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[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 1484 Placed on Calendar Senate (PCS)]

                                                       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.

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

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Financial 
Regulatory Improvement Act of 2015''.
    (b) Table of Contents.--The table of contents for 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.
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.
Sec. 814. Title XIV correction.
Sec. 815. Conforming corrections to other statutes.
Sec. 816. Rulemaking deadlines.
Sec. 817. Effective dates.

 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.

    Section 503 of the Gramm-Leach-Bliley Act (15 U.S.C. 6803) is 
amended by adding at the end the following:
    ``(f) Exception to Annual Written Notice Requirement.--
            ``(1) In general.--A financial institution described in 
        paragraph (2) shall not be required to provide an annual 
        written disclosure under this section until such time as the 
        financial institution fails to comply with subparagraph (A), 
        (B), or (C) of paragraph (2).
            ``(2) Covered institutions.--A financial institution 
        described in this paragraph is a financial institution that--
                    ``(A) provides nonpublic personal information only 
                in accordance with the provisions of subsection (b)(2) 
                or (e) of section 502 or regulations prescribed under 
                section 504(b);
                    ``(B) has not changed its policies and practices 
                with respect to disclosing nonpublic personal 
                information from the policies and practices that were 
                disclosed in the most recent disclosure sent to 
                consumers in accordance with this section; and
                    ``(C) otherwise provides customers access to such 
                most recent disclosure in electronic or other form 
                permitted by regulations prescribed under section 
                504.''.

SEC. 102. PRIVATELY INSURED CREDIT UNIONS AUTHORIZED TO BECOME MEMBERS 
              OF A FEDERAL HOME LOAN BANK.

    (a) In General.--Section 4(a) of the Federal Home Loan Bank Act (12 
U.S.C. 1424(a)) is amended by adding at the end the following:
            ``(5) Certain privately insured credit unions.--
                    ``(A) In general.--Subject to the requirements of 
                subparagraph (B), a credit union that lacks insurance 
                of its member accounts under Federal law shall be 
                treated as an insured depository institution for 
                purposes of this Act.
                    ``(B) Certification by appropriate state 
                supervisor.--For purposes of this paragraph, a credit 
                union that lacks insurance of its member accounts under 
                Federal law and that has applied for membership in a 
                Federal Home Loan Bank shall be treated as an insured 
                depository institution if the following has occurred:
                            ``(i) Determination by state supervisor of 
                        the credit union.--
                                    ``(I) In general.--Subject to 
                                subclause (II), the appropriate 
                                supervisor of the State in which the 
                                credit union is chartered has 
                                determined that the credit union meets 
                                all the eligibility requirements under 
                                section 201(a) of the Federal Credit 
                                Union Act (12 U.S.C. 1781(a)) to apply 
                                for insurance of its member accounts as 
                                of the date of the application for 
                                membership.
                                    ``(II) Certification deemed 
                                valid.--In the case of any credit union 
                                to which subclause (I) applies, if the 
                                appropriate supervisor of the State in 
                                which such credit union is chartered 
                                fails to make the determination 
                                required pursuant to such subclause by 
                                the end of the 12-month period 
                                beginning on the date on which the 
                                application is submitted to the 
                                supervisor, the credit union shall be 
                                deemed to have met the requirements of 
                                subclause (I).
                            ``(ii) Determination by state supervisor of 
                        the private deposit insurer.--The licensing 
                        entity of the private deposit insurer that is 
                        insuring the member accounts of the credit 
                        union--
                                    ``(I) receives, on an annual basis, 
                                an independent actuarial opinion that 
                                the private insurer has set aside 
                                sufficient reserves for losses; and
                                    ``(II) obtains, as frequently as 
                                appropriate, but not less frequently 
                                than once every 36 months, a study by 
                                an independent actuary on the capital 
                                adequacy of the private insurer.
                            ``(iii) Submission of financial 
                        information.--The credit union or the 
                        appropriate supervisor of the State in which 
                        the credit union is chartered makes available, 
                        and continues to make available for such time 
                        as the credit union is a member of a Federal 
                        Home Loan Bank, to the Federal Housing Finance 
                        Agency or to the Federal Home Loan Bank all 
                        reports, records, and other information related 
                        to any examination or inquiry performed by the 
                        supervisor concerning the financial condition 
                        of the credit union, as soon as is practicable.
                    ``(C) Security interests of federal home loan bank 
                not avoidable.--Notwithstanding any provision of State 
                law authorizing a conservator or liquidating agent of a 
                credit union to repudiate contracts, no such provision 
                shall apply with respect to--
                            ``(i) any extension of credit from any 
                        Federal Home Loan Bank to any credit union that 
                        is a member of any such bank pursuant to this 
                        paragraph; or
                            ``(ii) any security interest in the assets 
                        of such a credit union securing any such 
                        extension of credit.
                    ``(D) Protection for certain federal home loan bank 
                advances.--Notwithstanding any State law to the 
                contrary, if a Bank makes an advance under section 10 
                to a State-chartered credit union that is not federally 
                insured--
                            ``(i) the interest of the Bank in any 
                        collateral securing the advance has the same 
                        priority and is afforded the same standing and 
                        rights that the security interest would have 
                        had if the advance had been made to a federally 
                        insured credit union; and
                            ``(ii) the Bank has the same right to 
                        access such collateral that the Bank would have 
                        had if the advance had been made to a federally 
                        insured credit union.''.
    (b) Copies of Audits of Private Insurers of Certain Depository 
Institutions Required to Be Provided to Supervisory Agencies.--Section 
43(a)(2)(A) of the Federal Deposit Insurance Act (12 U.S.C. 
1831t(a)(2)(A)) is amended--
            (1) in clause (i), by striking ``; and'' and inserting a 
        semicolon;
            (2) in clause (ii), by striking the period at the end and 
        inserting ``; and''; and
            (3) by adding at the end the following:
                            ``(iii) in the case of depository 
                        institutions described in subsection (e)(2)(A), 
                        the member accounts of which are insured by the 
                        private deposit insurer, which are members of a 
                        Federal home loan bank, to the Federal Housing 
                        Finance Agency, not later than 7 days after the 
                        audit is completed.''.
    (c) GAO Report.--Not later than 18 months after the date of 
enactment of this Act, the Comptroller General of the United States 
shall conduct a study and submit to Congress a report on--
            (1) the adequacy of insurance reserves held by any private 
        deposit insurer that insures the member accounts of any entity 
        described in section 43(e)(2)(A) of the Federal Deposit 
        Insurance Act (12 U.S.C. 1831t(e)(2)(A)); and
            (2) for any entity described in paragraph (1), the member 
        accounts of which are insured by a private deposit insurer, the 
        level of compliance with Federal regulations relating to the 
        disclosure of a lack of Federal deposit insurance.

SEC. 103. DESIGNATION OF RURAL AREA.

    (a) Application.--Not later than 90 days after the date of 
enactment of this Act, the Bureau of Consumer Financial Protection 
shall establish an application process under which a person who lives 
or does business in a State may, with respect to an area identified by 
the person in the State that has not been designated by the Bureau of 
Consumer Financial Protection as a rural area for purposes of a Federal 
consumer financial law (as defined in section 1002 of the Consumer 
Financial Protection Act of 2010 (12 U.S.C. 5481)), apply for such area 
to be so designated.
    (b) Evaluation Criteria.--In evaluating an application submitted 
under subsection (a), the Bureau of Consumer Financial Protection shall 
take into consideration the following factors:
            (1) Criteria used by the Director of the Bureau of the 
        Census for classifying geographical areas as rural or urban.
            (2) Criteria used by the Director of the Office of 
        Management and Budget to designate counties as metropolitan, 
        micropolitan, or neither.
            (3) Criteria used by the Secretary of Agriculture to 
        determine property eligibility for rural development programs.
            (4) The Department of Agriculture rural-urban commuting 
        area codes.
            (5) A written opinion provided by the State bank supervisor 
        (as defined in section 3 of the Federal Deposit Insurance Act 
        (12 U.S.C. 1813).
            (6) Population density.
    (c) Rule of Construction.--If, at any time before the date on which 
an application is submitted under subsection (a), the area subject to 
review has been designated as nonrural by any Federal agency described 
in subsection (b) using any of the criteria described in that 
subsection, the Bureau of Consumer Financial Protection shall not be 
required to consider such designation in its evaluation.
    (d) Public Comment Period.--
            (1) In general.--Not later than 60 days after the date on 
        which an application submitted under subsection (a) is 
        received, the Bureau of Consumer Financial Protection shall--
                    (A) publish the application on the website of the 
                Bureau of Consumer Financial Protection; and
                    (B) make the application available for public 
                comment for not fewer than 90 days.
            (2)  Limitation on additional applications.--Nothing in 
        this section shall be construed to require the Bureau of 
        Consumer Financial Protection, during the public comment period 
        described in paragraph (1) with respect to an application 
        submitted under subsection (a), to accept an additional 
        application with respect to the area that is the subject of the 
        initial application.
    (e) Decision on Designation.--Not later than 90 days after the end 
of the public comment period described in subsection (d)(1), the Bureau 
of Consumer Financial Protection shall--
            (1) grant or deny such application, in whole or in part; 
        and
            (2) publish such grant or denial in the Federal Register, 
        along with an explanation of the factors on which the Bureau of 
        Consumer Financial Protection relied in making such decision.
    (f) Subsequent Applications.--A decision by the Bureau under 
subsection (e) to deny an application for an area to be designated as a 
rural area shall not preclude the Bureau of Consumer Financial 
Protection from accepting a subsequent application submitted under 
subsection (a) for the area to be so designated if the subsequent 
application is submitted after the date on which the 90-day period 
beginning on the date on which the Bureau of Consumer Financial 
Protection denies the application under subsection (e) expires.
    (g) Operations in Rural Areas.--The Truth in Lending Act (15 U.S.C. 
1601 et seq.) is amended--
            (1) in section 129C(b)(2)(E)(iv)(I) (15 U.S.C. 
        1639c(b)(2)(E)(iv)(I)), by striking ``predominantly''; and
            (2) in section 129D(c)(1) (15 U.S.C. 1639d(c)(1)), by 
        striking ``predominantly''.

SEC. 104. INDEPENDENT EXAMINATION REVIEW.

    (a) In General.--The Federal Financial Institutions Examination 
Council Act of 1978 (12 U.S.C. 3301 et seq.) is amended by adding at 
the end the following:

``SEC. 1012. OFFICE OF INDEPENDENT EXAMINATION REVIEW.

    ``(a) Establishment.--There is established in the Council an Office 
of Independent Examination Review.
    ``(b) Head of Office.--
            ``(1) Establishment.--There is established the position of 
        the Director as the head of the Office of Independent 
        Examination Review, who shall be appointed by the Council for a 
        term of 5 years.
            ``(2) Removal.--
                    ``(A) In general.--The President may remove the 
                Director from office.
                    ``(B) Congressional notification.--Not later than 
                30 days after the date on which the Director is removed 
                from office under subparagraph (A), the President shall 
                submit to Congress a written notification describing 
                the reasons for the removal.
    ``(c) Staffing.--The Director may hire staff to support the 
activities of the Office of Independent Examination Review.
    ``(d) Duties.--The Director shall--
            ``(1) receive and, at the discretion of the Director, 
        investigate complaints from financial institutions, 
        representatives of financial institutions, or any other entity 
        acting on behalf of financial institutions, concerning 
        examinations, examination practices, or examination reports;
            ``(2) hold meetings, not less than once every 90 days and 
        in locations designed to encourage participation from all 
        regions of the United States, with financial institutions, 
        representatives of financial institutions, or any other entity 
        acting on behalf of financial institutions, to discuss 
        examination procedures, examination practices, or examination 
        policies;
            ``(3) review examination procedures of the Federal 
        financial institutions regulatory agencies to ensure that the 
        written examination policies of the agencies are being followed 
        in practice and adhere to the standards for consistency 
        established by the Council;
            ``(4) conduct a continuing and regular program of 
        examination quality assurance for all types of examinations 
        conducted by the Federal financial institutions regulatory 
        agencies; and
            ``(5) submit to the Committee on Banking, Housing, and 
        Urban Affairs of the Senate, the Committee on Financial 
        Services of the House of Representatives, and the Council an 
        annual report on the reviews carried out pursuant to paragraphs 
        (3) and (4), including recommendations for improvements in 
        examination procedures, practices, and policies.
    ``(e) Confidentiality.--The Director shall keep confidential--
            ``(1) all meetings, discussions, and information provided 
        by financial institutions; and
            ``(2) any confidential or privileged information provided 
        by a Federal financial institutions regulatory agency.
    ``(f) Funding; Budget.--
            ``(1) In general.--One-fifth of the costs and expenses of 
        the Office of Independent Examination Review, including the 
        salaries of its employees, shall be paid by each of the Federal 
        financial institutions regulatory agencies, which shall be 
        based on the budget submitted under paragraph (2).
            ``(2) Budget.--Not later than April 15 of each fiscal year, 
        the Director shall submit to the Council a projected budget for 
        the Office of Independent Examination Review for the following 
        fiscal year.''.
    (b) Definitions.--Section 1003 of the Federal Financial 
Institutions Examination Council Act of 1978 (12 U.S.C. 3302) is 
amended--
            (1) by striking paragraph (1) and inserting the following:
            ``(1) the term `Federal financial institutions regulatory 
        agencies' means the Office of the Comptroller of the Currency, 
        the Board of Governors of the Federal Reserve System, the 
        Federal Deposit Insurance Corporation, the National Credit 
        Union Administration, and the Bureau of Consumer Financial 
        Protection;'';
            (2) in paragraph (2), by striking ``; and'' and inserting a 
        semicolon;
            (3) in paragraph (3), by striking the semicolon and 
        inserting ``; and''; and
            (4) by adding at the end the following:
            ``(4) the term `Director' means the Director established 
        under section 1012.''.
    (c) Federal Banking Agency Ombudsman.--
            (1) In general.--Section 309 of the Riegle Community 
        Development and Regulatory Improvement Act of 1994 (12 U.S.C. 
        4806) is amended--
                    (A) in the first sentence of subsection (a), by 
                inserting ``, the Bureau of Consumer Financial 
                Protection,'' after ``Federal banking agency'';
                    (B) in subsection (b)--
                            (i) by redesignating paragraphs (1) and (2) 
                        as subparagraphs (A) and (B), respectively, and 
                        adjusting the margins accordingly;
                            (ii) in the matter preceding subparagraph 
                        (A), as so redesignated, by striking ``In 
                        establishing'' and inserting the following:
            ``(1) In general.--In establishing'';
                            (iii) in paragraph (1)(B), as so 
                        redesignated, by striking ``the appellant from 
                        retaliation by agency examiners'' and inserting 
                        ``the insured depository institution or insured 
                        credit union from retaliation by an agency 
                        referred to in subsection (a)''; and
                            (iv) by adding at the end the following:
            ``(2) Retaliation.--For purposes of this subsection and 
        subsection (e), retaliation includes delaying consideration of, 
        or withholding approval of, any request, notice, or application 
        that otherwise would have been approved, but for the exercise 
        of the rights of the insured depository institution or insured 
        credit union under this section.''; and
                    (C) in subsection (e)(2)--
                            (i) in subparagraph (B), by striking ``; 
                        and'' and inserting a semicolon;
                            (ii) in subparagraph (C), by striking the 
                        period at the end and inserting ``; and''; and
                            (iii) by adding at the end the following:
                    ``(D) ensure that appropriate safeguards exist for 
                protecting the insured depository institution or 
                insured credit union from retaliation by any 
                appropriate Federal banking agency for exercising the 
                rights of the insured depository institution or insured 
                credit union under this subsection.''.
            (2) Effect.--Nothing in this subsection shall be construed 
        to affect the authority of an appropriate Federal banking 
        agency (as defined in section 3 of the Federal Deposit 
        Insurance Act (12 U.S.C. 1813)) or the National Credit Union 
        Administration Board to take enforcement or other supervisory 
        action.
    (d) Federal Credit Union Act.--Section 205(j) of the Federal Credit 
Union Act (12 U.S.C. 1785(j)) is amended by inserting ``the Bureau of 
Consumer Financial Protection,'' before ``the Administration'' each 
place that term appears.
    (e) Federal Financial Institutions Examination Council Act.--
Section 1005 of the Federal Financial Institutions Examination Council 
Act of 1978 (12 U.S.C. 3304) is amended by striking ``One-fifth'' and 
inserting ``One-fourth''.

