II 

115TH CONGRESS 

1ST SESSION S. 2155 

To promote economic growth, provide tailored regulatory relief, and enhance 

consumer protections, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

NOVEMBER 16, 2017 

Mr. CRAPO (for himself, Mr. DONNELLY, Ms. HEITKAMP, Mr. TESTER, Mr. 

WARNER, Mr. CORKER, Mr. SCOTT, Mr. COTTON, Mr. ROUNDS, Mrs. 

MCCASKILL, Mr. PERDUE, Mr. MANCHIN, Mr. TILLIS, Mr. KING, Mr. 

KENNEDY, Mr. KAINE, Mr. MORAN, Mr. PETERS, Mr. RISCH, and Mr. 

BENNET) introduced the following bill; which was read twice and referred 

to the Committee on Banking, Housing, and Urban Affairs 

A BILL 

To promote economic growth, provide tailored regulatory relief, and enhance consumer protections, and for other 

purposes. 

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

3 SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 

4 (a) SHORT TITLE.—This Act may be cited as the 

5 ‘‘Economic Growth, Regulatory Relief, and Consumer 

6 Protection Act’’. 

7 (b) TABLE OF CONTENTS.—The table of contents for 

8 this Act is as follows: 


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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. Property Assessed Clean Energy financing. 

Sec. 109. Escrow requirements relating to certain consumer credit transactions. 

Sec. 110. 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. Mutual holding company dividend waivers. 

Sec. 210. Small public housing agencies. 

Sec. 211. Examination cycle. 

Sec. 212. National securities exchange regulatory parity. 

TITLE III—PROTECTIONS FOR VETERANS, CONSUMERS, AND 

HOMEOWNERS 

Sec. 301. Protecting consumers’ credit. 

Sec. 302. Protecting veterans’ credit. 

Sec. 303. Immunity from suit for disclosure of financial exploitation of senior 

citizens. 

Sec. 304. Restoration of the Protecting Tenants at Foreclosure Act of 2009. 

Sec. 305. Remediating lead and asbestos hazards. 

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—STUDIES 

Sec. 501. Treasury report on risks of cyber threats. 

Sec. 502. SEC study on algorithmic trading. 


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1 SEC. 2. DEFINITIONS. 

2 In this Act: 

3 (1) APPROPRIATE FEDERAL BANKING AGENCY; 

4 COMPANY; DEPOSITORY INSTITUTION; DEPOSITORY

5 INSTITUTION HOLDING COMPANY.—The terms ‘‘ap6 propriate Federal banking agency’’, ‘‘company’’, 

7 ‘‘depository institution’’, and ‘‘depository institution 

8 holding company’’ have the meanings given those 

9 terms in section 3 of the Federal Deposit Insurance 

10 Act (12 U.S.C. 1813). 

11 (2) BANK HOLDING COMPANY.—The term 

12 ‘‘bank holding company’’ has the meaning given the 

13 term in section 2 of the Bank Holding Company Act 

14 of 1956 (12 U.S.C. 1841). 

15 TITLE I—IMPROVING CON16 SUMER ACCESS TO MORT17 GAGE CREDIT 

18 SEC. 101. MINIMUM STANDARDS FOR RESIDENTIAL MORT19 GAGE LOANS. 

20 Section 129C(b)(2) of the Truth in Lending Act (15 

21 U.S.C. 1639c(b)(2)) is amended by adding at the end the 

22 following: 

23 ‘‘(F) SAFE HARBOR.— 

24 ‘‘(i) DEFINITIONS.—In this subpara25 graph— 


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1 ‘‘(I) the term ‘covered institution’ 

2 means an insured depository institu3 tion or an insured credit union that, 

4 together with its affiliates, has less 

5 than $10,000,000,000 in total consoli6 dated assets; 

7 ‘‘(II) the term ‘insured credit 

8 union’ has the meaning given the 

9 term in section 101 of the Federal 

10 Credit Union Act (12 U.S.C. 1752); 

11 ‘‘(III) the term ‘insured deposi12 tory institution’ has the meaning 

13 given the term in section 3 of the 

14 Federal Deposit Insurance Act (12 

15 U.S.C. 1813); 

16 ‘‘(IV) the term ‘interest-only’ 

17 means that, under the terms of the 

18 legal obligation, one or more of the 

19 periodic payments may be applied 

20 solely to accrued interest and not to 

21 loan principal; and 

22 ‘‘(V) the term ‘negative amortiza23 tion’ means payment of periodic pay24 ments that will result in an increase 


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1 in the principal balance under the 

2 terms of the legal obligation. 

3 ‘‘(ii) SAFE HARBOR.—In this sec4 tion— 

5 ‘‘(I) the term ‘qualified mort6 gage’ includes any residential mort7 gage loan— 

8 ‘‘(aa) that is originated and 

9 retained in portfolio by a covered 

10 institution; 

11 ‘‘(bb) that is in compliance 

12 with the limitations with respect 

13 to prepayment penalties de14 scribed in subsections (c)(1) and 

15 (c)(3); 

16 ‘‘(cc) that is in compliance 

17 with the requirements of clause 

18 (vii) of subparagraph (A); 

19 ‘‘(dd) that does not have 

20 negative amortization or interest21 only features; and 

22 ‘‘(ee) for which the covered 

23 institution considers and docu24 ments the debt, income, and fi25 nancial resources of the conVerDate Sep 11 2014 01:06 Nov 25, 2017 Jkt 079200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\S2155.IS S2155

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1 sumer in accordance with clause 

2 (iv); and 

3 ‘‘(II) a residential mortgage loan 

4 described in subclause (I) shall be 

5 deemed to meet the requirements of 

6 subsection (a). 

7 ‘‘(iii) EXCEPTION FOR CERTAIN

8 TRANSFERS.—A residential mortgage loan 

9 described in clause (ii)(I) shall not qualify 

10 for the safe harbor under clause (ii) if the 

11 legal title to the residential mortgage loan 

12 is sold, assigned, or otherwise transferred 

13 to another person unless the residential 

14 mortgage loan is sold, assigned, or other15 wise transferred— 

16 ‘‘(I) to another person by reason 

17 of the bankruptcy or failure of a cov18 ered institution; 

19 ‘‘(II) to a covered institution so 

20 long as the loan is retained in port21 folio by the covered institution to 

22 which the loan is sold, assigned, or 

23 otherwise transferred; or 

24 ‘‘(III) pursuant to a merger of a 

25 covered institution with another perVerDate Sep 11 2014 01:06 Nov 25, 2017 Jkt 079200 PO 00000 Frm 00006 Fmt 6652 Sfmt 6201 E:\BILLS\S2155.IS S2155

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1 son or the acquisition of a covered in2 stitution by another person or of an3 other person by a covered institution, 

4 so long as the loan is retained in port5 folio by the person to whom the loan 

6 is sold, assigned, or otherwise trans7 ferred. 

8 ‘‘(iv) CONSIDERATION AND DOCU9 MENTATION REQUIREMENTS.—The consid10 eration and documentation requirements 

11 described in clause (ii)(I)(ee) shall— 

12 ‘‘(I) not be construed to require 

13 compliance with, or documentation in 

14 accordance with, appendix Q to part 

15 1026 of title 12, Code of Federal Reg16 ulations, or any successor regulation; 

17 and 

18 ‘‘(II) be construed to permit mul19 tiple methods of documentation.’’. 

20 SEC. 102. SAFEGUARDING ACCESS TO HABITAT FOR HU21 MANITY HOMES. 

22 Section 129E(i)(2) of the Truth in Lending Act (15 

23 U.S.C. 1639e(i)(2)) is amended— 


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1 (1) by redesignating subparagraphs (A) and 

2 (B) as clauses (i) and (ii), respectively, and adjust3 ing the margins accordingly; 

4 (2) in the matter preceding clause (i), as so re5 designated, by striking ‘‘For purposes of’’ and in6 serting the following: 

7 ‘‘(A) IN GENERAL.—For purposes of’’; and 

8 (3) by adding at the end the following: 

9 ‘‘(B) RULE OF CONSTRUCTION RELATED

10 TO APPRAISAL DONATIONS.—If a fee appraiser 

11 voluntarily donates appraisal services to an or12 ganization eligible to receive tax-deductible 

13 charitable contributions, such voluntary dona14 tion shall be considered customary and reason15 able for the purposes of paragraph (1).’’. 

16 SEC. 103. EXEMPTION FROM APPRAISALS OF REAL PROP17 ERTY LOCATED IN RURAL AREAS. 

18 Title XI of the Financial Institutions Reform, Recov19 ery, and Enforcement Act of 1989 (12 U.S.C. 3331 et 

20 seq.) is amended by adding at the end the following: 

21 ‘‘SEC. 1127. EXEMPTION FROM APPRAISALS OF REAL ES22 TATE LOCATED IN RURAL AREAS. 

23 ‘‘(a) DEFINITION.—In this section, the term ‘mort24 gage originator’ has the meaning given the term in section 

25 103 of the Truth in Lending Act (15 U.S.C. 1602). 


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1 ‘‘(b) APPRAISAL NOT REQUIRED.—Except as pro2 vided in subsection (d), notwithstanding any other provi3 sion of law, an appraisal in connection with a federally 

4 related transaction involving real property or an interest 

5 in real property is not required if— 

6 ‘‘(1) the real property or interest in real prop7 erty is located in a rural area, as described in sec8 tion 1026.35(b)(2)(iv)(A) of title 12, Code of Fed9 eral Regulations; 

10 ‘‘(2) not later than 3 days after the date on 

11 which the Closing Disclosure Form, made in accord12 ance with the final rule of the Bureau of Consumer 

13 Financial Protection entitled ‘Integrated Mortgage 

14 Disclosures Under the Real Estate Settlement Pro15 cedures Act (Regulation X) and the Truth in Lend16 ing Act (Regulation Z)’ (78 Fed. Reg. 79730 (De17 cember 31, 2013)), relating to the federally related 

18 transaction is given to the consumer, the mortgage 

19 originator or its agent, directly or indirectly— 

20 ‘‘(A) has contacted not fewer than 3 State 

21 certified appraisers or State licensed appraisers, 

22 as applicable; and 

23 ‘‘(B) has documented that no State cer24 tified appraiser or State licensed appraiser, as 

25 applicable, was available within a reasonable 


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1 amount of time, as determined by the Federal 

2 financial institutions regulatory agency with 

3 oversight of the mortgage originator, to perform 

4 the appraisal in connection with the federally 

5 related transaction; 

6 ‘‘(3) the balance of the loan is less than 

7 $400,000; and 

8 ‘‘(4) the mortgage originator is subject to over9 sight by a Federal financial institutions regulatory 

10 agency. 

11 ‘‘(c) SALE, ASSIGNMENT, OR TRANSFER.—A mort12 gage originator that makes a loan without an appraisal 

13 under the terms of subsection (b) shall not sell, assign, 

14 or otherwise transfer legal title to the loan unless— 

15 ‘‘(1) the loan is sold, assigned, or otherwise 

16 transferred to another person by reason of the bank17 ruptcy or failure of the mortgage originator; 

18 ‘‘(2) the loan is sold, assigned, or otherwise 

19 transferred to another person regulated by a Federal 

20 financial institutions regulatory agency, so long as 

21 the loan is retained in portfolio by the person; or 

22 ‘‘(3) the sale, assignment, or transfer is pursu23 ant to a merger of the mortgage originator with an24 other person or the acquisition of the mortgage 


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1 originator by another person or of another person by 

2 the mortgage originator. 

3 ‘‘(d) EXCEPTION.—Subsection (b) shall not apply 

4 if— 

5 ‘‘(1) a Federal financial institutions regulatory 

6 agency requires an appraisal under section 

7 225.63(c), 323.3(c), 34.43(c), or 722.3(e) of title 

8 12, Code of Federal Regulations; or 

9 ‘‘(2) the loan is a high-cost mortgage, as de10 fined in section 103 of the Truth in Lending Act (15 

11 U.S.C. 1602). 

12 ‘‘(e) ANTI-EVASION.—Each Federal financial institu13 tions regulatory agency shall ensure that any mortgage 

14 originator that the Federal financial institutions regu15 latory agency oversees that makes a significant amount 

16 of loans under subsection (b) is complying with the re17 quirements of subsection (b)(2) with respect to each 

18 loan.’’. 

