112TH CONGRESS 

1ST SESSION H. R. 1315 

AN ACT 

To amend the Dodd-Frank Wall Street Reform and Consumer Protection Act to strengthen the review authority 

of the Financial Stability Oversight Council of regulations issued by the Bureau of Consumer Financial Protection, to rescind the unobligated funding for the FHA 

Refinance Program and to terminate the program, and 

for other purposes. 
2 

•HR 1315 EH

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. TABLE OF CONTENTS. 

4 The table of contents for this Act is as follows: 

Sec. 1. Table of contents. 

TITLE I—CONSUMER FINANCIAL PROTECTION SAFETY AND 

SOUNDNESS IMPROVEMENT ACT 

Sec. 101. Short title. 

Sec. 102. Council voting procedure. 

Sec. 103. Review authority of the Council. 

Sec. 104. Establishment of the Commission. 

Sec. 105. Conforming amendments. 

Sec. 106. Chair of the Commission required before transfer. 

Sec. 107. Inspector General report. 

Sec. 108. Analysis of regulations. 

TITLE II—FHA REFINANCE PROGRAM TERMINATION ACT 

Sec. 201. Short title. 

Sec. 202. Rescission of funding for FHA Refinance Program. 

Sec. 203. Termination of FHA Refinance Program. 

Sec. 204. Publication of Member Availability for Assistance. 

5 TITLE I—CONSUMER FINANCIAL 

6 PROTECTION SAFETY AND 

7 SOUNDNESS IMPROVEMENT 

8 ACT 

9 SEC. 101. SHORT TITLE. 

10 This title may be cited as the ‘‘Consumer Financial 

11 Protection Safety and Soundness Improvement Act of 

12 2011’’. 

13 SEC. 102. COUNCIL VOTING PROCEDURE. 

14 (a) IN GENERAL.—Section 1023(c)(3)(A) of the 

15 Dodd-Frank Wall Street Reform and Consumer Protec16 tion Act is amended— 
3 

•HR 1315 EH

(1) by striking ‘‘2 1 ⁄3’’ and inserting ‘‘a major2 ity’’; and 

3 (2) by inserting before the period the following: 

4 ‘‘, excluding the Chair of the Commission of the Bu5 reau’’. 

6 (b) PETITION BY NONVOTING MEMBERS; NO RE7 STRICTIONS ON PETITION SUBJECT MATTER.—Section 

8 1023 of the Dodd-Frank Wall Street Reform and Con9 sumer Protection act is amended by adding at the end the 

10 following new subsection: 

11 ‘‘(g) PETITION BY NONVOTING MEMBERS.—Notwith12 standing any other subsection of this section, the provi13 sions of this section shall apply to a petition by a non14 voting member of the Council to the same extent that they 

15 apply to a petition by an agency represented by a member 

16 of the Council. 

17 ‘‘(h) NO RESTRICTIONS ON PETITION SUBJECT MAT18 TER.—Petitions made under this section may be made by 

19 an agency or a nonvoting member of the Council on any 

20 subject matter, regardless of the areas of particular exper21 tise of such agency or nonvoting member.’’. 

22 (c) CONFLICT OF INTEREST.—Section 1023(c)(3) of 

23 the Dodd-Frank Wall Street Reform and Consumer Pro24 tection Act is amended by adding at the end the following 

25 new subparagraph: 
4 

•HR 1315 EH

1 ‘‘(C) CONFLICT OF INTEREST.—No mem2 ber of the Council may vote on the decision to 

3 issue a stay of, or set aside, any regulation 

4 under this section, if such member has, within 

5 the previous 2-year period, been employed by 

6 any company or other entity that is subject to 

7 such regulation.’’. 