SEC. 105. CONFIDENTIALITY OF INFORMATION SHARED BETWEEN STATE AND 
              FEDERAL FINANCIAL SERVICES REGULATORS.

    Section 1512(a) of the S.A.F.E. Mortgage Licensing Act of 2008 (12 
U.S.C. 5111(a)) is amended by inserting ``or financial services'' 
before ``industry''.

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

    (a) In General.--Section 129C of the Truth in Lending Act (15 
U.S.C. 1639c) is amended by adding at the end the following:
    ``(j) Safe Harbor for Certain Loans Held in Portfolio.--
            ``(1) Definitions.--In this section--
                    ``(A) the term `appropriate Federal banking agency' 
                has the meaning given that term in section 3 of the 
                Federal Deposit Insurance Act (12 U.S.C. 1813);
                    ``(B) the term `depository institution' has the 
                meaning given that term in section 19(b)(1) of the 
                Federal Reserve Act (12 U.S.C. 461(b)(1)); and
                    ``(C) the term `financial institution regulator' 
                means an appropriate Federal banking agency, the 
                Bureau, and the National Credit Union Administration.
            ``(2) Safe harbor for creditors.--
                    ``(A) In general.--A creditor shall not be subject 
                to suit for failure to comply with subsection (a), 
                (c)(1), or (f)(2) of this section or section 129H with 
                respect to a residential mortgage loan, and the 
                financial institution regulators shall treat such loan 
                as a qualified mortgage, if--
                            ``(i)(I) the creditor has, since the 
                        origination of the loan, held the loan on the 
                        balance sheet of the creditor; or
                            ``(II) any person acquiring the loan has 
                        continued to hold the loan on the balance sheet 
                        of the person;
                    ``(ii) the loan has not been acquired through a 
                securitization;
                    ``(iii) all prepayment penalties with respect to 
                the loan comply with the limitations described in 
                subsection (c)(3);
                    ``(iv) the loan does not have--
                            ``(I) negative amortization;
                            ``(II) interest-only features; or
                            ``(III) a loan term of more than 30 years; 
                        and
                    ``(v) the creditor has documented the consumer's--
                            ``(I) income;
                            ``(II) employment;
                            ``(III) assets; and
                            ``(IV) credit history.
                    ``(B) Exception for certain transfers.--In the case 
                of a depository institution that transfers a loan 
                originated by that institution to another depository 
                institution by reason of the bankruptcy or failure of 
                the originating depository institution or the purchase 
                of the originating depository institution, the 
                depository institution acquiring the loan shall be 
                deemed to have complied with the requirement under 
                subparagraph (A)(i).''.
    (b) Reviewing the Portfolio of Systemically Important Banks.--
Section 18(o) of the Federal Deposit Insurance Act (12 U.S.C. 1828(o)) 
is amended by adding at the end the following:
            ``(5) Systemically important bank review.--The appropriate 
        Federal banking agency shall periodically review the mortgage 
        portfolio or targeted segments of the portfolios of a bank 
        subject to a determination under section 113A(a) of the 
        Financial Stability Act of 2010 if--
                    ``(A) there is elevated risk;
                    ``(B) there is an increase in delinquency and loss 
                rates;
                    ``(C) there are new lines of business;
                    ``(D) there are new acquisition channels;
                    ``(E) there is rapid growth; or
                    ``(F) an internal audit is inadequate.''.
    (c) Rule of Construction.--Nothing in the amendment made by 
subsection (a) shall be construed to prevent a balloon loan from 
qualifying for the safe harbor provided under section 129C(j) of the 
Truth in Lending Act, as added by subsection (a), if the balloon loan 
otherwise meets all of the requirements under subsection (j) of that 
section, regardless of whether the balloon loan meets the requirements 
described under clauses (i) through (iv) of section 129C(b)(2)(E) of 
that Act (12 U.S.C. 129C(b)(2)(E)).

SEC. 107. PROTECTING CONSUMER ACCESS TO MORTGAGE CREDIT.

    (a) Definition of High-cost Mortgage.--Section 103 of the Truth in 
Lending Act (15 U.S.C. 1602) is amended--
            (1) by redesignating subsections (aa) and (bb) as 
        subsections (bb) and (aa), respectively, and moving subsection 
        (bb), as so redesignated, after subsection (aa), as so 
        redesignated; and
            (2) in subsection (aa)(4), as so redesignated--
                    (A) in the matter preceding subparagraph (A), by 
                striking ``paragraph (1)(B)'' and inserting ``paragraph 
                (1)(A) and section 129C'';
                    (B) in subparagraph (C)--
                            (i) in the matter preceding clause (i), by 
                        inserting ``and insurance'' after ``taxes''; 
                        and
                            (ii) in clause (iii), by striking ``; and'' 
                        and inserting a semicolon; and
                    (C) in subparagraph (D)--
                            (i) by striking ``accident,''; and
                            (ii) by striking ``or any payments'' and 
                        inserting ``and any payments''.
    (b) Rulemaking.--Not later than 90 days after the date of enactment 
of this Act, the Bureau of Consumer Financial Protection shall 
promulgate regulations to carry out the amendments made by subsection 
(a)(2).
    (c) Study and Report on Consumer Access to Mortgage Credit.--
            (1) Study required.--The Comptroller General of the United 
        States shall conduct a study to determine the effects that the 
        Dodd-Frank Wall Street Reform and Consumer Protection Act (12 
        U.S.C. 5301 et seq.) has had on the availability and 
        affordability of credit for consumers, small businesses, first-
        time homebuyers, and mortgage lending, including the effects--
                    (A) on the mortgage market for mortgages that are 
                not qualified mortgages;
                    (B) on the ability of prospective homebuyers to 
                obtain financing, including first-time homebuyers;
                    (C) on the ability of homeowners facing resets or 
                adjustments to refinance, including whether homeowners 
                have fewer refinancing options due to the 
                unavailability of certain loan products that were 
                available before the date of enactment of the Dodd-
                Frank Wall Street Reform and Consumer Protection Act 
                (12 U.S.C. 5301 et seq.);
                    (D) on the ability of minorities to access 
                affordable credit compared with other prospective 
                borrowers;
                    (E) on home sales and construction;
                    (F) of extending any right of rescission on 
                adjustable rate loans and the impact of the right of 
                rescission on litigation;
                    (G) of any State foreclosure law and the ability of 
                investors to transfer a property after foreclosure;
                    (H) of expanding the existing provisions of the 
                Home Ownership and Equity Protection Act of 1994 (15 
                U.S.C. 1601 note and 1602 note);
                    (I) of prohibiting prepayment penalties on high-
                cost mortgages;
                    (J) of establishing counseling services under the 
                Department of Housing and Urban Development and offered 
                through the Office of Housing Counseling; and
                    (K) on the differences in title insurance premiums 
                and ancillary charges paid by low- and moderate-income 
                consumers to affiliates of mortgage lenders to purchase 
                title insurance versus title insurance premiums and 
                ancillary charges paid by low- and moderate-income 
                consumers to unaffiliated title agencies or attorneys 
                to purchase title insurance in those markets in which 
                both affiliated and unaffiliated mortgage lenders 
                compete.
            (2) Report.--Not later than 1 year after the date of 
        enactment of this Act, the Comptroller General of the United 
        States shall submit to the Committee on Banking, Housing, and 
        Urban Affairs of the Senate and the Committee on Financial 
        Services of the House of Representatives a report that 
        includes--
                    (A) the findings and conclusions of the Comptroller 
                General with respect to the study conducted under 
                paragraph (1); and
                    (B) any recommendations for legislative or 
                regulatory actions that--
                            (i) would enhance the access of a consumer 
                        to mortgage credit;
                            (ii) is consistent with consumer 
                        protections and safe and sound banking 
                        operations; and
                            (iii) would address any negative effects on 
                        mortgage credit and mortgage availability 
                        identified in the study.

SEC. 108. PROTECTING ACCESS TO MANUFACTURED HOMES.

    (a) Mortgage Originator Definition.--Section 103 of the Truth in 
Lending Act (15 U.S.C. 1602) is amended--
            (1) by redesignating the second subsection designated as 
        subsection (cc) and subsection (dd) as subsections (dd) and 
        (ee), respectively; and
            (2) in subsection (dd)(2)(C), as so redesignated, by 
        striking ``an employee of a retailer of manufactured homes who 
        is not described in clause (i) or (iii) of subparagraph (A) and 
        who does not advise a consumer on loan terms (including rates, 
        fees, and other costs)'' and inserting ``a retailer of 
        manufactured or modular homes or its employees, unless such 
        retailer or its employees receive compensation or gain for 
        engaging in activities described in subparagraph (A) that is in 
        excess of any compensation or gain received in a comparable 
        cash transaction''.
    (b) High-Cost Mortgage Definition.--Section 103(aa)(1)(A) of the 
Truth in Lending Act (15 U.S.C. 1602(aa)(1)(A)), as redesignated by 
section 107(a)(1) of this Act, is amended--
            (1) in clause (i)(I), by striking ``(8.5 percentage points, 
        if the dwelling is personal property and the transaction is for 
        less than $50,000)'' and inserting ``(10 percentage points, if 
        the dwelling is personal property or is a transaction that does 
        not include the purchase of real property on which a dwelling 
        is to be placed, and the transaction is for less than $75,000 
        (as such amount is adjusted by the Bureau to reflect the change 
        in the Consumer Price Index))''; and
            (2) in clause (ii)--
                    (A) in subclause (I), by striking ``; or'' and 
                inserting a semicolon; and
                    (B) by adding at the end the following:
                                    ``(III) in the case of a 
                                transaction for less than $75,000 (as 
                                such amount is adjusted by the Bureau 
                                to reflect the change in the Consumer 
                                Price Index) in which the dwelling is 
                                personal property (or is a consumer 
                                credit transaction that does not 
                                include the purchase of real property 
                                on which a dwelling is to be placed), 
                                the greater of 5 percent of the total 
                                transaction amount or $3,000 (as such 
                                amount is adjusted by the Bureau to 
                                reflect the change in the Consumer 
                                Price Index); or''.

SEC. 109. STREAMLINING BANK EXAMS.

    Section 10(d) of the Federal Deposit Insurance Act (12 U.S.C. 
1820(d)) is amended--
            (1) in paragraph (4)(A), by striking ``$500,000,000'' and 
        inserting ``$1,000,000,000''; and
            (2) in paragraph (10), by striking ``$500,000,000'' and 
        inserting ``$1,000,000,000''.

SEC. 110. ADJUSTMENTS FOR CHANGES IN GROSS DOMESTIC PRODUCT.

