iii) in clause (ii), by striking the period at the end and 
     inserting ``; or''; and
       (iv) by adding at the end the following:
       ``(iii) a business entity, firm, or association that 
     represents the depository institution or depository 
     institution holding company for compensation.'';
       (3) by redesignating paragraphs (2) through (6) as 
     paragraphs (3) through (7), respectively;
       (4) by inserting after paragraph (1) the following:
       ``(2) Application of penalties for supervisors.--A 
     supervisor of a covered financial services regulator, or a 
     supervisor of a senior examiner described in paragraph 
     (1)(B)(i), shall be subject to the penalties described in 
     paragraph (7) if the supervisor knowingly accepts 
     compensation during the 2-year period beginning on the date 
     on which the service of the supervisor is terminated--
       ``(A) as--
       ``(i) an employee;
       ``(ii) an officer;
       ``(iii) a director; or
       ``(iv) a consultant; and
       ``(B) from--
       ``(i) a depository institution;
       ``(ii) a depository institution holding company that is 
     designated by the Financial Stability Oversight Council as a 
     systemically important financial market utility under section 
     804 of the Payment, Clearing, and Settlement Supervision Act 
     of 2010 (12 U.S.C. 5463); or
       ``(iii) a business entity, firm, or association that 
     represents an institution described in clause (ii) for 
     compensation.'';
       (5) in paragraph (3), as so redesignated--
       (A) by redesignating subparagraphs (A) and (B) as 
     subparagraphs (B) and (C), respectively; and
       (B) by inserting before subparagraph (B), as so 
     redesignated, the following:
       ``(A) the term `covered financial services regulator' has 
     the meaning given the term in section 601 of the Ethics in 
     Government Act of 1978 (5 U.S.C. App.);'';
       (6) in paragraph (4), as so redesignated, by striking ``or 
     other company'' each place it appears and inserting ``or 
     other company, firm, or association''; and
       (7) in paragraph (7), as so redesignated--
       (A) in subparagraph (A)--
       (i) in the matter preceding clause (i), by striking ``other 
     company'' and inserting ``other company, firm, or 
     association''; and
       (ii) in clause (i)(I), by striking ``other company'' and 
     inserting ``other company, firm, or association''; and
       (B) in subparagraph (C), by striking ``a company'' and 
     inserting ``a company, firm, or association''.
       (b) Technical and Conforming Amendments.--Section 10(k) of 
     the Federal Deposit Insurance Act (12 U.S.C. 1820(k)), as 
     amended by subsection (a), is amended--
       (1) in paragraph (1), in the matter preceding subparagraph 
     (A), by striking ``paragraph (6)'' and inserting ``paragraph 
     (7)'';
       (2) in paragraph (5)(A), as so redesignated, by striking 
     ``paragraph (1)(B)'' and inserting ``paragraphs (1)(B) and 
     (2)''; and
       (3) in paragraph (7), as so redesignated--
       (A) in subparagraph (A), in the matter preceding clause 
     (i)--
       (i) by striking ``subject to paragraph (1)'' and inserting 
     ``subject to paragraph (1) or (2)''; and
       (ii) by striking ``paragraph (1)(C)'' and inserting 
     ``paragraph (1)(C) or (2)''; and
       (B) in subparagraph (C)--
       (i) by striking ``person described in paragraph (1)'' and 
     inserting ``person described in paragraph (1) or (2)''; and
       (ii) by striking ``the functions described in paragraph 
     (1)(B)'' and inserting ``the functions or duties described in 
     paragraph (1)(B) or (2)''.

     SEC. 607. SEVERABILITY.

       If any provision of this title or any amendment made by 
     this title, or any application of such provision or amendment 
     to any person or circumstance, is held to be 
     unconstitutional, the remainder of the provisions of this 
     title and the amendments made by this title and the 
     application of the provision or amendment to any other person 
     or circumstance shall not be affected.
                                 ______
                                 
  SA 2169. Mr. RUBIO 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. __. IMPROVING THE NUMBER OF SMALL BUSINESS INVESTMENT 
                   COMPANIES IN UNDERLICENSED STATES.

       The Small Business Investment Act of 1958 (15 U.S.C. 661 et 
     seq.) is amended--
       (1) in section 103 (15 U.S.C. 662)--
       (A) in paragraph (18)(E), by striking ``and'' at the end;
       (B) in paragraph (19), by striking the period at the end 
     and inserting ``; and''; and
       (C) by adding at the end the following:
       ``(20) the term `underlicensed State' means a State in 
     which the number of licensees per capita is less than the 
     median number of licensees per capita for all States, as 
     calculated by the Administrator.'';
       (2) in section 301(c) (15 U.S.C. 681(c))--
       (A) in paragraph (3)--
       (i) in subparagraph (B)(iii), by striking ``and'' at the 
     end;
       (ii) in subparagraph (C), by striking the period at the end 
     and inserting ``; and''; and
       (iii) by adding at the end the following:
       ``(D) shall give first priority to an applicant that is 
     located in an underlicensed State with below median 
     financing, as determined by the Administrator.''; and
       (B) in paragraph (4)(B)--
       (i) by striking clause (i);
       (ii) by redesignating clauses (ii) and (iii) as clauses (i) 
     and (ii), respectively; and
       (iii) by amending clause (i), as so redesignated, to read 
     as follows:
       ``(i) is located in a State that--

       ``(I) is not served by a licensee; or
       ``(II) is an underlicensed State; and''; and

       (3) in section 308(g) (15 U.S.C. 687(g))--
       (A) in paragraph (2)--
       (i) in subparagraph (B), by inserting ``and licensing'' 
     after ``financing'';
       (ii) by redesignating subparagraphs (C) through (J) as 
     subparagraphs (E), through (L), respectively; and
       (iii) by inserting after subparagraph (B) the following:
       ``(C) The steps the Administration has taken to improve the 
     number of licensees in underlicensed States.
       ``(D) The Administration's plans to support States that 
     seek to increase the number of licensees in the State.''; and
       (B) in paragraph (3)--
       (i) in subparagraph (C), by striking ``and'' at the end;
       (ii) in subparagraph (D), by striking the period at the end 
     and inserting ``; and''; and
       (iii) by adding at the end the following:
       ``(E) the geographic dispersion of licensees in each State 
     compared to the population of the State, identifying 
     underlicensed States.''.
                                 ______
                                 
  SA 2170. Mr. MERKLEY (for himself, Mr. Durbin, and Mrs. Murray) 
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. EXTENSION OF CONSUMER CREDIT.

       (a) Consumer Control Over Bank Accounts.--
       (1) Prohibiting unauthorized remotely created checks.--
     Section 905 of the Electronic Fund Transfer Act (15 U.S.C. 
     1693c) is amended by adding at the end the following:
       ``(d) Limitations on Remotely Created Checks.--
       ``(1) Definition.--In this subsection--
       ``(A) the term `remotely created check' means a check, 
     including a paper or electronic check and any other payment 
     order

[[Page S1591]]

     that the Bureau, by rule, determines is appropriately covered 
     under this subsection, that--
       ``(i) is not created by the financial institution that 
     holds the customer account from which the check is to be 
     paid; and
       ``(ii) does not bear a signature applied, or purported to 
     be applied, by the person from whose account the check is to 
     be paid; and
       ``(B) the term `Federal consumer financial law' has the 
     meaning given the term in section 1002 of the Consumer 
     Financial Protection Act of 2010 (12 U.S.C. 5481).
       ``(2) Limitations.--Subject to the limitations in paragraph 
     (3) and any additional limitations that the Bureau may 
     establish, by rule, a remotely created check may only be 
     issued by a person designated in writing by a consumer, with 
     that written designation specifically provided by the 
     consumer to the insured depository institution at which the 
     consumer maintains the account from which the check is to be 
     drawn.
       ``(3) Additional limitations.--
       ``(A) In general.--A designation provided by a consumer 
     under paragraph (2) may be revoked at any time by the 
     consumer.
       ``(B) Consumer financial protection laws.--No payment 
     order, including a remotely created check, may be issued by 
     any person in response to the exercise of, or attempt to 
     exercise, any right by a consumer under--
       ``(i) any Federal consumer financial law; or
       ``(ii) any other provision of any law or regulation within 
     the jurisdiction of the Bureau.''.
       (2) Consumer protections for certain one-time electronic 
     fund transfers.--Section 913 of the Electronic Fund Transfer 
     Act (15 U.S.C. 1693k) is amended--
       (A) in the matter preceding paragraph (1), by inserting 
     ``(a) In General.--'' before ``No person'';
       (B) in subsection (a)(1), as so designated, by striking 
     ``preauthorized electronic fund transfers'' and inserting 
     ``an electronic fund transfer''; and
       (C) by adding at the end the following:
       ``(b) Treatment for Electronic Fund Transfers in Credit 
     Extensions.--If a consumer voluntarily agrees to repay an 
     extension of a small-dollar consumer credit transaction, as 
     defined in section 110(a) of the Truth in Lending Act, by 
     means of an electronic fund transfer, the electronic fund 
     transfer shall be treated as a preauthorized electronic fund 
     transfer subject to the protections of this title.''.
       (b) Transparency and Consumer Empowerment in Small-dollar 
     Lending.--
       (1) Small-dollar consumer credit transactions.--
       (A) In general.--The Truth in Lending Act (15 U.S.C. 1601 
     et seq.) is amended--
       (i) by inserting after section 109 (15 U.S.C. 1608) the 
     following:

     ``SEC. 110. REGISTRATION REQUIREMENT FOR SMALL-DOLLAR 
                   LENDERS.

       ``(a) Definition.--In this section, the term `small-dollar 
     consumer credit transaction'--
       ``(1) means any transaction that extends credit that is--
       ``(A) made to a consumer in an amount that--
       ``(i) is not more than--

       ``(I) $5,000; or
       ``(II) such greater amount as the Bureau may, by rule, 
     determine; and

       ``(ii) shall be adjusted annually to reflect changes in the 
     Consumer Price Index for all urban consumers published by the 
     Department of Labor; and
       ``(B) extended pursuant to an agreement that is--
       ``(i)(I) other than an open end credit plan; and
       ``(II) payable in 1 or more installments of less than 12 
     months (or such longer period as the Bureau may, by rule, 
     determine);
       ``(ii) an open end credit plan in which each advance is 
     fully repayable within a defined time or in connection with a 
     defined event, or both; or
       ``(iii) any other plan as the Bureau determines, by rule; 
     and
       ``(2) includes any action that facilitates, brokers, 
     arranges, or gathers applications for a transaction described 
     in paragraph (1).
       ``(b) Registration Requirement.--A person shall register 
     with the Bureau before issuing credit in a small-dollar 
     consumer credit transaction.''; and
       (ii) in section 173 (15 U.S.C. 1666j), by adding at the end 
     the following:
       ``(d) Notwithstanding any other provision of this title, 
     any small-dollar consumer credit transaction, as defined in 
     section 110(a), shall comply with the laws of the State in 
     which the consumer to which credit in the transaction is 
     extended resides with respect to annual percentage rates, 
     interest, fees, charges, and such other similar or related 
     matters as the Bureau may, by rule, determine if the small-
     dollar consumer credit transaction is--
       ``(1) made over--
       ``(A) the Internet;
       ``(B) telephone;
       ``(C) facsimile;
       ``(D) mail;
       ``(E) electronic mail; or
       ``(F) other electronic communication; or
       ``(2) conducted by a national bank.''.
       (B) Technical and conforming amendment.--The table of 
     sections for chapter 1 of the Truth in Lending Act (15 U.S.C. 
     1601 et seq.) is amended by inserting after the item relating 
     to section 109 the following:

``110. Registration requirement for small-dollar lenders.''.

       (2) Prohibition on certain fees.--Section 915 of the 
     Electronic Fund Transfer Act (15 U.S.C. 1693l-1) is amended--
       (A) in subsection (b)(2)(D), by striking ``subsection (d)'' 
     and inserting ``subsection (e)'';
       (B) by redesignating subsection (d) as subsection (e); and
       (C) by inserting after subsection (c) the following:
       ``(d) Additional Fees Prohibited.--
       ``(1) Definition.--In this subsection, the term `prepaid 
     account' has the meaning given the term by rule of the 
     Bureau.
       ``(2) Prohibition.--With respect to the use of a prepaid 
     account by a consumer--
       ``(A) it shall be unlawful for any person to charge the 
     consumer a fee for an overdraft with respect to the prepaid 
     account, including a shortage of funds or a transaction 
     processed for an amount exceeding the account balance of the 
     prepaid account;
       ``(B) any transaction for an amount that exceeds the 
     account balance of the prepaid account may be declined, 
     except that the consumer may not be charged a fee for that 
     purpose; and
       ``(C) the Bureau may, by rule, prohibit the charging of any 
     fee so that the Bureau may--
       ``(i) prevent unfair, deceptive, or abusive practices; and
       ``(ii) promote the ability of the consumer to understand 
     and compare the costs of prepaid accounts.''.
       (c) Restrictions on Lead Generation in Small-dollar 
     Consumer Credit Transactions.--
       (1) In general.--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. RESTRICTIONS ON LEAD GENERATION IN SMALL-DOLLAR 
                   CONSUMER CREDIT TRANSACTIONS.

       ``(a) Definitions.--In this section--
       ``(1) the terms `Internet access service' and `Internet 
     information location tool' have the meanings given those 
     terms in section 231(e) of the Communications Act of 1934 (47 
     U.S.C. 231(e));
       ``(2) the term `sensitive personal financial information' 
     means a Social Security number, financial account number, 
     bank routing number, bank account number, or security or 
     access code that is immediately necessary to permit access to 
     the financial account of an individual; and
       ``(3) the term `small-dollar consumer credit transaction' 
     has the meaning given the term in section 110(a).
       ``(b) Identification Information.--Any person facilitating, 
     brokering, arranging for, or gathering applications for the 
     distribution of sensitive personal financial information in 
     connection with a small-dollar consumer credit transaction 
     shall prominently disclose information by which the person 
     may be contacted or identified, including for service of 
     process and for identification of the registrant of any 
     domain name registered or used.
       ``(c) Prohibition on Lead Generation in Small-dollar 
     Consumer Credit Transactions.--No person may facilitate, 
     broker, arrange for, or gather applications for the 
     distribution of sensitive personal financial information in 
     connection with a small-dollar consumer credit transaction 
     unless the person is directly providing the small-dollar 
     consumer credit to a consumer.
       ``(d) Rule of Construction.--
       ``(1) In general.--Nothing in this section may be construed 
     to limit the authority of the Bureau to further restrict 
     activities covered by this section.
       ``(2) Clarification.--For the purposes of this section, it 
     shall not be considered facilitating the distribution of 
     sensitive personal financial information in connection with a 
     small-dollar consumer credit transaction to be engaged solely 
     in 1 of the following activities:
       ``(A) The provision of a telecommunications service, an 
     Internet access service, or an Internet information location 
     tool.
       ``(B) The transmission, storage, retrieval, hosting, 
     formatting, or translation (or any combination thereof) of a 
     communication, without selection or alteration of the content 
     of the communication, except the deletion of a particular 
     communication or material made by another person in a manner 
     that is consistent with section 230(c) of the Communications 
     Act of 1934 (47 U.S.C. 230(c)).''.
       (2) Technical and conforming amendment.--The table of 
     sections for chapter 2 of the Truth in Lending Act (15 U.S.C. 
     1631 et seq.) is amended by adding at the end the following:

``140B. Restrictions on lead generation in small-dollar consumer credit 
              transactions.''.

       (d) Studies.--
       (1) Definitions.--In this subsection--
       (A) the term ``appropriate committees of Congress'' means--
       (i) the Committee on Banking, Housing, and Urban Affairs of 
     the Senate;
       (ii) the Committee on Indian Affairs of the Senate;
       (iii) the Committee on Financial Services of the House of 
     Representatives; and
       (iv) the Committee on Natural Resources of the House of 
     Representatives; and
       (B) the term ``Indian tribe'' has the meaning given the 
     term in section 4 of the Indian Self-Determination and 
     Education Assistance Act (25 U.S.C. 5304).
       (2) Study required.--Not later than 180 days after the date 
     of enactment of this Act, the Comptroller General of the 
     United States shall conduct a study regarding--

[[Page S1592]]

       (A) the availability of capital on reservations of Indian 
     tribes; and
       (B) the impact that small-dollar consumer credit extended 
     through Internet and non-Internet means to members of Indian 
     tribes has had on economic opportunity and wealth for members 
     of Indian tribes.
       (3) Consultation.--In conducting the study required under 
     paragraph (2), the Comptroller General of the United States 
     shall consult, as appropriate, with--
       (A) the Bureau of Consumer Financial Protection;
       (B) the Board of Governors of the Federal Reserve System;
       (C) the Director of the Bureau of Indian Affairs;
       (D) federally recognized Indian tribes; and
       (E) community development financial institutions operating 
     in Indian lands.
       (4) Congressional consideration.--The Comptroller General 
     of the United States shall submit to the appropriate 
     committees of Congress the study required under paragraph 
     (2).
       (e) Rule Making.--Not later than 1 year after the date of 
     enactment of this Act, the Bureau of Consumer Financial 
     Protection shall adopt any final rules necessary to implement 
     the provisions of this section and the amendments made by 
     this section.
                                 ______
                                 
  SA 2171. Mr. PERDUE (for himself, Mr. Hoeven, Mr. Kennedy, Mr. Scott, 
Mr. Isakson, Mr. Daines, Mr. Paul, Mr. Lee, Mr. Enzi, and Mr. Rubio) 
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. ___. SUBJECTING THE BUREAU OF CONSUMER FINANCIAL 
                   PROTECTION TO THE REGULAR APPROPRIATIONS 
                   PROCESS.

       (a) In General.--Section 1017 of the Consumer Financial 
     Protection Act of 2010 (12 U.S.C. 5497) is amended--
       (1) in subsection (a)--
       (A) in the subsection heading, by striking ``Transfer of 
     Funds From Board Of Governors.--'' and inserting ``Budget and 
     Financial Management.--'';
       (B) by striking paragraphs (1) through (3);
       (C) by redesignating paragraphs (4) and (5) as paragraphs 
     (1) and (2), respectively; and
       (D) in paragraph (1), as so redesignated--
       (i) in the paragraph heading, by striking ``Budget and 
     financial management.--'' and inserting ``In general.--'';
       (ii) by striking subparagraph (E); and
       (iii) by redesignating subparagraph (F) as subparagraph 
     (E);
       (2) by striking subsections (b) through (d);
       (3) by redesignating subsection (e) as subsection (b); and
       (4) in subsection (b), as so redesignated--
       (A) by striking paragraphs (1) through (3) and inserting 
     the following:
       ``(1) Authorization of appropriations.--There is authorized 
     to be appropriated such funds as may be necessary to carry 
     out this title for fiscal year 2020.''; and
       (B) by redesignating paragraph (4) as paragraph (2).
       (b) Effective Date.--The amendments made by this Act shall 
     take effect on October 1, 2019.
                                 ______
                                 
  SA 2172. Mr. PERDUE 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 401 and insert the following:

     SEC. 401. SYSTEMIC RISK DESIGNATION IMPROVEMENT.