8 SEC. 103. REVIEW AUTHORITY OF THE COUNCIL. 

9 Section 1023 of the Dodd-Frank Wall Street Reform 

10 and Consumer Protection Act is amended— 

11 (1) in subsection (a)— 

12 (A) by striking ‘‘may’’ and inserting 

13 ‘‘shall’’; and 

14 (B) by striking ‘‘regulation or provision 

15 would put the safety and soundness of the 

16 United States banking system or the stability of 

17 the financial system of the United States at 

18 risk’’ and inserting ‘‘regulation which is the 

19 subject of the petition is inconsistent with the 

20 safe and sound operations of United States fi21 nancial institutions’’; and 

22 (2) in subsection (c)— 

23 (A) in paragraph (3)(B)(ii), by striking 

24 ‘‘would put the safety and soundness of the 

25 United States banking system or the stability of 
5 

•HR 1315 EH

1 the financial system of the United States at 

2 risk’’ and inserting ‘‘is inconsistent with the 

3 safe and sound operations of United States fi4 nancial institutions’’; 

5 (B) in paragraph (4)— 

6 (i) by striking subparagraph (B); and 

7 (ii) by redesignating subparagraph 

8 (C) as subparagraph (B); 

9 (C) by striking paragraph (5); 

10 (D) by redesignating paragraphs (6), (7), 

11 and (8) as paragraphs (5), (6), and (7), respec12 tively; and 

13 (E) by adding at the end the following new 

14 paragraph: 

15 ‘‘(8) PUBLIC MEETINGS.—Any time the Council 

16 meets pursuant to this section to decide whether to 

17 issue a stay of, or set aside, any regulation, every 

18 portion of such meeting shall be open to public ob19 servation. The Council shall provide live online 

20 streaming or broadcasting of the meetings.’’. 

21 SEC. 104. ESTABLISHMENT OF THE COMMISSION. 

22 Section 1011 of the Consumer Financial Protection 

23 Act of 2010 is amended— 

24 (1) by striking subsections (b), (c), and (d); 
6 

•HR 1315 EH

1 (2) by redesignating subsection (e) as sub2 section (j); and 

3 (3) by inserting after subsection (a) the fol4 lowing new subsections: 

5 ‘‘(b) ESTABLISHMENT OF THE COMMISSION.— 

6 ‘‘(1) IN GENERAL.—There is hereby established 

7 a commission (hereinafter referred to in this section 

8 as the ‘Commission’) that shall serve as the head of 

9 the Bureau. 

10 ‘‘(2) AUTHORITY TO PRESCRIBE REGULA11 TIONS.—The Commission may prescribe such regu12 lations and issue such orders in accordance with this 

13 title as the Commission may determine to be nec14 essary for carrying out this title and all other laws 

15 within the Commission’s jurisdiction and shall exer16 cise any authorities granted under this title and all 

17 other laws within the Commission’s jurisdiction. 

18 ‘‘(c) COMPOSITION OF THE COMMISSION.— 

19 ‘‘(1) IN GENERAL.—The Commission shall be 

20 composed of the Vice Chairman for Supervision of 

21 the Federal Reserve System and 4 additional mem22 bers who shall be appointed by the President, by and 

23 with the advice and consent of the Senate, from 

24 among individuals who— 

25 ‘‘(A) are citizens of the United States; 
7 

•HR 1315 EH

1 ‘‘(B) have strong competencies and experi2 ences related to consumer financial protection; 

3 and 

4 ‘‘(C) should want to protect service mem5 bers and their families who are sacrificing their 

6 lives for this country from abusive financial 

7 practices. 

8 ‘‘(2) STAGGERING.—The members of the Com9 mission appointed under paragraph (1) shall serve 

10 staggered terms, which initially shall be established 

11 by the President for terms of 1, 2, 4, and 5 years, 

12 respectively. 

13 ‘‘(3) TERMS.— 

14 ‘‘(A) IN GENERAL.—Each member of the 

15 Commission appointed under paragraph (1), in16 cluding the Chair, shall serve for a term of 5 

17 years. 

