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[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[S. 2155 Enrolled Bill (ENR)]

        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.
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 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.

                ``(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--
            ``(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.--
        ``(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 Union 
Administration from treating an extension of credit that is fully 
secured by a lien on a 1- to 4-family dwelling that is not the primary 
residence of a member as a member business loan for purposes other than 
the member business loan limitation requirements under section 107A of 
the Federal Credit Union Act (12 U.S.C. 1757a).
    SEC. 106. ELIMINATING BARRIERS TO JOBS FOR LOAN ORIGINATORS.
    (a) In General.--The S.A.F.E. Mortgage Licensing Act of 2008 (12 
U.S.C. 5101 et seq.) is amended by adding at the end the following:
``SEC. 1518. EMPLOYMENT TRANSITION OF LOAN ORIGINATORS.
    ``(a) Definitions.--In this section:
        ``(1) Application state.--The term `application State' means a 
    State in which a registered loan originator or a State-licensed 
    loan originator seeks to be licensed.
        ``(2) State-licensed mortgage company.--The term `State-
    licensed mortgage company' means an entity that is licensed or 
    registered under the law of any State to engage in residential 
    mortgage loan origination and processing activities.
    ``(b) Temporary Authority To Originate Loans for Loan Originators 
Moving From a Depository Institution to a Non-Depository Institution.--
        ``(1) In general.--Upon becoming employed by a State-licensed 
    mortgage company, an individual who is a registered loan originator 
    shall be deemed to have temporary authority to act as a loan 
    originator in an application State for the period described in 
    paragraph (2) if the individual--
            ``(A) has not had--
                ``(i) an application for a loan originator license 
            denied; or
                ``(ii) a loan originator license revoked or suspended 
            in any governmental jurisdiction;
            ``(B) has not been subject to, or served with, a cease and 
        desist order--
                ``(i) in any governmental jurisdiction; or
                ``(ii) under section 1514(c);
            ``(C) has not been convicted of a 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;
            ``(C) on which the application State grants a State 
        license; or
            ``(D) that is 120 days after the date on which the 
        individual submits the application, if the application is 
        listed on the Nationwide Mortgage Licensing System and Registry 
        as incomplete.
    ``(c) Temporary Authority To Originate Loans for State-Licensed 
Loan Originators Moving Interstate.--
        ``(1) In general.--A State-licensed loan originator shall be 
    deemed to have temporary authority to act as a loan originator in 
    an application State for the period described in paragraph (2) if 
    the State-licensed loan originator--
            ``(A) meets the requirements of subparagraphs (A), (B), 
        (C), and (D) of subsection (b)(1);
            ``(B) is employed by a State-licensed mortgage company in 
        the application State; and
            ``(C) was licensed in a State that is not the application 
        State during the 30-day period preceding the date on which the 
        information required under section 1505(a) was submitted in 
        connection with the application submitted to the application 
        State.
        ``(2) Period.--The period described in this paragraph shall 
    begin on the date on which the State-licensed loan originator 
    submits the information required under section 1505(a) in 
    connection with the application submitted to the application State 
    and end on the earliest of the date--
            ``(A) on which the State-licensed loan originator withdraws 
        the application to be a State-licensed loan originator in the 
        application State;
            ``(B) on which the application State denies, or issues a 
        notice of intent to deny, the application;
            ``(C) on which the application State grants a State 
        license; or
            ``(D) that is 120 days after the date on which the State-
        licensed loan originator submits the application, if the 
        application is listed on the Nationwide Mortgage Licensing 
        System and Registry as incomplete.
    ``(d) Applicability.--
        ``(1) Employer of loan originators.--Any person employing an 
    individual who is deemed to have temporary authority to act as a 
    loan originator in an application State under this section shall be 
    subject to the requirements of this title and to applicable State 
    law to the same extent as if that individual was a State-licensed 
    loan originator licensed by the application State.
        ``(2) Engaging in mortgage loan activities.--Any individual who 
    is deemed to have temporary authority to act as a loan originator 
    in an application State under this section and who engages in 
    residential mortgage loan origination activities shall be subject 
    to the requirements of this title and to applicable State law to 
    the same extent as if that individual was a State-licensed loan 
    originator licensed by the application State.''.
    (b) Table of Contents Amendment.--Section 1(b) of the Housing and 
Economic Recovery Act of 2008 (42 U.S.C. 4501 note) is amended by 
inserting after the item relating to section 1517 the following:

``Sec. 1518. Employment transition of loan originators.''.

    (c) 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)--
            (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;
        (2) the applicability of the TRID Rule to construction-to-
    permanent home loans, and the conditions under which those loans 
    can be properly originated; and
        (3) the extent to which lenders can rely on model disclosures 
    published by the Bureau of Consumer Financial Protection without 
    liability if recent changes to regulations are not reflected in the 
    sample TRID Rule forms published by the Bureau of Consumer 
    Financial Protection.