       (a) Revisions to Council Authority.--
       (1) Purposes and duties.--Section 112(a)(2)(I) of the 
     Financial Stability Act of 2010 (12 U.S.C. 5322(a)(2)(I)) is 
     amended by inserting ``, which have been identified as global 
     systemically important BHCs under section 217.402 of title 
     12, Code of Federal Regulations, or subjected to a 
     determination under section 165(l)'' before the semicolon.
       (2) Enhanced supervision.--Section 115(a) of the Financial 
     Stability Act of 2010 (12 U.S.C. 5325(a)) is amended--
       (A) in paragraph (1), in the matter preceding subparagraph 
     (A), by striking ``large, interconnected bank holding 
     companies'' and inserting ``bank holding companies that have 
     been identified as global systemically important BHCs under 
     section 217.402 of title 12, Code of Federal Regulations, or 
     subjected to a determination under section 165(l)''; and
       (B) in paragraph (2)--
       (i) in subparagraph (A), by striking ``; or'' at the end 
     and inserting a period;
       (ii) by striking ``the Council may'' and all that follows 
     through ``differentiate'' and inserting ``the Council may 
     differentiate''; and
       (iii) by striking subparagraph (B).
       (3) Reports.--Section 116(a) of the Financial Stability Act 
     of 2010 (12 U.S.C. 5326(a)) is amended by striking ``with 
     total consolidated assets of $50,000,000,000 or greater'' and 
     inserting ``that has been identified as a global systemically 
     important BHC under section 217.402 of title 12, Code of 
     Federal Regulations, or subjected to a determination under 
     section 165(l)''.
       (4) Mitigation.--Section 121(a) of the Financial Stability 
     Act of 2010 (12 U.S.C. 5331(a)) is amended, in the matter 
     preceding paragraph (1), by striking ``with total 
     consolidated assets of $50,000,000,000 or more'' and 
     inserting ``that has been identified as a global systemically 
     important BHC under section 217.402 of title 12, Code of 
     Federal Regulations, or subjected to a determination under 
     section 165(l)''.
       (5) Office of financial research.--Section 155(d) of the 
     Financial Stability Act of 2010 (12 U.S.C. 5345(d)) is 
     amended by striking ``with total consolidated assets of 
     50,000,000,000 or greater'' and inserting ``that have been 
     identified as global systemically important BHCs under 
     section 217.402 of title 12, Code of Federal Regulations, or 
     subjected to a determination under section 165(l)''.
       (b) Revisions to Board Authority.--
       (1) Acquisitions.--Section 163 of the Financial Stability 
     Act of 2010 (12 U.S.C. 5363) is amended by striking ``with 
     total consolidated assets equal to or greater than 
     $50,000,000,000'' each place the term appears and inserting 
     ``that has been identified as a global systemically important 
     BHC under section 217.402 of title 12, Code of Federal 
     Regulations, or subjected to a determination under section 
     165(l)''.
       (2) Management interlocks.--Section 164 of the Financial 
     Stability Act of 2010 (12 U.S.C. 5364) is amended by striking 
     ``with total consolidated assets equal to or greater than 
     $50,000,000,000'' and inserting ``that has been identified as 
     a global systemically important BHC under section 217.402 of 
     title 12, Code of Federal Regulations, or subjected to a 
     determination under section 165(l)''.
       (3) Enhanced supervision and prudential standards.--Section 
     165 of the Dodd-Frank Wall Street Reform and Consumer 
     Protection Act (12 U.S.C. 5365) is amended--
       (A) in subsection (a)--
       (i) in paragraph (1), by striking ``with total consolidated 
     assets equal to or greater than $50,000,000,000'' and 
     inserting ``that have been identified as global systemically 
     important BHCs under section 217.402 of title 12, Code of 
     Federal Regulations, or subjected to a determination under 
     subsection (l)''; and
       (ii) by striking paragraph (2) and inserting the following:
       ``(2) Tailored application.--In prescribing more stringent 
     prudential standards under this section, the Board of 
     Governors may, on its own or pursuant to a recommendation by 
     the Council in accordance with section 115, differentiate 
     among companies on an individual basis or by category, taking 
     into consideration their capital structure, riskiness, 
     complexity, financial activities (including the financial 
     activities of their subsidiaries), size, and any other risk-
     related factors that the Board of Governors deems 
     appropriate.'';
       (B) in subsection (j)(1), by striking ``with total 
     consolidated assets equal to or greater than 
     $50,000,000,000'' and inserting ``that has been identified as 
     a global systemically important BHC under section 217.402 of 
     title 12, Code of Federal Regulations, or subjected to a 
     determination under subsection (l)''; and
       (C) by adding at the end the following:
       ``(l) Additional Bank Holding Companies Subject to Enhanced 
     Supervision and Prudential Standards by Tailored 
     Regulation.--
       ``(1) Determination.--The Board of Governors may--
       ``(A) determine that a bank holding company that has not 
     been identified as a global systemically important BHC under 
     section 217.402 of title 12, Code of Federal Regulations, 
     shall be subject to certain enhanced supervision or 
     prudential standards under this section, tailored to the 
     risks presented, based on the considerations described in 
     paragraph (3), if material financial distress at the bank 
     holding company, or the nature, scope, size, scale, 
     concentration, interconnectedness, or mix of the activities 
     of the individual bank holding company, could pose a threat 
     to the financial stability of the United States; or
       ``(B) by regulation determine that a category of bank 
     holding companies that have not been identified as global 
     systemically important BHCs under section 217.402 of title 
     12, Code of Federal Regulations, shall be subject to certain 
     enhanced supervision or prudential standards under this 
     section, tailored to the risk presented by the category of 
     bank holding companies, based on the considerations described 
     in paragraph (3), if material financial distress at the 
     category of bank holding companies, or the nature, scope, 
     size, scale, concentration, interconnectedness, or mix of the 
     activities of the category of bank holding companies, could 
     pose a threat to the financial stability of the United 
     States.
       ``(2) Council approval of regulations with respect to 
     categories.--Notwithstanding subparagraph (B) of paragraph 
     (1), a regulation issued by the Board of Governors to make a 
     determination under that subparagraph shall not take effect 
     unless the Council, by a vote of not fewer than \2/3\ of the 
     voting members then serving, including an affirmative vote by 
     the Chairperson, approves the metrics used by the Board of 
     Governors in establishing the regulation.
       ``(3) Considerations.--In making any determination under 
     paragraph (1), the Board of Governors shall consider the 
     following factors:
       ``(A) The size of the bank holding company.
       ``(B) The interconnectedness of the bank holding company.

[[Page S1593]]

       ``(C) The extent of readily available substitutes or 
     financial institution infrastructure for the services of the 
     bank holding company.
       ``(D) The global cross-jurisdictional activity of the bank 
     holding company.
       ``(E) The complexity of the bank holding company.
       ``(F) Whether the bank holding company has a [method 1/
     method 2?] score of not less than 52 [basis points? [Note: 
     I'm not sure about the 52 number here. Do you mean 520? 
     Method 1 scores range from below 130 to 530-629.]]
       ``(4) Consistent application of considerations.--In making 
     a determination under paragraph (1), the Board of Governors 
     shall ensure that bank holding companies that are similarly 
     situated with respect to the factors described under 
     paragraph (3), are treated similarly for purposes of any 
     enhanced supervision or prudential standards applied under 
     this section.
       ``(5) Use of currently reported data to avoid unnecessary 
     burden.--For purposes of making a determination under 
     paragraph (1), the Board of Governors shall make use of data 
     already being reported to the Board of Governors, including 
     scores calculated under subpart H of part 217 of title 12, 
     Code of Federal Regulations, to avoid placing an unnecessary 
     burden on bank holding companies.
       ``(m) Systemic Identification.--With respect to the bank 
     holding companies that have been identified as global 
     systemically important BHCs under section 217.402 of title 
     12, Code of Federal Regulations, or subjected to a 
     determination under subsection (l), the Board of Governors 
     shall--
       ``(1) publish, including on the Web site of the Board of 
     Governors, a list of all bank holding companies that have 
     been so identified, and keep such list current; and
       ``(2) solicit feedback from the Council on the 
     identification process and on the application of such process 
     to specific bank holding companies.''.
       (4) Conforming amendment.--Section 11 of the Federal 
     Reserve Act (12 U.S.C. 248) is amended--
       (A) by redesignating the second subsection (s) (relating to 
     assessments) as subsection (t); and
       (B) in subsection (t)(2)(A), as so redesignated, by 
     striking ``having total consolidated assets of 
     $50,000,000,000 or more'' and inserting ``that have been 
     identified as global systemically important bank BHCs under 
     section 217.402 of title 12, Code of Federal Regulations, or 
     subjected to a determination under section 165(l) of the 
     Financial Stability Act of 2010 (12 U.S.C. 5365(l))''.
       (c) Rule of Construction.--Nothing in this section or the 
     amendments made by this section shall be construed to 
     prohibit the Board of Governors of the Federal Reserve System 
     from prescribing enhanced prudential standards for any bank 
     holding company that--
       (1) the Board of Governors determines, based upon the size, 
     interconnectedness, substitutability, global cross-
     jurisdictional activity, and complexity of the bank holding 
     company, could pose a safety and soundness risk to the 
     stability of the United States banking or financial system; 
     and
       (2) has not been designated as a global systemically 
     important bank holding company.
       (d) 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.
                                 ______
                                 
  SA 2173. Mr. PETERS 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 124, line 21, strike ``qualified'' and insert 
     ``private''.
       On page 125, line 1, strike ``Qualified'' and insert 
     ``Private''.
       On page 125, line 7, strike ``qualified'' and insert 
     ``private''.
       On page 127, line 10, strike ``qualified'' and insert 
     ``private''.
       On page 127, lines 12 and 13, strike ``section 221(d) of 
     the Internal Revenue Code of 1986'' and insert ``section 
     140(a)(7)(A) of the Truth in Lending Act (15 U.S.C. 
     1650(a)(7)(A))''.
                                 ______
                                 
  SA 2174. Mr. SASSE 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 II, add the following:

     SEC. 2__. ENSURING A COMPREHENSIVE REGULATORY REVIEW.

       (a) In General.--Section 2222 of the Economic Growth and 
     Regulatory Paperwork Reduction Act of 1996 (12 U.S.C. 3311) 
     is amended--
       (1) in subsection (a)--
       (A) by striking ``each appropriate Federal banking agency 
     represented on the Council'' and inserting ``each of the 
     Office of the Comptroller of the Currency, the Federal 
     Deposit Insurance Corporation, the Board of Governors of the 
     Federal Reserve System, and the Bureau of Consumer Financial 
     Protection as the Federal agency representatives on the 
     Council'';
       (B) by striking ``any such appropriate Federal banking 
     agency'' and inserting ``any such Federal agency''; and
       (C) by striking ``insured depository institutions'' and 
     inserting ``financial institutions'';
       (2) in subsections (b), (c), and (d), by striking ``the 
     appropriate Federal banking agency'' each place that term 
     appears and inserting ``the appropriate Federal agency 
     described in subsection (a)''; and
       (3) in subsection (e)--
       (A) in paragraph (1), by striking ``the appropriate Federal 
     banking agencies'' and inserting ``the appropriate Federal 
     agencies described in subsection (a)''; and
       (B) in paragraph (2), by striking ``the appropriate Federal 
     banking agency'' and inserting ``the appropriate Federal 
     agency described in subsection (a)''.
       (b) Required Regulatory Review.--Not later than 1 year 
     after the date of enactment of this Act, the Bureau of 
     Consumer Financial Protection shall complete the review 
     required under section 2222 of the Economic Growth and 
     Regulatory Paperwork Reduction Act of 1996 (12 U.S.C. 3311), 
     complying with all the requirements under that section.
                                 ______
                                 
  SA 2175. Mr. SASSE 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. ___. COMMUNITY FINANCIAL INSTITUTION EXEMPTION.

       (a) Rulemaking Authority.--Section 1022(b)(3) of the 
     Consumer Financial Protection Act of 2010 (12 U.S.C. 
     5512(b)(3)) is amended--
       (1) in subparagraph (A), by striking ``may'' and inserting 
     ``shall''; and
       (2) in subparagraph (B)--
       (A) in the matter preceding clause (i), by striking``, as 
     appropriate,'';
       (B) in clause (ii), by striking ``and'' at the end;
       (C) in clause (iii), by striking the period at the end and 
     inserting ``and''; and
       (D) by adding at the end the following:
       ``(iv) whether any provision of this title, or any rule 
     issued under this title, would be unnecessary or unduly 
     burdensome for the class of covered persons.''.
       (b) Ensuring a Comprehensive Regulatory Review.--
       (1) In general.--Section 2222 of the Economic Growth and 
     Regulatory Paperwork Reduction Act of 1996 (12 U.S.C. 3311) 
     is amended--
       (A) in subsection (a)--
       (i) by striking ``each appropriate Federal banking agency 
     represented on the Council'' and inserting ``each of the 
     Office of the Comptroller of the Currency, the Federal 
     Deposit Insurance Corporation, the Board of Governors of the 
     Federal Reserve System, and the Bureau of Consumer Financial 
     Protection as the Federal agency representatives on the 
     Council'';
       (ii) by striking ``any such appropriate Federal banking 
     agency'' and inserting ``any such Federal agency''; and
       (iii) by striking ``insured depository institutions'' and 
     inserting ``financial institutions'';
       (B) in subsections (b), (c), and (d), by striking ``the 
     appropriate Federal banking agency'' each place that term 
     appears and inserting ``the appropriate Federal agency 
     described in subsection (a)''; and
       (C) in subsection (e)--
       (i) in paragraph (1), by striking ``the appropriate Federal 
     banking agencies'' and inserting ``the appropriate Federal 
     agencies described in subsection (a)''; and
       (ii) in paragraph (2), by striking ``the appropriate 
     Federal banking agency'' and inserting ``the appropriate 
     Federal agency described in subsection (a)''.
       (2) Required regulatory review.--Not later than 1 year 
     after the date of enactment of this Act, the Bureau of 
     Consumer Financial Protection shall complete the review 
     required under section 2222 of the Economic Growth and 
     Regulatory Paperwork Reduction Act of 1996 (12 U.S.C. 3311), 
     complying with all the requirements under that section.
                                 ______
                                 
  SA 2176. Mr. SASSE 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 II, add the following:

     SEC. 2__. RULEMAKING AUTHORITY.

       Section 1022(b)(3) of the Consumer Financial Protection Act 
     of 2010 (12 U.S.C. 5512(b)(3)) is amended--
       (1) in subparagraph (A), by striking ``may'' and inserting 
     ``shall''; and
       (2) in subparagraph (B)--
       (A) in the matter preceding clause (i), by striking``, as 
     appropriate,'';
       (B) in clause (ii), by striking ``and'' at the end;
       (C) in clause (iii), by striking the period at the end and 
     inserting ``and''; and
       (D) by adding at the end the following:

[[Page S1594]]

       ``(iv) whether any provision of this title, or any rule 
     issued under this title, would be unnecessary or unduly 
     burdensome for the class of covered persons.''.
                                 ______
                                 
  SA 2177. 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. __. 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.
                                 ______
                                 
  SA 2178. Mr. CORKER (for himself and Mr. Kennedy) submitted an 
amendment intended to be proposed 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; which was ordered to lie on the table; as follows:

       In section 402 of the amendment, strike subsection (a) and 
     insert the following:
       (a) Definition of Custodial Bank.--
       (1) In general.--In this section, the term ``custodial 
     bank'' means--
       (A) any depository institution holding company that--
       (i) is not directly or indirectly controlled by a 
     depository institution holding company; and
       (ii) has consolidated assets under custody that are not 
     less than 30 times the total consolidated assets of the 
     depository institution holding company; and
       (B) any company controlled directly or indirectly by a 
     depository institution holding company described in 
     subparagraph (A).
       (2) Control.--For purposes of paragraph (1), a company has 
     control over a bank or over any company if the company has 
     control over the bank or other company under section 2(a)(2) 
     of the Bank Holding Company Act of 1956 (12 U.S.C. 
     1841(a)(2)).
                                 ______
                                 
  SA 2179. Mr. DURBIN (for himself, Mr. Reed, Ms. Warren, Mrs. Murray, 
Mr. Brown, Mr. Blumenthal, Ms. Baldwin, Ms. Duckworth, Mr. Whitehouse, 
Ms. Hassan, Mr. Van Hollen, and Mr. Markey) submitted an amendment 
intended to be proposed 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; which 
was ordered to lie on the table; as follows:

       Beginning on page 188, strike line 5 and all that follows 
     through line 20, on page 190, 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 191, strike lines 1 through 5 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, add the following:

                     TITLE VII--STUDENT PROTECTIONS

     SEC. 701. 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--
       (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

[[Page S1595]]

       ``(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 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;

[[Page S1596]]

       ``(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 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--

[[Page S1597]]

       ``(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;
       ``(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

[[Page S1598]]

     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. 702. 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.
       ``(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. 703. 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.)--

[[Page S1599]]

       ``(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. 704. 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 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

[[Page S1600]]

     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. 705. 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. 706. 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. 707. 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.''.
       (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 2180. Mrs. MURRAY (for herself, Ms. Collins, Ms. Hassan, and 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:

       In section 212, redesignate subsection (c) as subsection 
     (e).
       In section 212, insert after subsection (b) the following:
       (c) Requirements for Consent to Adopt International Capital 
     Insurance Standards.--The Secretary of the Treasury and the 
     Board of Governors of the Federal Reserve System may not 
     agree to, accept, establish, enter into, or consent to the 
     adoption of a final international capital insurance standard 
     with an international standard-setting organization or a 
     foreign government, authority, or regulatory entity unless--
       (1) the Secretary and the Chair of the Board of Governors 
     have, with respect to the text of the proposed final 
     international capital insurance standard--
       (A) published the text in the Federal Register;
       (B) made the text available for public comment for a period 
     of not less than 30 days; and
       (C) submitted a copy of the text to the Committee on 
     Banking, Housing, and Urban Affairs of the Senate and the 
     Committee on Financial Services of the House of 
     Representatives on a date on which both Houses of Congress 
     are in session;
       (2) the international capital insurance standard is not 
     inconsistent with capital requirements set forth in the 
     State-based system of insurance regulation;
       (3) if the international capital insurance standard will 
     apply to a company supervised by the Board of Governors, the 
     international capital insurance standard is not inconsistent 
     with the capital requirements of the Board of Governors for 
     that company; and
       (4) the international capital insurance standard recognizes 
     the system of insurance regulation in the United States as 
     satisfying the standard.
       (d) Involvement of State Insurance Regulators.--During the 
     development and negotiation of any international capital 
     insurance standard or international insurance agreement, 
     including a covered agreement under section 314 of title 31, 
     United States Code, any party representing the United States 
     shall, on any matter relating to insurance, closely consult 
     and coordinate with, and include in any meeting with respect 
     to that development and negotiation--
       (1) the State insurance commissioners; or
       (2) a designee of the State insurance commissioners, who 
     shall act at the discretion of the State insurance 
     commissioners.
                                 ______
                                 
  SA 2181. Mr. BROWN submitted an amendment intended to be proposed to 
amendment SA 2151 proposed by Mr. Crapo (for himself, Mr. Donnelly, Ms.

