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[House Report 116-79]
[From the U.S. Government Publishing Office]

116th Congress    }                                            {   Report
                           HOUSE OF REPRESENTATIVES
 1st Session      }                                            {   116-79

======================================================================

 
  PROVIDING FOR CONSIDERATION OF THE BILL (H.R. 1500) TO REQUIRE THE 
CONSUMER FINANCIAL PROTECTION BUREAU TO MEET ITS STATUTORY PURPOSE, AND 
FOR OTHER PURPOSES; PROVIDING FOR CONSIDERATION OF THE BILL (H.R. 1994) 
  TO AMEND THE INTERNAL REVENUE CODE OF 1986 TO ENCOURAGE RETIREMENT 
 SAVINGS, AND FOR OTHER PURPOSES; PROVIDING FOR PROCEEDINGS DURING THE 
 PERIOD FROM MAY 24, 2019, THROUGH MAY 31, 2019; AND FOR OTHER PURPOSES

                                _______
                                

May 20, 2019.--Referred to the House Calendar and ordered to be printed

                                _______
                                

             Mr. Perlmutter, from the Committee on Rules, 
                        submitted the following

                              R E P O R T

                       [To accompany H. Res. 389]

    The Committee on Rules, having had under consideration 
House Resolution 389, by a record vote of 6 to 4, report the 
same to the House with the recommendation that the resolution 
be adopted.

                SUMMARY OF PROVISIONS OF THE RESOLUTION

    The resolution provides for consideration of H.R. 1500, the 
Consumers First Act, under a structured rule. The resolution 
provides one hour of general debate equally divided and 
controlled by the chair and ranking minority member of the 
Committee on Financial Services. The resolution waives all 
points of order against consideration of the bill. The 
resolution provides that an amendment in the nature of a 
substitute consisting of the text of Rules Committee Print 116-
15 shall be considered as adopted and the bill, as amended, 
shall be considered as read. The resolution waives all points 
of order against provisions in the bill, as amended. The 
resolution makes in order only those amendments printed in Part 
A of this report. Each such amendment may be offered only in 
the order printed in this report, may be offered only by a 
Member designated in this report, shall be considered as read, 
shall be debatable for the time specified in this report 
equally divided and controlled by the proponent and an 
opponent, shall not be subject to amendment, and shall not be 
subject to a demand for division of the question. The 
resolution waives all points of order against the amendments 
printed in part A of this report. The resolution provides one 
motion to recommit with or without instructions. The resolution 
provides for consideration of H.R. 1994, the Setting Every 
Community Up for Retirement Enhancement Act of 2019, under a 
closed rule. The resolution provides one hour of general debate 
equally divided and controlled by the chair and ranking 
minority member of the Committee on Ways and Means. The 
resolution waives all points of order against consideration of 
the bill. The resolution provides that the amendment in the 
nature of a substitute recommended by the Committee on Ways and 
Means now printed in the bill, modified by the amendment 
printed in part B of this report, shall be considered as 
adopted and the bill, as amended, shall be considered as read. 
The resolution waives all points of order against provisions in 
the bill, as amended. The resolution provides for one motion to 
recommit with or without instructions. Section 3 of the 
resolution provides that on any legislative day during the 
period from May 24, 2019, through May 31, 2019: the Journal of 
the proceedings of the previous day shall be considered as 
approved; and the Chair may at any time declare the House 
adjourned to meet at a date and time to be announced by the 
Chair in declaring the adjournment. The resolution provides 
that the Speaker may appoint Members to perform the duties of 
the Chair for the duration of the period addressed by section 
3. The resolution provides that each day during the period 
addressed by section 3 of this resolution shall not constitute 
a legislative day for the purposes of clause 7 of rule XV 
(Consensus Calendar). The resolution provides that it shall be 
in order at any time on the legislative day of May 23, 2019, 
for the Speaker to entertain motions that the House suspend the 
rules relating to a measure making supplemental appropriations 
for the fiscal year ending September 30, 2019. The resolution 
waives the requirement of clause 6(a) of rule XIII for a two-
thirds vote to consider a report from the Committee on Rules on 
the same day it is presented to the House with respect to any 
resolution reported through the legislative day of May 23, 
2019, relating to a measure making supplemental appropriations 
for the fiscal year ending September 30, 2019. The resolution 
provides that the Committee on Appropriations may, at any time 
before 5:00 p.m. on Sunday, June 2, 2019, file privileged 
reports to accompany measures making appropriations for the 
fiscal year ending September 30, 2020.

