II 

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. 

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


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1 SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 

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

3 ‘‘Economic Growth, Regulatory Relief, and Consumer 

4 Protection Act’’. 

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

6 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. 


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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. 

1 SEC. 2. DEFINITIONS. 

2 In this Act: 

3 (1) APPROPRIATE FEDERAL BANKING AGENCY; 

4 COMPANY; DEPOSITORY INSTITUTION; DEPOSITORY

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

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

8 holding company’’ have the meanings given those 

9 terms in section 3 of the Federal Deposit Insurance 

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

11 (2) BANK HOLDING COMPANY.—The term 

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

13 term in section 2 of the Bank Holding Company Act 

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


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1 TITLE I—IMPROVING CON2 SUMER ACCESS TO MORT3 GAGE CREDIT 

4 SEC. 101. MINIMUM STANDARDS FOR RESIDENTIAL MORT5 GAGE LOANS. 

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

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

8 following: 

9 ‘‘(F) SAFE HARBOR.— 

10 ‘‘(i) DEFINITIONS.—In this subpara11 graph— 

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

13 means an insured depository institu14 tion or an insured credit union that, 

15 together with its affiliates, has less 

16 than $10,000,000,000 in total consoli17 dated assets; 

18 ‘‘(II) the term ‘insured credit 

19 union’ has the meaning given the 

20 term in section 101 of the Federal 

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

22 ‘‘(III) the term ‘insured deposi23 tory institution’ has the meaning 

24 given the term in section 3 of the 


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1 Federal Deposit Insurance Act (12 

2 U.S.C. 1813); 

3 ‘‘(IV) the term ‘interest-only’ 

4 means that, under the terms of the 

5 legal obligation, one or more of the 

6 periodic payments may be applied 

7 solely to accrued interest and not to 

8 loan principal; and 

9 ‘‘(V) the term ‘negative amortiza10 tion’ means payment of periodic pay11 ments that will result in an increase 

12 in the principal balance under the 

13 terms of the legal obligation. 

14 ‘‘(ii) SAFE HARBOR.—In this sec15 tion— 

16 ‘‘(I) the term ‘qualified mort17 gage’ includes any residential mort18 gage loan— 

19 ‘‘(aa) that is originated and 

20 retained in portfolio by a covered 

21 institution; 

22 ‘‘(bb) that is in compliance 

23 with the limitations with respect 

24 to prepayment penalties deVerDate Sep 11 2014 22:58 Dec 18, 2017 Jkt 079200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\S2155.RS S2155

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1 scribed in subsections (c)(1) and 

2 (c)(3); 

3 ‘‘(cc) that is in compliance 

4 with the requirements of clause 

5 (vii) of subparagraph (A); 

6 ‘‘(dd) that does not have 

7 negative amortization or interest8 only features; and 

9 ‘‘(ee) for which the covered 

10 institution considers and docu11 ments the debt, income, and fi12 nancial resources of the con13 sumer in accordance with clause 

14 (iv); and 

15 ‘‘(II) a residential mortgage loan 

16 described in subclause (I) shall be 

17 deemed to meet the requirements of 

18 subsection (a). 

19 ‘‘(iii) EXCEPTION FOR CERTAIN

20 TRANSFERS.—A residential mortgage loan 

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

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

23 legal title to the residential mortgage loan 

24 is sold, assigned, or otherwise transferred 

25 to another person unless the residential 


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1 mortgage loan is sold, assigned, or other2 wise transferred— 

3 ‘‘(I) to another person by reason 

4 of the bankruptcy or failure of a cov5 ered institution; 

6 ‘‘(II) to a covered institution so 

7 long as the loan is retained in port8 folio by the covered institution to 

9 which the loan is sold, assigned, or 

10 otherwise transferred; or 

11 ‘‘(III) pursuant to a merger of a 

12 covered institution with another per13 son or the acquisition of a covered in14 stitution by another person or of an15 other person by a covered institution, 

16 so long as the loan is retained in port17 folio by the person to whom the loan 

18 is sold, assigned, or otherwise trans19 ferred.; or 

20 ‘‘(IV) to a wholly owned sub21 sidiary of a covered institution, pro22 vided that, after the sale, assignment, 

23 or transfer, the residential mortgage 

24 loan is considered to be an asset of the 


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1 covered institution for regulatory ac2 counting purposes. 

3 ‘‘(iv) CONSIDERATION AND DOCU4 MENTATION REQUIREMENTS.—The consid5 eration and documentation requirements 

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

7 ‘‘(I) not be construed to require 

8 compliance with, or documentation in 

9 accordance with, appendix Q to part 

10 1026 of title 12, Code of Federal Reg11 ulations, or any successor regulation; 

12 and 

13 ‘‘(II) be construed to permit mul14 tiple methods of documentation.’’. 

15 SEC. 102. SAFEGUARDING ACCESS TO HABITAT FOR HU16 MANITY HOMES. 

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

18 U.S.C. 1639e(i)(2)) is amended— 

19 (1) by redesignating subparagraphs (A) and 

20 (B) as clauses (i) and (ii), respectively, and adjust21 ing the margins accordingly; 

22 (2) in the matter preceding clause (i), as so re23 designated, by striking ‘‘For purposes of’’ and in24 serting the following: 

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


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

2 ‘‘(B) RULE OF CONSTRUCTION RELATED

3 TO APPRAISAL DONATIONS.—If a fee appraiser 

4 voluntarily donates appraisal services to an or5 ganization eligible to receive tax-deductible 

6 charitable contributions, such voluntary dona7 tion shall be considered customary and reason8 able for the purposes of paragraph (1).’’. 

9 SEC. 103. EXEMPTION FROM APPRAISALS OF REAL PROP10 ERTY LOCATED IN RURAL AREAS. 

11 Title XI of the Financial Institutions Reform, Recov12 ery, and Enforcement Act of 1989 (12 U.S.C. 3331 et 

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

14 ‘‘SEC. 1127. EXEMPTION FROM APPRAISALS OF REAL ES15 TATE LOCATED IN RURAL AREAS. 

16 ‘‘(a) DEFINITION.—In this section, the term ‘mort17 gage originator’ has the meaning given the term in section 

18 103 of the Truth in Lending Act (15 U.S.C. 1602). 

19 ‘‘(b) APPRAISAL NOT REQUIRED.—Except as pro20 vided in subsection (d), notwithstanding any other provi21 sion of law, an appraisal in connection with a federally 

22 related transaction involving real property or an interest 

23 in real property is not required if— 

24 ‘‘(1) the real property or interest in real prop25 erty is located in a rural area, as described in secVerDate Sep 11 2014 22:58 Dec 18, 2017 Jkt 079200 PO 00000 Frm 00009 Fmt 6652 Sfmt 6201 E:\BILLS\S2155.RS S2155

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

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

4 which the Closing Disclosure Form, made in accord5 ance with the final rule of the Bureau of Consumer 

6 Financial Protection entitled ‘Integrated Mortgage 

7 Disclosures Under the Real Estate Settlement Pro8 cedures Act (Regulation X) and the Truth in Lend9 ing Act (Regulation Z)’ (78 Fed. Reg. 79730 (De10 cember 31, 2013)), relating to the federally related 

11 transaction is given to the consumer, the mortgage 

12 originator or its agent, directly or indirectly— 

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

14 certified appraisers or State licensed appraisers, 

15 as applicable; and 

16 ‘‘(B) has documented that no State cer17 tified appraiser or State licensed appraiser, as 

18 applicable, was available within a reasonable 

19 amount of time, as determined by the Federal 

20 financial institutions regulatory agency with 

21 oversight of the mortgage originator, to perform 

22 the appraisal in connection with the federally 

23 related transaction; 

24 ‘‘(3) the balance of the loan transaction value 

25 is less than $400,000; and 


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1 ‘‘(4) the mortgage originator is subject to over2 sight by a Federal financial institutions regulatory 

3 agency. 

4 ‘‘(c) SALE, ASSIGNMENT, OR TRANSFER.—A mort5 gage originator that makes a loan without an appraisal 

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

7 or otherwise transfer legal title to the loan unless— 

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

9 transferred to another person by reason of the bank10 ruptcy or failure of the mortgage originator; 

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

12 transferred to another person regulated by a Federal 

13 financial institutions regulatory agency, so long as 

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

15 ‘‘(3) the sale, assignment, or transfer is pursu16 ant to a merger of the mortgage originator with an17 other person or the acquisition of the mortgage 

18 originator by another person or of another person by 

19 the mortgage originator.; or 

20 ‘‘(4) the sale, loan, or transfer is to a wholly 

21 owned subsidiary of the mortgage originator, provided 

22 that, after the sale, assignment, or transfer, the loan 

23 is considered to be an asset of the mortgage originator 

24 for regulatory accounting purposes. 


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

2 if— 

3 ‘‘(1) a Federal financial institutions regulatory 

4 agency requires an appraisal under section 

5 225.63(c), 323.3(c), 34.43(c), or 722.3(e) of title 

6 12, Code of Federal Regulations; or 

7 ‘‘(2) the loan is a high-cost mortgage, as de8 fined in section 103 of the Truth in Lending Act (15 

9 U.S.C. 1602). 

10 ‘‘(e) ANTI-EVASION.—Each Federal financial institu11 tions regulatory agency shall ensure that any mortgage 

12 originator that the Federal financial institutions regu13 latory agency oversees that makes a significant amount 

14 of loans under subsection (b) is complying with the re15 quirements of subsection (b)(2) with respect to each 

16 loan.’’. 

17 SEC. 104. HOME MORTGAGE DISCLOSURE ACT ADJUST18 MENT AND STUDY. 

19 (a) IN GENERAL.—Section 304 of the Home Mort20 gage Disclosure Act of 1975 (12 U.S.C. 2803) is amend21 ed— 

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

23 (3) and adjusting the margins accordingly; 

24 (2) by inserting before paragraph (3), as so re25 designated, the following: 


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1 ‘‘(i) EXEMPTIONS.— 

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

3 respect to an insured depository institution or in4 sured credit union, the requirements of paragraphs 

5 (5) and (6) of subsection (b) shall not apply with re6 spect to closed-end mortgage loans if the insured de7 pository institution or insured credit union origi8 nated fewer than 500 closed-end mortgage loans in 

9 each of the 2 preceding calendar years. 

10 ‘‘(2) OPEN-END LINES OF CREDIT.—With re11 spect to an insured depository institution or insured 

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

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

14 open-end lines of credit if the insured depository in15 stitution or insured credit union originated fewer 

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

17 preceding calendar years.’’; and 

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

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

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

21 meaning given the term in section 101 of the Fed22 eral Credit Union Act (12 U.S.C. 1752); and 

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

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

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


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1 (b) LOOKBACK STUDY.— 

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

3 date of enactment of this Act, the Comptroller Gen4 eral of the United States shall conduct a study to 

5 evaluate the impact of the amendments made by 

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

7 the Home Mortgage Disclosure Act of 1975 (12 

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

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

10 date of enactment of this Act, the Comptroller Gen11 eral of the United States shall submit to the Com12 mittee on Banking, Housing, and Urban Affairs of 

13 the Senate and the Committee on Financial Services 

14 of the House of Representatives a report that in15 cludes the findings and conclusions of the Comp16 troller General with respect to the study required 

17 under paragraph (1). 

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

19 the Home Mortgage Disclosure Act of 1975, as so redesig20 nated by subsection (a)(1), is amended by striking ‘‘sec21 tion 303(2)(A)’’ and inserting ‘‘section 303(3)(A)’’. 

22 SEC. 105. CREDIT UNION RESIDENTIAL LOANS. 

23 (a) REMOVAL FROM MEMBER BUSINESS LOAN LIMI24 TATION.—Section 107A(c)(1)(B)(i) of the Federal Credit 


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

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

3 (b) RULE OF CONSTRUCTION.—Nothing in this sec4 tion or the amendment made by this section shall preclude 

5 the National Credit Union Administration from treating 

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

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

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

9 than the member business loan limitation requirements 

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

11 U.S.C. 1757a). 

12 SEC. 106. ELIMINATING BARRIERS TO JOBS FOR LOAN 

13 ORIGINATORS. 

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

15 Act of 2008 (12 U.S.C. 5101 et seq.) is amended by add16 ing at the end the following: 

17 ‘‘SEC. 1518. EMPLOYMENT TRANSITION OF LOAN ORIGINA18 TORS. 

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

20 ‘‘(1) APPLICATION STATE.—The term ‘applica21 tion State’ means a State in which a registered loan 

22 originator or a State-licensed loan originator seeks 

23 to be licensed. 

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

25 The term ‘State-licensed mortgage company’ means 


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1 an entity that is licensed or registered under the law 

2 of any State to engage in residential mortgage loan 

3 origination and processing activities. 

4 ‘‘(b) TEMPORARY AUTHORITY TO ORIGINATE LOANS

5 FOR LOAN ORIGINATORS MOVING FROM A DEPOSITORY

6 INSTITUTION TO A NON-DEPOSITORY INSTITUTION.— 

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

8 by a State-licensed mortgage company, an individual 

9 who is a registered loan originator shall be deemed 

10 to have temporary authority to act as a loan origi11 nator in an application State for the period de12 scribed in paragraph (2) if the individual— 

13 ‘‘(A) has not had— 

14 ‘‘(i) an application for a loan origi15 nator license denied; or 

16 ‘‘(ii) a loan originator license revoked 

17 or suspended in any governmental jurisdic18 tion; 

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

20 with, a cease and desist order— 

21 ‘‘(i) in any governmental jurisdiction; 

22 or 

23 ‘‘(ii) under section 1514(c); 


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

2 that would preclude licensure under the law of 

3 the application State; 

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

5 State-licensed loan originator in the application 

6 State; and 

7 ‘‘(E) was registered in the Nationwide 

8 Mortgage Licensing System and Registry as a 

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

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

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

16 on the earliest of the date— 

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

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

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

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

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

24 a State license; or 


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

2 which the individual submits the application, if 

3 the application is listed on the Nationwide 

4 Mortgage Licensing System and Registry as in5 complete. 

6 ‘‘(c) TEMPORARY AUTHORITY TO ORIGINATE LOANS

7 FOR STATE-LICENSED LOAN ORIGINATORS MOVING

8 INTERSTATE.— 

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

11 to act as a loan originator in an application State 

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

13 State-licensed loan originator— 

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

16 (b)(1); 

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

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

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

23 connection with the application submitted to the 

24 application State. 


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

2 paragraph shall begin on the date on which the 

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

5 with the application submitted to the application 

6 State and end on the earliest of the date— 

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

8 originator withdraws the application to be a 

9 State-licensed loan originator in the application 

10 State; 

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

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

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

15 a State license; or 

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

17 which the State-licensed loan originator submits 

18 the application, if the application is listed on 

19 the Nationwide Mortgage Licensing System and 

20 Registry as incomplete. 

21 ‘‘(d) APPLICABILITY.— 

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

23 person employing an individual who is deemed to 

24 have temporary authority to act as a loan originator 

25 in an application State under this section shall be 


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

4 by the application State. 

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

9 in residential mortgage loan origination activities 

10 shall be subject to the requirements of this title and 

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

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

14 (b) TABLE OF CONTENTS AMENDMENT.—Section 

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

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

17 item relating to section 1517 the following: 

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

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

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

21 SEC. 107. PROTECTING ACCESS TO MANUFACTURED 

22 HOMES. 

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

24 1602) is amended— 


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

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

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

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

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

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

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

11 purely administrative or clerical tasks on 

12 behalf of a person who is described in any 

13 such subparagraph; or 

14 ‘‘(ii) a retailer of manufactured or 

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

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

20 described in subparagraph (A) that is 

21 in excess of any compensation or gain 

22 received in a comparable cash trans23 action; 

24 ‘‘(II) discloses to the consumer— 


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

3 creditor; and 

4 ‘‘(bb) if the retailer has a 

5 corporate affiliation with any 

6 lender creditor, at least 1 unaf7 filiated lender creditor; and 

8 ‘‘(III) does not directly negotiate 

9 with the consumer or lender on loan 

10 terms (including rates, fees, and other 

11 costs).’’. 

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

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

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

16 following: 

17 ‘‘(C) CONSIDERATION OF UNDERWRITING

18 REQUIREMENTS FOR PROPERTY ASSESSED

19 CLEAN ENERGY FINANCING.— 

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

22 Energy financing’ means financing to cover 

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


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1 ‘‘(ii) REGULATIONS.—The Bureau 

2 shall prescribe regulations that carry out 

3 the purposes of subsection (a) and apply 

4 section 130 with respect to violations 

5 under subsection (a) of this section with 

6 respect to Property Assessed Clean Energy 

7 financing, which shall account for the 

8 unique nature of Property Assessed Clean 

9 Energy financing. 

10 ‘‘(iii) COLLECTION OF INFORMATION

11 AND CONSULTATION.—In prescribing the 

12 regulations under this subparagraph, the 

13 Bureau— 

14 ‘‘(I) may collect such information 

15 and data that the Bureau determines 

16 is necessary; and 

17 ‘‘(II) shall consult with State and 

18 local governments and bond-issuing 

19 authorities.’’. 

