S. 2155 

One Hundred Fifteenth Congress 

of the 

United States of America 

AT THE SECOND SESSION 

Begun and held at the City of Washington on Wednesday, 

the third day of January, two thousand and eighteen 

An Act 

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

Be it enacted by the Senate and House of Representatives of 

the United States of America in Congress assembled, 

SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 

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

Growth, Regulatory Relief, and Consumer Protection Act’’. 

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

is as follows: 

Sec. 1. Short title; table of contents. 

Sec. 2. Definitions. 

TITLE I—IMPROVING CONSUMER ACCESS TO MORTGAGE CREDIT 

Sec. 101. Minimum standards for residential mortgage loans. 

Sec. 102. Safeguarding access to habitat for humanity homes. 

Sec. 103. Exemption from appraisals of real property located in rural areas. 

Sec. 104. Home Mortgage Disclosure Act adjustment and study. 

Sec. 105. Credit union residential loans. 

Sec. 106. Eliminating barriers to jobs for loan originators. 

Sec. 107. Protecting access to manufactured homes. 

Sec. 108. Escrow requirements relating to certain consumer credit transactions. 

Sec. 109. 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. Small public housing agencies. 

Sec. 210. Examination cycle. 

Sec. 211. International insurance capital standards accountability. 

Sec. 212. Budget transparency for the NCUA. 

Sec. 213. Making online banking initiation legal and easy. 

Sec. 214. Promoting construction and development on Main Street. 

Sec. 215. Reducing identity fraud. 

Sec. 216. Treasury report on risks of cyber threats. 

Sec. 217. Discretionary surplus funds. 

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. 
S. 2155—2 

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

Sec. 305. Remediating lead and asbestos hazards. 

Sec. 306. Family self-sufficiency program. 

Sec. 307. Property Assessed Clean Energy financing. 

Sec. 308. GAO report on consumer reporting agencies. 

Sec. 309. Protecting veterans from predatory lending. 

Sec. 310. Credit score competition. 

Sec. 311. GAO report on Puerto Rico foreclosures. 

Sec. 312. Report on children’s lead-based paint hazard prevention and abatement. 

Sec. 313. Foreclosure relief and extension for servicemembers. 

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—ENCOURAGING CAPITAL FORMATION 

Sec. 501. National securities exchange regulatory parity. 

Sec. 502. SEC study on algorithmic trading. 

Sec. 503. Annual review of government-business forum on capital formation. 

Sec. 504. Supporting America’s innovators. 

Sec. 505. Securities and Exchange Commission overpayment credit. 

Sec. 506. U.S. territories investor protection. 

Sec. 507. Encouraging employee ownership. 

Sec. 508. Improving access to capital. 

Sec. 509. Parity for closed-end companies regarding offering and proxy rules. 

TITLE VI—PROTECTIONS FOR STUDENT BORROWERS 

Sec. 601. Protections in the event of death or bankruptcy. 

Sec. 602. Rehabilitation of private education loans. 

Sec. 603. Best practices for higher education financial literacy. 

SEC. 2. DEFINITIONS. 

In this Act: 

(1) APPROPRIATE FEDERAL BANKING AGENCY; COMPANY; 

DEPOSITORY INSTITUTION; DEPOSITORY INSTITUTION HOLDING

COMPANY.—The terms ‘‘appropriate Federal banking agency’’, 

‘‘company’’, ‘‘depository institution’’, and ‘‘depository institution 

holding company’’ have the meanings given those terms in 

section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813). 

(2) BANK HOLDING COMPANY.—The term ‘‘bank holding company’’ has the meaning given the term in section 2 of the 

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

TITLE I—IMPROVING CONSUMER 

ACCESS TO MORTGAGE CREDIT 

SEC. 101. MINIMUM STANDARDS FOR RESIDENTIAL MORTGAGE LOANS. 

Section 129C(b)(2) of the Truth in Lending Act (15 U.S.C. 

1639c(b)(2)) is amended by adding at the end the following: 

‘‘(F) SAFE HARBOR.— 

‘‘(i) DEFINITIONS.—In this subparagraph— 

‘‘(I) the term ‘covered institution’ means an 

insured depository institution or an insured credit 

union that, together with its affiliates, has less 

than $10,000,000,000 in total consolidated assets; 

‘‘(II) the term ‘insured credit union’ has the 

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

‘‘(III) the term ‘insured depository institution’ 

has the meaning given the term in section 3 of 
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the Federal Deposit Insurance Act (12 U.S.C. 

1813); 

‘‘(IV) the term ‘interest-only’ means that, 

under the terms of the legal obligation, one or 

more of the periodic payments may be applied 

solely to accrued interest and not to loan principal; 

and 

‘‘(V) the term ‘negative amortization’ means 

payment of periodic payments that will result in 

an increase in the principal balance under the 

terms of the legal obligation. 

‘‘(ii) SAFE HARBOR.—In this section— 

‘‘(I) the term ‘qualified mortgage’ includes any 

residential mortgage loan— 

‘‘(aa) that is originated and retained in 

portfolio by a covered institution; 

‘‘(bb) that is in compliance with the limitations with respect to prepayment penalties 

described in subsections (c)(1) and (c)(3); 

‘‘(cc) that is in compliance with the 

requirements of clause (vii) of subparagraph 

(A); 

‘‘(dd) that does not have negative 

amortization or interest-only features; and 

‘‘(ee) for which the covered institution considers and documents the debt, income, and 

financial resources of the consumer in accordance with clause (iv); and 

‘‘(II) a residential mortgage loan described in 

subclause (I) shall be deemed to meet the requirements of subsection (a). 

‘‘(iii) EXCEPTION FOR CERTAIN TRANSFERS.—A residential mortgage loan described in clause (ii)(I) shall 

not qualify for the safe harbor under clause (ii) if 

the legal title to the residential mortgage loan is sold, 

assigned, or otherwise transferred to another person 

unless the residential mortgage loan is sold, assigned, 

or otherwise transferred— 

‘‘(I) to another person by reason of the bankruptcy or failure of a covered institution; 

‘‘(II) to a covered institution so long as the 

loan is retained in portfolio by the covered institution to which the loan is sold, assigned, or otherwise transferred; 

‘‘(III) pursuant to a merger of a covered 

institution with another person or the acquisition 

of a covered institution by another person or of 

another person by a covered institution, so long 

as the loan is retained in portfolio by the person 

to whom the loan is sold, assigned, or otherwise 

transferred; or 

‘‘(IV) to a wholly owned subsidiary of a covered 

institution, provided that, after the sale, assignment, or transfer, the residential mortgage loan 

is considered to be an asset of the covered institution for regulatory accounting purposes. 
S. 2155—4 

‘‘(iv) CONSIDERATION AND DOCUMENTATION

REQUIREMENTS.—The consideration and documentation 

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

‘‘(I) not be construed to require compliance 

with, or documentation in accordance with, 

appendix Q to part 1026 of title 12, Code of Federal 

Regulations, or any successor regulation; and 

‘‘(II) be construed to permit multiple methods 

of documentation.’’. 

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

Section 129E(i)(2) of the Truth in Lending Act (15 U.S.C. 

1639e(i)(2)) is amended— 

(1) by redesignating subparagraphs (A) and (B) as clauses 

(i) and (ii), respectively, and adjusting the margins accordingly; 

(2) in the matter preceding clause (i), as so redesignated, 

by striking ‘‘For purposes of’’ and inserting the following: 

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

(3) by adding at the end the following: 

‘‘(B) RULE OF CONSTRUCTION RELATED TO APPRAISAL

DONATIONS.—If a fee appraiser voluntarily donates 

appraisal services to an organization eligible to receive 

tax-deductible charitable contributions, such voluntary 

donation shall be considered customary and reasonable 

for the purposes of paragraph (1).’’. 

SEC. 103. EXEMPTION FROM APPRAISALS OF REAL PROPERTY 

LOCATED IN RURAL AREAS. 

Title XI of the Financial Institutions Reform, Recovery, and 

Enforcement Act of 1989 (12 U.S.C. 3331 et seq.) is amended 

by adding at the end the following: 

‘‘SEC. 1127. EXEMPTION FROM APPRAISALS OF REAL ESTATE LOCATED 

IN RURAL AREAS. 

‘‘(a) DEFINITIONS.—In this section— 

‘‘(1) the term ‘mortgage originator’ has the meaning given 

the term in section 103 of the Truth in Lending Act (15 U.S.C. 

1602); and 

‘‘(2) the term ‘transaction value’ means the amount of a 

loan or extension of credit, including a loan or extension of 

credit that is part of a pool of loans or extensions of credit. 

‘‘(b) APPRAISAL NOT REQUIRED.—Except as provided in subsection (d), notwithstanding any other provision of law, an appraisal 

in connection with a federally related transaction involving real 

property or an interest in real property is not required if— 

‘‘(1) the real property or interest in real property is located 

in a rural area, as described in section 1026.35(b)(2)(iv)(A) 

of title 12, Code of Federal Regulations; 

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

Closing Disclosure Form, made in accordance with the final 

rule of the Bureau of Consumer Financial Protection entitled 

‘Integrated Mortgage Disclosures Under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending 

Act (Regulation Z)’ (78 Fed. Reg. 79730 (December 31, 2013)), 

relating to the federally related transaction is given to the 

consumer, the mortgage originator or its agent, directly or 

indirectly— 
S. 2155—5 

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

appraisers or State licensed appraisers, as applicable, on 

the mortgage originator’s approved appraiser list in the 

market area in accordance with part 226 of title 12, Code 

of Federal Regulations; and 

‘‘(B) has documented that no State certified appraiser 

or State licensed appraiser, as applicable, was available 

within 5 business days beyond customary and reasonable 

fee and timeliness standards for comparable appraisal 

assignments, as documented by the mortgage originator 

or its agent; 

‘‘(3) the transaction value is less than $400,000; and 

‘‘(4) the mortgage originator is subject to oversight by a 

Federal financial institutions regulatory agency. 

‘‘(c) SALE, ASSIGNMENT, OR TRANSFER.—A mortgage originator 

that makes a loan without an appraisal under the terms of subsection (b) shall not sell, assign, or otherwise transfer legal title 

to the loan unless— 

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

to another person by reason of the bankruptcy or failure of 

the mortgage originator; 

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

to another person regulated by a Federal financial institutions 

regulatory agency, so long as the loan is retained in portfolio 

by the person; 

‘‘(3) the sale, assignment, or transfer is pursuant to a 

merger of the mortgage originator with another person or the 

acquisition of the mortgage originator by another person or 

of another person by the mortgage originator; or 

‘‘(4) the sale, loan, or transfer is to a wholly owned subsidiary of the mortgage originator, provided that, after the 

sale, assignment, or transfer, the loan is considered to be an 

asset of the mortgage originator for regulatory accounting purposes. 

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

‘‘(1) a Federal financial institutions regulatory agency 

requires an appraisal under section 225.63(c), 323.3(c), 34.43(c), 

or 722.3(e) of title 12, Code of Federal Regulations; or 

‘‘(2) the loan is a high-cost mortgage, as defined in section 

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

‘‘(e) ANTI-EVASION.—Each Federal financial institutions regulatory agency shall ensure that any mortgage originator that the 

Federal financial institutions regulatory agency oversees that makes 

a significant amount of loans under subsection (b) is complying 

with the requirements of subsection (b)(2) with respect to each 

loan.’’. 

SEC. 104. HOME MORTGAGE DISCLOSURE ACT ADJUSTMENT AND 

STUDY. 

(a) IN GENERAL.—Section 304 of the Home Mortgage Disclosure 

Act of 1975 (12 U.S.C. 2803) is amended— 

(1) by redesignating subsection (i) as paragraph (3) and 

adjusting the margins accordingly; 

(2) by inserting before paragraph (3), as so redesignated, 

the following: 

‘‘(i) EXEMPTIONS.— 
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‘‘(1) CLOSED-END MORTGAGE LOANS.—With respect to an 

insured depository institution or insured credit union, the 

requirements of paragraphs (5) and (6) of subsection (b) shall 

not apply with respect to closed-end mortgage loans if the 

insured depository institution or insured credit union originated 

fewer than 500 closed-end mortgage loans in each of the 2 

preceding calendar years. 

‘‘(2) OPEN-END LINES OF CREDIT.—With respect to an 

insured depository institution or insured credit union, the 

requirements of paragraphs (5) and (6) of subsection (b) shall 

not apply with respect to open-end lines of credit if the insured 

depository institution or insured credit union originated fewer 

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

calendar years. 

‘‘(3) REQUIRED COMPLIANCE.—Notwithstanding paragraphs 

(1) and (2), an insured depository institution shall comply with 

paragraphs (5) and (6) of subsection (b) if the insured depository 

institution has received a rating of ‘needs to improve record 

of meeting community credit needs’ during each of its 2 most 

recent examinations or a rating of ‘substantial noncompliance 

in meeting community credit needs’ on its most recent examination under section 807(b)(2) of the Community Reinvestment 

Act of 1977 (12 U.S.C. 2906(b)(2)).’’; and 

(3) by adding at the end the following: 

‘‘(o) DEFINITIONS.—In this section— 

‘‘(1) the term ‘insured credit union’ has the meaning given 

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

U.S.C. 1752); and 

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

meaning given the term in section 3 of the Federal Deposit 

Insurance Act (12 U.S.C. 1813).’’. 

(b) LOOKBACK STUDY.— 

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

enactment of this Act, the Comptroller General of the United 

States shall conduct a study to evaluate the impact of the 

amendments made by subsection (a) on the amount of data 

available under the Home Mortgage Disclosure Act of 1975 

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

(2) REPORT.—Not later than 3 years after the date of enactment of this Act, the Comptroller General of the United States 

shall submit to the Committee on Banking, Housing, and Urban 

Affairs of the Senate and the Committee on Financial Services 

of the House of Representatives a report that includes the 

findings and conclusions of the Comptroller General with 

respect to the study required under paragraph (1). 

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

Mortgage Disclosure Act of 1975, as so redesignated by subsection 

(a)(1), is amended by striking ‘‘section 303(2)(A)’’ and inserting 

‘‘section 303(3)(A)’’. 

SEC. 105. CREDIT UNION RESIDENTIAL LOANS. 

(a) REMOVAL FROM MEMBER BUSINESS LOAN LIMITATION.—Section 107A(c)(1)(B)(i) of the Federal Credit Union Act (12 U.S.C. 

1757a(c)(1)(B)(i)) is amended by striking ‘‘that is the primary residence of a member’’. 

(b) RULE OF CONSTRUCTION.—Nothing in this section or the 

amendment made by this section shall preclude the National Credit 
S. 2155—7 

Union Administration from treating an extension of credit that 

is fully secured by a lien on a 1- to 4-family dwelling that is 

not the primary residence of a member as a member business 

loan for purposes other than the member business loan limitation 

requirements under section 107A of the Federal Credit Union Act 

(12 U.S.C. 1757a). 

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

(a) IN GENERAL.—The S.A.F.E. Mortgage Licensing Act of 2008 

(12 U.S.C. 5101 et seq.) is amended by adding at the end the 

following: 

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

‘‘(a) DEFINITIONS.—In this section: 

‘‘(1) APPLICATION STATE.—The term ‘application State’ 

means a State in which a registered loan originator or a Statelicensed loan originator seeks to be licensed. 

‘‘(2) STATE-LICENSED MORTGAGE COMPANY.—The term 

‘State-licensed mortgage company’ means an entity that is 

licensed or registered under the law of any State to engage 

in residential mortgage loan origination and processing activities. 

‘‘(b) TEMPORARY AUTHORITY TO ORIGINATE LOANS FOR LOAN

ORIGINATORS MOVING FROM A DEPOSITORY INSTITUTION TO A NON- DEPOSITORY INSTITUTION.— 

‘‘(1) IN GENERAL.—Upon becoming employed by a Statelicensed mortgage company, an individual who is a registered 

loan originator shall be deemed to have temporary authority 

to act as a loan originator in an application State for the 

period described in paragraph (2) if the individual— 

‘‘(A) has not had— 

‘‘(i) an application for a loan originator license 

denied; or 

‘‘(ii) a loan originator license revoked or suspended 

in any governmental jurisdiction; 

‘‘(B) has not been subject to, or served with, a cease 

and desist order— 

‘‘(i) in any governmental jurisdiction; or 

‘‘(ii) under section 1514(c); 

‘‘(C) has not been convicted of a misdemeanor or felony 

that would preclude licensure under the law of the application State; 

‘‘(D) has submitted an application to be a State-licensed 

loan originator in the application State; and 

‘‘(E) was registered in the Nationwide Mortgage 

Licensing System and Registry as a loan originator during 

the 1-year period preceding the date on which the information required under section 1505(a) is submitted. 

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

begin on the date on which an individual described in paragraph 

(1) submits the information required under section 1505(a) 

and shall end on the earliest of the date— 

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

to be a State-licensed loan originator in the application 

State; 

‘‘(B) on which the application State denies, or issues 

a notice of intent to deny, the application; 
S. 2155—8 

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

license; or 

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

individual submits the application, if the application is 

listed on the Nationwide Mortgage Licensing System and 

Registry as incomplete. 

‘‘(c) TEMPORARY AUTHORITY TO ORIGINATE LOANS FOR STATELICENSED LOAN ORIGINATORS MOVING INTERSTATE.— 

‘‘(1) IN GENERAL.—A State-licensed loan originator shall 

be deemed to have temporary authority to act as a loan originator in an application State for the period described in paragraph (2) if the State-licensed loan originator— 

‘‘(A) meets the requirements of subparagraphs (A), (B), 

(C), and (D) of subsection (b)(1); 

‘‘(B) is employed by a State-licensed mortgage company 

in the application State; and 

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

State during the 30-day period preceding the date on which 

the information required under section 1505(a) was submitted in connection with the application submitted to 

the application State. 

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

begin on the date on which the State-licensed loan originator 

submits the information required under section 1505(a) in 

connection with the application submitted to the application 

State and end on the earliest of the date— 

‘‘(A) on which the State-licensed loan originator withdraws the application to be a State-licensed loan originator 

in the application State; 

‘‘(B) on which the application State denies, or issues 

a notice of intent to deny, the application; 

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

license; or 

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

State-licensed loan originator submits the application, if 

the application is listed on the Nationwide Mortgage 

Licensing System and Registry as incomplete. 

‘‘(d) APPLICABILITY.— 

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

employing an individual who is deemed to have temporary 

authority to act as a loan originator in an application State 

under this section shall be subject to the requirements of this 

title and to applicable State law to the same extent as if 

that individual was a State-licensed loan originator licensed 

by the application State. 

‘‘(2) ENGAGING IN MORTGAGE LOAN ACTIVITIES.—Any individual who is deemed to have temporary authority to act as 

a loan originator in an application State under this section 

and who engages in residential mortgage loan origination activities shall be subject to the requirements of this title and to 

applicable State law to the same extent as if that individual 

was a State-licensed loan originator licensed by the application 

State.’’. 

(b) TABLE OF CONTENTS AMENDMENT.—Section 1(b) of the 

Housing and Economic Recovery Act of 2008 (42 U.S.C. 4501 note) 
S. 2155—9 

is amended by inserting after the item relating to section 1517 

the following: 

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

(c) CIVIL LIABILITY.—Section 1513 of the S.A.F.E. Mortgage 

Licensing Act of 2008 (12 U.S.C. 5112) is amended by striking 

‘‘persons who are loan originators or are applying for licensing 

or registration as loan originators.’’ and inserting ‘‘persons who— 

‘‘(1) have applied, are applying, or are licensed or registered 

through the Nationwide Mortgage Licensing System and Registry; and 

‘‘(2) work in an industry with respect to which persons 

were licensed or registered through the Nationwide Mortgage 

Licensing System and Registry on the date of enactment of 

the Economic Growth, Regulatory Relief, and Consumer Protection Act.’’. 

(d) EFFECTIVE DATE.—This section and the amendments made 

by this section shall take effect on the date that is 18 months 

after the date of enactment of this Act. 

SEC. 107. PROTECTING ACCESS TO MANUFACTURED HOMES. 

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

is amended— 

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

to definitions relating to mortgage origination and residential 

mortgage loans) and subsection (dd) as subsections (dd) and 

(ee), respectively; and 

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

by striking subparagraph (C) and inserting the following: 

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

‘‘(i) not otherwise described in subparagraph (A) 

or (B) and who performs purely administrative or clerical tasks on behalf of a person who is described in 

any such subparagraph; or 

‘‘(ii) a retailer of manufactured or modular homes 

or an employee of the retailer if the retailer or 

employee, as applicable— 

‘‘(I) does not receive compensation or gain for 

engaging in activities described in subparagraph 

(A) that is in excess of any compensation or gain 

received in a comparable cash transaction; 

‘‘(II) discloses to the consumer— 

‘‘(aa) in writing any corporate affiliation 

with any creditor; and 

‘‘(bb) if the retailer has a corporate affiliation with any creditor, at least 1 unaffiliated 

creditor; and 

‘‘(III) does not directly negotiate with the consumer or lender on loan terms (including rates, 

fees, and other costs).’’. 

SEC. 108. ESCROW REQUIREMENTS RELATING TO CERTAIN CONSUMER 

CREDIT TRANSACTIONS. 

Section 129D of the Truth in Lending Act (15 U.S.C. 1639d) 

is amended— 

(1) in subsection (c)— 
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(A) by redesignating paragraphs (1) through (4) as 

subparagraphs (A) through (D), respectively, and adjusting 

the margins accordingly; 

(B) in the matter preceding subparagraph (A), as so 

redesignated, by striking ‘‘The Board’’ and inserting the 

following: 

‘‘(1) IN GENERAL.—The Bureau’’; 

(C) in paragraph (1), as so redesignated, by striking 

‘‘the Board’’ each place that term appears and inserting 

‘‘the Bureau’’; and 

(D) by adding at the end the following: 

‘‘(2) TREATMENT OF LOANS HELD BY SMALLER INSTITUTIONS.—The Bureau shall, by regulation, exempt from the 

requirements of subsection (a) any loan made by an insured 

depository institution or an insured credit union secured by 

a first lien on the principal dwelling of a consumer if— 

‘‘(A) the insured depository institution or insured credit 

union has assets of $10,000,000,000 or less; 

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

depository institution or insured credit union and its affiliates originated 1,000 or fewer loans secured by a first 

lien on a principal dwelling; and 

‘‘(C) the transaction satisfies the criteria in sections 

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

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

or any successor regulation.’’; and 

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

‘‘(3) INSURED CREDIT UNION.—The term ‘insured credit 

union’ has the meaning given the term in section 101 of the 

Federal Credit Union Act (12 U.S.C. 1752). 

‘‘(4) INSURED DEPOSITORY INSTITUTION.—The term ‘insured 

depository institution’ has the meaning given the term in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813).’’. 

SEC. 109. NO WAIT FOR LOWER MORTGAGE RATES. 