                         EXPLANATION OF WAIVERS

    Although the resolution waives all points of order against 
consideration of H.R. 1500, the Committee is not aware of any 
points of order. The waiver is prophylactic in nature.
    Although the resolution waives all points of order against 
provisions in H.R. 1500, the Committee is not aware of any 
points of order. The waiver is prophylactic in nature.
    Although the resolution waives all points of order against 
the amendments printed in part A of this report, the Committee 
is not aware of any points of order. The waiver is prophylactic 
in nature.
    The waiver of all points of order against consideration of 
H.R. 1994 includes the following:
           Clause 10 of rule XXI, which prohibits 
        consideration of a measure that has a net effect of 
        increasing the deficit or reducing the surplus over the 
        five- or 10-year period.
           Clause 12(a)(1) of rule XXI, which prohibits 
        consideration of a bill unless there is a searchable 
        electronic comparative print that shows how the bill 
        proposes to change current law.
           Section 302(f)(1) of the Congressional 
        Budget Act, which prohibits consideration of 
        legislation providing new budget authority in excess of 
        a 302(a) allocation of such authority.
           Section 311 of the Congressional Budget Act, 
        which prohibits consideration of legislation that would 
        cause the level of total new budget authority for the 
        first fiscal year to be exceeded, or would cause 
        revenues to be less than the level of total revenues 
        for the first fiscal year or for the total of that 
        first fiscal year and the ensuing fiscal years for 
        which allocations are provided, except when a 
        declaration of war by the Congress is in effect.
    Although the resolution waives all points of order against 
provisions in H.R. 1994, as amended, the Committee is not aware 
of any points of order. The waiver is prophylactic in nature.

                            COMMITTEE VOTES

    The results of each record vote on an amendment or motion 
to report, together with the names of those voting for and 
against, are printed below:

Rules Committee record vote No. 84

    Motion by Mr. Cole to amend the rule to provide that, on 
adoption of the rule, H.R. 1500 is recommitted to the Committee 
on Financial Services, with instructions to strike Section 2 
(Findings; Sense of Congress). Defeated: 4-6

----------------------------------------------------------------------------------------------------------------
                Majority Members                      Vote               Minority Members               Vote
----------------------------------------------------------------------------------------------------------------
Mr. Hastings....................................          Nay   Mr. Cole..........................          Yea
Mrs. Torres.....................................          Nay   Mr. Woodall.......................          Yea
Mr. Perlmutter..................................          Nay   Mr. Burgess.......................          Yea
 Mr. Raskin.....................................  ............  Mrs. Lesko........................          Yea
Ms. Scanlon.....................................  ............
Mr. Morelle.....................................          Nay
Ms. Shalala.....................................  ............
Mr. DeSaulnier..................................          Nay
Mr. McGovern, Chairman..........................          Nay
----------------------------------------------------------------------------------------------------------------

Rules Committee record vote No. 85

    Motion by Mr. Woodall to postpone consideration of H.R. 
1500 until such time that the Committee has provided for 
consideration of H.R. 969, the TABS Act, authored by Rep. Barr 
(KY). Defeated: 4-6

----------------------------------------------------------------------------------------------------------------
                Majority Members                      Vote               Minority Members               Vote
----------------------------------------------------------------------------------------------------------------
Mr. Hastings....................................          Nay   Mr. Cole..........................          Yea
Mrs. Torres.....................................          Nay   Mr. Woodall.......................          Yea
Mr. Perlmutter..................................          Nay   Mr. Burgess.......................          Yea
 Mr. Raskin.....................................  ............  Mrs. Lesko........................          Yea
Ms. Scanlon.....................................  ............
Mr. Morelle.....................................          Nay
Ms. Shalala.....................................  ............
Mr. DeSaulnier..................................          Nay
Mr. McGovern, Chairman..........................          Nay
----------------------------------------------------------------------------------------------------------------

Rules Committee record vote No. 86

    Motion by Mr. Cole to strike the language self-executing 
amendment #1 to H.R. 1994 offered by Rep. Neal (MA), which adds 
a provision to repeal the ``kiddie tax'' provisions of P.L. 
115-97, so as to reduce excessive taxes levied on military 
survivor benefits received by children, and certain other 
payments received by children. In addition, the amendment 
removes provisions from the bill as reported relating to 529 
plans and homeschooling and elementary and secondary school 
expenses and makes technical corrections to the bill as 
reported and changes fees for failure to file retirement plans 
under the bill. Defeated: 4-6

----------------------------------------------------------------------------------------------------------------
                Majority Members                      Vote               Minority Members               Vote
----------------------------------------------------------------------------------------------------------------
Mr. Hastings....................................          Nay   Mr. Cole..........................          Yea
Mrs. Torres.....................................          Nay   Mr. Woodall.......................          Yea
Mr. Perlmutter..................................          Nay   Mr. Burgess.......................          Yea
 Mr. Raskin.....................................  ............  Mrs. Lesko........................          Yea
Ms. Scanlon.....................................  ............
Mr. Morelle.....................................          Nay
Ms. Shalala.....................................  ............
Mr. DeSaulnier..................................          Nay
Mr. McGovern, Chairman..........................          Nay
----------------------------------------------------------------------------------------------------------------

Rules Committee record vote No. 87

    Motion by Mr. Burgess to amend the rule to H.R. 1994 to 
make in order and provide the appropriate waivers to amendment 
#6, offered by Rep. Graves (LA), which repeals the Government 
Pension Offset and Windfall Elimination Provisions. Defeated: 
4-6

----------------------------------------------------------------------------------------------------------------
                Majority Members                      Vote               Minority Members               Vote
----------------------------------------------------------------------------------------------------------------
Mr. Hastings....................................          Nay   Mr. Cole..........................          Yea
Mrs. Torres.....................................          Nay   Mr. Woodall.......................          Yea
Mr. Perlmutter..................................          Nay   Mr. Burgess.......................          Yea
 Mr. Raskin.....................................  ............  Mrs. Lesko........................          Yea
Ms. Scanlon.....................................  ............
Mr. Morelle.....................................          Nay
Ms. Shalala.....................................  ............
Mr. DeSaulnier..................................          Nay
Mr. McGovern, Chairman..........................          Nay
----------------------------------------------------------------------------------------------------------------