[[Page S1601]]

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; which was ordered to lie 
on the table; as follows:

       Beginning on page 105, strike line 25 and all that follows 
     through page 106, line 7, and insert the following:
       ``(B) what constitutes appropriate proof.''.
                                 ______
                                 
  SA 2182. 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, add the following:

                        TITLE VI--MISCELLANEOUS

                           Subtitle A--Loans

 PART I--PAYDAY, VEHICLE TITLE, AND CERTAIN HIGH-COST INSTALLMENT LOANS

                           Subpart A--General

     SEC. 601. AUTHORITY AND PURPOSE.

       (a) Authority.--The regulation in this part is issued by 
     the Bureau of Consumer Financial Protection (in this section 
     referred to as the ``Bureau'') pursuant to title X of the 
     Dodd-Frank Wall Street Reform and Consumer Protection Act (12 
     U.S.C. 5481 et seq.).
       (b) Purpose.--The purpose of this part is to identify 
     certain unfair and abusive acts or practices in connection 
     with certain consumer credit transactions and to set forth 
     requirements for preventing such acts or practices. This part 
     also prescribes requirements to ensure that the features of 
     those consumer credit transactions are fully, accurately, and 
     effectively disclosed to consumers. This part also prescribes 
     processes and criteria for registration of information 
     systems.

     SEC. 602. DEFINITIONS.

       (a) Definitions.--For the purposes of this part, the 
     following definitions apply:
       (1) Account.--The term ``account'' has the same meaning as 
     in section 1005.2(b) of title 12, Code of Federal 
     Regulations.
       (2) Affiliate.--The term ``affiliate'' has the same meaning 
     as in section 1002 of the Consumer Financial Protection Act 
     of 2010 (12 U.S.C. 5481).
       (3) Closed-end credit.--The term ``closed-end credit'' 
     means an extension of credit to a consumer that is not open-
     end credit.
       (4) Consumer.--The term ``consumer'' has the same meaning 
     as in section 1002 of the Consumer Financial Protection Act 
     of 2010 (12 U.S.C. 5481).
       (5) Consummation.--The term ``consummation'' means the time 
     that a consumer becomes contractually obligated on a new loan 
     or a modification that increases the amount of an existing 
     loan.
       (6) Cost of credit.--The term ``cost of credit'' means the 
     cost of consumer credit as expressed as a per annum rate and 
     is determined as follows:
       (A) Charges included in the cost of credit.--The cost of 
     credit includes all finance charges as set forth in section 
     1026.4 of title 12, Code of Federal Regulations, but without 
     regard to whether the credit is consumer credit, as that term 
     is defined in section 1026.2(a)(12) of title 12, Code of 
     Federal Regulations, or is extended to a consumer, as that 
     term is defined in section 1026.2(a)(11) of title 12, Code of 
     Federal Regulations.
       (B) Calculation of the cost of credit.--
       (i) Closed-end credit.--For closed-end credit, the cost of 
     credit must be calculated according to the requirements 
     section 1026.22 of title 12, Code of Federal Regulations.
       (ii) Open-end credit.--For open-end credit, the cost of 
     credit must be calculated according to the rules for 
     calculating the effective annual percentage rate for a 
     billing cycle as set forth in section 1026.14 (c) and (d) of 
     title 12, Code of Federal Regulations.
       (7) Covered longer-term balloon-payment loan.--The term 
     ``covered longer-term balloon-payment loan'' means a loan 
     described in section 603(b)(2).
       (8) Covered longer-term loan.--The term ``covered longer-
     term loan'' means a loan described in section 603(b)(3).
       (9) Covered person.--The term ``covered person'' has the 
     same meaning as in section 1002 of the Consumer Financial 
     Protection Act of 2010 (12 U.S.C. 5481).
       (10) Covered short-term.--The term ``covered short-term 
     loan'' means a loan described in section 603(b)(1).
       (11) Credit.--The term ``credit'' has the same meaning as 
     in section 1026.2(a)(14) of title 12, Code of Federal 
     Regulations.
       (12) Electronic fund transfer.--The term ``electronic fund 
     transfer'' has the same meaning as in section 1005.3(b) of 
     title 12, Code of Federal Regulations.
       (13) Lender.--The term ``lender'' means a person who 
     regularly extends credit to a consumer primarily for 
     personal, family, or household purposes.
       (14) Loan sequence or sequence.--The term ``loan sequence'' 
     or ``sequence'' means a series of consecutive or concurrent 
     covered short-term loans or covered longer-term balloon-
     payment loans, or a combination thereof, in which each of the 
     loans (other than the first loan) is made during the period 
     in which the consumer has a covered short-term loan or 
     covered longer-term balloon-payment loan outstanding and for 
     30 days thereafter. For the purpose of determining where a 
     loan is located within a loan sequence--
       (A) a covered short-term loan or covered longer-term 
     balloon-payment loan is the first loan in a sequence if the 
     loan is extended to a consumer who had no covered short-term 
     loan or covered longer-term balloon-payment loan outstanding 
     within the immediately preceding 30 days;
       (B) a covered short-term or covered longer-term balloon-
     payment loan is the second loan in the sequence if the 
     consumer has a currently outstanding covered short-term loan 
     or covered longer-term balloon-payment loan that is the first 
     loan in a sequence, or if the consummation date of the second 
     loan is within 30 days following the last day on which the 
     consumer's first loan in the sequence was outstanding;
       (C) a covered short-term or covered longer-term balloon-
     payment loan is the third loan in the sequence if the 
     consumer has a currently outstanding covered short-term loan 
     or covered longer-term balloon-payment loan that is the 
     second loan in the sequence, or if the consummation date of 
     the third loan is within 30 days following the last day on 
     which the consumer's second loan in the sequence was 
     outstanding; and
       (D) a covered short-term or covered longer-term balloon-
     payment loan would be the fourth loan in the sequence if the 
     consumer has a currently outstanding covered short-term loan 
     or covered longer-term balloon-payment loan that is the third 
     loan in the sequence, or if the consummation date of the 
     fourth loan would be within 30 days following the last day on 
     which the consumer's third loan in the sequence was 
     outstanding.
       (15) Motor vehicle.--The term ``motor vehicle'' means any 
     self-propelled vehicle primarily used for on-road 
     transportation. The term does not include motor homes, 
     recreational vehicles, golf carts, and motor scooters.
       (16) Open-end credit.--The term ``open-end credit'' means 
     an extension of credit to a consumer that is an open-end 
     credit plan as defined in section 1026.2(a)(20) of title 12, 
     Code of Federal Regulations, but without regard to whether 
     the credit is consumer credit, as defined in section 
     1026.2(a)(12) of title 12, Code of Federal Regulations, is 
     extended by a creditor, as defined in section 1026.2(a)(17) 
     of title 12, Code of Federal Regulations, is extended to a 
     consumer, as defined in section 1026.2(a)(11) of title 12, 
     Code of Federal Regulations, or permits a finance charge to 
     be imposed from time to time on an outstanding balance as 
     defined in section 1026.4 of title 12, Code of Federal 
     Regulations.
       (17) Outstanding loan.--The term ``outstanding loan'' means 
     a loan that the consumer is legally obligated to repay, 
     regardless of whether the loan is delinquent or is subject to 
     a repayment plan or other workout arrangement, except that a 
     loan ceases to be an outstanding loan if the consumer has not 
     made at least one payment on the loan within the previous 180 
     days.
       (18) Service provider.--The term ``service provider'' has 
     the same meaning as in section 1002 of the Consumer Financial 
     Protection Act of 2010 (12 U.S.C. 5481).
       (19) Vehicle security.--The term ``vehicle security'' means 
     an interest in a consumer's motor vehicle obtained by the 
     lender or service provider as a condition of the credit, 
     regardless of how the transaction is characterized by State 
     law, including--
       (A) any security interest in the motor vehicle, motor 
     vehicle title, or motor vehicle registration whether or not 
     the security interest is perfected or recorded; or
       (B) a pawn transaction in which the consumer's motor 
     vehicle is the pledged good and the consumer retains use of 
     the motor vehicle during the period of the pawn agreement.
       (b) Rule of Construction.--For purposes of this part, where 
     definitions are incorporated from other statutes or 
     regulations, the terms have the meaning and incorporate the 
     embedded definitions, appendices, and commentary from those 
     other laws except to the extent that this part provides a 
     different definition for a parallel term.

     SEC. 603. SCOPE OF COVERAGE; EXCLUSIONS; EXEMPTIONS.

       (a) In General.--This part applies to a lender that extends 
     credit by making covered loans.
       (b) Covered Loan.--The term ``covered loan'' means closed-
     end or open-end credit that is extended to a consumer 
     primarily for personal, family, or household purposes that is 
     not excluded under subsection (d) or conditionally exempted 
     under subsection (e) or (f), and--
       (1) for closed-end credit that does not provide for 
     multiple advances to consumers, the consumer is required to 
     repay substantially the entire amount of the loan within 45 
     days of consummation, or for all other loans, the consumer is 
     required to repay substantially the entire amount of any 
     advance within 45 days of the advance;
       (2) for loans not otherwise covered by paragraph (1)--
       (A) for closed-end credit that does not provide for 
     multiple advances to consumers, the consumer is required to 
     repay substantially the entire balance of the loan in a 
     single payment more than 45 days after consummation or to 
     repay such loan through at least one payment that is more 
     than twice as large as any other payment(s); or
       (B) for all other loans, either--
       (i) the consumer is required to repay substantially the 
     entire amount of an advance

[[Page S1602]]

     in a single payment more than 45 days after the advance is 
     made or is required to make at least one payment on the 
     advance that is more than twice as large as any other 
     payment(s); or
       (ii) a loan with multiple advances is structured such that 
     paying the required minimum payments may not fully amortize 
     the outstanding balance by a specified date or time, and the 
     amount of the final payment to repay the outstanding balance 
     at such time could be more than twice the amount of other 
     minimum payments under the plan; or
       (3) for loans not otherwise covered by paragraph (1) or 
     (2), if both of the following conditions are satisfied:
       (A) The cost of credit for the loan exceeds 36 percent per 
     annum, as measured--
       (i) at the time of consummation for closed-end credit; or
       (ii) at the time of consummation and, if the cost of credit 
     at consummation is not more than 36 percent per annum, again 
     at the end of each billing cycle for open-end credit, except 
     that--

       (I) open-end credit meets the condition set forth in this 
     clause in any billing cycle in which a lender imposes a 
     finance charge, and the principal balance is $0; and
       (II) Once open-end credit meets the condition set forth in 
     this clause, it meets the condition set forth in this clause 
     for the duration of the plan.

       (B) The lender or service provider obtains a leveraged 
     payment mechanism as defined in subsection (c).
       (c) Leveraged Payment Mechanism.--For purposes of 
     subsection (b), a lender or service provider obtains a 
     leveraged payment mechanism if it has the right to initiate a 
     transfer of money, through any means, from a consumer's 
     account to satisfy an obligation on a loan, except that the 
     lender or service provider does not obtain a leveraged 
     payment mechanism by initiating a single immediate payment 
     transfer at the consumer's request.
       (d) Exclusions for Certain Types of Credit.--This part does 
     not apply to the following:
       (1) Certain purchase money security interest loans.--Credit 
     extended for the sole and express purpose of financing a 
     consumer's initial purchase of a good when the credit is 
     secured by the property being purchased, whether or not the 
     security interest is perfected or recorded.
       (2) Real estate secured credit.--Credit that is secured by 
     any real property, or by personal property used or expected 
     to be used as a dwelling, and the lender records or otherwise 
     perfects the security interest within the term of the loan.
       (3) Credit cards.--Any credit card account under an open-
     end (not home-secured) consumer credit plan as defined in 
     section 1026.2(a)(15)(ii) of title 12, Code of Federal 
     Regulations.
       (4) Student loans.--Credit made, insured, or guaranteed 
     pursuant to a program authorized by title IV of the Higher 
     Education Act of 1965 (20 U.S.C. 1070 et seq.), or a private 
     education loan as defined in section 1026.46(b)(5) of title 
     12, Code of Federal Regulations.
       (5) Nonrecourse pawn loans.--Credit in which the lender has 
     sole physical possession and use of the property securing the 
     credit for the entire term of the loan and for which the 
     lender's sole recourse if the consumer does not elect to 
     redeem the pawned item and repay the loan is the retention of 
     the property securing the credit.
       (6) Overdraft services and lines of credit.--Overdraft 
     services as defined in section 1005.17(a) of title 12, Code 
     of Federal Regulations, and overdraft lines of credit 
     otherwise excluded from the definition of overdraft services 
     under section 1005.17(a)(1) of title 12, Code of Federal 
     Regulations.
       (7) Wage advance programs.--Advances of wages that 
     constitute credit if made by an employer, as defined in 
     section 3 of the Fair Labor Standards Act of 1938 (29 U.S.C. 
     203), or by the employer's business partner, to the 
     employer's employees, provided that--
       (A) the advance is made only against the accrued cash value 
     of any wages the employee has earned up to the date of the 
     advance; and
       (B) before any amount is advanced, the entity advancing the 
     funds warrants to the consumer as part of the contract 
     between the parties on behalf of itself and any business 
     partners, that it or they, as applicable--
       (i) will not require the consumer to pay any charges or 
     fees in connection with the advance, other than a charge for 
     participating in the wage advance program;
       (ii) has no legal or contractual claim or remedy against 
     the consumer based on the consumer's failure to repay in the 
     event the amount advanced is not repaid in full; and
       (iii) with respect to the amount advanced to the consumer, 
     will not engage in any debt collection activities if the 
     advance is not deducted directly from wages or otherwise 
     repaid on the scheduled date, place the amount advanced as a 
     debt with or sell it to a third party, or report to a 
     consumer reporting agency concerning the amount advanced.
       (8) No-cost advances.--Advances of funds that constitute 
     credit if the consumer is not required to pay any charge or 
     fee to be eligible to receive or in return for receiving the 
     advance, provided that before any amount is advanced, the 
     entity advancing the funds warrants to the consumer as part 
     of the contract between the parties--
       (A) that it has no legal or contractual claim or remedy 
     against the consumer based on the consumer's failure to repay 
     in the event the amount advanced is not repaid in full; and
       (B) that, with respect to the amount advanced to the 
     consumer, such entity will not engage in any debt collection 
     activities if the advance is not repaid on the scheduled 
     date, place the amount advanced as a debt with or sell it to 
     a third party, or report to a consumer reporting agency 
     concerning the amount advanced.
       (e) Alternative Loan.--Alternative loans are conditionally 
     exempt from the requirements of this part. The term 
     ``alternative loan'' means a covered loan that satisfies the 
     following conditions and requirements:
       (1) Loan term conditions.--An alternative loan must satisfy 
     the following conditions:
       (A) The loan is not structured as open-end credit, as 
     defined in section 602(a)(16).
       (B) The loan has a term of not less than 1 month and not 
     more than 6 months.
       (C) The principal of the loan is not less than $200 and not 
     more than $1,000.
       (D) The loan is repayable in 2 or more payments, all of 
     which payments are substantially equal in amount and fall due 
     in substantially equal intervals, and the loan amortizes 
     completely during the term of the loan.
       (E) The lender does not impose any charges other than the 
     rate and application fees permissible for Federal credit 
     unions under regulations issued by the National Credit Union 
     Administration in section 701.21(c)(7)(iii) of title 12, Code 
     of Federal Regulations.
       (2) Borrowing history condition.--Prior to making an 
     alternative loan under this subsection, the lender must 
     determine from its records that the loan would not result in 
     the consumer being indebted on more than 3 outstanding loans 
     made under this section from the lender within a period of 
     180 days. The lender must also make no more than one 
     alternative loan under this subsection at a time to a 
     consumer.
       (3) Income documentation condition.--In making an 
     alternative loan under this subsection, the lender must 
     maintain and comply with policies and procedures for 
     documenting proof of recurring income.
       (4) Safe harbor.--Loans made by Federal credit unions in 
     compliance with the conditions set forth by the National 
     Credit Union Administration in section 701.21(c)(7)(iii) of 
     title 12, Code of Federal Regulations, for a Payday 
     Alternative Loan are deemed to be in compliance with the 
     requirements and conditions of paragraphs (1), (2), and (3).
       (f) Accommodation Loans.--Accommodation loans are 
     conditionally exempt from the requirements of this part. 
     Accommodation loan means a covered loan if at the time that 
     the loan is consummated--
       (1) the lender and its affiliates collectively have made 
     2,500 or fewer covered loans in the current calendar year, 
     and made 2,500 or fewer such covered loans in the preceding 
     calendar year;
       (2)(A) during the most recent completed tax year in which 
     the lender was in operation, if applicable, the lender and 
     any affiliates that were in operation and used the same tax 
     year derived no more than 10 percent of their receipts from 
     covered loans; or
       (B) if the lender was not in operation in a prior tax year, 
     the lender reasonably anticipates that the lender and any of 
     its affiliates that use the same tax year will derive no more 
     than 10 percent of their receipts from covered loans during 
     the current tax year; and
       (3) provided, however, that covered longer-term loans for 
     which all transfers meet the conditions in section 
     622(a)(1)(ii), and receipts from such loans, are not included 
     for the purpose of determining whether the conditions of 
     paragraphs (1) and (2) have been satisfied.
       (g) Receipts.--For purposes of subsection (f), the term 
     ``receipts'' means ``total income'' (or in the case of a sole 
     proprietorship ``gross income'') plus ``cost of goods sold'' 
     as these terms are defined and reported on Internal Revenue 
     Service (IRS) tax return forms (such as Form 1120 for 
     corporations, Form 1120S and Schedule K for S corporations, 
     Form 1120, Form 1065 or Form 1040 for LLCs, Form 1065 and 
     Schedule K for partnerships, and Form 1040, Schedule C for 
     sole proprietorships). Receipts do not include net capital 
     gains or losses; taxes collected for and remitted to a taxing 
     authority if included in gross or total income, such as sales 
     or other taxes collected from customers but excluding taxes 
     levied on the entity or its employees; or amounts collected 
     for another (but fees earned in connection with such 
     collections are receipts). Items such as subcontractor costs, 
     reimbursements for purchases a contractor makes at a 
     customer's request, and employee-based costs such as payroll 
     taxes are included in receipts.
       (h) Tax Year.--For purposes of subsection (f), the term 
     ``tax year'' has the meaning attributed to it by the IRS as 
     set forth in IRS Publication 538, which provides that a ``tax 
     year'' is an annual accounting period for keeping records and 
     reporting income and expenses.

                        Subpart B--Underwriting

     SEC. 611. IDENTIFICATION OF UNFAIR AND ABUSIVE PRACTICE.