18 ‘‘(B) REMOVAL FOR CAUSE.—The Presi19 dent may remove any member of the Commis20 sion appointed under paragraph (1) only for in21 efficiency, neglect of duty, or malfeasance in of22 fice. 

23 ‘‘(C) VACANCIES.—Any member of the 

24 Commission appointed under paragraph (1) ap25 pointed to fill a vacancy occurring before the 
8 

•HR 1315 EH

1 expiration of the term to which that member’s 

2 predecessor was appointed (including the Chair) 

3 shall be appointed only for the remainder of the 

4 term. 

5 ‘‘(D) CONTINUATION OF SERVICE.—Each 

6 member of the Commission appointed under 

7 paragraph (1) may continue to serve after the 

8 expiration of the term of office to which that 

9 member was appointed until a successor has 

10 been appointed by the President and confirmed 

11 by the Senate, except that a member may not 

12 continue to serve more than 1 year after the 

13 date on which that member’s term would other14 wise expire. 

15 ‘‘(E) OTHER EMPLOYMENT PROHIBITED.— 

16 No member of the Commission appointed under 

17 paragraph (1) shall engage in any other busi18 ness, vocation, or employment. 

19 ‘‘(4) ROLES AND RESPONSIBILITIES OF COM20 MISSIONERS.—One member of the Commission shall 

21 have as their primary responsibility the oversight of 

22 the Bureau’s activities pertaining to protecting con23 sumers, with a focus on consumers who are older, 

24 minorities, youth, or veterans, from unfair, decep-
9 

•HR 1315 EH

1 tive, and abusive lending practices. The designated 

2 commissioner shall be responsible for— 

3 ‘‘(A) ensuring the Bureau conducts regular 

4 outreach to consumers regarding industry lend5 ing activities; 

6 ‘‘(B) researching and reporting to the full 

7 Commission, on a regular basis, the impact of 

8 new loan and credit products and services on 

9 consumers; 

10 ‘‘(C) ensuring the Bureau coordinates with 

11 State-level consumer protection agencies on en12 forcement measures that protect consumers 

13 from unfair, deceptive, and abusive lending 

14 practices; and 

15 ‘‘(D) researching and reporting to the full 

16 Commission about ways to protect consumers 

17 from unfair, deceptive, or abusive lending acts 

18 or practices, including how language barriers 

19 contribute to lack of understanding in lending 

20 activities. 

21 ‘‘(d) AFFILIATION.—With respect to members ap22 pointed pursuant to subsection (c)(1), not more than 2 

23 shall be members of any one political party. 

24 ‘‘(e) CHAIR OF THE COMMISSION.— 
10 

•HR 1315 EH

1 ‘‘(1) APPOINTMENT.—The Chair of the Com2 mission shall be appointed by the President from 

3 among the members of the Commission appointed 

4 under paragraph (1). 

5 ‘‘(2) AUTHORITY.—The Chair shall be the prin6 cipal executive officer of the Bureau, and shall exer7 cise all of the executive and administrative functions 

8 of the Bureau, including with respect to— 

9 ‘‘(A) the appointment and supervision of 

10 personnel employed under the Bureau (other 

11 than personnel employed regularly and full time 

12 in the immediate offices of members of the 

13 Commission other than the Chair); 

14 ‘‘(B) the distribution of business among 

15 personnel appointed and supervised by the 

16 Chair and among administrative units of the 

17 Bureau; and 

18 ‘‘(C) the use and expenditure of funds. 

19 ‘‘(3) LIMITATION.—In carrying out any of the 

20 Chair’s functions under the provisions of this sub21 section the Chair shall be governed by general poli22 cies of the Commission and by such regulatory deci23 sions, findings, and determinations as the Commis24 sion may by law be authorized to make. 
11 

•HR 1315 EH

1 ‘‘(4) REQUESTS OR ESTIMATES RELATED TO

2 APPROPRIATIONS.—Requests or estimates for reg3 ular, supplemental, or deficiency appropriations on 

4 behalf of the Commission may not be submitted by 

5 the Chair without the prior approval of the Commis6 sion. 

