[Congressional Record Volume 164, Number 84 (Tuesday, May 22, 2018)]
[House]
[Pages H4320-H4349]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




    ECONOMIC GROWTH, REGULATORY RELIEF, AND CONSUMER PROTECTION ACT

  Mr. HENSARLING. Mr. Speaker, pursuant to House Resolution 905, I call 
up the bill (S. 2155) to promote economic growth, provide tailored 
regulatory relief, and enhance consumer protections, and for other 
purposes, and ask for its immediate consideration in the House.
  The Clerk read the title of the bill.
  The SPEAKER pro tempore. Pursuant to House Resolution 905, the bill 
is considered read.
  The text of the bill is as follows:

                                S. 2155

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

     SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

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

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

         TITLE I--IMPROVING CONSUMER ACCESS TO MORTGAGE CREDIT

Sec. 101. Minimum standards for residential mortgage loans.
Sec. 102. Safeguarding access to habitat for humanity homes.
Sec. 103. Exemption from appraisals of real property located in rural 
              areas.
Sec. 104. Home Mortgage Disclosure Act adjustment and study.
Sec. 105. Credit union residential loans.
Sec. 106. Eliminating barriers to jobs for loan originators.

[[Page H4321]]

Sec. 107. Protecting access to manufactured homes.
Sec. 108. Escrow requirements relating to certain consumer credit 
              transactions.
Sec. 109. No wait for lower mortgage rates.

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

Sec. 201. Capital simplification for qualifying community banks.
Sec. 202. Limited exception for reciprocal deposits.
Sec. 203. Community bank relief.
Sec. 204. Removing naming restrictions.
Sec. 205. Short form call reports.
Sec. 206. Option for Federal savings associations to operate as covered 
              savings associations.
Sec. 207. Small bank holding company policy statement.
Sec. 208. Application of the Expedited Funds Availability Act.
Sec. 209. Small public housing agencies.
Sec. 210. Examination cycle.
Sec. 211. International insurance capital standards accountability.
Sec. 212. Budget transparency for the NCUA.
Sec. 213. Making online banking initiation legal and easy.
Sec. 214. Promoting construction and development on Main Street.
Sec. 215. Reducing identity fraud.
Sec. 216. Treasury report on risks of cyber threats.
Sec. 217. Discretionary surplus funds.

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

Sec. 301. Protecting consumers' credit.
Sec. 302. Protecting veterans' credit.
Sec. 303. Immunity from suit for disclosure of financial exploitation 
              of senior citizens.
Sec. 304. Restoration of the Protecting Tenants at Foreclosure Act of 
              2009.
Sec. 305. Remediating lead and asbestos hazards.
Sec. 306. Family self-sufficiency program.
Sec. 307. Property Assessed Clean Energy financing.
Sec. 308. GAO report on consumer reporting agencies.
Sec. 309. Protecting veterans from predatory lending.
Sec. 310. Credit score competition.
Sec. 311. GAO report on Puerto Rico foreclosures.
Sec. 312. Report on children's lead-based paint hazard prevention and 
              abatement.
Sec. 313. Foreclosure relief and extension for servicemembers.

   TITLE IV--TAILORING REGULATIONS FOR CERTAIN BANK HOLDING COMPANIES

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

                 TITLE V--ENCOURAGING CAPITAL FORMATION

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

              TITLE VI--PROTECTIONS FOR STUDENT BORROWERS

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

     SEC. 2. DEFINITIONS.

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

         TITLE I--IMPROVING CONSUMER ACCESS TO MORTGAGE CREDIT

     SEC. 101. MINIMUM STANDARDS FOR RESIDENTIAL MORTGAGE LOANS.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

       ``(a) Definitions.--In this section--
       ``(1) the term `mortgage originator' has the meaning given 
     the term in section 103 of the Truth in Lending Act (15 
     U.S.C. 1602); and
       ``(2) the term `transaction value' means the amount of a 
     loan or extension of credit, including a loan or extension of 
     credit that is part of a pool of loans or extensions of 
     credit.
       ``(b) Appraisal Not Required.--Except as provided in 
     subsection (d), notwithstanding any other provision of law, 
     an appraisal in connection with a federally related 
     transaction involving real property or an interest in real 
     property is not required if--
       ``(1) the real property or interest in real property is 
     located in a rural area, as described in section 
     1026.35(b)(2)(iv)(A) of title 12, Code of Federal 
     Regulations;
       ``(2) not later than 3 days after the date on which the 
     Closing Disclosure Form, made in accordance with the final 
     rule of the Bureau of Consumer Financial Protection entitled 
     `Integrated Mortgage Disclosures Under the Real Estate 
     Settlement Procedures Act (Regulation X) and the Truth in 
     Lending Act (Regulation Z)' (78 Fed. Reg. 79730 (December

[[Page H4322]]

     31, 2013)), relating to the federally related transaction is 
     given to the consumer, the mortgage originator or its agent, 
     directly or indirectly--
       ``(A) has contacted not fewer than 3 State certified 
     appraisers or State licensed appraisers, as applicable, on 
     the mortgage originator's approved appraiser list in the 
     market area in accordance with part 226 of title 12, Code of 
     Federal Regulations; and
       ``(B) has documented that no State certified appraiser or 
     State licensed appraiser, as applicable, was available within 
     5 business days beyond customary and reasonable fee and 
     timeliness standards for comparable appraisal assignments, as 
     documented by the mortgage originator or its agent;
       ``(3) the transaction value is less than $400,000; and
       ``(4) the mortgage originator is subject to oversight by a 
     Federal financial institutions regulatory agency.
       ``(c) Sale, Assignment, or Transfer.--A mortgage originator 
     that makes a loan without an appraisal under the terms of 
     subsection (b) shall not sell, assign, or otherwise transfer 
     legal title to the loan unless--
       ``(1) the loan is sold, assigned, or otherwise transferred 
     to another person by reason of the bankruptcy or failure of 
     the mortgage originator;
       ``(2) the loan is sold, assigned, or otherwise transferred 
     to another person regulated by a Federal financial 
     institutions regulatory agency, so long as the loan is 
     retained in portfolio by the person;
       ``(3) the sale, assignment, or transfer is pursuant to a 
     merger of the mortgage originator with another person or the 
     acquisition of the mortgage originator by another person or 
     of another person by the mortgage originator; or
       ``(4) the sale, loan, or transfer is to a wholly owned 
     subsidiary of the mortgage originator, provided that, after 
     the sale, assignment, or transfer, the loan is considered to 
     be an asset of the mortgage originator for regulatory 
     accounting purposes.
       ``(d) Exception.--Subsection (b) shall not apply if--
       ``(1) a Federal financial institutions regulatory agency 
     requires an appraisal under section 225.63(c), 323.3(c), 
     34.43(c), or 722.3(e) of title 12, Code of Federal 
     Regulations; or
       ``(2) the loan is a high-cost mortgage, as defined in 
     section 103 of the Truth in Lending Act (15 U.S.C. 1602).
       ``(e) Anti-Evasion.--Each Federal financial institutions 
     regulatory agency shall ensure that any mortgage originator 
     that the Federal financial institutions regulatory agency 
     oversees that makes a significant amount of loans under 
     subsection (b) is complying with the requirements of 
     subsection (b)(2) with respect to each loan.''.

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

       (a) In General.--Section 304 of the Home Mortgage 
     Disclosure Act of 1975 (12 U.S.C. 2803) is amended--
       (1) by redesignating subsection (i) as paragraph (3) and 
     adjusting the margins accordingly;
       (2) by inserting before paragraph (3), as so redesignated, 
     the following:
       ``(i) Exemptions.--
       ``(1) Closed-end mortgage loans.--With respect to an 
     insured depository institution or insured credit union, the 
     requirements of paragraphs (5) and (6) of subsection (b) 
     shall not apply with respect to closed-end mortgage loans if 
     the insured depository institution or insured credit union 
     originated fewer than 500 closed-end mortgage loans in each 
     of the 2 preceding calendar years.
       ``(2) Open-end lines of credit.--With respect to an insured 
     depository institution or insured credit union, the 
     requirements of paragraphs (5) and (6) of subsection (b) 
     shall not apply with respect to open-end lines of credit if 
     the insured depository institution or insured credit union 
     originated fewer than 500 open-end lines of credit in each of 
     the 2 preceding calendar years.
       ``(3) Required compliance.--Notwithstanding paragraphs (1) 
     and (2), an insured depository institution shall comply with 
     paragraphs (5) and (6) of subsection (b) if the insured 
     depository institution has received a rating of `needs to 
     improve record of meeting community credit needs' during each 
     of its 2 most recent examinations or a rating of `substantial 
     noncompliance in meeting community credit needs' on its most 
     recent examination under section 807(b)(2) of the Community 
     Reinvestment Act of 1977 (12 U.S.C. 2906(b)(2)).''; and
       (3) by adding at the end the following:
       ``(o) Definitions.--In this section--
       ``(1) the term `insured credit union' has the meaning given 
     the term in section 101 of the Federal Credit Union Act (12 
     U.S.C. 1752); and
       ``(2) the term `insured depository institution' has the 
     meaning given the term in section 3 of the Federal Deposit 
     Insurance Act (12 U.S.C. 1813).''.
       (b) Lookback Study.--
       (1) Study.--Not earlier than 2 years after the date of 
     enactment of this Act, the Comptroller General of the United 
     States shall conduct a study to evaluate the impact of the 
     amendments made by subsection (a) on the amount of data 
     available under the Home Mortgage Disclosure Act of 1975 (12 
     U.S.C. 2801 et seq.) at the national and local level.
       (2) Report.--Not later than 3 years after the date of 
     enactment of this Act, the Comptroller General of the United 
     States shall submit to the Committee on Banking, Housing, and 
     Urban Affairs of the Senate and the Committee on Financial 
     Services of the House of Representatives a report that 
     includes the findings and conclusions of the Comptroller 
     General with respect to the study required under paragraph 
     (1).
       (c) Technical Correction.--Section 304(i)(3) of the Home 
     Mortgage Disclosure Act of 1975, as so redesignated by 
     subsection (a)(1), is amended by striking ``section 
     303(2)(A)'' and inserting ``section 303(3)(A)''.

     SEC. 105. CREDIT UNION RESIDENTIAL LOANS.

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

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

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

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

       ``(a) Definitions.--In this section:
       ``(1) Application state.--The term `application State' 
     means a State in which a registered loan originator or a 
     State-licensed loan originator seeks to be licensed.
       ``(2) State-licensed mortgage company.--The term `State-
     licensed mortgage company' means an entity that is licensed 
     or registered under the law of any State to engage in 
     residential mortgage loan origination and processing 
     activities.
       ``(b) Temporary Authority To Originate Loans for Loan 
     Originators Moving From a Depository Institution to a Non-
     Depository Institution.--
       ``(1) In general.--Upon becoming employed by a State-
     licensed mortgage company, an individual who is a registered 
     loan originator shall be deemed to have temporary authority 
     to act as a loan originator in an application State for the 
     period described in paragraph (2) if the individual--
       ``(A) has not had--
       ``(i) an application for a loan originator license denied; 
     or
       ``(ii) a loan originator license revoked or suspended in 
     any governmental jurisdiction;
       ``(B) has not been subject to, or served with, a cease and 
     desist order--
       ``(i) in any governmental jurisdiction; or
       ``(ii) under section 1514(c);
       ``(C) has not been convicted of a misdemeanor or felony 
     that would preclude licensure under the law of the 
     application State;
       ``(D) has submitted an application to be a State-licensed 
     loan originator in the application State; and
       ``(E) was registered in the Nationwide Mortgage Licensing 
     System and Registry as a loan originator during the 1-year 
     period preceding the date on which the information required 
     under section 1505(a) is submitted.
       ``(2) Period.--The period described in this paragraph shall 
     begin on the date on which an individual described in 
     paragraph (1) submits the information required under section 
     1505(a) and shall end on the earliest of the date--
       ``(A) on which the individual withdraws the application to 
     be a State-licensed loan originator in the application State;
       ``(B) on which the application State denies, or issues a 
     notice of intent to deny, the application;
       ``(C) on which the application State grants a State 
     license; or
       ``(D) that is 120 days after the date on which the 
     individual submits the application, if the application is 
     listed on the Nationwide Mortgage Licensing System and 
     Registry as incomplete.
       ``(c) Temporary Authority To Originate Loans for State-
     Licensed Loan Originators Moving Interstate.--
       ``(1) In general.--A State-licensed loan originator shall 
     be deemed to have temporary authority to act as a loan 
     originator in an application State for the period described 
     in paragraph (2) if the State-licensed loan originator--
       ``(A) meets the requirements of subparagraphs (A), (B), 
     (C), and (D) of subsection (b)(1);
       ``(B) is employed by a State-licensed mortgage company in 
     the application State; and
       ``(C) was licensed in a State that is not the application 
     State during the 30-day period preceding the date on which 
     the information required under section 1505(a) was submitted 
     in connection with the application submitted to the 
     application State.
       ``(2) Period.--The period described in this paragraph shall 
     begin on the date on which the State-licensed loan originator 
     submits the information required under section 1505(a) in 
     connection with the application submitted to the application 
     State and end on the earliest of the date--
       ``(A) on which the State-licensed loan originator withdraws 
     the application to be a State-licensed loan originator in the 
     application State;
       ``(B) on which the application State denies, or issues a 
     notice of intent to deny, the application;

[[Page H4323]]

       ``(C) on which the application State grants a State 
     license; or
       ``(D) that is 120 days after the date on which the State-
     licensed loan originator submits the application, if the 
     application is listed on the Nationwide Mortgage Licensing 
     System and Registry as incomplete.
       ``(d) Applicability.--
       ``(1) Employer of loan originators.--Any person employing 
     an individual who is deemed to have temporary authority to 
     act as a loan originator in an application State under this 
     section shall be subject to the requirements of this title 
     and to applicable State law to the same extent as if that 
     individual was a State-licensed loan originator licensed by 
     the application State.
       ``(2) Engaging in mortgage loan activities.--Any individual 
     who is deemed to have temporary authority to act as a loan 
     originator in an application State under this section and who 
     engages in residential mortgage loan origination activities 
     shall be subject to the requirements of this title and to 
     applicable State law to the same extent as if that individual 
     was a State-licensed loan originator licensed by the 
     application State.''.
       (b) Table of Contents Amendment.--Section 1(b) of the 
     Housing and Economic Recovery Act of 2008 (42 U.S.C. 4501 
     note) is amended by inserting after the item relating to 
     section 1517 the following:

``Sec. 1518. Employment transition of loan originators.''.
       (c) Civil Liability.--Section 1513 of the S.A.F.E. Mortgage 
     Licensing Act of 2008 (12 U.S.C. 5112) is amended by striking 
     ``persons who are loan originators or are applying for 
     licensing or registration as loan originators.'' and 
     inserting ``persons who--
       ``(1) have applied, are applying, or are licensed or 
     registered through the Nationwide Mortgage Licensing System 
     and Registry; and
       ``(2) work in an industry with respect to which persons 
     were licensed or registered through the Nationwide Mortgage 
     Licensing System and Registry on the date of enactment of the 
     Economic Growth, Regulatory Relief, and Consumer Protection 
     Act.''.
       (d) Effective Date.--This section and the amendments made 
     by this section shall take effect on the date that is 18 
     months after the date of enactment of this Act.

     SEC. 107. PROTECTING ACCESS TO MANUFACTURED HOMES.

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

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

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

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

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

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

     SEC. 109. NO WAIT FOR LOWER MORTGAGE RATES.

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

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

     SEC. 201. CAPITAL SIMPLIFICATION FOR QUALIFYING COMMUNITY 
                   BANKS.

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

[[Page H4324]]

     under section 38 of the Federal Deposit Insurance Act (12 
     U.S.C. 1831o) and any regulation implementing that section; 
     and
       (C) any other capital or leverage requirements to which the 
     qualifying community bank is subject.
       (2) Existing authorities.--Nothing in paragraph (1) shall 
     limit the authority of the appropriate Federal banking 
     agencies as in effect on the date of enactment of this Act.
       (d) Consultation.--The appropriate Federal banking agencies 
     shall--
       (1) consult with the applicable State bank supervisors in 
     carrying out this section; and
       (2) notify the applicable State bank supervisor of any 
     qualifying community bank that it supervises that exceeds, or 
     does not exceed after previously exceeding, the Community 
     Bank Leverage ratio developed under subsection (b)(1).

     SEC. 202. LIMITED EXCEPTION FOR RECIPROCAL DEPOSITS.

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

     SEC. 203. COMMUNITY BANK RELIEF.

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

     SEC. 204. REMOVING NAMING RESTRICTIONS.

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

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

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

     SEC. 205. SHORT FORM CALL REPORTS.

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

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

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

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

       ``(a) Definition.--In this section, the term `covered 
     savings association' means a Federal savings association that 
     makes an election that is approved under subsection (b).
       ``(b) Election.--
       ``(1) In general.--In accordance with the rules issued 
     under subsection (f), a Federal savings association with 
     total consolidated assets equal to or less than 
     $20,000,000,000, as reported by the association to the 
     Comptroller as of December 31, 2017, may elect to operate as 
     a covered savings association by submitting a notice to the 
     Comptroller of that election.
       ``(2) Approval.--A Federal savings association shall be 
     deemed to be approved to operate as a covered savings 
     association beginning on the date that is 60 days after the 
     date on which the Comptroller receives the notice submitted 
     under paragraph (1), unless the Comptroller notifies the 
     Federal savings association that the Federal savings 
     association is not eligible.
       ``(c) Rights and Duties.--Notwithstanding any other 
     provision of law, and except as otherwise provided in this 
     section, a covered savings association shall--
       ``(1) have the same rights and privileges as a national 
     bank that has the main office of the national bank situated 
     in the same location as the home office of the covered 
     savings association; and
       ``(2) be subject to the same duties, restrictions, 
     penalties, liabilities, conditions, and limitations that 
     would apply to a national bank described in paragraph (1).
       ``(d) Treatment of Covered Savings Associations.--A covered 
     savings association shall be treated as a Federal savings 
     association for the purposes--

[[Page H4325]]

       ``(1) of governance of the covered savings association, 
     including incorporation, bylaws, boards of directors, 
     shareholders, and distribution of dividends;
       ``(2) of consolidation, merger, dissolution, conversion 
     (including conversion to a stock bank or to another charter), 
     conservatorship, and receivership; and
       ``(3) determined by regulation of the Comptroller.
       ``(e) Existing Branches.--A covered savings association may 
     continue to operate any branch or agency that the covered 
     savings association operated on the date on which an election 
     under subsection (b) is approved.
       ``(f) Rule Making.--The Comptroller shall issue rules to 
     carry out this section--
       ``(1) that establish streamlined standards and procedures 
     that clearly identify required documentation and timelines 
     for an election under subsection (b);
       ``(2) that require a Federal savings association that makes 
     an election under subsection (b) to identify specific assets 
     and subsidiaries that--
       ``(A) do not conform to the requirements for assets and 
     subsidiaries of a national bank; and
       ``(B) are held by the Federal savings association on the 
     date on which the Federal savings association submits a 
     notice of the election;
       ``(3) that establish--
       ``(A) a transition process for bringing the assets and 
     subsidiaries described in paragraph (2) into conformance with 
     the requirements for a national bank; and
       ``(B) procedures for allowing the Federal savings 
     association to submit to the Comptroller an application to 
     continue to hold assets and subsidiaries described in 
     paragraph (2) after electing to operate as a covered savings 
     association;
       ``(4) that establish standards and procedures to allow a 
     covered savings association to--
       ``(A) terminate an election under subsection (b) after an 
     appropriate period of time; and
       ``(B) make a subsequent election under subsection (b) after 
     terminating an election under subparagraph (A);
       ``(5) that clarify requirements for the treatment of 
     covered savings associations, including the provisions of law 
     that apply to covered savings associations; and
       ``(6) as the Comptroller determines necessary in the 
     interests of safety and soundness.
       ``(g) Grandfathered Covered Savings Associations.--Subject 
     to the rules issued under subsection (f), a covered savings 
     association may continue to operate as a covered savings 
     association if, after the date on which the election is made 
     under subsection (b), the covered savings association has 
     total consolidated assets greater than $20,000,000,000.''.