       It is an unfair and abusive practice for a lender to make 
     covered short-term loans or covered longer-term balloon-
     payment loans without reasonably determining that the 
     consumers will have the ability to repay the loans according 
     to their terms.

[[Page S1603]]

  


     SEC. 612. ABILITY-TO-REPAY DETERMINATION REQUIRED.

       (a) Definitions.--For purposes of this section:
       (1) Basic living expenses.--The term ``basic living 
     expenses'' means expenditures, other than payments for major 
     financial obligations, that a consumer makes for goods and 
     services that are necessary to maintain the consumer's 
     health, welfare, and ability to produce income, and the 
     health and welfare of the members of the consumer's household 
     who are financially dependent on the consumer.
       (2) Debt-to-income ratio.--The term ``debt-to-income 
     ratio'' means the ratio, expressed as a percentage, of the 
     sum of the amounts that the lender projects will be payable 
     by the consumer for major financial obligations during the 
     relevant monthly period and the payments under the covered 
     short-term loan or covered longer-term balloon-payment loan 
     during the relevant monthly period, to the net income that 
     the lender projects the consumer will receive during the 
     relevant monthly period, all of which projected amounts are 
     determined in accordance with subsection (c).
       (3) Major financial obligations.--The term ``major 
     financial obligations'' means a consumer's housing expense, 
     required payments under debt obligations (including, without 
     limitation, outstanding covered loans), child support 
     obligations, and alimony obligations.
       (4) National consumer report.--The term ``national consumer 
     report'' means a consumer report, as defined in section 
     603(d) of the Fair Credit Reporting Act (15 U.S.C. 1681a(d)), 
     obtained from a consumer reporting agency that compiles and 
     maintains files on consumers on a nationwide basis, as 
     defined in section 603(p) of the Fair Credit Reporting Act 
     (15 U.S.C. 1681a(p)).
       (5) Net income.--The term ``net income'' means the total 
     amount that a consumer receives after the payer deducts 
     amounts for taxes, other obligations, and voluntary 
     contributions (but before deductions of any amounts for 
     payments under a prospective covered short-term loan or 
     covered longer-term balloon-payment loan or for any major 
     financial obligation); provided that, the lender may include 
     in the consumer's net income the amount of any income of 
     another person to which the consumer has a reasonable 
     expectation of access.
       (6) Payment under the covered short-term loan or covered 
     longer-term balloon-payment loan.--The term ``payment under 
     the covered short-term loan or covered longer-term balloon-
     payment loan''--
       (A) means the combined dollar amount payable by the 
     consumer at a particular time following consummation in 
     connection with the covered short-term loan or covered 
     longer-term balloon-payment loan, assuming that the consumer 
     has made preceding required payments and in the absence of 
     any affirmative act by the consumer to extend or restructure 
     the repayment schedule or to suspend, cancel, or delay 
     payment for any product, service, or membership provided in 
     connection with the loan;
       (B) includes all principal, interest, charges, and fees; 
     and
       (C) for a line of credit is calculated assuming that--
       (i) the consumer will utilize the full amount of credit 
     under the covered short-term loan or covered longer-term 
     balloon-payment loan as soon as the credit is available to 
     the consumer; and
       (ii) the consumer will make only minimum required payments 
     under the covered short-term loan or covered longer-term 
     balloon-payment loan for as long as permitted under the loan 
     agreement.
       (7) Relevant monthly period.--The term ``relevant monthly 
     period'' means the calendar month in which the highest sum of 
     payments is due under the covered short-term or covered 
     longer-term balloon-payment loan.
       (8) Residual income.--The term ``residual income'' means 
     the sum of net income that the lender projects the consumer 
     will receive during the relevant monthly period, minus the 
     sum of the amounts that the lender projects will be payable 
     by the consumer for major financial obligations during the 
     relevant monthly period and payments under the covered short-
     term loan or covered longer-term balloon-payment loan during 
     the relevant monthly period, all of which projected amounts 
     are determined in accordance with subsection (c).
       (b) Reasonable Determination Required.--(1)(A) Except as 
     provided in section 613, a lender must not make a covered 
     short-term loan or covered longer-term balloon-payment loan 
     or increase the credit available under a covered short-term 
     loan or covered longer-term balloon-payment loan, unless the 
     lender first makes a reasonable determination that the 
     consumer will have the ability to repay the loan according to 
     its terms.
       (B) For a covered short-term loan or covered longer-term 
     balloon-payment loan that is a line of credit, a lender must 
     not permit a consumer to obtain an advance under the line of 
     credit more than 90 days after the date of a required 
     determination under this subsection, unless the lender first 
     makes a new determination that the consumer will have the 
     ability to repay the covered short-term loan or covered 
     longer-term balloon-payment loan according to its terms.
       (2) A lender's determination of a consumer's ability to 
     repay a covered short-term loan or covered longer-term 
     balloon-payment loan is reasonable only if either--
       (A) based on the calculation of the consumer's debt-to-
     income ratio for the relevant monthly period and the 
     estimates of the consumer's basic living expenses for the 
     relevant monthly period, the lender reasonably concludes 
     that--
       (i) for a covered short-term loan, the consumer can make 
     payments for major financial obligations, make all payments 
     under the loan, and meet basic living expenses during the 
     shorter of the term of the loan or the period ending 45 days 
     after consummation of the loan, and for 30 days after having 
     made the highest payment under the loan; and
       (ii) for a covered longer-term balloon-payment loan, the 
     consumer can make payments for major financial obligations, 
     make all payments under the loan, and meet basic living 
     expenses during the relevant monthly period, and for 30 days 
     after having made the highest payment under the loan; or
       (B) based on the calculation of the consumer's residual 
     income for the relevant monthly period and the estimates of 
     the consumer's basic living expenses for the relevant monthly 
     period, the lender reasonably concludes that--
       (i) for a covered short-term loan, the consumer can make 
     payments for major financial obligations, make all payments 
     under the loan, and meet basic living expenses during the 
     shorter of the term of the loan or the period ending 45 days 
     after consummation of the loan, and for 30 days after having 
     made the highest payment under the loan; and
       (ii) for a covered longer-term balloon-payment loan, the 
     consumer can make payments for major financial obligations, 
     make all payments under the loan, and meet basic living 
     expenses during the relevant monthly period, and for 30 days 
     after having made the highest payment under the loan.
       (c) Projecting Consumer Net Income and Payments for Major 
     Financial Obligations.--
       (1) In general.--To make a reasonable determination 
     required under subsection (b), a lender must obtain the 
     consumer's written statement in accordance with paragraph 
     (2)(A), obtain verification evidence to the extent required 
     by paragraph (2)(B), assess information about rental housing 
     expense as required by paragraph (2)(C), and use those 
     sources of information to make a reasonable projection of the 
     amount of a consumer's net income and payments for major 
     financial obligations during the relevant monthly period. The 
     lender must consider major financial obligations that are 
     listed in a consumer's written statement described in 
     paragraph (2)(A)(ii) even if they cannot be verified by the 
     sources listed in paragraph (2)(B)(ii). To be reasonable, a 
     projection of the amount of net income or payments for major 
     financial obligations may be based on a consumer's written 
     statement of amounts under paragraph (2)(A) only as 
     specifically permitted by paragraph (2) (B) or (C) or to the 
     extent the stated amounts are consistent with the 
     verification evidence that is obtained in accordance with 
     paragraph (2)(B). In determining whether the stated amounts 
     are consistent with the verification evidence, the lender may 
     reasonably consider other reliable evidence the lender 
     obtains from or about the consumer, including any 
     explanations the lender obtains from the consumer.
       (2) Evidence of net income and payments for major financial 
     obligations.--
       (A) Consumer statements.--A lender must obtain a consumer's 
     written statement of--
       (i) the amount of the consumer's net income, which may 
     include the amount of any income of another person to which 
     the consumer has a reasonable expectation of access; and
       (ii) the amount of payments required for the consumer's 
     major financial obligations.
       (B) Verification evidence.--A lender must obtain 
     verification evidence for the amounts of the consumer's net 
     income and payments for major financial obligations other 
     than rental housing expense, as follows:
       (i) For the consumer's net income--

       (I) the lender must obtain a reliable record (or records) 
     of an income payment (or payments) directly to the consumer 
     covering sufficient history to support the lender's 
     projection under paragraph (1) if a reliable record (or 
     records) is reasonably available. If a lender determines that 
     a reliable record (or records) of some or all of the 
     consumer's net income is not reasonably available, then, the 
     lender may reasonably rely on the consumer's written 
     statement described in subparagraph (A)(i) for that portion 
     of the consumer's net income; and
       (II) if the lender elects to include in the consumer's net 
     income for the relevant monthly period any income of another 
     person to which the consumer has a reasonable expectation of 
     access, the lender must obtain verification evidence to 
     support the lender's projection under paragraph (1).

       (ii) For the consumer's required payments under debt 
     obligations, the lender must obtain a national consumer 
     report, the records of the lender and its affiliates, and a 
     consumer report obtained from an information system that has 
     been registered for 180 days or more pursuant to section 
     632(c)(2) or is registered pursuant to section 632(d)(2), if 
     available. If the reports and records do not include a debt 
     obligation listed in the consumer's written statement 
     described in subparagraph (A)(ii), the lender may reasonably 
     rely on the written statement in determining the amount of 
     the required payment.

[[Page S1604]]

       (iii) For a consumer's required payments under child 
     support obligations or alimony obligations, the lender must 
     obtain a national consumer report. If the report does not 
     include a child support or alimony obligation listed in the 
     consumer's written statement described in subparagraph 
     (A)(ii), the lender may reasonably rely on the written 
     statement in determining the amount of the required payment.
       (iv) Notwithstanding clauses (ii) and (iii), the lender is 
     not required to obtain a national consumer report as 
     verification evidence for the consumer's debt obligations, 
     alimony obligations, and child support obligations if during 
     the preceding 90 days--

       (I) the lender or an affiliate obtained a national consumer 
     report for the consumer, retained the report under section 
     633(b)(1)(ii), and checked it again in connection with the 
     new loan; and
       (II) the consumer did not complete a loan sequence of three 
     loans made under this section and trigger the prohibition 
     under subsection (d)(2) since the previous report was 
     obtained.

       (C) Rental housing expense.--For a consumer's housing 
     expense other than a payment for a debt obligation that 
     appears on a national consumer report obtained pursuant to 
     subparagraph (B)(ii), the lender may reasonably rely on the 
     consumer's written statement described in subparagraph 
     (A)(ii).
       (d) Additional Limitations on Lending (covered Short-term 
     Loans and Covered Longer-term Balloon-payment Loans).--
       (1) Borrowing history review.--Prior to making a covered 
     short-term loan or covered longer-term balloon-payment loan 
     under this section, in order to determine whether any of the 
     prohibitions in this subsection are applicable, a lender must 
     obtain and review information about the consumer's borrowing 
     history from the records of the lender and its affiliates, 
     and from a consumer report obtained from an information 
     system that has been registered for 180 days or more pursuant 
     to section 632(c)(2) or is registered with the Bureau 
     pursuant to section 632(d)(2), if available.
       (2) Prohibition on loan sequences of more than three 
     covered short-term loans or covered longer-term balloon-
     payment loans made under this section.--A lender must not 
     make a covered short-term loan or covered longer-term 
     balloon-payment loan under this section during the period in 
     which the consumer has a covered short-term loan or covered 
     longer-term balloon-payment loan made under this section 
     outstanding and for 30 days thereafter if the new covered 
     short-term loan or covered longer-term balloon-payment loan 
     would be the fourth loan in a sequence of covered short-term 
     loans, covered longer-term balloon-payment loans, or a 
     combination of covered short-term loans and covered longer-
     term balloon-payment loans made under this section.
       (3) Prohibition on making a covered short-term loan or 
     covered longer-term balloon-payment loan under this section 
     following a covered short-term loan made under section 613.--
     A lender must not make a covered short-term loan or covered 
     longer-term balloon-payment loan under this section during 
     the period in which the consumer has a covered short-term 
     loan made under section 613 outstanding and for 30 days 
     thereafter.
       (e) Prohibition Against Evasion.--A lender must not take 
     any action with the intent of evading the requirements of 
     this section.

     SEC. 613. CONDITIONAL EXEMPTION FOR CERTAIN COVERED SHORT-
                   TERM LOANS.

       (a) Conditional Exemption for Certain Covered Short-term 
     Loans.--Sections 611 and 612 do not apply to a covered short-
     term loan that satisfies the requirements set forth in 
     subsections (b) through (e). Prior to making a covered short-
     term loan under this section, a lender must review the 
     consumer's borrowing history in its own records, the records 
     of the lender's affiliates, and a consumer report from an 
     information system that has been registered for 180 days or 
     more pursuant to section 632(c)(2) or is registered with the 
     Bureau pursuant to section 632(d)(2). The lender must use 
     this borrowing history information to determine a potential 
     loan's compliance with the requirements in subsections (b) 
     and (c).
       (b) Loan Term Requirements.--A covered short-term loan that 
     is made under this section must satisfy the following 
     requirements:
       (1) The loan satisfies the following principal amount 
     limitations, as applicable--
       (A) for the first loan in a loan sequence of covered short-
     term loans made under this section, the principal amount is 
     no greater than $500;
       (B) for the second loan in a loan sequence of covered 
     short-term loans made under this section, the principal 
     amount is no greater than two-thirds of the principal amount 
     of the first loan in the loan sequence; and
       (C) for the third loan in a loan sequence of covered short-
     term loans made under this section, the principal amount is 
     no greater than one-third of the principal amount of the 
     first loan in the loan sequence.
       (2) The loan amortizes completely during the term of the 
     loan and the payment schedule provides for the lender 
     allocating a consumer's payments to the outstanding principal 
     and interest and fees as they accrue only by applying a fixed 
     periodic rate of interest to the outstanding balance of the 
     unpaid loan principal during every scheduled repayment period 
     for the term of the loan.
       (3) The lender and any service provider do not take vehicle 
     security as a condition of the loan, as defined in section 
     602(a)(19).
       (4) The loan is not structured as open-end credit, as 
     defined in section 602(a)(16).
       (c) Borrowing History Requirements.--Prior to making a 
     covered short-term loan under this section, the lender must 
     determine that the following requirements are satisfied:
       (1) The consumer has not had in the past 30 days an 
     outstanding covered short-term loan under section 612 or 
     covered longer-term balloon-payment loan under section 612.
       (2) The loan would not result in the consumer having a loan 
     sequence of more than 3 covered short-term loans under this 
     section.
       (3) The loan would not result in the consumer having during 
     any consecutive 12-month period--
       (A) more than 6 covered short-term loans outstanding; or
       (B) covered short-term loans outstanding for an aggregate 
     period of more than 90 days.
       (d) Restrictions on Making Certain Covered Loans and 
     Noncovered Loans Following a Covered Short-term Loan Made 
     Under the Conditional Exemption.--If a lender makes a covered 
     short-term loan under this section to a consumer, the lender 
     or its affiliate must not subsequently make a covered loan, 
     except a covered short-term loan made in accordance with the 
     requirements in this section, or a noncovered loan to the 
     consumer while the covered short-term loan made under this 
     section is outstanding and for 30 days thereafter.
       (e) Disclosures.--
       (1) General form of disclosures.--
       (A) Clear and conspicuous.--Disclosures required by this 
     subsection must be clear and conspicuous. Disclosures 
     required by this section may contain commonly accepted or 
     readily understandable abbreviations.
       (B) In writing or electronic delivery.--Disclosures 
     required by this subsection must be provided in writing or 
     through electronic delivery. The disclosures must be provided 
     in a form that can be viewed on paper or a screen, as 
     applicable. This subparagraph is not satisfied by a 
     disclosure provided orally or through a recorded message.
       (C) Retainable.--Disclosures required by this subsection 
     must be provided in a retainable form.
       (D) Segregation requirements for notices.--Notices required 
     by this subsection must be segregated from all other written 
     or provided materials and contain only the information 
     required by this section, other than information necessary 
     for product identification, branding, and navigation. 
     Segregated additional content that is not required by this 
     subsection must not be displayed above, below, or around the 
     required content.
       (E) Machine readable text in notices provided through 
     electronic delivery.--If provided through electronic 
     delivery, the notices required by paragraph (2)(A) and (B) 
     must use machine readable text that is accessible via both 
     web browsers and screen readers.
       (F) Model forms.--
       (i) First loan notice.--The content, order, and format of 
     the notice required by paragraph (2)(A) must be substantially 
     similar to a model form.
       (ii) Third loan notice.--The content, order, and format of 
     the notice required by paragraph (2)(B) must be substantially 
     similar to a model form.
       (G) Foreign language disclosures.--Disclosures required 
     under this subsection may be made in a language other than 
     English, provided that the disclosures are made available in 
     English upon the consumer's request.
       (2) Notice requirements.--
       (A) First loan notice.--A lender that makes a first loan in 
     a sequence of loans made under this section must provide to a 
     consumer a notice that includes, as applicable, the following 
     information and statements, using language substantially 
     similar to the language set forth in a model form:
       (i) Identifying statement.--The statement ``Notice of 
     restrictions on future loans,'' using that phrase.
       (ii) Warning for loan made under this section.--

       (I) Possible inability to repay.--A statement that warns 
     the consumer not to take out the loan if the consumer is 
     unsure of being able to repay the total amount of principal 
     and finance charges on the loan by the contractual due date.
       (II) Contractual due date.--Contractual due date of the 
     loan made under this section.
       (III) Total amount due.--Total amount due on the 
     contractual due date.

       (iii) Restriction on a subsequent loan required by federal 
     law.--A statement that informs a consumer that Federal law 
     requires a similar loan taken out within the next 30 days to 
     be smaller.
       (iv) Borrowing limits.--In a tabular form:

       (I) Maximum principal amount on loan 1 in a sequence of 
     loans made under this section.
       (II) Maximum principal amount on loan 2 in a sequence of 
     loans made under this section.
       (III) Maximum principal amount on loan 3 in a sequence of 
     loans made under this section.
       (IV) Loan 4 in a sequence of loans made under this section 
     is not allowed.

       (v) Lender name and contact information.--Name of the 
     lender and a telephone number for the lender and, if 
     applicable, a URL of the website for the lender.
       (B) Third loan notice.--A lender that makes a third loan in 
     a sequence of loans

[[Page S1605]]

     made under this section must provide to a consumer a notice 
     that includes the following information and statements, using 
     language substantially similar to the language set forth in a 
     model form:
       (i) Identifying statement.--The statement ``Notice of 
     borrowing limits on this loan and future loans,'' using that 
     phrase.
       (ii) Two similar loans without 30-day break.--A statement 
     that informs a consumer that the lender's records show that 
     the consumer has had 2 similar loans without taking at least 
     a 30-day break between them.
       (iii) Restriction on loan amount required by federal law.--
     A statement that informs a consumer that Federal law requires 
     the third loan to be smaller than previous loans in the loan 
     sequence.
       (iv) Prohibition on subsequent loan.--A statement that 
     informs a consumer that the consumer cannot take out a 
     similar loan for at least 30 days after repaying the loan.
       (v) Lender name and contact information.--Name of the 
     lender and a telephone number for the lender and, if 
     applicable, a URL of the website for the lender.
       (3) Timing.--A lender must provide the notices required in 
     paragraph (2)(A) and (B) to the consumer before the 
     applicable loan under this section is consummated.