7 ‘‘(f) NO IMPAIRMENT BY REASON OF VACANCIES.— 

8 No vacancy in the members of the Commission shall im9 pair the right of the remaining members of the Commis10 sion to exercise all the powers of the Commission. Three 

11 members of the Commission shall constitute a quorum for 

12 the transaction of business, except that if there are only 

13 3 members serving on the Commission because of vacan14 cies in the Commission, 2 members of the Commission 

15 shall constitute a quorum for the transaction of business. 

16 If there are only 2 members serving on the Commission 

17 because of vacancies in the Commission, 2 members shall 

18 constitute a quorum for the 6-month period beginning on 

19 the date of the vacancy which caused the number of Com20 mission members to decline to 2. 

21 ‘‘(g) SEAL.—The Commission shall have an official 

22 seal. 

23 ‘‘(h) COMPENSATION.— 

24 ‘‘(1) CHAIR.—The Chair shall receive com25 pensation at the rate prescribed for level I of the 
12 

•HR 1315 EH

1 Executive Schedule under section 5313 of title 5, 

2 United States Code. 

3 ‘‘(2) OTHER MEMBERS OF THE COMMISSION.— 

4 The 3 other members of the Commission appointed 

5 under subsection (c)(1) shall each receive compensa6 tion at the rate prescribed for level II of the Execu7 tive Schedule under section 5314 of title 5, United 

8 States Code. 

9 ‘‘(i) INITIAL QUORUM ESTABLISHED.—During any 

10 time period prior to the confirmation of at least two mem11 bers of the Commission, one member of the Commission 

12 shall constitute a quorum for the transaction of business. 

13 Following the confirmation of at least 2 additional com14 missioners, the quorum requirements of subsection (f) 

15 shall apply.’’. 

16 SEC. 105. CONFORMING AMENDMENTS. 

17 (a) CONSUMER FINANCIAL PROTECTION ACT OF

18 2010.— 

19 (1) IN GENERAL.—The Consumer Financial 

20 Protection Act of 2010 is amended— 

21 (A) in section 1002, by striking paragraph 

22 (10); 

23 (B) in section 1012(c)(4), by striking ‘‘Di24 rector’’ each place such term appears and in25 serting ‘‘Commission of the Bureau’’; 
13 

•HR 1315 EH

1 (C) in section 1013(c)(3)— 

2 (i) by striking ‘‘Assistant Director of 

3 the Bureau for’’ and inserting ‘‘Head of 

4 the Office of’’; and 

5 (ii) in subparagraph (B), by striking 

6 ‘‘Assistant Director’’ and inserting ‘‘Head 

7 of the Office’’; 

8 (D) in section 1013(g)(2)— 

9 (i) by striking ‘‘ASSISTANT DIREC10 TOR’’ and inserting ‘‘HEAD OF THE OF11 FICE’’; and 

12 (ii) by striking ‘‘an assistant director’’ 

13 and inserting ‘‘a Head of the Office of Fi14 nancial Protection for Older Americans’’; 

15 (E) in section 1016(a), by striking ‘‘Direc16 tor of the Bureau’’ and inserting ‘‘Chair of the 

17 Commission’’; 

18 (F) in section 1017(c)(1), by striking ‘‘Di19 rector and other employees’’ and inserting 

20 ‘‘members of the Commission and other employ21 ees’’; 

22 (G) in section 1027(l)(1), by striking ‘‘Di23 rector and the’’; and 
14 

•HR 1315 EH

1 (H) in section 1066(a), by striking ‘‘Direc2 tor of the Bureau is’’ and inserting ‘‘first mem3 ber of the Commission is’’. 