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

(15 U.S.C. 1639(b)) is amended— 

(1) by redesignating paragraph (3) as paragraph (4); and 

(2) by inserting after paragraph (2) the following: 

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

a consumer a second offer of credit with a lower annual percentage rate, the transaction may be consummated without regard 

to the period specified in paragraph (1) with respect to the 

second offer.’’. 

(b) SENSE OF CONGRESS.—It is the sense of Congress that, 

whereas the Bureau of Consumer Financial Protection issued a 

final rule entitled ‘‘Integrated Mortgage Disclosures Under the Real 

Estate Settlement Procedures Act (Regulation X) and the Truth 

in Lending Act (Regulation Z)’’ (78 Fed. Reg. 79730 (December 

31, 2013)) (in this subsection referred to as the ‘‘TRID Rule’’) to 

combine the disclosures a consumer receives in connection with 

applying for and closing on a mortgage loan, the Bureau of Consumer Financial Protection should endeavor to provide clearer, 

authoritative guidance on— 

(1) the applicability of the TRID Rule to mortgage assumption transactions; 
S. 2155—11 

(2) the applicability of the TRID Rule to construction-topermanent home loans, and the conditions under which those 

loans can be properly originated; and 

(3) the extent to which lenders can rely on model disclosures published by the Bureau of Consumer Financial Protection without liability if recent changes to regulations are not 

reflected in the sample TRID Rule forms published by the 

Bureau of Consumer Financial Protection. 

TITLE II—REGULATORY RELIEF AND 

PROTECTING CONSUMER ACCESS TO 

CREDIT 

SEC. 201. CAPITAL SIMPLIFICATION FOR QUALIFYING COMMUNITY 

BANKS. 

(a) DEFINITIONS.—In this section: 

(1) COMMUNITY BANK LEVERAGE RATIO.—The term ‘‘Community Bank Leverage Ratio’’ means the ratio of the tangible 

equity capital of a qualifying community bank, as reported 

on the qualifying community bank’s applicable regulatory filing 

with the qualifying community bank’s appropriate Federal 

banking agency, to the average total consolidated assets of 

the qualifying community bank, as reported on the qualifying 

community bank’s applicable regulatory filing with the qualifying community bank’s appropriate Federal banking agency. 

(2) GENERALLY APPLICABLE LEVERAGE CAPITAL REQUIRE- MENTS; GENERALLY APPLICABLE RISK-BASED CAPITAL REQUIRE- MENTS.—The terms ‘‘generally applicable leverage capital 

requirements’’ and ‘‘generally applicable risk-based capital 

requirements’’ have the meanings given those terms in section 

171(a) of the Financial Stability Act of 2010 (12 U.S.C. 5371(a)). 

(3) QUALIFYING COMMUNITY BANK.— (A) ASSET THRESHOLD.—The term ‘‘qualifying community bank’’ means a depository institution or depository 

institution holding company with total consolidated assets 

of less than $10,000,000,000. 

(B) RISK PROFILE.—The appropriate Federal banking 

agencies may determine that a depository institution or 

depository institution holding company (or a class of depository institutions or depository institution holding companies) described in subparagraph (A) is not a qualifying 

community bank based on the depository institution’s or 

depository institution holding company’s risk profile, which 

shall be based on consideration of— 

(i) off-balance sheet exposures; 

(ii) trading assets and liabilities; 

(iii) total notional derivatives exposures; and 

(iv) such other factors as the appropriate Federal 

banking agencies determine appropriate. 

(b) COMMUNITY BANK LEVERAGE RATIO.—The appropriate Federal banking agencies shall, through notice and comment rule 

making under section 553 of title 5, United States Code— 

(1) develop a Community Bank Leverage Ratio of not less 

than 8 percent and not more than 10 percent for qualifying 

community banks; and 
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(2) establish procedures for treatment of a qualifying 

community bank that has a Community Bank Leverage Ratio 

that falls below the percentage developed under paragraph 

(1) after exceeding the percentage developed under paragraph 

(1). 

(c) CAPITAL COMPLIANCE.— 

(1) IN GENERAL.—Any qualifying community bank that 

exceeds the Community Bank Leverage Ratio developed under 

subsection (b)(1) shall be considered to have met— 

(A) the generally applicable leverage capital requirements and the generally applicable risk-based capital 

requirements; 

(B) in the case of a qualifying community bank that 

is a depository institution, the capital ratio requirements 

that are required in order to be considered well capitalized 

under section 38 of the Federal Deposit Insurance Act 

(12 U.S.C. 1831o) and any regulation implementing that 

section; and 

(C) any other capital or leverage requirements to which 

the qualifying community bank is subject. 

(2) EXISTING AUTHORITIES.—Nothing in paragraph (1) shall 

limit the authority of the appropriate Federal banking agencies 

as in effect on the date of enactment of this Act. 

(d) CONSULTATION.—The appropriate Federal banking agencies 

shall— 

(1) consult with the applicable State bank supervisors in 

carrying out this section; and 

(2) notify the applicable State bank supervisor of any qualifying community bank that it supervises that exceeds, or does 

not exceed after previously exceeding, the Community Bank 

Leverage ratio developed under subsection (b)(1). 

SEC. 202. LIMITED EXCEPTION FOR RECIPROCAL DEPOSITS. 

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

Act (12 U.S.C. 1831f) is amended by adding at the end the following: 

‘‘(i) LIMITED EXCEPTION FOR RECIPROCAL DEPOSITS.— 

‘‘(1) IN GENERAL.—Reciprocal deposits of an agent institution shall not be considered to be funds obtained, directly 

or indirectly, by or through a deposit broker to the extent 

that the total amount of such reciprocal deposits does not 

exceed the lesser of— 

‘‘(A) $5,000,000,000; or 

‘‘(B) an amount equal to 20 percent of the total liabilities of the agent institution. 

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

‘‘(A) AGENT INSTITUTION.—The term ‘agent institution’ 

means an insured depository institution that places a covered deposit through a deposit placement network at other 

insured depository institutions in amounts that are less 

than or equal to the standard maximum deposit insurance 

amount, specifying the interest rate to be paid for such 

amounts, if the insured depository institution— 

‘‘(i)(I) when most recently examined under section 

10(d) was found to have a composite condition of outstanding or good; and 

‘‘(II) is well capitalized; 
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‘‘(ii) has obtained a waiver pursuant to subsection 

(c); or 

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

deposits that causes the total amount of reciprocal 

deposits held by the agent institution to be greater 

than the average of the total amount of reciprocal 

deposits held by the agent institution on the last day 

of each of the 4 calendar quarters preceding the calendar quarter in which the agent institution was found 

not to have a composite condition of outstanding or 

good or was determined to be not well capitalized. 

‘‘(B) COVERED DEPOSIT.—The term ‘covered deposit’ 

means a deposit that— 

‘‘(i) is submitted for placement through a deposit 

placement network by an agent institution; and 

‘‘(ii) does not consist of funds that were obtained 

for the agent institution, directly or indirectly, by or 

through a deposit broker before submission for placement through a deposit placement network. 

‘‘(C) DEPOSIT PLACEMENT NETWORK.—The term ‘deposit 

placement network’ means a network in which an insured 

depository institution participates, together with other 

insured depository institutions, for the processing and 

receipt of reciprocal deposits. 

‘‘(D) NETWORK MEMBER BANK.—The term ‘network 

member bank’ means an insured depository institution that 

is a member of a deposit placement network. 

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

deposits’ means deposits received by an agent institution 

through a deposit placement network with the same maturity (if any) and in the same aggregate amount as covered 

deposits placed by the agent institution in other network 

member banks. 

‘‘(F) WELL CAPITALIZED.—The term ‘well capitalized’ 

has the meaning given the term in section 38(b)(1).’’. 

(b) INTEREST RATE RESTRICTION.—Section 29 of the Federal 

Deposit Insurance Act (12 U.S.C. 1831f) is amended by striking 

subsection (e) and inserting the following: 

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

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

‘‘(A) the terms ‘agent institution’, ‘reciprocal deposits’, 

and ‘well capitalized’ have the meanings given those terms 

in subsection (i); and 

‘‘(B) the term ‘covered insured depository institution’ 

means an insured depository institution that— 

‘‘(i) under subsection (c) or (d), accepts funds 

obtained, directly or indirectly, by or through a deposit 

broker; or 

‘‘(ii) while acting as an agent institution under 

subsection (i), accepts reciprocal deposits while not well 

capitalized. 

‘‘(2) PROHIBITION.—A covered insured depository institution 

may not pay a rate of interest on funds or reciprocal deposits 

described in paragraph (1) that, at the time that the funds 

or reciprocal deposits are accepted, significantly exceeds the 

limit set forth in paragraph (3). 
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‘‘(3) LIMIT ON INTEREST RATES.—The limit on the rate of 

interest referred to in paragraph (2) shall be— 

‘‘(A) the rate paid on deposits of similar maturity in 

the normal market area of the covered insured depository 

institution for deposits accepted in the normal market area 

of the covered insured depository institution; or 

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

maturity, as established by the Corporation, for deposits 

accepted outside the normal market area of the covered 

insured depository institution.’’. 

SEC. 203. COMMUNITY BANK RELIEF. 

Section 13(h)(1) of the Bank Holding Company Act of 1956 

(12 U.S.C. 1851(h)(1)) is amended— 

(1) in subparagraph (D), by redesignating clauses (i) and 

(ii) as subclauses (I) and (II), respectively, and adjusting the 

margins accordingly; 

(2) by redesignating subparagraphs (A) through (D) as 

clauses (i) through (iv), respectively, and adjusting the margins 

accordingly; 

(3) in the matter preceding clause (i), as so redesignated, 

in the second sentence, by striking ‘‘institution that functions 

solely in a trust or fiduciary capacity, if—’’ and inserting the 

following: ‘‘institution— 

‘‘(A) that functions solely in a trust or fiduciary 

capacity, if—’’; 

(4) in clause (iv)(II), as so redesignated, by striking the 

period at the end and inserting ‘‘; or’’; and 

(5) by adding at the end the following: 

‘‘(B) that does not have and is not controlled by a 

company that has— ‘‘(i) more than $10,000,000,000 in total consolidated assets; and 

‘‘(ii) total trading assets and trading liabilities, 

as reported on the most recent applicable regulatory 

filing filed by the institution, that are more than 5 

percent of total consolidated assets.’’. 

SEC. 204. REMOVING NAMING RESTRICTIONS. 

Section 13 of the Bank Holding Company Act of 1956 (12 

U.S.C. 1851) is amended— 

(1) in subsection (d)(1)(G)(vi), by inserting before the semicolon the following: ‘‘, except that the hedge fund or private 

equity fund may share the same name or a variation of the 

same name as a banking entity that is an investment adviser 

to the hedge fund or private equity fund, if— 

‘‘(I) such investment adviser is not an insured 

depository institution, a company that controls an 

insured depository institution, or a company that 

is treated as a bank holding company for purposes 

of section 8 of the International Banking Act of 

1978 (12 U.S.C. 3106); 

‘‘(II) such investment adviser does not share 

the same name or a variation of the same name 

as an insured depository institution, any company 

that controls an insured depository institution, or 

any company that is treated as a bank holding 
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company for purposes of section 8 of the International Banking Act of 1978 (12 U.S.C. 3106); 

and 

‘‘(III) such name does not contain the word 

‘bank’ ’’; and 

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

the following: ‘‘, except as permitted under subsection 

(d)(1)(G)(vi)’’. 

SEC. 205. SHORT FORM CALL REPORTS. 

Section 7(a) of the Federal Deposit Insurance Act (12 U.S.C. 

1817(a)) is amended by adding at the end the following: 

‘‘(12) SHORT FORM REPORTING.— ‘‘(A) IN GENERAL.—The appropriate Federal banking 

agencies shall issue regulations that allow for a reduced 

reporting requirement for a covered depository institution 

when the institution makes the first and third report of 

condition for a year, as required under paragraph (3). 

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

depository institution’ means an insured depository institution that— 

‘‘(i) has less than $5,000,000,000 in total consolidated assets; and 

‘‘(ii) satisfies such other criteria as the appropriate 

Federal banking agencies determine appropriate.’’. 

SEC. 206. OPTION FOR FEDERAL SAVINGS ASSOCIATIONS TO OPERATE 

AS COVERED SAVINGS ASSOCIATIONS. 

The Home Owners’ Loan Act (12 U.S.C. 1461 et seq.) is 

amended by inserting after section 5 (12 U.S.C. 1464) the following: 

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

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

association’ means a Federal savings association that makes an 

election that is approved under subsection (b). 

‘‘(b) ELECTION.— ‘‘(1) IN GENERAL.—In accordance with the rules issued 

under subsection (f), a Federal savings association with total 

consolidated assets equal to or less than $20,000,000,000, as 

reported by the association to the Comptroller as of December 

31, 2017, may elect to operate as a covered savings association 

by submitting a notice to the Comptroller of that election. 

‘‘(2) APPROVAL.—A Federal savings association shall be 

deemed to be approved to operate as a covered savings association beginning on the date that is 60 days after the date 

on which the Comptroller receives the notice submitted under 

paragraph (1), unless the Comptroller notifies the Federal 

savings association that the Federal savings association is not 

eligible. 

‘‘(c) RIGHTS AND DUTIES.—Notwithstanding any other provision 

of law, and except as otherwise provided in this section, a covered 

savings association shall— 

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

bank that has the main office of the national bank situated 

in the same location as the home office of the covered savings 

association; and 
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‘‘(2) be subject to the same duties, restrictions, penalties, 

liabilities, conditions, and limitations that would apply to a 

national bank described in paragraph (1). 

‘‘(d) TREATMENT OF COVERED SAVINGS ASSOCIATIONS.—A covered savings association shall be treated as a Federal savings 

association for the purposes— 

‘‘(1) of governance of the covered savings association, 

including incorporation, bylaws, boards of directors, shareholders, and distribution of dividends; 

‘‘(2) of consolidation, merger, dissolution, conversion 

(including conversion to a stock bank or to another charter), 

conservatorship, and receivership; and 

‘‘(3) determined by regulation of the Comptroller. 

‘‘(e) EXISTING BRANCHES.—A covered savings association may 

continue to operate any branch or agency that the covered savings 

association operated on the date on which an election under subsection (b) is approved. 

‘‘(f) RULE MAKING.—The Comptroller shall issue rules to carry 

out this section— 

‘‘(1) that establish streamlined standards and procedures 

that clearly identify required documentation and timelines for 

an election under subsection (b); 

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

an election under subsection (b) to identify specific assets and 

subsidiaries that— 

‘‘(A) do not conform to the requirements for assets 

and subsidiaries of a national bank; and 

‘‘(B) are held by the Federal savings association on 

the date on which the Federal savings association submits 

a notice of the election; 

‘‘(3) that establish— 

‘‘(A) a transition process for bringing the assets and 

subsidiaries described in paragraph (2) into conformance 

with the requirements for a national bank; and 

‘‘(B) procedures for allowing the Federal savings 

association to submit to the Comptroller an application 

to continue to hold assets and subsidiaries described in 

paragraph (2) after electing to operate as a covered savings 

association; 

‘‘(4) that establish standards and procedures to allow a 

covered savings association to— 

‘‘(A) terminate an election under subsection (b) after 

an appropriate period of time; and 

‘‘(B) make a subsequent election under subsection (b) 

after terminating an election under subparagraph (A); 

‘‘(5) that clarify requirements for the treatment of covered 

savings associations, including the provisions of law that apply 

to covered savings associations; and 

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

interests of safety and soundness. 

‘‘(g) GRANDFATHERED COVERED SAVINGS ASSOCIATIONS.—Subject to the rules issued under subsection (f), a covered savings 

association may continue to operate as a covered savings association 

if, after the date on which the election is made under subsection 

(b), the covered savings association has total consolidated assets 

greater than $20,000,000,000.’’. 
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SEC. 207. SMALL BANK HOLDING COMPANY POLICY STATEMENT. 

(a) DEFINITIONS.—In this section: 

(1) BOARD.—The term ‘‘Board’’ means the Board of Governors of the Federal Reserve System. 

(2) SAVINGS AND LOAN HOLDING COMPANY.—The term 

‘‘savings and loan holding company’’ has the meaning given 

the term in section 10(a) of the Home Owners’ Loan Act (12 

U.S.C. 1467a(a)). 

(b) CHANGES REQUIRED TO SMALL BANK HOLDING COMPANY

POLICY STATEMENT ON ASSESSMENT OF FINANCIAL AND MANAGERIAL

FACTORS.—Not later than 180 days after the date of enactment 

of this Act, the Board shall revise appendix C to part 225 of 

title 12, Code of Federal Regulations (commonly known as the 

‘‘Small Bank Holding Company and Savings and Loan Holding 

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

threshold under that appendix from $1,000,000,000 to 

$3,000,000,000 for any bank holding company or savings and loan 

holding company that— 

(1) is not engaged in significant nonbanking activities either 

directly or through a nonbank subsidiary; 

(2) does not conduct significant off-balance sheet activities 

(including securitization and asset management or administration) either directly or through a nonbank subsidiary; and 

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

securities outstanding (other than trust preferred securities) 

that are registered with the Securities and Exchange Commission. 

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

company or savings and loan holding company, regardless of asset 

size, from the revision under subsection (b) if the Board determines 

that such action is warranted for supervisory purposes. 

(d) CONFORMING AMENDMENT.—Section 171(b)(5) of the Financial Stability Act of 2010 (12 U.S.C. 5371(b)(5)) is amended by 

striking subparagraph (C) and inserting the following: 

‘‘(C) any bank holding company or savings and loan 

holding company that is subject to the application of 

appendix C to part 225 of title 12, Code of Federal Regulations (commonly known as the ‘Small Bank Holding Company and Savings and Loan Holding Company Policy Statement’).’’. 

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

(a) IN GENERAL.—The Expedited Funds Availability Act (12 

U.S.C. 4001 et seq.) is amended— 

(1) in section 602 (12 U.S.C. 4001)— 

(A) in paragraph (20), by inserting ‘‘, located in the 

United States,’’ after ‘‘ATM’’; 

(B) in paragraph (21), by inserting ‘‘American Samoa, 

the Commonwealth of the Northern Mariana Islands, 

Guam,’’ after ‘‘Puerto Rico,’’; and 

(C) in paragraph (23), by inserting ‘‘American Samoa, 

the Commonwealth of the Northern Mariana Islands, 

Guam,’’ after ‘‘Puerto Rico,’’; and 

(2) in section 603(d)(2)(A) (12 U.S.C. 4002(d)(2)(A)), by 

inserting ‘‘American Samoa, the Commonwealth of the 

Northern Mariana Islands, Guam,’’ after ‘‘Puerto Rico,’’. 
S. 2155—18 

(b) EFFECTIVE DATE.—The amendments made by this section 

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

enactment of this Act. 

SEC. 209. SMALL PUBLIC HOUSING AGENCIES. 

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

States Housing Act of 1937 (42 U.S.C. 1437 et seq.) is amended 

by adding at the end the following: 

‘‘SEC. 38. SMALL PUBLIC HOUSING AGENCIES. 

‘‘(a) DEFINITIONS.—In this section: 

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

voucher program’ means a program for tenant-based assistance 

under section 8. 

‘‘(2) SMALL PUBLIC HOUSING AGENCY.—The term ‘small 

public housing agency’ means a public housing agency— 

‘‘(A) for which the sum of the number of public housing 

dwelling units administered by the agency and the number 

of vouchers under section 8(o) administered by the agency 

is 550 or fewer; and 

‘‘(B) that predominantly operates in a rural area, as 

described in section 1026.35(b)(2)(iv)(A) of title 12, Code 

of Federal Regulations. 

‘‘(3) TROUBLED SMALL PUBLIC HOUSING AGENCY.—The term 

‘troubled small public housing agency’ means a small public 

housing agency designated by the Secretary as a troubled small 

public housing agency under subsection (c)(3). 

‘‘(b) APPLICABILITY.—Except as otherwise provided in this section, a small public housing agency shall be subject to the same 

requirements as a public housing agency. 

‘‘(c) PROGRAM INSPECTIONS AND EVALUATIONS.— 

‘‘(1) PUBLIC HOUSING PROJECTS.— 

‘‘(A) FREQUENCY OF INSPECTIONS BY SECRETARY.—The 

Secretary shall carry out an inspection of the physical 

condition of a small public housing agency’s public housing 

projects not more frequently than once every 3 years, unless 

the agency has been designated by the Secretary as a 

troubled small public housing agency based on deficiencies 

in the physical condition of its public housing projects. 

Nothing contained in this subparagraph relieves the Secretary from conducting lead safety inspections or assessments in accordance with procedures established by the 

Secretary under section 302 of the Lead-Based Paint Poisoning Prevention Act (42 U.S.C. 4822). 

‘‘(B) STANDARDS.—The Secretary shall apply to small 

public housing agencies the same standards for the acceptable condition of public housing projects that apply to 

projects assisted under section 8. 

‘‘(2) HOUSING VOUCHER PROGRAM.—Except as required by 

section 8(o)(8)(F), a small public housing agency administering 

assistance under section 8(o) shall make periodic physical 

inspections of each assisted dwelling unit not less frequently 

than once every 3 years to determine whether the unit is 

maintained in accordance with the requirements under section 

8(o)(8)(A). Nothing contained in this paragraph relieves a small 

public housing agency from conducting lead safety inspections 

or assessments in accordance with procedures established by 
S. 2155—19 

the Secretary under section 302 of the Lead-Based Paint Poisoning Prevention Act (42 U.S.C. 4822). 

‘‘(3) TROUBLED SMALL PUBLIC HOUSING AGENCIES.— 

‘‘(A) PUBLIC HOUSING PROGRAM.—Notwithstanding any 

other provision of law, the Secretary may designate a small 

public housing agency as a troubled small public housing 

agency with respect to the public housing program of the 

small public housing agency if the Secretary determines 

that the agency has failed to maintain the public housing 

units of the small public housing agency in a satisfactory 

physical condition, based upon an inspection conducted by 

the Secretary. 

‘‘(B) HOUSING VOUCHER PROGRAM.—Notwithstanding 

any other provision of law, the Secretary may designate 

a small public housing agency as a troubled small public 

housing agency with respect to the housing voucher program of the small public housing agency if the Secretary 

determines that the agency has failed to comply with the 

inspection requirements under paragraph (2). 

‘‘(C) APPEALS.— 

‘‘(i) ESTABLISHMENT.—The Secretary shall establish an appeals process under which a small public 

housing agency may dispute a designation as a troubled small public housing agency. 

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

under clause (i) shall provide for a decision by an 

official who has not been involved, and is not subordinate to a person who has been involved, in the original 

determination to designate a small public housing 

agency as a troubled small public housing agency. 

