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

<DOC>

115th CONGRESS
  1st Session
                                S. 2155

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

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                           November 16, 2017

  Mr. Crapo (for himself, Mr. Donnelly, Ms. Heitkamp, Mr. Tester, Mr. 
Warner, Mr. Corker, Mr. Scott, Mr. Cotton, Mr. Rounds, Mrs. McCaskill, 
Mr. Perdue, Mr. Manchin, Mr. Tillis, Mr. King, Mr. Kennedy, Mr. Kaine, 
   Mr. Moran, Mr. Peters, Mr. Risch, and Mr. Bennet) introduced the 
 following bill; which was read twice and referred to the Committee on 
                  Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL

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

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

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

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

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

Sec. 101. Minimum standards for residential mortgage loans.
Sec. 102. Safeguarding access to habitat for humanity homes.
Sec. 103. Exemption from appraisals of real property located in rural 
                            areas.
Sec. 104. Home Mortgage Disclosure Act adjustment and study.
Sec. 105. Credit union residential loans.
Sec. 106. Eliminating barriers to jobs for loan originators.
Sec. 107. Protecting access to manufactured homes.
Sec. 108. Property Assessed Clean Energy financing.
Sec. 109. Escrow requirements relating to certain consumer credit 
                            transactions.
Sec. 110. No wait for lower mortgage rates.
  TITLE II--REGULATORY RELIEF AND PROTECTING CONSUMER ACCESS TO CREDIT

Sec. 201. Capital simplification for qualifying community banks.
Sec. 202. Limited exception for reciprocal deposits.
Sec. 203. Community bank relief.
Sec. 204. Removing naming restrictions.
Sec. 205. Short form call reports.
Sec. 206. Option for Federal savings associations to operate as covered 
                            savings associations.
Sec. 207. Small bank holding company policy statement.
Sec. 208. Application of the Expedited Funds Availability Act.
Sec. 209. Mutual holding company dividend waivers.
Sec. 210. Small public housing agencies.
Sec. 211. Examination cycle.
Sec. 212. National securities exchange regulatory parity.
     TITLE III--PROTECTIONS FOR VETERANS, CONSUMERS, AND HOMEOWNERS

Sec. 301. Protecting consumers' credit.
Sec. 302. Protecting veterans' credit.
Sec. 303. Immunity from suit for disclosure of financial exploitation 
                            of senior citizens.
Sec. 304. Restoration of the Protecting Tenants at Foreclosure Act of 
                            2009.
Sec. 305. Remediating lead and asbestos hazards.
   TITLE IV--TAILORING REGULATIONS FOR CERTAIN BANK HOLDING COMPANIES

Sec. 401. Enhanced supervision and prudential standards for certain 
                            bank holding companies.
Sec. 402. Supplementary leverage ratio for custodial banks.
Sec. 403. Treatment of certain municipal obligations.
                            TITLE V--STUDIES

Sec. 501. Treasury report on risks of cyber threats.
Sec. 502. SEC study on algorithmic trading.

SEC. 2. DEFINITIONS.

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

         TITLE I--IMPROVING CONSUMER ACCESS TO MORTGAGE CREDIT

SEC. 101. MINIMUM STANDARDS FOR RESIDENTIAL MORTGAGE LOANS.

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

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

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

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

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

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

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

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

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

SEC. 105. CREDIT UNION RESIDENTIAL LOANS.

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

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

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

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

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

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

SEC. 107. PROTECTING ACCESS TO MANUFACTURED HOMES.

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

SEC. 108. PROPERTY ASSESSED CLEAN ENERGY FINANCING.

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

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

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

SEC. 110. NO WAIT FOR LOWER MORTGAGE RATES.

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

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

SEC. 201. CAPITAL SIMPLIFICATION FOR QUALIFYING COMMUNITY BANKS.

    (a) Definitions.--In this section:
            (1) Community bank leverage ratio.--The term ``Community 
        Bank Leverage Ratio'' means the ratio of the tangible equity 
        capital of a qualifying community bank, as reported on the 
        qualifying community bank's applicable regulatory filing with 
        the qualifying community bank's appropriate Federal banking 
        agency, to the average total consolidated assets of the 
        qualifying community bank, as reported on the qualifying 
        community bank's applicable regulatory filing with the 
        qualifying community bank's appropriate Federal banking agency.
            (2) Generally applicable leverage capital requirements; 
        generally applicable risk-based capital requirements.--The 
        terms ``generally applicable leverage capital requirements'' 
        and ``generally applicable risk-based capital requirements'' 
        have the meanings given those terms in section 171(a) of the 
        Financial Stability Act of 2010 (12 U.S.C. 5371(a)).
            (3) Qualifying community bank.--
                    (A) Asset threshold.--The term ``qualifying 
                community bank'' means a depository institution or 
                depository institution holding company with total 
                consolidated assets of less than $10,000,000,000.
                    (B) Risk profile.--The appropriate Federal banking 
                agencies may determine that a depository institution or 
                depository institution holding company (or a class of 
                depository institutions or depository institution 
                holding companies) described in subparagraph (A) is not 
                a qualifying community bank based on the depository 
                institution's or depository institution holding 
                company's risk profile, which shall be based on 
                consideration of--
                            (i) off-balance sheet exposures;
                            (ii) trading assets and liabilities;
                            (iii) total notional derivatives exposures; 
                        and
                            (iv) such other factors as the appropriate 
                        Federal banking agencies determine appropriate.
    (b) Community Bank Leverage Ratio.--The appropriate Federal banking 
agencies shall, through notice and comment rule making under section 
553 of title 5, United States Code--
            (1) develop a Community Bank Leverage Ratio of not less 
        than 8 percent and not more than 10 percent for qualifying 
        community banks; and
            (2) establish procedures for treatment of a qualified 
        community bank that has a Community Bank Leverage Ratio that is 
        below the percentage developed under paragraph (1).
    (c) Capital Compliance.--
            (1) In general.--Any qualifying community bank that meets 
        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.