     SEC. 207. SMALL BANK HOLDING COMPANY POLICY STATEMENT.

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

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

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

     SEC. 209. SMALL PUBLIC HOUSING AGENCIES.

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

     ``SEC. 38. SMALL PUBLIC HOUSING AGENCIES.

       ``(a) Definitions.--In this section:
       ``(1) Housing voucher program.--The term `housing voucher 
     program' means a program for tenant-based assistance under 
     section 8.
       ``(2) Small public housing agency.--The term `small public 
     housing agency' means a public housing agency--
       ``(A) for which the sum of the number of public housing 
     dwelling units administered by the agency and the number of 
     vouchers under section 8(o) administered by the agency is 550 
     or fewer; and
       ``(B) that predominantly operates in a rural area, as 
     described in section 1026.35(b)(2)(iv)(A) of title 12, Code 
     of Federal Regulations.
       ``(3) Troubled small public housing agency.--The term 
     `troubled small public housing agency' means a small public 
     housing agency designated by the Secretary as a troubled 
     small public housing agency under subsection (c)(3).
       ``(b) Applicability.--Except as otherwise provided in this 
     section, a small public housing agency shall be subject to 
     the same requirements as a public housing agency.
       ``(c) Program Inspections and Evaluations.--
       ``(1) Public housing projects.--
       ``(A) Frequency of inspections by secretary.--The Secretary 
     shall carry out an inspection of the physical condition of a 
     small public housing agency's public housing projects not 
     more frequently than once every 3 years, unless the agency 
     has been designated by the Secretary as a troubled small 
     public housing agency based on deficiencies in the physical 
     condition of its public housing projects. Nothing contained 
     in this subparagraph relieves the Secretary from conducting 
     lead safety inspections or assessments in accordance with 
     procedures established by the Secretary under section 302 of 
     the Lead-Based Paint Poisoning Prevention Act (42 U.S.C. 
     4822).
       ``(B) Standards.--The Secretary shall apply to small public 
     housing agencies the same standards for the acceptable 
     condition of public housing projects that apply to projects 
     assisted under section 8.
       ``(2) Housing voucher program.--Except as required by 
     section 8(o)(8)(F), a small public housing agency 
     administering assistance under section 8(o) shall make 
     periodic physical inspections of each assisted dwelling unit 
     not less frequently than once every 3 years to determine 
     whether the unit is maintained in accordance with the 
     requirements under section 8(o)(8)(A). Nothing contained in 
     this paragraph relieves a small public housing agency from 
     conducting lead safety inspections or assessments in 
     accordance with procedures established by the Secretary under 
     section 302 of the Lead-Based Paint Poisoning Prevention Act 
     (42 U.S.C. 4822).
       ``(3) Troubled small public housing agencies.--
       ``(A) Public housing program.--Notwithstanding any other 
     provision of law, the Secretary may designate a small public 
     housing agency as a troubled small public housing agency with 
     respect to the public housing program of the small public 
     housing agency if the Secretary determines that the agency 
     has failed to maintain the public housing units of the small 
     public housing agency in a satisfactory physical condition, 
     based upon an inspection conducted by the Secretary.
       ``(B) Housing voucher program.--Notwithstanding any other 
     provision of law, the Secretary may designate a small public 
     housing agency as a troubled small public housing agency with 
     respect to the housing voucher program of the small public 
     housing agency if the Secretary determines that the agency 
     has failed to comply with the inspection requirements under 
     paragraph (2).
       ``(C) Appeals.--
       ``(i) Establishment.--The Secretary shall establish an 
     appeals process under which a small public housing agency may 
     dispute a designation as a troubled small public housing 
     agency.
       ``(ii) Official.--The appeals process established under 
     clause (i) shall provide for a decision by an official who 
     has not been involved, and is not subordinate to a person who 
     has been involved, in the original determination to designate 
     a small public housing agency as a troubled small public 
     housing agency.
       ``(D) Corrective action agreement.--
       ``(i) Agreement required.--Not later than 60 days after the 
     date on which a small public housing agency is designated as 
     a troubled public housing agency under subparagraph (A) or 
     (B), the Secretary and the small

[[Page H4326]]

     public housing agency shall enter into a corrective action 
     agreement under which the small public housing agency shall 
     undertake actions to correct the deficiencies upon which the 
     designation is based.
       ``(ii) Terms of agreement.--A corrective action agreement 
     entered into under clause (i) shall--

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

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

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

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

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

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

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

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

     SEC. 210. EXAMINATION CYCLE.

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

     SEC. 211. INTERNATIONAL INSURANCE CAPITAL STANDARDS 
                   ACCOUNTABILITY.

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

[[Page H4327]]

       (3) Joint report by the chairman of the federal reserve and 
     the director of the federal insurance office.--
       (A) In general.--The Secretary of the Treasury, the 
     Chairman of the Board of Governors of the Federal Reserve 
     System, and the Director of the Federal Insurance Office 
     shall, in consultation with the National Association of 
     Insurance Commissioners, complete a study on, and submit to 
     Congress a report on the results of the study, the impact on 
     consumers and markets in the United States before supporting 
     or consenting to the adoption of any final international 
     insurance capital standard.
       (B) Notice and comment.--
       (i) Notice.--The Secretary of the Treasury, the Chairman of 
     the Board of Governors of the Federal Reserve System, and the 
     Director of the Federal Insurance Office shall provide public 
     notice before the date on which drafting a report required 
     under subparagraph (A) is commenced and after the date on 
     which the draft of the report is completed.
       (ii) Opportunity for comment.--There shall be an 
     opportunity for public comment for a period beginning on the 
     date on which the report is submitted under subparagraph (A) 
     and ending on the date that is 60 days after the date on 
     which the report is submitted.
       (C) Review by comptroller general.--The Secretary of the 
     Treasury, Chairman of the Board of Governors of the Federal 
     Reserve System, and the Director of the Federal Insurance 
     Office shall submit to the Comptroller General of the United 
     States the report described in subparagraph (A) for review.
       (4) Report on increase in transparency.--Not later than 180 
     days after the date of enactment of this Act, the Chairman of 
     the Board of Governors of the Federal Reserve System and the 
     Secretary of the Treasury, or their designees, shall submit 
     to Congress a report and provide testimony to Congress on the 
     efforts of the Chairman and the Secretary to increase 
     transparency at meetings of the International Association of 
     Insurance Supervisors.

     SEC. 212. BUDGET TRANSPARENCY FOR THE NCUA.

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

     SEC. 213. MAKING ONLINE BANKING INITIATION LEGAL AND EASY.

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

     SEC. 214. PROMOTING CONSTRUCTION AND DEVELOPMENT ON MAIN 
                   STREET.

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

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

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

[[Page H4328]]

       ``(i) the loan-to-value ratio is less than or equal to the 
     applicable maximum supervisory loan-to-value ratio as 
     determined by the appropriate Federal banking agency;
       ``(ii) the borrower has contributed capital of at least 15 
     percent of the real property's appraised, `as completed' 
     value to the project in the form of--

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

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

     SEC. 215. REDUCING IDENTITY FRAUD.

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

[[Page H4329]]

       (3) Existing resources.--The Commissioner may use funds 
     designated for information technology modernization to carry 
     out this section.
       (4) Annual report.--The Commissioner shall annually submit 
     to the Committee on Ways and Means of the House of 
     Representatives and the Committee on Finance of the Senate a 
     report on the amount of indirect costs to the Social Security 
     Administration arising as a result of the implementation of 
     this section.

     SEC. 216. TREASURY REPORT ON RISKS OF CYBER THREATS.

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

     SEC. 217. DISCRETIONARY SURPLUS FUNDS.

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

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

     SEC. 301. PROTECTING CONSUMERS' CREDIT.

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

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

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

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

       `` `You have a right to place a ``security freeze'' on your 
     credit report, which will prohibit a consumer reporting 
     agency from releasing information in your credit report 
     without your express authorization. The security freeze is 
     designed to prevent credit, loans, and services from being 
     approved in your name without your consent. However, you 
     should be aware that using a security freeze to take control 
     over who gets access to the personal and financial 
     information in your credit report may delay, interfere with, 
     or prohibit the timely approval of any subsequent request or 
     application you make regarding a new loan, credit, mortgage, 
     or any other account involving the extension of credit.
       `` `As an alternative to a security freeze, you have the 
     right to place an initial or extended fraud alert on your 
     credit file at no cost. An initial fraud alert is a 1-year 
     alert that is placed on a consumer's credit file. Upon seeing 
     a fraud alert display on a consumer's credit file, a business 
     is required to take steps to verify the consumer's identity

[[Page H4330]]

     before extending new credit. If you are a victim of identity 
     theft, you are entitled to an extended fraud alert, which is 
     a fraud alert lasting 7 years.
       `` `A security freeze does not apply to a person or entity, 
     or its affiliates, or collection agencies acting on behalf of 
     the person or entity, with which you have an existing account 
     that requests information in your credit report for the 
     purposes of reviewing or collecting the account. Reviewing 
     the account includes activities related to account 
     maintenance, monitoring, credit line increases, and account 
     upgrades and enhancements.'.
       ``(6) Webpage.--
       ``(A) Consumer reporting agencies.--A consumer reporting 
     agency shall establish a webpage that--
       ``(i) allows a consumer to request a security freeze;
       ``(ii) allows a consumer to request an initial fraud alert;
       ``(iii) allows a consumer to request an extended fraud 
     alert;
       ``(iv) allows a consumer to request an active duty fraud 
     alert;
       ``(v) allows a consumer to opt-out of the use of 
     information in a consumer report to send the consumer a 
     solicitation of credit or insurance, in accordance with 
     section 615(d); and
       ``(vi) shall not be the only mechanism by which a consumer 
     may request a security freeze.
       ``(B) FTC.--The Federal Trade Commission shall establish a 
     single webpage that includes a link to each webpage 
     established under subparagraph (A) within the Federal Trade 
     Commission's website www.Identitytheft.gov, or a successor 
     website.
       ``(j) National Protection for Files and Credit Records of 
     Protected Consumers.--
       ``(1) Definitions.--As used in this subsection:
       ``(A) The term `consumer reporting agency' means a consumer 
     reporting agency described in section 603(p).
       ``(B) The term `protected consumer' means an individual who 
     is--
       ``(i) under the age of 16 years at the time a request for 
     the placement of a security freeze is made; or
       ``(ii) an incapacitated person or a protected person for 
     whom a guardian or conservator has been appointed.
       ``(C) The term `protected consumer's representative' means 
     a person who provides to a consumer reporting agency 
     sufficient proof of authority to act on behalf of a protected 
     consumer.
       ``(D) The term `record' means a compilation of information 
     that--
       ``(i) identifies a protected consumer;
       ``(ii) is created by a consumer reporting agency solely for 
     the purpose of complying with this subsection; and
       ``(iii) may not be created or used to consider the 
     protected consumer's credit worthiness, credit standing, 
     credit capacity, character, general reputation, personal 
     characteristics, or mode of living.
       ``(E) The term `security freeze' means a restriction that 
     prohibits a consumer reporting agency from disclosing the 
     contents of a consumer report that is the subject of such 
     security freeze or, in the case of a protected consumer for 
     whom the consumer reporting agency does not have a file, a 
     record that is subject to such security freeze to any person 
     requesting the consumer report for the purpose of opening a 
     new account involving the extension of credit.
       ``(F) The term `sufficient proof of authority' means 
     documentation that shows a protected consumer's 
     representative has authority to act on behalf of a protected 
     consumer and includes--
       ``(i) an order issued by a court of law;
       ``(ii) a lawfully executed and valid power of attorney;
       ``(iii) a document issued by a Federal, State, or local 
     government agency in the United States showing proof of 
     parentage, including a birth certificate; or
       ``(iv) with respect to a protected consumer who has been 
     placed in a foster care setting, a written communication from 
     a county welfare department or its agent or designee, or a 
     county probation department or its agent or designee, 
     certifying that the protected consumer is in a foster care 
     setting under its jurisdiction.
       ``(G) The term `sufficient proof of identification' means 
     information or documentation that identifies a protected 
     consumer and a protected consumer's representative and 
     includes--
       ``(i) a social security number or a copy of a social 
     security card issued by the Social Security Administration;
       ``(ii) a certified or official copy of a birth certificate 
     issued by the entity authorized to issue the birth 
     certificate; or
       ``(iii) a copy of a driver's license, an identification 
     card issued by the motor vehicle administration, or any other 
     government issued identification.
       ``(2) Placement of security freeze for a protected 
     consumer.--
       ``(A) In general.--Upon receiving a direct request from a 
     protected consumer's representative that a consumer reporting 
     agency place a security freeze, and upon receiving sufficient 
     proof of identification and sufficient proof of authority, 
     the consumer reporting agency shall, free of charge, place 
     the security freeze not later than--
       ``(i) in the case of a request that is by toll-free 
     telephone or secure electronic means, 1 business day after 
     receiving the request directly from the protected consumer's 
     representative; or
       ``(ii) in the case of a request that is by mail, 3 business 
     days after receiving the request directly from the protected 
     consumer's representative.
       ``(B) Confirmation and additional information.--Not later 
     than 5 business days after placing a security freeze under 
     subparagraph (A), a consumer reporting agency shall--
       ``(i) send confirmation of the placement to the protected 
     consumer's representative; and
       ``(ii) inform the protected consumer's representative of 
     the process by which the protected consumer may remove the 
     security freeze, including a mechanism to authenticate the 
     protected consumer's representative.
       ``(C) Creation of file.--If a consumer reporting agency 
     does not have a file pertaining to a protected consumer when 
     the consumer reporting agency receives a direct request under 
     subparagraph (A), the consumer reporting agency shall create 
     a record for the protected consumer.
       ``(3) Prohibition on release of record or file of protected 
     consumer.--After a security freeze has been placed under 
     paragraph (2)(A), and unless the security freeze is removed 
     in accordance with this subsection, a consumer reporting 
     agency may not release the protected consumer's consumer 
     report, any information derived from the protected consumer's 
     consumer report, or any record created for the protected 
     consumer.
       ``(4) Removal of a protected consumer security freeze.--
       ``(A) In general.--A consumer reporting agency shall remove 
     a security freeze placed on the consumer report of a 
     protected consumer only in the following cases:
       ``(i) Upon the direct request of the protected consumer's 
     representative.
       ``(ii) Upon the direct request of the protected consumer, 
     if the protected consumer is not under the age of 16 years at 
     the time of the request.
       ``(iii) The security freeze was placed due to a material 
     misrepresentation of fact by the protected consumer's 
     representative.
       ``(B) Notice if removal not by request.--If a consumer 
     reporting agency removes a security freeze under subparagraph 
     (A)(iii), the consumer reporting agency shall notify the 
     protected consumer's representative in writing prior to 
     removing the security freeze.
       ``(C) Removal of freeze by request.--Except as provided in 
     subparagraph (A)(iii), a security freeze shall remain in 
     place until a protected consumer's representative or 
     protected consumer described in subparagraph (A)(ii) directly 
     requests that the security freeze be removed. Upon receiving 
     a direct request from the protected consumer's representative 
     or protected consumer described in subparagraph (A)(ii) that 
     a consumer reporting agency remove a security freeze, and 
     upon receiving sufficient proof of identification and 
     sufficient proof of authority, the consumer reporting agency 
     shall, free of charge, remove the security freeze not later 
     than--
       ``(i) in the case of a request that is by toll-free 
     telephone or secure electronic means, 1 hour after receiving 
     the request for removal; or
       ``(ii) in the case of a request that is by mail, 3 business 
     days after receiving the request for removal.
       ``(D) Temporary removal of security freeze.--Upon receiving 
     a direct request from a protected consumer or a protected 
     consumer's representative under subparagraph (A)(i), if the 
     protected consumer or protected consumer's representative 
     requests a temporary removal of a security freeze, the 
     consumer reporting agency shall, in accordance with 
     subparagraph (C), remove the security freeze for the period 
     of time specified by the protected consumer or protected 
     consumer's representative.''.
       (b) Conforming Amendment.--Section 625(b)(1) of the Fair 
     Credit Reporting Act (15 U.S.C. 1681t(b)(1)) is amended--
       (1) in subparagraph (H), by striking ``or'' at the end; and
       (2) by adding at the end the following:
       ``(J) subsections (i) and (j) of section 605A relating to 
     security freezes; or''.
       (c) Effective Date.--The amendments made by this section 
     shall take effect on the date that is 120 days after the date 
     of enactment of this Act.

     SEC. 302. PROTECTING VETERANS' CREDIT.