‘‘(D) CORRECTIVE ACTION AGREEMENT.— 

‘‘(i) AGREEMENT REQUIRED.—Not later than 60 days 

after the date on which a small public housing agency 

is designated as a troubled public housing agency 

under subparagraph (A) or (B), the Secretary and the 

small public housing agency shall enter into a corrective action agreement under which the small public 

housing agency shall undertake actions to correct the 

deficiencies upon which the designation is based. 

‘‘(ii) TERMS OF AGREEMENT.—A corrective action 

agreement entered into under clause (i) shall— 

‘‘(I) have a term of 1 year, and shall be renewable at the option of the Secretary; 

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

assistance to assist the public housing agency in 

curing its deficiencies; 

‘‘(III) provide for— 

‘‘(aa) reconsideration of the designation of 

the small public housing agency as a troubled 

small public housing agency not less frequently than annually; and 

‘‘(bb) termination of the agreement when 

the Secretary determines that the small public 

housing agency is no longer a troubled small 

public housing agency; and 
S. 2155—20 

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

noncompliance by the small public housing agency 

under the agreement, the Secretary may— 

‘‘(aa) contract with another public housing 

agency or a private entity to manage the public 

housing of the troubled small public housing 

agency; 

‘‘(bb) withhold funds otherwise distributable to the troubled small public housing 

agency; 

‘‘(cc) assume possession of, and direct 

responsibility for, managing the public housing 

of the troubled small public housing agency; 

‘‘(dd) petition for the appointment of a 

receiver, in accordance with section 

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

‘‘(ee) exercise any other remedy available 

to the Secretary in the event of default under 

the public housing annual contributions contract entered into by the small public housing 

agency under section 5. 

‘‘(E) EMERGENCY ACTIONS.—Nothing in this paragraph 

may be construed to prohibit the Secretary from taking 

any emergency action necessary to protect Federal financial 

resources or the health or safety of residents of public 

housing projects. 

‘‘(d) REDUCTION OF ADMINISTRATIVE BURDENS.— 

‘‘(1) EXEMPTION.—Notwithstanding any other provision of 

law, a small public housing agency shall be exempt from any 

environmental review requirements with respect to a development or modernization project having a total cost of not more 

than $100,000. 

‘‘(2) STREAMLINED PROCEDURES.—The Secretary shall, by 

rule, establish streamlined procedures for environmental 

reviews of small public housing agency development and modernization projects having a total cost of more than $100,000.’’. 

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

States Housing Act of 1937 (42 U.S.C. 1437g(e)(2)) is amended 

by adding at the end the following: 

‘‘(D) FREEZE OF CONSUMPTION LEVELS.— 

‘‘(i) IN GENERAL.—A small public housing agency, 

as defined in section 38(a), may elect to be paid for 

its utility and waste management costs under the formula for a period, at the discretion of the small public 

housing agency, of not more than 20 years based on 

the small public housing agency’s average annual 

consumption during the 3-year period preceding the 

year in which the election is made (in this subparagraph referred to as the ‘consumption base level’). 

‘‘(ii) INITIAL ADJUSTMENT IN CONSUMPTION BASE

LEVEL.—The Secretary shall make an initial one-time 

adjustment in the consumption base level to account 

for differences in the heating degree day average over 

the most recent 20-year period compared to the average 

in the consumption base level. 
S. 2155—21 

‘‘(iii) ADJUSTMENTS IN CONSUMPTION BASE LEVEL.— 

The Secretary shall make adjustments in the consumption base level to account for an increase or reduction 

in units, a change in fuel source, a change in resident 

controlled electricity consumption, or for other reasons. 

‘‘(iv) SAVINGS.—All cost savings resulting from an 

election made by a small public housing agency under 

this subparagraph— 

‘‘(I) shall accrue to the small public housing 

agency; and 

‘‘(II) may be used for any public housing purpose at the discretion of the small public housing 

agency. 

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

agency making an election under this subparagraph— 

‘‘(I) may use, but shall not be required to use, 

the services of a third party in its energy conservation program; and 

‘‘(II) shall have the sole discretion to determine 

the source, and terms and conditions, of any 

financing used for its energy conservation program.’’. 

(c) REPORTING BY AGENCIES OPERATING IN CONSORTIA.—Not 

later than 180 days after the date of enactment of this Act, the 

Secretary of Housing and Urban Development shall develop and 

deploy all electronic information systems necessary to accommodate 

full consolidated reporting by public housing agencies, as defined 

in section 3(b)(6) of the United States Housing Act of 1937 (42 

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

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

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

(a) and (b) shall take effect on the date that is 60 days after 

the date of enactment of this Act. 

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

date of enactment of this Act, the Secretary of Housing and Urban 

Development shall make available to interested public housing 

agencies and owners of multifamily properties receiving assistance 

from the Department of Housing and Urban Development 1 or 

more software programs that will facilitate the voluntary use of 

a shared waiting list by multiple public housing agencies or owners 

receiving assistance, and shall publish on the website of the Department of Housing and Urban Development procedural guidance for 

implementing shared waiting lists that includes information on 

how to obtain the software. 

SEC. 210. EXAMINATION CYCLE. 

Section 10(d) of the Federal Deposit Insurance Act (12 U.S.C. 

1820(d)) is amended— 

(1) in paragraph (4)(A), by striking ‘‘$1,000,000,000’’ and 

inserting ‘‘$3,000,000,000’’; and 

(2) in paragraph (10), by striking ‘‘$1,000,000,000’’ and 

inserting ‘‘$3,000,000,000’’. 

SEC. 211. INTERNATIONAL INSURANCE CAPITAL STANDARDS 

ACCOUNTABILITY. 

(a) FINDINGS.—Congress finds that— 
S. 2155—22 

(1) the Secretary of the Treasury, Board of Governors of 

the Federal Reserve System, and Director of the Federal Insurance Office shall support increasing transparency at any global 

insurance or international standard-setting regulatory or supervisory forum in which they participate, including supporting 

and advocating for greater public observer access to working 

groups and committee meetings of the International Association 

of Insurance Supervisors; and 

(2) to the extent that the Secretary of the Treasury, the 

Board of Governors of the Federal Reserve System, and the 

Director of the Federal Insurance Office take a position or 

reasonably intend to take a position with respect to an insurance proposal by a global insurance regulatory or supervisory 

forum, the Secretary of the Treasury, the Board of Governors 

of the Federal Reserve System, and the Director of the Federal 

Insurance Office shall achieve consensus positions with State 

insurance regulators through the National Association of Insurance Commissioners, when they are United States participants 

in negotiations on insurance issues before the International 

Association of Insurance Supervisors, Financial Stability Board, 

or any other international forum of financial regulators or 

supervisors that considers such issues. 

(b) INSURANCE POLICY ADVISORY COMMITTEE.— 

(1) ESTABLISHMENT.—There is established the Insurance 

Policy Advisory Committee on International Capital Standards 

and Other Insurance Issues at the Board of Governors of the 

Federal Reserve System. 

(2) MEMBERSHIP.—The Committee shall be composed of 

not more than 21 members, all of whom represent a diverse 

set of expert perspectives from the various sectors of the United 

States insurance industry, including life insurance, property 

and casualty insurance and reinsurance, agents and brokers, 

academics, consumer advocates, or experts on issues facing 

underserved insurance communities and consumers. 

(c) REPORTS.— 

(1) REPORTS AND TESTIMONY BY SECRETARY OF THE

TREASURY AND CHAIRMAN OF THE FEDERAL RESERVE.— 

(A) IN GENERAL.—The Secretary of the Treasury and 

the Chairman of the Board of Governors of the Federal 

Reserve System, or their designee, shall submit to the 

Committee on Banking, Housing, and Urban Affairs of 

the Senate, and the Committee on Financial Services of 

the House of Representatives, an annual report and provide 

annual testimony to the Committee on Banking, Housing, 

and Urban Affairs of the Senate, and the Committee on 

Financial Services of the House of Representatives on the 

efforts of the Secretary and the Chairman with the National 

Association of Insurance Commissioners with respect to 

global insurance regulatory or supervisory forums, 

including— 

(i) a description of the insurance regulatory or 

supervisory standard-setting issues under discussion 

at international standard-setting bodies, including the 

Financial Stability Board and the International 

Association of Insurance Supervisors; 
S. 2155—23 

(ii) a description of the effects that proposals discussed at international insurance regulatory or supervisory forums of insurance could have on consumer 

and insurance markets in the United States; 

(iii) a description of any position taken by the 

Secretary of the Treasury, the Board of Governors 

of the Federal Reserve System, and the Director of 

the Federal Insurance Office in international insurance 

discussions; and 

(iv) a description of the efforts by the Secretary 

of the Treasury, the Board of Governors of the Federal 

Reserve System, and the Director of the Federal Insurance Office to increase transparency at the Financial 

Stability Board with respect to insurance proposals 

and the International Association of Insurance Supervisors, including efforts to provide additional public 

access to working groups and committees of the International Association of Insurance Supervisors. 

(B) TERMINATION.—This paragraph shall terminate on 

December 31, 2024. 

(2) REPORTS AND TESTIMONY BY NATIONAL ASSOCIATION OF

INSURANCE COMMISSIONERS.—The National Association of 

Insurance Commissioners may provide testimony to Congress 

on the issues described in paragraph (1)(A). 

(3) JOINT REPORT BY THE CHAIRMAN OF THE FEDERAL

RESERVE AND THE DIRECTOR OF THE FEDERAL INSURANCE

OFFICE.— 

(A) IN GENERAL.—The Secretary of the Treasury, the 

Chairman of the Board of Governors of the Federal Reserve 

System, and the Director of the Federal Insurance Office 

shall, in consultation with the National Association of 

Insurance Commissioners, complete a study on, and submit 

to Congress a report on the results of the study, the impact 

on consumers and markets in the United States before 

supporting or consenting to the adoption of any final international insurance capital standard. 

(B) NOTICE AND COMMENT.— 

(i) NOTICE.—The Secretary of the Treasury, the 

Chairman of the Board of Governors of the Federal 

Reserve System, and the Director of the Federal Insurance Office shall provide public notice before the date 

on which drafting a report required under subparagraph (A) is commenced and after the date on which 

the draft of the report is completed. 

(ii) OPPORTUNITY FOR COMMENT.—There shall be 

an opportunity for public comment for a period beginning on the date on which the report is submitted 

under subparagraph (A) and ending on the date that 

is 60 days after the date on which the report is submitted. 

(C) REVIEW BY COMPTROLLER GENERAL.—The Secretary 

of the Treasury, Chairman of the Board of Governors of 

the Federal Reserve System, and the Director of the Federal Insurance Office shall submit to the Comptroller General of the United States the report described in subparagraph (A) for review. 
S. 2155—24 

(4) REPORT ON INCREASE IN TRANSPARENCY.—Not later than 

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

of the Board of Governors of the Federal Reserve System and 

the Secretary of the Treasury, or their designees, shall submit 

to Congress a report and provide testimony to Congress on 

the efforts of the Chairman and the Secretary to increase 

transparency at meetings of the International Association of 

Insurance Supervisors. 

SEC. 212. BUDGET TRANSPARENCY FOR THE NCUA. 

Section 209(b) of the Federal Credit Union Act (12 U.S.C. 

1789(b)) is amended— 

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

(2) and (3), respectively; 

(2) by inserting before paragraph (2), as so redesignated, 

the following: 

‘‘(1) on an annual basis and prior to the submission of 

the detailed business-type budget required under paragraph 

(2)— 

‘‘(A) make publicly available and publish in the Federal 

Register a draft of the detailed business-type budget; and 

‘‘(B) hold a public hearing, with public notice provided 

of the hearing, during which the public may submit comments on the draft of the detailed business-type budget;’’; 

and 

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

(A) by inserting ‘‘detailed’’ after ‘‘submit a’’; and 

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

submitted by the public under paragraph (1)(B)’’ after ‘‘Control Act’’. 

SEC. 213. MAKING ONLINE BANKING INITIATION LEGAL AND EASY. 

(a) DEFINITIONS.—In this section: 

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

the term in section 2 of the Bank Holding Company Act of 

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

(2) DRIVER’S LICENSE.—The term ‘‘driver’s license’’ means 

a license issued by a State to an individual that authorizes 

the individual to operate a motor vehicle on public streets, 

roads, or highways. 

(3) FEDERAL BANK SECRECY LAWS.—The term ‘‘Federal bank 

secrecy laws’’ means— 

(A) section 21 of the Federal Deposit Insurance Act 

(12 U.S.C. 1829b); 

(B) section 123 of Public Law 91–508 (12 U.S.C. 1953); 

and 

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

States Code. 

(4) FINANCIAL INSTITUTION.—The term ‘‘financial institution’’ means— 

(A) an insured depository institution; 

(B) an insured credit union; or 

(C) any affiliate of an insured depository institution 

or insured credit union. 

(5) FINANCIAL PRODUCT OR SERVICE.—The term ‘‘financial 

product or service’’ has the meaning given the term in section 

1002 of the Consumer Financial Protection Act of 2010 (12 

U.S.C. 5481). 
S. 2155—25 

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

union’’ has the meaning given the term in section 101 of the 

Federal Credit Union Act (12 U.S.C. 1752). 

(7) INSURED DEPOSITORY INSTITUTION.—The term ‘‘insured 

depository institution’’ has the meaning given the term in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813). 

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

Internet-based service, such as a website or mobile application. 

(9) PERSONAL IDENTIFICATION CARD.—The term ‘‘personal 

identification card’’ means an identification document issued 

by a State or local government to an individual solely for 

the purpose of identification of that individual. 

(10) PERSONAL INFORMATION.—The term ‘‘personal information’’ means the information displayed on or electronically 

encoded on a driver’s license or personal identification card 

that is reasonably necessary to fulfill the purpose and uses 

permitted by subsection (b). 

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

device or software to decipher, in an electronically readable 

format, personal information displayed on or electronically 

encoded on a driver’s license or personal identification card. 

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

United States, the District of Columbia, the Commonwealth 

of Puerto Rico, and any other commonwealth, possession, or 

territory of the United States. 

(b) USE OF A DRIVER’S LICENSE OR PERSONAL IDENTIFICATION

CARD.— 

(1) IN GENERAL.—When an individual initiates a request 

through an online service to open an account with a financial 

institution or obtain a financial product or service from a financial institution, the financial institution may record personal 

information from a scan of the driver’s license or personal 

identification card of the individual, or make a copy or receive 

an image of the driver’s license or personal identification card 

of the individual, and store or retain such information in any 

electronic format for the purposes described in paragraph (2). 

(2) USES OF INFORMATION.—Except as required to comply 

with Federal bank secrecy laws, a financial institution may 

only use the information obtained under paragraph (1)— 

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

or personal identification card; 

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

(C) to comply with a legal requirement to record, retain, 

or transmit the personal information in connection with 

opening an account or obtaining a financial product or 

service. 

(3) DELETION OF IMAGE.—A financial institution that makes 

a copy or receives an image of a driver’s license or personal 

identification card of an individual in accordance with paragraphs (1) and (2) shall, after using the image for the purposes 

described in paragraph (2), permanently delete— 

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

(B) any copy of any such image. 

(4) DISCLOSURE OF PERSONAL INFORMATION.—Nothing in 

this section shall be construed to amend, modify, or otherwise 
S. 2155—26 

affect any State or Federal law that governs a financial institution’s disclosure and security of personal information that is 

not publicly available. 

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

shall preempt and supersede any State law that conflicts with 

a provision of this section, but only to the extent of such conflict. 

SEC. 214. PROMOTING CONSTRUCTION AND DEVELOPMENT ON MAIN 

STREET. 

The Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.) 

is amended by adding at the end the following new section: 

‘‘SEC. 51. CAPITAL REQUIREMENTS FOR CERTAIN ACQUISITION, 

DEVELOPMENT, OR CONSTRUCTION LOANS. 

‘‘(a) IN GENERAL.—The appropriate Federal banking agencies 

may only require a depository institution to assign a heightened 

risk weight to a high volatility commercial real estate (HVCRE) 

exposure (as such term is defined under section 324.2 of title 

12, Code of Federal Regulations, as of October 11, 2017, or if 

a successor regulation is in effect as of the date of the enactment 

of this section, such term or any successor term contained in such 

successor regulation) under any risk-based capital requirement if 

such exposure is an HVCRE ADC loan. 

‘‘(b) HVCRE ADC LOAN DEFINED.—For purposes of this section 

and with respect to a depository institution, the term ‘HVCRE 

ADC loan’— 

‘‘(1) means a credit facility secured by land or improved 

real property that, prior to being reclassified by the depository 

institution as a non-HVCRE ADC loan pursuant to subsection 

(d)— 

‘‘(A) primarily finances, has financed, or refinances 

the acquisition, development, or construction of real property; 

‘‘(B) has the purpose of providing financing to acquire, 

develop, or improve such real property into income-producing real property; and 

‘‘(C) is dependent upon future income or sales proceeds 

from, or refinancing of, such real property for the repayment of such credit facility; 

‘‘(2) does not include a credit facility financing— 

‘‘(A) the acquisition, development, or construction of 

properties that are— 

‘‘(i) one- to four-family residential properties; 

‘‘(ii) real property that would qualify as an investment in community development; or 

‘‘(iii) agricultural land; 

‘‘(B) the acquisition or refinance of existing incomeproducing real property secured by a mortgage on such 

property, if the cash flow being generated by the real 

property is sufficient to support the debt service and 

expenses of the real property, in accordance with the 

institution’s applicable loan underwriting criteria for 

permanent financings; 

‘‘(C) improvements to existing income-producing 

improved real property secured by a mortgage on such 

property, if the cash flow being generated by the real 

property is sufficient to support the debt service and 

expenses of the real property, in accordance with the 
S. 2155—27 

institution’s applicable loan underwriting criteria for 

permanent financings; or 

‘‘(D) commercial real property projects in which— 

‘‘(i) the loan-to-value ratio is less than or equal 

to the applicable maximum supervisory loan-to-value 

ratio as determined by the appropriate Federal banking 

agency; 

‘‘(ii) the borrower has contributed capital of at 

least 15 percent of the real property’s appraised, ‘as 

completed’ value to the project in the form of— 

‘‘(I) cash; 

‘‘(II) unencumbered readily marketable assets; 

‘‘(III) paid development expenses out-of-pocket; 

or 

‘‘(IV) contributed real property or improvements; and 

‘‘(iii) the borrower contributed the minimum 

amount of capital described under clause (ii) before 

the depository institution advances funds (other than 

the advance of a nominal sum made in order to secure 

the depository institution’s lien against the real property) under the credit facility, and such minimum 

amount of capital contributed by the borrower is 

contractually required to remain in the project until 

the credit facility has been reclassified by the depository institution as a non-HVCRE ADC loan under subsection (d); 

‘‘(3) does not include any loan made prior to January 1, 

2015; and 

‘‘(4) does not include a credit facility reclassified as a nonHVCRE ADC loan under subsection (d). 

‘‘(c) VALUE OF CONTRIBUTED REAL PROPERTY.—For purposes 

of this section, the value of any real property contributed by a 

borrower as a capital contribution shall be the appraised value 

of the property as determined under standards prescribed pursuant 

to section 1110 of the Financial Institutions Reform, Recovery, 

and Enforcement Act of 1989 (12 U.S.C. 3339), in connection with 

the extension of the credit facility or loan to such borrower. 

‘‘(d) RECLASSIFICATION AS A NON-HVRCE ADC LOAN.—For purposes of this section and with respect to a credit facility and a 

depository institution, upon— 

‘‘(1) the substantial completion of the development or 

construction of the real property being financed by the credit 

facility; and 

‘‘(2) cash flow being generated by the real property being 

sufficient to support the debt service and expenses of the real 

property, 

in accordance with the institution’s applicable loan underwriting 

criteria for permanent financings, the credit facility may be reclassified by the depository institution as a Non-HVCRE ADC loan. 

‘‘(e) EXISTING AUTHORITIES.—Nothing in this section shall limit 

the supervisory, regulatory, or enforcement authority of an appropriate Federal banking agency to further the safe and sound operation of an institution under the supervision of the appropriate 

Federal banking agency.’’. 
S. 2155—28 

SEC. 215. REDUCING IDENTITY FRAUD. 

(a) PURPOSE.—The purpose of this section is to reduce the 

prevalence of synthetic identity fraud, which disproportionally 

affects vulnerable populations, such as minors and recent 

immigrants, by facilitating the validation by permitted entities of 

fraud protection data, pursuant to electronically received consumer 

consent, through use of a database maintained by the Commissioner. 

(b) DEFINITIONS.—In this section: 

(1) COMMISSIONER.—The term ‘‘Commissioner’’ means the 

Commissioner of the Social Security Administration. 

(2) FINANCIAL INSTITUTION.—The term ‘‘financial institution’’ has the meaning given the term in section 509 of the 

Gramm-Leach-Bliley Act (15 U.S.C. 6809). 

(3) FRAUD PROTECTION DATA.—The term ‘‘fraud protection 

data’’ means a combination of the following information with 

respect to an individual: 

(A) The name of the individual (including the first 

name and any family forename or surname of the individual). 

(B) The social security number of the individual. 

(C) The date of birth (including the month, day, and 

year) of the individual. 

(4) PERMITTED ENTITY.—The term ‘‘permitted entity’’ means 

a financial institution or a service provider, subsidiary, affiliate, 

agent, subcontractor, or assignee of a financial institution. 

(c) EFFICIENCY.— 

(1) RELIANCE ON EXISTING METHODS.—The Commissioner 

shall evaluate the feasibility of making modifications to any 

database that is in existence as of the date of enactment of 

this Act or a similar resource such that the database or 

resource— 

(A) is reasonably designed to effectuate the purpose 

of this section; and 

(B) meets the requirements of subsection (d). 

(2) EXECUTION.—The Commissioner shall make the modifications necessary to any database that is in existence as 

of the date of enactment of this Act or similar resource, or 

develop a database or similar resource, to effectuate the requirements described in paragraph (1). 

(d) PROTECTION OF VULNERABLE CONSUMERS.—The database 

or similar resource described in subsection (c) shall— 

(1) compare fraud protection data provided in an inquiry 

by a permitted entity against such information maintained 

by the Commissioner in order to confirm (or not confirm) the 

validity of the information provided; 

(2) be scalable and accommodate reasonably anticipated 

volumes of verification requests from permitted entities with 

commercially reasonable uptime and availability; and 

(3) allow permitted entities to submit— 

(A) 1 or more individual requests electronically for 

real-time machine-to-machine (or similar functionality) 

accurate responses; and 

(B) multiple requests electronically, such as those provided in a batch format, for accurate electronic responses 

within a reasonable period of time from submission, not 

to exceed 24 hours. 
S. 2155—29 

(e) CERTIFICATION REQUIRED.—Before providing confirmation 

of fraud protection data to a permitted entity, the Commissioner 

shall ensure that the Commissioner has a certification from the 

permitted entity that is dated not more than 2 years before the 

date on which that confirmation is provided that includes the following declarations: 

(1) The entity is a permitted entity. 

