II 

Calendar No. 103 

114TH CONGRESS 

1ST SESSION S. 1484 

To improve accountability and transparency in the United States financial 

regulatory system, protect access to credit for consumers, provide sensible 

relief to financial institutions, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

JUNE 2, 2015 

Mr. SHELBY, from the Committee on Banking, Housing, and Urban Affairs, 

reported the following original bill; which was read twice and placed on 

the calendar 

A BILL 

To improve accountability and transparency in the United 

States financial regulatory system, protect access to credit for consumers, provide sensible relief to financial institutions, and for other purposes. 

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

3 SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 

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

5 ‘‘Financial Regulatory Improvement Act of 2015’’. 


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

2 this Act is as follows: 

Sec. 1. Short title; table of contents. 

TITLE I—REGULATORY RELIEF AND PROTECTION OF CONSUMER 

ACCESS TO CREDIT 

Sec. 101. Exception to annual written privacy notice requirement under the 

Gramm-Leach-Bliley Act. 

Sec. 102. Privately insured credit unions authorized to become members of a 

Federal Home Loan Bank. 

Sec. 103. Designation of rural area. 

Sec. 104. Independent Examination Review. 

Sec. 105. Confidentiality of information shared between State and Federal financial services regulators. 

Sec. 106. Safe harbor for certain loans held in portfolio. 

Sec. 107. Protecting consumer access to mortgage credit. 

Sec. 108. Protecting access to manufactured homes. 

Sec. 109. Streamlining bank exams. 

Sec. 110. Adjustments for changes in gross domestic product. 

Sec. 111. Study on the privacy risks of government publication of personal financial data. 

Sec. 112. Ensuring the reporting of appraisal misconduct. 

Sec. 113. Mutual holding company dividend waivers. 

Sec. 114. Safeguarding access to habitat for humanity homes. 

Sec. 115. Clarifying the applicability of section 13(h)(1) of the Bank Holding 

Company Act of 1956. 

Sec. 116. Study of mortgage servicing assets. 

Sec. 117. No wait for lower mortgage rates. 

Sec. 118. Eliminating barriers to jobs for loan originators. 

Sec. 119. Short form call reports. 

Sec. 120. Application of the Expedited Funds Availability Act. 

Sec. 121. Application of the Federal Advisory Committee Act. 

Sec. 122. Budget transparency for the NCUA. 

Sec. 123. Date for determining consolidated assets. 

Sec. 124. FHLB membership. 

Sec. 125. Ensuring a comprehensive regulatory review. 

Sec. 126. Prohibition on implementation or participation in Operation Choke 

Point. 

TITLE II—SYSTEMICALLY IMPORTANT BANK HOLDING 

COMPANIES 

Sec. 201. Revisions to Council authority. 

Sec. 202. Revisions to Board authority. 

Sec. 203. Effective date. 

Sec. 204. Sense of Congress. 

Sec. 205. Preservation of authority. 

TITLE III—GREATER TRANSPARENCY FOR THE FINANCIAL STABILITY OVERSIGHT COUNCIL PROCESS FOR NONBANK FINANCIAL COMPANIES 

Sec. 301. Access to Council meetings by agency members. 


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Sec. 302. Nonbank determination process. 

Sec. 303. Rule of construction. 

TITLE IV—IMPROVED ACCOUNTABILITY AND TRANSPARENCY IN 

THE REGULATION OF INSURANCE 

Sec. 401. Sense of Congress. 

Sec. 402. Ensuring the protection of insurance policyholders. 

Sec. 403. International insurance capital standards accountability. 

TITLE V—IMPROVING THE FEDERAL RESERVE SYSTEM 

Sec. 501. Reports to Congress. 

Sec. 502. Testimony; votes; staff. 

Sec. 503. Transparency at the Federal Open Market Committee. 

Sec. 504. Interest rates on balances maintained at a Federal Reserve bank by 

depository institutions. 

Sec. 505. Commission for restructuring the Federal Reserve System. 

Sec. 506. GAO study on supervision. 

Sec. 507. Federal Reserve study on nonbank supervision. 

Sec. 508. Federal Reserve bank governance. 

TITLE VI—IMPROVED ACCESS TO CAPITAL AND TAILORED 

REGULATION IN THE FINANCIAL MARKETS 

Sec. 601. Holding company registration threshold equalization. 

Sec. 602. Increased threshold for disclosures relating to compensatory benefit 

plans. 

Sec. 603. Repeal of indemnification requirements. 

Sec. 604. Improving access to capital for emerging growth companies. 

TITLE VII—TAXPAYER PROTECTIONS AND MARKET ACCESS FOR 

MORTGAGE FINANCE 

Sec. 701. Definitions. 

Sec. 702. Prohibiting the use of guarantee fees as an offset. 

Sec. 703. Limitations on sale of preferred stock. 

Sec. 704. Secondary market advisory committee. 

Sec. 705. Securitization platform. 

Sec. 706. Mandatory risk sharing. 

TITLE VIII—DODD-FRANK WALL STREET REFORM AND 

CONSUMER PROTECTION ACT TECHNICAL CORRECTIONS 

Sec. 801. Table of contents; definitional corrections. 

Sec. 802. Antitrust savings clause corrections. 

Sec. 803. Title I corrections. 

Sec. 804. Title II corrections. 

Sec. 805. Title III corrections. 

Sec. 806. Title IV correction. 

Sec. 807. Title VI corrections. 

Sec. 808. Title VII corrections. 

Sec. 809. Title VIII corrections. 

Sec. 810. Title IX corrections. 

Sec. 811. Title X corrections. 

Sec. 812. Title XI correction. 

Sec. 813. Title XII correction. 


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Sec. 814. Title XIV correction. 

Sec. 815. Conforming corrections to other statutes. 

Sec. 816. Rulemaking deadlines. 

Sec. 817. Effective dates. 

1 TITLE I—REGULATORY RELIEF 

2 AND PROTECTION OF CON3 SUMER ACCESS TO CREDIT 

4 SEC. 101. EXCEPTION TO ANNUAL WRITTEN PRIVACY NO5 TICE REQUIREMENT UNDER THE GRAMM6 LEACH-BLILEY ACT. 

7 Section 503 of the Gramm-Leach-Bliley Act (15 

8 U.S.C. 6803) is amended by adding at the end the fol9 lowing: 

10 ‘‘(f) EXCEPTION TO ANNUAL WRITTEN NOTICE RE11 QUIREMENT.— 

12 ‘‘(1) IN GENERAL.—A financial institution de13 scribed in paragraph (2) shall not be required to 

14 provide an annual written disclosure under this sec15 tion until such time as the financial institution fails 

16 to comply with subparagraph (A), (B), or (C) of 

17 paragraph (2). 

18 ‘‘(2) COVERED INSTITUTIONS.—A financial in19 stitution described in this paragraph is a financial 

20 institution that— 

21 ‘‘(A) provides nonpublic personal informa22 tion only in accordance with the provisions of 


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1 subsection (b)(2) or (e) of section 502 or regu2 lations prescribed under section 504(b); 

3 ‘‘(B) has not changed its policies and prac4 tices with respect to disclosing nonpublic per5 sonal information from the policies and prac6 tices that were disclosed in the most recent dis7 closure sent to consumers in accordance with 

8 this section; and 

9 ‘‘(C) otherwise provides customers access 

10 to such most recent disclosure in electronic or 

11 other form permitted by regulations prescribed 

12 under section 504.’’. 

13 SEC. 102. PRIVATELY INSURED CREDIT UNIONS AUTHOR14 IZED TO BECOME MEMBERS OF A FEDERAL 

15 HOME LOAN BANK. 

16 (a) IN GENERAL.—Section 4(a) of the Federal Home 

17 Loan Bank Act (12 U.S.C. 1424(a)) is amended by adding 

18 at the end the following: 

19 ‘‘(5) CERTAIN PRIVATELY INSURED CREDIT

20 UNIONS.— 

21 ‘‘(A) IN GENERAL.—Subject to the re22 quirements of subparagraph (B), a credit union 

23 that lacks insurance of its member accounts 

24 under Federal law shall be treated as an inVerDate Sep 11 2014 22:43 Jun 02, 2015 Jkt 049200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\S1484.PCS S1484

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1 sured depository institution for purposes of this 

2 Act. 

3 ‘‘(B) CERTIFICATION BY APPROPRIATE

4 STATE SUPERVISOR.—For purposes of this 

5 paragraph, a credit union that lacks insurance 

6 of its member accounts under Federal law and 

7 that has applied for membership in a Federal 

8 Home Loan Bank shall be treated as an in9 sured depository institution if the following has 

10 occurred: 

11 ‘‘(i) DETERMINATION BY STATE SU12 PERVISOR OF THE CREDIT UNION.— 

13 ‘‘(I) IN GENERAL.—Subject to 

14 subclause (II), the appropriate super15 visor of the State in which the credit 

16 union is chartered has determined 

17 that the credit union meets all the eli18 gibility requirements under section 

19 201(a) of the Federal Credit Union 

20 Act (12 U.S.C. 1781(a)) to apply for 

21 insurance of its member accounts as 

22 of the date of the application for 

23 membership. 

24 ‘‘(II) CERTIFICATION DEEMED

25 VALID.—In the case of any credit 


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1 union to which subclause (I) applies, 

2 if the appropriate supervisor of the 

3 State in which such credit union is 

4 chartered fails to make the determina5 tion required pursuant to such sub6 clause by the end of the 12-month pe7 riod beginning on the date on which 

8 the application is submitted to the su9 pervisor, the credit union shall be 

10 deemed to have met the requirements 

11 of subclause (I). 

12 ‘‘(ii) DETERMINATION BY STATE SU13 PERVISOR OF THE PRIVATE DEPOSIT IN14 SURER.—The licensing entity of the pri15 vate deposit insurer that is insuring the 

16 member accounts of the credit union— 

17 ‘‘(I) receives, on an annual basis, 

18 an independent actuarial opinion that 

19 the private insurer has set aside suffi20 cient reserves for losses; and 

21 ‘‘(II) obtains, as frequently as 

22 appropriate, but not less frequently 

23 than once every 36 months, a study 

24 by an independent actuary on the cap25 ital adequacy of the private insurer. 


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1 ‘‘(iii) SUBMISSION OF FINANCIAL IN2 FORMATION.—The credit union or the ap3 propriate supervisor of the State in which 

4 the credit union is chartered makes avail5 able, and continues to make available for 

6 such time as the credit union is a member 

7 of a Federal Home Loan Bank, to the 

8 Federal Housing Finance Agency or to the 

9 Federal Home Loan Bank all reports, 

10 records, and other information related to 

11 any examination or inquiry performed by 

12 the supervisor concerning the financial 

13 condition of the credit union, as soon as is 

14 practicable. 

15 ‘‘(C) SECURITY INTERESTS OF FEDERAL

16 HOME LOAN BANK NOT AVOIDABLE.—Notwith17 standing any provision of State law authorizing 

18 a conservator or liquidating agent of a credit 

19 union to repudiate contracts, no such provision 

20 shall apply with respect to— 

21 ‘‘(i) any extension of credit from any 

22 Federal Home Loan Bank to any credit 

23 union that is a member of any such bank 

24 pursuant to this paragraph; or 


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1 ‘‘(ii) any security interest in the as2 sets of such a credit union securing any 

3 such extension of credit. 

4 ‘‘(D) PROTECTION FOR CERTAIN FEDERAL

5 HOME LOAN BANK ADVANCES.—Notwith6 standing any State law to the contrary, if a 

7 Bank makes an advance under section 10 to a 

8 State-chartered credit union that is not feder9 ally insured— 

10 ‘‘(i) the interest of the Bank in any 

11 collateral securing the advance has the 

12 same priority and is afforded the same 

13 standing and rights that the security inter14 est would have had if the advance had 

15 been made to a federally insured credit 

16 union; and 

17 ‘‘(ii) the Bank has the same right to 

18 access such collateral that the Bank would 

19 have had if the advance had been made to 

20 a federally insured credit union.’’. 

21 (b) COPIES OF AUDITS OF PRIVATE INSURERS OF

22 CERTAIN DEPOSITORY INSTITUTIONS REQUIRED TO BE

23 PROVIDED TO SUPERVISORY AGENCIES.—Section 

24 43(a)(2)(A) of the Federal Deposit Insurance Act (12 

25 U.S.C. 1831t(a)(2)(A)) is amended— 


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1 (1) in clause (i), by striking ‘‘; and’’ and insert2 ing a semicolon; 

3 (2) in clause (ii), by striking the period at the 

4 end and inserting ‘‘; and’’; and 

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

6 ‘‘(iii) in the case of depository institu7 tions described in subsection (e)(2)(A), the 

8 member accounts of which are insured by 

9 the private deposit insurer, which are 

10 members of a Federal home loan bank, to 

11 the Federal Housing Finance Agency, not 

12 later than 7 days after the audit is com13 pleted.’’. 

14 (c) GAO REPORT.—Not later than 18 months after 

15 the date of enactment of this Act, the Comptroller General 

16 of the United States shall conduct a study and submit to 

17 Congress a report on— 

18 (1) the adequacy of insurance reserves held by 

19 any private deposit insurer that insures the member 

20 accounts of any entity described in section 

21 43(e)(2)(A) of the Federal Deposit Insurance Act 

22 (12 U.S.C. 1831t(e)(2)(A)); and 

23 (2) for any entity described in paragraph (1), 

24 the member accounts of which are insured by a pri25 vate deposit insurer, the level of compliance with 


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1 Federal regulations relating to the disclosure of a 

2 lack of Federal deposit insurance. 

3 SEC. 103. DESIGNATION OF RURAL AREA. 

4 (a) APPLICATION.—Not later than 90 days after the 

5 date of enactment of this Act, the Bureau of Consumer 

6 Financial Protection shall establish an application process 

7 under which a person who lives or does business in a State 

8 may, with respect to an area identified by the person in 

9 the State that has not been designated by the Bureau of 

10 Consumer Financial Protection as a rural area for pur11 poses of a Federal consumer financial law (as defined in 

12 section 1002 of the Consumer Financial Protection Act 

13 of 2010 (12 U.S.C. 5481)), apply for such area to be so 

14 designated. 

15 (b) EVALUATION CRITERIA.—In evaluating an appli16 cation submitted under subsection (a), the Bureau of Con17 sumer Financial Protection shall take into consideration 

18 the following factors: 

19 (1) Criteria used by the Director of the Bureau 

20 of the Census for classifying geographical areas as 

21 rural or urban. 

22 (2) Criteria used by the Director of the Office 

23 of Management and Budget to designate counties as 

24 metropolitan, micropolitan, or neither. 


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1 (3) Criteria used by the Secretary of Agri2 culture to determine property eligibility for rural de3 velopment programs. 

4 (4) The Department of Agriculture rural-urban 

5 commuting area codes. 

6 (5) A written opinion provided by the State 

7 bank supervisor (as defined in section 3 of the Fed8 eral Deposit Insurance Act (12 U.S.C. 1813). 

9 (6) Population density. 

10 (c) RULE OF CONSTRUCTION.—If, at any time before 

11 the date on which an application is submitted under sub12 section (a), the area subject to review has been designated 

13 as nonrural by any Federal agency described in subsection 

14 (b) using any of the criteria described in that subsection, 

15 the Bureau of Consumer Financial Protection shall not 

16 be required to consider such designation in its evaluation. 

17 (d) PUBLIC COMMENT PERIOD.— 

18 (1) IN GENERAL.—Not later than 60 days after 

19 the date on which an application submitted under 

20 subsection (a) is received, the Bureau of Consumer 

21 Financial Protection shall— 

22 (A) publish the application on the website 

23 of the Bureau of Consumer Financial Protec24 tion; and 


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1 (B) make the application available for pub2 lic comment for not fewer than 90 days. 

3 (2) LIMITATION ON ADDITIONAL APPLICA4 TIONS.—Nothing in this section shall be construed 

5 to require the Bureau of Consumer Financial Pro6 tection, during the public comment period described 

7 in paragraph (1) with respect to an application sub8 mitted under subsection (a), to accept an additional 

9 application with respect to the area that is the sub10 ject of the initial application. 

11 (e) DECISION ON DESIGNATION.—Not later than 90 

12 days after the end of the public comment period described 

13 in subsection (d)(1), the Bureau of Consumer Financial 

14 Protection shall— 

15 (1) grant or deny such application, in whole or 

16 in part; and 

17 (2) publish such grant or denial in the Federal 

18 Register, along with an explanation of the factors on 

19 which the Bureau of Consumer Financial Protection 

20 relied in making such decision. 

21 (f) SUBSEQUENT APPLICATIONS.—A decision by the 

22 Bureau under subsection (e) to deny an application for 

23 an area to be designated as a rural area shall not preclude 

24 the Bureau of Consumer Financial Protection from ac25 cepting a subsequent application submitted under subVerDate Sep 11 2014 22:43 Jun 02, 2015 Jkt 049200 PO 00000 Frm 00013 Fmt 6652 Sfmt 6201 E:\BILLS\S1484.PCS S1484

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1 section (a) for the area to be so designated if the subse2 quent application is submitted after the date on which the 

3 90-day period beginning on the date on which the Bureau 

4 of Consumer Financial Protection denies the application 

5 under subsection (e) expires. 

6 (g) OPERATIONS IN RURAL AREAS.—The Truth in 

7 Lending Act (15 U.S.C. 1601 et seq.) is amended— 

8 (1) in section 129C(b)(2)(E)(iv)(I) (15 U.S.C. 

9 1639c(b)(2)(E)(iv)(I)), by striking ‘‘predominantly’’; 

10 and 

11 (2) in section 129D(c)(1) (15 U.S.C. 

12 1639d(c)(1)), by striking ‘‘predominantly’’. 

13 SEC. 104. INDEPENDENT EXAMINATION REVIEW. 

14 (a) IN GENERAL.—The Federal Financial Institu15 tions Examination Council Act of 1978 (12 U.S.C. 3301 

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

17 ‘‘SEC. 1012. OFFICE OF INDEPENDENT EXAMINATION RE18 VIEW. 

19 ‘‘(a) ESTABLISHMENT.—There is established in the 

20 Council an Office of Independent Examination Review. 

21 ‘‘(b) HEAD OF OFFICE.— 

22 ‘‘(1) ESTABLISHMENT.—There is established 

23 the position of the Director as the head of the Office 

24 of Independent Examination Review, who shall be 

25 appointed by the Council for a term of 5 years. 


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1 ‘‘(2) REMOVAL.— 

2 ‘‘(A) IN GENERAL.—The President may re3 move the Director from office. 

4 ‘‘(B) CONGRESSIONAL NOTIFICATION.— 

5 Not later than 30 days after the date on which 

6 the Director is removed from office under sub7 paragraph (A), the President shall submit to 

8 Congress a written notification describing the 

9 reasons for the removal. 

10 ‘‘(c) STAFFING.—The Director may hire staff to sup11 port the activities of the Office of Independent Examina12 tion Review. 

13 ‘‘(d) DUTIES.—The Director shall— 

14 ‘‘(1) receive and, at the discretion of the Direc15 tor, investigate complaints from financial institu16 tions, representatives of financial institutions, or any 

17 other entity acting on behalf of financial institutions, 

18 concerning examinations, examination practices, or 

19 examination reports; 

20 ‘‘(2) hold meetings, not less than once every 90 

21 days and in locations designed to encourage partici22 pation from all regions of the United States, with fi23 nancial institutions, representatives of financial in24 stitutions, or any other entity acting on behalf of fi25 nancial institutions, to discuss examination proceVerDate Sep 11 2014 22:43 Jun 02, 2015 Jkt 049200 PO 00000 Frm 00015 Fmt 6652 Sfmt 6201 E:\BILLS\S1484.PCS S1484

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1 dures, examination practices, or examination poli2 cies; 

3 ‘‘(3) review examination procedures of the Fed4 eral financial institutions regulatory agencies to en5 sure that the written examination policies of the 

6 agencies are being followed in practice and adhere to 

7 the standards for consistency established by the 

8 Council; 

9 ‘‘(4) conduct a continuing and regular program 

10 of examination quality assurance for all types of ex11 aminations conducted by the Federal financial insti12 tutions regulatory agencies; and 

13 ‘‘(5) submit to the Committee on Banking, 

14 Housing, and Urban Affairs of the Senate, the Com15 mittee on Financial Services of the House of Rep16 resentatives, and the Council an annual report on 

17 the reviews carried out pursuant to paragraphs (3) 

18 and (4), including recommendations for improve19 ments in examination procedures, practices, and 

20 policies. 

21 ‘‘(e) CONFIDENTIALITY.—The Director shall keep 

22 confidential— 

23 ‘‘(1) all meetings, discussions, and information 

24 provided by financial institutions; and 


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1 ‘‘(2) any confidential or privileged information 

2 provided by a Federal financial institutions regu3 latory agency. 

4 ‘‘(f) FUNDING; BUDGET.— 

5 ‘‘(1) IN GENERAL.—One-fifth of the costs and 

6 expenses of the Office of Independent Examination 

7 Review, including the salaries of its employees, shall 

8 be paid by each of the Federal financial institutions 

9 regulatory agencies, which shall be based on the 

10 budget submitted under paragraph (2). 

11 ‘‘(2) BUDGET.—Not later than April 15 of each 

12 fiscal year, the Director shall submit to the Council 

13 a projected budget for the Office of Independent Ex14 amination Review for the following fiscal year.’’. 

15 (b) DEFINITIONS.—Section 1003 of the Federal Fi16 nancial Institutions Examination Council Act of 1978 (12 

17 U.S.C. 3302) is amended— 

18 (1) by striking paragraph (1) and inserting the 

19 following: 

20 ‘‘(1) the term ‘Federal financial institutions 

21 regulatory agencies’ means the Office of the Comp22 troller of the Currency, the Board of Governors of 

23 the Federal Reserve System, the Federal Deposit In24 surance Corporation, the National Credit Union AdVerDate Sep 11 2014 22:43 Jun 02, 2015 Jkt 049200 PO 00000 Frm 00017 Fmt 6652 Sfmt 6201 E:\BILLS\S1484.PCS S1484

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1 ministration, and the Bureau of Consumer Financial 

2 Protection;’’; 

3 (2) in paragraph (2), by striking ‘‘; and’’ and 

4 inserting a semicolon; 

5 (3) in paragraph (3), by striking the semicolon 

6 and inserting ‘‘; and’’; and 

7 (4) by adding at the end the following: 

8 ‘‘(4) the term ‘Director’ means the Director es9 tablished under section 1012.’’. 

10 (c) FEDERAL BANKING AGENCY OMBUDSMAN.— 

11 (1) IN GENERAL.—Section 309 of the Riegle 

12 Community Development and Regulatory Improve13 ment Act of 1994 (12 U.S.C. 4806) is amended— 

14 (A) in the first sentence of subsection (a), 

15 by inserting ‘‘, the Bureau of Consumer Finan16 cial Protection,’’ after ‘‘Federal banking agen17 cy’’; 

18 (B) in subsection (b)— 

19 (i) by redesignating paragraphs (1) 

20 and (2) as subparagraphs (A) and (B), re21 spectively, and adjusting the margins ac22 cordingly; 

23 (ii) in the matter preceding subpara24 graph (A), as so redesignated, by striking 


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1 ‘‘In establishing’’ and inserting the fol2 lowing: 

3 ‘‘(1) IN GENERAL.—In establishing’’; 

4 (iii) in paragraph (1)(B), as so redes5 ignated, by striking ‘‘the appellant from 

6 retaliation by agency examiners’’ and in7 serting ‘‘the insured depository institution 

8 or insured credit union from retaliation by 

9 an agency referred to in subsection (a)’’; 

10 and 

11 (iv) by adding at the end the fol12 lowing: 

13 ‘‘(2) RETALIATION.—For purposes of this sub14 section and subsection (e), retaliation includes delay15 ing consideration of, or withholding approval of, any 

16 request, notice, or application that otherwise would 

17 have been approved, but for the exercise of the 

18 rights of the insured depository institution or in19 sured credit union under this section.’’; and 

20 (C) in subsection (e)(2)— 

21 (i) in subparagraph (B), by striking ‘‘; 

22 and’’ and inserting a semicolon; 

23 (ii) in subparagraph (C), by striking 

24 the period at the end and inserting ‘‘; 

25 and’’; and 


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1 (iii) by adding at the end the fol2 lowing: 

3 ‘‘(D) ensure that appropriate safeguards 

4 exist for protecting the insured depository insti5 tution or insured credit union from retaliation 

6 by any appropriate Federal banking agency for 

7 exercising the rights of the insured depository 

8 institution or insured credit union under this 

9 subsection.’’. 

10 (2) EFFECT.—Nothing in this subsection shall 

11 be construed to affect the authority of an appro12 priate Federal banking agency (as defined in section 

13 3 of the Federal Deposit Insurance Act (12 U.S.C. 

14 1813)) or the National Credit Union Administration 

15 Board to take enforcement or other supervisory ac16 tion. 

17 (d) FEDERAL CREDIT UNION ACT.—Section 205(j) 

18 of the Federal Credit Union Act (12 U.S.C. 1785(j)) is 

19 amended by inserting ‘‘the Bureau of Consumer Financial 

20 Protection,’’ before ‘‘the Administration’’ each place that 

21 term appears. 

22 (e) FEDERAL FINANCIAL INSTITUTIONS EXAMINA23 TION COUNCIL ACT.—Section 1005 of the Federal Finan24 cial Institutions Examination Council Act of 1978 (12 


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1 U.S.C. 3304) is amended by striking ‘‘One-fifth’’ and in2 serting ‘‘One-fourth’’. 

3 SEC. 105. CONFIDENTIALITY OF INFORMATION SHARED BE4 TWEEN STATE AND FEDERAL FINANCIAL 

5 SERVICES REGULATORS. 

6 Section 1512(a) of the S.A.F.E. Mortgage Licensing 

7 Act of 2008 (12 U.S.C. 5111(a)) is amended by inserting 

8 ‘‘or financial services’’ before ‘‘industry’’. 

9 SEC. 106. SAFE HARBOR FOR CERTAIN LOANS HELD IN 

10 PORTFOLIO. 

11 (a) IN GENERAL.—Section 129C of the Truth in 

12 Lending Act (15 U.S.C. 1639c) is amended by adding at 

13 the end the following: 

14 ‘‘(j) SAFE HARBOR FOR CERTAIN LOANS HELD IN

15 PORTFOLIO.— 

16 ‘‘(1) DEFINITIONS.—In this section— 

17 ‘‘(A) the term ‘appropriate Federal bank18 ing agency’ has the meaning given that term in 

19 section 3 of the Federal Deposit Insurance Act 

20 (12 U.S.C. 1813); 

21 ‘‘(B) the term ‘depository institution’ has 

22 the meaning given that term in section 19(b)(1) 

23 of the Federal Reserve Act (12 U.S.C. 

24 461(b)(1)); and 


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1 ‘‘(C) the term ‘financial institution regu2 lator’ means an appropriate Federal banking 

3 agency, the Bureau, and the National Credit 

4 Union Administration. 

5 ‘‘(2) SAFE HARBOR FOR CREDITORS.— 

6 ‘‘(A) IN GENERAL.—A creditor shall not be 

7 subject to suit for failure to comply with sub8 section (a), (c)(1), or (f)(2) of this section or 

9 section 129H with respect to a residential mort10 gage loan, and the financial institution regu11 lators shall treat such loan as a qualified mort12 gage, if— 

13 ‘‘(i)(I) the creditor has, since the 

14 origination of the loan, held the loan on 

15 the balance sheet of the creditor; or 

16 ‘‘(II) any person acquiring the loan 

17 has continued to hold the loan on the bal18 ance sheet of the person; 

19 ‘‘(ii) the loan has not been acquired 

20 through a securitization; 

21 ‘‘(iii) all prepayment penalties with respect 

22 to the loan comply with the limitations de23 scribed in subsection (c)(3); 

24 ‘‘(iv) the loan does not have— 

25 ‘‘(I) negative amortization; 


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1 ‘‘(II) interest-only features; or 

2 ‘‘(III) a loan term of more than 30 

3 years; and 

4 ‘‘(v) the creditor has documented the con5 sumer’s— 

6 ‘‘(I) income; 

7 ‘‘(II) employment; 

8 ‘‘(III) assets; and 

9 ‘‘(IV) credit history. 

10 ‘‘(B) EXCEPTION FOR CERTAIN TRANS11 FERS.—In the case of a depository institution 

12 that transfers a loan originated by that institu13 tion to another depository institution by reason 

14 of the bankruptcy or failure of the originating 

15 depository institution or the purchase of the 

16 originating depository institution, the depository 

17 institution acquiring the loan shall be deemed 

18 to have complied with the requirement under 

19 subparagraph (A)(i).’’. 

20 (b) REVIEWING THE PORTFOLIO OF SYSTEMICALLY

21 IMPORTANT BANKS.—Section 18(o) of the Federal De22 posit Insurance Act (12 U.S.C. 1828(o)) is amended by 

23 adding at the end the following: 

24 ‘‘(5) SYSTEMICALLY IMPORTANT BANK RE25 VIEW.—The appropriate Federal banking agency 


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1 shall periodically review the mortgage portfolio or 

2 targeted segments of the portfolios of a bank subject 

3 to a determination under section 113A(a) of the Fi4 nancial Stability Act of 2010 if— 

5 ‘‘(A) there is elevated risk; 

6 ‘‘(B) there is an increase in delinquency 

7 and loss rates; 

8 ‘‘(C) there are new lines of business; 

9 ‘‘(D) there are new acquisition channels; 

10 ‘‘(E) there is rapid growth; or 

11 ‘‘(F) an internal audit is inadequate.’’. 

12 (c) RULE OF CONSTRUCTION.—Nothing in the 

13 amendment made by subsection (a) shall be construed to 

14 prevent a balloon loan from qualifying for the safe harbor 

15 provided under section 129C(j) of the Truth in Lending 

16 Act, as added by subsection (a), if the balloon loan other17 wise meets all of the requirements under subsection (j) 

18 of that section, regardless of whether the balloon loan 

19 meets the requirements described under clauses (i) 

20 through (iv) of section 129C(b)(2)(E) of that Act (12 

21 U.S.C. 129C(b)(2)(E)). 


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1 SEC. 107. PROTECTING CONSUMER ACCESS TO MORTGAGE 

2 CREDIT. 

3 (a) DEFINITION OF HIGH-COST MORTGAGE.—Sec4 tion 103 of the Truth in Lending Act (15 U.S.C. 1602) 

5 is amended— 

6 (1) by redesignating subsections (aa) and (bb) 

7 as subsections (bb) and (aa), respectively, and mov8 ing subsection (bb), as so redesignated, after sub9 section (aa), as so redesignated; and 

10 (2) in subsection (aa)(4), as so redesignated— 

11 (A) in the matter preceding subparagraph 

12 (A), by striking ‘‘paragraph (1)(B)’’ and insert13 ing ‘‘paragraph (1)(A) and section 129C’’; 

14 (B) in subparagraph (C)— 

15 (i) in the matter preceding clause (i), 

16 by inserting ‘‘and insurance’’ after 

17 ‘‘taxes’’; and 

18 (ii) in clause (iii), by striking ‘‘; and’’ 

19 and inserting a semicolon; and 

20 (C) in subparagraph (D)— 

21 (i) by striking ‘‘accident,’’; and 

22 (ii) by striking ‘‘or any payments’’ 

23 and inserting ‘‘and any payments’’. 

24 (b) RULEMAKING.—Not later than 90 days after the 

25 date of enactment of this Act, the Bureau of Consumer 


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1 Financial Protection shall promulgate regulations to carry 

2 out the amendments made by subsection (a)(2). 

3 (c) STUDY AND REPORT ON CONSUMER ACCESS TO

4 MORTGAGE CREDIT.— 

5 (1) STUDY REQUIRED.—The Comptroller Gen6 eral of the United States shall conduct a study to 

7 determine the effects that the Dodd-Frank Wall 

8 Street Reform and Consumer Protection Act (12 

9 U.S.C. 5301 et seq.) has had on the availability and 

10 affordability of credit for consumers, small busi11 nesses, first-time homebuyers, and mortgage lending, 

12 including the effects— 

13 (A) on the mortgage market for mortgages 

14 that are not qualified mortgages; 

15 (B) on the ability of prospective home16 buyers to obtain financing, including first-time 

17 homebuyers; 

18 (C) on the ability of homeowners facing 

19 resets or adjustments to refinance, including 

20 whether homeowners have fewer refinancing op21 tions due to the unavailability of certain loan 

22 products that were available before the date of 

23 enactment of the Dodd-Frank Wall Street Re24 form and Consumer Protection Act (12 U.S.C. 