19 SEC. 104. HOME MORTGAGE DISCLOSURE ACT ADJUST20 MENT AND STUDY. 

21 (a) IN GENERAL.—Section 304 of the Home Mort22 gage Disclosure Act of 1975 (12 U.S.C. 2803) is amend23 ed— 

24 (1) by redesignating subsection (i) as paragraph 

25 (3) and adjusting the margins accordingly; 


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1 (2) by inserting before paragraph (3), as so re2 designated, the following: 

3 ‘‘(i) EXEMPTIONS.— 

4 ‘‘(1) CLOSED-END MORTGAGE LOANS.—With 

5 respect to an insured depository institution or in6 sured credit union, the requirements of paragraphs 

7 (5) and (6) of subsection (b) shall not apply with re8 spect to closed-end mortgage loans if the insured de9 pository institution or insured credit union origi10 nated fewer than 500 closed-end mortgage loans in 

11 each of the 2 preceding calendar years. 

12 ‘‘(2) OPEN-END LINES OF CREDIT.—With re13 spect to an insured depository institution or insured 

14 credit union, the requirements of paragraphs (5) and 

15 (6) of subsection (b) shall not apply with respect to 

16 open-end lines of credit if the insured depository in17 stitution or insured credit union originated fewer 

18 than 500 open-end lines of credit in each of the 2 

19 preceding calendar years.’’; and 

20 (3) by adding at the end the following: 

21 ‘‘(o) DEFINITIONS.—In this section— 

22 ‘‘(1) the term ‘insured credit union’ has the 

23 meaning given the term in section 101 of the Fed24 eral Credit Union Act (12 U.S.C. 1752); and 


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1 ‘‘(2) the term ‘insured depository institution’ 

2 has the meaning given the term in section 3 of the 

3 Federal Deposit Insurance Act (12 U.S.C. 1813).’’. 

4 (b) LOOKBACK STUDY.— 

5 (1) STUDY.—Not earlier than 2 years after the 

6 date of enactment of this Act, the Comptroller Gen7 eral of the United States shall conduct a study to 

8 evaluate the impact of the amendments made by 

9 subsection (a) on the amount of data available under 

10 the Home Mortgage Disclosure Act of 1975 (12 

11 U.S.C. 2801 et seq.) at the national and local level. 

12 (2) REPORT.—Not later than 3 years after the 

13 date of enactment of this Act, the Comptroller Gen14 eral of the United States shall submit to the Com15 mittee on Banking, Housing, and Urban Affairs of 

16 the Senate and the Committee on Financial Services 

17 of the House of Representatives a report that in18 cludes the findings and conclusions of the Comp19 troller General with respect to the study required 

20 under paragraph (1). 

21 (c) TECHNICAL CORRECTION.—Section 304(i)(3) of 

22 the Home Mortgage Disclosure Act of 1975, as so redesig23 nated by subsection (a)(1), is amended by striking ‘‘sec24 tion 303(2)(A)’’ and inserting ‘‘section 303(3)(A)’’. 


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1 SEC. 105. CREDIT UNION RESIDENTIAL LOANS. 

2 (a) REMOVAL FROM MEMBER BUSINESS LOAN LIMI3 TATION.—Section 107A(c)(1)(B)(i) of the Federal Credit 

4 Union Act (12 U.S.C. 1757a(c)(1)(B)(i)) is amended by 

5 striking ‘‘that is the primary residence of a member’’. 

6 (b) RULE OF CONSTRUCTION.—Nothing in this sec7 tion or the amendment made by this section shall preclude 

8 the National Credit Union Administration from treating 

9 an extension of credit that is fully secured by a lien on 

10 a 1- to 4-family dwelling that is not the primary residence 

11 of a member as a member business loan for purposes other 

12 than the member business loan limitation requirements 

13 under section 107A of the Federal Credit Union Act (12 

14 U.S.C. 1757a). 

15 SEC. 106. ELIMINATING BARRIERS TO JOBS FOR LOAN 

16 ORIGINATORS. 

17 (a) IN GENERAL.—The S.A.F.E. Mortgage Licensing 

18 Act of 2008 (12 U.S.C. 5101 et seq.) is amended by add19 ing at the end the following: 

20 ‘‘SEC. 1518. EMPLOYMENT TRANSITION OF LOAN ORIGINA21 TORS. 

22 ‘‘(a) DEFINITIONS.—In this section: 

23 ‘‘(1) APPLICATION STATE.—The term ‘applica24 tion State’ means a State in which a registered loan 

25 originator or a State-licensed loan originator seeks 

26 to be licensed. 


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1 ‘‘(2) STATE-LICENSED MORTGAGE COMPANY.— 

2 The term ‘State-licensed mortgage company’ means 

3 an entity that is licensed or registered under the law 

4 of any State to engage in residential mortgage loan 

5 origination and processing activities. 

6 ‘‘(b) TEMPORARY AUTHORITY TO ORIGINATE LOANS

7 FOR LOAN ORIGINATORS MOVING FROM A DEPOSITORY

8 INSTITUTION TO A NON-DEPOSITORY INSTITUTION.— 

9 ‘‘(1) IN GENERAL.—Upon becoming employed 

10 by a State-licensed mortgage company, an individual 

11 who is a registered loan originator shall be deemed 

12 to have temporary authority to act as a loan origi13 nator in an application State for the period de14 scribed in paragraph (2) if the individual— 

15 ‘‘(A) has not had— 

16 ‘‘(i) an application for a loan origi17 nator license denied; or 

18 ‘‘(ii) a loan originator license revoked 

19 or suspended in any governmental jurisdic20 tion; 

21 ‘‘(B) has not been subject to, or served 

22 with, a cease and desist order— 

23 ‘‘(i) in any governmental jurisdiction; 

24 or 

25 ‘‘(ii) under section 1514(c); 


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1 ‘‘(C) has not been convicted of a felony 

2 that would preclude licensure under the law of 

3 the application State; 

4 ‘‘(D) has submitted an application to be a 

5 State-licensed loan originator in the application 

6 State; and 

7 ‘‘(E) was registered in the Nationwide 

8 Mortgage Licensing System and Registry as a 

9 loan originator during the 1-year period pre10 ceding the date on which the information re11 quired under section 1505(a) is submitted. 

12 ‘‘(2) PERIOD.—The period described in this 

13 paragraph shall begin on the date on which an indi14 vidual described in paragraph (1) submits the infor15 mation required under section 1505(a) and shall end 

16 on the earliest of the date— 

17 ‘‘(A) on which the individual withdraws the 

18 application to be a State-licensed loan origi19 nator in the application State; 

20 ‘‘(B) on which the application State denies, 

21 or issues a notice of intent to deny, the applica22 tion; 

23 ‘‘(C) on which the application State grants 

24 a State license; or 


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1 ‘‘(D) that is 120 days after the date on 

2 which the individual submits the application, if 

3 the application is listed on the Nationwide 

4 Mortgage Licensing System and Registry as in5 complete. 

6 ‘‘(c) TEMPORARY AUTHORITY TO ORIGINATE LOANS

7 FOR STATE-LICENSED LOAN ORIGINATORS MOVING

8 INTERSTATE.— 

9 ‘‘(1) IN GENERAL.—A State-licensed loan origi10 nator shall be deemed to have temporary authority 

11 to act as a loan originator in an application State 

12 for the period described in paragraph (2) if the 

13 State-licensed loan originator— 

14 ‘‘(A) meets the requirements of subpara15 graphs (A), (B), (C), and (D) of subsection 

16 (b)(1); 

17 ‘‘(B) is employed by a State-licensed mort18 gage company in the application State; and 

19 ‘‘(C) was licensed in a State that is not the 

20 application State during the 30-day period pre21 ceding the date on which the information re22 quired under section 1505(a) was submitted in 

23 connection with the application submitted to the 

24 application State. 


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1 ‘‘(2) PERIOD.—The period described in this 

2 paragraph shall begin on the date on which the 

3 State-licensed loan originator submits the informa4 tion required under section 1505(a) in connection 

5 with the application submitted to the application 

6 State and end on the earliest of the date— 

7 ‘‘(A) on which the State-licensed loan 

8 originator withdraws the application to be a 

9 State-licensed loan originator in the application 

10 State; 

11 ‘‘(B) on which the application State denies, 

12 or issues a notice of intent to deny, the applica13 tion; 

14 ‘‘(C) on which the application State grants 

15 a State license; or 

16 ‘‘(D) that is 120 days after the date on 

17 which the State-licensed loan originator submits 

18 the application, if the application is listed on 

19 the Nationwide Mortgage Licensing System and 

20 Registry as incomplete. 

21 ‘‘(d) APPLICABILITY.— 

22 ‘‘(1) EMPLOYER OF LOAN ORIGINATORS.—Any 

23 person employing an individual who is deemed to 

24 have temporary authority to act as a loan originator 

25 in an application State under this section shall be 


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1 subject to the requirements of this title and to appli2 cable State law to the same extent as if that indi3 vidual was a State-licensed loan originator licensed 

4 by the application State. 

5 ‘‘(2) ENGAGING IN MORTGAGE LOAN ACTIVI6 TIES.—Any individual who is deemed to have tem7 porary authority to act as a loan originator in an ap8 plication State under this section and who engages 

9 in residential mortgage loan origination activities 

10 shall be subject to the requirements of this title and 

11 to applicable State law to the same extent as if that 

12 individual was a State-licensed loan originator li13 censed by the application State.’’. 

14 (b) TABLE OF CONTENTS AMENDMENT.—Section 

15 1(b) of the Housing and Economic Recovery Act of 2008 

16 (42 U.S.C. 4501 note) is amended by inserting after the 

17 item relating to section 1517 the following: 

‘‘Sec. 1518. Employment transition of loan originators.’’. 

18 (c) EFFECTIVE DATE.—This section and the amend19 ments made by this section shall take effect on the date 

20 that is 18 months after the date of enactment of this Act. 

21 SEC. 107. PROTECTING ACCESS TO MANUFACTURED 

22 HOMES. 

23 Section 103 of the Truth in Lending Act (15 U.S.C. 

24 1602) is amended— 


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1 (1) by redesignating the second subsection (cc) 

2 (relating to definitions relating to mortgage origina3 tion and residential mortgage loans) and subsection 

4 (dd) as subsections (dd) and (ee), respectively; and 

5 (2) in paragraph (2) of subsection (dd), as so 

6 redesignated, by striking subparagraph (C) and in7 serting the following: 

8 ‘‘(C) does not include any person who is— 

9 ‘‘(i) not otherwise described in sub10 paragraph (A) or (B) and who performs 

11 purely administrative or clerical tasks on 

12 behalf of a person who is described in any 

13 such subparagraph; or 

14 ‘‘(ii) a retailer of manufactured or 

15 modular homes or an employee of the re16 tailer if the retailer or employee, as appli17 cable— 

18 ‘‘(I) does not receive compensa19 tion or gain for engaging in activities 

20 described in subparagraph (A) that is 

21 in excess of any compensation or gain 

22 received in a comparable cash trans23 action; 

24 ‘‘(II) discloses to the consumer— 


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1 ‘‘(aa) in writing any cor2 porate affiliation with any lender; 

3 and 

4 ‘‘(bb) if the retailer has a 

5 corporate affiliation with any 

6 lender, at least 1 unaffiliated 

7 lender; and 

8 ‘‘(III) does not directly negotiate 

9 with the consumer or lender on loan 

10 terms (including rates, fees, and other 

11 costs).’’. 

12 SEC. 108. PROPERTY ASSESSED CLEAN ENERGY FINANC13 ING. 

14 Section 129C(b)(3) of the Truth in Lending Act (15 

15 U.S.C. 1639c(b)(3)) is amended by adding at the end the 

16 following: 

17 ‘‘(C) CONSIDERATION OF UNDERWRITING

18 REQUIREMENTS FOR PROPERTY ASSESSED

19 CLEAN ENERGY FINANCING.— 

20 ‘‘(i) DEFINITION.—In this subpara21 graph, the term ‘Property Assessed Clean 

22 Energy financing’ means financing to cover 

23 the costs of home improvements that re24 sults in a tax assessment on the real prop25 erty of the consumer. 


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1 ‘‘(ii) REGULATIONS.—The Bureau 

2 shall prescribe regulations that carry out 

3 the purposes of subsection (a) and apply 

4 section 130 with respect to violations 

5 under subsection (a) of this section with 

6 respect to Property Assessed Clean Energy 

7 financing, which shall account for the 

8 unique nature of Property Assessed Clean 

9 Energy financing. 

10 ‘‘(iii) COLLECTION OF INFORMATION

11 AND CONSULTATION.—In prescribing the 

12 regulations under this subparagraph, the 

13 Bureau— 

14 ‘‘(I) may collect such information 

15 and data that the Bureau determines 

16 is necessary; and 

17 ‘‘(II) shall consult with State and 

18 local governments and bond-issuing 

19 authorities.’’. 