Rules Committee record vote No. 88

    Motion by Mrs. Lesko to amend the rule to H.R. 1994 to make 
in order and provide the appropriate waivers to amendment #4, 
offered by Rep. Mitchell (MI), which amends the manager's 
amendment to restore provisions in the bill relating to 529 
plans by preserving subsections (b) and (d) of Section 302, as 
reported from the Ways and Means Committee. Defeated: 4-6

----------------------------------------------------------------------------------------------------------------
                Majority Members                      Vote               Minority Members               Vote
----------------------------------------------------------------------------------------------------------------
Mr. Hastings....................................          Nay   Mr. Cole..........................          Yea
Mrs. Torres.....................................          Nay   Mr. Woodall.......................          Yea
Mr. Perlmutter..................................          Nay   Mr. Burgess.......................          Yea
 Mr. Raskin.....................................  ............  Mrs. Lesko........................          Yea
Ms. Scanlon.....................................  ............
Mr. Morelle.....................................          Nay
Ms. Shalala.....................................  ............
Mr. DeSaulnier..................................          Nay
Mr. McGovern, Chairman..........................          Nay
----------------------------------------------------------------------------------------------------------------

Rules Committee record vote No. 89

    Motion by Mr. Perlmutter to report the rule. Adopted: 6-4

----------------------------------------------------------------------------------------------------------------
                Majority Members                      Vote               Minority Members               Vote
----------------------------------------------------------------------------------------------------------------
Mr. Hastings....................................          Yea   Mr. Cole..........................          Nay
Mrs. Torres.....................................          Yea   Mr. Woodall.......................          Nay
Mr. Perlmutter..................................          Yea   Mr. Burgess.......................          Nay
 Mr. Raskin.....................................  ............  Mrs. Lesko........................          Nay
Ms. Scanlon.....................................  ............
Mr. Morelle.....................................          Yea
Ms. Shalala.....................................  ............
Mr. DeSaulnier..................................          Yea
Mr. McGovern, Chairman..........................          Yea
----------------------------------------------------------------------------------------------------------------

     SUMMARY OF THE AMENDMENTS TO H.R. 1500 IN PART A MADE IN ORDER

    1. Velazquez (NY): Reinstitutes Home Mortgage Disclosure 
Act of 1975 reporting requirements and prevents further action 
by the CFPB without congressional approval. (10 minutes)
    2. Steil (WI): Strikes the findings in the bill and inserts 
language requiring the Comptroller General to conduct a study 
of the effectiveness and efficiency of the Consumer Financial 
Protection Bureau (CFPB) in meeting its statutorily mandated 
obligations, the prevalence of discriminatory practices in 
lending, and the workplace rights of CFPB staff. (10 minutes)
    3. Adams (NC): Reestablishes an interagency memorandum of 
understanding between the CFPB and the Department of Education 
concerning the sharing of student borrower complaints to allow 
for cooperative supervision and oversight of student loan 
servicers. (10 minutes)
    4. Lawson (FL), Brown (MD): Adds a monthly reporting 
requirement that CFPB provide Congress with the number of 
investigations opened and closed relating to potential fair 
lending violations, how many fair lending enforcement actions 
taken or referred, analysis of consumer complaints relating to 
potential fair lending violations, and stats on how many Office 
of Fair Lending and Equal Opportunity staff are dedicated to 
supervision and enforcement. (10 minutes)
    5. Pressley (MA): Requires the Director of the Consumer 
Financial Protection Bureau to issue a quarterly report on debt 
collection complaints and enforcement actions. (10 minutes)
    6. Burgess (TX): Strikes the section requiring all consumer 
complaints to be made available to the public on a CFPB 
website. (10 minutes)
    7. Burgess (TX), Burchett (TN): Permanently subjects 
funding for the CFPB to Congressional appropriation and 
authorizes for FY2020 an amount equal to the aggregate amount 
of funds transferred by the Board of Governors to the CFPB 
during FY2019. (10 minutes)
    8. Cohen (TN): Directs the Consumer Financial Protection 
Bureau (CFPB) to require consumer reporting agencies to 
disclose free credit scores, if requested. Also directs the 
CFPB to develop regulations establishing a mandatory consistent 
format and to determine if agencies should disclose any other 
consumer information appropriate with respect to consumer 
financial education. (10 minutes)
    9. Bonamici (OR), Rouda (CA): Requires the Assistant 
Director and Student Loan Ombudsman to issue an annual report 
to Congress on risks to young consumers and student borrowers. 
(10 minutes)
    10. Case (HI): Adds expertise in consumer privacy to the 
membership of the Consumer Advisory Board. (10 minutes)
    11. Golden (ME), Escobar (TX): Adds representatives of 
service members, veterans, and their families to the list of 
individuals who qualify for appointment to the Consumer 
Advisory Board. (10 minutes)
    12. Escobar (TX), Golden (ME): Directs CFPB to seek to 
appoint representatives of military- and veteran-serving 
financial institutions in Advisory Committees (excludes 
Consumer Advisory Board). (10 minutes)
    13. Neguse (CO): Requires the Director of the Consumer 
Financial Protection Bureau to issue an annual report to 
Congress of consumer complaints from older Americans, including 
a state-by-state breakdown of complaints by type of consumer 
financial product or service and any legislative or regulatory 
recommendations by the Director. (10 minutes)
    14. Stevens (MI): Ensures that the Consumer Advisory Board 
is comprised of individuals who represent community banks, 
credit unions, small business owners, or economic growth 
experts. (10 minutes)
    15. DeSaulnier (CA): Requires the Bureau to collect 
additional data from student loan servicers to provide a 
comprehensive view of loan portfolio performance, and to 
include findings from this information in the annual Ombudsman 
report. (10 minutes)
    16. Tlaib (MI): Adds a quarterly reporting requirement that 
CFPB provide Congress with the number of investigations opened 
and closed relating to payday/car-title lenders, how many 
enforcement actions taken, an estimate of how much in fees 
payday/car-title customers paid, how many times in the previous 
12 months a payday customer rolled over their loan, and how 
many car title loan borrowers lost their car in the previous 12 
months. (10 minutes)
    17. Green, Al (TX): Reinstates the Consumer Financial 
Protection Bureau's final rule governing forced arbitration, 
within 60 days of enactment. (10 minutes)