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

    SEC. 201. CAPITAL SIMPLIFICATION FOR QUALIFYING COMMUNITY BANKS.
    (a) Definitions.--In this section:
        (1) Community bank leverage ratio.--The term ``Community Bank 
    Leverage Ratio'' means the ratio of the tangible equity capital of 
    a qualifying community bank, as reported on the qualifying 
    community bank's applicable regulatory filing with the qualifying 
    community bank's appropriate Federal banking agency, to the average 
    total consolidated assets of the qualifying community bank, as 
    reported on the qualifying community bank's applicable regulatory 
    filing with the qualifying community bank's appropriate Federal 
    banking agency.
        (2) Generally applicable leverage capital requirements; 
    generally applicable risk-based capital requirements.--The terms 
    ``generally applicable leverage capital requirements'' and 
    ``generally applicable risk-based capital requirements'' have the 
    meanings given those terms in section 171(a) of the Financial 
    Stability Act of 2010 (12 U.S.C. 5371(a)).
        (3) Qualifying community bank.--
            (A) Asset threshold.--The term ``qualifying community 
        bank'' means a depository institution or depository institution 
        holding company with total consolidated assets of less than 
        $10,000,000,000.
            (B) Risk profile.--The appropriate Federal banking agencies 
        may determine that a depository institution or depository 
        institution holding company (or a class of depository 
        institutions or depository institution holding companies) 
        described in subparagraph (A) is not a qualifying community 
        bank based on the depository institution's or depository 
        institution holding company's risk profile, which shall be 
        based on consideration of--
                (i) off-balance sheet exposures;
                (ii) trading assets and liabilities;
                (iii) total notional derivatives exposures; and
                (iv) such other factors as the appropriate Federal 
            banking agencies determine appropriate.
    (b) Community Bank Leverage Ratio.--The appropriate Federal banking 
agencies shall, through notice and comment rule making under section 
553 of title 5, United States Code--
        (1) develop a Community Bank Leverage Ratio of not less than 8 
    percent and not more than 10 percent for qualifying community 
    banks; and
        (2) establish procedures for treatment of a 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;
                ``(ii) has obtained a waiver pursuant to subsection 
            (c); or
                ``(iii) does not receive an amount of reciprocal 
            deposits that causes the total amount of reciprocal 
            deposits held by the agent institution to be greater than 
            the average of the total amount of reciprocal deposits held 
            by the agent institution on the last day of each of the 4 
            calendar quarters preceding the calendar quarter in which 
            the agent institution was found not to have a composite 
            condition of outstanding or good or was determined to be 
            not well capitalized.
            ``(B) Covered deposit.--The term `covered deposit' means a 
        deposit that--
                ``(i) is submitted for placement through a deposit 
            placement network by an agent institution; and
                ``(ii) does not consist of funds that were obtained for 
            the agent institution, directly or indirectly, by or 
            through a deposit broker before submission for placement 
            through a deposit placement network.
            ``(C) Deposit placement network.--The term `deposit 
        placement network' means a network in which an insured 
        depository institution participates, together with other 
        insured depository institutions, for the processing and receipt 
        of reciprocal deposits.
            ``(D) Network member bank.--The term `network member bank' 
        means an insured depository institution that is a member of a 
        deposit placement network.
            ``(E) Reciprocal deposits.--The term `reciprocal deposits' 
        means deposits received by an agent institution through a 
        deposit placement network with the same maturity (if any) and 
        in the same aggregate amount as covered deposits placed by the 
        agent institution in other network member banks.
            ``(F) Well capitalized.--The term `well capitalized' has 
        the meaning given the term in section 38(b)(1).''.
    (b) Interest Rate Restriction.--Section 29 of the Federal Deposit 
Insurance Act (12 U.S.C. 1831f) is amended by striking subsection (e) 
and inserting the following:
    ``(e) Restriction on Interest Rate Paid.--
        ``(1) Definitions.--In this subsection--
            ``(A) the terms `agent institution', `reciprocal deposits', 
        and `well capitalized' have the meanings given those terms in 
        subsection (i); and
            ``(B) the term `covered insured depository institution' 
        means an insured depository institution that--
                ``(i) under subsection (c) or (d), accepts funds 
            obtained, directly or indirectly, by or through a deposit 
            broker; or
                ``(ii) while acting as an agent institution under 
            subsection (i), accepts reciprocal deposits while not well 
            capitalized.
        ``(2) Prohibition.--A covered insured depository institution 
    may not pay a rate of interest on funds or reciprocal deposits 
    described in paragraph (1) that, at the time that the funds or 
    reciprocal deposits are accepted, significantly exceeds the limit 
    set forth in paragraph (3).
        ``(3) Limit on interest rates.--The limit on the rate of 
    interest referred to in paragraph (2) shall be--
            ``(A) the rate paid on deposits of similar maturity in the 
        normal market area of the covered insured depository 
        institution for deposits accepted in the normal market area of 
        the covered insured depository institution; or
            ``(B) the national rate paid on deposits of comparable 
        maturity, as established by the Corporation, for deposits 
        accepted outside the normal market area of the covered insured 
        depository institution.''.
    SEC. 203. COMMUNITY BANK RELIEF.
    Section 13(h)(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 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
        ``(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.''.
    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,''.
    (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 the Secretary under section 302 of the 
    Lead-Based Paint Poisoning Prevention Act (42 U.S.C. 4822).
        ``(3) Troubled small public housing agencies.--
            ``(A) Public housing program.--Notwithstanding any other 
        provision of law, the Secretary may designate a small public 
        housing agency as a troubled small public housing agency with 
        respect to the public housing program of the small public 
        housing agency if the Secretary determines that the agency has 
        failed to maintain the public housing units of the small public 
        housing agency in a satisfactory physical condition, based upon 
        an inspection conducted by the Secretary.
            ``(B) Housing voucher program.--Notwithstanding any other 
        provision of law, the Secretary may designate a small public 
        housing agency as a troubled small public housing agency with 
        respect to the housing voucher program of the small public 
        housing agency if the Secretary determines that the agency has 
        failed to comply with the inspection requirements under 
        paragraph (2).
            ``(C) Appeals.--
                ``(i) Establishment.--The Secretary shall establish an 
            appeals process under which a small public housing agency 
            may dispute a designation as a troubled small public 
            housing agency.
                ``(ii) Official.--The appeals process established under 
            clause (i) shall provide for a decision by an official who 
            has not been involved, and is not subordinate to a person 
            who has been involved, in the original determination to 
            designate a small public housing agency as a troubled small 
            public housing agency.
            ``(D) Corrective action agreement.--
                ``(i) Agreement required.--Not later than 60 days after 
            the date on which a small public housing agency is 
            designated as a troubled public housing agency under 
            subparagraph (A) or (B), the Secretary and the small public 
            housing agency shall enter into a corrective action 
            agreement under which the small public housing agency shall 
            undertake actions to correct the deficiencies upon which 
            the designation is based.
                ``(ii) Terms of agreement.--A corrective action 
            agreement entered into under clause (i) shall--

                    ``(I) have a term of 1 year, and shall be renewable 
                at the option of the Secretary;
                    ``(II) provide, where feasible, for technical 
                assistance to assist the public housing agency in 
                curing its deficiencies;
                    ``(III) provide for--

                        ``(aa) reconsideration of the designation of 
                    the small public housing agency as a troubled small 
                    public housing agency not less frequently than 
                    annually; and
                        ``(bb) termination of the agreement when the 
                    Secretary determines that the small public housing 
                    agency is no longer a troubled small public housing 
                    agency; and

                    ``(IV) provide that in the event of substantial 
                noncompliance by the small public housing agency under 
                the agreement, the Secretary may--

