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[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[S. 2155 Reported in Senate (RS)]

<DOC>

                                                       Calendar No. 287
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, Mr. Bennet, Mr. Heller, Mr. Coons, 
  Mr. Blunt, and Mr. Carper) introduced the following bill; which was 
read twice and referred to the Committee on Banking, Housing, and Urban 
                                Affairs

                           December 18, 2017

                 Reported by Mr. Crapo, with amendments
  [Omit the part struck through and insert the part printed in italic]

_______________________________________________________________________

                                 A BILL

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

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

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Economic Growth, 
Regulatory Relief, and Consumer Protection Act''.
    (b) Table of Contents.--The table of contents for this Act is as 
follows:

Sec. 1. Short title; table of contents.
Sec. 2. Definitions.
         TITLE I--IMPROVING CONSUMER ACCESS TO MORTGAGE CREDIT

Sec. 101. Minimum standards for residential mortgage loans.
Sec. 102. Safeguarding access to habitat for humanity homes.
Sec. 103. Exemption from appraisals of real property located in rural 
                            areas.
Sec. 104. Home Mortgage Disclosure Act adjustment and study.
Sec. 105. Credit union residential loans.
Sec. 106. Eliminating barriers to jobs for loan originators.
Sec. 107. Protecting access to manufactured homes.
Sec. 108. 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. 2 1009. Small public housing agencies.
Sec. 21 10. Examination cycle.
Sec. 21 21. National securities exchange regulatory parity.
Sec. 212. International insurance capital standards accountability.
Sec. 213. Budget transparency for the NCUA.
Sec. 214. Making online banking initiation legal and easy.
     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.
Sec. 306. Family self-sufficiency program.
Sec. 307. Rehabilitation of qualified education loans.
   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.
Sec. 503. GAO report on consumer reporting agencies.

SEC. 2. DEFINITIONS.

    In this Act:
            (1) Appropriate federal banking agency; company; depository 
        institution; depository institution holding company.--The terms 
        ``appropriate Federal banking agency'', ``company'', 
        ``depository institution'', and ``depository institution 
        holding company'' have the meanings given those terms in 
        section 3 of the Federal Deposit Insurance Act (12 U.S.C. 
        1813).
            (2) Bank holding company.--The term ``bank holding 
        company'' has the meaning given the term in section 2 of the 
        Bank Holding Company Act of 1956 (12 U.S.C. 1841).

         TITLE I--IMPROVING CONSUMER ACCESS TO MORTGAGE CREDIT

SEC. 101. MINIMUM STANDARDS FOR RESIDENTIAL MORTGAGE LOANS.

    Section 129C(b)(2) of the Truth in Lending Act (15 U.S.C. 
1639c(b)(2)) is amended by adding at the end the following:
                    ``(F) Safe harbor.--
                            ``(i) Definitions.--In this subparagraph--
                                    ``(I) the term `covered 
                                institution' means an insured 
                                depository institution or an insured 
                                credit union that, together with its 
                                affiliates, has less than 
                                $10,000,000,000 in total consolidated 
                                assets;
                                    ``(II) the term `insured credit 
                                union' has the meaning given the term 
                                in section 101 of the Federal Credit 
                                Union Act (12 U.S.C. 1752);
                                    ``(III) the term `insured 
                                depository institution' has the meaning 
                                given the term in section 3 of the 
                                Federal Deposit Insurance Act (12 
                                U.S.C. 1813);
                                    ``(IV) the term `interest-only' 
                                means that, under the terms of the 
                                legal obligation, one or more of the 
                                periodic payments may be applied solely 
                                to accrued interest and not to loan 
                                principal; and
                                    ``(V) the term `negative 
                                amortization' means payment of periodic 
                                payments that will result in an 
                                increase in the principal balance under 
                                the terms of the legal obligation.
                            ``(ii) Safe harbor.--In this section--
                                    ``(I) the term `qualified mortgage' 
                                includes any residential mortgage 
                                loan--
                                            ``(aa) that is originated 
                                        and retained in portfolio by a 
                                        covered institution;
                                            ``(bb) that is in 
                                        compliance with the limitations 
                                        with respect to prepayment 
                                        penalties described in 
                                        subsections (c)(1) and (c)(3);
                                            ``(cc) that is in 
                                        compliance with the 
                                        requirements of clause (vii) of 
                                        subparagraph (A);
                                            ``(dd) that does not have 
                                        negative amortization or 
                                        interest-only features; and
                                            ``(ee) for which the 
                                        covered institution considers 
                                        and documents the debt, income, 
                                        and financial resources of the 
                                        consumer in accordance with 
                                        clause (iv); and
                                    ``(II) a residential mortgage loan 
                                described in subclause (I) shall be 
                                deemed to meet the requirements of 
                                subsection (a).
                            ``(iii) Exception for certain transfers.--A 
                        residential mortgage loan described in clause 
                        (ii)(I) shall not qualify for the safe harbor 
                        under clause (ii) if the legal title to the 
                        residential mortgage loan is sold, assigned, or 
                        otherwise transferred to another person unless 
                        the residential mortgage loan is sold, 
                        assigned, or otherwise transferred--
                                    ``(I) to another person by reason 
                                of the bankruptcy or failure of a 
                                covered institution;
                                    ``(II) to a covered institution so 
                                long as the loan is retained in 
                                portfolio by the covered institution to 
                                which the loan is sold, assigned, or 
                                otherwise transferred; or
                                    ``(III) pursuant to a merger of a 
                                covered institution with another person 
                                or the acquisition of a covered 
                                institution by another person or of 
                                another person by a covered 
                                institution, so long as the loan is 
                                retained in portfolio by the person to 
                                whom the loan is sold, assigned, or 
                                otherwise transferred.; or
                                    ``(IV) to a wholly owned subsidiary 
                                of a covered institution, provided 
                                that, after the sale, assignment, or 
                                transfer, the residential mortgage loan 
                                is considered to be an asset of the 
                                covered institution for regulatory 
                                accounting purposes. 
                            ``(iv) Consideration and documentation 
                        requirements.--The consideration and 
                        documentation requirements described in clause 
                        (ii)(I)(ee) shall--
                                    ``(I) not be construed to require 
                                compliance with, or documentation in 
                                accordance with, appendix Q to part 
                                1026 of title 12, Code of Federal 
                                Regulations, or any successor 
                                regulation; and
                                    ``(II) be construed to permit 
                                multiple methods of documentation.''.

SEC. 102. SAFEGUARDING ACCESS TO HABITAT FOR HUMANITY HOMES.

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

SEC. 103. EXEMPTION FROM APPRAISALS OF REAL PROPERTY LOCATED IN RURAL 
              AREAS.

    Title XI of the Financial Institutions Reform, Recovery, and 
Enforcement Act of 1989 (12 U.S.C. 3331 et seq.) is amended by adding 
at the end the following:

``SEC. 1127. EXEMPTION FROM APPRAISALS OF REAL ESTATE LOCATED IN RURAL 
              AREAS.

    ``(a) Definition.--In this section, the term `mortgage originator' 
has the meaning given the term in section 103 of the Truth in Lending 
Act (15 U.S.C. 1602).
    ``(b) Appraisal Not Required.--Except as provided in subsection 
(d), notwithstanding any other provision of law, an appraisal in 
connection with a federally related transaction involving real property 
or an interest in real property is not required if--
            ``(1) the real property or interest in real property is 
        located in a rural area, as described in section 
        1026.35(b)(2)(iv)(A) of title 12, Code of Federal Regulations;
            ``(2) not later than 3 days after the date on which the 
        Closing Disclosure Form, made in accordance with the final rule 
        of the Bureau of Consumer Financial Protection entitled 
        `Integrated Mortgage Disclosures Under the Real Estate 
        Settlement Procedures Act (Regulation X) and the Truth in 
        Lending Act (Regulation Z)' (78 Fed. Reg. 79730 (December 31, 
        2013)), relating to the federally related transaction is given 
        to the consumer, the mortgage originator or its agent, directly 
        or indirectly--
                    ``(A) has contacted not fewer than 3 State 
                certified appraisers or State licensed appraisers, as 
                applicable; and
                    ``(B) has documented that no State certified 
                appraiser or State licensed appraiser, as applicable, 
                was available within a reasonable amount of time, as 
                determined by the Federal financial institutions 
                regulatory agency with oversight of the mortgage 
                originator, to perform the appraisal in connection with 
                the federally related transaction;
            ``(3) the balance of the loan transaction value is less 
        than $400,000; and
            ``(4) the mortgage originator is subject to oversight by a 
        Federal financial institutions regulatory agency.
    ``(c) Sale, Assignment, or Transfer.--A mortgage originator that 
makes a loan without an appraisal under the terms of subsection (b) 
shall not sell, assign, or otherwise transfer legal title to the loan 
unless--
            ``(1) the loan is sold, assigned, or otherwise transferred 
        to another person by reason of the bankruptcy or failure of the 
        mortgage originator;
            ``(2) the loan is sold, assigned, or otherwise transferred 
        to another person regulated by a Federal financial institutions 
        regulatory agency, so long as the loan is retained in portfolio 
        by the person; or
            ``(3) the sale, assignment, or transfer is pursuant to a 
        merger of the mortgage originator with another person or the 
        acquisition of the mortgage originator by another person or of 
        another person by the mortgage originator.; or
            ``(4) the sale, loan, or transfer is to a wholly owned 
        subsidiary of the mortgage originator, provided that, after the 
        sale, assignment, or transfer, the loan is considered to be an 
        asset of the mortgage originator for regulatory accounting 
        purposes. 
    ``(d) Exception.--Subsection (b) shall not apply if--
            ``(1) a Federal financial institutions regulatory agency 
        requires an appraisal under section 225.63(c), 323.3(c), 
        34.43(c), or 722.3(e) of title 12, Code of Federal Regulations; 
        or
            ``(2) the loan is a high-cost mortgage, as defined in 
        section 103 of the Truth in Lending Act (15 U.S.C. 1602).
    ``(e) Anti-Evasion.--Each Federal financial institutions regulatory 
agency shall ensure that any mortgage originator that the Federal 
financial institutions regulatory agency oversees that makes a 
significant amount of loans under subsection (b) is complying with the 
requirements of subsection (b)(2) with respect to each loan.''.

SEC. 104. HOME MORTGAGE DISCLOSURE ACT ADJUSTMENT AND STUDY.

    (a) In General.--Section 304 of the Home Mortgage Disclosure Act of 
1975 (12 U.S.C. 2803) is amended--
            (1) by redesignating subsection (i) as paragraph (3) and 
        adjusting the margins accordingly;
            (2) by inserting before paragraph (3), as so redesignated, 
        the following:
    ``(i) Exemptions.--
            ``(1) Closed-end mortgage loans.--With respect to an 
        insured depository institution or insured credit union, the 
        requirements of paragraphs (5) and (6) of subsection (b) shall 
        not apply with respect to closed-end mortgage loans if the 
        insured depository institution or insured credit union 
        originated fewer than 500 closed-end mortgage loans in each of 
        the 2 preceding calendar years.
            ``(2) Open-end lines of credit.--With respect to an insured 
        depository institution or insured credit union, the 
        requirements of paragraphs (5) and (6) of subsection (b) shall 
        not apply with respect to open-end lines of credit if the 
        insured depository institution or insured credit union 
        originated fewer than 500 open-end lines of credit in each of 
        the 2 preceding calendar years.''; and
            (3) by adding at the end the following:
    ``(o) Definitions.--In this section--
            ``(1) the term `insured credit union' has the meaning given 
        the term in section 101 of the Federal Credit Union Act (12 
        U.S.C. 1752); and
            ``(2) the term `insured depository institution' has the 
        meaning given the term in section 3 of the Federal Deposit 
        Insurance Act (12 U.S.C. 1813).''.
    (b) Lookback Study.--
            (1) Study.--Not earlier than 2 years after the date of 
        enactment of this Act, the Comptroller General of the United 
        States shall conduct a study to evaluate the impact of the 
        amendments made by subsection (a) on the amount of data 
        available under the Home Mortgage Disclosure Act of 1975 (12 
        U.S.C. 2801 et seq.) at the national and local level.
            (2) Report.--Not later than 3 years after the date of 
        enactment of this Act, the Comptroller General of the United 
        States shall submit to the Committee on Banking, Housing, and 
        Urban Affairs of the Senate and the Committee on Financial 
        Services of the House of Representatives a report that includes 
        the findings and conclusions of the Comptroller General with 
        respect to the study required under paragraph (1).
    (c) Technical Correction.--Section 304(i)(3) of the Home Mortgage 
Disclosure Act of 1975, as so redesignated by subsection (a)(1), is 
amended by striking ``section 303(2)(A)'' and inserting ``section 
303(3)(A)''.

SEC. 105. CREDIT UNION RESIDENTIAL LOANS.

    (a) Removal From Member Business Loan Limitation.--Section 
107A(c)(1)(B)(i) of the Federal Credit Union Act (12 U.S.C. 
1757a(c)(1)(B)(i)) is amended by striking ``that is the primary 
residence of a member''.
    (b) Rule of Construction.--Nothing in this section or the amendment 
made by this section shall preclude the National Credit Union 
Administration from treating an extension of credit that is fully 
secured by a lien on a 1- to 4-family dwelling that is not the primary 
residence of a member as a member business loan for purposes other than 
the member business loan limitation requirements under section 107A of 
the Federal Credit Union Act (12 U.S.C. 1757a).

SEC. 106. ELIMINATING BARRIERS TO JOBS FOR LOAN ORIGINATORS.

    (a) In General.--The S.A.F.E. Mortgage Licensing Act of 2008 (12 
U.S.C. 5101 et seq.) is amended by adding at the end the following:

``SEC. 1518. EMPLOYMENT TRANSITION OF LOAN ORIGINATORS.

    ``(a) Definitions.--In this section:
            ``(1) Application state.--The term `application State' 
        means a State in which a registered loan originator or a State-
        licensed loan originator seeks to be licensed.
            ``(2) State-licensed mortgage company.--The term `State-
        licensed mortgage company' means an entity that is licensed or 
        registered under the law of any State to engage in residential 
        mortgage loan origination and processing activities.
    ``(b) Temporary Authority To Originate Loans for Loan Originators 
Moving From a Depository Institution to a Non-Depository Institution.--
            ``(1) In general.--Upon becoming employed by a State-
        licensed mortgage company, an individual who is a registered 
        loan originator shall be deemed to have temporary authority to 
        act as a loan originator in an application State for the period 
        described in paragraph (2) if the individual--
                    ``(A) has not had--
                            ``(i) an application for a loan originator 
                        license denied; or
                            ``(ii) a loan originator license revoked or 
                        suspended in any governmental jurisdiction;
                    ``(B) has not been subject to, or served with, a 
                cease and desist order--
                            ``(i) in any governmental jurisdiction; or
                            ``(ii) under section 1514(c);
                    ``(C) has not been convicted of a felony that would 
                preclude licensure under the law of the application 
                State;
                    ``(D) has submitted an application to be a State-
                licensed loan originator in the application State; and
                    ``(E) was registered in the Nationwide Mortgage 
                Licensing System and Registry as a loan originator 
                during the 1-year period preceding the date on which 
                the information required under section 1505(a) is 
                submitted.
            ``(2) Period.--The period described in this paragraph shall 
        begin on the date on which an individual described in paragraph 
        (1) submits the information required under section 1505(a) and 
        shall end on the earliest of the date--
                    ``(A) on which the individual withdraws the 
                application to be a State-licensed loan originator in 
                the application State;
                    ``(B) on which the application State denies, or 
                issues a notice of intent to deny, the application;
                    ``(C) on which the application State grants a State 
                license; or
                    ``(D) that is 120 days after the date on which the 
                individual submits the application, if the application 
                is listed on the Nationwide Mortgage Licensing System 
                and Registry as incomplete.
    ``(c) Temporary Authority To Originate Loans for State-Licensed 
Loan Originators Moving Interstate.--
            ``(1) In general.--A State-licensed loan originator shall 
        be deemed to have temporary authority to act as a loan 
        originator in an application State for the period described in 
        paragraph (2) if the State-licensed loan originator--
                    ``(A) meets the requirements of subparagraphs (A), 
                (B), (C), and (D) of subsection (b)(1);
                    ``(B) is employed by a State-licensed mortgage 
                company in the application State; and
                    ``(C) was licensed in a State that is not the 
                application State during the 30-day period preceding 
                the date on which the information required under 
                section 1505(a) was submitted in connection with the 
                application submitted to the application State.
            ``(2) Period.--The period described in this paragraph shall 
        begin on the date on which the State-licensed loan originator 
        submits the information required under section 1505(a) in 
        connection with the application submitted to the application 
        State and end on the earliest of the date--
                    ``(A) on which the State-licensed loan originator 
                withdraws the application to be a State-licensed loan 
                originator in the application State;
                    ``(B) on which the application State denies, or 
                issues a notice of intent to deny, the application;
                    ``(C) on which the application State grants a State 
                license; or
                    ``(D) that is 120 days after the date on which the 
                State-licensed loan originator submits the application, 
                if the application is listed on the Nationwide Mortgage 
                Licensing System and Registry as incomplete.
    ``(d) Applicability.--
            ``(1) Employer of loan originators.--Any person employing 
        an individual who is deemed to have temporary authority to act 
        as a loan originator in an application State under this section 
        shall be subject to the requirements of this title and to 
        applicable State law to the same extent as if that individual 
        was a State-licensed loan originator licensed by the 
        application State.
            ``(2) Engaging in mortgage loan activities.--Any individual 
        who is deemed to have temporary authority to act as a loan 
        originator in an application State under this section and who 
        engages in residential mortgage loan origination activities 
        shall be subject to the requirements of this title and to 
        applicable State law to the same extent as if that individual 
        was a State-licensed loan originator licensed by the 
        application State.''.
    (b) Table of Contents Amendment.--Section 1(b) of the Housing and 
Economic Recovery Act of 2008 (42 U.S.C. 4501 note) is amended by 
inserting after the item relating to section 1517 the following:

``Sec. 1518. Employment transition of loan originators.''.
    (c) Effective Date.--This section and the amendments made by this 
section shall take effect on the date that is 18 months after the date 
of enactment of this Act.