    (a) Commodity Exchange Act.--Section 2(h)(7)(C)(ii) of the 
Commodity Exchange Act (7 U.S.C. 2(h)(7)(C)(ii)) is amended by 
inserting ``(as such amount is adjusted annually by the Commission to 
reflect the percentage change for the previous calendar year in the 
gross domestic product of the United States, as calculated by the 
Bureau of Economic Analysis of the Department of Commerce)'' after 
``$10,000,000,000'' each place that term appears.
    (b) Consumer Financial Protection Bureau Examination and Reporting 
Threshold.--
            (1) Increase in the examination threshold.--Section 1025(a) 
        of the Consumer Financial Protection Act of 2010 (12 U.S.C. 
        5515(a)) is amended by striking ``$10,000,000,000'' each place 
        that term appears and inserting ``$50,000,000,000 (as such 
        amount is adjusted annually by the Commission to reflect the 
        percentage change for the previous calendar year in the gross 
        domestic product of the United States, as calculated by the 
        Bureau of Economic Analysis of the Department of Commerce)''.
            (2) Increase in the reporting threshold.--Section 1026(a) 
        of the Consumer Financial Protection Act of 2010 (12 U.S.C. 
        5516(a)) is amended by striking ``$10,000,000,000'' each place 
        that term appears and inserting ``$50,000,000,000 (as such 
        amount is adjusted annually by the Commission to reflect the 
        percentage change for the previous calendar year in the gross 
        domestic product of the United States, as calculated by the 
        Bureau of Economic Analysis of the Department of Commerce)''.
            (3) Effective date.--This subsection and the amendments 
        made by this subsection shall take effect on the date that is 
        45 days after the date of enactment of this Act.
    (c) Securities Exchange Act of 1934.--Section 3C(g)(3)(B) of the 
Securities Exchange Act of 1934 (15 U.S.C. 78c-3(g)(3)(B)) is amended 
by inserting ``(as such amount is adjusted annually by the Commission 
to reflect the percentage change for the previous calendar year in the 
gross domestic product of the United States, as calculated by the 
Bureau of Economic Analysis of the Department of Commerce)'' after 
``$10,000,000,000'' each place that term appears.
    (d) Electronic Fund Transfer Act.--Section 920(a)(6)(A) of the 
Electronic Fund Transfer Act (15 U.S.C. 1693o-2(a)(6)(A)) is amended by 
inserting ``(as such amount is adjusted annually by the Board to 
reflect the percentage change for the previous calendar year in the 
gross domestic product of the United States, as calculated by the 
Bureau of Economic Analysis of the Department of Commerce)'' after 
``$10,000,000,000''.
    (e) Enhancing Financial Institution Safety and Soundness Act of 
2010.--Section 334(e) of the Enhancing Financial Institution Safety and 
Soundness Act of 2010 (title III of Public Law 111-203; 124 Stat. 1539) 
is amended by inserting ``(as such amount is adjusted annually by the 
Corporation to reflect the percentage change for the previous calendar 
year in the gross domestic product of the United States, as calculated 
by the Bureau of Economic Analysis of the Department of Commerce)'' 
after ``$10,000,000,000''.
    (f) Investor Protection and Securities Reform Act of 2010.--Section 
956(f) of the Investor Protection and Securities Reform Act of 2010 (15 
U.S.C. 5641(f)) is amended by inserting ``(as such amount is adjusted 
annually by the appropriate Federal regulator to reflect the percentage 
change for the previous calendar year in the gross domestic product of 
the United States, as calculated by the Bureau of Economic Analysis of 
the Department of Commerce)'' after ``$1,000,000,000''.

SEC. 111. STUDY ON THE PRIVACY RISKS OF GOVERNMENT PUBLICATION OF 
              PERSONAL FINANCIAL DATA.

    Section 304 of the Home Mortgage Disclosure Act of 1975 (12 U.S.C. 
2803) is amended--
            (1) in subsection (n), by inserting ``Such data shall not 
        be publicly disclosed by the Bureau or a depository institution 
        before the date on which the report is submitted under 
        subsection (o)(2).'' after the period at the end; and
            (2) by adding at the end the following:
    ``(o) Study and Report to Congress.--
            ``(1) Study required.--The Comptroller General of the 
        United States shall conduct a study to determine whether the 
        data published under this Act, in connection with other 
        publicly available data sources, could allow for or increase 
        the probability of--
                    ``(A) exposure of the identity of mortgage 
                applicants or mortgagors through reverse engineering;
                    ``(B) exposure of mortgage applicants or mortgagors 
                to identity theft or the loss of sensitive personal 
                financial information;
                    ``(C) the marketing or sale of unfair, deceptive, 
                or abusive financial products to mortgage applicants or 
                mortgagors based on the data published under this Act;
                    ``(D) personal financial loss or emotional distress 
                resulting from the exposure of mortgage applicants or 
                mortgagors to identify theft or the loss of sensitive 
                personal financial information; and
                    ``(E) the potential legal liability facing the 
                Bureau and market participants in the event the 
                published data leads or contributes to identity theft 
                or the capture of sensitive personal financial 
                information.
            ``(2) Report.--Not later than 1 year after the date of 
        enactment of this subsection, the Comptroller General of the 
        United States shall submit to the Committee on Banking, 
        Housing, and Urban Affairs of the Senate and the Committee on 
        Financial Services of the House of Representatives a report 
        that includes--
                    ``(A) the findings and conclusions of the 
                Comptroller General with respect to the study conducted 
                under paragraph (1); and
                    ``(B) any recommendations for legislative or 
                regulatory actions that--
                            ``(i) would enhance the privacy of a 
                        consumer when accessing mortgage credit; and
                            ``(ii) are consistent with consumer 
                        protections and safe and sound banking 
                        operations.''.

SEC. 112. ENSURING THE REPORTING OF APPRAISAL MISCONDUCT.

    Section 129E of the Truth in Lending Act (15 U.S.C. 1639e) is 
amended--
            (1) in subsection (e)--
                    (A) by striking ``Any mortgage lender'' and 
                inserting the following:
            ``(1) In general.--Any mortgage lender''; and
                    (B) by adding at the end the following:
            ``(2) Limitation on civil liability.--No person may be held 
        civilly liable under any provision of Federal, State, or other 
        law for a disclosure made in good faith pursuant to this 
        section.''; and
            (2) in subsection (k), by adding at the end the following:
            ``(4) Applicability.--This subsection shall not apply to 
        subsection (e).''.

SEC. 113. MUTUAL HOLDING COMPANY DIVIDEND WAIVERS.

    Notwithstanding the rule of the Board of Governors of the Federal 
Reserve System regarding Mutual Holding Company Dividend Waivers in 
section 239.63 of title 12, Code of Federal Regulations (or any 
successor thereto), grandfathered mutual holding companies and all 
other mutual holding companies shall be permitted to waive the receipt 
of dividends declared on the common stock of their bank or mid-size 
holding companies.

SEC. 114. SAFEGUARDING ACCESS TO HABITAT FOR HUMANITY HOMES.

    Section 129E(i)(2) of the Truth in Lending Act (15 U.S.C. 
1639e(i)(2)) is amended--
            (1) by redesignating subparagraphs (A) and (B) as clauses 
        (i) and (ii), respectively, and adjusting the margins 
        accordingly;
            (2) in the matter preceding clause (i), as so redesignated, 
        by striking ``For purposes of'' and inserting the following:
                    ``(A) In general.--For purposes of''; and
            (3) by adding at the end the following:
                    ``(B) Rule of construction related to appraisal 
                donations.--In the case of an appraisal for which the 
                appraiser voluntarily does not receive a fee, the 
                appraiser is not, and shall not be construed to be, 
                with respect to the donated appraisal, a fee appraiser 
                for purposes of this section.''.

SEC. 115. CLARIFYING THE APPLICABILITY OF SECTION 13(H)(1) OF THE BANK 
              HOLDING COMPANY ACT OF 1956.

    (a) In General.--Section 13(h)(1) of the Bank Holding Company Act 
of 1956 (12 U.S.C. 1851(h)(1)) is amended--
            (1) in subparagraph (D), by redesignating clauses (i) and 
        (ii) as subclauses (I) and (II), respectively, and adjusting 
        the margins accordingly;
            (2) by redesignating subparagraphs (A), (B), (C), and (D) 
        as clauses (i), (ii), (iii), and (iv), respectively, and 
        adjusting the margins accordingly;
            (3) by striking ``institution that functions solely in a 
        trust or fiduciary capacity, if--''and inserting the following: 
        ``institution--
                    ``(A) that functions solely in a trust or fiduciary 
                capacity, if--''; and
            (4) by striking the period at the end and inserting the 
        following: ``; or
                    ``(B) with total consolidated assets of 
                $10,000,000,000 or less if such institution is not 
                controlled by a company with total consolidated assets 
                of more than $10,000,000,000 (as such amounts are 
                adjusted annually by the Board to reflect the 
                percentage change for the previous calendar year in the 
                gross domestic product of the United States, as 
                calculated by the Bureau of Economic Analysis of the 
                Department of Commerce).''.
    (b) Reservation of Authority.--Section 13 of the Bank Holding 
Company Act of 1956 (12 U.S.C. 1851) is amended by adding at the end 
the following:
    ``(i) Reservation of Authority for Certain Insured Depository 
Institutions.--
            ``(1) In general.--Notwithstanding subsection (h)(1)(B), 
        the appropriate Federal banking agency for an insured 
        depository institution with total consolidated assets of 
        $10,000,000,000 or less may apply the prohibitions and 
        restrictions of this section to the activities of the insured 
        depository institution that, but for subsection (h)(1)(B), 
        would be subject to the prohibitions and restrictions of this 
        section if the appropriate Federal banking agency determines 
        that those activities--
                    ``(A) are inconsistent with traditional banking 
                activities; or
                    ``(B) due to their nature or volume, pose a risk to 
                the safety and soundness of the insured depository 
                institution.
            ``(2) Notice and response.--Each of the appropriate Federal 
        banking agencies shall establish a procedure for providing 
        notice to an insured depository institution of a determination 
        under paragraph (1) and an opportunity for response.''.

SEC. 116. STUDY OF MORTGAGE SERVICING ASSETS.

    (a) Definitions.--In this section:
            (1) Banking institution.--The term ``banking institution'' 
        means an insured depository institution, Federal credit union, 
        State credit union, bank holding company, or savings and loan 
        holding company.
            (2) Basel iii capital requirements.--The term ``Basel III 
        capital requirements'' means the Global Regulatory Framework 
        for More Resilient Banks and Banking Systems issued by the 
        Basel Committee on Banking Supervision on December 16, 2010, as 
        revised on June 1, 2011.
            (3) Federal banking agencies.--The term ``Federal banking 
        agencies'' means the Board of Governors of the Federal Reserve 
        System, the Office of the Comptroller of the Currency, the 
        Federal Deposit Insurance Corporation, and the National Credit 
        Union Administration.
            (4) Mortgage servicing assets.--The term ``mortgage 
        servicing assets'' means those assets that result from 
        contracts to service loans secured by real estate, where such 
        loans are owned by third parties.
            (5) NCUA capital requirements.--The term ``NCUA capital 
        requirements'' means the proposed rule of the National Credit 
        Union Administration entitled ``Risk-Based Capital'' (80 Fed. 
        Reg. 4340 (January 27, 2015)).
            (6) Other definitions.--
                    (A) Banking definitions.--The terms ``bank holding 
                company'', ``insured depository institution'', and 
                ``savings and loan holding company'' have the meanings 
                given those terms in section 3 of the Federal Deposit 
                Insurance Act (12 U.S.C. 1813).
                    (B) Credit union definitions.--The terms ``Federal 
                credit union'' and ``State credit union'' have the 
                meanings given those terms in section 101 of the 
                Federal Credit Union Act (12 U.S.C. 1752).
    (b) Study of the Appropriate Capital for Mortgage Servicing 
Assets.--
            (1) In general.--The Federal banking agencies shall jointly 
        conduct a study of the appropriate capital requirements for 
        mortgage servicing assets for banking institutions.
            (2) Issues to be studied.--The study required under 
        paragraph (1) shall include, with a specific focus on banking 
        institutions--
                    (A) the risk to banking institutions of holding 
                mortgage servicing assets;
                    (B) the history of the market for mortgage 
                servicing assets, including in particular the market 
                for those assets in the period of the financial crisis;
                    (C) the ability of banking institutions to 
                establish a value for mortgage servicing assets of the 
                institution through periodic sales or other means;
                    (D) regulatory approaches to mortgage servicing 
                assets and capital requirements that may be used to 
                address concerns about the value of and ability to sell 
                mortgage servicing assets;
                    (E) the impact of imposing the Basel III capital 
                requirements and the NCUA capital requirements on 
                banking institutions on the ability of those 
                institutions--
                            (i) to compete in the mortgage servicing 
                        business, including the need for economies of 
                        scale to compete in that business; and
                            (ii) to provide service to consumers to 
                        whom the institutions have made mortgage loans;
                    (F) an analysis of what the mortgage servicing 
                marketplace would look like if the Basel III capital 
                requirements and the NCUA capital requirements on 
                mortgage servicing assets--
                            (i) were fully implemented; and
                            (ii) applied to both banking institutions 
                        and nondepository residential mortgage loan 
                        servicers;
                    (G) the significance of problems with mortgage 
                servicing assets, if any, in banking institution 
                failures and problem banking institutions, including 
                specifically identifying failed banking institutions 
                where mortgage servicing assets contributed to the 
                failure; and
                    (H) an analysis of the relevance of the Basel III 
                capital requirements and the NCUA capital requirements 
                on mortgage servicing assets to the banking systems of 
                other significantly developed countries.
            (3) Report to congress.--Not later than 180 days after the 
        date of enactment of this Act, the Federal banking agencies 
        shall submit to the Committee on Banking, Housing, and Urban 
        Affairs of the Senate and the Committee on Financial Services 
        of the House of Representatives a report containing--
                    (A) the results of the study required under 
                paragraph (1);
                    (B) any analysis on the specific issue of mortgage 
                servicing assets undertaken by the Federal banking 
                agencies before finalizing regulations implementing the 
                Basel III capital requirements and the NCUA capital 
                requirements; and
                    (C) any recommendations for legislative or 
                regulatory actions that would address concerns about 
                the value of and ability to sell and the ability of 
                banking institutions to hold mortgage servicing assets.