20 SEC. 109. ESCROW REQUIREMENTS RELATING TO CERTAIN 

21 CONSUMER CREDIT TRANSACTIONS. 

22 Section 129D(c) of the Truth in Lending Act (15 

23 U.S.C. 1639d(c)) is amended— 


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1 (1) by redesignating paragraphs (1) through 

2 (4) as subparagraphs (A) through (D), respectively, 

3 and adjusting the margins accordingly; 

4 (2) in the matter preceding subparagraph (A), 

5 as so redesignated, by striking ‘‘The Board’’ and in6 serting the following: 

7 ‘‘(1) IN GENERAL.—The Bureau’’; 

8 (3) in paragraph (1), as so redesignated, by 

9 striking ‘‘the Board’’ each place that term appears 

10 and inserting ‘‘the Bureau’’; and 

11 (4) by adding at the end the following: 

12 ‘‘(2) TREATMENT OF LOANS HELD BY SMALLER

13 INSTITUTIONS.—The Bureau shall, by regulation, 

14 exempt from the requirements of subsection (a) any 

15 loan made by an insured depository institution or an 

16 insured credit union secured by a first lien on the 

17 principal dwelling of a consumer if— 

18 ‘‘(A) the insured depository institution or 

19 insured credit union has assets of 

20 $10,000,000,000 or less; 

21 ‘‘(B) during the preceding calendar year, 

22 the insured depository institution or insured 

23 credit union and its affiliates originated 1,000 

24 or fewer loans secured by a first lien on a prin25 cipal dwelling; and 


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1 ‘‘(C) the transaction otherwise satisfies the 

2 criteria in sections 1026.35(b)(2)(iii) and 

3 1026.35(b)(2)(v) of title 12, Code of Federal 

4 Regulations, or any successor regulation.’’. 

5 SEC. 110. NO WAIT FOR LOWER MORTGAGE RATES. 

6 (a) IN GENERAL.—Section 129(b) of the Truth in 

7 Lending Act (15 U.S.C. 1639(b)) is amended— 

8 (1) by redesignating paragraph (3) as para9 graph (4); and 

10 (2) by inserting after paragraph (2) the fol11 lowing: 

12 ‘‘(3) NO WAIT FOR LOWER RATE.—If a creditor 

13 extends to a consumer a second offer of credit with 

14 a lower annual percentage rate, the transaction may 

15 be consummated without regard to the period speci16 fied in paragraph (1) with respect to the second 

17 offer.’’. 

18 (b) SENSE OF CONGRESS.—It is the sense of Con19 gress that, whereas the Bureau of Consumer Financial 

20 Protection issued a final rule entitled ‘‘Integrated Mort21 gage Disclosures Under the Real Estate Settlement Proce22 dures Act (Regulation X) and the Truth in Lending Act 

23 (Regulation Z)’’ (78 Fed. Reg. 79730 (December 31, 

24 2013)) (in this subsection referred to as the ‘‘TRID 

25 Rule’’) to combine the disclosures a consumer receives in 


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1 connection with applying for and closing on a mortgage 

2 loan, the Bureau of Consumer Financial Protection should 

3 endeavor to provide clearer, authoritative guidance on— 

4 (1) the applicability of the TRID Rule to mort5 gage assumption transactions; 

6 (2) the applicability of the TRID Rule to con7 struction-to-permanent home loans, and the condi8 tions under which those loans can be properly origi9 nated; and 

10 (3) the extent to which lenders can rely on 

11 model disclosures published by the Bureau of Con12 sumer Financial Protection without liability if recent 

13 changes to regulations are not reflected in the sam14 ple TRID Rule forms published by the Bureau of 

15 Consumer Financial Protection. 

16 TITLE II—REGULATORY RELIEF 

17 AND PROTECTING CONSUMER 

18 ACCESS TO CREDIT 

19 SEC. 201. CAPITAL SIMPLIFICATION FOR QUALIFYING COM20 MUNITY BANKS. 

21 (a) DEFINITIONS.—In this section: 

22 (1) COMMUNITY BANK LEVERAGE RATIO.—The 

23 term ‘‘Community Bank Leverage Ratio’’ means the 

24 ratio of the tangible equity capital of a qualifying 

25 community bank, as reported on the qualifying comVerDate Sep 11 2014 01:06 Nov 25, 2017 Jkt 079200 PO 00000 Frm 00025 Fmt 6652 Sfmt 6201 E:\BILLS\S2155.IS S2155

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1 munity bank’s applicable regulatory filing with the 

2 qualifying community bank’s appropriate Federal 

3 banking agency, to the average total consolidated as4 sets of the qualifying community bank, as reported 

5 on the qualifying community bank’s applicable regu6 latory filing with the qualifying community bank’s 

7 appropriate Federal banking agency. 

8 (2) GENERALLY APPLICABLE LEVERAGE CAP9 ITAL REQUIREMENTS; GENERALLY APPLICABLE

10 RISK-BASED CAPITAL REQUIREMENTS.—The terms 

11 ‘‘generally applicable leverage capital requirements’’ 

12 and ‘‘generally applicable risk-based capital require13 ments’’ have the meanings given those terms in sec14 tion 171(a) of the Financial Stability Act of 2010 

15 (12 U.S.C. 5371(a)). 

16 (3) QUALIFYING COMMUNITY BANK.— 

17 (A) ASSET THRESHOLD.—The term 

18 ‘‘qualifying community bank’’ means a deposi19 tory institution or depository institution holding 

20 company with total consolidated assets of less 

21 than $10,000,000,000. 

22 (B) RISK PROFILE.—The appropriate Fed23 eral banking agencies may determine that a de24 pository institution or depository institution 

25 holding company (or a class of depository instiVerDate Sep 11 2014 01:06 Nov 25, 2017 Jkt 079200 PO 00000 Frm 00026 Fmt 6652 Sfmt 6201 E:\BILLS\S2155.IS S2155

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1 tutions or depository institution holding compa2 nies) described in subparagraph (A) is not a 

3 qualifying community bank based on the deposi4 tory institution’s or depository institution hold5 ing company’s risk profile, which shall be based 

6 on consideration of— 

7 (i) off-balance sheet exposures; 

8 (ii) trading assets and liabilities; 

9 (iii) total notional derivatives expo10 sures; and 

11 (iv) such other factors as the appro12 priate Federal banking agencies determine 

13 appropriate. 

14 (b) COMMUNITY BANK LEVERAGE RATIO.—The ap15 propriate Federal banking agencies shall, through notice 

16 and comment rule making under section 553 of title 5, 

17 United States Code— 

18 (1) develop a Community Bank Leverage Ratio 

19 of not less than 8 percent and not more than 10 

20 percent for qualifying community banks; and 

21 (2) establish procedures for treatment of a 

22 qualified community bank that has a Community 

23 Bank Leverage Ratio that is below the percentage 

24 developed under paragraph (1). 

25 (c) CAPITAL COMPLIANCE.— 


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1 (1) IN GENERAL.—Any qualifying community 

2 bank that meets the Community Bank Leverage 

3 Ratio developed under subsection (b)(1) shall be 

4 considered to have met— 

5 (A) the generally applicable leverage cap6 ital requirements and the generally applicable 

7 risk-based capital requirements; 

8 (B) in the case of a qualifying community 

9 bank that is a depository institution, the capital 

10 ratio requirements that are required in order to 

11 be considered well capitalized under section 38 

12 of the Federal Deposit Insurance Act (12 

13 U.S.C. 1831o) and any regulation implementing 

14 that section; and 

15 (C) any other capital or leverage require16 ments to which the qualifying community bank 

17 is subject. 

18 (2) EXISTING AUTHORITIES.—Nothing in para19 graph (1) shall limit the authority of the appropriate 

20 Federal banking agencies as in effect on the date of 

21 enactment of this Act. 


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1 SEC. 202. LIMITED EXCEPTION FOR RECIPROCAL DEPOS2 ITS. 

3 (a) IN GENERAL.—Section 29 of the Federal Deposit 

4 Insurance Act (12 U.S.C. 1831f) is amended by adding 

5 at the end the following: 

6 ‘‘(i) LIMITED EXCEPTION FOR RECIPROCAL DEPOS7 ITS.— 

8 ‘‘(1) IN GENERAL.—Reciprocal deposits of an 

9 agent institution shall not be considered to be funds 

10 obtained, directly or indirectly, by or through a de11 posit broker to the extent that the total amount of 

12 such reciprocal deposits does not exceed the lesser 

13 of— 

14 ‘‘(A) $5,000,000,000; or 

15 ‘‘(B) an amount equal to 20 percent of the 

16 total liabilities of the agent institution. 

17 ‘‘(2) DEFINITIONS.—In this subsection: 

18 ‘‘(A) AGENT INSTITUTION.—The term 

19 ‘agent institution’ means an insured depository 

20 institution that places a covered deposit 

21 through a deposit placement network at other 

22 insured depository institutions in amounts that 

23 are less than or equal to the standard max24 imum deposit insurance amount, specifying the 

25 interest rate to be paid for such amounts, if the 

26 insured depository institution— 


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1 ‘‘(i)(I) when most recently examined 

2 under section 10(d) was found to have a 

3 composite condition of outstanding or 

4 good; and 

5 ‘‘(II) is well capitalized; 

6 ‘‘(ii) has obtained a waiver pursuant 

7 to subsection (c); or 

8 ‘‘(iii) does not receive an amount of 

9 reciprocal deposits that causes the total 

10 amount of reciprocal deposits held by the 

11 agent institution to be greater than the av12 erage of the total amount of reciprocal de13 posits held by the agent institution on the 

14 last day of each of the 4 calendar quarters 

15 preceding the calendar quarter in which 

16 the agent institution was found not to have 

17 a composite condition of outstanding or 

18 good or was determined to be not well cap19 italized. 

20 ‘‘(B) COVERED DEPOSIT.—The term ‘cov21 ered deposit’ means a deposit that— 

22 ‘‘(i) is submitted for placement 

23 through a deposit placement network by an 

24 agent institution; and 


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1 ‘‘(ii) does not consist of funds that 

2 were obtained for the agent institution, di3 rectly or indirectly, by or through a deposit 

4 broker before submission for placement 

5 through a deposit placement network. 

6 ‘‘(C) DEPOSIT PLACEMENT NETWORK.— 

7 The term ‘deposit placement network’ means a 

8 network in which an insured depository institu9 tion participates, together with other insured 

10 depository institutions, for the processing and 

11 receipt of reciprocal deposits. 

12 ‘‘(D) NETWORK MEMBER BANK.—The 

13 term ‘network member bank’ means an insured 

14 depository institution that is a member of a de15 posit placement network. 

16 ‘‘(E) RECIPROCAL DEPOSITS.—The term 

17 ‘reciprocal deposits’ means deposits received by 

18 an agent institution through a deposit place19 ment network with the same maturity (if any) 

20 and in the same aggregate amount as covered 

21 deposits placed by the agent institution in other 

22 network member banks. 

23 ‘‘(F) WELL CAPITALIZED.—The term ‘well 

24 capitalized’ has the meaning given the term in 

25 section 38(b)(1).’’. 


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1 (b) INTEREST RATE RESTRICTION.—Section 29 of 

2 the Federal Deposit Insurance Act (12 U.S.C. 1831f) is 

3 amended by striking subsection (e) and inserting the fol4 lowing: 

5 ‘‘(e) RESTRICTION ON INTEREST RATE PAID.— 

6 ‘‘(1) DEFINITIONS.—In this subsection— 

7 ‘‘(A) the terms ‘agent institution’, ‘recip8 rocal deposits’, and ‘well capitalized’ have the 

9 meanings given those terms in subsection (i); 

10 and 

11 ‘‘(B) the term ‘covered insured depository 

12 institution’ means an insured depository institu13 tion that— 

14 ‘‘(i) under subsection (c) or (d), ac15 cepts funds obtained, directly or indirectly, 

16 by or through a deposit broker; or 

17 ‘‘(ii) while acting as an agent institu18 tion under subsection (i), accepts recip19 rocal deposits while not well capitalized. 

20 ‘‘(2) PROHIBITION.—A covered insured deposi21 tory institution may not pay a rate of interest on 

22 funds or reciprocal deposits described in paragraph 

23 (1) that, at the time that the funds or reciprocal de24 posits are accepted, significantly exceeds the limit 

25 set forth in paragraph (3). 