                          Subpart C--Payments

     SEC. 621. IDENTIFICATION OF UNFAIR AND ABUSIVE PRACTICE.

       It is an unfair and abusive practice for a lender to make 
     attempts to withdraw payment from consumers' accounts in 
     connection with a covered loan after the lender's second 
     consecutive attempts to withdraw payments from the accounts 
     from which the prior attempts were made have failed due to a 
     lack of sufficient funds, unless the lender obtains the 
     consumers' new and specific authorization to make further 
     withdrawals from the accounts.

     SEC. 622. PROHIBITED PAYMENT TRANSFER ATTEMPTS.

       (a) Definitions.--For purposes of this section and section 
     623:
       (1) Payment transfer.--The term ``payment transfer'' means 
     any lender-initiated debit or withdrawal of funds from a 
     consumer's account for the purpose of collecting any amount 
     due or purported to be due in connection with a covered loan.
       (A) Means of transfer.--A debit or withdrawal meeting the 
     description in paragraph (1) is a payment transfer regardless 
     of the means through which the lender initiates it, including 
     but not limited to a debit or withdrawal initiated through 
     any of the following means:
       (i) Electronic fund transfer, including a preauthorized 
     electronic fund transfer as defined in section 1005.2(k) of 
     title 12, Code of Federal Regulations.
       (ii) Signature check, regardless of whether the transaction 
     is processed through the check network or another network, 
     such as the automated clearing house (ACH) network.
       (iii) Remotely created check as defined in section 
     229.2(fff) of title 12, Code of Federal Regulations.
       (iv) Remotely created payment order as defined in section 
     310.2(cc) of title 16, Code of Federal Regulations.
       (v) When the lender is also the account-holder, an account-
     holding institution's transfer of funds from a consumer's 
     account held at the same institution, other than such a 
     transfer meeting the description in subparagraph (B).
       (B) Conditional exclusion for certain transfers by account-
     holding institutions.--When the lender is also the account-
     holder, an account-holding institution's transfer of funds 
     from a consumer's account held at the same institution is not 
     a payment transfer if all of the conditions in this 
     subparagraph are met, notwithstanding that the transfer 
     otherwise meets the description in this paragraph.
       (i) The lender, pursuant to the terms of the loan agreement 
     or account agreement, does not charge the consumer any fee, 
     other than a late fee under the loan agreement, in the event 
     that the lender initiates a transfer of funds from the 
     consumer's account in connection with the covered loan for an 
     amount that the account lacks sufficient funds to cover.
       (ii) The lender, pursuant to the terms of the loan 
     agreement or account agreement, does not close the consumer's 
     account in response to a negative balance that results from a 
     transfer of funds initiated in connection with the covered 
     loan.
       (2) Single immediate payment transfer at the consumer's 
     request.--The term ``single immediate payment transfer at the 
     consumer's request'' means--
       (A) a payment transfer initiated by a one-time electronic 
     fund transfer within one business day after the lender 
     obtains the consumer's authorization for the one-time 
     electronic fund transfer; or
       (B) a payment transfer initiated by means of processing the 
     consumer's signature check through the check system or 
     through the ACH system within one business day after the 
     consumer provides the check to the lender.
       (b) Prohibition on Initiating Payment Transfers From a 
     Consumer's Account After Two Consecutive Failed Payment 
     Transfers.--
       (1) In general.--A lender must not initiate a payment 
     transfer from a consumer's account in connection with any 
     covered loan that the consumer has with the lender after the 
     lender has attempted to initiate 2 consecutive failed payment 
     transfers from that account in connection with any covered 
     loan that the consumer has with the lender. For purposes of 
     this subsection, a payment transfer is deemed to have failed 
     when it results in a return indicating that the consumer's 
     account lacks sufficient funds or, if the lender is the 
     consumer's account-holding institution, it is for an amount 
     that the account lacks sufficient funds to cover.
       (2) Consecutive failed payment transfers.--For purposes of 
     the prohibition in this subsection:
       (A) First failed payment transfer.--A failed payment 
     transfer is the first failed payment transfer from the 
     consumer's account if it meets any of the following 
     conditions:
       (i) The lender has initiated no other payment transfer from 
     the account in connection with the covered loan or any other 
     covered loan that the consumer has with the lender.
       (ii) The immediately preceding payment transfer was 
     successful, regardless of whether the lender has previously 
     initiated a first failed payment transfer.
       (iii) The payment transfer is the first payment transfer to 
     fail after the lender obtains the consumer's authorization 
     for additional payment transfers pursuant to subsection (c).
       (B) Second consecutive failed payment transfer.--A failed 
     payment transfer is the second consecutive failed payment 
     transfer from the consumer's account if the immediately 
     preceding payment transfer was a first failed payment 
     transfer. For purposes of this this subparagraph, a previous 
     payment transfer includes a payment transfer initiated at the 
     same time or on the same day as the failed payment transfer.
       (C) Different payment channel.--A failed payment transfer 
     meeting the conditions in subparagraph (B) is the second 
     consecutive failed payment transfer regardless of whether the 
     first failed payment transfer was initiated through a 
     different payment channel.
       (c) Exception for Additional Payment Transfers Authorized 
     by the Consumer.--
       (1) In general.--Notwithstanding the prohibition in 
     subsection (b), a lender may initiate additional payment 
     transfers from a consumer's account after 2 consecutive 
     failed payment transfers if the additional payment transfers 
     are authorized by the consumer in accordance with the 
     requirements and conditions in this subsection or if the 
     lender executes a single immediate payment transfer at the 
     consumer's request in accordance with subsection (d).
       (2) General authorization requirements and conditions.--
       (A) Required payment transfer terms.--For purposes of this 
     subsection, the specific date, amount, and payment channel of 
     each additional payment transfer must be authorized by the 
     consumer, except as provided in subparagraph (B) or (C).
       (B) Application of specific date requirement to 
     reinitiating a returned payment transfer.--If a payment 
     transfer authorized by the consumer pursuant to this 
     subsection is returned for nonsufficient funds, the lender 
     may reinitiate the payment transfer, such as by re-presenting 
     it once through the ACH system, on or after the date 
     authorized by the consumer, provided that the returned 
     payment transfer has not triggered the prohibition in 
     subsection (b).
       (C) Special authorization requirements and conditions for 
     payment transfers to collect a late fee or returned item 
     fee.--A lender may initiate a payment transfer pursuant to 
     this subsection solely to collect a late fee or returned item 
     fee without obtaining the consumer's authorization for the 
     specific date and amount of the payment transfer only if the 
     consumer has authorized the lender to initiate such payment 
     transfers in advance of the withdrawal attempt. For purposes 
     of this subparagraph, the consumer authorizes such payment 
     transfers only if the consumer's authorization obtained under 
     paragraph (3)(C) includes a statement, in terms that are 
     clear and readily understandable to the consumer, that 
     payment transfers may be initiated solely to collect a late 
     fee or returned item fee and that specifies the highest 
     amount for such fees that may be charged and the payment 
     channel to be used.
       (3) Requirements and conditions for obtaining the 
     consumer's authorization.--
       (A) In general.--For purposes of this subsection, the 
     lender must request and obtain the consumer's authorization 
     for additional payment transfers in accordance with the 
     requirements and conditions in this paragraph.
       (B) Provision of payment transfer terms to the consumer.--
     The lender may request the consumer's authorization for 
     additional payment transfers no earlier than the date on 
     which the lender provides to the consumer the consumer rights 
     notice required by section 623(c). The request must include 
     the payment transfer terms required under paragraph (2)(A) 
     and, if applicable, the statement required by paragraph 
     (2)(C). The lender may provide the terms and statement to the 
     consumer by any one of the following means:
       (i) In writing, by mail or in person, or in a retainable 
     form by email if the consumer has consented to receive 
     electronic disclosures in this manner under section 623(a)(4) 
     or agrees to receive the terms and statement by email in the 
     course of a communication initiated by the consumer in 
     response to the consumer rights notice required by section 
     623(c).

[[Page S1606]]

       (ii) By oral telephone communication, if the consumer 
     affirmatively contacts the lender in that manner in response 
     to the consumer rights notice required by section 623(c) and 
     agrees to receive the terms and statement in that manner in 
     the course of, and as part of, the same communication.
       (C) Signed authorization required.--
       (i) In general.--For an authorization to be valid under 
     this subsection, it must be signed or otherwise agreed to by 
     the consumer in writing or electronically and in a retainable 
     format that memorializes the payment transfer terms required 
     under paragraph (2)(A) and, if applicable, the statement 
     required by paragraph (2)(C). The signed authorization must 
     be obtained from the consumer no earlier than when the 
     consumer receives the consumer rights notice required by 
     section 623(c) in person or electronically, or the date on 
     which the consumer receives the notice by mail. For purposes 
     of this clause, the consumer is considered to have received 
     the notice at the time it is provided to the consumer in 
     person or electronically, or, if the notice is provided by 
     mail, the earlier of the third business day after mailing or 
     the date on which the consumer affirmatively responds to the 
     mailed notice.
       (ii) Special requirements for authorization obtained by 
     oral telephone communication.--If the authorization is 
     granted in the course of an oral telephone communication, the 
     lender must record the call and retain the recording.
       (iii) Memorialization required.--If the authorization is 
     granted in the course of a recorded telephonic conversation 
     or is otherwise not immediately retainable by the consumer at 
     the time of signature, the lender must provide a 
     memorialization in a retainable form to the consumer by no 
     later than the date on which the first payment transfer 
     authorized by the consumer is initiated. A memorialization 
     may be provided to the consumer by email in accordance with 
     the requirements and conditions in subparagraph (B)(i).
       (4) Expiration of authorization.--An authorization obtained 
     from a consumer pursuant to this subsection becomes null and 
     void for purposes of the exception in this subsection if--
       (A) the lender subsequently obtains a new authorization 
     from the consumer pursuant to this subsection; or
       (B) two consecutive payment transfers initiated pursuant to 
     the consumer's authorization fail, as specified in subsection 
     (b).
       (d) Exception for Initiating a Single Immediate Payment 
     Transfer at the Consumer's Request.--After a lender's second 
     consecutive payment transfer has failed as specified in 
     subsection (b), the lender may initiate a payment transfer 
     from the consumer's account without obtaining the consumer's 
     authorization for additional payment transfers pursuant to 
     subsection (c) if--
       (1) the payment transfer is a single immediate payment 
     transfer at the consumer's request as defined in subsection 
     (a)(2); and
       (2) the consumer authorizes the underlying one-time 
     electronic fund transfer or provides the underlying signature 
     check to the lender, as applicable, no earlier than the date 
     on which the lender provides to the consumer the consumer 
     rights notice required by section 623(c) or on the date that 
     the consumer affirmatively contacts the lender to discuss 
     repayment options, whichever date is earlier.
       (e) Prohibition Against Evasion.--A lender must not take 
     any action with the intent of evading the requirements of 
     this section.

     SEC. 623. DISCLOSURE OF PAYMENT TRANSFER ATTEMPTS.

       (a) General Form of Disclosures.--
       (1) Clear and conspicuous.--Disclosures required by this 
     section must be clear and conspicuous. Disclosures required 
     by this section may contain commonly accepted or readily 
     understandable abbreviations.
       (2) In writing or electronic delivery.--Disclosures 
     required by this section must be provided in writing or, so 
     long as the requirements of paragraph (4) are satisfied, 
     through electronic delivery. The disclosures must be provided 
     in a form that can be viewed on paper or a screen, as 
     applicable. This paragraph is not satisfied by a disclosure 
     provided orally or through a recorded message.
       (3) Retainable.--Disclosures required by this section must 
     be provided in a retainable form, except for electronic short 
     notices delivered by mobile application or text message under 
     subsection (b) or (c).
       (4) Electronic delivery.--Disclosures required by this 
     section may be provided through electronic delivery if the 
     following consent requirements are satisfied:
       (A) Consumer consent.--
       (i) In general.--Disclosures required by this section may 
     be provided through electronic delivery if the consumer 
     affirmatively consents in writing or electronically to the 
     particular electronic delivery method.
       (ii) Email option required.--To obtain valid consumer 
     consent to electronic delivery under this paragraph, a lender 
     must provide the consumer with the option to select email as 
     the method of electronic delivery, separate and apart from 
     any other electronic delivery methods such as mobile 
     application or text message.
       (B) Subsequent loss of consent.--Notwithstanding 
     subparagraph (A), a lender must not provide disclosures 
     required by this section through a method of electronic 
     delivery if--
       (i) the consumer revokes consent to receive disclosures 
     through that delivery method; or
       (ii) the lender receives notification that the consumer is 
     unable to receive disclosures through that delivery method at 
     the address or number used.
       (5) Segregation requirements for notices.--All notices 
     required by this section must be segregated from all other 
     written or provided materials and contain only the 
     information required by this section, other than information 
     necessary for product identification, branding, and 
     navigation. Segregated additional content that is not 
     required by this section must not be displayed above, below, 
     or around the required content.
       (6) Machine readable text in notices provided through 
     electronic delivery.--If provided through electronic 
     delivery, the payment notice required by subsection (b) and 
     the consumer rights notice required by subsection (c) must 
     use machine readable text that is accessible via both web 
     browsers and screen readers.
       (7) Model forms.--
       (A) Payment notice.--The content, order, and format of the 
     payment notice required by subsection (b) must be 
     substantially similar to a model form.
       (B) Consumer rights notice.--The content, order, and format 
     of the consumer rights notice required by subsection (c) must 
     be substantially similar to a model form.
       (C) Electronic short notice.--The content, order, and 
     format of the electronic short notice required by subsection 
     (b) must be substantially similar to model forms. The 
     content, order, and format of the electronic short notice 
     required by subsection (c) must be substantially similar to 
     model forms.
       (8) Foreign language disclosures.--Disclosures required 
     under this section may be made in a language other than 
     English, provided that the disclosures are made available in 
     English upon the consumer's request.
       (b) Payment Notice.--
       (1) In general.--Prior to initiating the first payment 
     withdrawal or an unusual withdrawal from a consumer's 
     account, a lender must provide to the consumer a payment 
     notice in accordance with the requirements in this subsection 
     as applicable.
       (A) First payment withdrawal.--The term ``first payment 
     withdrawal'' means the first payment transfer scheduled to be 
     initiated by a lender for a particular covered loan, not 
     including a single immediate payment transfer initiated at 
     the consumer's request as defined in section 622(a)(2).
       (B) Unusual withdrawal.--The term ``unusual withdrawal'' 
     means a payment transfer that meets one or more of the 
     conditions described in paragraph (3)(B)(iii).
       (C) Exceptions.--The payment notice need not be provided 
     when the lender initiates--
       (i) the initial payment transfer from a consumer's account 
     after obtaining consumer authorization pursuant to section 
     622(c), regardless of whether any of the conditions in 
     paragraph (3)(B)(iii) apply; or
       (ii) a single immediate payment transfer initiated at the 
     consumer's request in accordance with section 622(a)(2).
       (2) First payment withdrawal notice.--
       (A) Timing.--
       (i) Mail.--If the lender provides the first payment 
     withdrawal notice by mail, the lender must mail the notice no 
     earlier than when the lender obtains payment authorization 
     and no later than 6 business days prior to initiating the 
     transfer.
       (ii) Electronic delivery.--

       (I) If the lender provides the first payment withdrawal 
     notice through electronic delivery, the lender must send the 
     notice no earlier than when the lender obtains payment 
     authorization and no later than three business days prior to 
     initiating the transfer.
       (II) If, after providing the first payment withdrawal 
     notice through electronic delivery pursuant to the timing 
     requirements in this subparagraph, the lender loses the 
     consumer's consent to receive the notice through a particular 
     electronic delivery method according to subsection (a)(4)(B), 
     the lender must provide notice of any future unusual 
     withdrawal, if applicable, through alternate means.

       (iii) In person.--If the lender provides the first payment 
     withdrawal notice in person, the lender must provide the 
     notice no earlier than when the lender obtains payment 
     authorization and no later than 3 business days prior to 
     initiating the transfer.
       (B) Content requirements.--The notice must contain the 
     following information and statements, as applicable, using 
     language substantially similar to the language set forth in 
     model forms:
       (i) Identifying statement.--The statement, ``Upcoming 
     Withdrawal Notice,'' using that phrase, and, in the same 
     statement, the name of the lender providing the notice.
       (ii) Transfer terms.--

       (I) Date.--Date that the lender will initiate the transfer.
       (II) Amount.--Dollar amount of the transfer.
       (III) Consumer account.--Sufficient information to permit 
     the consumer to identify the account from which the funds 
     will be transferred. The lender must not provide the complete 
     account number of the consumer, but may use a truncated 
     version similar to model forms.
       (IV) Loan identification information.--Sufficient 
     information to permit the consumer to identify the covered 
     loan associated with the transfer.
       (V) Payment channel.--Payment channel of the transfer.

[[Page S1607]]

       (VI) Check number.--If the transfer will be initiated by a 
     signature or paper check, remotely created check (as defined 
     in section 229.2(fff) of title 12, Code of Federal 
     Regulations), or remotely created payment order (as defined 
     in section 310.2(cc) of title 16, Code of Federal 
     Regulations), the check number associated with the transfer.

       (iii) Payment breakdown.--In a tabular form:

       (I) Payment breakdown heading.--A heading with the 
     statement ``Payment Breakdown,'' using that phrase.
       (II) Principal.--The amount of the payment that will be 
     applied to principal.
       (III) Interest.--The amount of the payment that will be 
     applied to accrued interest on the loan.
       (IV) Fees.--If applicable, the amount of the payment that 
     will be applied to fees.
       (V) Other charges.--If applicable, the amount of the 
     payment that will be applied to other charges.
       (VI) Amount.--The statement ``Total Payment Amount,'' using 
     that phrase, and the total dollar amount of the payment as 
     provided in subparagraph (B)(ii)(II).
       (VII) Explanation of interest-only or negatively amortizing 
     payment.--If applicable, a statement explaining that the 
     payment will not reduce principal, using the applicable 
     phrase ``When you make this payment, your principal balance 
     will stay the same and you will not be closer to paying off 
     your loan'' or ``When you make this payment, your principal 
     balance will increase and you will not be closer to paying 
     off your loan.''.