 SUMMARY OF THE AMENDMENT TO H.R. 1994 IN PART B CONSIDERED AS ADOPTED

    1. Neal (MA): Adds a provision to repeal the ``kiddie tax'' 
provisions of P.L. 115-97, so as to reduce excessive taxes 
levied on military survivor benefits received by children, and 
certain other payments received by children. In addition, the 
amendment removes provisions from the bill as reported relating 
to 529 plans and homeschooling and elementary and secondary 
school expenses. Makes technical corrections to the bill as 
reported and changes fees for failure to file retirement plans 
under the bill.

         PART A--TEXT OF AMENDMENTS TO H.R. 1500 MADE IN ORDER

 1. An Amendment To Be Offered by Representative Velazquez of New York 
               or Her Designee, Debatable for 10 Minutes

  Page 40, after line 8, insert the following:

SEC. 9. MODIFICATION OF THE EXEMPTION FROM CERTAIN DISCLOSURE 
                    REQUIREMENTS.

  (a) In General.--Section 304 of the Home Mortgage Disclosure 
Act of 1975 (12 U.S.C. 2803) is amended--
          (1) by striking subsection (i) and inserting the 
        following:
  ``(i) Exemption From Certain Disclosure Requirements.--The 
requirements of paragraphs (4), (5), and (6) of subsection (b) 
shall not apply with respect to any depository institution 
described in section 303(3)(A) that has total assets, as of the 
most recent full fiscal year of the institution, of $30,000,000 
or less.''; and
          (2) by striking subsection (o).
  (b) Technical and Conforming Amendment.--Section 104 of the 
Economic Growth, Regulatory Relief, and Consumer Protection Act 
(Public Law 115-174; 132 Stat. 1301) is amended by striking 
subsection (b).

SEC. 10. LIMITATION ON PROVIDING EXEMPTIONS FROM HMDA REPORTING 
                    REQUIREMENTS.

  Section 1027 of the Consumer Financial Protection Act (12 
U.S.C. 5517) is amended by adding at the end the following:
  ``(t) Limitation on Providing Exemptions From HMDA Reporting 
Requirements.--Notwithstanding any provision of this title or 
the Home Mortgage Disclosure Act of 1975, the Bureau may not 
provide any person with an exemption from complying with any 
reporting requirements under the Home Mortgage Disclosure Act 
of 1975 if such exemption did not exist on the date of 
enactment of this subsection.''.

SEC. 11. LIMITATION ON MODIFYING HMDA DATA FIELDS.

  Section 1027 of the Consumer Financial Protection Act (12 
U.S.C. 5517) is amended by adding at the end the following:
  ``(t) Limitation on Modifying HMDA Data Fields.--
Notwithstanding any provision of this title or the Home 
Mortgage Disclosure Act of 1975, the Bureau may not eliminate, 
with respect to the reporting requirements under the Home 
Mortgage Disclosure Act of 1975, any data fields that were 
required to be reported on the date of enactment of this 
subsection.''.

SEC. 12. MAINTAINING THE HMDA EXPLORER TOOL AND THE PUBLIC DATA 
                    PLATFORM API.

  The Consumer Financial protection Bureau may not retire the 
HMDA Explorer tool or the Public Data Platform API.
  Page 40, line 9, strike ``sec. 9'' and insert ``sec. 13''.
                              ----------                              

 2. An Amendment To Be Offered by Representative Steil of Wisconsin or 
                 His Designee, Debatable for 10 Minutes

  Strike section 2 and insert the following:

SEC. 2. STUDY AND REPORT ON THE OPERATIONS OF THE CONSUMER FINANCIAL 
                    PROTECTION BUREAU AND ITS EFFECTIVENESS AT MEETING 
                    ITS STATUTORILY MANDATED OBLIGATIONS.