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1 ‘‘(3) LIMIT ON INTEREST RATES.—The limit on 

2 the rate of interest referred to in paragraph (2) shall 

3 be— 

4 ‘‘(A) the rate paid on deposits of similar 

5 maturity in the normal market area of the cov6 ered insured depository institution for deposits 

7 accepted in the normal market area of the cov8 ered insured depository institution; or 

9 ‘‘(B) the national rate paid on deposits of 

10 comparable maturity, as established by the Cor11 poration, for deposits accepted outside the nor12 mal market area of the covered insured deposi13 tory institution.’’. 

14 SEC. 203. COMMUNITY BANK RELIEF. 

15 Section 13(h) of the Bank Holding Company Act of 

16 1956 (12 U.S.C. 1851(h)) is amended— 

17 (1) in paragraph (1)— 

18 (A) in subparagraph (D), by redesignating 

19 clauses (i) and (ii) as subclauses (I) and (II), 

20 respectively, and adjusting the margins accord21 ingly; 

22 (B) by redesignating subparagraphs (A) 

23 through (D) as clauses (i) through (iv), respec24 tively, and adjusting the margins accordingly; 


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1 (C) in the matter preceding clause (i), as 

2 so redesignated, in the second sentence, by 

3 striking ‘‘institution that functions solely in a 

4 trust or fiduciary capacity, if—’’ and inserting 

5 the following: ‘‘institution— 

6 ‘‘(A) that functions solely in a trust or fi7 duciary capacity, if—’’; 

8 (D) in clause (iv)(II), as so redesignated, 

9 by striking the period at the end and inserting 

10 ‘‘; or’’; and 

11 (E) by adding at the end the following: 

12 ‘‘(B) with— 

13 ‘‘(i) not more than $10,000,000,000 

14 of total consolidated assets; and 

15 ‘‘(ii) total trading assets and trading 

16 liabilities, as reported on the most recent 

17 applicable regulatory filing filed by the in18 stitution, that are not more than 5 percent 

19 of total consolidated assets.’’. 

20 SEC. 204. REMOVING NAMING RESTRICTIONS. 

21 Section 13 of the Bank Holding Company Act of 

22 1956 (12 U.S.C. 1851) is amended— 

23 (1) in subsection (d)(1)(G)(vi), by inserting be24 fore the semicolon the following: ‘‘, except that the 

25 hedge fund or private equity fund may share the 


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1 same name or a variation of the same name as a 

2 banking entity that is an investment adviser to the 

3 hedge fund or private equity fund, if— 

4 ‘‘(I) such investment adviser is 

5 not an insured depository institution, 

6 a company that controls an insured 

7 depository institution, or a company 

8 that is treated as a bank holding com9 pany for purposes of section 8 of the 

10 International Banking Act of 1978 

11 (12 U.S.C. 3106); 

12 ‘‘(II) such investment adviser 

13 does not share the same name or a 

14 variation of the same name as an in15 sured depository institution, any com16 pany that controls an insured deposi17 tory institution, or any company that 

18 is treated as a bank holding company 

19 for purposes of section 8 of the Inter20 national Banking Act of 1978 (12 

21 U.S.C. 3106); and 

22 ‘‘(III) such name does not con23 tain the word ‘bank’ ’’; and 


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1 (2) in subsection (h)(5)(C), by inserting before 

2 the period the following: ‘‘, except as permitted 

3 under subsection (d)(1)(G)(vi)’’. 

4 SEC. 205. SHORT FORM CALL REPORTS. 

5 Section 7(a) of the Federal Deposit Insurance Act 

6 (12 U.S.C. 1817(a)) is amended by adding at the end the 

7 following: 

8 ‘‘(12) SHORT FORM REPORTING.— 

9 ‘‘(A) IN GENERAL.—The appropriate Fed10 eral banking agencies shall issue regulations 

11 that allow for a reduced reporting requirement 

12 for a covered depository institution when the in13 stitution makes the first and third report of 

14 condition for a year, as required under para15 graph (3). 

16 ‘‘(B) DEFINITION.—In this paragraph, the 

17 term ‘covered depository institution’ means an 

18 insured depository institution that— 

19 ‘‘(i) has less than $5,000,000,000 in 

20 total consolidated assets; and 

21 ‘‘(ii) satisfies such other criteria as 

22 the appropriate Federal banking agencies 

23 determine appropriate.’’. 


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1 SEC. 206. OPTION FOR FEDERAL SAVINGS ASSOCIATIONS 

2 TO OPERATE AS COVERED SAVINGS ASSOCIA3 TIONS. 

4 The Home Owners’ Loan Act (12 U.S.C. 1461 et 

5 seq.) is amended by inserting after section 5 (12 U.S.C. 

6 1464) the following: 

7 ‘‘SEC. 5A. ELECTION TO OPERATE AS A COVERED SAVINGS 

8 ASSOCIATION. 

9 ‘‘(a) DEFINITION.—In this section, the term ‘covered 

10 savings association’ means a Federal savings association 

11 that makes an election that is approved under subsection 

12 (b). 

13 ‘‘(b) ELECTION.— 

14 ‘‘(1) IN GENERAL.—Upon issuance of rules 

15 under subsection (f), and in accordance with those 

16 rules, a Federal savings association with total con17 solidated assets equal to or less than 

18 $15,000,000,000 may elect to operate as a covered 

19 savings association by submitting a notice to the 

20 Comptroller of that election. 

21 ‘‘(2) APPROVAL.—A Federal savings association 

22 shall be deemed to be approved to operate as a cov23 ered savings association beginning on the date that 

24 is 60 days after the date on which the Comptroller 

25 receives the notice submitted under paragraph (1), 

26 unless the Comptroller notifies the Federal savings 


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1 association that the Federal savings association is 

2 not eligible. 

3 ‘‘(c) RIGHTS AND DUTIES.—Notwithstanding any 

4 other provision of law, and except as otherwise provided 

5 in this section, a covered savings association shall— 

6 ‘‘(1) have the same rights and privileges as a 

7 national bank that has the main office of the na8 tional bank situated in the same location as the 

9 home office of the covered savings association; and 

10 ‘‘(2) be subject to the same duties, restrictions, 

11 penalties, liabilities, conditions, and limitations that 

12 would apply to a national bank described in para13 graph (1). 

14 ‘‘(d) TREATMENT OF COVERED SAVINGS ASSOCIA15 TIONS.—A covered savings association shall be treated as 

16 a Federal savings association for the purposes— 

17 ‘‘(1) of governance of the covered savings asso18 ciation, including incorporation, bylaws, boards of 

19 directors, shareholders, and distribution of divi20 dends; 

21 ‘‘(2) of consolidation, merger, dissolution, con22 version (including conversion to a stock bank or to 

23 another charter), conservatorship, and receivership; 

24 and 


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1 ‘‘(3) determined by regulation of the Comp2 troller. 

3 ‘‘(e) EXISTING BRANCHES.—A covered savings asso4 ciation may continue to operate any branch or agency that 

5 the covered savings association operated on the date on 

6 which an election under subsection (b) is approved. 

7 ‘‘(f) RULE MAKING.—The Comptroller shall issue 

8 rules to carry out this section— 

9 ‘‘(1) that establish streamlined standards and 

10 procedures that clearly identify required documenta11 tion or timelines for an election under subsection 

12 (b); 

13 ‘‘(2) that require a Federal savings association 

14 that makes an election under subsection (b) to iden15 tify specific assets and subsidiaries that— 

16 ‘‘(A) do not conform to the requirements 

17 for assets and subsidiaries of a national bank; 

18 and 

19 ‘‘(B) are held by the Federal savings asso20 ciation on the date on which the Federal sav21 ings association submits a notice of the election; 

22 ‘‘(3) that establish— 

23 ‘‘(A) a transition process for bringing the 

24 assets and subsidiaries described in paragraph 


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1 (2) into conformance with the requirements for 

2 a national bank; and 

3 ‘‘(B) procedures for allowing the Federal 

4 savings association to submit to the Comptroller 

5 an application to continue to hold assets and 

6 subsidiaries described in paragraph (2) after 

7 electing to operate as a covered savings associa8 tion; 

9 ‘‘(4) that establish standards and procedures to 

10 allow a covered savings association to— 

11 ‘‘(A) terminate an election under sub12 section (b) after an appropriate period of time; 

13 and 

14 ‘‘(B) make a subsequent election under 

15 subsection (b) after terminating an election 

16 under subparagraph (A); 

17 ‘‘(5) that clarify requirements for the treatment 

18 of covered savings associations, including the provi19 sions of law that apply to covered savings associa20 tions; and 

21 ‘‘(6) as the Comptroller determines necessary in 

22 the interests of safety and soundness. 

23 ‘‘(g) GRANDFATHERED COVERED SAVINGS ASSOCIA24 TIONS.—Subject to the rules issued under subsection (f), 

25 a covered savings association may continue to operate as 


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1 a covered savings association if, after the date on which 

2 the election is made under subsection (b), the covered sav3 ings association has total consolidated assets greater than 

4 $15,000,000,000.’’. 

5 SEC. 207. SMALL BANK HOLDING COMPANY POLICY STATE6 MENT. 

7 (a) DEFINITIONS.—In this section: 

8 (1) BOARD.—The term ‘‘Board’’ means the 

9 Board of Governors of the Federal Reserve System. 

10 (2) SAVINGS AND LOAN HOLDING COMPANY.— 

11 The term ‘‘savings and loan holding company’’ has 

12 the meaning given the term in section 10(a) of the 

13 Home Owners’ Loan Act (12 U.S.C. 1467a(a)). 

14 (b) CHANGES REQUIRED TO SMALL BANK HOLDING

15 COMPANY POLICY STATEMENT ON ASSESSMENT OF FI16 NANCIAL AND MANAGERIAL FACTORS.—Not later than 

17 180 days after the date of enactment of this Act, the 

18 Board shall revise appendix C to part 225 of title 12, Code 

19 of Federal Regulations (commonly known as the ‘‘Small 

20 Bank Holding Company and Savings and Loan Holding 

21 Company Policy Statement’’), to raise the consolidated 

22 asset threshold under that appendix from $1,000,000,000 

23 to $3,000,000,000 for any bank holding company or sav24 ings and loan holding company that— 


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1 (1) is not engaged in significant nonbanking ac2 tivities either directly or through a nonbank sub3 sidiary; 

4 (2) does not conduct significant off-balance 

5 sheet activities (including securitization and asset 

6 management or administration) either directly or 

7 through a nonbank subsidiary; and 

8 (3) does not have a material amount of debt or 

9 equity securities outstanding (other than trust pre10 ferred securities) that are registered with the Securi11 ties and Exchange Commission. 

12 (c) EXCLUSIONS.—The Board may exclude any bank 

13 holding company or savings and loan holding company, re14 gardless of asset size, from the revision under subsection 

15 (b) if the Board determines that such action is warranted 

16 for supervisory purposes. 

17 (d) CONFORMING AMENDMENT.—Section 171(b)(5) 

18 of the Financial Stability Act of 2010 (12 U.S.C. 

19 5371(b)(5)) is amended by striking subparagraph (C) and 

20 inserting the following: 

21 ‘‘(C) any bank holding company or savings 

22 and loan holding company that is subject to the 

23 application of appendix C to part 225 of title 

24 12, Code of Federal Regulations (commonly 

25 known as the ‘Small Bank Holding Company 


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1 and Savings and Loan Holding Company Policy 

2 Statement’).’’. 

3 SEC. 208. APPLICATION OF THE EXPEDITED FUNDS AVAIL4 ABILITY ACT. 

5 (a) IN GENERAL.—The Expedited Funds Availability 

6 Act (12 U.S.C. 4001 et seq.) is amended— 

7 (1) in section 602 (12 U.S.C. 4001)— 

8 (A) in paragraph (20), by inserting ‘‘, lo9 cated in the United States,’’ after ‘‘ATM’’; 

10 (B) in paragraph (21), by inserting 

11 ‘‘American Samoa, the Commonwealth of the 

12 Northern Mariana Islands,’’ after ‘‘Puerto 

13 Rico,’’; and 

14 (C) in paragraph (23), by inserting ‘‘Amer15 ican Samoa, the Commonwealth of the North16 ern Mariana Islands,’’ after ‘‘Puerto Rico,’’; 

17 and 

18 (2) in section 603(d)(2)(A) (12 U.S.C. 