                        ``(aa) contract with another public housing 
                    agency or a private entity to manage the public 
                    housing of the troubled small public housing 
                    agency;
                        ``(bb) withhold funds otherwise distributable 
                    to the troubled small public housing agency;
                        ``(cc) assume possession of, and direct 
                    responsibility for, managing the public housing of 
                    the troubled small public housing agency;
                        ``(dd) petition for the appointment of a 
                    receiver, in accordance with section 
                    6(j)(3)(A)(ii); and
                        ``(ee) exercise any other remedy available to 
                    the Secretary in the event of default under the 
                    public housing annual contributions contract 
                    entered into by the small public housing agency 
                    under section 5.
            ``(E) Emergency actions.--Nothing in this paragraph may be 
        construed to prohibit the Secretary from taking any emergency 
        action necessary to protect Federal financial resources or the 
        health or safety of residents of public housing projects.
    ``(d) Reduction of Administrative Burdens.--
        ``(1) Exemption.--Notwithstanding any other provision of law, a 
    small public housing agency shall be exempt from any environmental 
    review requirements with respect to a development or modernization 
    project having a total cost of not more than $100,000.
        ``(2) Streamlined procedures.--The Secretary shall, by rule, 
    establish streamlined procedures for environmental reviews of small 
    public housing agency development and modernization projects having 
    a total cost of more than $100,000.''.
    (b) Energy Conservation.--Section 9(e)(2) of the United States 
Housing Act of 1937 (42 U.S.C. 1437g(e)(2)) is amended by adding at the 
end the following:
            ``(D) Freeze of consumption levels.--
                ``(i) In general.--A small public housing agency, as 
            defined in section 38(a), may elect to be paid for its 
            utility and waste management costs under the formula for a 
            period, at the discretion of the small public housing 
            agency, of not more than 20 years based on the small public 
            housing agency's average annual consumption during the 3-
            year period preceding the year in which the election is 
            made (in this subparagraph referred to as the `consumption 
            base level').
                ``(ii) Initial adjustment in consumption base level.--
            The Secretary shall make an initial one-time adjustment in 
            the consumption base level to account for differences in 
            the heating degree day average over the most recent 20-year 
            period compared to the average in the consumption base 
            level.
                ``(iii) Adjustments in consumption base level.--The 
            Secretary shall make adjustments in the consumption base 
            level to account for an increase or reduction in units, a 
            change in fuel source, a change in resident controlled 
            electricity consumption, or for other reasons.
                ``(iv) Savings.--All cost savings resulting from an 
            election made by a small public housing agency under this 
            subparagraph--

                    ``(I) shall accrue to the small public housing 
                agency; and
                    ``(II) may be used for any public housing purpose 
                at the discretion of the small public housing agency.

                ``(v) Third parties.--A small public housing agency 
            making an election under this subparagraph--

                    ``(I) may use, but shall not be required to use, 
                the services of a third party in its energy 
                conservation program; and
                    ``(II) shall have the sole discretion to determine 
                the source, and terms and conditions, of any financing 
                used for its energy conservation program.''.

