    [United States Statutes at Large, Volume 132, 115th Congress, 2nd Session]
    [From the U.S. Government Publishing Office, www.gpo.gov]

    Public Law 115-174
    115th Congress

    An Act

    To promote economic growth, provide tailored regulatory relief, and
    enhance consumer protections, and for other purposes. <>

    Be it enacted by the Senate and House of Representatives of the
    United States of America in Congress assembled, <>
    SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) <>  Short Title.--This Act may be cited
    as the ``Economic Growth, Regulatory Relief, and Consumer Protection
    Act''.

    (b) Table of Contents.--The table of contents for this Act is as
    follows:

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

    TITLE I--IMPROVING CONSUMER ACCESS TO MORTGAGE CREDIT

    Sec. 101. Minimum standards for residential mortgage loans.
    Sec. 102. Safeguarding access to habitat for humanity homes.
    Sec. 103. Exemption from appraisals of real property located in rural
    areas.
    Sec. 104. Home Mortgage Disclosure Act adjustment and study.
    Sec. 105. Credit union residential loans.
    Sec. 106. Eliminating barriers to jobs for loan originators.
    Sec. 107. Protecting access to manufactured homes.
    Sec. 108. 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.

    [[Page 1297]]

    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

    [[Page 1298]]

    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.

    [[Page 1299]]

    ``(iv) Consideration and documentation
    requirements.--The consideration and documentation
    requirements described in clause (ii)(I)(ee)
    shall--
    ``(I) not be construed to require
    compliance with, or documentation in
    accordance with, appendix Q to part 1026
    of title 12, Code of Federal
    Regulations, or any successor
    regulation; and
    ``(II) be construed to permit
    multiple methods of documentation.''.
    SEC. 102. SAFEGUARDING ACCESS TO HABITAT FOR HUMANITY HOMES.

    Section 129E(i)(2) of the Truth in Lending Act (15 U.S.C.
    1639e(i)(2)) is amended--
    (1) by redesignating subparagraphs (A) and (B) as clauses
    (i) and (ii), respectively, and adjusting the margins
    accordingly;
    (2) in the matter preceding clause (i), as so redesignated,
    by striking ``For purposes of'' and inserting the following:
    ``(A) In general.--For purposes of''; and
    (3) by adding at the end the following:
    ``(B) Rule of construction related to appraisal
    donations.--If a fee appraiser voluntarily donates
    appraisal services to an organization eligible to
    receive tax-deductible charitable contributions, such
    voluntary donation shall be considered customary and
    reasonable for the purposes of paragraph (1).''.
    SEC. 103. EXEMPTION FROM APPRAISALS OF REAL PROPERTY LOCATED IN
    RURAL AREAS.

    Title XI of the Financial Institutions Reform, Recovery, and
    Enforcement Act of 1989 (12 U.S.C. 3331 et seq.) is amended by adding at
    the end the following:
    ``SEC. 1127. <>  EXEMPTION FROM APPRAISALS OF
    REAL ESTATE LOCATED IN RURAL AREAS.

    ``(a) Definitions.--In this section--
    ``(1) the term `mortgage originator' has the meaning given
    the term in section 103 of the Truth in Lending Act (15 U.S.C.
    1602); and
    ``(2) the term `transaction value' means the amount of a
    loan or extension of credit, including a loan or extension of
    credit that is part of a pool of loans or extensions of credit.

    ``(b) Appraisal Not Required.--Except as provided in subsection (d),
    notwithstanding any other provision of law, an appraisal in connection
    with a federally related transaction involving real property or an
    interest in real property is not required if--
    ``(1) the real property or interest in real property is
    located in a rural area, as described in section
    1026.35(b)(2)(iv)(A) of title 12, Code of Federal Regulations;
    `` <> (2) not later than 3 days after the
    date on which the Closing Disclosure Form, made in accordance
    with the final rule of the Bureau of Consumer Financial
    Protection entitled `Integrated Mortgage Disclosures Under the
    Real Estate Settlement Procedures Act (Regulation X) and the
    Truth in Lending Act (Regulation Z)' (78 Fed. Reg. 79730
    (December 31, 2013)), relating to the federally related
    transaction is given to the consumer, the mortgage originator or
    its agent, directly or indirectly--

    [[Page 1300]]

    ``(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.--

    [[Page 1301]]

    ``(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

    [[Page 1302]]

    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;

    [[Page 1303]]

    ``(C) on which the application State grants a State
    license; or
    ``(D) that is 120 days after the date on which the
    individual submits the application, if the application
    is listed on the Nationwide Mortgage Licensing System
    and Registry as incomplete.

    ``(c) Temporary Authority To Originate Loans for State-Licensed Loan
    Originators Moving Interstate.--
    ``(1) In general.--A State-licensed loan originator shall be
    deemed to have temporary authority to act as a loan originator
    in an application State for the period described in paragraph
    (2) if the State-licensed loan originator--
    ``(A) meets the requirements of subparagraphs (A),
    (B), (C), and (D) of subsection (b)(1);
    ``(B) is employed by a State-licensed mortgage
    company in the application State; and
    ``(C) <>  was licensed in a
    State that is not the application State during the 30-
    day period preceding the date on which the information
    required under section 1505(a) was submitted in
    connection with the application submitted to the
    application State.
    ``(2) Period.--The period described in this paragraph shall
    begin on the date on which the State-licensed loan originator
    submits the information required under section 1505(a) in
    connection with the application submitted to the application
    State and end on the earliest of the date--
    ``(A) on which the State-licensed loan originator
    withdraws the application to be a State-licensed loan
    originator in the application State;
    ``(B) on which the application State denies, or
    issues a notice of intent to deny, the application;
    ``(C) on which the application State grants a State
    license; or
    ``(D) that is 120 days after the date on which the
    State-licensed loan originator submits the application,
    if the application is listed on the Nationwide Mortgage
    Licensing System and Registry as incomplete.