       (iv) Lender name and contact information.--Name of the 
     lender, the name under which the transfer will be initiated 
     (if different from the consumer-facing name of the lender), 
     and 3 different forms of lender contact information that may 
     be used by the consumer to obtain information about the 
     consumer's loan.
       (3) Unusual withdrawal notice.--
       (A) Timing.--
       (i) Mail.--If the lender provides the unusual withdrawal 
     notice by mail, the lender must mail the notice no earlier 
     than 10 business days and no later than 6 business days prior 
     to initiating the transfer.
       (ii) Electronic delivery.--

       (I) If the lender provides the unusual withdrawal notice 
     through electronic delivery, the lender must send the notice 
     no earlier than 7 business days and no later than 3 business 
     days prior to initiating the transfer.
       (II) If, after providing the unusual withdrawal notice 
     through electronic delivery pursuant to the timing 
     requirements in clause (ii), the lender loses the consumer's 
     consent to receive the notice through a particular electronic 
     delivery method according to subsection (a)(4)(B), the lender 
     must provide notice of any future unusual withdrawal attempt, 
     if applicable, through alternate means.

       (iii) In person.--If the lender provides the unusual 
     withdrawal notice in person, the lender must provide the 
     notice no earlier than 7 business days and no later than 3 
     business days prior to initiating the transfer.
       (iv) Exception for open-end credit.--If the unusual 
     withdrawal notice is for open-end credit as defined in 
     section 602(a)(16), the lender may provide the unusual 
     withdrawal notice in conjunction with the periodic statement 
     required under section 1026.7(b) of title 12, Code of Federal 
     Regulations, in accordance with the timing requirements of 
     that section.
       (B) Content requirements.--The unusual withdrawal notice 
     must contain the following information and statements, as 
     applicable, using language substantially similar to the 
     language set forth in model forms:
       (i) Identifying statement.--The statement, ``Alert: Unusual 
     Withdrawal,'' using that phrase, and, in the same statement, 
     the name of the lender that is providing the notice.
       (ii) Basic payment information.--The content required for 
     the first withdrawal notice under paragraph (2)(B)(ii) 
     through (iv) of this section.
       (iii) Description of unusual withdrawal.--The following 
     content, as applicable, in a form substantially similar to 
     the model forms:

       (I) Varying amount.--

       (aa) In general.--If the amount of a transfer will vary in 
     amount from the regularly scheduled payment amount, a 
     statement that the transfer will be for a larger or smaller 
     amount than the regularly scheduled payment amount, as 
     applicable.
       (bb) Open-end credit.--If the payment transfer is for open-
     end credit as defined in section 602(a)(16), the varying 
     amount content is required only if the amount deviates from 
     the scheduled minimum payment due as disclosed in the 
     periodic statement required under section 1026.7(b) of title 
     12, Code of Federal Regulations.

       (II) Date other than date of regularly scheduled payment.--
     If the payment transfer date is not a date on which a 
     regularly scheduled payment is due under the terms of the 
     loan agreement, a statement that the transfer will be 
     initiated on a date other than the date of a regularly 
     scheduled payment.
       (III) Different payment channel.--If the payment channel 
     will differ from the payment channel of the transfer directly 
     preceding it, a statement that the transfer will be initiated 
     through a different payment channel and a statement of the 
     payment channel used for the prior transfer.
       (IV) For purpose of reinitiating returned transfer.--If the 
     transfer is for the purpose of reinitiating a returned 
     transfer, a statement that the lender is reinitiating a 
     returned transfer, a statement of the date and amount of the 
     previous unsuccessful attempt, and a statement of the reason 
     for the return.

       (4) Electronic delivery.--
       (A) In general.--When the consumer has consented to receive 
     disclosures through electronic delivery, the lender may 
     provide the applicable payment notice required by paragraph 
     (b)(1) of this section through electronic delivery only if it 
     also provides an electronic short notice, except for email 
     delivery as provided in subparagraph (C).
       (B) Electronic short notice.--
       (i) General content.--The electronic short notice required 
     by this subsection must contain the following information and 
     statements, as applicable, in a form substantially similar to 
     model forms:

       (I) Identifying statement.--Identifying statement, as 
     required under paragraphs (2)(B)(i) and (3)(B)(i).
       (II) Transfer terms.--

       (aa) Date.--Date, as required under paragraphs 
     (2)(B)(ii)(I) and (3)(B)(ii).
       (bb) Amount.--Amount, as required under paragraphs 
     (2)(B)(ii)(II) and (3)(B)(ii).
       (cc) Consumer account.--Consumer account, as required and 
     limited under paragraphs (2)(B)(ii)(III) and (3)(B)(ii); and

       (III) Website url.--When the full notice is being provided 
     through a linked URL rather than as a PDF attachment, the 
     unique URL of a website that the consumer may use to access 
     the full payment notice required by this subsection.

       (ii) Additional content requirements.--If the transfer 
     meets any of the conditions for unusual attempts described in 
     paragraph (3)(B)(iii), the electronic short notice must also 
     contain the following information and statements, as 
     applicable, using language substantially similar to the 
     language in model forms:

       (I) Varying amount, as defined under paragraph 
     (3)(B)(iii)(I).
       (II) Date other than due date of regularly scheduled 
     payment, as defined under paragraph (3)(B)(iii)(II).
       (III) Different payment channel, as defined under paragraph 
     (3)(B)(iii)(III).

       (C) Email delivery.--When the consumer has consented to 
     receive disclosures through electronic delivery, and the 
     method of electronic delivery is email, the lender may either 
     deliver the full notice required by paragraph (1) in the body 
     of the email or deliver the full notice as a linked URL 
     webpage or PDF attachment along with the electronic short 
     notice as provided in paragraph (4)(B).
       (c) Consumer Rights Notice.--
       (1) In general.--After a lender initiates 2 consecutive 
     failed payment transfers from a consumer's account as 
     described in section 622(b), the lender must provide to the 
     consumer a consumer rights notice in accordance with the 
     requirements of paragraphs (2) through (4).
       (2) Timing.--The lender must send the notice no later than 
     3 business days after it receives information that the second 
     consecutive attempt has failed.
       (3) Content requirements.--The notice must contain the 
     following information and statements, using language 
     substantially similar to the language set forth in model 
     forms:
       (A) Identifying statement.--A statement that the lender, 
     identified by name, is no longer permitted to withdraw loan 
     payments from the consumer's account.
       (B) Last two attempts were returned.--A statement that the 
     lender's last two attempts to withdraw payment from the 
     consumer's account were returned due to nonsufficient funds, 
     or, if applicable to payments initiated by the consumer's 
     account-holding institution, caused the account to go into 
     overdraft status.
       (C) Consumer account.--Sufficient information to permit the 
     consumer to identify the account from which the unsuccessful 
     payment attempts were made. The lender must not provide the 
     complete account number of the consumer, but may use a 
     truncated version similar to model forms.
       (D) Loan identification information.--Sufficient 
     information to permit the consumer to identify any covered 
     loans associated with the unsuccessful payment attempts.
       (E) Statement of federal law prohibition.--A statement, 
     using that phrase, that in order to protect the consumer's 
     account, Federal law prohibits the lender from initiating 
     further payment transfers without the consumer's permission.
       (F) Contact about choices.--A statement that the lender may 
     be in contact with the consumer about payment choices going 
     forward.
       (G) Previous unsuccessful payment attempts.--In a tabular 
     form:
       (i) Previous payment attempts heading.--A heading with the 
     statement ``previous payment attempts.''.
       (ii) Payment due date.--The scheduled due date of each 
     previous unsuccessful payment transfer attempted by the 
     lender.
       (iii) Date of attempt.--The date of each previous 
     unsuccessful payment transfer initiated by the lender.
       (iv) Amount.--The amount of each previous unsuccessful 
     payment transfer initiated by the lender.
       (v) Fees.--The fees charged by the lender for each 
     unsuccessful payment attempt, if applicable, with an 
     indication that these fees were charged by the lender.

[[Page S1608]]

       (H) CFPB information.--A statement, using that phrase, that 
     the Consumer Financial Protection Bureau created this notice, 
     a statement that the CFPB is a Federal Government agency, and 
     the URL to www.consumerfinance.gov/payday-rule. This 
     statement must be the last piece of information provided in 
     the notice.
       (4) Electronic delivery.--
       (A) In general.--When the consumer has consented to receive 
     disclosures through electronic delivery, the lender may 
     provide the consumer rights notice required by paragraph (c) 
     of this section through electronic delivery only if it also 
     provides an electronic short notice, except for email 
     delivery as provided in subparagraph (C).
       (B) Electronic short notice.--
       (i) Content.--The notice must contain the following 
     information and statements, as applicable, using language 
     substantially similar to the language set forth in model 
     forms:

       (I) Identifying statement.--As required under paragraph 
     (3)(A).
       (II) Last two attempts were returned.--As required under 
     paragraph (3)(B) of this section.
       (III) Consumer account.--As required and limited under 
     paragraph (3)(C).
       (IV) Statement of federal law prohibition.--As required 
     under paragraph (3)(E).
       (V) Website url.--When the full notice is being provided 
     through a linked URL rather than as a PDF attachment, the 
     unique URL of a website that the consumer may use to access 
     the full consumer rights notice required by this subsection.

       (ii) Reserved.--
       (C) Email delivery.--When the consumer has consented to 
     receive disclosures through electronic delivery, and the 
     method of electronic delivery is email, the lender may either 
     deliver the full notice required by paragraph (1) in the body 
     of the email or deliver the full notice as a linked URL 
     webpage or PDF attachment along with the electronic short 
     notice as provided in subparagraph (B).

  Subpart D--Information Furnishing, Recordkeeping, Anti-Evasion, and 
                              Severability

     SEC. 631. INFORMATION FURNISHING REQUIREMENTS.

       (a) Loans Subject to Furnishing Requirement.--For each 
     covered short-term loan and covered longer-term balloon-
     payment loan a lender makes, the lender must furnish the loan 
     information described in subsection (c) to each information 
     system described in subsection (b)(1).
       (b) Information Systems to Which Information Must Be 
     Furnished.--
       (1) A lender must furnish information as required in 
     subsections (a) and (c) to each information system that, as 
     of the date the loan is consummated--
       (A) has been registered with the Bureau pursuant to section 
     632(c)(2) for 180 days or more; or
       (B) has been provisionally registered with the Bureau 
     pursuant to section 632(d)(1) for 180 days or more or 
     subsequently has become registered with the Bureau pursuant 
     to section 632(d)(2).
       (2) The Bureau will publish on its website and in the 
     Federal Register notice of the provisional registration of an 
     information system pursuant to 632(d)(1), registration of an 
     information system pursuant to section 632 (c)(2) or (d)(2), 
     and suspension or revocation of the provisional registration 
     or registration of an information system pursuant to section 
     632(h). For purposes of paragraph (1), an information system 
     is provisionally registered or registered, and its 
     provisional registration or registration is suspended or 
     revoked, on the date that the Bureau publishes notice of such 
     provisional registration, registration, suspension, or 
     revocation on its website. The Bureau will maintain on the 
     Bureau's website a current list of information systems 
     provisionally registered pursuant to section 632(d)(1) and 
     registered pursuant to section 632 (c)(2) and (d)(2). In the 
     event that a provisional registration or registration of an 
     information system is suspended, the Bureau will provide 
     instructions on its website concerning the scope and terms of 
     the suspension.
       (c) Information To Be Furnished.--A lender must furnish the 
     information described in this subsection, at the times 
     described in this subsection, concerning each covered loan as 
     required in subsections (a) and (b). A lender must furnish 
     the information in a format acceptable to each information 
     system to which it must furnish information.
       (1) Information to be furnished at loan consummation.--A 
     lender must furnish the following information no later than 
     the date on which the loan is consummated or as close in time 
     as feasible to the date the loan is consummated:
       (A) Information necessary to uniquely identify the loan.
       (B) Information necessary to allow the information system 
     to identify the specific consumer(s) responsible for the 
     loan.
       (C) Whether the loan is a covered short-term loan or a 
     covered longer-term balloon-payment loan.
       (D) Whether the loan is made under section 612 or 613, as 
     applicable.
       (E) The loan consummation date.
       (F) For a loan made under section 613, the principal amount 
     borrowed.
       (G) For a loan that is closed-end credit--
       (i) the fact that the loan is closed-end credit;
       (ii) the date that each payment on the loan is due; and
       (iii) the amount due on each payment date.
       (H) For a loan that is open-end credit--
       (i) the fact that the loan is open-end credit;
       (ii) the credit limit on the loan;
       (iii) the date that each payment on the loan is due; and
       (iv) the minimum amount due on each payment date.
       (2) Information to be furnished while loan is an 
     outstanding loan.--During the period that the loan is an 
     outstanding loan, a lender must furnish any update to 
     information previously furnished pursuant to this section 
     within a reasonable period of the event that causes the 
     information previously furnished to be out of date.
       (3) Information to be furnished when loan ceases to be an 
     outstanding loan.--A lender must furnish the following 
     information no later than the date the loan ceases to be an 
     outstanding loan or as close in time as feasible to the date 
     the loan ceases to be an outstanding loan:
       (A) The date as of which the loan ceased to be an 
     outstanding loan.
       (B) Whether all amounts owed in connection with the loan 
     were paid in full, including the amount financed, charges 
     included in the cost of credit, and charges excluded from the 
     cost of credit.

     SEC. 632. REGISTERED INFORMATION SYSTEMS.

       (a) Definitions.--
       (1) Consumer report.--The term ``consumer report'' has the 
     same meaning as in section 603 of the Fair Credit Reporting 
     Act (15 U.S.C. 1681a).
       (2) Federal consumer financial law.--The term ``Federal 
     consumer financial law'' has the same meaning as in section 
     1002 of the Consumer Financial Protection Act (12 U.S.C. 
     5481).
       (b) Eligibility Criteria for Information Systems.--An 
     entity is eligible to be a provisionally registered 
     information system pursuant to subsection (d)(1) or a 
     registered information system pursuant to subsection (c)(2) 
     or (d)(2) only if the Bureau determines that the following 
     conditions are satisfied:
       (1) Receiving capability.--The entity possesses the 
     technical capability to receive information lenders must 
     furnish pursuant to section 631 immediately upon the 
     furnishing of such information and uses reasonable data 
     standards that facilitate the timely and accurate 
     transmission and processing of information in a manner that 
     does not impose unreasonable costs or burdens on lenders.
       (2) Reporting capability.--The entity possesses the 
     technical capability to generate a consumer report 
     containing, as applicable for each unique consumer, all 
     information described in section 631 substantially 
     simultaneous to receiving the information from a lender.
       (3) Performance.--The entity will perform or performs in a 
     manner that facilitates compliance with and furthers the 
     purposes of this part.
       (4) Federal consumer financial law compliance program.--The 
     entity has developed, implemented, and maintains a program 
     reasonably designed to ensure compliance with all applicable 
     Federal consumer financial laws, which includes written 
     policies and procedures, comprehensive training, and 
     monitoring to detect and to promptly correct compliance 
     weaknesses.
       (5) Independent assessment of federal consumer financial 
     law compliance program.--The entity provides to the Bureau in 
     its application for provisional registration or registration 
     a written assessment of the Federal consumer financial law 
     compliance program described in paragraph (4) and such 
     assessment--
       (A) sets forth a detailed summary of the Federal consumer 
     financial law compliance program that the entity has 
     implemented and maintains;
       (B) explains how the Federal consumer financial law 
     compliance program is appropriate for the entity's size and 
     complexity, the nature and scope of its activities, and risks 
     to consumers presented by such activities;
       (C) certifies that, in the opinion of the assessor, the 
     Federal consumer financial law compliance program is 
     operating with sufficient effectiveness to provide reasonable 
     assurance that the entity is fulfilling its obligations under 
     all Federal consumer financial laws; and
       (D) certifies that the assessment has been conducted by a 
     qualified, objective, independent third-party individual or 
     entity that uses procedures and standards generally accepted 
     in the profession, adheres to professional and business 
     ethics, performs all duties objectively, and is free from any 
     conflicts of interest that might compromise the assessor's 
     independent judgment in performing assessments.
       (6) Information security program.--The entity has 
     developed, implemented, and maintains a comprehensive 
     information security program that complies with the Standards 
     for Safeguarding Customer Information in part 314 of title 
     16, Code of Federal Regulations.
       (7) Independent assessment of information security 
     program.--
       (A) The entity provides to the Bureau in its application 
     for provisional registration or registration and on at least 
     a biennial basis thereafter, a written assessment of the 
     information security program described in paragraph (6) and 
     such assessment--
       (i) sets forth the administrative, technical, and physical 
     safeguards that the entity has implemented and maintains;
       (ii) explains how such safeguards are appropriate to the 
     entity's size and complexity,