    (c) Reporting by Agencies Operating in Consortia.--Not later than 
180 days after the date of enactment of this Act, the Secretary of 
Housing and Urban Development shall develop and deploy all electronic 
information systems necessary to accommodate full consolidated 
reporting by public housing agencies, as defined in section 3(b)(6) of 
the United States Housing Act of 1937 (42 U.S.C. 1437a(b)(6)), electing 
to operate in consortia under section 13(a) of such Act (42 U.S.C. 
1437k(a)).
    (d) Effective Date.--The amendments made by subsections (a) and (b) 
shall take effect on the date that is 60 days after the date of 
enactment of this Act.
    (e) Shared Waiting Lists.--Not later than 1 year after the date of 
enactment of this Act, the Secretary of Housing and Urban Development 
shall make available to interested public housing agencies and owners 
of multifamily properties receiving assistance from the Department of 
Housing and Urban Development 1 or more software programs that will 
facilitate the voluntary use of a shared waiting list by multiple 
public housing agencies or owners receiving assistance, and shall 
publish on the website of the Department of Housing and Urban 
Development procedural guidance for implementing shared waiting lists 
that includes information on how to obtain the software.
    SEC. 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--
        (1) the Secretary of the Treasury, Board of Governors of the 
    Federal Reserve System, and Director of the Federal Insurance 
    Office shall support increasing transparency at any global 
    insurance or international standard-setting regulatory or 
    supervisory forum in which they participate, including supporting 
    and advocating for greater public observer access to working groups 
    and committee meetings of the International Association of 
    Insurance Supervisors; and
        (2) to the extent that the Secretary of the Treasury, the Board 
    of Governors of the Federal Reserve System, and the Director of the 
    Federal Insurance Office take a position or reasonably intend to 
    take a position with respect to an insurance proposal by a global 
    insurance regulatory or supervisory forum, the Secretary of the 
    Treasury, the Board of Governors of the Federal Reserve System, and 
    the Director of the Federal Insurance Office shall achieve 
    consensus positions with State insurance regulators through the 
    National Association of Insurance Commissioners, when they are 
    United States participants in negotiations on insurance issues 
    before the International Association of Insurance Supervisors, 
    Financial Stability Board, or any other international forum of 
    financial regulators or supervisors that considers such issues.
    (b) Insurance Policy Advisory Committee.--
        (1) Establishment.--There is established the Insurance Policy 
    Advisory Committee on International Capital Standards and Other 
    Insurance Issues at the Board of Governors of the Federal Reserve 
    System.
        (2) Membership.--The Committee shall be composed of not more 
    than 21 members, all of whom represent a diverse set of expert 
    perspectives from the various sectors of the United States 
    insurance industry, including life insurance, property and casualty 
    insurance and reinsurance, agents and brokers, academics, consumer 
    advocates, or experts on issues facing underserved insurance 
    communities and consumers.
    (c) Reports.--
        (1) Reports and testimony by secretary of the treasury and 
    chairman of the federal reserve.--
            (A) In general.--The Secretary of the Treasury and the 
        Chairman of the Board of Governors of the Federal Reserve 
        System, or their designee, shall submit to the Committee on 
        Banking, Housing, and Urban Affairs of the Senate, and the 
        Committee on Financial Services of the House of 
        Representatives, an annual report and provide annual testimony 
        to the Committee on Banking, Housing, and Urban Affairs of the 
        Senate, and the Committee on Financial Services of the House of 
        Representatives on the efforts of the Secretary and the 
        Chairman with the National Association of Insurance 
        Commissioners with respect to global insurance regulatory or 
        supervisory forums, including--
                (i) a description of the insurance regulatory or 
            supervisory standard-setting issues under discussion at 
            international standard-setting bodies, including the 
            Financial Stability Board and the International Association 
            of Insurance Supervisors;
                (ii) a description of the effects that proposals 
            discussed at international insurance regulatory or 
            supervisory forums of insurance could have on consumer and 
            insurance markets in the United States;
                (iii) a description of any position taken by the 
            Secretary of the Treasury, the Board of Governors of the 
            Federal Reserve System, and the Director of the Federal 
            Insurance Office in international insurance discussions; 
            and
                (iv) a description of the efforts by the Secretary of 
            the Treasury, the Board of Governors of the Federal Reserve 
            System, and the Director of the Federal Insurance Office to 
            increase transparency at the Financial Stability Board with 
            respect to insurance proposals and the International 
            Association of Insurance Supervisors, including efforts to 
            provide additional public access to working groups and 
            committees of the International Association of Insurance 
            Supervisors.
            (B) Termination.--This paragraph shall terminate on 
        December 31, 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.
        (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).
        (6) Insured credit union.--The term ``insured credit union'' 
    has the meaning given the term in section 101 of the Federal Credit 
    Union Act (12 U.S.C. 1752).
        (7) Insured depository institution.--The term ``insured 
    depository institution'' has the meaning given the term in section 
    3 of the Federal Deposit Insurance Act (12 U.S.C. 1813).
        (8) Online service.--The term ``online service'' means any 
    Internet-based service, such as a website or mobile application.
        (9) Personal identification card.--The term ``personal 
    identification card'' means an identification document issued by a 
    State or local government to an individual solely for the purpose 
    of identification of that individual.
        (10) Personal information.--The term ``personal information'' 
    means the information displayed on or electronically encoded on a 
    driver's license or personal identification card that is reasonably 
    necessary to fulfill the purpose and uses permitted by subsection 
    (b).
        (11) Scan.--The term ``scan'' means the act of using a device 
    or software to decipher, in an electronically readable format, 
    personal information displayed on or electronically encoded on a 
    driver's license or personal identification card.
        (12) State.--The term ``State'' means any State of the United 
    States, the District of Columbia, the Commonwealth of Puerto Rico, 
    and any other commonwealth, possession, or territory of the United 
    States.
    (b) Use of a Driver's License or Personal Identification Card.--
        (1) In general.--When an individual initiates a request through 
    an online service to open an account with a financial institution 
    or obtain a financial product or service from a financial 
    institution, the financial institution may record personal 
    information from a scan of the driver's license or personal 
    identification card of the individual, or make a copy or receive an 
    image of the driver's license or personal identification card of 
    the individual, and store or retain such information in any 
    electronic format for the purposes described in paragraph (2).
        (2) Uses of information.--Except as required to comply with 
    Federal bank secrecy laws, a financial institution may only use the 
    information obtained under paragraph (1)--
            (A) to verify the authenticity of the driver's license or 
        personal identification card;
            (B) to verify the identity of the individual; and
            (C) to comply with a legal requirement to record, retain, 
        or transmit the personal information in connection with opening 
        an account or obtaining a financial product or service.
        (3) Deletion of image.--A financial institution that makes a 
    copy or receives an image of a driver's license or personal 
    identification card of an individual in accordance with paragraphs 
    (1) and (2) shall, after using the image for the purposes described 
    in paragraph (2), permanently delete--
            (A) any image of the driver's license or personal 
        identification card, as applicable; and
            (B) any copy of any such image.
        (4) Disclosure of personal information.--Nothing in this 
    section shall be construed to amend, modify, or otherwise affect 
    any State or Federal law that governs a financial institution's 
    disclosure and security of personal information that is not 
    publicly available.
    (c) Relation to State Law.--The provisions of this section shall 
preempt and supersede any State law that conflicts with a provision of 
this section, but only to the extent of such conflict.
    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 income-
        producing 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 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 non-
    HVCRE 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.''.
    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.
    (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 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;
        (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.--
            ``(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 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.
        ``(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:
            ``(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;
                ``(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.
                ``(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.--
        (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.
        ``(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.
        ``(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);
                (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 Gramm-Leach-Bliley Act (15 
        U.S.C. 6735);
            (Q) the term ``State securities or law enforcement 
        authority'' has the meaning given the term in section 24(f)(4) 
        of the Securities Exchange Act of 1934 (15 U.S.C. 78x(f)(4)); 
        and
            (R) the term ``transfer agent'' has the meaning given the 
        term in section 3(a) of the Securities Exchange Act of 1934 (15 
        U.S.C. 78c(a)).
        (2) Immunity from suit.--
            (A) Immunity for individuals.--An individual who has 
        received the training described in subsection (b) shall not be 
        liable, including in any civil or administrative proceeding, 
        for disclosing the suspected exploitation of a senior citizen 
        to a covered agency if the individual, at the time of the 
        disclosure--
                (i) served as a supervisor or in a compliance or legal 
            function (including as a Bank Secrecy Act officer) for, or, 
            in the case of a registered representative, investment 
            adviser representative, or insurance producer, was 
            affiliated or associated with, a covered financial 
            institution; and
                (ii) made the disclosure--

                    (I) in good faith; and
                    (II) with reasonable care.