19 4002(d)(2)(A)), by inserting ‘‘American Samoa, the 

20 Commonwealth of the Northern Mariana Islands,’’ 

21 after ‘‘Puerto Rico,’’. 

22 (b) EFFECTIVE DATE.—The amendments made by 

23 this section shall take effect on the date that is 30 days 

24 after the date of enactment of this Act. 


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1 SEC. 209. MUTUAL HOLDING COMPANY DIVIDEND WAIVERS. 

2 Not later than 180 days after the date of enactment 

3 of this Act, the Board of Governors of the Federal Reserve 

4 System shall amend section 239.8(d)(2)(iv) of title 12, 

5 Code of Federal Regulations, by striking ‘‘12 months’’ 

6 each place that term appears and inserting ‘‘24 months’’. 

7 SEC. 210. SMALL PUBLIC HOUSING AGENCIES. 

8 (a) SMALL PUBLIC HOUSING AGENCIES.—Title I of 

9 the United States Housing Act of 1937 (42 U.S.C. 1437 

10 et seq.) is amended by adding at the end the following: 

11 ‘‘SEC. 38. SMALL PUBLIC HOUSING AGENCIES. 

12 ‘‘(a) DEFINITIONS.—In this section: 

13 ‘‘(1) HOUSING VOUCHER PROGRAM.—The term 

14 ‘housing voucher program’ means a program for ten15 ant-based assistance under section 8. 

16 ‘‘(2) SMALL PUBLIC HOUSING AGENCY.—The 

17 term ‘small public housing agency’ means a public 

18 housing agency— 

19 ‘‘(A) for which the sum of the number of 

20 public housing dwelling units administered by 

21 the agency and the number of vouchers under 

22 section 8(o) administered by the agency is 550 

23 or fewer; and 

24 ‘‘(B) that predominantly operates in a 

25 rural area, as described in section 


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1 1026.35(b)(2)(iv)(A) of title 12, Code of Fed2 eral Regulations. 

3 ‘‘(3) TROUBLED SMALL PUBLIC HOUSING AGEN4 CY.—The term ‘troubled small public housing agen5 cy’ means a small public housing agency designated 

6 by the Secretary as a troubled small public housing 

7 agency under subsection (c)(3). 

8 ‘‘(b) APPLICABILITY.—Except as otherwise provided 

9 in this section, a small public housing agency shall be sub10 ject to the same requirements as a public housing agency. 

11 ‘‘(c) PROGRAM INSPECTIONS AND EVALUATIONS.— 

12 ‘‘(1) PUBLIC HOUSING PROJECTS.— 

13 ‘‘(A) FREQUENCY OF INSPECTIONS BY

14 SECRETARY.—The Secretary shall carry out an 

15 inspection of the physical condition of a small 

16 public housing agency’s public housing projects 

17 not more frequently than once every 3 years, 

18 unless the agency has been designated by the 

19 Secretary as a troubled small public housing 

20 agency based on deficiencies in the physical 

21 condition of its public housing projects. 

22 ‘‘(B) STANDARDS.—The Secretary shall 

23 apply to small public housing agencies the same 

24 standards for the acceptable condition of public 


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1 housing projects that apply to projects assisted 

2 under section 8. 

3 ‘‘(2) HOUSING VOUCHER PROGRAM.—A small 

4 public housing agency administering assistance 

5 under section 8(o) shall make periodic physical in6 spections of each assisted dwelling unit not less fre7 quently than once every 3 years to determine wheth8 er the unit is maintained in accordance with the re9 quirements under section 8(o)(8)(A). 

10 ‘‘(3) TROUBLED SMALL PUBLIC HOUSING AGEN11 CIES.— 

12 ‘‘(A) PUBLIC HOUSING PROGRAM.—Not13 withstanding any other provision of law, the 

14 Secretary may designate a small public housing 

15 agency as a troubled small public housing agen16 cy with respect to the public housing program 

17 of the small public housing agency if the Sec18 retary determines that the agency has failed to 

19 maintain the public housing units of the small 

20 public housing agency in a satisfactory physical 

21 condition, based upon an inspection conducted 

22 by the Secretary. 

23 ‘‘(B) HOUSING VOUCHER PROGRAM.—Not24 withstanding any other provision of law, the 

25 Secretary may designate a small public housing 


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1 agency as a troubled small public housing agen2 cy with respect to the housing voucher program 

3 of the small public housing agency if the Sec4 retary determines that the agency has failed to 

5 comply with the inspection requirements under 

6 paragraph (2). 

7 ‘‘(C) APPEALS.— 

8 ‘‘(i) ESTABLISHMENT.—The Secretary 

9 shall establish an appeals process under 

10 which a small public housing agency may 

11 dispute a designation as a troubled small 

12 public housing agency. 

13 ‘‘(ii) OFFICIAL.—The appeals process 

14 established under clause (i) shall provide 

15 for a decision by an official who has not 

16 been involved, and is not subordinate to a 

17 person who has been involved, in the origi18 nal determination to designate a small 

19 public housing agency as a troubled small 

20 public housing agency. 

21 ‘‘(D) CORRECTIVE ACTION AGREEMENT.— 

22 ‘‘(i) AGREEMENT REQUIRED.—Not 

23 later than 60 days after the date on which 

24 a small public housing agency is des25 ignated as a troubled public housing agenVerDate Sep 11 2014 01:06 Nov 25, 2017 Jkt 079200 PO 00000 Frm 00047 Fmt 6652 Sfmt 6201 E:\BILLS\S2155.IS S2155

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1 cy under subparagraph (A) or (B), the 

2 Secretary and the small public housing 

3 agency shall enter into a corrective action 

4 agreement under which the small public 

5 housing agency shall undertake actions to 

6 correct the deficiencies upon which the des7 ignation is based. 

8 ‘‘(ii) TERMS OF AGREEMENT.—A cor9 rective action agreement entered into 

10 under clause (i) shall— 

11 ‘‘(I) have a term of 1 year, and 

12 shall be renewable at the option of the 

13 Secretary; 

14 ‘‘(II) provide, where feasible, for 

15 technical assistance to assist the pub16 lic housing agency in curing its defi17 ciencies; 

18 ‘‘(III) provide for— 

19 ‘‘(aa) reconsideration of the 

20 designation of the small public 

21 housing agency as a troubled 

22 small public housing agency not 

23 less frequently than annually; 

24 and 


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1 ‘‘(bb) termination of the 

2 agreement when the Secretary 

3 determines that the small public 

4 housing agency is no longer a 

5 troubled small public housing 

6 agency; and 

7 ‘‘(IV) provide that in the event of 

8 substantial noncompliance by the 

9 small public housing agency under the 

10 agreement, the Secretary may— 

11 ‘‘(aa) contract with another 

12 public housing agency or a pri13 vate entity to manage the public 

14 housing of the troubled small 

15 public housing agency; 

16 ‘‘(bb) withhold funds other17 wise distributable to the troubled 

18 small public housing agency; 

19 ‘‘(cc) assume possession of, 

20 and direct responsibility for, 

21 managing the public housing of 

22 the troubled small public housing 

23 agency; 

24 ‘‘(dd) petition for the ap25 pointment of a receiver, in acVerDate Sep 11 2014 01:06 Nov 25, 2017 Jkt 079200 PO 00000 Frm 00049 Fmt 6652 Sfmt 6201 E:\BILLS\S2155.IS S2155

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1 cordance with section 

2 6(j)(3)(A)(ii); and 

3 ‘‘(ee) exercise any other 

4 remedy available to the Secretary 

5 in the event of default under the 

6 public housing annual contribu7 tions contract entered into by the 

8 small public housing agency 

9 under section 5. 

10 ‘‘(E) EMERGENCY ACTIONS.—Nothing in 

11 this paragraph may be construed to prohibit the 

12 Secretary from taking any emergency action 

13 necessary to protect Federal financial resources 

14 or the health or safety of residents of public 

15 housing projects. 

16 ‘‘(d) REDUCTION OF ADMINISTRATIVE BURDENS.— 

17 ‘‘(1) EXEMPTION.—Notwithstanding any other 

18 provision of law, a small public housing agency shall 

19 be exempt from any environmental review require20 ments with respect to a development or moderniza21 tion project having a total cost of not more than 

22 $100,000. 

23 ‘‘(2) STREAMLINED PROCEDURES.—The Sec24 retary shall, by rule, establish streamlined proce25 dures for environmental reviews of small public 


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1 housing agency development and modernization 

2 projects having a total cost of more than 

3 $100,000.’’. 

4 (b) ENERGY CONSERVATION.—Section 9(e)(2) of the 

5 United States Housing Act of 1937 (42 U.S.C. 

6 1437g(e)(2)) is amended by adding at the end the fol7 lowing: 

8 ‘‘(D) FREEZE OF CONSUMPTION LEV9 ELS.— 

10 ‘‘(i) IN GENERAL.—A small public 

11 housing agency, as defined in section 

12 38(a), may elect to be paid for its utility 

13 and waste management costs under the 

14 formula for a period, at the discretion of 

15 the small public housing agency, of not 

16 more than 20 years based on the small 

17 public housing agency’s average annual 

18 consumption during the 3-year period pre19 ceding the year in which the election is 

20 made (in this subparagraph referred to as 

21 the ‘consumption base level’). 

22 ‘‘(ii) INITIAL ADJUSTMENT IN CON23 SUMPTION BASE LEVEL.—The Secretary 

24 shall make an initial one-time adjustment 

25 in the consumption base level to account 


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1 for differences in the heating degree day 

2 average over the most recent 20-year pe3 riod compared to the average in the con4 sumption base level. 

5 ‘‘(iii) ADJUSTMENTS IN CONSUMPTION

6 BASE LEVEL.—The Secretary shall make 

7 adjustments in the consumption base level 

8 to account for an increase or reduction in 

9 units, a change in fuel source, a change in 

10 resident controlled electricity consumption, 

11 or for other reasons. 

12 ‘‘(iv) SAVINGS.—All cost savings re13 sulting from an election made by a small 

14 public housing agency under this subpara15 graph— 

16 ‘‘(I) shall accrue to the small 

17 public housing agency; and 

18 ‘‘(II) may be used for any public 

19 housing purpose at the discretion of 

20 the small public housing agency. 

21 ‘‘(v) THIRD PARTIES.—A small public 

22 housing agency making an election under 

23 this subparagraph— 

24 ‘‘(I) may use, but shall not be re25 quired to use, the services of a third 


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1 party in its energy conservation pro2 gram; and 

3 ‘‘(II) shall have the sole discre4 tion to determine the source, and 

5 terms and conditions, of any financing 

6 used for its energy conservation pro7 gram.’’. 

8 (c) REPORTING BY AGENCIES OPERATING IN CON9 SORTIA.—Not later than 180 days after the date of enact10 ment of this Act, the Secretary of Housing and Urban 

11 Development shall develop and deploy all electronic infor12 mation systems necessary to accommodate full consoli13 dated reporting by public housing agencies, as defined in 

14 section 3(b)(6) of the United States Housing Act of 1937 

15 (42 U.S.C. 1437a(b)(6)), electing to operate in consortia 

16 under section 13(a) of such Act (42 U.S.C. 1437k(a)). 

17 (d) EFFECTIVE DATE.—The amendments made by 

18 subsections (a) and (b) shall take effect on the date that 

19 is 60 days after the date of enactment of this Act. 

20 SEC. 211. EXAMINATION CYCLE. 

21 Section 10(d)(4)(A) of the Federal Deposit Insurance 

22 Act (12 U.S.C. 1820(d)(4)(A)) is amended by striking 

23 ‘‘$1,000,000,000’’ and inserting ‘‘$3,000,000,000’’. 


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1 SEC. 212. NATIONAL SECURITIES EXCHANGE REGULATORY 

2 PARITY. 

3 Section 18(b)(1) of the Securities Act of 1933 (15 

4 U.S.C. 77r(b)(1)) is amended— 

5 (1) by striking subparagraph (A); 

6 (2) in subparagraph (B)— 

7 (A) by inserting ‘‘a security designated as 

8 qualified for trading in the national market sys9 tem pursuant to section 11A(a)(2) of the Secu10 rities Exchange Act of 1934 (15 U.S.C. 78k– 

11 1(a)(2)) that is’’ before ‘‘listed’’; and 

12 (B) by striking ‘‘that has listing standards 

13 that the Commission determines by rule (on its 

14 own initiative or on the basis of a petition) are 

15 substantially similar to the listing standards ap16 plicable to securities described in subparagraph 

17 (A)’’; 

18 (3) in subparagraph (C), by striking ‘‘or (B)’’; 

19 and 

20 (4) by redesignating subparagraphs (B) and 

21 (C) as subparagraphs (A) and (B), respectively. 