20 SEC. 109. ESCROW REQUIREMENTS RELATING TO CERTAIN 

21 CONSUMER CREDIT TRANSACTIONS. 

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

23 (15 U.S.C. 1639d(c) 1639d) is amended— 

24 (1) by in subsection (c)— 


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1 (A) by redesignating paragraphs (1) 

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

3 respectively, and adjusting the margins accord4 ingly; 

5 (2)(B) in the matter preceding subpara6 graph (A), as so redesignated, by striking ‘‘The 

7 Board’’ and inserting the following: 

8 ‘‘(1) IN GENERAL.—The Bureau’’; 

9 (3)(C) in paragraph (1), as so redesig10 nated, by striking ‘‘the Board’’ each place that 

11 term appears and inserting ‘‘the Bureau’’; and 

12 (4)(D) by adding at the end the following: 

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

14 INSTITUTIONS.—The Bureau shall, by regulation, 

15 exempt from the requirements of subsection (a) any 

16 loan made by an insured depository institution or an 

17 insured credit union secured by a first lien on the 

18 principal dwelling of a consumer if— 

19 ‘‘(A) the insured depository institution or 

20 insured credit union has assets of 

21 $10,000,000,000 or less; 

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

23 the insured depository institution or insured 

24 credit union and its affiliates originated 1,000 


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1 or fewer loans secured by a first lien on a prin2 cipal dwelling; and 

3 ‘‘(C) the transaction otherwise satisfies the 

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

5 1026.35(b)(2)(iii)(A), 1026.35(b)(2)(iii)(D), and 

6 1026.35(b)(2)(v) of title 12, Code of Federal 

7 Regulations, or any successor regulation.’’.; and 

8 (2) in subsection (i), by adding at the end the 

9 following: 

10 ‘‘(3) INSURED CREDIT UNION.—The term ‘in11 sured credit union’ has the meaning given the term 

12 in section 101 of the Federal Credit Union Act (12 

13 U.S.C. 1752). 

14 ‘‘(4) INSURED DEPOSITORY INSTITUTION.—The 

15 term ‘insured depository institution’ has the meaning 

16 given the term in section 3 of the Federal Deposit In17 surance Act (12 U.S.C. 1813).’’. 

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

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

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

21 (1) by redesignating paragraph (3) as para22 graph (4); and 

23 (2) by inserting after paragraph (2) the fol24 lowing: 


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

2 extends to a consumer a second offer of credit with 

3 a lower annual percentage rate, the transaction may 

4 be consummated without regard to the period speci5 fied in paragraph (1) with respect to the second 

6 offer.’’. 

7 (b) SENSE OF CONGRESS.—It is the sense of Con8 gress that, whereas the Bureau of Consumer Financial 

9 Protection issued a final rule entitled ‘‘Integrated Mort10 gage Disclosures Under the Real Estate Settlement Proce11 dures Act (Regulation X) and the Truth in Lending Act 

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

13 2013)) (in this subsection referred to as the ‘‘TRID 

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

15 connection with applying for and closing on a mortgage 

16 loan, the Bureau of Consumer Financial Protection should 

17 endeavor to provide clearer, authoritative guidance on— 

18 (1) the applicability of the TRID Rule to mort19 gage assumption transactions; 

20 (2) the applicability of the TRID Rule to con21 struction-to-permanent home loans, and the condi22 tions under which those loans can be properly origi23 nated; and 

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

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1 sumer Financial Protection without liability if recent 

2 changes to regulations are not reflected in the sam3 ple TRID Rule forms published by the Bureau of 

4 Consumer Financial Protection. 

5 TITLE II—REGULATORY RELIEF 

6 AND PROTECTING CONSUMER 

7 ACCESS TO CREDIT 

8 SEC. 201. CAPITAL SIMPLIFICATION FOR QUALIFYING COM9 MUNITY BANKS. 

10 (a) DEFINITIONS.—In this section: 

11 (1) COMMUNITY BANK LEVERAGE RATIO.—The 

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

13 ratio of the tangible equity capital of a qualifying 

14 community bank, as reported on the qualifying com15 munity bank’s applicable regulatory filing with the 

16 qualifying community bank’s appropriate Federal 

17 banking agency, to the average total consolidated as18 sets of the qualifying community bank, as reported 

19 on the qualifying community bank’s applicable regu20 latory filing with the qualifying community bank’s 

21 appropriate Federal banking agency. 

22 (2) GENERALLY APPLICABLE LEVERAGE CAP23 ITAL REQUIREMENTS; GENERALLY APPLICABLE

24 RISK-BASED CAPITAL REQUIREMENTS.—The terms 

25 ‘‘generally applicable leverage capital requirements’’ 


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1 and ‘‘generally applicable risk-based capital require2 ments’’ have the meanings given those terms in sec3 tion 171(a) of the Financial Stability Act of 2010 

4 (12 U.S.C. 5371(a)). 

5 (3) QUALIFYING COMMUNITY BANK.— 

6 (A) ASSET THRESHOLD.—The term 

7 ‘‘qualifying community bank’’ means a deposi8 tory institution or depository institution holding 

9 company with total consolidated assets of less 

10 than $10,000,000,000. 

11 (B) RISK PROFILE.—The appropriate Fed12 eral banking agencies may determine that a de13 pository institution or depository institution 

14 holding company (or a class of depository insti15 tutions or depository institution holding compa16 nies) described in subparagraph (A) is not a 

17 qualifying community bank based on the deposi18 tory institution’s or depository institution hold19 ing company’s risk profile, which shall be based 

20 on consideration of— 

21 (i) off-balance sheet exposures; 

22 (ii) trading assets and liabilities; 

23 (iii) total notional derivatives expo24 sures; and 


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1 (iv) such other factors as the appro2 priate Federal banking agencies determine 

3 appropriate. 

4 (b) COMMUNITY BANK LEVERAGE RATIO.—The ap5 propriate Federal banking agencies shall, through notice 

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

7 United States Code— 

8 (1) develop a Community Bank Leverage Ratio 

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

10 percent for qualifying community banks; and 

11 (2) establish procedures for treatment of a 

12 qualified qualifying community bank that has a 

13 Community Bank Leverage Ratio that is falls below 

14 the percentage developed under paragraph (1) after 

15 exceeding the percentage developed under paragraph 

16 (1). 

17 (c) CAPITAL COMPLIANCE.— 

18 (1) IN GENERAL.—Any qualifying community 

19 bank that meets exceeds the Community Bank Le20 verage Ratio developed under subsection (b)(1) shall 

21 be considered to have met— 

22 (A) the generally applicable leverage cap23 ital requirements and the generally applicable 

24 risk-based capital requirements; 


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1 (B) in the case of a qualifying community 

2 bank that is a depository institution, the capital 

3 ratio requirements that are required in order to 

4 be considered well capitalized under section 38 

5 of the Federal Deposit Insurance Act (12 

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

7 that section; and 

8 (C) any other capital or leverage require9 ments to which the qualifying community bank 

10 is subject. 

11 (2) EXISTING AUTHORITIES.—Nothing in para12 graph (1) shall limit the authority of the appropriate 

13 Federal banking agencies as in effect on the date of 

14 enactment of this Act. 

15 (d) CONSULTATION.—The appropriate Federal bank16 ing agencies shall— 

17 (1) consult with the applicable State bank super18 visors in carrying out this section; and 

19 (2) notify the applicable State bank supervisor of 

20 any qualifying community bank that it supervises 

21 that exceeds, or does not exceed after previously ex22 ceeding, the Community Bank Leverage ratio devel23 oped under subsection (b)(1). 


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

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

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

5 at the end the following: 

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

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

9 agent institution shall not be considered to be funds 

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

12 such reciprocal deposits does not exceed the lesser 

13 of— 

14 ‘‘(A) $5,000,000,000; or 

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

16 total liabilities of the agent institution. 

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

18 ‘‘(A) AGENT INSTITUTION.—The term 

19 ‘agent institution’ means an insured depository 

20 institution that places a covered deposit 

21 through a deposit placement network at other 

22 insured depository institutions in amounts that 

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

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

26 insured depository institution— 


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

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

3 composite condition of outstanding or 

4 good; and 

5 ‘‘(II) is well capitalized; 

6 ‘‘(ii) has obtained a waiver pursuant 

7 to subsection (c); or 

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

9 reciprocal deposits that causes the total 

10 amount of reciprocal deposits held by the 

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

14 last day of each of the 4 calendar quarters 

15 preceding the calendar quarter in which 

16 the agent institution was found not to have 

17 a composite condition of outstanding or 

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

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

22 ‘‘(i) is submitted for placement 

23 through a deposit placement network by an 

24 agent institution; and 


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

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

4 broker before submission for placement 

5 through a deposit placement network. 

6 ‘‘(C) DEPOSIT PLACEMENT NETWORK.— 

7 The term ‘deposit placement network’ means a 

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

10 depository institutions, for the processing and 

11 receipt of reciprocal deposits. 

12 ‘‘(D) NETWORK MEMBER BANK.—The 

13 term ‘network member bank’ means an insured 

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

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

17 ‘reciprocal deposits’ means deposits received by 

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

20 and in the same aggregate amount as covered 

21 deposits placed by the agent institution in other 

22 network member banks. 

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

24 capitalized’ has the meaning given the term in 

25 section 38(b)(1).’’. 


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

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

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

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

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

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

9 meanings given those terms in subsection (i); 

10 and 

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

12 institution’ means an insured depository institu13 tion that— 

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

16 by or through a deposit broker; or 

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

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

22 funds or reciprocal deposits described in paragraph 

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

25 set forth in paragraph (3). 


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

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

3 be— 

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

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

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

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

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

14 SEC. 203. COMMUNITY BANK RELIEF. 

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

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

17 (1) in paragraph (1)— 

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

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

20 respectively, and adjusting the margins accord21 ingly; 

22 (B) by redesignating subparagraphs (A) 

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


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

2 so redesignated, in the second sentence, by 

3 striking ‘‘institution that functions solely in a 

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

5 the following: ‘‘institution— 

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

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

9 by striking the period at the end and inserting 

10 ‘‘; or’’; and 

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

12 ‘‘(B) with— 

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

14 of total consolidated assets; and 

15 ‘‘(B) that does not have and is not con16 trolled by a company that has— 

17 ‘‘(i) more than $10,000,000,000 in 

18 total consolidated assets; and 

19 ‘‘(ii) total trading assets and trading 

20 liabilities, as reported on the most recent 

21 applicable regulatory filing filed by the in22 stitution, that are not more than 5 percent 

23 of total consolidated assets.’’. 


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1 SEC. 204. REMOVING NAMING RESTRICTIONS. 

2 Section 13 of the Bank Holding Company Act of 

3 1956 (12 U.S.C. 1851) is amended— 

4 (1) in subsection (d)(1)(G)(vi), by inserting be5 fore the semicolon the following: ‘‘, except that the 

6 hedge fund or private equity fund may share the 

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

8 banking entity that is an investment adviser to the 

9 hedge fund or private equity fund, if— 

10 ‘‘(I) such investment adviser is 

11 not an insured depository institution, 

12 a company that controls an insured 

13 depository institution, or a company 

14 that is treated as a bank holding com15 pany for purposes of section 8 of the 

16 International Banking Act of 1978 

17 (12 U.S.C. 3106); 

18 ‘‘(II) such investment adviser 

19 does not share the same name or a 

20 variation of the same name as an in21 sured depository institution, any com22 pany that controls an insured deposi23 tory institution, or any company that 

24 is treated as a bank holding company 

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1 national Banking Act of 1978 (12 

2 U.S.C. 3106); and 

3 ‘‘(III) such name does not con4 tain the word ‘bank’ ’’; and 

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

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

7 under subsection (d)(1)(G)(vi)’’. 

8 SEC. 205. SHORT FORM CALL REPORTS. 

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

10 (12 U.S.C. 1817(a)) is amended by adding at the end the 

11 following: 

12 ‘‘(12) SHORT FORM REPORTING.— 

13 ‘‘(A) IN GENERAL.—The appropriate Fed14 eral banking agencies shall issue regulations 

15 that allow for a reduced reporting requirement 

16 for a covered depository institution when the in17 stitution makes the first and third report of 

18 condition for a year, as required under para19 graph (3). 

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

21 term ‘covered depository institution’ means an 

22 insured depository institution that— 

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

24 total consolidated assets; and 


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1 ‘‘(ii) satisfies such other criteria as 

2 the appropriate Federal banking agencies 

3 determine appropriate.’’. 

4 SEC. 206. OPTION FOR FEDERAL SAVINGS ASSOCIATIONS 

5 TO OPERATE AS COVERED SAVINGS ASSOCIA6 TIONS. 

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

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

9 1464) the following: 

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

11 ASSOCIATION. 

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

13 savings association’ means a Federal savings association 

14 that makes an election that is approved under subsection 

15 (b). 

16 ‘‘(b) ELECTION.— 

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

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

19 rules, a Federal savings association with total con20 solidated assets equal to or less than 

21 $15,000,000,000 may elect to operate as a covered 

22 savings association by submitting a notice to the 

23 Comptroller of that election. 

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

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1 ered savings association beginning on the date that 

2 is 60 days after the date on which the Comptroller 

3 receives the notice submitted under paragraph (1), 

4 unless the Comptroller notifies the Federal savings 

5 association that the Federal savings association is 

6 not eligible. 

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

8 other provision of law, and except as otherwise provided 

9 in this section, a covered savings association shall— 

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

11 national bank that has the main office of the na12 tional bank situated in the same location as the 

13 home office of the covered savings association; and 

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

15 penalties, liabilities, conditions, and limitations that 

16 would apply to a national bank described in para17 graph (1). 

18 ‘‘(d) TREATMENT OF COVERED SAVINGS ASSOCIA19 TIONS.—A covered savings association shall be treated as 

20 a Federal savings association for the purposes— 

21 ‘‘(1) of governance of the covered savings asso22 ciation, including incorporation, bylaws, boards of 

23 directors, shareholders, and distribution of divi24 dends; 


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1 ‘‘(2) of consolidation, merger, dissolution, con2 version (including conversion to a stock bank or to 

3 another charter), conservatorship, and receivership; 

4 and 

5 ‘‘(3) determined by regulation of the Comp6 troller. 

7 ‘‘(e) EXISTING BRANCHES.—A covered savings asso8 ciation may continue to operate any branch or agency that 

9 the covered savings association operated on the date on 

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

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

12 rules to carry out this section— 

13 ‘‘(1) that establish streamlined standards and 

14 procedures that clearly identify required documenta15 tion or and timelines for an election under sub16 section (b); 

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

18 that makes an election under subsection (b) to iden19 tify specific assets and subsidiaries that— 

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

21 for assets and subsidiaries of a national bank; 

22 and 

23 ‘‘(B) are held by the Federal savings asso24 ciation on the date on which the Federal sav25 ings association submits a notice of the election; 


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1 ‘‘(3) that establish— 

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

3 assets and subsidiaries described in paragraph 

4 (2) into conformance with the requirements for 

5 a national bank; and 

6 ‘‘(B) procedures for allowing the Federal 

7 savings association to submit to the Comptroller 

8 an application to continue to hold assets and 

9 subsidiaries described in paragraph (2) after 

10 electing to operate as a covered savings associa11 tion; 

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

13 allow a covered savings association to— 

14 ‘‘(A) terminate an election under sub15 section (b) after an appropriate period of time; 

16 and 

17 ‘‘(B) make a subsequent election under 

18 subsection (b) after terminating an election 

19 under subparagraph (A); 

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

21 of covered savings associations, including the provi22 sions of law that apply to covered savings associa23 tions; and 

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

25 the interests of safety and soundness. 


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1 ‘‘(g) GRANDFATHERED COVERED SAVINGS ASSOCIA2 TIONS.—Subject to the rules issued under subsection (f), 

3 a covered savings association may continue to operate as 

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

5 the election is made under subsection (b), the covered sav6 ings association has total consolidated assets greater than 

7 $15,000,000,000.’’. 

8 SEC. 207. SMALL BANK HOLDING COMPANY POLICY STATE9 MENT. 

10 (a) DEFINITIONS.—In this section: 

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

12 Board of Governors of the Federal Reserve System. 

13 (2) SAVINGS AND LOAN HOLDING COMPANY.— 

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

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

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

17 (b) CHANGES REQUIRED TO SMALL BANK HOLDING

18 COMPANY POLICY STATEMENT ON ASSESSMENT OF FI19 NANCIAL AND MANAGERIAL FACTORS.—Not later than 

20 180 days after the date of enactment of this Act, the 

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

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

23 Bank Holding Company and Savings and Loan Holding 

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

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


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1 to $3,000,000,000 for any bank holding company or sav2 ings and loan holding company that— 

3 (1) is not engaged in significant nonbanking ac4 tivities either directly or through a nonbank sub5 sidiary; 

6 (2) does not conduct significant off-balance 

7 sheet activities (including securitization and asset 

8 management or administration) either directly or 

9 through a nonbank subsidiary; and 

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

11 equity securities outstanding (other than trust pre12 ferred securities) that are registered with the Securi13 ties and Exchange Commission. 

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

15 holding company or savings and loan holding company, re16 gardless of asset size, from the revision under subsection 

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

18 for supervisory purposes. 

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

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

21 5371(b)(5)) is amended by striking subparagraph (C) and 

22 inserting the following: 

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

24 and loan holding company that is subject to the 

25 application of appendix C to part 225 of title 


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1 12, Code of Federal Regulations (commonly 

2 known as the ‘Small Bank Holding Company 

3 and Savings and Loan Holding Company Policy 

4 Statement’).’’. 

5 SEC. 208. APPLICATION OF THE EXPEDITED FUNDS AVAIL6 ABILITY ACT. 

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

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

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

10 (A) in paragraph (20), by inserting ‘‘, lo11 cated in the United States,’’ after ‘‘ATM’’; 

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

13 ‘‘American Samoa, the Commonwealth of the 

14 Northern Mariana Islands,’’ after ‘‘Puerto 

15 Rico,’’; and 

16 (C) in paragraph (23), by inserting ‘‘Amer17 ican Samoa, the Commonwealth of the North18 ern Mariana Islands,’’ after ‘‘Puerto Rico,’’; 

19 and 

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

21 4002(d)(2)(A)), by inserting ‘‘American Samoa, the 

22 Commonwealth of the Northern Mariana Islands,’’ 

23 after ‘‘Puerto Rico,’’. 