SEC. 117. NO WAIT FOR LOWER MORTGAGE RATES.

    (a) In General.--Section 129(b) of the Truth in Lending Act (15 
U.S.C. 1639(b)) is amended--
            (1) by redesignating paragraph (3) as paragraph (4); and
            (2) by inserting after paragraph (2) the following:
            ``(3) No wait for lower rate.--If a creditor extends to a 
        consumer a second offer of credit with a lower annual 
        percentage rate, the transaction may be consummated without 
        regard to the period specified in paragraph (1).''.
    (b) Safe Harbor for Good Faith Compliance With TILA-RESPA 
Integrated Disclosure Rule.--Section 1032(f) of the Consumer Financial 
Protection Act of 2010 (12 U.S.C. 5532(f)) is amended--
            (1) by striking ``Not later than'' and inserting the 
        following:
            ``(1) In general.--Not later than''; and
            (2) by adding at the end the following:
            ``(2) Safe harbor for good faith compliance.--
                    ``(A) Safe harbor.--Notwithstanding any other 
                provision of law, during the period described in 
                subparagraph (B), an entity that provides the 
                disclosures required under the Truth in Lending Act (15 
                U.S.C. 1601 et seq.) and sections 4 and 5 of the Real 
                Estate Settlement Procedures Act of 1974 (12 U.S.C. 
                2603 and 2604), as in effect on July 31, 2015, shall 
                not be subject to any civil, criminal, or 
                administrative action or penalty for failure to fully 
                comply with any requirement under this subsection.
                    ``(B) Applicable period.--Subparagraph (A) shall 
                apply to an entity during the period beginning on the 
                date of enactment of this paragraph and ending on the 
                date that is 30 days after the date on which a 
                certification by the Director that the model 
                disclosures required under paragraph (1) are accurate 
                and in compliance with all State laws is published in 
                the Federal Register.''.

SEC. 118. ELIMINATING BARRIERS TO JOBS FOR LOAN ORIGINATORS.

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

``SEC. 1518. EMPLOYMENT TRANSITION.

    ``(a) Temporary License for Persons Moving From a Financial 
Institution to a Non-bank Originator.--A registered loan originator 
shall be deemed to be a State-licensed loan originator for the 120-day 
period beginning on the date on which a State-licensed mortgage lender, 
mortgage banker, or mortgage servicer that is not a depository 
institution registers with the Nationwide Mortgage Licensing System and 
Registry that the registered loan originator is employed by the State-
licensed mortgage lender, mortgage banker, or mortgage servicer, as 
applicable.
    ``(b) Temporary License for Persons Moving Interstate.--A 
registered loan originator or State-licensed loan originator in 1 State 
shall be deemed to be a State-licensed loan originator in another State 
for the 120-day period beginning on the date on which a State-licensed 
mortgage lender, mortgage banker, or mortgage servicer in that State 
registers with the Nationwide Mortgage Licensing System and Registry 
that the registered loan originator or State-licensed loan originator 
is employed by the State-licensed mortgage lender, mortgage banker, or 
mortgage servicer, as applicable.
    ``(c) Federal and State Recognition.--The registration provided 
under subsections (a) and (b) shall fulfill any licensing or 
registration requirement for a loan originator under section 1504 and 
any State law or regulation.''.
    (b) Technical and Conforming Amendment.--The table of contents for 
the Housing and Economic Recovery Act of 2008 (Public Law 110-289; 122 
Stat. 2654) is amended by inserting after the item relating to section 
1517 the following:

``Sec. 1518. Employment transition.''.

SEC. 119. SHORT FORM CALL REPORTS.

    Section 7(a) of the Federal Deposit Insurance Act (12 U.S.C. 
1817(a)) is amended by adding at the end the following:
            ``(12) Short form reporting.--
                    ``(A) Review of reports of condition.--The 
                appropriate Federal banking agencies shall jointly 
                review the information and schedules that are required 
                to be filed by an insured depository institution in a 
                report of condition required under paragraph (3). As 
                part of this review, the appropriate Federal banking 
                agencies shall jointly--
                            ``(i) establish guiding principles for 
                        determining the appropriateness of information 
                        and schedules collected in a report of 
                        condition; and
                            ``(ii) consistent with the principles 
                        established under clause (i), consider and 
                        document the need for each data item collected, 
                        the frequency with which each data item will be 
                        collected, and the population of insured 
                        depository institutions from which each data 
                        item is required.
                    ``(B) Development of short form reports of 
                condition.--After completing the review required under 
                subparagraph (A), the appropriate Federal banking 
                agencies shall jointly develop, to the extent 
                appropriate, 1 or more report of condition forms that 
                reduce or eliminate information or schedules required 
                to be filed by an insured depository institution in a 
                report of condition required under paragraph (3). Such 
                form or forms shall, as determined by the appropriate 
                Federal banking agencies, be appropriate for the size 
                and complexity of the insured depository institution.
                    ``(C) Reports to congress.--Not later than 180 days 
                after the date of enactment of this paragraph, and 
                every 180 days thereafter until the appropriate Federal 
                banking agencies have jointly completed the 
                requirements under subparagraphs (A) and (B), the 
                appropriate Federal banking agencies shall submit to 
                the Committee on Banking, Housing, and Urban Affairs of 
                the Senate and the Committee on Financial Services of 
                the House of Representatives a report describing the 
                progress made concerning the completion of such 
                responsibilities.''.

SEC. 120. APPLICATION OF THE EXPEDITED FUNDS AVAILABILITY ACT.

    (a) In General.--The Expedited Funds Availability Act (12 U.S.C. 
4001 et seq.) is amended--
            (1) in section 602 (12 U.S.C. 4001)--
                    (A) in paragraph (20), by inserting ``, located in 
                the United States,'' after ``ATM'';
                    (B) in paragraph (21), by inserting ``American 
                Samoa, the Commonwealth of the Northern Mariana 
                Islands,'' after ``Puerto Rico,''; and
                    (C) in paragraph (23), by inserting ``American 
                Samoa, the Commonwealth of the Northern Mariana 
                Islands,'' after ``Puerto Rico,''; and
            (2) in section 603(d)(2)(A) (12 U.S.C. 4002(d)(2)(A)), by 
        inserting ``American Samoa, the Commonwealth of the Northern 
        Mariana Islands,'' after ``Puerto Rico,''.
    (b) Effective Date.--The amendments made by subsection (a) shall 
take effect on January 1, 2016.

SEC. 121. APPLICATION OF THE FEDERAL ADVISORY COMMITTEE ACT.

    Section 1013 of the Consumer Financial Protection Act of 2010 (12 
U.S.C. 5493) is amended by adding at the end the following:
    ``(h) Application of FACA.--Notwithstanding any provision of the 
Federal Advisory Committee Act (5 U.S.C. App.), such Act shall apply to 
each advisory committee of the Bureau and each subcommittee of such an 
advisory committee.''.

SEC. 122. BUDGET TRANSPARENCY FOR THE NCUA.

    Section 209(b) of the Federal Credit Union Act (12 U.S.C. 1789) is 
amended--
            (1) by redesignating paragraphs (1) and (2) as paragraphs 
        (2) and (3), respectively;
            (2) by inserting before paragraph (2), as so redesignated, 
        the following:
            ``(1) on an annual basis and prior to the submission of the 
        detailed business-type budget required under paragraph (2)--
                    ``(A) make publicly available and cause to be 
                printed in the Federal Register a draft of the detailed 
                business-type budget; and
                    ``(B) hold a public hearing, with public notice 
                provided of the hearing, wherein the public may submit 
                comments on the draft of the detailed business-type 
                budget;''; and
            (3) in paragraph (2), as so redesignated--
                    (A) by inserting ``detailed'' after ``submit a''; 
                and
                    (B) by inserting ``, which shall address any 
                comment submitted by the public under paragraph 
                (1)(B)'' after ``Control Act''.

SEC. 123. DATE FOR DETERMINING CONSOLIDATED ASSETS.

    Section 171(b)(4)(C) of the Financial Stability Act of 2010 (12 
U.S.C. 5371(b)(4)(C)) is amended by inserting ``or March 31, 2010,'' 
after ``December 31, 2009,''.

SEC. 124. FHLB MEMBERSHIP.

    (a) FHLB Membership Proposed Rule.--
            (1) Definitions.--In this subsection:
                    (A) Community development financial institution.--
                The term ``community development financial 
                institution'' has the meaning given that term in 
                section 103 of the Community Development Banking and 
                Financial Institutions Act of 1994 (12 U.S.C. 4702).
                    (B) Covered proposed rule.--The term ``covered 
                proposed rule'' means the proposed rule of the Federal 
                Housing Finance Agency entitled ``Members of Federal 
                Home Loan Banks'' (79 Fed. Reg. 54848 (September 12, 
                2014)).
                    (C) Other terms from the federal home loan bank 
                act.--The terms ``community financial institution'', 
                ``Federal Home Loan Bank'', and ``Federal Home Loan 
                Bank System'' have the meanings given those terms in 
                section 2 of the Federal Home Loan Bank Act (12 U.S.C. 
                1422).
            (2) Withdrawal of proposed rule.--Not later than 30 days 
        after the date of enactment of this Act, the Federal Housing 
        Finance Agency shall withdraw the covered proposed rule.
            (3) GAO study and report on proposed rule.--
                    (A) Study.--
                            (i) In general.--The Comptroller General of 
                        the United States shall conduct a study on the 
                        impact that the covered proposed rule would 
                        have, if adopted as proposed, on--
                                    (I) the ability of the Federal Home 
                                Loan Banks to fulfill the mandate to 
                                provide liquidity to support housing 
                                finance and economic and community 
                                development;
                                    (II) the safety and soundness of 
                                the Federal Home Loan Bank System;
                                    (III) the liquidity needs of 
                                financial intermediaries;
                                    (IV) the stability of the Federal 
                                Home Loan Bank System;
                                    (V) the benefits of a diverse 
                                membership base for Federal Home Loan 
                                Banks; and
                                    (VI) the ability of member 
                                institutions to rely on access to 
                                Federal Home Loan Bank advances.
                            (ii) Considerations.--In conducting the 
                        study under clause (i), the Comptroller General 
                        of the United States shall consider--
                                    (I) the comment letters submitted 
                                in response to the notice of proposed 
                                rulemaking for the covered proposed 
                                rule;
                                    (II) the legislative and 
                                administrative history of the Federal 
                                Home Loan Bank membership rules;
                                    (III) the burden placed on 
                                community financial institutions and 
                                community development financial 
                                institutions; and
                                    (IV) the legal authority of the 
                                Federal Housing Finance Agency to 
                                exclude from membership any class or 
                                category of insurance companies.
                    (B) Report.--Not later than 1 year after the date 
                of enactment of this Act, the Comptroller General of 
                the United States shall submit to the Committee on 
                Banking, Housing, and Urban Affairs of the Senate and 
                the Committee on Financial Services of the House of 
                Representatives a report on the findings of the study 
                conducted under subparagraph (A)(i).
    (b) Credit Union Parity for FHLB Membership Eligibility.--Section 
2(10)(A)(i) of the Federal Home Loan Bank Act (12 U.S.C. 
1422(10)(A)(i)) is amended to read as follows:
                            ``(i) the deposits of which--
                                    ``(I) are insured under the Federal 
                                Deposit Insurance Act (12 U.S.C. 1811 
                                et seq.); or
                                    ``(II) are insured under or 
                                eligible to be insured under the 
                                Federal Credit Union Act (12 U.S.C. 
                                1751 et seq.); and''.

SEC. 125. ENSURING A COMPREHENSIVE REGULATORY REVIEW.

    Section 2222 of the Economic Growth and Regulatory Paperwork 
Reduction Act of 1996 (12 U.S.C. 3311) is amended--
            (1) in subsection (a)--
                    (A) by striking ``each appropriate Federal banking 
                agency represented on the Council'' and inserting 
                ``each of the Office of the Comptroller of the 
                Currency, the Federal Deposit Insurance Corporation, 
                the Board of Governors of the Federal Reserve System, 
                the Bureau of Consumer Financial Protection, and the 
                National Credit Union Administration Board as the 
                Federal agency representatives on the Council'';
                    (B) by inserting ``, joint or otherwise, and 
                including all regulations issued pursuant to any 
                authority provided under the Dodd-Frank Wall Street 
                Reform and Consumer Protection Act (Public Law 111-203; 
                124 Stat. 1376),'' after ``prescribed by the Council'';
                    (C) by striking ``any such appropriate Federal 
                banking agency'' and inserting ``any such Federal 
                agency''; and
                    (D) by striking ``insured depository institutions'' 
                and inserting ``financial institutions'';
            (2) in subsections (b), (c), and (d), by striking ``the 
        appropriate Federal banking agency'' each place that term 
        appears and inserting ``the appropriate Federal agency''; and
            (3) in subsection (e)--
                    (A) in paragraph (1), by striking ``the appropriate 
                Federal banking agencies'' and inserting ``the 
                appropriate Federal agencies''; and
                    (B) in paragraph (2), by striking ``the appropriate 
                Federal banking agency'' and inserting ``the 
                appropriate Federal agency''.