SEC. 202. LIMITED EXCEPTION FOR RECIPROCAL DEPOSITS.

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

SEC. 203. COMMUNITY BANK RELIEF.

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

SEC. 204. REMOVING NAMING RESTRICTIONS.

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

SEC. 205. SHORT FORM CALL REPORTS.

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

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

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

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

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

SEC. 207. SMALL BANK HOLDING COMPANY POLICY STATEMENT.

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

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

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

SEC. 209. MUTUAL HOLDING COMPANY DIVIDEND WAIVERS.

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

SEC. 210. 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.
                    ``(B) Standards.--The Secretary shall apply to 
                small public housing agencies the same standards for 
                the acceptable condition of public housing projects 
                that apply to projects assisted under section 8.
            ``(2) Housing voucher program.--A small 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).
            ``(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.

SEC. 211. EXAMINATION CYCLE.

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

SEC. 212. 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.

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

SEC. 301. PROTECTING CONSUMERS' CREDIT.

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

SEC. 302. PROTECTING VETERANS' CREDIT.

    (a) Purposes.--The purposes of this section are--
            (1) to rectify problematic reporting of medical debt 
        included in a consumer report of a veteran due to inappropriate 
        or delayed payment for hospital care or medical services 
        provided in a non-Department of Veterans Affairs facility under 
        the laws administered by the Secretary of Veterans Affairs; and
            (2) to clarify the process of debt collection for such 
        medical debt.
    (b) Amendments to Fair Credit Reporting Act.--
            (1) Veteran's medical debt defined.--Section 603 of the 
        Fair Credit Reporting Act (15 U.S.C. 1681a) is amended by 
        adding at the end the following:
    ``(z) Veteran.--The term `veteran' has the meaning given the term 
in section 101 of title 38, United States Code.
    ``(aa) Veteran's Medical Debt.--The term `veteran's medical debt'--
            ``(1) means a debt of a veteran arising from health care 
        provided in a non-Department of Veterans Affairs facility under 
        the laws administered by the Secretary of Veterans Affairs; and
            ``(2) includes medical debt that the Department of Veterans 
        Affairs has wrongfully charged a veteran.''.
            (2) Exclusion for veteran's medical debt.--Section 605(a) 
        of the Fair Credit Reporting Act (15 U.S.C. 1681c(a)) is 
        amended by adding at the end the following:
            ``(7) Any information related to a veteran's medical debt 
        if the date on which the hospital care or medical services was 
        rendered relating to the debt antedates the report by less than 
        1 year.
            ``(8) Any information related to a fully paid or settled 
        veteran's medical debt that had been characterized as 
        delinquent, charged off, or in collection.''.
            (3) Removal of veteran's medical debt from consumer 
        report.--Section 611 of the Fair Credit Reporting Act (15 
        U.S.C. 1681i) is amended--
                    (A) in subsection (a)(1)(A), by inserting ``and 
                except as provided in subsection (g)'' after 
                ``subsection (f)''; and
                    (B) by adding at the end the following:
    ``(g) Dispute Process for Veteran's Medical Debt.--
            ``(1) In general.--With respect to a veteran's medical debt 
        of a consumer, the consumer may submit a notice described in 
        paragraph (2) along with proof of liability of the Department 
        of Veterans Affairs for payment of that debt or documentation 
        that the Department of Veterans Affairs is in the process of 
        making payment for authorized medical services rendered to a 
        consumer reporting agency or a reseller to dispute the 
        inclusion of that debt on a consumer report of the consumer.
            ``(2) Notification to veteran.--The Department of Veterans 
        Affairs shall submit to a veteran a notice that the Department 
        of Veterans Affairs has assumed liability for part or all of a 
        veteran's medical debt.
            ``(3) Deletion of information from file.--If a consumer 
        reporting agency receives notice and proof of liability or 
        documentation under paragraph (1), the consumer reporting 
        agency shall delete all information relating to the veteran's 
        medical debt from the file of the consumer and notify the 
        furnisher and the consumer of that deletion.''.
    (c) Effective Date.--The amendments made by this section shall take 
effect on the date that is 180 days after the date of enactment of this 
Act.

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

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

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

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

SEC. 305. REMEDIATING LEAD AND ASBESTOS HAZARDS.

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

   TITLE IV--TAILORING REGULATIONS FOR CERTAIN BANK HOLDING COMPANIES

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

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

SEC. 402. SUPPLEMENTARY LEVERAGE RATIO FOR CUSTODIAL BANKS.

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

SEC. 403. TREATMENT OF CERTAIN MUNICIPAL OBLIGATIONS.

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

                            TITLE V--STUDIES

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

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

SEC. 502. SEC STUDY ON ALGORITHMIC TRADING.

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