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

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

3 after the date of enactment of this Act. 

4 SEC. 209. MUTUAL HOLDING COMPANY DIVIDEND WAIVERS. 

5 Not later than 180 days after the date of enactment 

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

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

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

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

10 SEC. 21009. SMALL PUBLIC HOUSING AGENCIES. 

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

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

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

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

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

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

17 ‘housing voucher program’ means a program for ten18 ant-based assistance under section 8. 

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

20 term ‘small public housing agency’ means a public 

21 housing agency— 

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

23 public housing dwelling units administered by 

24 the agency and the number of vouchers under 


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

2 or fewer; and 

3 ‘‘(B) that predominantly operates in a 

4 rural area, as described in section 

5 1026.35(b)(2)(iv)(A) of title 12, Code of Fed6 eral Regulations. 

7 ‘‘(3) TROUBLED SMALL PUBLIC HOUSING AGEN8 CY.—The term ‘troubled small public housing agen9 cy’ means a small public housing agency designated 

10 by the Secretary as a troubled small public housing 

11 agency under subsection (c)(3). 

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

13 in this section, a small public housing agency shall be sub14 ject to the same requirements as a public housing agency. 

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

16 ‘‘(1) PUBLIC HOUSING PROJECTS.— 

17 ‘‘(A) FREQUENCY OF INSPECTIONS BY

18 SECRETARY.—The Secretary shall carry out an 

19 inspection of the physical condition of a small 

20 public housing agency’s public housing projects 

21 not more frequently than once every 3 years, 

22 unless the agency has been designated by the 

23 Secretary as a troubled small public housing 

24 agency based on deficiencies in the physical 

25 condition of its public housing projects. Nothing 


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1 contained in this subparagraph relieves the Sec2 retary from conducting lead safety inspections or 

3 assessments in accordance with procedures estab4 lished by the Secretary under section 302 of the 

5 Lead-Based Paint Poisoning Prevention Act (42 

6 U.S.C. 4822). 

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

8 apply to small public housing agencies the same 

9 standards for the acceptable condition of public 

10 housing projects that apply to projects assisted 

11 under section 8. 

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

13 Except as required by section 8(o)(8)(F), a small pub14 lic housing agency administering assistance under 

15 section 8(o) shall make periodic physical inspections 

16 of each assisted dwelling unit not less frequently 

17 than once every 3 years to determine whether the 

18 unit is maintained in accordance with the require19 ments under section 8(o)(8)(A). Nothing contained 

20 in this paragraph relieves a small public housing 

21 agency from conducting lead safety inspections or as22 sessments in accordance with procedures established 

23 by the Secretary under section 302 of the Lead-Based 

24 Paint Poisoning Prevention Act (42 U.S.C. 4822). 


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1 ‘‘(3) TROUBLED SMALL PUBLIC HOUSING AGEN2 CIES.— 

3 ‘‘(A) PUBLIC HOUSING PROGRAM.—Not4 withstanding any other provision of law, the 

5 Secretary may designate a small public housing 

6 agency as a troubled small public housing agen7 cy with respect to the public housing program 

8 of the small public housing agency if the Sec9 retary determines that the agency has failed to 

10 maintain the public housing units of the small 

11 public housing agency in a satisfactory physical 

12 condition, based upon an inspection conducted 

13 by the Secretary. 

14 ‘‘(B) HOUSING VOUCHER PROGRAM.—Not15 withstanding any other provision of law, the 

16 Secretary may designate a small public housing 

17 agency as a troubled small public housing agen18 cy with respect to the housing voucher program 

19 of the small public housing agency if the Sec20 retary determines that the agency has failed to 

21 comply with the inspection requirements under 

22 paragraph (2). 

23 ‘‘(C) APPEALS.— 

24 ‘‘(i) ESTABLISHMENT.—The Secretary 

25 shall establish an appeals process under 


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1 which a small public housing agency may 

2 dispute a designation as a troubled small 

3 public housing agency. 

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

5 established under clause (i) shall provide 

6 for a decision by an official who has not 

7 been involved, and is not subordinate to a 

8 person who has been involved, in the origi9 nal determination to designate a small 

10 public housing agency as a troubled small 

11 public housing agency. 

12 ‘‘(D) CORRECTIVE ACTION AGREEMENT.— 

13 ‘‘(i) AGREEMENT REQUIRED.—Not 

14 later than 60 days after the date on which 

15 a small public housing agency is des16 ignated as a troubled public housing agen17 cy under subparagraph (A) or (B), the 

18 Secretary and the small public housing 

19 agency shall enter into a corrective action 

20 agreement under which the small public 

21 housing agency shall undertake actions to 

22 correct the deficiencies upon which the des23 ignation is based. 


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1 ‘‘(ii) TERMS OF AGREEMENT.—A cor2 rective action agreement entered into 

3 under clause (i) shall— 

4 ‘‘(I) have a term of 1 year, and 

5 shall be renewable at the option of the 

6 Secretary; 

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

8 technical assistance to assist the pub9 lic housing agency in curing its defi10 ciencies; 

11 ‘‘(III) provide for— 

12 ‘‘(aa) reconsideration of the 

13 designation of the small public 

14 housing agency as a troubled 

15 small public housing agency not 

16 less frequently than annually; 

17 and 

18 ‘‘(bb) termination of the 

19 agreement when the Secretary 

20 determines that the small public 

21 housing agency is no longer a 

22 troubled small public housing 

23 agency; and 

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

25 substantial noncompliance by the 


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1 small public housing agency under the 

2 agreement, the Secretary may— 

3 ‘‘(aa) contract with another 

4 public housing agency or a pri5 vate entity to manage the public 

6 housing of the troubled small 

7 public housing agency; 

8 ‘‘(bb) withhold funds other9 wise distributable to the troubled 

10 small public housing agency; 

11 ‘‘(cc) assume possession of, 

12 and direct responsibility for, 

13 managing the public housing of 

14 the troubled small public housing 

15 agency; 

16 ‘‘(dd) petition for the ap17 pointment of a receiver, in ac18 cordance with section 

19 6(j)(3)(A)(ii); and 

20 ‘‘(ee) exercise any other 

21 remedy available to the Secretary 

22 in the event of default under the 

23 public housing annual contribu24 tions contract entered into by the 


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1 small public housing agency 

2 under section 5. 

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

4 this paragraph may be construed to prohibit the 

5 Secretary from taking any emergency action 

6 necessary to protect Federal financial resources 

7 or the health or safety of residents of public 

8 housing projects. 

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

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

11 provision of law, a small public housing agency shall 

12 be exempt from any environmental review require13 ments with respect to a development or moderniza14 tion project having a total cost of not more than 

15 $100,000. 

16 ‘‘(2) STREAMLINED PROCEDURES.—The Sec17 retary shall, by rule, establish streamlined proce18 dures for environmental reviews of small public 

19 housing agency development and modernization 

20 projects having a total cost of more than 

21 $100,000.’’. 

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

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

24 1437g(e)(2)) is amended by adding at the end the fol25 lowing: 


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1 ‘‘(D) FREEZE OF CONSUMPTION LEV2 ELS.— 

3 ‘‘(i) IN GENERAL.—A small public 

4 housing agency, as defined in section 

5 38(a), may elect to be paid for its utility 

6 and waste management costs under the 

7 formula for a period, at the discretion of 

8 the small public housing agency, of not 

9 more than 20 years based on the small 

10 public housing agency’s average annual 

11 consumption during the 3-year period pre12 ceding the year in which the election is 

13 made (in this subparagraph referred to as 

14 the ‘consumption base level’). 

15 ‘‘(ii) INITIAL ADJUSTMENT IN CON16 SUMPTION BASE LEVEL.—The Secretary 

17 shall make an initial one-time adjustment 

18 in the consumption base level to account 

19 for differences in the heating degree day 

20 average over the most recent 20-year pe21 riod compared to the average in the con22 sumption base level. 

23 ‘‘(iii) ADJUSTMENTS IN CONSUMPTION

24 BASE LEVEL.—The Secretary shall make 

25 adjustments in the consumption base level 


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1 to account for an increase or reduction in 

2 units, a change in fuel source, a change in 

3 resident controlled electricity consumption, 

4 or for other reasons. 

5 ‘‘(iv) SAVINGS.—All cost savings re6 sulting from an election made by a small 

7 public housing agency under this subpara8 graph— 

9 ‘‘(I) shall accrue to the small 

10 public housing agency; and 

11 ‘‘(II) may be used for any public 

12 housing purpose at the discretion of 

13 the small public housing agency. 

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

15 housing agency making an election under 

16 this subparagraph— 

17 ‘‘(I) may use, but shall not be re18 quired to use, the services of a third 

19 party in its energy conservation pro20 gram; and 

21 ‘‘(II) shall have the sole discre22 tion to determine the source, and 

23 terms and conditions, of any financing 

24 used for its energy conservation pro25 gram.’’. 


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1 (c) REPORTING BY AGENCIES OPERATING IN CON2 SORTIA.—Not later than 180 days after the date of enact3 ment of this Act, the Secretary of Housing and Urban 

4 Development shall develop and deploy all electronic infor5 mation systems necessary to accommodate full consoli6 dated reporting by public housing agencies, as defined in 

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

8 (42 U.S.C. 1437a(b)(6)), electing to operate in consortia 

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

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

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

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

13 (e) SHARED WAITING LISTS.—Not later than 1 year 

14 after the date of enactment of this Act, the Secretary of 

15 Housing and Urban Development shall make available to 

16 interested public housing agencies and owners of multi17 family properties receiving assistance from the Department 

18 of Housing and Urban Development 1 or more software pro19 grams that will facilitate the voluntary use of a shared 

20 waiting list by multiple public housing agencies or owners 

21 receiving assistance, and shall publish on the website of the 

22 Department of Housing and Urban Development proce23 dural guidance for implementing shared waiting lists that 

24 includes information on how to obtain the software. 


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1 SEC. 2110. EXAMINATION CYCLE. 

2 Section 10(d) (4)(A) of the Federal Deposit Insur3 ance Act (12 U.S.C. 1820(d) (4)(A)) is amended by 

4 amended— 

5 (1) in paragraph (4)(A), by striking 

6 ‘‘$1,000,000,000’’ and inserting ‘‘$3,000,000,000’’.; 

7 and 

8 (2) in paragraph (10), by striking 

9 ‘‘$1,000,000,000’’ and inserting ‘‘$3,000,000,000’’. 

10 SEC. 2121. NATIONAL SECURITIES EXCHANGE REGU11 LATORY PARITY. 

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

13 U.S.C. 77r(b)(1)) is amended— 

14 (1) by striking subparagraph (A); 

15 (2) in subparagraph (B)— 

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

17 qualified for trading in the national market sys18 tem pursuant to section 11A(a)(2) of the Secu19 rities Exchange Act of 1934 (15 U.S.C. 78k– 

20 1(a)(2)) that is’’ before ‘‘listed’’; and 

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

22 that the Commission determines by rule (on its 

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

24 substantially similar to the listing standards ap25 plicable to securities described in subparagraph 

26 (A)’’; 


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

2 and 

3 (4) by redesignating subparagraphs (B) and 

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

5 SEC. 212. INTERNATIONAL INSURANCE CAPITAL STAND6 ARDS ACCOUNTABILITY. 

7 (a) FINDINGS.—Congress finds that— 

8 (1) the Secretary of the Treasury, Board of Gov9 ernors of the Federal Reserve System, and Director of 

10 the Federal Insurance Office shall support increasing 

11 transparency at any global insurance or inter12 national standard-setting regulatory or supervisory 

13 forum in which they participate, including sup14 porting and advocating for greater public observer ac15 cess to working groups and committee meetings of the 

16 International Association of Insurance Supervisors; 

17 and 

18 (2) to the extent that the Secretary of the Treas19 ury, the Board of Governors of the Federal Reserve 

20 System, and the Director of the Federal Insurance Of21 fice take a position or reasonably intend to take a po22 sition with respect to an insurance proposal by a 

23 global insurance regulatory or supervisory forum, the 

24 Secretary of the Treasury, the Board of Governors of 

25 the Federal Reserve System, and the Director of the 


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1 Federal Insurance Office shall achieve consensus posi2 tions with State insurance regulators through the Na3 tional Association of Insurance Commissioners, when 

4 they are United States participants in negotiations 

5 on insurance issues before the International Associa6 tion of Insurance Supervisors, Financial Stability 

7 Board, or any other international forum of financial 

8 regulators or supervisors that considers such issues. 

9 (b) INSURANCE POLICY ADVISORY COMMITTEE.— 

10 (1) ESTABLISHMENT.—There is established the 

11 Insurance Policy Advisory Committee on Inter12 national Capital Standards and Other Insurance 

13 Issues at the Board of Governors of the Federal Re14 serve System. 

15 (2) MEMBERSHIP.—The Committee shall be com16 posed of not more than 21 members, all of whom rep17 resent a diverse set of expert perspectives from the 

18 various sectors of the United States insurance indus19 try, including life insurance, property and casualty 

20 insurance and reinsurance, agents and brokers, aca21 demics, consumer advocates, or experts on issues fac22 ing underserved insurance communities and con23 sumers. 

24 (c) REPORTS.— 


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1 (1) REPORTS AND TESTIMONY BY SECRETARY OF

2 THE TREASURY AND CHAIRMAN OF THE FEDERAL RE3 SERVE.— 

4 (A) IN GENERAL.—The Secretary of the 

5 Treasury and the Chairman of the Board of Gov6 ernors of the Federal Reserve System, or their 

7 designee, shall submit to the Committee on Bank8 ing, Housing, and Urban Affairs of the Senate, 

9 and the Committee on Financial Services of the 

10 House of Representatives, an annual report and 

11 provide annual testimony to the Committee on 

12 Banking, Housing, and Urban Affairs of the 

13 Senate, and the Committee on Financial Serv14 ices of the House of Representatives on the efforts 

15 of the Secretary and the Chairman with the Na16 tional Association of Insurance Commissioners 

17 with respect to global insurance regulatory or su18 pervisory forums, including— 

19 (i) a description of the insurance regu20 latory or supervisory standard-setting issues 

21 under discussion at international standard22 setting bodies, including the Financial Sta23 bility Board and the International Associa24 tion of Insurance Supervisors; 


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1 (ii) a description of the effects that 

2 proposals discussed at international insur3 ance regulatory or supervisory forums of in4 surance could have on consumer and insur5 ance markets in the United States; 

6 (iii) a description of any position 

7 taken by the Secretary of the Treasury, the 

8 Board of Governors of the Federal Reserve 

9 System, and the Director of the Federal In10 surance Office in international insurance 

11 discussions; and 

12 (iv) a description of the efforts by the 

13 Secretary of the Treasury, the Board of 

14 Governors of the Federal Reserve System, 

15 and the Director of the Federal Insurance 

16 Office to increase transparency at the Fi17 nancial Stability Board with respect to in18 surance proposals and the International As19 sociation of Insurance Supervisors, includ20 ing efforts to provide additional public ac21 cess to working groups and committees of 

22 the International Association of Insurance 

23 Supervisors. 

24 (B) TERMINATION.—This paragraph shall 

25 terminate on December 31, 2022. 


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1 (2) REPORTS AND TESTIMONY BY NATIONAL AS2 SOCIATION OF INSURANCE COMMISSIONERS.—The Na3 tional Association of Insurance Commissioners may 

4 provide testimony to Congress on the issues described 

5 in paragraph (1)(A). 

6 (3) JOINT REPORT BY THE CHAIRMAN OF THE

7 FEDERAL RESERVE AND THE DIRECTOR OF THE FED8 ERAL INSURANCE OFFICE.— 

9 (A) IN GENERAL.—The Secretary of the 

10 Treasury, the Chairman of the Board of Gov11 ernors of the Federal Reserve System, and the 

12 Director of the Federal Insurance Office shall, in 

13 consultation with the National Association of In14 surance Commissioners, complete a study on, 

15 and submit to Congress a report on the results 

16 of the study, the impact on consumers and mar17 kets in the United States before supporting or 

18 consenting to the adoption of any key elements 

19 in any international insurance proposal or 

20 international insurance capital standard. 

21 (B) NOTICE AND COMMENT.— 

22 (i) NOTICE.—The Secretary of the 

23 Treasury, the Chairman of the Board of 

24 Governors of the Federal Reserve System, 

25 and the Director of the Federal Insurance 


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1 Office shall provide public notice before the 

2 date on which drafting a report required 

3 under subparagraph (A) is commenced and 

4 after the date on which the draft of the re5 port is completed. 

6 (ii) OPPORTUNITY FOR COMMENT.— 

7 There shall be an opportunity for public 

8 comment for a period beginning on the date 

9 on which the report is submitted under sub10 paragraph (A) and ending on the date that 

11 is 60 days after the date on which the re12 port is submitted. 

13 (C) REVIEW BY COMPTROLLER GENERAL.— 

14 The Secretary of the Treasury, Chairman of the 

15 Board of Governors of the Federal Reserve Sys16 tem, and the Director of the Federal Insurance 

17 Office shall submit to the Comptroller General of 

18 the United States the report described in sub19 paragraph (A) for review. 