4 (2) GLOBAL AMENDMENTS.—The Consumer Fi5 nancial Protection Act of 2010 is amended— 

6 (A) by striking ‘‘Director of the’’ each 

7 place such term appears, other than in— 

8 (i) subparagraphs (A) and (E) of sec9 tion 1017(4); 

10 (ii) section 1043; 

11 (iii) section 1061(b)(3); 

12 (iv) section 1062; 

13 (v) section 1063(f); 

14 (vi) subparagraphs (E) and (G) of 

15 section 1064(i)(2); and 

16 (vii) section 1065(a); and 

17 (B) by striking ‘‘Director’’ each place such 

18 term appears and inserting ‘‘Bureau’’, other 

19 than in— 

20 (i) section 1063(f)(2); and 

21 (ii) section 1065(a). 

22 (b) DODD-FRANK WALL STREET REFORM AND CON23 SUMER PROTECTION ACT.—The Dodd-Frank Wall Street 

24 Reform and Consumer Protection Act is amended— 
15 

•HR 1315 EH

1 (1) in section 111(b)(1)(D), by striking ‘‘Direc2 tor’’ and inserting ‘‘Chair of the Commission’’; and 

3 (2) in section 1447, by striking ‘‘Director of the 

4 Bureau’’ each place such term appears and inserting 

5 ‘‘Bureau’’. 

6 (c) ELECTRONIC FUND TRANSFER ACT.—Section 

7 921(a)(4)(C) of the Electronic Fund Transfer Act, as 

8 added by section 1075(a)(2) of the Consumer Financial 

9 Protection Act of 2010, is amended by striking ‘‘Director 

10 of the Bureau of Consumer Financial Protection’’ and in11 serting ‘‘Bureau of Consumer Financial Protection’’. 

12 (d) EXPEDITED FUNDS AVAILABILITY ACT.—The 

13 Expedited Funds Availability Act, as amended by section 

14 1086 of the Consumer Financial Protection Act of 2010, 

15 is amended by striking ‘‘Director of the Bureau’’ each 

16 place such term appears and inserting ‘‘Bureau’’. 

17 (e) FEDERAL DEPOSIT INSURANCE ACT.—Section 2 

18 of the Federal Deposit Insurance Act, as amended by sec19 tion 336(a) of the Dodd-Frank Wall Street Reform and 

20 Consumer Protection Act, is amended by striking ‘‘Direc21 tor of the Consumer Financial Protection Bureau’’ each 

22 place such term appears and inserting ‘‘Chair of the Com23 mission of the Bureau of Consumer Financial Protection’’. 

24 (f) FEDERAL FINANCIAL INSTITUTIONS EXAMINA25 TION COUNCIL ACT OF 1978.—Section 1004(a)(4) of the 
16 

•HR 1315 EH

1 Federal Financial Institutions Examination Council Act of 

2 1978 (12 U.S.C. 3303(a)(4)), as amended by section 1091 

3 of the Consumer Financial Protection Act of 2010, is 

4 amended by striking ‘‘Director of the Consumer Financial 

5 Protection Bureau’’ and inserting ‘‘Chair of the Commis6 sion of the Bureau of Consumer Financial Protection’’. 

7 (g) FINANCIAL LITERACY AND EDUCATION IM8 PROVEMENT ACT.—Section 513 of the Financial Literacy 

9 and Education Improvement Act, as amended by section 

10 1013(d) of the Consumer Financial Protection Act of 

11 2010, is amended by striking ‘‘Director’’ each place such 

12 term appears and inserting ‘‘Chair of the Commission’’. 

13 (h) HOME MORTGAGE DISCLOSURE ACT OF 1975.— 

14 Section 307 of the Home Mortgage Disclosure Act of 

15 1975, as amended by section 1094(6) of the Consumer 

16 Financial Protection Act of 2010, is amended by striking 

17 ‘‘Director of the Bureau of Consumer Financial Protec18 tion’’ each place such term appears and inserting ‘‘Bureau 

19 of Consumer Financial Protection’’. 