    ``(d) Applicability.--
    ``(1) Employer of loan originators.--Any person employing an
    individual who is deemed to have temporary authority to act as a
    loan originator in an application State under this section shall
    be subject to the requirements of this title and to applicable
    State law to the same extent as if that individual was a State-
    licensed loan originator licensed by the application State.
    ``(2) Engaging in mortgage loan activities.--Any individual
    who is deemed to have temporary authority to act as a loan
    originator in an application State under this section and who
    engages in residential mortgage loan origination activities
    shall be subject to the requirements of this title and to
    applicable State law to the same extent as if that individual
    was a State-licensed loan originator licensed by the application
    State.''.

    (b) Table of Contents Amendment.--Section 1(b) of the Housing and
    Economic Recovery Act of 2008 (42 U.S.C. 4501 note)

    [[Page 1304]]

    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)--

    [[Page 1305]]

    (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;

    [[Page 1306]]

    (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

    [[Page 1307]]

    (2) <>  establish procedures for
    treatment of a qualifying community bank that has a Community
    Bank Leverage Ratio that falls below the percentage developed
    under paragraph (1) after exceeding the percentage developed
    under paragraph (1).

    (c) Capital Compliance.--
    (1) In general.--Any qualifying community bank that exceeds
    the Community Bank Leverage Ratio developed under subsection
    (b)(1) shall be considered to have met--
    (A) the generally applicable leverage capital
    requirements and the generally applicable risk-based
    capital requirements;
    (B) in the case of a qualifying community bank that
    is a depository institution, the capital ratio
    requirements that are required in order to be considered
    well capitalized under section 38 of the Federal Deposit
    Insurance Act (12 U.S.C. 1831o) and any regulation
    implementing that section; and
    (C) any other capital or leverage requirements to
    which the qualifying community bank is subject.
    (2) Existing authorities.--Nothing in paragraph (1) shall
    limit the authority of the appropriate Federal banking agencies
    as in effect on the date of enactment of this Act.

    (d) Consultation.--The appropriate Federal banking agencies shall--
    (1) consult with the applicable State bank supervisors in
    carrying out this section; and
    (2) <>  notify the applicable State
    bank supervisor of any qualifying community bank that it
    supervises that exceeds, or does not exceed after previously
    exceeding, the Community Bank Leverage ratio developed under
    subsection (b)(1).
    SEC. 202. LIMITED EXCEPTION FOR RECIPROCAL DEPOSITS.

    (a) In General.--Section 29 of the Federal Deposit Insurance Act (12
    U.S.C. 1831f) is amended by adding at the end the following:
    ``(i) Limited Exception for Reciprocal Deposits.--
    ``(1) In general.--Reciprocal deposits of an agent
    institution shall not be considered to be funds obtained,
    directly or indirectly, by or through a deposit broker to the
    extent that the total amount of such reciprocal deposits does
    not exceed the lesser of--
    ``(A) $5,000,000,000; or
    ``(B) an amount equal to 20 percent of the total
    liabilities of the agent institution.
    ``(2) Definitions.--In this subsection:
    ``(A) Agent institution.--The term `agent
    institution' means an insured depository institution
    that places a covered deposit through a deposit
    placement network at other insured depository
    institutions in amounts that are less than or equal to
    the standard maximum deposit insurance amount,
    specifying the interest rate to be paid for such
    amounts, if the insured depository institution--
    ``(i)(I) when most recently examined under
    section 10(d) was found to have a composite
    condition of outstanding or good; and
    ``(II) is well capitalized;

    [[Page 1308]]

    ``(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).

    [[Page 1309]]

    ``(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

    [[Page 1310]]

    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

    [[Page 1311]]

    ``(2) be subject to the same duties, restrictions,
    penalties, liabilities, conditions, and limitations that would
    apply to a national bank described in paragraph (1).

    ``(d) Treatment of Covered Savings Associations.--A covered savings
    association shall be treated as a Federal savings association for the
    purposes--
    ``(1) of governance of the covered savings association,
    including incorporation, bylaws, boards of directors,
    shareholders, and distribution of dividends;
    ``(2) of consolidation, merger, dissolution, conversion
    (including conversion to a stock bank or to another charter),
    conservatorship, and receivership; and
    ``(3) <>  determined by regulation of
    the Comptroller.

    ``(e) Existing Branches.--A covered savings association may continue
    to operate any branch or agency that the covered savings association
    operated on the date on which an election under subsection (b) is
    approved.
    ``(f) Rule Making.--The Comptroller shall issue rules to carry out
    this section--
    ``(1) that establish streamlined standards and procedures
    that clearly identify required documentation and timelines for
    an election under subsection (b);
    ``(2) that require a Federal savings association that makes
    an election under subsection (b) to identify specific assets and
    subsidiaries that--
    ``(A) do not conform to the requirements for assets
    and subsidiaries of a national bank; and
    ``(B) are held by the Federal savings association on
    the date on which the Federal savings association
    submits a notice of the election;
    ``(3) that establish--
    ``(A) a transition process for bringing the assets
    and subsidiaries described in paragraph (2) into
    conformance with the requirements for a national bank;
    and
    ``(B) procedures for allowing the Federal savings
    association to submit to the Comptroller an application
    to continue to hold assets and subsidiaries described in
    paragraph (2) after electing to operate as a covered
    savings association;
    ``(4) that establish standards and procedures to allow a
    covered savings association to--
    ``(A) terminate an election under subsection (b)
    after an appropriate period of time; and
    ``(B) make a subsequent election under subsection
    (b) after terminating an election under subparagraph
    (A);
    ``(5) that clarify requirements for the treatment of covered
    savings associations, including the provisions of law that apply
    to covered savings associations; and
    ``(6) <>  as the Comptroller
    determines necessary in the interests of safety and soundness.

    ``(g) Grandfathered Covered Savings Associations.--Subject to the
    rules issued under subsection (f), a covered savings association may
    continue to operate as a covered 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.''.