20 (4) REPORT ON INCREASE IN TRANSPARENCY.— 

21 Not later than 180 days after the date of enactment 

22 of this Act, the Chairman of the Board of Governors 

23 of the Federal Reserve System and the Secretary of 

24 the Treasury, or their designees, shall submit to Con25 gress a report and provide testimony to Congress on 


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1 the efforts of the Chairman and the Secretary to in2 crease transparency at meetings of the International 

3 Association of Insurance Supervisors. 

4 SEC. 213. BUDGET TRANSPARENCY FOR THE NCUA. 

5 Section 209(b) of the Federal Credit Union Act (12 

6 U.S.C. 1789(b)) is amended— 

7 (1) by redesignating paragraphs (1) and (2) as 

8 paragraphs (2) and (3), respectively; 

9 (2) by inserting before paragraph (2), as so re10 designated, the following: 

11 ‘‘(1) on an annual basis and prior to the sub12 mission of the detailed business-type budget required 

13 under paragraph (2)— 

14 ‘‘(A) make publicly available and publish in 

15 the Federal Register a draft of the detailed busi16 ness-type budget; and 

17 ‘‘(B) hold a public hearing, with public no18 tice provided of the hearing, during which the 

19 public may submit comments on the draft of the 

20 detailed business-type budget;’’; and 

21 (3) in paragraph (2), as so redesignated— 

22 (A) by inserting ‘‘detailed’’ after ‘‘submit 

23 a’’; and 


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1 (B) by inserting ‘‘, which shall address any 

2 comment submitted by the public under para3 graph (1)(B)’’ after ‘‘Control Act’’. 

4 SEC. 214. MAKING ONLINE BANKING INITIATION LEGAL 

5 AND EASY. 

6 (a) DEFINITIONS.—In this section: 

7 (1) AFFILIATE.—The term ‘‘affiliate’’ has the 

8 meaning given the term in section 2 of the Bank 

9 Holding Company Act of 1956 (12 U.S.C. 1841). 

10 (2) DRIVER’S LICENSE.—The term ‘‘driver’s li11 cense’’ means a license issued by a State to an indi12 vidual that authorizes the individual to operate a 

13 motor vehicle on public streets, roads, or highways. 

14 (3) FEDERAL BANK SECRECY LAWS.—The term 

15 ‘‘Federal bank secrecy laws’’ means— 

16 (A) section 21 of the Federal Deposit Insur17 ance Act (12 U.S.C. 1829b); 

18 (B) section 123 of Public Law 91–508 (12 

19 U.S.C. 1953); and 

20 (C) subchapter II of chapter 53 of title 31, 

21 United States Code. 

22 (4) FINANCIAL INSTITUTION.—The term ‘‘finan23 cial institution’’ means— 

24 (A) an insured depository institution; 

25 (B) an insured credit union; or 


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1 (C) any affiliate of an insured depository 

2 institution or insured credit union. 

3 (5) FINANCIAL PRODUCT OR SERVICE.—The term 

4 ‘‘financial product or service’’ has the meaning given 

5 the term in section 1002 of the Consumer Financial 

6 Protection Act of 2010 (12 U.S.C. 5481). 

7 (6) INSURED CREDIT UNION.—The term ‘‘insured 

8 credit union’’ has the meaning given the term in sec9 tion 101 of the Federal Credit Union Act (12 U.S.C. 

10 1752). 

11 (7) INSURED DEPOSITORY INSTITUTION.—The 

12 term ‘‘insured depository institution’’ has the mean13 ing given the term in section 3 of the Federal Deposit 

14 Insurance Act (12 U.S.C. 1813). 

15 (8) ONLINE SERVICE.—The term ‘‘online service’’ 

16 means any Internet-based service, such as a website or 

17 mobile application. 

18 (9) PERSONAL IDENTIFICATION CARD.—The term 

19 ‘‘personal identification card’’ means an identifica20 tion document issued by a State or local government 

21 to an individual solely for the purpose of identifica22 tion of that individual. 

23 (10) PERSONAL INFORMATION.—The term ‘‘per24 sonal information’’ means the information displayed 

25 on or electronically encoded on a driver’s license or 


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1 personal identification card that is reasonably nec2 essary to fulfill the purpose and uses permitted by 

3 subsection (b). 

4 (11) SCAN.—The term ‘‘scan’’ means the act of 

5 using a device or software to decipher, in an elec6 tronically readable format, personal information dis7 played on or electronically encoded on a driver’s li8 cense or personal identification card. 

9 (12) STATE.—The term ‘‘State’’ means any 

10 State of the United States, the District of Columbia, 

11 the Commonwealth of Puerto Rico, and any other 

12 commonwealth, possession, or territory of the United 

13 States. 

14 (b) USE OF A DRIVER’S LICENSE OR PERSONAL IDEN15 TIFICATION CARD.— 

16 (1) IN GENERAL.—When an individual initiates 

17 a request through an online service to open an ac18 count with a financial institution or obtain a finan19 cial product or service from a financial institution, 

20 the financial institution may record personal infor21 mation from a scan of the driver’s license or personal 

22 identification card of the individual, or make a copy 

23 or receive an image of the driver’s license or personal 

24 identification card of the individual, and store or reVerDate Sep 11 2014 22:58 Dec 18, 2017 Jkt 079200 PO 00000 Frm 00067 Fmt 6652 Sfmt 6203 E:\BILLS\S2155.RS S2155

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1 tain such information in any electronic format for the 

2 purposes described in paragraph (2). 

3 (2) USES OF INFORMATION.—Except as required 

4 to comply with Federal bank secrecy laws, a financial 

5 institution may only use the information obtained 

6 under paragraph (1)— 

7 (A) to verify the authenticity of the driver’s 

8 license or personal identification card; 

9 (B) to verify the identity of the individual; 

10 and 

11 (C) to comply with a legal requirement to 

12 record, retain, or transmit the personal informa13 tion in connection with opening an account or 

14 obtaining a financial product or service. 

15 (3) DELETION OF IMAGE.—A financial institu16 tion that makes a copy or receives an image of a 

17 driver’s license or personal identification card of an 

18 individual in accordance with paragraphs (1) and 

19 (2) shall, after using the image for the purposes de20 scribed in paragraph (2), permanently delete— 

21 (A) any image of the driver’s license or per22 sonal identification card, as applicable; and 

23 (B) any copy of any such image. 

24 (4) DISCLOSURE OF PERSONAL INFORMATION.— 

25 Nothing in this section shall be construed to amend, 


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1 modify, or otherwise affect any State or Federal law 

2 that governs a financial institution’s disclosure and 

3 security of personal information that is not publicly 

4 available. 

5 (c) RELATION TO STATE LAW.—The provisions of this 

6 section shall preempt and supersede any State law that con7 flicts with a provision of this section, but only to the extent 

8 of such conflict. 

9 TITLE III—PROTECTIONS FOR 

10 VETERANS, CONSUMERS, AND 

11 HOMEOWNERS 

12 SEC. 301. PROTECTING CONSUMERS’ CREDIT. 

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

14 U.S.C. 1681c–1) is amended— 

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

16 and inserting ‘‘1 year’’; and 

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

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

19 PROTECTIONS FOR CREDIT REPORTS OF MINOR CON20 SUMERS.— 

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

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

23 of a consumer, prohibiting the ability of a consumer 

24 reporting agency to furnish to any person, for the 

25 purpose of opening a new account involving the exVerDate Sep 11 2014 22:58 Dec 18, 2017 Jkt 079200 PO 00000 Frm 00069 Fmt 6652 Sfmt 6401 E:\BILLS\S2155.RS S2155

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1 tension of credit, the consumer report of the con2 sumer. 

3 ‘‘(2) FREE ANNUAL FREEZE ALERT.— 

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

5 other provision of State law, once every cal6 endar year, free of charge, upon the direct re7 quest of a consumer, or an individual acting on 

8 behalf of or as a personal representative of the 

9 consumer, a consumer reporting agency that 

10 maintains a file on the consumer and has re11 ceived appropriate proof of the identity of the 

12 requester shall provide 1 freeze alert in the file 

13 of that consumer that shall remain in effect 

14 until the consumer or requester requests that 

15 such freeze alert be removed. 

16 ‘‘(B) REMOVAL OF ALERT.—Notwith17 standing any other provision of State law, once 

18 every calendar year, free of charge, upon the di19 rect request of a consumer, or an individual 

20 acting on behalf of or as a personal representa21 tive of the consumer, a consumer reporting 

22 agency that receives a request to remove a 

23 freeze alert provided under paragraph (1) shall 

24 remove such a freeze alert. 


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

2 in this paragraph shall be construed to limit the 

3 authority of a State to require consumer report4 ing agencies to require freeze alerts free of 

5 charge. 

6 ‘‘(3) ADDITIONAL PROTECTIONS FOR CREDIT

7 REPORTS OF MINOR CONSUMERS.— 

8 ‘‘(A) IN GENERAL.—Upon the direct re9 quest of an individual acting on behalf of or as 

10 a personal representative of a minor, a con11 sumer reporting agency that maintains a file on 

12 the minor and has received appropriate proof of 

13 the identity of the requester shall include a 

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

15 minor that shall remain in effect until an indi16 vidual acting on behalf of or as a personal rep17 resentative of the minor, or in the case of a 

18 minor who is no longer a minor, the minor, re19 quests that such freeze alert be removed. 

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

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

22 a consumer reporting agency may not release— 

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

24 ‘‘(ii) any information derived from the 

25 consumer report of the minor; or 


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1 ‘‘(iii) any record created for the 

2 minor. 

3 ‘‘(C) REMOVAL.—Notwithstanding any 

4 other provision of State law, a consumer report5 ing agency that receives a request for a freeze 

6 alert for a minor or a request to remove a 

7 freeze alert for a minor shall provide or remove 

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

9 SEC. 301. PROTECTING CONSUMERS’ CREDIT. 

10 (a) IN GENERAL.—Section 605A of the Fair Credit Re11 porting Act (15 U.S.C. 1681c–1) is amended— 

12 (1) in subsection (a)(1)(A), by striking ‘‘90 

13 days’’ and inserting ‘‘1 year’’; and 

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

15 ‘‘(i) NATIONAL SECURITY FREEZE.— 

16 ‘‘(1) DEFINITIONS.—For purposes of this sub17 section: 

18 ‘‘(A) The term ‘consumer reporting agency’ 

19 means a consumer reporting agency described in 

20 section 603(p). 

21 ‘‘(B) The term ‘proper identification’ has 

22 the meaning of such term as used under section 

23 610. 

24 ‘‘(C) The term ‘security freeze’ means a re25 striction that prohibits a consumer reporting 


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1 agency from disclosing the contents of a con2 sumer report that is subject to such security 

3 freeze to any person requesting the consumer re4 port for the purpose of opening a new account 

5 involving the extension of credit. 

6 ‘‘(2) PLACEMENT OF SECURITY FREEZE.— 

7 ‘‘(A) IN GENERAL.—Upon receiving a direct 

8 request from a consumer that a consumer report9 ing agency place a security freeze, and upon re10 ceiving proper identification from the consumer, 

11 the consumer reporting agency shall, free of 

12 charge, place the security freeze not later than— 

13 ‘‘(i) in the case of a request that is by 

14 telephone or electronic means, 1 business 

15 day after receiving the request directly from 

16 the consumer; or 

17 ‘‘(ii) in the case of a request that is by 

18 mail, 3 business days after receiving the re19 quest directly from the consumer. 

20 ‘‘(B) CONFIRMATION AND ADDITIONAL IN21 FORMATION.—Not later than 5 business days 

22 after placing a security freeze under subpara23 graph (A), a consumer reporting agency shall— 

24 ‘‘(i) send confirmation of the place25 ment to the consumer; and 


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1 ‘‘(ii) inform the consumer of— 

2 ‘‘(I) the process by which the con3 sumer may remove the security freeze, 

4 including a mechanism to authenticate 

5 the consumer; and 

6 ‘‘(II) the consumer’s right de7 scribed in section 615(d)(1)(D). 

8 ‘‘(C) NOTICE TO THIRD PARTIES.—A con9 sumer reporting agency may advise a third 

10 party that a security freeze has been placed with 

11 respect to a consumer under subparagraph (A). 

12 ‘‘(3) REMOVAL OF SECURITY FREEZE.— 

13 ‘‘(A) IN GENERAL.—A consumer reporting 

14 agency shall remove a security freeze placed on 

15 the consumer report of a consumer only in the 

16 following cases: 

17 ‘‘(i) Upon the direct request of the con18 sumer. 

19 ‘‘(ii) The security freeze was placed 

20 due to a material misrepresentation of fact 

21 by the consumer. 

22 ‘‘(B) NOTICE IF REMOVAL NOT BY RE23 QUEST.—If a consumer reporting agency removes 

24 a security freeze under subparagraph (A)(ii), the 

25 consumer reporting agency shall notify the conVerDate Sep 11 2014 22:58 Dec 18, 2017 Jkt 079200 PO 00000 Frm 00074 Fmt 6652 Sfmt 6203 E:\BILLS\S2155.RS S2155

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1 sumer in writing prior to removing the security 

2 freeze. 

3 ‘‘(C) REMOVAL OF SECURITY FREEZE BY

4 CONSUMER REQUEST.—Except as provided in 

5 subparagraph (A)(ii), a security freeze shall re6 main in place until the consumer directly re7 quests that the security freeze be removed. Upon 

8 receiving a direct request from a consumer that 

9 a consumer reporting agency remove a security 

10 freeze, and upon receiving proper identification 

11 from the consumer, the consumer reporting agen12 cy shall, free of charge, remove the security freeze 

13 not later than— 

14 ‘‘(i) in the case of a request that is by 

15 telephone or electronic means, 1 hour after 

16 receiving the request for removal; or 

17 ‘‘(ii) in the case of a request that is by 

18 mail, 3 business days after receiving the re19 quest for removal. 

20 ‘‘(D) THIRD-PARTY REQUESTS.—If a third 

21 party requests access to a consumer report of a 

22 consumer with respect to which a security freeze 

23 is in effect, where such request is in connection 

24 with an application for credit, and the consumer 

25 does not allow such consumer report to be 


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1 accessed, the third party may treat the applica2 tion as incomplete. 

3 ‘‘(4) EXCEPTIONS.—A security freeze shall not 

4 apply to the making of a consumer report for use of 

5 the following: 

6 ‘‘(A) A person or entity, or a subsidiary, af7 filiate, or agent of that person or entity, or an 

8 assignee of a financial obligation owed by the 

9 consumer to that person or entity, or a prospec10 tive assignee of a financial obligation owed by 

11 the consumer to that person or entity in conjunc12 tion with the proposed purchase of the financial 

13 obligation, with which the consumer has or had 

14 prior to assignment an account or contract in15 cluding a demand deposit account, or to whom 

16 the consumer issued a negotiable instrument, for 

17 the purposes of reviewing the account or col18 lecting the financial obligation owed for the ac19 count, contract, or negotiable instrument. For 

20 purposes of this subparagraph, ‘reviewing the ac21 count’ includes activities related to account 

22 maintenance, monitoring, credit line increases, 

23 and account upgrades and enhancements. 

24 ‘‘(B) A subsidiary, affiliate, agent, assignee, 

25 or prospective assignee of a person to whom acVerDate Sep 11 2014 22:58 Dec 18, 2017 Jkt 079200 PO 00000 Frm 00076 Fmt 6652 Sfmt 6203 E:\BILLS\S2155.RS S2155

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1 cess has been granted for purposes of facilitating 

2 the extension of credit or other permissible use. 

3 ‘‘(C) Any Federal, State, or local agency, 

4 law enforcement agency, trial court, or private 

5 collection agency acting pursuant to a court 

6 order, warrant, or subpoena. 

7 ‘‘(D) A child support agency acting pursu8 ant to part D of title IV of the Social Security 

9 Act (42 U.S.C. 651 et seq.). 

10 ‘‘(E) A State or its agents or assigns acting 

11 to investigate fraud or acting to investigate or 

12 collect delinquent taxes or unpaid court orders or 

13 to fulfill any of its other statutory responsibil14 ities, provided such responsibilities are consistent 

15 with a permissible purpose under section 604. 

16 ‘‘(F) By a person using credit information 

17 for the purposes described under section 604(c). 

18 ‘‘(G) Any person or entity administering a 

19 credit file monitoring subscription or similar 

20 service to which the consumer has subscribed. 

21 ‘‘(H) Any person or entity for the purpose 

22 of providing a consumer with a copy of the con23 sumer’s consumer report or credit score, upon the 

24 request of the consumer. 


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1 ‘‘(I) Any person using the information in 

2 connection with the underwriting of insurance. 

3 ‘‘(J) Any person using the information for 

4 employment, tenant, or background screening 

5 purposes. 

6 ‘‘(5) NOTICE OF RIGHTS.—At any time a con7 sumer is required to receive a summary of rights re8 quired under section 609, the following notice shall be 

9 included: 

10 ‘‘ ‘CONSUMERS HAVE THE RIGHT TO OBTAIN A SECURITY

11 FREEZE

12 ‘‘ ‘You have a right to place a ‘‘security freeze’’ on your 

13 credit report, which will prohibit a consumer reporting 

14 agency from releasing information in your credit report 

15 without your express authorization. The security freeze is 

16 designed to prevent credit, loans, and services from being 

17 approved in your name without your consent. However, you 

18 should be aware that using a security freeze to take control 

19 over who gets access to the personal and financial informa20 tion in your credit report may delay, interfere with, or pro21 hibit the timely approval of any subsequent request or ap22 plication you make regarding a new loan, credit, mortgage, 

23 or any other account involving the extension of credit. 