25 5301 et seq.); 


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1 (D) on the ability of minorities to access 

2 affordable credit compared with other prospec3 tive borrowers; 

4 (E) on home sales and construction; 

5 (F) of extending any right of rescission on 

6 adjustable rate loans and the impact of the 

7 right of rescission on litigation; 

8 (G) of any State foreclosure law and the 

9 ability of investors to transfer a property after 

10 foreclosure; 

11 (H) of expanding the existing provisions of 

12 the Home Ownership and Equity Protection 

13 Act of 1994 (15 U.S.C. 1601 note and 1602 

14 note); 

15 (I) of prohibiting prepayment penalties on 

16 high-cost mortgages; 

17 (J) of establishing counseling services 

18 under the Department of Housing and Urban 

19 Development and offered through the Office of 

20 Housing Counseling; and 

21 (K) on the differences in title insurance 

22 premiums and ancillary charges paid by low23 and moderate-income consumers to affiliates of 

24 mortgage lenders to purchase title insurance 

25 versus title insurance premiums and ancillary 


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1 charges paid by low- and moderate-income con2 sumers to unaffiliated title agencies or attor3 neys to purchase title insurance in those mar4 kets in which both affiliated and unaffiliated 

5 mortgage lenders compete. 

6 (2) REPORT.—Not later than 1 year after the 

7 date of enactment of this Act, the Comptroller Gen8 eral of the United States shall submit to the Com9 mittee on Banking, Housing, and Urban Affairs of 

10 the Senate and the Committee on Financial Services 

11 of the House of Representatives a report that in12 cludes— 

13 (A) the findings and conclusions of the 

14 Comptroller General with respect to the study 

15 conducted under paragraph (1); and 

16 (B) any recommendations for legislative or 

17 regulatory actions that— 

18 (i) would enhance the access of a con19 sumer to mortgage credit; 

20 (ii) is consistent with consumer pro21 tections and safe and sound banking oper22 ations; and 

23 (iii) would address any negative ef24 fects on mortgage credit and mortgage 

25 availability identified in the study. 


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1 SEC. 108. PROTECTING ACCESS TO MANUFACTURED 

2 HOMES. 

3 (a) MORTGAGE ORIGINATOR DEFINITION.—Section 

4 103 of the Truth in Lending Act (15 U.S.C. 1602) is 

5 amended— 

6 (1) by redesignating the second subsection des7 ignated as subsection (cc) and subsection (dd) as 

8 subsections (dd) and (ee), respectively; and 

9 (2) in subsection (dd)(2)(C), as so redesignated, 

10 by striking ‘‘an employee of a retailer of manufac11 tured homes who is not described in clause (i) or 

12 (iii) of subparagraph (A) and who does not advise a 

13 consumer on loan terms (including rates, fees, and 

14 other costs)’’ and inserting ‘‘a retailer of manufac15 tured or modular homes or its employees, unless 

16 such retailer or its employees receive compensation 

17 or gain for engaging in activities described in sub18 paragraph (A) that is in excess of any compensation 

19 or gain received in a comparable cash transaction’’. 

20 (b) HIGH-COST MORTGAGE DEFINITION.—Section 

21 103(aa)(1)(A) of the Truth in Lending Act (15 U.S.C. 

22 1602(aa)(1)(A)), as redesignated by section 107(a)(1) of 

23 this Act, is amended— 

24 (1) in clause (i)(I), by striking ‘‘(8.5 percentage 

25 points, if the dwelling is personal property and the 

26 transaction is for less than $50,000)’’ and inserting 


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1 ‘‘(10 percentage points, if the dwelling is personal 

2 property or is a transaction that does not include 

3 the purchase of real property on which a dwelling is 

4 to be placed, and the transaction is for less than 

5 $75,000 (as such amount is adjusted by the Bureau 

6 to reflect the change in the Consumer Price 

7 Index))’’; and 

8 (2) in clause (ii)— 

9 (A) in subclause (I), by striking ‘‘; or’’ and 

10 inserting a semicolon; and 

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

12 ‘‘(III) in the case of a trans13 action for less than $75,000 (as such 

14 amount is adjusted by the Bureau to 

15 reflect the change in the Consumer 

16 Price Index) in which the dwelling is 

17 personal property (or is a consumer 

18 credit transaction that does not in19 clude the purchase of real property on 

20 which a dwelling is to be placed), the 

21 greater of 5 percent of the total trans22 action amount or $3,000 (as such 

23 amount is adjusted by the Bureau to 

24 reflect the change in the Consumer 

25 Price Index); or’’. 


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1 SEC. 109. STREAMLINING BANK EXAMS. 

2 Section 10(d) of the Federal Deposit Insurance Act 

3 (12 U.S.C. 1820(d)) is amended— 

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

5 ‘‘$500,000,000’’ and inserting ‘‘$1,000,000,000’’; 

6 and 

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

8 ‘‘$500,000,000’’ and inserting ‘‘$1,000,000,000’’. 

9 SEC. 110. ADJUSTMENTS FOR CHANGES IN GROSS DOMES10 TIC PRODUCT. 

11 (a) COMMODITY EXCHANGE ACT.—Section 

12 2(h)(7)(C)(ii) of the Commodity Exchange Act (7 U.S.C. 

13 2(h)(7)(C)(ii)) is amended by inserting ‘‘(as such amount 

14 is adjusted annually by the Commission to reflect the per15 centage change for the previous calendar year in the gross 

16 domestic product of the United States, as calculated by 

17 the Bureau of Economic Analysis of the Department of 

18 Commerce)’’ after ‘‘$10,000,000,000’’ each place that 

19 term appears. 

20 (b) CONSUMER FINANCIAL PROTECTION BUREAU

21 EXAMINATION AND REPORTING THRESHOLD.— 

22 (1) INCREASE IN THE EXAMINATION THRESH23 OLD.—Section 1025(a) of the Consumer Financial 

24 Protection Act of 2010 (12 U.S.C. 5515(a)) is 

25 amended by striking ‘‘$10,000,000,000’’ each place 

26 that term appears and inserting ‘‘$50,000,000,000 


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1 (as such amount is adjusted annually by the Com2 mission to reflect the percentage change for the pre3 vious calendar year in the gross domestic product of 

4 the United States, as calculated by the Bureau of 

5 Economic Analysis of the Department of Com6 merce)’’. 

7 (2) INCREASE IN THE REPORTING THRESH8 OLD.—Section 1026(a) of the Consumer Financial 

9 Protection Act of 2010 (12 U.S.C. 5516(a)) is 

10 amended by striking ‘‘$10,000,000,000’’ each place 

11 that term appears and inserting ‘‘$50,000,000,000 

12 (as such amount is adjusted annually by the Com13 mission to reflect the percentage change for the pre14 vious calendar year in the gross domestic product of 

15 the United States, as calculated by the Bureau of 

16 Economic Analysis of the Department of Com17 merce)’’. 

18 (3) EFFECTIVE DATE.—This subsection and the 

19 amendments made by this subsection shall take ef20 fect on the date that is 45 days after the date of en21 actment of this Act. 

22 (c) SECURITIES EXCHANGE ACT OF 1934.—Section 

23 3C(g)(3)(B) of the Securities Exchange Act of 1934 (15 

24 U.S.C. 78c–3(g)(3)(B)) is amended by inserting ‘‘(as such 

25 amount is adjusted annually by the Commission to reflect 


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1 the percentage change for the previous calendar year in 

2 the gross domestic product of the United States, as cal3 culated by the Bureau of Economic Analysis of the De4 partment of Commerce)’’ after ‘‘$10,000,000,000’’ each 

5 place that term appears. 

6 (d) ELECTRONIC FUND TRANSFER ACT.—Section 

7 920(a)(6)(A) of the Electronic Fund Transfer Act (15 

8 U.S.C. 1693o–2(a)(6)(A)) is amended by inserting ‘‘(as 

9 such amount is adjusted annually by the Board to reflect 

10 the percentage change for the previous calendar year in 

11 the gross domestic product of the United States, as cal12 culated by the Bureau of Economic Analysis of the De13 partment of Commerce)’’ after ‘‘$10,000,000,000’’. 

14 (e) ENHANCING FINANCIAL INSTITUTION SAFETY

15 AND SOUNDNESS ACT OF 2010.—Section 334(e) of the 

16 Enhancing Financial Institution Safety and Soundness 

17 Act of 2010 (title III of Public Law 111–203; 124 Stat. 

18 1539) is amended by inserting ‘‘(as such amount is ad19 justed annually by the Corporation to reflect the percent20 age change for the previous calendar year in the gross do21 mestic product of the United States, as calculated by the 

22 Bureau of Economic Analysis of the Department of Com23 merce)’’ after ‘‘$10,000,000,000’’. 

24 (f) INVESTOR PROTECTION AND SECURITIES RE25 FORM ACT OF 2010.—Section 956(f) of the Investor ProVerDate Sep 11 2014 22:43 Jun 02, 2015 Jkt 049200 PO 00000 Frm 00033 Fmt 6652 Sfmt 6201 E:\BILLS\S1484.PCS S1484

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1 tection and Securities Reform Act of 2010 (15 U.S.C. 

2 5641(f)) is amended by inserting ‘‘(as such amount is ad3 justed annually by the appropriate Federal regulator to 

4 reflect the percentage change for the previous calendar 

5 year in the gross domestic product of the United States, 

6 as calculated by the Bureau of Economic Analysis of the 

7 Department of Commerce)’’ after ‘‘$1,000,000,000’’. 

8 SEC. 111. STUDY ON THE PRIVACY RISKS OF GOVERNMENT 

9 PUBLICATION OF PERSONAL FINANCIAL 

10 DATA. 

11 Section 304 of the Home Mortgage Disclosure Act 

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

13 (1) in subsection (n), by inserting ‘‘Such data 

14 shall not be publicly disclosed by the Bureau or a 

15 depository institution before the date on which the 

16 report is submitted under subsection (o)(2).’’ after 

17 the period at the end; and 

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

19 ‘‘(o) STUDY AND REPORT TO CONGRESS.— 

20 ‘‘(1) STUDY REQUIRED.—The Comptroller Gen21 eral of the United States shall conduct a study to 

22 determine whether the data published under this 

23 Act, in connection with other publicly available data 

24 sources, could allow for or increase the probability 

25 of— 


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1 ‘‘(A) exposure of the identity of mortgage 

2 applicants or mortgagors through reverse engi3 neering; 

4 ‘‘(B) exposure of mortgage applicants or 

5 mortgagors to identity theft or the loss of sen6 sitive personal financial information; 

7 ‘‘(C) the marketing or sale of unfair, de8 ceptive, or abusive financial products to mort9 gage applicants or mortgagors based on the 

10 data published under this Act; 

11 ‘‘(D) personal financial loss or emotional 

12 distress resulting from the exposure of mort13 gage applicants or mortgagors to identify theft 

14 or the loss of sensitive personal financial infor15 mation; and 

16 ‘‘(E) the potential legal liability facing the 

17 Bureau and market participants in the event 

18 the published data leads or contributes to iden19 tity theft or the capture of sensitive personal fi20 nancial information. 

21 ‘‘(2) REPORT.—Not later than 1 year after the 

22 date of enactment of this subsection, the Comp23 troller General of the United States shall submit to 

24 the Committee on Banking, Housing, and Urban Af25 fairs of the Senate and the Committee on Financial 


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1 Services of the House of Representatives a report 

2 that includes— 

3 ‘‘(A) the findings and conclusions of the 

4 Comptroller General with respect to the study 

5 conducted under paragraph (1); and 

6 ‘‘(B) any recommendations for legislative 

7 or regulatory actions that— 

8 ‘‘(i) would enhance the privacy of a 

9 consumer when accessing mortgage credit; 

10 and 

11 ‘‘(ii) are consistent with consumer 

12 protections and safe and sound banking 

13 operations.’’. 

14 SEC. 112. ENSURING THE REPORTING OF APPRAISAL MIS15 CONDUCT. 

16 Section 129E of the Truth in Lending Act (15 U.S.C. 

17 1639e) is amended— 

18 (1) in subsection (e)— 

19 (A) by striking ‘‘Any mortgage lender’’ 

20 and inserting the following: 

21 ‘‘(1) IN GENERAL.—Any mortgage lender’’; and 

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

23 ‘‘(2) LIMITATION ON CIVIL LIABILITY.—No per24 son may be held civilly liable under any provision of 


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1 Federal, State, or other law for a disclosure made in 

2 good faith pursuant to this section.’’; and 

3 (2) in subsection (k), by adding at the end the 

4 following: 

5 ‘‘(4) APPLICABILITY.—This subsection shall not 

6 apply to subsection (e).’’. 

7 SEC. 113. MUTUAL HOLDING COMPANY DIVIDEND WAIVERS. 

8 Notwithstanding the rule of the Board of Governors 

9 of the Federal Reserve System regarding Mutual Holding 

10 Company Dividend Waivers in section 239.63 of title 12, 

11 Code of Federal Regulations (or any successor thereto), 

12 grandfathered mutual holding companies and all other 

13 mutual holding companies shall be permitted to waive the 

14 receipt of dividends declared on the common stock of their 

15 bank or mid-size holding companies. 

16 SEC. 114. SAFEGUARDING ACCESS TO HABITAT FOR HU17 MANITY HOMES. 

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

19 U.S.C. 1639e(i)(2)) is amended— 

20 (1) by redesignating subparagraphs (A) and 

21 (B) as clauses (i) and (ii), respectively, and adjust22 ing the margins accordingly; 

23 (2) in the matter preceding clause (i), as so re24 designated, by striking ‘‘For purposes of’’ and in25 serting the following: 


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

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

3 ‘‘(B) RULE OF CONSTRUCTION RELATED

4 TO APPRAISAL DONATIONS.—In the case of an 

5 appraisal for which the appraiser voluntarily 

6 does not receive a fee, the appraiser is not, and 

7 shall not be construed to be, with respect to the 

8 donated appraisal, a fee appraiser for purposes 

9 of this section.’’. 

10 SEC. 115. CLARIFYING THE APPLICABILITY OF SECTION 

11 13(H)(1) OF THE BANK HOLDING COMPANY 

12 ACT OF 1956. 

13 (a) IN GENERAL.—Section 13(h)(1) of the Bank 

14 Holding Company Act of 1956 (12 U.S.C. 1851(h)(1)) is 

15 amended— 

16 (1) in subparagraph (D), by redesignating 

17 clauses (i) and (ii) as subclauses (I) and (II), respec18 tively, and adjusting the margins accordingly; 

19 (2) by redesignating subparagraphs (A), (B), 

20 (C), and (D) as clauses (i), (ii), (iii), and (iv), re21 spectively, and adjusting the margins accordingly; 

22 (3) by striking ‘‘institution that functions solely 

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

24 the following: ‘‘institution— 


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1 ‘‘(A) that functions solely in a trust or fi2 duciary capacity, if—’’; and 

3 (4) by striking the period at the end and insert4 ing the following: ‘‘; or 

5 ‘‘(B) with total consolidated assets of 

6 $10,000,000,000 or less if such institution is 

7 not controlled by a company with total consoli8 dated assets of more than $10,000,000,000 (as 

9 such amounts are adjusted annually by the 

10 Board to reflect the percentage change for the 

11 previous calendar year in the gross domestic 

12 product of the United States, as calculated by 

13 the Bureau of Economic Analysis of the De14 partment of Commerce).’’. 

15 (b) RESERVATION OF AUTHORITY.—Section 13 of 

16 the Bank Holding Company Act of 1956 (12 U.S.C. 1851) 

17 is amended by adding at the end the following: 

18 ‘‘(i) RESERVATION OF AUTHORITY FOR CERTAIN IN19 SURED DEPOSITORY INSTITUTIONS.— 

20 ‘‘(1) IN GENERAL.—Notwithstanding subsection 

21 (h)(1)(B), the appropriate Federal banking agency 

22 for an insured depository institution with total con23 solidated assets of $10,000,000,000 or less may 

24 apply the prohibitions and restrictions of this section 

25 to the activities of the insured depository institution 


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1 that, but for subsection (h)(1)(B), would be subject 

2 to the prohibitions and restrictions of this section if 

3 the appropriate Federal banking agency determines 

4 that those activities— 

5 ‘‘(A) are inconsistent with traditional 

6 banking activities; or 

7 ‘‘(B) due to their nature or volume, pose 

8 a risk to the safety and soundness of the in9 sured depository institution. 

10 ‘‘(2) NOTICE AND RESPONSE.—Each of the ap11 propriate Federal banking agencies shall establish a 

12 procedure for providing notice to an insured deposi13 tory institution of a determination under paragraph 

14 (1) and an opportunity for response.’’. 

15 SEC. 116. STUDY OF MORTGAGE SERVICING ASSETS. 

16 (a) DEFINITIONS.—In this section: 

17 (1) BANKING INSTITUTION.—The term ‘‘bank18 ing institution’’ means an insured depository institu19 tion, Federal credit union, State credit union, bank 

20 holding company, or savings and loan holding com21 pany. 

22 (2) BASEL III CAPITAL REQUIREMENTS.—The 

23 term ‘‘Basel III capital requirements’’ means the 

24 Global Regulatory Framework for More Resilient 

25 Banks and Banking Systems issued by the Basel 


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1 Committee on Banking Supervision on December 16, 

2 2010, as revised on June 1, 2011. 

3 (3) FEDERAL BANKING AGENCIES.—The term 

4 ‘‘Federal banking agencies’’ means the Board of 

5 Governors of the Federal Reserve System, the Office 

6 of the Comptroller of the Currency, the Federal De7 posit Insurance Corporation, and the National Cred8 it Union Administration. 

9 (4) MORTGAGE SERVICING ASSETS.—The term 

10 ‘‘mortgage servicing assets’’ means those assets that 

11 result from contracts to service loans secured by real 

12 estate, where such loans are owned by third parties. 

13 (5) NCUA CAPITAL REQUIREMENTS.—The 

14 term ‘‘NCUA capital requirements’’ means the pro15 posed rule of the National Credit Union Administra16 tion entitled ‘‘Risk-Based Capital’’ (80 Fed. Reg. 

17 4340 (January 27, 2015)). 

18 (6) OTHER DEFINITIONS.— 

19 (A) BANKING DEFINITIONS.—The terms 

20 ‘‘bank holding company’’, ‘‘insured depository 

21 institution’’, and ‘‘savings and loan holding 

22 company’’ have the meanings given those terms 

23 in section 3 of the Federal Deposit Insurance 

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


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1 (B) CREDIT UNION DEFINITIONS.—The 

2 terms ‘‘Federal credit union’’ and ‘‘State credit 

3 union’’ have the meanings given those terms in 

4 section 101 of the Federal Credit Union Act 

5 (12 U.S.C. 1752). 

6 (b) STUDY OF THE APPROPRIATE CAPITAL FOR

7 MORTGAGE SERVICING ASSETS.— 

8 (1) IN GENERAL.—The Federal banking agen9 cies shall jointly conduct a study of the appropriate 

10 capital requirements for mortgage servicing assets 

11 for banking institutions. 

12 (2) ISSUES TO BE STUDIED.—The study re13 quired under paragraph (1) shall include, with a 

14 specific focus on banking institutions— 

15 (A) the risk to banking institutions of 

16 holding mortgage servicing assets; 

17 (B) the history of the market for mortgage 

18 servicing assets, including in particular the 

19 market for those assets in the period of the fi20 nancial crisis; 

21 (C) the ability of banking institutions to 

22 establish a value for mortgage servicing assets 

23 of the institution through periodic sales or other 

24 means; 


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1 (D) regulatory approaches to mortgage 

2 servicing assets and capital requirements that 

3 may be used to address concerns about the 

4 value of and ability to sell mortgage servicing 

5 assets; 

6 (E) the impact of imposing the Basel III 

7 capital requirements and the NCUA capital re8 quirements on banking institutions on the abil9 ity of those institutions— 

10 (i) to compete in the mortgage serv11 icing business, including the need for 

12 economies of scale to compete in that busi13 ness; and 

14 (ii) to provide service to consumers to 

15 whom the institutions have made mortgage 

16 loans; 

17 (F) an analysis of what the mortgage serv18 icing marketplace would look like if the Basel 

19 III capital requirements and the NCUA capital 

20 requirements on mortgage servicing assets— 

21 (i) were fully implemented; and 

22 (ii) applied to both banking institu23 tions and nondepository residential mort24 gage loan servicers; 


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1 (G) the significance of problems with mort2 gage servicing assets, if any, in banking institu3 tion failures and problem banking institutions, 

4 including specifically identifying failed banking 

5 institutions where mortgage servicing assets 

6 contributed to the failure; and 

7 (H) an analysis of the relevance of the 

8 Basel III capital requirements and the NCUA 

9 capital requirements on mortgage servicing as10 sets to the banking systems of other signifi11 cantly developed countries. 

12 (3) REPORT TO CONGRESS.—Not later than 

13 180 days after the date of enactment of this Act, the 

14 Federal banking agencies shall submit to the Com15 mittee on Banking, Housing, and Urban Affairs of 

16 the Senate and the Committee on Financial Services 

17 of the House of Representatives a report con18 taining— 

19 (A) the results of the study required under 

20 paragraph (1); 

21 (B) any analysis on the specific issue of 

22 mortgage servicing assets undertaken by the 

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1 quirements and the NCUA capital require2 ments; and 

3 (C) any recommendations for legislative or 

4 regulatory actions that would address concerns 

5 about the value of and ability to sell and the 

6 ability of banking institutions to hold mortgage 

7 servicing assets. 

8 SEC. 117. NO WAIT FOR LOWER MORTGAGE RATES. 

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

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

11 (1) by redesignating paragraph (3) as para12 graph (4); and 

13 (2) by inserting after paragraph (2) the fol14 lowing: 

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

16 extends to a consumer a second offer of credit with 

17 a lower annual percentage rate, the transaction may 

18 be consummated without regard to the period speci19 fied in paragraph (1).’’. 

20 (b) SAFE HARBOR FOR GOOD FAITH COMPLIANCE

21 WITH TILA-RESPA INTEGRATED DISCLOSURE RULE.— 

22 Section 1032(f) of the Consumer Financial Protection Act 

23 of 2010 (12 U.S.C. 5532(f)) is amended— 

24 (1) by striking ‘‘Not later than’’ and inserting 

25 the following: 


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1 ‘‘(1) IN GENERAL.—Not later than’’; and 

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

3 ‘‘(2) SAFE HARBOR FOR GOOD FAITH COMPLI4 ANCE.— 

5 ‘‘(A) SAFE HARBOR.—Notwithstanding 

6 any other provision of law, during the period 

7 described in subparagraph (B), an entity that 

8 provides the disclosures required under the 

9 Truth in Lending Act (15 U.S.C. 1601 et seq.) 

10 and sections 4 and 5 of the Real Estate Settle11 ment Procedures Act of 1974 (12 U.S.C. 2603 

12 and 2604), as in effect on July 31, 2015, shall 

13 not be subject to any civil, criminal, or adminis14 trative action or penalty for failure to fully 

15 comply with any requirement under this sub16 section. 

17 ‘‘(B) APPLICABLE PERIOD.—Subparagraph 

18 (A) shall apply to an entity during the period 

19 beginning on the date of enactment of this 

20 paragraph and ending on the date that is 30 

21 days after the date on which a certification by 

22 the Director that the model disclosures required 

23 under paragraph (1) are accurate and in com24 pliance with all State laws is published in the 

25 Federal Register.’’. 


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1 SEC. 118. ELIMINATING BARRIERS TO JOBS FOR LOAN 

2 ORIGINATORS. 

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

4 Act of 2008 (12 U.S.C. 5101 et seq.) is amended by add5 ing at the end the following: 

6 ‘‘SEC. 1518. EMPLOYMENT TRANSITION. 

7 ‘‘(a) TEMPORARY LICENSE FOR PERSONS MOVING

8 FROM A FINANCIAL INSTITUTION TO A NON-BANK ORIGI9 NATOR.—A registered loan originator shall be deemed to 

10 be a State-licensed loan originator for the 120-day period 

11 beginning on the date on which a State-licensed mortgage 

12 lender, mortgage banker, or mortgage servicer that is not 

13 a depository institution registers with the Nationwide 

14 Mortgage Licensing System and Registry that the reg15 istered loan originator is employed by the State-licensed 

16 mortgage lender, mortgage banker, or mortgage servicer, 

17 as applicable. 

18 ‘‘(b) TEMPORARY LICENSE FOR PERSONS MOVING

19 INTERSTATE.—A registered loan originator or State-li20 censed loan originator in 1 State shall be deemed to be 

21 a State-licensed loan originator in another State for the 

22 120-day period beginning on the date on which a State23 licensed mortgage lender, mortgage banker, or mortgage 

24 servicer in that State registers with the Nationwide Mort25 gage Licensing System and Registry that the registered 

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1 ployed by the State-licensed mortgage lender, mortgage 

2 banker, or mortgage servicer, as applicable. 

3 ‘‘(c) FEDERAL AND STATE RECOGNITION.—The reg4 istration provided under subsections (a) and (b) shall ful5 fill any licensing or registration requirement for a loan 

6 originator under section 1504 and any State law or regu7 lation.’’. 

8 (b) TECHNICAL AND CONFORMING AMENDMENT.— 

9 The table of contents for the Housing and Economic Re10 covery Act of 2008 (Public Law 110–289; 122 Stat. 2654) 

11 is amended by inserting after the item relating to section 

12 1517 the following: 

‘‘Sec. 1518. Employment transition.’’. 

13 SEC. 119. SHORT FORM CALL REPORTS. 

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

15 (12 U.S.C. 1817(a)) is amended by adding at the end the 

16 following: 

17 ‘‘(12) SHORT FORM REPORTING.— 

18 ‘‘(A) REVIEW OF REPORTS OF CONDI19 TION.—The appropriate Federal banking agen20 cies shall jointly review the information and 

21 schedules that are required to be filed by an in22 sured depository institution in a report of con23 dition required under paragraph (3). As part of 

24 this review, the appropriate Federal banking 

25 agencies shall jointly— 


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1 ‘‘(i) establish guiding principles for 

2 determining the appropriateness of infor3 mation and schedules collected in a report 

4 of condition; and 

5 ‘‘(ii) consistent with the principles es6 tablished under clause (i), consider and 

7 document the need for each data item col8 lected, the frequency with which each data 

9 item will be collected, and the population 

10 of insured depository institutions from 

11 which each data item is required. 

12 ‘‘(B) DEVELOPMENT OF SHORT FORM RE13 PORTS OF CONDITION.—After completing the 

14 review required under subparagraph (A), the 

15 appropriate Federal banking agencies shall 

16 jointly develop, to the extent appropriate, 1 or 

17 more report of condition forms that reduce or 

18 eliminate information or schedules required to 

19 be filed by an insured depository institution in 

20 a report of condition required under paragraph 

21 (3). Such form or forms shall, as determined by 

22 the appropriate Federal banking agencies, be 

23 appropriate for the size and complexity of the 

24 insured depository institution. 


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1 ‘‘(C) REPORTS TO CONGRESS.—Not later 

2 than 180 days after the date of enactment of 

3 this paragraph, and every 180 days thereafter 

4 until the appropriate Federal banking agencies 

5 have jointly completed the requirements under 

6 subparagraphs (A) and (B), the appropriate 

7 Federal banking agencies shall submit to the 

8 Committee on Banking, Housing, and Urban 

9 Affairs of the Senate and the Committee on Fi10 nancial Services of the House of Representa11 tives a report describing the progress made con12 cerning the completion of such responsibil13 ities.’’. 

14 SEC. 120. APPLICATION OF THE EXPEDITED FUNDS AVAIL15 ABILITY ACT. 

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

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

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

19 (A) in paragraph (20), by inserting ‘‘, lo20 cated in the United States,’’ after ‘‘ATM’’; 

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

22 ‘‘American Samoa, the Commonwealth of the 

23 Northern Mariana Islands,’’ after ‘‘Puerto 

24 Rico,’’; and 


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1 (C) in paragraph (23), by inserting ‘‘Amer2 ican Samoa, the Commonwealth of the North3 ern Mariana Islands,’’ after ‘‘Puerto Rico,’’; 

4 and 

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

6 4002(d)(2)(A)), by inserting ‘‘American Samoa, the 

7 Commonwealth of the Northern Mariana Islands,’’ 

8 after ‘‘Puerto Rico,’’. 

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

10 subsection (a) shall take effect on January 1, 2016. 

11 SEC. 121. APPLICATION OF THE FEDERAL ADVISORY COM12 MITTEE ACT. 

13 Section 1013 of the Consumer Financial Protection 

14 Act of 2010 (12 U.S.C. 5493) is amended by adding at 

15 the end the following: 

16 ‘‘(h) APPLICATION OF FACA.—Notwithstanding any 

17 provision of the Federal Advisory Committee Act (5 

18 U.S.C. App.), such Act shall apply to each advisory com19 mittee of the Bureau and each subcommittee of such an 

20 advisory committee.’’. 

21 SEC. 122. BUDGET TRANSPARENCY FOR THE NCUA. 

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

23 U.S.C. 1789) is amended— 

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

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


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1 (2) by inserting before paragraph (2), as so re2 designated, the following: 

3 ‘‘(1) on an annual basis and prior to the sub4 mission of the detailed business-type budget required 

5 under paragraph (2)— 

6 ‘‘(A) make publicly available and cause to 

7 be printed in the Federal Register a draft of 

8 the detailed business-type budget; and 

9 ‘‘(B) hold a public hearing, with public no10 tice provided of the hearing, wherein the public 

11 may submit comments on the draft of the de12 tailed business-type budget;’’; and 

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

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

15 a’’; and 

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

17 comment submitted by the public under para18 graph (1)(B)’’ after ‘‘Control Act’’. 

19 SEC. 123. DATE FOR DETERMINING CONSOLIDATED AS20 SETS. 

21 Section 171(b)(4)(C) of the Financial Stability Act 

22 of 2010 (12 U.S.C. 5371(b)(4)(C)) is amended by insert23 ing ‘‘or March 31, 2010,’’ after ‘‘December 31, 2009,’’. 

24 SEC. 124. FHLB MEMBERSHIP. 

25 (a) FHLB MEMBERSHIP PROPOSED RULE.— 


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1 (1) DEFINITIONS.—In this subsection: 

2 (A) COMMUNITY DEVELOPMENT FINAN3 CIAL INSTITUTION.—The term ‘‘community de4 velopment financial institution’’ has the mean5 ing given that term in section 103 of the Com6 munity Development Banking and Financial In7 stitutions Act of 1994 (12 U.S.C. 4702). 

8 (B) COVERED PROPOSED RULE.—The 

9 term ‘‘covered proposed rule’’ means the pro10 posed rule of the Federal Housing Finance 

11 Agency entitled ‘‘Members of Federal Home 

12 Loan Banks’’ (79 Fed. Reg. 54848 (September 

13 12, 2014)). 

14 (C) OTHER TERMS FROM THE FEDERAL

15 HOME LOAN BANK ACT.—The terms ‘‘commu16 nity financial institution’’, ‘‘Federal Home 

17 Loan Bank’’, and ‘‘Federal Home Loan Bank 

18 System’’ have the meanings given those terms 

19 in section 2 of the Federal Home Loan Bank 

20 Act (12 U.S.C. 1422). 

21 (2) WITHDRAWAL OF PROPOSED RULE.—Not 

22 later than 30 days after the date of enactment of 

23 this Act, the Federal Housing Finance Agency shall 

24 withdraw the covered proposed rule. 


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1 (3) GAO STUDY AND REPORT ON PROPOSED

2 RULE.— 

3 (A) STUDY.— 

4 (i) IN GENERAL.—The Comptroller 

5 General of the United States shall conduct 

6 a study on the impact that the covered 

7 proposed rule would have, if adopted as 

8 proposed, on— 

9 (I) the ability of the Federal 

10 Home Loan Banks to fulfill the man11 date to provide liquidity to support 

12 housing finance and economic and 

13 community development; 

14 (II) the safety and soundness of 

15 the Federal Home Loan Bank Sys16 tem; 

17 (III) the liquidity needs of finan18 cial intermediaries; 

19 (IV) the stability of the Federal 

20 Home Loan Bank System; 

21 (V) the benefits of a diverse 

22 membership base for Federal Home 

23 Loan Banks; and 


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1 (VI) the ability of member insti2 tutions to rely on access to Federal 

3 Home Loan Bank advances. 

4 (ii) CONSIDERATIONS.—In conducting 

5 the study under clause (i), the Comptroller 

6 General of the United States shall con7 sider— 

8 (I) the comment letters sub9 mitted in response to the notice of 

10 proposed rulemaking for the covered 

11 proposed rule; 

12 (II) the legislative and adminis13 trative history of the Federal Home 

14 Loan Bank membership rules; 

15 (III) the burden placed on com16 munity financial institutions and com17 munity development financial institu18 tions; and 

19 (IV) the legal authority of the 

20 Federal Housing Finance Agency to 

21 exclude from membership any class or 

22 category of insurance companies. 

23 (B) REPORT.—Not later than 1 year after 

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1 mit to the Committee on Banking, Housing, 

2 and Urban Affairs of the Senate and the Com3 mittee on Financial Services of the House of 

4 Representatives a report on the findings of the 

5 study conducted under subparagraph (A)(i). 

6 (b) CREDIT UNION PARITY FOR FHLB MEMBER7 SHIP ELIGIBILITY.—Section 2(10)(A)(i) of the Federal 

8 Home Loan Bank Act (12 U.S.C. 1422(10)(A)(i)) is 

9 amended to read as follows: 

10 ‘‘(i) the deposits of which— 

11 ‘‘(I) are insured under the Fed12 eral Deposit Insurance Act (12 U.S.C. 