20 (i) INTERSTATE LAND SALES FULL DISCLOSURE

21 ACT.—The Interstate Land Sales Full Disclosure Act, as 

22 amended by section 1098A of the Consumer Financial 

23 Protection Act of 2010, is amended— 

24 (1) by amending section 1402(1) to read as fol25 lows: 
17 

•HR 1315 EH

1 ‘‘(1) ‘Chair’ means the Chair of the Commission of 

2 the Bureau of Consumer Financial Protection;’’; 

3 (2) in section 1416(a), by striking ‘‘Director of 

4 the Bureau of Consumer Financial Protection’’ and 

5 inserting ‘‘Chair’’; and 

6 (3) by striking ‘‘Director’’ each place such term 

7 appears and inserting ‘‘Bureau’’. 

8 (j) REAL ESTATE SETTLEMENT PROCEDURES ACT

9 OF 1974.—Section 5 of the Real Estate Settlement Proce10 dures Act of 1974, as amended by section 1450 of the 

11 Dodd-Frank Wall Street Reform and Consumer Protec12 tion Act, is amended— 

13 (1) by striking ‘‘The Director of the Bureau of 

14 Consumer Financial Protection (hereafter in this 

15 section referred to as the ‘Director’)’’ and inserting 

16 ‘‘The Bureau of Consumer Financial Protection’’; 

17 and 

18 (2) by striking ‘‘Director’’ each place such term 

19 appears and inserting ‘‘Bureau’’. 

20 (k) S.A.F.E. MORTGAGE LICENSING ACT OF 2008.— 

21 The S.A.F.E. Mortgage Licensing Act of 2008, as amend22 ed by section 1100 of the Consumer Financial Protection 

23 Act of 2010, is amended— 
18 

•HR 1315 EH

1 (1) by striking ‘‘Director’’ each place such term 

2 appears in headings and text and inserting ‘‘Bu3 reau’’; and 

4 (2) in section 1503, by striking paragraph (10). 

5 (l) TITLE 44, UNITED STATES CODE.—Section 

6 3513(c) of title 44, United States Code, as amended by 

7 section 1100D(b) of the Consumer Financial Protection 

8 Act of 2010, is amended by striking ‘‘Director of the Bu9 reau’’ and inserting ‘‘Bureau’’. 

10 SEC. 106. CHAIR OF THE COMMISSION REQUIRED BEFORE 

11 TRANSFER. 

12 Section 1062 of the Dodd-Frank Wall Street Reform 

13 and Consumer Protection Act is amended by adding at 

14 the end the following new subsection: 

15 ‘‘(d) CHAIR OF THE COMMISSION REQUIRED BEFORE

16 TRANSFER.—Notwithstanding the other provisions of this 

17 section, the single calendar date for the transfer of func18 tions to the Bureau under section 1061 shall be the later 

19 of— 

20 ‘‘(1) the date that would have been designated, 

21 but for the application of this subsection; and 

22 ‘‘(2) the date on which the Chair of the Com23 mission of the Bureau is confirmed by the Senate.’’. 
19 

•HR 1315 EH

1 SEC. 107. INSPECTOR GENERAL REPORT. 

2 Section 1013 of the Dodd-Frank Wall Street Reform 

3 and Consumer Protection Act is amended by adding at 

4 the end the following new subsection: 

5 ‘‘(h) INSPECTOR GENERAL REPORT.— 

6 ‘‘(1) IN GENERAL.—Not later than February 1, 

7 2012, and annually thereafter, the Inspector General 

8 of the Board of Governors of the Federal Reserve 

9 System and the Bureau of Consumer Financial Pro10 tection shall submit a report to the Congress con11 taining the following: 

12 ‘‘(A) A list of all new rules, guidelines, and 

13 regulations prescribed by the Bureau within the 

14 previous fiscal year, with corresponding detailed 

15 descriptions of each. 

16 ‘‘(B) A detailed list of all authority which 

17 the Inspector General believes overlaps with the 

18 efforts of other Federal departments and agen19 cies. 