(2) The entity is in compliance with this section. 

(3) The entity is, and will remain, in compliance with 

its privacy and data security requirements, as described in 

title V of the Gramm-Leach-Bliley Act (15 U.S.C. 6801 et seq.), 

with respect to information the entity receives from the 

Commissioner pursuant to this section. 

(4) The entity will retain sufficient records to demonstrate 

its compliance with its certification and this section for a period 

of not less than 2 years. 

(f) CONSUMER CONSENT.— 

(1) IN GENERAL.—Notwithstanding any other provision of 

law or regulation, a permitted entity may submit a request 

to the database or similar resource described in subsection 

(c) only— 

(A) pursuant to the written, including electronic, consent received by a permitted entity from the individual 

who is the subject of the request; and 

(B) in connection with a credit transaction or any circumstance described in section 604 of the Fair Credit 

Reporting Act (15 U.S.C. 1681b). 

(2) ELECTRONIC CONSENT REQUIREMENTS.—For a permitted 

entity to use the consent of an individual received electronically 

pursuant to paragraph (1)(A), the permitted entity must obtain 

the individual’s electronic signature, as defined in section 106 

of the Electronic Signatures in Global and National Commerce 

Act (15 U.S.C. 7006). 

(3) EFFECTUATING ELECTRONIC CONSENT.—No provision of 

law or requirement, including section 552a of title 5, United 

States Code, shall prevent the use of electronic consent for 

purposes of this subsection or for use in any other consent 

based verification under the discretion of the Commissioner. 

(g) COMPLIANCE AND ENFORCEMENT.— 

(1) AUDITS AND MONITORING.—The Commissioner may— 

(A) conduct audits and monitoring to— 

(i) ensure proper use by permitted entities of the 

database or similar resource described in subsection 

(c); and 

(ii) deter fraud and misuse by permitted entities 

with respect to the database or similar resource 

described in subsection (c); and 

(B) terminate services for any permitted entity that 

prevents or refuses to allow the Commissioner to carry 

out the activities described in subparagraph (A). 

(2) ENFORCEMENT.— 

(A) IN GENERAL.—Notwithstanding any other provision 

of law, including the matter preceding paragraph (1) of 

section 505(a) of the Gramm-Leach-Bliley Act (15 U.S.C. 

6805(a)), any violation of this section and any certification 

made under this section shall be enforced in accordance 
S. 2155—30 

with paragraphs (1) through (7) of such section 505(a) 

by the agencies described in those paragraphs. 

(B) RELEVANT INFORMATION.—Upon discovery by the 

Commissioner, pursuant to an audit described in paragraph 

(1), of any violation of this section or any certification 

made under this section, the Commissioner shall forward 

any relevant information pertaining to that violation to 

the appropriate agency described in subparagraph (A) for 

evaluation by the agency for purposes of enforcing this 

section. 

(h) RECOVERY OF COSTS.— (1) IN GENERAL.— (A) IN GENERAL.—Amounts obligated to carry out this 

section shall be fully recovered from the users of the database or verification system by way of advances, reimbursements, user fees, or other recoveries as determined by 

the Commissioner. The funds recovered under this paragraph shall be deposited as an offsetting collection to the 

account providing appropriations for the Social Security 

Administration, to be used for the administration of this 

section without fiscal year limitation. 

(B) PRICES FIXED BY COMMISSIONER.—The Commissioner shall establish the amount to be paid by the users 

under this paragraph, including the costs of any services 

or work performed, such as any appropriate upgrades, 

maintenance, and associated direct and indirect administrative costs, in support of carrying out the purposes 

described in this section, by reimbursement or in advance 

as determined by the Commissioner. The amount of such 

prices shall be periodically adjusted by the Commissioner 

to ensure that amounts collected are sufficient to fully 

offset the cost of the administration of this section. 

(2) INITIAL DEVELOPMENT.—The Commissioner shall not 

begin development of a verification system to carry out this 

section until the Commissioner determines that amounts equal 

to at least 50 percent of program start-up costs have been 

collected under paragraph (1). 

(3) EXISTING RESOURCES.—The Commissioner may use 

funds designated for information technology modernization to 

carry out this section. 

(4) ANNUAL REPORT.—The Commissioner shall annually 

submit to the Committee on Ways and Means of the House 

of Representatives and the Committee on Finance of the Senate 

a report on the amount of indirect costs to the Social Security 

Administration arising as a result of the implementation of 

this section. 

SEC. 216. TREASURY REPORT ON RISKS OF CYBER THREATS. 

Not later than 1 year after the date of enactment of this 

Act, the Secretary of the Treasury shall submit to the Committee 

on Banking, Housing, and Urban Affairs of the Senate and the 

Committee on Financial Services of the House of Representatives 

a report on the risks of cyber threats to financial institutions 

and capital markets in the United States, including— 

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

to financial institutions and capital markets in the United 

States; 
S. 2155—31 

(2) the impact and potential effects of material cyber 

attacks on financial institutions and capital markets in the 

United States; 

(3) an analysis of how the appropriate Federal banking 

agencies and the Securities and Exchange Commission are 

addressing the material risks of cyber threats described in 

paragraph (1), including— 

(A) how the appropriate Federal banking agencies and 

the Securities and Exchange Commission are assessing 

those threats; 

(B) how the appropriate Federal banking agencies and 

the Securities and Exchange Commission are assessing 

the cyber vulnerabilities and preparedness of financial 

institutions; 

(C) coordination amongst the appropriate Federal 

banking agencies and the Securities and Exchange 

Commission, and their coordination with other government 

agencies (including with respect to regulations, examinations, lexicon, duplication, and other regulatory tools); and 

(D) areas for improvement; and 

(4) a recommendation of whether any appropriate Federal 

banking agency or the Securities and Exchange Commission 

needs additional legal authorities or resources to adequately 

assess and address the material risks of cyber threats described 

in paragraph (1), given the analysis required by paragraph 

(3). 

SEC. 217. DISCRETIONARY SURPLUS FUNDS. 

Section 7(a)(3)(A) of the Federal Reserve Act (12 U.S.C. 

289(a)(3)(A)) is amended by striking ‘‘$7,500,000,000’’ and inserting 

‘‘$6,825,000,000’’. 

TITLE III—PROTECTIONS FOR VETERANS, CONSUMERS, AND HOMEOWNERS 

SEC. 301. PROTECTING CONSUMERS’ CREDIT. 

(a) IN GENERAL.—Section 605A of the Fair Credit Reporting 

Act (15 U.S.C. 1681c–1) is amended— 

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

inserting ‘‘1 year’’; and 

(2) by adding at the end the following: 

‘‘(i) NATIONAL SECURITY FREEZE.— 

‘‘(1) DEFINITIONS.—For purposes of this subsection: 

‘‘(A) The term ‘consumer reporting agency’ means a 

consumer reporting agency described in section 603(p). 

‘‘(B) The term ‘proper identification’ has the meaning 

of such term as used under section 610. 

‘‘(C) The term ‘security freeze’ means a restriction that 

prohibits a consumer reporting agency from disclosing the 

contents of a consumer report that is subject to such security freeze to any person requesting the consumer report. 

‘‘(2) PLACEMENT OF SECURITY FREEZE.— 
S. 2155—32 

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

a consumer that a consumer reporting agency place a security freeze, and upon receiving proper identification from 

the consumer, the consumer reporting agency shall, free 

of charge, place the security freeze not later than— 

‘‘(i) in the case of a request that is by toll-free 

telephone or secure electronic means, 1 business day 

after receiving the request directly from the consumer; 

or 

‘‘(ii) in the case of a request that is by mail, 3 

business days after receiving the request directly from 

the consumer. 

‘‘(B) CONFIRMATION AND ADDITIONAL INFORMATION.— Not later than 5 business days after placing a security 

freeze under subparagraph (A), a consumer reporting 

agency shall— 

‘‘(i) send confirmation of the placement to the consumer; and 

‘‘(ii) inform the consumer of— 

‘‘(I) the process by which the consumer may 

remove the security freeze, including a mechanism 

to authenticate the consumer; and 

‘‘(II) the consumer’s right described in section 

615(d)(1)(D). 

‘‘(C) NOTICE TO THIRD PARTIES.—A consumer reporting 

agency may advise a third party that a security freeze 

has been placed with respect to a consumer under subparagraph (A). 

‘‘(3) REMOVAL OF SECURITY FREEZE.— 

‘‘(A) IN GENERAL.—A consumer reporting agency shall 

remove a security freeze placed on the consumer report 

of a consumer only in the following cases: 

‘‘(i) Upon the direct request of the consumer. 

‘‘(ii) The security freeze was placed due to a material misrepresentation of fact by the consumer. 

‘‘(B) NOTICE IF REMOVAL NOT BY REQUEST.—If a consumer reporting agency removes a security freeze under 

subparagraph (A)(ii), the consumer reporting agency shall 

notify the consumer in writing prior to removing the security freeze. 

‘‘(C) REMOVAL OF SECURITY FREEZE BY CONSUMER

REQUEST.—Except as provided in subparagraph (A)(ii), a 

security freeze shall remain in place until the consumer 

directly requests that the security freeze be removed. Upon 

receiving a direct request from a consumer that a consumer 

reporting agency remove a security freeze, and upon 

receiving proper identification from the consumer, the consumer reporting agency shall, free of charge, remove the 

security freeze not later than— 

‘‘(i) in the case of a request that is by toll-free 

telephone or secure electronic means, 1 hour after 

receiving the request for removal; or 

‘‘(ii) in the case of a request that is by mail, 3 

business days after receiving the request for removal. 

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

access to a consumer report of a consumer with respect 

to which a security freeze is in effect, where such request 
S. 2155—33 

is in connection with an application for credit, and the 

consumer does not allow such consumer report to be 

accessed, the third party may treat the application as 

incomplete. 

‘‘(E) TEMPORARY REMOVAL OF SECURITY FREEZE.—Upon 

receiving a direct request from a consumer under subparagraph (A)(i), if the consumer requests a temporary removal 

of a security freeze, the consumer reporting agency shall, 

in accordance with subparagraph (C), remove the security 

freeze for the period of time specified by the consumer. 

‘‘(4) EXCEPTIONS.—A security freeze shall not apply to the 

making of a consumer report for use of the following: 

‘‘(A) A person or entity, or a subsidiary, affiliate, or 

agent of that person or entity, or an assignee of a financial 

obligation owed by the consumer to that person or entity, 

or a prospective assignee of a financial obligation owed 

by the consumer to that person or entity in conjunction 

with the proposed purchase of the financial obligation, 

with which the consumer has or had prior to assignment 

an account or contract including a demand deposit account, 

or to whom the consumer issued a negotiable instrument, 

for the purposes of reviewing the account or collecting 

the financial obligation owed for the account, contract, or 

negotiable instrument. For purposes of this subparagraph, 

‘reviewing the account’ includes activities related to account 

maintenance, monitoring, credit line increases, and account 

upgrades and enhancements. 

‘‘(B) Any Federal, State, or local agency, law enforcement agency, trial court, or private collection agency acting 

pursuant to a court order, warrant, or subpoena. 

‘‘(C) A child support agency acting pursuant to part 

D of title IV of the Social Security Act (42 U.S.C. 651 

et seq.). 

‘‘(D) A Federal agency or a State or its agents or 

assigns acting to investigate fraud or acting to investigate 

or collect delinquent taxes or unpaid court orders or to 

fulfill any of its other statutory responsibilities, provided 

such responsibilities are consistent with a permissible purpose under section 604. 

‘‘(E) By a person using credit information for the purposes described under section 604(c). 

‘‘(F) Any person or entity administering a credit file 

monitoring subscription or similar service to which the 

consumer has subscribed. 

‘‘(G) Any person or entity for the purpose of providing 

a consumer with a copy of the consumer’s consumer report 

or credit score, upon the request of the consumer. 

‘‘(H) Any person using the information in connection 

with the underwriting of insurance. 

‘‘(I) Any person using the information for employment, 

tenant, or background screening purposes. 

‘‘(J) Any person using the information for assessing, 

verifying, or authenticating a consumer’s identity for purposes other than the granting of credit, or for investigating 

or preventing actual or potential fraud. 
S. 2155—34 

‘‘(5) NOTICE OF RIGHTS.—At any time a consumer is 

required to receive a summary of rights required under section 

609, the following notice shall be included: 

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

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

report, which will prohibit a consumer reporting agency from 

releasing information in your credit report without your express 

authorization. The security freeze is designed to prevent credit, 

loans, and services from being approved in your name without 

your consent. However, you should be aware that using a security 

freeze to take control over who gets access to the personal and 

financial information in your credit report may delay, interfere 

with, or prohibit the timely approval of any subsequent request 

or application you make regarding a new loan, credit, mortgage, 

or any other account involving the extension of credit. 

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

to place an initial or extended fraud alert on your credit file at 

no cost. An initial fraud alert is a 1-year alert that is placed 

on a consumer’s credit file. Upon seeing a fraud alert display 

on a consumer’s credit file, a business is required to take steps 

to verify the consumer’s identity before extending new credit. If 

you are a victim of identity theft, you are entitled to an extended 

fraud alert, which is a fraud alert lasting 7 years. 

‘‘ ‘A security freeze does not apply to a person or entity, or 

its affiliates, or collection agencies acting on behalf of the person 

or entity, with which you have an existing account that requests 

information in your credit report for the purposes of reviewing 

or collecting the account. Reviewing the account includes activities 

related to account maintenance, monitoring, credit line increases, 

and account upgrades and enhancements.’. 

‘‘(6) WEBPAGE.— 

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

reporting agency shall establish a webpage that— 

‘‘(i) allows a consumer to request a security freeze; 

‘‘(ii) allows a consumer to request an initial fraud 

alert; 

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

fraud alert; 

‘‘(iv) allows a consumer to request an active duty 

fraud alert; 

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

information in a consumer report to send the consumer 

a solicitation of credit or insurance, in accordance with 

section 615(d); and 

‘‘(vi) shall not be the only mechanism by which 

a consumer may request a security freeze. 

‘‘(B) FTC.—The Federal Trade Commission shall establish a single webpage that includes a link to each webpage 

established under subparagraph (A) within the Federal 

Trade Commission’s website www.Identitytheft.gov, or a 

successor website. 

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

OF PROTECTED CONSUMERS.— 

‘‘(1) DEFINITIONS.—As used in this subsection: 
S. 2155—35 

‘‘(A) The term ‘consumer reporting agency’ means a 

consumer reporting agency described in section 603(p). 

‘‘(B) The term ‘protected consumer’ means an individual who is— 

‘‘(i) under the age of 16 years at the time a request 

for the placement of a security freeze is made; or 

‘‘(ii) an incapacitated person or a protected person 

for whom a guardian or conservator has been 

appointed. 

‘‘(C) The term ‘protected consumer’s representative’ 

means a person who provides to a consumer reporting 

agency sufficient proof of authority to act on behalf of 

a protected consumer. 

‘‘(D) The term ‘record’ means a compilation of information that— 

‘‘(i) identifies a protected consumer; 

‘‘(ii) is created by a consumer reporting agency 

solely for the purpose of complying with this subsection; and 

‘‘(iii) may not be created or used to consider the 

protected consumer’s credit worthiness, credit 

standing, credit capacity, character, general reputation, 

personal characteristics, or mode of living. 

‘‘(E) The term ‘security freeze’ means a restriction that 

prohibits a consumer reporting agency from disclosing the 

contents of a consumer report that is the subject of such 

security freeze or, in the case of a protected consumer 

for whom the consumer reporting agency does not have 

a file, a record that is subject to such security freeze 

to any person requesting the consumer report for the purpose of opening a new account involving the extension 

of credit. 

‘‘(F) The term ‘sufficient proof of authority’ means documentation that shows a protected consumer’s representative has authority to act on behalf of a protected consumer 

and includes— 

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

‘‘(ii) a lawfully executed and valid power of 

attorney; 

‘‘(iii) a document issued by a Federal, State, or 

local government agency in the United States showing 

proof of parentage, including a birth certificate; or 

‘‘(iv) with respect to a protected consumer who 

has been placed in a foster care setting, a written 

communication from a county welfare department or 

its agent or designee, or a county probation department 

or its agent or designee, certifying that the protected 

consumer is in a foster care setting under its jurisdiction. 

‘‘(G) The term ‘sufficient proof of identification’ means 

information or documentation that identifies a protected 

consumer and a protected consumer’s representative and 

includes— 

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

security card issued by the Social Security Administration; 
S. 2155—36 

‘‘(ii) a certified or official copy of a birth certificate 

issued by the entity authorized to issue the birth certificate; or 

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

card issued by the motor vehicle administration, or 

any other government issued identification. 

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

CONSUMER.— 

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

a protected consumer’s representative that a consumer 

reporting agency place a security freeze, and upon receiving 

sufficient proof of identification and sufficient proof of 

authority, the consumer reporting agency shall, free of 

charge, place the security freeze not later than— 

‘‘(i) in the case of a request that is by toll-free 

telephone or secure electronic means, 1 business day 

after receiving the request directly from the protected 

consumer’s representative; or 

‘‘(ii) in the case of a request that is by mail, 3 

business days after receiving the request directly from 

the protected consumer’s representative. 

‘‘(B) CONFIRMATION AND ADDITIONAL INFORMATION.— 

Not later than 5 business days after placing a security 

freeze under subparagraph (A), a consumer reporting 

agency shall— 

‘‘(i) send confirmation of the placement to the protected consumer’s representative; and 

‘‘(ii) inform the protected consumer’s representative of the process by which the protected consumer 

may remove the security freeze, including a mechanism 

to authenticate the protected consumer’s representative. 

‘‘(C) CREATION OF FILE.—If a consumer reporting 

agency does not have a file pertaining to a protected consumer when the consumer reporting agency receives a 

direct request under subparagraph (A), the consumer 

reporting agency shall create a record for the protected 

consumer. 

‘‘(3) PROHIBITION ON RELEASE OF RECORD OR FILE OF PROTECTED CONSUMER.—After a security freeze has been placed 

under paragraph (2)(A), and unless the security freeze is 

removed in accordance with this subsection, a consumer 

reporting agency may not release the protected consumer’s 

consumer report, any information derived from the protected 

consumer’s consumer report, or any record created for the protected consumer. 

‘‘(4) REMOVAL OF A PROTECTED CONSUMER SECURITY

FREEZE.— 

‘‘(A) IN GENERAL.—A consumer reporting agency shall 

remove a security freeze placed on the consumer report 

of a protected consumer only in the following cases: 

‘‘(i) Upon the direct request of the protected consumer’s representative. 

‘‘(ii) Upon the direct request of the protected consumer, if the protected consumer is not under the 

age of 16 years at the time of the request. 
S. 2155—37 

‘‘(iii) The security freeze was placed due to a material misrepresentation of fact by the protected consumer’s representative. 

‘‘(B) NOTICE IF REMOVAL NOT BY REQUEST.—If a consumer reporting agency removes a security freeze under 

subparagraph (A)(iii), the consumer reporting agency shall 

notify the protected consumer’s representative in writing 

prior to removing the security freeze. 

‘‘(C) REMOVAL OF FREEZE BY REQUEST.—Except as provided in subparagraph (A)(iii), a security freeze shall 

remain in place until a protected consumer’s representative 

or protected consumer described in subparagraph (A)(ii) 

directly requests that the security freeze be removed. Upon 

receiving a direct request from the protected consumer’s 

representative or protected consumer described in subparagraph (A)(ii) that a consumer reporting agency remove 

a security freeze, and upon receiving sufficient proof of 

identification and sufficient proof of authority, the consumer reporting agency shall, free of charge, remove the 

security freeze not later than— 

‘‘(i) in the case of a request that is by toll-free 

telephone or secure electronic means, 1 hour after 

receiving the request for removal; or 

‘‘(ii) in the case of a request that is by mail, 3 

business days after receiving the request for removal. 

‘‘(D) TEMPORARY REMOVAL OF SECURITY FREEZE.—Upon 

receiving a direct request from a protected consumer or 

a protected consumer’s representative under subparagraph 

(A)(i), if the protected consumer or protected consumer’s 

representative requests a temporary removal of a security 

freeze, the consumer reporting agency shall, in accordance 

with subparagraph (C), remove the security freeze for the 

period of time specified by the protected consumer or protected consumer’s representative.’’. 

(b) CONFORMING AMENDMENT.—Section 625(b)(1) of the Fair 

Credit Reporting Act (15 U.S.C. 1681t(b)(1)) is amended— 

(1) in subparagraph (H), by striking ‘‘or’’ at the end; and 

(2) by adding at the end the following: 

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

to security freezes; or’’. 

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

shall take effect on the date that is 120 days after the date of 

enactment of this Act. 

SEC. 302. PROTECTING VETERANS’ CREDIT. 

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

(1) to rectify problematic reporting of medical debt included 

in a consumer report of a veteran due to inappropriate or 

delayed payment for hospital care, medical services, or extended 

care services provided in a non-Department of Veterans Affairs 

facility under the laws administered by the Secretary of Veterans Affairs; and 

(2) to clarify the process of debt collection for such medical 

debt. 

(b) AMENDMENTS TO FAIR CREDIT REPORTING ACT.— 
S. 2155—38 

(1) VETERAN’S MEDICAL DEBT DEFINED.—Section 603 of the 

Fair Credit Reporting Act (15 U.S.C. 1681a) is amended by 

adding at the end the following: 

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

term in section 101 of title 38, United States Code. 

‘‘(aa) VETERAN’S MEDICAL DEBT.—The term ‘veteran’s medical 

debt’— 

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

to a non-Department of Veterans Affairs health care provider 

that was submitted to the Department for payment for health 

care authorized by the Department of Veterans Affairs; and 

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

of Veterans Affairs has wrongfully charged a veteran.’’. 

(2) EXCLUSION FOR VETERAN’S MEDICAL DEBT.—Section 

605(a) of the Fair Credit Reporting Act (15 U.S.C. 1681c(a)) 

is amended by adding at the end the following: 

‘‘(7) With respect to a consumer reporting agency described 

in section 603(p), any information related to a veteran’s medical 

debt if the date on which the hospital care, medical services, 

or extended care services was rendered relating to the debt 

antedates the report by less than 1 year if the consumer 

reporting agency has actual knowledge that the information 

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

reporting agency is in compliance with its obligation under 

section 302(c)(5) of the Economic Growth, Regulatory Relief, 

and Consumer Protection Act. 

‘‘(8) With respect to a consumer reporting agency described 

in section 603(p), any information related to a fully paid or 

settled veteran’s medical debt that had been characterized as 

delinquent, charged off, or in collection if the consumer 

reporting agency has actual knowledge that the information 

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

reporting agency is in compliance with its obligation under 

section 302(c)(5) of the Economic Growth, Regulatory Relief, 

and Consumer Protection Act.’’. 