       (a) Purposes.--The purposes of this section are--
       (1) to rectify problematic reporting of medical debt 
     included in a consumer report of a veteran due to 
     inappropriate or delayed payment for hospital care, medical 
     services, or extended care services provided in a non-
     Department of Veterans Affairs facility under the laws 
     administered by the Secretary of Veterans Affairs; and
       (2) to clarify the process of debt collection for such 
     medical debt.
       (b) Amendments to Fair Credit Reporting Act.--
       (1) Veteran's medical debt defined.--Section 603 of the 
     Fair Credit Reporting Act (15 U.S.C. 1681a) is amended by 
     adding at the end the following:
       ``(z) Veteran.--The term `veteran' has the meaning given 
     the term in section 101 of title 38, United States Code.
       ``(aa) Veteran's Medical Debt.--The term `veteran's medical 
     debt'--
       ``(1) means a medical collection debt of a veteran owed to 
     a non-Department of Veterans Affairs health care provider 
     that was

[[Page H4331]]

     submitted to the Department for payment for health care 
     authorized by the Department of Veterans Affairs; and
       ``(2) includes medical collection debt that the Department 
     of Veterans Affairs has wrongfully charged a veteran.''.
       (2) Exclusion for veteran's medical debt.--Section 605(a) 
     of the Fair Credit Reporting Act (15 U.S.C. 1681c(a)) is 
     amended by adding at the end the following:
       ``(7) With respect to a consumer reporting agency described 
     in section 603(p), any information related to a veteran's 
     medical debt if the date on which the hospital care, medical 
     services, or extended care services was rendered relating to 
     the debt antedates the report by less than 1 year if the 
     consumer reporting agency has actual knowledge that the 
     information is related to a veteran's medical debt and the 
     consumer reporting agency is in compliance with its 
     obligation under section 302(c)(5) of the Economic Growth, 
     Regulatory Relief, and Consumer Protection Act.
       ``(8) With respect to a consumer reporting agency described 
     in section 603(p), any information related to a fully paid or 
     settled veteran's medical debt that had been characterized as 
     delinquent, charged off, or in collection if the consumer 
     reporting agency has actual knowledge that the information is 
     related to a veteran's medical debt and the consumer 
     reporting agency is in compliance with its obligation under 
     section 302(c)(5) of the Economic Growth, Regulatory Relief, 
     and Consumer Protection Act.''.
       (3) Removal of veteran's medical debt from consumer 
     report.--Section 611 of the Fair Credit Reporting Act (15 
     U.S.C. 1681i) is amended--
       (A) in subsection (a)(1)(A), by inserting ``and except as 
     provided in subsection (g)'' after ``subsection (f)''; and
       (B) by adding at the end the following:
       ``(g) Dispute Process for Veteran's Medical Debt.--
       ``(1) In general.--With respect to a veteran's medical 
     debt, the veteran may submit a notice described in paragraph 
     (2), proof of liability of the Department of Veterans Affairs 
     for payment of that debt, or documentation that the 
     Department of Veterans Affairs is in the process of making 
     payment for authorized hospital care, medical services, or 
     extended care services rendered to a consumer reporting 
     agency or a reseller to dispute the inclusion of that debt on 
     a consumer report of the veteran.
       ``(2) Notification to veteran.--The Department of Veterans 
     Affairs shall submit to a veteran a notice that the 
     Department of Veterans Affairs has assumed liability for part 
     or all of a veteran's medical debt.
       ``(3) Deletion of information from file.--If a consumer 
     reporting agency receives notice, proof of liability, or 
     documentation under paragraph (1), the consumer reporting 
     agency shall delete all information relating to the veteran's 
     medical debt from the file of the veteran and notify the 
     furnisher and the veteran of that deletion.''.
       (c) Verification of Veteran's Medical Debt.--
       (1) Definitions.--For purposes of this subsection--
       (A) the term ``consumer reporting agency'' means a consumer 
     reporting agency described in section 603(p) of the Fair 
     Credit Reporting Act (15 U.S.C. 1681a(p)); and
       (B) the terms ``veteran'' and ``veteran's medical debt'' 
     have the meanings given those terms in section 603 of the 
     Fair Credit Reporting Act (15 U.S.C. 1681a), as added by 
     subsection (b)(1).
       (2) Establishment.--Not later than 1 year after the date of 
     enactment of this Act, the Secretary of Veterans Affairs 
     shall establish a database to allow consumer reporting 
     agencies to verify whether a debt furnished to a consumer 
     reporting agency is a veteran's medical debt.
       (3) Database features.--The Secretary of Veterans Affairs 
     shall ensure that the database established under paragraph 
     (2), to the extent permitted by law, provides consumer 
     reporting agencies with--
       (A) sufficiently detailed and specific information to 
     verify whether a debt being furnished to the consumer 
     reporting agency is a veteran's medical debt;
       (B) access to verification information in a secure 
     electronic format;
       (C) timely access to verification information; and
       (D) any other features that would promote the efficient, 
     timely, and secure delivery of information that consumer 
     reporting agencies could use to verify whether a debt is a 
     veteran's medical debt.
       (4) Stakeholder input.--Prior to establishing the database 
     for verification under paragraph (2), the Secretary of 
     Veterans Affairs shall publish in the Federal Register a 
     notice and request for comment that solicits input from 
     consumer reporting agencies and other stakeholders.
       (5) Verification.--Provided the database established under 
     paragraph (2) is fully functional and the data available to 
     consumer reporting agencies, a consumer reporting agency 
     shall use the database as a means to identify a veteran's 
     medical debt pursuant to paragraphs (7) and (8) of section 
     605(a) of the Fair Credit Reporting Act (15 U.S.C. 1681c(a)), 
     as added by subsection (b)(2).
       (d) Credit Monitoring.--
       (1) In general.--Section 605A of the Fair Credit Reporting 
     Act (15 U.S.C. 1681c-1), as amended by section 301(a), is 
     amended by adding at the end the following:
       ``(k) Credit Monitoring.--
       ``(1) Definitions.--In this subsection:
       ``(A) The term `active duty military consumer' includes a 
     member of the National Guard.
       ``(B) The term `National Guard' has the meaning given the 
     term in section 101(c) of title 10, United States Code.
       ``(2) Credit monitoring.--A consumer reporting agency 
     described in section 603(p) shall provide a free electronic 
     credit monitoring service that, at a minimum, notifies a 
     consumer of material additions or modifications to the file 
     of the consumer at the consumer reporting agency to any 
     consumer who provides to the consumer reporting agency--
       ``(A) appropriate proof that the consumer is an active duty 
     military consumer; and
       ``(B) contact information of the consumer.
       ``(3) Rulemaking.--Not later than 1 year after the date of 
     enactment of this subsection, the Federal Trade Commission 
     shall promulgate regulations regarding the requirements of 
     this subsection, which shall at a minimum include--
       ``(A) a definition of an electronic credit monitoring 
     service and material additions or modifications to the file 
     of a consumer; and
       ``(B) what constitutes appropriate proof.
       ``(4) Applicability.--
       ``(A) Sections 616 and 617 shall not apply to any violation 
     of this subsection.
       ``(B) This subsection shall be enforced exclusively under 
     section 621 by the Federal agencies and Federal and State 
     officials identified in that section.''.
       (2) Conforming amendment.--Section 625(b)(1) of the Fair 
     Credit Reporting Act (15 U.S.C. 1681t(b)(1)), as amended by 
     section 301(b), is amended by adding at the end the 
     following:
       ``(K) subsection (k) of section 605A, relating to credit 
     monitoring for active duty military consumers, as defined in 
     that subsection;''.
       (e) Effective Date.--The amendments made by this section 
     shall take effect on the date that is 1 year after the date 
     of enactment of this Act.

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

       (a) Immunity.--
       (1) Definitions.--In this section--
       (A) the term ``Bank Secrecy Act officer'' means an 
     individual responsible for ensuring compliance with the 
     requirements mandated by subchapter II of chapter 53 of title 
     31, United States Code (commonly known as the ``Bank Secrecy 
     Act'');
       (B) the term ``broker-dealer'' means a broker and a dealer, 
     as those terms are defined in section 3(a) of the Securities 
     Exchange Act of 1934 (15 U.S.C. 78c(a));
       (C) the term ``covered agency'' means--
       (i) a State financial regulatory agency, including a State 
     securities or law enforcement authority and a State insurance 
     regulator;
       (ii) each of the Federal agencies represented in the 
     membership of the Financial Institutions Examination Council 
     established under section 1004 of the Federal Financial 
     Institutions Examination Council Act of 1978 (12 U.S.C. 
     3303);
       (iii) a securities association registered under section 15A 
     of the Securities Exchange Act of 1934 (15 U.S.C. 78o-3);
       (iv) the Securities and Exchange Commission;
       (v) a law enforcement agency; or
       (vi) a State or local agency responsible for administering 
     adult protective service laws;
       (D) the term ``covered financial institution'' means--
       (i) a credit union;
       (ii) a depository institution;
       (iii) an investment adviser;
       (iv) a broker-dealer;
       (v) an insurance company;
       (vi) an insurance agency; or
       (vii) a transfer agent;
       (E) the term ``credit union'' has the meaning given the 
     term in section 2 of the Dodd-Frank Wall Street Reform and 
     Consumer Protection Act (12 U.S.C. 5301);
       (F) the term ``depository institution'' has the meaning 
     given the term in section 3(c) of the Federal Deposit 
     Insurance Act (12 U.S.C. 1813(c));
       (G) the term ``exploitation'' means the fraudulent or 
     otherwise illegal, unauthorized, or improper act or process 
     of an individual, including a caregiver or a fiduciary, 
     that--
       (i) uses the resources of a senior citizen for monetary or 
     personal benefit, profit, or gain; or
       (ii) results in depriving a senior citizen of rightful 
     access to or use of benefits, resources, belongings, or 
     assets;
       (H) the term ``insurance agency'' means any business entity 
     that sells, solicits, or negotiates insurance coverage;
       (I) the term ``insurance company'' has the meaning given 
     the term in section 2(a) of the Investment Company Act of 
     1940 (15 U.S.C. 80a-2(a));
       (J) the term ``insurance producer'' means an individual who 
     is required under State law to be licensed in order to sell, 
     solicit, or negotiate insurance coverage;
       (K) the term ``investment adviser'' has the meaning given 
     the term in section 202(a) of the Investment Advisers Act of 
     1940 (15 U.S.C. 80b-2(a));
       (L) the term ``investment adviser representative'' means an 
     individual who--
       (i) is employed by, or associated with, an investment 
     adviser; and
       (ii) does not perform solely clerical or ministerial acts;

[[Page H4332]]

       (M) the term ``registered representative'' means an 
     individual who represents a broker-dealer in effecting or 
     attempting to effect a purchase or sale of securities;
       (N) the term ``senior citizen'' means an individual who is 
     not younger than 65 years of age;
       (O) the term ``State'' means each of the several States, 
     the District of Columbia, and any territory or possession of 
     the United States;
       (P) the term ``State insurance regulator'' has the meaning 
     given the term in section 315 of the Gramm-Leach-Bliley Act 
     (15 U.S.C. 6735);
       (Q) the term ``State securities or law enforcement 
     authority'' has the meaning given the term in section 
     24(f)(4) of the Securities Exchange Act of 1934 (15 U.S.C. 
     78x(f)(4)); and
       (R) the term ``transfer agent'' has the meaning given the 
     term in section 3(a) of the Securities Exchange Act of 1934 
     (15 U.S.C. 78c(a)).
       (2) Immunity from suit.--
       (A) Immunity for individuals.--An individual who has 
     received the training described in subsection (b) shall not 
     be liable, including in any civil or administrative 
     proceeding, for disclosing the suspected exploitation of a 
     senior citizen to a covered agency if the individual, at the 
     time of the disclosure--
       (i) served as a supervisor or in a compliance or legal 
     function (including as a Bank Secrecy Act officer) for, or, 
     in the case of a registered representative, investment 
     adviser representative, or insurance producer, was affiliated 
     or associated with, a covered financial institution; and
       (ii) made the disclosure--

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

       (B) Immunity for covered financial institutions.--A covered 
     financial institution shall not be liable, including in any 
     civil or administrative proceeding, for a disclosure made by 
     an individual described in subparagraph (A) if--
       (i) the individual was employed by, or, in the case of a 
     registered representative, insurance producer, or investment 
     adviser representative, affiliated or associated with, the 
     covered financial institution at the time of the disclosure; 
     and
       (ii) before the time of the disclosure, each individual 
     described in subsection (b)(1) received the training 
     described in subsection (b).
       (C) Rule of construction.--Nothing in subparagraph (A) or 
     (B) shall be construed to limit the liability of an 
     individual or a covered financial institution in a civil 
     action for any act, omission, or fraud that is not a 
     disclosure described in subparagraph (A).
       (b) Training.--
       (1) In general.--A covered financial institution or a third 
     party selected by a covered financial institution may provide 
     the training described in paragraph (2)(A) to each officer or 
     employee of, or registered representative, insurance 
     producer, or investment adviser representative affiliated or 
     associated with, the covered financial institution who--
       (A) is described in subsection (a)(2)(A)(i);
       (B) may come into contact with a senior citizen as a 
     regular part of the professional duties of the individual; or
       (C) may review or approve the financial documents, records, 
     or transactions of a senior citizen in connection with 
     providing financial services to a senior citizen.
       (2) Content.--
       (A) In general.--The content of the training that a covered 
     financial institution or a third party selected by the 
     covered financial institution may provide under paragraph (1) 
     shall--
       (i) be maintained by the covered financial institution and 
     made available to a covered agency with examination authority 
     over the covered financial institution, upon request, except 
     that a covered financial institution shall not be required to 
     maintain or make available such content with respect to any 
     individual who is no longer employed by, or affiliated or 
     associated with, the covered financial institution;
       (ii) instruct any individual attending the training on how 
     to identify and report the suspected exploitation of a senior 
     citizen internally and, as appropriate, to government 
     officials or law enforcement authorities, including common 
     signs that indicate the financial exploitation of a senior 
     citizen;
       (iii) discuss the need to protect the privacy and respect 
     the integrity of each individual customer of the covered 
     financial institution; and
       (iv) be appropriate to the job responsibilities of the 
     individual attending the training.
       (B) Timing.--The training under paragraph (1) shall be 
     provided--
       (i) as soon as reasonably practicable; and
       (ii) with respect to an individual who begins employment, 
     or becomes affiliated or associated, with a covered financial 
     institution after the date of enactment of this Act, not 
     later than 1 year after the date on which the individual 
     becomes employed by, or affiliated or associated with, the 
     covered financial institution in a position described in 
     subparagraph (A), (B), or (C) of paragraph (1).
       (C) Records.--A covered financial institution shall--
       (i) maintain a record of each individual who--

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

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

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

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

     SEC. 305. REMEDIATING LEAD AND ASBESTOS HAZARDS.

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

     SEC. 306. FAMILY SELF-SUFFICIENCY PROGRAM.

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

[[Page H4333]]

       (ii) in the first sentence, by striking ``each leaseholder 
     receiving assistance under the certificate and voucher 
     programs of the public housing agency under section 8 or 
     residing in public housing administered by the agency'' and 
     inserting ``a household member of an eligible family''; and
       (iii) by striking the third sentence and inserting the 
     following: ``Housing assistance may not be terminated as a 
     consequence of either successful completion of the contract 
     of participation or failure to complete such contract. A 
     contract of participation shall remain in effect until the 
     participating family exits the Family Self-Sufficiency 
     program upon successful graduation or expiration of the 
     contract of participation, or for other good cause.'';
       (B) in paragraph (2)--
       (i) in the matter preceding subparagraph (A)--

       (I) in the first sentence--

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

       (II) in the second sentence--

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

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

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

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

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

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

       (ii) in subparagraph (D)--

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

       (iii) in subparagraph (E), by striking ``deliver'' and 
     inserting ``coordinate'';
       (iv) in subparagraph (H), by striking ``the Job 
     Opportunities and Basic Skills Training Program under part F 
     of title IV of the Social Security Act and''; and
       (v) in subparagraph (I), by striking ``public housing or 
     section 8 assistance'' and inserting ``assistance under 
     section 8 or 9'';
       (11) by amending subsection (i), as so redesignated, to 
     read as follows:
       ``(i) Family Self-Sufficiency Awards.--
       ``(1) In general.--Subject to appropriations, the Secretary 
     shall establish a formula by which annual funds shall be 
     awarded or as otherwise determined by the Secretary for the 
     costs incurred by an eligible entity in administering the 
     Family Self-Sufficiency program under this section.
       ``(2) Eligibility for awards.--The award established under 
     paragraph (1) shall provide funding for family self-
     sufficiency coordinators as follows:
       ``(A) Base award.--An eligible entity serving 25 or more 
     participants in the Family Self-Sufficiency program under 
     this section is eligible to receive an award equal to the 
     costs, as determined by the Secretary, of 1 full-time family 
     self-sufficiency coordinator position. The Secretary may, by 
     regulation or notice, determine the policy concerning the 
     award for an eligible entity serving fewer than 25 such 
     participants, including providing prorated awards or allowing 
     such entities to combine their programs under this section 
     for purposes of employing a coordinator.
       ``(B) Additional award.--An eligible entity that meets 
     performance standards set by the Secretary is eligible to 
     receive an additional award sufficient to cover the costs of 
     filling an additional family self-sufficiency coordinator 
     position if such entity has 75 or more participating 
     families, and an additional coordinator for each additional 
     50 participating families, or such other ratio as may be 
     established by the Secretary based on the award allocation 
     evaluation under subparagraph (E).
       ``(C) State and regional agencies.--For purposes of 
     calculating the award under this paragraph, each 
     administratively distinct part of a State or regional 
     eligible entity may be treated as a separate agency.
       ``(D) Determination of number of coordinators.--In 
     determining whether an eligible entity meets a specific 
     threshold for funding pursuant to this paragraph, the 
     Secretary shall consider the number of participants enrolled 
     by the eligible entity in its Family Self-Sufficiency program 
     as well as other criteria determined by the Secretary.
       ``(E) Award allocation evaluation.--The Secretary shall 
     submit to Congress a report evaluating the award allocation 
     under this subsection, and make recommendations based on this 
     evaluation and other related findings to modify such 
     allocation, within 4

[[Page H4334]]

     years after the date of enactment of the Economic Growth, 
     Regulatory Relief, and Consumer Protection Act, and not less 
     frequently than every 4 years thereafter. The report 
     requirement under this subparagraph shall terminate after the 
     Secretary has submitted 2 such reports to Congress.
       ``(3) Renewals and allocation.--
       ``(A) In general.--Funds allocated by the Secretary under 
     this subsection shall be allocated in the following order of 
     priority:
       ``(i) First priority.--Renewal of the full cost of all 
     coordinators in the previous year at each eligible entity 
     with an existing Family Self-Sufficiency program that meets 
     applicable performance standards set by the Secretary.
       ``(ii) Second priority.--New or incremental coordinator 
     funding authorized under this section.
       ``(B) Guidance.--If the first priority, as described in 
     subparagraph (A)(i), cannot be fully satisfied, the Secretary 
     may prorate the funding for each eligible entity, as long 
     as--
       ``(i) each eligible entity that has received funding for at 
     least 1 part-time coordinator in the prior fiscal year is 
     provided sufficient funding for at least 1 part-time 
     coordinator as part of any such proration; and
       ``(ii) each eligible entity that has received funding for 
     at least 1 full-time coordinator in the prior fiscal year is 
     provided sufficient funding for at least 1 full-time 
     coordinator as part of any such proration.
       ``(4) Recapture or offset.--Any awards allocated under this 
     subsection by the Secretary in a fiscal year that have not 
     been spent by the end of the subsequent fiscal year or such 
     other time period as determined by the Secretary may be 
     recaptured by the Secretary and shall be available for 
     providing additional awards pursuant to paragraph (2)(B), or 
     may be offset as determined by the Secretary. Funds 
     appropriated pursuant to this section shall remain available 
     for 3 years in order to facilitate the re-use of any 
     recaptured funds for this purpose.
       ``(5) Performance reporting.--Programs under this section 
     shall be required to report the number of families enrolled 
     and graduated, the number of established escrow accounts and 
     positive escrow balances, and any other information that the 
     Secretary may require. Program performance shall be reviewed 
     periodically as determined by the Secretary.
       ``(6) Incentives for innovation and high performance.--The 
     Secretary may reserve up to 5 percent of the amounts made 
     available under this subsection to provide support to or 
     reward Family Self-Sufficiency programs based on the rate of 
     successful completion, increased earned income, or other 
     factors as may be established by the Secretary.'';
       (12) in subsection (j)--
       (A) by striking ``public housing agency'' and inserting 
     ``eligible entity'';
       (B) by striking ``public housing'' before ``units'';
       (C) by striking ``in public housing projects administered 
     by the agency'';
       (D) by inserting ``or coordination'' after ``provision''; 
     and
       (E) by striking the last sentence;
       (13) in subsection (k), by striking ``public housing 
     agencies'' and inserting ``eligible entities'';
       (14) by striking subsection (n);
       (15) by striking subsection (o);
       (16) by redesignating subsections (l) and (m) as 
     subsections (m) and (n), respectively;
       (17) by inserting after subsection (k) the following:
       ``(l) Programs for Tenants in Privately Owned Properties 
     With Project-Based Assistance.--
       ``(1) Voluntary availability of fss program.--The owner of 
     a privately owned property may voluntarily make a Family 
     Self-Sufficiency program available to the tenants of such 
     property in accordance with procedures established by the 
     Secretary. Such procedures shall permit the owner to enter 
     into a cooperative agreement with a local public housing 
     agency that administers a Family Self-Sufficiency program or, 
     at the owner's option, operate a Family Self-Sufficiency 
     program on its own or in partnership with another owner. An 
     owner, who voluntarily makes a Family Self-Sufficiency 
     program available pursuant to this subsection, may access 
     funding from any residual receipt accounts for the property 
     to hire a family self-sufficiency coordinator or coordinators 
     for their program.
       ``(2) Cooperative agreement.--Any cooperative agreement 
     entered into pursuant to paragraph (1) shall require the 
     public housing agency to open its Family Self-Sufficiency 
     program waiting list to any eligible family residing in the 
     owner's property who resides in a unit assisted under 
     project-based rental assistance.
       ``(3) Treatment of families assisted under this 
     subsection.--A public housing agency that enters into a 
     cooperative agreement pursuant to paragraph (1) may count any 
     family participating in its Family Self-Sufficiency program 
     as a result of such agreement as part of the calculation of 
     the award under subsection (i).
       ``(4) Escrow.--
       ``(A) Cooperative agreement.--A cooperative agreement 
     entered into pursuant to paragraph (1) shall provide for the 
     calculation and tracking of the escrow for participating 
     residents and for the owner to make available, upon request 
     of the public housing agency, escrow for participating 
     residents, in accordance with paragraphs (2) and (3) of 
     subsection (e), residing in units assisted under section 8.
       ``(B) Calculation and tracking by owner.--The owner of a 
     privately owned property who voluntarily makes a Family Self-
     Sufficiency program available pursuant to paragraph (1) shall 
     calculate and track the escrow for participating residents 
     and make escrow for participating residents available in 
     accordance with paragraphs (2) and (3) of subsection (e).
       ``(5) Exception.--This subsection shall not apply to 
     properties assisted under section 8(o)(13).
       ``(6) Suspension of enrollment.--In any year, the Secretary 
     may suspend the enrollment of new families in Family Self-
     Sufficiency programs under this subsection based on a 
     determination that insufficient funding is available for this 
     purpose.'';
       (18) in subsection (m), as so redesignated--
       (A) in paragraph (1)--
       (i) in the first sentence, by striking ``Each public 
     housing agency'' and inserting ``Each eligible entity'';
       (ii) in the second sentence, by striking ``The report shall 
     include'' and inserting ``The contents of the report shall 
     include''; and
       (iii) in subparagraph (D)--

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

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

     SEC. 307. PROPERTY ASSESSED CLEAN ENERGY FINANCING.