SEC. 126. PROHIBITION ON IMPLEMENTATION OR PARTICIPATION IN OPERATION 
              CHOKE POINT.

    The Federal Deposit Insurance Corporation, the Office of the 
Comptroller of the Currency, the Board of Governors of the Federal 
Reserve System, the Bureau of Consumer Financial Protection, or the 
National Credit Union Administration may not implement or participate 
in the Operation Choke Point initiative of the Department of Justice.

        TITLE II--SYSTEMICALLY IMPORTANT BANK HOLDING COMPANIES

SEC. 201. REVISIONS TO COUNCIL AUTHORITY.

    (a) Purposes and Duties.--Section 112(a)(2)(I) of the Financial 
Stability Act of 2010 (12 U.S.C. 5322(a)(2)(I)) is amended--
            (1) by striking ``and large, interconnected bank holding 
        companies''; and
            (2) by inserting ``and bank holding companies subject to a 
        determination under section 113A(a)'' before the semicolon at 
        the end.
    (b) Authority to Require Supervision and Regulation of Certain Bank 
Holding Companies.--The Financial Stability Act of 2010 (12 U.S.C. 5311 
et seq.) is amended by adding after section 113 (12 U.S.C. 5323) the 
following:

``SEC. 113A. AUTHORITY TO REQUIRE SUPERVISION AND REGULATION OF 
              SYSTEMICALLY IMPORTANT BANK HOLDING COMPANIES.

    ``(a) In General.--The Council may, in accordance with the 
procedures described in subsections (c) and (d), determine that a bank 
holding company shall be deemed systemically important.
    ``(b) Considerations.--
            ``(1) The Council shall, not later than 90 days after the 
        date of enactment of this section, issue regulations describing 
        with specificity the factors that the Council will use to make 
        a determination under subsection (a). Such factors shall 
        initially include the following:
                    ``(A) The size of the bank holding company.
                    ``(B) The interconnectedness of the bank holding 
                company.
                    ``(C) The extent of readily available substitutes 
                or financial institution infrastructure for the 
                services provided by the bank holding company.
                    ``(D) The global cross-jurisdictional activity of 
                the bank holding company.
                    ``(E) The complexity of the bank holding company.
            ``(2) The Council may, by regulation, add to, subtract, or 
        modify the factors used by the Council pursuant to paragraph 
        (1) if the Council--
                    ``(A) provides notice to the public and opportunity 
                for comment on any proposed changes;
                    ``(B) explains, as part of the notice required in 
                subparagraph (A), with specificity how any proposed 
                changes would result in factors that more accurately 
                measure the threat that the material financial distress 
                of a bank holding company could pose to the financial 
                stability of the United States, in comparison with the 
                existing factors; and
                    ``(C) finds, on a nondelegable basis and by a vote 
                of not fewer than \2/3\ of the voting members then 
                serving, including an affirmative vote by the 
                Chairperson, that such a change would result in factors 
                that more accurately measure the threat that the 
                material financial distress of a bank holding company 
                could pose to the financial stability of the United 
                States, in comparison with the existing factors.
    ``(c) Bank Holding Companies Deemed Systemically Important.--
            ``(1) In general.--With respect to a bank holding company 
        with total consolidated assets of not less than $50,000,000,000 
        and not more than $500,000,000,000 (as such amounts are 
        adjusted annually by the Council to reflect the percentage 
        change for the previous calendar year in the gross domestic 
        product of the United States, as calculated by the Bureau of 
        Economic Analysis of the Department of Commerce), the Council 
        may, on a nondelegable basis and by a vote of not fewer than 
        \2/3\ of the voting members then serving, including an 
        affirmative vote by the Chairperson, make a determination under 
        subsection (a) if the Council determines, based on the factors 
        considered pursuant to subsection (b), that the material 
        financial distress of a bank holding company could pose a 
        threat to the financial stability of the United States.
            ``(2) Requirements for proposed determination, notice and 
        opportunity for hearing, and final determination.--
                    ``(A) Initial evaluation by the board of 
                governors.--The Board of Governors may identify a bank 
                holding company for an evaluation of whether, based on 
                the factors considered pursuant to subsection (b), the 
                material financial distress of the bank holding company 
                could pose a threat to the financial stability of the 
                United States. Upon identifying such bank holding 
                company, the Board of Governors--
                            ``(i) shall provide the bank holding 
                        company with--
                                    ``(I) a written notice that shall 
                                include any quantitative analysis used 
                                in identifying the bank holding company 
                                and shall explain with specificity the 
                                basis for identifying the bank holding 
                                company;
                                    ``(II) an opportunity to submit 
                                written materials for consideration by 
                                the Board of Governors as part of an 
                                evaluation by the Board of Governors 
                                under clause (ii); and
                                    ``(III) an opportunity to meet with 
                                representatives of the Board of 
                                Governors to discuss the analysis 
                                conducted by the Board of Governors to 
                                identify the bank holding company;
                            ``(ii) may, after fulfilling the 
                        requirements of clause (i), evaluate whether, 
                        based on the factors considered pursuant to 
                        subsection (b), the material financial distress 
                        of the bank holding company could pose a threat 
                        to the financial stability of the United 
                        States;
                            ``(iii) may, at the conclusion of an 
                        evaluation under clause (ii), make a 
                        recommendation to the Council that the Council 
                        perform an evaluation under subparagraph 
                        (B)(ii)(I); and
                            ``(iv) shall, if a recommendation is made 
                        under clause (iii), provide written notice to 
                        the bank holding company that a recommendation 
                        was made, which notice shall include a detailed 
                        explanation of the basis for the 
                        recommendation, including how each factor 
                        considered pursuant to subsection (b) relates 
                        to the potential threat posed by the bank 
                        holding company to the financial stability of 
                        the United States.
                    ``(B) Evaluation by the council.--
                            ``(i) In general.--The Council may only 
                        make a proposed determination with respect to a 
                        bank holding company under subparagraph (C)(i) 
                        if the Council--
                                    ``(I) has received a recommendation 
                                under subparagraph (A)(iii) with 
                                respect to the bank holding company; or
                                    ``(II) not earlier than the 
                                effective date of this section, and 
                                after consultation and coordination 
                                with the Board of Governors, on a 
                                nondelegable basis and by a vote of not 
                                fewer than \2/3\ of the voting members 
                                then serving, including an affirmative 
                                vote by the Chairperson, decides to 
                                evaluate the bank holding company for a 
                                proposed determination under 
                                subparagraph (C)(i).
                            ``(ii) Requirements before making a 
                        proposed determination.--Before making a 
                        proposed determination with respect to a bank 
                        holding company under subparagraph (C)(i), and 
                        after receiving a recommendation under clause 
                        (i)(I) or making a decision under clause 
                        (i)(II), the Council shall--
                                    ``(I) perform an evaluation of the 
                                bank holding company, including an 
                                evaluation of--
                                            ``(aa) whether the material 
                                        financial distress of the bank 
                                        holding company could pose a 
                                        threat to the financial 
                                        stability of the United States; 
                                        and
                                            ``(bb) how each of the 
                                        factors considered pursuant to 
                                        subsection (b) relates to the 
                                        potential threat posed by the 
                                        bank holding company to the 
                                        financial stability of the 
                                        United States; and
                                    ``(II) provide the bank holding 
                                company with--
                                            ``(aa) a written notice 
                                        that the bank holding company 
                                        is being evaluated;
                                            ``(bb) an opportunity to 
                                        meet with representatives of 
                                        the Council to discuss the 
                                        evaluation by the Council; and
                                            ``(cc) an opportunity to 
                                        submit written materials to the 
                                        Council, within such time as 
                                        the Council deems appropriate 
                                        (but not earlier than 30 days 
                                        after the date of receipt of 
                                        the notice under item (aa)).
                    ``(C) Proposed determination.--
                            ``(i) Voting.--After fulfilling the 
                        requirements of subparagraph (B), the Council 
                        may, on a nondelegable basis and by a vote of 
                        not fewer than \2/3\ of the voting members then 
                        serving, including an affirmative vote by the 
                        Chairperson, propose to make a determination 
                        under paragraph (1) with respect to a bank 
                        holding company.
                            ``(ii) Notice of proposed determination.--
                        If the Council makes a proposed determination 
                        under clause (i), the Council shall provide a 
                        notice to the bank holding company, which 
                        notice shall contain the basis for the proposed 
                        determination, including a detailed explanation 
                        of the evaluation performed under subparagraph 
                        (B)(ii)(I).
                    ``(D) Requirements before final determination.--
                After making a proposed determination under 
                subparagraph (C)(i) and prior to making a final 
                determination under paragraph (1), the Council shall--
                            ``(i) not later than 30 days after the date 
                        of receipt of any notice under subparagraph 
                        (C)(ii), provide the bank holding company with 
                        an opportunity to request, in writing, a 
                        hearing before the Council to contest the 
                        proposed determination;
                            ``(ii) if the Council receives a timely 
                        request under clause (i), fix a time (not 
                        earlier than 30 days after the date of receipt 
                        of the request) and place at which the bank 
                        holding company may appear, personally or 
                        through counsel, to, at the discretion of the 
                        bank holding company--
                                    ``(I) submit a plan to modify the 
                                business, structure, or operations of 
                                the bank holding company in order to 
                                address the factors and the potential 
                                threat posed by the bank holding 
                                company to the financial stability of 
                                the United States identified pursuant 
                                to subparagraph (C)(ii);
                                    ``(II) submit written materials in 
                                addition to or separate from the plan 
                                described in subclause (I); and
                                    ``(III) provide oral testimony and 
                                oral argument to the members of the 
                                Council, with not fewer than \2/3\ of 
                                the voting members of the Council, 
                                including the Chairperson, in 
                                attendance; and
                            ``(iii) in the event a plan is submitted to 
                        the Council under clause (ii)(I)--
                                    ``(I) consider whether the plan, if 
                                implemented, would address the factors 
                                and the potential threat posed by the 
                                bank holding company to the financial 
                                stability of the United States 
                                identified pursuant to subparagraph 
                                (C)(ii); and
                                    ``(II) provide the bank holding 
                                company with--
                                            ``(aa) analysis of whether 
                                        and to what extent the plan 
                                        addresses the factors and the 
                                        potential threat posed by the 
                                        bank holding company to the 
                                        financial stability of the 
                                        United States identified 
                                        pursuant to subparagraph 
                                        (C)(ii);
                                            ``(bb) an opportunity to 
                                        meet with representatives of 
                                        the Council to discuss the 
                                        analysis provided under item 
                                        (aa); and
                                            ``(cc) an opportunity to 
                                        revise the plan after 
                                        discussions with 
                                        representatives of the Council.
                    ``(E) Final determination.--
                            ``(i) In general.--After fulfilling the 
                        requirements of subparagraph (D), and not later 
                        than 90 days after the date on which a hearing 
                        is held under subparagraph (D)(ii), the Council 
                        may vote to make a final determination under 
                        paragraph (1). The Council may delay the vote 
                        up to 1 additional year after the conclusion of 
                        the 90-day period if considering a plan under 
                        subparagraph (D)(iii).
                            ``(ii) Outcome of the vote.--If the Council 
                        votes on a final determination under paragraph 
                        (1), the Council shall promptly inform the bank 
                        holding company of the outcome of the vote in 
                        writing.
                            ``(iii) Notice of final determination.--If 
                        the Council votes to make a final determination 
                        under paragraph (1), the Council shall, not 
                        later than 30 days after the date of the vote, 
                        provide a notice to the bank holding company, 
                        which notice shall contain--
                                    ``(I) the basis for the 
                                determination, including--
                                            ``(aa) a detailed analysis 
                                        of any plan submitted by the 
                                        bank holding company and 
                                        considered by the Council under 
                                        subparagraph (D), if 
                                        applicable, which analysis 
                                        shall, at a minimum, include--

                                                    ``(AA) whether and 
                                                to what extent 
                                                successful 
                                                implementation of the 
                                                plan could address the 
                                                factors and the 
                                                potential threat posed 
                                                by the bank holding 
                                                company to the 
                                                financial stability of 
                                                the United States 
                                                identified pursuant to 
                                                subparagraph (C)(ii); 
                                                and

                                                    ``(BB) a detailed 
                                                explanation of why the 
                                                plan would not address 
                                                the factors and the 
                                                potential threat posed 
                                                by the bank holding 
                                                company to the 
                                                financial stability of 
                                                the United States 
                                                identified pursuant to 
                                                subparagraph (C)(ii), 
                                                if the Council, during 
                                                its consideration of 
                                                the plan under 
                                                subparagraph 
                                                (D)(iii)(I), concluded 
                                                that the plan would not 
                                                address such factors or 
                                                potential threat;