    [[Page 1312]]

    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,''.

    [[Page 1313]]

    (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

    [[Page 1314]]

    the Secretary under section 302 of the Lead-Based Paint
    Poisoning Prevention Act (42 U.S.C. 4822).
    ``(3) Troubled small public housing agencies.--
    ``(A) <>  Public housing
    program.--Notwithstanding any other provision of law,
    the Secretary may designate a small public housing
    agency as a troubled small public housing agency with
    respect to the public housing program of the small
    public housing agency if the Secretary determines that
    the agency has failed to maintain the public housing
    units of the small public housing agency in a
    satisfactory physical condition, based upon an
    inspection conducted by the Secretary.
    ``(B) <>  Housing voucher
    program.--Notwithstanding any other provision of law,
    the Secretary may designate a small public housing
    agency as a troubled small public housing agency with
    respect to the housing voucher program of the small
    public housing agency if the Secretary determines that
    the agency has failed to comply with the inspection
    requirements under paragraph (2).
    ``(C) Appeals.--
    ``(i) Establishment.--The Secretary shall
    establish an appeals process under which a small
    public housing agency may dispute a designation as
    a troubled small public housing agency.
    ``(ii) Official.--The appeals process
    established under clause (i) shall provide for a
    decision by an official who has not been involved,
    and is not subordinate to a person who has been
    involved, in the original determination to
    designate a small public housing agency as a
    troubled small public housing agency.
    ``(D) Corrective action agreement.--
    ``(i) <>  Agreement
    required.--Not later than 60 days after the date
    on which a small public housing agency is
    designated as a troubled public housing agency
    under subparagraph (A) or (B), the Secretary and
    the small public housing agency shall enter into a
    corrective action agreement under which the small
    public housing agency shall undertake actions to
    correct the deficiencies upon which the
    designation is based.
    ``(ii) Terms of agreement.--A corrective
    action agreement entered into under clause (i)
    shall--
    ``(I) <>  have a
    term of 1 year, and shall be renewable
    at the option of the Secretary;
    ``(II) provide, where feasible, for
    technical assistance to assist the
    public housing agency in curing its
    deficiencies;
    ``(III) provide for--
    ``(aa) reconsideration of
    the designation of the small
    public housing agency as a
    troubled small public housing
    agency not less frequently than
    annually; and

    ``(bb) <>
    termination of the agreement
    when the Secretary determines
    that the small public housing
    agency is no longer a troubled
    small public housing agency; and

    [[Page 1315]]

    ``(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.

    [[Page 1316]]

    ``(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--

    [[Page 1317]]

    (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;

    [[Page 1318]]

    (ii) a description of the effects that
    proposals discussed at international insurance
    regulatory or supervisory forums of insurance
    could have on consumer and insurance markets in
    the United States;
    (iii) a description of any position taken by
    the Secretary of the Treasury, the Board of
    Governors of the Federal Reserve System, and the
    Director of the Federal Insurance Office in
    international insurance discussions; and
    (iv) a description of the efforts by the
    Secretary of the Treasury, the Board of Governors
    of the Federal Reserve System, and the Director of
    the Federal Insurance Office to increase
    transparency at the Financial Stability Board with
    respect to insurance proposals and the
    International Association of Insurance
    Supervisors, including efforts to provide
    additional public access to working groups and
    committees of the International Association of
    Insurance Supervisors.
    (B) Termination.--This paragraph shall terminate on
    December 31, 2024.
    (2) Reports and testimony by national association of
    insurance commissioners.--The National Association of Insurance
    Commissioners may provide testimony to Congress on the issues
    described in paragraph (1)(A).
    (3) Joint report by the chairman of the federal reserve and
    the director of the federal insurance office.--
    (A) <>  In general.--The
    Secretary of the Treasury, the Chairman of the Board of
    Governors of the Federal Reserve System, and the
    Director of the Federal Insurance Office shall, in
    consultation with the National Association of Insurance
    Commissioners, complete a study on, and submit to
    Congress a report on the results of the study, the
    impact on consumers and markets in the United States
    before supporting or consenting to the adoption of any
    final international insurance capital standard.
    (B) Notice and comment.--
    (i) Notice.--The Secretary of the Treasury,
    the Chairman of the Board of Governors of the
    Federal Reserve System, and the Director of the
    Federal Insurance Office shall provide public
    notice before the date on which drafting a report
    required under subparagraph (A) is commenced and
    after the date on which the draft of the report is
    completed.
    (ii) <>  Opportunity for
    comment.--There shall be an opportunity for public
    comment for a period beginning on the date on
    which the report is submitted under subparagraph
    (A) and ending on the date that is 60 days after
    the date on which the report is submitted.
    (C) Review by comptroller general.--The Secretary of
    the Treasury, Chairman of the Board of Governors of the
    Federal Reserve System, and the Director of the Federal
    Insurance Office shall submit to the Comptroller General
    of the United States the report described in
    subparagraph (A) for review.

    [[Page 1319]]

    (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).

    [[Page 1320]]

    (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

    [[Page 1321]]

    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

    [[Page 1322]]

    institution's applicable loan underwriting criteria for
    permanent financings; or
    ``(D) commercial real property projects in which--
    ``(i) the loan-to-value ratio is less than or
    equal to the applicable maximum supervisory loan-
    to-value ratio as determined by the appropriate
    Federal banking agency;
    ``(ii) the borrower has contributed capital of
    at least 15 percent of the real property's
    appraised, `as completed' value to the project in
    the form of--
    ``(I) cash;
    ``(II) unencumbered readily
    marketable assets;
    ``(III) paid development expenses
    out-of-pocket; or
    ``(IV) contributed real property or
    improvements; and
    ``(iii) the borrower contributed the minimum
    amount of capital described under clause (ii)
    before the depository institution advances funds
    (other than the advance of a nominal sum made in
    order to secure the depository institution's lien
    against the real property) under the credit
    facility, and such minimum amount of capital
    contributed by the borrower is contractually
    required to remain in the project until the credit
    facility has been reclassified by the depository
    institution as a non-HVCRE ADC loan under
    subsection (d);
    ``(3) does not include any loan made prior to January 1,
    2015; and
    ``(4) does not include a credit facility reclassified as a
    non-HVCRE ADC loan under subsection (d).