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

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

     SEC. 308. GAO REPORT ON CONSUMER REPORTING AGENCIES.

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

[[Page H4335]]

       (6) a review of who has access to, and may use, consumer 
     reports;
       (7) a review of who has control or ownership of a 
     consumer's credit data;
       (8) an analysis of--
       (A) which Federal and State regulatory agencies supervise 
     and enforce laws relating to how consumer reporting agencies 
     protect consumer data; and
       (B) all laws relating to data security applicable to 
     consumer reporting agencies; and
       (9) recommendations to Congress on how to improve the 
     consumer reporting system, including legislative, regulatory, 
     and industry-specific recommendations.

     SEC. 309. PROTECTING VETERANS FROM PREDATORY LENDING.

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

     ``Sec. 3709. Refinancing of housing loans

       ``(a) Fee Recoupment.--Except as provided in subsection (d) 
     and notwithstanding section 3703 of this title or any other 
     provision of law, a loan to a veteran for a purpose specified 
     in section 3710 of this title that is being refinanced may 
     not be guaranteed or insured under this chapter unless--
       ``(1) the issuer of the refinanced loan provides the 
     Secretary with a certification of the recoupment period for 
     fees, closing costs, and any expenses (other than taxes, 
     amounts held in escrow, and fees paid under this chapter) 
     that would be incurred by the borrower in the refinancing of 
     the loan;
       ``(2) all of the fees and incurred costs are scheduled to 
     be recouped on or before the date that is 36 months after the 
     date of loan issuance; and
       ``(3) the recoupment is calculated through lower regular 
     monthly payments (other than taxes, amounts held in escrow, 
     and fees paid under this chapter) as a result of the 
     refinanced loan.
       ``(b) Net Tangible Benefit Test.--Except as provided in 
     subsection (d) and notwithstanding section 3703 of this title 
     or any other provision of law, a loan to a veteran for a 
     purpose specified in section 3710 of this title that is 
     refinanced may not be guaranteed or insured under this 
     chapter unless--
       ``(1) the issuer of the refinanced loan provides the 
     borrower with a net tangible benefit test;
       ``(2) in a case in which the original loan had a fixed rate 
     mortgage interest rate and the refinanced loan will have a 
     fixed rate mortgage interest rate, the refinanced loan has a 
     mortgage interest rate that is not less than 50 basis points 
     less than the previous loan;
       ``(3) in a case in which the original loan had a fixed rate 
     mortgage interest rate and the refinanced loan will have an 
     adjustable rate mortgage interest rate, the refinanced loan 
     has a mortgage interest rate that is not less than 200 basis 
     points less than the previous loan; and
       ``(4) the lower interest rate is not produced solely from 
     discount points, unless--
       ``(A) such points are paid at closing; and
       ``(B) such points are not added to the principal loan 
     amount, unless--
       ``(i) for discount point amounts that are less than or 
     equal to one discount point, the resulting loan balance after 
     any fees and expenses allows the property with respect to 
     which the loan was issued to maintain a loan to value ratio 
     of 100 percent or less; and
       ``(ii) for discount point amounts that are greater than one 
     discount point, the resulting loan balance after any fees and 
     expenses allows the property with respect to which the loan 
     was issued to maintain a loan to value ratio of 90 percent or 
     less.
       ``(c) Loan Seasoning.--Except as provided in subsection (d) 
     and notwithstanding section 3703 of this title or any other 
     provision of law, a loan to a veteran for a purpose specified 
     in section 3710 of this title that is refinanced may not be 
     guaranteed or insured under this chapter until the date that 
     is the later of--
       ``(1) the date that is 210 days after the date on which the 
     first monthly payment is made on the loan; and
       ``(2) the date on which the sixth monthly payment is made 
     on the loan.
       ``(d) Cash-out Refinances.--(1) Subsections (a) through (c) 
     shall not apply in a case of a loan refinancing in which the 
     amount of the principal for the new loan to be guaranteed or 
     insured under this chapter is larger than the payoff amount 
     of the refinanced loan.
       ``(2) Not later than 180 days after the date of the 
     enactment of this section, the Secretary shall promulgate 
     such rules as the Secretary considers appropriate with 
     respect to refinancing described in paragraph (1) to ensure 
     that such refinancing is in the financial interest of the 
     borrower, including rules relating to recoupment, seasoning, 
     and net tangible benefits.''.
       (2) Regulations.--
       (A) In general.--In prescribing any regulation to carry out 
     section 3709 of title 38, United States Code, as added by 
     paragraph (1), the Secretary of Veterans Affairs may waive 
     the requirements of sections 551 through 559 of title 5, 
     United States Code, if--
       (i) the Secretary determines that urgent or compelling 
     circumstances make compliance with such requirements 
     impracticable or contrary to the public interest;
       (ii) the Secretary submits to the Committee on Veterans' 
     Affairs of the Senate and the Committee on Veterans' Affairs 
     of the House of Representatives, and publishes in the Federal 
     Register, notice of such waiver, including a description of 
     the determination made under clause (i); and
       (iii) a period of 10 days elapses following the 
     notification under clause (ii).
       (B) Public notice and comment.--If a regulation prescribed 
     pursuant to a waiver made under subparagraph (A) is in effect 
     for a period exceeding 1 year, the Secretary shall provide 
     the public an opportunity for notice and comment regarding 
     such regulation.
       (C) Effective date.--This paragraph shall take effect on 
     the date of the enactment of this Act.
       (D) Termination date.--The authorities under this paragraph 
     shall terminate on the date that is 1 year after the date of 
     the enactment of this Act.
       (3) Report on cash-out refinances.--
       (A) In general.--Not later than 1 year after the date of 
     the enactment of this Act, the Secretary shall, in 
     consultation with the President of the Ginnie Mae, submit to 
     Congress a report on refinancing--
       (i) of loans--

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

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

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

     SEC. 310. CREDIT SCORE COMPETITION.

       (a) Use of Credit Scores by Fannie Mae in Purchasing 
     Residential Mortgages.--Section 302(b) of the Federal 
     National Mortgage Association Charter Act (12 U.S.C. 1717(b)) 
     is amended by adding at the end the following:

[[Page H4336]]

       ``(7)(A) Definitions.--In this paragraph--
       ``(i) the term `credit score' means a numerical value or a 
     categorization created by a third party derived from a 
     statistical tool or modeling system used by a person who 
     makes or arranges a loan to predict the likelihood of certain 
     credit behaviors, including default; and
       ``(ii) the term `residential mortgage' has the meaning 
     given the term in section 302 of the Federal Home Loan 
     Mortgage Corporation Act (12 U.S.C. 1451).
       ``(B) Use of Credit Scores.--The corporation shall 
     condition purchase of a residential mortgage by the 
     corporation under this subsection on the provision of a 
     credit score for the borrower only if--
       ``(i) the credit score is derived from any credit scoring 
     model that has been validated and approved by the corporation 
     under this paragraph; and
       ``(ii) the corporation provides for the use of the credit 
     score by all of the automated underwriting systems of the 
     corporation and any other procedures and systems used by the 
     corporation to purchase residential mortgages that use a 
     credit score.
       ``(C) Validation and Approval Process.--The corporation 
     shall establish a validation and approval process for the use 
     of credit score models, under which the corporation may not 
     validate and approve a credit score model unless the credit 
     score model--
       ``(i) satisfies minimum requirements of integrity, 
     reliability, and accuracy;
       ``(ii) has a historical record of measuring and predicting 
     default rates and other credit behaviors;
       ``(iii) is consistent with the safe and sound operation of 
     the corporation;
       ``(iv) complies with any standards and criteria established 
     by the Director of the Federal Housing Finance Agency under 
     section 1328(1) of the Federal Housing Enterprises Financial 
     Safety and Soundness Act of 1992; and
       ``(v) satisfies any other requirements, as determined by 
     the corporation.
       ``(D) Replacement of Credit Score Model.--If the 
     corporation has validated and approved 1 or more credit score 
     models under subparagraph (C) and the corporation validates 
     and approves an additional credit score model, the 
     corporation may determine that--
       ``(i) the additional credit score model has replaced the 
     credit score model or credit score models previously 
     validated and approved; and
       ``(ii) the credit score model or credit score models 
     previously validated and approved shall no longer be 
     considered validated and approved for the purposes of 
     subparagraph (B).
       ``(E) Public Disclosure.--Upon establishing the validation 
     and approval process required under subparagraph (C), the 
     corporation shall make publicly available a description of 
     the validation and approval process.
       ``(F) Application.--Not later than 30 days after the 
     effective date of this paragraph, the corporation shall 
     solicit applications from developers of credit scoring models 
     for the validation and approval of those models under the 
     process required under subparagraph (C).
       ``(G) Timeframe for Determination; Notice.--
       ``(i) In general.--The corporation shall make a 
     determination with respect to any application submitted under 
     subparagraph (F), and provide notice of that determination to 
     the applicant, before a date established by the corporation 
     that is not later than 180 days after the date on which an 
     application is submitted to the corporation.
       ``(ii) Extensions.--The Director of the Federal Housing 
     Finance Agency may authorize not more than 2 extensions of 
     the date established under clause (i), each of which shall 
     not exceed 30 days, upon a written request and a showing of 
     good cause by the corporation.
       ``(iii) Status notice.--The corporation shall provide 
     notice to an applicant regarding the status of an application 
     submitted under subparagraph (F) not later than 60 days after 
     the date on which the application was submitted to the 
     corporation.
       ``(iv) Reasons for disapproval.--If an application 
     submitted under subparagraph (F) is disapproved, the 
     corporation shall provide to the applicant the reasons for 
     the disapproval not later than 30 days after a determination 
     is made under this subparagraph.
       ``(H) Authority of Director.--If the corporation elects to 
     use a credit score model under this paragraph, the Director 
     of the Federal Housing Finance Agency shall require the 
     corporation to periodically review the validation and 
     approval process required under subparagraph (C) as the 
     Director determines necessary to ensure that the process 
     remains appropriate and adequate and complies with any 
     standards and criteria established pursuant to section 
     1328(1) of the Federal Housing Enterprises Financial Safety 
     and Soundness Act of 1992.
       ``(I) Extension.--If, as of the effective date of this 
     paragraph, a credit score model has not been approved under 
     subparagraph (C), the corporation may use a credit score 
     model that was in use before the effective date of this 
     paragraph, if necessary to prevent substantial market 
     disruptions, until the earlier of--
       ``(i) the date on which a credit score model is validated 
     and approved under subparagraph (C); or
       ``(ii) the date that is 2 years after the effective date of 
     this paragraph.''.
       (b) Use of Credit Scores by Freddie Mac in Purchasing 
     Residential Mortgages.--Section 305 of the Federal Home Loan 
     Mortgage Corporation Act (12 U.S.C. 1454) is amended by 
     adding at the end the following:
       ``(d)(1) Definition.--In this subsection, the term `credit 
     score' means a numerical value or a categorization created by 
     a third party derived from a statistical tool or modeling 
     system used by a person who makes or arranges a loan to 
     predict the likelihood of certain credit behaviors, including 
     default.
       ``(2) Use of Credit Scores.--The Corporation shall 
     condition purchase of a residential mortgage by the 
     Corporation under this section on the provision of a credit 
     score for the borrower only if--
       ``(A) the credit score is derived from any credit scoring 
     model that has been validated and approved by the Corporation 
     under this subsection; and
       ``(B) the Corporation provides for the use of the credit 
     score by all of the automated underwriting systems of the 
     Corporation and any other procedures and systems used by the 
     Corporation to purchase residential mortgages that use a 
     credit score.
       ``(3) Validation and Approval Process.--The Corporation 
     shall establish a validation and approval process for the use 
     of credit score models, under which the Corporation may not 
     validate and approve a credit score model unless the credit 
     score model--
       ``(A) satisfies minimum requirements of integrity, 
     reliability, and accuracy;
       ``(B) has a historical record of measuring and predicting 
     default rates and other credit behaviors;
       ``(C) is consistent with the safe and sound operation of 
     the corporation;
       ``(D) complies with any standards and criteria established 
     by the Director of the Federal Housing Finance Agency under 
     section 1328(1) of the Federal Housing Enterprises Financial 
     Safety and Soundness Act of 1992; and
       ``(E) satisfies any other requirements, as determined by 
     the Corporation.
       ``(4) Replacement of Credit Score Model.--If the 
     Corporation has validated and approved 1 or more credit score 
     models under paragraph (3) and the Corporation validates and 
     approves an additional credit score model, the Corporation 
     may determine that--
       ``(A) the additional credit score model has replaced the 
     credit score model or credit score models previously 
     validated and approved; and
       ``(B) the credit score model or credit score models 
     previously validated and approved shall no longer be 
     considered validated and approved for the purposes of 
     paragraph (2).
       ``(5) Public Disclosure.--Upon establishing the validation 
     and approval process required under paragraph (3), the 
     Corporation shall make publicly available a description of 
     the validation and approval process.
       ``(6) Application.--Not later than 30 days after the 
     effective date of this subsection, the Corporation shall 
     solicit applications from developers of credit scoring models 
     for the validation and approval of those models under the 
     process required under paragraph (3).
       ``(7) Timeframe for Determination; Notice.--
       ``(A) In general.--The Corporation shall make a 
     determination with respect to any application submitted under 
     paragraph (6), and provide notice of that determination to 
     the applicant, before a date established by the Corporation 
     that is not later than 180 days after the date on which an 
     application is submitted to the Corporation.
       ``(B) Extensions.--The Director of the Federal Housing 
     Finance Agency may authorize not more than 2 extensions of 
     the date established under subparagraph (A), each of which 
     shall not exceed 30 days, upon a written request and a 
     showing of good cause by the Corporation.
       ``(C) Status notice.--The Corporation shall provide notice 
     to an applicant regarding the status of an application 
     submitted under paragraph (6) not later than 60 days after 
     the date on which the application was submitted to the 
     Corporation.
       ``(D) Reasons for disapproval.--If an application submitted 
     under paragraph (6) is disapproved, the Corporation shall 
     provide to the applicant the reasons for the disapproval not 
     later than 30 days after a determination is made under this 
     paragraph.
       ``(8) Authority of Director.--If the Corporation elects to 
     use a credit score under this subsection, the Director of the 
     Federal Housing Finance Agency shall require the Corporation 
     to periodically review the validation and approval process 
     required under paragraph (3) as the Director determines 
     necessary to ensure that the process remains appropriate and 
     adequate and complies with any standards and criteria 
     established pursuant to section 1328(1) of the Federal 
     Housing Enterprises Financial Safety and Soundness Act of 
     1992.
       ``(9) Extension.--If, as of the effective date of this 
     subsection, a credit score model has not been approved under 
     paragraph (3), the Corporation may use a credit score model 
     that was in use before the effective date of this subsection, 
     if necessary to prevent substantial market disruptions, until 
     the earlier of--
       ``(A) the date on which a credit score model is validated 
     and approved under paragraph (3); or
       ``(B) the date that is 2 years after the effective date of 
     this subsection.''.
       (c) Authority of the Director.--Subpart A of part 2 of 
     subtitle A of the Federal Housing Enterprises Financial 
     Safety and Soundness Act of 1992 (12 U.S.C. 4541 et seq.) is 
     amended by adding at the end the following:

[[Page H4337]]

  


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

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

     SEC. 311. GAO REPORT ON PUERTO RICO FORECLOSURES.

       Not earlier than 1 year after the date of enactment of this 
     Act, the Comptroller General of the United States shall 
     submit to the Committee on Banking, Housing, and Urban 
     Affairs of the Senate and the Committee on Financial Services 
     of the House of Representatives a report on foreclosures in 
     the Commonwealth of Puerto Rico, including--
       (1) the rate of foreclosures in the Commonwealth of Puerto 
     Rico before and after Hurricane Maria;
       (2) the rate of return for housing developers in the 
     Commonwealth of Puerto Rico before and after Hurricane Maria;
       (3) the rate of delinquency in the Commonwealth of Puerto 
     Rico before and after Hurricane Maria;
       (4) the rate of homeownership in the Commonwealth of Puerto 
     Rico before and after Hurricane Maria; and
       (5) the rate of defaults on federally insured mortgages in 
     the Commonwealth of Puerto Rico before and after Hurricane 
     Maria.

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

       (a) Definitions.--In this section--
       (1) the term ``Department'' means the Department of Housing 
     and Urban Development; and
       (2) the term ``public housing agency'' has the meaning 
     given the term in section 3(b) of the United States Housing 
     Act of 1937 (42 U.S.C. 1437a(b)).
       (b) Report.--Not later than 1 year after the date of 
     enactment of this Act, the Secretary of Housing and Urban 
     Development shall submit to Congress a report that includes--
       (1) an overview of existing policies and enforcement of the 
     Department, including public outreach, relating to lead-based 
     paint hazard prevention and abatement;
       (2) recommendations and best practices for the Department, 
     public housing agencies, and landlords for improving lead-
     based paint hazard prevention standards and Federal lead 
     prevention and abatement policies to protect the 
     environmental health and safety of children, including within 
     housing receiving assistance from or occupied by families 
     receiving housing assistance from the Department; and
       (3) recommendations for legislation to improve lead-based 
     paint hazard prevention and abatement.

     SEC. 313. FORECLOSURE RELIEF AND EXTENSION FOR 
                   SERVICEMEMBERS.