  (a) Study.--The Comptroller General of the United States 
shall carry out a study of--
          (1) the effectiveness and efficiency of the Consumer 
        Financial Protection Bureau in meeting the Bureau's 
        statutorily mandated obligations;
          (2) the prevalence of discriminatory practices in 
        lending; and
          (3) the workplace rights of Bureau staff since 
        establishment of the Bureau.
  (b) Report.--Not later than 6 months after the date of 
enactment of this Act, the Comptroller General shall issue a 
report to the Consumer Financial Protection Bureau, the 
Committee on Financial Services of the House of 
Representatives, and the Committee on Banking, Housing, and 
Urban Affairs of the Senate containing all findings and 
determinations made in carrying out the study required under 
subsection (a).
                              ----------                              

3. An Amendment To Be Offered by Representative Adams of North Carolina 
               or Her Designee, Debatable for 10 Minutes

  Page 24, beginning on line 9, strike ``described under 
subsections (b), (c), (d), (e), (g), and (h) of section 1013'' 
and insert ``established under section 1013''.
  Page 30, after line 19, insert the following:
          (3) Reestablishment of memoranda of understanding.--
        The memoranda of understanding between the Consumer 
        Financial Protection Bureau and the Department of 
        Education titled ``Memorandum of Understanding Between 
        the Bureau of Consumer Financial Protection and the 
        U.S. Department of Education Concerning the Sharing of 
        Information'' (October 19, 2011) and ``Memorandum of 
        Understanding Concerning Supervisory and Oversight 
        Cooperation and Related Information Sharing Between the 
        U.S. Department of Education and the Consumer Financial 
        Protection Bureau'' (January 9, 2014)--
                  (A) shall remain in effect and may not be 
                terminated by any party to such memoranda; and
                  (B) may only be amended or revised if the 
                parties to the memoranda determine that such 
                amendment or revision would promote better 
                interagency coordination to the benefit of 
                consumers.
                              ----------                              

 4. An Amendment To Be Offered by Representative Lawson of Florida or 
                 His Designee, Debatable for 10 Minutes

  Page 40, after line 8, insert the following:

SEC. 9. REPORT ON FAIR LENDING INVESTIGATIONS AND ENFORCEMENT ACTIONS.

  Section 1016 of the Consumer Financial Protection Act of 2010 
(12 U.S.C. 5496) is amended by adding at the end the following:
  ``(d) Report on Fair Lending Investigations and Enforcement 
Actions.--The Director shall issue a monthly report to Congress 
containing--
          ``(1) the number of investigations opened and closed 
        by the Bureau relating to potential fair lending 
        violations;
          ``(2) how many fair lending enforcement actions have 
        been taken or referred;
          ``(3) an analysis of consumer complaints relating to 
        potential fair lending violations; and
          ``(4) statistics on how many staff of the Office of 
        Fair Lending and Equal Opportunity are dedicated to 
        fair lending supervision and enforcement issues.''.

  Page 40, line 9, strike ``sec. 9'' and insert ``sec. 10''.
                              ----------                              

      5. An Amendment To Be Offered by Representative Pressley of 
        Massachusetts or Her Designee, Debatable for 10 Minutes

  Page 40, after line 8, insert the following:

SEC. 9. DEBT COLLECTION.

  (a) Report on Debt Collection Complaints and Enforcement 
Actions.--Section 1016 of the Consumer Financial Protection Act 
of 2010 (12 U.S.C. 5496) is amended by adding at the end the 
following:
  ``(d) Report on Debt Collection Complaints and Enforcement 
Actions.--The Director shall issue a quarterly report to 
Congress containing--
          ``(1) an analysis of the consumer complaints received 
        by the Bureau with respect to debt collection, 
        including a State-by-State breakdown of such 
        complaints; and
          ``(2) a list of enforcement actions taken against 
        debt collectors during the previous 12 months.''.
  (b) Limitation on Debt Collection Rules.--Section 1022 of the 
Consumer Financial Protection Act of 2010 (12 U.S.C. 5512) is 
amended by adding at the end the following:
  ``(e) Limitation on Debt Collection Rules.--The Director may 
not issue any rule with respect to debt collection that allows 
a debt collector to send unlimited email and text messages to a 
consumer.''.
  Page 40, line 9, strike ``sec. 9'' and insert ``sec. 10''.
                              ----------                              

6. An Amendment To Be Offered by Representative Burgess of Texas or His 
                   Designee, Debatable for 10 Minutes

  Page 27, line 5, strike ``; and'' and insert a period.
  Page 27, strike line 6 and all that follows through page 28, 
line 13.
                              ----------                              

7. An Amendment To Be Offered by Representative Burgess of Texas or His 
                   Designee, Debatable for 10 Minutes

  Redesignate section 9 as section 10.
  Insert after section 8 the following:

SEC. 9 BRINGING THE AGENCY INTO THE REGULAR APPROPRIATIONS PROCESS.

  Section 1017 of the Consumer Financial Protection Act of 2010 
(12 U.S.C. 5497) is amended--
          (1) in subsection (a)--
                  (A) by amending the heading of such 
                subsection to read as follows:``Budget, 
                Financial Management, And Audit.--'';
                  (B) by striking paragraphs (1), (2), and (3);
                  (C) by redesignating paragraphs (4) and (5) 
                as paragraphs (1) and (2), respectively; and
                  (D) by striking subparagraphs (E) and (F) of 
                paragraph (1), as so redesignated;
          (2) by striking subsections (b) and (c);
          (3) by redesignating subsections (d) and (e) as 
        subsections (b) and (c), respectively; and
          (4) in subsection (c), as so redesignated--
                  (A) by striking paragraphs (1), (2), and (3) 
                and inserting the following:
          ``(1) Authorization of appropriations.--There is 
        authorized to be appropriated to the Bureau for fiscal 
        year 2020 an amount equal to the aggregate amount of 
        funds transferred by the Board of Governors to the 
        Bureau during fiscal year 2019.''; and
                  (B) by redesignating paragraph (4) as 
                paragraph (2).
                              ----------                              

 8. An Amendment To Be Offered by Representative Cohen of Tennessee or 
                 His Designee, Debatable for 10 Minutes

  Redesignate section 9 as section 10.
  Insert after section 8 the following:

SEC. 9. CREDIT SCORES INCLUDED IN FREE ANNUAL DISCLOSURES.