            (B) Immunity for covered financial institutions.--A covered 
        financial institution shall not be liable, including in any 
        civil or administrative proceeding, for a disclosure made by an 
        individual described in subparagraph (A) if--
                (i) the individual was employed by, or, in the case of 
            a registered representative, insurance producer, or 
            investment adviser representative, affiliated or associated 
            with, the covered financial institution at the time of the 
            disclosure; and
                (ii) before the time of the disclosure, each individual 
            described in subsection (b)(1) received the training 
            described in subsection (b).
            (C) Rule of construction.--Nothing in subparagraph (A) or 
        (B) shall be construed to limit the liability of an individual 
        or a covered financial institution in a civil action for any 
        act, omission, or fraud that is not a disclosure described in 
        subparagraph (A).
    (b) Training.--
        (1) In general.--A covered financial institution or a third 
    party selected by a covered financial institution may provide the 
    training described in paragraph (2)(A) to each officer or employee 
    of, or registered representative, insurance producer, or investment 
    adviser representative affiliated or associated with, the covered 
    financial institution who--
            (A) is described in subsection (a)(2)(A)(i);
            (B) may come into contact with a senior citizen as a 
        regular part of the professional duties of the individual; or
            (C) may review or approve the financial documents, records, 
        or transactions of a senior citizen in connection with 
        providing financial services to a senior citizen.
        (2) Content.--
            (A) In general.--The content of the training that a covered 
        financial institution or a third party selected by the covered 
        financial institution may provide under paragraph (1) shall--
                (i) be maintained by the covered financial institution 
            and made available to a covered agency with examination 
            authority over the covered financial institution, upon 
            request, except that a covered financial institution shall 
            not be required to maintain or make available such content 
            with respect to any individual who is no longer employed 
            by, or affiliated or associated with, the covered financial 
            institution;
                (ii) instruct any individual attending the training on 
            how to identify and report the suspected exploitation of a 
            senior citizen internally and, as appropriate, to 
            government officials or law enforcement authorities, 
            including common signs that indicate the financial 
            exploitation of a senior citizen;
                (iii) discuss the need to protect the privacy and 
            respect the integrity of each individual customer of the 
            covered financial institution; and
                (iv) be appropriate to the job responsibilities of the 
            individual attending the training.
            (B) Timing.--The training under paragraph (1) shall be 
        provided--
                (i) as soon as reasonably practicable; and
                (ii) with respect to an individual who begins 
            employment, or becomes affiliated or associated, with a 
            covered financial institution after the date of enactment 
            of this Act, not later than 1 year after the date on which 
            the individual becomes employed by, or affiliated or 
            associated with, the covered financial institution in a 
            position described in subparagraph (A), (B), or (C) of 
            paragraph (1).
            (C) Records.--A covered financial institution shall--
                (i) maintain a record of each individual who--

                    (I) is employed by, or affiliated or associated 
                with, the covered financial institution in a position 
                described in subparagraph (A), (B), or (C) of paragraph 
                (1); and
                    (II) has completed the training under paragraph 
                (1), regardless of whether the training was--

                        (aa) provided by the covered financial 
                    institution or a third party selected by the 
                    covered financial institution;
                        (bb) completed before the individual was 
                    employed by, or affiliated or associated with, the 
                    covered financial institution; and
                        (cc) completed before, on, or after the date of 
                    enactment of this Act; and
                (ii) upon request, provide a record described in clause 
            (i) to a covered agency with examination authority over the 
            covered financial institution.
    (c) Relationship to State Law.--Nothing in this section shall be 
construed to preempt or limit any provision of State law, except only 
to the extent that subsection (a) provides a greater level of 
protection against liability to an individual described in subsection 
(a)(2)(A) or to a covered financial institution described in subsection 
(a)(2)(B) than is provided under State law.
    SEC. 304. RESTORATION OF THE PROTECTING TENANTS AT FORECLOSURE ACT 
      OF 2009.
    (a) Repeal of Sunset Provision.--Section 704 of the Protecting 
Tenants at Foreclosure Act of 2009 (12 U.S.C. 5201 note; 12 U.S.C. 5220 
note; 42 U.S.C. 1437f note) is repealed.
    (b) Restoration.--Sections 701 through 703 of the Protecting 
Tenants at Foreclosure Act of 2009, the provisions of law amended by 
such sections, and any regulations promulgated pursuant to such 
sections, as were in effect on December 30, 2014, are restored and 
revived.
    (c) Effective Date.--Subsections (a) and (b) shall take effect on 
the date that is 30 days after the date of enactment of this Act.
    SEC. 305. REMEDIATING LEAD AND ASBESTOS HAZARDS.
    Section 109(a)(1) of the Emergency Economic Stabilization Act of 
2008 (12 U.S.C. 5219(a)(1)) is amended, in the second sentence, by 
inserting ``and to remediate lead and asbestos hazards in residential 
properties'' before the period at the end.
    SEC. 306. FAMILY SELF-SUFFICIENCY PROGRAM.
    (a) In General.--Section 23 of the United States Housing Act of 
1937 (42 U.S.C. 1437u) is amended--
        (1) in subsection (a)--
            (A) by striking ``public housing and''; and
            (B) by striking ``the certificate and voucher programs 
        under section 8'' and inserting ``sections 8 and 9'';
        (2) by amending subsection (b) to read as follows:
    ``(b) Continuation of Prior Required Programs.--
        ``(1) In general.--Each public housing agency that was required 
    to administer a local Family Self-Sufficiency program on the date 
    of enactment of the Economic Growth, Regulatory Relief, and 
    Consumer Protection Act shall operate such local program for, at a 
    minimum, the number of families the agency was required to serve on 
    the date of enactment of such Act, subject only to the availability 
    under appropriations Acts of sufficient amounts for housing 
    assistance and the requirements of paragraph (2).
        ``(2) Reduction.--The number of families for which a public 
    housing agency is required to operate such local program under 
    paragraph (1) shall be decreased by 1 for each family from any 
    supported rental housing program administered by such agency that, 
    after October 21, 1998, fulfills its obligations under the contract 
    of participation.
        ``(3) Exception.--The Secretary shall not require a public 
    housing agency to carry out a mandatory program for a period of 
    time upon the request of the public housing agency and upon a 
    determination by the Secretary that implementation is not feasible 
    because of local circumstances, which may include--
            ``(A) lack of supportive services accessible to eligible 
        families, which shall include insufficient availability of 
        resources for programs under title I of the Workforce 
        Investment Act of 1998 (29 U.S.C. 2801 et seq.);
            ``(B) lack of funding for reasonable administrative costs;
            ``(C) lack of cooperation by other units of State or local 
        government; or
            ``(D) any other circumstances that the Secretary may 
        consider appropriate.'';
        (3) by striking subsection (i);
        (4) by redesignating subsections (c), (d), (e), (f), (g), and 
    (h) as subsections (d), (e), (f), (g), (h), and (i) respectively;
        (5) by inserting after subsection (b), as amended, the 
    following:
    ``(c) Eligibility.--
        ``(1) Eligible families.--A family is eligible to participate 
    in a local Family Self-Sufficiency program under this section if--
            ``(A) at least 1 household member seeks to become and 
        remain employed in suitable employment or to increase earnings; 
        and
            ``(B) the household member receives direct assistance under 
        section 8 or resides in a unit assisted under section 8 or 9.
        ``(2) Eligible entities.--The following entities are eligible 
    to administer a local Family Self-Sufficiency program under this 
    section:
            ``(A) A public housing agency administering housing 
        assistance to or on behalf of an eligible family under section 
        8 or 9.
            ``(B) The owner or sponsor of a multifamily property 
        receiving project-based rental assistance under section 8, in 
        accordance with the requirements under subsection (l).'';
        (6) in subsection (d), as so redesignated--
            (A) in paragraph (1)--
                (i) by striking ``public housing agency'' the first 
            time it appears and inserting ``eligible entity'';
                (ii) in the first sentence, by striking ``each 
            leaseholder receiving assistance under the certificate and 
            voucher programs of the public housing agency under section 
            8 or residing in public housing administered by the 
            agency'' and inserting ``a household member of an eligible 
            family''; and
                (iii) by striking the third sentence and inserting the 
            following: ``Housing assistance may not be terminated as a 
            consequence of either successful completion of the contract 
            of participation or failure to complete such contract. A 
            contract of participation shall remain in effect until the 
            participating family exits the Family Self-Sufficiency 
            program upon successful graduation or expiration of the 
            contract of participation, or for other good cause.'';
            (B) in paragraph (2)--
                (i) in the matter preceding subparagraph (A)--