20 ‘‘(C) All administrative expenses of the 

21 Bureau, including the amount spent on salaries, 

22 office supplies, and office space. 

23 ‘‘(D) The current amount in the Bureau of 

24 Consumer Financial Protection Fund. 

25 ‘‘(2) PUBLIC DISCLOSURE.—The Inspector Gen26 eral of the Board of Governors of the Federal Re-
20 

•HR 1315 EH

1 serve System and the Bureau of Consumer Financial 

2 Protection shall make each report submitted under 

3 paragraph (1) available to the public, including on 

4 the Bureau’s website. 

5 ‘‘(3) USE OF FUNDS.—The Inspector General 

6 shall carry out this subsection using existing 

7 funds.’’. 

8 SEC. 108. ANALYSIS OF REGULATIONS. 

9 Section 1022 of the Dodd-Frank Wall Street Reform 

10 and Consumer Protection Act is amended by adding at 

11 the end the following new subsection: 

12 ‘‘(e) ANALYSIS OF REGULATIONS.— 

13 ‘‘(1) IN GENERAL.—Each time the Bureau pro14 poses a new rule or regulation, the Bureau shall— 

15 ‘‘(A) carry out an initial regulatory flexi16 bility analysis for such proposed rule or regula17 tion, which shall be carried out as closely as 

18 possible to those initial regulatory flexibility 

19 analyses required under section 603 of title 5, 

20 United States Code, but which shall analyze the 

21 financial impact of the proposed rule or regula22 tion on all financial entities, regardless of size; 

23 and 

24 ‘‘(B) carry out an analysis of whether the 

25 proposed rule or regulation will impair the abil-
21 

•HR 1315 EH

1 ity of individuals and small business to access 

2 credit from financial institutions. 

3 ‘‘(2) REPORT.—The Bureau shall issue a report 

4 to the Council on the analyses carried out under 

5 paragraph (1), and make such analyses available to 

6 the public. 

7 ‘‘(3) USE OF EXISTING RESOURCES.—The Bu8 reau shall use existing resources to carry out the re9 quirements of this subsection.’’. 

10 TITLE II—FHA REFINANCE 

11 PROGRAM TERMINATION ACT 

12 SEC. 201. SHORT TITLE. 

13 This title may be cited as the ‘‘FHA Refinance Pro14 gram Termination Act’’. 

15 SEC. 202. RESCISSION OF FUNDING FOR FHA REFINANCE 

16 PROGRAM. 

17 Effective on the date of the enactment of this Act, 

18 there are rescinded and permanently canceled all unex19 pended balances remaining available as of such date of en20 actment of the amounts made available under title I of 

21 the Emergency Economic Stabilization Act (Public Law 

22 110–343; 12 U.S.C. 5211 et seq.) that have been allocated 

23 for use under the FHA Refinance Program (pursuant to 

24 Mortgagee Letter 2010–23 of the Secretary of Housing 

25 and Urban Development) of the Making Home Affordable 
22 

•HR 1315 EH

1 initiative of the Secretary of the Treasury. All such unex2 pended balances so rescinded and permanently canceled 

3 shall be retained in the general fund of the Treasury for 

4 reducing the debt of the Federal Government. 

5 SEC. 203. TERMINATION OF FHA REFINANCE PROGRAM. 

6 (a) TERMINATION OF MORTGAGEE LETTER.—The 

7 Mortgagee Letter referred to in section 202 shall be void 

8 and have no effect and the Secretary of Housing and 

9 Urban Development may not issue any regulation, order, 

10 notice, or mortgagee letter based on or substantially simi11 lar to such Mortgagee Letter. 