    ``(c) Value of Contributed Real Property.--For purposes of this
    section, the value of any real property contributed by a borrower as a
    capital contribution shall be the appraised value of the property as
    determined under standards prescribed pursuant to section 1110 of the
    Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12
    U.S.C. 3339), in connection with the extension of the credit facility or
    loan to such borrower.
    ``(d) Reclassification as a Non-HVRCE ADC Loan.--For purposes of
    this section and with respect to a credit facility and a depository
    institution, upon--
    ``(1) the substantial completion of the development or
    construction of the real property being financed by the credit
    facility; and
    ``(2) cash flow being generated by the real property being
    sufficient to support the debt service and expenses of the real
    property,

    in accordance with the institution's applicable loan underwriting
    criteria for permanent financings, the credit facility may be
    reclassified by the depository institution as a Non-HVCRE ADC loan.
    ``(e) Existing Authorities.--Nothing in this section shall limit the
    supervisory, regulatory, or enforcement authority of an appropriate
    Federal banking agency to further the safe and sound operation of an
    institution under the supervision of the appropriate Federal banking
    agency.''.

    [[Page 1323]]

    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.

    [[Page 1324]]

    (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

    [[Page 1325]]

    with paragraphs (1) through (7) of such section 505(a)
    by the agencies described in those paragraphs.
    (B) Relevant information.--Upon discovery by the
    Commissioner, pursuant to an audit described in
    paragraph (1), of any violation of this section or any
    certification made under this section, the Commissioner
    shall forward any relevant information pertaining to
    that violation to the appropriate agency described in
    subparagraph (A) for evaluation by the agency for
    purposes of enforcing this section.

    (h) Recovery of Costs.--
    (1) In general.--
    (A) In general.--Amounts obligated to carry out this
    section shall be fully recovered from the users of the
    database or verification system by way of advances,
    reimbursements, user fees, or other recoveries as
    determined by the Commissioner. The funds recovered
    under this paragraph shall be deposited as an offsetting
    collection to the account providing appropriations for
    the Social Security Administration, to be used for the
    administration of this section without fiscal year
    limitation.
    (B) Prices fixed by commissioner.--The Commissioner
    shall establish the amount to be paid by the users under
    this paragraph, including the costs of any services or
    work performed, such as any appropriate upgrades,
    maintenance, and associated direct and indirect
    administrative costs, in support of carrying out the
    purposes described in this section, by reimbursement or
    in advance as determined by the Commissioner. The amount
    of such prices shall be periodically adjusted by the
    Commissioner to ensure that amounts collected are
    sufficient to fully offset the cost of the
    administration of this section.
    (2) Initial development.--The Commissioner shall not begin
    development of a verification system to carry out this section
    until the Commissioner determines that amounts equal to at least
    50 percent of program start-up costs have been collected under
    paragraph (1).
    (3) Existing resources.--The Commissioner may use funds
    designated for information technology modernization to carry out
    this section.
    (4) Annual report.--The Commissioner shall annually submit
    to the Committee on Ways and Means of the House of
    Representatives and the Committee on Finance of the Senate a
    report on the amount of indirect costs to the Social Security
    Administration arising as a result of the implementation of this
    section.
    SEC. 216. TREASURY REPORT ON RISKS OF CYBER THREATS.

    Not later than 1 year after the date of enactment of this Act, the
    Secretary of the Treasury shall submit to the Committee on Banking,
    Housing, and Urban Affairs of the Senate and the Committee on Financial
    Services of the House of Representatives a report on the risks of cyber
    threats to financial institutions and capital markets in the United
    States, including--
    (1) <>  an assessment of the material
    risks of cyber threats to financial institutions and capital
    markets in the United States;

    [[Page 1326]]

    (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.--

    [[Page 1327]]

    ``(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

    [[Page 1328]]

    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.

    [[Page 1329]]

    ``(5) Notice of rights.--At any time a consumer is required
    to receive a summary of rights required under section 609, the
    following notice shall be included:

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

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

    ``(j) National Protection for Files and Credit Records of Protected
    Consumers.--
    ``(1) Definitions.--As used in this subsection:

    [[Page 1330]]

    ``(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;

    [[Page 1331]]

    ``(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.

    [[Page 1332]]

    ``(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.--

    [[Page 1333]]

    (1) Veteran's medical debt defined.--Section 603 of the Fair
    Credit Reporting Act (15 U.S.C. 1681a) is amended by adding at
    the end the following:

    ``(z) Veteran.--The term `veteran' has the meaning given the term in
    section 101 of title 38, United States Code.
    ``(aa) Veteran's Medical Debt.--The term `veteran's medical debt'--
    ``(1) means a medical collection debt of a veteran owed to a
    non-Department of Veterans Affairs health care provider that was
    submitted to the Department for payment for health care
    authorized by the Department of Veterans Affairs; and
    ``(2) includes medical collection debt that the Department
    of Veterans Affairs has wrongfully charged a veteran.''.
    (2) Exclusion for veteran's medical debt.--Section 605(a) of
    the Fair Credit Reporting Act (15 U.S.C. 1681c(a)) is amended by
    adding at the end the following:
    ``(7) With respect to a consumer reporting agency described
    in section 603(p), any information related to a veteran's
    medical debt if the date on which the hospital care, medical
    services, or extended care services was rendered relating to the
    debt antedates the report by less than 1 year if the consumer
    reporting agency has actual knowledge that the information is
    related to a veteran's medical debt and the consumer reporting
    agency is in compliance with its obligation under section
    302(c)(5) of the Economic Growth, Regulatory Relief, and
    Consumer Protection Act.
    ``(8) With respect to a consumer reporting agency described
    in section 603(p), any information related to a fully paid or
    settled veteran's medical debt that had been characterized as
    delinquent, charged off, or in collection if the consumer
    reporting agency has actual knowledge that the information is
    related to a veteran's medical debt and the consumer reporting
    agency is in compliance with its obligation under section
    302(c)(5) of the Economic Growth, Regulatory Relief, and
    Consumer Protection Act.''.
    (3) Removal of veteran's medical debt from consumer
    report.--Section 611 of the Fair Credit Reporting Act (15 U.S.C.
    1681i) is amended--
    (A) in subsection (a)(1)(A), by inserting ``and
    except as provided in subsection (g)'' after
    ``subsection (f)''; and
    (B) by adding at the end the following:

    ``(g) Dispute Process for Veteran's Medical Debt.--
    ``(1) In general.--With respect to a veteran's medical debt,
    the veteran may submit a notice described in paragraph (2),
    proof of liability of the Department of Veterans Affairs for
    payment of that debt, or documentation that the Department of
    Veterans Affairs is in the process of making payment for
    authorized hospital care, medical services, or extended care
    services rendered to a consumer reporting agency or a reseller
    to dispute the inclusion of that debt on a consumer report of
    the veteran.
    ``(2) Notification to veteran.--The Department of Veterans
    Affairs shall submit to a veteran a notice that the Department
    of Veterans Affairs has assumed liability for part or all of a
    veteran's medical debt.

    [[Page 1334]]

    ``(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.

    [[Page 1335]]

    ``(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);

    [[Page 1336]]

    (iv) the Securities and Exchange Commission;
    (v) a law enforcement agency; or
    (vi) a State or local agency responsible for
    administering adult protective service laws;
    (D) the term ``covered financial institution''
    means--
    (i) a credit union;
    (ii) a depository institution;
    (iii) an investment adviser;
    (iv) a broker-dealer;
    (v) an insurance company;
    (vi) an insurance agency; or
    (vii) a transfer agent;
    (E) the term ``credit union'' has the meaning given
    the term in section 2 of the Dodd-Frank Wall Street
    Reform and Consumer Protection Act (12 U.S.C. 5301);
    (F) the term ``depository institution'' has the
    meaning given the term in section 3(c) of the Federal
    Deposit Insurance Act (12 U.S.C. 1813(c));
    (G) the term ``exploitation'' means the fraudulent
    or otherwise illegal, unauthorized, or improper act or
    process of an individual, including a caregiver or a
    fiduciary, that--
    (i) uses the resources of a senior citizen for
    monetary or personal benefit, profit, or gain; or
    (ii) results in depriving a senior citizen of
    rightful access to or use of benefits, resources,
    belongings, or assets;
    (H) the term ``insurance agency'' means any business
    entity that sells, solicits, or negotiates insurance
    coverage;
    (I) the term ``insurance company'' has the meaning
    given the term in section 2(a) of the Investment Company
    Act of 1940 (15 U.S.C. 80a-2(a));
    (J) the term ``insurance producer'' means an
    individual who is required under State law to be
    licensed in order to sell, solicit, or negotiate
    insurance coverage;
    (K) the term ``investment adviser'' has the meaning
    given the term in section 202(a) of the Investment
    Advisers Act of 1940 (15 U.S.C. 80b-2(a));
    (L) the term ``investment adviser representative''
    means an individual who--
    (i) is employed by, or associated with, an
    investment adviser; and
    (ii) does not perform solely clerical or
    ministerial acts;
    (M) the term ``registered representative'' means an
    individual who represents a broker-dealer in effecting
    or attempting to effect a purchase or sale of
    securities;
    (N) the term ``senior citizen'' means an individual
    who is not younger than 65 years of age;
    (O) the term ``State'' means each of the several
    States, the District of Columbia, and any territory or
    possession of the United States;
    (P) the term ``State insurance regulator'' has the
    meaning given the term in section 315 of the Gramm-
    Leach-Bliley Act (15 U.S.C. 6735);
    (Q) the term ``State securities or law enforcement
    authority'' has the meaning given the term in section

    [[Page 1337]]

    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--

    [[Page 1338]]

    (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.

    [[Page 1339]]

    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

    [[Page 1340]]

    ``(D) any other circumstances that the Secretary may
    consider appropriate.'';
    (3) by striking subsection (i);
    (4) by redesignating subsections (c), (d), (e), (f), (g),
    and (h) as subsections (d), (e), (f), (g), (h), and (i)
    respectively;
    (5) by inserting after subsection (b), as amended, the
    following:

    ``(c) Eligibility.--
    ``(1) Eligible families.--A family is eligible to
    participate in a local Family Self-Sufficiency program under
    this section if--
    ``(A) at least 1 household member seeks to become
    and remain employed in suitable employment or to
    increase earnings; and
    ``(B) the household member receives direct
    assistance under section 8 or resides in a unit assisted
    under section 8 or 9.
    ``(2) Eligible entities.--The following entities are
    eligible to administer a local Family Self-Sufficiency program
    under this section:
    ``(A) A public housing agency administering housing
    assistance to or on behalf of an eligible family under
    section 8 or 9.
    ``(B) The owner or sponsor of a multifamily property
    receiving project-based rental assistance under section
    8, in accordance with the requirements under subsection
    (l).'';
    (6) in subsection (d), as so redesignated--
    (A) in paragraph (1)--
    (i) by striking ``public housing agency'' the
    first time it appears and inserting ``eligible
    entity'';
    (ii) in the first sentence, by striking ``each
    leaseholder receiving assistance under the
    certificate and voucher programs of the public
    housing agency under section 8 or residing in
    public housing administered by the agency'' and
    inserting ``a household member of an eligible
    family''; and
    (iii) by striking the third sentence and
    inserting the following: ``Housing assistance may
    not be terminated as a consequence of either
    successful completion of the contract of
    participation or failure to complete such
    contract. A contract of participation shall remain
    in effect until the participating family exits the
    Family Self-Sufficiency program upon successful
    graduation or expiration of the contract of
    participation, or for other good cause.'';
    (B) in paragraph (2)--
    (i) in the matter preceding subparagraph (A)--
    (I) in the first sentence--
    (aa) by striking ``A local
    program under this section'' and
    inserting ``An eligible
    entity'';
    (bb) by striking ``provide''
    and inserting ``coordinate'';
    and
    (cc) by striking ``to'' and
    inserting ``for''; and
    (II) in the second sentence--
    (aa) by striking ``provided
    during'' and inserting
    ``coordinated for'';