                    (I) in the first sentence--

                        (aa) by striking ``A local program under this 
                    section'' and inserting ``An eligible entity'';
                        (bb) by striking ``provide'' and inserting 
                    ``coordinate''; and
                        (cc) by striking ``to'' and inserting ``for''; 
                    and

                    (II) in the second sentence--

                        (aa) by striking ``provided during'' and 
                    inserting ``coordinated for'';
                        (bb) by striking ``under section 8 or residing 
                    in public housing'' and inserting ``pursuant to 
                    section 8 or 9 and for the duration of the contract 
                    of participation''; and
                        (cc) by inserting ``, but are not limited to'' 
                    after ``may include'';
                (ii) in subparagraph (D), by inserting ``or attainment 
            of a high school equivalency certificate'' after ``high 
            school'';
                (iii) by striking subparagraph (G);
                (iv) by redesignating subparagraphs (E), (F), and (J) 
            as subparagraphs (F), (G), and (K) respectively;
                (v) by inserting after subparagraph (D) the following:
            ``(E) education in pursuit of a post-secondary degree or 
        certification;'';
                (vi) in subparagraph (H), by inserting ``financial 
            literacy, such as training in financial management, 
            financial coaching, and asset building, and'' after 
            ``training in'';
                (vii) in subparagraph (I), by striking ``and'' at the 
            end; and
                (viii) by inserting after subparagraph (I) the 
            following:
            ``(J) homeownership education and assistance; and''; and
            (C) in paragraph (3)--
                (i) in the first sentence, by inserting ``the first 
            recertification of income after'' after ``not later than 5 
            years after''; and
                (ii) in the second sentence--

                    (I) by striking ``public housing agency'' and 
                inserting ``eligible entity''; and
                    (II) by striking ``of the agency'';

            (D) by amending paragraph (4) to read as follows:
        ``(4) Employment.--The contract of participation shall require 
    1 household member of the participating family to seek and maintain 
    suitable employment.''; and
            (E) by adding at the end the following:
        ``(5) Nonparticipation.--Assistance under section 8 or 9 for a 
    family that elects not to participate in a Family Self-Sufficiency 
    program shall not be delayed by reason of such election.'';
        (7) in subsection (e), as so redesignated--
            (A) in paragraph (1), by striking ``whose monthly adjusted 
        income does not exceed 50 percent'' and all that follows 
        through the period at the end of the third sentence and 
        inserting ``shall be calculated under the rental provisions of 
        section 3 or section 8(o), as applicable.'';
            (B) in paragraph (2)--
                (i) by striking the first sentence and inserting the 
            following: ``For each participating family, an amount equal 
            to any increase in the amount of rent paid by the family in 
            accordance with the provisions of section 3 or 8(o), as 
            applicable, that is attributable to increases in earned 
            income by the participating family, shall be placed in an 
            interest-bearing escrow account established by the eligible 
            entity on behalf of the participating family. 
            Notwithstanding any other provision of law, an eligible 
            entity may use funds it controls under section 8 or 9 for 
            purposes of making the escrow deposit for participating 
            families assisted under, or residing in units assisted 
            under, section 8 or 9, respectively, provided such funds 
            are offset by the increase in the amount of rent paid by 
            the participating family.'';
                (ii) by striking the second sentence and inserting the 
            following: ``All Family Self-Sufficiency programs 
            administered under this section shall include an escrow 
            account.'';
                (iii) in the fourth sentence, by striking ``subsection 
            (c)'' and inserting ``subsection (d)''; and
                (iv) in the last sentence--

                    (I) by striking ``A public housing agency'' and 
                inserting ``An eligible entity''; and
                    (II) by striking ``the public housing agency'' and 
                inserting ``such eligible entity''; and

            (C) by amending paragraph (3) to read as follows:
        ``(3) Forfeited escrow.--Any amount placed in an escrow account 
    established by an eligible entity for a participating family as 
    required under paragraph (2), that exists after the end of a 
    contract of participation by a household member of a participating 
    family that does not qualify to receive the escrow, shall be used 
    by the eligible entity for the benefit of participating families in 
    good standing.'';
        (8) in subsection (f), as so redesignated, by striking ``, 
    unless the income of the family equals or exceeds 80 percent of the 
    median income of the area (as determined by the Secretary with 
    adjustments for smaller and larger families)'';
        (9) in subsection (g), as so redesignated--
            (A) in paragraph (1)--
                (i) by striking ``public housing agency'' and inserting 
            ``eligible entity'';
                (ii) by striking ``the public housing agency'' and 
            inserting ``such eligible entity''; and
                (iii) by striking ``subsection (g)'' and inserting 
            ``subsection (h)''; and
            (B) in paragraph (2)--
                (i) by striking ``public housing agency'' and inserting 
            ``eligible entity'' each place that term appears;
                (ii) by striking ``or the Job Opportunities and Basic 
            Skills Training Program under part F of title IV of the 
            Social Security Act'';
                (iii) by inserting ``primary, secondary, and post-
            secondary'' after ``public and private''; and
                (iv) in the second sentence, by inserting ``and tenants 
            served by the program'' after ``the unit of general local 
            government'';
        (10) in subsection (h), as so redesignated--
            (A) in paragraph (1)--
                (i) by striking ``public housing agency'' and inserting 
            ``eligible entity'';
                (ii) by striking ``participating in the'' and inserting 
            ``carrying out a''; and
                (iii) by striking ``to the Secretary'';
            (B) in paragraph (2)--
                (i) by striking ``public housing agency'' and inserting 
            ``eligible entity'';
                (ii) by striking ``subsection (f)'' and inserting 
            ``subsection (g)'';
                (iii) by striking ``residents of the public housing'' 
            and inserting ``the current and prospective participants of 
            the program''; and
                (iv) by striking ``or the Job Opportunities and Basic 
            Skills Training Program under part F of title IV of the 
            Social Security Act''; and
            (C) in paragraph (3)--
                (i) in subparagraph (C)--