24 ‘‘ ‘As an alternative to a security freeze, you have the 

25 right to place an initial or extended fraud alert on your 


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1 credit file at no cost. An initial fraud alert is a 1-year alert 

2 that is placed on a consumer’s credit file. Upon seeing a 

3 fraud alert display on a consumer’s credit file, a business 

4 is required to take steps to verify the consumer’s identity 

5 before extending new credit. If you are a victim of identity 

6 theft, you are entitled to an extended fraud alert, which is 

7 a fraud alert lasting 7 years. 

8 ‘‘ ‘A security freeze does not apply to a person or enti9 ty, or its affiliates, or collection agencies acting on behalf 

10 of the person or entity, with which you have an existing 

11 account that requests information in your credit report for 

12 the purposes of reviewing or collecting the account. Review13 ing the account includes activities related to account main14 tenance, monitoring, credit line increases, and account up15 grades and enhancements.’. 

16 ‘‘(6) WEBPAGE.— 

17 ‘‘(A) CONSUMER REPORTING AGENCIES.—A 

18 consumer reporting agency shall establish a 

19 webpage that— 

20 ‘‘(i) allows a consumer to request a se21 curity freeze; 

22 ‘‘(ii) allows a consumer to request an 

23 initial fraud alert; 

24 ‘‘(iii) allows a consumer to request an 

25 extended fraud alert; 


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1 ‘‘(iv) allows a consumer to request an 

2 active duty fraud alert; 

3 ‘‘(v) allows a consumer to opt-out of 

4 the use of information in a consumer report 

5 to send the consumer a solicitation of credit 

6 or insurance, in accordance with section 

7 615(d); and 

8 ‘‘(vi) shall not be the only mechanism 

9 by which a consumer may request a secu10 rity freeze. 

11 ‘‘(B) FTC.—The Federal Trade Commission 

12 shall establish a single webpage that includes a 

13 link to each webpage established under subpara14 graph (A) within the Federal Trade Commis15 sion’s website www.Identitytheft.gov, or a suc16 cessor website. 

17 ‘‘(j) NATIONAL PROTECTION FOR FILES AND CREDIT

18 RECORDS OF MINORS.— 

19 ‘‘(1) DEFINITIONS.—As used in this subsection: 

20 ‘‘(A) The term ‘consumer reporting agency’ 

21 means a consumer reporting agency described in 

22 section 603(p). 

23 ‘‘(B) The term ‘minor’ means an individual 

24 who is under the age of 16 years at the time a 


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1 request for the placement of a security freeze is 

2 made. 

3 ‘‘(C) The term ‘minor’s representative’ 

4 means a person who provides to a consumer re5 porting agency sufficient proof of authority to 

6 act on behalf of a minor. 

7 ‘‘(D) The term ‘record’ means a compilation 

8 of information that— 

9 ‘‘(i) identifies a minor; 

10 ‘‘(ii) is created by a consumer report11 ing agency solely for the purpose of com12 plying with this subsection; and 

13 ‘‘(iii) may not be created or used to 

14 consider the minor’s credit worthiness, cred15 it standing, credit capacity, character, gen16 eral reputation, personal characteristics, or 

17 mode of living. 

18 ‘‘(E) The term ‘security freeze’ means a re19 striction that prohibits a consumer reporting 

20 agency from disclosing the contents of a con21 sumer report that is the subject of such security 

22 freeze or, in the case of a minor for whom the 

23 consumer reporting agency does not have a file, 

24 a record that is subject to such security freeze to 

25 any person requesting the consumer report for 


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1 the purpose of opening a new account involving 

2 the extension of credit. 

3 ‘‘(F) The term ‘sufficient proof of authority’ 

4 means documentation that shows a minor’s rep5 resentative has authority to act on behalf of a 

6 minor and includes— 

7 ‘‘(i) an order issued by a court of law; 

8 ‘‘(ii) a lawfully executed and valid 

9 power of attorney; 

10 ‘‘(iii) a document issued by a Federal, 

11 State, or local government agency in the 

12 United States showing proof of parentage, 

13 including a birth certificate; or 

14 ‘‘(iv) with respect to a minor who has 

15 been placed in a foster care setting, a writ16 ten communication from a county welfare 

17 department or its agent or designee, or a 

18 county probation department or its agent or 

19 designee, certifying that the minor is in a 

20 foster care setting under its jurisdiction. 

21 ‘‘(G) The term ‘sufficient proof of identifica22 tion’ means information or documentation that 

23 identifies a minor and a minor’s representative 

24 and includes— 


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1 ‘‘(i) a social security number or a copy 

2 of a social security card issued by the So3 cial Security Administration; 

4 ‘‘(ii) a certified or official copy of a 

5 birth certificate issued by the entity author6 ized to issue the birth certificate; or 

7 ‘‘(iii) a copy of a driver’s license, an 

8 identification card issued by the motor vehi9 cle administration, or any other government 

10 issued identification. 

11 ‘‘(2) PLACEMENT OF SECURITY FREEZE FOR A

12 MINOR.— 

13 ‘‘(A) IN GENERAL.—Upon receiving a direct 

14 request from a minor’s representative that a con15 sumer reporting agency place a security freeze, 

16 and upon receiving sufficient proof of identifica17 tion and sufficient proof of authority, the con18 sumer reporting agency shall, free of charge, 

19 place the security freeze not later than— 

20 ‘‘(i) in the case of a request that is by 

21 telephone or electronic means, 1 business 

22 day after receiving the request directly from 

23 the minor’s representative; or 

24 ‘‘(ii) in the case of a request that is by 

25 mail, 3 business days after receiving the reVerDate Sep 11 2014 22:58 Dec 18, 2017 Jkt 079200 PO 00000 Frm 00083 Fmt 6652 Sfmt 6203 E:\BILLS\S2155.RS S2155

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1 quest directly from the minor’s representa2 tive. 

3 ‘‘(B) CONFIRMATION AND ADDITIONAL IN4 FORMATION.—Not later than 5 business days 

5 after placing a security freeze under subpara6 graph (A), a consumer reporting agency shall— 

7 ‘‘(i) send confirmation of the place8 ment to the minor’s representative; and 

9 ‘‘(ii) inform the minor’s representative 

10 of the process by which the minor may re11 move the security freeze, including a mecha12 nism to authenticate the minor’s representa13 tive. 

14 ‘‘(C) CREATION OF FILE.—If a consumer re15 porting agency does not have a file pertaining to 

16 a minor when the consumer reporting agency re17 ceives a direct request under subparagraph (A), 

18 the consumer reporting agency shall create a 

19 record for the minor. 

20 ‘‘(3) PROHIBITION ON RELEASE OF RECORD OR

21 FILE OF MINOR.—After a security freeze has been 

22 placed under paragraph (2)(A), and unless the secu23 rity freeze is removed in accordance with this sub24 section, a consumer reporting agency may not release 

25 the minor’s consumer report, any information derived 


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1 from the minor’s consumer report, or any record cre2 ated for the minor. 

3 ‘‘(4) REMOVAL OF A MINOR SECURITY FREEZE.— 

4 ‘‘(A) IN GENERAL.—A consumer reporting 

5 agency shall remove a security freeze placed on 

6 the consumer report of a minor only in the fol7 lowing cases: 

8 ‘‘(i) Upon the direct request of the mi9 nor’s representative. 

10 ‘‘(ii) Upon the direct request of the 

11 minor, if the minor is not under the age of 

12 16 years at the time of the request. 

13 ‘‘(iii) The security freeze was placed 

14 due to a material misrepresentation of fact 

15 by the minor’s representative. 

16 ‘‘(B) NOTICE IF REMOVAL NOT BY RE17 QUEST.—If a consumer reporting agency removes 

18 a security freeze under subparagraph (A)(iii), 

19 the consumer reporting agency shall notify the 

20 minor’s representative in writing prior to remov21 ing the security freeze. 

22 ‘‘(C) REMOVAL OF FREEZE BY REQUEST.— 

23 Except as provided in subparagraph (A)(iii), a 

24 security freeze shall remain in place until a mi25 nor’s representative or minor described in subVerDate Sep 11 2014 22:58 Dec 18, 2017 Jkt 079200 PO 00000 Frm 00085 Fmt 6652 Sfmt 6203 E:\BILLS\S2155.RS S2155

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1 paragraph (A)(ii) directly requests that the secu2 rity freeze be removed. Upon receiving a direct 

3 request from the minor’s representative or minor 

4 described in subparagraph (A)(ii) that a con5 sumer reporting agency remove a security freeze, 

6 and upon receiving sufficient proof of identifica7 tion and sufficient proof of authority, the con8 sumer reporting agency shall, free of charge, re9 move the security freeze not later than— 

10 ‘‘(i) in the case of a request that is by 

11 telephone or electronic means, 1 hour after 

12 receiving the request for removal; or 

13 ‘‘(ii) in the case of a request that is by 

14 mail, 3 business days after receiving the re15 quest for removal.’’. 

16 (b) CONFORMING AMENDMENT.—Section 625(b)(1) of 

17 the Fair Credit Reporting Act (15 U.S.C. 1681t(b)(1)) is 

18 amended— 

19 (1) in subparagraph (H), by striking ‘‘or’’ at the 

20 end; 

21 (2) in subparagraph (I), by adding ‘‘or’’ at the 

22 end; and 

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

24 ‘‘(J) subsections (i) and (j) of section 605A 

25 relating to security freezes;’’. 


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1 (c) EFFECTIVE DATE.—The amendments made by this 

2 section shall take effect on the date that is 120 days after 

3 the date of enactment of this Act. 

4 SEC. 302. PROTECTING VETERANS’ CREDIT. 

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

6 (1) to rectify problematic reporting of medical 

7 debt included in a consumer report of a veteran due 

8 to inappropriate or delayed payment for hospital 

9 care or medical services provided in a non-Depart10 ment of Veterans Affairs facility under the laws ad11 ministered by the Secretary of Veterans Affairs; and 

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

13 such medical debt. 

14 (b) AMENDMENTS TO FAIR CREDIT REPORTING

15 ACT.— 

16 (1) VETERAN’S MEDICAL DEBT DEFINED.—Sec17 tion 603 of the Fair Credit Reporting Act (15 

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

19 following: 

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

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

22 Code. 

23 ‘‘(aa) VETERAN’S MEDICAL DEBT.—The term ‘vet24 eran’s medical debt’— 


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

2 health care provided in a non-Department of Vet3 erans Affairs facility under the laws administered by 

4 the Secretary of Veterans Affairs; and 

5 ‘‘(1) means a medical collection debt of a veteran 

6 owed to a health care provider in a non-Department 

7 of Veterans Affairs facility that was submitted to the 

8 Department of Veterans Affairs for repayment by the 

9 Veterans Choice Fund established by section 802 of 

10 the Veterans Access, Choice, and Accountability Act of 

11 2014 (38 U.S.C. 1701 note); and 

12 ‘‘(2) includes medical collection debt that the 

13 Department of Veterans Affairs has wrongfully 

14 charged a veteran.’’. 

15 (2) EXCLUSION FOR VETERAN’S MEDICAL

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

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

18 the end the following: 

19 ‘‘(7) Any With respect to a consumer reporting 

20 agency described in section 603(p), any information 

21 related to a veteran’s medical debt if the date on 

22 which the hospital care or medical services was ren23 dered relating to the debt antedates the report by 

24 less than 1 year if the consumer reporting agency has 

25 actual knowledge that the information is related to a 


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1 veteran’s medical debt and the consumer reporting 

2 agency is in compliance with its obligation under sec3 tion 302(c)(5) of the Economic Growth, Regulatory 

4 Relief, and Consumer Protection Act. 

5 ‘‘(8) Any With respect to a consumer reporting 

6 agency described in section 603(p), any information 

7 related to a fully paid or settled veteran’s medical 

8 debt that had been characterized as delinquent, 

9 charged off, or in collection if the consumer reporting 

10 agency has actual knowledge that the information is 

11 related to a veteran’s medical debt and the consumer 

12 reporting agency is in compliance with its obligation 

13 under section 302(c)(5) of the Economic Growth, Reg14 ulatory Relief, and Consumer Protection Act.’’. 

15 (3) REMOVAL OF VETERAN’S MEDICAL DEBT

16 FROM CONSUMER REPORT.—Section 611 of the Fair 

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

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

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

21 ‘‘subsection (f)’’; and 

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

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

24 DEBT.— 


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

2 medical debt of a consumer, the consumer, the vet3 eran may submit a notice described in paragraph (2) 

4 along with, proof of liability of the Department of 

5 Veterans Affairs for payment of that debt, or docu6 mentation that the Department of Veterans Affairs 

7 is in the process of making payment for authorized 

8 medical services rendered to a consumer reporting 

9 agency or a reseller to dispute the inclusion of that 

10 debt on a consumer report of the consumer veteran. 

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

16 ‘‘(3) DELETION OF INFORMATION FROM

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

19 paragraph (1), the consumer reporting agency shall 

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

22 notify the furnisher and the consumer veteran of 

23 that deletion.’’. 

24 (c) VERIFICATION OF VETERAN’S MEDICAL DEBT.— 


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1 (1) DEFINITIONS.—For purposes of this sub2 section— 

3 (A) the term ‘‘consumer reporting agency’’ 

4 means a consumer reporting agency described in 

5 section 603(p) of the Fair Credit Reporting Act 

6 (15 U.S.C. 1681a(p)); and 

7 (B) the terms ‘‘veteran’’ and ‘‘veteran’s 

8 medical debt’’ have the meanings given those 

9 terms in section 603 of the Fair Credit Report10 ing Act (15 U.S.C. 1681a), as added by sub11 section (b)(1). 

12 (2) ESTABLISHMENT.—Not later than 1 year 

13 after the date of enactment of this Act, the Secretary 

14 of Veterans Affairs shall establish a database to allow 

15 consumer reporting agencies to verify whether a debt 

16 furnished to a consumer reporting agency is a vet17 eran’s medical debt. 

18 (3) DATABASE FEATURES.—The Secretary of 

19 Veterans Affairs shall ensure that the database estab20 lished under paragraph (2) provides consumer report21 ing agencies with— 

22 (A) sufficiently detailed and specific infor23 mation to verify whether a debt being furnished 

24 to the consumer reporting agency is a veteran’s 

25 medical debt; 


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1 (B) access to verification information in a 

2 secure electronic format; 

3 (C) timely access to verification informa4 tion; and 

5 (D) any other features that would promote 

6 the efficient, timely, and secure delivery of infor7 mation that consumer reporting agencies could 

8 use to verify whether a debt is a veteran’s med9 ical debt. 

10 (4) STAKEHOLDER INPUT.—Prior to establishing 

11 the database for verification under paragraph (2), the 

12 Secretary of Veterans Affairs shall publish in the Fed13 eral Register a notice and request for comment that 

14 solicits input from consumer reporting agencies and 

15 other stakeholders. 

16 (5) VERIFICATION.—Provided the database estab17 lished under paragraph (2) is fully functional and the 

18 data available to consumer reporting agencies, a con19 sumer reporting agency shall use the database as a 

20 means to identify a veteran’s medical debt pursuant 

21 to paragraphs (7) and (8) of section 605(a) of the 

22 Fair Credit Reporting Act (15 U.S.C. 1681c(a)), as 

23 added by subsection (b)(2). 


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1 (c)(d) EFFECTIVE DATE.—The amendments made by 

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

3 1 year after the date of enactment of this Act. 

4 SEC. 303. IMMUNITY FROM SUIT FOR DISCLOSURE OF FI5 NANCIAL EXPLOITATION OF SENIOR CITI6 ZENS. 

7 (a) IMMUNITY.— 

8 (1) DEFINITIONS.—In this section— 

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

10 means an individual responsible for ensuring 

11 compliance with the requirements mandated by 

12 subchapter II of chapter 53 of title 31, United 

13 States Code (commonly known as the ‘‘Bank 

14 Secrecy Act’’); 

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

16 broker and a dealer, as those terms are defined 

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

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

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

20 (i) a State financial regulatory agen21 cy, including a State securities or law en22 forcement authority and a State insurance 

23 regulator; 

24 (ii) each of the entities Federal agen25 cies represented in the membership of the 


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1 Financial Institutions Examination Council 

2 established under section 1004 of the Fed3 eral Financial Institutions Examination 

4 Council Act of 1978 (12 U.S.C. 3303); 

5 (iii) a securities association registered 

6 under section 15A of the Securities Ex7 change Act of 1934 (15 U.S.C. 78o–3); 

8 (iv) the Securities and Exchange 

9 Commission; 

10 (v) a law enforcement agency; and or 

11 (vi) a State or local agency respon12 sible for administering adult protective 

13 service laws; 

14 (D) the term ‘‘covered financial institu15 tion’’ means— 

16 (i) a credit union; 

17 (ii) a depository institution; 

18 (iii) an investment adviser; 

19 (iv) a broker-dealer; 

20 (v) an insurance company; 

21 (vi) an insurance agency; and or 

22 (vii) a transfer agent; 

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1 Frank Wall Street Reform and Consumer Pro2 tection Act (12 U.S.C. 5301); 

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

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

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

6 1813(c)); 

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

8 fraudulent or otherwise illegal, unauthorized, or 

9 improper act or process of an individual, includ10 ing a caregiver or a fiduciary, that— 

11 (i) uses the resources of a senior cit12 izen for monetary or personal benefit, prof13 it, or gain; or 

14 (ii) results in depriving a senior cit15 izen of rightful access to or use of benefits, 

16 resources, belongings, or assets; 

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

18 any business entity that sells, solicits, or nego19 tiates insurance coverage; 

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

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

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

23 80a–2(a)); 

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

25 an individual who is required under State law 


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1 to be licensed in order to sell, solicit, or nego2 tiate insurance coverage; 

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

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

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

6 80b–2(a)); 

7 (L) the term ‘‘investment adviser rep8 resentative’’ means an individual who— 

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

10 an investment adviser; and 

11 (ii) does not perform solely clerical or 

12 ministerial acts; 

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

14 means an individual who represents a broker15 dealer in effecting or attempting to effect a 

16 purchase or sale of securities; 

17 (N) the term ‘‘senior citizen’’ means an in18 dividual who is not younger than 65 years of 

19 age; 

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

21 several States, the District of Columbia, and 

22 any territory or possession of the United States; 

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

24 has the meaning given the term in section 315 


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

2 6735); 

3 (Q) the term ‘‘State securities or law en4 forcement authority’’ has the meaning given the 

5 term in section 24(f)(4) of the Securities Ex6 change Act of 1934 (15 U.S.C. 78x(f)(4)); and 

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

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

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

10 78c(a)). 