13 1811 et seq.); or 

14 ‘‘(II) are insured under or eligi15 ble to be insured under the Federal 

16 Credit Union Act (12 U.S.C. 1751 et 

17 seq.); and’’. 

18 SEC. 125. ENSURING A COMPREHENSIVE REGULATORY RE19 VIEW. 

20 Section 2222 of the Economic Growth and Regu21 latory Paperwork Reduction Act of 1996 (12 U.S.C. 3311) 

22 is amended— 

23 (1) in subsection (a)— 

24 (A) by striking ‘‘each appropriate Federal 

25 banking agency represented on the Council’’ 


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1 and inserting ‘‘each of the Office of the Comp2 troller of the Currency, the Federal Deposit In3 surance Corporation, the Board of Governors of 

4 the Federal Reserve System, the Bureau of 

5 Consumer Financial Protection, and the Na6 tional Credit Union Administration Board as 

7 the Federal agency representatives on the 

8 Council’’; 

9 (B) by inserting ‘‘, joint or otherwise, and 

10 including all regulations issued pursuant to any 

11 authority provided under the Dodd-Frank Wall 

12 Street Reform and Consumer Protection Act 

13 (Public Law 111–203; 124 Stat. 1376),’’ after 

14 ‘‘prescribed by the Council’’; 

15 (C) by striking ‘‘any such appropriate Fed16 eral banking agency’’ and inserting ‘‘any such 

17 Federal agency’’; and 

18 (D) by striking ‘‘insured depository institu19 tions’’ and inserting ‘‘financial institutions’’; 

20 (2) in subsections (b), (c), and (d), by striking 

21 ‘‘the appropriate Federal banking agency’’ each 

22 place that term appears and inserting ‘‘the appro23 priate Federal agency’’; and 

24 (3) in subsection (e)— 


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1 (A) in paragraph (1), by striking ‘‘the ap2 propriate Federal banking agencies’’ and insert3 ing ‘‘the appropriate Federal agencies’’; and 

4 (B) in paragraph (2), by striking ‘‘the ap5 propriate Federal banking agency’’ and insert6 ing ‘‘the appropriate Federal agency’’. 

7 SEC. 126. PROHIBITION ON IMPLEMENTATION OR PARTICI8 PATION IN OPERATION CHOKE POINT. 

9 The Federal Deposit Insurance Corporation, the Of10 fice of the Comptroller of the Currency, the Board of Gov11 ernors of the Federal Reserve System, the Bureau of Con12 sumer Financial Protection, or the National Credit Union 

13 Administration may not implement or participate in the 

14 Operation Choke Point initiative of the Department of 

15 Justice. 

16 TITLE II—SYSTEMICALLY IM17 PORTANT BANK HOLDING 

18 COMPANIES 

19 SEC. 201. REVISIONS TO COUNCIL AUTHORITY. 

20 (a) PURPOSES AND DUTIES.—Section 112(a)(2)(I) of 

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

22 5322(a)(2)(I)) is amended— 

23 (1) by striking ‘‘and large, interconnected bank 

24 holding companies’’; and 


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1 (2) by inserting ‘‘and bank holding companies 

2 subject to a determination under section 113A(a)’’ 

3 before the semicolon at the end. 

4 (b) AUTHORITY TO REQUIRE SUPERVISION AND

5 REGULATION OF CERTAIN BANK HOLDING COMPA6 NIES.—The Financial Stability Act of 2010 (12 U.S.C. 

7 5311 et seq.) is amended by adding after section 113 (12 

8 U.S.C. 5323) the following: 

9 ‘‘SEC. 113A. AUTHORITY TO REQUIRE SUPERVISION AND 

10 REGULATION OF SYSTEMICALLY IMPORTANT 

11 BANK HOLDING COMPANIES. 

12 ‘‘(a) IN GENERAL.—The Council may, in accordance 

13 with the procedures described in subsections (c) and (d), 

14 determine that a bank holding company shall be deemed 

15 systemically important. 

16 ‘‘(b) CONSIDERATIONS.— 

17 ‘‘(1) The Council shall, not later than 90 days 

18 after the date of enactment of this section, issue reg19 ulations describing with specificity the factors that 

20 the Council will use to make a determination under 

21 subsection (a). Such factors shall initially include 

22 the following: 

23 ‘‘(A) The size of the bank holding com24 pany. 


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1 ‘‘(B) The interconnectedness of the bank 

2 holding company. 

3 ‘‘(C) The extent of readily available sub4 stitutes or financial institution infrastructure 

5 for the services provided by the bank holding 

6 company. 

7 ‘‘(D) The global cross-jurisdictional activ8 ity of the bank holding company. 

9 ‘‘(E) The complexity of the bank holding 

10 company. 

11 ‘‘(2) The Council may, by regulation, add to, 

12 subtract, or modify the factors used by the Council 

13 pursuant to paragraph (1) if the Council— 

14 ‘‘(A) provides notice to the public and op15 portunity for comment on any proposed 

16 changes; 

17 ‘‘(B) explains, as part of the notice re18 quired in subparagraph (A), with specificity 

19 how any proposed changes would result in fac20 tors that more accurately measure the threat 

21 that the material financial distress of a bank 

22 holding company could pose to the financial sta23 bility of the United States, in comparison with 

24 the existing factors; and 


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1 ‘‘(C) finds, on a nondelegable basis and by 

a vote of not fewer than 2 2 ⁄3 of the voting mem3 bers then serving, including an affirmative vote 

4 by the Chairperson, that such a change would 

5 result in factors that more accurately measure 

6 the threat that the material financial distress of 

7 a bank holding company could pose to the fi8 nancial stability of the United States, in com9 parison with the existing factors. 

10 ‘‘(c) BANK HOLDING COMPANIES DEEMED SYSTEM11 ICALLY IMPORTANT.— 

12 ‘‘(1) IN GENERAL.—With respect to a bank 

13 holding company with total consolidated assets of 

14 not less than $50,000,000,000 and not more than 

15 $500,000,000,000 (as such amounts are adjusted 

16 annually by the Council to reflect the percentage 

17 change for the previous calendar year in the gross 

18 domestic product of the United States, as calculated 

19 by the Bureau of Economic Analysis of the Depart20 ment of Commerce), the Council may, on a nondelegable basis and by a vote of not fewer than 2 21 ⁄3 of 

22 the voting members then serving, including an af23 firmative vote by the Chairperson, make a deter24 mination under subsection (a) if the Council deter25 mines, based on the factors considered pursuant to 


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1 subsection (b), that the material financial distress of 

2 a bank holding company could pose a threat to the 

3 financial stability of the United States. 

4 ‘‘(2) REQUIREMENTS FOR PROPOSED DETER5 MINATION, NOTICE AND OPPORTUNITY FOR HEAR6 ING, AND FINAL DETERMINATION.— 

7 ‘‘(A) INITIAL EVALUATION BY THE BOARD

8 OF GOVERNORS.—The Board of Governors may 

9 identify a bank holding company for an evalua10 tion of whether, based on the factors considered 

11 pursuant to subsection (b), the material finan12 cial distress of the bank holding company could 

13 pose a threat to the financial stability of the 

14 United States. Upon identifying such bank 

15 holding company, the Board of Governors— 

16 ‘‘(i) shall provide the bank holding 

17 company with— 

18 ‘‘(I) a written notice that shall 

19 include any quantitative analysis used 

20 in identifying the bank holding com21 pany and shall explain with specificity 

22 the basis for identifying the bank 

23 holding company; 

24 ‘‘(II) an opportunity to submit 

25 written materials for consideration by 


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1 the Board of Governors as part of an 

2 evaluation by the Board of Governors 

3 under clause (ii); and 

4 ‘‘(III) an opportunity to meet 

5 with representatives of the Board of 

6 Governors to discuss the analysis con7 ducted by the Board of Governors to 

8 identify the bank holding company; 

9 ‘‘(ii) may, after fulfilling the require10 ments of clause (i), evaluate whether, 

11 based on the factors considered pursuant 

12 to subsection (b), the material financial 

13 distress of the bank holding company could 

14 pose a threat to the financial stability of 

15 the United States; 

16 ‘‘(iii) may, at the conclusion of an 

17 evaluation under clause (ii), make a rec18 ommendation to the Council that the 

19 Council perform an evaluation under sub20 paragraph (B)(ii)(I); and 

21 ‘‘(iv) shall, if a recommendation is 

22 made under clause (iii), provide written no23 tice to the bank holding company that a 

24 recommendation was made, which notice 

25 shall include a detailed explanation of the 


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1 basis for the recommendation, including 

2 how each factor considered pursuant to 

3 subsection (b) relates to the potential 

4 threat posed by the bank holding company 

5 to the financial stability of the United 

6 States. 

7 ‘‘(B) EVALUATION BY THE COUNCIL.— 

8 ‘‘(i) IN GENERAL.—The Council may 

9 only make a proposed determination with 

10 respect to a bank holding company under 

11 subparagraph (C)(i) if the Council— 

12 ‘‘(I) has received a recommenda13 tion under subparagraph (A)(iii) with 

14 respect to the bank holding company; 

15 or 

16 ‘‘(II) not earlier than the effec17 tive date of this section, and after 

18 consultation and coordination with the 

19 Board of Governors, on a nondele20 gable basis and by a vote of not fewer 

than 2 21 ⁄3 of the voting members then 

22 serving, including an affirmative vote 

23 by the Chairperson, decides to evalu24 ate the bank holding company for a 


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1 proposed determination under sub2 paragraph (C)(i). 

3 ‘‘(ii) REQUIREMENTS BEFORE MAKING

4 A PROPOSED DETERMINATION.—Before 

5 making a proposed determination with re6 spect to a bank holding company under 

7 subparagraph (C)(i), and after receiving a 

8 recommendation under clause (i)(I) or 

9 making a decision under clause (i)(II), the 

10 Council shall— 

11 ‘‘(I) perform an evaluation of the 

12 bank holding company, including an 

13 evaluation of— 

14 ‘‘(aa) whether the material 

15 financial distress of the bank 

16 holding company could pose a 

17 threat to the financial stability of 

18 the United States; and 

19 ‘‘(bb) how each of the fac20 tors considered pursuant to sub21 section (b) relates to the poten22 tial threat posed by the bank 

23 holding company to the financial 

24 stability of the United States; 

25 and 


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1 ‘‘(II) provide the bank holding 

2 company with— 

3 ‘‘(aa) a written notice that 

4 the bank holding company is 

5 being evaluated; 

6 ‘‘(bb) an opportunity to 

7 meet with representatives of the 

8 Council to discuss the evaluation 

9 by the Council; and 

10 ‘‘(cc) an opportunity to sub11 mit written materials to the 

12 Council, within such time as the 

13 Council deems appropriate (but 

14 not earlier than 30 days after the 

15 date of receipt of the notice 

16 under item (aa)). 

17 ‘‘(C) PROPOSED DETERMINATION.— 

18 ‘‘(i) VOTING.—After fulfilling the re19 quirements of subparagraph (B), the 

20 Council may, on a nondelegable basis and 

by a vote of not fewer than 2 21 ⁄3 of the vot22 ing members then serving, including an af23 firmative vote by the Chairperson, propose 

24 to make a determination under paragraph 


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1 (1) with respect to a bank holding com2 pany. 

3 ‘‘(ii) NOTICE OF PROPOSED DETER4 MINATION.—If the Council makes a pro5 posed determination under clause (i), the 

6 Council shall provide a notice to the bank 

7 holding company, which notice shall con8 tain the basis for the proposed determina9 tion, including a detailed explanation of 

10 the evaluation performed under subpara11 graph (B)(ii)(I). 

12 ‘‘(D) REQUIREMENTS BEFORE FINAL DE13 TERMINATION.—After making a proposed deter14 mination under subparagraph (C)(i) and prior 

15 to making a final determination under para16 graph (1), the Council shall— 

17 ‘‘(i) not later than 30 days after the 

18 date of receipt of any notice under sub19 paragraph (C)(ii), provide the bank holding 

20 company with an opportunity to request, in 

21 writing, a hearing before the Council to 

22 contest the proposed determination; 

23 ‘‘(ii) if the Council receives a timely 

24 request under clause (i), fix a time (not 

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1 ceipt of the request) and place at which 

2 the bank holding company may appear, 

3 personally or through counsel, to, at the 

4 discretion of the bank holding company— 

5 ‘‘(I) submit a plan to modify the 

6 business, structure, or operations of 

7 the bank holding company in order to 

8 address the factors and the potential 

9 threat posed by the bank holding com10 pany to the financial stability of the 

11 United States identified pursuant to 

12 subparagraph (C)(ii); 

13 ‘‘(II) submit written materials in 

14 addition to or separate from the plan 

15 described in subclause (I); and 

16 ‘‘(III) provide oral testimony and 

17 oral argument to the members of the 

Council, with not fewer than 2 18 ⁄3 of the 

19 voting members of the Council, in20 cluding the Chairperson, in attend21 ance; and 

22 ‘‘(iii) in the event a plan is submitted 

23 to the Council under clause (ii)(I)— 

24 ‘‘(I) consider whether the plan, if 

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1 tors and the potential threat posed by 

2 the bank holding company to the fi3 nancial stability of the United States 

4 identified pursuant to subparagraph 

5 (C)(ii); and 

6 ‘‘(II) provide the bank holding 

7 company with— 

8 ‘‘(aa) analysis of whether 

9 and to what extent the plan ad10 dresses the factors and the po11 tential threat posed by the bank 

12 holding company to the financial 

13 stability of the United States 

14 identified pursuant to subpara15 graph (C)(ii); 

16 ‘‘(bb) an opportunity to 

17 meet with representatives of the 

18 Council to discuss the analysis 

19 provided under item (aa); and 

20 ‘‘(cc) an opportunity to re21 vise the plan after discussions 

22 with representatives of the Coun23 cil. 

24 ‘‘(E) FINAL DETERMINATION.— 


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1 ‘‘(i) IN GENERAL.—After fulfilling the 

2 requirements of subparagraph (D), and not 

3 later than 90 days after the date on which 

4 a hearing is held under subparagraph 

5 (D)(ii), the Council may vote to make a 

6 final determination under paragraph (1). 

7 The Council may delay the vote up to 1 

8 additional year after the conclusion of the 

9 90-day period if considering a plan under 

10 subparagraph (D)(iii). 

11 ‘‘(ii) OUTCOME OF THE VOTE.—If the 

12 Council votes on a final determination 

13 under paragraph (1), the Council shall 

14 promptly inform the bank holding company 

15 of the outcome of the vote in writing. 

16 ‘‘(iii) NOTICE OF FINAL DETERMINA17 TION.—If the Council votes to make a final 

18 determination under paragraph (1), the 

19 Council shall, not later than 30 days after 

20 the date of the vote, provide a notice to the 

21 bank holding company, which notice shall 

22 contain— 

23 ‘‘(I) the basis for the determina24 tion, including— 


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1 ‘‘(aa) a detailed analysis of 

2 any plan submitted by the bank 

3 holding company and considered 

4 by the Council under subpara5 graph (D), if applicable, which 

6 analysis shall, at a minimum, in7 clude— 

8 ‘‘(AA) whether and to 

9 what extent successful im10 plementation of the plan 

11 could address the factors 

12 and the potential threat 

13 posed by the bank holding 

14 company to the financial 

15 stability of the United 

16 States identified pursuant to 

17 subparagraph (C)(ii); and 

18 ‘‘(BB) a detailed expla19 nation of why the plan 

20 would not address the fac21 tors and the potential threat 

22 posed by the bank holding 

23 company to the financial 

24 stability of the United 

25 States identified pursuant to 


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1 subparagraph (C)(ii), if the 

2 Council, during its consider3 ation of the plan under sub4 paragraph (D)(iii)(I), con5 cluded that the plan would 

6 not address such factors or 

7 potential threat; 

8 ‘‘(bb) the reasons why the 

9 materials and other information 

10 submitted or provided by the 

11 bank holding company under 

12 subclauses (II) and (III) of sub13 paragraph (D)(ii) did not address 

14 the potential threat posed by the 

15 bank holding company to the fi16 nancial stability of the United 

17 States; 

18 ‘‘(cc) a detailed analysis of 

19 how the factors, including an ex20 planation of how each factor re21 lates to the potential threat posed 

22 by the bank holding company to 

23 the financial stability of the 

24 United States, that the Council 

25 considered pursuant to subVerDate Sep 11 2014 22:43 Jun 02, 2015 Jkt 049200 PO 00000 Frm 00072 Fmt 6652 Sfmt 6201 E:\BILLS\S1484.PCS S1484

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1 section (b) resulted in the final 

2 determination under paragraph 

3 (1); and 

4 ‘‘(dd) specific aspects of the 

5 business, operations, or structure 

6 of the bank holding company 

7 that the Council believes could 

8 pose a threat to the financial sta9 bility of the United States, in10 cluding an assessment by the 

11 Council of the probability and 

12 magnitude of the threat; and 

13 ‘‘(II) an explanation of actions 

14 the bank holding company could take 

15 in order for the Council to rescind the 

16 determination. 

17 ‘‘(3) REEVALUATION AND RESCISSION.— 

18 ‘‘(A) REEVALUATION REQUIREMENT.—The 

19 Council shall, in accordance with this para20 graph, reevaluate a final determination made 

21 under paragraph (1) with respect to a bank 

22 holding company— 

23 ‘‘(i) if, at any time, the Board of Gov24 ernors recommends that the Council do so; 

25 and 


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1 ‘‘(ii) not less frequently than once 

2 every 5 years. 

3 ‘‘(B) REEVALUATION PROCEDURE.—The 

4 Council, in conducting any reevaluation of a 

5 bank holding company required under subpara6 graph (A), shall— 

7 ‘‘(i) provide a written notice to the 

8 bank holding company being reevaluated; 

9 ‘‘(ii) afford the bank holding company 

10 an opportunity to submit a plan, within 

11 such time as the Council determines to be 

12 appropriate (but which shall be not earlier 

13 than 30 days after the date of receipt by 

14 the bank holding company of the notice 

15 provided under clause (i)), to modify the 

16 business, structure, or operations of the 

17 bank holding company; 

18 ‘‘(iii) afford the bank holding com19 pany an opportunity to submit written ma20 terials in addition to, or separate from, the 

21 plan described in clause (ii), within such 

22 time as the Council determines to be ap23 propriate (but which shall be not earlier 

24 than 30 days after the date of receipt by 

25 the bank holding company of the notice 


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1 provided under clause (i)), to contest the 

2 determination, including materials con3 cerning whether, in the view of the bank 

4 holding company, the material financial 

5 distress at the bank holding company could 

6 pose a threat to the financial stability of 

7 the United States; 

8 ‘‘(iv) provide an opportunity for the 

9 bank holding company to meet with rep10 resentatives of the Council to present the 

11 information described in clauses (ii) and 

12 (iii); 

13 ‘‘(v) not earlier than 30 days after the 

14 date of receipt of any notice under clause 

15 (i), provide the bank holding company with 

16 an opportunity to request, in writing, a 

17 hearing before the Council to contest its 

18 final determination under paragraph (1); 

19 and 

20 ‘‘(vi) if the Council receives a timely 

21 request under clause (v), fix a time (not 

22 earlier than 30 days after the date of re23 ceipt of the request) and place at which 

24 the bank holding company may appear, 

25 personally or through counsel, to, at the 


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1 discretion of the bank holding company, 

2 provide oral testimony and oral argument 

3 to the members of the Council, with not 

fewer than 2 4 ⁄3 of the voting members of the 

5 Council, including the Chairperson, in at6 tendance. 

7 ‘‘(C) COMPANY PLAN.—If a bank holding 

8 company submits a plan in accordance with 

9 subparagraph (B)(ii), the Council shall— 

10 ‘‘(i) consider whether the plan, if im11 plemented, would result in the bank hold12 ing company no longer meeting the criteria 

13 for a final determination under paragraph 

14 (1); and 

15 ‘‘(ii) provide the bank holding com16 pany with— 

17 ‘‘(I) analysis of whether and to 

18 what extent the plan addresses the po19 tential threat posed by the bank hold20 ing company to the financial stability 

21 of the United States; 

22 ‘‘(II) an opportunity to meet with 

23 representatives of the Council to dis24 cuss the analysis provided under sub25 clause (I); and 


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1 ‘‘(III) an opportunity to revise 

2 the plan after discussions with rep3 resentatives of the Council. 

4 ‘‘(D) VOTING AND EXPLANATION.— 

5 ‘‘(i) IN GENERAL.—After evaluating 

6 the materials and information provided by 

7 a bank holding company under subpara8 graph (B) and fulfilling the requirements 

9 of subparagraph (C), and not later than 

10 180 days after the date of receipt by the 

11 bank holding company of the notice pro12 vided under subparagraph (B)(i), the 

13 Council shall, on a nondelegable basis and 

by a vote of not fewer than 2 14 ⁄3 of the vot15 ing members then serving, including an af16 firmative vote by the Chairperson, deter17 mine whether to renew a final determina18 tion under paragraph (1). 

19 ‘‘(ii) NOTICE OF FINAL DETERMINA20 TION.—If the Council votes to renew a 

21 final determination under clause (i), the 

22 Council shall provide a notice to the bank 

23 holding company with the reasons for the 

24 decision by the Council, which notice shall 

25 address with specificity— 


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1 ‘‘(I) any changes to the basis for 

2 the final determination decision made 

3 under paragraph (1) since the date on 

4 which the final determination under 

5 paragraph (1) was made, including 

6 any changes to the information pro7 vided to the bank holding company 

8 under— 

9 ‘‘(aa) paragraph 

10 (2)(E)(iii)(I)(cc); or 

11 ‘‘(bb) this clause, in prior 

12 years; 

13 ‘‘(II) any plan submitted by the 

14 bank holding company and considered 

15 by the Council under subparagraph 

16 (C), and shall, at a minimum, in17 clude— 

18 ‘‘(aa) a detailed analysis of 

19 whether and to what extent suc20 cessful implementation of the 

21 plan could result in the bank 

22 holding company no longer meet23 ing the criteria for a final deter24 mination under paragraph (1); 

25 and 


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1 ‘‘(bb) a detailed explanation 

2 of why, if the plan were imple3 mented, the bank holding com4 pany would still meet the criteria 

5 for a final determination under 

6 paragraph (1), if the Council, 

7 during its consideration of the 

8 plan under subparagraph (C), 

9 concluded that the bank holding 

10 company would still meet those 

11 criteria if the plan were imple12 mented; 

13 ‘‘(III) aspects of the business, 

14 operations, or structure of the bank 

15 holding company that the Council be16 lieves could pose a threat to the finan17 cial stability of the United States, in18 cluding the probability and magnitude 

19 of that threat; and 

20 ‘‘(IV) an explanation of actions 

21 the bank holding company could take 

22 in order for the Council to rescind the 

23 determination. 

24 ‘‘(iii) NO FINAL DETERMINATION.—If 

25 the Council does not vote to renew a final 


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1 determination under clause (i), then the 

2 existing final determination under para3 graph (1) shall be rescinded and the Coun4 cil shall inform the bank holding company 

5 in writing. 

6 ‘‘(iv) VOTING THRESHOLD FOR RE7 SCISSION OF DETERMINATION.—Notwith8 standing clause (iii), the Council may, at 

9 any time, on a nondelegable basis and by 

a vote of not fewer than 2 10 ⁄3 of the voting 

11 members then serving, including an affirm12 ative vote by the Chairperson, determine 

13 that a bank holding company no longer 

14 meets the criteria for a final determination 

15 under paragraph (1), in which case the 

16 Council shall rescind the final determina17 tion. 

18 ‘‘(4) EMERGENCY EXCEPTION.— 

19 ‘‘(A) IN GENERAL.—The Council may 

20 waive or modify the requirements of paragraph 

21 (2) with respect to a bank holding company 

22 with total consolidated assets of not less than 

23 $50,000,000,000 and not more than 

24 $500,000,000,000 (as such amounts are ad25 justed annually by the Council to reflect the 


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1 percentage change for the previous calendar 

2 year in the gross domestic product of the 

3 United States, as calculated by the Bureau of 

4 Economic Analysis of the Department of Com5 merce) if the Council determines, on a nondelegable basis and by a vote of not fewer than 2 6 ⁄3

7 of the voting members then serving, including 

8 an affirmative vote by the Chairperson, that 

9 such waiver or modification is necessary or ap10 propriate to prevent or mitigate threats posed 

11 by the bank holding company to the financial 

12 stability of the United States. 

13 ‘‘(B) NOTICE.—The Council shall provide 

14 notice of a waiver or modification under this 

15 paragraph to the bank holding company con16 cerned as soon as practicable, but not later 

17 than 24 hours after the waiver or modification 

18 is granted. 

19 ‘‘(C) INTERNATIONAL COORDINATION.—In 

20 making a determination under subparagraph 

21 (A), the Council shall consult with the appro22 priate home country supervisor, if any, of a for23 eign bank holding company that is being con24 sidered for such a determination. 


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1 ‘‘(D) OPPORTUNITY FOR HEARING.—The 

2 Council shall allow a bank holding company to 

3 request, in writing, an opportunity for a hear4 ing before the Council to contest a waiver or 

5 modification under this paragraph, not later 

6 than 10 days after the date of receipt of the no7 tice of waiver or modification. Upon receipt of 

8 a timely request, the Council shall fix a time 

9 (not later than 15 days after the date of receipt 

10 of the request) and place at which the bank 

11 holding company may appear, personally or 

12 through counsel, to submit written materials 

13 (or, at the sole discretion of the Council, oral 

14 testimony and oral argument). 

15 ‘‘(E) NOTICE OF FINAL DETERMINA16 TION.—Not later than 30 days after the date of 

17 any hearing under subparagraph (D), the Coun18 cil shall notify the subject bank holding com19 pany of the final determination of the Council 

20 under this paragraph, which shall contain a 

21 statement of the basis for the decision of the 

22 Council. 

23 ‘‘(5) CONSULTATION.—The Council shall con24 sult with the primary financial regulatory agency for 

25 each bank holding company that is being considered 


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1 by the Council under this section from the outset of 

2 the consideration of the bank holding company by 

3 the Council, including before the Council makes any 

4 proposed determination under paragraph (2)(C)(i) 

5 or final determination under paragraph (1). 

6 ‘‘(6) JUDICIAL REVIEW.—If the Council makes 

7 or renews a final determination under this sub8 section with respect to a bank holding company, 

9 such bank holding company may, not later than 30 

10 days after the date of receipt of the notice of final 

11 determination under paragraph (2)(E)(iii) or of re12 newal of a final determination under paragraph 

13 (3)(D)(ii), bring an action in the United States dis14 trict court for the judicial district in which the home 

15 office of such bank holding company is located, or 

16 in the United States District Court for the District 

17 of Columbia, for an order requiring that the final 

18 determination be rescinded, and the court shall, 

19 upon review, dismiss such action or direct the final 

20 determination to be rescinded. Review of such an ac21 tion shall be limited to whether the final determina22 tion made under this subsection was arbitrary and 

23 capricious. 

24 ‘‘(7) PUBLIC DISCLOSURE REQUIREMENT.—The 

25 Council shall— 


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1 ‘‘(A) in each case that a bank holding com2 pany has received a notice under paragraph 

3 (2)(B)(ii)(II)(aa), and the bank holding com4 pany has publicly disclosed that the bank hold5 ing company is being evaluated by the Council, 

6 confirm that the bank holding company is being 

7 evaluated by the Council, in response to a re8 quest from a third party; 

9 ‘‘(B) upon making a final determination 

10 under paragraph (1) or renewing a final deter11 mination under paragraph (3)(D)(i), publicly 

12 provide a detailed written explanation of the 

13 basis for the final determination with sufficient 

14 detail to provide the public with an under15 standing of the specific bases of the determina16 tion by the Council, including any assumptions 

17 related thereof, subject to the requirements of 

18 section 112(d)(5); and 

19 ‘‘(C) include, in the annual report required 

20 under section 112— 

21 ‘‘(i) the number of bank holding com22 panies from the previous year that received 

23 a notice under paragraph 

24 (2)(B)(ii)(II)(aa); 


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1 ‘‘(ii) the number of bank holding com2 panies from the previous year that were 

3 subject to a proposed determination under 

4 paragraph (2)(C)(i); and 

5 ‘‘(iii) the number of bank holding 

6 companies from the previous year that 

7 were subject to a final determination under 

8 paragraph (1). 

9 ‘‘(d) BANK HOLDING COMPANIES AUTOMATICALLY

10 DEEMED SYSTEMICALLY IMPORTANT.— 

11 ‘‘(1) AUTOMATIC DETERMINATION.—A bank 

12 holding company with total consolidated assets of 

13 more than $500,000,000,000 (as such amount is ad14 justed annually by the Council to reflect the percent15 age change for the previous calendar year in the 

16 gross domestic product of the United States, as cal17 culated by the Bureau of Economic Analysis of the 

18 Department of Commerce) shall automatically be 

19 subject to a determination under subsection (a). 

20 ‘‘(2) RULE OF CONSTRUCTION.— 

21 ‘‘(A) BANK HOLDING COMPANY INCREAS22 ING IN SIZE.—If, subsequent to the effective 

23 date, a bank holding company that was pre24 viously subject to a final determination under 

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1 dated assets of more than $500,000,000,000 

2 (as such amount is adjusted annually by the 

3 Council to reflect the percentage change for the 

4 previous calendar year in the gross domestic 

5 product of the United States, as calculated by 

6 the Bureau of Economic Analysis of the De7 partment of Commerce) for a period of 180 

8 consecutive days, the bank holding company 

9 shall be subject to an automatic determination 

10 under paragraph (1) and not subject to a deter11 mination under subsection (c)(1) for the pur12 poses of this section. 

13 ‘‘(B) BANK HOLDING COMPANY DECREAS14 ING IN SIZE.—If a bank holding company sub15 ject to an automatic determination under para16 graph (1) decreases in size, such that the bank 

17 holding company no longer is a bank holding 

18 company with total consolidated assets of more 

19 than $500,000,000,000 (as such amount is ad20 justed annually by the Council to reflect the 

21 percentage change for the previous calendar 

22 year in the gross domestic product of the 

23 United States, as calculated by the Bureau of 

24 Economic Analysis of the Department of Com25 merce) for a period of 180 consecutive days, the 


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1 bank holding company shall be considered sub2 ject to a final determination under subsection 

3 (c)(1) and not subject to an automatic deter4 mination under paragraph (1) for the purposes 

5 of this section. 

6 ‘‘(e) INTERNATIONAL COORDINATION.—In exercising 

7 its duties under this title with respect to foreign bank 

8 holding companies, foreign-based bank holding companies, 

9 and cross-border activities and markets, the Council shall 

10 consult with appropriate foreign regulatory authorities, to 

11 the extent appropriate.’’. 

12 (c) ENHANCED SUPERVISION.—Section 115 of the 

13 Financial Stability Act of 2010 (12 U.S.C. 5325) is 

14 amended— 

15 (1) in subsection (a)— 

16 (A) in the matter preceding subparagraph 

17 (A) of paragraph (1), by striking ‘‘large, inter18 connected bank holding companies’’ and insert19 ing ‘‘bank holding companies subject to a deter20 mination under section 113A(a)’’; and 

21 (B) in paragraph (2)— 

22 (i) in subparagraph (A), by striking ‘‘; 

23 or’’ and inserting a period; 

24 (ii) by striking ‘‘the Council may’’ and 

25 all that follows through ‘‘differentiate’’ and 


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1 inserting ‘‘the Council may differentiate’’; 

2 and 

3 (iii) by striking subparagraph (B); 

4 and 

5 (2) in subsection (b)(3), by inserting ‘‘and the 

6 factors used by the Council pursuant to section 

7 113A(b)’’ after ‘‘subsections (a) and (b) of section 

8 113’’ each place that term appears. 

9 (d) REPORTS.—The matter preceding paragraph (1) 

10 of section 116(a) of the Financial Stability Act of 2010 

11 (12 U.S.C. 5326(a)) is amended by striking ‘‘with total 

12 consolidated assets of $50,000,000,000 or greater’’ and 

13 inserting ‘‘subject to a determination under section 

14 113A(a)’’. 

15 (e) MITIGATION.—Section 121 of the Financial Sta16 bility Act of 2010 (12 U.S.C. 5331) is amended— 

17 (1) in the matter preceding paragraph (1) of 

18 subsection (a), by striking ‘‘with total consolidated 

19 assets of $50,000,000,000 or more’’ and inserting 

20 ‘‘subject to a determination under section 113A(a)’’; 

21 and 

22 (2) in subsection (c), by inserting ‘‘in the case 

23 of a nonbank financial company, and the factors 

24 used by the Council pursuant to section 113A(b) in 


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1 the case of a bank holding company’’ after ‘‘as ap2 plicable,’’. 

3 (f) OFFICE OF FINANCIAL RESEARCH.—Section 

4 155(d) of the Financial Stability Act of 2010 (12 U.S.C. 

5 5345(d)) is amended by striking ‘‘with total consolidated 

6 assets of 50,000,000,000 or greater’’ and inserting ‘‘sub7 ject to a determination under section 113A(a)’’. 