                                            ``(bb) the reasons why the 
                                        materials and other information 
                                        submitted or provided by the 
                                        bank holding company under 
                                        subclauses (II) and (III) of 
                                        subparagraph (D)(ii) did not 
                                        address the potential threat 
                                        posed by the bank holding 
                                        company to the financial 
                                        stability of the United States;
                                            ``(cc) a detailed analysis 
                                        of how the factors, including 
                                        an explanation of how each 
                                        factor relates to the potential 
                                        threat posed by the bank 
                                        holding company to the 
                                        financial stability of the 
                                        United States, that the Council 
                                        considered pursuant to 
                                        subsection (b) resulted in the 
                                        final determination under 
                                        paragraph (1); and
                                            ``(dd) specific aspects of 
                                        the business, operations, or 
                                        structure of the bank holding 
                                        company that the Council 
                                        believes could pose a threat to 
                                        the financial stability of the 
                                        United States, including an 
                                        assessment by the Council of 
                                        the probability and magnitude 
                                        of the threat; and
                                    ``(II) an explanation of actions 
                                the bank holding company could take in 
                                order for the Council to rescind the 
                                determination.
            ``(3) Reevaluation and rescission.--
                    ``(A) Reevaluation requirement.--The Council shall, 
                in accordance with this paragraph, reevaluate a final 
                determination made under paragraph (1) with respect to 
                a bank holding company--
                            ``(i) if, at any time, the Board of 
                        Governors recommends that the Council do so; 
                        and
                            ``(ii) not less frequently than once every 
                        5 years.
                    ``(B) Reevaluation procedure.--The Council, in 
                conducting any reevaluation of a bank holding company 
                required under subparagraph (A), shall--
                            ``(i) provide a written notice to the bank 
                        holding company being reevaluated;
                            ``(ii) afford the bank holding company an 
                        opportunity to submit a plan, within such time 
                        as the Council determines to be appropriate 
                        (but which shall be not earlier than 30 days 
                        after the date of receipt by the bank holding 
                        company of the notice provided under clause 
                        (i)), to modify the business, structure, or 
                        operations of the bank holding company;
                            ``(iii) afford the bank holding company an 
                        opportunity to submit written materials in 
                        addition to, or separate from, the plan 
                        described in clause (ii), within such time as 
                        the Council determines to be appropriate (but 
                        which shall be not earlier than 30 days after 
                        the date of receipt by the bank holding company 
                        of the notice provided under clause (i)), to 
                        contest the determination, including materials 
                        concerning whether, in the view of the bank 
                        holding company, the material financial 
                        distress at the bank holding company could pose 
                        a threat to the financial stability of the 
                        United States;
                            ``(iv) provide an opportunity for the bank 
                        holding company to meet with representatives of 
                        the Council to present the information 
                        described in clauses (ii) and (iii);
                            ``(v) not earlier than 30 days after the 
                        date of receipt of any notice under clause (i), 
                        provide the bank holding company with an 
                        opportunity to request, in writing, a hearing 
                        before the Council to contest its final 
                        determination under paragraph (1); and
                            ``(vi) if the Council receives a timely 
                        request under clause (v), fix a time (not 
                        earlier than 30 days after the date of receipt 
                        of the request) and place at which the bank 
                        holding company may appear, personally or 
                        through counsel, to, at the discretion of the 
                        bank holding company, provide oral testimony 
                        and oral argument to the members of the 
                        Council, with not fewer than \2/3\ of the 
                        voting members of the Council, including the 
                        Chairperson, in attendance.
                    ``(C) Company plan.--If a bank holding company 
                submits a plan in accordance with subparagraph (B)(ii), 
                the Council shall--
                            ``(i) consider whether the plan, if 
                        implemented, would result in the bank holding 
                        company no longer meeting the criteria for a 
                        final determination under paragraph (1); and
                            ``(ii) provide the bank holding company 
                        with--
                                    ``(I) analysis of whether and to 
                                what extent the plan addresses the 
                                potential threat posed by the bank 
                                holding company to the financial 
                                stability of the United States;
                                    ``(II) an opportunity to meet with 
                                representatives of the Council to 
                                discuss the analysis provided under 
                                subclause (I); and
                                    ``(III) an opportunity to revise 
                                the plan after discussions with 
                                representatives of the Council.
                    ``(D) Voting and explanation.--
                            ``(i) In general.--After evaluating the 
                        materials and information provided by a bank 
                        holding company under subparagraph (B) and 
                        fulfilling the requirements of subparagraph 
                        (C), and not later than 180 days after the date 
                        of receipt by the bank holding company of the 
                        notice provided under subparagraph (B)(i), the 
                        Council shall, on a nondelegable basis and by a 
                        vote of not fewer than \2/3\ of the voting 
                        members then serving, including an affirmative 
                        vote by the Chairperson, determine whether to 
                        renew a final determination under paragraph 
                        (1).
                            ``(ii) Notice of final determination.--If 
                        the Council votes to renew a final 
                        determination under clause (i), the Council 
                        shall provide a notice to the bank holding 
                        company with the reasons for the decision by 
                        the Council, which notice shall address with 
                        specificity--
                                    ``(I) any changes to the basis for 
                                the final determination decision made 
                                under paragraph (1) since the date on 
                                which the final determination under 
                                paragraph (1) was made, including any 
                                changes to the information provided to 
                                the bank holding company under--
                                            ``(aa) paragraph 
                                        (2)(E)(iii)(I)(cc); or
                                            ``(bb) this clause, in 
                                        prior years;
                                    ``(II) any plan submitted by the 
                                bank holding company and considered by 
                                the Council under subparagraph (C), and 
                                shall, at a minimum, include--
                                            ``(aa) a detailed analysis 
                                        of whether and to what extent 
                                        successful implementation of 
                                        the plan could result in the 
                                        bank holding company no longer 
                                        meeting the criteria for a 
                                        final determination under 
                                        paragraph (1); and
                                            ``(bb) a detailed 
                                        explanation of why, if the plan 
                                        were implemented, the bank 
                                        holding company would still 
                                        meet the criteria for a final 
                                        determination under paragraph 
                                        (1), if the Council, during its 
                                        consideration of the plan under 
                                        subparagraph (C), concluded 
                                        that the bank holding company 
                                        would still meet those criteria 
                                        if the plan were implemented;
                                    ``(III) aspects of the business, 
                                operations, or structure of the bank 
                                holding company that the Council 
                                believes could pose a threat to the 
                                financial stability of the United 
                                States, including the probability and 
                                magnitude of that threat; and
                                    ``(IV) an explanation of actions 
                                the bank holding company could take in 
                                order for the Council to rescind the 
                                determination.
                            ``(iii) No final determination.--If the 
                        Council does not vote to renew a final 
                        determination under clause (i), then the 
                        existing final determination under paragraph 
                        (1) shall be rescinded and the Council shall 
                        inform the bank holding company in writing.
                            ``(iv) Voting threshold for rescission of 
                        determination.--Notwithstanding clause (iii), 
                        the Council may, at any time, on a nondelegable 
                        basis and by a vote of not fewer than \2/3\ of 
                        the voting members then serving, including an 
                        affirmative vote by the Chairperson, determine 
                        that a bank holding company no longer meets the 
                        criteria for a final determination under 
                        paragraph (1), in which case the Council shall 
                        rescind the final determination.
            ``(4) Emergency exception.--
                    ``(A) In general.--The Council may waive or modify 
                the requirements of paragraph (2) with respect to a 
                bank holding company with total consolidated assets of 
                not less than $50,000,000,000 and not more than 
                $500,000,000,000 (as such amounts are adjusted annually 
                by the Council to reflect the percentage change for the 
                previous calendar year in the gross domestic product of 
                the United States, as calculated by the Bureau of 
                Economic Analysis of the Department of Commerce) if the 
                Council determines, on a nondelegable basis and by a 
                vote of not fewer than \2/3\ of the voting members then 
                serving, including an affirmative vote by the 
                Chairperson, that such waiver or modification is 
                necessary or appropriate to prevent or mitigate threats 
                posed by the bank holding company to the financial 
                stability of the United States.
                    ``(B) Notice.--The Council shall provide notice of 
                a waiver or modification under this paragraph to the 
                bank holding company concerned as soon as practicable, 
                but not later than 24 hours after the waiver or 
                modification is granted.
                    ``(C) International coordination.--In making a 
                determination under subparagraph (A), the Council shall 
                consult with the appropriate home country supervisor, 
                if any, of a foreign bank holding company that is being 
                considered for such a determination.
                    ``(D) Opportunity for hearing.--The Council shall 
                allow a bank holding company to request, in writing, an 
                opportunity for a hearing before the Council to contest 
                a waiver or modification under this paragraph, not 
                later than 10 days after the date of receipt of the 
                notice of waiver or modification. Upon receipt of a 
                timely request, the Council shall fix a time (not later 
                than 15 days after the date of receipt of the request) 
                and place at which the bank holding company may appear, 
                personally or through counsel, to submit written 
                materials (or, at the sole discretion of the Council, 
                oral testimony and oral argument).
                    ``(E) Notice of final determination.--Not later 
                than 30 days after the date of any hearing under 
                subparagraph (D), the Council shall notify the subject 
                bank holding company of the final determination of the 
                Council under this paragraph, which shall contain a 
                statement of the basis for the decision of the Council.
            ``(5) Consultation.--The Council shall consult with the 
        primary financial regulatory agency for each bank holding 
        company that is being considered by the Council under this 
        section from the outset of the consideration of the bank 
        holding company by the Council, including before the Council 
        makes any proposed determination under paragraph (2)(C)(i) or 
        final determination under paragraph (1).
            ``(6) Judicial review.--If the Council makes or renews a 
        final determination under this subsection with respect to a 
        bank holding company, such bank holding company may, not later 
        than 30 days after the date of receipt of the notice of final 
        determination under paragraph (2)(E)(iii) or of renewal of a 
        final determination under paragraph (3)(D)(ii), bring an action 
        in the United States district court for the judicial district 
        in which the home office of such bank holding company is 
        located, or in the United States District Court for the 
        District of Columbia, for an order requiring that the final 
        determination be rescinded, and the court shall, upon review, 
        dismiss such action or direct the final determination to be 
        rescinded. Review of such an action shall be limited to whether 
        the final determination made under this subsection was 
        arbitrary and capricious.
            ``(7) Public disclosure requirement.--The Council shall--
                    ``(A) in each case that a bank holding company has 
                received a notice under paragraph (2)(B)(ii)(II)(aa), 
                and the bank holding company has publicly disclosed 
                that the bank holding company is being evaluated by the 
                Council, confirm that the bank holding company is being 
                evaluated by the Council, in response to a request from 
                a third party;
                    ``(B) upon making a final determination under 
                paragraph (1) or renewing a final determination under 
                paragraph (3)(D)(i), publicly provide a detailed 
                written explanation of the basis for the final 
                determination with sufficient detail to provide the 
                public with an understanding of the specific bases of 
                the determination by the Council, including any 
                assumptions related thereof, subject to the 
                requirements of section 112(d)(5); and
                    ``(C) include, in the annual report required under 
                section 112--
                            ``(i) the number of bank holding companies 
                        from the previous year that received a notice 
                        under paragraph (2)(B)(ii)(II)(aa);
                            ``(ii) the number of bank holding companies 
                        from the previous year that were subject to a 
                        proposed determination under paragraph 
                        (2)(C)(i); and
                            ``(iii) the number of bank holding 
                        companies from the previous year that were 
                        subject to a final determination under 
                        paragraph (1).
    ``(d) Bank Holding Companies Automatically Deemed Systemically 
Important.--
            ``(1) Automatic determination.--A bank holding company with 
        total consolidated assets of more than $500,000,000,000 (as 
        such amount is adjusted annually by the Council to reflect the 
        percentage change for the previous calendar year in the gross 
        domestic product of the United States, as calculated by the 
        Bureau of Economic Analysis of the Department of Commerce) 
        shall automatically be subject to a determination under 
        subsection (a).
            ``(2) Rule of construction.--
                    ``(A) Bank holding company increasing in size.--If, 
                subsequent to the effective date, a bank holding 
                company that was previously subject to a final 
                determination under subsection (c)(1) grows to have 
                total consolidated assets of more than $500,000,000,000 
                (as such amount is adjusted annually by the Council to 
                reflect the percentage change for the previous calendar 
                year in the gross domestic product of the United 
                States, as calculated by the Bureau of Economic 
                Analysis of the Department of Commerce) for a period of 
                180 consecutive days, the bank holding company shall be 
                subject to an automatic determination under paragraph 
                (1) and not subject to a determination under subsection 
                (c)(1) for the purposes of this section.
                    ``(B) Bank holding company decreasing in size.--If 
                a bank holding company subject to an automatic 
                determination under paragraph (1) decreases in size, 
                such that the bank holding company no longer is a bank 
                holding company with total consolidated assets of more 
                than $500,000,000,000 (as such amount is adjusted 
                annually by the Council to reflect the percentage 
                change for the previous calendar year in the gross 
                domestic product of the United States, as calculated by 
                the Bureau of Economic Analysis of the Department of 
                Commerce) for a period of 180 consecutive days, the 
                bank holding company shall be considered subject to a 
                final determination under subsection (c)(1) and not 
                subject to an automatic determination under paragraph 
                (1) for the purposes of this section.
    ``(e) International Coordination.--In exercising its duties under 
this title with respect to foreign bank holding companies, foreign-
based bank holding companies, and cross-border activities and markets, 
the Council shall consult with appropriate foreign regulatory 
authorities, to the extent appropriate.''.
    (c) Enhanced Supervision.--Section 115 of the Financial Stability 
Act of 2010 (12 U.S.C. 5325) is amended--
            (1) in subsection (a)--
                    (A) in the matter preceding subparagraph (A) of 
                paragraph (1), by striking ``large, interconnected bank 
                holding companies'' and inserting ``bank holding 
                companies subject to a determination under section 
                113A(a)''; and
                    (B) in paragraph (2)--
                            (i) in subparagraph (A), by striking ``; 
                        or'' and inserting a period;
                            (ii) by striking ``the Council may'' and 
                        all that follows through ``differentiate'' and 
                        inserting ``the Council may differentiate''; 
                        and
                            (iii) by striking subparagraph (B); and
            (2) in subsection (b)(3), by inserting ``and the factors 
        used by the Council pursuant to section 113A(b)'' after 
        ``subsections (a) and (b) of section 113'' each place that term 
        appears.
    (d) Reports.--The matter preceding paragraph (1) of section 116(a) 
of the Financial Stability Act of 2010 (12 U.S.C. 5326(a)) is amended 
by striking ``with total consolidated assets of $50,000,000,000 or 
greater'' and inserting ``subject to a determination under section 
113A(a)''.
    (e) Mitigation.--Section 121 of the Financial Stability Act of 2010 
(12 U.S.C. 5331) is amended--
            (1) in the matter preceding paragraph (1) of subsection 
        (a), by striking ``with total consolidated assets of 
        $50,000,000,000 or more'' and inserting ``subject to a 
        determination under section 113A(a)''; and
            (2) in subsection (c), by inserting ``in the case of a 
        nonbank financial company, and the factors used by the Council 
        pursuant to section 113A(b) in the case of a bank holding 
        company'' after ``as applicable,''.
    (f) Office of Financial Research.--Section 155(d) of the Financial 
Stability Act of 2010 (12 U.S.C. 5345(d)) is amended by striking ``with 
total consolidated assets of 50,000,000,000 or greater'' and inserting 
``subject to a determination under section 113A(a)''.