[[Page S1609]]

     the nature and scope of its activities, and the sensitivity 
     of the customer information at issue;
       (iii) explains how the safeguards that have been 
     implemented meet or exceed the protections required by the 
     Standards for Safeguarding Customer Information in part 314 
     of title 16, Code of Federal Regulations;
       (iv) certifies that, in the opinion of the assessor, the 
     information security program is operating with sufficient 
     effectiveness to provide reasonable assurance that the entity 
     is fulfilling its obligations under the Standards for 
     Safeguarding Customer Information in part 314 of title 16, 
     Code of Federal Regulations; and
       (v) certifies that the assessment has been conducted by a 
     qualified, objective, independent third-party individual or 
     entity that uses procedures and standards generally accepted 
     in the profession, adheres to professional and business 
     ethics, performs all duties objectively, and is free from any 
     conflicts of interest that might compromise the assessor's 
     independent judgment in performing assessments.
       (B) Each written assessment obtained and provided to the 
     Bureau on at least a biennial basis pursuant to subparagraph 
     (A) must be completed and provided to the Bureau within 60 
     days after the end of the period to which the assessment 
     applies.
       (8) Bureau supervisory authority.--The entity acknowledges 
     it is, or consents to being, subject to the Bureau's 
     supervisory authority.
       (c) Registration of Information Systems Prior to August 19, 
     2019.--
       (1) Preliminary approval.--Prior to August 19, 2019, the 
     Bureau may preliminarily approve an entity for registration 
     only if the entity submits an application for preliminary 
     approval to the Bureau by the deadline set forth in paragraph 
     (3)(A) containing information sufficient for the Bureau to 
     determine that the entity is reasonably likely to satisfy the 
     conditions set forth in subsection (b) by the deadline set 
     forth in paragraph (3)(B). The assessments described in 
     subsection (b)(5) and (7) need not be included with an 
     application for preliminary approval for registration or 
     completed prior to the submission of the application. The 
     Bureau may require additional information and documentation 
     to facilitate this determination.
       (2) Registration.--Prior to August 19, 2019, the Bureau may 
     approve the application of an entity to be a registered 
     information system only if--
       (A) the entity received preliminary approval pursuant to 
     paragraph (1); and
       (B) the entity submits an application to the Bureau by the 
     deadline set forth in paragraph (3)(B) that contains 
     information and documentation sufficient for the Bureau to 
     determine that the entity satisfies the conditions set forth 
     in subsection (b). The Bureau may require additional 
     information and documentation to facilitate this 
     determination or otherwise to assess whether registration of 
     the entity would pose an unreasonable risk to consumers.
       (3) Deadlines.--
       (A) The deadline to submit an application for preliminary 
     approval for registration pursuant to paragraph (1) is April 
     16, 2018.
       (B) The deadline to submit an application to be a 
     registered information system pursuant to paragraph (2) is 
     120 days from the date preliminary approval for registration 
     is granted.
       (C) The Bureau may waive the deadlines set forth in this 
     subsection.
       (d) Registration of Information Systems on or After August 
     19, 2019.--
       (1) Provisional registration.--On or after August 19, 2019, 
     the Bureau may approve an entity to be a provisionally 
     registered information system only if the entity submits an 
     application to the Bureau that contains information and 
     documentation sufficient for the Bureau to determine that the 
     entity satisfies the conditions set forth in subsection (b). 
     The Bureau may require additional information and 
     documentation to facilitate this determination or otherwise 
     to assess whether provisional registration of the entity 
     would pose an unreasonable risk to consumers.
       (2) Registration.--An information system that is 
     provisionally registered pursuant to paragraph (1) shall 
     automatically become a registered information system pursuant 
     to this paragraph upon the expiration of the 240-day period 
     commencing on the date the information system is 
     provisionally registered. For purposes of this paragraph, an 
     information system is provisionally registered on the date 
     that the Bureau publishes notice of the provisional 
     registration on the Bureau's website.
       (e) Applications.--Applications for preliminary approval, 
     registration, and provisional registration shall be submitted 
     in the form required by the Bureau and shall include, in 
     addition to the information described in subsection (c) or 
     this subsection, as applicable, the following information:
       (1) The name under which the applicant conducts business, 
     including any ``doing business as'' or other trade name.
       (2) The applicant's main business address, mailing address 
     if it is different from the main business address, telephone 
     number, electronic mail address, and Internet website.
       (3) The name and contact information (including telephone 
     number and electronic mail address) of the person authorized 
     to communicate with the Bureau on the applicant's behalf 
     concerning the application.
       (f) Denial of Application.--The Bureau will deny the 
     application of an entity seeking preliminary approval for 
     registration under subsection (c)(1), registration under 
     subsection (c)(2), or provisional registration under 
     subsection (d)(1), if the Bureau determines, as applicable, 
     that--
       (1) the entity does not satisfy the conditions set forth in 
     subsection (b), or, in the case of an entity seeking 
     preliminary approval for registration, is not reasonably 
     likely to satisfy the conditions as of the deadline set forth 
     in subsection (c)(3)(B);
       (2) the entity's application is untimely or materially 
     inaccurate or incomplete; or
       (3) preliminary approval, provisional registration, or 
     registration of the entity would pose an unreasonable risk to 
     consumers.
       (g) Notice of Material Change.--An entity that is a 
     provisionally registered or registered information system 
     must provide to the Bureau in writing a description of any 
     material change to information contained in its application 
     for registration submitted pursuant to subsection (c)(2) or 
     provisional registration submitted pursuant to subsection 
     (d)(1), or to information previously provided to the Bureau 
     pursuant to this subsection, within 14 days of such change.
       (h) Suspension and Revocation.--.
       (1) The Bureau will suspend or revoke an entity's 
     preliminary approval for registration pursuant to subsection 
     (c)(1), provisional registration pursuant to subsection 
     (d)(1), or registration pursuant to subsection (c)(2) or 
     (d)(2) if the Bureau determines--
       (A) that the entity has not satisfied or no longer 
     satisfies the conditions described in subsection (b) or has 
     not complied with the requirement described in subsection 
     (g); or
       (B) that preliminary approval, provisional registration, or 
     registration of the entity poses an unreasonable risk to 
     consumers.
       (2) The Bureau may require additional information and 
     documentation from an entity if it has reason to believe 
     suspension or revocation under subsection (h)(1) may be 
     warranted.
       (3) Except in cases of willfulness or those in which the 
     public interest requires otherwise, prior to suspension or 
     revocation under subsection (h)(1) of this section, the 
     Bureau will provide written notice of the facts or conduct 
     that may warrant the suspension or revocation and an 
     opportunity for the entity or information system to 
     demonstrate or achieve compliance with this section or 
     otherwise address the Bureau's concerns.
       (4) The Bureau will revoke an entity's preliminary approval 
     for registration, provisional registration, or registration 
     if the entity submits a written request to the Bureau that 
     its preliminary approval, provisional registration, or 
     registration be revoked.
       (5) For purposes of sections 612 and 613 , suspension or 
     revocation of an information system's registration is 
     effective five days after the date that the Bureau publishes 
     notice of the suspension or revocation on the Bureau's 
     website. For purposes of section 631(b)(1), suspension or 
     revocation of an information system's provisional 
     registration or registration is effective on the date that 
     the Bureau publishes notice of the suspension or revocation 
     on the Bureau's website. The Bureau will also publish notice 
     of a suspension or revocation in the Federal Register.
       (6) In the event that a provisional registration or 
     registration of an information system is suspended, the 
     Bureau will provide instructions concerning the scope and 
     terms of the suspension on its website and in the notice of 
     suspension published in the Federal Register.
       (i) Administrative Appeals.--
       (1) Grounds for administrative appeals.--An entity may 
     appeal a determination of the Bureau that--
       (A) denies the application of an entity seeking preliminary 
     approval for registration under subsection (c)(1), 
     registration under subsection (c)(2), or provisional 
     registration under subsection (d)(1); or
       (B) suspends or revokes the entity's preliminary approval 
     for registration pursuant to subsection (c)(1), provisional 
     registration pursuant to subsection (d)(1), or registration 
     pursuant to subsection (c)(2) or (d)(2).
       (2) Time limits for filing administrative appeals.--An 
     appeal must be submitted on a date that is within 30 business 
     days of the date of the determination. The Bureau may extend 
     this time for good cause.
       (3) Form and content of administrative appeals.--An appeal 
     shall be made by electronic means as follows:
       (A) The appeal shall be submitted as set forth on the 
     Bureau's website. The appeal shall be labeled ``Information 
     System Registration Appeal''.
       (B) The appeal shall set forth contact information for the 
     appellant including, to the extent available, a mailing 
     address, telephone number, or email address at which the 
     Bureau may contact the appellant regarding the appeal.
       (C) The appeal shall specify the date of the letter of 
     determination, and enclose a copy of the determination being 
     appealed.
       (D) The appeal shall include a description of the issues in 
     dispute, specify the legal and factual basis for appealing 
     the determination, and include appropriate supporting 
     information.
       (4) Appeals process.--The filing and pendency of an appeal 
     does not by itself suspend the determination that is the 
     subject of the appeal during the appeals process. 
     Notwithstanding the foregoing, the Bureau may, in its 
     discretion, suspend the determination that is the subject of 
     the appeal during the appeals process.

[[Page S1610]]

       (5) Decisions to grant or deny administrative appeals.--The 
     Bureau shall decide whether to affirm the determination (in 
     whole or in part) or to reverse the determination (in whole 
     or in part) and shall notify the appellant of this decision 
     in writing.

     SEC. 633. COMPLIANCE PROGRAM AND RECORD RETENTION.

       (a) Compliance Program.--A lender making a covered loan 
     must develop and follow written policies and procedures that 
     are reasonably designed to ensure compliance with the 
     requirements in this part. These written policies and 
     procedures must be appropriate to the size and complexity of 
     the lender and its affiliates, and the nature and scope of 
     the covered loan lending activities of the lender and its 
     affiliates.
       (b) Record Retention.--A lender must retain evidence of 
     compliance with this part for 36 months after the date on 
     which a covered loan ceases to be an outstanding loan.
       (1) Retention of loan agreement and documentation obtained 
     in connection with originating a covered short-term or 
     covered longer-term balloon-payment loan.--To comply with the 
     requirements in this subsection, a lender must retain or be 
     able to reproduce an image of the loan agreement and 
     documentation obtained in connection with a covered short-
     term or covered longer-term balloon-payment loan, including 
     the following documentation, as applicable:
       (A) Consumer report from an information system that has 
     been registered for 180 days or more pursuant to section 
     632(c)(2) or is registered with the Bureau pursuant to 
     section 632(d)(2).
       (B) Verification evidence, as described in section 
     612(c)(2)(ii).
       (C) Written statement obtained from the consumer, as 
     described in section 612(c)(2)(i).
       (2) Electronic records in tabular format regarding 
     origination calculations and determinations for a covered 
     short-term or covered longer-term balloon-payment loan under 
     section 612.--To comply with the requirements in this 
     subsection, a lender must retain electronic records in 
     tabular format that include the following information for a 
     covered loan made under section 612:
       (A) The projection made by the lender of the amount of a 
     consumer's net income during the relevant monthly period.
       (B) The projections made by the lender of the amounts of a 
     consumer's major financial obligations during the relevant 
     monthly period.
       (C) Calculated residual income or debt-to-income ratio 
     during the relevant monthly period.
       (D) Estimated basic living expenses for the consumer during 
     the relevant monthly period.
       (E) Other consumer-specific information considered in 
     making the ability-to-repay determination.
       (3) Electronic records in tabular format regarding type, 
     terms, and performance of covered short-term or covered 
     longer-term balloon-payment loan.--To comply with the 
     requirements in this subsection, a lender must retain 
     electronic records in tabular format that include the 
     following information for a covered short-term or covered 
     longer-term balloon-payment loan:
       (A) As applicable, the information listed in section 
     631(c)(1)(i) through (viii) and (c)(2).
       (B) Whether the lender obtained vehicle security from the 
     consumer.
       (C) The loan number in a loan sequence of covered short-
     term loans, covered longer-term balloon-payment loans, or a 
     combination thereof.
       (D) For any full payment on the loan that was not received 
     or transferred by the contractual due date, the number of 
     days such payment was past due, up to a maximum of 180 days.
       (E) For a loan with vehicle security: Whether repossession 
     of the vehicle was initiated.
       (F) Date of last or final payment received.
       (G) The information listed in section 631(c)(3).
       (4) Retention of records relating to payment practices for 
     covered loans.--To comply with the requirements in this 
     subsection, a lender must retain or be able to reproduce an 
     image of the following documentation, as applicable, in 
     connection with a covered loan:
       (A) Leveraged payment mechanism(s) obtained by the lender 
     from the consumer.
       (B) Authorization of additional payment transfer, as 
     described in section 622(c)(3)(iii).
       (C) Underlying one-time electronic transfer authorization 
     or underlying signature check, as described in section 
     622(d)(2).
       (5) Electronic records in tabular format regarding payment 
     practices for covered loans.--To comply with the requirements 
     in this subsection, a lender must retain electronic records 
     in tabular format that include the following information for 
     covered loans:
       (A) History of payments received and attempted payment 
     transfers, as defined in section 622(a)(1), including--
       (i) date of receipt of payment or attempted payment 
     transfer;
       (ii) amount of payment due;
       (iii) amount of attempted payment transfer;
       (iv) amount of payment received or transferred; and
       (v) payment channel used for attempted payment transfer.
       (B) If an attempt to transfer funds from a consumer's 
     account is subject to the prohibition in section 622(b)(1), 
     whether the lender or service provider obtained authorization 
     to initiate a payment transfer from the consumer in 
     accordance with the requirements in section 622 (c) or (d).

     SEC. 634. PROHIBITION AGAINST EVASION.

       A lender must not take any action with the intent of 
     evading the requirements of this part.

     SEC. 635. SEVERABILITY.

       The provisions of this part are separate and severable from 
     one another. If any provision is stayed or determined to be 
     invalid, the remaining provisions shall continue in effect.
                                 ______
                                 
  SA 2183. Mr. CRAPO submitted an amendment intended to be proposed 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; which was ordered to lie 
on the table; as follows:

       On page 2, strike the item relating to section 214 and 
     insert the following:

Sec. 214. Promoting construction and development on Main Street.

       On page 67, line 15, insert ``on main street'' after 
     ``ment''.
       On page 106, line 4, strike ``section'' and insert 
     ``subsection''.
       On page 151, line 15, strike ``may'' and insert ``shall''.
       On page 156, line 6, insert ``the'' after ``for''.
       On page 156, line 10, strike ``uses'' and insert ``use''.
       On page 157, line 7, strike ``if''.
       On page 157, line 15, insert ``the'' after ``for''.
                                 ______
                                 
  SA 2184. Mr. DONNELLY (for himself and Ms. Klobuchar) 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. 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 2185. Mr. SCHATZ (for himself, Mr. Brown, 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. __. CREDIT LOCKS.

       (a) Credit Locks.--
       (1) 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:

[[Page S1611]]

  


     ``SEC. 605C. PROTECTION OF CREDIT INFORMATION OF CONSUMERS.

       ``(a) Secure, Convenient, Accessible, and Cost-Free File 
     Locks for Consumers.--
       ``(1) In general.--Subject to paragraph (2), each consumer 
     reporting agency described in section 603(p) shall provide to 
     any consumer a secure, convenient, accessible, and cost-free 
     method that, with the express authorization of the consumer, 
     allows that consumer reporting agency to release, or prevents 
     that consumer reporting agency from releasing, any 
     information in the file of the consumer for the purpose of--
       ``(A) the marketing or extension of credit or insurance; or
       ``(B) opening any financial account.
       ``(2) Prohibitions.--With respect to the method described 
     in paragraph (1)--
       ``(A) the method may not be used by the consumer reporting 
     agency that provides the method, or by any other person, to 
     collect any information on a consumer that is not necessary 
     for the purposes of preventing the release of information 
     described in that paragraph;
       ``(B) no information collected under the method may be used 
     for any purpose other than a purpose described in 
     subparagraph (A);
       ``(C) in offering the method, a credit reporting agency 
     described in section 603(p) may not require a consumer to--
       ``(i) waive any rights of the consumer; or
       ``(ii) indemnify the credit reporting agency with respect 
     to any liabilities that arise from offering the method; and
       ``(D) the method may not be used by any person to market or 
     advertise any product or service.
       ``(3) Release of information.--Nothing in this subsection 
     shall affect the ability of a person with whom a consumer has 
     an account, contract, or debtor-creditor relationship to 
     obtain information regarding the consumer for the purposes of 
     reviewing the account or collecting on the account.
       ``(b) Regulations.--Not later than 18 months after the date 
     of enactment of this section, the Bureau shall prescribe 
     regulations carrying out this section.''.
       (2) Table of contents 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. Protection of credit information of consumers.''.
       (b) Permissible Purposes of Credit Reports; Disclosure to 
     Consumers.--
       (1) In general.--The Fair Credit Reporting Act (15 U.S.C. 
     1681 et seq.) is amended--
       (A) in section 604 (15 U.S.C. 1681b)--
       (i) in subsection (a)--

       (I) in the matter preceding paragraph (1)--

       (aa) by striking ``Subject to subsection (c), any'' and 
     inserting ``Any''; and
       (bb) by striking ``a consumer report'' and inserting 
     ``information from the file of a consumer'';

       (II) in paragraph (3)--

       (aa) by striking subparagraphs (A) and (C);
       (bb) by redesignating subparagraph (B) as subparagraph (A);
       (cc) by redesignating subparagraphs (D) through (G) as 
     subparagraphs (B) through (E), respectively; and
       (dd) in subparagraph (D), as so redesignated, by striking 
     ``information--'' and all that follows through the period at 
     the end of clause (ii) and inserting the following: 
     ``information to review an account to determine whether the 
     consumer continues to meet the terms of the account; or''; 
     and

       (III) by adding at the end the following:

       ``(7) Pursuant to the express authorization of a consumer, 
     subject to the method provided under section 605C(a) in the 
     case of a consumer reporting agency described in section 
     603(p).'';
       (ii) by striking subsection (c); and
       (iii) by redesignating subsections (d) through (g) as 
     subsections (c) through (f), respectively;
       (B) in section 609(a)(1) (15 U.S.C. 1681g(a)(1)), by 
     striking ``request, except that--'' and all that follows 
     through the period at the end of subparagraph (B) and 
     inserting the following: ``request, without regard to whether 
     the information is held by a parent, subsidiary, or affiliate 
     of the consumer reporting agency.'';
       (C) in section 612(a)(1)(A) (15 U.S.C. 1681j(a)(1)(A)), by 
     striking ``once during any 12-month period''; and
       (D) in section 615 (15 U.S.C. 1681m)--
       (i) by striking subsection (d); and
       (ii) by redesignating subsections (e) through (h) as 
     subsections (d) through (g), respectively.
       (2) Regulations.--Not later than 18 months after the date 
     of enactment of this Act, the Bureau of Consumer Financial 
     Protection shall issue regulations carrying out section 
     609(a)(1) of the Fair Credit Reporting Act (15 U.S.C. 
     1681g(a)(1)), as amended by paragraph (1)(B).
       (3) Technical and conforming amendments.--
       (A) Consumer financial protection act of 2010.--Section 
     1002(12)(F) of the Consumer Financial Protection Act of 2010 
     (12 U.S.C. 5481(12)(F)) is amended--
       (i) by striking ``615(e)'' and inserting ``615(d)''; and
       (ii) by striking ``1681m(e)'' and inserting ``1681m(d)''.
       (B) Fair credit reporting act.--The Fair Credit Reporting 
     Act (15 U.S.C. 1681 et seq.) is amended--
       (i) in section 603 (15 U.S.C. 1681a)--

       (I) in subsection (d)(3), in the matter preceding 
     subparagraph (A), by striking ``section 604(g)(3)'' and 
     inserting ``section 604(f)(3)''; and
       (II) in subsection (k)(1)(B)--

       (aa) in clause (iii), by striking ``section 604(a)(3)(D)'' 
     and inserting ``section 604(a)(3)(B)''; and
       (bb) in clause (iv)(I), by striking ``section 
     604(a)(3)(F)(ii)'' and inserting ``section 604(a)(3)(D)'';
       (ii) in section 621 (15 U.S.C. 1681s)--

       (I) in subsection (b)(1), in the matter preceding 
     subparagraph (A), by striking ``persons who furnish 
     information to such agencies, and users of information that 
     are subject to section 615(d)'' and inserting ``and persons 
     who furnish information to such agencies''; and
       (II) in subsection (e)(1), in the first sentence, by 
     striking ``615(e)'' and inserting ``615(d)'';

       (iii) in section 623(c)(3) (15 U.S.C. 1681s-2(c)(3)), by 
     striking ``subsection (e)'' and inserting ``subsection (d)''; 
     and
       (iv) in section 625(b) (15 U.S.C. 1681t(b))--

       (I) in paragraph (1)--

       (aa) in subparagraph (A), by striking ``subsection (c) or 
     (e) of section 604'' and inserting ``section 604(d)'';
       (bb) by striking subparagraph (D);
       (cc) by redesignating subparagraphs (E) through (I) as 
     subparagraphs (D) through (H), respectively; and
       (dd) in subparagraph (H), as so redesignated, by striking 
     ``section 615(h)'' and inserting ``section 615(g)''; and

       (II) in paragraph (5)(F), by striking ``(e), (f), and (g)'' 
     and inserting ``(d), (e), and (f)''.