SEC. 107. PROTECTING ACCESS TO MANUFACTURED HOMES.

    Section 103 of the Truth in Lending Act (15 U.S.C. 1602) is 
amended--
            (1) by redesignating the second subsection (cc) (relating 
        to definitions relating to mortgage origination and residential 
        mortgage loans) and subsection (dd) as subsections (dd) and 
        (ee), respectively; and
            (2) in paragraph (2) of subsection (dd), as so 
        redesignated, by striking subparagraph (C) and inserting the 
        following:
                    ``(C) does not include any person who is--
                            ``(i) not otherwise described in 
                        subparagraph (A) or (B) and who performs purely 
                        administrative or clerical tasks on behalf of a 
                        person who is described in any such 
                        subparagraph; or
                            ``(ii) a retailer of manufactured or 
                        modular homes or an employee of the retailer if 
                        the retailer or employee, as applicable--
                                    ``(I) does not receive compensation 
                                or gain for engaging in activities 
                                described in subparagraph (A) that is 
                                in excess of any compensation or gain 
                                received in a comparable cash 
                                transaction;
                                    ``(II) discloses to the consumer--
                                            ``(aa) in writing any 
                                        corporate affiliation with any 
                                        lender creditor; and
                                            ``(bb) if the retailer has 
                                        a corporate affiliation with 
                                        any lender creditor, at least 1 
                                        unaffiliated lender creditor; 
                                        and
                                    ``(III) does not directly negotiate 
                                with the consumer or lender on loan 
                                terms (including rates, fees, and other 
                                costs).''.

SEC. 108. PROPERTY ASSESSED CLEAN ENERGY FINANCING.

    Section 129C(b)(3) of the Truth in Lending Act (15 U.S.C. 
1639c(b)(3)) is amended by adding at the end the following:
                    ``(C) Consideration of underwriting requirements 
                for property assessed clean energy financing.--
                            ``(i) Definition.--In this subparagraph, 
                        the term `Property Assessed Clean Energy 
                        financing' means financing to cover the costs 
                        of home improvements that results in a tax 
                        assessment on the real property of the 
                        consumer.
                            ``(ii) Regulations.--The Bureau shall 
                        prescribe regulations that carry out the 
                        purposes of subsection (a) and apply section 
                        130 with respect to violations under subsection 
                        (a) of this section with respect to Property 
                        Assessed Clean Energy financing, which shall 
                        account for the unique nature of Property 
                        Assessed Clean Energy financing.
                            ``(iii) Collection of information and 
                        consultation.--In prescribing the regulations 
                        under this subparagraph, the Bureau--
                                    ``(I) may collect such information 
                                and data that the Bureau determines is 
                                necessary; and
                                    ``(II) shall consult with State and 
                                local governments and bond-issuing 
                                authorities.''.

SEC. 109. ESCROW REQUIREMENTS RELATING TO CERTAIN CONSUMER CREDIT 
              TRANSACTIONS.

    Section 129D(c) 129D of the Truth in Lending Act (15 U.S.C. 
1639d(c) 1639d) is amended--
            (1) by in subsection (c)--
                    (A) by redesignating paragraphs (1) through (4) as 
                subparagraphs (A) through (D), respectively, and 
                adjusting the margins accordingly;
                    (2)(B) in the matter preceding subparagraph (A), as 
                so redesignated, by striking ``The Board'' and 
                inserting the following:
            ``(1) In general.--The Bureau'';
                    (3)(C) in paragraph (1), as so redesignated, by 
                striking ``the Board'' each place that term appears and 
                inserting ``the Bureau''; and
                    (4)(D) by adding at the end the following:
            ``(2) Treatment of loans held by smaller institutions.--The 
        Bureau shall, by regulation, exempt from the requirements of 
        subsection (a) any loan made by an insured depository 
        institution or an insured credit union secured by a first lien 
        on the principal dwelling of a consumer if--
                    ``(A) the insured depository institution or insured 
                credit union has assets of $10,000,000,000 or less;
                    ``(B) during the preceding calendar year, the 
                insured depository institution or insured credit union 
                and its affiliates originated 1,000 or fewer loans 
                secured by a first lien on a principal dwelling; and
                    ``(C) the transaction otherwise satisfies the 
                criteria in sections 1026.35(b)(2)(iii) 
                1026.35(b)(2)(iii)(A), 1026.35(b)(2)(iii)(D), and 
                1026.35(b)(2)(v) of title 12, Code of Federal 
                Regulations, or any successor regulation.''.; and
            (2) in subsection (i), by adding at the end the following:
            ``(3) Insured credit union.--The term `insured credit 
        union' has the meaning given the term in section 101 of the 
        Federal Credit Union Act (12 U.S.C. 1752).
            ``(4) Insured depository institution.--The term `insured 
        depository institution' has the meaning given the term in 
        section 3 of the Federal Deposit Insurance Act (12 U.S.C. 
        1813).''.

SEC. 110. NO WAIT FOR LOWER MORTGAGE RATES.

    (a) In General.--Section 129(b) of the Truth in Lending Act (15 
U.S.C. 1639(b)) is amended--
            (1) by redesignating paragraph (3) as paragraph (4); and
            (2) by inserting after paragraph (2) the following:
            ``(3) No wait for lower rate.--If a creditor extends to a 
        consumer a second offer of credit with a lower annual 
        percentage rate, the transaction may be consummated without 
        regard to the period specified in paragraph (1) with respect to 
        the second offer.''.
    (b) Sense of Congress.--It is the sense of Congress that, whereas 
the Bureau of Consumer Financial Protection issued a final rule 
entitled ``Integrated Mortgage Disclosures Under the Real Estate 
Settlement Procedures Act (Regulation X) and the Truth in Lending Act 
(Regulation Z)'' (78 Fed. Reg. 79730 (December 31, 2013)) (in this 
subsection referred to as the ``TRID Rule'') to combine the disclosures 
a consumer receives in connection with applying for and closing on a 
mortgage loan, the Bureau of Consumer Financial Protection should 
endeavor to provide clearer, authoritative guidance on--
            (1) the applicability of the TRID Rule to mortgage 
        assumption transactions;
            (2) the applicability of the TRID Rule to construction-to-
        permanent home loans, and the conditions under which those 
        loans can be properly originated; and
            (3) the extent to which lenders can rely on model 
        disclosures published by the Bureau of Consumer Financial 
        Protection without liability if recent changes to regulations 
        are not reflected in the sample TRID Rule forms published by 
        the Bureau of Consumer Financial Protection.

  TITLE II--REGULATORY RELIEF AND PROTECTING CONSUMER ACCESS TO CREDIT

SEC. 201. CAPITAL SIMPLIFICATION FOR QUALIFYING COMMUNITY BANKS.

    (a) Definitions.--In this section:
            (1) Community bank leverage ratio.--The term ``Community 
        Bank Leverage Ratio'' means the ratio of the tangible equity 
        capital of a qualifying community bank, as reported on the 
        qualifying community bank's applicable regulatory filing with 
        the qualifying community bank's appropriate Federal banking 
        agency, to the average total consolidated assets of the 
        qualifying community bank, as reported on the qualifying 
        community bank's applicable regulatory filing with the 
        qualifying community bank's appropriate Federal banking agency.
            (2) Generally applicable leverage capital requirements; 
        generally applicable risk-based capital requirements.--The 
        terms ``generally applicable leverage capital requirements'' 
        and ``generally applicable risk-based capital requirements'' 
        have the meanings given those terms in section 171(a) of the 
        Financial Stability Act of 2010 (12 U.S.C. 5371(a)).
            (3) Qualifying community bank.--
                    (A) Asset threshold.--The term ``qualifying 
                community bank'' means a depository institution or 
                depository institution holding company with total 
                consolidated assets of less than $10,000,000,000.
                    (B) Risk profile.--The appropriate Federal banking 
                agencies may determine that a depository institution or 
                depository institution holding company (or a class of 
                depository institutions or depository institution 
                holding companies) described in subparagraph (A) is not 
                a qualifying community bank based on the depository 
                institution's or depository institution holding 
                company's risk profile, which shall be based on 
                consideration of--
                            (i) off-balance sheet exposures;
                            (ii) trading assets and liabilities;
                            (iii) total notional derivatives exposures; 
                        and
                            (iv) such other factors as the appropriate 
                        Federal banking agencies determine appropriate.
    (b) Community Bank Leverage Ratio.--The appropriate Federal banking 
agencies shall, through notice and comment rule making under section 
553 of title 5, United States Code--
            (1) develop a Community Bank Leverage Ratio of not less 
        than 8 percent and not more than 10 percent for qualifying 
        community banks; and
            (2) establish procedures for treatment of a qualified 
        qualifying community bank that has a Community Bank Leverage 
        Ratio that is falls below the percentage developed under 
        paragraph (1) after exceeding the percentage developed under 
        paragraph (1).
    (c) Capital Compliance.--
            (1) In general.--Any qualifying community bank that meets 
        exceeds the Community Bank Leverage Ratio developed under 
        subsection (b)(1) shall be considered to have met--
                    (A) the generally applicable leverage capital 
                requirements and the generally applicable risk-based 
                capital requirements;
                    (B) in the case of a qualifying community bank that 
                is a depository institution, the capital ratio 
                requirements that are required in order to be 
                considered well capitalized under section 38 of the 
                Federal Deposit Insurance Act (12 U.S.C. 1831o) and any 
                regulation implementing that section; and
                    (C) any other capital or leverage requirements to 
                which the qualifying community bank is subject.
            (2) Existing authorities.--Nothing in paragraph (1) shall 
        limit the authority of the appropriate Federal banking agencies 
        as in effect on the date of enactment of this Act.
    (d) Consultation.--The appropriate Federal banking agencies shall--
            (1) consult with the applicable State bank supervisors in 
        carrying out this section; and
            (2) notify the applicable State bank supervisor of any 
        qualifying community bank that it supervises that exceeds, or 
        does not exceed after previously exceeding, the Community Bank 
        Leverage ratio developed under subsection (b)(1).

SEC. 202. LIMITED EXCEPTION FOR RECIPROCAL DEPOSITS.

    (a) In General.--Section 29 of the Federal Deposit Insurance Act 
(12 U.S.C. 1831f) is amended by adding at the end the following:
    ``(i) Limited Exception for Reciprocal Deposits.--
            ``(1) In general.--Reciprocal deposits of an agent 
        institution shall not be considered to be funds obtained, 
        directly or indirectly, by or through a deposit broker to the 
        extent that the total amount of such reciprocal deposits does 
        not exceed the lesser of--
                    ``(A) $5,000,000,000; or
                    ``(B) an amount equal to 20 percent of the total 
                liabilities of the agent institution.
            ``(2) Definitions.--In this subsection:
                    ``(A) Agent institution.--The term `agent 
                institution' means an insured depository institution 
                that places a covered deposit through a deposit 
                placement network at other insured depository 
                institutions in amounts that are less than or equal to 
                the standard maximum deposit insurance amount, 
                specifying the interest rate to be paid for such 
                amounts, if the insured depository institution--
                            ``(i)(I) when most recently examined under 
                        section 10(d) was found to have a composite 
                        condition of outstanding or good; and
                            ``(II) is well capitalized;
                            ``(ii) has obtained a waiver pursuant to 
                        subsection (c); or
                            ``(iii) does not receive an amount of 
                        reciprocal deposits that causes the total 
                        amount of reciprocal deposits held by the agent 
                        institution to be greater than the average of 
                        the total amount of reciprocal deposits held by 
                        the agent institution on the last day of each 
                        of the 4 calendar quarters preceding the 
                        calendar quarter in which the agent institution 
                        was found not to have a composite condition of 
                        outstanding or good or was determined to be not 
                        well capitalized.
                    ``(B) Covered deposit.--The term `covered deposit' 
                means a deposit that--
                            ``(i) is submitted for placement through a 
                        deposit placement network by an agent 
                        institution; and
                            ``(ii) does not consist of funds that were 
                        obtained for the agent institution, directly or 
                        indirectly, by or through a deposit broker 
                        before submission for placement through a 
                        deposit placement network.
                    ``(C) Deposit placement network.--The term `deposit 
                placement network' means a network in which an insured 
                depository institution participates, together with 
                other insured depository institutions, for the 
                processing and receipt of reciprocal deposits.
                    ``(D) Network member bank.--The term `network 
                member bank' means an insured depository institution 
                that is a member of a deposit placement network.
                    ``(E) Reciprocal deposits.--The term `reciprocal 
                deposits' means deposits received by an agent 
                institution through a deposit placement network with 
                the same maturity (if any) and in the same aggregate 
                amount as covered deposits placed by the agent 
                institution in other network member banks.
                    ``(F) Well capitalized.--The term `well 
                capitalized' has the meaning given the term in section 
                38(b)(1).''.
    (b) Interest Rate Restriction.--Section 29 of the Federal Deposit 
Insurance Act (12 U.S.C. 1831f) is amended by striking subsection (e) 
and inserting the following:
    ``(e) Restriction on Interest Rate Paid.--
            ``(1) Definitions.--In this subsection--
                    ``(A) the terms `agent institution', `reciprocal 
                deposits', and `well capitalized' have the meanings 
                given those terms in subsection (i); and
                    ``(B) the term `covered insured depository 
                institution' means an insured depository institution 
                that--
                            ``(i) under subsection (c) or (d), accepts 
                        funds obtained, directly or indirectly, by or 
                        through a deposit broker; or
                            ``(ii) while acting as an agent institution 
                        under subsection (i), accepts reciprocal 
                        deposits while not well capitalized.
            ``(2) Prohibition.--A covered insured depository 
        institution may not pay a rate of interest on funds or 
        reciprocal deposits described in paragraph (1) that, at the 
        time that the funds or reciprocal deposits are accepted, 
        significantly exceeds the limit set forth in paragraph (3).
            ``(3) Limit on interest rates.--The limit on the rate of 
        interest referred to in paragraph (2) shall be--
                    ``(A) the rate paid on deposits of similar maturity 
                in the normal market area of the covered insured 
                depository institution for deposits accepted in the 
                normal market area of the covered insured depository 
                institution; or
                    ``(B) the national rate paid on deposits of 
                comparable maturity, as established by the Corporation, 
                for deposits accepted outside the normal market area of 
                the covered insured depository institution.''.

SEC. 203. COMMUNITY BANK RELIEF.

    Section 13(h) of the Bank Holding Company Act of 1956 (12 U.S.C. 
1851(h)) is amended--
            (1) in paragraph (1)--
                    (A) in subparagraph (D), by redesignating clauses 
                (i) and (ii) as subclauses (I) and (II), respectively, 
                and adjusting the margins accordingly;
                    (B) by redesignating subparagraphs (A) through (D) 
                as clauses (i) through (iv), respectively, and 
                adjusting the margins accordingly;
                    (C) in the matter preceding clause (i), as so 
                redesignated, in the second sentence, by striking 
                ``institution that functions solely in a trust or 
                fiduciary capacity, if--'' and inserting the following: 
                ``institution--
                    ``(A) that functions solely in a trust or fiduciary 
                capacity, if--'';
                    (D) in clause (iv)(II), as so redesignated, by 
                striking the period at the end and inserting ``; or''; 
                and
                    (E) by adding at the end the following:
                <DELETED>    ``(B) with--</DELETED>
                        <DELETED>    ``(i) not more than 
                        $10,000,000,000 of total consolidated assets; 
                        and</DELETED>
                    ``(B) that does not have and is not controlled by a 
                company that has--
                            ``(i) more than $10,000,000,000 in total 
                        consolidated assets; and
                            ``(ii) total trading assets and trading 
                        liabilities, as reported on the most recent 
                        applicable regulatory filing filed by the 
                        institution, that are not more than 5 percent 
                        of total consolidated assets.''.

SEC. 204. REMOVING NAMING RESTRICTIONS.

    Section 13 of the Bank Holding Company Act of 1956 (12 U.S.C. 1851) 
is amended--
            (1) in subsection (d)(1)(G)(vi), by inserting before the 
        semicolon the following: ``, except that the hedge fund or 
        private equity fund may share the same name or a variation of 
        the same name as a banking entity that is an investment adviser 
        to the hedge fund or private equity fund, if--
                                    ``(I) such investment adviser is 
                                not an insured depository institution, 
                                a company that controls an insured 
                                depository institution, or a company 
                                that is treated as a bank holding 
                                company for purposes of section 8 of 
                                the International Banking Act of 1978 
                                (12 U.S.C. 3106);
                                    ``(II) such investment adviser does 
                                not share the same name or a variation 
                                of the same name as an insured 
                                depository institution, any company 
                                that controls an insured depository 
                                institution, or any company that is 
                                treated as a bank holding company for 
                                purposes of section 8 of the 
                                International Banking Act of 1978 (12 
                                U.S.C. 3106); and
                                    ``(III) such name does not contain 
                                the word `bank'''; and
            (2) in subsection (h)(5)(C), by inserting before the period 
        the following: ``, except as permitted under subsection 
        (d)(1)(G)(vi)''.

SEC. 205. SHORT FORM CALL REPORTS.