8 SEC. 202. REVISIONS TO BOARD AUTHORITY. 

9 (a) ACQUISITIONS.—Section 163 of the Financial 

10 Stability Act of 2010 (12 U.S.C. 5363) is amended by 

11 striking ‘‘with total consolidated assets equal to or greater 

12 than $50,000,000,000’’ each place that term appears and 

13 inserting ‘‘subject to a determination under section 

14 113A(a)’’. 

15 (b) MANAGEMENT INTERLOCKS.—Section 164 of the 

16 Financial Stability Act of 2010 (12 U.S.C. 5364) is 

17 amended by striking ‘‘with total consolidated assets equal 

18 to or greater than $50,000,000,000’’ and inserting ‘‘sub19 ject to a determination under section 113A(a)’’. 

20 (c) ENHANCED SUPERVISION AND PRUDENTIAL

21 STANDARDS.—Section 165 of the Financial Stability Act 

22 of 2010 (12 U.S.C. 5365) is amended— 

23 (1) in subsection (a)— 

24 (A) in paragraph (1), by striking ‘‘with 

25 total consolidated assets equal to or greater 


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1 than $50,000,000,000’’ and inserting ‘‘subject 

2 to a determination under section 113A(a)’’; and 

3 (B) in paragraph (2)— 

4 (i) by striking ‘‘APPLICATION’’ and all 

5 that follows through ‘‘In prescribing’’ and 

6 inserting ‘‘APPLICATION.—In prescribing’’; 

7 and 

8 (ii) by striking subparagraph (B); 

9 (2) in subsection (b)(3), by inserting ‘‘and the 

10 factors used by the Council pursuant to section 

11 113A(b)’’ after ‘‘subsections (a) and (b) of section 

12 113’’ each place that term appears; 

13 (3) in subsection (h), by striking 

14 ‘‘$10,000,000,000’’ each place that term appears 

15 and inserting ‘‘$50,000,000,000 (as such amount is 

16 adjusted annually by the Council to reflect the per17 centage change for the previous calendar year in the 

18 gross domestic product of the United States, as cal19 culated by the Bureau of Economic Analysis of the 

20 Department of Commerce)’’; 

21 (4) in subsection (i)(2)(A), by striking 

22 ‘‘$10,000,000,000’’ and inserting ‘‘$50,000,000,000 

23 (as such amount is adjusted annually by the Council 

24 to reflect the percentage change for the previous cal25 endar year in the gross domestic product of the 


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1 United States, as calculated by the Bureau of Eco2 nomic Analysis of the Department of Commerce)’’; 

3 and 

4 (5) in subsection (j)— 

5 (A) in paragraph (1), by striking ‘‘with 

6 total consolidated assets equal to or greater 

7 than $50,000,000,000’’ and inserting ‘‘de8 scribed in subsection (a)’’; and 

9 (B) by striking paragraph (2) and insert10 ing the following: 

11 ‘‘(2) CONSIDERATIONS.—In making a deter12 mination under this subsection, the Council shall— 

13 ‘‘(A) in the case of a nonbank financial 

14 company supervised by the Board of Governors, 

15 consider the factors described in subsections (a) 

16 and (b) of section 113 and any other risk-re17 lated factors that the Council deems appro18 priate; and 

19 ‘‘(B) in the case of a bank holding com20 pany described in subsection (a), consider the 

21 factors used by the Council pursuant to section 

22 113A(b).’’. 

23 (d) CONFORMING AMENDMENT.—The second sub24 section designated as subsection (s)(2) of the Federal Re25 serve Act (12 U.S.C. 248(s)(2)) (relating to assessments, 


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1 fees, and other charges for certain companies) is amend2 ed— 

3 (1) in subparagraph (A), by striking ‘‘having 

4 total consolidated assets of $50,000,000,000 or 

5 more;’’ and inserting ‘‘subject to a determination 

6 under section 113A(a) of the Financial Stability Act 

7 of 2010; and’’; 

8 (2) by striking subparagraph (B); and 

9 (3) by redesignating subparagraph (C) as sub10 paragraph (B). 

11 SEC. 203. EFFECTIVE DATE. 

12 (a) IN GENERAL.—The amendments made by this 

13 title shall, except as otherwise provided, take effect on the 

14 date that is 180 days after the date on which the regula15 tions required under section 113A(b) of the Financial Sta16 bility Act of 2010, as added by section 201(b) of this Act, 

17 are issued. 

18 (b) RULE OF CONSTRUCTION.—Nothing in this title 

19 shall be construed to prohibit the Financial Stability Over20 sight Council established under section 111 of the Finan21 cial Stability Act of 2010 (12 U.S.C. 5321) or the Board 

22 of Governors of the Federal Reserve System from com23 plying with any of the requirements of section 113A of 

24 that Act, as added by section 201(b) of this Act, with re25 spect to a bank holding company (as defined in section 


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1 2 of the Bank Holding Company Act of 1956 (12 U.S.C. 

2 1841)) prior to the effective date described in subsection 

3 (a). 

4 SEC. 204. SENSE OF CONGRESS. 

5 (a) DEFINITIONS.—In this section: 

6 (1) APPROPRIATE FEDERAL BANKING AGEN7 CIES; BANK HOLDING COMPANY.—The terms ‘‘ap8 propriate Federal banking agencies’’ and ‘‘bank 

9 holding company’’ have the meanings given those 

10 terms in section 3 of the Federal Deposit Insurance 

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

12 (2) NONBANK FINANCIAL COMPANY.—The term 

13 ‘‘nonbank financial company’’ has the meaning given 

14 that term in section 102(a) of the Financial Sta15 bility Act of 2010 (12 U.S.C. 5311). 

16 (b) SENSE OF CONGRESS.—It is the sense of Con17 gress that the appropriate Federal banking agencies 

18 should seek to properly tailor prudential regulations and, 

19 in doing so, differentiate among bank holding companies 

20 and among nonbank financial companies supervised by the 

21 Board of Governors of the Federal Reserve System based 

22 on their capital structure, riskiness, complexity, financial 

23 activities (including the financial activities of their subsidi24 aries), size, and other risk-related factors, using existing 


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1 authorities, including waiver authorities provided in stat2 ute or regulation. 

3 SEC. 205. PRESERVATION OF AUTHORITY. 

4 Nothing in this Act shall be construed to limit the 

5 supervisory, regulatory, or enforcement authority of a 

6 Federal banking agency (as defined in section 3 of the 

7 Federal Deposit Insurance Act (12 U.S.C. 1813)) to fur8 ther the safe and sound operation of an institution that 

9 the Federal banking agency supervises, except as specifi10 cally provided in this Act. 

11 TITLE III—GREATER TRANS12 PARENCY FOR THE FINAN13 CIAL STABILITY OVERSIGHT 

14 COUNCIL PROCESS FOR 

15 NONBANK FINANCIAL COMPA16 NIES 

17 SEC. 301. ACCESS TO COUNCIL MEETINGS BY AGENCY MEM18 BERS. 

19 Section 111(e) of the Financial Stability Act of 2010 

20 (12 U.S.C. 5321(e)) is amended by adding at the end the 

21 following: 

22 ‘‘(3) ACCESS.—Any member of the governing 

23 body of a member agency headed by a member of 

24 the Council described in subparagraph (B), (E), (F), 

25 (G), or (I) of paragraph (1) of subsection (b)— 


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1 ‘‘(A) may attend a meeting of the Council, 

2 including any meeting of representatives of the 

3 members of the Council; and 

4 ‘‘(B) shall have access to the same infor5 mation and materials that a member of the 

6 Council described in subparagraph (B), (E), 

7 (F), (G), or (I) of paragraph (1) of subsection 

8 (b) is provided or entitled to.’’. 

9 SEC. 302. NONBANK DETERMINATION PROCESS. 

10 Section 113 of the Financial Stability Act of 2010 

11 (12 U.S.C. 5323) is amended— 

12 (1) in subsection (a)(2)— 

13 (A) in the matter preceding subparagraph 

14 (A), by inserting ‘‘factors, including’’ after 

15 ‘‘consider’’; 

16 (B) in subparagraph (H), by striking ‘‘1 or 

17 more primary financial regulatory agencies’’ 

18 and inserting ‘‘its primary financial regulatory 

19 agency, including the appropriateness of the im20 position of prudential standards in addition to 

21 or as opposed to other forms of regulation’’; 

22 (C) in subparagraph (J), by striking ‘‘and’’ 

23 at the end; 

24 (D) by redesignating subparagraph (K) as 

25 subparagraph (L); and 


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1 (E) by inserting after subparagraph (J) 

2 the following: 

3 ‘‘(K) actions taken by the primary finan4 cial regulatory agency pursuant to subsection 

5 (e)(1)(C); and’’; 

6 (2) in subsection (b)(2)— 

7 (A) in the matter preceding subparagraph 

8 (A), by inserting ‘‘factors, including’’ after 

9 ‘‘consider’’; 

10 (B) in subparagraph (H), by inserting ‘‘, 

11 including the appropriateness of the imposition 

12 of prudential standards in addition to or as op13 posed to other forms of regulation’’ before the 

14 semicolon at the end; 

15 (C) in subparagraph (J), by striking ‘‘and’’ 

16 at the end; 

17 (D) by redesignating subparagraph (K) as 

18 subparagraph (L); and 

19 (E) by inserting after subparagraph (J) 

20 the following: 

21 ‘‘(K) actions taken by the primary finan22 cial regulatory agency pursuant to subsection 

23 (e)(1)(C); and’’; 

24 (3) by striking subsections (d) and (e) and in25 serting the following: 


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1 ‘‘(d) ANNUAL REEVALUATION AND RESCISSION.— 

2 ‘‘(1) ANNUAL REEVALUATION.—Not less fre3 quently than annually, except with respect to sub4 paragraph (E), the Council shall reevaluate each 

5 final determination made under subsection (a) or (b) 

6 with respect to a nonbank financial company super7 vised by the Board of Governors and shall— 

8 ‘‘(A) provide a written notice to the 

9 nonbank financial company being reevaluated; 

10 ‘‘(B) afford the nonbank financial company 

11 an opportunity to submit a plan, within such 

12 time as the Council determines to be appro13 priate (but which shall be not earlier than 30 

14 days after the date of receipt by the nonbank 

15 financial company of the notice provided under 

16 subparagraph (A)), to modify the business, 

17 structure, or operations of the nonbank finan18 cial company; 

19 ‘‘(C) afford the nonbank financial company 

20 an opportunity to submit written materials in 

21 addition to, or separate from, the plan de22 scribed in subparagraph (B), within such time 

23 as the Council determines to be appropriate 

24 (but which shall be not earlier than 30 days 

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1 cial company of the notice provided under sub2 paragraph (A)), to contest the determination, 

3 including materials concerning whether, in the 

4 view of the nonbank financial company, the ma5 terial financial distress at the nonbank financial 

6 company, or the nature, scope, size, scale, con7 centration, interconnectedness, or mix of the ac8 tivities of the nonbank financial company, could 

9 pose a threat to the financial stability of the 

10 United States; 

11 ‘‘(D) provide an opportunity for the 

12 nonbank financial company to meet with rep13 resentatives of the Council to present the infor14 mation described in subparagraphs (B) and (C); 

15 and 

16 ‘‘(E) not less than once every 5 years and 

17 prior to a vote under paragraph (3)(A)(ii)— 

18 ‘‘(i) not earlier than 30 days after the 

19 date of receipt of any notice under sub20 paragraph (A), provide the nonbank finan21 cial company with an opportunity to re22 quest, in writing, a hearing before the 

23 Council to contest its final determination 

24 under subsection (a) or (b); and 


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1 ‘‘(ii) if the Council receives a timely 

2 request under clause (i), fix a time (not 

3 earlier than 30 days after the date of re4 ceipt of the request) and place at which 

5 the nonbank financial company may ap6 pear, personally or through counsel, to, at 

7 the discretion of the nonbank financial 

8 company, provide oral testimony and oral 

9 argument to the members of the Council, 

with not fewer than 2 10 ⁄3 of the voting mem11 bers of the Council, including the Chair12 person, in attendance. 

13 ‘‘(2) COMPANY PLAN.—If a nonbank financial 

14 company submits a plan in accordance with para15 graph (1)(B), the Council shall— 

16 ‘‘(A) consider whether the plan, if imple17 mented, would result in the nonbank financial 

18 company no longer meeting the criteria for a 

19 final determination under subsection (a) or (b); 

20 and 

21 ‘‘(B) provide the nonbank financial com22 pany with— 

23 ‘‘(i) analysis of whether and to what 

24 extent the plan addresses the potential 

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1 pany to the financial stability of the 

2 United States; 

3 ‘‘(ii) an opportunity to meet with rep4 resentatives of the Council to discuss the 

5 analysis provided under clause (i); and 

6 ‘‘(iii) an opportunity to revise the 

7 plan, after discussions with representatives 

8 of the Council. 

9 ‘‘(3) VOTING AND EXPLANATION.— 

10 ‘‘(A) IN GENERAL.—After evaluating the 

11 materials and information provided by a 

12 nonbank financial company under paragraph 

13 (1) and fulfilling the requirements of paragraph 

14 (2), and not later than 180 days after the date 

15 of receipt by the nonbank financial company of 

16 the notice provided under paragraph (1)(A), the 

17 Council shall, on a nondelegable basis and by a 

vote of not fewer than 2 18 ⁄3 of the voting members 

19 then serving, including an affirmative vote by 

20 the Chairperson— 

21 ‘‘(i) except as otherwise provided in 

22 clause (ii), determine whether the nonbank 

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1 section (a) or (b), in which case the Coun2 cil shall rescind such determination; and 

3 ‘‘(ii) not less than once every 5 years, 

4 and following a hearing held under para5 graph (1)(E)(ii), determine whether to 

6 renew a final determination under sub7 section (a) or (b). 

8 ‘‘(B) NOTICE OF FINAL DETERMINA9 TION.—If the Council does not vote to rescind 

10 a final determination under subparagraph 

11 (A)(i) or votes to renew a final determination 

12 under subparagraph (A)(ii), the Council shall 

13 provide a notice to the nonbank financial com14 pany and the primary financial regulatory agen15 cy of the nonbank financial company with the 

16 reasons for the decision by the Council, which 

17 notice shall address with specificity— 

18 ‘‘(i) any changes to the basis for the 

19 final determination decision made under 

20 subsection (a) or (b) since the date on 

21 which the final determination under sub22 section (a) or (b) was made, including any 

23 changes to the information provided to the 

24 nonbank financial company under— 

25 ‘‘(I) subsection (e)(2)(C)(i)(IV); 


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1 ‘‘(II) this clause, in prior years; 

2 or 

3 ‘‘(III) subparagraph (D); 

4 ‘‘(ii) any plan submitted by the 

5 nonbank financial company and considered 

6 by the Council under paragraph (2), and 

7 shall, at a minimum, include— 

8 ‘‘(I) a detailed analysis of wheth9 er and to what extent successful im10 plementation of the plan could result 

11 in the nonbank financial company no 

12 longer meeting the criteria for a final 

13 determination under subsection (a) or 

14 (b); and 

15 ‘‘(II) a detailed explanation of 

16 why, if the plan were implemented, 

17 the nonbank financial company would 

18 still meet the criteria for a final deter19 mination under subsection (a) or (b), 

20 if the Council, during its consideration 

21 of the plan under paragraph (2), con22 cluded that the nonbank financial 

23 company would still meet those cri24 teria if the plan were implemented; 


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1 ‘‘(iii) aspects of the business, oper2 ations, or structure, including the nature, 

3 scope, size, scale, concentration, inter4 connectedness, or mix of the activities, of 

5 the nonbank financial company that the 

6 Council believes could pose a threat to the 

7 financial stability of the United States, in8 cluding an assessment by the Council of 

9 the probability and magnitude of the 

10 threat; and 

11 ‘‘(iv) an explanation of actions the 

12 nonbank financial company could take in 

13 order for the Council to rescind the deter14 mination. 

15 ‘‘(C) NO FINAL DETERMINATION.—If the 

16 Council votes to rescind a final determination 

17 under subparagraph (A)(i) or does not vote to 

18 renew a final determination under subpara19 graph (A)(ii), the existing final determination 

20 under subsection (a) or (b) shall be rescinded 

21 and the Council shall inform the nonbank fi22 nancial company in writing. 

23 ‘‘(D) EXPLANATION FOR CERTAIN COMPA24 NIES.—With respect to a reevaluation under 

25 this subsection in which the final determination 


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1 under subsection (a) or (b) being reevaluated 

2 was made before the date of enactment of this 

3 subparagraph, the Council, as part of such re4 evaluation, shall provide a statement that— 

5 ‘‘(i) explains with specificity the basis 

6 for such determination; and 

7 ‘‘(ii) includes the analysis required 

8 under subsection (e)(2)(C)(i)(IV). 

9 ‘‘(E) VOTING THRESHOLD FOR RESCISSION

10 OF DETERMINATION.—Notwithstanding sub11 paragraph (A), the Council may, at any time, 

12 on a nondelegable basis and by a vote of not 

fewer than 2 13 ⁄3 of the voting members then serv14 ing, including an affirmative vote by the Chair15 person, determine that a nonbank financial 

16 company no longer meets the criteria for a final 

17 determination under subsection (a) or (b), in 

18 which case the Council shall rescind the final 

19 determination. 

20 ‘‘(e) REQUIREMENTS FOR PROPOSED DETERMINA21 TION, NOTICE AND OPPORTUNITY FOR HEARING, AND

22 FINAL DETERMINATION.— 

23 ‘‘(1) IN GENERAL.—Prior to making a final de24 termination under subsection (a) or (b) with respect 

25 to a nonbank financial company, the Council must— 


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1 ‘‘(A) provide the nonbank financial com2 pany and its primary financial regulatory agen3 cy with a notice that the nonbank financial 

4 company is being evaluated, which notice shall, 

5 at minimum— 

6 ‘‘(i) include any quantitative analysis 

7 used by the Council as part of its evalua8 tion; 

9 ‘‘(ii) identify with specificity any fac10 tors that the Council has considered pursu11 ant to subsection (a)(2) or (b)(2) relating 

12 to the nonbank financial company that 

13 could cause the nonbank financial company 

14 to be subject to a final determination 

15 under subsection (a) or (b); and 

16 ‘‘(iii) include an explanation of how 

17 each factor identified in clause (ii) relates 

18 to the potential threat posed by the 

19 nonbank financial company to the financial 

20 stability of the United States; 

21 ‘‘(B) provide the nonbank financial com22 pany an opportunity, not earlier than 30 days 

23 after the date of receipt by the nonbank finan24 cial company of the notice under subparagraph 

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1 cil, including to discuss the notice and any anal2 ysis and factors considered by the Council; 

3 ‘‘(C) provide the primary financial regu4 latory agency of the nonbank financial company 

5 with not less than 180 days from the date of 

6 receipt of the notice in subparagraph (A) to— 

7 ‘‘(i) provide a written response to the 

8 Council that includes an assessment of— 

9 ‘‘(I) the factors identified pursu10 ant to subparagraph (A)(ii); 

11 ‘‘(II) the explanation provided 

12 pursuant to subparagraph (A)(iii); 

13 and 

14 ‘‘(III) the degree to which the po15 tential threat to the financial stability 

16 of the United States is currently ad17 dressed or could be addressed by ex18 isting or pending regulation or other 

19 regulatory action; and 

20 ‘‘(ii) issue proposed regulations or un21 dertake other regulatory action to ad22 dress— 

23 ‘‘(I) the factors identified pursu24 ant to subparagraph (A)(ii), as appli25 cable; and 


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1 ‘‘(II) the potential threat posed 

2 by the nonbank financial company to 

3 the financial stability of the United 

4 States; 

5 ‘‘(D) in the event that the primary finan6 cial regulatory agency has provided a written 

7 response under subparagraph (C)(i) or issued 

8 proposed regulations or taken other regulatory 

9 actions under subparagraph (C)(ii), find that— 

10 ‘‘(i) taking into account the written 

11 response by the primary financial regu12 latory agency under subparagraph (C)(i), 

13 the nonbank financial company merits a 

14 proposed determination under subpara15 graph (E); and 

16 ‘‘(ii) the primary financial regulatory 

17 agency has not proposed regulations or 

18 taken other regulatory actions after receipt 

19 of the notice under subparagraph (A) that 

20 sufficiently address the factors identified 

21 pursuant to subparagraph (A)(ii), as appli22 cable, and the potential threat posed by 

23 the nonbank financial company to the fi24 nancial stability of the United States; 


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1 ‘‘(E) after fulfilling the requirements of 

2 subparagraphs (A), (B), (C), and (D), on a 

3 nondelegable basis and by a vote of not fewer 

than 2 4 ⁄3 of the voting members then serving, in5 cluding an affirmative vote by the Chairperson, 

6 propose to make a determination under sub7 section (a) or (b) with respect to the nonbank 

8 financial company; and 

9 ‘‘(F) subsequent to making a proposed de10 termination under subparagraph (E)— 

11 ‘‘(i) provide a notice to the nonbank 

12 financial company and its primary finan13 cial regulatory agency, which notice shall 

14 contain the basis for the proposed deter15 mination under subparagraph (E), includ16 ing— 

17 ‘‘(I) the information and expla18 nation required under subparagraph 

19 (A), along with any updates to such 

20 information or explanation related to 

21 the proposed determination under 

22 subparagraph (E); and 

23 ‘‘(II) an explanation and jus24 tification for any finding under sub25 paragraph (D); 


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1 ‘‘(ii) not later than 30 days after the 

2 date of receipt of any notice under clause 

3 (i), provide the nonbank financial company 

4 with an opportunity to request, in writing, 

5 a hearing before the Council to contest the 

6 proposed determination under subpara7 graph (E); 

8 ‘‘(iii) if the Council receives a timely 

9 request under clause (ii), fix a time (not 

10 earlier than 30 days after the date of re11 ceipt of the request) and place at which 

12 the nonbank financial company may ap13 pear, personally or through counsel, to, at 

14 the discretion of the nonbank financial 

15 company— 

16 ‘‘(I) submit a plan to modify the 

17 business, structure, or operations of 

18 the nonbank financial company in 

19 order to address the factors and the 

20 potential threat posed by the nonbank 

21 financial company to the financial sta22 bility of the United States identified 

23 pursuant to clause (i)(I), as applica24 ble; 


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1 ‘‘(II) submit written materials in 

2 addition to or separate from the plan 

3 described in subclause (I); and 

4 ‘‘(III) provide oral testimony and 

5 oral argument to the members of the 

Council, with not fewer than 2 6 ⁄3 of the 

7 voting members of the Council, in8 cluding the Chairperson, in attend9 ance; and 

10 ‘‘(iv) in the event a plan is submitted 

11 to the Council under clause (iii)(I)— 

12 ‘‘(I) consider whether the plan, if 

13 implemented, would address the fac14 tors and the potential threat posed by 

15 the nonbank financial company to the 

16 financial stability of the United States 

17 identified pursuant to clause (i)(I), as 

18 applicable; and 

19 ‘‘(II) provide the nonbank finan20 cial company with— 

21 ‘‘(aa) analysis of whether 

22 and to what extent the plan ad23 dresses the factors and the po24 tential threat posed by the 

25 nonbank financial company to 


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1 the financial stability of the 

2 United States identified pursuant 

3 to clause (i)(I), as applicable; 

4 ‘‘(bb) an opportunity to 

5 meet with representatives of the 

6 Council to discuss the analysis 

7 provided under item (aa); and 

8 ‘‘(cc) an opportunity to re9 vise the plan, after discussions 

10 with representatives of the Coun11 cil. 

12 ‘‘(2) FINAL DETERMINATION.— 

13 ‘‘(A) IN GENERAL.—After fulfilling the re14 quirements of paragraph (1), and not later than 

15 90 days after the date on which a hearing is 

16 held under paragraph (1)(F)(iii), the Council 

17 may vote to make a final determination under 

18 subsection (a) or (b). The Council may delay 

19 the vote up to 1 additional year after the con20 clusion of the 90-day period if considering a 

21 plan under paragraph (1)(F)(iv)(I). 

22 ‘‘(B) OUTCOME OF THE VOTE.—If the 

23 Council votes on a final determination under 

24 subsection (a) or (b), the Council shall promptly 


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1 inform the nonbank financial company of the 

2 outcome of the vote in writing. 

3 ‘‘(C) NOTICE OF FINAL DETERMINA4 TION.—If the Council votes to make a final de5 termination under subsection (a) or (b), the 

6 Council shall, not later than 30 days after the 

7 date of the vote, provide a notice to the 

8 nonbank financial company and its primary fi9 nancial regulatory agency, which notice shall 

10 contain— 

11 ‘‘(i) the basis for the determination, 

12 including— 

13 ‘‘(I) a detailed analysis of any 

14 plan submitted by the nonbank finan15 cial company and considered by the 

16 Council under paragraph (1)(F), if 

17 applicable, which analysis shall, at a 

18 minimum, include— 

19 ‘‘(aa) whether and to what 

20 extent successful implementation 

21 of the plan could address the fac22 tors, as applicable, and the po23 tential threat posed by the 

24 nonbank financial company to 

25 the financial stability of the 


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1 United States identified pursuant 

2 to paragraph (1)(F)(i)(I); and 

3 ‘‘(bb) a detailed explanation 

4 of why the plan would not ad5 dress the factors and the poten6 tial threat posed by the nonbank 

7 financial company to the finan8 cial stability of the United States 

9 identified pursuant to paragraph 

10 (1)(F)(i)(I), if the Council, dur11 ing its consideration of the plan 

12 under subparagraph 

13 (1)(F)(iv)(I), concluded that the 

14 plan would not address such fac15 tors or potential threat; 

16 ‘‘(II) the reasons why the mate17 rials and other information submitted 

18 or provided by the nonbank financial 

19 company under subclauses (II) and 

20 (III) of paragraph (1)(F)(iii) did not 

21 address the potential threat posed by 

22 the nonbank financial company to the 

23 financial stability of the United 

24 States; 


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1 ‘‘(III) a justification for any find2 ing under paragraph (1)(D); 

3 ‘‘(IV) a detailed analysis of how 

4 any factors, including an explanation 

5 of how each factor relates to the po6 tential threat posed by the nonbank 

7 financial company to the financial sta8 bility of the United States, that the 

9 Council considered pursuant to sub10 section (a)(2) or (b)(2) resulted in the 

11 final determination under subsection 

12 (a) or (b); and 

13 ‘‘(V) specific aspects of the busi14 ness, operations, or structure of the 

15 nonbank financial company, including 

16 the nature, scope, size, scale, con17 centration, interconnectedness, or mix 

18 of the activities of the nonbank finan19 cial company, that the Council be20 lieves could pose a threat to the finan21 cial stability of the United States, in22 cluding an assessment by the Council 

23 of the probability and magnitude of 

24 the threat; and 


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1 ‘‘(ii) an explanation of actions the 

2 nonbank financial company could take in 

3 order for the Council to rescind the deter4 mination.’’; 

5 (4) in subsection (g), by striking ‘‘before the 

6 Council makes any’’ and inserting ‘‘from the outset 

7 of the consideration of the nonbank financial com8 pany by the Council, including before the Council 

9 makes any proposed determination under subsection 

10 (e)(1)(E) or’’; 

11 (5) in subsection (h)— 

12 (A) by inserting ‘‘or renews’’ after 

13 ‘‘makes’’; and 

14 (B) by striking ‘‘(d)(2), (e)(3), or (f)(5)’’ 

15 and inserting ‘‘(d)(3)(B) or (f)(5) or of renewal 

16 of a final determination under subsection 

17 (e)(2)(C)’’; and 

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

19 ‘‘(j) PUBLIC DISCLOSURE REQUIREMENT.—The 

20 Council shall— 

21 ‘‘(1) in each case that a nonbank financial com22 pany has received a notice under subsection 

23 (e)(1)(A), and the nonbank financial company has 

24 publicly disclosed that the nonbank financial com25 pany is being reviewed by the Council, confirm that 


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1 the nonbank financial company is being reviewed, in 

2 response to a request from a third party; 

3 ‘‘(2) upon making a final determination under 

4 subsection (a) or (b) or renewing a final determina5 tion under paragraph (3)(A) of subsection (d), pub6 licly provide a detailed written explanation of the 

7 basis for the final determination with sufficient de8 tail to provide the public with an understanding of 

9 the specific bases of the determination by the Coun10 cil, including any assumptions related thereof, sub11 ject to the requirements of section 112(d)(5); 

12 ‘‘(3) include, in the annual report required by 

13 section 112— 

14 ‘‘(A) the number of nonbank financial 

15 companies from the previous year that received 

16 a notice under subsection (e)(1)(A); 

17 ‘‘(B) the number of nonbank financial 

18 companies from the previous year that were 

19 subject to a proposed determination under sub20 section (e)(1)(E); and 

21 ‘‘(C) the number of nonbank financial 

22 companies from the previous year that were 

23 subject to a final determination under sub24 section (a) or (b); and 


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1 ‘‘(4) not earlier than 180 days after the date of 

2 enactment of this subsection, publish in the Federal 

3 Register information regarding the methodology the 

4 Council uses for calculating any quantitative thresh5 olds or other metrics used to consider the factors 

6 listed in subsection (a)(2) or (b)(2).’’. 

7 SEC. 303. RULE OF CONSTRUCTION. 

8 None of the amendments made by this title shall be 

9 construed as limiting the emergency powers of the Finan10 cial Stability Oversight Council under section 113(f) of the 

11 Financial Stability Act of 2010 (12 U.S.C. 5323(f)). 

12 TITLE IV—IMPROVED ACCOUNT13 ABILITY AND TRANSPARENCY 

14 IN THE REGULATION OF IN15 SURANCE 

16 SEC. 401. SENSE OF CONGRESS. 

17 It is the sense of Congress that the Act of March 

18 9, 1945 (commonly known as the ‘‘McCarran-Ferguson 

19 Act’’; 59 Stat. 33, chapter 20; 15 U.S.C. 1011 et seq.) 

20 remains the preferred approach with respect to regulating 

21 the business of insurance. 


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1 SEC. 402. ENSURING THE PROTECTION OF INSURANCE POL2 ICYHOLDERS. 

3 (a) SOURCE OF STRENGTH.—Section 38A of the 

4 Federal Deposit Insurance Act (12 U.S.C. 1831o–1) is 

5 amended— 

6 (1) by redesignating subsections (c), (d), and 

7 (e) as subsections (d), (e), and (f), respectively; and 

8 (2) by inserting after subsection (b) the fol9 lowing: 

10 ‘‘(c) AUTHORITY OF STATE INSURANCE REGU11 LATOR.— 

12 ‘‘(1) IN GENERAL.—The provisions of section 

13 5(g) of the Bank Holding Company Act of 1956 (12 

14 U.S.C. 1844(g)) shall apply to a savings and loan 

15 holding company that is an insurance company, an 

16 affiliate of an insured depository institution that is 

17 an insurance company, and to any other company 

18 that is an insurance company and that directly or 

19 indirectly controls an insured depository institution, 

20 to the same extent as the provisions of that section 

21 apply to a bank holding company that is an insur22 ance company. 

23 ‘‘(2) RULE OF CONSTRUCTION.—Requiring a 

24 bank holding company that is an insurance com25 pany, a savings and loan holding company that is an 

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1 tory institution that is an insurance company, or any 

2 other company that is an insurance company and 

3 that directly or indirectly controls an insured deposi4 tory institution to serve as a source of financial 

5 strength under this section shall be deemed an ac6 tion of the Board that requires a bank holding com7 pany to provide funds or other assets to a subsidiary 

8 depository institution for purposes of section 5(g) of 

9 the Bank Holding Company Act of 1956 (12 U.S.C. 

10 1844(g)).’’. 

11 (b) LIQUIDATION AUTHORITY.—The Dodd-Frank 

12 Wall Street Reform and Consumer Protection Act (12 

13 U.S.C. 5301 et seq.) is amended— 

14 (1) in section 203(e)(3) (12 U.S.C. 5383(e)(3)), 

15 by inserting ‘‘or rehabilitation’’ after ‘‘orderly liq16 uidation’’ each place that term appears; and 

17 (2) in section 204(d)(4) (12 U.S.C. 

18 5384(d)(4)), by inserting before the semicolon at the 

19 end the following: ‘‘, except that, if the covered fi20 nancial company or covered subsidiary is an insur21 ance company or a subsidiary of an insurance com22 pany, the Corporation— 

23 ‘‘(A) shall promptly notify the State insur24 ance authority for the insurance company of the 

25 intention to take such lien; and 


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1 ‘‘(B) may only take such lien— 

2 ‘‘(i) to secure repayment of funds 

3 made available to such covered financial 

4 company or covered subsidiary; and 

5 ‘‘(ii) if the Corporation determines, 

6 after consultation with the State insurance 

7 authority, that such lien will not unduly 

8 impede or delay the liquidation or rehabili9 tation of the insurance company, or the re10 covery by its policyholders’’. 