                    (I) by striking ``subsection (c)(2)'' and inserting 
                ``subsection (d)(2)'';
                    (II) by striking ``provided to'' and inserting 
                ``coordinated on behalf of participating'';
                    (III) by inserting ``direct'' before 
                ``assistance''; and
                    (IV) by striking ``the section 8 and public housing 
                programs'' and inserting ``sections 8 and 9'';

                (ii) in subparagraph (D)--

                    (I) by striking ``subsection (d)'' and inserting 
                ``subsection (e)''; and
                    (II) by striking ``public housing agency'' and 
                inserting ``eligible entity'';

                (iii) in subparagraph (E), by striking ``deliver'' and 
            inserting ``coordinate'';
                (iv) in subparagraph (H), by striking ``the Job 
            Opportunities and Basic Skills Training Program under part 
            F of title IV of the Social Security Act and''; and
                (v) in subparagraph (I), by striking ``public housing 
            or section 8 assistance'' and inserting ``assistance under 
            section 8 or 9'';
        (11) by amending subsection (i), as so redesignated, to read as 
    follows:
    ``(i) Family Self-Sufficiency Awards.--
        ``(1) In general.--Subject to appropriations, the Secretary 
    shall establish a formula by which annual funds shall be awarded or 
    as otherwise determined by the Secretary for the costs incurred by 
    an eligible entity in administering the Family Self-Sufficiency 
    program under this section.
        ``(2) Eligibility for awards.--The award established under 
    paragraph (1) shall provide funding for family self-sufficiency 
    coordinators as follows:
            ``(A) Base award.--An eligible entity serving 25 or more 
        participants in the Family Self-Sufficiency program under this 
        section is eligible to receive an award equal to the costs, as 
        determined by the Secretary, of 1 full-time family self-
        sufficiency coordinator position. The Secretary may, by 
        regulation or notice, determine the policy concerning the award 
        for an eligible entity serving fewer than 25 such participants, 
        including providing prorated awards or allowing such entities 
        to combine their programs under this section for purposes of 
        employing a coordinator.
            ``(B) Additional award.--An eligible entity that meets 
        performance standards set by the Secretary is eligible to 
        receive an additional award sufficient to cover the costs of 
        filling an additional family self-sufficiency coordinator 
        position if such entity has 75 or more participating families, 
        and an additional coordinator for each additional 50 
        participating families, or such other ratio as may be 
        established by the Secretary based on the award allocation 
        evaluation under subparagraph (E).
            ``(C) State and regional agencies.--For purposes of 
        calculating the award under this paragraph, each 
        administratively distinct part of a State or regional eligible 
        entity may be treated as a separate agency.
            ``(D) Determination of number of coordinators.--In 
        determining whether an eligible entity meets a specific 
        threshold for funding pursuant to this paragraph, the Secretary 
        shall consider the number of participants enrolled by the 
        eligible entity in its Family Self-Sufficiency program as well 
        as other criteria determined by the Secretary.
            ``(E) Award allocation evaluation.--The Secretary shall 
        submit to Congress a report evaluating the award allocation 
        under this subsection, and make recommendations based on this 
        evaluation and other related findings to modify such 
        allocation, within 4 years after the date of enactment of the 
        Economic Growth, Regulatory Relief, and Consumer Protection 
        Act, and not less frequently than every 4 years thereafter. The 
        report requirement under this subparagraph shall terminate 
        after the Secretary has submitted 2 such reports to Congress.
        ``(3) Renewals and allocation.--
            ``(A) In general.--Funds allocated by the Secretary under 
        this subsection shall be allocated in the following order of 
        priority:
                ``(i) First priority.--Renewal of the full cost of all 
            coordinators in the previous year at each eligible entity 
            with an existing Family Self-Sufficiency program that meets 
            applicable performance standards set by the Secretary.
                ``(ii) Second priority.--New or incremental coordinator 
            funding authorized under this section.
            ``(B) Guidance.--If the first priority, as described in 
        subparagraph (A)(i), cannot be fully satisfied, the Secretary 
        may prorate the funding for each eligible entity, as long as--
                ``(i) each eligible entity that has received funding 
            for at least 1 part-time coordinator in the prior fiscal 
            year is provided sufficient funding for at least 1 part-
            time coordinator as part of any such proration; and
                ``(ii) each eligible entity that has received funding 
            for at least 1 full-time coordinator in the prior fiscal 
            year is provided sufficient funding for at least 1 full-
            time coordinator as part of any such proration.
        ``(4) Recapture or offset.--Any awards allocated under this 
    subsection by the Secretary in a fiscal year that have not been 
    spent by the end of the subsequent fiscal year or such other time 
    period as determined by the Secretary may be recaptured by the 
    Secretary and shall be available for providing additional awards 
    pursuant to paragraph (2)(B), or may be offset as determined by the 
    Secretary. Funds appropriated pursuant to this section shall remain 
    available for 3 years in order to facilitate the re-use of any 
    recaptured funds for this purpose.
        ``(5) Performance reporting.--Programs under this section shall 
    be required to report the number of families enrolled and 
    graduated, the number of established escrow accounts and positive 
    escrow balances, and any other information that the Secretary may 
    require. Program performance shall be reviewed periodically as 
    determined by the Secretary.
        ``(6) Incentives for innovation and high performance.--The 
    Secretary may reserve up to 5 percent of the amounts made available 
    under this subsection to provide support to or reward Family Self-
    Sufficiency programs based on the rate of successful completion, 
    increased earned income, or other factors as may be established by 
    the Secretary.'';
        (12) in subsection (j)--
            (A) by striking ``public housing agency'' and inserting 
        ``eligible entity'';
            (B) by striking ``public housing'' before ``units'';
            (C) by striking ``in public housing projects administered 
        by the agency'';
            (D) by inserting ``or coordination'' after ``provision''; 
        and
            (E) by striking the last sentence;
        (13) in subsection (k), by striking ``public housing agencies'' 
    and inserting ``eligible entities'';
        (14) by striking subsection (n);
        (15) by striking subsection (o);
        (16) by redesignating subsections (l) and (m) as subsections 
    (m) and (n), respectively;
        (17) by inserting after subsection (k) the following:
    ``(l) Programs for Tenants in Privately Owned Properties With 
Project-Based Assistance.--
        ``(1) Voluntary availability of fss program.--The owner of a 
    privately owned property may voluntarily make a Family Self-
    Sufficiency program available to the tenants of such property in 
    accordance with procedures established by the Secretary. Such 
    procedures shall permit the owner to enter into a cooperative 
    agreement with a local public housing agency that administers a 
    Family Self-Sufficiency program or, at the owner's option, operate 
    a Family Self-Sufficiency program on its own or in partnership with 
    another owner. An owner, who voluntarily makes a Family Self-
    Sufficiency program available pursuant to this subsection, may 
    access funding from any residual receipt accounts for the property 
    to hire a family self-sufficiency coordinator or coordinators for 
    their program.
        ``(2) Cooperative agreement.--Any cooperative agreement entered 
    into pursuant to paragraph (1) shall require the public housing 
    agency to open its Family Self-Sufficiency program waiting list to 
    any eligible family residing in the owner's property who resides in 
    a unit assisted under project-based rental assistance.
        ``(3) Treatment of families assisted under this subsection.--A 
    public housing agency that enters into a cooperative agreement 
    pursuant to paragraph (1) may count any family participating in its 
    Family Self-Sufficiency program as a result of such agreement as 
    part of the calculation of the award under subsection (i).
        ``(4) Escrow.--
            ``(A) Cooperative agreement.--A cooperative agreement 
        entered into pursuant to paragraph (1) shall provide for the 
        calculation and tracking of the escrow for participating 
        residents and for the owner to make available, upon request of 
        the public housing agency, escrow for participating residents, 
        in accordance with paragraphs (2) and (3) of subsection (e), 
        residing in units assisted under section 8.
            ``(B) Calculation and tracking by owner.--The owner of a 
        privately owned property who voluntarily makes a Family Self-
        Sufficiency program available pursuant to paragraph (1) shall 
        calculate and track the escrow for participating residents and 
        make escrow for participating residents available in accordance 
        with paragraphs (2) and (3) of subsection (e).
        ``(5) Exception.--This subsection shall not apply to properties 
    assisted under section 8(o)(13).
        ``(6) Suspension of enrollment.--In any year, the Secretary may 
    suspend the enrollment of new families in Family Self-Sufficiency 
    programs under this subsection based on a determination that 
    insufficient funding is available for this purpose.'';
        (18) in subsection (m), as so redesignated--
            (A) in paragraph (1)--
                (i) in the first sentence, by striking ``Each public 
            housing agency'' and inserting ``Each eligible entity'';
                (ii) in the second sentence, by striking ``The report 
            shall include'' and inserting ``The contents of the report 
            shall include''; and
                (iii) in subparagraph (D)--