12 (b) TREATMENT OF REMAINING FUNDS.—Notwith13 standing subsection (a) of this section, any amounts made 

14 available for use under the Program referred to in section 

15 202 of this title and expended before the date of the enact16 ment of this Act shall continue to be governed by the 

17 Mortgagee Letter specified in subsection (a) of this sec18 tion, and any other provisions of law, regulations, orders, 

19 and notices, applicable to such amounts, as in effect imme20 diately before such date of enactment. 

21 (c) TERMINATION.—After the enactment of this Act, 

22 the Secretary of Housing and Urban Development may 

23 not newly insure any mortgage under the FHA Refinance 

24 Program referred to in section 202 of this title except pur25 suant to a commitment to insure made before such enact-
23 

•HR 1315 EH

1 ment, and upon the completion of all activities with re2 spect to such commitments under the provisions of law, 

3 regulations, orders, notices, and mortgagee letters referred 

4 to in subsection (b) of this section, the Secretary of Hous5 ing and Urban Development shall terminate the FHA Re6 finance Program referred to in section 202. 

7 (d) STUDY OF USE OF PROGRAM BY MEMBERS OF

8 THE ARMED FORCES, VETERANS, GOLD STAR RECIPI9 ENTS, AND MEMBERS AND VETERANS WITH SERVICE10 CONNECTED DISABILITIES AND THEIR FAMILIES.— 

11 (1) STUDY.—The Secretary of Housing and 

12 Urban Development shall conduct a study to deter13 mine the extent of usage of the FHA Refinance Pro14 gram referred to in section 202 by, and the impact 

15 of such program on, covered homeowners. 

16 (2) REPORT.—Not later than the expiration of 

17 the 90-day period beginning on the date of the en18 actment of this Act, the Secretary shall submit to 

19 the Congress a report setting forth the results of the 

20 study under paragraph (1) and identifying best 

21 practices, with respect to covered homeowners, that 

22 could be applied to the FHA Refinance Program. 

23 (3) COVERED HOMEOWNER.—For purposes of 

24 this subsection, the term ‘‘covered homeowner’’ 

25 means a homeowner who is— 
24 

•HR 1315 EH

1 (A) a member of the Armed Forces of the 

2 United States on active duty or the spouse or 

3 parent of such a member; 

4 (B) a veteran, as such term is defined in 

5 section 101 of title 38, United States Code; 

6 (C) eligible to receive a Gold Star lapel pin 

7 under section 1126 of title 10, United States 

8 Code, as a widow, parent, or next of kin of a 

9 member of the Armed Forces person who died 

10 in a manner described in subsection (a) of such 

11 section; and 

12 (D) such members and veterans of the 

13 Armed Forces who have service-connected inju14 ries, and survivors and dependents of such 

15 members and veterans of the Armed Forces 

16 with such injuries. 

17 SEC. 204. PUBLICATION OF MEMBER AVAILABILITY FOR AS18 SISTANCE. 

19 Not later than 5 days after the date of the enactment 

20 of this Act, the Secretary of Housing and Urban Develop21 ment shall publish to its Website on the World Wide Web 

22 in a prominent location, large point font, and boldface type 

23 the following statement: ‘‘The FHA Short Refinance Pro24 gram, which was intended to provide borrowers with refi25 nance opportunities, has been terminated. If you are hav-
25 

•HR 1315 EH

1 ing trouble paying your mortgage and need help con2 tacting your lender or servicer for purposes of negotiating 

3 or acquiring a loan modification, please contact your Mem4 ber of Congress to assist you in contacting your lender 

5 or servicer for the purpose of negotiating or acquiring a 

6 loan modification.’’. 

Passed the House of Representatives July 21, 2011. 

Attest: 

Clerk. 
112TH CONGRESS 

1ST SESSION H. R. 1315 

AN ACT 

To amend the Dodd-Frank Wall Street Reform and 

other purposes. gram and to terminate the program, and for unobligated funding for the FHA Refinance Proof Consumer Financial Protection, to rescind the sight Council of regulations issued by the Bureau view authority of the Financial Stability OverConsumer Protection Act to strengthen the re-