(3) REMOVAL OF VETERAN’S MEDICAL DEBT FROM CONSUMER

REPORT.—Section 611 of the Fair Credit Reporting Act (15 

U.S.C. 1681i) is amended— 

(A) in subsection (a)(1)(A), by inserting ‘‘and except 

as provided in subsection (g)’’ after ‘‘subsection (f)’’; and 

(B) by adding at the end the following: 

‘‘(g) DISPUTE PROCESS FOR VETERAN’S MEDICAL DEBT.— 

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

the veteran may submit a notice described in paragraph (2), 

proof of liability of the Department of Veterans Affairs for 

payment of that debt, or documentation that the Department 

of Veterans Affairs is in the process of making payment for 

authorized hospital care, medical services, or extended care 

services rendered to a consumer reporting agency or a reseller 

to dispute the inclusion of that debt on a consumer report 

of the veteran. 

‘‘(2) NOTIFICATION TO VETERAN.—The Department of Veterans Affairs shall submit to a veteran a notice that the Department of Veterans Affairs has assumed liability for part or 

all of a veteran’s medical debt. 
S. 2155—39 

‘‘(3) DELETION OF INFORMATION FROM FILE.—If a consumer 

reporting agency receives notice, proof of liability, or documentation under paragraph (1), the consumer reporting agency 

shall delete all information relating to the veteran’s medical 

debt from the file of the veteran and notify the furnisher 

and the veteran of that deletion.’’. 

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

(1) DEFINITIONS.—For purposes of this subsection— 

(A) the term ‘‘consumer reporting agency’’ means a 

consumer reporting agency described in section 603(p) of 

the Fair Credit Reporting Act (15 U.S.C. 1681a(p)); and 

(B) the terms ‘‘veteran’’ and ‘‘veteran’s medical debt’’ 

have the meanings given those terms in section 603 of 

the Fair Credit Reporting Act (15 U.S.C. 1681a), as added 

by subsection (b)(1). 

(2) ESTABLISHMENT.—Not later than 1 year after the date 

of enactment of this Act, the Secretary of Veterans Affairs 

shall establish a database to allow consumer reporting agencies 

to verify whether a debt furnished to a consumer reporting 

agency is a veteran’s medical debt. 

(3) DATABASE FEATURES.—The Secretary of Veterans Affairs 

shall ensure that the database established under paragraph 

(2), to the extent permitted by law, provides consumer reporting 

agencies with— 

(A) sufficiently detailed and specific information to 

verify whether a debt being furnished to the consumer 

reporting agency is a veteran’s medical debt; 

(B) access to verification information in a secure electronic format; 

(C) timely access to verification information; and 

(D) any other features that would promote the efficient, 

timely, and secure delivery of information that consumer 

reporting agencies could use to verify whether a debt is 

a veteran’s medical debt. 

(4) STAKEHOLDER INPUT.—Prior to establishing the database for verification under paragraph (2), the Secretary of Veterans Affairs shall publish in the Federal Register a notice 

and request for comment that solicits input from consumer 

reporting agencies and other stakeholders. 

(5) VERIFICATION.—Provided the database established 

under paragraph (2) is fully functional and the data available 

to consumer reporting agencies, a consumer reporting agency 

shall use the database as a means to identify a veteran’s 

medical debt pursuant to paragraphs (7) and (8) of section 

605(a) of the Fair Credit Reporting Act (15 U.S.C. 1681c(a)), 

as added by subsection (b)(2). 

(d) CREDIT MONITORING.— 

(1) IN GENERAL.—Section 605A of the Fair Credit Reporting 

Act (15 U.S.C. 1681c–1), as amended by section 301(a), is 

amended by adding at the end the following: 

‘‘(k) CREDIT MONITORING.— 

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

‘‘(A) The term ‘active duty military consumer’ includes 

a member of the National Guard. 

‘‘(B) The term ‘National Guard’ has the meaning given 

the term in section 101(c) of title 10, United States Code. 
S. 2155—40 

‘‘(2) CREDIT MONITORING.—A consumer reporting agency 

described in section 603(p) shall provide a free electronic credit 

monitoring service that, at a minimum, notifies a consumer 

of material additions or modifications to the file of the consumer 

at the consumer reporting agency to any consumer who provides 

to the consumer reporting agency— 

‘‘(A) appropriate proof that the consumer is an active 

duty military consumer; and 

‘‘(B) contact information of the consumer. 

‘‘(3) RULEMAKING.—Not later than 1 year after the date 

of enactment of this subsection, the Federal Trade Commission 

shall promulgate regulations regarding the requirements of 

this subsection, which shall at a minimum include— 

‘‘(A) a definition of an electronic credit monitoring 

service and material additions or modifications to the file 

of a consumer; and 

‘‘(B) what constitutes appropriate proof. 

‘‘(4) APPLICABILITY.— 

‘‘(A) Sections 616 and 617 shall not apply to any violation of this subsection. 

‘‘(B) This subsection shall be enforced exclusively under 

section 621 by the Federal agencies and Federal and State 

officials identified in that section.’’. 

(2) CONFORMING AMENDMENT.—Section 625(b)(1) of the Fair 

Credit Reporting Act (15 U.S.C. 1681t(b)(1)), as amended by 

section 301(b), is amended by adding at the end the following: 

‘‘(K) subsection (k) of section 605A, relating to credit 

monitoring for active duty military consumers, as defined 

in that subsection;’’. 

(e) EFFECTIVE DATE.—The amendments made by this section 

shall take effect on the date that is 1 year after the date of 

enactment of this Act. 

SEC. 303. IMMUNITY FROM SUIT FOR DISCLOSURE OF FINANCIAL 

EXPLOITATION OF SENIOR CITIZENS. 

(a) IMMUNITY.— 

(1) DEFINITIONS.—In this section— 

(A) the term ‘‘Bank Secrecy Act officer’’ means an individual responsible for ensuring compliance with the 

requirements mandated by subchapter II of chapter 53 

of title 31, United States Code (commonly known as the 

‘‘Bank Secrecy Act’’); 

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

dealer, as those terms are defined in section 3(a) of the 

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

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

(i) a State financial regulatory agency, including 

a State securities or law enforcement authority and 

a State insurance regulator; 

(ii) each of the Federal agencies represented in 

the membership of the Financial Institutions Examination Council established under section 1004 of the Federal Financial Institutions Examination Council Act 

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

(iii) a securities association registered under section 15A of the Securities Exchange Act of 1934 (15 

U.S.C. 78o–3); 
S. 2155—41 

(iv) the Securities and Exchange Commission; 

(v) a law enforcement agency; or 

(vi) a State or local agency responsible for administering adult protective service laws; 

(D) the term ‘‘covered financial institution’’ means— 

(i) a credit union; 

(ii) a depository institution; 

(iii) an investment adviser; 

(iv) a broker-dealer; 

(v) an insurance company; 

(vi) an insurance agency; or 

(vii) a transfer agent; 

(E) the term ‘‘credit union’’ has the meaning given 

the term in section 2 of the Dodd-Frank Wall Street Reform 

and Consumer Protection Act (12 U.S.C. 5301); 

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

given the term in section 3(c) of the Federal Deposit Insurance Act (12 U.S.C. 1813(c)); 

(G) the term ‘‘exploitation’’ means the fraudulent or 

otherwise illegal, unauthorized, or improper act or process 

of an individual, including a caregiver or a fiduciary, that— 

(i) uses the resources of a senior citizen for monetary or personal benefit, profit, or gain; or 

(ii) results in depriving a senior citizen of rightful 

access to or use of benefits, resources, belongings, or 

assets; 

(H) the term ‘‘insurance agency’’ means any business 

entity that sells, solicits, or negotiates insurance coverage; 

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

given the term in section 2(a) of the Investment Company 

Act of 1940 (15 U.S.C. 80a–2(a)); 

(J) the term ‘‘insurance producer’’ means an individual 

who is required under State law to be licensed in order 

to sell, solicit, or negotiate insurance coverage; 

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

given the term in section 202(a) of the Investment Advisers 

Act of 1940 (15 U.S.C. 80b–2(a)); 

(L) the term ‘‘investment adviser representative’’ 

means an individual who— 

(i) is employed by, or associated with, an investment adviser; and 

(ii) does not perform solely clerical or ministerial 

acts; 

(M) the term ‘‘registered representative’’ means an individual who represents a broker-dealer in effecting or 

attempting to effect a purchase or sale of securities; 

(N) the term ‘‘senior citizen’’ means an individual who 

is not younger than 65 years of age; 

(O) the term ‘‘State’’ means each of the several States, 

the District of Columbia, and any territory or possession 

of the United States; 

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

meaning given the term in section 315 of the GrammLeach-Bliley Act (15 U.S.C. 6735); 

(Q) the term ‘‘State securities or law enforcement 

authority’’ has the meaning given the term in section 
S. 2155—42 

24(f)(4) of the Securities Exchange Act of 1934 (15 U.S.C. 

78x(f)(4)); and 

(R) the term ‘‘transfer agent’’ has the meaning given 

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

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

(2) IMMUNITY FROM SUIT.— 

(A) IMMUNITY FOR INDIVIDUALS.—An individual who 

has received the training described in subsection (b) shall 

not be liable, including in any civil or administrative proceeding, for disclosing the suspected exploitation of a senior 

citizen to a covered agency if the individual, at the time 

of the disclosure— 

(i) served as a supervisor or in a compliance or 

legal function (including as a Bank Secrecy Act officer) 

for, or, in the case of a registered representative, 

investment adviser representative, or insurance producer, was affiliated or associated with, a covered 

financial institution; and 

(ii) made the disclosure— 

(I) in good faith; and 

(II) with reasonable care. 

(B) IMMUNITY FOR COVERED FINANCIAL INSTITUTIONS.— 

A covered financial institution shall not be liable, including 

in any civil or administrative proceeding, for a disclosure 

made by an individual described in subparagraph (A) if— 

(i) the individual was employed by, or, in the case 

of a registered representative, insurance producer, or 

investment adviser representative, affiliated or associated with, the covered financial institution at the time 

of the disclosure; and 

(ii) before the time of the disclosure, each individual described in subsection (b)(1) received the 

training described in subsection (b). 

(C) RULE OF CONSTRUCTION.—Nothing in subparagraph 

(A) or (B) shall be construed to limit the liability of an 

individual or a covered financial institution in a civil action 

for any act, omission, or fraud that is not a disclosure 

described in subparagraph (A). 

(b) TRAINING.— 

(1) IN GENERAL.—A covered financial institution or a third 

party selected by a covered financial institution may provide 

the training described in paragraph (2)(A) to each officer or 

employee of, or registered representative, insurance producer, 

or investment adviser representative affiliated or associated 

with, the covered financial institution who— 

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

(B) may come into contact with a senior citizen as 

a regular part of the professional duties of the individual; 

or 

(C) may review or approve the financial documents, 

records, or transactions of a senior citizen in connection 

with providing financial services to a senior citizen. 

(2) CONTENT.— 

(A) IN GENERAL.—The content of the training that a 

covered financial institution or a third party selected by 

the covered financial institution may provide under paragraph (1) shall— 
S. 2155—43 

(i) be maintained by the covered financial institution and made available to a covered agency with examination authority over the covered financial institution, 

upon request, except that a covered financial institution shall not be required to maintain or make available such content with respect to any individual who 

is no longer employed by, or affiliated or associated 

with, the covered financial institution; 

(ii) instruct any individual attending the training 

on how to identify and report the suspected exploitation 

of a senior citizen internally and, as appropriate, to 

government officials or law enforcement authorities, 

including common signs that indicate the financial 

exploitation of a senior citizen; 

(iii) discuss the need to protect the privacy and 

respect the integrity of each individual customer of 

the covered financial institution; and 

(iv) be appropriate to the job responsibilities of 

the individual attending the training. 

(B) TIMING.—The training under paragraph (1) shall 

be provided— 

(i) as soon as reasonably practicable; and 

(ii) with respect to an individual who begins 

employment, or becomes affiliated or associated, with 

a covered financial institution after the date of enactment of this Act, not later than 1 year after the date 

on which the individual becomes employed by, or affiliated or associated with, the covered financial institution in a position described in subparagraph (A), (B), 

or (C) of paragraph (1). 

(C) RECORDS.—A covered financial institution shall— 

(i) maintain a record of each individual who— 

(I) is employed by, or affiliated or associated 

with, the covered financial institution in a position 

described in subparagraph (A), (B), or (C) of paragraph (1); and 

(II) has completed the training under paragraph (1), regardless of whether the training was— 

(aa) provided by the covered financial 

institution or a third party selected by the 

covered financial institution; 

(bb) completed before the individual was 

employed by, or affiliated or associated with, 

the covered financial institution; and 

(cc) completed before, on, or after the date 

of enactment of this Act; and 

(ii) upon request, provide a record described in 

clause (i) to a covered agency with examination 

authority over the covered financial institution. 

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

be construed to preempt or limit any provision of State law, except 

only to the extent that subsection (a) provides a greater level 

of protection against liability to an individual described in subsection (a)(2)(A) or to a covered financial institution described in 

subsection (a)(2)(B) than is provided under State law. 
S. 2155—44 

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

(a) REPEAL OF SUNSET PROVISION.—Section 704 of the Protecting Tenants at Foreclosure Act of 2009 (12 U.S.C. 5201 note; 

12 U.S.C. 5220 note; 42 U.S.C. 1437f note) is repealed. 

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

Tenants at Foreclosure Act of 2009, the provisions of law amended 

by such sections, and any regulations promulgated pursuant to 

such sections, as were in effect on December 30, 2014, are restored 

and revived. 

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

on the date that is 30 days after the date of enactment of this 

Act. 

SEC. 305. REMEDIATING LEAD AND ASBESTOS HAZARDS. 

Section 109(a)(1) of the Emergency Economic Stabilization Act 

of 2008 (12 U.S.C. 5219(a)(1)) is amended, in the second sentence, 

by inserting ‘‘and to remediate lead and asbestos hazards in residential properties’’ before the period at the end. 

SEC. 306. FAMILY SELF-SUFFICIENCY PROGRAM. 

(a) IN GENERAL.—Section 23 of the United States Housing 

Act of 1937 (42 U.S.C. 1437u) is amended— 

(1) in subsection (a)— 

(A) by striking ‘‘public housing and’’; and 

(B) by striking ‘‘the certificate and voucher programs 

under section 8’’ and inserting ‘‘sections 8 and 9’’; 

(2) by amending subsection (b) to read as follows: 

‘‘(b) CONTINUATION OF PRIOR REQUIRED PROGRAMS.— 

‘‘(1) IN GENERAL.—Each public housing agency that was 

required to administer a local Family Self-Sufficiency program 

on the date of enactment of the Economic Growth, Regulatory 

Relief, and Consumer Protection Act shall operate such local 

program for, at a minimum, the number of families the agency 

was required to serve on the date of enactment of such Act, 

subject only to the availability under appropriations Acts of 

sufficient amounts for housing assistance and the requirements 

of paragraph (2). 

‘‘(2) REDUCTION.—The number of families for which a public 

housing agency is required to operate such local program under 

paragraph (1) shall be decreased by 1 for each family from 

any supported rental housing program administered by such 

agency that, after October 21, 1998, fulfills its obligations under 

the contract of participation. 

‘‘(3) EXCEPTION.—The Secretary shall not require a public 

housing agency to carry out a mandatory program for a period 

of time upon the request of the public housing agency and 

upon a determination by the Secretary that implementation 

is not feasible because of local circumstances, which may 

include— 

‘‘(A) lack of supportive services accessible to eligible 

families, which shall include insufficient availability of 

resources for programs under title I of the Workforce 

Investment Act of 1998 (29 U.S.C. 2801 et seq.); 

‘‘(B) lack of funding for reasonable administrative costs; 

‘‘(C) lack of cooperation by other units of State or 

local government; or 
S. 2155—45 

‘‘(D) any other circumstances that the Secretary may 

consider appropriate.’’; 

(3) by striking subsection (i); 

(4) by redesignating subsections (c), (d), (e), (f), (g), and 

(h) as subsections (d), (e), (f), (g), (h), and (i) respectively; 

(5) by inserting after subsection (b), as amended, the following: 

‘‘(c) ELIGIBILITY.— 

‘‘(1) ELIGIBLE FAMILIES.—A family is eligible to participate 

in a local Family Self-Sufficiency program under this section 

if— 

‘‘(A) at least 1 household member seeks to become 

and remain employed in suitable employment or to increase 

earnings; and 

‘‘(B) the household member receives direct assistance 

under section 8 or resides in a unit assisted under section 

8 or 9. 

‘‘(2) ELIGIBLE ENTITIES.—The following entities are eligible 

to administer a local Family Self-Sufficiency program under 

this section: 

‘‘(A) A public housing agency administering housing 

assistance to or on behalf of an eligible family under section 

8 or 9. 

‘‘(B) The owner or sponsor of a multifamily property 

receiving project-based rental assistance under section 8, 

in accordance with the requirements under subsection (l).’’; 

(6) in subsection (d), as so redesignated— 

(A) in paragraph (1)— 

(i) by striking ‘‘public housing agency’’ the first 

time it appears and inserting ‘‘eligible entity’’; 

(ii) in the first sentence, by striking ‘‘each leaseholder receiving assistance under the certificate and 

voucher programs of the public housing agency under 

section 8 or residing in public housing administered 

by the agency’’ and inserting ‘‘a household member 

of an eligible family’’; and 

(iii) by striking the third sentence and inserting 

the following: ‘‘Housing assistance may not be terminated as a consequence of either successful completion 

of the contract of participation or failure to complete 

such contract. A contract of participation shall remain 

in effect until the participating family exits the Family 

Self-Sufficiency program upon successful graduation 

or expiration of the contract of participation, or for 

other good cause.’’; 

(B) in paragraph (2)— 

(i) in the matter preceding subparagraph (A)— 

(I) in the first sentence— 

(aa) by striking ‘‘A local program under 

this section’’ and inserting ‘‘An eligible entity’’; 

(bb) by striking ‘‘provide’’ and inserting 

‘‘coordinate’’; and 

(cc) by striking ‘‘to’’ and inserting ‘‘for’’; 

and 

(II) in the second sentence— 

(aa) by striking ‘‘provided during’’ and 

inserting ‘‘coordinated for’’; 
S. 2155—46 

(bb) by striking ‘‘under section 8 or 

residing in public housing’’ and inserting 

‘‘pursuant to section 8 or 9 and for the duration of the contract of participation’’; and 

(cc) by inserting ‘‘, but are not limited 

to’’ after ‘‘may include’’; 

(ii) in subparagraph (D), by inserting ‘‘or attainment of a high school equivalency certificate’’ after 

‘‘high school’’; 

(iii) by striking subparagraph (G); 

(iv) by redesignating subparagraphs (E), (F), and 

(J) as subparagraphs (F), (G), and (K) respectively; 

(v) by inserting after subparagraph (D) the following: 

‘‘(E) education in pursuit of a post-secondary degree 

or certification;’’; 

(vi) in subparagraph (H), by inserting ‘‘financial 

literacy, such as training in financial management, 

financial coaching, and asset building, and’’ after 

‘‘training in’’; 

(vii) in subparagraph (I), by striking ‘‘and’’ at the 

end; and 

(viii) by inserting after subparagraph (I) the following: 

‘‘(J) homeownership education and assistance; and’’; 

and 

(C) in paragraph (3)— 

(i) in the first sentence, by inserting ‘‘the first 

recertification of income after’’ after ‘‘not later than 

5 years after’’; and 

(ii) in the second sentence— 

(I) by striking ‘‘public housing agency’’ and 

inserting ‘‘eligible entity’’; and 

(II) by striking ‘‘of the agency’’; 

(D) by amending paragraph (4) to read as follows: 

‘‘(4) EMPLOYMENT.—The contract of participation shall 

require 1 household member of the participating family to 

seek and maintain suitable employment.’’; and 

(E) by adding at the end the following: 

‘‘(5) NONPARTICIPATION.—Assistance under section 8 or 9 

for a family that elects not to participate in a Family SelfSufficiency program shall not be delayed by reason of such 

election.’’; 

(7) in subsection (e), as so redesignated— 

(A) in paragraph (1), by striking ‘‘whose monthly 

adjusted income does not exceed 50 percent’’ and all that 

follows through the period at the end of the third sentence 

and inserting ‘‘shall be calculated under the rental provisions of section 3 or section 8(o), as applicable.’’; 

(B) in paragraph (2)— 

(i) by striking the first sentence and inserting the 

following: ‘‘For each participating family, an amount 

equal to any increase in the amount of rent paid by 

the family in accordance with the provisions of section 

3 or 8(o), as applicable, that is attributable to increases 

in earned income by the participating family, shall 
S. 2155—47 

be placed in an interest-bearing escrow account established by the eligible entity on behalf of the participating family. Notwithstanding any other provision of 

law, an eligible entity may use funds it controls under 

section 8 or 9 for purposes of making the escrow deposit 

for participating families assisted under, or residing 

in units assisted under, section 8 or 9, respectively, 

provided such funds are offset by the increase in the 

amount of rent paid by the participating family.’’; 

(ii) by striking the second sentence and inserting 

the following: ‘‘All Family Self-Sufficiency programs 

administered under this section shall include an escrow 

account.’’; 

(iii) in the fourth sentence, by striking ‘‘subsection 

(c)’’ and inserting ‘‘subsection (d)’’; and 

(iv) in the last sentence— 

(I) by striking ‘‘A public housing agency’’ and 

inserting ‘‘An eligible entity’’; and 

(II) by striking ‘‘the public housing agency’’ 

and inserting ‘‘such eligible entity’’; and 

(C) by amending paragraph (3) to read as follows: 

‘‘(3) FORFEITED ESCROW.—Any amount placed in an escrow 

account established by an eligible entity for a participating 

family as required under paragraph (2), that exists after the 

end of a contract of participation by a household member of 

a participating family that does not qualify to receive the 

escrow, shall be used by the eligible entity for the benefit 

of participating families in good standing.’’; 

(8) in subsection (f), as so redesignated, by striking ‘‘, 

unless the income of the family equals or exceeds 80 percent 

of the median income of the area (as determined by the Secretary with adjustments for smaller and larger families)’’; 

(9) in subsection (g), as so redesignated— 

(A) in paragraph (1)— 

(i) by striking ‘‘public housing agency’’ and 

inserting ‘‘eligible entity’’; 

(ii) by striking ‘‘the public housing agency’’ and 

inserting ‘‘such eligible entity’’; and 

(iii) by striking ‘‘subsection (g)’’ and inserting ‘‘subsection (h)’’; and 

(B) in paragraph (2)— 

(i) by striking ‘‘public housing agency’’ and 

inserting ‘‘eligible entity’’ each place that term appears; 

(ii) by striking ‘‘or the Job Opportunities and Basic 

Skills Training Program under part F of title IV of 

the Social Security Act’’; 

(iii) by inserting ‘‘primary, secondary, and postsecondary’’ after ‘‘public and private’’; and 

(iv) in the second sentence, by inserting ‘‘and tenants served by the program’’ after ‘‘the unit of general 

local government’’; 

(10) in subsection (h), as so redesignated— 

(A) in paragraph (1)— 

(i) by striking ‘‘public housing agency’’ and 

inserting ‘‘eligible entity’’; 

(ii) by striking ‘‘participating in the’’ and inserting 

‘‘carrying out a’’; and 
S. 2155—48 

(iii) by striking ‘‘to the Secretary’’; 

(B) in paragraph (2)— 

(i) by striking ‘‘public housing agency’’ and 

inserting ‘‘eligible entity’’; 

(ii) by striking ‘‘subsection (f)’’ and inserting ‘‘subsection (g)’’; 

(iii) by striking ‘‘residents of the public housing’’ 

and inserting ‘‘the current and prospective participants 

of the program’’; and 

(iv) by striking ‘‘or the Job Opportunities and Basic 

Skills Training Program under part F of title IV of 

the Social Security Act’’; and 

(C) in paragraph (3)— 

(i) in subparagraph (C)— 

(I) by striking ‘‘subsection (c)(2)’’ and inserting 

‘‘subsection (d)(2)’’; 

(II) by striking ‘‘provided to’’ and inserting 

‘‘coordinated on behalf of participating’’; 

(III) by inserting ‘‘direct’’ before ‘‘assistance’’; 

and 

(IV) by striking ‘‘the section 8 and public 

housing programs’’ and inserting ‘‘sections 8 and 

9’’; 

(ii) in subparagraph (D)— 

(I) by striking ‘‘subsection (d)’’ and inserting 

‘‘subsection (e)’’; and 

(II) by striking ‘‘public housing agency’’ and 

inserting ‘‘eligible entity’’; 

(iii) in subparagraph (E), by striking ‘‘deliver’’ and 

inserting ‘‘coordinate’’; 

(iv) in subparagraph (H), by striking ‘‘the Job 

Opportunities and Basic Skills Training Program 

under part F of title IV of the Social Security Act 

and’’; and 

(v) in subparagraph (I), by striking ‘‘public housing 

or section 8 assistance’’ and inserting ‘‘assistance under 

section 8 or 9’’; 

(11) by amending subsection (i), as so redesignated, to 

read as follows: 

‘‘(i) FAMILY SELF-SUFFICIENCY AWARDS.— 

‘‘(1) IN GENERAL.—Subject to appropriations, the Secretary 

shall establish a formula by which annual funds shall be 

awarded or as otherwise determined by the Secretary for the 

costs incurred by an eligible entity in administering the Family 

Self-Sufficiency program under this section. 