    Section 7(a) of the Federal Deposit Insurance Act (12 U.S.C. 
1817(a)) is amended by adding at the end the following:
            ``(12) Short form reporting.--
                    ``(A) In general.--The appropriate Federal banking 
                agencies shall issue regulations that allow for a 
                reduced reporting requirement for a covered depository 
                institution when the institution makes the first and 
                third report of condition for a year, as required under 
                paragraph (3).
                    ``(B) Definition.--In this paragraph, the term 
                `covered depository institution' means an insured 
                depository institution that--
                            ``(i) has less than $5,000,000,000 in total 
                        consolidated assets; and
                            ``(ii) satisfies such other criteria as the 
                        appropriate Federal banking agencies determine 
                        appropriate.''.

SEC. 206. OPTION FOR FEDERAL SAVINGS ASSOCIATIONS TO OPERATE AS COVERED 
              SAVINGS ASSOCIATIONS.

    The Home Owners' Loan Act (12 U.S.C. 1461 et seq.) is amended by 
inserting after section 5 (12 U.S.C. 1464) the following:

``SEC. 5A. ELECTION TO OPERATE AS A COVERED SAVINGS ASSOCIATION.

    ``(a) Definition.--In this section, the term `covered savings 
association' means a Federal savings association that makes an election 
that is approved under subsection (b).
    ``(b) Election.--
            ``(1) In general.--Upon issuance of rules under subsection 
        (f), and in accordance with those rules, a Federal savings 
        association with total consolidated assets equal to or less 
        than $15,000,000,000 may elect to operate as a covered savings 
        association by submitting a notice to the Comptroller of that 
        election.
            ``(2) Approval.--A Federal savings association shall be 
        deemed to be approved to operate as a covered savings 
        association beginning on the date that is 60 days after the 
        date on which the Comptroller receives the notice submitted 
        under paragraph (1), unless the Comptroller notifies the 
        Federal savings association that the Federal savings 
        association is not eligible.
    ``(c) Rights and Duties.--Notwithstanding any other provision of 
law, and except as otherwise provided in this section, a covered 
savings association shall--
            ``(1) have the same rights and privileges as a national 
        bank that has the main office of the national bank situated in 
        the same location as the home office of the covered savings 
        association; and
            ``(2) be subject to the same duties, restrictions, 
        penalties, liabilities, conditions, and limitations that would 
        apply to a national bank described in paragraph (1).
    ``(d) Treatment of Covered Savings Associations.--A covered savings 
association shall be treated as a Federal savings association for the 
purposes--
            ``(1) of governance of the covered savings association, 
        including incorporation, bylaws, boards of directors, 
        shareholders, and distribution of dividends;
            ``(2) of consolidation, merger, dissolution, conversion 
        (including conversion to a stock bank or to another charter), 
        conservatorship, and receivership; and
            ``(3) determined by regulation of the Comptroller.
    ``(e) Existing Branches.--A covered savings association may 
continue to operate any branch or agency that the covered savings 
association operated on the date on which an election under subsection 
(b) is approved.
    ``(f) Rule Making.--The Comptroller shall issue rules to carry out 
this section--
            ``(1) that establish streamlined standards and procedures 
        that clearly identify required documentation or and timelines 
        for an election under subsection (b);
            ``(2) that require a Federal savings association that makes 
        an election under subsection (b) to identify specific assets 
        and subsidiaries that--
                    ``(A) do not conform to the requirements for assets 
                and subsidiaries of a national bank; and
                    ``(B) are held by the Federal savings association 
                on the date on which the Federal savings association 
                submits a notice of the election;
            ``(3) that establish--
                    ``(A) a transition process for bringing the assets 
                and subsidiaries described in paragraph (2) into 
                conformance with the requirements for a national bank; 
                and
                    ``(B) procedures for allowing the Federal savings 
                association to submit to the Comptroller an application 
                to continue to hold assets and subsidiaries described 
                in paragraph (2) after electing to operate as a covered 
                savings association;
            ``(4) that establish standards and procedures to allow a 
        covered savings association to--
                    ``(A) terminate an election under subsection (b) 
                after an appropriate period of time; and
                    ``(B) make a subsequent election under subsection 
                (b) after terminating an election under subparagraph 
                (A);
            ``(5) that clarify requirements for the treatment of 
        covered savings associations, including the provisions of law 
        that apply to covered savings associations; and
            ``(6) as the Comptroller determines necessary in the 
        interests of safety and soundness.
    ``(g) Grandfathered Covered Savings Associations.--Subject to the 
rules issued under subsection (f), a covered savings association may 
continue to operate as a covered savings association if, after the date 
on which the election is made under subsection (b), the covered savings 
association has total consolidated assets greater than 
$15,000,000,000.''.

SEC. 207. SMALL BANK HOLDING COMPANY POLICY STATEMENT.

    (a) Definitions.--In this section:
            (1) Board.--The term ``Board'' means the Board of Governors 
        of the Federal Reserve System.
            (2) Savings and loan holding company.--The term ``savings 
        and loan holding company'' has the meaning given the term in 
        section 10(a) of the Home Owners' Loan Act (12 U.S.C. 
        1467a(a)).
    (b) Changes Required to Small Bank Holding Company Policy Statement 
on Assessment of Financial and Managerial Factors.--Not later than 180 
days after the date of enactment of this Act, the Board shall revise 
appendix C to part 225 of title 12, Code of Federal Regulations 
(commonly known as the ``Small Bank Holding Company and Savings and 
Loan Holding Company Policy Statement''), to raise the consolidated 
asset threshold under that appendix from $1,000,000,000 to 
$3,000,000,000 for any bank holding company or savings and loan holding 
company that--
            (1) is not engaged in significant nonbanking activities 
        either directly or through a nonbank subsidiary;
            (2) does not conduct significant off-balance sheet 
        activities (including securitization and asset management or 
        administration) either directly or through a nonbank 
        subsidiary; and
            (3) does not have a material amount of debt or equity 
        securities outstanding (other than trust preferred securities) 
        that are registered with the Securities and Exchange 
        Commission.
    (c) Exclusions.--The Board may exclude any bank holding company or 
savings and loan holding company, regardless of asset size, from the 
revision under subsection (b) if the Board determines that such action 
is warranted for supervisory purposes.
    (d) Conforming Amendment.--Section 171(b)(5) of the Financial 
Stability Act of 2010 (12 U.S.C. 5371(b)(5)) is amended by striking 
subparagraph (C) and inserting the following:
                    ``(C) any bank holding company or savings and loan 
                holding company that is subject to the application of 
                appendix C to part 225 of title 12, Code of Federal 
                Regulations (commonly known as the `Small Bank Holding 
                Company and Savings and Loan Holding Company Policy 
                Statement').''.

SEC. 208. APPLICATION OF THE EXPEDITED FUNDS AVAILABILITY ACT.

    (a) In General.--The Expedited Funds Availability Act (12 U.S.C. 
4001 et seq.) is amended--
            (1) in section 602 (12 U.S.C. 4001)--
                    (A) in paragraph (20), by inserting ``, located in 
                the United States,'' after ``ATM'';
                    (B) in paragraph (21), by inserting ``American 
                Samoa, the Commonwealth of the Northern Mariana 
                Islands,'' after ``Puerto Rico,''; and
                    (C) in paragraph (23), by inserting ``American 
                Samoa, the Commonwealth of the Northern Mariana 
                Islands,'' after ``Puerto Rico,''; and
            (2) in section 603(d)(2)(A) (12 U.S.C. 4002(d)(2)(A)), by 
        inserting ``American Samoa, the Commonwealth of the Northern 
        Mariana Islands,'' after ``Puerto Rico,''.
    (b) Effective Date.--The amendments made by this section shall take 
effect on the date that is 30 days after the date of enactment of this 
Act.

<DELETED>SEC. 209. MUTUAL HOLDING COMPANY DIVIDEND WAIVERS.</DELETED>

<DELETED>    Not later than 180 days after the date of enactment of 
this Act, the Board of Governors of the Federal Reserve System shall 
amend section 239.8(d)(2)(iv) of title 12, Code of Federal Regulations, 
by striking ``12 months'' each place that term appears and inserting 
``24 months''.</DELETED>

SEC. 21009. SMALL PUBLIC HOUSING AGENCIES.

    (a) Small Public Housing Agencies.--Title I of the United States 
Housing Act of 1937 (42 U.S.C. 1437 et seq.) is amended by adding at 
the end the following:

``SEC. 38. SMALL PUBLIC HOUSING AGENCIES.

    ``(a) Definitions.--In this section:
            ``(1) Housing voucher program.--The term `housing voucher 
        program' means a program for tenant-based assistance under 
        section 8.
            ``(2) Small public housing agency.--The term `small public 
        housing agency' means a public housing agency--
                    ``(A) for which the sum of the number of public 
                housing dwelling units administered by the agency and 
                the number of vouchers under section 8(o) administered 
                by the agency is 550 or fewer; and
                    ``(B) that predominantly operates in a rural area, 
                as described in section 1026.35(b)(2)(iv)(A) of title 
                12, Code of Federal Regulations.
            ``(3) Troubled small public housing agency.--The term 
        `troubled small public housing agency' means a small public 
        housing agency designated by the Secretary as a troubled small 
        public housing agency under subsection (c)(3).
    ``(b) Applicability.--Except as otherwise provided in this section, 
a small public housing agency shall be subject to the same requirements 
as a public housing agency.
    ``(c) Program Inspections and Evaluations.--
            ``(1) Public housing projects.--
                    ``(A) Frequency of inspections by secretary.--The 
                Secretary shall carry out an inspection of the physical 
                condition of a small public housing agency's public 
                housing projects not more frequently than once every 3 
                years, unless the agency has been designated by the 
                Secretary as a troubled small public housing agency 
                based on deficiencies in the physical condition of its 
                public housing projects. Nothing contained in this 
                subparagraph relieves the Secretary from conducting 
                lead safety inspections or assessments in accordance 
                with procedures established by the Secretary under 
                section 302 of the Lead-Based Paint Poisoning 
                Prevention Act (42 U.S.C. 4822).
                    ``(B) Standards.--The Secretary shall apply to 
                small public housing agencies the same standards for 
                the acceptable condition of public housing projects 
                that apply to projects assisted under section 8.
            ``(2) Housing voucher program.--A small Except as required 
        by section 8(o)(8)(F), a small public housing agency 
        administering assistance under section 8(o) shall make periodic 
        physical inspections of each assisted dwelling unit not less 
        frequently than once every 3 years to determine whether the 
        unit is maintained in accordance with the requirements under 
        section 8(o)(8)(A). Nothing contained in this paragraph 
        relieves a small public housing agency from conducting lead 
        safety inspections or assessments in accordance with procedures 
        established by the Secretary under section 302 of the Lead-
        Based Paint Poisoning Prevention Act (42 U.S.C. 4822).
            ``(3) Troubled small public housing agencies.--
                    ``(A) Public housing program.--Notwithstanding any 
                other provision of law, the Secretary may designate a 
                small public housing agency as a troubled small public 
                housing agency with respect to the public housing 
                program of the small public housing agency if the 
                Secretary determines that the agency has failed to 
                maintain the public housing units of the small public 
                housing agency in a satisfactory physical condition, 
                based upon an inspection conducted by the Secretary.
                    ``(B) Housing voucher program.--Notwithstanding any 
                other provision of law, the Secretary may designate a 
                small public housing agency as a troubled small public 
                housing agency with respect to the housing voucher 
                program of the small public housing agency if the 
                Secretary determines that the agency has failed to 
                comply with the inspection requirements under paragraph 
                (2).
                    ``(C) Appeals.--
                            ``(i) Establishment.--The Secretary shall 
                        establish an appeals process under which a 
                        small public housing agency may dispute a 
                        designation as a troubled small public housing 
                        agency.
                            ``(ii) Official.--The appeals process 
                        established under clause (i) shall provide for 
                        a decision by an official who has not been 
                        involved, and is not subordinate to a person 
                        who has been involved, in the original 
                        determination to designate a small public 
                        housing agency as a troubled small public 
                        housing agency.
                    ``(D) Corrective action agreement.--
                            ``(i) Agreement required.--Not later than 
                        60 days after the date on which a small public 
                        housing agency is designated as a troubled 
                        public housing agency under subparagraph (A) or 
                        (B), the Secretary and the small public housing 
                        agency shall enter into a corrective action 
                        agreement under which the small public housing 
                        agency shall undertake actions to correct the 
                        deficiencies upon which the designation is 
                        based.
                            ``(ii) Terms of agreement.--A corrective 
                        action agreement entered into under clause (i) 
                        shall--
                                    ``(I) have a term of 1 year, and 
                                shall be renewable at the option of the 
                                Secretary;
                                    ``(II) provide, where feasible, for 
                                technical assistance to assist the 
                                public housing agency in curing its 
                                deficiencies;
                                    ``(III) provide for--
                                            ``(aa) reconsideration of 
                                        the designation of the small 
                                        public housing agency as a 
                                        troubled small public housing 
                                        agency not less frequently than 
                                        annually; and
                                            ``(bb) termination of the 
                                        agreement when the Secretary 
                                        determines that the small 
                                        public housing agency is no 
                                        longer a troubled small public 
                                        housing agency; and
                                    ``(IV) provide that in the event of 
                                substantial noncompliance by the small 
                                public housing agency under the 
                                agreement, the Secretary may--
                                            ``(aa) contract with 
                                        another public housing agency 
                                        or a private entity to manage 
                                        the public housing of the 
                                        troubled small public housing 
                                        agency;
                                            ``(bb) withhold funds 
                                        otherwise distributable to the 
                                        troubled small public housing 
                                        agency;
                                            ``(cc) assume possession 
                                        of, and direct responsibility 
                                        for, managing the public 
                                        housing of the troubled small 
                                        public housing agency;
                                            ``(dd) petition for the 
                                        appointment of a receiver, in 
                                        accordance with section 
                                        6(j)(3)(A)(ii); and
                                            ``(ee) exercise any other 
                                        remedy available to the 
                                        Secretary in the event of 
                                        default under the public 
                                        housing annual contributions 
                                        contract entered into by the 
                                        small public housing agency 
                                        under section 5.
                    ``(E) Emergency actions.--Nothing in this paragraph 
                may be construed to prohibit the Secretary from taking 
                any emergency action necessary to protect Federal 
                financial resources or the health or safety of 
                residents of public housing projects.
    ``(d) Reduction of Administrative Burdens.--
            ``(1) Exemption.--Notwithstanding any other provision of 
        law, a small public housing agency shall be exempt from any 
        environmental review requirements with respect to a development 
        or modernization project having a total cost of not more than 
        $100,000.
            ``(2) Streamlined procedures.--The Secretary shall, by 
        rule, establish streamlined procedures for environmental 
        reviews of small public housing agency development and 
        modernization projects having a total cost of more than 
        $100,000.''.
    (b) Energy Conservation.--Section 9(e)(2) of the United States 
Housing Act of 1937 (42 U.S.C. 1437g(e)(2)) is amended by adding at the 
end the following:
                    ``(D) Freeze of consumption levels.--
                            ``(i) In general.--A small public housing 
                        agency, as defined in section 38(a), may elect 
                        to be paid for its utility and waste management 
                        costs under the formula for a period, at the 
                        discretion of the small public housing agency, 
                        of not more than 20 years based on the small 
                        public housing agency's average annual 
                        consumption during the 3-year period preceding 
                        the year in which the election is made (in this 
                        subparagraph referred to as the `consumption 
                        base level').
                            ``(ii) Initial adjustment in consumption 
                        base level.--The Secretary shall make an 
                        initial one-time adjustment in the consumption 
                        base level to account for differences in the 
                        heating degree day average over the most recent 
                        20-year period compared to the average in the 
                        consumption base level.
                            ``(iii) Adjustments in consumption base 
                        level.--The Secretary shall make adjustments in 
                        the consumption base level to account for an 
                        increase or reduction in units, a change in 
                        fuel source, a change in resident controlled 
                        electricity consumption, or for other reasons.
                            ``(iv) Savings.--All cost savings resulting 
                        from an election made by a small public housing 
                        agency under this subparagraph--
                                    ``(I) shall accrue to the small 
                                public housing agency; and
                                    ``(II) may be used for any public 
                                housing purpose at the discretion of 
                                the small public housing agency.
                            ``(v) Third parties.--A small public 
                        housing agency making an election under this 
                        subparagraph--
                                    ``(I) may use, but shall not be 
                                required to use, the services of a 
                                third party in its energy conservation 
                                program; and
                                    ``(II) shall have the sole 
                                discretion to determine the source, and 
                                terms and conditions, of any financing 
                                used for its energy conservation 
                                program.''.
    (c) Reporting by Agencies Operating in Consortia.--Not later than 
180 days after the date of enactment of this Act, the Secretary of 
Housing and Urban Development shall develop and deploy all electronic 
information systems necessary to accommodate full consolidated 
reporting by public housing agencies, as defined in section 3(b)(6) of 
the United States Housing Act of 1937 (42 U.S.C. 1437a(b)(6)), electing 
to operate in consortia under section 13(a) of such Act (42 U.S.C. 
1437k(a)).
    (d) Effective Date.--The amendments made by subsections (a) and (b) 
shall take effect on the date that is 60 days after the date of 
enactment of this Act.
    (e) Shared Waiting Lists.--Not later than 1 year after the date of 
enactment of this Act, the Secretary of Housing and Urban Development 
shall make available to interested public housing agencies and owners 
of multifamily properties receiving assistance from the Department of 
Housing and Urban Development 1 or more software programs that will 
facilitate the voluntary use of a shared waiting list by multiple 
public housing agencies or owners receiving assistance, and shall 
publish on the website of the Department of Housing and Urban 
Development procedural guidance for implementing shared waiting lists 
that includes information on how to obtain the software.

SEC. 2110. EXAMINATION CYCLE.