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1 TITLE III—PROTECTIONS FOR 

2 VETERANS, CONSUMERS, AND 

3 HOMEOWNERS 

4 SEC. 301. PROTECTING CONSUMERS’ CREDIT. 

5 Section 605A of the Fair Credit Reporting Act (15 

6 U.S.C. 1681c–1) is amended— 

7 (a) in subsection (a)(1)(A), by striking ‘‘90 days’’ 

8 and inserting ‘‘1 year’’; and 

9 (b) by adding at the end the following: 

10 ‘‘(i) FREE ANNUAL FREEZE ALERTS; ADDITIONAL

11 PROTECTIONS FOR CREDIT REPORTS OF MINOR CON12 SUMERS.— 

13 ‘‘(1) DEFINITION.—In this subsection, the term 

14 ‘freeze alert’ means a restriction placed on the file 

15 of a consumer, prohibiting the ability of a consumer 

16 reporting agency to furnish to any person, for the 

17 purpose of opening a new account involving the ex18 tension of credit, the consumer report of the con19 sumer. 

20 ‘‘(2) FREE ANNUAL FREEZE ALERT.— 

21 ‘‘(A) IN GENERAL.—Notwithstanding any 

22 other provision of State law, once every cal23 endar year, free of charge, upon the direct re24 quest of a consumer, or an individual acting on 

25 behalf of or as a personal representative of the 


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1 consumer, a consumer reporting agency that 

2 maintains a file on the consumer and has re3 ceived appropriate proof of the identity of the 

4 requester shall provide 1 freeze alert in the file 

5 of that consumer that shall remain in effect 

6 until the consumer or requester requests that 

7 such freeze alert be removed. 

8 ‘‘(B) REMOVAL OF ALERT.—Notwith9 standing any other provision of State law, once 

10 every calendar year, free of charge, upon the di11 rect request of a consumer, or an individual 

12 acting on behalf of or as a personal representa13 tive of the consumer, a consumer reporting 

14 agency that receives a request to remove a 

15 freeze alert provided under paragraph (1) shall 

16 remove such a freeze alert. 

17 ‘‘(C) RULE OF CONSTRUCTION.—Nothing 

18 in this paragraph shall be construed to limit the 

19 authority of a State to require consumer report20 ing agencies to require freeze alerts free of 

21 charge. 

22 ‘‘(3) ADDITIONAL PROTECTIONS FOR CREDIT

23 REPORTS OF MINOR CONSUMERS.— 

24 ‘‘(A) IN GENERAL.—Upon the direct re25 quest of an individual acting on behalf of or as 


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1 a personal representative of a minor, a con2 sumer reporting agency that maintains a file on 

3 the minor and has received appropriate proof of 

4 the identity of the requester shall include a 

5 freeze alert, free of charge, in the file of that 

6 minor that shall remain in effect until an indi7 vidual acting on behalf of or as a personal rep8 resentative of the minor, or in the case of a 

9 minor who is no longer a minor, the minor, re10 quests that such freeze alert be removed. 

11 ‘‘(B) BLOCK OF INFORMATION.—While a 

12 freeze alert under subparagraph (A) is in place, 

13 a consumer reporting agency may not release— 

14 ‘‘(i) the consumer report of the minor; 

15 ‘‘(ii) any information derived from the 

16 consumer report of the minor; or 

17 ‘‘(iii) any record created for the 

18 minor. 

19 ‘‘(C) REMOVAL.—Notwithstanding any 

20 other provision of State law, a consumer report21 ing agency that receives a request for a freeze 

22 alert for a minor or a request to remove a 

23 freeze alert for a minor shall provide or remove 

24 the freeze alert, as applicable, free of charge.’’. 


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1 SEC. 302. PROTECTING VETERANS’ CREDIT. 

2 (a) PURPOSES.—The purposes of this section are— 

3 (1) to rectify problematic reporting of medical 

4 debt included in a consumer report of a veteran due 

5 to inappropriate or delayed payment for hospital 

6 care or medical services provided in a non-Depart7 ment of Veterans Affairs facility under the laws ad8 ministered by the Secretary of Veterans Affairs; and 

9 (2) to clarify the process of debt collection for 

10 such medical debt. 

11 (b) AMENDMENTS TO FAIR CREDIT REPORTING

12 ACT.— 

13 (1) VETERAN’S MEDICAL DEBT DEFINED.—Sec14 tion 603 of the Fair Credit Reporting Act (15 

15 U.S.C. 1681a) is amended by adding at the end the 

16 following: 

17 ‘‘(z) VETERAN.—The term ‘veteran’ has the meaning 

18 given the term in section 101 of title 38, United States 

19 Code. 

20 ‘‘(aa) VETERAN’S MEDICAL DEBT.—The term ‘vet21 eran’s medical debt’— 

22 ‘‘(1) means a debt of a veteran arising from 

23 health care provided in a non-Department of Vet24 erans Affairs facility under the laws administered by 

25 the Secretary of Veterans Affairs; and 


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1 ‘‘(2) includes medical debt that the Department 

2 of Veterans Affairs has wrongfully charged a vet3 eran.’’. 

4 (2) EXCLUSION FOR VETERAN’S MEDICAL

5 DEBT.—Section 605(a) of the Fair Credit Reporting 

6 Act (15 U.S.C. 1681c(a)) is amended by adding at 

7 the end the following: 

8 ‘‘(7) Any information related to a veteran’s 

9 medical debt if the date on which the hospital care 

10 or medical services was rendered relating to the debt 

11 antedates the report by less than 1 year. 

12 ‘‘(8) Any information related to a fully paid or 

13 settled veteran’s medical debt that had been charac14 terized as delinquent, charged off, or in collection.’’. 

15 (3) REMOVAL OF VETERAN’S MEDICAL DEBT

16 FROM CONSUMER REPORT.—Section 611 of the Fair 

17 Credit Reporting Act (15 U.S.C. 1681i) is amend18 ed— 

19 (A) in subsection (a)(1)(A), by inserting 

20 ‘‘and except as provided in subsection (g)’’ after 

21 ‘‘subsection (f)’’; and 

22 (B) by adding at the end the following: 

23 ‘‘(g) DISPUTE PROCESS FOR VETERAN’S MEDICAL

24 DEBT.— 


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1 ‘‘(1) IN GENERAL.—With respect to a veteran’s 

2 medical debt of a consumer, the consumer may sub3 mit a notice described in paragraph (2) along with 

4 proof of liability of the Department of Veterans Af5 fairs for payment of that debt or documentation that 

6 the Department of Veterans Affairs is in the process 

7 of making payment for authorized medical services 

8 rendered to a consumer reporting agency or a re9 seller to dispute the inclusion of that debt on a con10 sumer report of the consumer. 

11 ‘‘(2) NOTIFICATION TO VETERAN.—The De12 partment of Veterans Affairs shall submit to a vet13 eran a notice that the Department of Veterans Af14 fairs has assumed liability for part or all of a vet15 eran’s medical debt. 

16 ‘‘(3) DELETION OF INFORMATION FROM

17 FILE.—If a consumer reporting agency receives no18 tice and proof of liability or documentation under 

19 paragraph (1), the consumer reporting agency shall 

20 delete all information relating to the veteran’s med21 ical debt from the file of the consumer and notify 

22 the furnisher and the consumer of that deletion.’’. 

23 (c) EFFECTIVE DATE.—The amendments made by 

24 this section shall take effect on the date that is 180 days 

25 after the date of enactment of this Act. 


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1 SEC. 303. IMMUNITY FROM SUIT FOR DISCLOSURE OF FI2 NANCIAL EXPLOITATION OF SENIOR CITI3 ZENS. 

4 (a) IMMUNITY.— 

5 (1) DEFINITIONS.—In this section— 

6 (A) the term ‘‘Bank Secrecy Act officer’’ 

7 means an individual responsible for ensuring 

8 compliance with the requirements mandated by 

9 subchapter II of chapter 53 of title 31, United 

10 States Code (commonly known as the ‘‘Bank 

11 Secrecy Act’’); 

12 (B) the term ‘‘broker-dealer’’ means a 

13 broker and a dealer, as those terms are defined 

14 in section 3(a) of the Securities Exchange Act 

15 of 1934 (15 U.S.C. 78c(a)); 

16 (C) the term ‘‘covered agency’’ means— 

17 (i) a State financial regulatory agen18 cy, including a State securities or law en19 forcement authority and a State insurance 

20 regulator; 

21 (ii) each of the entities represented in 

22 the membership of the Financial Institu23 tions Examination Council established 

24 under section 1004 of the Federal Finan25 cial Institutions Examination Council Act 

26 of 1978 (12 U.S.C. 3303); 


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1 (iii) a securities association registered 

2 under section 15A of the Securities Ex3 change Act of 1934 (15 U.S.C. 78o–3); 

4 (iv) the Securities and Exchange 

5 Commission; 

6 (v) a law enforcement agency; and 

7 (vi) a State or local agency respon8 sible for administering adult protective 

9 service laws; 

10 (D) the term ‘‘covered financial institu11 tion’’ means— 

12 (i) a credit union; 

13 (ii) a depository institution; 

14 (iii) an investment adviser; 

15 (iv) a broker-dealer; 

16 (v) an insurance company; 

17 (vi) an insurance agency; and 

18 (vii) a transfer agent; 

19 (E) the term ‘‘credit union’’ has the mean20 ing given the term in section 2 of the Dodd21 Frank Wall Street Reform and Consumer Pro22 tection Act (12 U.S.C. 5301); 

23 (F) the term ‘‘depository institution’’ has 

24 the meaning given the term in section 3(c) of 


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1 the Federal Deposit Insurance Act (12 U.S.C. 

2 1813(c)); 

3 (G) the term ‘‘exploitation’’ means the 

4 fraudulent or otherwise illegal, unauthorized, or 

5 improper act or process of an individual, includ6 ing a caregiver or a fiduciary, that— 

7 (i) uses the resources of a senior cit8 izen for monetary or personal benefit, prof9 it, or gain; or 

10 (ii) results in depriving a senior cit11 izen of rightful access to or use of benefits, 

12 resources, belongings, or assets; 

13 (H) the term ‘‘insurance agency’’ means 

14 any business entity that sells, solicits, or nego15 tiates insurance coverage; 

16 (I) the term ‘‘insurance company’’ has the 

17 meaning given the term in section 2(a) of the 

18 Investment Company Act of 1940 (15 U.S.C. 

19 80a–2(a)); 

20 (J) the term ‘‘insurance producer’’ means 

21 an individual who is required under State law 

22 to be licensed in order to sell, solicit, or nego23 tiate insurance coverage; 

24 (K) the term ‘‘investment adviser’’ has the 

25 meaning given the term in section 202(a) of the 


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1 Investment Advisers Act of 1940 (15 U.S.C. 

2 80b–2(a)); 

3 (L) the term ‘‘investment adviser rep4 resentative’’ means an individual who— 

5 (i) is employed by, or associated with, 

6 an investment adviser; and 

7 (ii) does not perform solely clerical or 

8 ministerial acts; 

9 (M) the term ‘‘registered representative’’ 

10 means an individual who represents a broker11 dealer in effecting or attempting to effect a 

12 purchase or sale of securities; 

13 (N) the term ‘‘senior citizen’’ means an in14 dividual who is not younger than 65 years of 

15 age; 

16 (O) the term ‘‘State’’ means each of the 

17 several States, the District of Columbia, and 

18 any territory or possession of the United States; 

19 (P) the term ‘‘State insurance regulator’’ 

20 has the meaning given the term in section 315 

21 of the Gramm-Leach-Bliley Act (15 U.S.C. 

22 6735); 

23 (Q) the term ‘‘State securities or law en24 forcement authority’’ has the meaning given the 


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1 term in section 24(f)(4) of the Securities Ex2 change Act of 1934 (15 U.S.C. 78x(f)(4)); and 

3 (R) the term ‘‘transfer agent’’ has the 

4 meaning given the term in section 3(a) of the 

5 Securities Exchange Act of 1934 (15 U.S.C. 

6 78c(a)). 