‘‘(2) ELIGIBILITY FOR AWARDS.—The award established 

under paragraph (1) shall provide funding for family self-sufficiency coordinators as follows: 

‘‘(A) BASE AWARD.—An eligible entity serving 25 or 

more participants in the Family Self-Sufficiency program 

under this section is eligible to receive an award equal 

to the costs, as determined by the Secretary, of 1 fulltime family self-sufficiency coordinator position. The Secretary may, by regulation or notice, determine the policy 

concerning the award for an eligible entity serving fewer 

than 25 such participants, including providing prorated 
S. 2155—49 

awards or allowing such entities to combine their programs 

under this section for purposes of employing a coordinator. 

‘‘(B) ADDITIONAL AWARD.—An eligible entity that meets 

performance standards set by the Secretary is eligible to 

receive an additional award sufficient to cover the costs 

of filling an additional family self-sufficiency coordinator 

position if such entity has 75 or more participating families, 

and an additional coordinator for each additional 50 participating families, or such other ratio as may be established 

by the Secretary based on the award allocation evaluation 

under subparagraph (E). 

‘‘(C) STATE AND REGIONAL AGENCIES.—For purposes of 

calculating the award under this paragraph, each administratively distinct part of a State or regional eligible entity 

may be treated as a separate agency. 

‘‘(D) DETERMINATION OF NUMBER OF COORDINATORS.— 

In determining whether an eligible entity meets a specific 

threshold for funding pursuant to this paragraph, the Secretary shall consider the number of participants enrolled 

by the eligible entity in its Family Self-Sufficiency program 

as well as other criteria determined by the Secretary. 

‘‘(E) AWARD ALLOCATION EVALUATION.—The Secretary 

shall submit to Congress a report evaluating the award 

allocation under this subsection, and make recommendations based on this evaluation and other related findings 

to modify such allocation, within 4 years after the date 

of enactment of the Economic Growth, Regulatory Relief, 

and Consumer Protection Act, and not less frequently than 

every 4 years thereafter. The report requirement under 

this subparagraph shall terminate after the Secretary has 

submitted 2 such reports to Congress. 

‘‘(3) RENEWALS AND ALLOCATION.— 

‘‘(A) IN GENERAL.—Funds allocated by the Secretary 

under this subsection shall be allocated in the following 

order of priority: 

‘‘(i) FIRST PRIORITY.—Renewal of the full cost of 

all coordinators in the previous year at each eligible 

entity with an existing Family Self-Sufficiency program 

that meets applicable performance standards set by 

the Secretary. 

‘‘(ii) SECOND PRIORITY.—New or incremental 

coordinator funding authorized under this section. 

‘‘(B) GUIDANCE.—If the first priority, as described in 

subparagraph (A)(i), cannot be fully satisfied, the Secretary 

may prorate the funding for each eligible entity, as long 

as— 

‘‘(i) each eligible entity that has received funding 

for at least 1 part-time coordinator in the prior fiscal 

year is provided sufficient funding for at least 1 parttime coordinator as part of any such proration; and 

‘‘(ii) each eligible entity that has received funding 

for at least 1 full-time coordinator in the prior fiscal 

year is provided sufficient funding for at least 1 fulltime coordinator as part of any such proration. 

‘‘(4) RECAPTURE OR OFFSET.—Any awards allocated under 

this subsection by the Secretary in a fiscal year that have 

not been spent by the end of the subsequent fiscal year or 
S. 2155—50 

such other time period as determined by the Secretary may 

be recaptured by the Secretary and shall be available for providing additional awards pursuant to paragraph (2)(B), or may 

be offset as determined by the Secretary. Funds appropriated 

pursuant to this section shall remain available for 3 years 

in order to facilitate the re-use of any recaptured funds for 

this purpose. 

‘‘(5) PERFORMANCE REPORTING.—Programs under this section shall be required to report the number of families enrolled 

and graduated, the number of established escrow accounts and 

positive escrow balances, and any other information that the 

Secretary may require. Program performance shall be reviewed 

periodically as determined by the Secretary. 

‘‘(6) INCENTIVES FOR INNOVATION AND HIGH PERFORMANCE.—The Secretary may reserve up to 5 percent of the 

amounts made available under this subsection to provide support to or reward Family Self-Sufficiency programs based on 

the rate of successful completion, increased earned income, 

or other factors as may be established by the Secretary.’’; 

(12) in subsection (j)— 

(A) by striking ‘‘public housing agency’’ and inserting 

‘‘eligible entity’’; 

(B) by striking ‘‘public housing’’ before ‘‘units’’; 

(C) by striking ‘‘in public housing projects administered 

by the agency’’; 

(D) by inserting ‘‘or coordination’’ after ‘‘provision’’; and 

(E) by striking the last sentence; 

(13) in subsection (k), by striking ‘‘public housing agencies’’ 

and inserting ‘‘eligible entities’’; 

(14) by striking subsection (n); 

(15) by striking subsection (o); 

(16) by redesignating subsections (l) and (m) as subsections 

(m) and (n), respectively; 

(17) by inserting after subsection (k) the following: 

‘‘(l) PROGRAMS FOR TENANTS IN PRIVATELY OWNED PROPERTIES

WITH PROJECT-BASED ASSISTANCE.— 

‘‘(1) VOLUNTARY AVAILABILITY OF FSS PROGRAM.—The owner 

of a privately owned property may voluntarily make a Family 

Self-Sufficiency program available to the tenants of such property in accordance with procedures established by the Secretary. 

Such procedures shall permit the owner to enter into a cooperative agreement with a local public housing agency that administers a Family Self-Sufficiency program or, at the owner’s 

option, operate a Family Self-Sufficiency program on its own 

or in partnership with another owner. An owner, who voluntarily makes a Family Self-Sufficiency program available pursuant to this subsection, may access funding from any residual 

receipt accounts for the property to hire a family self-sufficiency 

coordinator or coordinators for their program. 

‘‘(2) COOPERATIVE AGREEMENT.—Any cooperative agreement 

entered into pursuant to paragraph (1) shall require the public 

housing agency to open its Family Self-Sufficiency program 

waiting list to any eligible family residing in the owner’s property who resides in a unit assisted under project-based rental 

assistance. 
S. 2155—51 

‘‘(3) TREATMENT OF FAMILIES ASSISTED UNDER THIS SUBSECTION.—A public housing agency that enters into a cooperative agreement pursuant to paragraph (1) may count any family 

participating in its Family Self-Sufficiency program as a result 

of such agreement as part of the calculation of the award 

under subsection (i). 

‘‘(4) ESCROW.— 

‘‘(A) COOPERATIVE AGREEMENT.—A cooperative agreement entered into pursuant to paragraph (1) shall provide 

for the calculation and tracking of the escrow for participating residents and for the owner to make available, upon 

request of the public housing agency, escrow for participating residents, in accordance with paragraphs (2) and 

(3) of subsection (e), residing in units assisted under section 

8. 

‘‘(B) CALCULATION AND TRACKING BY OWNER.—The 

owner of a privately owned property who voluntarily makes 

a Family Self-Sufficiency program available pursuant to 

paragraph (1) shall calculate and track the escrow for 

participating residents and make escrow for participating 

residents available in accordance with paragraphs (2) and 

(3) of subsection (e). 

‘‘(5) EXCEPTION.—This subsection shall not apply to properties assisted under section 8(o)(13). 

‘‘(6) SUSPENSION OF ENROLLMENT.—In any year, the Secretary may suspend the enrollment of new families in Family 

Self-Sufficiency programs under this subsection based on a 

determination that insufficient funding is available for this 

purpose.’’; 

(18) in subsection (m), as so redesignated— 

(A) in paragraph (1)— 

(i) in the first sentence, by striking ‘‘Each public 

housing agency’’ and inserting ‘‘Each eligible entity’’; 

(ii) in the second sentence, by striking ‘‘The report 

shall include’’ and inserting ‘‘The contents of the report 

shall include’’; and 

(iii) in subparagraph (D)— 

(I) by striking ‘‘public housing agency’’ and 

inserting ‘‘eligible entity’’; and 

(II) by striking ‘‘local’’; and 

(B) in paragraph (2), by inserting ‘‘and describing any 

additional research needs of the Secretary to evaluate the 

effectiveness of the program’’ after ‘‘under paragraph (1)’’; 

(19) in subsection (n), as so redesignated, by striking ‘‘may’’ 

and inserting ‘‘shall’’; and 

(20) by adding at the end the following: 

‘‘(o) DEFINITIONS.—In this section: 

‘‘(1) ELIGIBLE ENTITY.—The term ‘eligible entity’ means an 

entity that meets the requirements under subsection (c)(2) to 

administer a Family Self-Sufficiency program under this section. 

‘‘(2) ELIGIBLE FAMILY.—The term ‘eligible family’ means 

a family that meets the requirements under subsection (c)(1) 

to participate in the Family Self-Sufficiency program under 

this section. 
S. 2155—52 

‘‘(3) PARTICIPATING FAMILY.—The term ‘participating family’ 

means an eligible family that is participating in the Family 

Self-Sufficiency program under this section.’’. 

(b) EFFECTIVE DATE.—Not later than 360 days after the date 

of enactment of this Act, the Secretary of Housing and Urban 

Development shall issue regulations to implement this section and 

any amendments made by this section, and this section and any 

amendments made by this section shall take effect upon such 

issuance. 

SEC. 307. PROPERTY ASSESSED CLEAN ENERGY FINANCING. 

Section 129C(b)(3) of the Truth in Lending Act (15 U.S.C. 

1639c(b)(3)) is amended by adding at the end the following: 

‘‘(C) CONSIDERATION OF UNDERWRITING REQUIREMENTS

FOR PROPERTY ASSESSED CLEAN ENERGY FINANCING.— 

‘‘(i) DEFINITION.—In this subparagraph, the term 

‘Property Assessed Clean Energy financing’ means 

financing to cover the costs of home improvements 

that results in a tax assessment on the real property 

of the consumer. 

‘‘(ii) REGULATIONS.—The Bureau shall prescribe 

regulations that carry out the purposes of subsection 

(a) and apply section 130 with respect to violations 

under subsection (a) of this section with respect to 

Property Assessed Clean Energy financing, which shall 

account for the unique nature of Property Assessed 

Clean Energy financing. 

‘‘(iii) COLLECTION OF INFORMATION AND CONSULTATION.—In prescribing the regulations under this 

subparagraph, the Bureau— 

‘‘(I) may collect such information and data that 

the Bureau determines is necessary; and 

‘‘(II) shall consult with State and local governments and bond-issuing authorities.’’. 

SEC. 308. GAO REPORT ON CONSUMER REPORTING AGENCIES. 

(a) DEFINITIONS.—In this section, the terms ‘‘consumer’’, ‘‘consumer report’’, and ‘‘consumer reporting agency’’ have the meanings 

given those terms in section 603 of the Fair Credit Reporting 

Act (15 U.S.C. 1681a). 

(b) REPORT.—Not later than 1 year after the date of enactment 

of this Act, the Comptroller General of the United States shall 

submit to the Committee on Banking, Housing, and Urban Affairs 

of the Senate and the Committee on Financial Services of the 

House of Representatives a comprehensive report that includes— 

(1) a review of the current legal and regulatory structure 

for consumer reporting agencies and an analysis of any gaps 

in that structure, including, in particular, the rulemaking, 

supervisory, and enforcement authority of State and Federal 

agencies under the Fair Credit Reporting Act (15 U.S.C. 1681 

et seq.), the Gramm-Leach-Bliley Act (Public Law 106–102; 

113 Stat. 1338), and any other relevant statutes; 

(2) a review of the process by which consumers can appeal 

and expunge errors on their consumer reports; 

(3) a review of the causes of consumer reporting errors; 
S. 2155—53 

(4) a review of the responsibilities of data furnishers to 

ensure that accurate information is initially reported to consumer reporting agencies and to ensure that such information 

continues to be accurate; 

(5) a review of data security relating to consumer reporting 

agencies and their efforts to safeguard consumer data; 

(6) a review of who has access to, and may use, consumer 

reports; 

(7) a review of who has control or ownership of a consumer’s 

credit data; 

(8) an analysis of— 

(A) which Federal and State regulatory agencies supervise and enforce laws relating to how consumer reporting 

agencies protect consumer data; and 

(B) all laws relating to data security applicable to 

consumer reporting agencies; and 

(9) recommendations to Congress on how to improve the 

consumer reporting system, including legislative, regulatory, 

and industry-specific recommendations. 

SEC. 309. PROTECTING VETERANS FROM PREDATORY LENDING. 

(a) PROTECTING VETERANS FROM PREDATORY LENDING.— 

(1) IN GENERAL.—Subchapter I of chapter 37 of title 38, 

United States Code, is amended by adding at the end the 

following new section: 

‘‘§ 3709. Refinancing of housing loans 

‘‘(a) FEE RECOUPMENT.—Except as provided in subsection (d) 

and notwithstanding section 3703 of this title or any other provision 

of law, a loan to a veteran for a purpose specified in section 

3710 of this title that is being refinanced may not be guaranteed 

or insured under this chapter unless— 

‘‘(1) the issuer of the refinanced loan provides the Secretary 

with a certification of the recoupment period for fees, closing 

costs, and any expenses (other than taxes, amounts held in 

escrow, and fees paid under this chapter) that would be incurred 

by the borrower in the refinancing of the loan; 

‘‘(2) all of the fees and incurred costs are scheduled to 

be recouped on or before the date that is 36 months after 

the date of loan issuance; and 

‘‘(3) the recoupment is calculated through lower regular 

monthly payments (other than taxes, amounts held in escrow, 

and fees paid under this chapter) as a result of the refinanced 

loan. 

‘‘(b) NET TANGIBLE BENEFIT TEST.—Except as provided in subsection (d) and notwithstanding section 3703 of this title or any 

other provision of law, a loan to a veteran for a purpose specified 

in section 3710 of this title that is refinanced may not be guaranteed 

or insured under this chapter unless— 

‘‘(1) the issuer of the refinanced loan provides the borrower 

with a net tangible benefit test; 

‘‘(2) in a case in which the original loan had a fixed rate 

mortgage interest rate and the refinanced loan will have a 

fixed rate mortgage interest rate, the refinanced loan has a 

mortgage interest rate that is not less than 50 basis points 

less than the previous loan; 
S. 2155—54 

‘‘(3) in a case in which the original loan had a fixed rate 

mortgage interest rate and the refinanced loan will have an 

adjustable rate mortgage interest rate, the refinanced loan 

has a mortgage interest rate that is not less than 200 basis 

points less than the previous loan; and 

‘‘(4) the lower interest rate is not produced solely from 

discount points, unless— 

‘‘(A) such points are paid at closing; and 

‘‘(B) such points are not added to the principal loan 

amount, unless— 

‘‘(i) for discount point amounts that are less than 

or equal to one discount point, the resulting loan balance after any fees and expenses allows the property 

with respect to which the loan was issued to maintain 

a loan to value ratio of 100 percent or less; and 

‘‘(ii) for discount point amounts that are greater 

than one discount point, the resulting loan balance 

after any fees and expenses allows the property with 

respect to which the loan was issued to maintain a 

loan to value ratio of 90 percent or less. 

‘‘(c) LOAN SEASONING.—Except as provided in subsection (d) 

and notwithstanding section 3703 of this title or any other provision 

of law, a loan to a veteran for a purpose specified in section 

3710 of this title that is refinanced may not be guaranteed or 

insured under this chapter until the date that is the later of— 

‘‘(1) the date that is 210 days after the date on which 

the first monthly payment is made on the loan; and 

‘‘(2) the date on which the sixth monthly payment is made 

on the loan. 

‘‘(d) CASH-OUT REFINANCES.—(1) Subsections (a) through (c) 

shall not apply in a case of a loan refinancing in which the amount 

of the principal for the new loan to be guaranteed or insured 

under this chapter is larger than the payoff amount of the 

refinanced loan. 

‘‘(2) Not later than 180 days after the date of the enactment 

of this section, the Secretary shall promulgate such rules as the 

Secretary considers appropriate with respect to refinancing 

described in paragraph (1) to ensure that such refinancing is in 

the financial interest of the borrower, including rules relating to 

recoupment, seasoning, and net tangible benefits.’’. 

(2) REGULATIONS.— 

(A) IN GENERAL.—In prescribing any regulation to carry 

out section 3709 of title 38, United States Code, as added 

by paragraph (1), the Secretary of Veterans Affairs may 

waive the requirements of sections 551 through 559 of 

title 5, United States Code, if— 

(i) the Secretary determines that urgent or compelling circumstances make compliance with such requirements impracticable or contrary to the public interest; 

(ii) the Secretary submits to the Committee on 

Veterans’ Affairs of the Senate and the Committee 

on Veterans’ Affairs of the House of Representatives, 

and publishes in the Federal Register, notice of such 

waiver, including a description of the determination 

made under clause (i); and 

(iii) a period of 10 days elapses following the 

notification under clause (ii). 
S. 2155—55 

(B) PUBLIC NOTICE AND COMMENT.—If a regulation prescribed pursuant to a waiver made under subparagraph 

(A) is in effect for a period exceeding 1 year, the Secretary 

shall provide the public an opportunity for notice and comment regarding such regulation. 

(C) EFFECTIVE DATE.—This paragraph shall take effect 

on the date of the enactment of this Act. 

(D) TERMINATION DATE.—The authorities under this 

paragraph shall terminate on the date that is 1 year after 

the date of the enactment of this Act. 

(3) REPORT ON CASH-OUT REFINANCES.— 

(A) IN GENERAL.—Not later than 1 year after the date 

of the enactment of this Act, the Secretary shall, in consultation with the President of the Ginnie Mae, submit 

to Congress a report on refinancing— 

(i) of loans— 

(I) made to veterans for purposes specified 

in section 3710 of title 38, United States Code; 

and 

(II) that were guaranteed or insured under 

chapter 37 of such title; and 

(ii) in which the amount of the principal for the 

new loan to be guaranteed or insured under such 

chapter is larger than the payoff amount of the 

refinanced loan. 

(B) CONTENTS.—The report required by subparagraph 

(A) shall include the following: 

(i) An assessment of whether additional requirements, including a net tangible benefit test, fee 

recoupment period, and loan seasoning requirement, 

are necessary to ensure that the refinancing described 

in subparagraph (A) is in the financial interest of the 

borrower. 

(ii) Such recommendations as the Secretary may 

have for additional legislative or administrative action 

to ensure that refinancing described in subparagraph 

(A) is carried out in the financial interest of the borrower. 

(4) CLERICAL AMENDMENT.—The table of sections at the 

beginning of chapter 37 of title 38, United States Code, is 

amended by inserting after the item relating to section 3709 

the following new item: 

‘‘3709. Refinancing of housing loans.’’. 

(b) LOAN SEASONING FOR GINNIE MAE MORTGAGE-BACKED SECURITIES.—Section 306(g)(1) of the National Housing Act (12 U.S.C. 

1721(g)(1)) is amended by inserting ‘‘The Association may not guarantee the timely payment of principal and interest on a security 

that is backed by a mortgage insured or guaranteed under chapter 

37 of title 38, United States Code, and that was refinanced until 

the later of the date that is 210 days after the date on which 

the first monthly payment is made on the mortgage being refinanced 

and the date on which 6 full monthly payments have been made 

on the mortgage being refinanced.’’ after ‘‘Act of 1992.’’. 

(c) REPORT ON LIQUIDITY OF THE DEPARTMENT OF VETERANS

AFFAIRS HOUSING LOAN PROGRAM.— 
S. 2155—56 

(1) REPORT.—Not later than 1 year after the date of the 

enactment of this Act, the Secretary of Housing and Urban 

Development and the President of the Ginnie Mae shall submit 

to the appropriate committees of Congress a report on the 

liquidity of the housing loan program under chapter 37 of 

title 38, United States Code, in the secondary mortgage market, 

which shall— 

(A) assess the loans provided under that chapter that 

collateralize mortgage-backed securities that are guaranteed by Ginnie Mae; and 

(B) include recommendations for actions that Ginnie 

Mae should take to ensure that the liquidity of that housing 

loan program is maintained. 

(2) DEFINITIONS.—In this subsection: 

(A) APPROPRIATE COMMITTEES OF CONGRESS.—The term 

‘‘appropriate committees of Congress’’ means— 

(i) the Committee on Veterans’ Affairs and the 

Committee on Banking, Housing, and Urban Affairs 

of the Senate; and 

(ii) the Committee on Veterans’ Affairs and the 

Committee on Financial Services of the House of Representatives. 