11 SEC. 403. INTERNATIONAL INSURANCE CAPITAL STAND12 ARDS ACCOUNTABILITY. 

13 (a) SENSE OF CONGRESS.—It is the sense of Con14 gress that— 

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

16 Governors of the Federal Reserve System, and the 

17 Director of the Federal Insurance Office should sup18 port increasing transparency at any global insurance 

19 or international standard-setting regulatory or su20 pervisory forum in which they participate, including 

21 supporting and advocating for greater public ob22 server access at any such forum; and 

23 (2) to the extent that the Secretary of the 

24 Treasury, the Board of Governors of the Federal 

25 Reserve System, and the Director of the Federal InVerDate Sep 11 2014 22:43 Jun 02, 2015 Jkt 049200 PO 00000 Frm 00120 Fmt 6652 Sfmt 6201 E:\BILLS\S1484.PCS S1484

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1 surance Office take a position on an insurance pro2 posal by a global insurance or international stand3 ard-setting regulatory or supervisory forum, the 

4 Board of Governors of the Federal Reserve System 

5 and the Director of the Federal Insurance Office 

6 should achieve consensus positions with State insur7 ance regulators when they are participants rep8 resenting the United States in negotiations on insur9 ance issues before any international forum of finan10 cial regulators or supervisors that considers insur11 ance regulatory issues. 

12 (b) INSURANCE POLICY ADVISORY COMMITTEE.— 

13 (1) ESTABLISHMENT.—There is established the 

14 Insurance Policy Advisory Committee on Inter15 national Capital Standards and Other Insurance 

16 Issues at the Board of Governors of the Federal Re17 serve System. 

18 (2) MEMBERSHIP.—The Committee established 

19 under paragraph (1) shall be composed of not more 

20 than 21 members, all of whom represent a diverse 

21 set of expert perspectives from the various sectors of 

22 the United States insurance industry, including life 

23 insurance, property and casualty insurance and rein24 surance, agents and brokers, academics, consumer 


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1 advocates, or experts on issues facing underserved 

2 insurance communities and consumers. 

3 (c) REPORTS.— 

4 (1) REPORTS AND TESTIMONY BY SECRETARY

5 OF THE TREASURY AND CHAIRMAN OF THE BOARD

6 OF GOVERNORS OF THE FEDERAL RESERVE SYS7 TEM.— 

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

9 Treasury and the Chairman of the Board of 

10 Governors of the Federal Reserve System, or 

11 their designees, shall submit an annual report 

12 and provide annual testimony to the Committee 

13 on Banking, Housing, and Urban Affairs of the 

14 Senate and the Committee on Financial Serv15 ices of the House of Representatives on the ef16 forts of the Secretary of the Treasury, the 

17 Chairman of the Board of Governors of the 

18 Federal Reserve System, and State insurance 

19 regulators with respect to global insurance or 

20 international standard-setting regulatory or su21 pervisory forums, including— 

22 (i) a description of the insurance reg23 ulatory or supervisory standard-setting 

24 issues under discussion at any inter25 national insurance standard-setting bodies; 


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1 (ii) a description of the effects that 

2 proposals discussed at international insur3 ance regulatory or supervisory forums of 

4 insurance could have on consumer and in5 surance markets in the United States; 

6 (iii) a description of any position 

7 taken by the Secretary of the Treasury, 

8 the Chairman of the Board of Governors of 

9 the Federal Reserve System, and the Di10 rector of the Federal Insurance Office in 

11 international insurance discussions; and 

12 (iv) a description of the efforts by the 

13 Secretary of the Treasury, the Director of 

14 the Federal Insurance Office, and the 

15 Chairman of the Board of Governors of the 

16 Federal Reserve System to increase trans17 parency at any international standard-set18 ting bodies with whom they participate, in19 cluding efforts to provide additional public 

20 access to working groups and committees 

21 of such international insurance standard22 setting bodies. 

23 (B) TERMINATION.—This paragraph shall 

24 cease to be effective on December 31, 2018. 


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1 (2) REPORTS AND TESTIMONY BY STATE IN2 SURANCE REGULATORS.—A State insurance regu3 lator may provide testimony to Congress on the 

4 issues described in paragraph (1)(A). 

5 (3) JOINT REPORT BY THE CHAIRMAN OF THE

6 FEDERAL RESERVE AND THE DIRECTOR OF THE

7 FEDERAL INSURANCE OFFICE.— 

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

9 Treasury, the Chairman of the Board of Gov10 ernors of the Federal Reserve System, and the 

11 Director of the Federal Insurance Office, in 

12 consultation with State insurance regulators, 

13 shall complete a study on, and submit to Con14 gress a report on the results of the study, the 

15 impact on consumers and markets in the 

16 United States before supporting or consenting 

17 to the adoption of any key elements in any 

18 international insurance proposal or inter19 national insurance capital standard. 

20 (B) NOTICE AND COMMENT.— 

21 (i) NOTICE.—The Secretary of the 

22 Treasury, the Chairman of the Board of 

23 Governors of the Federal Reserve System, 

24 and the Director of the Federal Insurance 

25 Office shall provide notice before the date 


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1 on which drafting the report described in 

2 subparagraph (A) is commenced and after 

3 the date on which the draft of the report 

4 is completed. 

5 (ii) OPPORTUNITY FOR COMMENT.— 

6 There shall be an opportunity for public 

7 comment for a period beginning on the 

8 date on which the report is submitted 

9 under subparagraph (A) and ending on the 

10 date that is 60 days after the date on 

11 which the report is submitted. 

12 (C) REVIEW BY COMPTROLLER GEN13 ERAL.—The Secretary of the Treasury, the 

14 Chairman of the Board of Governors of the 

15 Federal Reserve System, and the Director of 

16 the Federal Insurance Office shall submit to the 

17 Comptroller General of the United States the 

18 report described in subparagraph (A) for re19 view. 

20 (4) REPORT ON PROMOTING TRANSPARENCY.— 

21 Not later than 180 days after the date of enactment 

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

23 of the Federal Reserve System and the Secretary of 

24 the Treasury, or their designees, shall submit a re25 port and provide testimony to the Committee on 


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1 Banking, Housing, and Urban Affairs of the Senate 

2 and the Committee on Financial Services of the 

3 House of Representatives on the efforts of the Sec4 retary of the Treasury and the Chairman of the 

5 Board of Governors of the Federal Reserve System 

6 to improve transparency at any international insur7 ance standard-setting bodies in which they partici8 pate. 

9 TITLE V—IMPROVING THE 

10 FEDERAL RESERVE SYSTEM 

11 SEC. 501. REPORTS TO CONGRESS. 

12 Section 2B of the Federal Reserve Act (12 U.S.C. 

13 225b) is amended by striking subsection (b) and inserting 

14 the following: 

15 ‘‘(b) QUARTERLY REPORTS TO CONGRESS.— 

16 ‘‘(1) IN GENERAL.—The Federal Open Market 

17 Committee shall, on a quarterly basis, and in such 

18 a manner that 1 report is submitted concurrently 

19 with each semi-annual hearing required by sub20 section (a), submit to the Committee on Banking, 

21 Housing, and Urban Affairs of the Senate and the 

22 Committee on Financial Services of the House of 

23 Representatives a report explaining the policy deci24 sions of the Committee over the prior quarter and 

25 the basis for those decisions. 


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1 ‘‘(2) CONTENTS.—The report described in 

2 paragraph (1) shall include— 

3 ‘‘(A) a detailed analysis of the conduct of 

4 monetary policy and economic developments 

5 and prospects for the future, taking into ac6 count past and prospective developments in— 

7 ‘‘(i) employment; 

8 ‘‘(ii) unemployment; 

9 ‘‘(iii) production; 

10 ‘‘(iv) investment; 

11 ‘‘(v) real income; 

12 ‘‘(vi) productivity; 

13 ‘‘(vii) exchange rates; 

14 ‘‘(viii) international trade and pay15 ments; 

16 ‘‘(ix) prices; 

17 ‘‘(x) inflation expectations; 

18 ‘‘(xi) credit conditions; and 

19 ‘‘(xii) interest rates; 

20 ‘‘(B) a description of any monetary policy 

21 rule or rules used or considered by the Com22 mittee that provides or provide the basis for 

23 monetary policy decisions, including short-term 

24 interest rate targets set by the Committee, open 

25 market operations authorized under section 14, 


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1 and interest rates established by the Committee 

2 pursuant to section 19(b)(12), and such de3 scription shall include, at a minimum, for each 

4 rule, a mathematical formula that models how 

5 monetary policy instruments will be adjusted 

6 based on changes in quantitative inputs; 

7 ‘‘(C) a description of any additional strat8 egy or strategies, if any such exist, used by the 

9 Committee, separate from or supplementary to 

10 any rule or rules described in subparagraph 

11 (B), to affect monetary policy; 

12 ‘‘(D) a detailed explanation of— 

13 ‘‘(i) any deviation in the rule or rules 

14 described in subparagraph (B) in the cur15 rent report from any rule or rules de16 scribed in subparagraph (B) in the most 

17 recent quarterly report; and 

18 ‘‘(ii) any deviation in the strategy or 

19 strategies described in subparagraph (C) in 

20 the current report from any strategy or 

21 strategies described in subparagraph (C) in 

22 the most recent quarterly report; 

23 ‘‘(E) a description of any instruments used 

24 to execute monetary policy by employees of the 

25 Federal Reserve System at the direction of the 


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1 Committee, and how such instruments have 

2 been used; 

3 ‘‘(F) a description of the outlook for mone4 tary policy over the short term, medium term, 

5 and long term; and 

6 ‘‘(G) projections of inflation and economic 

7 growth over the short term, medium term, and 

8 long term. 

9 ‘‘(3) DISSENT.—A member of the Committee 

10 described in section 12A(a) may— 

11 ‘‘(A) dissent from the report submitted 

12 under paragraph (1) in whole or in part; 

13 ‘‘(B) write a dissent expressing the views 

14 of the member, which shall be included as part 

15 of the report submitted to the Committee on 

16 Banking, Housing, and Urban Affairs of the 

17 Senate and the Committee on Financial Serv18 ices of the House of Representatives; and 

19 ‘‘(C) sign a dissent written by another 

20 member of the Committee to express support 

21 for views contained in such dissent.’’. 

22 SEC. 502. TESTIMONY; VOTES; STAFF. 

23 (a) TESTIMONY; VOTES.—Section 10 of the Federal 

24 Reserve Act is amended— 


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1 (1) in paragraph (11), as redesignated by sec2 tion 815(v) of this Act, by inserting at the end the 

3 following: ‘‘In the event that no member of the 

4 Board is serving as Vice Chairman for Supervision 

5 at the time such appearance is required, the Chair6 man of the Board of Governors shall appear before 

7 each Committee in the place of the Vice Chairman 

8 for Supervision.’’; and 

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

10 ‘‘(12)(A) The Board of Governors of the Fed11 eral Reserve System shall, on a nondelegable basis, 

12 vote on whether to issue any civil money penalty as13 sessment order or settle any other enforcement ac14 tion if the issuance of such order or settlement of 

15 such action involves the payment of not less than 

16 $1,000,000 in compensation, penalties, fines, or 

17 other payments. 

18 ‘‘(B) The results of the vote of each member of 

19 the Board under subparagraph (A) shall promptly 

20 be made publicly available on the website of the 

21 Board.’’. 

22 (b) DELEGATION OF AUTHORITIES; STAFF.—Section 

23 11 of the Federal Reserve Act (12 U.S.C. 248) is amend24 ed— 


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1 (1) in subsection (k), by inserting ‘‘and except 

2 as otherwise provided in section 10(12)(A),’’ after 

3 ‘‘credit policies,’’; and 

4 (2) in subsection (l), by inserting ‘‘Of amounts 

5 made available for employees of the Board of Gov6 ernors under this subsection, each member of the 

7 Board of Governors may employ not more than 4 in8 dividuals, with such individuals selected by such 

9 member and the salaries of such individuals set by 

10 such member.’’ after the period at the end. 

11 SEC. 503. TRANSPARENCY AT THE FEDERAL OPEN MARKET 

12 COMMITTEE. 

13 Section 12A of the Federal Reserve Act (12 U.S.C. 

14 263) is amended by adding at the end the following: 

15 ‘‘(d) Not later than 3 years after the date on which 

16 a meeting of the Committee is held, the Committee shall 

17 publish the transcript of the meeting.’’. 

18 SEC. 504. INTEREST RATES ON BALANCES MAINTAINED AT 

19 A FEDERAL RESERVE BANK BY DEPOSITORY 

20 INSTITUTIONS. 

21 Section 19(b)(12)(A) of the Federal Reserve Act (12 

22 U.S.C. 461(b)(12)(A)) is amended by inserting ‘‘estab23 lished by the Federal Open Market Committee’’ after 

24 ‘‘rate or rates’’. 


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1 SEC. 505. COMMISSION FOR RESTRUCTURING THE FED2 ERAL RESERVE SYSTEM. 

3 (a) ESTABLISHMENT.—There is established an inde4 pendent commission to be known as the ‘‘Federal Reserve 

5 System Restructuring Commission’’ (referred to in this 

6 section as the ‘‘Commission’’). 

7 (b) MEMBERSHIP.— 

8 (1) IN GENERAL.—The Commission shall be 

9 composed of 7 members as follows: 

10 (A) 2 members appointed by the Speaker 

11 of the House of Representatives. 

12 (B) 2 members appointed by the majority 

13 leader of the Senate. 

14 (C) 1 member appointed by the minority 

15 leader of the House of Representatives. 

16 (D) 1 member appointed by the minority 

17 leader of the Senate. 

18 (E) 1 member appointed by the President. 

19 (2) CHAIRMAN.—Once the members of the 

20 Commission have been appointed, the members shall 

21 designate 1 of the members to be Chairman of the 

22 Commission. 

23 (3) VACANCIES.—Any vacancy in the Commis24 sion shall be filled in the same manner as the origi25 nal appointment. 

26 (c) DUTIES.— 


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1 (1) STUDY.— 

2 (A) IN GENERAL.—The Commission shall 

3 conduct a study on whether it is appropriate to 

4 restructure the Federal Reserve districts, in5 cluding an analysis on potential benefits and 

6 costs of restructuring. 

7 (B) CONSIDERATIONS.—In determining 

8 whether such restructuring is appropriate, the 

9 Commission shall specifically consider the im10 pact of restructuring with respect to— 

11 (i) maximizing operational effective12 ness within the Federal Reserve System 

13 while minimizing operational costs; 

14 (ii) maximizing the effectiveness of su15 pervisory and regulatory functions while 

16 minimizing potential for regulatory cap17 ture; and 

18 (iii) monetary policy decision-making. 

19 (C) PROPOSALS.—The Commission shall— 

20 (i) consider various proposals to re21 structure the existing Federal Reserve dis22 tricts, including proposals to— 

23 (I) increase the number of exist24 ing Federal Reserve districts, includ25 ing a proposal to divide the Federal 


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1 Reserve district in which the Federal 

2 Reserve Bank of San Francisco is 

3 contained into 2 or more separate dis4 tricts while retaining the existing 

5 structure for the remaining Federal 

6 Reserve districts; 

7 (II) decrease the number of exist8 ing Federal Reserve districts; 

9 (III) restructure the existing 

10 Federal Reserve districts without in11 creasing or decreasing the number of 

12 existing Federal Reserve districts; and 

13 (IV) reassign specific functions 

14 and duties, including supervisory and 

15 regulatory functions, to different Fed16 eral Reserve banks within the Federal 

17 Reserve System, including functions 

18 and duties performed by the Board; 

19 and 

20 (ii) determine which of the proposals 

21 considered under clause (i) are the optimal 

22 approaches to restructuring the existing 

23 Federal Reserve districts pursuant to sub24 clauses (I), (II), (III), and (IV) of clause 

25 (i). 


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1 (2) RECOMMENDATION.—The Commission 

2 shall, based on the proposals considered under para3 graph (1)(C), develop a recommendation on the opti4 mal organization of the Federal Reserve System 

5 that— 

6 (A) maximizes— 

7 (i) the operational effectiveness within 

8 the Federal Reserve System while mini9 mizing operational costs; and 

10 (ii) the effectiveness of supervisory 

11 and regulatory functions while minimizing 

12 potential for regulatory capture; and 

13 (B) takes into account the impact of re14 structuring on monetary policy decision-making. 

15 (3) REPORT.—Not later than 18 months after 

16 the date of enactment of this Act, the Commission 

17 shall submit to the Committee on Banking, Housing, 

18 and Urban Affairs of the Senate and the Committee 

19 on Financial Services of the House of Representa20 tives, and also furnish copies to the President and 

21 the Board of Governors of the Federal Reserve Sys22 tem, a report that includes— 

23 (A) the recommendation described in para24 graph (2); 


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1 (B) a description of the proposals consid2 ered under paragraph (1)(C)(i); 

3 (C) a description of the proposals deter4 mined to be optimal under paragraph (1)(C)(ii); 

5 (D) an analysis of the benefits and costs of 

6 each of the proposals described in subparagraph 

7 (B), including, with respect to each proposal, an 

8 analysis of— 

9 (i) the operational benefits and costs 

10 to the Federal Reserve System; 

11 (ii) the impact on supervision of fi12 nancial institutions and nonbank financial 

13 institutions supervised by the Federal Re14 serve banks; and 

15 (iii) the impact on monetary policy de16 cision-making; 

17 (E) an analysis of— 

18 (i) any specific benefits and costs re19 sulting from the increase in total number 

20 of Federal Reserve districts; and 

21 (ii) any specific benefits and costs re22 sulting from the decrease in total number 

23 of Federal Reserve districts, including an 

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1 serve System through streamlining and 

2 elimination of duplicated functions; 

3 (F) a determination of— 

4 (i) whether the benefits of restruc5 turing the existing Federal Reserve dis6 tricts without increasing or decreasing the 

7 number of existing Federal Reserve dis8 tricts outweigh the costs; 

9 (ii) whether the benefits of increasing 

10 or decreasing the number of existing Fed11 eral Reserve districts outweigh the costs; 

12 (iii) whether the benefits of reas13 signing functions and duties to different 

14 Federal Reserve banks within the Federal 

15 Reserve System outweigh the costs; and 

16 (iv) the optimal number of Federal 

17 Reserve districts in order for the Federal 

18 Reserve System to fulfill its statutory role 

19 in the most efficient and cost-effective 

20 manner; and 

21 (G) a description of the methodology used 

22 by the Commission to reach the conclusions for 

23 the report. 


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1 (d) POWERS OF THE COMMISSION.—The Commission 

2 may lease space and acquire personal property to the ex3 tent funds are available. 

4 (e) COMMISSION PERSONNEL MATTERS.— 

5 (1) COMPENSATION OF MEMBERS.— 

6 (A) IN GENERAL.—Except as provided in 

7 subparagraph (B), each member of the Com8 mission who is not an officer or employee of the 

9 Federal Government shall be compensated at a 

10 rate equal to the daily equivalent of the annual 

11 rate of basic pay prescribed for level IV of the 

12 Executive Schedule under section 5315 of title 

13 5, United States Code, for each day (including 

14 travel time) during which such member is en15 gaged in the performance of the duties of the 

16 Commission. All members of the Commission 

17 who are officers or employees of the United 

18 States shall serve without compensation in addi19 tion to that received for their services as offi20 cers or employees of the United States. 

21 (B) COMPENSATION OF CHAIRMAN.—The 

22 Chairman of the Commission shall be com23 pensated at a rate equal to the daily equivalent 

24 of the minimum annual rate of basic pay pay25 able for level III of the Executive Schedule 


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1 under section 5314, of title 5, United States 

2 Code. 

3 (2) TRAVEL EXPENSES.—The members of the 

4 Commission shall be allowed travel expenses, includ5 ing per diem in lieu of subsistence, at rates author6 ized for employees of agencies under subchapter I of 

7 chapter 57 of title 5, United States Code, while 

8 away from their homes or regular places of business 

9 in the performance of services for the Commission. 

10 (3) DIRECTOR AND STAFF.— 

11 (A) DIRECTOR OF STAFF.—The Commis12 sion shall appoint a Director, who shall be paid 

13 at the rate of basic pay payable for level IV of 

14 the Executive Schedule under section 5315 of 

15 title 5, United States Code. 

16 (B) STAFF.— 

17 (i) IN GENERAL.—Subject to clauses 

18 (ii) and (iii), the Director, with the ap19 proval of the Commission, may appoint 

20 and fix the pay of additional personnel. 

21 (ii) APPLICABILITY.—The Director 

22 may make such appointments without re23 gard to the provisions of title 5, United 

24 States Code, governing appointments in 

25 the competitive service, and any personnel 


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1 so appointed may be paid without regard 

2 to the provisions of chapter 51 and sub3 chapter III of chapter 53 of that title re4 lating to classification and General Sched5 ule pay rates, except that an individual so 

6 appointed may not receive pay in excess of 

7 the annual rate of basic pay prescribed for 

8 level V of the Executive Schedule under 

9 section 5316 of that title. 

10 (iii) DETAIL OF GOVERNMENT EM11 PLOYEES.— 

12 (I) IN GENERAL.—Upon request 

13 of the Director, the head of any Fed14 eral department or agency, including 

15 the Comptroller General of the United 

16 States, may detail any of the per17 sonnel of that department or agency 

18 to the Commission to assist the Com19 mission in carrying out its duties 

20 under this section. 

21 (II) LIMITATIONS.— 

22 (aa) DETAIL OF EMPLOYEES

23 FROM FEDERAL RESERVE SYSTEM.—Not more than 1 24 ⁄5 of the 

25 personnel employed by or detailed 


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1 to the Commission may be on de2 tail from the Federal Reserve 

3 System. 

4 (bb) DETAIL OF EMPLOYEES

5 FROM OTHER FEDERAL AGEN6 CIES.—Not more than one-fifth 

7 of the personnel employed by or 

8 detailed to the Commission may 

9 be on detail from any Federal de10 partment or agency other than 

11 the Federal Reserve System. 

12 (iv) EXPERTS AND CONSULTANTS.— 

13 The Commission may procure by contract 

14 the temporary or intermittent services of 

15 experts or consultants pursuant to section 

16 3109(b) of title 5, United States Code, at 

17 rates for individuals which do not to exceed 

18 the daily equivalent of the annual rate of 

19 basic pay for a comparable position paid 

20 under the General Schedule. 

21 (C) RULE OF CONSTRUCTION.—Any indi22 vidual employed by the Commission under this 

23 paragraph, including any expert or consultant 

24 under contract pursuant to subparagraph 

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1 tion of such employment of such individual for 

2 the purposes of this section. 

3 (f) PROHIBITION AGAINST RESTRICTING COMMU4 NICATIONS.—No person may restrict an employee of the 

5 Federal Reserve System from communicating with a mem6 ber or staff of the Commission, and no person may take 

7 (or threaten to take) an unfavorable personnel action, or 

8 withhold (or threaten to withhold) a favorable personnel 

9 action, as a reprisal for such communication. 

10 (g) CONFIDENTIAL INFORMATION.—No member or 

11 staff of the Commission shall request, either in writing 

12 or verbally, that any employee of the Federal Reserve Sys13 tem provide— 

14 (1) nonpublic information or documents con15 cerning or related to monetary policy deliberations; 

16 or 

17 (2) confidential supervisory information. 

18 (h) DISCLOSURE OF NONPUBLIC INFORMATION.— 

19 Any member or staff of the Commission that obtains non20 public information from the Federal Reserve System or 

21 any employee of the Federal Reserve System shall main22 tain the confidentiality of such information. 

23 (i) AUDIT.— 

24 (1) IN GENERAL.—The Comptroller General of 

25 the United States shall annually audit the financial 


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1 transactions of the Commission in accordance with 

2 the United States generally accepted government au3 diting standards, as may be prescribed by the Comp4 troller General of the United States. 

5 (2) LOCATION OF AUDIT.—An audit under 

6 paragraph (1) shall be conducted at any place where 

7 accounts of the Commission are normally kept. 

8 (3) ACCESS.— 

9 (A) IN GENERAL.—The representatives of 

10 the Government Accountability Office shall have 

11 access, in accordance with section 716(c) of 

12 title 31, United States Code, to— 

13 (i) the Chairman of the Commission, 

14 members of the Commission, and staff of 

15 the Commission; and 

16 (ii) all books, accounts, documents, 

17 papers, records (including electronic 

18 records), reports, files, property, or other 

19 information belonging to or under the con20 trol of or used or employed by the Com21 mission pertaining to its financial trans22 actions and necessary to facilitate the 

23 audit. 

24 (B) VERIFICATION OF TRANSACTIONS.— 

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1 ability Office shall be afforded full facilities for 

2 verifying transactions with the balances or secu3 rities held by depositories, fiscal agents, and 

4 custodians. 

5 (4) CUSTODY OF DOCUMENTS AND PROP6 ERTY.—All books, accounts, documents, papers, 

7 records, reports, files, property, or other information 

8 described in paragraph (3)(A)(ii) shall remain in 

9 possession and custody of the Commission. 

10 (5) COPIES.—The Comptroller General of the 

11 United States may make copies of any books, ac12 counts, documents, papers, records, reports, files, 

13 property, or other information described in para14 graph (3)(A)(ii) without cost to the Comptroller 

15 General. 

16 (6) SERVICES.—In conducting an audit under 

17 this subsection, the Comptroller General of the 

18 United States may employ by contract, without re19 gard to section 3709 of the Revised Statutes (41 

20 U.S.C. 6101), professional services of firms and or21 ganizations of certified public accountants for tem22 porary periods or for special purposes. 

23 (7) REIMBURSEMENT.— 

24 (A) IN GENERAL.—Upon the request of 

25 the Comptroller General of the United States, 


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1 the Chairman of the Commission shall transfer 

2 to the Government Accountability Office from 

3 funds made available to the Commission the 

4 amount requested by the Comptroller General 

5 to cover the full costs of any audit and report 

6 conducted by the Comptroller General. 

7 (B) CREDIT.—The Comptroller General of 

8 the United States shall credit funds transferred 

9 under subparagraph (A) to the account estab10 lished for salaries and expenses of the Govern11 ment Accountability Office, and such amount 

12 shall be available upon receipt and without fis13 cal year limitation to cover the full costs of the 

14 audit and report. 

15 (8) REPORT.—The Comptroller General of the 

16 United States shall submit to the Committee on 

17 Banking, Housing, and Urban Affairs of the Senate 

18 and the Committee on Financial Services of the 

19 House of Representatives, and also furnish copies to 

20 the President and the Commission, a report of each 

21 annual audit conducted under this subsection, in22 cluding— 

23 (A) the scope of the audit; 

24 (B) the statement of assets and liabilities 

25 and surplus or deficit; 


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1 (C) the statement of income and expenses; 

2 (D) the statement of sources and applica3 tion of funds; 

4 (E) such comments and information as the 

5 Comptroller General determines is necessary to 

6 inform the Committee on Banking, Housing, 

7 and Urban Affairs of the Senate and the Com8 mittee on Financial Services of the House of 

9 Representatives of the financial operations and 

10 condition of the Commission; and 

11 (F) such recommendations that the Comp12 troller General may deem advisable. 

13 (j) TERMINATION.—The Commission shall terminate 

14 not later than on December 31, 2020. 

15 (k) FUNDING.— 

16 (1) IN GENERAL.—Beginning on the first quar17 ter of the fiscal year after the date on which the 

18 Commission is established, and in each quarter of a 

19 fiscal year thereafter, the Board of Governors of the 

20 Federal Reserve System shall transfer to the Com21 mission, from the combined earnings of the Federal 

22 Reserve System, the amount determined by the 

23 Chairman of the Commission to be reasonably nec24 essary to carry out the authorities of the Commis25 sion pursuant to this section, taking into account 


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1 such other sums made available to the Commission 

2 in preceding quarters, to be available without fiscal 

3 year limitation and not subject to appropriation. 

4 (2) REVIEWABILITY.—Notwithstanding any 

5 other provision in this section, the funds derived 

6 from the Federal Reserve System pursuant to this 

7 subsection shall not be subject to review by the Com8 mittee on Appropriations of the Senate or the Com9 mittee on Appropriations of the House of Represent10 atives. 

11 (l) FEDERAL RESERVE DISTRICTS.—The first undes12 ignated paragraph of section 2 of the Federal Reserve Act 

13 (38 Stat. 251, chapter 6) is amended by inserting ‘‘, ex14 cept as otherwise provided under section 505 of the Finan15 cial Regulatory Improvement Act of 2015’’ after ‘‘orga16 nized’’. 

17 SEC. 506. GAO STUDY ON SUPERVISION. 

18 (a) IN GENERAL.—The Comptroller General of the 

19 United States shall conduct a study on the effectiveness 

20 of supervision by the Board of Governors of the Federal 

21 Reserve System and each Federal Reserve bank of— 

22 (1) bank holding companies subject to the re23 quirements of section 165 of the Financial Stability 

24 Act of 2010 (12 U.S.C. 5365) on the date of enact25 ment of this Act; and 


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1 (2) nonbank financial companies subject to a 

2 determination under subsection (a) or (b) of section 

3 113 of the Financial Stability Act of 2010 (12 

4 U.S.C. 5323). 

5 (b) REPORT.—Not later than 18 months after the 

6 date of enactment of this Act, the Comptroller General 

7 of the United States shall submit to the Committee on 

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

9 the Committee on Financial Services of the House of Rep10 resentatives a report based on the study required under 

11 subsection (a) that includes— 

12 (1) an analysis of— 

13 (A) the effectiveness of the delegation of 

14 functions by the Board of Governors of the 

15 Federal Reserve System in accordance with sec16 tion 11(k) of the Federal Reserve Act (12 

17 U.S.C. 248(k)); 

18 (B) the effectiveness of supervision dele19 gated to each Federal Reserve bank by the 

20 Board of Governors of the Federal Reserve Sys21 tem, including whether and how the relation22 ships between each Federal Reserve bank and 

23 the institutions that each Federal Reserve bank 

24 supervises impact the effectiveness of super25 vision; 


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1 (C) the propriety of the relationship be2 tween each Federal Reserve bank and the insti3 tutions that each Federal Reserve bank super4 vises, including any potential conflicts of inter5 est, and whether and how such relationships 

6 impact the effectiveness of supervision; 

7 (D) the role played by the Large Institu8 tion Supervision Coordinating Committee of the 

9 Board of Governors of the Federal Reserve Sys10 tem, the interactions between the Committee 

11 and the Federal Reserve banks, and the effec12 tiveness of the Committee; and 

13 (E) any other factors that could negatively 

14 influence the effectiveness of supervision by any 

15 Federal Reserve bank or the Board of Gov16 ernors of the Federal Reserve System; 

17 (2) an evaluation of whether additional steps 

18 should be taken by the Board of Governors of the 

19 Federal Reserve System, each Federal Reserve bank, 

20 or Congress to improve the effectiveness of super21 vision at each Federal Reserve bank and the Board 

22 of Governors of the Federal Reserve System; and 

23 (3) recommendations to improve the effective24 ness of supervision at each Federal Reserve bank 


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1 and the Board of Governors of the Federal Reserve 

2 System. 

3 (c) EVALUATION.—As part of the study required 

4 under subsection (a), the Comptroller General of the 

5 United States shall separately evaluate the effectiveness 

6 of supervision at the Board of Governors of the Federal 

7 Reserve System and at each Federal Reserve bank. 

8 SEC. 507. FEDERAL RESERVE STUDY ON NONBANK SUPER9 VISION. 

10 (a) IN GENERAL.—Not later than 180 days after the 

11 enactment of this Act, and not less than once every 2 years 

12 thereafter, the Board of Governors of the Federal Reserve 

13 System shall submit to the Committee on Banking, Hous14 ing, and Urban Affairs of the Senate and the Committee 

15 on Financial Services of the House of Representatives a 

16 report regarding how the Board plans to supervise and 

17 regulate nonbank financial companies subject to a deter18 mination under subsection (a) or (b) of section 113 of the 

19 Financial Stability Act of 2010 (12 U.S.C. 5323) that in20 cludes, with respect to nonbank financial companies— 

21 (1) a specific supervisory and regulatory frame22 work, differentiating among nonbank financial com23 panies on an individual basis or by category, taking 

24 into consideration the capital structure, riskiness, 

25 complexity (including the financial activities of any 


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1 subsidiaries), size, and any other risk-related factors 

2 that the Board of Governors of the Federal Reserve 

3 System determines is appropriate; 

4 (2) an assessment of the relevant experience 

5 and expertise of staff of the Federal Reserve System 

6 assigned to such supervision and regulation; 

7 (3) a description of— 

8 (A) the method for evaluating safety and 

9 soundness; 

10 (B) the frequency of examinations; 

11 (C) the criteria that will be examined; and 

12 (D) coordination with Federal and State 

13 regulators, including efforts to minimize dupli14 cative supervision and regulation, if appro15 priate; and 

16 (4) an explanation of how the approach to su17 pervision and regulation of nonbank financial com18 panies differs from supervision and regulation of 

19 bank holding companies and member banks. 