11 (2) IMMUNITY FROM SUIT.— 

12 (A) IMMUNITY FOR INDIVIDUALS.—An in13 dividual who has received the training described 

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

15 any civil or administrative proceeding, for dis16 closing the suspected exploitation of a senior 

17 citizen to a covered agency if the individual, at 

18 the time of the disclosure— 

19 (i) served as a supervisor or compli20 ance officer in a compliance or legal func21 tion (including as a Bank Secrecy Act offi22 cer) for, or, in the case of a registered rep23 resentative, investment adviser representa24 tive, or insurance producer, was affiliated 


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1 or associated with, a covered financial in2 stitution; and 

3 (ii) made the disclosure— 

4 (I) in good faith; and 

5 (II) with reasonable care. 

6 (B) IMMUNITY FOR COVERED FINANCIAL

7 INSTITUTIONS.—A covered financial institution 

8 shall not be liable, including in any civil or ad9 ministrative proceeding, for a disclosure made 

10 by an individual described in subparagraph (A) 

11 if— 

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

13 in the case of a registered representative, 

14 insurance producer, or investment adviser 

15 representative, affiliated or associated 

16 with, the covered financial institution at 

17 the time of the disclosure; and 

18 (ii) before the time of the disclosure, 

19 each individual described in subsection 

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

21 subsection (b). 

22 (C) RULE OF CONSTRUCTION.—Nothing in 

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

24 limit the liability of an individual or a covered 

25 financial institution in a civil action for any act, 


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1 omission, or fraud that is not a disclosure de2 scribed in subparagraph (A). 

3 (b) TRAINING.— 

4 (1) IN GENERAL.—A covered financial institu5 tion or a third party selected by a covered financial 

6 institution may provide the training described in 

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

8 registered representative, insurance producer, or in9 vestment adviser representative affiliated or associ10 ated with, the covered financial institution who— 

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

12 (B) may come into contact with a senior 

13 citizen as a regular part of the professional du14 ties of the individual; or 

15 (C) may review or approve the financial 

16 documents, records, or transactions of a senior 

17 citizen in connection with providing financial 

18 services to a senior citizen. 

19 (2) CONTENT.— 

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

21 training that a covered financial institution or 

22 a third party selected by the covered financial 

23 institution may provide under paragraph (1) 

24 shall— 


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1 (i) be maintained by the covered fi2 nancial institution and made available to a 

3 covered agency with examination authority 

4 over the covered financial institution, upon 

5 request, except that a covered financial in6 stitution shall not be required to maintain 

7 or make available such content with re8 spect to any individual who is no longer 

9 employed by, or affiliated or associated 

10 with, the covered financial institution; 

11 (ii) instruct any individual attending 

12 the training on how to identify and report 

13 the suspected exploitation of a senior cit14 izen internally and, as appropriate, to gov15 ernment officials or law enforcement au16 thorities, including common signs that in17 dicate the financial exploitation of a senior 

18 citizen; 

19 (iii) discuss the need to protect the 

20 privacy and respect the integrity of each 

21 individual customer of the covered financial 

22 institution; and 

23 (iv) be appropriate to the job respon24 sibilities of the individual attending the 

25 training. 


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1 (B) TIMING.—The training under para2 graph (1) shall be provided— 

3 (i) as soon as reasonably practicable; 

4 and 

5 (ii) with respect to an individual who 

6 begins employment, or becomes affiliated 

7 or associated, with a covered financial in8 stitution after the date of enactment of 

9 this Act, not later than 1 year after the 

10 date on which the individual becomes em11 ployed by, or affiliated or associated with, 

12 the covered financial institution in a posi13 tion described in subparagraph (A), (B), or 

14 (C) of paragraph (1). 

15 (C) RECORDS.—A covered financial insti16 tution shall— 

17 (i) maintain a record of each indi18 vidual who— 

19 (I) is employed by, or affiliated 

20 or associated with, the covered finan21 cial institution in a position described 

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

23 paragraph (1); and 


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1 (II) has completed the training 

2 under paragraph (1), regardless of 

3 whether the training was— 

4 (aa) provided by the covered 

5 financial institution or a third 

6 party selected by the covered fi7 nancial institution; 

8 (bb) completed before the in9 dividual was employed by, or af10 filiated or associated with, the 

11 covered financial institution; and 

12 (cc) completed before, on, or 

13 after the date of enactment of 

14 this Act; and 

15 (ii) upon request, provide a record de16 scribed in clause (i) to a covered agency 

17 with examination authority over the cov18 ered financial institution. 

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

20 section shall be construed to preempt or limit any provi21 sion of State law, except only to the extent that subsection 

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

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

24 a covered financial institution described in subsection 

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


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1 SEC. 304. RESTORATION OF THE PROTECTING TENANTS AT 

2 FORECLOSURE ACT OF 2009. 

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

4 the Protecting Tenants at Foreclosure Act of 2009 (12 

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

6 note) is repealed. 

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

8 Protecting Tenants at Foreclosure Act of 2009, the provi9 sions of law amended or repealed by such sections, and 

10 any regulations promulgated pursuant to such sections, as 

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

12 revived. 

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

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

15 enactment of this Act. 

16 SEC. 305. REMEDIATING LEAD AND ASBESTOS HAZARDS. 

17 Section 109(a)(1) of the Emergency Economic Sta18 bilization Act of 2008 (12 U.S.C. 5219(a)(1)) is amended, 

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

20 lead and asbestos hazards in residential properties’’ before 

21 the period at the end. 

22 SEC. 306. FAMILY SELF-SUFFICIENCY PROGRAM. 

23 (a) IN GENERAL.—Section 23 of the United States 

24 Housing Act of 1937 (42 U.S.C. 1437u) is amended— 

25 (1) in subsection (a)— 

26 (A) by striking ‘‘public housing and’’; and 


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1 (B) by striking ‘‘the certificate and voucher 

2 programs under section 8’’ and inserting ‘‘sec3 tions 8 and 9’’; 

4 (2) by amending subsection (b) to read as fol5 lows: 

6 ‘‘(b) CONTINUATION OF PRIOR REQUIRED PRO7 GRAMS.— 

8 ‘‘(1) IN GENERAL.—Each public housing agency 

9 that was required to administer a local Family Self10 Sufficiency program on the date of enactment of the 

11 Economic Growth, Regulatory Relief, and Consumer 

12 Protection Act shall operate such local program for, 

13 at a minimum, the number of families the agency 

14 was required to serve on the date of enactment of such 

15 Act, subject only to the availability under appropria16 tions Acts of sufficient amounts for housing assistance 

17 and the requirements of paragraph (2). 

18 ‘‘(2) REDUCTION.—The number of families for 

19 which a public housing agency is required to operate 

20 such local program under paragraph (1) shall be de21 creased by 1 for each family from any supported rent22 al housing program administered by such agency 

23 that, after October 21, 1998, fulfills its obligations 

24 under the contract of participation. 


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1 ‘‘(3) EXCEPTION.—The Secretary shall not re2 quire a public housing agency to carry out a manda3 tory program for a period of time upon the request 

4 of the public housing agency and upon a determina5 tion by the Secretary that implementation is not fea6 sible because of local circumstances, which may in7 clude— 

8 ‘‘(A) lack of supportive services accessible to 

9 eligible families, which shall include insufficient 

10 availability of resources for programs under title 

11 I of the Workforce Investment Act of 1998 (29 

12 U.S.C. 2801 et seq.); 

13 ‘‘(B) lack of funding for reasonable admin14 istrative costs; 

15 ‘‘(C) lack of cooperation by other units of 

16 State or local government; or 

17 ‘‘(D) any other circumstances that the Sec18 retary may consider appropriate.’’; 

19 (3) by striking subsection (i); 

20 (4) by redesignating subsections (c), (d), (e), (f), 

21 (g), and (h) as subsections (d), (e), (f), (g), (h), and 

22 (i) respectively; 

23 (5) by inserting after subsection (b), as amended, 

24 the following: 

25 ‘‘(c) ELIGIBILITY.— 


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1 ‘‘(1) ELIGIBLE FAMILIES.—A family is eligible 

2 to participate in a local Family Self-Sufficiency pro3 gram under this section if— 

4 ‘‘(A) at least 1 household member seeks to 

5 become and remain employed in suitable employ6 ment or to increase earnings; and 

7 ‘‘(B) the household member receives direct 

8 assistance under section 8 or resides in a unit 

9 assisted under section 8 or 9. 

10 ‘‘(2) ELIGIBLE ENTITIES.—The following entities 

11 are eligible to administer a local Family Self-Suffi12 ciency program under this section: 

13 ‘‘(A) A public housing agency admin14 istering housing assistance to or on behalf of an 

15 eligible family under section 8 or 9. 

16 ‘‘(B) The owner or sponsor of a multifamily 

17 property receiving project-based rental assistance 

18 under section 8, in accordance with the require19 ments under subsection (l).’’; 

20 (6) in subsection (d), as so redesignated— 

21 (A) in paragraph (1)— 

22 (i) by striking ‘‘public housing agency’’ 

23 the first time it appears and inserting ‘‘eli24 gible entity’’; 


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1 (ii) in the first sentence, by striking 

2 ‘‘each leaseholder receiving assistance under 

3 the certificate and voucher programs of the 

4 public housing agency under section 8 or re5 siding in public housing administered by 

6 the agency’’ and inserting ‘‘a household 

7 member of an eligible family’’; and 

8 (iii) by striking the third sentence and 

9 inserting the following: ‘‘Housing assistance 

10 may not be terminated as a consequence of 

11 either successful completion of the contract 

12 of participation or failure to complete such 

13 contract. A contract of participation shall 

14 remain in effect until the participating 

15 family exits the Family Self-Sufficiency 

16 program upon successful graduation or ex17 piration of the contract of participation, or 

18 for other good cause.’’; 

19 (B) in paragraph (2)— 

20 (i) in the matter preceding subpara21 graph (A)— 

22 (I) in the first sentence— 

23 (aa) by striking ‘‘A local 

24 program under this section’’ and 

25 inserting ‘‘An eligible entity’’; 


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1 (bb) by striking ‘‘provide’’ 

2 and inserting ‘‘coordinate’’; and 

3 (cc) by striking ‘‘to’’ and in4 serting ‘‘for’’; and 

5 (II) in the second sentence— 

6 (aa) by striking ‘‘provided 

7 during’’ and inserting ‘‘coordi8 nated for’’; 

9 (bb) by striking ‘‘under sec10 tion 8 or residing in public hous11 ing’’ and inserting ‘‘pursuant to 

12 section 8 or 9 and for the dura13 tion of the contract of participa14 tion’’; and 

15 (cc) by inserting ‘‘, but are 

16 not limited to’’ after ‘‘may in17 clude’’; 

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

19 ‘‘or attainment of a high school equivalency 

20 certificate’’ after ‘‘high school’’; 

21 (iii) by striking subparagraph (G); 

22 (iv) by redesignating subparagraphs 

23 (E), (F), and (J) as subparagraphs (F), 

24 (G), and (K) respectively; 


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1 (v) by inserting after subparagraph 

2 (D) the following: 

3 ‘‘(E) education in pursuit of a post-sec4 ondary degree or certification;’’; 

5 (vi) in subparagraph (H), by inserting 

6 ‘‘financial literacy, such as training in fi7 nancial management, financial coaching, 

8 and asset building, and’’ after ‘‘training 

9 in’’; 

10 (vii) in subparagraph (I), by striking 

11 ‘‘and’’ at the end; and 

12 (viii) by inserting after subparagraph 

13 (I) the following: 

14 ‘‘(J) homeownership education and assist15 ance; and’’; and 

16 (C) in paragraph (3)— 

17 (i) in the first sentence, by inserting 

18 ‘‘the first recertification of income after’’ 

19 after ‘‘not later than 5 years after’’; and 

20 (ii) in the second sentence— 

21 (I) by striking ‘‘public housing 

22 agency’’ and inserting ‘‘eligible enti23 ty’’; and 

24 (II) by striking ‘‘of the agency’’; 


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1 (D) by amending paragraph (4) to read as 

2 follows: 

3 ‘‘(4) EMPLOYMENT.—The contract of participa4 tion shall require 1 household member of the partici5 pating family to seek and maintain suitable employ6 ment.’’; and 

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

8 ‘‘(5) NONPARTICIPATION.—Assistance under sec9 tion 8 or 9 for a family that elects not to participate 

10 in a Family Self-Sufficiency program shall not be de11 layed by reason of such election.’’; 

12 (7) in subsection (e), as so redesignated— 

13 (A) in paragraph (1), by striking ‘‘whose 

14 monthly adjusted income does not exceed 50 per15 cent’’ and all that follows through the period at 

16 the end of the third sentence and inserting ‘‘shall 

17 be calculated under the rental provisions of sec18 tion 3 or section 8(o), as applicable.’’; 

19 (B) in paragraph (2)— 

20 (i) by striking the first sentence and 

21 inserting the following: ‘‘For each partici22 pating family, an amount equal to any in23 crease in the amount of rent paid by the 

24 family in accordance with the provisions of 

25 section 3 or 8(o), as applicable, that is atVerDate Sep 11 2014 22:58 Dec 18, 2017 Jkt 079200 PO 00000 Frm 00110 Fmt 6652 Sfmt 6203 E:\BILLS\S2155.RS S2155

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1 tributable to increases in earned income by 

2 the participating family, shall be placed in 

3 an interest-bearing escrow account estab4 lished by the eligible entity on behalf of the 

5 participating family. Notwithstanding any 

6 other provision of law, an eligible entity 

7 may use funds it controls under section 8 or 

8 9 for purposes of making the escrow deposit 

9 for participating families assisted under, or 

10 residing in units assisted under, section 8 

11 or 9, respectively, provided such funds are 

12 offset by the increase in the amount of rent 

13 paid by the participating family.’’; 

14 (ii) by striking the second sentence and 

15 inserting the following: ‘‘All Family Self16 Sufficiency programs administered under 

17 this section shall include an escrow ac18 count.’’; 

19 (iii) in the fourth sentence, by striking 

20 ‘‘subsection (c)’’ and inserting ‘‘subsection 

21 (d)’’; and 

22 (iv) in the last sentence— 

23 (I) by striking ‘‘A public housing 

24 agency’’ and inserting ‘‘An eligible en25 tity’’; and 


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1 (II) by striking ‘‘the public hous2 ing agency’’ and inserting ‘‘such eligi3 ble entity’’; and 

4 (C) by amending paragraph (3) to read as 

5 follows: 

6 ‘‘(3) FORFEITED ESCROW.—Any amount placed 

7 in an escrow account established by an eligible entity 

8 for a participating family as required under para9 graph (2), that exists after the end of a contract of 

10 participation by a household member of a partici11 pating family that does not qualify to receive the es12 crow, shall be used by the eligible entity for the benefit 

13 of participating families in good standing.’’; 

14 (8) in subsection (f), as so redesignated, by strik15 ing ‘‘, unless the income of the family equals or ex16 ceeds 80 percent of the median income of the area (as 

17 determined by the Secretary with adjustments for 

18 smaller and larger families)’’; 

19 (9) in subsection (g), as so redesignated— 

20 (A) in paragraph (1)— 

21 (i) by striking ‘‘public housing agency’’ 

22 and inserting ‘‘eligible entity’’; 

23 (ii) by striking ‘‘the public housing 

24 agency’’ and inserting ‘‘such eligible enti25 ty’’; and 


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1 (iii) by striking ‘‘subsection (g)’’ and 

2 inserting ‘‘subsection (h)’’; and 

3 (B) in paragraph (2)— 

4 (i) by striking ‘‘public housing agency’’ 

5 and inserting ‘‘eligible entity’’ each place 

6 that term appears; 

7 (ii) by striking ‘‘or the Job Opportuni8 ties and Basic Skills Training Program 

9 under part F of title IV of the Social Secu10 rity Act’’; 

11 (iii) by inserting ‘‘primary, secondary, 

12 and post-secondary’’ after ‘‘public and pri13 vate’’; and 

14 (iv) in the second sentence, by insert15 ing ‘‘and tenants served by the program’’ 