SEC. 202. REVISIONS TO BOARD AUTHORITY.

    (a) Acquisitions.--Section 163 of the Financial Stability Act of 
2010 (12 U.S.C. 5363) is amended by striking ``with total consolidated 
assets equal to or greater than $50,000,000,000'' each place that term 
appears and inserting ``subject to a determination under section 
113A(a)''.
    (b) Management Interlocks.--Section 164 of the Financial Stability 
Act of 2010 (12 U.S.C. 5364) is amended by striking ``with total 
consolidated assets equal to or greater than $50,000,000,000'' and 
inserting ``subject to a determination under section 113A(a)''.
    (c) Enhanced Supervision and Prudential Standards.--Section 165 of 
the Financial Stability Act of 2010 (12 U.S.C. 5365) is amended--
            (1) in subsection (a)--
                    (A) in paragraph (1), by striking ``with total 
                consolidated assets equal to or greater than 
                $50,000,000,000'' and inserting ``subject to a 
                determination under section 113A(a)''; and
                    (B) in paragraph (2)--
                            (i) by striking ``Application'' and all 
                        that follows through ``In prescribing'' and 
                        inserting ``Application.--In prescribing''; and
                            (ii) by striking subparagraph (B);
            (2) in subsection (b)(3), by inserting ``and the factors 
        used by the Council pursuant to section 113A(b)'' after 
        ``subsections (a) and (b) of section 113'' each place that term 
        appears;
            (3) in subsection (h), by striking ``$10,000,000,000'' each 
        place that term appears and inserting ``$50,000,000,000 (as 
        such amount is adjusted annually by the Council to reflect the 
        percentage change for the previous calendar year in the gross 
        domestic product of the United States, as calculated by the 
        Bureau of Economic Analysis of the Department of Commerce)'';
            (4) in subsection (i)(2)(A), by striking 
        ``$10,000,000,000'' and inserting ``$50,000,000,000 (as such 
        amount is adjusted annually by the Council to reflect the 
        percentage change for the previous calendar year in the gross 
        domestic product of the United States, as calculated by the 
        Bureau of Economic Analysis of the Department of Commerce)''; 
        and
            (5) in subsection (j)--
                    (A) in paragraph (1), by striking ``with total 
                consolidated assets equal to or greater than 
                $50,000,000,000'' and inserting ``described in 
                subsection (a)''; and
                    (B) by striking paragraph (2) and inserting the 
                following:
            ``(2) Considerations.--In making a determination under this 
        subsection, the Council shall--
                    ``(A) in the case of a nonbank financial company 
                supervised by the Board of Governors, consider the 
                factors described in subsections (a) and (b) of section 
                113 and any other risk-related factors that the Council 
                deems appropriate; and
                    ``(B) in the case of a bank holding company 
                described in subsection (a), consider the factors used 
                by the Council pursuant to section 113A(b).''.
    (d) Conforming Amendment.--The second subsection designated as 
subsection (s)(2) of the Federal Reserve Act (12 U.S.C. 248(s)(2)) 
(relating to assessments, fees, and other charges for certain 
companies) is amended--
            (1) in subparagraph (A), by striking ``having total 
        consolidated assets of $50,000,000,000 or more;'' and inserting 
        ``subject to a determination under section 113A(a) of the 
        Financial Stability Act of 2010; and'';
            (2) by striking subparagraph (B); and
            (3) by redesignating subparagraph (C) as subparagraph (B).

SEC. 203. EFFECTIVE DATE.

    (a) In General.--The amendments made by this title shall, except as 
otherwise provided, take effect on the date that is 180 days after the 
date on which the regulations required under section 113A(b) of the 
Financial Stability Act of 2010, as added by section 201(b) of this 
Act, are issued.
    (b) Rule of Construction.--Nothing in this title shall be construed 
to prohibit the Financial Stability Oversight Council established under 
section 111 of the Financial Stability Act of 2010 (12 U.S.C. 5321) or 
the Board of Governors of the Federal Reserve System from complying 
with any of the requirements of section 113A of that Act, as added by 
section 201(b) of this Act, with respect to a bank holding company (as 
defined in section 2 of the Bank Holding Company Act of 1956 (12 U.S.C. 
1841)) prior to the effective date described in subsection (a).

SEC. 204. SENSE OF CONGRESS.

    (a) Definitions.--In this section:
            (1) Appropriate federal banking agencies; bank holding 
        company.--The terms ``appropriate Federal banking agencies'' 
        and ``bank holding company'' have the meanings given those 
        terms in section 3 of the Federal Deposit Insurance Act (12 
        U.S.C. 1813).
            (2) Nonbank financial company.--The term ``nonbank 
        financial company'' has the meaning given that term in section 
        102(a) of the Financial Stability Act of 2010 (12 U.S.C. 5311).
    (b) Sense of Congress.--It is the sense of Congress that the 
appropriate Federal banking agencies should seek to properly tailor 
prudential regulations and, in doing so, differentiate among bank 
holding companies and among nonbank financial companies supervised by 
the Board of Governors of the Federal Reserve System based on their 
capital structure, riskiness, complexity, financial activities 
(including the financial activities of their subsidiaries), size, and 
other risk-related factors, using existing authorities, including 
waiver authorities provided in statute or regulation.

SEC. 205. PRESERVATION OF AUTHORITY.

    Nothing in this Act shall be construed to limit the supervisory, 
regulatory, or enforcement authority of a Federal banking agency (as 
defined in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 
1813)) to further the safe and sound operation of an institution that 
the Federal banking agency supervises, except as specifically provided 
in this Act.

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

SEC. 301. ACCESS TO COUNCIL MEETINGS BY AGENCY MEMBERS.

    Section 111(e) of the Financial Stability Act of 2010 (12 U.S.C. 
5321(e)) is amended by adding at the end the following:
            ``(3) Access.--Any member of the governing body of a member 
        agency headed by a member of the Council described in 
        subparagraph (B), (E), (F), (G), or (I) of paragraph (1) of 
        subsection (b)--
                    ``(A) may attend a meeting of the Council, 
                including any meeting of representatives of the members 
                of the Council; and
                    ``(B) shall have access to the same information and 
                materials that a member of the Council described in 
                subparagraph (B), (E), (F), (G), or (I) of paragraph 
                (1) of subsection (b) is provided or entitled to.''.

SEC. 302. NONBANK DETERMINATION PROCESS.