    [[Page 1341]]

    (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

    [[Page 1342]]

    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

    [[Page 1343]]

    (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

    [[Page 1344]]

    awards or allowing such entities to combine their
    programs under this section for purposes of employing a
    coordinator.
    ``(B) Additional award.--An eligible entity that
    meets performance standards set by the Secretary is
    eligible to receive an additional award sufficient to
    cover the costs of filling an additional family self-
    sufficiency coordinator position if such entity has 75
    or more participating families, and an additional
    coordinator for each additional 50 participating
    families, or such other ratio as may be established by
    the Secretary based on the award allocation evaluation
    under subparagraph (E).
    ``(C) State and regional agencies.--For purposes of
    calculating the award under this paragraph, each
    administratively distinct part of a State or regional
    eligible entity may be treated as a separate agency.
    ``(D) Determination of number of coordinators.--In
    determining whether an eligible entity meets a specific
    threshold for funding pursuant to this paragraph, the
    Secretary shall consider the number of participants
    enrolled by the eligible entity in its Family Self-
    Sufficiency program as well as other criteria determined
    by the Secretary.
    ``(E) <>  Award allocation evaluation.--The Secretary
    shall submit to Congress a report evaluating the award
    allocation under this subsection, and make
    recommendations based on this evaluation and other
    related findings to modify such allocation, within 4
    years after the date of enactment of the Economic
    Growth, Regulatory Relief, and Consumer Protection Act,
    and not less frequently than every 4 years thereafter.
    The report requirement under this subparagraph shall
    terminate after the Secretary has submitted 2 such
    reports to Congress.
    ``(3) Renewals and allocation.--
    ``(A) In general.--Funds allocated by the Secretary
    under this subsection shall be allocated in the
    following order of priority:
    ``(i) First priority.--Renewal of the full
    cost of all coordinators in the previous year at
    each eligible entity with an existing Family Self-
    Sufficiency program that meets applicable
    performance standards set by the Secretary.
    ``(ii) Second priority.--New or incremental
    coordinator funding authorized under this section.
    ``(B) Guidance.--If the first priority, as described
    in subparagraph (A)(i), cannot be fully satisfied, the
    Secretary may prorate the funding for each eligible
    entity, as long as--
    ``(i) each eligible entity that has received
    funding for at least 1 part-time coordinator in
    the prior fiscal year is provided sufficient
    funding for at least 1 part-time coordinator as
    part of any such proration; and
    ``(ii) each eligible entity that has received
    funding for at least 1 full-time coordinator in
    the prior fiscal year is provided sufficient
    funding for at least 1 full-time coordinator as
    part of any such proration.
    ``(4) <>  Recapture or offset.--Any
    awards allocated under this subsection by the Secretary in a
    fiscal year that have not been spent by the end of the
    subsequent fiscal year or

    [[Page 1345]]

    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.

    [[Page 1346]]

    ``(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.

    [[Page 1347]]

    ``(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;

    [[Page 1348]]

    (4) a review of the responsibilities of data furnishers to
    ensure that accurate information is initially reported to
    consumer reporting agencies and to ensure that such information
    continues to be accurate;
    (5) a review of data security relating to consumer reporting
    agencies and their efforts to safeguard consumer data;
    (6) a review of who has access to, and may use, consumer
    reports;
    (7) a review of who has control or ownership of a consumer's
    credit data;
    (8) <>  an analysis of--
    (A) which Federal and State regulatory agencies
    supervise and enforce laws relating to how consumer
    reporting agencies protect consumer data; and
    (B) all laws relating to data security applicable to
    consumer reporting agencies; and
    (9) <>  recommendations to
    Congress on how to improve the consumer reporting system,
    including legislative, regulatory, and industry-specific
    recommendations.
    SEC. 309. PROTECTING VETERANS FROM PREDATORY LENDING.

    (a) Protecting Veterans From Predatory Lending.--
    (1) In general.--Subchapter I of chapter 37 of title 38,
    United States Code, is amended by adding at the end the
    following new section:
    ``Sec. 3709. <>  Refinancing of housing loans

    ``(a) Fee Recoupment.--Except as provided in subsection (d) and
    notwithstanding section 3703 of this title or any other provision of
    law, a loan to a veteran for a purpose specified in section 3710 of this
    title that is being refinanced may not be guaranteed or insured under
    this chapter unless--
    ``(1) <>  the issuer of the refinanced
    loan provides the Secretary with a certification of the
    recoupment period for fees, closing costs, and any expenses
    (other than taxes, amounts held in escrow, and fees paid under
    this chapter) that would be incurred by the borrower in the
    refinancing of the loan;
    ``(2) all of the fees and incurred costs are scheduled to be
    recouped on or before the date that is 36 months after the date
    of loan issuance; and
    ``(3) the recoupment is calculated through lower regular
    monthly payments (other than taxes, amounts held in escrow, and
    fees paid under this chapter) as a result of the refinanced
    loan.

    ``(b) Net Tangible Benefit Test.--Except as provided in subsection
    (d) and notwithstanding section 3703 of this title or any other
    provision of law, a loan to a veteran for a purpose specified in section
    3710 of this title that is refinanced may not be guaranteed or insured
    under this chapter unless--
    ``(1) the issuer of the refinanced loan provides the
    borrower with a net tangible benefit test;
    ``(2) in a case in which the original loan had a fixed rate
    mortgage interest rate and the refinanced loan will have a fixed
    rate mortgage interest rate, the refinanced loan has a mortgage
    interest rate that is not less than 50 basis points less than
    the previous loan;

    [[Page 1349]]

    ``(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).