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

   TITLE IV--TAILORING REGULATIONS FOR CERTAIN BANK HOLDING COMPANIES

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

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

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

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

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

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

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

       (6) in subsection (j)(1), in the first sentence, by 
     striking ``$50,000,000,000'' and inserting 
     ``$250,000,000,000''.
       (b) Rule of Construction.--Nothing in subsection (a) shall 
     be construed to limit--
       (1) the authority of the Board of Governors of the Federal 
     Reserve System, in prescribing prudential standards under 
     section 165 of the Financial Stability Act of 2010 (12 U.S.C. 
     5365) or any other law, to tailor or differentiate among 
     companies on an individual basis or by category, taking into 
     consideration their capital structure, riskiness, complexity, 
     financial activities (including financial activities of their 
     subsidiaries), size, and any other risk-related factors that 
     the Board of Governors deems appropriate; or
       (2) the supervisory, regulatory, or enforcement authority 
     of an appropriate Federal banking agency to further the safe 
     and sound operation of an institution under the supervision 
     of the appropriate Federal banking agency.
       (c) Technical and Conforming Amendments.--
       (1) Financial stability act of 2010.--The Financial 
     Stability Act of 2010 (12 U.S.C. 5311 et seq.) is amended--
       (A) in section 115(a)(2)(B) (12 U.S.C. 5325(a)(2)(B)), by 
     striking ``$50,000,000,000'' and inserting ``the applicable 
     threshold'';
       (B) in section 116(a) (12 U.S.C. 5326(a)), in the matter 
     preceding paragraph (1), by striking ``$50,000,000,000'' and 
     inserting ``$250,000,000,000'';
       (C) in section 121(a) (12 U.S.C. 5331(a)), in the matter 
     preceding paragraph (1), by striking ``$50,000,000,000'' and 
     inserting ``$250,000,000,000'';
       (D) in section 155(d) (12 U.S.C. 5345(d)), by striking 
     ``50,000,000,000'' and inserting ``$250,000,000,000'';
       (E) in section 163(b) (12 U.S.C. 5363(b)), by striking 
     ``$50,000,000,000'' each place that term appears and 
     inserting ``$250,000,000,000''; and
       (F) in section 164 (12 U.S.C. 5364), by striking 
     ``$50,000,000,000'' and inserting ``$250,000,000,000''.
       (2) Federal reserve act.--The second subsection (s) 
     (relating to assessments) of section 11 of the Federal 
     Reserve Act (12 U.S.C. 248(s)) is amended--
       (A) in paragraph (2)--
       (i) in subparagraph (A), by striking ``$50,000,000,000'' 
     and inserting ``$100,000,000,000''; and
       (ii) in subparagraph (B), by striking ``$50,000,000,000'' 
     and inserting ``$100,000,000,000''; and
       (B) by adding at the end the following:
       ``(3) Tailoring assessments.--In collecting assessments, 
     fees, or other charges under paragraph (1) from each company 
     described in paragraph (2) with total consolidated assets of 
     between $100,000,000,000 and $250,000,000,000, the Board 
     shall adjust the amount charged to reflect any changes in 
     supervisory and regulatory responsibilities resulting from 
     the Economic Growth, Regulatory Relief, and Consumer 
     Protection Act with respect to each such company.''.
       (d) Effective Date.--
       (1) In general.--Except as provided in paragraph (2), the 
     amendments made by this section shall take effect on the date 
     that is 18 months after the date of enactment of this Act.
       (2) Exception.--Notwithstanding paragraph (1), the 
     amendments made by this section shall take effect on the date 
     of enactment of this Act with respect to any bank holding 
     company with total consolidated assets of less than 
     $100,000,000,000.
       (3) Additional authority.--Before the effective date 
     described in paragraph (1), the Board of Governors of the 
     Federal Reserve System may by order exempt any bank holding 
     company with total consolidated assets of less than 
     $250,000,000,000 from any prudential standard under section 
     165 of the Financial Stability Act of 2010 (12 U.S.C. 5365).
       (4) Rule of construction.--Nothing in this section shall be 
     construed to prohibit the Board of Governors of the Federal 
     Reserve

[[Page H4338]]

     System from issuing an order or rule making under section 
     165(a)(2)(C) of the Financial Stability Act of 2010 (12 
     U.S.C. 5365(a)(2)(C)), as added by this section, before the 
     effective date described in paragraph (1).
       (e) Supervisory Stress Test.--Beginning on the effective 
     date described in subsection (d)(1), the Board of Governors 
     of the Federal Reserve System shall, on a periodic basis, 
     conduct supervisory stress tests of bank holding companies 
     with total consolidated assets equal to or greater than 
     $100,000,000,000 and total consolidated assets of less than 
     $250,000,000,000 to evaluate whether such bank holding 
     companies have the capital, on a total consolidated basis, 
     necessary to absorb losses as a result of adverse economic 
     conditions.
       (f) Global Systemically Important Bank Holding Companies.--
     Any bank holding company, regardless of asset size, that has 
     been identified as a global systemically important BHC under 
     section 217.402 of title 12, Code of Federal Regulations, 
     shall be considered a bank holding company with total 
     consolidated assets equal to or greater than $250,000,000,000 
     with respect to the application of standards or requirements 
     under--
       (1) this section;
       (2) sections 116(a), 121(a), 155(d), 163(b), 164, and 165 
     of the Financial Stability Act of 2010 (12 U.S.C. 5326(a), 
     5331(a), 5345(d), 5363(b), 5364, 5365); and
       (3) paragraph (2)(A) of the second subsection (s) (relating 
     to assessments) of section 11 of the Federal Reserve Act (12 
     U.S.C. 248(s)(2)).
       (g) Clarification for Foreign Banks.--Nothing in this 
     section shall be construed to--
       (1) affect the legal effect of the final rule of the Board 
     of Governors of the Federal Reserve System entitled 
     ``Enhanced Prudential Standards for Bank Holding Companies 
     and Foreign Banking Organizations'' (79 Fed. Reg. 17240 
     (March 27, 2014)) as applied to foreign banking organizations 
     with total consolidated assets equal to or greater than 
     $100,000,000,000; or
       (2) limit the authority of the Board of Governors of the 
     Federal Reserve System to require the establishment of an 
     intermediate holding company under, implement enhanced 
     prudential standards with respect to, or tailor the 
     regulation of a foreign banking organization with total 
     consolidated assets equal to or greater than 
     $100,000,000,000.

     SEC. 402. SUPPLEMENTARY LEVERAGE RATIO FOR CUSTODIAL BANKS.

       (a) Definition.--In this section, the term ``custodial 
     bank'' means any depository institution holding company 
     predominantly engaged in custody, safekeeping, and asset 
     servicing activities, including any insured depository 
     institution subsidiary of such a holding company.
       (b) Regulations.--
       (1) Definition.--In this subsection, the term ``central 
     bank'' means--
       (A) the Federal Reserve System;
       (B) the European Central Bank; and
       (C) central banks of member countries of the Organisation 
     for Economic Co-operation and Development, if--
       (i) the member country has been assigned a zero percent 
     risk weight under sections 3.32, 217.32, and 324.32 of title 
     12, Code of Federal Regulations, or any successor regulation; 
     and
       (ii) the sovereign debt of such member country is not in 
     default or has not been in default during the previous 5 
     years.
       (2) Regulations.--The appropriate Federal banking agencies 
     shall promulgate regulations to amend sections 3.10, 217.10, 
     and 324.10 of title 12, Code of Federal Regulations, to 
     specify that--
       (A) subject to subparagraph (B), funds of a custodial bank 
     that are deposited with a central bank shall not be taken 
     into account when calculating the supplementary leverage 
     ratio as applied to the custodial bank; and
       (B) with respect to the funds described in subparagraph 
     (A), any amount that exceeds the total value of deposits of 
     the custodial bank that are linked to fiduciary or custodial 
     and safekeeping accounts shall be taken into account when 
     calculating the supplementary leverage ratio as applied to 
     the custodial bank.
       (c) Rule of Construction.--Nothing in subsection (b) shall 
     be construed to limit the authority of the appropriate 
     Federal banking agencies to tailor or adjust the 
     supplementary leverage ratio or any other leverage ratio for 
     any company that is not a custodial bank.

     SEC. 403. TREATMENT OF CERTAIN MUNICIPAL OBLIGATIONS.

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

                 TITLE V--ENCOURAGING CAPITAL FORMATION

     SEC. 501. NATIONAL SECURITIES EXCHANGE REGULATORY PARITY.

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

     SEC. 502. SEC STUDY ON ALGORITHMIC TRADING.

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

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

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

     SEC. 504. SUPPORTING AMERICA'S INNOVATORS.

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

[[Page H4339]]

  


     SEC. 505. SECURITIES AND EXCHANGE COMMISSION OVERPAYMENT 
                   CREDIT.

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

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

       (a) In General.--Section 6(a) of the Investment Company Act 
     of 1940 (15 U.S.C. 80a-6(a)) is amended--
       (1) by striking paragraph (1); and
       (2) by redesignating paragraphs (2) through (5) as 
     paragraphs (1) through (4), respectively.
       (b) Effective Date and Safe Harbor.--
       (1) Effective date.--Except as provided in paragraph (2), 
     the amendment made by subsection (a) shall take effect on the 
     date of enactment of this Act.
       (2) Safe harbor.--With respect to a company that is exempt 
     under section 6(a)(1) of the Investment Company Act of 1940 
     (15 U.S.C. 80a-6(a)(1)) on the day before the date of 
     enactment of this Act, the amendment made by subsection (a) 
     shall take effect on the date that is 3 years after the date 
     of enactment of this Act.
       (3) Extension of safe harbor.--The Securities and Exchange 
     Commission, by rule or regulation upon its own motion, or by 
     order upon application, may conditionally or unconditionally, 
     under section 6(c) of the Investment Company Act of 1940 (15 
     U.S.C. 80a-6(c)), further delay the effective date for a 
     company described in paragraph (2) for a maximum of 3 years 
     following the initial 3-year period if, before the end of the 
     initial 3-year period, the Commission determines that such a 
     rule, regulation, motion, or order is necessary or 
     appropriate in the public interest and for the protection of 
     investors.

     SEC. 507. ENCOURAGING EMPLOYEE OWNERSHIP.

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

     SEC. 508. IMPROVING ACCESS TO CAPITAL.

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

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

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

              TITLE VI--PROTECTIONS FOR STUDENT BORROWERS

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

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

     SEC. 602. REHABILITATION OF PRIVATE EDUCATION LOANS.

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

       ``(I) the financial institution chooses to offer a loan 
     rehabilitation program which includes, without limitation, a 
     requirement of

[[Page H4340]]

     the consumer to make consecutive on-time monthly payments in 
     a number that demonstrates, in the assessment of the 
     financial institution offering the loan rehabilitation 
     program, a renewed ability and willingness to repay the loan; 
     and
       ``(II) the requirements of the loan rehabilitation program 
     described in subclause (I) are successfully met.

       ``(ii) Banking agencies.--

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

       ``(iii) Limitation.--

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

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

       ``(I) the term `appropriate Federal banking agency' has the 
     meaning given the term in section 3 of the Federal Deposit 
     Insurance Act (12 U.S.C. 1813); and
       ``(II) the term `private education loan' has the meaning 
     given the term in section 140(a) of the Truth in Lending Act 
     (15 U.S.C. 1650(a)).''.

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

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

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

  The SPEAKER pro tempore. The bill shall be debatable for 1 hour, 
equally divided and controlled by the chair and ranking minority member 
of the Committee on Financial Services.
  The gentleman from Texas (Mr. Hensarling) and the gentlewoman from 
California (Ms. Maxine Waters) each will control 30 minutes.
  The Chair recognizes the gentleman from Texas.


                             General Leave

  Mr. HENSARLING. Mr. Speaker, I ask unanimous consent that all Members 
have 5 legislative days to revise and extend their remarks and submit 
extraneous material on the bill under consideration.
  The SPEAKER pro tempore. Is there objection to the request of the 
gentleman from Texas?
  There was no objection.
  Mr. HENSARLING. Mr. Speaker, I yield myself 3 minutes.
  Mr. Speaker, for far too long, far too many people in our country 
have struggled to make ends meet. They have struggled to buy a car. 
They have struggled to buy a home. They have struggled--they have 
struggled for their version of the American Dream.
  I hear from these people frequently, Mr. Speaker. I hear from Colton 
in Terrell, Texas, who said that he and his wife have been unable to 
get a mortgage due to credit and that they were 25, 30 years old and 
they had good credit but they were getting denied. They needed a home 
to provide a sense of stability, but they couldn't get it due to 
Washington's bureaucratic regulations.
  Mr. Speaker, I heard from Dirk in Dallas. He said he used to have a 
$100,000 line of credit from his bank. He had an unsecured signature 
line of credit that he used for working capital for his small business. 
He often paid it down to zero, and cash flow was ample, but then the 
bank canceled it because of the bureaucratic government burden on the 
banking system.
  I heard from Sherry in Eustace, who said:

       After a divorce 4 years ago, I needed to buy a car because 
     my car was over 10 years old. I had a checking account in my 
     name at my credit union, but they didn't loan me money for 
     the car.

                              {time}  1400

  Mr. Speaker, we hear these stories far too often. The Main Street 
banks and credit unions that these people depend on have been suffering 
for years under the weight, the load, the volume, the complexity, and 
the cost of heavy Washington bureaucratic red tape. They haven't been 
able to serve these people to help get them into homes and to help get 
them into cars.
  As one west Texas banker told me, Mr. Speaker: ``My major risks are 
not credit risks, risk of theft, or risk of some robber coming in with 
a gun in my office, my number one risk is regulatory risk.''
  We have been losing a community bank or credit union every other day 
in America and, with it, the hopes and dreams of millions. But today, 
that changes. Help is on the way with the Economic Growth, Regulatory 
Relief, and Consumer Protection Act.
  Mr. Speaker, this is the most pro-growth banking bill in a 
generation. You would have to go back to 1999 to Gramm-Leach-Bliley. 
Although we didn't have a formal conference with the Senate, I am proud 
that over half of the bills in this package, including three-quarters 
of the regulatory relief provisions, came from the House. These are the 
provisions to help hardworking, struggling taxpayers get into home 
mortgages, get into car loans, and get into their small businesses. 
This is what will help drive 3 percent economic growth, which is the 
birthright of all Americans.
  Today is an important day in the history of economic opportunity in 
America, and I encourage all of us to support the Economic Growth, 
Regulatory Relief, and Consumer Protection Act.
  Mr. Speaker, I reserve the balance of my time.
  Ms. MAXINE WATERS of California. Mr. Speaker, I yield myself such 
time as I may consume.
  Mr. Speaker, before I get into the remarks that I prepared, I think I 
had better share this information with my colleagues. The FDIC released 
its quarterly banking profile today for the first quarter of 2018, and 
reported that banks made more money than they ever have. $56 billion in 
profits in a single quarter represents a 27.5 percent surge compared to 
2017. Some of these profits came from that so-called tax bill that we 
passed, which we know was the Republican tax scam law.

[[Page H4341]]

  Democrats passed the Dodd-Frank Wall Street Reform and Consumer 
Protection Act to prevent another financial crisis and protect 
consumers, investors, and our economy. The 2008 financial crisis 
resulted in 9 million people losing their jobs, 11 million people 
losing their homes to foreclosure, and the loss of $13 trillion in 
wealth. It was an economic catastrophe that must never be repeated. Now 
my colleagues on the other side of the aisle are determined to help 
this President dismantle reforms that are designed to protect us from 
that kind of devastation to communities.
  Republicans are trying to pass this bill off as an effort solely 
designed to benefit small community banks. But the truth is, the bill 
is packed with poisonous provisions that benefit the megabanks like 
Wells Fargo and companies like Equifax. It also weakens critical 
mortgage protections to ensure borrowers can afford their loans, and 
prevent discrimination and fraud.
  One of the most harmful elements of this bill is its weakening of the 
Home Mortgage Disclosure Act, referred to as HMDA, which is a key tool 
to detect and prevent discriminatory practices in the mortgage market. 
S. 2155 would allow 85 percent of depository institutions to avoid ever 
having to report new HMDA data required by Dodd-Frank, even though they 
are already collecting the data, badly undermining efforts to ensure 
fair lending.
  But that is not all. This bill guts many of the protections Democrats 
put in place to reduce the risk of bank failures and bailouts and 
ensure that bank failures don't bring down the economy. It weakens 
stress tests and capital requirements for big banks, and undermines 
supervision of large foreign banks like Deutsche Bank.
  There is more. Despite Equifax's carelessness in exposing the 
personal data of 148 million Americans, S. 2155 rewards Equifax and the 
other two national credit bureaus by funneling more business their way. 
It also takes away Active Duty servicemembers' rights to sue the credit 
bureaus, even if the bureaus fail to provide required free credit 
monitoring, or notify them of scams involving their personal 
information.
  Mr. Speaker, these are just some of the many ways the bill would be 
harmful. Republicans have stacked the bill with provisions that have 
nothing to do with benefiting hardworking Americans and everything to 
do with helping out Wall Street.
  Donald Trump and the Republicans already gave a huge gift to big 
corporations with the tax scam, which came at the expense of 
hardworking Americans. Now they are pushing this rotten giveaway to 
Wall Street and big banks that harms consumers and increases the risk 
of another financial crisis.
  Mr. Speaker, I urge Members to oppose this bill, and I reserve the 
balance of my time.
  Mr. HENSARLING. Mr. Speaker, I am pleased to yield 2 minutes to the 
gentleman from Missouri (Mr. Luetkemeyer), the leading voice in 
Congress on trying to bring rationality to the SIFI designation and 
accountability to the Financial Stability Oversight Council, the 
chairman of the Subcommittee on Financial Institutions and Consumer 
Credit.
  Mr. LUETKEMEYER. Mr. Speaker, I thank Chairman Hensarling for his 
commitment to regulatory relief. We wouldn't be here today if it wasn't 
for his diligence and for the hard work of all of the great folks of 
the Financial Services Committee, on both sides of the aisle.
  Mr. Speaker, in the wake of the financial crisis the American people 
needed regulatory relief that would lift the economy. Instead, Congress 
responded with a framework that increased the cost of financial 
products, restricted access to loans, and redistributed credit from the 
middle-income borrowers to the high-income borrowers. Today, too many 
consumers are left struggling to get the tools they need to achieve 
financial independence.
  S. 2155 is a big step in the right direction. The majority of the 
provisions included in the bill come from bipartisan House-passed 
measures, several of which wer included in my CLEARR Act. Despite what 
rhetoric we might hear today, American borrowers are going to benefit 
from the relief that extends from this bill.

  However, the conversation cannot end with S. 2155. While the 
provisions in this legislation are granting important relief, there is 
so much more to be done. The Financial Services Committee has marked up 
more than 100 bills this Congress, many of which have the support of 
the ranking member and deserve to be considered by our colleagues in 
the Senate.
  We have to continue to rightsize regulation so that it is based not 
just on size or a single arbitrary factor, but on thoughtful analysis 
of an institution's business model and risk profile. Mr. Speaker, 
arbitrary figures don't necessarily guarantee a financial system.
  Mr. Speaker, I thank, again, the chairman for his diligent work on 
this fine bill, and ask my colleagues to support S. 2155.
  Ms. MAXINE WATERS of California. Mr. Speaker, I yield myself such 
time as I may consume.
  Mr. Speaker, let me repeat: The FDIC released its quarterly banking 
profile today for the first quarter of 2018, and reported that banks 
made more money than they ever have. I have to say this over and over 
again: $56 billion in profits in a single quarter represents a 27.5 
percent surge compared to 2017. Some of these profits came from the tax 
scam bill that was passed.
  These banks are just greedy. They will never get enough. They want to 
do away with Dodd-Frank because Dodd-Frank is protecting consumers from 
their fraud. Look how much money they are making. All they will tell 
you is this is all about community banks.
  But let me just tell you that community banks, credit unions, and the 
economy are doing great with Dodd-Frank reforms in place. The banking 
industry keeps making record profits, an average of $167 billion in 
annual profits in the last 3 years. Banks have increased lending to 
businesses by 80 percent since 2010. Community banks are outperforming 
larger banks in increased lending. Credit unions are growing and have 
increased lending by more than 10 percent in 2014, 2015, 2016, and 
2017.
  Mr. Speaker, what more do they want? How much more money do they want 
from consumers? What is it they would have us do? What is it they would 
have us get rid of in Dodd-Frank that is protecting the average 
consumer, everyday working people? What would they have us do so that 
they can make more money?
  Mr. Speaker, I reserve the balance of my time.
  Mr. HENSARLING. Mr. Speaker, I am pleased to yield 2 minutes to the 
gentleman from Michigan (Mr. Huizenga), the lead voice in the House for 
capital formation for our start-ups and small businesses, the chairman 
of the Subcommittee on Capital Markets, Securities, and Investment.
  Mr. HUIZENGA. Mr. Speaker, like in Michigan, like so many other 
places around the country, in 2008, we saw a massive economic downturn 
where people lost their jobs, lost their savings, and some even lost 
their homes. The Obama administration and their allies in Congress put 
forward a very flawed solution, which was called Dodd-Frank, which led 
to the slowest, weakest recovery in modern history. The American people 
were sold a bill of goods.
  Now what Congress is trying to do is get at the root cause. That is 
not what they had done before. They had denied hardworking families the 
economic recovery that they deserve. Economic growth stalled as access 
to basic financial services became less and less available to small 
businesses and lower income Americans. And America's small and medium-
sized community financial institutions were saddled with a crushing 
regulatory burden. We are changing that in this bipartisan bill.
  Instead of ending too-big-to-fail, this regulatory monstrosity, 
called Dodd-Frank, enshrined too-small-to-succeed. On average, we are 
losing a community financial institution a day because of the extensive 
burdens placed on them by this one-size-fits-all regulatory structure.
  These crushing regulations have made it more difficult for consumers 
to access credit to buy a car, realize homeownership, save for 
retirement, plan for their kids to go to college, climb the ladder of 
opportunity, and grow their small businesses, which are critical to 
growing our economy.
  Today's bill, the Economic Growth, Regulatory Relief, and Consumer 
Protection Act, begins to provide relief to consumers and small 
businesses on

[[Page H4342]]

Main Street. This bipartisan bill is combined with the momentum created 
by the tax reform bill that we had done previously. This bipartisan 
bill will continue to unleash American innovation, jobs, and capital, 
while supporting economic growth.
  Now, you may have just heard that this is a Republican plan only. 
Wrong. Sixty-seven votes in the Senate, including my two Democrat 
Senators from Michigan, voted for this bill.