    Section 10(d) (4)(A) of the Federal Deposit Insurance Act (12 
U.S.C. 1820(d) (4)(A)) is amended by amended--
            (1) in paragraph (4)(A), by striking ``$1,000,000,000'' and 
        inserting ``$3,000,000,000''.; and
            (2) in paragraph (10), by striking ``$1,000,000,000'' and 
        inserting ``$3,000,000,000''. 

SEC. 2121. NATIONAL SECURITIES EXCHANGE REGULATORY PARITY.

    Section 18(b)(1) of the Securities Act of 1933 (15 U.S.C. 
77r(b)(1)) is amended--
            (1) by striking subparagraph (A);
            (2) in subparagraph (B)--
                    (A) by inserting ``a security designated as 
                qualified for trading in the national market system 
                pursuant to section 11A(a)(2) of the Securities 
                Exchange Act of 1934 (15 U.S.C. 78k-1(a)(2)) that is'' 
                before ``listed''; and
                    (B) by striking ``that has listing standards that 
                the Commission determines by rule (on its own 
                initiative or on the basis of a petition) are 
                substantially similar to the listing standards 
                applicable to securities described in subparagraph 
                (A)'';
            (3) in subparagraph (C), by striking ``or (B)''; and
            (4) by redesignating subparagraphs (B) and (C) as 
        subparagraphs (A) and (B), respectively.

SEC. 212. INTERNATIONAL INSURANCE CAPITAL STANDARDS ACCOUNTABILITY.

    (a) Findings.--Congress finds that--
            (1) the Secretary of the Treasury, Board of Governors of 
        the Federal Reserve System, and Director of the Federal 
        Insurance Office shall support increasing transparency at any 
        global insurance or international standard-setting regulatory 
        or supervisory forum in which they participate, including 
        supporting and advocating for greater public observer access to 
        working groups and committee meetings of the International 
        Association of Insurance Supervisors; and
            (2) to the extent that the Secretary of the Treasury, the 
        Board of Governors of the Federal Reserve System, and the 
        Director of the Federal Insurance Office take a position or 
        reasonably intend to take a position with respect to an 
        insurance proposal by a global insurance regulatory or 
        supervisory forum, the Secretary of the Treasury, the Board of 
        Governors of the Federal Reserve System, and the Director of 
        the Federal Insurance Office shall achieve consensus positions 
        with State insurance regulators through the National 
        Association of Insurance Commissioners, when they are United 
        States participants in negotiations on insurance issues before 
        the International Association of Insurance Supervisors, 
        Financial Stability Board, or any other international forum of 
        financial regulators or supervisors that considers such issues.
    (b) Insurance Policy Advisory Committee.--
            (1) Establishment.--There is established the Insurance 
        Policy Advisory Committee on International Capital Standards 
        and Other Insurance Issues at the Board of Governors of the 
        Federal Reserve System.
            (2) Membership.--The Committee shall be composed of not 
        more than 21 members, all of whom represent a diverse set of 
        expert perspectives from the various sectors of the United 
        States insurance industry, including life insurance, property 
        and casualty insurance and reinsurance, agents and brokers, 
        academics, consumer advocates, or experts on issues facing 
        underserved insurance communities and consumers.
    (c) Reports.--
            (1) Reports and testimony by secretary of the treasury and 
        chairman of the federal reserve.--
                    (A) In general.--The Secretary of the Treasury and 
                the Chairman of the Board of Governors of the Federal 
                Reserve System, or their designee, shall submit to the 
                Committee on Banking, Housing, and Urban Affairs of the 
                Senate, and the Committee on Financial Services of the 
                House of Representatives, an annual report and provide 
                annual testimony to the Committee on Banking, Housing, 
                and Urban Affairs of the Senate, and the Committee on 
                Financial Services of the House of Representatives on 
                the efforts of the Secretary and the Chairman with the 
                National Association of Insurance Commissioners with 
                respect to global insurance regulatory or supervisory 
                forums, including--
                            (i) a description of the insurance 
                        regulatory or supervisory standard-setting 
                        issues under discussion at international 
                        standard-setting bodies, including the 
                        Financial Stability Board and the International 
                        Association of Insurance Supervisors;
                            (ii) a description of the effects that 
                        proposals discussed at international insurance 
                        regulatory or supervisory forums of insurance 
                        could have on consumer and insurance markets in 
                        the United States;
                            (iii) a description of any position taken 
                        by the Secretary of the Treasury, the Board of 
                        Governors of the Federal Reserve System, and 
                        the Director of the Federal Insurance Office in 
                        international insurance discussions; and
                            (iv) a description of the efforts by the 
                        Secretary of the Treasury, the Board of 
                        Governors of the Federal Reserve System, and 
                        the Director of the Federal Insurance Office to 
                        increase transparency at the Financial 
                        Stability Board with respect to insurance 
                        proposals and the International Association of 
                        Insurance Supervisors, including efforts to 
                        provide additional public access to working 
                        groups and committees of the International 
                        Association of Insurance Supervisors.
                    (B) Termination.--This paragraph shall terminate on 
                December 31, 2022.
            (2) Reports and testimony by national association of 
        insurance commissioners.--The National Association of Insurance 
        Commissioners may provide testimony to Congress on the issues 
        described in paragraph (1)(A).
            (3) Joint report by the chairman of the federal reserve and 
        the director of the federal insurance office.--
                    (A) In general.--The Secretary of the Treasury, the 
                Chairman of the Board of Governors of the Federal 
                Reserve System, and the Director of the Federal 
                Insurance Office shall, in consultation with the 
                National Association of Insurance Commissioners, 
                complete a study on, and submit to Congress a report on 
                the results of the study, the impact on consumers and 
                markets in the United States before supporting or 
                consenting to the adoption of any key elements in any 
                international insurance proposal or international 
                insurance capital standard.
                    (B) Notice and comment.--
                            (i) Notice.--The Secretary of the Treasury, 
                        the Chairman of the Board of Governors of the 
                        Federal Reserve System, and the Director of the 
                        Federal Insurance Office shall provide public 
                        notice before the date on which drafting a 
                        report required under subparagraph (A) is 
                        commenced and after the date on which the draft 
                        of the report is completed.
                            (ii) Opportunity for comment.--There shall 
                        be an opportunity for public comment for a 
                        period beginning on the date on which the 
                        report is submitted under subparagraph (A) and 
                        ending on the date that is 60 days after the 
                        date on which the report is submitted.
                    (C) Review by comptroller general.--The Secretary 
                of the Treasury, Chairman of the Board of Governors of 
                the Federal Reserve System, and the Director of the 
                Federal Insurance Office shall submit to the 
                Comptroller General of the United States the report 
                described in subparagraph (A) for review.
            (4) Report on increase in transparency.--Not later than 180 
        days after the date of enactment of this Act, the Chairman of 
        the Board of Governors of the Federal Reserve System and the 
        Secretary of the Treasury, or their designees, shall submit to 
        Congress a report and provide testimony to Congress on the 
        efforts of the Chairman and the Secretary to increase 
        transparency at meetings of the International Association of 
        Insurance Supervisors.

SEC. 213. BUDGET TRANSPARENCY FOR THE NCUA.

    Section 209(b) of the Federal Credit Union Act (12 U.S.C. 1789(b)) 
is amended--
            (1) by redesignating paragraphs (1) and (2) as paragraphs 
        (2) and (3), respectively;
            (2) by inserting before paragraph (2), as so redesignated, 
        the following:
            ``(1) on an annual basis and prior to the submission of the 
        detailed business-type budget required under paragraph (2)--
                    ``(A) make publicly available and publish in the 
                Federal Register a draft of the detailed business-type 
                budget; and
                    ``(B) hold a public hearing, with public notice 
                provided of the hearing, during which the public may 
                submit comments on the draft of the detailed business-
                type budget;''; and
            (3) in paragraph (2), as so redesignated--
                    (A) by inserting ``detailed'' after ``submit a''; 
                and
                    (B) by inserting ``, which shall address any 
                comment submitted by the public under paragraph 
                (1)(B)'' after ``Control Act''.

SEC. 214. MAKING ONLINE BANKING INITIATION LEGAL AND EASY.

    (a) Definitions.--In this section:
            (1) Affiliate.--The term ``affiliate'' has the meaning 
        given the term in section 2 of the Bank Holding Company Act of 
        1956 (12 U.S.C. 1841).
            (2) Driver's license.--The term ``driver's license'' means 
        a license issued by a State to an individual that authorizes 
        the individual to operate a motor vehicle on public streets, 
        roads, or highways.
            (3) Federal bank secrecy laws.--The term ``Federal bank 
        secrecy laws'' means--
                    (A) section 21 of the Federal Deposit Insurance Act 
                (12 U.S.C. 1829b);
                    (B) section 123 of Public Law 91-508 (12 U.S.C. 
                1953); and
                    (C) subchapter II of chapter 53 of title 31, United 
                States Code.
            (4) Financial institution.--The term ``financial 
        institution'' means--
                    (A) an insured depository institution;
                    (B) an insured credit union; or
                    (C) any affiliate of an insured depository 
                institution or insured credit union.
            (5) Financial product or service.--The term ``financial 
        product or service'' has the meaning given the term in section 
        1002 of the Consumer Financial Protection Act of 2010 (12 
        U.S.C. 5481).
            (6) Insured credit union.--The term ``insured credit 
        union'' has the meaning given the term in section 101 of the 
        Federal Credit Union Act (12 U.S.C. 1752).
            (7) Insured depository institution.--The term ``insured 
        depository institution'' has the meaning given the term in 
        section 3 of the Federal Deposit Insurance Act (12 U.S.C. 
        1813).
            (8) Online service.--The term ``online service'' means any 
        Internet-based service, such as a website or mobile 
        application.
            (9) Personal identification card.--The term ``personal 
        identification card'' means an identification document issued 
        by a State or local government to an individual solely for the 
        purpose of identification of that individual.
            (10) Personal information.--The term ``personal 
        information'' means the information displayed on or 
        electronically encoded on a driver's license or personal 
        identification card that is reasonably necessary to fulfill the 
        purpose and uses permitted by subsection (b).
            (11) Scan.--The term ``scan'' means the act of using a 
        device or software to decipher, in an electronically readable 
        format, personal information displayed on or electronically 
        encoded on a driver's license or personal identification card.
            (12) State.--The term ``State'' means any State of the 
        United States, the District of Columbia, the Commonwealth of 
        Puerto Rico, and any other commonwealth, possession, or 
        territory of the United States.
    (b) Use of a Driver's License or Personal Identification Card.--
            (1) In general.--When an individual initiates a request 
        through an online service to open an account with a financial 
        institution or obtain a financial product or service from a 
        financial institution, the financial institution may record 
        personal information from a scan of the driver's license or 
        personal identification card of the individual, or make a copy 
        or receive an image of the driver's license or personal 
        identification card of the individual, and store or retain such 
        information in any electronic format for the purposes described 
        in paragraph (2).
            (2) Uses of information.--Except as required to comply with 
        Federal bank secrecy laws, a financial institution may only use 
        the information obtained under paragraph (1)--
                    (A) to verify the authenticity of the driver's 
                license or personal identification card;
                    (B) to verify the identity of the individual; and
                    (C) to comply with a legal requirement to record, 
                retain, or transmit the personal information in 
                connection with opening an account or obtaining a 
                financial product or service.
            (3) Deletion of image.--A financial institution that makes 
        a copy or receives an image of a driver's license or personal 
        identification card of an individual in accordance with 
        paragraphs (1) and (2) shall, after using the image for the 
        purposes described in paragraph (2), permanently delete--
                    (A) any image of the driver's license or personal 
                identification card, as applicable; and
                    (B) any copy of any such image.
            (4) Disclosure of personal information.--Nothing in this 
        section shall be construed to amend, modify, or otherwise 
        affect any State or Federal law that governs a financial 
        institution's disclosure and security of personal information 
        that is not publicly available.
    (c) Relation to State Law.--The provisions of this section shall 
preempt and supersede any State law that conflicts with a provision of 
this section, but only to the extent of such conflict.

     TITLE III--PROTECTIONS FOR VETERANS, CONSUMERS, AND HOMEOWNERS

<DELETED>SEC. 301. PROTECTING CONSUMERS' CREDIT.</DELETED>

<DELETED>    Section 605A of the Fair Credit Reporting Act (15 U.S.C. 
1681c-1) is amended--</DELETED>
<DELETED>     (a) in subsection (a)(1)(A), by striking ``90 days'' and 
inserting ``1 year''; and</DELETED>
<DELETED>    (b) by adding at the end the following:</DELETED>
<DELETED>    ``(i) Free Annual Freeze Alerts; Additional Protections 
for Credit Reports of Minor Consumers.--</DELETED>
        <DELETED>    ``(1) Definition.--In this subsection, the term 
        `freeze alert' means a restriction placed on the file of a 
        consumer, prohibiting the ability of a consumer reporting 
        agency to furnish to any person, for the purpose of opening a 
        new account involving the extension of credit, the consumer 
        report of the consumer.</DELETED>
        <DELETED>    ``(2) Free annual freeze alert.--</DELETED>
                <DELETED>    ``(A) In general.--Notwithstanding any 
                other provision of State law, once every calendar year, 
                free of charge, upon the direct request of a consumer, 
                or an individual acting on behalf of or as a personal 
                representative of the consumer, a consumer reporting 
                agency that maintains a file on the consumer and has 
                received appropriate proof of the identity of the 
                requester shall provide 1 freeze alert in the file of 
                that consumer that shall remain in effect until the 
                consumer or requester requests that such freeze alert 
                be removed.</DELETED>
                <DELETED>    ``(B) Removal of alert.--Notwithstanding 
                any other provision of State law, once every calendar 
                year, free of charge, upon the direct request of a 
                consumer, or an individual acting on behalf of or as a 
                personal representative of the consumer, a consumer 
                reporting agency that receives a request to remove a 
                freeze alert provided under paragraph (1) shall remove 
                such a freeze alert.</DELETED>
                <DELETED>    ``(C) Rule of construction.--Nothing in 
                this paragraph shall be construed to limit the 
                authority of a State to require consumer reporting 
                agencies to require freeze alerts free of 
                charge.</DELETED>
        <DELETED>    ``(3) Additional protections for credit reports of 
        minor consumers.--</DELETED>
                <DELETED>    ``(A) In general.--Upon the direct request 
                of an individual acting on behalf of or as a personal 
                representative of a minor, a consumer reporting agency 
                that maintains a file on the minor and has received 
                appropriate proof of the identity of the requester 
                shall include a freeze alert, free of charge, in the 
                file of that minor that shall remain in effect until an 
                individual acting on behalf of or as a personal 
                representative of the minor, or in the case of a minor 
                who is no longer a minor, the minor, requests that such 
                freeze alert be removed.</DELETED>
                <DELETED>    ``(B) Block of information.--While a 
                freeze alert under subparagraph (A) is in place, a 
                consumer reporting agency may not release--</DELETED>
                        <DELETED>    ``(i) the consumer report of the 
                        minor;</DELETED>
                        <DELETED>    ``(ii) any information derived 
                        from the consumer report of the minor; 
                        or</DELETED>
                        <DELETED>    ``(iii) any record created for the 
                        minor.</DELETED>
                <DELETED>    ``(C) Removal.--Notwithstanding any other 
                provision of State law, a consumer reporting agency 
                that receives a request for a freeze alert for a minor 
                or a request to remove a freeze alert for a minor shall 
                provide or remove the freeze alert, as applicable, free 
                of charge.''.</DELETED>

SEC. 301. PROTECTING CONSUMERS' CREDIT.