    [[Page 1350]]

    (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.--

    [[Page 1351]]

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

    (d) <>  Annual Report on Document
    Disclosure and Consumer Education.--Not less frequently than once each
    year, the Secretary of Veterans Affairs shall issue a publicly available
    report that--
    (1) examines, with respect to loans provided to veterans
    under chapter 37 of title 38, United States Code--
    (A) the refinancing of fixed-rate mortgage loans to
    adjustable rate mortgage loans;
    (B) whether veterans are informed of the risks and
    disclosures associated with that refinancing; and
    (C) whether advertising materials for that
    refinancing are clear and do not contain misleading
    statements or assertions; and
    (2) <>  includes findings based on any
    complaints received by veterans and on an ongoing assessment of
    the refinancing market by the Secretary.
    SEC. 310. CREDIT SCORE COMPETITION.

    (a) Use of Credit Scores by Fannie Mae in Purchasing Residential
    Mortgages.--Section 302(b) of the Federal National Mortgage Association
    Charter Act (12 U.S.C. 1717(b)) is amended by adding at the end the
    following:
    ``(7)(A) Definitions.--In this paragraph--
    ``(i) the term `credit score' means a numerical value or a
    categorization created by a third party derived from a
    statistical tool or modeling system used by a person who makes
    or arranges a loan to predict the likelihood of certain credit
    behaviors, including default; and
    ``(ii) the term `residential mortgage' has the meaning given
    the term in section 302 of the Federal Home Loan Mortgage
    Corporation Act (12 U.S.C. 1451).

    ``(B) Use of Credit Scores.--The corporation shall condition
    purchase of a residential mortgage by the corporation under this

    [[Page 1352]]

    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.

    [[Page 1353]]

    ``(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;

    [[Page 1354]]

    ``(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)

    [[Page 1355]]

    of the Federal Housing Enterprises Financial Safety and Soundness Act of
    1992.

    ``(9) Extension.--If, as of the effective date of this subsection, a
    credit score model has not been approved under paragraph (3), the
    Corporation may use a credit score model that was in use before the
    effective date of this subsection, if necessary to prevent substantial
    market disruptions, until the earlier of--
    ``(A) the date on which a credit score model is validated
    and approved under paragraph (3); or
    ``(B) the date that is 2 years after the effective date of
    this subsection.''.

    (c) Authority of the Director.--Subpart A of part 2 of subtitle A of
    the Federal Housing Enterprises Financial Safety and Soundness Act of
    1992 (12 U.S.C. 4541 et seq.) <>  is amended by
    adding at the end the following:
    ``SEC. 1328. REGULATIONS FOR USE OF CREDIT SCORES.

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

    (d) <>  Effective Date.--The amendments
    made by subsections (a) and (b) shall take effect on the date that is
    180 days after the date of enactment of this Act.
    SEC. 311. GAO REPORT ON PUERTO RICO FORECLOSURES.

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

    [[Page 1356]]

    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

    [[Page 1357]]

    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

    [[Page 1358]]

    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).

    [[Page 1359]]

    (4) Rule of construction.--Nothing in this section shall be
    construed to prohibit the Board of Governors of the Federal
    Reserve System from issuing an order or rule making under
    section 165(a)(2)(C) of the Financial Stability Act of 2010 (12
    U.S.C. 5365(a)(2)(C)), as added by this section, before the
    effective date described in paragraph (1).

    (e) <>  Supervisory Stress Test.--Beginning
    on the effective date described in subsection (d)(1), the Board of
    Governors of the Federal Reserve System shall, on a periodic basis,
    conduct supervisory stress tests of bank holding companies with total
    consolidated assets equal to or greater than $100,000,000,000 and total
    consolidated assets of less than $250,000,000,000 to evaluate whether
    such bank holding companies have the capital, on a total consolidated
    basis, necessary to absorb losses as a result of adverse economic
    conditions.

    (f) <>  Global Systemically Important Bank
    Holding Companies.--Any bank holding company, regardless of asset size,
    that has been identified as a global systemically important BHC under
    section 217.402 of title 12, Code of Federal Regulations, shall be
    considered a bank holding company with total consolidated assets equal
    to or greater than $250,000,000,000 with respect to the application of
    standards or requirements under--
    (1) this section;
    (2) sections 116(a), 121(a), 155(d), 163(b), 164, and 165 of
    the Financial Stability Act of 2010 (12 U.S.C. 5326(a), 5331(a),
    5345(d), 5363(b), 5364, 5365); and
    (3) paragraph (2)(A) of the second subsection (s) (relating
    to assessments) of section 11 of the Federal Reserve Act (12
    U.S.C. 248(s)(2)).

    (g) <>  Clarification for Foreign Banks.--
    Nothing in this section shall be construed to--
    (1) affect the legal effect of the final rule of the Board
    of Governors of the Federal Reserve System entitled ``Enhanced
    Prudential Standards for Bank Holding Companies and Foreign
    Banking Organizations'' (79 Fed. Reg. 17240 (March 27, 2014)) as
    applied to foreign banking organizations with total consolidated
    assets equal to or greater than $100,000,000,000; or
    (2) limit the authority of the Board of Governors of the
    Federal Reserve System to require the establishment of an
    intermediate holding company under, implement enhanced
    prudential standards with respect to, or tailor the regulation
    of a foreign banking organization with total consolidated assets
    equal to or greater than $100,000,000,000.
    SEC. 402. <>  SUPPLEMENTARY LEVERAGE
    RATIO FOR CUSTODIAL BANKS.