  Mr. Speaker, I urge all of my colleagues to vote in favor of this 
historic pro-growth bill, which we haven't seen in almost a generation, 
not since Gramm-Leach-Bliley. I appreciate all of the work that has 
been put into this bill in a bipartisan manner, and I look forward to 
supporting it.
  Ms. MAXINE WATERS of California. Mr. Speaker, some of the Senators 
are saying they wish that they had never voted for the bill.
  Mr. Speaker, I yield 1\1/2\ minutes to the gentleman from 
Massachusetts (Mr. Capuano), a senior member of the Financial Services 
Committee.
  Mr. CAPUANO. Mr. Speaker, I thank the gentlewoman for yielding.
  There are some good things in this bill. I wanted to work with all of 
you to enshrine the good things and get rid of the bad things. We all 
did. We all offered it for years because Dodd-Frank is a good law, but 
it needs amending. We all agree. The limits are on it. We all have 
admitted that we just kind of picked them at the time. We were in a 
hurry, in a rush. But the amnesia around this place, I guess, is 
endemic.
  Maybe it is hard for you today to look people in the eye and say: 
Gee, maybe you can't afford that loan.
  But, for me, the hardest thing was looking people in the eye and 
saying: I am sorry you are losing your home. I am sorry you are losing 
your job. I am sorry your kids can't go to college because the economy 
just collapsed.
  The numbers are the numbers. But didn't you get those phone calls? 
Didn't you hear from any of your constituents?
  And what was your answer? Oh, the regulatory system is terrible.
  You didn't answer that. You tried to help, and you couldn't because 
the economy had gone down the toilet.
  If this bill passes, which it will--I know you wouldn't come to the 
floor unless you had the votes. I know that. I can count. When people 
ask you the next time we have an economic collapse, when they ask you 
what happened, here is the only answer you are going to be able to give 
them: I voted for this bill today.

                              {time}  1415

  The SPEAKER pro tempore (Mr. Francis Rooney of Florida). The time of 
the gentleman has expired.
  Members are reminded to direct their remarks to the Chair.
  Ms. MAXINE WATERS of California. Mr. Speaker, I yield an additional 
30 seconds to the gentleman from Massachusetts.
  Mr. CAPUANO. Mr. Speaker, the details of this bill, getting rid of 
HMDA requirements, do you not care about discrimination? Do you not 
recognize that it is real and that it exists? But, apparently, you 
don't care.
  Do you not care that your constituents had their information sold out 
from under them and then not protected? But now you are going to give 
free credit monitoring only for people in the military--not for your 
mother, not for your sister, not for your student children, just for 
the military.
  The bill has some good provisions in it. I am happy to work with you 
on some of these.
  This bill goes too far, and you are responsible.
  The SPEAKER pro tempore. Members are again reminded to direct their 
remarks to the Chair.
  Mr. HENSARLING. Mr. Speaker, I yield 1\1/2\ minutes to the gentleman 
from Wisconsin (Mr. Duffy), chairman of the Subcommittee on Housing and 
Insurance and the author of the Family Self-Sufficiency provision in S. 
2155.
  Mr. DUFFY. Mr. Speaker, I thank Chairman Hensarling for all of his 
work on Dodd-Frank reform.
  I think it is important that we look back.
  When Dodd-Frank passed, it was passed with a blindfold over our eyes, 
because the studies weren't even done about what the root cause of the 
crisis even was. Democrats opened up their files and poured every bill 
they had dreamed of for 20 years into Dodd-Frank.
  And what did it do to my constituents, my small banks and credit 
unions? It made them shut their doors or made them consolidate with a 
bigger bank. So, now, Spooner, Wisconsin, the decisions of the bank 
might not be made in Spooner, but they might be made in Milwaukee or 
Chicago or Minneapolis.
  I hear my friends talk about banks doing so well right now. Yes, 
because there are people who want to borrow money, and the economy is 
doing so well, that borrowers can pay back lenders so they make a 
little bit of money.
  I think what is pretty evident in this conversation is some of my 
friends would prefer that we have socialized banking like socialized 
healthcare. Let the government, let the Democrats across the aisle run 
banking in America.
  If you are confused about this debate and whether this is a good or 
bad bill, just do one thing: look at where the small community banks 
are, look at where the credit unions are. They are clamoring for this 
bill, they are begging for this bill, because they can't comply with 
Dodd-Frank, the rules and regulations. It is putting them out of 
business.
  Small credit unions that care about their customers say ``yes'' to 
this bill. I hope, too, so do my Democratic friends.
  Ms. MAXINE WATERS of California. Mr. Speaker, I yield 1\1/2\ minutes 
to the gentlewoman from New York (Ms. Velazquez), the ranking member of 
the Small Business Committee and a senior member of the Financial 
Services Committee.
  Ms. VELAZQUEZ. Mr. Speaker, I thank the gentlewoman for yielding.
  Mr. Speaker, I rise in strong opposition to S. 2155, which strips 
back and weakens many of the regulatory tools and safeguards we enacted 
in Dodd-Frank.
  Make no mistake, Mr. Speaker: this bill will make our financial 
system more vulnerable to a financial crisis.
  The bill undermines important safety and soundness protections like 
stress tests and capital requirements, key reforms that Democrats put 
in place following the financial crisis that prevent the risk of bank 
bailouts and protect our economy and taxpayers.
  The bill also weakens critical consumer protections like Dodd-Frank's 
enhanced HMDA data monitoring and reporting requirements. Under this 
bill, 85 percent of depository institutions are excused from these 
important requirements.
  While many financial institutions say that these reporting 
requirements are too onerous and too difficult to comply with, S. 2155 
will make it harder to determine if lenders are serving the credit 
needs of minority borrowers and to identify harmful and discriminatory 
lending patterns.
  Instead of eliminating important tools like HMDA, we should be 
finding ways to eliminate discrimination in lending.
  The SPEAKER pro tempore. The time of the gentlewoman has expired.
  Ms. MAXINE WATERS of California. Mr. Speaker, I yield an additional 
20 seconds to the gentlewoman from New York.
  Ms. VELAZQUEZ. Mr. Speaker, as ranking member of the House Small 
Business Committee, I support targeted reforms that provide relief for 
community banks and local credit unions, but this bill does none of 
that. It is a solution in search of a problem that harms consumers.
  Mr. Speaker, I urge my colleagues to vote ``no'' on this dangerous 
bill.
  Mr. HENSARLING. Mr. Speaker, I yield 1\1/2\ minutes to the gentleman 
from North Carolina (Mr. McHenry), the vice chairman of the committee 
and the Chief Deputy Whip of the majority and author of two provisions 
of S. 2155 to promote capital formation and hold credit bureaus fully 
accountable.
  Mr. McHENRY. Mr. Speaker, I thank the chairman for making this day 
possible. Without the architecture of the work that the House Financial 
Services Committee did, the Senate wouldn't be able to come to terms 
with this major change to Dodd-Frank.
  Mr. Speaker, I want to thank my Democratic colleagues for 
participating in these bipartisan negotiations that made this day 
possible.
  The long, dark shadow of the financial crisis is over, and 
policymakers

[[Page H4343]]

are now shifting to the much-needed reforms we need in our banking 
system.

  We know that we have fewer community banks now than we did before the 
financial crisis, we have fewer community banks now than we did 5 years 
ago, and our communities are more starved for capital now than ever 
before, especially with the economy changing and economic growth now 
coming back to communities across this country.
  Now, today, Congress is coming to terms with a bipartisan bill, a 
bipartisan approach to make our banking system more inclusive and more 
accessible for everyday Americans.
  I am proud my provision that I authored, the Supporting America's 
Innovators Act, is included, which helps small businesses get the 
investments they need to grow and prosper. Those communities have not 
been traditionally focused upon by investors.
  I am also proud that this bill allows community banks to get into the 
business of lending to their community, getting back into the business 
of mortgage lending in their communities. And I am proud that this bill 
will allow consumers to freeze their credit reports in the event that 
there is a data breach or identity theft.
  These are bipartisan pieces of this very important package. It is 
high time Congress gets on with it and passes this bill. I look forward 
to the outcome of today's vote, and I urge my colleagues to vote 
``yes.''
  Ms. MAXINE WATERS of California. Mr. Speaker, I yield 1\1/2\ minutes 
to the gentleman from Texas (Mr. Al Green), ranking member of the 
Subcommittee on Oversight and Investigations.
  Mr. AL GREEN of Texas. Mr. Speaker, I am amazed at what I am hearing 
today, because I was there, and I understand that at the time we 
entered the financial crisis, the banks were not lending to each other.
  There are many aspects of this to focus on, but today I will simply 
focus on the $163 billion that the banks made last year. A better name 
for this bill would be ``Too Much Is Not Enough.'' $163 billion, but 
that is not enough.
  The banks would have us now eliminate the Volcker rule, which 
prevents the banks from using the money on the consumer side, taking 
that money and moving it over to the investment side, and go to Wall 
Street and gamble. If they win, they keep the profits; if they lose, 
they can socialize the losses.
  This bill is not a bill that benefits consumers. It is a Big Bank 
bonanza. Too much is not enough, and too much is too much for me. I 
will vote against it.
  Mr. HENSARLING. Mr. Speaker, I yield 1 minute to the gentleman from 
Oklahoma (Mr. Lucas), the former chairman of the House Agriculture 
Committee and a senior member of the Financial Services Committee.
  Mr. LUCAS. Mr. Speaker, it has been 10 long years since I was a 
conferee on Dodd-Frank. Since then, I have seen credit markets in my 
district and across the country dry up, thanks to the increased 
regulations.
  That is why I am so happy to be speaking on a bill today that will 
roll back some of those burdens.
  As I have said over the last decade, Dodd-Frank was not written on 
the back of the stone tablets. Dodd-Frank will be addressed in this 
bill, S. 2155.
  S. 2155 is but the first step in making that perception a reality. It 
is the first step in bringing financial markets back to true efficiency 
and capacity. And, yes, I mean a first step. There are many more things 
this Congress could and should do to bring more relief to small 
community institutions across the country.
  Every year, small financial institutions in Oklahoma have made the 
trek here to ask me for relief, any relief. For the first time, I can 
give them positive news, which is, thanks to this bill, sure, there is 
more to be done, of course, but things in this bill like changes to 
stress testing, risk management protocols, required data disclosure, 
among other things, will help those who rely on small banks and credit 
unions for their financial needs.
  Mr. Speaker, I thank Chairman Hensarling for this opportunity to vote 
on this bill today.
  Ms. MAXINE WATERS of California. Mr. Speaker, I yield 1 minute to the 
gentlewoman from California (Ms. Pelosi), our Democratic leader.
  Ms. PELOSI. Mr. Speaker, I thank the gentlewoman for yielding, and I 
commend her for her extraordinary leadership in protecting the American 
consumer, the American taxpayer, our American financial systems. She 
has been just a remarkable, wonderful leader.
  Mr. Speaker, I thank our distinguished Whip for yielding so that I 
could stay on schedule and for his great leadership as well.
  Mr. Speaker, I rise in opposition to this bill, and I do so on behalf 
of the hardworking American people. It is a bad bill under the guise of 
helping community banks.
  It rolls back key safeguards for American consumers, it opens the 
door to lending discrimination, and it potentially threatens the 
stability of our financial system and our economy.
  The bill would take us back to the days when unchecked recklessness 
on Wall Street ignited a historic financial meltdown. Wall Street 
gambled with the livelihood of consumers, and then it was the middle 
class that lost its shirt.
  I just want to share with my colleagues on both sides of the aisle 
why I have serious concerns about what is happening on the floor today. 
It is yet again another weakening of Dodd-Frank.
  Here is what I want to call to your mind, because you may not 
remember this or you may not have been fully aware of it, but you 
should know it.
  On the night of September 18, 2008, I called the Secretary of the 
Treasury and said: What is happening, that we have had in the past 
couple of weeks Lehman, Merrill Lynch, and then in that 24-hour period, 
AIG? I said: Can you come to the Capitol to explain tomorrow morning 
what is happening so that we can help restore confidence to the markets 
and not say anything that would do anything less than that?
  He said: Madam Speaker--I was Speaker at the time--tomorrow morning 
will be too late.
  Tomorrow morning will be too late. Why am I calling you?
  So, in any event, the Secretary of the Treasury came to the Capitol 
for an emergency meeting. It was a bipartisan meeting, House and 
Senate, to inform us that a meltdown was imminent.
  What he described to us that night was so stunning, he took us down 
to the gates of hell, to a place so deep that even Dante would not have 
had a name for that circle in hell, because it was so stunning in terms 
of what was happening, the meltdown that was happening to our financial 
institutions.
  When I asked the Fed Chairman, who was also at the meeting, Ben 
Bernanke, what he thought, he said, ``If we do not act immediately, we 
will not have an economy by Monday.''
  ``An economy by Monday.'' We thought it might be one or the other 
financial institutions. ``We will not have an economy by Monday.''
  To stop the meltdown, the Bush administration requested and Congress 
immediately passed emergency funding, the TARP bill. You may be 
familiar with it.
  To prevent this from ever happening again, we passed Dodd-Frank, the 
most extensive banking and financial reforms in decades and the 
strongest set of consumer financial protections in history.

                              {time}  1430

  And since the Republicans have taken the majority in the Congress and 
now in the White House, there has been a series of weakenings of Dodd-
Frank. So you cannot just view this bill as this bill today, bad enough 
as it is, worthy of a ``no,'' unworthy of support, but to see it in 
light of a series of weakenings of Dodd-Frank.
  The bill dismantles key safeguards that are critical in combating 
racial discrimination in lending, despite overwhelming evidence that 
people of color are routinely discriminated against by financial 
institutions. All year, the GOP has opened the door to discrimination 
in our financial system. This is just another discriminatory piece of 
legislation.
  They pushed a CRA to roll back protections against discrimination in 
auto lending. They voted to repeal an executive order requiring Federal 
contractors to comply with basic nondiscrimination laws. Big banks are 
also using the guise of protecting community banks to help out the 
largest banks on Wall Street.

[[Page H4344]]

  The bill exempts 26 of the largest banks from the Dodd-Frank Act's 
heightened oversight. Since 2007, these same banks have been sued or 
cited by the regulators nearly 200 times and paid settlements of $40 
billion, some of which they can deduct from their taxes.
  Republicans are also using relief for community banks as a way of 
undermining the Volcker rule, threatening the stability of the 
financial system and the entire economy.
  Republicans' willingness to abandon vulnerable Americans and 
jeopardize our entire financial system to further enrich wealthy Wall 
Street banks is astounding. Today, the FDIC reported that banks, helped 
by a massive tax cut, earned record profits in the first quarter of 
this year, as they have over the past 3 years as well.
  Time after time, Republicans put Wall Street and the rich first and 
families last. The American people deserve a Congress that looks out 
for them, not one that sells out and leaves them high and dry.
  This is a raw deal for the American people. Americans deserve a 
better deal, better jobs, better wages, and better futures. Democrats 
are fighting to put that economic power back.
  Who has the leverage? Put the leverage back in the hands of America's 
great middle class, America's working families.
  So just remember what they were willing to do leading up to 2008. 
They have forgotten, or maybe they don't care, but they want to take us 
right back down that path one piece of legislation at a time.
  If I know Mr. Hensarling, there is probably more to come, because I 
understand he doesn't think this bill goes far enough in the wrong 
direction, and he probably wants more.
  But whatever that is, today is the judgment we have to make about 
this bill that our commitment--and by the way, some of the things they 
want to roll back are very harmful to our veterans as well, and they 
wanted me to be sure to make that point with you, in addition to all of 
the other concerns.
  It is a threat to our financial system: $250 billion, I think that 
number is too large; the exploitation of the custody banks that some of 
the banks already told me they were going to try to pass themselves off 
as; the discrimination in lending that is in the bill; the lack of 
revealing the information, which is so central to knowing what the 
facts are.
  Mr. Speaker, for these and so many other reasons, I urge a ``no'' 
vote.
  Mr. HENSARLING. Mr. Speaker, I yield 1\1/2\ minutes to the 
gentlewoman from Missouri (Mrs. Wagner), who is the chair of our 
Subcommittee on Oversight and Investigations.
  Mrs. WAGNER. Mr. Speaker, since returning to a Republican majority 8 
years ago, the Financial Services Committee has set out to introduce 
and pass progrowth legislation that lessens the burdens unfairly put on 
community banks and credit unions and the customers they serve.
  Today's bill will allow for these institutions to do what they do 
best: focus on their communities. Mr. Speaker, this is something to 
celebrate.
  Under the leadership of Chairman Hensarling, our committee has 
continuously made the case that the former administration's efforts 
were not only misguided, but made basic financial services less 
accessible to small businesses and low- and middle-income Americans.
  With passage of today's bill, that changes. American families' and 
businesses' access to credit will improve. This is credit they can and 
will use to buy a new car, achieve the dream of homeownership, expand 
their businesses, and, most importantly, create jobs.
  It is my sincere hope that we continue the momentum of today's vote 
and work with our Senate counterparts to roll back Washington red tape 
to further our Nation's economic growth and to continue to give 
hardworking Americans better access to affordable financial products.
  Mr. Speaker, I urge all Members to support this much-needed 
bipartisan legislation.
  Ms. MAXINE WATERS of California. Mr. Speaker, I yield 2 minutes to 
the gentleman from Maryland (Mr. Hoyer), the distinguished Democratic 
whip.
  (Mr. HOYER asked and was given permission to revise and extend his 
remarks.)
  Mr. HOYER. Mr. Speaker, I am constrained to say that the gentlewoman 
mentioned the progrowth administration. We had some 98 months of growth 
following the worst recession she and I have experienced in our 
lifetimes under the policies of the Bush administration.
  Mr. Speaker, in the wake of the worst financial collapse since the 
Great Depression, the Congress enacted, over the opposition of our 
friends in the Republican Party, mostly, the Dodd-Frank reforms to 
safeguard our economy and safeguard consumers.
  When we passed Dodd-Frank in 2010, no one believed it was perfect. No 
legislation is ever perfect. There is nothing wrong with evaluating 
Dodd-Frank 8 years after it was enacted to determine what is working 
well and where we might improve.
  Many Democrats, myself included, support providing regulatory relief 
to community banks, and we ought to do that in a bipartisan fashion--
not just a few bipartisan participants, but in a bipartisan fashion.
  I have talked to the ranking member. She has indicated that that is 
something that she supports as well. However, the bill on the floor 
today goes much further and would weaken the rules that Dodd-Frank put 
in place.
  It would undermine the regulatory framework for all banks. This would 
roll back parts of the Home Mortgage Disclosure Act, stress tests for 
large banks, and bank capital requirements.
  It would also, as has been noted, raise the threshold for the 
automatic designation of systemically important financial institutions 
from $50 billion to $250 billion.
  The changes that are proposed risk making our Nation's financial 
system vulnerable to another crisis that would require yet another 
taxpayer bailout.
  The SPEAKER pro tempore. The time of the gentleman has expired.
  Ms. MAXINE WATERS of California. Mr. Speaker, I yield an additional 
30 seconds to the gentleman from Maryland.
  Mr. HOYER. Mr. Speaker, because of that and because I would like to 
see a truly bipartisan bill supported overwhelmingly on both sides of 
the aisle to make sure that our community banks are not impacted in a 
way that was never intended nor should it be intended by the Congress, 
I therefore urge opposition to this particular piece of legislation, 
and I thank Ranking Member Waters for her hard work in making its 
consequences clear.
  Mr. HENSARLING. Mr. Speaker, I yield 2 minutes to the gentleman from 
Kentucky (Mr. Barr), the chairman of our Subcommittee on Monetary 
Policy and Trade and the author of two provisions on access to 
manufactured housing and portfolio lending in S. 2155.
  Mr. BARR. Mr. Speaker, I rise today in support of this bipartisan 
legislation incorporating 29 bills originated and passed in this House 
to ease the regulatory burden on community financial institutions and 
their customers. This is the most progrowth financial legislation in a 
generation, and I urge my colleagues to support it.
  The 2010 financial control law, commonly known as Dodd-Frank, was 
supposed to protect consumers. Instead, this 2,300-page monstrosity 
unleashed an avalanche of huge new compliance costs on community 
financial institutions that had absolutely nothing to do with the 
financial crisis. This hurt consumers by forcing small banks and credit 
unions to cut back on the products and services they serve their 
customers with.
  Critics who say this is about Wall Street are wrong. This is not 
about Wall Street. This is about community banks, community banks in 
eastern Kentucky who told me that they used to make a business judgment 
about the creditworthiness of a farmer and now the government, a 
bureaucrat, decides whether or not that farmer gets a loan. One 
prominent example of this is the ability-to-repay rule, which made it 
needlessly difficult for lenders to originate mortgages for 
creditworthy borrowers.
  The Portfolio Lending and Mortgage Access Act, which I have worked on 
since I entered Congress, is included in today's package of reforms and 
would expand access to mortgage credit by extending the qualified 
mortgage safe harbor to small creditors who hold