    (a) In General.--Section 605A of the Fair Credit Reporting Act (15 
U.S.C. 1681c-1) is amended--
            (1) in subsection (a)(1)(A), by striking ``90 days'' and 
        inserting ``1 year''; and
            (2) by adding at the end the following:
    ``(i) National Security Freeze.--
            ``(1) Definitions.--For purposes of this subsection:
                    ``(A) The term `consumer reporting agency' means a 
                consumer reporting agency described in section 603(p).
                    ``(B) The term `proper identification' has the 
                meaning of such term as used under section 610.
                    ``(C) The term `security freeze' means a 
                restriction that prohibits a consumer reporting agency 
                from disclosing the contents of a consumer report that 
                is subject to such security freeze to any person 
                requesting the consumer report for the purpose of 
                opening a new account involving the extension of 
                credit.
            ``(2) Placement of security freeze.--
                    ``(A) In general.--Upon receiving a direct request 
                from a consumer that a consumer reporting agency place 
                a security freeze, and upon receiving proper 
                identification from the consumer, the consumer 
                reporting agency shall, free of charge, place the 
                security freeze not later than--
                            ``(i) in the case of a request that is by 
                        telephone or electronic means, 1 business day 
                        after receiving the request directly from the 
                        consumer; or
                            ``(ii) in the case of a request that is by 
                        mail, 3 business days after receiving the 
                        request directly from the consumer.
                    ``(B) Confirmation and additional information.--Not 
                later than 5 business days after placing a security 
                freeze under subparagraph (A), a consumer reporting 
                agency shall--
                            ``(i) send confirmation of the placement to 
                        the consumer; and
                            ``(ii) inform the consumer of--
                                    ``(I) the process by which the 
                                consumer may remove the security 
                                freeze, including a mechanism to 
                                authenticate the consumer; and
                                    ``(II) the consumer's right 
                                described in section 615(d)(1)(D).
                    ``(C) Notice to third parties.--A consumer 
                reporting agency may advise a third party that a 
                security freeze has been placed with respect to a 
                consumer under subparagraph (A).
            ``(3) Removal of security freeze.--
                    ``(A) In general.--A consumer reporting agency 
                shall remove a security freeze placed on the consumer 
                report of a consumer only in the following cases:
                            ``(i) Upon the direct request of the 
                        consumer.
                            ``(ii) The security freeze was placed due 
                        to a material misrepresentation of fact by the 
                        consumer.
                    ``(B) Notice if removal not by request.--If a 
                consumer reporting agency removes a security freeze 
                under subparagraph (A)(ii), the consumer reporting 
                agency shall notify the consumer in writing prior to 
                removing the security freeze.
                    ``(C) Removal of security freeze by consumer 
                request.--Except as provided in subparagraph (A)(ii), a 
                security freeze shall remain in place until the 
                consumer directly requests that the security freeze be 
                removed. Upon receiving a direct request from a 
                consumer that a consumer reporting agency remove a 
                security freeze, and upon receiving proper 
                identification from the consumer, the consumer 
                reporting agency shall, free of charge, remove the 
                security freeze not later than--
                            ``(i) in the case of a request that is by 
                        telephone or electronic means, 1 hour after 
                        receiving the request for removal; or
                            ``(ii) in the case of a request that is by 
                        mail, 3 business days after receiving the 
                        request for removal.
                    ``(D) Third-party requests.--If a third party 
                requests access to a consumer report of a consumer with 
                respect to which a security freeze is in effect, where 
                such request is in connection with an application for 
                credit, and the consumer does not allow such consumer 
                report to be accessed, the third party may treat the 
                application as incomplete.
            ``(4) Exceptions.--A security freeze shall not apply to the 
        making of a consumer report for use of the following:
                    ``(A) A person or entity, or a subsidiary, 
                affiliate, or agent of that person or entity, or an 
                assignee of a financial obligation owed by the consumer 
                to that person or entity, or a prospective assignee of 
                a financial obligation owed by the consumer to that 
                person or entity in conjunction with the proposed 
                purchase of the financial obligation, with which the 
                consumer has or had prior to assignment an account or 
                contract including a demand deposit account, or to whom 
                the consumer issued a negotiable instrument, for the 
                purposes of reviewing the account or collecting the 
                financial obligation owed for the account, contract, or 
                negotiable instrument. For purposes of this 
                subparagraph, `reviewing the account' includes 
                activities related to account maintenance, monitoring, 
                credit line increases, and account upgrades and 
                enhancements.
                    ``(B) A subsidiary, affiliate, agent, assignee, or 
                prospective assignee of a person to whom access has 
                been granted for purposes of facilitating the extension 
                of credit or other permissible use.
                    ``(C) Any Federal, State, or local agency, law 
                enforcement agency, trial court, or private collection 
                agency acting pursuant to a court order, warrant, or 
                subpoena.
                    ``(D) A child support agency acting pursuant to 
                part D of title IV of the Social Security Act (42 
                U.S.C. 651 et seq.).
                    ``(E) A State or its agents or assigns acting to 
                investigate fraud or acting to investigate or collect 
                delinquent taxes or unpaid court orders or to fulfill 
                any of its other statutory responsibilities, provided 
                such responsibilities are consistent with a permissible 
                purpose under section 604.
                    ``(F) By a person using credit information for the 
                purposes described under section 604(c).
                    ``(G) Any person or entity administering a credit 
                file monitoring subscription or similar service to 
                which the consumer has subscribed.
                    ``(H) Any person or entity for the purpose of 
                providing a consumer with a copy of the consumer's 
                consumer report or credit score, upon the request of 
                the consumer.
                    ``(I) Any person using the information in 
                connection with the underwriting of insurance.
                    ``(J) Any person using the information for 
                employment, tenant, or background screening purposes.
            ``(5) Notice of rights.--At any time a consumer is required 
        to receive a summary of rights required under section 609, the 
        following notice shall be included:

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

    ```You have a right to place a ``security freeze'' on your credit 
report, which will prohibit a consumer reporting agency from releasing 
information in your credit report without your express authorization. 
The security freeze is designed to prevent credit, loans, and services 
from being approved in your name without your consent. However, you 
should be aware that using a security freeze to take control over who 
gets access to the personal and financial information in your credit 
report may delay, interfere with, or prohibit the timely approval of 
any subsequent request or application you make regarding a new loan, 
credit, mortgage, or any other account involving the extension of 
credit.
    ```As an alternative to a security freeze, you have the right to 
place an initial or extended fraud alert on your credit file at no 
cost. An initial fraud alert is a 1-year alert that is placed on a 
consumer's credit file. Upon seeing a fraud alert display on a 
consumer's credit file, a business is required to take steps to verify 
the consumer's identity before extending new credit. If you are a 
victim of identity theft, you are entitled to an extended fraud alert, 
which is a fraud alert lasting 7 years.
    ```A security freeze does not apply to a person or entity, or its 
affiliates, or collection agencies acting on behalf of the person or 
entity, with which you have an existing account that requests 
information in your credit report for the purposes of reviewing or 
collecting the account. Reviewing the account includes activities 
related to account maintenance, monitoring, credit line increases, and 
account upgrades and enhancements.'.
            ``(6) Webpage.--
                    ``(A) Consumer reporting agencies.--A consumer 
                reporting agency shall establish a webpage that--
                            ``(i) allows a consumer to request a 
                        security freeze;
                            ``(ii) allows a consumer to request an 
                        initial fraud alert;
                            ``(iii) allows a consumer to request an 
                        extended fraud alert;
                            ``(iv) allows a consumer to request an 
                        active duty fraud alert;
                            ``(v) allows a consumer to opt-out of the 
                        use of information in a consumer report to send 
                        the consumer a solicitation of credit or 
                        insurance, in accordance with section 615(d); 
                        and
                            ``(vi) shall not be the only mechanism by 
                        which a consumer may request a security freeze.
                    ``(B) FTC.--The Federal Trade Commission shall 
                establish a single webpage that includes a link to each 
                webpage established under subparagraph (A) within the 
                Federal Trade Commission's website 
                www.Identitytheft.gov, or a successor website.
    ``(j) National Protection for Files and Credit Records of Minors.--
            ``(1) Definitions.--As used in this subsection:
                    ``(A) The term `consumer reporting agency' means a 
                consumer reporting agency described in section 603(p).
                    ``(B) The term `minor' means an individual who is 
                under the age of 16 years at the time a request for the 
                placement of a security freeze is made.
                    ``(C) The term `minor's representative' means a 
                person who provides to a consumer reporting agency 
                sufficient proof of authority to act on behalf of a 
                minor.
                    ``(D) The term `record' means a compilation of 
                information that--
                            ``(i) identifies a minor;
                            ``(ii) is created by a consumer reporting 
                        agency solely for the purpose of complying with 
                        this subsection; and
                            ``(iii) may not be created or used to 
                        consider the minor's credit worthiness, credit 
                        standing, credit capacity, character, general 
                        reputation, personal characteristics, or mode 
                        of living.
                    ``(E) The term `security freeze' means a 
                restriction that prohibits a consumer reporting agency 
                from disclosing the contents of a consumer report that 
                is the subject of such security freeze or, in the case 
                of a minor for whom the consumer reporting agency does 
                not have a file, a record that is subject to such 
                security freeze to any person requesting the consumer 
                report for the purpose of opening a new account 
                involving the extension of credit.
                    ``(F) The term `sufficient proof of authority' 
                means documentation that shows a minor's representative 
                has authority to act on behalf of a minor and 
                includes--
                            ``(i) an order issued by a court of law;
                            ``(ii) a lawfully executed and valid power 
                        of attorney;
                            ``(iii) a document issued by a Federal, 
                        State, or local government agency in the United 
                        States showing proof of parentage, including a 
                        birth certificate; or
                            ``(iv) with respect to a minor who has been 
                        placed in a foster care setting, a written 
                        communication from a county welfare department 
                        or its agent or designee, or a county probation 
                        department or its agent or designee, certifying 
                        that the minor is in a foster care setting 
                        under its jurisdiction.
                    ``(G) The term `sufficient proof of identification' 
                means information or documentation that identifies a 
                minor and a minor's representative and includes--
                            ``(i) a social security number or a copy of 
                        a social security card issued by the Social 
                        Security Administration;
                            ``(ii) a certified or official copy of a 
                        birth certificate issued by the entity 
                        authorized to issue the birth certificate; or
                            ``(iii) a copy of a driver's license, an 
                        identification card issued by the motor vehicle 
                        administration, or any other government issued 
                        identification.
            ``(2) Placement of security freeze for a minor.--
                    ``(A) In general.--Upon receiving a direct request 
                from a minor's representative that a consumer reporting 
                agency place a security freeze, and upon receiving 
                sufficient proof of identification and sufficient proof 
                of authority, the consumer reporting agency shall, free 
                of charge, place the security freeze not later than--
                            ``(i) in the case of a request that is by 
                        telephone or electronic means, 1 business day 
                        after receiving the request directly from the 
                        minor's representative; or
                            ``(ii) in the case of a request that is by 
                        mail, 3 business days after receiving the 
                        request directly from the minor's 
                        representative.
                    ``(B) Confirmation and additional information.--Not 
                later than 5 business days after placing a security 
                freeze under subparagraph (A), a consumer reporting 
                agency shall--
                            ``(i) send confirmation of the placement to 
                        the minor's representative; and
                            ``(ii) inform the minor's representative of 
                        the process by which the minor may remove the 
                        security freeze, including a mechanism to 
                        authenticate the minor's representative.
                    ``(C) Creation of file.--If a consumer reporting 
                agency does not have a file pertaining to a minor when 
                the consumer reporting agency receives a direct request 
                under subparagraph (A), the consumer reporting agency 
                shall create a record for the minor.
            ``(3) Prohibition on release of record or file of minor.--
        After a security freeze has been placed under paragraph (2)(A), 
        and unless the security freeze is removed in accordance with 
        this subsection, a consumer reporting agency may not release 
        the minor's consumer report, any information derived from the 
        minor's consumer report, or any record created for the minor.
            ``(4) Removal of a minor security freeze.--
                    ``(A) In general.--A consumer reporting agency 
                shall remove a security freeze placed on the consumer 
                report of a minor only in the following cases:
                            ``(i) Upon the direct request of the 
                        minor's representative.
                            ``(ii) Upon the direct request of the 
                        minor, if the minor is not under the age of 16 
                        years at the time of the request.
                            ``(iii) The security freeze was placed due 
                        to a material misrepresentation of fact by the 
                        minor's representative.
                    ``(B) Notice if removal not by request.--If a 
                consumer reporting agency removes a security freeze 
                under subparagraph (A)(iii), the consumer reporting 
                agency shall notify the minor's representative in 
                writing prior to removing the security freeze.
                    ``(C) Removal of freeze by request.--Except as 
                provided in subparagraph (A)(iii), a security freeze 
                shall remain in place until a minor's representative or 
                minor described in subparagraph (A)(ii) directly 
                requests that the security freeze be removed. Upon 
                receiving a direct request from the minor's 
                representative or minor described in subparagraph 
                (A)(ii) that a consumer reporting agency remove a 
                security freeze, and upon receiving sufficient proof of 
                identification and sufficient proof of authority, the 
                consumer reporting agency shall, free of charge, remove 
                the security freeze not later than--
                            ``(i) in the case of a request that is by 
                        telephone or electronic means, 1 hour after 
                        receiving the request for removal; or
                            ``(ii) in the case of a request that is by 
                        mail, 3 business days after receiving the 
                        request for removal.''.
    (b) Conforming Amendment.--Section 625(b)(1) of the Fair Credit 
Reporting Act (15 U.S.C. 1681t(b)(1)) is amended--
            (1) in subparagraph (H), by striking ``or'' at the end;
            (2) in subparagraph (I), by adding ``or'' at the end; and
            (3) by adding at the end the following:
                    ``(J) subsections (i) and (j) of section 605A 
                relating to security freezes;''.
    (c) Effective Date.--The amendments made by this section shall take 
effect on the date that is 120 days after the date of enactment of this 
Act.

SEC. 302. PROTECTING VETERANS' CREDIT.

    (a) Purposes.--The purposes of this section are--
            (1) to rectify problematic reporting of medical debt 
        included in a consumer report of a veteran due to inappropriate 
        or delayed payment for hospital care or medical services 
        provided in a non-Department of Veterans Affairs facility under 
        the laws administered by the Secretary of Veterans Affairs; and
            (2) to clarify the process of debt collection for such 
        medical debt.
    (b) Amendments to Fair Credit Reporting Act.--
            (1) Veteran's medical debt defined.--Section 603 of the 
        Fair Credit Reporting Act (15 U.S.C. 1681a) is amended by 
        adding at the end the following:
    ``(z) Veteran.--The term `veteran' has the meaning given the term 
in section 101 of title 38, United States Code.
    ``(aa) Veteran's Medical Debt.--The term `veteran's medical debt'--
        <DELETED>    ``(1) means a debt of a veteran arising from 
        health care provided in a non-Department of Veterans Affairs 
        facility under the laws administered by the Secretary of 
        Veterans Affairs; and</DELETED>
            ``(1) means a medical collection debt of a veteran owed to 
        a health care provider in a non-Department of Veterans Affairs 
        facility that was submitted to the Department of Veterans 
        Affairs for repayment by the Veterans Choice Fund established 
        by section 802 of the Veterans Access, Choice, and 
        Accountability Act of 2014 (38 U.S.C. 1701 note); and
            ``(2) includes medical collection debt that the Department 
        of Veterans Affairs has wrongfully charged a veteran.''.
            (2) Exclusion for veteran's medical debt.--Section 605(a) 
        of the Fair Credit Reporting Act (15 U.S.C. 1681c(a)) is 
        amended by adding at the end the following:
            ``(7) Any With respect to a consumer reporting agency 
        described in section 603(p), any information related to a 
        veteran's medical debt if the date on which the hospital care 
        or medical services was rendered relating to the debt antedates 
        the report by less than 1 year if the consumer reporting agency 
        has actual knowledge that the information is related to a 
        veteran's medical debt and the consumer reporting agency is in 
        compliance with its obligation under section 302(c)(5) of the 
        Economic Growth, Regulatory Relief, and Consumer Protection 
        Act.
            ``(8) Any With respect to a consumer reporting agency 
        described in section 603(p), any information related to a fully 
        paid or settled veteran's medical debt that had been 
        characterized as delinquent, charged off, or in collection if 
        the consumer reporting agency has actual knowledge that the 
        information is related to a veteran's medical debt and the 
        consumer reporting agency is in compliance with its obligation 
        under section 302(c)(5) of the Economic Growth, Regulatory 
        Relief, and Consumer Protection Act.''.
            (3) Removal of veteran's medical debt from consumer 
        report.--Section 611 of the Fair Credit Reporting Act (15 
        U.S.C. 1681i) is amended--
                    (A) in subsection (a)(1)(A), by inserting ``and 
                except as provided in subsection (g)'' after 
                ``subsection (f)''; and
                    (B) by adding at the end the following:
    ``(g) Dispute Process for Veteran's Medical Debt.--
            ``(1) In general.--With respect to a veteran's medical debt 
         of a consumer, the consumer, the veteran may submit a notice 
        described in paragraph (2)  along with, proof of liability of 
        the Department of Veterans Affairs for payment of that debt, or 
        documentation that the Department of Veterans Affairs is in the 
        process of making payment for authorized medical services 
        rendered to a consumer reporting agency or a reseller to 
        dispute the inclusion of that debt on a consumer report of the 
        consumer veteran.
            ``(2) Notification to veteran.--The Department of Veterans 
        Affairs shall submit to a veteran a notice that the Department 
        of Veterans Affairs has assumed liability for part or all of a 
        veteran's medical debt.
            ``(3) Deletion of information from file.--If a consumer 
        reporting agency receives notice  and, proof of liability, or 
        documentation under paragraph (1), the consumer reporting 
        agency shall delete all information relating to the veteran's 
        medical debt from the file of the consumer veteran and notify 
        the furnisher and the consumer veteran of that deletion.''.
    (c) Verification of Veteran's Medical Debt.--
            (1) Definitions.--For purposes of this subsection--
                    (A) the term ``consumer reporting agency'' means a 
                consumer reporting agency described in section 603(p) 
                of the Fair Credit Reporting Act (15 U.S.C. 1681a(p)); 
                and
                    (B) the terms ``veteran'' and ``veteran's medical 
                debt'' have the meanings given those terms in section 
                603 of the Fair Credit Reporting Act (15 U.S.C. 1681a), 
                as added by subsection (b)(1).
            (2) Establishment.--Not later than 1 year after the date of 
        enactment of this Act, the Secretary of Veterans Affairs shall 
        establish a database to allow consumer reporting agencies to 
        verify whether a debt furnished to a consumer reporting agency 
        is a veteran's medical debt.
            (3) Database features.--The Secretary of Veterans Affairs 
        shall ensure that the database established under paragraph (2) 
        provides consumer reporting agencies with--
                    (A) sufficiently detailed and specific information 
                to verify whether a debt being furnished to the 
                consumer reporting agency is a veteran's medical debt;
                    (B) access to verification information in a secure 
                electronic format;
                    (C) timely access to verification information; and
                    (D) any other features that would promote the 
                efficient, timely, and secure delivery of information 
                that consumer reporting agencies could use to verify 
                whether a debt is a veteran's medical debt.
            (4) Stakeholder input.--Prior to establishing the database 
        for verification under paragraph (2), the Secretary of Veterans 
        Affairs shall publish in the Federal Register a notice and 
        request for comment that solicits input from consumer reporting 
        agencies and other stakeholders.
            (5) Verification.--Provided the database established under 
        paragraph (2) is fully functional and the data available to 
        consumer reporting agencies, a consumer reporting agency shall 
        use the database as a means to identify a veteran's medical 
        debt pursuant to paragraphs (7) and (8) of section 605(a) of 
        the Fair Credit Reporting Act (15 U.S.C. 1681c(a)), as added by 
        subsection (b)(2).
    (c)(d) Effective Date.--The amendments made by this section shall 
take effect on the date that is 180 days 1 year after the date of 
enactment of this Act.