(B) GINNIE MAE.—The term ‘‘Ginnie Mae’’ means the 

Government National Mortgage Association. 

(d) ANNUAL REPORT ON DOCUMENT DISCLOSURE AND CONSUMER

EDUCATION.—Not less frequently than once each year, the Secretary 

of Veterans Affairs shall issue a publicly available report that— 

(1) examines, with respect to loans provided to veterans 

under chapter 37 of title 38, United States Code— 

(A) the refinancing of fixed-rate mortgage loans to 

adjustable rate mortgage loans; 

(B) whether veterans are informed of the risks and 

disclosures associated with that refinancing; and 

(C) whether advertising materials for that refinancing 

are clear and do not contain misleading statements or 

assertions; and 

(2) includes findings based on any complaints received by 

veterans and on an ongoing assessment of the refinancing 

market by the Secretary. 

SEC. 310. CREDIT SCORE COMPETITION. 

(a) USE OF CREDIT SCORES BY FANNIE MAE IN PURCHASING

RESIDENTIAL MORTGAGES.—Section 302(b) of the Federal National 

Mortgage Association Charter Act (12 U.S.C. 1717(b)) is amended 

by adding at the end the following: 

‘‘(7)(A) DEFINITIONS.—In this paragraph— 

‘‘(i) the term ‘credit score’ means a numerical value or 

a categorization created by a third party derived from a statistical tool or modeling system used by a person who makes 

or arranges a loan to predict the likelihood of certain credit 

behaviors, including default; and 

‘‘(ii) the term ‘residential mortgage’ has the meaning given 

the term in section 302 of the Federal Home Loan Mortgage 

Corporation Act (12 U.S.C. 1451). 

‘‘(B) USE OF CREDIT SCORES.—The corporation shall condition 

purchase of a residential mortgage by the corporation under this 
S. 2155—57 

subsection on the provision of a credit score for the borrower only 

if— 

‘‘(i) the credit score is derived from any credit scoring 

model that has been validated and approved by the corporation 

under this paragraph; and 

‘‘(ii) the corporation provides for the use of the credit score 

by all of the automated underwriting systems of the corporation 

and any other procedures and systems used by the corporation 

to purchase residential mortgages that use a credit score. 

‘‘(C) VALIDATION AND APPROVAL PROCESS.—The corporation 

shall establish a validation and approval process for the use of 

credit score models, under which the corporation may not validate 

and approve a credit score model unless the credit score model— 

‘‘(i) satisfies minimum requirements of integrity, reliability, 

and accuracy; 

‘‘(ii) has a historical record of measuring and predicting 

default rates and other credit behaviors; 

‘‘(iii) is consistent with the safe and sound operation of 

the corporation; 

‘‘(iv) complies with any standards and criteria established 

by the Director of the Federal Housing Finance Agency under 

section 1328(1) of the Federal Housing Enterprises Financial 

Safety and Soundness Act of 1992; and 

‘‘(v) satisfies any other requirements, as determined by 

the corporation. 

‘‘(D) REPLACEMENT OF CREDIT SCORE MODEL.—If the corporation has validated and approved 1 or more credit score models 

under subparagraph (C) and the corporation validates and approves 

an additional credit score model, the corporation may determine 

that— 

‘‘(i) the additional credit score model has replaced the credit 

score model or credit score models previously validated and 

approved; and 

‘‘(ii) the credit score model or credit score models previously 

validated and approved shall no longer be considered validated 

and approved for the purposes of subparagraph (B). 

‘‘(E) PUBLIC DISCLOSURE.—Upon establishing the validation and 

approval process required under subparagraph (C), the corporation 

shall make publicly available a description of the validation and 

approval process. 

‘‘(F) APPLICATION.—Not later than 30 days after the effective 

date of this paragraph, the corporation shall solicit applications 

from developers of credit scoring models for the validation and 

approval of those models under the process required under subparagraph (C). 

‘‘(G) TIMEFRAME FOR DETERMINATION; NOTICE.— 

‘‘(i) IN GENERAL.—The corporation shall make a determination with respect to any application submitted under subparagraph (F), and provide notice of that determination to the 

applicant, before a date established by the corporation that 

is not later than 180 days after the date on which an application 

is submitted to the corporation. 

‘‘(ii) EXTENSIONS.—The Director of the Federal Housing 

Finance Agency may authorize not more than 2 extensions 

of the date established under clause (i), each of which shall 

not exceed 30 days, upon a written request and a showing 

of good cause by the corporation. 
S. 2155—58 

‘‘(iii) STATUS NOTICE.—The corporation shall provide notice 

to an applicant regarding the status of an application submitted 

under subparagraph (F) not later than 60 days after the date 

on which the application was submitted to the corporation. 

‘‘(iv) REASONS FOR DISAPPROVAL.—If an application submitted under subparagraph (F) is disapproved, the corporation 

shall provide to the applicant the reasons for the disapproval 

not later than 30 days after a determination is made under 

this subparagraph. 

‘‘(H) AUTHORITY OF DIRECTOR.—If the corporation elects to use 

a credit score model under this paragraph, the Director of the 

Federal Housing Finance Agency shall require the corporation to 

periodically review the validation and approval process required 

under subparagraph (C) as the Director determines necessary to 

ensure that the process remains appropriate and adequate and 

complies with any standards and criteria established pursuant to 

section 1328(1) of the Federal Housing Enterprises Financial Safety 

and Soundness Act of 1992. 

‘‘(I) EXTENSION.—If, as of the effective date of this paragraph, 

a credit score model has not been approved under subparagraph 

(C), the corporation may use a credit score model that was in 

use before the effective date of this paragraph, if necessary to 

prevent substantial market disruptions, until the earlier of— 

‘‘(i) the date on which a credit score model is validated 

and approved under subparagraph (C); or 

‘‘(ii) the date that is 2 years after the effective date of 

this paragraph.’’. 

(b) USE OF CREDIT SCORES BY FREDDIE MAC IN PURCHASING

RESIDENTIAL MORTGAGES.—Section 305 of the Federal Home Loan 

Mortgage Corporation Act (12 U.S.C. 1454) is amended by adding 

at the end the following: 

‘‘(d)(1) DEFINITION.—In this subsection, the term ‘credit score’ 

means a numerical value or a categorization created by a third 

party derived from a statistical tool or modeling system used by 

a person who makes or arranges a loan to predict the likelihood 

of certain credit behaviors, including default. 

‘‘(2) USE OF CREDIT SCORES.—The Corporation shall condition 

purchase of a residential mortgage by the Corporation under this 

section on the provision of a credit score for the borrower only 

if— 

‘‘(A) the credit score is derived from any credit scoring 

model that has been validated and approved by the Corporation 

under this subsection; and 

‘‘(B) the Corporation provides for the use of the credit 

score by all of the automated underwriting systems of the 

Corporation and any other procedures and systems used by 

the Corporation to purchase residential mortgages that use 

a credit score. 

‘‘(3) VALIDATION AND APPROVAL PROCESS.—The Corporation 

shall establish a validation and approval process for the use of 

credit score models, under which the Corporation may not validate 

and approve a credit score model unless the credit score model— 

‘‘(A) satisfies minimum requirements of integrity, reliability, and accuracy; 

‘‘(B) has a historical record of measuring and predicting 

default rates and other credit behaviors; 
S. 2155—59 

‘‘(C) is consistent with the safe and sound operation of 

the corporation; 

‘‘(D) complies with any standards and criteria established 

by the Director of the Federal Housing Finance Agency under 

section 1328(1) of the Federal Housing Enterprises Financial 

Safety and Soundness Act of 1992; and 

‘‘(E) satisfies any other requirements, as determined by 

the Corporation. 

‘‘(4) REPLACEMENT OF CREDIT SCORE MODEL.—If the Corporation has validated and approved 1 or more credit score models 

under paragraph (3) and the Corporation validates and approves 

an additional credit score model, the Corporation may determine 

that— 

‘‘(A) the additional credit score model has replaced the 

credit score model or credit score models previously validated 

and approved; and 

‘‘(B) the credit score model or credit score models previously 

validated and approved shall no longer be considered validated 

and approved for the purposes of paragraph (2). 

‘‘(5) PUBLIC DISCLOSURE.—Upon establishing the validation and 

approval process required under paragraph (3), the Corporation 

shall make publicly available a description of the validation and 

approval process. 

‘‘(6) APPLICATION.—Not later than 30 days after the effective 

date of this subsection, the Corporation shall solicit applications 

from developers of credit scoring models for the validation and 

approval of those models under the process required under paragraph (3). 

‘‘(7) TIMEFRAME FOR DETERMINATION; NOTICE.— 

‘‘(A) IN GENERAL.—The Corporation shall make a determination with respect to any application submitted under paragraph (6), and provide notice of that determination to the 

applicant, before a date established by the Corporation that 

is not later than 180 days after the date on which an application 

is submitted to the Corporation. 

‘‘(B) EXTENSIONS.—The Director of the Federal Housing 

Finance Agency may authorize not more than 2 extensions 

of the date established under subparagraph (A), each of which 

shall not exceed 30 days, upon a written request and a showing 

of good cause by the Corporation. 

‘‘(C) STATUS NOTICE.—The Corporation shall provide notice 

to an applicant regarding the status of an application submitted 

under paragraph (6) not later than 60 days after the date 

on which the application was submitted to the Corporation. 

‘‘(D) REASONS FOR DISAPPROVAL.—If an application submitted under paragraph (6) is disapproved, the Corporation 

shall provide to the applicant the reasons for the disapproval 

not later than 30 days after a determination is made under 

this paragraph. 

‘‘(8) AUTHORITY OF DIRECTOR.—If the Corporation elects to use 

a credit score under this subsection, the Director of the Federal 

Housing Finance Agency shall require the Corporation to periodically review the validation and approval process required under 

paragraph (3) as the Director determines necessary to ensure that 

the process remains appropriate and adequate and complies with 

any standards and criteria established pursuant to section 1328(1) 
S. 2155—60 

of the Federal Housing Enterprises Financial Safety and Soundness 

Act of 1992. 

‘‘(9) EXTENSION.—If, as of the effective date of this subsection, 

a credit score model has not been approved under paragraph (3), 

the Corporation may use a credit score model that was in use 

before the effective date of this subsection, if necessary to prevent 

substantial market disruptions, until the earlier of— 

‘‘(A) the date on which a credit score model is validated 

and approved under paragraph (3); or 

‘‘(B) the date that is 2 years after the effective date of 

this subsection.’’. 

(c) AUTHORITY OF THE DIRECTOR.—Subpart A of part 2 of subtitle A of the Federal Housing Enterprises Financial Safety and 

Soundness Act of 1992 (12 U.S.C. 4541 et seq.) is amended by 

adding at the end the following: 

‘‘SEC. 1328. REGULATIONS FOR USE OF CREDIT SCORES. 

‘‘The Director shall— 

‘‘(1) by regulation, establish standards and criteria for any 

process used by an enterprise to validate and approve credit 

scoring models pursuant to section 302(b)(7) of the Federal 

National Mortgage Association Charter Act (12 U.S.C. 

1717(b)(7)) and section 305(d) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1454(d)); and 

‘‘(2) ensure that any credit scoring model that is validated 

and approved by an enterprise under section 302(b)(7) (12 

U.S.C. 1717(b)(7)) of the Federal National Mortgage Association 

Charter Act or section 305(d) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1454(d)) meets the requirements of clauses (i), (ii), and (iii) of section 302(b)(7)(C) of 

the Federal National Mortgage Association Charter Act and 

subparagraphs (A), (B), and (C) of section 305(d)(3) of the 

Federal Home Loan Mortgage Corporation Act, respectively.’’. 

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

(a) and (b) shall take effect on the date that is 180 days after 

the date of enactment of this Act. 

SEC. 311. GAO REPORT ON PUERTO RICO FORECLOSURES. 

Not earlier than 1 year after the date of enactment of this 

Act, the Comptroller General of the United States shall submit 

to the Committee on Banking, Housing, and Urban Affairs of the 

Senate and the Committee on Financial Services of the House 

of Representatives a report on foreclosures in the Commonwealth 

of Puerto Rico, including— 

(1) the rate of foreclosures in the Commonwealth of Puerto 

Rico before and after Hurricane Maria; 

(2) the rate of return for housing developers in the 

Commonwealth of Puerto Rico before and after Hurricane 

Maria; 

(3) the rate of delinquency in the Commonwealth of Puerto 

Rico before and after Hurricane Maria; 

(4) the rate of homeownership in the Commonwealth of 

Puerto Rico before and after Hurricane Maria; and 

(5) the rate of defaults on federally insured mortgages 

in the Commonwealth of Puerto Rico before and after Hurricane 

Maria. 
S. 2155—61 

SEC. 312. REPORT ON CHILDREN’S LEAD-BASED PAINT HAZARD 

PREVENTION AND ABATEMENT. 

(a) DEFINITIONS.—In this section— 

(1) the term ‘‘Department’’ means the Department of 

Housing and Urban Development; and 

(2) the term ‘‘public housing agency’’ has the meaning 

given the term in section 3(b) of the United States Housing 

Act of 1937 (42 U.S.C. 1437a(b)). 

(b) REPORT.—Not later than 1 year after the date of enactment 

of this Act, the Secretary of Housing and Urban Development 

shall submit to Congress a report that includes— 

(1) an overview of existing policies and enforcement of 

the Department, including public outreach, relating to leadbased paint hazard prevention and abatement; 

(2) recommendations and best practices for the Department, 

public housing agencies, and landlords for improving lead-based 

paint hazard prevention standards and Federal lead prevention 

and abatement policies to protect the environmental health 

and safety of children, including within housing receiving 

assistance from or occupied by families receiving housing assistance from the Department; and 

(3) recommendations for legislation to improve lead-based 

paint hazard prevention and abatement. 

SEC. 313. FORECLOSURE RELIEF AND EXTENSION FOR 

SERVICEMEMBERS. 

Section 710(d) of the Honoring America’s Veterans and Caring 

for Camp Lejeune Families Act of 2012 (Public Law 112–154; 50 

U.S.C. 3953 note) is amended by striking paragraphs (1) and (3). 

TITLE IV—TAILORING REGULATIONS 

FOR CERTAIN BANK HOLDING COMPANIES 

SEC. 401. ENHANCED SUPERVISION AND PRUDENTIAL STANDARDS 

FOR CERTAIN BANK HOLDING COMPANIES. 

(a) IN GENERAL.—Section 165 of the Financial Stability Act 

of 2010 (12 U.S.C. 5365) is amended— 

(1) in subsection (a)— 

(A) in paragraph (1), in the matter preceding subparagraph (A), by striking ‘‘$50,000,000,000’’ and inserting 

‘‘$250,000,000,000’’; and 

(B) in paragraph (2)— 

(i) in subparagraph (A), by striking ‘‘may’’ and 

inserting ‘‘shall’’; 

(ii) in subparagraph (B), by striking 

‘‘$50,000,000,000’’ and inserting ‘‘the applicable 

threshold’’; and 

(iii) by adding at the end the following: 

‘‘(C) RISKS TO FINANCIAL STABILITY AND SAFETY AND

SOUNDNESS.—The Board of Governors may by order or 

rule promulgated pursuant to section 553 of title 5, United 

States Code, apply any prudential standard established 

under this section to any bank holding company or bank 

holding companies with total consolidated assets equal to 
S. 2155—62 

or greater than $100,000,000,000 to which the prudential 

standard does not otherwise apply provided that the Board 

of Governors— 

‘‘(i) determines that application of the prudential 

standard is appropriate— 

‘‘(I) to prevent or mitigate risks to the financial 

stability of the United States, as described in paragraph (1); or 

‘‘(II) to promote the safety and soundness of 

the bank holding company or bank holding companies; and 

‘‘(ii) takes into consideration the bank holding company’s or bank holding companies’ capital structure, 

riskiness, complexity, financial activities (including 

financial activities of subsidiaries), size, and any other 

risk-related factors that the Board of Governors deems 

appropriate.’’; 

(2) in subsection (b)(1)— 

(A) in subparagraph (A)(iv), by striking ‘‘and credit 

exposure report’’; and 

(B) in subparagraph (B)(ii), by inserting ‘‘, including 

credit exposure reports’’ before the semicolon at the end; 

(3) in subsection (d)(2), in the matter preceding subparagraph (A), by striking ‘‘shall’’ and inserting ‘‘may’’; (4) in subsection (h)(2), by striking ‘‘$10,000,000,000’’ each place that term appears and inserting ‘‘$50,000,000,000’’; 

(5) in subsection (i)— 

(A) in paragraph (1)(B)(i)— 

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

(ii) by striking ‘‘, adverse,’’; and 

(B) in paragraph (2)— 

(i) in subparagraph (A)— 

(I) in the first sentence, by striking ‘‘semiannual’’ and inserting ‘‘periodic’’; and 

(II) in the second sentence— 

(aa) by striking ‘‘$10,000,000,000’’ and inserting ‘‘$250,000,000,000’’; and 

(bb) by striking ‘‘annual’’ and inserting 

‘‘periodic’’; and 

(ii) in subparagraph (C)(ii)— 

(I) by striking ‘‘3’’ and inserting ‘‘2’’; and 

(II) by striking ‘‘, adverse,’’; and 

(6) in subsection (j)(1), in the first sentence, by striking ‘‘$50,000,000,000’’ and inserting ‘‘$250,000,000,000’’. 

(b) RULE OF CONSTRUCTION.—Nothing in subsection (a) shall 

be construed to limit— 

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

Reserve System, in prescribing prudential standards under section 165 of the Financial Stability Act of 2010 (12 U.S.C. 

5365) or any other law, to tailor or differentiate among companies on an individual basis or by category, taking into consideration their capital structure, riskiness, complexity, financial 

activities (including financial activities of their subsidiaries), 

size, and any other risk-related factors that the Board of Governors deems appropriate; or 

(2) the supervisory, regulatory, or enforcement authority 

of an appropriate Federal banking agency to further the safe 
S. 2155—63 

and sound operation of an institution under the supervision 

of the appropriate Federal banking agency. 

(c) TECHNICAL AND CONFORMING AMENDMENTS.— 

(1) FINANCIAL STABILITY ACT OF 2010.—The Financial Stability Act of 2010 (12 U.S.C. 5311 et seq.) is amended— 

(A) in section 115(a)(2)(B) (12 U.S.C. 5325(a)(2)(B)), 

by striking ‘‘$50,000,000,000’’ and inserting ‘‘the applicable 

threshold’’; 

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

preceding paragraph (1), by striking ‘‘$50,000,000,000’’ and 

inserting ‘‘$250,000,000,000’’; 

(C) in section 121(a) (12 U.S.C. 5331(a)), in the matter 

preceding paragraph (1), by striking ‘‘$50,000,000,000’’ and 

inserting ‘‘$250,000,000,000’’; 

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

‘‘50,000,000,000’’ and inserting ‘‘$250,000,000,000’’; 

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

‘‘$50,000,000,000’’ each place that term appears and 

inserting ‘‘$250,000,000,000’’; and 

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

‘‘$50,000,000,000’’ and inserting ‘‘$250,000,000,000’’. 

(2) FEDERAL RESERVE ACT.—The second subsection (s) 

(relating to assessments) of section 11 of the Federal Reserve 

Act (12 U.S.C. 248(s)) is amended— 

(A) in paragraph (2)— 

(i) in subparagraph (A), by striking 

‘‘$50,000,000,000’’ and inserting ‘‘$100,000,000,000’’; 

and 

(ii) in subparagraph (B), by striking 

‘‘$50,000,000,000’’ and inserting ‘‘$100,000,000,000’’; 

and 

(B) by adding at the end the following: 

‘‘(3) TAILORING ASSESSMENTS.—In collecting assessments, 

fees, or other charges under paragraph (1) from each company 

described in paragraph (2) with total consolidated assets of 

between $100,000,000,000 and $250,000,000,000, the Board 

shall adjust the amount charged to reflect any changes in 

supervisory and regulatory responsibilities resulting from the 

Economic Growth, Regulatory Relief, and Consumer Protection 

Act with respect to each such company.’’. 

(d) EFFECTIVE DATE.— 

(1) IN GENERAL.—Except as provided in paragraph (2), the 

amendments made by this section shall take effect on the 

date that is 18 months after the date of enactment of this 

Act. 

(2) EXCEPTION.—Notwithstanding paragraph (1), the 

amendments made by this section shall take effect on the 

date of enactment of this Act with respect to any bank holding 

company with total consolidated assets of less than 

$100,000,000,000. 

(3) ADDITIONAL AUTHORITY.—Before the effective date 

described in paragraph (1), the Board of Governors of the 

Federal Reserve System may by order exempt any bank holding 

company with total consolidated assets of less than 

$250,000,000,000 from any prudential standard under section 

165 of the Financial Stability Act of 2010 (12 U.S.C. 5365). 
S. 2155—64 

(4) RULE OF CONSTRUCTION.—Nothing in this section shall 

be construed to prohibit the Board of Governors of the Federal 

Reserve System from issuing an order or rule making under 

section 165(a)(2)(C) of the Financial Stability Act of 2010 (12 

U.S.C. 5365(a)(2)(C)), as added by this section, before the effective date described in paragraph (1). 

(e) SUPERVISORY STRESS TEST.—Beginning on the effective date 

described in subsection (d)(1), the Board of Governors of the Federal 

Reserve System shall, on a periodic basis, conduct supervisory 

stress tests of bank holding companies with total consolidated assets 

equal to or greater than $100,000,000,000 and total consolidated 

assets of less than $250,000,000,000 to evaluate whether such bank 

holding companies have the capital, on a total consolidated basis, 

necessary to absorb losses as a result of adverse economic conditions. 

(f) GLOBAL SYSTEMICALLY IMPORTANT BANK HOLDING COMPANIES.—Any bank holding company, regardless of asset size, that 

has been identified as a global systemically important BHC under 

section 217.402 of title 12, Code of Federal Regulations, shall be 

considered a bank holding company with total consolidated assets 

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

application of standards or requirements under— 

(1) this section; 

(2) sections 116(a), 121(a), 155(d), 163(b), 164, and 165 

of the Financial Stability Act of 2010 (12 U.S.C. 5326(a), 

5331(a), 5345(d), 5363(b), 5364, 5365); and 

(3) paragraph (2)(A) of the second subsection (s) (relating 

to assessments) of section 11 of the Federal Reserve Act (12 

U.S.C. 248(s)(2)). 