  Section 609 of the Fair Credit Reporting Act (15 U.S.C. 
1681g) is amended--
          (1) in subsection (a)(1)--
                  (A) by striking ``and'' at the end and 
                inserting a period;
                  (B) by striking ``except that--'' and all 
                that follows through ``(A) if the'' and 
                inserting ``except that if the''; and
                  (C) by striking subparagraph (B);
          (2) in subsection (a), by adding at the end the 
        following:
          ``(7) If the consumer reporting agency is a consumer 
        reporting agency that compiles and maintains files on 
        consumers on a nationwide basis as described in section 
        603(p), each such agency shall disclose a current 
        credit score generated using the scoring algorithm, 
        formula, model, program, or mechanism that is most 
        frequently used to generate credit scores sold to 
        creditors, subject to regulations of the Bureau, along 
        with any information in the consumer's file at the time 
        of the request concerning credit scores or any other 
        risk scores or other predictors relating to the 
        consumer, if such request is made in connection with a 
        free annual disclosure made pursuant to section 612(a).
          ``(8) Such other consumer information as the Bureau 
        considers appropriate with respect to consumer 
        financial education, including the information required 
        by subsection (f)(1), information describing the credit 
        score of the consumer with respect to a range of 
        possible credit scores, and the general factors 
        contributing to the credit scores of consumers.''; and
          (3) in subsection (f)--
                  (A) in paragraph (1)--
                          (i) by striking ``, a consumer 
                        reporting agency'' and all that follows 
                        through ``shall include--'' and 
                        inserting ``or a risk score, a consumer 
                        reporting agency shall supply to the 
                        consumer--''; and
                          (ii) by amending subparagraph (A) to 
                        read as follows:
                  ``(A) any credit score or risk score in the 
                file of the consumer at the consumer reporting 
                agency;'';
                  (B) in paragraph (2)--
                          (i) by redesignating subparagraph (B) 
                        as subparagraph (C); and
                          (ii) by striking subparagraph (A) and 
                        inserting the following:
                  ``(A) Credit score.--The term `credit score' 
                means a numerical value or a categorization 
                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.
                  ``(B) Risk score.--The term `risk score' 
                means a numerical value or a categorization 
                derived from a statistical tool or modeling 
                system based upon information from a consumer 
                report for the purpose of predicting the 
                likelihood of certain behaviors or outcomes, 
                and includes scores used for the underwriting 
                of insurance.'';
                  (C) by striking paragraph (6) and inserting 
                the following:
          ``(6) Maintenance of credit scores.--All consumer 
        reporting agencies shall maintain in the consumer's 
        file credit scores or any other risk scores or other 
        predictors relating to the consumer for a period of not 
        less than 1 year beginning on the date on which such 
        information is generated.'';
                  (D) by striking paragraph (7) and 
                redesignating paragraphs (8) and (9) as 
                paragraphs (7) and (8), respectively; and
                  (E) in paragraph (7) (as so redesignated), by 
                inserting before the period at the end the 
                following: ``, except that a consumer reporting 
                agency described in section 603(p) shall 
                provide a credit score without charge to the 
                consumer if the consumer is requesting the 
                score in connection with a free annual 
                disclosure made pursuant to section 612(a)''.
                              ----------                              

 9. An Amendment To Be Offered by Representative Bonamici of Oregon or 
                 Her Designee, Debatable for 10 Minutes

  On page 33, insert after line 15 the following:
          (5) Report on risks to young consumers and student 
        borrowers.--Not less than once annually, the Assistant 
        Director and Student Loan Ombudsman shall issue a 
        report to Congress containing an analysis of complaints 
        submitted to the Bureau by young consumers and student 
        borrowers during the previous year and offering an 
        independent evaluation of risks to young consumers and 
        student borrowers posed by policies and practices in 
        the marketplace for consumer financial products and 
        services.
                              ----------                              

10. An Amendment To Be Offered by Representative Case of Hawaii or His 
                   Designee, Debatable for 10 Minutes

  Page 36, line 25, strike ``and''.
  Page 37, line 7, strike the period and insert ``; and''.
  Page 37, after line 7, insert the following:
                  ``(C) ensure that at least 1 member is an 
                expert in consumer privacy.''.
                              ----------                              

11. An Amendment To Be Offered by Representative Golden of Maine or His 
                   Designee, Debatable for 10 Minutes

  Page 36, line 20, after ``communities,'' insert 
``representatives of servicemembers, veterans, and their 
families,''.
                              ----------                              

 12. An Amendment To Be Offered by Representative Escobar of Texas or 
                 Her Designee, Debatable for 10 Minutes

  Page 39, line 24, strike ``and'' and insert a comma.
  Page 39, line 25, insert before the period the following: ``, 
and military- and veteran-serving financial institutions''.
  Page 40, line 4, strike ``and'' and insert a comma.
  Page 40, line 4, after ``businesses'' insert the following: 
``, and military- and veteran-serving financial institutions''.
                              ----------                              

13. An Amendment To Be Offered by Representative Neguse of Colorado or 
                 His Designee, Debatable for 10 Minutes

  Page 40, after line 8, insert the following:

SEC. 9. REPORT ON SENIOR CONSUMERS.