SEC. 303. IMMUNITY FROM SUIT FOR DISCLOSURE OF FINANCIAL EXPLOITATION 
              OF SENIOR CITIZENS.

    (a) Immunity.--
            (1) Definitions.--In this section--
                    (A) the term ``Bank Secrecy Act officer'' means an 
                individual responsible for ensuring compliance with the 
                requirements mandated by subchapter II of chapter 53 of 
                title 31, United States Code (commonly known as the 
                ``Bank Secrecy Act'');
                    (B) the term ``broker-dealer'' means a broker and a 
                dealer, as those terms are defined in section 3(a) of 
                the Securities Exchange Act of 1934 (15 U.S.C. 78c(a));
                    (C) the term ``covered agency'' means--
                            (i) a State financial regulatory agency, 
                        including a State securities or law enforcement 
                        authority and a State insurance regulator;
                            (ii) each of the entities Federal agencies 
                        represented in the membership of the Financial 
                        Institutions Examination Council established 
                        under section 1004 of the Federal Financial 
                        Institutions Examination Council Act of 1978 
                        (12 U.S.C. 3303);
                            (iii) a securities association registered 
                        under section 15A of the Securities Exchange 
                        Act of 1934 (15 U.S.C. 78o-3);
                            (iv) the Securities and Exchange 
                        Commission;
                            (v) a law enforcement agency; and or
                            (vi) a State or local agency responsible 
                        for administering adult protective service 
                        laws;
                    (D) the term ``covered financial institution'' 
                means--
                            (i) a credit union;
                            (ii) a depository institution;
                            (iii) an investment adviser;
                            (iv) a broker-dealer;
                            (v) an insurance company;
                            (vi) an insurance agency; and or
                            (vii) a transfer agent;
                    (E) the term ``credit union'' has the meaning given 
                the term in section 2 of the Dodd-Frank Wall Street 
                Reform and Consumer Protection Act (12 U.S.C. 5301);
                    (F) the term ``depository institution'' has the 
                meaning given the term in section 3(c) of the Federal 
                Deposit Insurance Act (12 U.S.C. 1813(c));
                    (G) the term ``exploitation'' means the fraudulent 
                or otherwise illegal, unauthorized, or improper act or 
                process of an individual, including a caregiver or a 
                fiduciary, that--
                            (i) uses the resources of a senior citizen 
                        for monetary or personal benefit, profit, or 
                        gain; or
                            (ii) results in depriving a senior citizen 
                        of rightful access to or use of benefits, 
                        resources, belongings, or assets;
                    (H) the term ``insurance agency'' means any 
                business entity that sells, solicits, or negotiates 
                insurance coverage;
                    (I) the term ``insurance company'' has the meaning 
                given the term in section 2(a) of the Investment 
                Company Act of 1940 (15 U.S.C. 80a-2(a));
                    (J) the term ``insurance producer'' means an 
                individual who is required under State law to be 
                licensed in order to sell, solicit, or negotiate 
                insurance coverage;
                    (K) the term ``investment adviser'' has the meaning 
                given the term in section 202(a) of the Investment 
                Advisers Act of 1940 (15 U.S.C. 80b-2(a));
                    (L) the term ``investment adviser representative'' 
                means an individual who--
                            (i) is employed by, or associated with, an 
                        investment adviser; and
                            (ii) does not perform solely clerical or 
                        ministerial acts;
                    (M) the term ``registered representative'' means an 
                individual who represents a broker-dealer in effecting 
                or attempting to effect a purchase or sale of 
                securities;
                    (N) the term ``senior citizen'' means an individual 
                who is not younger than 65 years of age;
                    (O) the term ``State'' means each of the several 
                States, the District of Columbia, and any territory or 
                possession of the United States;
                    (P) the term ``State insurance regulator'' has the 
                meaning given the term in section 315 of the Gramm-
                Leach-Bliley Act (15 U.S.C. 6735);
                    (Q) the term ``State securities or law enforcement 
                authority'' has the meaning given the term in section 
                24(f)(4) of the Securities Exchange Act of 1934 (15 
                U.S.C. 78x(f)(4)); and
                    (R) the term ``transfer agent'' has the meaning 
                given the term in section 3(a) of the Securities 
                Exchange Act of 1934 (15 U.S.C. 78c(a)).
            (2) Immunity from suit.--
                    (A) Immunity for individuals.--An individual who 
                has received the training described in subsection (b) 
                shall not be liable, including in any civil or 
                administrative proceeding, for disclosing the suspected 
                exploitation of a senior citizen to a covered agency if 
                the individual, at the time of the disclosure--
                            (i) served as a supervisor or compliance 
                        officer in a compliance or legal function 
                        (including as a Bank Secrecy Act officer) for, 
                        or, in the case of a registered representative, 
                        investment adviser representative, or insurance 
                        producer, was affiliated or associated with, a 
                        covered financial institution; and
                            (ii) made the disclosure--
                                    (I) in good faith; and
                                    (II) with reasonable care.
                    (B) Immunity for covered financial institutions.--A 
                covered financial institution shall not be liable, 
                including in any civil or administrative proceeding, 
                for a disclosure made by an individual described in 
                subparagraph (A) if--
                            (i) the individual was employed by, or, in 
                        the case of a registered representative, 
                        insurance producer, or investment adviser 
                        representative, affiliated or associated with, 
                        the covered financial institution at the time 
                        of the disclosure; and
                            (ii) before the time of the disclosure, 
                        each individual described in subsection (b)(1) 
                        received the training described in subsection 
                        (b).
                    (C) Rule of construction.--Nothing in subparagraph 
                (A) or (B) shall be construed to limit the liability of 
                an individual or a covered financial institution in a 
                civil action for any act, omission, or fraud that is 
                not a disclosure described in subparagraph (A).
    (b) Training.--
            (1) In general.--A covered financial institution or a third 
        party selected by a covered financial institution may provide 
        the training described in paragraph (2)(A) to each officer or 
        employee of, or registered representative, insurance producer, 
        or investment adviser representative affiliated or associated 
        with, the covered financial institution who--
                    (A) is described in subsection (a)(2)(A)(i);
                    (B) may come into contact with a senior citizen as 
                a regular part of the professional duties of the 
                individual; or
                    (C) may review or approve the financial documents, 
                records, or transactions of a senior citizen in 
                connection with providing financial services to a 
                senior citizen.
            (2) Content.--
                    (A) In general.--The content of the training that a 
                covered financial institution or a third party selected 
                by the covered financial institution may provide under 
                paragraph (1) shall--
                            (i) be maintained by the covered financial 
                        institution and made available to a covered 
                        agency with examination authority over the 
                        covered financial institution, upon request, 
                        except that a covered financial institution 
                        shall not be required to maintain or make 
                        available such content with respect to any 
                        individual who is no longer employed by, or 
                        affiliated or associated with, the covered 
                        financial institution;
                            (ii) instruct any individual attending the 
                        training on how to identify and report the 
                        suspected exploitation of a senior citizen 
                        internally and, as appropriate, to government 
                        officials or law enforcement authorities, 
                        including common signs that indicate the 
                        financial exploitation of a senior citizen;
                            (iii) discuss the need to protect the 
                        privacy and respect the integrity of each 
                        individual customer of the covered financial 
                        institution; and
                            (iv) be appropriate to the job 
                        responsibilities of the individual attending 
                        the training.
                    (B) Timing.--The training under paragraph (1) shall 
                be provided--
                            (i) as soon as reasonably practicable; and
                            (ii) with respect to an individual who 
                        begins employment, or becomes affiliated or 
                        associated, with a covered financial 
                        institution after the date of enactment of this 
                        Act, not later than 1 year after the date on 
                        which the individual becomes employed by, or 
                        affiliated or associated with, the covered 
                        financial institution in a position described 
                        in subparagraph (A), (B), or (C) of paragraph 
                        (1).
                    (C) Records.--A covered financial institution 
                shall--
                            (i) maintain a record of each individual 
                        who--
                                    (I) is employed by, or affiliated 
                                or associated with, the covered 
                                financial institution in a position 
                                described in subparagraph (A), (B), or 
                                (C) of paragraph (1); and
                                    (II) has completed the training 
                                under paragraph (1), regardless of 
                                whether the training was--
                                            (aa) provided by the 
                                        covered financial institution 
                                        or a third party selected by 
                                        the covered financial 
                                        institution;
                                            (bb) completed before the 
                                        individual was employed by, or 
                                        affiliated or associated with, 
                                        the covered financial 
                                        institution; and
                                            (cc) completed before, on, 
                                        or after the date of enactment 
                                        of this Act; and
                            (ii) upon request, provide a record 
                        described in clause (i) to a covered agency 
                        with examination authority over the covered 
                        financial institution.
    (c) Relationship to State Law.--Nothing in this section shall be 
construed to preempt or limit any provision of State law, except only 
to the extent that subsection (a) provides a greater level of 
protection against liability to an individual described in subsection 
(a)(2)(A) or to a covered financial institution described in subsection 
(a)(2)(B) than is provided under State law.

SEC. 304. RESTORATION OF THE PROTECTING TENANTS AT FORECLOSURE ACT OF 
              2009.

    (a) Repeal of Sunset Provision.--Section 704 of the Protecting 
Tenants at Foreclosure Act of 2009 (12 U.S.C. 5201 note; 12 U.S.C. 5220 
note; 42 U.S.C. 1437f note) is repealed.
    (b) Restoration.--Sections 701 through 703 of the Protecting 
Tenants at Foreclosure Act of 2009, the provisions of law amended or 
repealed by such sections, and any regulations promulgated pursuant to 
such sections, as were in effect on December 30, 2014, are restored and 
revived.
    (c) Effective Date.--Subsections (a) and (b) shall take effect on 
the date that is 30 days after the date of enactment of this Act.

SEC. 305. REMEDIATING LEAD AND ASBESTOS HAZARDS.

    Section 109(a)(1) of the Emergency Economic Stabilization Act of 
2008 (12 U.S.C. 5219(a)(1)) is amended, in the second sentence, by 
inserting ``and to remediate lead and asbestos hazards in residential 
properties'' before the period at the end.

SEC. 306. FAMILY SELF-SUFFICIENCY PROGRAM.