16 after ‘‘the unit of general local government’’; 

17 (10) in subsection (h), as so redesignated— 

18 (A) in paragraph (1)— 

19 (i) by striking ‘‘public housing agency’’ 

20 and inserting ‘‘eligible entity’’; 

21 (ii) by striking ‘‘participating in the’’ 

22 and inserting ‘‘carrying out a’’; and 

23 (iii) by striking ‘‘to the Secretary’’; 

24 (B) in paragraph (2)— 


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1 (i) by striking ‘‘public housing agency’’ 

2 and inserting ‘‘eligible entity’’; 

3 (ii) by striking ‘‘subsection (f)’’ and 

4 inserting ‘‘subsection (g)’’; 

5 (iii) by striking ‘‘residents of the pub6 lic housing’’ and inserting ‘‘the current and 

7 prospective participants of the program’’; 

8 and 

9 (iv) by striking ‘‘or the Job Opportuni10 ties and Basic Skills Training Program 

11 under part F of title IV of the Social Secu12 rity Act’’; and 

13 (C) in paragraph (3)— 

14 (i) in subparagraph (C)— 

15 (I) by striking ‘‘subsection (c)(2)’’ 

16 and inserting ‘‘subsection (d)(2)’’; 

17 (II) by striking ‘‘provided to’’ and 

18 inserting ‘‘coordinated on behalf of 

19 participating’’; 

20 (III) by inserting ‘‘direct’’ before 

21 ‘‘assistance’’; and 

22 (IV) by striking ‘‘the section 8 

23 and public housing programs’’ and in24 serting ‘‘sections 8 and 9’’; 

25 (ii) in subparagraph (D)— 


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1 (I) by striking ‘‘subsection (d)’’ 

2 and inserting ‘‘subsection (e)’’; and 

3 (II) by striking ‘‘public housing 

4 agency’’ and inserting ‘‘eligible enti5 ty’’; 

6 (iii) in subparagraph (E), by striking 

7 ‘‘deliver’’ and inserting ‘‘coordinate’’; 

8 (iv) in subparagraph (H), by striking 

9 ‘‘the Job Opportunities and Basic Skills 

10 Training Program under part F of title IV 

11 of the Social Security Act and’’; and 

12 (v) in subparagraph (I), by striking 

13 ‘‘public housing or section 8 assistance’’ and 

14 inserting ‘‘assistance under section 8 or 9’’; 

15 (11) by amending subsection (i), as so redesig16 nated, to read as follows: 

17 ‘‘(i) FAMILY SELF-SUFFICIENCY AWARDS.— 

18 ‘‘(1) IN GENERAL.—Subject to appropriations, 

19 the Secretary shall establish a formula by which an20 nual funds shall be awarded or as otherwise deter21 mined by the Secretary for the costs incurred by an 

22 eligible entity in administering the Family Self-Suffi23 ciency program under this section. 


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1 ‘‘(2) ELIGIBILITY FOR AWARDS.—The award es2 tablished under paragraph (1) shall provide funding 

3 for family self-sufficiency coordinators as follows: 

4 ‘‘(A) BASE AWARD.—An eligible entity serv5 ing 25 or more participants in the Family Self6 Sufficiency program under this section is eligible 

7 to receive an award equal to the costs, as deter8 mined by the Secretary, of 1 full-time family 

9 self-sufficiency coordinator position. The Sec10 retary may, by regulation or notice, determine 

11 the policy concerning the award for an eligible 

12 entity serving fewer than 25 such participants, 

13 including providing prorated awards or allowing 

14 such entities to combine their programs under 

15 this section for purposes of employing a coordi16 nator. 

17 ‘‘(B) ADDITIONAL AWARD.—An eligible enti18 ty that meets performance standards set by the 

19 Secretary is eligible to receive an additional 

20 award sufficient to cover the costs of filling an 

21 additional family self-sufficiency coordinator po22 sition if such entity has 75 or more partici23 pating families, and an additional coordinator 

24 for each additional 50 participating families, or 

25 such other ratio as may be established by the 


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1 Secretary based on the award allocation evalua2 tion under subparagraph (E). 

3 ‘‘(C) STATE AND REGIONAL AGENCIES.—For 

4 purposes of calculating the award under this 

5 paragraph, each administratively distinct part 

6 of a State or regional eligible entity may be 

7 treated as a separate agency. 

8 ‘‘(D) DETERMINATION OF NUMBER OF CO9 ORDINATORS.—In determining whether an eligi10 ble entity meets a specific threshold for funding 

11 pursuant to this paragraph, the Secretary shall 

12 consider the number of participants enrolled by 

13 the eligible entity in its Family Self-Sufficiency 

14 program as well as other criteria determined by 

15 the Secretary. 

16 ‘‘(E) AWARD ALLOCATION EVALUATION.— 

17 The Secretary shall submit to Congress a report 

18 evaluating the award allocation under this sub19 section, and make recommendations based on 

20 this evaluation and other related findings to 

21 modify such allocation, within 4 years after the 

22 date of enactment of the Economic Growth, Reg23 ulatory Relief, and Consumer Protection Act, 

24 and not less frequently than every 4 years there25 after. The report requirement under this subVerDate Sep 11 2014 22:58 Dec 18, 2017 Jkt 079200 PO 00000 Frm 00117 Fmt 6652 Sfmt 6203 E:\BILLS\S2155.RS S2155

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1 paragraph shall terminate after the Secretary 

2 has submitted 2 such reports to Congress. 

3 ‘‘(3) RENEWALS AND ALLOCATION.— 

4 ‘‘(A) IN GENERAL.—Funds allocated by the 

5 Secretary under this subsection shall be allocated 

6 in the following order of priority: 

7 ‘‘(i) FIRST PRIORITY.—Renewal of the 

8 full cost of all coordinators in the previous 

9 year at each eligible entity with an existing 

10 Family Self-Sufficiency program that meets 

11 applicable performance standards set by the 

12 Secretary. 

13 ‘‘(ii) SECOND PRIORITY.—New or in14 cremental coordinator funding authorized 

15 under this section. 

16 ‘‘(B) GUIDANCE.—If the first priority, as 

17 described in subparagraph (A)(i), cannot be fully 

18 satisfied, the Secretary may prorate the funding 

19 for each eligible entity, as long as— 

20 ‘‘(i) each eligible entity that has re21 ceived funding for at least 1 part-time coor22 dinator in the prior fiscal year is provided 

23 sufficient funding for at least 1 part-time 

24 coordinator as part of any such proration; 

25 and 


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1 ‘‘(ii) each eligible entity that has re2 ceived funding for at least 1 full-time coor3 dinator in the prior fiscal year is provided 

4 sufficient funding for at least 1 full-time co5 ordinator as part of any such proration. 

6 ‘‘(4) RECAPTURE OR OFFSET.—Any awards allo7 cated under this subsection by the Secretary in a fis8 cal year that have not been spent by the end of the 

9 subsequent fiscal year or such other time period as de10 termined by the Secretary may be recaptured by the 

11 Secretary and shall be available for providing addi12 tional awards pursuant to paragraph (2)(B), or may 

13 be offset as determined by the Secretary. Funds ap14 propriated pursuant to this section shall remain 

15 available for 3 years in order to facilitate the re-use 

16 of any recaptured funds for this purpose. 

17 ‘‘(5) PERFORMANCE REPORTING.—Programs 

18 under this section shall be required to report the num19 ber of families enrolled and graduated, the number of 

20 established escrow accounts and positive escrow bal21 ances, and any other information that the Secretary 

22 may require. Program performance shall be reviewed 

23 periodically as determined by the Secretary. 

24 ‘‘(6) INCENTIVES FOR INNOVATION AND HIGH

25 PERFORMANCE.—The Secretary may reserve up to 5 


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1 percent of the amounts made available under this sub2 section to provide support to or reward Family Self3 Sufficiency programs based on the rate of successful 

4 completion, increased earned income, or other factors 

5 as may be established by the Secretary.’’; 

6 (12) in subsection (j)— 

7 (A) by striking ‘‘public housing agency’’ 

8 and inserting ‘‘eligible entity’’; 

9 (B) by striking ‘‘public housing’’ before 

10 ‘‘units’’; 

11 (C) by striking ‘‘in public housing projects 

12 administered by the agency’’; 

13 (D) by inserting ‘‘or coordination’’ after 

14 ‘‘provision’’; and 

15 (E) by striking the last sentence; 

16 (13) in subsection (k), by striking ‘‘public hous17 ing agencies’’ and inserting ‘‘eligible entities’’; 

18 (14) by striking subsection (n); 

19 (15) by striking subsection (o); 

20 (16) by redesignating subsections (l) and (m) as 

21 subsections (m) and (n), respectively; 

22 (17) by inserting after subsection (k) the fol23 lowing: 

24 ‘‘(l) PROGRAMS FOR TENANTS IN PRIVATELY OWNED

25 PROPERTIES WITH PROJECT-BASED ASSISTANCE.— 


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1 ‘‘(1) VOLUNTARY AVAILABILITY OF FSS PRO2 GRAM.—The owner of a privately owned property 

3 may voluntarily make a Family Self-Sufficiency pro4 gram available to the tenants of such property in ac5 cordance with procedures established by the Secretary. 

6 Such procedures shall permit the owner to enter into 

7 a cooperative agreement with a local public housing 

8 agency that administers a Family Self-Sufficiency 

9 program or, at the owner’s option, operate a Family 

10 Self-Sufficiency program on its own or in partner11 ship with another owner. An owner, who voluntarily 

12 makes a Family Self-Sufficiency program available 

13 pursuant to this subsection, may access funding from 

14 any residual receipt accounts for the property to hire 

15 a family self-sufficiency coordinator or coordinators 

16 for their program. 

17 ‘‘(2) COOPERATIVE AGREEMENT.—Any coopera18 tive agreement entered into pursuant to paragraph 

19 (1) shall require the public housing agency to open its 

20 Family Self-Sufficiency program waiting list to any 

21 eligible family residing in the owner’s property who 

22 resides in a unit assisted under project-based rental 

23 assistance. 

24 ‘‘(3) TREATMENT OF FAMILIES ASSISTED UNDER

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1 ters into a cooperative agreement pursuant to para2 graph (1) may count any family participating in its 

3 Family Self-Sufficiency program as a result of such 

4 agreement as part of the calculation of the award 

5 under subsection (i). 

6 ‘‘(4) ESCROW.— 

7 ‘‘(A) COOPERATIVE AGREEMENT.—A cooper8 ative agreement entered into pursuant to para9 graph (1) shall provide for the calculation and 

10 tracking of the escrow for participating residents 

11 and for the owner to make available, upon re12 quest of the public housing agency, escrow for 

13 participating residents, in accordance with 

14 paragraphs (2) and (3) of subsection (e), resid15 ing in units assisted under section 8. 

16 ‘‘(B) CALCULATION AND TRACKING BY

17 OWNER.—The owner of a privately owned prop18 erty who voluntarily makes a Family Self-Suffi19 ciency program available pursuant to paragraph 

20 (1) shall calculate and track the escrow for par21 ticipating residents and make escrow for partici22 pating residents available in accordance with 

23 paragraphs (2) and (3) of subsection (e). 

24 ‘‘(5) EXCEPTION.—This subsection shall not 

25 apply to properties assisted under section 8(o)(13). 


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1 ‘‘(6) SUSPENSION OF ENROLLMENT.—In any 

2 year, the Secretary may suspend the enrollment of 

3 new families in Family Self-Sufficiency programs 

4 under this subsection based on a determination that 

5 insufficient funding is available for this purpose.’’; 

6 (18) in subsection (m), as so redesignated— 

7 (A) in paragraph (1)— 

8 (i) in the first sentence, by striking 

9 ‘‘Each public housing agency’’ and insert10 ing ‘‘Each eligible entity’’; 

11 (ii) in the second sentence, by striking 

12 ‘‘The report shall include’’ and inserting 

13 ‘‘The contents of the report shall include’’; 

14 and 

15 (iii) in subparagraph (D)— 

16 (I) by striking ‘‘public housing 

17 agency’’ and inserting ‘‘eligible enti18 ty’’; and 

19 (II) by striking ‘‘local’’; and 

20 (B) in paragraph (2), by inserting ‘‘and de21 scribing any additional research needs of the 

22 Secretary to evaluate the effectiveness of the pro23 gram’’ after ‘‘under paragraph (1)’’; 

24 (19) in subsection (n), as so redesignated, by 

25 striking ‘‘may’’ and inserting ‘‘shall’’; and 


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

2 ‘‘(o) DEFINITIONS.—In this section: 

3 ‘‘(1) ELIGIBLE ENTITY.—The term ‘eligible enti4 ty’ means an entity that meets the requirements 

5 under subsection (c)(2) to administer a Family Self6 Sufficiency program under this section. 

7 ‘‘(2) ELIGIBLE FAMILY.—The term ‘eligible fam8 ily’ means a family that meets the requirements 

9 under subsection (c)(1) to participate in the Family 

10 Self-Sufficiency program under this section. 

11 ‘‘(3) PARTICIPATING FAMILY.—The term ‘partici12 pating family’ means an eligible family that is par13 ticipating in the Family Self-Sufficiency program 

14 under this section.’’. 

15 (b) EFFECTIVE DATE.—Not later than 360 days after 

16 the date of enactment of this Act, the Secretary of Housing 

17 and Urban Development shall issue regulations to imple18 ment this section and any amendments made by this sec19 tion, and this section and any amendments made by this 

20 section shall take effect upon such issuance. 

21 SEC. 307. REHABILITATION OF QUALIFIED EDUCATION 

22 LOANS. 

23 (a) IN GENERAL.—Section 623(a)(1) of the Fair Cred24 it Reporting Act (15 U.S.C. 1681s–2(a)(1)) is amended by 

25 adding at the end the following: 


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1 ‘‘(E) REHABILITATION OF QUALIFIED EDU2 CATION LOANS.— 

3 ‘‘(i) IN GENERAL.—Notwithstanding 

4 any other provision of this section, a con5 sumer may request a financial institution 

6 to remove from a consumer report a re7 ported default regarding a qualified edu8 cation loan, and such information shall not 

9 be considered inaccurate, if— 

10 ‘‘(I) the financial institution 

11 chooses to offer a loan rehabilitation 

12 program which includes, without limi13 tation, a requirement of the consumer 

14 to make consecutive on-time monthly 

15 payments in a number that dem16 onstrates, in the assessment of the fi17 nancial institution offering the loan re18 habilitation program, a renewed abil19 ity and willingness to repay the loan; 

20 and 

21 ‘‘(II) the requirements of the loan 

22 rehabilitation program described in 

23 subclause (I) are successfully met. 

24 ‘‘(ii) BANKING AGENCIES.— 


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1 ‘‘(I) IN GENERAL.—If a financial 

2 institution is supervised by a Federal 

3 banking agency, the financial institu4 tion shall seek written approval con5 cerning the terms and conditions of the 

6 loan rehabilitation program described 

7 in clause (i) from the appropriate Fed8 eral banking agency. 

9 ‘‘(II) FEEDBACK.—An appro10 priate Federal banking agency shall 

11 provide feedback to a financial institu12 tion within 120 days of a request for 

13 approval under subclause (I). 

14 ‘‘(iii) LIMITATION.— 

15 ‘‘(I) IN GENERAL.—A consumer 

16 may obtain the benefits available 

17 under this subsection with respect to 

18 rehabilitating a loan only 1 time per 

19 loan. 

20 ‘‘(II) RULE OF CONSTRUCTION.— 

21 Nothing in this subparagraph may be 

22 construed to require a financial insti23 tution to offer a loan rehabilitation 

24 program or to remove any reported de25 fault from a consumer report as a conVerDate Sep 11 2014 22:58 Dec 18, 2017 Jkt 079200 PO 00000 Frm 00126 Fmt 6652 Sfmt 6203 E:\BILLS\S2155.RS S2155

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1 sideration of a loan rehabilitation pro2 gram, except as described in clause (i). 

3 ‘‘(iv) DEFINITIONS.—For purposes of 

4 this subparagraph— 

5 ‘‘(I) the term ‘appropriate Federal 

6 banking agency’ has the meaning given 

7 the term in section 3 of the Federal De8 posit Insurance Act (12 U.S.C. 1813); 

9 and 

10 ‘‘(II) the term ‘qualified education 

11 loan’ has the meaning given the term 

12 in section 221(d) of the Internal Rev13 enue Code of 1986.’’. 

14 (b) GAO STUDY.— 

15 (1) STUDY.—The Comptroller General of the 

16 United States shall conduct a study, in consultation 

17 with the appropriate Federal banking agencies, re18 garding— 

19 (A) the implementation of subparagraph 

20 (E) of section 623(a)(1) of the Fair Credit Re21 porting Act (15 U.S.C. 1681s–2(a)(1)) (referred 

22 to in this paragraph as ‘‘the provision’’), as 

23 added by subsection (a); 


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1 (B) the estimated operational, compliance, 

2 and reporting costs associated with the require3 ments of the provision; 

4 (C) the effects of the requirements of the 

5 provision on the accuracy of credit reporting; 

6 (D) the risks to safety and soundness, if 

7 any, created by the loan rehabilitation programs 

8 described in the provision; and 

9 (E) a review of the effectiveness and impact 

10 on the credit of participants in any loan reha11 bilitation programs described in the provision 

12 and whether such programs improved the ability 

13 of participants in the programs to access credit 

14 products. 