    (a) Definition.--In this section, the term ``custodial bank'' means
    any depository institution holding company predominantly engaged in
    custody, safekeeping, and asset servicing activities, including any
    insured depository institution subsidiary of such a holding company.
    (b) Regulations.--
    (1) Definition.--In this subsection, the term ``central
    bank'' means--
    (A) the Federal Reserve System;
    (B) the European Central Bank; and

    [[Page 1360]]

    (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

    [[Page 1361]]

    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.

    [[Page 1362]]

    (3) <>  An analysis of whether the activity
    of algorithmic trading and entities that engage in algorithmic
    trading are subject to appropriate Federal supervision and
    regulation.
    (4) <>  A recommendation of
    whether--
    (A) based on the analysis described in paragraphs
    (1), (2), and (3), any changes should be made to
    regulations; and
    (B) the Securities and Exchange Commission needs
    additional legal authorities or resources to effect the
    changes described in subparagraph (A).
    SEC. 503. ANNUAL REVIEW OF GOVERNMENT-BUSINESS FORUM ON CAPITAL
    FORMATION.

    Section 503 of the Small Business Investment Incentive Act of 1980
    (15 U.S.C. 80c-1) is amended by adding at the end the following:
    ``(e) The Commission shall--
    ``(1) review the findings and recommendations of the forum;
    and
    ``(2) each time the forum submits a finding or
    recommendation to the Commission, promptly issue a public
    statement--
    ``(A) assessing the finding or recommendation of the
    forum; and
    ``(B) disclosing the action, if any, the Commission
    intends to take with respect to the finding or
    recommendation.''.
    SEC. 504. SUPPORTING AMERICA'S INNOVATORS.

    Section 3(c)(1) of the Investment Company Act of 1940 (15 U.S.C.
    80a-3(c)(1)) is amended--
    (1) in the matter preceding subparagraph (A), by inserting
    ``(or, in the case of a qualifying venture capital fund, 250
    persons)'' after ``one hundred persons''; and
    (2) by adding at the end the following:
    ``(C)(i) The term `qualifying venture capital fund'
    means a venture capital fund that has not more than
    $10,000,000 in aggregate capital contributions and
    uncalled committed capital, with such dollar amount to
    be indexed for inflation once every 5 years by the
    Commission, beginning from a measurement made by the
    Commission on a date selected by the Commission, rounded
    to the nearest $1,000,000.
    ``(ii) The term `venture capital fund' has the
    meaning given the term in section 275.203(l)-1 of title
    17, Code of Federal Regulations, or any successor
    regulation.''.
    SEC. 505. <>  SECURITIES AND EXCHANGE
    COMMISSION OVERPAYMENT CREDIT.

    (a) Definitions.--In this section--
    (1) the term ``Commission'' means the Securities and
    Exchange Commission;
    (2) the term ``national securities association'' means an
    association that is registered under section 15A of the
    Securities Exchange Act of 1934 (15 U.S.C. 78o-3); and
    (3) the term ``national securities exchange'' means an
    exchange that is registered as a national securities exchange
    under section 6 of the Securities Exchange Act of 1934 (15
    U.S.C. 78f).

    [[Page 1363]]

    (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

    [[Page 1364]]

    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.

    [[Page 1365]]

    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.

    [[Page 1366]]

    SEC. 602. REHABILITATION OF PRIVATE EDUCATION LOANS.

    (a) In General.--Section 623(a)(1) of the Fair Credit Reporting Act
    (15 U.S.C. 1681s-2(a)(1)) is amended by adding at the end the following:
    ``(E) Rehabilitation of private education loans.--
    ``(i) In general.--Notwithstanding any other
    provision of this section, a consumer may request
    a financial institution to remove from a consumer
    report a reported default regarding a private
    education loan, and such information shall not be
    considered inaccurate, if--
    ``(I) <>  the
    financial institution chooses to offer a
    loan rehabilitation program which
    includes, without limitation, a
    requirement of the consumer to make
    consecutive on-time monthly payments in
    a number that demonstrates, in the
    assessment of the financial institution
    offering the loan rehabilitation
    program, a renewed ability and
    willingness to repay the loan; and
    ``(II) the requirements of the loan
    rehabilitation program described in
    subclause (I) are successfully met.
    ``(ii) Banking agencies.--
    ``(I) In general.--If a financial
    institution is supervised by a Federal
    banking agency, the financial
    institution shall seek written approval
    concerning the terms and conditions of
    the loan rehabilitation program
    described in clause (i) from the
    appropriate Federal banking agency.
    ``(II) <>
    Feedback.--An appropriate Federal
    banking agency shall provide feedback to
    a financial institution within 120 days
    of a request for approval under
    subclause (I).
    ``(iii) Limitation.--
    ``(I) In general.--A consumer may
    obtain the benefits available under this
    subsection with respect to
    rehabilitating a loan only 1 time per
    loan.
    ``(II) Rule of construction.--
    Nothing in this subparagraph may be
    construed to require a financial
    institution to offer a loan
    rehabilitation program or to remove any
    reported default from a consumer report
    as a consideration of a loan
    rehabilitation program, except as
    described in clause (i).
    ``(iv) Definitions.--For purposes of this
    subparagraph--
    ``(I) the term `appropriate Federal
    banking agency' has the meaning given
    the term in section 3 of the Federal
    Deposit Insurance Act (12 U.S.C. 1813);
    and
    ``(II) the term `private education
    loan' has the meaning given the term in
    section 140(a) of the Truth in Lending
    Act (15 U.S.C. 1650(a)).''.

    (b) GAO Study.--

    [[Page 1367]]

    (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.

    [[Page 1368]]

    ``(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.''.

    Approved May 24, 2018.

    LEGISLATIVE HISTORY--S. 2155:
    ---------------------------------------------------------------------------

    CONGRESSIONAL RECORD, Vol. 164 (2018):
    Mar. 7, 8, 12-14, considered and passed Senate.
    May 22, considered and passed House.
    DAILY COMPILATION OF PRESIDENTIAL DOCUMENTS (2018):
    May 24, Presidential remarks and statement.