20 (b) SUNSET.—This section shall terminate on the 

21 date that is 10 years after the date of enactment of this 

22 Act. 

23 SEC. 508. FEDERAL RESERVE BANK GOVERNANCE. 

24 (a) IN GENERAL.—Section 4 of the Federal Reserve 

25 Act is amended— 


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1 (1) in paragraph (4) (12 U.S.C. 341)— 

2 (A) by striking ‘‘power—’’ and inserting 

3 ‘‘power, except as provided in paragraph (25)— 

4 ’’; and 

5 (B) by inserting ‘‘except that the first vice 

6 president of the Federal Reserve Bank of New 

7 York shall be appointed by the Class B and 

8 Class C directors of the bank, with the approval 

9 of the Board of Governors of the Federal Re10 serve System, for a term of 5 years,’’ after ‘‘as 

11 the president,’’; and 

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

13 ‘‘(25) SELECTION OF THE PRESIDENT OF THE

14 FEDERAL RESERVE BANK OF NEW YORK.—Notwith15 standing any other provision of this section, the 

16 president of the Federal Reserve Bank of New York 

17 shall be appointed by the President, by and with the 

18 advice and consent of the Senate, for terms of 5 

19 years. 

20 ‘‘(26) TESTIMONY.—The president of the Fed21 eral Reserve Bank of New York, on an annual basis, 

22 shall provide testimony to the Committee on Bank23 ing, Housing, and Urban Affairs of the Senate and 

24 the Committee on Financial Services of the House of 

25 Representatives.’’. 


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

2 subsection (a) shall take effect on the date of enactment 

3 of this Act and apply to appointments for the president 

4 of the Federal Reserve Bank of New York made on and 

5 after that effective date. 

6 TITLE VI—IMPROVED ACCESS 

7 TO CAPITAL AND TAILORED 

8 REGULATION IN THE FINAN9 CIAL MARKETS 

10 SEC. 601. HOLDING COMPANY REGISTRATION THRESHOLD 

11 EQUALIZATION. 

12 The Securities Exchange Act of 1934 (15 U.S.C. 78a 

13 et seq.) is amended— 

14 (1) in section 12(g) (15 U.S.C. 78l(g))— 

15 (A) in paragraph (1)(B), by inserting ‘‘, a 

16 savings and loan holding company (as defined 

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

18 (12 U.S.C. 1467a(a))),’’ after ‘‘is a bank’’; and 

19 (B) in paragraph (4), by inserting ‘‘, a 

20 savings and loan holding company (as defined 

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

22 (12 U.S.C. 1467a(a))),’’ after ‘‘case of a bank’’; 

23 and 

24 (2) in section 15(d)(1) (15 U.S.C. 78o(d)(1)), 

25 by striking ‘‘case of bank’’ and inserting ‘‘case of a 


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1 bank, a savings and loan holding company (as de2 fined in section 10(a) of the Home Owners’ Loan 

3 Act (12 U.S.C. 1467a(a))),’’. 

4 SEC. 602. INCREASED THRESHOLD FOR DISCLOSURES RE5 LATING TO COMPENSATORY BENEFIT PLANS. 

6 Not later than 60 days after the date of enactment 

7 of this Act, the Securities and Exchange Commission shall 

8 revise section 230.701(e) of title 17, Code of Federal Reg9 ulations, to increase from $5,000,000 to $10,000,000 the 

10 aggregate sales price or amount of securities sold during 

11 any consecutive 12-month period in excess of which the 

12 issuer is required under such section to deliver an addi13 tional disclosure to investors. The Securities and Ex14 change Commission shall index for inflation such aggre15 gate sales price or amount every 5 years to reflect the 

16 change in the Consumer Price Index for All Urban Con17 sumers published by the Bureau of Labor Statistics, 

18 rounding to the nearest $1,000,000. 

19 SEC. 603. REPEAL OF INDEMNIFICATION REQUIREMENTS. 

20 (a) DERIVATIVES CLEARING ORGANIZATIONS.—Sec21 tion 5b(k)(5) of the Commodity Exchange Act (7 U.S.C. 

22 7a–1(k)(5)) is amended to read as follows: 

23 ‘‘(5) CONFIDENTIALITY AGREEMENT.—Before 

24 the Commission may share information with any en25 tity described in paragraph (4), the Commission 


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1 shall receive a written agreement from each entity 

2 stating that the entity shall abide by the confiden3 tiality requirements described in section 8 relating to 

4 the information on swap transactions that is pro5 vided.’’. 

6 (b) SWAP DATA REPOSITORIES.—Section 21(d) of 

7 the Commodity Exchange Act (7 U.S.C. 24a(d)) is amend8 ed to read as follows: 

9 ‘‘(d) CONFIDENTIALITY AGREEMENT.—Before the 

10 swap data repository may share information with any enti11 ty described in subsection (c)(7), the swap data repository 

12 shall receive a written agreement from each entity stating 

13 that the entity shall abide by the confidentiality require14 ments described in section 8 relating to the information 

15 on swap transactions that is provided.’’. 

16 (c) SECURITY-BASED SWAP DATA REPOSITORIES.— 

17 Section 13(n)(5) of the Securities Exchange Act of 1934 

18 (15 U.S.C. 78m(n)(5)) is amended— 

19 (1) in subparagraph (G)— 

20 (A) in the matter preceding clause (i), by 

21 striking ‘‘all’’ and inserting ‘‘security-based 

22 swap’’; and 

23 (B) in clause (v)— 

24 (i) in subclause (II), by striking ‘‘; 

25 and’’ and inserting a semicolon; 


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1 (ii) in subclause (III), by striking the 

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

3 and 

4 (iii) by adding at the end the fol5 lowing: 

6 ‘‘(IV) other foreign authorities.’’; 

7 and 

8 (2) by striking subparagraph (H) and inserting 

9 the following: 

10 ‘‘(H) CONFIDENTIALITY AGREEMENT.— 

11 Before the security-based swap data repository 

12 may share information with any entity de13 scribed in subparagraph (G), the security-based 

14 swap data repository shall receive a written 

15 agreement from each entity stating that the en16 tity shall abide by the confidentiality require17 ments described in section 24 relating to the in18 formation on security-based swap transactions 

19 that is provided.’’. 

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

21 this section shall take effect as if enacted as part of the 

22 Dodd-Frank Wall Street Reform and Consumer Protec23 tion Act (Public Law 111–203). 


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1 SEC. 604. IMPROVING ACCESS TO CAPITAL FOR EMERGING 

2 GROWTH COMPANIES. 

3 Section 6(e)(1) of the Securities Act of 1933 (15 

4 U.S.C. 77f(e)(1)) is amended by adding at the end the 

5 following: ‘‘An issuer that was an emerging growth com6 pany at the time it submitted a confidential registration 

7 statement or, in lieu thereof, a publicly filed registration 

8 statement for review under this subsection but ceases to 

9 be an emerging growth company thereafter shall continue 

10 to be treated as an emerging growth company for the pur11 poses of this subsection through the earlier of the date 

12 on which the issuer consummates its initial public offering 

13 pursuant to such registration statement or the end of the 

14 1-year period beginning on the date on which the company 

15 ceases to be an emerging growth company.’’. 

16 TITLE VII—TAXPAYER PROTEC17 TIONS AND MARKET ACCESS 

18 FOR MORTGAGE FINANCE 

19 SEC. 701. DEFINITIONS. 

20 In this title: 

21 (1) AGENCY.—The term ‘‘Agency’’ means the 

22 Federal Housing Finance Agency. 

23 (2) BACK-END RISK SHARING.—The term 

24 ‘‘back-end risk sharing’’ means any risk-sharing 

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1 family mortgage credit risk that is on the balance 

2 sheet of the enterprise with the private sector. 

3 (3) BOARD OF DIRECTORS.—The term ‘‘Board 

4 of Directors’’ means the Board of Directors estab5 lished under section 705(c)(1). 

6 (4) COMMON SECURITIZATION SOLUTIONS.— 

7 The term ‘‘Common Securitization Solutions’’ or 

8 ‘‘CSS’’ means Common Securitization Solutions, 

9 LLC, the joint venture formed by the enterprises in 

10 October 2013, or any successor to Common 

11 Securitization Solutions, LLC, that is a joint ven12 ture of the enterprises. 

13 (5) CONTRACTUAL AND DISCLOSURE FRAME14 WORK.—The term ‘‘contractual and disclosure 

15 framework’’ means a contractual and disclosure 

16 framework for securitization of mortgage loans by 

17 an entity other than an enterprise. 

18 (6) ENTERPRISE.—The term ‘‘enterprise’’ has 

19 the meaning given that term in section 1303 of the 

20 Federal Housing Enterprises Financial Safety and 

21 Soundness Act of 1992 (12 U.S.C. 4502). 

22 (7) FIRST LOSS POSITION; FRONT-END RISK

23 SHARING; RISK-SHARING TRANSACTION.—The terms 

24 ‘‘first loss position’’, ‘‘front-end risk sharing’’, and 

25 ‘‘risk-sharing transaction’’ have the meanings given 


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1 those terms in section 1328(a) of the Federal Hous2 ing Enterprises Financial Safety and Soundness Act 

3 of 1992, as added by section 706(b)(1). 

4 (8) GUARANTEE FEE.—The term ‘‘guarantee 

5 fee’’— 

6 (A) means a fee in connection with any 

7 guarantee of the timely payment of principal 

8 and interest on securities, notes, and other obli9 gations based on or backed by mortgages on 

10 residential real properties designed principally 

11 for occupancy of from 1 to 4 families; and 

12 (B) includes— 

13 (i) the guaranty fee charged by the 

14 Federal National Mortgage Association 

15 with respect to mortgage-backed securities; 

16 and 

17 (ii) the management and guarantee 

18 fee charged by the Federal Home Loan 

19 Mortgage Corporation with respect to par20 ticipation certificates. 

21 (9) PLATFORM.—The term ‘‘Platform’’ means 

22 the securitization platform first described by the 

23 paper issued by the Agency on October 4, 2012 enti24 tled ‘‘Building a New Infrastructure for the Sec25 ondary Mortgage Market’’, and updated in subseVerDate Sep 11 2014 22:43 Jun 02, 2015 Jkt 049200 PO 00000 Frm 00159 Fmt 6652 Sfmt 6201 E:\BILLS\S1484.PCS S1484

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1 quent documents released by the Agency, including 

2 annual strategic plans for the conservatorship of the 

3 enterprises and annual conservatorship scorecards. 

4 (10) PRIVATE SUCCESSOR.—The term ‘‘private 

5 successor’’ means the private, nonprofit entity re6 ferred to in section 705(g) to which CSS transitions 

7 the Platform and the contractual and disclosure 

8 framework, including any associated intellectual 

9 property, technology, systems, and infrastructure, in 

10 accordance with this title. 

11 (11) SECOND LOSS POSITION.—The term ‘‘sec12 ond loss position’’ means, with respect to a risk13 sharing transaction, the position to which any credit 

14 losses on a security resulting from the nonperform15 ance of underlying mortgage loans will accrue and 

16 be absorbed after a first loss position, to the full ex17 tent of a holder’s interest in such position. 

18 (12) SECRETARY.—The term ‘‘Secretary’’ 

19 means the Secretary of the Treasury. 

20 (13) SENIOR PREFERRED STOCK PURCHASE

21 AGREEMENT.—The term ‘‘Senior Preferred Stock 

22 Purchase Agreement’’ means— 

23 (A) the Amended and Restated Senior Pre24 ferred Stock Purchase Agreement, dated Sep25 tember 26, 2008, as such Agreement has been 


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1 amended on May 6, 2009, December 24, 2009, 

2 and August 17, 2012, respectively, and as such 

3 Agreement may be further amended and re4 stated, entered into between the Department of 

5 the Treasury and each enterprise, as applicable; 

6 and 

7 (B) any provision of any certificate in con8 nection with such Agreement creating or desig9 nating the terms, powers, preferences, privi10 leges, limitations, or any other conditions of the 

11 Variable Liquidation Preference Senior Pre12 ferred Stock of an enterprise issued or sold pur13 suant to such Agreement. 

14 SEC. 702. PROHIBITING THE USE OF GUARANTEE FEES AS 

15 AN OFFSET. 

16 (a) IN GENERAL.—In the Senate and the House of 

17 Representatives, for purposes of determining budgetary 

18 impacts to evaluate points of order under the Congres19 sional Budget Act of 1974, any previous budget resolution, 

20 and any subsequent budget resolution, provisions con21 tained in any bill, resolution, amendment, motion, or con22 ference report that increase, or extend the increase of, any 

23 guarantee fee of an enterprise shall not be scored with 

24 respect to the level of budget authority, outlays, or reve25 nues contained in such legislation. 


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1 (b) EXCEPTION.—The prohibition in subsection (a) 

2 shall not apply to any legislation that— 

3 (1) includes a specific instruction to the Sec4 retary on the sale, transfer, relinquishment, liquida5 tion, divestiture, or other disposition of senior pre6 ferred stock acquired pursuant to the Senior Pre7 ferred Stock Purchase Agreement; and 

8 (2) provides for an increase, or extension of an 

9 increase, of any guarantee fee of an enterprise to be 

10 used for the purpose of financing reforms to the sec11 ondary mortgage market. 

12 SEC. 703. LIMITATIONS ON SALE OF PREFERRED STOCK. 

13 Notwithstanding any other provision of law or any 

14 provision of the Senior Preferred Stock Purchase Agree15 ment, the Secretary may not sell, transfer, relinquish, liq16 uidate, divest, or otherwise dispose of any outstanding 

17 shares of senior preferred stock acquired pursuant to the 

18 Senior Preferred Stock Purchase Agreement, until such 

19 time as Congress has passed and the President has signed 

20 into law legislation that includes a specific instruction to 

21 the Secretary regarding the sale, transfer, relinquishment, 

22 liquidation, divestiture, or other disposition of the senior 

23 preferred stock so acquired. 


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1 SEC. 704. SECONDARY MARKET ADVISORY COMMITTEE. 

2 Not later than 90 days after the date of enactment 

3 of this Act, the Agency shall direct the enterprises and 

4 CSS to establish the Secondary Market Advisory Com5 mittee, which shall— 

6 (1) provide advice to the enterprises and CSS 

7 on decisions relating to the development of sec8 ondary mortgage market infrastructure; and 

9 (2) include private market participants rep10 resenting multiple aspects of the mortgage market, 

11 including mortgage lenders, poolers of mortgage12 backed securities, and investors of mortgage-backed 

13 securities. 

14 SEC. 705. SECURITIZATION PLATFORM. 

15 (a) SENSE OF CONGRESS.—It is the sense of Con16 gress that— 

17 (1) at the direction of the Agency, the enter18 prises have established a joint venture called Com19 mon Securitization Solutions intended to facilitate 

20 the issuance of mortgage-backed securities through 

21 the Platform; 

22 (2) at the direction of the Agency, the develop23 ment of the Platform is currently geared toward the 

24 issuance of mortgage-backed securities by the enter25 prises; 


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1 (3) as soon as practicable, the capacity and 

2 functionality of the Platform should be expanded to 

3 facilitate the issuance of mortgage-backed securities 

4 by issuers other than the enterprises, and CSS 

5 should undertake to develop the contractual and dis6 closure framework for issuers other than the enter7 prises; 

8 (4) the property of the enterprises, including in9 tellectual property, technology, systems, and infra10 structure (including technology, systems, and infra11 structure developed by the enterprises for the Plat12 form), as well as any other legacy systems, infra13 structure, processes, and the Platform itself are val14 uable assets of the enterprises; and 

15 (5) the enterprises should receive appropriate 

16 compensation for the transfer of any such assets. 

17 (b) REPORTS TO CONGRESS.— 

18 (1) ANNUAL REPORT ON DEVELOPMENT.—Not 

19 later than 1 year after the date of enactment of this 

20 Act, and every year thereafter, the Agency shall sub21 mit to Congress a report on the status of the devel22 opment of the Platform and the contractual and dis23 closure framework, which shall include— 

24 (A) the projected timelines for— 


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1 (i) completing development of the 

2 Platform to support the securitization 

3 needs of the enterprises; and 

4 (ii) completing development of the 

5 Platform and the contractual and disclo6 sure framework to support the 

7 securitization needs of issuers other than 

8 the enterprises; and 

9 (B) the projected budget for the develop10 ment of the Platform and the contractual and 

11 disclosure framework. 

12 (2) REPORT ON TRANSITION.—Not later than 3 

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

14 Agency shall develop a plan, and submit to the Com15 mittee on Banking, Housing and Urban Affairs of 

16 the Senate and the Committee on Financial Services 

17 of the House of Representatives a report on such 

18 plan, to transition the Platform and the contractual 

19 and disclosure framework from a joint venture 

20 owned by the enterprises into a private, nonprofit 

21 entity that best facilitates a deep, liquid, and resil22 ient secondary mortgage market for mortgage23 backed securities. 

24 (c) BOARD OF DIRECTORS.— 


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1 (1) ESTABLISHMENT.—Not later than 6 

2 months after the date of enactment of this Act, the 

3 Agency shall direct the enterprises and CSS to re4 constitute a CSS Board of Directors that meets the 

5 composition requirements set forth in paragraphs 

6 (2) and (3). 

7 (2) COMPOSITION AFTER 1 YEAR.—Not later 

8 than 1 year after the date of enactment of this Act, 

9 as determined by the Agency, the Board of Directors 

10 shall be comprised of 7 directors, 3 of whom— 

11 (A) shall have demonstrated knowledge of, 

12 or experience in, financial management, finan13 cial services, risk management, information 

14 technology, or housing finance; and 

15 (B) are not simultaneously employed by an 

16 enterprise or serving as a director of an enter17 prise. 

18 (3) COMPOSITION AFTER 18 MONTHS.—Not 

19 later than 18 months after the date of enactment of 

20 this Act, as determined by the Agency, the Board of 

21 Directors shall be comprised of 9 directors, 5 of 

22 whom— 

23 (A) shall have demonstrated knowledge of, 

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1 cial services, risk management, information 

2 technology, or housing finance; and 

3 (B) are not simultaneously employed by an 

4 enterprise or serving as a director of an enter5 prise. 

6 (d) AUTHORIZED AND PROHIBITED ACTIVITIES.— 

7 (1) AUTHORIZED ACTIVITIES.— 

8 (A) IN GENERAL.—Not later than 2 years 

9 after the date of enactment of this Act, CSS 

10 shall— 

11 (i) for an entity other than an enter12 prise, develop standards for— 

13 (I) becoming an approved issuer 

14 of securities issued through the Plat15 form; 

16 (II) loans that may serve as col17 lateral for securities issued through 

18 the Platform; and 

19 (III) originating, servicing, pool20 ing, dispute resolution, disclosure, and 

21 securitizing residential mortgage loans 

22 that collateralize securities issued 

23 through the Platform; and 


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1 (ii) operate and maintain the Plat2 form and establish fees for use of the Plat3 form. 

4 (B) ISSUING SECURITIES BY APPROVED

5 ISSUERS.—Not later than 3 years after the date 

6 of enactment of this Act— 

7 (i) CSS shall facilitate the issuance of 

8 securities by any approved issuer other 

9 than an enterprise through the Platform; 

10 and 

11 (ii) issuances of securities facilitated 

12 through the Platform shall not be limited 

13 to those made by the enterprises. 

14 (C) EXCEPTION.—The Director may delay 

15 the requirement under subparagraph (B) for 2 

16 1-year periods if the Director and the Secretary 

17 of the Treasury— 

18 (i) determine that facilitation of such 

19 securities is not feasible within that period 

20 of time and could adversely impact the 

21 housing market; and 

22 (ii) submit to Congress a report de23 scribing the justification for the determina24 tion made in clause (i). 


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1 (2) PROHIBITED ACTIVITIES.—CSS may not, 

2 through the Platform or otherwise— 

3 (A) guarantee any mortgage loans or mort4 gage-backed securities; 

5 (B) assume or hold mortgage loan credit 

6 risk; 

7 (C) purchase any mortgage loans for cash 

8 on a single loan basis for the purpose of 

9 securitization; 

10 (D) own or hold any mortgage loans or 

11 mortgage-backed securities for investment pur12 poses; 

13 (E) make or be a party to any representa14 tion and warranty agreement on any mortgage 

15 loans; or 

16 (F) take lender representation and war17 ranty risk. 

18 (3) AUTHORIZED AND PROHIBITED ACTIVITIES

19 OF THE PRIVATE SUCCESSOR.—All authorized and 

20 prohibited activities of CSS under this subsection 

21 shall transfer to the private successor at the time of 

22 transition under subsection (g), and shall transfer to 

23 any future successor to the private successor at the 

24 time of any such transition. 


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1 (e) REGULATION OF CSS AND THE PRIVATE SUC2 CESSOR.—The Agency shall have general regulatory au3 thority over CSS, the private successor, and any successor 

4 to the private successor to ensure the safety and sound5 ness of CSS and such successors 

6 (f) FUNDING BY THE FHFA AND TRANSFER OF

7 PROPERTY.— 

8 (1) TRANSFER OF FUNDS FROM THE ENTER9 PRISES.—At a time established by the Agency, the 

10 Agency shall transfer to CSS such funds from the 

11 enterprises as the Agency, after consultation with 

12 the Board of Directors, determines may be reason13 ably necessary for CSS to begin carrying out the ac14 tivities and operations of the Platform. 

15 (2) TRANSFER OF PROPERTY.— 

16 (A) IN GENERAL.—The Agency shall direct 

17 the enterprises to transfer or sell to the Plat18 form any property, including intellectual prop19 erty, technology, systems, and infrastructure 

20 (including technology, systems, and infrastruc21 ture developed by the enterprises for the Plat22 form), as well as any other legacy systems, in23 frastructure, and processes that may be nec24 essary for the Platform to carry out the func25 tions and operations of the Platform. 


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1 (B) CONTRACTUAL AND OTHER LEGAL OB2 LIGATIONS.—As may be necessary for the 

3 Agency and the enterprises to comply with 

4 legal, contractual, or other obligations, the 

5 Agency shall have the authority to require that 

6 any transfer authorized under subparagraph 

7 (A) occurs as an exchange for value, including 

8 through the provision of appropriate compensa9 tion to the enterprises or other entities respon10 sible for creating, or contracting with, the Plat11 form. 

12 (g) TRANSITION FROM CSS.— 

13 (1) IN GENERAL.—Not later than 5 years after 

14 the date of enactment of this Act, the Agency shall 

15 oversee the transition of ownership of the Platform 

16 and the contractual and disclosure framework from 

17 the enterprises and CSS to a private, nonprofit enti18 ty in accordance with the plan developed under sub19 section (b)(2). 

20 (2) BOARD OF DIRECTORS.—The private suc21 cessor shall determine the structure of the Board of 

22 Directors following the transition under paragraph 

23 (1). 

24 (3) REPAYMENT OF COST.—Not later than 10 

25 years after the date of the transition described in 


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1 paragraph (1), the total cost of the property trans2 ferred in accordance with subsection (f)(2) at the 

3 time of the transition, as determined jointly by the 

4 Agency and the Secretary, shall be repaid to the en5 terprises. 

6 (h) RULE OF CONSTRUCTION.—Nothing in this sec7 tion shall be construed to prohibit the Agency or CSS from 

8 first developing a common securitization platform for use 

9 only by the enterprises, if all of the provisions in this Act 

10 relating to the development of the Platform and the con11 tractual and disclosure framework are complied with in 

12 a timely manner. 

13 SEC. 706. MANDATORY RISK SHARING. 

14 (a) SENSE OF CONGRESS.—It is the sense of Con15 gress that— 

16 (1) at the direction of the Agency, the enter17 prises have executed a series of transactions in 

18 which the enterprises share credit risk with the pri19 vate sector; 

20 (2) in the risk-sharing transactions to date, the 

21 enterprises have shared credit risk on pools of resi22 dential mortgage loans that back securities on which 

23 an enterprise either already guarantees or does not 

24 yet guarantee the timely payment of principal and 

25 interest; 


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1 (3) the risk that the enterprises have shared 

2 has been either any loss suffered on the loans in the 

3 pool or any loss in excess of some minimal level on 

4 loans in the pool; 

5 (4) to date, the vast majority of risk-sharing 

6 transactions have involved either back-end risk shar7 ing or the transfer of the second loss position; and 

8 (5) the Agency should direct the enterprises 

9 to— 

10 (A) engage in more front-end risk sharing 

11 in which the first loss position is transferred; 

12 and 

13 (B) retain data that can help inform pol14 icymakers and the public about the impact to 

15 consumers, the market, and the enterprises 

16 from such transactions. 

17 (b) MANDATORY RISK SHARING.— 

18 (1) IN GENERAL.—Subpart A of part 2 of sub19 title A of the Federal Housing Enterprises Financial 

20 Safety and Soundness Act of 1992 (12 U.S.C. 4541 

21 et seq.) is amended by adding at the end the fol22 lowing: 

23 ‘‘SEC. 1328. MANDATORY RISK-SHARING TRANSACTIONS. 

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


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1 ‘‘(1) FIRST LOSS POSITION.—The term ‘first 

2 loss position’ means, with respect to a risk-sharing 

3 transaction, the position to which any credit loss on 

4 a security resulting from the nonperformance of un5 derlying mortgage loans will accrue and be absorbed, 

6 to the full extent of the holder’s interest in such po7 sition. 

8 ‘‘(2) FRONT-END RISK SHARING.—The term 

9 ‘front-end risk sharing’ means any risk-sharing 

10 transaction that provides for an enterprise to share 

11 credit risk on a pool of single-family residential 

12 mortgage loans that back securities on which the en13 terprise guarantees the timely payment of principal 

14 and interest with the private sector before the enter15 prise provides any such guarantee. 

16 ‘‘(3) RISK-SHARING TRANSACTION.—The term 

17 ‘risk-sharing transaction’ means any transaction 

18 that provides for an enterprise to share credit risk 

19 on a pool of single-family residential mortgage loans 

20 that back securities on which the enterprise guaran21 tees the timely payment of principal and interest 

22 with the private sector. 

23 ‘‘(b) RISK-SHARING TRANSACTIONS.—The Director 

24 shall require each enterprise to develop and undertake 


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1 risk-sharing transactions in which the first loss position 

2 is transferred, as provided in subsection (c). 

3 ‘‘(c) REQUIRED PERCENTAGE OF BUSINESS.— 

4 ‘‘(1) REQUIREMENT.—The Director shall re5 quire that each enterprise engage in significant and 

6 increasing risk-sharing transactions, including front7 end risk sharing and risk-sharing transactions in 

8 which the first loss position is transferred, consid9 ering market conditions and the safety and sound10 ness of the enterprise. 

11 ‘‘(2) ANNUAL REPORTING REQUIREMENT.—Not 

12 later than 1 year after the date of enactment of this 

13 section, and every year thereafter, the Agency shall 

14 submit to Congress a report, which shall include— 

15 ‘‘(A) for the 12-month period preceding 

16 the date on which the report is submitted, an 

17 assessment of the market responses to the risk18 sharing transactions of each of the enterprises, 

19 in aggregate, and by credit risk-sharing mecha20 nism, including— 

21 ‘‘(i) impacts on borrower costs, yield 

22 spreads, and the economics of the oper23 ations of the enterprises; and 

24 ‘‘(ii) the type and characteristics of 

25 the underlying collateral and borrowers 


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1 whose loans are involved in risk-sharing 

2 transactions; and 

3 ‘‘(B) a 5-year plan, which shall include, for 

4 each of the 5 years following the year in which 

5 the report is issued— 

6 ‘‘(i) the projected percentage of the 

7 unpaid principal balance of each enterprise 

8 covered under the credit risk-sharing pro9 gram; 

10 ‘‘(ii) the projected percentage of new 

11 business for each enterprise subject to 

12 transactions in which the first loss position 

13 is transferred, including the types of deal 

14 structures; 

15 ‘‘(iii) the projected depth of front-end 

16 risk sharing per type of transaction for 

17 each enterprise; and 

18 ‘‘(iv) a description of the steps that 

19 the Agency intends to take to broaden the 

20 eligible investor base for credit risk-sharing 

21 programs.’’. 


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1 TITLE VIII—DODD-FRANK WALL 

2 STREET REFORM AND CON3 SUMER PROTECTION ACT 

4 TECHNICAL CORRECTIONS 

5 SEC. 801. TABLE OF CONTENTS; DEFINITIONAL CORREC6 TIONS. 

7 (a) TABLE OF CONTENTS.—The table of contents for 

8 the Dodd-Frank Wall Street Reform and Consumer Pro9 tection Act (Public Law 111–203; 124 Stat. 1376) is 

10 amended by striking the items relating to sections 407 

11 through 416 and inserting the following: 

‘‘Sec. 407. Exemption of and reporting by venture capital fund advisers. 

‘‘Sec. 408. Exemption of and reporting by certain private fund advisers. 

‘‘Sec. 409. Family offices. 

‘‘Sec. 410. State and Federal responsibilities; asset threshold for Federal registration of investment advisers. 

‘‘Sec. 411. Custody of client assets. 

‘‘Sec. 412. Comptroller General study on custody rule costs. 

‘‘Sec. 413. Adjusting the accredited investor standard. 

‘‘Sec. 414. Rule of construction relating to the Commodity Exchange Act. 

‘‘Sec. 415. GAO study and report on accredited investors. 

‘‘Sec. 416. GAO study on self-regulatory organization for private funds. 

‘‘Sec. 417. Commission study and report on short selling. 

‘‘Sec. 418. Qualified client standard. 

‘‘Sec. 419. Transition period.’’. 

12 (b) DEFINITIONS.—Section 2 of the Dodd-Frank 

13 Wall Street Reform and Consumer Protection Act (12 

14 U.S.C. 5301) is amended— 

15 (1) in paragraph (1)— 

16 (A) by striking ‘‘section 3’’ and inserting 

17 ‘‘section 3(w)’’; and 


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1 (B) by striking ‘‘(12 U.S.C. 1813)’’ and 

2 inserting ‘‘(12 U.S.C. 1813(w))’’; 

3 (2) in paragraph (6), by striking ‘‘1 et seq.’’ 

4 and inserting ‘‘1a’’; and 

5 (3) in paragraph (18)(A)— 

6 (A) by striking ‘‘ ‘bank holding company’,’’; 

7 and 

8 (B) by inserting ‘‘ ‘includes’,’’ before ‘‘ ‘in9 cluding’,’’. 

10 SEC. 802. ANTITRUST SAVINGS CLAUSE CORRECTIONS. 

11 Section 6 of the Dodd-Frank Wall Street Reform and 

12 Consumer Protection Act (12 U.S.C. 5303) is amended, 

13 in the second sentence— 

14 (1) by inserting ‘‘(15 U.S.C. 12(a))’’ after 

15 ‘‘Clayton Act’’; and 

16 (2) by striking ‘‘Act, to’’ and inserting ‘‘Act (15 

17 U.S.C. 45) to’’. 

18 SEC. 803. TITLE I CORRECTIONS. 

19 The Financial Stability Act of 2010 (12 U.S.C. 5311 

20 et seq.) is amended— 

21 (1) in section 102(a)(6) (12 U.S.C. 

22 5311(a)(6)), by inserting ‘‘(12 U.S.C. 1843(k))’’ 

23 after ‘‘of 1956’’ each place that term appears; 

24 (2) in section 111 (12 U.S.C. 5321)— 

25 (A) in subsection (b)— 


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1 (i) in paragraph (1)(G), by striking 

2 ‘‘Chairperson’’ and inserting ‘‘Chairman’’; 

3 and 

4 (ii) in paragraph (2)(E), by striking 

5 ‘‘such’’ and inserting ‘‘the’’; and 

6 (B) in subsection (c)(3), by striking ‘‘that 

7 agency or department head’’ and inserting ‘‘the 

8 head of that member agency or department’’; 

9 (3) in section 112 (12 U.S.C. 5322)— 

10 (A) in subsection (a)(2)— 

11 (i) in subparagraph (D)— 

12 (I) by striking ‘‘to monitor’’ and 

13 inserting ‘‘monitor’’; and 

14 (II) by striking ‘‘to advise’’ and 

15 inserting ‘‘advise’’; 

16 (ii) in subparagraph (J)— 

17 (I) by striking ‘‘that term is’’ 

18 and inserting ‘‘those terms are’’; and 

19 (II) by striking ‘‘and settlement’’ 

20 and inserting ‘‘or settlement’’; and 

21 (iii) in subparagraph (L), by striking 

22 ‘‘may’’; and 

23 (B) in subsection (d)(5)— 


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1 (i) in subparagraph (B), by striking 

2 ‘‘subsection and’’ and inserting ‘‘subtitle 

3 or’’; and 

4 (ii) in subparagraph (C), by striking 

5 ‘‘subsection and’’ and inserting ‘‘subtitle 

6 or’’; 

7 (4) in section 154(c) (12 U.S.C. 5344(c))— 

8 (A) by striking ‘‘CENTER.—’’ and all that 

9 follows through ‘‘The Research’’ and inserting 

10 ‘‘CENTER.—The Research’’; and 

11 (B) by redesignating subparagraphs (A) 

12 through (H) as paragraphs (1) through (8), re13 spectively, and adjusting the margins accord14 ingly; 

15 (5) in section 155(a)(2) (12 U.S.C. 

16 5345(a)(2)), by striking ‘‘(c),’’ and inserting ‘‘(c)’’; 

17 (6) in section 164 (12 U.S.C. 5364), by striking 

18 ‘‘Institutions’’ and inserting ‘‘Institution’’; 

19 (7) in section 167(b)(1)(B)(ii) (12 U.S.C. 

20 5367(b)(1)(B)(ii)), by striking ‘‘to ensure’’ and in21 serting ‘‘ensure’’; and 

22 (8) in section 171(b)(4)(D) (12 U.S.C. 