15 (2) REPORT.—Not later than 1 year after the 

16 date of enactment of this Act, the Comptroller General 

17 of the United States shall submit to Congress a report 

18 that contains all findings and determinations made 

19 in conducting the study required under paragraph 

20 (1). 


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1 TITLE IV—TAILORING REGULA2 TIONS FOR CERTAIN BANK 

3 HOLDING COMPANIES 

4 SEC. 401. ENHANCED SUPERVISION AND PRUDENTIAL 

5 STANDARDS FOR CERTAIN BANK HOLDING 

6 COMPANIES. 

7 (a) IN GENERAL.—Section 165 of the Financial Sta8 bility Act of 2010 (12 U.S.C. 5365) is amended— 

9 (1) in subsection (a)— 

10 (A) in paragraph (1), in the matter pre11 ceding subparagraph (A), by striking 

12 ‘‘$50,000,000,000’’ and inserting 

13 ‘‘$250,000,000,000’’; and 

14 (B) in paragraph (2)— 

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

16 ‘‘may’’ and inserting ‘‘shall’’; 

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

18 ‘‘$50,000,000,000’’ and inserting ‘‘the ap19 plicable threshold’’; and 

20 (iii) by adding at the end the fol21 lowing: 

22 ‘‘(C) RISKS TO FINANCIAL STABILITY AND

23 SAFETY AND SOUNDNESS.—The Board of Gov24 ernors may by order or rule promulgated pursu25 ant to section 553 of title 5, United States 


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1 Code, apply any prudential standard established 

2 under this section to any bank holding company 

3 or bank holding companies with total consoli4 dated assets equal to or greater than 

5 $100,000,000,000 to which the prudential 

6 standard does not otherwise apply provided that 

7 the Board of Governors— 

8 ‘‘(i) determines that application of the 

9 prudential standard is appropriate— 

10 ‘‘(I) to prevent or mitigate risks 

11 to the financial stability of the United 

12 States, as described in paragraph (1); 

13 or 

14 ‘‘(II) to promote the safety and 

15 soundness of the bank holding com16 pany or bank holding companies; and 

17 ‘‘(ii) takes into consideration the bank 

18 holding company’s or bank holding compa19 nies’ capital structure, riskiness, com20 plexity, financial activities (including finan21 cial activities of subsidiaries), size, and any 

22 other risk-related factors that the Board of 

23 Governors deems appropriate.’’; 

24 (2) in subsection (b)(1)— 


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

2 ‘‘and credit exposure report’’; and 

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

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

5 semicolon at the end; 

6 (3) in subsection (d)(2), in the matter pre7 ceding subparagraph (A), by striking ‘‘shall’’ and in8 serting ‘‘may’’; 

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

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

11 and inserting ‘‘$50,000,000,000’’; 

12 (5) in subsection (i)— 

13 (A) in paragraph (1)(B)(i)— 

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

15 and 

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

17 (B) in paragraph (2) (A)— 

18 (i) in subparagraph (A)— 

19 (i)(I) in the first sentence, by 

20 striking ‘‘semiannual’’ and inserting 

21 ‘‘periodic’’; and 

22 (ii)(II) in the second sentence— 

23 (I)(aa) by striking 

24 ‘‘$10,000,000,000’’ and inserting 

25 ‘‘$250,000,000,000’’; and 


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1 (II)(bb) by striking ‘‘annual’’ 

2 and inserting ‘‘periodic’’; and 

3 (ii) in subparagraph (C)(ii)— 

4 (I) by striking ‘‘3’’ and inserting 

5 ‘‘2’’; and 

6 (II) by striking ‘‘, adverse,’’; and 

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

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

9 ‘‘$250,000,000,000’’. 

10 (b) RULE OF CONSTRUCTION.—Nothing in sub11 section (a) shall be construed to limit— 

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

13 the Federal Reserve System, in prescribing pruden14 tial standards under section 165 of the Financial 

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

16 law, to tailor or differentiate among companies on 

17 an individual basis or by category, taking into con18 sideration their capital structure, riskiness, com19 plexity, financial activities (including financial activi20 ties of their subsidiaries), size, and any other risk21 related factors that the Board of Governors deems 

22 appropriate; or 

23 (2) the supervisory, regulatory, or enforcement 

24 authority of an appropriate Federal banking agency 

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1 tution under the supervision of the appropriate Fed2 eral banking agency. 

3 (c) TECHNICAL AND CONFORMING AMENDMENTS.— 

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

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

6 seq.) is amended— 

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

8 5325(a)(2)(B)), by striking ‘‘$50,000,000,000’’ 

9 and inserting ‘‘the applicable threshold’’; 

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

11 in the matter preceding paragraph (1), by strik12 ing ‘‘$50,000,000,000’’ and inserting 

13 ‘‘$250,000,000,000’’; 

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

15 5331(a)), in the matter preceding paragraph 

16 (1), by striking ‘‘$50,000,000,000’’ and insert17 ing ‘‘$250,000,000,000’’; 

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

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

20 ‘‘$250,000,000,000’’; 

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

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

23 term appears and inserting 

24 ‘‘$250,000,000,000’’; and 


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

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

3 ‘‘$250,000,000,000’’. 

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

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

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

7 248(s)(2)) is amended— 

8 (A) in subparagraph (A)— 

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

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

11 (ii) by inserting ‘‘and’’ after the semi12 colon at the end; 

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

14 (C) by redesignating subparagraph (C) as 

15 subparagraph (B). 

16 (d) EFFECTIVE DATE.— 

17 (1) IN GENERAL.—Except as provided in para18 graph (2), the amendments made by this section 

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

20 the date of enactment of this Act. 

21 (2) EXCEPTION.—Notwithstanding paragraph 

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

23 effect on the date of enactment of this Act with re24 spect to any bank holding company with total con25 solidated assets of less than $100,000,000,000. 


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1 (3) ADDITIONAL AUTHORITY.—Before the effec2 tive date described in paragraph (1), the Board of 

3 Governors of the Federal Reserve System may by 

4 order exempt any bank holding company with total 

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

6 from any prudential standard under section 165 of 

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

8 5365). 

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

10 section shall be construed to prohibit the Board of 

11 Governors of the Federal Reserve System from 

12 issuing an order or rule making under section 

13 165(a)(2)(C) of the Financial Stability Act of 2010 

14 (12 U.S.C. 5365(a)(2)(C)), as added by this section, 

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

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

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

18 Governors of the Federal Reserve System shall, on a peri19 odic basis, conduct supervisory stress tests of bank holding 

20 companies with total consolidated assets equal to or great21 er than $100,000,000,000 and total consolidated assets 

22 of not more less than $250,000,000,000 to evaluate wheth23 er such bank holding companies have the capital, on a 

24 total consolidated basis, necessary to absorb losses as a 

25 result of adverse economic conditions. 


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1 (f) GLOBAL SYSTEMICALLY IMPORTANT BANK

2 HOLDING COMPANIES.—Any bank holding company, re3 gardless of asset size, that has been identified as a global 

4 systemically important BHC under section 217.402 of 

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

6 a bank holding company with total consolidated assets 

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

8 to the application of standards or requirements under— 

9 (1) this section; 

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

11 164, and 165 of the Financial Stability Act of 2010 

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

13 5364, 5365); and 

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

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

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

17 SEC. 402. SUPPLEMENTARY LEVERAGE RATIO FOR CUSTO18 DIAL BANKS. 

19 (a) DEFINITION.—In this section, the term ‘‘custo20 dial bank’’ means any depository institution or depository 

21 institution holding company for which the level of assets 

22 under custody is not less than 30 times the total consoli23 dated assets of the depository institution or depository in24 stitution holding company, as applicable. holding company 

25 predominantly engaged in custody, safekeeping, and asset 


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1 servicing activities, including any insured depository insti2 tution subsidiary of such a holding company. 

3 (b) REGULATIONS.— 

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

5 ‘‘central bank’’ means— 

6 (A) the Federal Reserve System; 

7 (B) the European Central Bank; and 

8 (C) central banks of member countries of 

9 the Organisation for Economic Co-operation 

10 and Development, if— 

11 (i) the central bank of such member 

12 country has been assigned a zero percent 

13 risk weight under the final rule of the Of14 fice of the Comptroller of the Currency and 

15 Board of Governors of the Federal Reserve 

16 System entitled ‘‘Regulatory Capital Rules: 

17 Regulatory Capital, Implementation of 

18 Basel III, Capital Adequacy, Transition 

19 Provisions, Prompt Corrective Action, 

20 Standardized Approach for Risk-weighted 

21 Assets, Market Discipline and Disclosure 

22 Requirements, Advanced Approaches Risk23 Based Capital Rule, and Market Risk Cap24 ital Rule’’ (78 Fed. Reg. 62018 (October 

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1 eral Deposit Insurance Corporation enti2 tled ‘‘Regulatory Capital Rules: Regulatory 

3 Capital, Implementation of Basel III, Cap4 ital Adequacy, Transition Provisions, 

5 Prompt Corrective Action, Standardized 

6 Approach for Risk-Weighted Assets, Mar7 ket Discipline and Disclosure Require8 ments, Advanced Approaches Risk-Based 

9 Capital Rule, and Market Risk Capital 

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

11 2014)) sections 3.32, 217.32, and 324.32 of 

12 title 12, Code of Federal Regulations, or 

13 any successor regulation; and 

14 (ii) the sovereign debt of such member 

15 country is not in default or has not been 

16 in default during the previous 5 years. 

17 (2) REGULATIONS.—The appropriate Federal 

18 banking agencies shall promulgate regulations to 

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

20 Code of Federal Regulations, to specify that— 

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

22 a custodial bank that are deposited with a cen23 tral bank shall not be taken into account when 

24 calculating the supplementary leverage ratio as 

25 applied to the custodial bank; and 


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1 (B) with respect to the funds described in 

2 subparagraph (A), any amount that exceeds the 

3 total value of deposits of the custodial bank 

4 that are linked to fiduciary or custodial and 

5 safekeeping accounts shall be taken into ac6 count when calculating the supplementary lever7 age ratio as applied to the custodial bank. 

8 (c) RULE OF CONSTRUCTION.—Nothing in sub9 section (b) shall be construed to limit the authority of the 

10 appropriate Federal banking agencies to tailor or adjust 

11 the supplementary leverage ratio or any other leverage 

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

13 SEC. 403. TREATMENT OF CERTAIN MUNICIPAL OBLIGA14 TIONS. 

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

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

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

18 after subsection (y); and 

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

20 ‘‘(aa) TREATMENT OF CERTAIN MUNICIPAL OBLIGA21 TIONS.— 

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

23 ‘‘(A) the term ‘investment grade’, with re24 spect to an obligation, has the meaning given 


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1 the term in section 1.2 of title 12, Code of Fed2 eral Regulations, or any successor thereto; 

3 ‘‘(B) the term ‘liquid and readily-market4 able’ has the meaning given the term in section 

5 249.3 of title 12, Code of Federal Regulations, 

6 or any successor thereto; and 

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

8 an obligation of— 

9 ‘‘(i) a State or any political subdivi10 sion thereof; or 

11 ‘‘(ii) any agency or instrumentality of 

12 a State or any political subdivision thereof. 

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

14 of the final rule entitled ‘Liquidity Coverage Ratio: 

15 Liquidity Risk Measurement Standards’ (79 Fed. 

16 Reg. 61439 (October 10, 2014)), the final rule enti17 tled ‘Liquidity Coverage Ratio: Treatment of U.S. 

18 Municipal Securities as High-Quality Liquid Assets’ 

19 (81 Fed. Reg. 21223 (April 11, 2016)), and any 

20 other regulation that incorporates a definition of the 

21 term ‘high-quality liquid asset’ or another substan22 tially similar term, the appropriate Federal banking 

23 agencies shall treat a municipal obligation as a high24 quality liquid asset that is a level 2B liquid asset if 

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


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

2 ‘‘(B) investment grade.’’. 

3 (b) AMENDMENT TO LIQUIDITY COVERAGE RATIO

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

5 enactment of this Act, the Federal Deposit Insurance Cor6 poration, the Board of Governors of the Federal Reserve 

7 System, and the Comptroller of the Currency shall amend 

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

9 Risk Measurement Standards’’ (79 Fed. Reg. 61439 (Oc10 tober 10, 2014)) and the final rule entitled ‘‘Liquidity 

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

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

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

14 this Act section. 

15 TITLE V—STUDIES 

16 SEC. 501. TREASURY REPORT ON RISKS OF CYBER 

17 THREATS. 

18 Not later than 1 year after the date of enactment 

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

20 to the Committee on Banking, Housing, and Urban Af21 fairs of the Senate and the Committee on Financial Serv22 ices of the House of Representatives a report on the risks 

23 of cyber threats to financial institutions and capital mar24 kets in the United States, including— 


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

2 threats to financial institutions and capital markets 

3 in the United States; 

4 (2) the impact and potential effects of material 

5 cyber attacks on financial institutions and capital 

6 markets in the United States; 

7 (3) an analysis of how the appropriate Federal 

8 banking agencies and the Securities and Exchange 

9 Commission are addressing the material risks of 

10 cyber threats described in paragraph (1), includ11 ing— 

12 (A) how the appropriate Federal banking 

13 agencies and the Securities and Exchange Com14 mission are assessing those threats; 

15 (B) how the appropriate Federal banking 

16 agencies and the Securities and Exchange Com17 mission are assessing the cyber vulnerabilities 

18 and preparedness of financial institutions; 

19 (C) coordination amongst the appropriate 

20 Federal banking agencies and the Securities 

21 and Exchange Commission, and their coordina22 tion with other government agencies (including 

23 with respect to regulations, examinations, lexi24 con, duplication, and other regulatory tools); 

25 and 


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1 (D) areas for improvement; and 

2 (4) a recommendation of whether any appro3 priate Federal banking agency or the Securities and 

4 Exchange Commission needs additional legal au5 thorities or resources to adequately assess and ad6 dress the material risks of cyber threats described in 

7 paragraph (1), given the analysis required by para8 graph (3). 

9 SEC. 502. SEC STUDY ON ALGORITHMIC TRADING. 

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

11 the date of enactment of this Act, the staff of the Securi12 ties and Exchange Commission shall submit to the Com13 mittee on Banking, Housing, and Urban Affairs of the 

14 Senate and the Committee on Financial Services of the 

15 House of Representatives a report on the risks and bene16 fits of algorithmic trading in capital markets in the United 

17 States. 

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

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

20 shall include the following: 

21 (1) An assessment of the effect of algorithmic 

22 trading in equity and debt markets in the United 

23 States on the provision of liquidity in stressed and 

24 normal market conditions. 


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

2 equity and debt markets in the United States by al3 gorithmic trading. 

4 (3) An analysis of whether the activity of algo5 rithmic trading and entities that engage in algo6 rithmic trading are subject to appropriate Federal 

7 supervision and regulation. 

8 (4) A recommendation of whether— 

9 (A) based on the analysis described in 

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

11 should be made to regulations; and 

12 (B) the Securities and Exchange Commis13 sion needs additional legal authorities or re14 sources to effect the changes described in sub15 paragraph (A). 

16 SEC. 503. GAO REPORT ON CONSUMER REPORTING AGEN17 CIES. 

18 (a) DEFINITIONS.—In this section, the terms ‘‘con19 sumer’’, ‘‘consumer report’’, and ‘‘consumer reporting agen20 cy’’ have the meanings given those terms in section 603 of 

21 the Fair Credit Reporting Act (15 U.S.C. 1681a). 

22 (b) REPORT.—Not later than 1 year after the date of 

23 enactment of this Act, the Comptroller General of the United 

24 States shall submit to the Committee on Banking, Housing, 

25 and Urban Affairs of the Senate and the Committee on FiVerDate Sep 11 2014 22:58 Dec 18, 2017 Jkt 079200 PO 00000 Frm 00144 Fmt 6652 Sfmt 6203 E:\BILLS\S2155.RS S2155

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1 nancial Services of the House of Representatives a com2 prehensive report that includes— 

3 (1) a review of the current legal and regulatory 

4 structure for consumer reporting agencies and an 

5 analysis of any gaps in that structure, including, in 

6 particular, the rulemaking, supervisory, and enforce7 ment authority of State and Federal agencies under 

8 the Fair Credit Reporting Act (15 U.S.C. 1681 et 

9 seq.), the Gramm-Leach-Bliley Act (Public Law 106– 

10 102; 113 Stat. 1338), and any other relevant statutes; 

11 (2) a review of the process by which consumers 

12 can appeal and expunge errors on their consumer re13 ports; 

14 (3) a review of the causes of consumer reporting 

15 errors; 

16 (4) a review of the responsibilities of data fur17 nishers to ensure that accurate information is ini18 tially reported to consumer reporting agencies and to 

19 ensure that such information continues to be accurate; 

20 (5) a review of data security relating to con21 sumer reporting agencies and their efforts to safe22 guard consumer data; 

23 (6) a review of who has access to, and may use, 

24 consumer reports; 


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1 (7) a review of who has control or ownership of 

2 a consumer’s credit data; 

3 (8) an analysis of— 

4 (A) which Federal and State regulatory 

5 agencies supervise and enforce laws relating to 

6 how consumer reporting agencies protect con7 sumer data; and 

8 (B) all laws relating to data security appli9 cable to consumer reporting agencies; and 

10 (9) recommendations to Congress on how to im11 prove the consumer reporting system, including legis12 lative, regulatory, and industry-specific recommenda13 tions. 


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Calendar No. 287 

115TH CONGRESS 

1ST SESSION S. 2155 

A BILL 

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

DECEMBER 18, 2017 

Reported with amendments 


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