7 (2) IMMUNITY FROM SUIT.— 

8 (A) IMMUNITY FOR INDIVIDUALS.—An in9 dividual who has received the training described 

10 in subsection (b) shall not be liable, including in 

11 any civil or administrative proceeding, for dis12 closing the suspected exploitation of a senior 

13 citizen to a covered agency if the individual, at 

14 the time of the disclosure— 

15 (i) served as a supervisor or compli16 ance officer (including as a Bank Secrecy 

17 Act officer) for, or, in the case of a reg18 istered representative, investment adviser 

19 representative, or insurance producer, was 

20 affiliated or associated with, a covered fi21 nancial institution; and 

22 (ii) made the disclosure— 

23 (I) in good faith; and 

24 (II) with reasonable care. 


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1 (B) IMMUNITY FOR COVERED FINANCIAL

2 INSTITUTIONS.—A covered financial institution 

3 shall not be liable, including in any civil or ad4 ministrative proceeding, for a disclosure made 

5 by an individual described in subparagraph (A) 

6 if— 

7 (i) the individual was employed by, or, 

8 in the case of a registered representative, 

9 insurance producer, or investment adviser 

10 representative, affiliated or associated 

11 with, the covered financial institution at 

12 the time of the disclosure; and 

13 (ii) before the time of the disclosure, 

14 each individual described in subsection 

15 (b)(1) received the training described in 

16 subsection (b). 

17 (C) RULE OF CONSTRUCTION.—Nothing in 

18 subparagraph (A) or (B) shall be construed to 

19 limit the liability of an individual or a covered 

20 financial institution in a civil action for any act, 

21 omission, or fraud that is not a disclosure de22 scribed in subparagraph (A). 

23 (b) TRAINING.— 

24 (1) IN GENERAL.—A covered financial institu25 tion or a third party selected by a covered financial 


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1 institution may provide the training described in 

2 paragraph (2)(A) to each officer or employee of, or 

3 registered representative, insurance producer, or in4 vestment adviser representative affiliated or associ5 ated with, the covered financial institution who— 

6 (A) is described in subsection (a)(2)(A)(i); 

7 (B) may come into contact with a senior 

8 citizen as a regular part of the professional du9 ties of the individual; or 

10 (C) may review or approve the financial 

11 documents, records, or transactions of a senior 

12 citizen in connection with providing financial 

13 services to a senior citizen. 

14 (2) CONTENT.— 

15 (A) IN GENERAL.—The content of the 

16 training that a covered financial institution or 

17 a third party selected by the covered financial 

18 institution may provide under paragraph (1) 

19 shall— 

20 (i) be maintained by the covered fi21 nancial institution and made available to a 

22 covered agency with examination authority 

23 over the covered financial institution, upon 

24 request, except that a covered financial in25 stitution shall not be required to maintain 


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1 or make available such content with re2 spect to any individual who is no longer 

3 employed by, or affiliated or associated 

4 with, the covered financial institution; 

5 (ii) instruct any individual attending 

6 the training on how to identify and report 

7 the suspected exploitation of a senior cit8 izen internally and, as appropriate, to gov9 ernment officials or law enforcement au10 thorities, including common signs that in11 dicate the financial exploitation of a senior 

12 citizen; 

13 (iii) discuss the need to protect the 

14 privacy and respect the integrity of each 

15 individual customer of the covered financial 

16 institution; and 

17 (iv) be appropriate to the job respon18 sibilities of the individual attending the 

19 training. 

20 (B) TIMING.—The training under para21 graph (1) shall be provided— 

22 (i) as soon as reasonably practicable; 

23 and 

24 (ii) with respect to an individual who 

25 begins employment, or becomes affiliated 


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1 or associated, with a covered financial in2 stitution after the date of enactment of 

3 this Act, not later than 1 year after the 

4 date on which the individual becomes em5 ployed by, or affiliated or associated with, 

6 the covered financial institution in a posi7 tion described in subparagraph (A), (B), or 

8 (C) of paragraph (1). 

9 (C) RECORDS.—A covered financial insti10 tution shall— 

11 (i) maintain a record of each indi12 vidual who— 

13 (I) is employed by, or affiliated 

14 or associated with, the covered finan15 cial institution in a position described 

16 in subparagraph (A), (B), or (C) of 

17 paragraph (1); and 

18 (II) has completed the training 

19 under paragraph (1), regardless of 

20 whether the training was— 

21 (aa) provided by the covered 

22 financial institution or a third 

23 party selected by the covered fi24 nancial institution; 


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1 (bb) completed before the in2 dividual was employed by, or af3 filiated or associated with, the 

4 covered financial institution; and 

5 (cc) completed before, on, or 

6 after the date of enactment of 

7 this Act; and 

8 (ii) upon request, provide a record de9 scribed in clause (i) to a covered agency 

10 with examination authority over the cov11 ered financial institution. 

12 (c) RELATIONSHIP TO STATE LAW.—Nothing in this 

13 section shall be construed to preempt or limit any provi14 sion of State law, except only to the extent that subsection 

15 (a) provides a greater level of protection against liability 

16 to an individual described in subsection (a)(2)(A) or to 

17 a covered financial institution described in subsection 

18 (a)(2)(B) than is provided under State law. 

19 SEC. 304. RESTORATION OF THE PROTECTING TENANTS AT 

20 FORECLOSURE ACT OF 2009. 

21 (a) REPEAL OF SUNSET PROVISION.—Section 704 of 

22 the Protecting Tenants at Foreclosure Act of 2009 (12 

23 U.S.C. 5201 note; 12 U.S.C. 5220 note; 42 U.S.C. 1437f 

24 note) is repealed. 


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1 (b) RESTORATION.—Sections 701 through 703 of the 

2 Protecting Tenants at Foreclosure Act of 2009, the provi3 sions of law amended or repealed by such sections, and 

4 any regulations promulgated pursuant to such sections, as 

5 were in effect on December 30, 2014, are restored and 

6 revived. 

7 (c) EFFECTIVE DATE.—Subsections (a) and (b) shall 

8 take effect on the date that is 30 days after the date of 

9 enactment of this Act. 

10 SEC. 305. REMEDIATING LEAD AND ASBESTOS HAZARDS. 

11 Section 109(a)(1) of the Emergency Economic Sta12 bilization Act of 2008 (12 U.S.C. 5219(a)(1)) is amended, 

13 in the second sentence, by inserting ‘‘and to remediate 

14 lead and asbestos hazards in residential properties’’ before 

15 the period at the end. 

16 TITLE IV—TAILORING REGULA17 TIONS FOR CERTAIN BANK 

18 HOLDING COMPANIES 

19 SEC. 401. ENHANCED SUPERVISION AND PRUDENTIAL 

20 STANDARDS FOR CERTAIN BANK HOLDING 

21 COMPANIES. 

22 (a) IN GENERAL.—Section 165 of the Financial Sta23 bility Act of 2010 (12 U.S.C. 5365) is amended— 

24 (1) in subsection (a)— 


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1 (A) in paragraph (1), in the matter pre2 ceding subparagraph (A), by striking 

3 ‘‘$50,000,000,000’’ and inserting 

4 ‘‘$250,000,000,000’’; and 

5 (B) in paragraph (2)— 

6 (i) in subparagraph (A), by striking 

7 ‘‘may’’ and inserting ‘‘shall’’; 

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

9 ‘‘$50,000,000,000’’ and inserting ‘‘the ap10 plicable threshold’’; and 

11 (iii) by adding at the end the fol12 lowing: 

13 ‘‘(C) RISKS TO FINANCIAL STABILITY AND

14 SAFETY AND SOUNDNESS.—The Board of Gov15 ernors may by order or rule promulgated pursu16 ant to section 553 of title 5, United States 

17 Code, apply any prudential standard established 

18 under this section to any bank holding company 

19 or bank holding companies with total consoli20 dated assets equal to or greater than 

21 $100,000,000,000 to which the prudential 

22 standard does not otherwise apply provided that 

23 the Board of Governors— 

24 ‘‘(i) determines that application of the 

25 prudential standard is appropriate— 


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1 ‘‘(I) to prevent or mitigate risks 

2 to the financial stability of the United 

3 States, as described in paragraph (1); 

4 or 

5 ‘‘(II) to promote the safety and 

6 soundness of the bank holding com7 pany or bank holding companies; and 

8 ‘‘(ii) takes into consideration the bank 

9 holding company’s or bank holding compa10 nies’ capital structure, riskiness, com11 plexity, financial activities (including finan12 cial activities of subsidiaries), size, and any 

13 other risk-related factors that the Board of 

14 Governors deems appropriate.’’; 

15 (2) in subsection (b)(1)— 

16 (A) in subparagraph (A)(iv), by striking 

17 ‘‘and credit exposure report’’; and 

18 (B) in subparagraph (B)(ii), by inserting 

19 ‘‘, including credit exposure reports’’ before the 

20 semicolon at the end; 

21 (3) in subsection (d)(2), in the matter pre22 ceding subparagraph (A), by striking ‘‘shall’’ and in23 serting ‘‘may’’; 


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1 (4) in subsection (h)(2), by striking 

2 ‘‘$10,000,000,000’’ each place that term appears 

3 and inserting ‘‘$50,000,000,000’’; 

4 (5) in subsection (i)— 

5 (A) in paragraph (1)(B)(i)— 

6 (i) by striking ‘‘3’’ and inserting ‘‘2’’; 

7 and 

8 (ii) by striking ‘‘, adverse,’’; and 

9 (B) in paragraph (2)(A)— 

10 (i) in the first sentence, by striking 

11 ‘‘semiannual’’ and inserting ‘‘periodic’’; 

12 and 

13 (ii) in the second sentence— 

14 (I) by striking 

15 ‘‘$10,000,000,000’’ and inserting 

16 ‘‘$250,000,000,000’’; and 

17 (II) by striking ‘‘annual’’ and in18 serting ‘‘periodic’’; and 

19 (6) in subsection (j)(1), in the first sentence, by 

20 striking ‘‘$50,000,000,000’’ and inserting 

21 ‘‘$250,000,000,000’’. 

22 (b) RULE OF CONSTRUCTION.—Nothing in sub23 section (a) shall be construed to limit— 

24 (1) the authority of the Board of Governors of 

25 the Federal Reserve System, in prescribing prudenVerDate Sep 11 2014 22:21 Nov 27, 2017 Jkt 079200 PO 00000 Frm 00074 Fmt 6652 Sfmt 6201 E:\BILLS\S2155.IS S2155

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1 tial standards under section 165 of the Financial 

2 Stability Act of 2010 (12 U.S.C. 5365) or any other 

3 law, to tailor or differentiate among companies on 

4 an individual basis or by category, taking into con5 sideration their capital structure, riskiness, com6 plexity, financial activities (including financial activi7 ties of their subsidiaries), size, and any other risk8 related factors that the Board of Governors deems 

9 appropriate; or 

10 (2) the supervisory, regulatory, or enforcement 

11 authority of an appropriate Federal banking agency 

12 to further the safe and sound operation of an insti13 tution under the supervision of the appropriate Fed14 eral banking agency. 

15 (c) TECHNICAL AND CONFORMING AMENDMENTS.— 

16 (1) FINANCIAL STABILITY ACT OF 2010.—The 

17 Financial Stability Act of 2010 (12 U.S.C. 5311 et 

18 seq.) is amended— 

19 (A) in section 115(a)(2)(B) (12 U.S.C. 

20 5325(a)(2)(B)), by striking ‘‘$50,000,000,000’’ 

21 and inserting ‘‘the applicable threshold’’; 

22 (B) in section 116(a) (12 U.S.C. 5326(a)), 

23 in the matter preceding paragraph (1), by strik24 ing ‘‘$50,000,000,000’’ and inserting 

25 ‘‘$250,000,000,000’’; 


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1 (C) in section 121(a) (12 U.S.C. 5311(a)), 

2 in the matter preceding paragraph (1), by strik3 ing ‘‘$50,000,000,000’’ and inserting 

4 ‘‘$250,000,000,000’’; 

5 (D) in section 155(d) (12 U.S.C. 5345(d)), 

6 by striking ‘‘50,000,000,000’’ and inserting 

7 ‘‘$250,000,000,000’’; 

8 (E) in section 163(b) (12 U.S.C. 5363(b)), 

9 by striking ‘‘$50,000,000,000’’ each place that 

10 term appears and inserting 

11 ‘‘$250,000,000,000’’; and 

12 (F) in section 164 (12 U.S.C. 5364), by 

13 striking ‘‘$50,000,000,000’’ and inserting 

14 ‘‘$250,000,000,000’’. 