    (a) In General.--Section 23 of the United States Housing Act of 
1937 (42 U.S.C. 1437u) is amended--
            (1) in subsection (a)--
                    (A) by striking ``public housing and''; and
                    (B) by striking ``the certificate and voucher 
                programs under section 8'' and inserting ``sections 8 
                and 9'';
            (2) by amending subsection (b) to read as follows:
    ``(b) Continuation of Prior Required Programs.--
            ``(1) In general.--Each public housing agency that was 
        required to administer a local Family Self-Sufficiency program 
        on the date of enactment of the Economic Growth, Regulatory 
        Relief, and Consumer Protection Act shall operate such local 
        program for, at a minimum, the number of families the agency 
        was required to serve on the date of enactment of such Act, 
        subject only to the availability under appropriations Acts of 
        sufficient amounts for housing assistance and the requirements 
        of paragraph (2).
            ``(2) Reduction.--The number of families for which a public 
        housing agency is required to operate such local program under 
        paragraph (1) shall be decreased by 1 for each family from any 
        supported rental housing program administered by such agency 
        that, after October 21, 1998, fulfills its obligations under 
        the contract of participation.
            ``(3) Exception.--The Secretary shall not require a public 
        housing agency to carry out a mandatory program for a period of 
        time upon the request of the public housing agency and upon a 
        determination by the Secretary that implementation is not 
        feasible because of local circumstances, which may include--
                    ``(A) lack of supportive services accessible to 
                eligible families, which shall include insufficient 
                availability of resources for programs under title I of 
                the Workforce Investment Act of 1998 (29 U.S.C. 2801 et 
                seq.);
                    ``(B) lack of funding for reasonable administrative 
                costs;
                    ``(C) lack of cooperation by other units of State 
                or local government; or
                    ``(D) any other circumstances that the Secretary 
                may consider appropriate.'';
            (3) by striking subsection (i);
            (4) by redesignating subsections (c), (d), (e), (f), (g), 
        and (h) as subsections (d), (e), (f), (g), (h), and (i) 
        respectively;
            (5) by inserting after subsection (b), as amended, the 
        following:
    ``(c) Eligibility.--
            ``(1) Eligible families.--A family is eligible to 
        participate in a local Family Self-Sufficiency program under 
        this section if--
                    ``(A) at least 1 household member seeks to become 
                and remain employed in suitable employment or to 
                increase earnings; and
                    ``(B) the household member receives direct 
                assistance under section 8 or resides in a unit 
                assisted under section 8 or 9.
            ``(2) Eligible entities.--The following entities are 
        eligible to administer a local Family Self-Sufficiency program 
        under this section:
                    ``(A) A public housing agency administering housing 
                assistance to or on behalf of an eligible family under 
                section 8 or 9.
                    ``(B) The owner or sponsor of a multifamily 
                property receiving project-based rental assistance 
                under section 8, in accordance with the requirements 
                under subsection (l).'';
            (6) in subsection (d), as so redesignated--
                    (A) in paragraph (1)--
                            (i) by striking ``public housing agency'' 
                        the first time it appears and inserting 
                        ``eligible entity'';
                            (ii) in the first sentence, by striking 
                        ``each leaseholder receiving assistance under 
                        the certificate and voucher programs of the 
                        public housing agency under section 8 or 
                        residing in public housing administered by the 
                        agency'' and inserting ``a household member of 
                        an eligible family''; and
                            (iii) by striking the third sentence and 
                        inserting the following: ``Housing assistance 
                        may not be terminated as a consequence of 
                        either successful completion of the contract of 
                        participation or failure to complete such 
                        contract. A contract of participation shall 
                        remain in effect until the participating family 
                        exits the Family Self-Sufficiency program upon 
                        successful graduation or expiration of the 
                        contract of participation, or for other good 
                        cause.'';
                    (B) in paragraph (2)--
                            (i) in the matter preceding subparagraph 
                        (A)--
                                    (I) in the first sentence--
                                            (aa) by striking ``A local 
                                        program under this section'' 
                                        and inserting ``An eligible 
                                        entity'';
                                            (bb) by striking 
                                        ``provide'' and inserting 
                                        ``coordinate''; and
                                            (cc) by striking ``to'' and 
                                        inserting ``for''; and
                                    (II) in the second sentence--
                                            (aa) by striking ``provided 
                                        during'' and inserting 
                                        ``coordinated for'';
                                            (bb) by striking ``under 
                                        section 8 or residing in public 
                                        housing'' and inserting 
                                        ``pursuant to section 8 or 9 
                                        and for the duration of the 
                                        contract of participation''; 
                                        and
                                            (cc) by inserting ``, but 
                                        are not limited to'' after 
                                        ``may include'';
                            (ii) in subparagraph (D), by inserting ``or 
                        attainment of a high school equivalency 
                        certificate'' after ``high school'';
                            (iii) by striking subparagraph (G);
                            (iv) by redesignating subparagraphs (E), 
                        (F), and (J) as subparagraphs (F), (G), and (K) 
                        respectively;
                            (v) by inserting after subparagraph (D) the 
                        following:
                    ``(E) education in pursuit of a post-secondary 
                degree or certification;'';
                            (vi) in subparagraph (H), by inserting 
                        ``financial literacy, such as training in 
                        financial management, financial coaching, and 
                        asset building, and'' after ``training in'';
                            (vii) in subparagraph (I), by striking 
                        ``and'' at the end; and
                            (viii) by inserting after subparagraph (I) 
                        the following:
                    ``(J) homeownership education and assistance; 
                and''; and
                    (C) in paragraph (3)--
                            (i) in the first sentence, by inserting 
                        ``the first recertification of income after'' 
                        after ``not later than 5 years after''; and
                            (ii) in the second sentence--
                                    (I) by striking ``public housing 
                                agency'' and inserting ``eligible 
                                entity''; and
                                    (II) by striking ``of the agency'';
                    (D) by amending paragraph (4) to read as follows:
            ``(4) Employment.--The contract of participation shall 
        require 1 household member of the participating family to seek 
        and maintain suitable employment.''; and
                    (E) by adding at the end the following:
            ``(5) Nonparticipation.--Assistance under section 8 or 9 
        for a family that elects not to participate in a Family Self-
        Sufficiency program shall not be delayed by reason of such 
        election.'';
            (7) in subsection (e), as so redesignated--
                    (A) in paragraph (1), by striking ``whose monthly 
                adjusted income does not exceed 50 percent'' and all 
                that follows through the period at the end of the third 
                sentence and inserting ``shall be calculated under the 
                rental provisions of section 3 or section 8(o), as 
                applicable.'';
                    (B) in paragraph (2)--
                            (i) by striking the first sentence and 
                        inserting the following: ``For each 
                        participating family, an amount equal to any 
                        increase in the amount of rent paid by the 
                        family in accordance with the provisions of 
                        section 3 or 8(o), as applicable, that is 
                        attributable to increases in earned income by 
                        the participating family, shall be placed in an 
                        interest-bearing escrow account established by 
                        the eligible entity on behalf of the 
                        participating family. Notwithstanding any other 
                        provision of law, an eligible entity may use 
                        funds it controls under section 8 or 9 for 
                        purposes of making the escrow deposit for 
                        participating families assisted under, or 
                        residing in units assisted under, section 8 or 
                        9, respectively, provided such funds are offset 
                        by the increase in the amount of rent paid by 
                        the participating family.'';
                            (ii) by striking the second sentence and 
                        inserting the following: ``All Family Self-
                        Sufficiency programs administered under this 
                        section shall include an escrow account.'';
                            (iii) in the fourth sentence, by striking 
                        ``subsection (c)'' and inserting ``subsection 
                        (d)''; and
                            (iv) in the last sentence--
                                    (I) by striking ``A public housing 
                                agency'' and inserting ``An eligible 
                                entity''; and
                                    (II) by striking ``the public 
                                housing agency'' and inserting ``such 
                                eligible entity''; and
                    (C) by amending paragraph (3) to read as follows:
            ``(3) Forfeited escrow.--Any amount placed in an escrow 
        account established by an eligible entity for a participating 
        family as required under paragraph (2), that exists after the 
        end of a contract of participation by a household member of a 
        participating family that does not qualify to receive the 
        escrow, shall be used by the eligible entity for the benefit of 
        participating families in good standing.'';
            (8) in subsection (f), as so redesignated, by striking ``, 
        unless the income of the family equals or exceeds 80 percent of 
        the median income of the area (as determined by the Secretary 
        with adjustments for smaller and larger families)'';
            (9) in subsection (g), as so redesignated--
                    (A) in paragraph (1)--
                            (i) by striking ``public housing agency'' 
                        and inserting ``eligible entity'';
                            (ii) by striking ``the public housing 
                        agency'' and inserting ``such eligible 
                        entity''; and
                            (iii) by striking ``subsection (g)'' and 
                        inserting ``subsection (h)''; and
                    (B) in paragraph (2)--
                            (i) by striking ``public housing agency'' 
                        and inserting ``eligible entity'' each place 
                        that term appears;
                            (ii) by striking ``or the Job Opportunities 
                        and Basic Skills Training Program under part F 
                        of title IV of the Social Security Act'';
                            (iii) by inserting ``primary, secondary, 
                        and post-secondary'' after ``public and 
                        private''; and
                            (iv) in the second sentence, by inserting 
                        ``and tenants served by the program'' after 
                        ``the unit of general local government'';
            (10) in subsection (h), as so redesignated--
                    (A) in paragraph (1)--
                            (i) by striking ``public housing agency'' 
                        and inserting ``eligible entity'';
                            (ii) by striking ``participating in the'' 
                        and inserting ``carrying out a''; and
                            (iii) by striking ``to the Secretary'';
                    (B) in paragraph (2)--
                            (i) by striking ``public housing agency'' 
                        and inserting ``eligible entity'';
                            (ii) by striking ``subsection (f)'' and 
                        inserting ``subsection (g)'';
                            (iii) by striking ``residents of the public 
                        housing'' and inserting ``the current and 
                        prospective participants of the program''; and
                            (iv) by striking ``or the Job Opportunities 
                        and Basic Skills Training Program under part F 
                        of title IV of the Social Security Act''; and
                    (C) in paragraph (3)--
                            (i) in subparagraph (C)--
                                    (I) by striking ``subsection 
                                (c)(2)'' and inserting ``subsection 
                                (d)(2)'';
                                    (II) by striking ``provided to'' 
                                and inserting ``coordinated on behalf 
                                of participating'';
                                    (III) by inserting ``direct'' 
                                before ``assistance''; and
                                    (IV) by striking ``the section 8 
                                and public housing programs'' and 
                                inserting ``sections 8 and 9'';
                            (ii) in subparagraph (D)--
                                    (I) by striking ``subsection (d)'' 
                                and inserting ``subsection (e)''; and
                                    (II) by striking ``public housing 
                                agency'' and inserting ``eligible 
                                entity'';
                            (iii) in subparagraph (E), by striking 
                        ``deliver'' and inserting ``coordinate'';
                            (iv) in subparagraph (H), by striking ``the 
                        Job Opportunities and Basic Skills Training 
                        Program under part F of title IV of the Social 
                        Security Act and''; and
                            (v) in subparagraph (I), by striking 
                        ``public housing or section 8 assistance'' and 
                        inserting ``assistance under section 8 or 9'';
            (11) by amending subsection (i), as so redesignated, to 
        read as follows:
    ``(i) Family Self-Sufficiency Awards.--
            ``(1) In general.--Subject to appropriations, the Secretary 
        shall establish a formula by which annual funds shall be 
        awarded or as otherwise determined by the Secretary for the 
        costs incurred by an eligible entity in administering the 
        Family Self-Sufficiency program under this section.
            ``(2) Eligibility for awards.--The award established under 
        paragraph (1) shall provide funding for family self-sufficiency 
        coordinators as follows:
                    ``(A) Base award.--An eligible entity serving 25 or 
                more participants in the Family Self-Sufficiency 
                program under this section is eligible to receive an 
                award equal to the costs, as determined by the 
                Secretary, of 1 full-time family self-sufficiency 
                coordinator position. The Secretary may, by regulation 
                or notice, determine the policy concerning the award 
                for an eligible entity serving fewer than 25 such 
                participants, including providing prorated awards or 
                allowing such entities to combine their programs under 
                this section for purposes of employing a coordinator.
                    ``(B) Additional award.--An eligible entity that 
                meets performance standards set by the Secretary is 
                eligible to receive an additional award sufficient to 
                cover the costs of filling an additional family self-
                sufficiency coordinator position if such entity has 75 
                or more participating families, and an additional 
                coordinator for each additional 50 participating 
                families, or such other ratio as may be established by 
                the Secretary based on the award allocation evaluation 
                under subparagraph (E).
                    ``(C) State and regional agencies.--For purposes of 
                calculating the award under this paragraph, each 
                administratively distinct part of a State or regional 
                eligible entity may be treated as a separate agency.
                    ``(D) Determination of number of coordinators.--In 
                determining whether an eligible entity meets a specific 
                threshold for funding pursuant to this paragraph, the 
                Secretary shall consider the number of participants 
                enrolled by the eligible entity in its Family Self-
                Sufficiency program as well as other criteria 
                determined by the Secretary.
                    ``(E) Award allocation evaluation.--The Secretary 
                shall submit to Congress a report evaluating the award 
                allocation under this subsection, and make 
                recommendations based on this evaluation and other 
                related findings to modify such allocation, within 4 
                years after the date of enactment of the Economic 
                Growth, Regulatory Relief, and Consumer Protection Act, 
                and not less frequently than every 4 years thereafter. 
                The report requirement under this subparagraph shall 
                terminate after the Secretary has submitted 2 such 
                reports to Congress.
            ``(3) Renewals and allocation.--
                    ``(A) In general.--Funds allocated by the Secretary 
                under this subsection shall be allocated in the 
                following order of priority:
                            ``(i) First priority.--Renewal of the full 
                        cost of all coordinators in the previous year 
                        at each eligible entity with an existing Family 
                        Self-Sufficiency program that meets applicable 
                        performance standards set by the Secretary.
                            ``(ii) Second priority.--New or incremental 
                        coordinator funding authorized under this 
                        section.
                    ``(B) Guidance.--If the first priority, as 
                described in subparagraph (A)(i), cannot be fully 
                satisfied, the Secretary may prorate the funding for 
                each eligible entity, as long as--
                            ``(i) each eligible entity that has 
                        received funding for at least 1 part-time 
                        coordinator in the prior fiscal year is 
                        provided sufficient funding for at least 1 
                        part-time coordinator as part of any such 
                        proration; and
                            ``(ii) each eligible entity that has 
                        received funding for at least 1 full-time 
                        coordinator in the prior fiscal year is 
                        provided sufficient funding for at least 1 
                        full-time coordinator as part of any such 
                        proration.
            ``(4) Recapture or offset.--Any awards allocated under this 
        subsection by the Secretary in a fiscal year that have not been 
        spent by the end of the subsequent fiscal year or such other 
        time period as determined by the Secretary may be recaptured by 
        the Secretary and shall be available for providing additional 
        awards pursuant to paragraph (2)(B), or may be offset as 
        determined by the Secretary. Funds appropriated pursuant to 
        this section shall remain available for 3 years in order to 
        facilitate the re-use of any recaptured funds for this purpose.
            ``(5) Performance reporting.--Programs under this section 
        shall be required to report the number of families enrolled and 
        graduated, the number of established escrow accounts and 
        positive escrow balances, and any other information that the 
        Secretary may require. Program performance shall be reviewed 
        periodically as determined by the Secretary.
            ``(6) Incentives for innovation and high performance.--The 
        Secretary may reserve up to 5 percent of the amounts made 
        available under this subsection to provide support to or reward 
        Family Self-Sufficiency programs based on the rate of 
        successful completion, increased earned income, or other 
        factors as may be established by the Secretary.'';
            (12) in subsection (j)--
                    (A) by striking ``public housing agency'' and 
                inserting ``eligible entity'';
                    (B) by striking ``public housing'' before 
                ``units'';
                    (C) by striking ``in public housing projects 
                administered by the agency'';
                    (D) by inserting ``or coordination'' after 
                ``provision''; and
                    (E) by striking the last sentence;
            (13) in subsection (k), by striking ``public housing 
        agencies'' and inserting ``eligible entities'';
            (14) by striking subsection (n);
            (15) by striking subsection (o);
            (16) by redesignating subsections (l) and (m) as 
        subsections (m) and (n), respectively;
            (17) by inserting after subsection (k) the following:
    ``(l) Programs for Tenants in Privately Owned Properties With 
Project-Based Assistance.--
            ``(1) Voluntary availability of fss program.--The owner of 
        a privately owned property may voluntarily make a Family Self-
        Sufficiency program available to the tenants of such property 
        in accordance with procedures established by the Secretary. 
        Such procedures shall permit the owner to enter into a 
        cooperative agreement with a local public housing agency that 
        administers a Family Self-Sufficiency program or, at the 
        owner's option, operate a Family Self-Sufficiency program on 
        its own or in partnership with another owner. An owner, who 
        voluntarily makes a Family Self-Sufficiency program available 
        pursuant to this subsection, may access funding from any 
        residual receipt accounts for the property to hire a family 
        self-sufficiency coordinator or coordinators for their program.
            ``(2) Cooperative agreement.--Any cooperative agreement 
        entered into pursuant to paragraph (1) shall require the public 
        housing agency to open its Family Self-Sufficiency program 
        waiting list to any eligible family residing in the owner's 
        property who resides in a unit assisted under project-based 
        rental assistance.
            ``(3) Treatment of families assisted under this 
        subsection.--A public housing agency that enters into a 
        cooperative agreement pursuant to paragraph (1) may count any 
        family participating in its Family Self-Sufficiency program as 
        a result of such agreement as part of the calculation of the 
        award under subsection (i).
            ``(4) Escrow.--
                    ``(A) Cooperative agreement.--A cooperative 
                agreement entered into pursuant to paragraph (1) shall 
                provide for the calculation and tracking of the escrow 
                for participating residents and for the owner to make 
                available, upon request of the public housing agency, 
                escrow for participating residents, in accordance with 
                paragraphs (2) and (3) of subsection (e), residing in 
                units assisted under section 8.
                    ``(B) Calculation and tracking by owner.--The owner 
                of a privately owned property who voluntarily makes a 
                Family Self-Sufficiency program available pursuant to 
                paragraph (1) shall calculate and track the escrow for 
                participating residents and make escrow for 
                participating residents available in accordance with 
                paragraphs (2) and (3) of subsection (e).
            ``(5) Exception.--This subsection shall not apply to 
        properties assisted under section 8(o)(13).
            ``(6) Suspension of enrollment.--In any year, the Secretary 
        may suspend the enrollment of new families in Family Self-
        Sufficiency programs under this subsection based on a 
        determination that insufficient funding is available for this 
        purpose.'';
            (18) in subsection (m), as so redesignated--
                    (A) in paragraph (1)--
                            (i) in the first sentence, by striking 
                        ``Each public housing agency'' and inserting 
                        ``Each eligible entity'';
                            (ii) in the second sentence, by striking 
                        ``The report shall include'' and inserting 
                        ``The contents of the report shall include''; 
                        and
                            (iii) in subparagraph (D)--
                                    (I) by striking ``public housing 
                                agency'' and inserting ``eligible 
                                entity''; and
                                    (II) by striking ``local''; and
                    (B) in paragraph (2), by inserting ``and describing 
                any additional research needs of the Secretary to 
                evaluate the effectiveness of the program'' after 
                ``under paragraph (1)'';
            (19) in subsection (n), as so redesignated, by striking 
        ``may'' and inserting ``shall''; and
            (20) by adding at the end the following:
    ``(o) Definitions.--In this section:
            ``(1) Eligible entity.--The term `eligible entity' means an 
        entity that meets the requirements under subsection (c)(2) to 
        administer a Family Self-Sufficiency program under this 
        section.
            ``(2) Eligible family.--The term `eligible family' means a 
        family that meets the requirements under subsection (c)(1) to 
        participate in the Family Self-Sufficiency program under this 
        section.
            ``(3) Participating family.--The term `participating 
        family' means an eligible family that is participating in the 
        Family Self-Sufficiency program under this section.''.
    (b) Effective Date.--Not later than 360 days after the date of 
enactment of this Act, the Secretary of Housing and Urban Development 
shall issue regulations to implement this section and any amendments 
made by this section, and this section and any amendments made by this 
section shall take effect upon such issuance.

SEC. 307. REHABILITATION OF QUALIFIED EDUCATION LOANS.

    (a) In General.--Section 623(a)(1) of the Fair Credit Reporting Act 
(15 U.S.C. 1681s-2(a)(1)) is amended by adding at the end the 
following:
                    ``(E) Rehabilitation of qualified education 
                loans.--
                            ``(i) In general.--Notwithstanding any 
                        other provision of this section, a consumer may 
                        request a financial institution to remove from 
                        a consumer report a reported default regarding 
                        a qualified education loan, and such 
                        information shall not be considered inaccurate, 
                        if--
                                    ``(I) the financial institution 
                                chooses to offer a loan rehabilitation 
                                program which includes, without 
                                limitation, a requirement of the 
                                consumer to make consecutive on-time 
                                monthly payments in a number that 
                                demonstrates, in the assessment of the 
                                financial institution offering the loan 
                                rehabilitation program, a renewed 
                                ability and willingness to repay the 
                                loan; and
                                    ``(II) the requirements of the loan 
                                rehabilitation program described in 
                                subclause (I) are successfully met.
                            ``(ii) Banking agencies.--
                                    ``(I) In general.--If a financial 
                                institution is supervised by a Federal 
                                banking agency, the financial 
                                institution shall seek written approval 
                                concerning the terms and conditions of 
                                the loan rehabilitation program 
                                described in clause (i) from the 
                                appropriate Federal banking agency.
                                    ``(II) Feedback.--An appropriate 
                                Federal banking agency shall provide 
                                feedback to a financial institution 
                                within 120 days of a request for 
                                approval under subclause (I).
                            ``(iii) Limitation.--
                                    ``(I) In general.--A consumer may 
                                obtain the benefits available under 
                                this subsection with respect to 
                                rehabilitating a loan only 1 time per 
                                loan.
                                    ``(II) Rule of construction.--
                                Nothing in this subparagraph may be 
                                construed to require a financial 
                                institution to offer a loan 
                                rehabilitation program or to remove any 
                                reported default from a consumer report 
                                as a consideration of a loan 
                                rehabilitation program, except as 
                                described in clause (i).
                            ``(iv) Definitions.--For purposes of this 
                        subparagraph--
                                    ``(I) the term `appropriate Federal 
                                banking agency' has the meaning given 
                                the term in section 3 of the Federal 
                                Deposit Insurance Act (12 U.S.C. 1813); 
                                and
                                    ``(II) the term `qualified 
                                education loan' has the meaning given 
                                the term in section 221(d) of the 
                                Internal Revenue Code of 1986.''.
    (b) GAO Study.--
            (1) Study.--The Comptroller General of the United States 
        shall conduct a study, in consultation with the appropriate 
        Federal banking agencies, regarding--
                    (A) the implementation of subparagraph (E) of 
                section 623(a)(1) of the Fair Credit Reporting Act (15 
                U.S.C. 1681s-2(a)(1)) (referred to in this paragraph as 
                ``the provision''), as added by subsection (a);
                    (B) the estimated operational, compliance, and 
                reporting costs associated with the requirements of the 
                provision;
                    (C) the effects of the requirements of the 
                provision on the accuracy of credit reporting;
                    (D) the risks to safety and soundness, if any, 
                created by the loan rehabilitation programs described 
                in the provision; and
                    (E) a review of the effectiveness and impact on the 
                credit of participants in any loan rehabilitation 
                programs described in the provision and whether such 
                programs improved the ability of participants in the 
                programs to access credit products.
            (2) Report.--Not later than 1 year after the date of 
        enactment of this Act, the Comptroller General of the United 
        States shall submit to Congress a report that contains all 
        findings and determinations made in conducting the study 
        required under paragraph (1).

   TITLE IV--TAILORING REGULATIONS FOR CERTAIN BANK HOLDING COMPANIES

SEC. 401. ENHANCED SUPERVISION AND PRUDENTIAL STANDARDS FOR CERTAIN 
              BANK HOLDING COMPANIES.