23 5371(b)(4)(D)), by adding a period at the end. 


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1 SEC. 804. TITLE II CORRECTIONS. 

2 Title II of the Dodd-Frank Wall Street Reform and 

3 Consumer Protection Act (12 U.S.C. 5381 et seq.) is 

4 amended— 

5 (1) in section 210 (12 U.S.C. 5390)— 

6 (A) in subsection (a)— 

7 (i) in paragraph (1)(D), by striking 

8 ‘‘wind-up’’ and inserting ‘‘wind up’’; and 

9 (ii) in paragraph (5)(C), by striking 

10 ‘‘receiver seeking’’ and inserting ‘‘receiver) 

11 seeking’’; 

12 (B) in subsection (b)(1), by striking 

13 ‘‘11,725’’ each place that term appears and in14 serting ‘‘$11,725’’; 

15 (C) in subsection (m)(1)(B), by inserting 

16 ‘‘of’’ before ‘‘the Bankruptcy Code’’; and 

17 (D) in subsection (o)(1)(D)(i)(I), by strik18 ing ‘‘and (h)(5)(E)’’ and inserting ‘‘or 

19 (h)(5)(E)’’; 

20 (2) in section 211(d)(1)(C) (12 U.S.C. 

21 5391(d)(1)(C)), by striking ‘‘orderly liquidation plan 

22 under section 210(n)(14)’’ and inserting ‘‘an orderly 

23 liquidation plan under section 210(n)(9)’’; and 

24 (3) in section 215(a)(5) (124 Stat. 1518), by 

25 striking ‘‘amd’’ and inserting ‘‘and’’. 


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1 SEC. 805. TITLE III CORRECTIONS. 

2 (a) IN GENERAL.—The Enhancing Financial Institu3 tion Safety and Soundness Act of 2010 (12 U.S.C. 5401 

4 et seq.) is amended— 

5 (1) in section 327(b)(5) (12 U.S.C. 

6 5437(b)(5)), by striking ‘‘in’’ and inserting ‘‘into’’; 

7 (2) in section 333(b)(2) (124 Stat. 1539), by 

8 inserting ‘‘the second place that term appears’’ be9 fore ‘‘and inserting’’; and 

10 (3) in section 369(5) (124 Stat. 1559)— 

11 (A) in subparagraph (D)(i)— 

12 (i) in subclause (III), by redesignating 

13 items (aa), (bb), and (cc) as subitems 

14 (AA), (BB), and (CC), respectively, and 

15 adjusting the margins accordingly; 

16 (ii) in subclause (IV), by redesig17 nating items (aa) and (bb) as subitems 

18 (AA) and (BB), respectively, and adjusting 

19 the margins accordingly; 

20 (iii) in subclause (V), by redesignating 

21 items (aa), (bb), and (cc) as subitems 

22 (AA), (BB), and (CC), respectively, and 

23 adjusting the margins accordingly; and 

24 (iv) by redesignating subclauses (III), 

25 (IV), and (V) as items (bb), (cc), and (dd), 


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1 respectively, and adjusting the margins ac2 cordingly; 

3 (B) in subparagraph (F)— 

4 (i) in clause (ii), by adding ‘‘and’’ at 

5 the end; 

6 (ii) in clause (iii), by striking ‘‘; and’’ 

7 and inserting a semicolon; and 

8 (iii) by striking clause (iv); and 

9 (C) in subparagraph (G)(i), by inserting 

10 ‘‘each place such term appears’’ before ‘‘and in11 serting’’. 

12 (b) EFFECTIVE DATES.— 

13 (1) SECTION 333.—The amendment made by 

14 subsection (a)(2) of this section shall take effect as 

15 if enacted as part of subtitle C of the Enhancing Fi16 nancial Institution Safety and Soundness Act of 

17 2010 (title III of Public Law 111–203; 124 Stat. 

18 1538). 

19 (2) SECTION 369.—The amendments made by 

20 subsection (a)(3) of this section shall take effect as 

21 if enacted as part of subtitle E of the Enhancing Fi22 nancial Institution Safety and Soundness Act of 

23 2010 (title III of Public Law 111–203; 124 Stat. 

24 1546). 


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1 SEC. 806. TITLE IV CORRECTION. 

2 Section 414 of the Private Fund Investment Advisers 

3 Registration Act of 2010 (title IV of Public Law 111–203; 

4 124 Stat. 1578) is amended in the section heading by 

5 striking ‘‘COMMODITIES’’ and inserting ‘‘COM6 MODITY’’. 

7 SEC. 807. TITLE VI CORRECTIONS. 

8 (a) IN GENERAL.—The Bank and Savings Associa9 tion Holding Company and Depository Institution Regu10 latory Improvements Act of 2010 (title VI of Public Law 

11 111–203; 124 Stat. 1596) is amended— 

12 (1) in section 610 (124 Stat. 1611)— 

13 (A) by striking subsection (b); and 

14 (B) by redesignating subsection (c) as sub15 section (b); and 

16 (2) in section 618(a) (12 U.S.C. 1850a(a))— 

17 (A) in paragraph (4)(B)(i), by inserting 

18 ‘‘of Governors’’ after ‘‘Board’’; and 

19 (B) in paragraph (6), by inserting ‘‘(12 

20 U.S.C. 1841)’’ after ‘‘Act of 1956’’. 

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

22 subsection (a)(1) of this section shall take effect as if en23 acted as part of section 610 of the Bank and Savings As24 sociation Holding Company and Depository Institution 

25 Regulatory Improvements Act of 2010 (title VI of Public 

26 Law 111–203; 124 Stat. 1611). 


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1 SEC. 808. TITLE VII CORRECTIONS. 

2 (a) IN GENERAL.—The Wall Street Transparency 

3 and Accountability Act of 2010 (15 U.S.C. 8301 et seq.) 

4 is amended— 

5 (1) in section 719(c)(1)(B) (15 U.S.C. 

6 8307(c)(1)(B)), by adding a period at the end; 

7 (2) in section 723(a)(1)(B) (124 Stat. 1675), 

8 by inserting ‘‘, as added by section 107 of the Com9 modity Futures Modernization Act of 2000 (Appen10 dix E of Public Law 106–554; 114 Stat. 2763A– 

11 382),’’ after ‘‘subsection (i)’’; 

12 (3) in section 724(a) (124 Stat. 1682), by 

13 striking ‘‘adding at the end’’ and inserting ‘‘insert14 ing after subsection (e)’’; 

15 (4) in section 734(b)(1) (124 Stat. 1718), by 

16 striking ‘‘is amended’’ and all that follows through 

17 ‘‘(B) in’’ and inserting ‘‘is amended in’’; 

18 (5) in section 741(b)(10) (124 Stat. 1732), by 

19 striking ‘‘1a(19)(A)(iv)(II)’’ each place that term 

20 appears and inserting ‘‘1a(18)(A)(iv)(II)’’; and 

21 (6) in section 749 (124 Stat. 1746)— 

22 (A) in subsection (a)(2), by striking ‘‘add23 ing at the end’’ and inserting ‘‘inserting after 

24 subsection (f)’’; and 


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1 (B) in subsection (h)(1)(B), by inserting 

2 ‘‘the second place that term appears’’ before the 

3 semicolon. 

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

5 paragraphs (3), (4), (5), and (6) of subsection (a) shall 

6 take effect as if enacted as part of part II of subtitle A 

7 of the Wall Street Transparency and Accountability Act 

8 of 2010 (title VII of Public Law 111–203; 124 Stat. 

9 1658). 

10 SEC. 809. TITLE VIII CORRECTIONS. 

11 The Payment, Clearing, and Settlement Supervision 

12 Act of 2010 (12 U.S.C. 5461 et seq.) is amended— 

13 (1) in section 805(a)(2)(E) (12 U.S.C. 

14 5464(a)(2)(E)), by striking the quotation marks at 

15 the end; 

16 (2) in section 806 (12 U.S.C. 5465)— 

17 (A) in subsection (b), in the first sentence, 

18 by striking ‘‘(2)) after’’ and inserting ‘‘(2))) 

19 after’’; and 

20 (B) in subsection (e)(1)(A)— 

21 (i) by striking ‘‘advance notice’’ and 

22 inserting ‘‘advance’’; and 

23 (ii) by striking ‘‘each Supervisory 

24 Agency’’ and inserting ‘‘its Supervisory 

25 Agency’’; 


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1 (3) in section 807 (12 U.S.C. 5466)— 

2 (A) in subsection (d)(1), by adding a pe3 riod at the end; and 

4 (B) in subsection (f)(2), by inserting a 

5 comma after ‘‘under’’ the second place that 

6 term appears; 

7 (4) in section 808(b) (12 U.S.C. 5467(b)), by 

8 inserting a comma after ‘‘under’’ the third place 

9 that term appears; and 

10 (5) in section 813 (12 U.S.C. 5472), in the 

11 matter preceding paragraph (1), by inserting ‘‘that 

12 includes’’ after ‘‘Representatives’’. 

13 SEC. 810. TITLE IX CORRECTIONS. 

14 Section 939(h)(1) of the Investor Protection and Se15 curities Reform Act of 2010 (title IX of Public Law 111– 

16 203; 124 Stat. 1887) is amended, in the matter preceding 

17 subparagraph (A)— 

18 (1) by inserting ‘‘The’’ before ‘‘Commission’’; 

19 and 

20 (2) by striking ‘‘feasability’’ and inserting ‘‘fea21 sibility’’. 

22 SEC. 811. TITLE X CORRECTIONS. 

23 (a) IN GENERAL.—The Consumer Financial Protec24 tion Act of 2010 (12 U.S.C. 5481 et seq.) is amended— 


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1 (1) in section 1002(12)(G) (12 U.S.C. 

2 5481(12)(G)), by striking ‘‘Home Owners’’ and in3 serting ‘‘Homeowners’’; 

4 (2) in section 1013(a)(1)(C) (12 U.S.C. 

5 5493(a)(1)(C)), by striking ‘‘section 11(1) of the 

6 Federal Reserve Act (12 U.S.C. 248(1))’’ and in7 serting ‘‘subsection (l) of section 11 of the Federal 

8 Reserve Act (12 U.S.C. 248(l)’’; 

9 (3) in section 1017(a)(5) (12 U.S.C. 

10 5497(a)(5))— 

11 (A) in subparagraph (A), in the last sen12 tence by striking ‘‘716(c) of title 31, United 

13 States Code’’ and inserting ‘‘716 of title 31, 

14 United States Code’’; and 

15 (B) in subparagraph (C), by striking ‘‘sec16 tion 3709 of the Revised Statutes of the United 

17 States (41 U.S.C. 5)’’ and inserting ‘‘section 

18 6101 of title 41, United States Code’’; 

19 (4) in section 1022(c)(9)(B) (12 U.S.C. 

20 5512(c)(9)(B)), by striking ‘‘1978,’’ and inserting 

21 ‘‘1978’’; 

22 (5) in section 1025 (12 U.S.C. 5515)— 

23 (A) in subsections (b), (c), and (d)— 

24 (i) by inserting ‘‘covered’’ before ‘‘per25 sons’’ each place that term appears; and 


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1 (ii) by inserting ‘‘covered’’ before 

2 ‘‘person described in subsection (a)’’ each 

3 place that term appears; 

4 (B) in subsection (d), by striking ‘‘12 

5 U.S.C. 1867(c)’’ and inserting ‘‘(12 U.S.C. 

6 1867(c))’’; and 

7 (C) in subsection (e)(4)(F), by striking 

8 ‘‘212 of the Federal Credit Union Act (112 

9 U.S.C. 1790a)’’ and inserting ‘‘216 of the Fed10 eral Credit Union Act (12 U.S.C. 1790d)’’; 

11 (6) in section 1027(d)(1)(B) (12 U.S.C. 

12 5517(d)(1)(B)), by inserting a comma after ‘‘(A)’’; 

13 (7) in section 1029(d) (12 U.S.C. 5519(d)), by 

14 striking the period after ‘‘Commission Act’’; 

15 (8) in section 1061 (12 U.S.C. 5581)— 

16 (A) in subsection (b)(7)— 

17 (i) by striking ‘‘Secretary of the De18 partment of Housing and Urban Develop19 ment’’ each place that term appears and 

20 inserting ‘‘Department of Housing and 

21 Urban Development’’; and 

22 (ii) in subparagraph (A), by striking 

23 ‘‘(12 U.S.C. 5102 et seq.)’’ and inserting 

24 ‘‘(12 U.S.C. 5101 et seq.)’’; and 


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1 (B) in subsection (c)(2)(A), by striking 

2 ‘‘procedures in’’ and inserting ‘‘procedures’’; 

3 (9) in section 1063 (12 U.S.C. 5583)— 

4 (A) in subsection (f)(1)(B), by striking 

5 ‘‘that’’; and 

6 (B) in subsection (g)(1)(A)— 

7 (i) by striking ‘‘(12 U.S.C. 5102 et 

8 seq.)’’ and inserting ‘‘(12 U.S.C. 5101 et 

9 seq.)’’; and 

10 (ii) by striking ‘‘seq)’’ and inserting 

11 ‘‘seq.)’’; 

12 (10) in section 1064(i)(1)(A)(iii) (12 U.S.C. 

13 5584(i)(1)(A)(iii)), by inserting a period before ‘‘If 

14 an’’; 

15 (11) in section 1073(c)(2) (12 U.S.C. 

16 5601(c)(2))— 

17 (A) in the paragraph heading, by inserting 

18 ‘‘AND EDUCATION’’ after ‘‘FINANCIAL LIT19 ERACY’’; and 

20 (B) by striking ‘‘its duties’’ and inserting 

21 ‘‘their duties’’; 

22 (12) in section 1076(b)(1) (12 U.S.C. 

23 5602(b)(1)), by inserting before the period at the 

24 end the following: ‘‘, the Bureau may, after notice 


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1 and opportunity for comment, prescribe regula2 tions’’; 

3 (13) in section 1077(b)(4)(F) (124 Stat. 2076), 

4 by striking ‘‘associates’’ and inserting ‘‘associate’s’’; 

5 (14) in section 1084(1) (124 Stat. 2081)— 

6 (A) by inserting ‘‘paragraph (3) of section 

7 903 (15 U.S.C. 1693a),’’ before ‘‘subsections 

8 (a) and (e) of section 904’’; 

9 (B) by striking ‘‘and in 918’’ and inserting 

10 ‘‘, section 916(d) (15 U.S.C. 1693m(d)), section 

11 918’’; and 

12 (C) by inserting a comma after ‘‘2009)’’; 

13 (15) in section 1089 (124 Stat. 2092)— 

14 (A) in paragraph (3)— 

15 (i) in subparagraph (A), by striking 

16 ‘‘and’’ at the end; and 

17 (ii) in subparagraph (B)(vi), by strik18 ing the period at the end and inserting ‘‘; 

19 and’’; and 

20 (B) by redesignating paragraph (4) as sub21 paragraph (C) and adjusting the margins ac22 cordingly; and 

23 (16) in section 1098(6) (124 Stat. 2104), by in24 serting ‘‘the first place that term appears’’ before 

25 ‘‘and’’. 


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

2 paragraphs (14), (15), and (16) of subsection (a) of this 

3 section shall take effect as if enacted as part of subtitle 

4 H of the Consumer Financial Protection Act of 2010 (title 

5 X of Public Law 111–203; 124 Stat. 2080). 

6 SEC. 812. TITLE XI CORRECTION. 

7 Section 1105(d)(1) of the Dodd-Frank Wall Street 

8 Reform and Consumer Protection Act (12 U.S.C. 

9 5612(d)(1)) is amended by striking ‘‘AUTHORITY.—’’ and 

10 all that follows through ‘‘by the President’’ and inserting 

11 ‘‘AUTHORITY.—A request by the President’’. 

12 SEC. 813. TITLE XII CORRECTION. 

13 Section 1208(b) of the Improving Access to Main14 stream Financial Institutions Act of 2010 (12 U.S.C. 

15 5626(b)) is amended by striking ‘‘Fund for each’’ and in16 serting ‘‘Fund (as defined in section 103(10) of the Riegle 

17 Community Development and Regulatory Improvement 

18 Act of 1994 (12 U.S.C. 4702(10))) for each’’. 

19 SEC. 814. TITLE XIV CORRECTION. 

20 Section 1451(c) of the Mortgage Reform and Anti21 Predatory Lending Act (12 U.S.C. 1701x–1(c)) is amend22 ed by striking ‘‘pursuant’’. 


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1 SEC. 815. CONFORMING CORRECTIONS TO OTHER STAT2 UTES. 

3 (a) ALTERNATIVE MORTGAGE TRANSACTION PARITY

4 ACT OF 1982.—The Alternative Mortgage Transaction 

5 Parity Act of 1982 (12 U.S.C. 3801 et seq.) is amended— 

6 (1) in section 802(a)(3) (12 U.S.C. 

7 3801(a)(3)), by striking ‘‘the Director of the Office 

8 of Thrift Supervision’’ and inserting ‘‘the Bureau of 

9 Consumer Financial Protection’’; and 

10 (2) in section 804(d)(1) (12 U.S.C. 

11 3803(d)(1))— 

12 (A) by striking ‘‘identified’’ and inserting 

13 ‘‘issued’’; and 

14 (B) by striking the comma after ‘‘Adminis15 tration’’. 

16 (b) BANK HOLDING COMPANY ACTS.— 

17 (1) BANK HOLDING COMPANY ACT AMEND18 MENTS OF 1970.—Section 106(b)(1) of the Bank 

19 Holding Company Act Amendments of 1970 (12 

20 U.S.C. 1972(1)) is amended, in the undesignated 

21 matter following subparagraph (E)— 

22 (A) by inserting ‘‘Office of the’’ before 

23 ‘‘Comptroller of the’’; and 

24 (B) by striking ‘‘Federal Deposit Insur25 ance Company’’ and inserting ‘‘Federal Deposit 

26 Insurance Corporation’’. 


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1 (2) BANK HOLDING COMPANY ACT OF 1956.— 

2 Section 13 of the Bank Holding Company Act of 

3 1956 (12 U.S.C. 1851) is amended— 

4 (A) in subsection (d)(1)(E), by striking 

5 ‘‘102 of the Small Business Investment Act of 

6 1958 (15 U.S.C. 662)’’ and inserting ‘‘103(3) 

7 of the Small Business Investment Act of 1958 

8 (15 U.S.C. 662(3))’’; 

9 (B) in subsection (f)(3)(A)(ii), by striking 

10 ‘‘(d)(1)(g)(v)’’ and inserting ‘‘(d)(1)(G)(v)’’; 

11 and 

12 (C) in the matter preceding subparagraph 

13 (A) of subsection (h)(1), by striking ‘‘section 8 

14 of the International Banking Act of 1978’’ and 

15 inserting ‘‘section 8(a) of the International 

16 Banking Act of 1978 (12 U.S.C. 3106(a))’’. 

17 (c) BALANCED BUDGET AND EMERGENCY DEFICIT

18 CONTROL ACT.—Section 255(g)(1)(A) of the Balanced 

19 Budget and Emergency Deficit Control Act of 1985 (2 

20 U.S.C. 905(g)(1)(A)) is amended by striking ‘‘Office of 

21 Thrift Supervision (20–4108–0–3–373).’’. 

22 (d) BRETTON WOODS AGREEMENTS ACT.—Section 

23 68(a)(1) of the Bretton Woods Agreements Act (22 U.S.C. 

24 286tt(a)(1)) is amended by striking ‘‘Fund ,’’ and insert25 ing ‘‘Fund,’’. 


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1 (e) CAN–SPAM ACT OF 2003.—Section 7(b)(1)(D) 

2 of the CAN–SPAM Act of 2003 (15 U.S.C. 

3 7706(b)(1)(D)) is amended by striking ‘‘Director of the 

4 Office of Thrift Supervision’’ and inserting ‘‘Comptroller 

5 of the Currency or the Board of Directors of the Federal 

6 Deposit Insurance Corporation, as applicable’’. 

7 (f) CHILDREN’S ONLINE PRIVACY PROTECTION ACT

8 OF 1998.—Section 1306(b)(2) of the Children’s Online 

9 Privacy Protection Act of 1998 (15 U.S.C. 6505(b)(2)) 

10 is amended by striking ‘‘Director of the Office of Thrift 

11 Supervision’’ and inserting ‘‘Comptroller of the Currency 

12 or the Board of Directors of the Federal Deposit Insur13 ance Corporation, as applicable’’. 

14 (g) COMMODITY EXCHANGE ACT.—The Commodity 

15 Exchange Act (7 U.S.C. 1 et seq.) is amended— 

16 (1) in section 1a (7 U.S.C. 1a)— 

17 (A) in paragraph (12)(A)(i)(II), by adding 

18 a semicolon at the end; 

19 (B) in paragraph (39)(A)(iv), by striking 

20 ‘‘225’’ and inserting ‘‘25’’; and 

21 (C) in paragraph (47)(B)(viii)(II), by 

22 striking ‘‘(15 U.S.C. 77b(a)(11))’’ and inserting 

23 ‘‘(15 U.S.C. 77b(a)(11)))’’; 

24 (2) in section 2 (7 U.S.C. 2)— 


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1 (A) in subsection (c)(2)(D)(ii)(I), by strik2 ing ‘‘subparagraphs’’ and inserting ‘‘subpara3 graph’’; and 

4 (B) in subsection (h)— 

5 (i) in paragraph (5)— 

6 (I) in subparagraph (A)— 

7 (aa) by striking ‘‘Swaps’’ 

8 and inserting ‘‘Each swap’’; and 

9 (bb) by striking ‘‘no later 

10 than 180 days after the effective 

11 date of this subsection.’’ and in12 serting ‘‘no later than— 

13 ‘‘(i) 30 days after the issuance of the 

14 interim final rule; or 

15 ‘‘(ii) such other date as the Commis16 sion determines appropriate.’’; and 

17 (II) in subparagraph (B), by 

18 striking ‘‘Swaps’’ and inserting ‘‘Each 

19 swap’’; 

20 (ii) in paragraph (7)— 

21 (I) in subparagraph (C)(i)(VII), 

22 by inserting ‘‘or a governmental plan’’ 

23 after ‘‘employee benefit plan’’; and 


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1 (II) in subparagraph (D)(ii)(V), 

2 by striking ‘‘of that Act’’ and insert3 ing ‘‘of that section’’; and 

4 (iii) in paragraph (8)(A)(ii), by insert5 ing ‘‘section’’ before ‘‘5h or’’; 

6 (3) in section 4 (7 U.S.C. 6)— 

7 (A) in subsection (b)(1)(A), by striking 

8 ‘‘commission’’ each place that term appears and 

9 inserting ‘‘Commission’’; and 

10 (B) in subsection (c)(1)— 

11 (i) in subparagraph (A)— 

12 (I) by inserting ‘‘the Commission 

13 shall not grant exemptions,’’ after 

14 ‘‘grant exemptions,’’; and 

15 (II) in clause (i)— 

16 (aa) in subclause (I)— 

17 (AA) by striking ‘‘5(g), 

18 5(h),’’; and 

19 (BB) by striking ‘‘8e,’’; 

20 and 

21 (bb) in subclause (II), by 

22 striking ‘‘206(e)’’ and inserting 

23 ‘‘206’’; and 

24 (ii) in subparagraph (B), by striking 

25 ‘‘(D))’’ and inserting ‘‘(D)’’; 


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1 (4) in section 4d(f)(2)(A) (7 U.S.C. 

2 6d(f)(2)(A)), by striking ‘‘though’’ and inserting 

3 ‘‘through’’; 

4 (5) in section 4s (7 U.S.C. 6s)— 

5 (A) in subsection (e)(3)— 

6 (i) in subparagraph (B)(i)(II), by 

7 striking ‘‘(11))’’ and inserting ‘‘(11)))’’; 

8 and 

9 (ii) in subparagraph (D)(ii), in the 

10 matter preceding subclause (I), by striking 

11 ‘‘non cash collateral’’ and inserting 

12 ‘‘noncash collateral’’; 

13 (B) in subsection (f)(1)(B)(i), by striking 

14 ‘‘Commission’’ and inserting ‘‘prudential regu15 lator’’; 

16 (C) in subsection (h)— 

17 (i) in paragraph (2)(B), by inserting 

18 ‘‘a’’ before ‘‘swap with’’; and 

19 (ii) in paragraph (5)(A)— 

20 (I) in clause (i)— 

21 (aa) by striking ‘‘section 

22 1a(18)’’ and inserting ‘‘section 

23 1a(18)(A)’’; and 


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1 (bb) in subclause (VII), by 

2 striking ‘‘act of’’ and inserting 

3 ‘‘Act of’’; and 

4 (II) in clause (ii), by inserting 

5 ‘‘in connection with the transaction’’ 

6 after ‘‘acting’’; and 

7 (D) in subsection (k)(3)(A)(ii), by striking 

8 ‘‘the code’’ and inserting ‘‘any code’’; 

9 (6) in section 5(d)(19)(A) (7 U.S.C. 

10 7(d)(19)(A)), by striking ‘‘taking’’ and inserting 

11 ‘‘take’’; 

12 (7) in section 5b (7 U.S.C. 7a–1), by redesig13 nating subsection (k) as subsection (j); 

14 (8) in section 5c(c) (7 U.S.C. 7a–2(c))— 

15 (A) in paragraph (4)(B), by striking 

16 ‘‘1a(10)’’ and inserting ‘‘1a(9)’’; and 

17 (B) in paragraph (5)— 

18 (i) in subparagraph (A), by striking 

19 ‘‘this subtitle’’ and inserting ‘‘this Act’’; 

20 and 

21 (ii) in subparagraph (C)(i), by strik22 ing ‘‘1a(2)(i)’’ and inserting ‘‘1a(9)’’; 

23 (9) in section 5h (7 U.S.C. 7b–3)— 


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1 (A) in subsection (a)(1) , by striking ‘‘a fa2 cility’’ and inserting ‘‘a swap execution facil3 ity’’; and 

4 (B) in subsection (f)(11)(A), by striking 

5 ‘‘taking’’ and inserting ‘‘take’’; 

6 (10) in section 22(a)(1)(C)(ii) (7 U.S.C. 

7 25(a)(1)(C)(ii)), by striking ‘‘or’’ at the end; and 

8 (11) in section 23 (7 U.S.C. 26)— 

9 (A) in subsection (c)— 

10 (i) in paragraph (1)(B)(i)(III), by 

11 striking ‘‘the Act’’ each place that term 

12 appears and inserting ‘‘this Act’’; and 

13 (ii) in paragraph (2)(A)(i), by striking 

14 ‘‘a appropriate’’ and inserting ‘‘an appro15 priate’’; and 

16 (B) in subsection (f)(3), by striking 

17 ‘‘7064’’ and inserting ‘‘706’’. 

18 (h) COMMUNITY REINVESTMENT ACT OF 1977.—The 

19 Community Reinvestment Act of 1977 (12 U.S.C. 2901 

20 et seq.) is amended— 

21 (1) in section 803(1)(C) (12 U.S.C. 

22 2902(1)(C)), by striking the period at the end and 

23 inserting a semicolon; and 

24 (2) in section 806 (12 U.S.C. 2905), by striking 

25 ‘‘companies,,’’ and inserting ‘‘companies,’’. 


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1 (i) CREDIT REPAIR ORGANIZATIONS ACT.—Section 

2 403(4) of the Credit Repair Organizations Act (15 U.S.C. 

3 1679a(4)) is amended by striking ‘‘103(e)’’ and inserting 

4 ‘‘103(f)’’. 

5 (j) DEPOSITORY INSTITUTION MANAGEMENT INTER6 LOCKS ACT.—Section 205(9) of the Depository Institution 

7 Management Interlocks Act (12 U.S.C. 3204(9)) is 

8 amended by striking ‘‘Director of the Office of Thrift Su9 pervision’’ and inserting ‘‘appropriate Federal banking 

10 agency’’. 

11 (k) ECONOMIC GROWTH AND REGULATORY PAPER12 WORK REDUCTION ACT OF 1996.—Section 2227(a)(1) of 

13 the Economic Growth and Regulatory Paperwork Reduc14 tion Act of 1996 (12 U.S.C. 252(a)(1)) is amended by 

15 striking ‘‘the Director of the Office of Thrift Super16 vision,’’. 

17 (l) ELECTRONIC FUND TRANSFER ACT.—The Elec18 tronic Fund Transfer Act (15 U.S.C. 1693 et seq.) is 

19 amended— 

20 (1) in section 903 (15 U.S.C. 1693a)— 

21 (A) in paragraph (2), by striking ‘‘103(i)’’ 

22 and inserting ‘‘103(j)’’; and 

23 (B) by redesignating the first paragraph 

24 designated as paragraph (4) (defining the term 

25 ‘‘Board’’) as paragraph (3); 


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1 (2) in section 904(a) (15 U.S.C. 1693b(a))— 

2 (A) by redesignating the second paragraph 

3 designated as paragraph (1) (relating to con4 sultation with other agencies), the second para5 graph designated as paragraph (2) (relating to 

6 the preparation of an analysis of economic im7 pact), paragraph (3), and paragraph (4) as sub8 paragraphs (A), (B), (C), and (D), respectively, 

9 and adjusting the margins accordingly; 

10 (B) by striking ‘‘In prescribing such regu11 lations, the Board shall:’’ and inserting the fol12 lowing: 

13 ‘‘(3) REGULATIONS.—In prescribing regulations 

14 under this subsection, the Bureau and the Board 

15 shall—’’; 

16 (C) in paragraph (3)(C), as so redesig17 nated, by striking ‘‘the Board shall’’; 

18 (D) in paragraph (3)(D), as so redesig19 nated— 

20 (i) by inserting ‘‘send promptly’’ be21 fore ‘‘any’’; and 

22 (ii) by striking ‘‘shall be sent prompt23 ly to Congress by the Board’’ and inserting 

24 ‘‘to Congress’’; 


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1 (3) in section 909(c) (15 U.S.C. 1693g(c)), by 

2 striking ‘‘103(e)’’ and inserting ‘‘103(f)’’; 

3 (4) in section 918(a)(4) (15 U.S.C. 

4 1693o(a)(4), by striking ‘‘Act and’’ and inserting 

5 ‘‘Act; and’’; and 

6 (5) in section 920(a)(4)(C) (15 U.S.C. 1693o– 

7 2(a)(4)(C)), by striking ‘‘the Director of the Office 

8 of Thrift Supervision,’’. 

9 (m) EMERGENCY ECONOMIC STABILIZATION ACT OF

10 2008.—Section 101(b) of the Emergency Economic Sta11 bilization Act of 2008 (12 U.S.C. 5211(b)) is amended 

12 by striking ‘‘the Director of the Office of Thrift Super13 vision,’’. 

14 (n) EQUAL CREDIT OPPORTUNITY ACT.—The Equal 

15 Credit Opportunity Act (15 U.S.C. 1691 et seq.) is 

16 amended— 

17 (1) in section 703 (15 U.S.C. 1691b)— 

18 (A) in each of subsections (c) and (d), by 

19 striking ‘‘paragraph’’ each place that term ap20 pears and inserting ‘‘subsection’’; and 

21 (B) in subsection (g), by adding a period 

22 at the end; 

23 (2) in section 704 (15 U.S.C. 1691c)— 

24 (A) in subsection (a), by striking ‘‘Con25 sumer Protection Financial Protection Act of 


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1 2010 with’’ and inserting ‘‘Consumer Financial 

2 Protection Act of 2010, compliance with’’; and 

3 (B) in subsection (c), in the second sen4 tence, by striking ‘‘subchapter’’ and inserting 

5 ‘‘title’’; 

6 (3) in section 704B(e)(3) (15 U.S.C. 1691c– 

7 2(e)(3)), by striking ‘‘(1)(E)’’ and inserting 

8 ‘‘(2)(E)’’; and 

9 (4) in section 706(k) (15 U.S.C. 1691e(k)), by 

10 striking ‘‘, (2), or (3)’’ and inserting ‘‘or (2)’’. 

11 (o) EXPEDITED FUNDS AVAILABILITY ACT.—The 

12 Expedited Funds Availability Act (12 U.S.C. 4001 et seq.) 

13 is amended— 

14 (1) in section 605(f)(2)(A) (12 U.S.C. 

15 4004(f)(2)(A)), by striking ‘‘,,’’ and inserting a 

16 semicolon; and 

17 (2) in section 610(a)(2) (12 U.S.C. 

18 4009(a)(2)), by striking ‘‘Director of the Office of 

19 Thrift Supervision’’ and inserting ‘‘Comptroller of 

20 the Currency and the Board of Directors of the Fed21 eral Deposit Insurance Corporation, as appro22 priate,’’. 