(g) CLARIFICATION FOR FOREIGN BANKS.—Nothing in this section shall be construed to— 

(1) affect the legal effect of the final rule of the Board 

of Governors of the Federal Reserve System entitled ‘‘Enhanced 

Prudential Standards for Bank Holding Companies and Foreign 

Banking Organizations’’ (79 Fed. Reg. 17240 (March 27, 2014)) 

as applied to foreign banking organizations with total consolidated assets equal to or greater than $100,000,000,000; or 

(2) limit the authority of the Board of Governors of the 

Federal Reserve System to require the establishment of an 

intermediate holding company under, implement enhanced 

prudential standards with respect to, or tailor the regulation 

of a foreign banking organization with total consolidated assets 

equal to or greater than $100,000,000,000. 

SEC. 402. SUPPLEMENTARY LEVERAGE RATIO FOR CUSTODIAL BANKS. 

(a) DEFINITION.—In this section, the term ‘‘custodial bank’’ 

means any depository institution holding company predominantly 

engaged in custody, safekeeping, and asset servicing activities, 

including any insured depository institution subsidiary of such a 

holding company. 

(b) REGULATIONS.— 

(1) DEFINITION.—In this subsection, the term ‘‘central bank’’ 

means— 

(A) the Federal Reserve System; 

(B) the European Central Bank; and 
S. 2155—65 

(C) central banks of member countries of the 

Organisation for Economic Co-operation and Development, 

if— 

(i) the member country has been assigned a zero 

percent risk weight under sections 3.32, 217.32, and 

324.32 of title 12, Code of Federal Regulations, or 

any successor regulation; and 

(ii) the sovereign debt of such member country 

is not in default or has not been in default during 

the previous 5 years. 

(2) REGULATIONS.—The appropriate Federal banking agencies shall promulgate regulations to amend sections 3.10, 

217.10, and 324.10 of title 12, Code of Federal Regulations, 

to specify that— 

(A) subject to subparagraph (B), funds of a custodial 

bank that are deposited with a central bank shall not 

be taken into account when calculating the supplementary 

leverage ratio as applied to the custodial bank; and 

(B) with respect to the funds described in subparagraph 

(A), any amount that exceeds the total value of deposits 

of the custodial bank that are linked to fiduciary or custodial and safekeeping accounts shall be taken into account 

when calculating the supplementary leverage ratio as 

applied to the custodial bank. 

(c) RULE OF CONSTRUCTION.—Nothing in subsection (b) shall 

be construed to limit the authority of the appropriate Federal 

banking agencies to tailor or adjust the supplementary leverage 

ratio or any other leverage ratio for any company that is not 

a custodial bank. 

SEC. 403. TREATMENT OF CERTAIN MUNICIPAL OBLIGATIONS. 

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

Act (12 U.S.C. 1828) is amended— 

(1) by moving subsection (z) so that it appears after subsection (y); and 

(2) by adding at the end the following: 

‘‘(aa) TREATMENT OF CERTAIN MUNICIPAL OBLIGATIONS.— 

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

‘‘(A) the term ‘investment grade’, with respect to an 

obligation, has the meaning given the term in section 1.2 

of title 12, Code of Federal Regulations, or any successor 

thereto; 

‘‘(B) the term ‘liquid and readily-marketable’ has the 

meaning given the term in section 249.3 of title 12, Code 

of Federal Regulations, or any successor thereto; and 

‘‘(C) the term ‘municipal obligation’ means an obligation of— 

‘‘(i) a State or any political subdivision thereof; 

or 

‘‘(ii) any agency or instrumentality of a State or 

any political subdivision thereof. 

‘‘(2) MUNICIPAL OBLIGATIONS.—For purposes of the final 

rule entitled ‘Liquidity Coverage Ratio: Liquidity Risk Measurement Standards’ (79 Fed. Reg. 61439 (October 10, 2014)), the 

final rule entitled ‘Liquidity Coverage Ratio: Treatment of U.S. 

Municipal Securities as High-Quality Liquid Assets’ (81 Fed. 

Reg. 21223 (April 11, 2016)), and any other regulation that 
S. 2155—66 

incorporates a definition of the term ‘high-quality liquid asset’ 

or another substantially similar term, the appropriate Federal 

banking agencies shall treat a municipal obligation as a highquality liquid asset that is a level 2B liquid asset if that 

obligation is, as of the date of calculation— 

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

‘‘(B) investment grade.’’. 

(b) AMENDMENT TO LIQUIDITY COVERAGE RATIO REGULATIONS.— 

Not later than 90 days after the date of enactment of this Act, 

the Federal Deposit Insurance Corporation, the Board of Governors 

of the Federal Reserve System, and the Comptroller of the Currency 

shall amend the final rule entitled ‘‘Liquidity Coverage Ratio: 

Liquidity Risk Measurement Standards’’ (79 Fed. Reg. 61439 

(October 10, 2014)) and the final rule entitled ‘‘Liquidity Coverage 

Ratio: Treatment of U.S. Municipal Securities as High-Quality 

Liquid Assets’’ (81 Fed. Reg. 21223 (April 11, 2016)) to implement 

the amendments made by this section. 

TITLE V—ENCOURAGING CAPITAL 

FORMATION 

SEC. 501. NATIONAL SECURITIES EXCHANGE REGULATORY PARITY. 

Section 18(b)(1) of the Securities Act of 1933 (15 U.S.C. 

77r(b)(1)) is amended— 

(1) by striking subparagraph (A); 

(2) in subparagraph (B)— 

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

for trading in the national market system pursuant to 

section 11A(a)(2) of the Securities Exchange Act of 1934 

(15 U.S.C. 78k–1(a)(2)) that is’’ before ‘‘listed’’; and 

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

Commission determines by rule (on its own initiative or 

on the basis of a petition) are substantially similar to 

the listing standards applicable to securities described in 

subparagraph (A)’’; 

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

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

SEC. 502. SEC STUDY ON ALGORITHMIC TRADING. 

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

of enactment of this Act, the staff of the Securities and Exchange 

Commission shall submit to the Committee on Banking, Housing, 

and Urban Affairs of the Senate and the Committee on Financial 

Services of the House of Representatives a report on the risks 

and benefits of algorithmic trading in capital markets in the United 

States. 

(b) MATTERS REQUIRED TO BE INCLUDED.—The matters covered 

by the report required by subsection (a) shall include the following: 

(1) An assessment of the effect of algorithmic trading in 

equity and debt markets in the United States on the provision 

of liquidity in stressed and normal market conditions. 

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

debt markets in the United States by algorithmic trading. 
S. 2155—67 

(3) An analysis of whether the activity of algorithmic 

trading and entities that engage in algorithmic trading are 

subject to appropriate Federal supervision and regulation. 

(4) A recommendation of whether— 

(A) based on the analysis described in paragraphs (1), 

(2), and (3), any changes should be made to regulations; 

and 

(B) the Securities and Exchange Commission needs 

additional legal authorities or resources to effect the 

changes described in subparagraph (A). 

SEC. 503. ANNUAL REVIEW OF GOVERNMENT-BUSINESS FORUM ON 

CAPITAL FORMATION. 

Section 503 of the Small Business Investment Incentive Act 

of 1980 (15 U.S.C. 80c–1) is amended by adding at the end the 

following: 

‘‘(e) The Commission shall— 

‘‘(1) review the findings and recommendations of the forum; 

and 

‘‘(2) each time the forum submits a finding or recommendation to the Commission, promptly issue a public statement— 

‘‘(A) assessing the finding or recommendation of the 

forum; and 

‘‘(B) disclosing the action, if any, the Commission 

intends to take with respect to the finding or recommendation.’’. 

SEC. 504. SUPPORTING AMERICA’S INNOVATORS. 

Section 3(c)(1) of the Investment Company Act of 1940 (15 

U.S.C. 80a–3(c)(1)) is amended— 

(1) in the matter preceding subparagraph (A), by inserting 

‘‘(or, in the case of a qualifying venture capital fund, 250 

persons)’’ after ‘‘one hundred persons’’; and 

(2) by adding at the end the following: 

‘‘(C)(i) The term ‘qualifying venture capital fund’ means a venture capital fund that has not more than $10,000,000 

in aggregate capital contributions and uncalled committed 

capital, with such dollar amount to be indexed for inflation 

once every 5 years by the Commission, beginning from 

a measurement made by the Commission on a date selected 

by the Commission, rounded to the nearest $1,000,000. 

‘‘(ii) The term ‘venture capital fund’ has the meaning 

given the term in section 275.203(l)–1 of title 17, Code 

of Federal Regulations, or any successor regulation.’’. 

SEC. 505. SECURITIES AND EXCHANGE COMMISSION OVERPAYMENT 

CREDIT. 

(a) DEFINITIONS.—In this section— 

(1) the term ‘‘Commission’’ means the Securities and 

Exchange Commission; 

(2) the term ‘‘national securities association’’ means an 

association that is registered under section 15A of the Securities 

Exchange Act of 1934 (15 U.S.C. 78o–3); and 

(3) the term ‘‘national securities exchange’’ means an 

exchange that is registered as a national securities exchange 

under section 6 of the Securities Exchange Act of 1934 (15 

U.S.C. 78f). 
S. 2155—68 

(b) CREDIT FOR OVERPAYMENT OF FEES.—Notwithstanding section 31(j) of the Securities Exchange Act of 1934 (15 U.S.C. 78ee(j)), 

and subject to subsection (c) of this section, if a national securities 

exchange or a national securities association has paid fees and 

assessments to the Commission in an amount that is more than 

the amount that the exchange or association was required to pay 

under section 31 of the Securities Exchange Act of 1934 (15 U.S.C. 

78ee) and, not later than 10 years after the date of such payment, 

the exchange or association informs the Commission about the 

payment of such excess amount, the Commission shall offset future 

fees and assessments due by that exchange or association in an 

amount that is equal to the difference between the amount that 

the exchange or association paid and the amount that the exchange 

or association was required to pay under such section 31. 

(c) APPLICABILITY.—Subsection (b) shall apply only to fees and 

assessments that a national securities exchange or a national securities association was required to pay to the Commission before 

the date of enactment of this Act. 

SEC. 506. U.S. TERRITORIES INVESTOR PROTECTION. 

(a) IN GENERAL.—Section 6(a) of the Investment Company Act 

of 1940 (15 U.S.C. 80a–6(a)) is amended— 

(1) by striking paragraph (1); and 

(2) by redesignating paragraphs (2) through (5) as paragraphs (1) through (4), respectively. 

(b) EFFECTIVE DATE AND SAFE HARBOR.— 

(1) EFFECTIVE DATE.—Except as provided in paragraph (2), 

the amendment made by subsection (a) shall take effect on 

the date of enactment of this Act. 

(2) SAFE HARBOR.—With respect to a company that is 

exempt under section 6(a)(1) of the Investment Company Act 

of 1940 (15 U.S.C. 80a–6(a)(1)) on the day before the date 

of enactment of this Act, the amendment made by subsection 

(a) shall take effect on the date that is 3 years after the 

date of enactment of this Act. 

(3) EXTENSION OF SAFE HARBOR.—The Securities and 

Exchange Commission, by rule or regulation upon its own 

motion, or by order upon application, may conditionally or 

unconditionally, under section 6(c) of the Investment Company 

Act of 1940 (15 U.S.C. 80a–6(c)), further delay the effective 

date for a company described in paragraph (2) for a maximum 

of 3 years following the initial 3-year period if, before the 

end of the initial 3-year period, the Commission determines 

that such a rule, regulation, motion, or order is necessary 

or appropriate in the public interest and for the protection 

of investors. 

SEC. 507. ENCOURAGING EMPLOYEE OWNERSHIP. 

Not later than 60 days after the date of the enactment of 

this Act, the Securities and Exchange Commission shall revise 

section 230.701(e) of title 17, Code of Federal Regulations, so as 

to increase from $5,000,000 to $10,000,000 the aggregate sales 

price or amount of securities sold during any consecutive 12-month 

period in excess of which the issuer is required under such section 

to deliver an additional disclosure to investors. The Commission 

shall index for inflation such aggregate sales price or amount every 

5 years to reflect the change in the Consumer Price Index for 
S. 2155—69 

All Urban Consumers published by the Bureau of Labor Statistics, 

rounding to the nearest $1,000,000. 

SEC. 508. IMPROVING ACCESS TO CAPITAL. 

The Securities and Exchange Commission shall amend— 

(1) section 230.251 of title 17, Code of Federal Regulations, 

to remove the requirement that the issuer not be subject to 

section 13 or 15(d) of the Securities Exchange Act of 1934 

(15 U.S.C. 78a et seq.) immediately before the offering; and 

(2) section 230.257 of title 17, Code of Federal Regulations, 

with respect to an offering described in section 230.251(a)(2) 

of title 17, Code of Federal Regulations, to deem any issuer 

that is subject to section 13 or 15(d) of the Securities Exchange 

Act of 1934 as having met the periodic and current reporting 

requirements of section 230.257 of title 17, Code of Federal 

Regulations, if such issuer meets the reporting requirements 

of section 13 of the Securities Exchange Act of 1934. 

SEC. 509. PARITY FOR CLOSED-END COMPANIES REGARDING 

OFFERING AND PROXY RULES. 

(a) REVISION TO RULES.—Not later than the end of the 1- 

year period beginning on the date of enactment of this Act, the 

Securities and Exchange Commission shall propose and, not later 

than 2 years after the date of enactment of this Act, the Securities 

and Exchange Commission shall finalize any rules, as appropriate, 

to allow any closed-end company, as defined in section 5(a)(2) of 

the Investment Company Act of 1940 (15 U.S.C. 80a–5), that is 

registered as an investment company under such Act, and is listed 

on a national securities exchange or that makes periodic repurchase 

offers pursuant to section 270.23c–3 of title 17, Code of Federal 

Regulations, to use the securities offering and proxy rules, subject 

to conditions the Commission determines appropriate, that are 

available to other issuers that are required to file reports under 

section 13 or section 15(d) of the Securities Exchange Act of 1934 

(15 U.S.C. 78m; 78o(d)). Any action that the Commission takes 

pursuant to this subsection shall consider the availability of 

information to investors, including what disclosures constitute adequate information to be designated as a ‘‘well-known seasoned 

issuer’’. 

(b) TREATMENT IF REVISIONS NOT COMPLETED IN A TIMELY

MANNER.—If the Commission fails to complete the revisions 

required by subsection (a) by the time required by such subsection, 

any registered closed-end company that is listed on a national 

securities exchange or that makes periodic repurchase offers pursuant to section 270.23c–3 of title 17, Code of Federal Regulations, 

shall be deemed to be an eligible issuer under the final rule of 

the Commission titled ‘‘Securities Offering Reform’’ (70 Fed. Reg. 

44722; published August 3, 2005). 

(c) RULES OF CONSTRUCTION.— 

(1) NO EFFECT ON RULE 482.—Nothing in this section or 

the amendments made by this section shall be construed to 

impair or limit in any way a registered closed-end company 

from using section 230.482 of title 17, Code of Federal Regulations, to distribute sales material. 

(2) REFERENCES.—Any reference in this section to a section 

of title 17, Code of Federal Regulations, or to any form or 

schedule means such rule, section, form, or schedule, or any 

successor to any such rule, section, form, or schedule. 
S. 2155—70 

TITLE VI—PROTECTIONS FOR STUDENT 

BORROWERS 

SEC. 601. PROTECTIONS IN THE EVENT OF DEATH OR BANKRUPTCY. 

(a) IN GENERAL.—Section 140 of the Truth in Lending Act 

(15 U.S.C. 1650) is amended— 

(1) in subsection (a)— 

(A) by redesignating paragraphs (1) through (8) as 

paragraphs (2) through (9), respectively; and 

(B) by inserting before paragraph (2), as so redesignated, the following: 

‘‘(1) the term ‘cosigner’— 

‘‘(A) means any individual who is liable for the obligation of another without compensation, regardless of how 

designated in the contract or instrument with respect to 

that obligation, other than an obligation under a private 

education loan extended to consolidate a consumer’s preexisting private education loans; 

‘‘(B) includes any person the signature of which is 

requested as condition to grant credit or to forbear on 

collection; and 

‘‘(C) does not include a spouse of an individual 

described in subparagraph (A), the signature of whom is 

needed to perfect the security interest in a loan.’’; and 

(2) by adding at the end the following: 

‘‘(g) ADDITIONAL PROTECTIONS RELATING TO BORROWER OR CO- SIGNER OF A PRIVATE EDUCATION LOAN.— ‘‘(1) PROHIBITION ON AUTOMATIC DEFAULT IN CASE OF DEATH

OR BANKRUPTCY OF NON-STUDENT OBLIGOR.—With respect to 

a private education loan involving a student obligor and 1 

or more cosigners, the creditor shall not declare a default 

or accelerate the debt against the student obligor on the sole 

basis of a bankruptcy or death of a cosigner. 

‘‘(2) COSIGNER RELEASE IN CASE OF DEATH OF BORROWER.— ‘‘(A) RELEASE OF COSIGNER.—The holder of a private 

education loan, when notified of the death of a student 

obligor, shall release within a reasonable timeframe any 

cosigner from the obligations of the cosigner under the 

private education loan. 

‘‘(B) NOTIFICATION OF RELEASE.—A holder or servicer 

of a private education loan, as applicable, shall within 

a reasonable time-frame notify any cosigners for the private 

education loan if a cosigner is released from the obligations 

of the cosigner for the private education loan under this 

paragraph. 

‘‘(C) DESIGNATION OF INDIVIDUAL TO ACT ON BEHALF

OF THE BORROWER.—Any lender that extends a private 

education loan shall provide the student obligor an option 

to designate an individual to have the legal authority to 

act on behalf of the student obligor with respect to the 

private education loan in the event of the death of the 

student obligor.’’. 

(b) APPLICABILITY.—The amendments made by subsection (a) 

shall only apply to private education loan agreements entered into 

on or after the date that is 180 days after the date of enactment 

of this Act. 
S. 2155—71 

SEC. 602. REHABILITATION OF PRIVATE EDUCATION LOANS. 

(a) IN GENERAL.—Section 623(a)(1) of the Fair Credit Reporting 

Act (15 U.S.C. 1681s–2(a)(1)) is amended by adding at the end 

the following: 

‘‘(E) REHABILITATION OF PRIVATE EDUCATION LOANS.— 

‘‘(i) IN GENERAL.—Notwithstanding any other 

provision of this section, a consumer may request a 

financial institution to remove from a consumer report 

a reported default regarding a private education loan, 

and such information shall not be considered inaccurate, if— 

‘‘(I) the financial institution chooses to offer 

a loan rehabilitation program which includes, without limitation, a requirement of the consumer to 

make consecutive on-time monthly payments in 

a number that demonstrates, in the assessment 

of the financial institution offering the loan 

rehabilitation program, a renewed ability and 

willingness to repay the loan; and 

‘‘(II) the requirements of the loan rehabilitation program described in subclause (I) are successfully met. 

‘‘(ii) BANKING AGENCIES.— 

‘‘(I) IN GENERAL.—If a financial institution is 

supervised by a Federal banking agency, the financial institution shall seek written approval concerning the terms and conditions of the loan 

rehabilitation program described in clause (i) from 

the appropriate Federal banking agency. 

‘‘(II) FEEDBACK.—An appropriate Federal 

banking agency shall provide feedback to a financial institution within 120 days of a request for 

approval under subclause (I). 

‘‘(iii) LIMITATION.— 

‘‘(I) IN GENERAL.—A consumer may obtain the 

benefits available under this subsection with 

respect to rehabilitating a loan only 1 time per 

loan. 

‘‘(II) RULE OF CONSTRUCTION.—Nothing in this 

subparagraph may be construed to require a financial institution to offer a loan rehabilitation program or to remove any reported default from a 

consumer report as a consideration of a loan 

rehabilitation program, except as described in 

clause (i). 

‘‘(iv) DEFINITIONS.—For purposes of this subparagraph— 

‘‘(I) the term ‘appropriate Federal banking 

agency’ has the meaning given the term in section 

3 of the Federal Deposit Insurance Act (12 U.S.C. 

1813); and 

‘‘(II) the term ‘private education loan’ has the 

meaning given the term in section 140(a) of the 

Truth in Lending Act (15 U.S.C. 1650(a)).’’. 

(b) GAO STUDY.— 
S. 2155—72 

(1) STUDY.—The Comptroller General of the United States 

shall conduct a study, in consultation with the appropriate 

Federal banking agencies, regarding— 

(A) the implementation of subparagraph (E) of section 

623(a)(1) of the Fair Credit Reporting Act (15 U.S.C. 1681s– 

2(a)(1)) (referred to in this paragraph as ‘‘the provision’’), 

as added by subsection (a); 

(B) the estimated operational, compliance, and 

reporting costs associated with the requirements of the 

provision; 

(C) the effects of the requirements of the provision 

on the accuracy of credit reporting; 

(D) the risks to safety and soundness, if any, created 

by the loan rehabilitation programs described in the provision; and 

(E) a review of the effectiveness and impact on the 

credit of participants in any loan rehabilitation programs 

described in the provision and whether such programs 

improved the ability of participants in the programs to 

access credit products. 

(2) REPORT.—Not later than 1 year after the date of enactment of this Act, the Comptroller General of the United States 

shall submit to Congress a report that contains all findings 

and determinations made in conducting the study required 

under paragraph (1). 

SEC. 603. BEST PRACTICES FOR HIGHER EDUCATION FINANCIAL LITERACY. 

Section 514(a) of the Financial Literacy and Education Improvement Act (20 U.S.C. 9703(a)) is amended by adding at the end 

the following: 

‘‘(3) BEST PRACTICES FOR TEACHING FINANCIAL LITERACY.— 

‘‘(A) IN GENERAL.—After soliciting public comments and 

consulting with and receiving input from relevant parties, 

including a diverse set of institutions of higher education 

and other parties, the Commission shall, by not later than 

1 year after the date of enactment of the Economic Growth, 

Regulatory Relief, and Consumer Protection Act, establish 

best practices for institutions of higher education regarding 

methods to— 

‘‘(i) teach financial literacy skills; and 

‘‘(ii) provide useful and necessary information to 

assist students at institutions of higher education when 

making financial decisions related to student borrowing. 

‘‘(B) BEST PRACTICES.—The best practices described in 

subparagraph (A) shall include the following: 

‘‘(i) Methods to ensure that each student has a 

clear sense of the student’s total borrowing obligations, 

including monthly payments, and repayment options. 

‘‘(ii) The most effective ways to engage students 

in financial literacy education, including frequency and 

timing of communication with students. 

‘‘(iii) Information on how to target different student 

populations, including part-time students, first-time 

students, and other nontraditional students. 
S. 2155—73 

‘‘(iv) Ways to clearly communicate the importance 

of graduating on a student’s ability to repay student 

loans. 

‘‘(C) MAINTENANCE OF BEST PRACTICES.—The Commission shall maintain and periodically update the best practices information required under this paragraph and make 

the best practices available to the public. 

‘‘(D) RULE OF CONSTRUCTION.—Nothing in this paragraph shall be construed to require an institution of higher 

education to adopt the best practices required under this 

paragraph.’’. 

Speaker of the House of Representatives. 

Vice President of the United States and

President of the Senate.