  Section 1016 of the Consumer Financial Protection Act of 2010 
(12 U.S.C. 5496) is amended by adding at the end the following:
  ``(d) Report on Senior Consumers.--
          ``(1) In general.--The Director shall issue an annual 
        report to Congress containing--
                  ``(A) an analysis, in coordination with the 
                Office of Financial Protection for Older 
                Americans, of consumer complaints from older 
                Americans, including a State-by-State breakdown 
                of complaints by type of consumer financial 
                product or service; and
                  ``(B) any legislative or regulatory 
                recommendations the Director may have to 
                improve consumer protections for older 
                Americans.
          ``(2) Older americans defined.--In this subsection, 
        the term `older Americans' means individuals who have 
        attained the age of 62 years or more.''.
  Page 40, line 9, strike ``sec. 9'' and insert ``sec. 10''.
                              ----------                              

14. An Amendment To Be Offered by Representative Stevens of Michigan or 
                 Her Designee, Debatable for 10 Minutes

  Page 36, line 25, strike ``and''.
  Page 37, line 7, strike the period and insert ``; and''.
  Page 37, after line 7, insert the following:
                  ``(C) seek to appoint individuals involved in 
                the industries affected by the Bureau, 
                including individuals who represent community 
                banks, credit unions, small business owners, or 
                experts in United States economic growth and 
                jobs.''.
                              ----------                              

    15. An Amendment To Be Offered by Representative DeSaulnier of 
          California or His Designee, Debatable for 10 Minutes

  Page 33, line 15, strike the quotation marks and final period 
and insert after such line the following:
          ``(5) Collection of student loan servicer data.--
                  ``(A) In general.--The Assistant Director and 
                Student Loan Ombudsman shall require each 
                servicer of student loans to submit an annual 
                report to the Assistant Director with 
                information regarding the servicer's loan 
                portfolio, including data regarding the 
                following:
                          ``(i) The size of the servicer's 
                        portfolio.
                          ``(ii) The repayment status of unique 
                        accounts.
                          ``(iii) Borrower-initiated and 
                        servicer-initiated contacts, and the 
                        outcome of each such contact.
                          ``(iv) Income-driver repayment 
                        applications and recertifications.
                          ``(v) Any other data the Assistant 
                        Director and Student Loan Ombudsman 
                        determines necessary to carry out the 
                        functions of the Office of Students and 
                        Young Consumers.
                  ``(B) Report.--The Assistant Director and 
                Student Loan Ombudsman shall include, in each 
                report required under section 1035(d)(1), a 
                description of the information collected under 
                this paragraph, along with any findings or 
                determinations the Assistant Director made with 
                respect to such information.
                  ``(C) Guidance.--Not later than 90 days after 
                the enactment of this subsection, the Bureau 
                shall issue guidance to student loan servicers 
                to facilitate the data collection required 
                under this paragraph.''.
  Page 40, line 8, after the second dollar figure insert 
``(decreased by $10,000,000)''.
                              ----------                              

 16. An Amendment To Be Offered by Representative Tlaib of Michigan or 
                 Her Designee, Debatable for 10 Minutes

  Page 40, line 8, after the second dollar figure insert 
``(decreased by $10,000,000)''.
  Page 40, after line 8, insert the following:

SEC. 9. REPORT ON PAYDAY LOAN AND CAR-TITLE LOAN INVESTIGATIONS AND 
                    ENFORCEMENT ACTIONS.

  Section 1016 of the Consumer Financial Protection Act of 2010 
(12 U.S.C. 5496) is amended by adding at the end the following:
  ``(d) Report on Payday Loan and Car-title Loan Investigations 
and Enforcement Actions.--The Director shall issue a quarterly 
report to Congress containing--
          ``(1) the number of investigations opened and closed 
        by the Bureau relating to payday loans and car-title 
        loans;
          ``(2) the number of enforcement actions that have 
        been taken or referred relating to payday loans and 
        car-title loans;
          ``(3) an estimate of the amount of fees customers 
        have paid relating to payday loans and car-title loans;
          ``(4) an estimate of the number of times in the 
        previous 12 months a typical payday loan customer has 
        rolled over their loan; and
          ``(5) an estimate of how many car-title loan 
        customers lost their car in the previous 12 months.''.
  Page 40, line 9, strike ``sec. 9'' and insert ``sec. 10''.
                              ----------                              

17. An Amendment To Be Offered by Representative Green of Texas or His 
                   Designee, Debatable for 10 Minutes