    (a) In General.--Section 165 of the Financial Stability Act of 2010 
(12 U.S.C. 5365) is amended--
            (1) in subsection (a)--
                    (A) in paragraph (1), in the matter preceding 
                subparagraph (A), by striking ``$50,000,000,000'' and 
                inserting ``$250,000,000,000''; and
                    (B) in paragraph (2)--
                            (i) in subparagraph (A), by striking 
                        ``may'' and inserting ``shall'';
                            (ii) in subparagraph (B), by striking 
                        ``$50,000,000,000'' and inserting ``the 
                        applicable threshold''; and
                            (iii) by adding at the end the following:
                    ``(C) Risks to financial stability and safety and 
                soundness.--The Board of Governors may by order or rule 
                promulgated pursuant to section 553 of title 5, United 
                States Code, apply any prudential standard established 
                under this section to any bank holding company or bank 
                holding companies with total consolidated assets equal 
                to or greater than $100,000,000,000 to which the 
                prudential standard does not otherwise apply provided 
                that the Board of Governors--
                            ``(i) determines that application of the 
                        prudential standard is appropriate--
                                    ``(I) to prevent or mitigate risks 
                                to the financial stability of the 
                                United States, as described in 
                                paragraph (1); or
                                    ``(II) to promote the safety and 
                                soundness of the bank holding company 
                                or bank holding companies; and
                            ``(ii) takes into consideration the bank 
                        holding company's or bank holding companies' 
                        capital structure, riskiness, complexity, 
                        financial activities (including financial 
                        activities of subsidiaries), size, and any 
                        other risk-related factors that the Board of 
                        Governors deems appropriate.'';
            (2) in subsection (b)(1)--
                    (A) in subparagraph (A)(iv), by striking ``and 
                credit exposure report''; and
                    (B) in subparagraph (B)(ii), by inserting ``, 
                including credit exposure reports'' before the 
                semicolon at the end;
            (3) in subsection (d)(2), in the matter preceding 
        subparagraph (A), by striking ``shall'' and inserting ``may'';
            (4) in subsection (h)(2), by striking ``$10,000,000,000'' 
        each place that term appears and inserting ``$50,000,000,000'';
            (5) in subsection (i)--
                    (A) in paragraph (1)(B)(i)--
                            (i) by striking ``3'' and inserting ``2''; 
                        and
                            (ii) by striking ``, adverse,''; and
                    (B) in paragraph (2) (A)--
                            (i) in subparagraph (A)--
                                    (i)(I) in the first sentence, by 
                                striking ``semiannual'' and inserting 
                                ``periodic''; and
                                    (ii)(II) in the second sentence--
                                            (I)(aa) by striking 
                                        ``$10,000,000,000'' and 
                                        inserting ``$250,000,000,000''; 
                                        and
                                            (II)(bb) by striking 
                                        ``annual'' and inserting 
                                        ``periodic''; and
                            (ii) in subparagraph (C)(ii)--
                                    (I) by striking ``3'' and inserting 
                                ``2''; and
                                    (II) by striking ``, adverse,''; 
                                and
            (6) in subsection (j)(1), in the first sentence, by 
        striking ``$50,000,000,000'' and inserting 
        ``$250,000,000,000''.
    (b) Rule of Construction.--Nothing in subsection (a) shall be 
construed to limit--
            (1) the authority of the Board of Governors of the Federal 
        Reserve System, in prescribing prudential standards under 
        section 165 of the Financial Stability Act of 2010 (12 U.S.C. 
        5365) or any other law, to tailor or differentiate among 
        companies on an individual basis or by category, taking into 
        consideration their capital structure, riskiness, complexity, 
        financial activities (including financial activities of their 
        subsidiaries), size, and any other risk-related factors that 
        the Board of Governors deems appropriate; or
            (2) the supervisory, regulatory, or enforcement authority 
        of an appropriate Federal banking agency to further the safe 
        and sound operation of an institution under the supervision of 
        the appropriate Federal banking agency.
    (c) Technical and Conforming Amendments.--
            (1) Financial stability act of 2010.--The Financial 
        Stability Act of 2010 (12 U.S.C. 5311 et seq.) is amended--
                    (A) in section 115(a)(2)(B) (12 U.S.C. 
                5325(a)(2)(B)), by striking ``$50,000,000,000'' and 
                inserting ``the applicable threshold'';
                    (B) in section 116(a) (12 U.S.C. 5326(a)), in the 
                matter preceding paragraph (1), by striking 
                ``$50,000,000,000'' and inserting ``$250,000,000,000'';
                    (C) in section 121(a) (12 U.S.C. 5311(a) 5331(a)), 
                in the matter preceding paragraph (1), by striking 
                ``$50,000,000,000'' and inserting ``$250,000,000,000'';
                    (D) in section 155(d) (12 U.S.C. 5345(d)), by 
                striking ``50,000,000,000'' and inserting 
                ``$250,000,000,000'';
                    (E) in section 163(b) (12 U.S.C. 5363(b)), by 
                striking ``$50,000,000,000'' each place that term 
                appears and inserting ``$250,000,000,000''; and
                    (F) in section 164 (12 U.S.C. 5364), by striking 
                ``$50,000,000,000'' and inserting ``$250,000,000,000''.
            (2) Federal reserve act.--Paragraph (2) of the second 
        subsection (s) (relating to assessments) of section 11 of the 
        Federal Reserve Act (12 U.S.C. 248(s)(2)) is amended--
                    (A) in subparagraph (A)--
                            (i) by striking ``$50,000,000,000'' and 
                        inserting ``$250,000,000,000''; and
                            (ii) by inserting ``and'' after the 
                        semicolon at the end;
                    (B) by striking subparagraph (B); and
                    (C) by redesignating subparagraph (C) as 
                subparagraph (B).
    (d) Effective Date.--
            (1) In general.--Except as provided in paragraph (2), the 
        amendments made by this section shall take effect on the date 
        that is 18 months after the date of enactment of this Act.
            (2) Exception.--Notwithstanding paragraph (1), the 
        amendments made by this section shall take effect on the date 
        of enactment of this Act with respect to any bank holding 
        company with total consolidated assets of less than 
        $100,000,000,000.
            (3) Additional authority.--Before the effective date 
        described in paragraph (1), the Board of Governors of the 
        Federal Reserve System may by order exempt any bank holding 
        company with total consolidated assets of less than 
        $250,000,000,000 from any prudential standard under section 165 
        of the Financial Stability Act of 2010 (12 U.S.C. 5365).
            (4) Rule of construction.--Nothing in this section shall be 
        construed to prohibit the Board of Governors of the Federal 
        Reserve System from issuing an order or rule making under 
        section 165(a)(2)(C) of the Financial Stability Act of 2010 (12 
        U.S.C. 5365(a)(2)(C)), as added by this section, before the 
        effective date described in paragraph (1).
    (e) Supervisory Stress Test.--Beginning on the effective date 
described in subsection (d)(1), the Board of Governors of the Federal 
Reserve System shall, on a periodic basis, conduct supervisory stress 
tests of bank holding companies with total consolidated assets equal to 
or greater than $100,000,000,000 and total consolidated assets of not 
more less than $250,000,000,000 to evaluate whether such bank holding 
companies have the capital, on a total consolidated basis, necessary to 
absorb losses as a result of adverse economic conditions.
    (f) Global Systemically Important Bank Holding Companies.--Any bank 
holding company, regardless of asset size, that has been identified as 
a global systemically important BHC under section 217.402 of title 12, 
Code of Federal Regulations, shall be considered a bank holding company 
with total consolidated assets equal to or greater than 
$250,000,000,000 with respect to the application of standards or 
requirements under--
            (1) this section;
            (2) sections 116(a), 121(a), 155(d), 163(b), 164, and 165 
        of the Financial Stability Act of 2010 (12 U.S.C. 5326(a), 
        5331(a), 5345(d), 5363(b), 5364, 5365); and
            (3) paragraph (2)(A) of the second subsection (s) (relating 
        to assessments) of section 11 of the Federal Reserve Act (12 
        U.S.C. 248(s)(2)).

SEC. 402. SUPPLEMENTARY LEVERAGE RATIO FOR CUSTODIAL BANKS.

    (a) Definition.--In this section, the term ``custodial bank'' means 
any depository institution or depository institution holding company 
for which the level of assets under custody is not less than 30 times 
the total consolidated assets of the depository institution or 
depository institution holding company, as applicable. holding company 
predominantly engaged in custody, safekeeping, and asset servicing 
activities, including any insured depository institution subsidiary of 
such a holding company.
    (b) Regulations.--
            (1) Definition.--In this subsection, the term ``central 
        bank'' means--
                    (A) the Federal Reserve System;
                    (B) the European Central Bank; and
                    (C) central banks of member countries of the 
                Organisation for Economic Co-operation and Development, 
                if--
                            (i) the central bank of such member country 
                        has been assigned a zero percent risk weight 
                        under the final rule of the Office of the 
                        Comptroller of the Currency and Board of 
                        Governors of the Federal Reserve System 
                        entitled ``Regulatory Capital Rules: Regulatory 
                        Capital, Implementation of Basel III, Capital 
                        Adequacy, Transition Provisions, Prompt 
                        Corrective Action, Standardized Approach for 
                        Risk-weighted Assets, Market Discipline and 
                        Disclosure Requirements, Advanced Approaches 
                        Risk-Based Capital Rule, and Market Risk 
                        Capital Rule'' (78 Fed. Reg. 62018 (October 11, 
                        2013)) and the final rule of the Federal 
                        Deposit Insurance Corporation entitled 
                        ``Regulatory Capital Rules: Regulatory Capital, 
                        Implementation of Basel III, Capital Adequacy, 
                        Transition Provisions, Prompt Corrective 
                        Action, Standardized Approach for Risk-Weighted 
                        Assets, Market Discipline and Disclosure 
                        Requirements, Advanced Approaches Risk-Based 
                        Capital Rule, and Market Risk Capital Rule'' 
                        (79 Fed. Reg. 20754 (April 14, 2014)) sections 
                        3.32, 217.32, and 324.32 of title 12, Code of 
                        Federal Regulations, or any successor 
                        regulation; and
                            (ii) the sovereign debt of such member 
                        country is not in default or has not been in 
                        default during the previous 5 years.
            (2) Regulations.--The appropriate Federal banking agencies 
        shall promulgate regulations to amend sections 3.10, 217.10, 
        and 324.10 of title 12, Code of Federal Regulations, to specify 
        that--
                    (A) subject to subparagraph (B), funds of a 
                custodial bank that are deposited with a central bank 
                shall not be taken into account when calculating the 
                supplementary leverage ratio as applied to the 
                custodial bank; and
                    (B) with respect to the funds described in 
                subparagraph (A), any amount that exceeds the total 
                value of deposits of the custodial bank that are linked 
                to fiduciary or custodial and safekeeping accounts 
                shall be taken into account when calculating the 
                supplementary leverage ratio as applied to the 
                custodial bank.
    (c) Rule of Construction.--Nothing in subsection (b) shall be 
construed to limit the authority of the appropriate Federal banking 
agencies to tailor or adjust the supplementary leverage ratio or any 
other leverage ratio for any company that is not a custodial bank.

SEC. 403. TREATMENT OF CERTAIN MUNICIPAL OBLIGATIONS.

    (a) In General.--Section 18 of the Federal Deposit Insurance Act 
(12 U.S.C. 1828) is amended--
            (1) by moving subsection (z) so that it appears after 
        subsection (y); and
            (2) by adding at the end the following:
    ``(aa) Treatment of Certain Municipal Obligations.--
            ``(1) Definitions.--In this subsection--
                    ``(A) the term `investment grade', with respect to 
                an obligation, has the meaning given the term in 
                section 1.2 of title 12, Code of Federal Regulations, 
                or any successor thereto;
                    ``(B) the term `liquid and readily-marketable' has 
                the meaning given the term in section 249.3 of title 
                12, Code of Federal Regulations, or any successor 
                thereto; and
                    ``(C) the term `municipal obligation' means an 
                obligation of--
                            ``(i) a State or any political subdivision 
                        thereof; or
                            ``(ii) any agency or instrumentality of a 
                        State or any political subdivision thereof.
            ``(2) Municipal obligations.--For purposes of the final 
        rule entitled `Liquidity Coverage Ratio: Liquidity Risk 
        Measurement Standards' (79 Fed. Reg. 61439 (October 10, 2014)), 
        the final rule entitled `Liquidity Coverage Ratio: Treatment of 
        U.S. Municipal Securities as High-Quality Liquid Assets' (81 
        Fed. Reg. 21223 (April 11, 2016)), and any other regulation 
        that incorporates a definition of the term `high-quality liquid 
        asset' or another substantially similar term, the appropriate 
        Federal banking agencies shall treat a municipal obligation as 
        a high-quality liquid asset that is a level 2B liquid asset if 
        that obligation is, as of the date of calculation--
                    ``(A) liquid and readily-marketable; and
                    ``(B) investment grade.''.
    (b) Amendment to Liquidity Coverage Ratio Regulations.--Not later 
than 90 days after the date of enactment of this Act, the Federal 
Deposit Insurance Corporation, the Board of Governors of the Federal 
Reserve System, and the Comptroller of the Currency shall amend the 
final rule entitled ``Liquidity Coverage Ratio: Liquidity Risk 
Measurement Standards'' (79 Fed. Reg. 61439 (October 10, 2014)) and the 
final rule entitled ``Liquidity Coverage Ratio: Treatment of U.S. 
Municipal Securities as High-Quality Liquid Assets'' (81 Fed. Reg. 
21223 (April 11, 2016)) to implement the amendments made by this Act 
section.

                            TITLE V--STUDIES

SEC. 501. TREASURY REPORT ON RISKS OF CYBER THREATS.

    Not later than 1 year after the date of enactment of this Act, the 
Secretary of the Treasury shall submit to the Committee on Banking, 
Housing, and Urban Affairs of the Senate and the Committee on Financial 
Services of the House of Representatives a report on the risks of cyber 
threats to financial institutions and capital markets in the United 
States, including--
            (1) an assessment of the material risks of cyber threats to 
        financial institutions and capital markets in the United 
        States;
            (2) the impact and potential effects of material cyber 
        attacks on financial institutions and capital markets in the 
        United States;
            (3) an analysis of how the appropriate Federal banking 
        agencies and the Securities and Exchange Commission are 
        addressing the material risks of cyber threats described in 
        paragraph (1), including--
                    (A) how the appropriate Federal banking agencies 
                and the Securities and Exchange Commission are 
                assessing those threats;
                    (B) how the appropriate Federal banking agencies 
                and the Securities and Exchange Commission are 
                assessing the cyber vulnerabilities and preparedness of 
                financial institutions;
                    (C) coordination amongst the appropriate Federal 
                banking agencies and the Securities and Exchange 
                Commission, and their coordination with other 
                government agencies (including with respect to 
                regulations, examinations, lexicon, duplication, and 
                other regulatory tools); and
                    (D) areas for improvement; and
            (4) a recommendation of whether any appropriate Federal 
        banking agency or the Securities and Exchange Commission needs 
        additional legal authorities or resources to adequately assess 
        and address the material risks of cyber threats described in 
        paragraph (1), given the analysis required by paragraph (3).

SEC. 502. SEC STUDY ON ALGORITHMIC TRADING.

    (a) In General.--Not later than 18 months after the date of 
enactment of this Act, the staff of the Securities and Exchange 
Commission shall submit to the Committee on Banking, Housing, and Urban 
Affairs of the Senate and the Committee on Financial Services of the 
House of Representatives a report on the risks and benefits of 
algorithmic trading in capital markets in the United States.
    (b) Matters Required To Be Included.--The matters covered by the 
report required by subsection (a) shall include the following:
            (1) An assessment of the effect of algorithmic trading in 
        equity and debt markets in the United States on the provision 
        of liquidity in stressed and normal market conditions.
            (2) An assessment of the benefits and risks to equity and 
        debt markets in the United States by algorithmic trading.
            (3) An analysis of whether the activity of algorithmic 
        trading and entities that engage in algorithmic trading are 
        subject to appropriate Federal supervision and regulation.
            (4) A recommendation of whether--
                    (A) based on the analysis described in paragraphs 
                (1), (2), and (3), any changes should be made to 
                regulations; and
                    (B) the Securities and Exchange Commission needs 
                additional legal authorities or resources to effect the 
                changes described in subparagraph (A).

SEC. 503. GAO REPORT ON CONSUMER REPORTING AGENCIES.

    (a) Definitions.--In this section, the terms ``consumer'', 
``consumer report'', and ``consumer reporting agency'' have the 
meanings given those terms in section 603 of the Fair Credit Reporting 
Act (15 U.S.C. 1681a).
    (b) Report.--Not later than 1 year after the date of enactment of 
this Act, the Comptroller General of the United States shall submit to 
the Committee on Banking, Housing, and Urban Affairs of the Senate and 
the Committee on Financial Services of the House of Representatives a 
comprehensive report that includes--
            (1) a review of the current legal and regulatory structure 
        for consumer reporting agencies and an analysis of any gaps in 
        that structure, including, in particular, the rulemaking, 
        supervisory, and enforcement authority of State and Federal 
        agencies under the Fair Credit Reporting Act (15 U.S.C. 1681 et 
        seq.), the Gramm-Leach-Bliley Act (Public Law 106-102; 113 
        Stat. 1338), and any other relevant statutes;
            (2) a review of the process by which consumers can appeal 
        and expunge errors on their consumer reports;
            (3) a review of the causes of consumer reporting errors;
            (4) a review of the responsibilities of data furnishers to 
        ensure that accurate information is initially reported to 
        consumer reporting agencies and to ensure that such information 
        continues to be accurate;
            (5) a review of data security relating to consumer 
        reporting agencies and their efforts to safeguard consumer 
        data;
            (6) a review of who has access to, and may use, consumer 
        reports;
            (7) a review of who has control or ownership of a 
        consumer's credit data;
            (8) an analysis of--
                    (A) which Federal and State regulatory agencies 
                supervise and enforce laws relating to how consumer 
                reporting agencies protect consumer data; and
                    (B) all laws relating to data security applicable 
                to consumer reporting agencies; and
            (9) recommendations to Congress on how to improve the 
        consumer reporting system, including legislative, regulatory, 
        and industry-specific recommendations.
                                                       Calendar No. 287

115th CONGRESS

  1st Session

                                S. 2155

_______________________________________________________________________

                                 A BILL

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

_______________________________________________________________________

                           December 18, 2017

                        Reported with amendments
```