[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.