[[Page H4345]]

their residential mortgage loans in portfolio rather than selling or 
securitizing them, allowing those lenders to satisfy the rule. This 
marks a return to relationship banking, where lenders can tailor 
products to meet the specific needs of customers without running afoul 
of government one-size-fits-all requirements. The result is expanded 
access to mortgage credit without additional risk to the financial 
system or the taxpayer.
  Mr. Speaker, I want to thank Chairman Hensarling and Chairman Crapo 
for including this bill in the final legislation, and I want to thank 
the Kentucky Bankers Association, the Kentucky Credit Union League, and 
their customers for advocating and endorsing this solution.
  Mr. Speaker, I encourage my colleagues to vote ``yes'' to finally 
unclog the plumbing of our economy and give Americans full access to 
the financial system.
  Ms. MAXINE WATERS of California. Mr. Speaker, I yield 1\1/2\ minutes 
to the gentleman from Minnesota (Mr. Ellison), the senior member of the 
Financial Services Committee.
  Mr. ELLISON. Mr. Speaker, I thank the gentlewoman for yielding time 
to me.
  Mr. Speaker, in just about an hour or so, Congress will vote to roll 
back some of the rules for the biggest banks in the country.
  Think about that for a minute. Just 10 years after the big banks 
crashed the economy, Senate Republicans and some Democrats want to roll 
back the rules that were put in place to prevent the next crash.

  Some of my colleagues may have forgotten about the bad, bad days of 
that crash in 2008, but I sure have not. Millions of people lost their 
homes. In fact, 1 in 54 homes was in foreclosure. $2.6 trillion, with a 
T, vanished from people's retirement accounts.
  Think about that for a moment. Why on Earth would we go back there?
  And let me remind everyone here: Before this crash, we heard all this 
talk about progrowth. Before the big crash, they said we want to allow 
commercial banks and investment banks and insurance companies just to 
all conglomerate together. We want to allow banks to use the money of 
their depositors to make gambling decisions on Wall Street. We are 
going to sell people no-doc, low-doc loans, and we are going to let the 
seller get a yield spread premium for steering people to high-cost 
loans; and we are going to let them securitize all of it, and if they 
lose their money, it is okay because we are going to let them buy 
credit default swaps, which is insurance, so that the American people 
lose but the big banks and the insurance companies never do.
  The SPEAKER pro tempore. The time of the gentleman has expired.
  Ms. MAXINE WATERS of California. Mr. Speaker, I yield an additional 
30 seconds to the gentleman from Minnesota.
  Mr. ELLISON. Mr. Speaker, all this progrowth talk is a movie that we 
have seen before. Remember Alan Greenspan telling all us: Let them do 
what they want to do. It doesn't matter. You can't interfere with the 
market. The market has all the answers.
  We found out who had the answers when it came to bailing out Wall 
Street. It was the American people.
  Mr. Speaker, I urge my colleagues to not vote for this because it 
will be the American people who pay, not to mention people who live in 
manufactured homes who are going to be allowed to be charged more for 
their home choices, and it will open the door to racial discrimination 
which has been proved time and time again. This bill is bad. Vote 
``no.''

                              {time}  1445

  Mr. HENSARLING. Mr. Speaker, I yield 1\1/2\ minutes to the gentleman 
from Arkansas (Mr. Hill), the committee's majority whip and the author 
of the amendment dealing with the Volcker rule.
  Mr. HILL. Mr. Speaker, I thank the chairman of the full committee for 
having us on the floor today to talk about S. 2155.
  I have heard all of this cold water from the opposition today, but 
this is the definition of bipartisanship. Sixty-seven votes in the 
Senate, in this environment, in this town, is bipartisan. So many of 
our bills emanated here in the House with strong bipartisan support.
  As a former local chamber of commerce chairman and a local community 
banker, I have seen firsthand, Mr. Speaker, the negative effects of the 
Dodd-Frank Act since it was passed in 2010.
  I know we have had 140 hearings on how to make sense of improving 
Dodd-Frank, to rightsize the regulatory system for small financial 
institutions, allowing our community banks and credit unions to 
actually serve our small businesses and our consumers.
  Rather than spending too much time on compliance, these institutions 
can redirect resources toward what they do best: approving loans, 
mortgages, and providing credit to small business.
  This bill has widespread support. You would never know it, listening 
to the opposition, but it has widespread support on a bicameral, 
bipartisan basis in this building.
  One particular provision, led by my friend Mr. Barr from Kentucky, I 
know will help hundreds of Arkansans, hardworking families who need 
access to credit for manufactured housing in the rural parts of our 
State. This bill will help people get housing, thanks to the work of 
the Senate and the House.
  Mr. Speaker, I encourage my colleagues to vote in favor of S. 2155.
  Ms. MAXINE WATERS of California. Mr. Speaker, I yield 1\1/2\ minutes 
to the gentlewoman from New York (Mrs. Carolyn B. Maloney), the ranking 
member of the Subcommittee on Capital Markets, Securities, and 
Investment of the Financial Services Committee.
  Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, I rise today in 
strong opposition to S. 2155.
  It is important to remember why we passed Dodd-Frank in the first 
place. We were suffering from the worst financial downturn in our 
country. This country suffered $15 trillion in household wealth that 
was lost. Eight million people lost their jobs and 6 million people 
lost their homes due to unfair and deceptive banking practices.
  Dodd-Frank put in place protections for consumers.
  Prior to the crisis, predatory lenders saddled unsuspecting borrowers 
with toxic mortgages that they didn't understand and could not afford. 
Too often, these predatory lenders targeted communities of color, and 
when these toxic mortgages blew up, it devastated these communities.
  In response, we passed Dodd-Frank, which imposed tough new rules on 
mortgage lenders and beefed up our efforts to crack down on lending 
discrimination.
  This bill would actually roll back some of these important 
protections. The bill would undermine fair lending laws by exempting 
the majority of lenders from the new reporting requirements on lending 
discrimination.
  The SPEAKER pro tempore. The time of the gentlewoman has expired.
  Ms. MAXINE WATERS of California. Mr. Speaker, I yield an additional 
30 seconds to the gentlewoman from New York.
  Mrs. CAROLYN B. MALONEY of New York. The bill would also weaken the 
protections for mobile-home buyers by allowing retailers of mobile 
homes to accept kickbacks in exchange for steering borrowers into 
predatory loans that they can't afford. It is a terrible practice that 
Dodd-Frank outlawed.
  The list goes on and on and on.
  While the bill does contain some provisions that every House Democrat 
has supported, taken together, the bill goes too far in weakening the 
key mortgage rules that Dodd-Frank put in place. So I urge my 
colleagues to come together in a strong ``no'' vote.
  Mr. HENSARLING. Mr. Speaker, I now am very pleased to yield 1\1/2\ 
minutes to the gentleman from Illinois (Mr. Hultgren), the author of 
two different provisions in S. 2155 to give more flexibility to private 
companies and small banks with respect to their call reports.
  Mr. HULTGREN. Mr. Speaker, first, I want to thank Chairman 
Hensarling. Without his incredible commitment and effort, we would not 
be here today. I am convinced of that.
  Mr. Speaker, I rise today to speak in support of the very bipartisan 
S. 2155, the Economic Growth, Regulatory Relief, and Consumer 
Protection Act.
  I was not here when the Dodd-Frank Act was signed into law, but I 
have been interested in addressing some of these damaging effects since 
first running for office, and it was a big reason why I ran for 
Congress.

[[Page H4346]]

  This legislation is a historic opportunity to tailor financial 
regulations in order to maximize economic growth in Illinois and across 
the country. We need to make sure that our community banks and credit 
unions are able to meet the needs of families and neighborhood 
businesses.
  I am especially happy to see a number of provisions that I had the 
privilege of authoring with my colleagues in the House make their way 
into this package of bills. They were also very bipartisan bills.
  The Community Bank Reporting Relief Act simplifies the call report so 
that smaller institutions can better focus on serving their customers. 
The Encouraging Employee Ownership Act makes it easier for private 
companies to provide ownership to their employees under SEC rule 701 so 
they can share in the benefits of growth.
  I am also very excited that other legislation that was introduced by 
my colleagues that I also had a part in cosponsoring is also part of 
this: the MOBILE Act; the Protecting Children from Identity Theft Act; 
the Protecting Veterans Credit Act; the Pension, Endowment, and Mutual 
Fund Access to Banking Act; the Municipal Finance Support Act; the 
National Security Exchange Regulatory Parity Act; and the SEC 
Overpayment Credit Act.

  I am incredibly supportive of the commonsense reforms that are made 
so that our regional banks are not automatically treated like major 
Wall Street banks. Please support this bill.
  Ms. MAXINE WATERS of California. May I inquire as to how much time I 
have remaining.
  The SPEAKER pro tempore (Mr. Holding). The gentlewoman from 
California has 12 minutes remaining.
  Ms. MAXINE WATERS of California. Mr. Speaker, I yield 1\1/2\ minutes 
to the gentleman from Washington (Mr. Heck), a valued member of the 
Financial Services Committee.
  Mr. HECK. Mr. Speaker, I will regrettably vote ``no'' on S. 2155.
  It is regrettable because I believe our local banks and credit unions 
are struggling under the weight of regulations. I believe that we have 
bank rules that need fixing. I wanted to support a bill that would do 
so.
  But I cannot vote ``yes'' for two reasons.
  First, this bill cannot release the pressure small banks are under 
because it does not address the single biggest cause. Every bank and 
credit union I have met with cites one regulatory burden as paramount, 
and that is the Bank Secrecy Act, CTRs, anti-money laundering. And what 
does this bill have? Not one section, not one sentence, not one word.
  Secondly, this bill makes changes I believe could set us back. It has 
been cited; the increase of SIFI designation from $50 billion to $250 
billion is a large step down a dangerous road.
  The insurance provision, on the other hand, also goes against my goal 
of returning power to State regulators, who provide the greatest 
consumer protection.
  If my colleagues had been allowed any input, I think we could have 
accomplished the goal. But this bill doesn't solve the problem it aims 
for and may create new ones. Accordingly, I cannot support it. I ask 
Members, as well, to oppose it.
  Mr. HENSARLING. Mr. Speaker, I am now very pleased to yield 1\1/2\ 
minutes to the gentleman from Pennsylvania (Mr. Rothfus), the author of 
two different provisions in S. 2155 to bring clarity to the complex 
capital rules and flexibility to our savings associations.
  Mr. ROTHFUS. Mr. Speaker, I rise in support of this bipartisan 
legislation.
  Our economy has struggled for years under the weight of misguided 
Washington policies. Banks have closed and consolidated, and 
communities across this country have lost their local financial 
institutions. American families have found it harder to get the funds 
they need to buy a home, and small businesses have been starved of 
credit to innovate, invest, and hire more workers.
  In this economic environment, small businesses have struggled to grow 
or even get off the ground. A recent study observed that we are missing 
650,000 small businesses because of burdensome regulations relating to 
the financial industry over the last 10 years.
  Everyone, from the single mom in Ambridge looking to buy her first 
home to the entrepreneur in Beaver Falls working to achieve his or her 
version of the American Dream, deserves access to financial services 
and the chance to thrive in a growing, healthy economy.
  Today's bill addresses some of these barriers that have been holding 
us back.
  I am also proud to say that two of my bills are in this legislation. 
One of these bills gives mutual banks the flexibility to evolve so that 
they can better serve their communities.
  The other bill addresses the unintended negative impacts of the 
supplementary leverage ratio on custody banks. This is technical, but 
the current SLR actually makes it harder for custody banks to safeguard 
cash of pension funds and nonprofit foundations in times of stress. 
Today, we fix that.
  Both of my bills received unanimous, bipartisan support in the 
committee, and I am glad they will soon become law.
  Mr. Speaker, I commend Chairman Hensarling for his work on this 
legislation, and I urge my colleagues to support this bill.
  Ms. MAXINE WATERS of California. Mr. Speaker, I yield 1\1/2\ minutes 
to the gentlewoman from Washington (Ms. Jayapal), a very hardworking 
progressive leader.
  Ms. JAYAPAL. Mr. Speaker, I rise in strong opposition to S. 2155.
  This bill will roll back many consumer protections, including 
protections that are critical for civil rights.
  This bill will permit 85 percent of depository institutions to avoid 
public reporting on their mortgage lending activities. This reporting 
is absolutely critical to identifying discrimination against Black 
Americans, Latinos, and other minority groups.
  Thanks to the public reporting requirement, we know that redlining 
still exists in 61 metropolitan areas across our country and that Black 
folks and Latinos are more than twice as likely as Whites to be denied 
mortgage credit.
  It is an unacceptable reality, but it is a reality that we have to 
see and acknowledge. The idea that we would roll back these policies 
that help us identify these problems, when we have the facts right in 
front of us, is simply unthinkable.
  I do want to make it clear that I have great sympathy for smaller 
banking institutions, including credit unions--I am a proud credit 
union member--and our community banks that have called for regulatory 
relief.
  But let's be clear that, when we do that relief, Congress should be 
using a scalpel to create a fix for smaller banks, not taking a 
sledgehammer to the entire system that we set up to protect consumers 
and Main Street small businesses from the greed of big banks.
  Mr. Speaker, I urge my colleagues to vote ``no.''
  Mr. HENSARLING. Mr. Speaker, I now yield 1\1/2\ minutes to the 
gentleman from Colorado (Mr. Tipton), the author of the MOBILE Act, 
Making Online Banking Initiation Legal and Easy.

  Mr. TIPTON. Mr. Speaker, for too long, there has been a culture of 
disregard for our community financial institutions out of Washington, 
D.C.
  Regulations that were intended to bring discipline to the Nation's 
largest institutions have instead suffocated Main Street and prevented 
communities across the country from finding their footing on the path 
to prosperity.
  The passage of this historic, bipartisan, progrowth package today 
will mark a change in the regulatory rhetoric out of Washington. 
Communities will be heard instead of ignored. Families will find open 
doors where previously they were shut out. And small businesses will be 
empowered to grow rather than languish in regulatory uncertainty.
  One provision of this legislation that I authored, the MOBILE Act, 
embodies exactly the kind of commonsense help for families that today's 
vote will provide.
  The MOBILE Act will allow consumers across the country to open bank 
accounts on their mobile devices using a driver's license or personal 
ID, meaning access to financial services will start in your pocket and 
be more convenient than ever.
  Approximately three-quarters of the 20 percent of the U.S. population 
that

[[Page H4347]]

is underbanked has access to a smartphone. This provision will help 
these Americans get access to the critical banking services that will 
set them on the path to financial success.
  Mr. Speaker, this historic package is about unraveling red tape that 
stifles the financial success of all Americans, and I urge its passage 
here today.
  Ms. MAXINE WATERS of California. Mr. Speaker, I yield 1\1/2\ minutes 
to the gentleman from Rhode Island (Mr. Cicilline), co-chair of the 
House Democratic Policy and Communications Committee.
  Mr. CICILLINE. Mr. Speaker, I thank the gentlewoman for yielding.
  Mr. Speaker, I rise in strong opposition to the bank lobbyist act, 
which reverses the progress we have made since Wall Street brought our 
economy to the brink of collapse in 2008.
  This is yet another giveaway from our friends on the other side of 
the aisle to the wealthy donors who bankroll their campaigns, and, once 
again, working people will get screwed.
  Congress established the Consumer Financial Protection Bureau to 
protect the middle class from the big banks and corporate special 
interests. Since 2010, the CFPB has returned nearly $12 billion to 
consumers in all 50 States.