15 (2) FEDERAL RESERVE ACT.—Paragraph (2) of 

16 the second subsection (s) (relating to assessments) 

17 of section 11 of the Federal Reserve Act (12 U.S.C. 

18 248(s)(2)) is amended— 

19 (A) in subparagraph (A)— 

20 (i) by striking ‘‘$50,000,000,000’’ and 

21 inserting ‘‘$250,000,000,000’’; and 

22 (ii) by inserting ‘‘and’’ after the semi23 colon at the end; 

24 (B) by striking subparagraph (B); and 


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1 (C) by redesignating subparagraph (C) as 

2 subparagraph (B). 

3 (d) EFFECTIVE DATE.— 

4 (1) IN GENERAL.—Except as provided in para5 graph (2), the amendments made by this section 

6 shall take effect on the date that is 18 months after 

7 the date of enactment of this Act. 

8 (2) EXCEPTION.—Notwithstanding paragraph 

9 (1), the amendments made by this section shall take 

10 effect on the date of enactment of this Act with re11 spect to any bank holding company with total con12 solidated assets of less than $100,000,000,000. 

13 (3) ADDITIONAL AUTHORITY.—Before the effec14 tive date described in paragraph (1), the Board of 

15 Governors of the Federal Reserve System may by 

16 order exempt any bank holding company with total 

17 consolidated assets of less than $250,000,000,000 

18 from any prudential standard under section 165 of 

19 the Financial Stability Act of 2010 (12 U.S.C. 

20 5365). 

21 (4) RULE OF CONSTRUCTION.—Nothing in this 

22 section shall be construed to prohibit the Board of 

23 Governors of the Federal Reserve System from 

24 issuing an order or rule making under section 

25 165(a)(2)(C) of the Financial Stability Act of 2010 


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1 (12 U.S.C. 5365(a)(2)(C)), as added by this section, 

2 before the effective date described in paragraph (1). 

3 (e) SUPERVISORY STRESS TEST.—Beginning on the 

4 effective date described in subsection (d)(1), the Board of 

5 Governors of the Federal Reserve System shall, on a peri6 odic basis, conduct supervisory stress tests of bank holding 

7 companies with total consolidated assets equal to or great8 er than $100,000,000,000 and total consolidated assets 

9 of not more than $250,000,000,000 to evaluate whether 

10 such bank holding companies have the capital, on a total 

11 consolidated basis, necessary to absorb losses as a result 

12 of adverse economic conditions. 

13 (f) GLOBAL SYSTEMICALLY IMPORTANT BANK

14 HOLDING COMPANIES.—Any bank holding company, re15 gardless of asset size, that has been identified as a global 

16 systemically important BHC under section 217.402 of 

17 title 12, Code of Federal Regulations, shall be considered 

18 a bank holding company with total consolidated assets 

19 equal to or greater than $250,000,000,000 with respect 

20 to the application of standards or requirements under— 

21 (1) this section; 

22 (2) sections 116(a), 121(a), 155(d), 163(b), 

23 164, and 165 of the Financial Stability Act of 2010 

24 (12 U.S.C. 5326(a), 5331(a), 5345(d), 5363(b), 

25 5364, 5365); and 


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1 (3) paragraph (2)(A) of the second subsection 

2 (s) (relating to assessments) of section 11 of the 

3 Federal Reserve Act (12 U.S.C. 248(s)(2)). 

4 SEC. 402. SUPPLEMENTARY LEVERAGE RATIO FOR CUSTO5 DIAL BANKS. 

6 (a) DEFINITION.—In this section, the term ‘‘custo7 dial bank’’ means any depository institution or depository 

8 institution holding company for which the level of assets 

9 under custody is not less than 30 times the total consoli10 dated assets of the depository institution or depository in11 stitution holding company, as applicable. 

12 (b) REGULATIONS.— 

13 (1) DEFINITION.—In this subsection, the term 

14 ‘‘central bank’’ means— 

15 (A) the Federal Reserve System; 

16 (B) the European Central Bank; and 

17 (C) central banks of member countries of 

18 the Organisation for Economic Co-operation 

19 and Development, if— 

20 (i) the central bank of such member 

21 country has been assigned a zero percent 

22 risk weight under the final rule of the Of23 fice of the Comptroller of the Currency and 

24 Board of Governors of the Federal Reserve 

25 System entitled ‘‘Regulatory Capital Rules: 


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1 Regulatory Capital, Implementation of 

2 Basel III, Capital Adequacy, Transition 

3 Provisions, Prompt Corrective Action, 

4 Standardized Approach for Risk-weighted 

5 Assets, Market Discipline and Disclosure 

6 Requirements, Advanced Approaches Risk7 Based Capital Rule, and Market Risk Cap8 ital Rule’’ (78 Fed. Reg. 62018 (October 

9 11, 2013)) and the final rule of the Fed10 eral Deposit Insurance Corporation enti11 tled ‘‘Regulatory Capital Rules: Regulatory 

12 Capital, Implementation of Basel III, Cap13 ital Adequacy, Transition Provisions, 

14 Prompt Corrective Action, Standardized 

15 Approach for Risk-Weighted Assets, Mar16 ket Discipline and Disclosure Require17 ments, Advanced Approaches Risk-Based 

18 Capital Rule, and Market Risk Capital 

19 Rule’’ (79 Fed. Reg. 20754 (April 14, 

20 2014)); and 

21 (ii) the sovereign debt of such member 

22 country is not in default or has not been 

23 in default during the previous 5 years. 

24 (2) REGULATIONS.—The appropriate Federal 

25 banking agencies shall promulgate regulations to 


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1 amend sections 3.10, 217.10, and 324.10 of title 12, 

2 Code of Federal Regulations, to specify that— 

3 (A) subject to subparagraph (B), funds of 

4 a custodial bank that are deposited with a cen5 tral bank shall not be taken into account when 

6 calculating the supplementary leverage ratio as 

7 applied to the custodial bank; and 

8 (B) with respect to the funds described in 

9 subparagraph (A), any amount that exceeds the 

10 total value of deposits of the custodial bank 

11 that are linked to fiduciary or custodial and 

12 safekeeping accounts shall be taken into ac13 count when calculating the supplementary lever14 age ratio as applied to the custodial bank. 

15 (c) RULE OF CONSTRUCTION.—Nothing in sub16 section (b) shall be construed to limit the authority of the 

17 appropriate Federal banking agencies to tailor or adjust 

18 the supplementary leverage ratio or any other leverage 

19 ratio for any company that is not a custodial bank. 

20 SEC. 403. TREATMENT OF CERTAIN MUNICIPAL OBLIGA21 TIONS. 

22 (a) IN GENERAL.—Section 18 of the Federal Deposit 

23 Insurance Act (12 U.S.C. 1828) is amended— 

24 (1) by moving subsection (z) so that it appears 

25 after subsection (y); and 


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1 (2) by adding at the end the following: 

2 ‘‘(aa) TREATMENT OF CERTAIN MUNICIPAL OBLIGA3 TIONS.— 

4 ‘‘(1) DEFINITIONS.—In this subsection— 

5 ‘‘(A) the term ‘investment grade’, with re6 spect to an obligation, has the meaning given 

7 the term in section 1.2 of title 12, Code of Fed8 eral Regulations, or any successor thereto; 

9 ‘‘(B) the term ‘liquid and readily-market10 able’ has the meaning given the term in section 

11 249.3 of title 12, Code of Federal Regulations, 

12 or any successor thereto; and 

13 ‘‘(C) the term ‘municipal obligation’ means 

14 an obligation of— 

15 ‘‘(i) a State or any political subdivi16 sion thereof; or 

17 ‘‘(ii) any agency or instrumentality of 

18 a State or any political subdivision thereof. 

19 ‘‘(2) MUNICIPAL OBLIGATIONS.—For purposes 

20 of the final rule entitled ‘Liquidity Coverage Ratio: 

21 Liquidity Risk Measurement Standards’ (79 Fed. 

22 Reg. 61439 (October 10, 2014)), the final rule enti23 tled ‘Liquidity Coverage Ratio: Treatment of U.S. 

24 Municipal Securities as High-Quality Liquid Assets’ 

25 (81 Fed. Reg. 21223 (April 11, 2016)), and any 


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1 other regulation that incorporates a definition of the 

2 term ‘high-quality liquid asset’ or another substan3 tially similar term, the appropriate Federal banking 

4 agencies shall treat a municipal obligation as a high5 quality liquid asset that is a level 2B liquid asset if 

6 that obligation is, as of the date of calculation— 

7 ‘‘(A) liquid and readily-marketable; and 

8 ‘‘(B) investment grade.’’. 

9 (b) AMENDMENT TO LIQUIDITY COVERAGE RATIO

10 REGULATIONS.—Not later than 90 days after the date of 

11 enactment of this Act, the Federal Deposit Insurance Cor12 poration, the Board of Governors of the Federal Reserve 

13 System, and the Comptroller of the Currency shall amend 

14 the final rule entitled ‘‘Liquidity Coverage Ratio: Liquidity 

15 Risk Measurement Standards’’ (79 Fed. Reg. 61439 (Oc16 tober 10, 2014)) and the final rule entitled ‘‘Liquidity 

17 Coverage Ratio: Treatment of U.S. Municipal Securities 

18 as High-Quality Liquid Assets’’ (81 Fed. Reg. 21223 

19 (April 11, 2016)) to implement the amendments made by 

20 this Act. 

21 TITLE V—STUDIES 

22 SEC. 501. TREASURY REPORT ON RISKS OF CYBER 

23 THREATS. 

24 Not later than 1 year after the date of enactment 

25 of this Act, the Secretary of the Treasury shall submit 


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1 to the Committee on Banking, Housing, and Urban Af2 fairs of the Senate and the Committee on Financial Serv3 ices of the House of Representatives a report on the risks 

4 of cyber threats to financial institutions and capital mar5 kets in the United States, including— 

6 (1) an assessment of the material risks of cyber 

7 threats to financial institutions and capital markets 

8 in the United States; 

9 (2) the impact and potential effects of material 

10 cyber attacks on financial institutions and capital 

11 markets in the United States; 

12 (3) an analysis of how the appropriate Federal 

13 banking agencies and the Securities and Exchange 

14 Commission are addressing the material risks of 

15 cyber threats described in paragraph (1), includ16 ing— 

17 (A) how the appropriate Federal banking 

18 agencies and the Securities and Exchange Com19 mission are assessing those threats; 

20 (B) how the appropriate Federal banking 

21 agencies and the Securities and Exchange Com22 mission are assessing the cyber vulnerabilities 

23 and preparedness of financial institutions; 

24 (C) coordination amongst the appropriate 

25 Federal banking agencies and the Securities 


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1 and Exchange Commission, and their coordina2 tion with other government agencies (including 

3 with respect to regulations, examinations, lexi4 con, duplication, and other regulatory tools); 

5 and 

6 (D) areas for improvement; and 

7 (4) a recommendation of whether any appro8 priate Federal banking agency or the Securities and 

9 Exchange Commission needs additional legal au10 thorities or resources to adequately assess and ad11 dress the material risks of cyber threats described in 

12 paragraph (1), given the analysis required by para13 graph (3). 

14 SEC. 502. SEC STUDY ON ALGORITHMIC TRADING. 

15 (a) IN GENERAL.—Not later than 18 months after 

16 the date of enactment of this Act, the staff of the Securi17 ties and Exchange Commission shall submit to the Com18 mittee on Banking, Housing, and Urban Affairs of the 

19 Senate and the Committee on Financial Services of the 

20 House of Representatives a report on the risks and bene21 fits of algorithmic trading in capital markets in the United 

22 States. 

23 (b) MATTERS REQUIRED TO BE INCLUDED.—The 

24 matters covered by the report required by subsection (a) 

25 shall include the following: 


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1 (1) An assessment of the effect of algorithmic 

2 trading in equity and debt markets in the United 

3 States on the provision of liquidity in stressed and 

4 normal market conditions. 

5 (2) An assessment of the benefits and risks to 

6 equity and debt markets in the United States by al7 gorithmic trading. 

8 (3) An analysis of whether the activity of algo9 rithmic trading and entities that engage in algo10 rithmic trading are subject to appropriate Federal 

11 supervision and regulation. 

12 (4) A recommendation of whether— 

13 (A) based on the analysis described in 

14 paragraphs (1), (2), and (3), any changes 

15 should be made to regulations; and 

16 (B) the Securities and Exchange Commis17 sion needs additional legal authorities or re18 sources to effect the changes described in sub19 paragraph (A). 

Æ 


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