23 (p) FAIR CREDIT REPORTING ACT.—The Fair Credit 

24 Reporting Act (15 U.S.C. 1681 et seq.) is amended— 

25 (1) in section 603 (15 U.S.C. 1681a)— 


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1 (A) in subsection (d)(2)(D), by striking 

2 ‘‘(x)’’ and inserting ‘‘(y)’’; 

3 (B) in subsection (q)(5), by striking 

4 ‘‘103(i)’’ and inserting ‘‘103(j)’’; and 

5 (C) in subsection (v), by striking ‘‘Bureau’’ 

6 and inserting ‘‘Federal Trade Commission’’; 

7 (2) in section 604 (15 U.S.C. 1681b)— 

8 (A) in subsection (b)(2)(B)(i), by striking 

9 ‘‘section 615(a)(3)’’ and inserting ‘‘section 

10 615(a)(4)’’; and 

11 (B) in subsection (g)(5), by striking 

12 ‘‘PARAGRAPH (2).—’’ and all that follows 

13 through ‘‘The Bureau’’ and inserting ‘‘PARA14 GRAPH (2).—The Bureau’’; 

15 (3) in section 605(h)(2)(A) (15 U.S.C. 

16 1681c(h)(2)(A))— 

17 (A) by striking ‘‘shall,,’’ and inserting 

18 ‘‘shall,’’; and 

19 (B) by striking ‘‘Commission,,’’ and insert20 ing ‘‘Commission,’’; 

21 (4) in paragraphs (1)(A), (1)(B)(i), (2)(A)(i), 

22 and (2)(B) of section 605A(h) (15 U.S.C. 1681c– 

23 1(h))— 

24 (A) by striking ‘‘103(i)’’ and inserting 

25 ‘‘103(j)’’ each place that term appears; and 


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1 (B) by striking ‘‘open-end’’ and inserting 

2 ‘‘open end’’ each place that term appears; 

3 (5) in section 609 (15 U.S.C. 1681g)— 

4 (A) in subsection (c)(1)— 

5 (i) in the paragraph heading, by strik6 ing ‘‘COMMISSION’’ and inserting ‘‘BU7 REAU’’; and 

8 (ii) in subparagraph (B)(vi), by strik9 ing ‘‘603(w)’’ and inserting ‘‘603(x)’’; and 

10 (B) by striking ‘‘The Commission’’ each 

11 place that term appears and inserting ‘‘The Bu12 reau’’; 

13 (6) in section 611 (15 U.S.C. 1681i), by strik14 ing ‘‘The Commission’’ each place that term appears 

15 and inserting ‘‘The Bureau’’; 

16 (7) in section 612 (15 U.S.C. 1681j)— 

17 (A) in subsection (a)(1), by striking ‘‘(w)’’ 

18 and inserting ‘‘(x)’’; and 

19 (B) by striking ‘‘The Commission’’ each 

20 place that term appears and inserting ‘‘The Bu21 reau’’; and 

22 (8) in section 621 (15 U.S.C. 1681s)— 

23 (A) in subsection (a)(1), in the first sen24 tence, by striking ‘‘, subsection (b)’’; 


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1 (B) in subsection (e)(2), by inserting a pe2 riod after ‘‘provisions of this title’’; and 

3 (C) in subsection (f)(2), by striking ‘‘The 

4 Commission’’ and inserting ‘‘The Bureau’’. 

5 (q) FEDERAL CREDIT UNION ACT.—Section 

6 206(g)(7)(D)(iv) of the Federal Credit Union Act (12 

7 U.S.C. 1786(g)(7)(D)(iv)) is amended by striking the 

8 semicolon at the end and inserting a period. 

9 (r) FEDERAL DEPOSIT INSURANCE ACT.—The Fed10 eral Deposit Insurance Act (12 U.S.C. 1811 et seq.) is 

11 amended— 

12 (1) in section 3(q)(2)(C) (12 U.S.C. 

13 1813(q)(2)(C)), by adding ‘‘and’’ at the end; 

14 (2) in section 7 (12 U.S.C. 1817)— 

15 (A) in subsection (b)(2)— 

16 (i) in subparagraph (A), by striking 

17 ‘‘(D)’’ and inserting ‘‘(C)’’; and 

18 (ii) by redesignating subparagraphs 

19 (D) and (E) as subparagraphs (C) and 

20 (D), respectively; and 

21 (B) in subsection (e)(2)(C), by adding a 

22 period at the end; 

23 (3) in section 8 (12 U.S.C. 1818)— 

24 (A) in subsection (b)(3), by striking 

25 ‘‘Act))’’ and inserting ‘‘Act)’’; and 


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1 (B) in subsection (t)— 

2 (i) in paragraph (2)— 

3 (I) in subparagraph (C), by strik4 ing ‘‘depositors or’’ and inserting ‘‘de5 positors; or’’; and 

6 (II) in subparagraph (D), by 

7 striking the semicolon at the end and 

8 inserting a period; and 

9 (ii) by redesignating the second para10 graph designated as paragraph (6), as 

11 added by section 1090(1) of the Consumer 

12 Financial Protection Act of 2010 (title X 

13 of Public Law 111–203; 124 Stat. 2093) 

14 (relating to referral to the Bureau of Con15 sumer Financial Protection), as paragraph 

16 (7); 

17 (4) in section 10(b)(3)(A) (12 U.S.C. 

18 1820(b)(3)(A)), by striking ‘‘that Act’’ and inserting 

19 ‘‘the Dodd-Frank Wall Street Reform and Consumer 

20 Protection Act (12 U.S.C. 5301 et seq.)’’; 

21 (5) in section 11 (12 U.S.C. 1821)— 

22 (A) in subsection (d)(2)(I)(ii), by striking 

23 ‘‘and section 21A(b)(4)’’; and 

24 (B) in subsection (m), in each of para25 graphs (16) and (18), by striking the comma 


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1 after ‘‘Comptroller of the Currency’’ each place 

2 it appears; and 

3 (6) in section 26(a) (12 U.S.C. 1831c(a)), by 

4 striking ‘‘Holding Company Act’’ each place that 

5 term appears and inserting ‘‘Holding Company Act 

6 of 1956’’. 

7 (s) FEDERAL FINANCIAL INSTITUTIONS EXAMINA8 TION COUNCIL ACT OF 1978.—Section 1003(1) of the 

9 Federal Financial Institutions Examination Council Act of 

10 1978 (12 U.S.C. 3302(1)) is amended by striking ‘‘the 

11 Office of Thrift Supervision,’’. 

12 (t) FEDERAL FIRE PREVENTION AND CONTROL ACT

13 OF 1974.—Section 31(a)(5)(B) of the Federal Fire Pre14 vention and Control Act of 1974 (15 U.S.C. 

15 2227(a)(5)(B)) is amended by striking ‘‘the Federal De16 posit Insurance Corporation’’ and all that follows through 

17 the period and inserting ‘‘or the Federal Deposit Insur18 ance Corporation under the affordable housing program 

19 under section 40 of the Federal Deposit Insurance Act.’’. 

20 (u) FEDERAL HOME LOAN BANK ACT.—The Federal 

21 Home Loan Bank Act (12 U.S.C. 1421 et seq.) is amend22 ed— 

23 (1) in section 10(h)(1) (12 U.S.C. 1430(h)(1)), 

24 by striking ‘‘Director of the Office of Thrift Super25 vision’’ and inserting ‘‘Comptroller of the Currency 


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1 or the Board of Directors of the Federal Deposit In2 surance Corporation, as applicable’’; and 

3 (2) in section 22(a) (12 U.S.C. 1442(a))— 

4 (A) in the matter preceding paragraph (1), 

5 by striking ‘‘Currency’’ and all that follows 

6 through ‘‘Supervision’’ and inserting ‘‘Cur7 rency, the Chairman of the Board of Governors 

8 of the Federal Reserve System, the Chairperson 

9 of the Federal Deposit Insurance Corporation, 

10 and the Chairman of the National Credit Union 

11 Administration’’; and 

12 (B) in the undesignated matter following 

13 paragraph (2), by striking ‘‘Currency’’ and all 

14 that follows through ‘‘Supervision’’ and insert15 ing ‘‘Currency, the Chairman of the Board of 

16 Governors of the Federal Reserve System, and 

17 the Chairman of the National Credit Union Ad18 ministration’’. 

19 (v) FEDERAL RESERVE ACT.—The Federal Reserve 

20 Act (12 U.S.C. 221 et seq.) is amended— 

21 (1) in section 10 (12 U.S.C. 247b), by redesig22 nating paragraph (12) as paragraph (11); and 

23 (2) in section 11 (12 U.S.C. 248)— 

24 (A) by redesignating subsection (s), as 

25 added by section 1103(b) of the Dodd-Frank 


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1 Wall Street Reform and Consumer Protection 

2 Act (124 Stat. 2118) (relating to Federal Re3 serve transparency and release of information), 

4 as subsection (t), and moving subsection (t), as 

5 so redesignated, so it appears after subsection 

6 (s); 

7 (B) in subsection (s)(2)(C), by striking 

8 ‘‘supervised by the Board’’ and inserting ‘‘sub9 ject to a final determination’’; and 

10 (C) in subsection (t), as so redesignated, in 

11 paragraph (8)(B), by striking ‘‘this section’’ 

12 and inserting ‘‘this subsection’’. 

13 (w) FINANCIAL INSTITUTIONS REFORM, RECOVERY, 

14 AND ENFORCEMENT ACT OF 1989.—The Financial Insti15 tutions Reform, Recovery, and Enforcement Act of 1989 

16 (Public Law 101–73; 103 Stat. 183) is amended— 

17 (1) in section 1121(6) (12 U.S.C. 3350(6)), by 

18 striking ‘‘the Office of Thrift Supervision,’’; and 

19 (2) in section 1206(a) (12 U.S.C. 1833b(a)), by 

20 striking ‘‘and the Bureau of Consumer Financial 

21 Protection,’’ and inserting ‘‘the Bureau of Consumer 

22 Financial Protection, and’’. 

23 (x) GRAMM-LEACH-BLILEY ACT.—The Gramm24 Leach-Bliley Act (Public Law 106–102; 113 Stat. 1338) 

25 is amended— 


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1 (1) in section 132(a) (12 U.S.C. 1828b(a)), by 

2 striking ‘‘the Director of the Office of Thrift Super3 vision,’’; 

4 (2) in section 206(a) (15 U.S.C. 78c note), by 

5 striking ‘‘Except as provided in subsection (e), for’’ 

6 and inserting ‘‘For’’; 

7 (3) in section 502(e)(5) (15 U.S.C. 6802(e)(5)), 

8 by inserting a comma after ‘‘Protection’’; 

9 (4) in section 504(a)(2) (15 U.S.C. 

10 6804(a)(2)), by striking ‘‘and, as appropriate, and 

11 with’’ and inserting ‘‘and, as appropriate, with’’; 

12 (5) in section 509(2) (15 U.S.C. 6809(2))— 

13 (A) by striking subparagraph (D); and 

14 (B) by redesignating subparagraphs (E) 

15 and (F) as subparagraphs (D) and (E), respec16 tively; and 

17 (6) in section 522(b)(1)(A)(iv) (15 U.S.C. 

18 6822(b)(1)(A)(iv)), by striking ‘‘Director of the Of19 fice of Thrift Supervision’’ and inserting ‘‘Comp20 troller of the Currency and the Board of Directors 

21 of the Federal Deposit Insurance Corporation, as 

22 appropriate’’. 

23 (y) HELPING FAMILIES SAVE THEIR HOMES ACT OF

24 2009.—Section 104 of the Helping Families Save Their 

25 Homes Act of 2009 (12 U.S.C. 1715z–25) is amended— 


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1 (1) in subsection (a)— 

2 (A) in the matter preceding paragraph 

3 (1)— 

4 (i) by striking ‘‘and the Director of 

5 the Office of Thrift Supervision, shall 

6 jointly’’ and inserting ‘‘shall’’; 

7 (ii) by striking ‘‘Senate,’’ and insert8 ing ‘‘Senate and’’; 

9 (iii) by striking ‘‘and the Office of 

10 Thrift Supervision’’; and 

11 (iv) by striking ‘‘each such’’ and in12 serting ‘‘such’’; and 

13 (B) in paragraph (1), by striking ‘‘and the 

14 Office of Thrift Supervision’’; and 

15 (2) in subsection (b)(1)— 

16 (A) in subparagraph (A)— 

17 (i) in the first sentence— 

18 (I) by striking ‘‘and the Director 

19 of the Office of Thrift Supervision,’’; 

20 and 

21 (II) by striking ‘‘or the Direc22 tor’’; and 

23 (ii) in the second sentence, by striking 

24 ‘‘and the Director of the Office of Thrift 

25 Supervision’’; and 


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1 (B) in subparagraph (B), by striking ‘‘and 

2 the Director of the Office of Thrift Super3 vision’’. 

4 (z) HOME MORTGAGE DISCLOSURE ACT OF 1975.— 

5 The Home Mortgage Disclosure Act of 1975 (12 U.S.C. 

6 2801 et seq.) is amended— 

7 (1) in section 304(j)(3) (12 U.S.C. 2803(j)(3)), 

8 by adding a period at the end; and 

9 (2) in section 305(b)(1)(A) (12 U.S.C. 

10 2804(b)(1)(A))— 

11 (A) in the matter preceding clause (i), by 

12 inserting ‘‘by’’ before ‘‘the appropriate Federal 

13 banking agency’’; and 

14 (B) in clause (iii), by striking ‘‘bank as,’’ 

15 and inserting ‘‘bank, as’’. 

16 (aa) HOME OWNERS’ LOAN ACT.—The Home Own17 ers’ Loan Act (12 U.S.C. 1461 et seq.) is amended— 

18 (1) in section 5 (12 U.S.C. 1464)— 

19 (A) in subsection (d)(2)(E)(ii)— 

20 (i) in the first sentence, by striking 

21 ‘‘Except as provided in section 21A of the 

22 Federal Home Loan Bank Act, the’’ and 

23 inserting ‘‘The’’; and 

24 (ii) by striking ‘‘, at the Director’s 

25 discretion,’’; 


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1 (B) in subsection (i)(6), by striking ‘‘the 

2 Office of Thrift Supervision or’’; 

3 (C) in subsection (m), by striking ‘‘Direc4 tor’s’’ each place that term appears and insert5 ing ‘‘appropriate Federal banking agency’s’’; 

6 (D) in subsection (n)(9)(B), by striking 

7 ‘‘Director’s’’ and inserting ‘‘Comptroller’s’’; and 

8 (E) in subsection (s)— 

9 (i) in paragraph (1)— 

10 (I) in the matter preceding sub11 paragraph (A), by striking ‘‘of such 

12 Act)’’ and all that follows through 

13 ‘‘shall require’’ and inserting ‘‘of such 

14 Act), the appropriate Federal banking 

15 agency shall require’’; and 

16 (II) in subparagraph (B), by 

17 striking ‘‘other methods’’ and all that 

18 follows through ‘‘determines’’ and in19 serting ‘‘other methods as the appro20 priate Federal banking agency deter21 mines’’; 

22 (ii) in paragraph (2)— 

23 (I) by striking ‘‘DETERMINED’’ 

24 and all that follows through ‘‘may, 

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1 MINED BY APPROPRIATE FEDERAL

2 BANKING AGENCY CASE-BY-CASE.— 

3 The appropriate Federal banking 

4 agency may, consistent’’; and 

5 (II) by striking ‘‘capital-to-as6 sets’’ and all that follows through 

7 ‘‘determines to be necessary’’ and in8 serting ‘‘capital-to-assets as the ap9 propriate Federal banking agency de10 termines to be necessary’’; and 

11 (iii) in paragraph (3)— 

12 (I) by striking ‘‘agency, may’’ 

13 and inserting ‘‘agency may’’; and 

14 (II) by striking ‘‘the Comp15 troller’’ and inserting ‘‘the appro16 priate Federal banking agency’’; 

17 (2) in section 6(c) (12 U.S.C. 1465(c)), by 

18 striking ‘‘sections’’ and inserting ‘‘section’’; 

19 (3) in section 10 (12 U.S.C. 1467a)— 

20 (A) in subsection (b)(6), by striking 

21 ‘‘time’’ and all that follows through ‘‘release’’ 

22 and inserting ‘‘time, upon the motion or appli23 cation of the Board, release’’; 

24 (B) in subsection (c)(2)(H)— 


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1 (i) in the matter preceding clause 

2 (i)— 

3 (I) by striking ‘‘1841(p))’’ and 

4 inserting ‘‘1841(p)))’’; and 

5 (II) by inserting ‘‘(12 U.S.C. 

6 1843(k))’’ before ‘‘if—’’; and 

7 (ii) in clause (i), by inserting ‘‘of 1956 

8 (12 U.S.C. 1843(l) and (m))’’ after ‘‘Com9 pany Act’’; and 

10 (C) in subsection (e)(7)(B)(iii)— 

11 (i) by striking ‘‘Board of the Office of 

12 Thrift Supervision’’ and inserting ‘‘Direc13 tor of the Office of Thrift Supervision’’; 

14 and 

15 (ii) by inserting ‘‘(as defined in sec16 tion 2 of the Dodd-Frank Wall Street Re17 form and Consumer Protection Act (12 

18 U.S.C. 5301))’’ after ‘‘transfer date’’; and 

19 (4) in section 13 (12 U.S.C. 1468b), by striking 

20 ‘‘the a’’ and inserting ‘‘a’’. 

21 (bb) HOME OWNERSHIP AND EQUITY PROTECTION

22 ACT OF 1994.—Section 158 of the Home Ownership and 

23 Equity Protection Act of 1994 (15 U.S.C. 1601 note) is 

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1 pears and inserting ‘‘Bureau of Consumer Financial Pro2 tection’’. 

3 (cc) HOUSING ACT OF 1948.—Section 502(c)(3) of 

4 the Housing Act of 1948 (12 U.S.C. 1701c(c)(3)) is 

5 amended by striking ‘‘Federal Home Loan Bank Agency’’ 

6 and inserting ‘‘Federal Housing Finance Agency’’. 

7 (dd) HOUSING AND URBAN DEVELOPMENT ACT OF

8 1968.—Section 106(h)(5) of the Housing and Urban De9 velopment Act of 1968 (12 U.S.C. 1701x(h)(5)) is amend10 ed by striking ‘‘authorised’’ and inserting ‘‘authorized’’. 

11 (ee) INTERNATIONAL BANKING ACT OF 1978.—Sec12 tion 15 of the International Banking Act of 1978 (12 

13 U.S.C. 3109) is amended— 

14 (1) in each of subsections (a) and (b)— 

15 (A) by striking ‘‘, and Director of the Of16 fice of Thrift Supervision’’ each place that term 

17 appears; and 

18 (B) by inserting ‘‘and’’ before ‘‘Federal 

19 Deposit’’ each place that term appears; 

20 (2) in subsection (a), by striking ‘‘Comptroller, 

21 Corporation, or Director’’ and inserting ‘‘Comp22 troller, or Corporation’’; and 

23 (3) in subsection (c)(4)— 

24 (A) by inserting ‘‘and’’ before ‘‘the Federal 

25 Deposit’’; and 


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1 (B) by striking ‘‘, and the Director of the 

2 Office of Thrift Supervision’’. 

3 (ff) INTERNATIONAL LENDING SUPERVISION ACT OF

4 1983.—Section 912 of the International Lending Super5 vision Act of 1983 (12 U.S.C. 3911) is amended— 

6 (1) in the section heading, by striking ‘‘AND

7 THE OFFICE OF THRIFT SUPERVISION’’; 

8 (2) by striking subsection (b); 

9 (3) by striking ‘‘(a) IN GENERAL.—’’; and 

10 (4) by striking ‘‘4’’ and inserting ‘‘3’’. 

11 (gg) INTERSTATE LAND SALES FULL DISCLOSURE

12 ACT.—The Interstate Land Sales Full Disclosure Act (15 

13 U.S.C. 1701 et seq.) is amended— 

14 (1) in section 1402(1) (15 U.S.C. 1701(1)) by 

15 striking ‘‘Bureau of’’ and all that follows through 

16 the semicolon at the end and inserting ‘‘Bureau of 

17 Consumer Financial Protection;’’; and 

18 (2) in each of section 1411(b) (15 U.S.C. 

19 1710(b)) and subsections (b)(4) and (d) of section 

20 1418a (15 U.S.C. 1717a), by striking ‘‘Secretary’s’’ 

21 each place that term appears and inserting ‘‘Direc22 tor’s’’. 

23 (hh) INVESTMENT ADVISERS ACT OF 1940.—Section 

24 224 of the Investment Advisers Act of 1940 (15 U.S.C. 


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1 80b–18c) is amended in the section heading, by striking 

2 ‘‘COMMODITIES’’ and inserting ‘‘COMMODITY’’. 

3 (ii) LEGAL CERTAINTY FOR BANK PRODUCTS ACT

4 OF 2000.—Section 403(b)(1) of the Legal Certainty for 

5 Bank Products Act of 2000 (7 U.S.C. 27a(b)(1)) is 

6 amended by striking ‘‘that section’’ and inserting ‘‘sec7 tion’’. 

8 (jj) OMNIBUS APPROPRIATIONS ACT, 2009.—Section 

9 626(b) of the Omnibus Appropriations Act, 2009 (12 

10 U.S.C. 5538(b)) is amended, in each of paragraphs (2) 

11 and (3), by inserting a comma after ‘‘as appropriate’’ each 

12 place that term appears. 

13 (kk) PUBLIC LAW 93–495.—Section 111 of Public 

14 Law 93–495 (12 U.S.C. 250) is amended by striking ‘‘the 

15 Director of the Office of Thrift Supervision,’’. 

16 (ll) REVISED STATUTES OF THE UNITED STATES.— 

17 Section 5136C(i) of the Revised Statutes of the United 

18 States (12 U.S.C. 25b(i)) is amended by striking ‘‘POW19 ERS.—’’ and all that follows through ‘‘In accordance’’ and 

20 inserting ‘‘POWERS.—In accordance’’. 

21 (mm) RIEGLE COMMUNITY DEVELOPMENT AND

22 REGULATORY IMPROVEMENT ACT OF 1994.—Section 

23 117(e) of the Riegle Community Development and Regu24 latory Improvement Act of 1994 (12 U.S.C. 4716(e)) is 


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1 amended by striking ‘‘the Director of the Office of Thrift 

2 Supervision,’’. 

3 (nn) S.A.F.E. MORTGAGE LICENSING ACT OF

4 2008.—Section 1514 of the S.A.F.E. Mortgage Licensing 

5 Act of 2008 (12 U.S.C. 5113) is amended in each of sub6 sections (b)(5) and (c)(4)(C), by striking ‘‘Secretary’s’’ 

7 each place that term appears and inserting ‘‘Director’s’’. 

8 (oo) SECURITIES EXCHANGE ACT OF 1934.—The Se9 curities Exchange Act of 1934 (15 U.S.C. 78a et seq.) 

10 is amended— 

11 (1) in section 3C(g)(4)(B)(v) (15 U.S.C. 78c– 

12 3(g)(4)(B)(v)), by striking ‘‘of that Act’’ and insert13 ing ‘‘of that section’’; 

14 (2) in section 3D(d)(10)(A) (15 U.S.C. 78c– 

15 4(d)(10)(A)), by striking ‘‘taking’’ and inserting 

16 ‘‘take’’; 

17 (3) in section 3E(b)(1) (15 U.S.C. 78c– 

18 5(b)(1)), by striking ‘‘though’’ and inserting 

19 ‘‘through’’; 

20 (4) in section 4(g)(8)(A) (15 U.S.C. 

21 78d(g)(8)(A)), by striking ‘‘(2)(A)(i)’’ and inserting 

22 ‘‘(2)(A)(ii)’’; 

23 (5) in section 15 (15 U.S.C. 78o)— 

24 (A) in each of subparagraphs (B)(ii) and 

25 (C) of subsection (b)(4), by striking ‘‘dealer 


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1 municipal advisor,,’’ and inserting ‘‘dealer, mu2 nicipal advisor,’’; 

3 (B) by redesignating subsection (j) (relat4 ing to the authority of the Commission) as sub5 section (p), and moving that subsection so it 

6 follows subsection (o); 

7 (C) by redesignating subsections (k) and 

8 (l) (relating to standard of conduct and other 

9 matters, respectively), as added by section 

10 913(g)(1) of the Investor Protection and Secu11 rities Reform Act of 2010 (title IX of Public 

12 Law 111–203; 124 Stat. 1828), as subsections 

13 (q) and (r), respectively and moving those sub14 sections to the end; and 

15 (D) in subsection (m), in the undesignated 

16 matter following paragraph (2), by inserting 

17 ‘‘the’’ before ‘‘same extent’’; 

18 (6) in section 15F(h) (15 U.S.C. 78o–10(h))— 

19 (A) in paragraph (2)— 

20 (i) in subparagraph (A), by inserting 

21 ‘‘a’’ after ‘‘that acts as an advisor to’’; and 

22 (ii) in subparagraph (B), by inserting 

23 ‘‘a’’ after ‘‘offers to enter into’’; and 

24 (B) in paragraph (5)(A)(i)— 


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1 (i) by inserting ‘‘(A)’’ after ‘‘(18)’’; 

2 and 

3 (ii) in subclause (VII), by striking 

4 ‘‘act of’’ and inserting ‘‘Act of’’; 

5 (7) in section 15G (15 U.S.C. 78o–11)— 

6 (A) in subsection (b)(2), by inserting ‘‘Di7 rector of the’’ before ‘‘Federal Housing’’; and 

8 (B) in subsection (e)— 

9 (i) in paragraph (4)— 

10 (I) in subparagraph (A), by strik11 ing ‘‘subsection’’ and inserting ‘‘sec12 tion’’; and 

13 (II) in subparagraph (C)— 

14 (aa) by striking 

15 ‘‘129C(c)(2)’’ and inserting 

16 ‘‘129C(b)(2)(A)’’; and 

17 (bb) by inserting ‘‘(15 

18 U.S.C. 1639c(b)(2)(A))’’ after 

19 ‘‘Lending Act’’; and 

20 (ii) in paragraph (5), by striking 

21 ‘‘subsection’’ and inserting ‘‘section’’; and 

22 (8) in section 17A (15 U.S.C. 78q–1), by redes23 ignating the second subsection designated as sub24 section (g), as added by section 929W of the Inves25 tor Protection and Securities Reform Act of 2010 


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1 (title IX of Public Law 111–203; 124 Stat. 1869) 

2 (relating to due diligence for the delivery of divi3 dends, interest, and other valuable property rights), 

4 as subsection (n) and moving that subsection to the 

5 end. 

6 (pp) TELEMARKETING AND CONSUMER FRAUD AND

7 ABUSE PREVENTION ACT.—Section 3(b) of the Tele8 marketing and Consumer Fraud and Abuse Prevention 

9 Act (15 U.S.C. 6102(b)) is amended by inserting before 

10 the period at the end the following: ‘‘, provided, however, 

11 that nothing in this section shall conflict with or supersede 

12 section 6 of the Federal Trade Commission Act (15 U.S.C. 

13 46)’’. 

14 (qq) TITLE 5.—Title 5, United States Code, is 

15 amended— 

16 (1) in section 3132(a)(1)(D), by striking ‘‘the 

17 Office of Thrift Supervision,, the Resolution Trust 

18 Corporation,’’; and 

19 (2) in section 5314, by striking ‘‘Director of the 

20 Office of Thrift Supervision.’’. 

21 (rr) TITLE 31.— 

22 (1) AMENDMENTS.—Title 31, United States 

23 Code, is amended— 

24 (A) by striking section 309; 

25 (B) in section 313— 


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1 (i) in subsection (j)(2), by striking 

2 ‘‘Agency’’; and 

3 (ii) in subsection (r)(4), by striking 

4 ‘‘the Office of Thrift Supervision,’’; and 

5 (C) in section 714(d)(3)(B) by striking ‘‘a 

6 audit’’ and inserting ‘‘an audit’’. 

7 (2) ANALYSIS.—The analysis for subchapter I 

8 of chapter 3 of title 31, United States Code, is 

9 amended by striking the item relating to section 

10 309. 

11 (ss) TRUTH IN LENDING ACT.—The Truth in Lend12 ing Act (15 U.S.C. 1601 et seq.) is amended— 

13 (1) in section 103(dd)(2)(E)(v) (15 U.S.C. 

14 1602(dd)(2)(E)(v)), as redesignated by section 

15 108(a)(1) of this Act, by striking ‘‘Board’’ and in16 serting ‘‘Bureau’’; 

17 (2) in section 105 (15 U.S.C. 1604), by insert18 ing subsection (h), as added by section 1472(c) of 

19 the Mortgage Reform and Anti-Predatory Lending 

20 Act (title XIV of Public Law 111–203; 124 Stat. 

21 2190), before subsection (i), as added by section 

22 1100A(7) of the Consumer Financial Protection Act 

23 of 2010 (title X of Public Law 111–203; 124 Stat. 

24 2108); 


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1 (3) in section 106(f)(2)(B)(i) (15 U.S.C. 

2 1605(f)(2)(B)(i)), by striking ‘‘103(w)’’ and insert3 ing ‘‘103(x)’’; 

4 (4) in section 121(b) (15 U.S.C. 1631(b)), by 

5 striking ‘‘103(f)’’ and inserting ‘‘103(g)’’; 

6 (5) in section 122(d)(5) (15 U.S.C. 

7 1632(d)(5)), by striking ‘‘and the Bureau’’; 

8 (6) in section 125(e)(1) (15 U.S.C. 1635(e)(1)), 

9 by striking ‘‘103(w)’’ and inserting ‘‘103(x)’’; 

10 (7) in section 129 (15 U.S.C. 1639)— 

11 (A) in subsection (q), by striking ‘‘(l)(2)’’ 

12 and inserting ‘‘(p)(2)’’; and 

13 (B) in subsection (u)(3), by striking 

14 ‘‘Board’’ each place that term appears and in15 serting ‘‘Bureau’’; 

16 (8) in section 129C (15 U.S.C. 1639c)— 

17 (A) in subsection (b)(2)(B), by striking the 

18 second period at the end; and 

19 (B) in subsection (c)(1)(B)(ii)(I), by strik20 ing ‘‘a original’’ and inserting ‘‘an original’’; 

21 (9) in section 140A (15 U.S.C. 1651), by strik22 ing ‘‘the Bureau and’’; 

23 (10) in section 148(d) (15 U.S.C. 1665c(d)), by 

24 striking ‘‘Bureau’’ and inserting ‘‘Board’’; 

25 (11) in section 149 (15 U.S.C. 1665d)— 


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1 (A) by striking ‘‘the Director of the Office 

2 of Thrift Supervision,’’ each place that term ap3 pears; 

4 (B) by striking ‘‘National Credit Union 

5 Administration Bureau’’ each place that term 

6 appears and inserting ‘‘National Credit Union 

7 Administration Board’’; and 

8 (C) by striking ‘‘Bureau of Directors of 

9 the Federal Deposit Insurance Corporation’’ 

10 each place that term appears and inserting 

11 ‘‘Board of Directors of the Federal Deposit In12 surance Corporation’’; and 

13 (12) in section 181(1) (15 U.S.C. 1667(1)), by 

14 striking ‘‘103(g)’’ and inserting ‘‘103(h)’’. 

15 (tt) TRUTH IN SAVINGS ACT.—The Truth in Savings 

16 Act (12 U.S.C. 4301 et seq.) is amended in each of sec17 tions 269(a)(4) (12 U.S.C. 4308(a)(4)), 270(a)(2) (12 

18 U.S.C. 4309(a)(2)), and 274(6) (12 U.S.C. 4313(6)), by 

19 striking ‘‘Administration Bureau’’ each place that term 

20 appears and inserting ‘‘Administration Board’’. 

21 SEC. 816. RULEMAKING DEADLINES. 

22 (a) ONE-YEAR EXTENSION.—The deadline for 

23 issuance of any rule or regulation, conduct of any study, 

24 or submission of any report required by the Dodd-Frank 

25 Wall Street Reform and Consumer Protection Act (Public 


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1 Law 111–203) or amendments made by that Act that has 

2 not been met or is not met in final form by the date speci3 fied in that Act or those amendments, shall be extended 

4 for 1 year. 

5 (b) NO EFFECT ON FINALIZED RULES.—The exten6 sion provided under subsection (a) shall have no effect on 

7 any rule required by the Dodd-Frank Wall Street Reform 

8 and Consumer Protection Act (Public Law 111–203) or 

9 amendments made by that Act that have been issued in 

10 final form before the date of enactment of this Act. 

11 SEC. 817. EFFECTIVE DATES. 

12 Except as otherwise specifically provided in this 

13 Act— 

14 (1) the amendments made by this Act to a pro15 vision of the Dodd-Frank Wall Street Reform and 

16 Consumer Protection Act (Public Law 111–203) 

17 shall take effect as if enacted on the effective date 

18 of the provision, immediately after the provision 

19 takes effect; and 

20 (2) the amendments made by this Act to a pro21 vision of law amended by the Dodd-Frank Wall 

22 Street Reform and Consumer Protection Act shall 

23 take effect as if enacted on the effective date of the 

24 amendment to that provision of law made by the 

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1 tection Act, immediately after the amendment made 

2 by the Dodd-Frank Wall Street Reform and Con3 sumer Protection Act takes effect. 


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Calendar No. 103 

114TH CONGRESS 

1ST SESSION S. 1484 

A BILL 

To improve accountability and transparency in the 

purposes. sible relief to financial institutions, and for other tect access to credit for consumers, provide senUnited States financial regulatory system, proJUNE 2, 2015 

Read twice and placed on the calendar 


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