                              {time}  1500

  It has been a big step forward for working people, but this bill 
turns the clock back. Republicans are going to let the banks write the 
same risky loans that got us into the Great Recession in the first 
place. This is a bad deal for the American people. They deserve better.
  Let's defeat this bill and put working families first.
  Mr. HENSARLING. Mr. Speaker, I yield 1\1/2\ minutes to the gentleman 
from Minnesota (Mr. Emmer), the author of the key regulatory relief 
provision for small banks and credit unions in S. 2155.
  Mr. EMMER. Mr. Speaker, today Congress has a rare opportunity to help 
millions of Americans achieve their version of the American Dream.
  The Economic Growth, Regulatory Relief, and Consumer Protection Act 
is the most significant progrowth, deregulation bill this Chamber has 
considered in years. This bipartisan, bicameral legislation will reduce 
the amount of red tape that prevents Americans from accessing the 
credit they need to buy a home, a car, or start or expand a business. 
It will foster economic growth and make regulation efficient, 
effective, and tailored. Perhaps most importantly, it will empower 
individual Americans to make independent financial decisions and 
informed choices in the marketplace.
  Dozens of the provisions in S. 2155 originated right here in the 
House, and I am pleased to see the text of my Home Mortgage Disclosure 
Adjustment Act and Keeping Capital Local for Underserved Communities 
Act, legislation that I worked on closely with my colleague from 
Wisconsin, Representative Gwen Moore, included in the bill today.
  Whether it is in Rockford, St. Cloud, or Forest Lake, Minnesota, I 
consistently hear from small banks and credit unions that want to be 
that next critical source of capital and support for families, 
businesses, and communities around the State. This bill will allow them 
to be just that.
  Mr. Speaker, I thank Chairman Hensarling for his tireless work on 
this legislation, and, knowing full well that our work here is far from 
complete, I urge my colleagues to make history today. Support giving 
more Americans the opportunity to achieve their American Dream, and 
pass S. 2155.
  Ms. MAXINE WATERS of California. Mr. Speaker, I reserve the balance 
of my time.
  Mr. HENSARLING. Mr. Speaker, I yield 1\1/2\ minutes to the gentleman 
from Maine (Mr. Poliquin), who is the author of two provisions in S. 
2155, the Senior Safe Act and supporting capital formation for small 
companies.
  Mr. POLIQUIN. Mr. Speaker, I thank the chairman for bringing this 
terrific bill to the floor.
  Mr. Speaker, the unemployment rate in our great State of Maine is 2.7 
percent. This is the lowest rate since the 1950s, and jobs, Mr. 
Speaker, are available everywhere for hardworking Mainers who now have 
bigger paychecks.
  This growing economy, Mr. Speaker, is because taxes are lower and 
regulations are fewer. We must keep these reforms going. That is why, 
Mr. Speaker, I ask everyone, Republicans and Democrats, to vote ``yes'' 
on S. 2155.
  This bipartisan bill includes two provisions which I have been 
pushing for 3 years. First, the Small Business Capital Formation 
Enhancement Act makes it easier for small businesses to borrow money 
when they need to grow, and that creates more jobs, bigger paychecks, 
more opportunity, and more freedom for our families.
  Mr. Speaker, secondly, the Senior Safe Act helps protect our 
vulnerable seniors against financial scams. The legislation allows, for 
example, bank tellers, insurance agencies, and financial advisers to 
warn our seniors against draining their savings accounts and wiring the 
money to some distant location because someone is pretending to be 
their granddaughter in trouble. This bill, the Senior Safe Act, makes 
it easier to stop financial scams before they hurt our seniors.
  Mr. Speaker, I would like to thank my colleague, Senator Susan 
Collins from Maine, for advancing this initiative in the Senate. 
Together, we pushed this commonsense provision in both the House and in 
the Senate.
  I ask everyone, Mr. Speaker, to please vote ``yes'' on this 
bipartisan bill, S. 2155, and I thank the chairman for this 
opportunity.
  Ms. MAXINE WATERS of California. Mr. Speaker, I reserve the balance 
of my time.
  Mr. HENSARLING. Mr. Speaker, I yield 1 minute to the gentleman from 
Texas (Mr. Williams), a fellow Texan who is an incredibly strong 
advocate on our committee for small business to obtain credit for their 
customers.
  Mr. WILLIAMS. Mr. Speaker, I rise today in strong support of S. 2155, 
the Economic Growth, Regulatory Relief, and Consumer Protection Act, 
which passed the Senate with bipartisan support last month.
  This important legislation stems from years of consideration, 
hearings, markups, and floor votes in the House, coupled with a 
bicameral commitment with the Senate Banking, Housing, and Urban 
Affairs Committee to deliver relief for the American people.
  More than half of the 53 provisions included in S. 2155 originated in 
the House Financial Services Committee, and I applaud the work of the 
chairman throughout this lengthy process.
  Right now, small community banks cannot keep up with oppressive 
regulations that are reluctantly forcing so many to close their doors. 
As I have said time and time again, the practice of one-size-fits-all 
does not and should not apply to financial institutions. In order to 
unleash our economic potential, Congress must act now to repeal 
unnecessary regulations while properly tailoring those we need.
  Mr. Speaker, S. 2155 will finally provide the relief for our 
community banks by cutting through red tape. In turn, small businesses 
and the American consumer will now have better access to credit and 
encourage more economic growth and consumption.
  Make no mistake about it: this economy is roaring. I have been in 
business 47 years, and I know what I am talking about.

  I am proud to join colleagues in support of this bipartisan, 
bicameral legislation and look forward to President Trump's signature 
as soon as possible.
  In God we trust.
  Ms. MAXINE WATERS of California. I continue to reserve the balance of 
my time, Mr. Speaker.
  Mr. HENSARLING. Mr. Speaker, I yield 1 minute to the gentlewoman from 
Utah (Mrs. Love), who is the author of a key regulatory relief 
provision to provide small banks the opportunity to grow.
  Mrs. LOVE. Mr. Speaker, we have an economy that is humming right now. 
Utah's unemployment rate is better than the national average, and it is 
the best it has been in 10 years. We are adding jobs--1,400 just last 
month.
  I am urging a ``yes'' vote on this bill because I want to keep the 
good news coming. America needs a financial system that is strong, 
resilient, and innovative.
  As a former mayor, I know that access to credit is crucial for cities 
to build schools and roads, for families to buy a home, and for farmers 
to buy tractors. After the 2008 financial crisis, Congress passed laws 
to rein in large financial institutions, but the rules went

[[Page H4348]]

too far, and they are hurting the smaller banks, who can't handle all 
the red tape. S. 2155 would ease that burden without risk to the rest 
of the financial system.
  My bill, H.R. 4771, is included in this package to help those small 
banks gain the access to capital they need to serve their community.
  Mr. Speaker, I urge a ``yes'' vote for the good of people and for the 
health of our economy.
  Ms. MAXINE WATERS of California. Mr. Speaker, I continue to reserve 
the balance of my time.
  Mr. HENSARLING. Mr. Speaker, I yield 1\1/2\ minutes to the 
gentlewoman from New York (Ms. Tenney), who is the author of two key 
regulatory relief provisions for our community banks and credit unions 
in S. 2155.
  Ms. TENNEY. Mr. Speaker, I rise in strong support of the bipartisan 
Economic Growth, Regulatory Relief, and Consumer Protection Act.
  This groundbreaking legislation is vital to rural communities like 
mine, where my constituents are actually struggling every day to make 
ends meet. This bill allows greater access to capital for consumers and 
small businesses that will unleash more opportunities for Main Street 
to flourish, finally. However, in order for Main Street to truly 
produce, we must ensure our community financial institutions are 
healthy, safe, and not overburdened to the point of closure.
  In my district in New York, small banks and credit unions are the 
lifeline for consumers who seek access to capital. Whether it is a 
family buying their first home or a young adult purchasing a new car, 
consumers in New York rely heavily on our Nation's community financial 
institutions.
  I am grateful to have two pieces of bipartisan legislation that 
promote relationship banking and regulatory relief that are included in 
this bill package today. Two of my bipartisan bills included in this 
package are the Small Bank Exam Cycle Improvement Act and the Community 
Institution Mortgage Relief Act which offer small, local communities 
and financial institutions a little much-needed assistance to help 
better serve their communities.
  I am proud of the hard work my colleagues have done to craft this 
important, bipartisan legislation, and I am very thankful to Chairman 
Hensarling for making sure that this bill becomes a reality for 
Americans.
  Mr. Speaker, S. 2155 will help families in my district achieve 
financial independence, and I urge all of my colleagues to support 
this, including my cosponsors, Mr. Sherman and Mr. Crist, who I hope 
will be joining us in support of this bill.
  Ms. MAXINE WATERS of California. Mr. Speaker, may I inquire of Mr. 
Hensarling how many speakers he has remaining.
  Mr. HENSARLING. Mr. Speaker, I have no more speakers on this side.
  I believe I have the right to close.
  Ms. WATERS of California. Mr. Speaker, may I inquire as to how much 
time I have remaining.
  The SPEAKER pro tempore (Mr. Burgess). The gentlewoman has 8 minutes 
remaining.
  Ms. MAXINE WATERS of California. Mr. Speaker, I yield myself such 
time as I may consume.
  Mr. Speaker, let me again share with you what should be breaking news 
tonight: the FDIC released its quarterly banking profile today for the 
first quarter of 2018 and reported that banks made more money than they 
ever have.
  Mr. Speaker, $56 billion in profits in a single quarter represents a 
27.5 percent surge compared to 2017. Some of these profits came from 
the Republican tax reform bill that we have called a tax scam law.
  The community banks, credit unions, and the economy are doing great 
with Dodd-Frank reforms in place. The banking industry keeps making 
record profits--an average of $167 billion in annual profits the last 3 
years.
  Banks have increased lending to businesses by 80 percent since 2010. 
Community banks are outperforming larger banks in increased lending, 
and the credit unions are growing and have increased lending by more 
than 10 percent in 2014, 2015, 2016, and 2017.
  Despite all of that, we have this pay of CEOs of banks that 
represents so many times more than the median salary in their banks. 
Specifically, Wells Fargo's CEO made $17.4 million in 2017, 291 times 
the company's median salary. This is in spite of the fact that Wells 
Fargo has a track record of consumer abuses while demonstrating that 
the numerous fines imposed upon the bank have not been a sufficient 
deterrent to stop its pattern of appalling practices.
  Let me just identify some of those practices: opening 3.5 million 
fraudulent credit card and deposit accounts, for which they were fined 
$185 million. It was so bad that former Chair Yellen capped the bank's 
size until it cleans up its act.
  In addition to that, they were found to have illegal student loan 
servicing practices; inappropriate checking account overdraft fees; 
unlawful mortgage lending practices, such as overcharging veterans for 
refinance loans; and charging customers for automobile insurance 
policies they did not need, which resulted in some customers losing 
their vehicles.

  They were fined $1 billion, but it really doesn't make them any 
different. It is just a cost of doing business.
  Yet we have my friends on the opposite side of the aisle who come and 
ask us to be lenient on the banks, to do away with the Dodd-Frank 
reforms, and to forget about what happened in 2008. Somehow it is all 
right for these greedy banks to continue the practices that they have. 
Despite the fact that Dodd-Frank reined them in, they are doing very 
well.
  S. 2155, again, is not a community bank bill, and it certainly does 
not help consumers, so we should not pretend that that is the case. 
Instead of considering improvements to this Senate bill or advancing 
narrowly tailored relief, my colleagues on the other side of the aisle 
are rubberstamping S. 2155 and advancing a Wall Street wish list that 
could jeopardize the stability of our country's financial system.
  So, instead of considering a bill to address concerns raised by 
community banks, one that I am sure could easily pass both bodies with 
overwhelming bipartisan support, House Republicans have instead decided 
to take up a bill that is largely designed to fulfill the agenda of 
Wall Street's megabanks. Passing this bill with broad support would 
send the wrong message to regulators to accelerate their deregulatory 
efforts for Wall Street.
  It is unfortunate that megabanks have once again piggybacked onto the 
substantial goodwill and support that exists to help ease the 
regulatory burden for community banks.
  S. 2155 is a dangerous measure that weakens key consumer protections 
and will make it harder, not easier, to combat unfair mortgage lending 
practices. The bill takes advantage of people just trying to make ends 
meet for the benefit of the largest banks that are making record 
profits.
  Make no mistake: I support our Nation's community banks and credit 
unions, and I support tailored regulatory relief for those 
institutions. That is a fact that I have made clear through my support 
of numerous individual measures which have advanced through this 
Congress, as well as through my community bank regulatory relief bill 
from last Congress.

                              {time}  1515

  I will continue to oppose any efforts to use regulatory relief for 
community banks as a vehicle to ram through deregulation for bad actors 
and megabanks.
  If my words and the words of my colleagues here today are not enough 
of a warning, then I would urge Members to listen to the pleas of 
hundreds of consumer, civil rights, veteran, religious, and labor 
groups that strongly oppose S. 2155.
  Though some of my colleagues in Congress may have short memories, the 
millions of Americans who lost their homes, their jobs, and their 
wealth during the 2008 financial crisis did not.
  So I oppose this bill. I want the Members of Congress to stand up on 
this very important legislation and say to the greedy banks and the 
megabanks: No, you are not going to get away with these kinds of 
actions anymore.
  Everything that you have done to try to undermine the Dodd-Frank 
reforms have resulted in more groups coming out to say: Congress, when 
are you going to stop these banks? They are making plenty of money. 
They are increasing their profits. Their CEOs are making high salaries. 
What more do you want from them?

[[Page H4349]]

  I think that our consumers deserve better than any attempt to try and 
relieve them of those regulatory actions that would support our 
consumers. I would ask for a resounding ``no'' vote on this bill that 
would only feed into the greediness of the major banks of America.
  Mr. Speaker, I yield back the balance of my time.
  Mr. HENSARLING. Mr. Speaker, may I inquire how much time I have 
remaining?
  The SPEAKER pro tempore. The gentleman from Texas has 3 minutes 
remaining.
  Mr. HENSARLING. Mr. Speaker, I yield myself the balance of my time.
  Mr. Speaker, since Dodd-Frank was passed, the big banks have become 
bigger and the small banks have become fewer. Free checking at banks 
has been cut in half. Credit cards: 200 basis points more, 15 percent 
fewer. Many creditworthy borrowers are having to pay almost $600 more 
for their auto loans.
  Mr. Speaker, the American Dream is shrinking. We have 1.6 percent 
economic growth, stagnant paychecks, decimated savings, and a 
diminished American Dream. That is the legacy of Dodd-Frank.
  Mr. Speaker, I wish I could believe 10 percent of what I heard from 
the other side of the aisle. I wish it did gut Dodd-Frank. It didn't. 
You can't find something in here. It is hard, challenging, to find 
anything in this bill that helps what the ranking member calls the so-
called Wall Street megabanks.
  Mr. Speaker, listening very carefully to this debate, it is clear 
that there are some voices that appear to be driven by their loathing 
of banks and credit unions, and there are other voices that are driven 
for our love and respect of our fellow citizens, hardworking taxpayers 
like Dirk in Colton and Sherry, who I mentioned in my opening 
statement, who are trying to capitalize a small business, who are 
trying to buy a car that is 10 years old, who are trying to buy that 
home. It is their American Dream, and they are being challenged due to 
this law.
  I have heard so many of my friends on the other side of the aisle 
say: Oh, I believe in taking away bureaucracy and red tape from 
community financial institutions, and I believe in bipartisanship.
  Well, they may believe in it, but they are not voting for it. The 
opportunity is right here in front of us with S. 2155, a strong, 
bipartisan bill that has come over from the United States Senate. So, 
again, they claim they believe it in theory; they just don't believe it 
in practice.
  Mr. Speaker, at the end of the day, 3 percent economic growth counts. 
If you look at the history of our Republic, 3 percent growth is where 
all the job creation takes place. It is where the paycheck increases 
take place. It is where the poverty reductions take place. It is the 
birthright of the American people.
  Thankfully, due to the leadership of our President and this Congress, 
we now have a 3 percent tax policy. We need a 3 percent regulatory 
policy, especially for our community banks and our credit unions, who 
help finance the American Dream for all of our citizens.
  We should join in unison on this historic day to pass S. 2155, the 
Economic Growth, Regulatory Relief, and Consumer Protection Act, for 
the help of all our citizens.
  Mr. Speaker, I yield back the balance of my time
  Mr. PALAZZO. Mr. Speaker, I rise today to discuss the bill before us, 
S. 2155. I support a majority of the provisions in this bill, as it 
makes crucial changes to federal banking laws that provide much needed 
relief from some of the worst, most burdensome financial regulations 
that have stifled American small businesses and in turn, harmed 
consumers.
  I intend to vote in its favor, but I have a real issue with the way 
in which we are considering the bill. A huge bill, almost 200 pages--
under a closed rule. The section I want to speak on is a section that 
most folks probably don't even realize is in the bill, and that is 
Small Public Housing reform, section 209.
  This is an issue I've been working on for years now, and while I'm 
always happy to see others such as Chairman Crapo caring about it, I'm 
frustrated by how haphazardly they are written, and disappointed by how 
good they could be.
  Let me just go over a couple of things that are in the bill before us 
as they relate to small public housing authorities. The Senate tacked 
on a rural requirement to the definition of ``small public housing 
authority'' which is generally defined as a housing authority operating 
550 or fewer combined units or vouchers.
  For starters, how many times have we debated USDA's rural definition? 
It's one of the most complicated rural definitions that exist--why are 
we still using this in new legislation even though we know how 
difficult it is to come to a consensus on it? The small PHA definition 
of 550 and under covers approximately 76 percent of PHAs across the 
country--that number drops to a little over a half when we add the 
rural definition.
  Moreover, there are already existing distinctions when it comes to 
small PHAs--fewer than 250 get to report less, fewer than 400 are 
exempt from asset management, etc. Now, we've created a new 
subsection--rural or non-rural.
  So in theory we could have two PHAs of identical sizes in adjoining 
or nearby counties operating under different rules for performance and 
oversight. Both likely will have similar resource challenges but only 
one of them will get regulatory relief as a result of S. 2155.
  We're creating complexity, not lessening it. We move physical 
inspection standards currently used in public housing (UPCS) and we 
say, let's move them to the less burdensome section 8--which, again, 
I'm all for, but we don't clarify which section 8. There are two types 
of section 8, tenant-based and project-based. Presumably they meant 
tenant-based, but that's something we need to clarify.
  These are just a couple of small, non-controversial common sense 
corrections.
  I'll be introducing authorizing legislation that makes these changes 
and a few others that I didn't have time to go over--and hopefully, 
we'll be able to attach some technical corrections to a must-pass piece 
of legislation I know many others share my frustration, to have this 
massive bill shoved down our throat with no opportunity to make the 
legislation better.
  Isn't that our job as lawmakers? To make sure the bills we pass are 
the very best they could be. I applaud the deregulatory efforts on the 
financial side as well as the small public housing side, I'm jut 
disappointed to see that we don't have the opportunity to make some of 
these common sense edits on the front end, instead of having to make 
technical corrections afterwards because what has been signed into law 
contains well intended, but confusing and imperfect provisions.
  Mr. ROYCE of California. Mr. Speaker, it was 5:39 a.m. on June 25, 
2010 when we passed the Dodd-Frank Conference Committee Report. At that 
early morning hour--other than a need for sleep--there was little we 
agreed upon. But one thing stood out, Republicans and Democrats openly 
discussed that there were problems in the bill that would need fixing. 
We knew some of the unintended (and intended) consequences that 
community banks and credit unions would face when looking to lend to 
homeowners and small businesses.
  Sadly, Mr. Speaker, it has taken nearly 8 years for us to pass into 
law any meaningful changes of those sweeping reforms. Smaller 
institutions have suffered; they have fewer assets over which to spread 
ever-increasing compliance costs. That's what leads to this conundrum 
where we have fewer banks today than we did during the Great 
Depression.
  Today, we take a step in rewriting these wrongs. I'm particular proud 
that the bill before us includes many provisions I authored on a 
bipartisan basis. S. 2155 provides potential homeownership for the so-
called ``credit invisibles,'' increases small business lending from 
credit unions, and improves access to capital for companies looking to 
go public and hire more workers.
  I urge my colleagues to pass these overdue reforms.
  The SPEAKER pro tempore (Mr. Duncan of Tennessee). All time for 
debate has expired.
  Pursuant to House Resolution 905, the previous question is ordered on 
the bill.
  The question is on the third reading of the bill.
  The bill was ordered to be read a third time, and was read the third 
time.
  The SPEAKER pro tempore. The question is on the passage of the bill.
  The question was taken; and the Speaker pro tempore announced that 
the ayes appeared to have it.
  Mr. HENSARLING. Mr. Speaker, on that I demand the yeas and nays.
  The yeas and nays were ordered.
  The SPEAKER. Pursuant to clause 8 of rule XX, further proceedings on 
this question will be postponed.

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