                    (I) by striking ``public housing agency'' and 
                inserting ``eligible entity''; and
                    (II) by striking ``local''; and

            (B) in paragraph (2), by inserting ``and describing any 
        additional research needs of the Secretary to evaluate the 
        effectiveness of the program'' after ``under paragraph (1)'';
        (19) in subsection (n), as so redesignated, by striking ``may'' 
    and inserting ``shall''; and
        (20) by adding at the end the following:
    ``(o) Definitions.--In this section:
        ``(1) Eligible entity.--The term `eligible entity' means an 
    entity that meets the requirements under subsection (c)(2) to 
    administer a Family Self-Sufficiency program under this section.
        ``(2) Eligible family.--The term `eligible family' means a 
    family that meets the requirements under subsection (c)(1) to 
    participate in the Family Self-Sufficiency program under this 
    section.
        ``(3) Participating family.--The term `participating family' 
    means an eligible family that is participating in the Family Self-
    Sufficiency program under this section.''.
    (b) Effective Date.--Not later than 360 days after the date of 
enactment of this Act, the Secretary of Housing and Urban Development 
shall issue regulations to implement this section and any amendments 
made by this section, and this section and any amendments made by this 
section shall take effect upon such issuance.
    SEC. 307. 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;
        (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:
``Sec. 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;
        ``(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).
            (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.--
        (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 
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.
        ``(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;
        ``(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) 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.
    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 lead-based 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 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 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).
        (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
            (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 incorporates a 
    definition of the term `high-quality liquid asset' or another 
    substantially similar term, the appropriate Federal banking 
    agencies shall treat a municipal obligation as a high-quality 
    liquid asset that is a level 2B liquid asset if that obligation is, 
    as of the date of calculation--
            ``(A) liquid and readily-marketable; and
            ``(B) investment grade.''.
    (b) Amendment to Liquidity Coverage Ratio Regulations.--Not later 
than 90 days after the date of enactment of this Act, the Federal 
Deposit Insurance Corporation, the Board of Governors of the Federal 
Reserve System, and the Comptroller of the Currency shall amend the 
final rule entitled ``Liquidity Coverage Ratio: Liquidity Risk 
Measurement Standards'' (79 Fed. Reg. 61439 (October 10, 2014)) and the 
final rule entitled ``Liquidity Coverage Ratio: Treatment of U.S. 
Municipal Securities as High-Quality Liquid Assets'' (81 Fed. Reg. 
21223 (April 11, 2016)) to implement the amendments made by this 
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.
        (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).
    (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 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.

              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 pre-existing 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 Cosigner 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.
    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.--
        (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.
                ``(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.
```