       (c) Enhancement of Fraud Alert Protections.--
       (1) In general.--Section 605A of the Fair Credit Reporting 
     Act (15 U.S.C. 1681c-1) is amended--
       (A) by striking subsection (a);
       (B) by redesignating subsections (b) through (h) as 
     subsections (a) through (g), respectively;
       (C) in subsection (a), as so redesignated--
       (i) in the subsection heading, by striking ``Extended'' and 
     inserting ``Fraud''; and
       (ii) in paragraph (1)--

       (I) in the matter preceding subparagraph (A), by striking 
     ``submits an identity theft report'' and inserting ``asserts 
     in good faith a suspicion that the consumer has been or is 
     about to become a victim of fraud or related crime, including 
     identity theft, or has been or will be harmed by the 
     unauthorized disclosure of the financial or personally 
     identifiable information of the consumer,'';
       (II) in subparagraph (A), by striking ``7-year'' and 
     inserting ``10-year'';
       (III) by striking subparagraph (B);
       (IV) by redesignating subparagraph (C) as subparagraph (B);
       (V) in subparagraph (B), as so redesignated--

       (aa) by striking ``extended''; and
       (bb) by striking the period at the end and inserting ``; 
     and''; and

       (VI) by adding at the end the following:

       ``(C) upon the expiration of the period described in 
     subparagraph (A), or a subsequent 10-year period, and in 
     response to a direct request by the consumer or such 
     representative, continue the fraud alert for an additional 
     period of 10 years if the consumer or such representative 
     submits an identity theft report.'';
       (D) in subsection (b), as so redesignated--
       (i) by striking paragraph (2);
       (ii) by redesignating paragraphs (1) and (3) as 
     subparagraphs (A) and (B), respectively, and adjusting the 
     margins accordingly;
       (iii) in the matter preceding subparagraph (A), as so 
     redesignated, by striking ``Upon the direct request'' and 
     inserting the following:
       ``(1) In general.--Upon the direct request''; and
       (iv) by adding at the end the following:
       ``(2) Access to free reports.--If a consumer reporting 
     agency includes an active duty alert in the file of an active 
     duty military consumer, the consumer reporting agency shall--
       ``(A) disclose to the active duty military consumer that 
     the active duty military consumer may request a free copy of 
     the file of the active duty military consumer under section 
     612(d) during each 1-year period beginning on the date on 
     which the activity duty military alert is requested and 
     ending on the date of the last day that the active duty alert 
     applies to the file of the active duty military consumer; and
       ``(B) not later than 3 business days after the date on 
     which the active duty military consumer makes a request 
     described in subparagraph (A), provide to the active duty 
     military consumer all disclosures required to be made under 
     section 609, without charge to the active duty military 
     consumer.'';
       (E) by amending subsection (c), as so redesignated, to read 
     as follows:
       ``(c) Procedures.--Each consumer reporting agency described 
     in section 603(p) shall establish and make available to the 
     public on the Internet website of the consumer reporting 
     agency policies and procedures to comply with this section, 
     including policies and procedures--
       ``(1) that inform consumers of the availability of fraud 
     alerts, active duty alerts, or the method provided under 
     section 605C(a), as applicable;
       ``(2) that allow consumers to request fraud alerts and 
     active duty alerts in a simple and easy manner; and

[[Page S1612]]

       ``(3) for asserting in good faith a suspicion that the 
     consumer has been or is about to become a victim of fraud or 
     related crime, including identity theft, or has been or will 
     be harmed by the unauthorized disclosure of the financial or 
     personally identifiable information of the consumer, for a 
     consumer requesting a fraud alert.'';
       (F) in subsection (d), as so redesignated, by striking 
     paragraphs (1), (2), and (3) and inserting the following:
       ``(1) paragraphs (1)(A), (1)(C), and (2) of subsection (a), 
     in the case of a referral under subsection (a)(1)(B); and
       ``(2) subsection (b)(1)(A), in the case of a referral under 
     subsection (b)(1)(B).'';
       (G) in subsection (f), as so redesignated, by inserting 
     ``or has been or will be harmed by the unauthorized 
     disclosure of the financial or personally identifiable 
     information of the consumer,'' after ``identity theft,''; and
       (H) in subsection (g), as so redesignated--
       (i) in paragraph (1)--

       (I) in the paragraph heading, by striking ``initial'' and 
     inserting ``fraud alerts'';
       (II) in subparagraph (A), by striking ``initial''; and
       (III) in subparagraph (B)(i), by striking ``an initial'' 
     and inserting ``a''; and

       (ii) in paragraph (2)--

       (I) in the paragraph heading, by striking ``extended'' and 
     inserting ``fraud'';
       (II) in subparagraph (A), in the matter preceding clause 
     (i), by striking ``extended'' and inserting ``fraud''; and
       (III) in subparagraph (B), by striking ``an extended'' and 
     inserting ``a''.

       (2) Technical and conforming amendment.--Section 612(d) of 
     the Fair Credit Reporting Act (15 U.S.C. 1681j(d)) is amended 
     by striking ``subsections (a)(2) and (b)(2) of section 605A, 
     as applicable'' and inserting ``section 605A(a)(2)''.
       (d) Stopping Errors in Consumer Use and Reporting.--
       (1) Legal recourse for consumers.--
       (A) Injunctive relief.--The Fair Credit Reporting Act (15 
     U.S.C. 1681 et seq.) is amended--
       (i) 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
       (ii) 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.''.
       (B) Enforcement by federal trade commission.--Section 
     621(a)(2)(A) of the Fair Credit Reporting Act (15 U.S.C. 
     1681s(a)(2)(A)) is amended--
       (i) in the subparagraph heading, by striking ``(A) Knowing 
     violations.--'' and inserting ``(A) Negligent, willful, or 
     knowing violations.--''; and
       (ii) in the first sentence, by inserting ``negligent, 
     willful, or'' before ``knowing''.
       (2) Increased requirements for consumer reporting agencies 
     and furnishers of information.--
       (A) Provision and consideration of documentation provided 
     by consumers.--The Fair Credit Reporting Act (15 U.S.C. 1681 
     et seq.) is amended--
       (i) in section 611 (15 U.S.C. 1681i)--

       (I) in subsection (a)--

       (aa) in paragraph (2)--
       (AA) in subparagraph (A), in the second sentence, by 
     inserting ``, including all documentation provided by the 
     consumer'' after ``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''; and
       (bb) in paragraph (4), by inserting ``, including all 
     documentation,'' after ``relevant information''; and

       (II) in subsection (f)(2)(B)(ii), by inserting ``, 
     including all documentation,'' after ``relevant 
     information''; and

       (ii) 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);''.
       (B) Gathering and reporting of information relating to 
     consumer disputes.--Section 611 of the Fair Credit Reporting 
     Act (15 U.S.C. 1681i) is amended by adding at the end the 
     following:
       ``(g) Gathering and Reporting of Information Relating to 
     Consumer Disputes.--
       ``(1) Reports required.--The Bureau shall provide reports 
     regarding the disputes described in subsection (a)(1) 
     received by consumer reporting agencies in such intervals and 
     to such parties as the Bureau deems appropriate.
       ``(2) Gathering of information.--The Bureau shall prescribe 
     rules for the gathering of information relating to disputes 
     described in subsection (a)(1) received by consumer reporting 
     agencies to be used in generating the reports under paragraph 
     (1), including rules establishing--
       ``(A) the type and format of information that the Bureau 
     shall receive from each consumer reporting agency; and
       ``(B) the frequency with which the Bureau shall receive the 
     information from consumer reporting agencies.''.
       (C) Accuracy 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) Accuracy of Report.--
       ``(1) In general.--A consumer reporting agency shall follow 
     reasonable procedures when preparing a consumer report to 
     ensure the maximum possible accuracy of the information 
     concerning the individual to whom the consumer report 
     relates.
       ``(2) Bureau rule to ensure maximum possible accuracy.--
       ``(A) Proposed rule.--Not later than 1 year after the date 
     of enactment of the Economic Growth, Regulatory Relief, and 
     Consumer Protection Act, the Bureau shall issue a proposed 
     rule establishing the procedures that a consumer reporting 
     agency shall follow to ensure maximum possible accuracy of 
     all consumer reports furnished by the agency in compliance 
     with this subsection.
       ``(B) Considerations.--When formulating the rule required 
     under subparagraph (A), the Bureau shall consider if 
     requiring the matching of the following information would 
     improve the accuracy of consumer reports:
       ``(i) The first name and last name of a consumer.
       ``(ii) The date of birth of a consumer.
       ``(iii) All 9 digits of the social security number of a 
     consumer.
       ``(iv) Any other information that the Bureau determines 
     would aid in ensuring maximum possible accuracy of all 
     consumer reports furnished by consumer reporting agencies in 
     compliance with this subsection.''.
       (D) 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.
       (E) Disclosures to consumers.--Section 609 of the Fair 
     Credit Reporting Act (15 U.S.C. 1681g) is amended--
       (i) 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).'';
       (ii) in subsection (f)--

       (I) by amending paragraph (7)(A) to read as follows:

       ``(A) supply the consumer with a credit score 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

       (iii) 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.

       (F) Notification requirements.--
       (i) 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:

[[Page S1613]]

       ``(b) Free Disclosure After Notice of Adverse Action or 
     Offer of Credit on Materially Less Favorable Terms.--
       ``(1) In general.--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 under 
     section 609(h).
       ``(2) Transition period.--During the period beginning on 
     the effective date of the Stopping Errors in Consumer Use and 
     Reporting Act of 2017 and ending on the date on which the 
     Bureau finalizes the rule required under section 609(h), a 
     consumer reporting agency that is required to make 
     disclosures under this subsection shall provide to the 
     consumer a copy of the current credit report on the consumer 
     and any other disclosures required under this Act or the 
     Stopping Errors in Consumer Use and Reporting Act of 2017, 
     without charge to the consumer.''; and

       (II) in section 615(a) (15 U.S.C. 1681m(a))--

       (aa) by redesignating paragraphs (2), (3), and (4) as 
     paragraphs (3), (4), and (5), respectively;
       (bb) 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
       (cc) 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''.
       (ii) 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).''.
       (iii) 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''.
       (iv) Bureau rule defining certain disclosure 
     requirements.--Section 609 of the Fair Credit Reporting Act 
     (15 U.S.C. 1681g) is amended by adding at the end the 
     following:
       ``(h) Bureau Rule Defining Certain Disclosure 
     Requirements.--
       ``(1) Proposed rule.--Not later than 1 year after the date 
     of enactment of the Economic Growth, Regulatory Relief, and 
     Consumer Protection Act, the Bureau shall publish a proposed 
     rule to implement the disclosure requirements described in 
     section 612(b).
       ``(2) Considerations.--In formulating the rule required 
     under paragraph (1), the Bureau shall consider--
       ``(A) what information would enable consumers to--
       ``(i) determine the reasons for which a person--

       ``(I) took adverse action; or
       ``(II) offered credit on materially less favorable terms; 
     and

       ``(ii) verify the accuracy of that information; and
       ``(B) how to provide the information described in 
     subparagraph (A) while protecting consumer privacy, including 
     procedures to ensure that the information is provided to the 
     consumer at the appropriate address.''.
       (3) Regulatory reform.--Section 621 of the Fair 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 the Economic Growth, 
     Regulatory Relief, and Consumer Protection Act, the Bureau 
     shall establish 3 publicly available registries of consumer 
     reporting agencies, including a registry that contains--
       ``(A) each consumer reporting agency that compiles and 
     maintains files on consumers on a nationwide basis;
       ``(B) each nationwide specialty consumer reporting agency; 
     and
       ``(C) all other consumer reporting agencies that are not 
     included under section 603(p) or 603(x).
       ``(2) Registration requirement.--Each consumer reporting 
     agency shall register with a registry established by the 
     Bureau under this subsection in a timeframe established by 
     the Bureau.''.
       (4) Identity theft protection for minors.--
       (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. ADDITIONAL PROTECTIONS FOR CREDIT REPORTS OF 
                   MINOR CONSUMERS.

       ``(a) Definitions.--In this section--
       ``(1) the term `blocked file' means a file of a minor 
     consumer with respect to which, under this section, a 
     consumer reporting agency--
       ``(A) maintains with the name, social security number, date 
     of birth, and, if applicable, any credit information of the 
     minor consumer;
       ``(B) may not provide any person with a consumer report of 
     the minor consumer; and
       ``(C) blocks the input of any information, except with 
     permission from a covered guardian of the minor consumer;
       ``(2) the term `covered guardian' means--
       ``(A) the legal guardian of a minor child;
       ``(B) the custodian of a minor child; or
       ``(C) in the case of a child in foster care, the State 
     agency or Indian tribe or tribal organization responsible for 
     the foster care of the child; and
       ``(3) the term `minor consumer' means a consumer who has 
     not attained 16 years of age.
       ``(b) Blocking a File.--A consumer reporting agency that 
     compiles and maintains files on consumers on a nationwide 
     basis shall, upon request by, and receipt of appropriate 
     proof of identity of, a minor consumer or the covered 
     guardian of a minor consumer--
       ``(1) create a blocked file for the minor consumer; or
       ``(2) convert a file of the minor consumer already in 
     existence to a blocked file.
       ``(c) Unblocking a File.--A consumer reporting agency that 
     compiles and maintains files on consumers on a nationwide 
     basis shall unblock a blocked file--
       ``(1) upon request by the covered guardian of a minor 
     consumer;
       ``(2) if the file was blocked as a result of a material 
     misrepresentation, including a representation that--
       ``(A) the consumer was a minor consumer when the consumer 
     was not a minor consumer as of the date on which the 
     representation was made; and
       ``(B) an individual was the covered guardian of a minor 
     consumer when the individual was not the covered guardian of 
     the minor consumer as of the date on which the representation 
     was made;
       ``(3) on the date of the 16th birthday of the minor 
     consumer; or
       ``(4) if the minor consumer becomes emancipated under the 
     law of the State in which the minor consumer resides, on the 
     date of the emancipation of the minor consumer.
       ``(d) Regulations.--The Bureau shall promulgate regulations 
     to carry out this section.
       ``(e) Fees.--
       ``(1) In general.--A credit reporting agency may charge a 
     fair and reasonable fee, as determined by the Bureau, to 
     create a blocked file or to unblock a file.
       ``(2) Exemption.--The Bureau may exempt an individual who 
     suspects that the individual has been a victim of fraud or 
     identity theft from a fee described in paragraph (1).
       ``(f) Exceptions.--Nothing in this section may be construed 
     as requiring a consumer reporting agency that compiles and 
     maintains files on consumers on a nationwide basis to prevent 
     a Federal, State, or local law enforcement agency from 
     accessing a blocked file.''.
       (B) Table of contents amendment.--The table of contents of 
     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. Additional protections for credit reports of minor 
              consumers.''.
       (5) Study of a public credit reporting system.--
       (A) Study.--Not later than 180 days after the date of 
     enactment of this Act, the Comptroller General of the United 
     States shall conduct a study--
       (i) of credit systems in the international credit system 
     with government-administered consumer credit reporting 
     systems;
       (ii) of available information regarding the accuracy of 
     government-administered consumer credit reporting systems 
     that are in existence as of the date on which the Comptroller 
     General begins conducting the study;
       (iii) to evaluate the feasibility of a national, 
     government-administered consumer credit reporting system;
       (iv) of any consumer benefits that might reasonably be 
     expected to result from a government-administered consumer 
     credit reporting system; and
       (v) of any costs that might result from a government-
     administered consumer credit reporting system in the United 
     States.
       (B) Publication of findings.--Not later than 18 months 
     after the date of enactment of this Act, the Comptroller 
     General of the United States shall publish the findings of 
     the study conducted under subparagraph (A).
       (6) Effective date.--Except as otherwise provided in this 
     subsection and the amendments made by this subsection, this 
     subsection and the amendments made by this subsection shall 
     take effect on the date that is 180 days after the date of 
     enactment of this Act.

[[Page S1614]]

  

                                 ______
                                 
  SA 2186. Mr. INHOFE (for himself, Mr. Udall, Mr. Cassidy, Mr. 
Kennedy, Mr. Hoeven, and Mr. Rubio) submitted an amendment intended to 
be proposed 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; 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 consistent with existing flexibility for a major 
     disaster declared under section 401 of the Robert T. Stafford 
     Disaster Relief and Emergency Assistance Act (42 U.S.C. 
     5170).
                                 ______
                                 
  SA 2187. Mr. KAINE submitted an amendment intended to be proposed 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; which was ordered to lie 
on the table; as follows:

       On page 13 of the amendment, strikes lines 11 through 26 
     and insert the following:
       ``(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 100 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 100 open-end lines of credit in each of 
     the 2 preceding calendar years.
                                 ______
                                 
  SA 2188. Mr. DURBIN (for himself, Mr. Donnelly, and Ms. Duckworth) 
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. __. REPORT ON CHILDREN'S LEAD-BASED PAINT 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)).
       (b) Report.--Not later than 1 year after the date of 
     enactment of this Act, the Secretary of Housing and Urban 
     Development shall submit a report to Congress 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.
                                 ______
                                 
  SA 2189. Mr. CARDIN (for himself and Mr. Risch) 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. __. INDIVIDUAL SBIC LEVERAGE LIMIT INCREASE.

       Section 303(b)(2)(A)(ii) of the Small Business Investment 
     Act of 1958 (15 U.S.C. 683(b)(2)(A)(ii)) is amended by 
     striking ``$150,000,000'' and inserting ``$175,000,000''.
                                 ______
                                 
  SA 2190. Mr. CARDIN submitted an amendment intended to be proposed 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; which was ordered to lie 
on the table; as follows:

       At the appropriate place, insert the following:

     SEC. __. EXCLUSION OF INDEPENDENT RESEARCH AND DEVELOPMENT 
                   EXPENSES FROM ANNUAL RECEIPTS.

       Section 3(a) of the Small Business Act (15 U.S.C. 632(a)) 
     is amended by adding at the end the following:
       ``(10) Exclusion of independent research and development 
     expenses from receipts.--In determining the average annual 
     gross receipts of a small business concern, the 
     Administrator, at the request of the concern, may exclude 
     from consideration any expenses or expenditures for 
     independent research and development.''.
                                 ______
                                 
  SA 2191. Mr. CARDIN submitted an amendment intended to be proposed 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; which was ordered to lie 
on the table; as follows:

       At the appropriate place, insert the following:

     SEC. __. SIZE STANDARDS FOR SMALL BUSINESS CONCERNS.

       (a) Calculation on the Basis of Annual Average Gross 
     Receipts.--Section 3(a)(2)(C)(ii)(II) of the Small Business 
     Act (15 U.S.C. 632(a)(2)(C)(ii)(II)) is amended by striking 
     ``over a period of not less than 3 years'' and inserting ``, 
     which shall be calculated by using the 3 lowest annual 
     average gross receipts of the business concern during the 
     preceding 5-year period''.
       (b) Regulations.--Not later than 18 months after the date 
     of enactment of this Act, the Administrator of the Small 
     Business Administration shall promulgate regulations as 
     necessary to implement the amendment made by subsection (a).

                          ____________________