  Page 31, after line 5, insert the following:
  (g) Restoration of Rule Prohibiting Forced Arbitration in 
Consumer Contracts.--
          (1) Repeal of joint resolution.--Public Law 115-74 is 
        hereby repealed.
          (2) Restoration of rule.--Not later than the end of 
        the 3-day period beginning on the date of enactment of 
        this Act, the Consumer Financial Protection Bureau 
        shall reissue the final rule of the Bureau specified in 
        Public Law 115-74 (relating to ``Arbitration 
        Agreements'') in the same form as such rule existed on 
        the day before the date of enactment of Public Law 115-
        74, except the Bureau shall specify that the rule takes 
        effect after the end of the 60-day period beginning on 
        the date such rule is reissued.
  Page 40, line 8, after the second dollar figure insert 
``(decreased by $10,000,000)''.
                              ----------                              

      PART B--TEXT OF AMENDMENT TO H.R. 1994 CONSIDERED AS ADOPTED

  In section 107, insert after subsection (a) the following:
  (b) Coordination With Qualified Charitable Distributions.--
Add at the end of section 408(d)(8)(A) of such Code the 
following: ``The amount of distributions not includible in 
gross income by reason of the preceding sentence for a taxable 
year (determined without regard to this sentence) shall be 
reduced (but not below zero) by an amount equal to the excess 
of--
                          ``(i) the aggregate amount of 
                        deductions allowed to the taxpayer 
                        under section 219 for all taxable years 
                        ending on or after the date the 
                        taxpayer attains age 70\1/2\, over
                          ``(ii) the aggregate amount of 
                        reductions under this sentence for all 
                        taxable years preceding the current 
                        taxable year.''.
  In section 107, strike subsection (c) and insert the 
following:
  (c) Effective Date.--
          (1) In general.--Except as provided in paragraph (2), 
        the amendments made by this section shall apply to 
        contributions made for taxable years beginning after 
        December 31, 2019.
          (2) Subsection (b).--The amendment made by subsection 
        (b) shall apply to distributions made for taxable years 
        beginning after December 31, 2019.
  In section 401(k)(15)(B)(iii) of the Internal Revenue Code of 
1986, as proposed to be added by section 112, add at the end 
the following: ``, and section 411(a)(6) shall be applied by 
substituting `at least 500 hours of service' for `more than 500 
hours of service' in subparagraph (A) thereof''.
  In section 401(k)(15)(B)(iv) of the Internal Revenue Code of 
1986, as proposed to be added by section 112, insert ``(other 
than clause (iii))'' after ``This subparagraph''.
  In section 114(c), strike paragraph (2).
  In section 303(m)(6) of the Employee Retirement Income 
Security Act of 1974, as proposed to be added by section 115, 
strike ``a community newspaper plan which elects the 
application of'' and insert ``a plan for which an election is 
made to apply''.
  In section 202(b), insert before the period at the end the 
following: ``and shall require such information as will enable 
a participant in a plan to identify any aggregated return or 
report filed with respect to the plan''.
  In section 302, strike subsections (b) and (d).
  Amend section 401(a)(9)(H)(iv) of the Internal Revenue Code 
of 1986, as proposed to be added by section 401, to read as 
follows:
                          ``(iv) Application to certain 
                        eligible retirement plans.--For 
                        purposes of applying the provisions of 
                        this subparagraph in determining 
                        amounts required to be distributed 
                        pursuant to this paragraph, all 
                        eligible retirement plans (as defined 
                        in section 402(c)(8)(B), other than a 
                        defined benefit plan described in 
                        clause (iv) or (v) thereof or a 
                        qualified trust which is a part of a 
                        defined benefit plan) shall be treated 
                        as a defined contribution plan.''.
  In section 403(a)(1), strike ``$105'' and insert ``$250''.
  In section 403(a)(2), strike ``$50,000'' and insert 
``$150,000''.
  In section 403(b)(1), strike ``$2'' and insert ``$10''.
  In section 403(b)(2), strike ``$10,000'' and insert 
``$50,000''.
  In section 403(b)(3), strike ``$5,000'' and insert 
``$10,000''.
   Add at the end the following:

                TITLE V--TAX RELIEF FOR CERTAIN CHILDREN

SEC. 501. MODIFICATION OF RULES RELATING TO THE TAXATION OF UNEARNED 
                    INCOME OF CERTAIN CHILDREN.

  (a) In General.--Section 1(j) of the Internal Revenue Code of 
1986 is amended by striking paragraph (4).
  (b) Coordination With Alternative Minimum Tax.--Section 
55(d)(4)(A) of the Internal Revenue Code of 1986 is amended by 
striking ``and'' at the end of clause (i)(II), by striking the 
period at the end of clause (ii)(III) and inserting ``, and'', 
and by adding at the end the following new clause:
                          ``(iii) subsection (j) of section 59 
                        shall not apply.''.
  (c) Effective Date.--
          (1) In general.--Except as otherwise provided in this 
        subsection, the amendment made by subsection (a) shall 
        apply to taxable years beginning after December 31, 
        2018.
          (2) Coordination with alternative minimum tax.--The 
        amendment made by subsection (b) shall apply to taxable 
        years beginning after December 31, 2017.
          (3) Elective retroactive application.--In the case of 
        a taxpayer who elects the application of this paragraph 
        (at such time and in such manner as the Secretary of 
        the Treasury (or the Secretary's designee) may 
        provide), the amendment made by subsection (a) shall 
        apply to taxable years beginning after December 31, 
        2017.
```