    Section 113 of the Financial Stability Act of 2010 (12 U.S.C. 5323) 
is amended--
            (1) in subsection (a)(2)--
                    (A) in the matter preceding subparagraph (A), by 
                inserting ``factors, including'' after ``consider'';
                    (B) in subparagraph (H), by striking ``1 or more 
                primary financial regulatory agencies'' and inserting 
                ``its primary financial regulatory agency, including 
                the appropriateness of the imposition of prudential 
                standards in addition to or as opposed to other forms 
                of regulation'';
                    (C) in subparagraph (J), by striking ``and'' at the 
                end;
                    (D) by redesignating subparagraph (K) as 
                subparagraph (L); and
                    (E) by inserting after subparagraph (J) the 
                following:
                    ``(K) actions taken by the primary financial 
                regulatory agency pursuant to subsection (e)(1)(C); 
                and'';
            (2) in subsection (b)(2)--
                    (A) in the matter preceding subparagraph (A), by 
                inserting ``factors, including'' after ``consider'';
                    (B) in subparagraph (H), by inserting ``, including 
                the appropriateness of the imposition of prudential 
                standards in addition to or as opposed to other forms 
                of regulation'' before the semicolon at the end;
                    (C) in subparagraph (J), by striking ``and'' at the 
                end;
                    (D) by redesignating subparagraph (K) as 
                subparagraph (L); and
                    (E) by inserting after subparagraph (J) the 
                following:
                    ``(K) actions taken by the primary financial 
                regulatory agency pursuant to subsection (e)(1)(C); 
                and'';
            (3) by striking subsections (d) and (e) and inserting the 
        following:
    ``(d) Annual Reevaluation and Rescission.--
            ``(1) Annual reevaluation.--Not less frequently than 
        annually, except with respect to subparagraph (E), the Council 
        shall reevaluate each final determination made under subsection 
        (a) or (b) with respect to a nonbank financial company 
        supervised by the Board of Governors and shall--
                    ``(A) provide a written notice to the nonbank 
                financial company being reevaluated;
                    ``(B) afford the nonbank financial company an 
                opportunity to submit a plan, within such time as the 
                Council determines to be appropriate (but which shall 
                be not earlier than 30 days after the date of receipt 
                by the nonbank financial company of the notice provided 
                under subparagraph (A)), to modify the business, 
                structure, or operations of the nonbank financial 
                company;
                    ``(C) afford the nonbank financial company an 
                opportunity to submit written materials in addition to, 
                or separate from, the plan described in subparagraph 
                (B), within such time as the Council determines to be 
                appropriate (but which shall be not earlier than 30 
                days after the date of receipt by the nonbank financial 
                company of the notice provided under subparagraph (A)), 
                to contest the determination, including materials 
                concerning whether, in the view of the nonbank 
                financial company, the material financial distress at 
                the nonbank financial company, or the nature, scope, 
                size, scale, concentration, interconnectedness, or mix 
                of the activities of the nonbank financial company, 
                could pose a threat to the financial stability of the 
                United States;
                    ``(D) provide an opportunity for the nonbank 
                financial company to meet with representatives of the 
                Council to present the information described in 
                subparagraphs (B) and (C); and
                    ``(E) not less than once every 5 years and prior to 
                a vote under paragraph (3)(A)(ii)--
                            ``(i) not earlier than 30 days after the 
                        date of receipt of any notice under 
                        subparagraph (A), provide the nonbank financial 
                        company with an opportunity to request, in 
                        writing, a hearing before the Council to 
                        contest its final determination under 
                        subsection (a) or (b); and
                            ``(ii) if the Council receives a timely 
                        request under clause (i), fix a time (not 
                        earlier than 30 days after the date of receipt 
                        of the request) and place at which the nonbank 
                        financial company may appear, personally or 
                        through counsel, to, at the discretion of the 
                        nonbank financial company, provide oral 
                        testimony and oral argument to the members of 
                        the Council, with not fewer than \2/3\ of the 
                        voting members of the Council, including the 
                        Chairperson, in attendance.
            ``(2) Company plan.--If a nonbank financial company submits 
        a plan in accordance with paragraph (1)(B), the Council shall--
                    ``(A) consider whether the plan, if implemented, 
                would result in the nonbank financial company no longer 
                meeting the criteria for a final determination under 
                subsection (a) or (b); and
                    ``(B) provide the nonbank financial company with--
                            ``(i) analysis of whether and to what 
                        extent the plan addresses the potential threat 
                        posed by the nonbank financial company to the 
                        financial stability of the United States;
                            ``(ii) an opportunity to meet with 
                        representatives of the Council to discuss the 
                        analysis provided under clause (i); and
                            ``(iii) an opportunity to revise the plan, 
                        after discussions with representatives of the 
                        Council.
            ``(3) Voting and explanation.--
                    ``(A) In general.--After evaluating the materials 
                and information provided by a nonbank financial company 
                under paragraph (1) and fulfilling the requirements of 
                paragraph (2), and not later than 180 days after the 
                date of receipt by the nonbank financial company of the 
                notice provided under paragraph (1)(A), the Council 
                shall, on a nondelegable basis and by a vote of not 
                fewer than \2/3\ of the voting members then serving, 
                including an affirmative vote by the Chairperson--
                            ``(i) except as otherwise provided in 
                        clause (ii), determine whether the nonbank 
                        financial company no longer meets the criteria 
                        for a final determination under subsection (a) 
                        or (b), in which case the Council shall rescind 
                        such determination; and
                            ``(ii) not less than once every 5 years, 
                        and following a hearing held under paragraph 
                        (1)(E)(ii), determine whether to renew a final 
                        determination under subsection (a) or (b).
                    ``(B) Notice of final determination.--If the 
                Council does not vote to rescind a final determination 
                under subparagraph (A)(i) or votes to renew a final 
                determination under subparagraph (A)(ii), the Council 
                shall provide a notice to the nonbank financial company 
                and the primary financial regulatory agency of the 
                nonbank financial company with the reasons for the 
                decision by the Council, which notice shall address 
                with specificity--
                            ``(i) any changes to the basis for the 
                        final determination decision made under 
                        subsection (a) or (b) since the date on which 
                        the final determination under subsection (a) or 
                        (b) was made, including any changes to the 
                        information provided to the nonbank financial 
                        company under--
                                    ``(I) subsection (e)(2)(C)(i)(IV);
                                    ``(II) this clause, in prior years; 
                                or
                                    ``(III) subparagraph (D);
                            ``(ii) any plan submitted by the nonbank 
                        financial company and considered by the Council 
                        under paragraph (2), and shall, at a minimum, 
                        include--
                                    ``(I) a detailed analysis of 
                                whether and to what extent successful 
                                implementation of the plan could result 
                                in the nonbank financial company no 
                                longer meeting the criteria for a final 
                                determination under subsection (a) or 
                                (b); and
                                    ``(II) a detailed explanation of 
                                why, if the plan were implemented, the 
                                nonbank financial company would still 
                                meet the criteria for a final 
                                determination under subsection (a) or 
                                (b), if the Council, during its 
                                consideration of the plan under 
                                paragraph (2), concluded that the 
                                nonbank financial company would still 
                                meet those criteria if the plan were 
                                implemented;
                            ``(iii) aspects of the business, 
                        operations, or structure, including the nature, 
                        scope, size, scale, concentration, 
                        interconnectedness, or mix of the activities, 
                        of the nonbank financial company that the 
                        Council believes could pose a threat to the 
                        financial stability of the United States, 
                        including an assessment by the Council of the 
                        probability and magnitude of the threat; and
                            ``(iv) an explanation of actions the 
                        nonbank financial company could take in order 
                        for the Council to rescind the determination.
                    ``(C) No final determination.--If the Council votes 
                to rescind a final determination under subparagraph 
                (A)(i) or does not vote to renew a final determination 
                under subparagraph (A)(ii), the existing final 
                determination under subsection (a) or (b) shall be 
                rescinded and the Council shall inform the nonbank 
                financial company in writing.
                    ``(D) Explanation for certain companies.--With 
                respect to a reevaluation under this subsection in 
                which the final determination under subsection (a) or 
                (b) being reevaluated was made before the date of 
                enactment of this subparagraph, the Council, as part of 
                such reevaluation, shall provide a statement that--
                            ``(i) explains with specificity the basis 
                        for such determination; and
                            ``(ii) includes the analysis required under 
                        subsection (e)(2)(C)(i)(IV).
                    ``(E) Voting threshold for rescission of 
                determination.--Notwithstanding subparagraph (A), the 
                Council may, at any time, on a nondelegable basis and 
                by a vote of not fewer than \2/3\ of the voting members 
                then serving, including an affirmative vote by the 
                Chairperson, determine that a nonbank financial company 
                no longer meets the criteria for a final determination 
                under subsection (a) or (b), in which case the Council 
                shall rescind the final determination.
    ``(e) Requirements for Proposed Determination, Notice and 
Opportunity for Hearing, and Final Determination.--
            ``(1) In general.--Prior to making a final determination 
        under subsection (a) or (b) with respect to a nonbank financial 
        company, the Council must--
                    ``(A) provide the nonbank financial company and its 
                primary financial regulatory agency with a notice that 
                the nonbank financial company is being evaluated, which 
                notice shall, at minimum--
                            ``(i) include any quantitative analysis 
                        used by the Council as part of its evaluation;
                            ``(ii) identify with specificity any 
                        factors that the Council has considered 
                        pursuant to subsection (a)(2) or (b)(2) 
                        relating to the nonbank financial company that 
                        could cause the nonbank financial company to be 
                        subject to a final determination under 
                        subsection (a) or (b); and
                            ``(iii) include an explanation of how each 
                        factor identified in clause (ii) relates to the 
                        potential threat posed by the nonbank financial 
                        company to the financial stability of the 
                        United States;
                    ``(B) provide the nonbank financial company an 
                opportunity, not earlier than 30 days after the date of 
                receipt by the nonbank financial company of the notice 
                under subparagraph (A), to meet with representatives of 
                the Council, including to discuss the notice and any 
                analysis and factors considered by the Council;
                    ``(C) provide the primary financial regulatory 
                agency of the nonbank financial company with not less 
                than 180 days from the date of receipt of the notice in 
                subparagraph (A) to--
                            ``(i) provide a written response to the 
                        Council that includes an assessment of--
                                    ``(I) the factors identified 
                                pursuant to subparagraph (A)(ii);
                                    ``(II) the explanation provided 
                                pursuant to subparagraph (A)(iii); and
                                    ``(III) the degree to which the 
                                potential threat to the financial 
                                stability of the United States is 
                                currently addressed or could be 
                                addressed by existing or pending 
                                regulation or other regulatory action; 
                                and
                            ``(ii) issue proposed regulations or 
                        undertake other regulatory action to address--
                                    ``(I) the factors identified 
                                pursuant to subparagraph (A)(ii), as 
                                applicable; and
                                    ``(II) the potential threat posed 
                                by the nonbank financial company to the 
                                financial stability of the United 
                                States;
                    ``(D) in the event that the primary financial 
                regulatory agency has provided a written response under 
                subparagraph (C)(i) or issued proposed regulations or 
                taken other regulatory actions under subparagraph 
                (C)(ii), find that--
                            ``(i) taking into account the written 
                        response by the primary financial regulatory 
                        agency under subparagraph (C)(i), the nonbank 
                        financial company merits a proposed 
                        determination under subparagraph (E); and
                            ``(ii) the primary financial regulatory 
                        agency has not proposed regulations or taken 
                        other regulatory actions after receipt of the 
                        notice under subparagraph (A) that sufficiently 
                        address the factors identified pursuant to 
                        subparagraph (A)(ii), as applicable, and the 
                        potential threat posed by the nonbank financial 
                        company to the financial stability of the 
                        United States;
                    ``(E) after fulfilling the requirements of 
                subparagraphs (A), (B), (C), and (D), on a nondelegable 
                basis and by a vote of not fewer than \2/3\ of the 
                voting members then serving, including an affirmative 
                vote by the Chairperson, propose to make a 
                determination under subsection (a) or (b) with respect 
                to the nonbank financial company; and
                    ``(F) subsequent to making a proposed determination 
                under subparagraph (E)--
                            ``(i) provide a notice to the nonbank 
                        financial company and its primary financial 
                        regulatory agency, which notice shall contain 
                        the basis for the proposed determination under 
                        subparagraph (E), including--
                                    ``(I) the information and 
                                explanation required under subparagraph 
                                (A), along with any updates to such 
                                information or explanation related to 
                                the proposed determination under 
                                subparagraph (E); and
                                    ``(II) an explanation and 
                                justification for any finding under 
                                subparagraph (D);
                            ``(ii) not later than 30 days after the 
                        date of receipt of any notice under clause (i), 
                        provide the nonbank financial company with an 
                        opportunity to request, in writing, a hearing 
                        before the Council to contest the proposed 
                        determination under subparagraph (E);
                            ``(iii) if the Council receives a timely 
                        request under clause (ii), fix a time (not 
                        earlier than 30 days after the date of receipt 
                        of the request) and place at which the nonbank 
                        financial company may appear, personally or 
                        through counsel, to, at the discretion of the 
                        nonbank financial company--
                                    ``(I) submit a plan to modify the 
                                business, structure, or operations of 
                                the nonbank financial company in order 
                                to address the factors and the 
                                potential threat posed by the nonbank 
                                financial company to the financial 
                                stability of the United States 
                                identified pursuant to clause (i)(I), 
                                as applicable;
                                    ``(II) submit written materials in 
                                addition to or separate from the plan 
                                described in subclause (I); and
                                    ``(III) provide oral testimony and 
                                oral argument to the members of the 
                                Council, with not fewer than \2/3\ of 
                                the voting members of the Council, 
                                including the Chairperson, in 
                                attendance; and
                            ``(iv) in the event a plan is submitted to 
                        the Council under clause (iii)(I)--
                                    ``(I) consider whether the plan, if 
                                implemented, would address the factors 
                                and the potential threat posed by the 
                                nonbank financial company to the 
                                financial stability of the United 
                                States identified pursuant to clause 
                                (i)(I), as applicable; and
                                    ``(II) provide the nonbank 
                                financial company with--
                                            ``(aa) analysis of whether 
                                        and to what extent the plan 
                                        addresses the factors and the 
                                        potential threat posed by the 
                                        nonbank financial company to 
                                        the financial stability of the 
                                        United States identified 
                                        pursuant to clause (i)(I), as 
                                        applicable;
                                            ``(bb) an opportunity to 
                                        meet with representatives of 
                                        the Council to discuss the 
                                        analysis provided under item 
                                        (aa); and
                                            ``(cc) an opportunity to 
                                        revise the plan, after 
                                        discussions with 
                                        representatives of the Council.
            ``(2) Final determination.--
                    ``(A) In general.--After fulfilling the 
                requirements of paragraph (1), and not later than 90 
                days after the date on which a hearing is held under 
                paragraph (1)(F)(iii), the Council may vote to make a 
                final determination under subsection (a) or (b). The 
                Council may delay the vote up to 1 additional year 
                after the conclusion of the 90-day period if 
                considering a plan under paragraph (1)(F)(iv)(I).
                    ``(B) Outcome of the vote.--If the Council votes on 
                a final determination under subsection (a) or (b), the 
                Council shall promptly inform the nonbank financial 
                company of the outcome of the vote in writing.
                    ``(C) Notice of final determination.--If the 
                Council votes to make a final determination under 
                subsection (a) or (b), the Council shall, not later 
                than 30 days after the date of the vote, provide a 
                notice to the nonbank financial company and its primary 
                financial regulatory agency, which notice shall 
                contain--
                            ``(i) the basis for the determination, 
                        including--
                                    ``(I) a detailed analysis of any 
                                plan submitted by the nonbank financial 
                                company and considered by the Council 
                                under paragraph (1)(F), if applicable, 
                                which analysis shall, at a minimum, 
                                include--
                                            ``(aa) whether and to what 
                                        extent successful 
                                        implementation of the plan 
                                        could address the factors, as 
                                        applicable, and the potential 
                                        threat posed by the nonbank 
                                        financial company to the 
                                        financial stability of the 
                                        United States identified 
                                        pursuant to paragraph 
                                        (1)(F)(i)(I); and
                                            ``(bb) a detailed 
                                        explanation of why the plan 
                                        would not address the factors 
                                        and the potential threat posed 
                                        by the nonbank financial 
                                        company to the financial 
                                        stability of the United States 
                                        identified pursuant to 
                                        paragraph (1)(F)(i)(I), if the 
                                        Council, during its 
                                        consideration of the plan under 
                                        subparagraph (1)(F)(iv)(I), 
                                        concluded that the plan would 
                                        not address such factors or 
                                        potential threat;
                                    ``(II) the reasons why the 
                                materials and other information 
                                submitted or provided by the nonbank 
                                financial company under subclauses (II) 
                                and (III) of paragraph (1)(F)(iii) did 
                                not address the potential threat posed 
                                by the nonbank financial company to the 
                                financial stability of the United 
                                States;
                                    ``(III) a justification for any 
                                finding under paragraph (1)(D);
                                    ``(IV) a detailed analysis of how 
                                any factors, including an explanation 
                                of how each factor relates to the 
                                potential threat posed by the nonbank 
                                financial company to the financial 
                                stability of the United States, that 
                                the Council considered pursuant to 
                                subsection (a)(2) or (b)(2) resulted in 
                                the final determination under 
                                subsection (a) or (b); and
                                    ``(V) specific aspects of the 
                                business, operations, or structure of 
                                the nonbank financial company, 
                                including the nature, scope, size, 
                                scale, concentration, 
                                interconnectedness, or mix of the 
                                activities of the nonbank financial 
                                company, that the Council believes 
                                could pose a threat to the financial 
                                stability of the United States, 
                                including an assessment by the Council 
                                of the probability and magnitude of the 
                                threat; and
                            ``(ii) an explanation of actions the 
                        nonbank financial company could take in order 
                        for the Council to rescind the 
                        determination.'';
            (4) in subsection (g), by striking ``before the Council 
        makes any'' and inserting ``from the outset of the 
        consideration of the nonbank financial company by the Council, 
        including before the Council makes any proposed determination 
        under subsection (e)(1)(E) or'';
            (5) in subsection (h)--
                    (A) by inserting ``or renews'' after ``makes''; and
                    (B) by striking ``(d)(2), (e)(3), or (f)(5)'' and 
                inserting ``(d)(3)(B) or (f)(5) or of renewal of a 
                final determination under subsection (e)(2)(C)''; and
            (6) by adding at the end the following:
    ``(j) Public Disclosure Requirement.--The Council shall--
            ``(1) in each case that a nonbank financial company has 
        received a notice under subsection (e)(1)(A), and the nonbank 
        financial company has publicly disclosed that the nonbank 
        financial company is being reviewed by the Council, confirm 
        that the nonbank financial company is being reviewed, in 
        response to a request from a third party;
            ``(2) upon making a final determination under subsection 
        (a) or (b) or renewing a final determination under paragraph 
        (3)(A) of subsection (d), publicly provide a detailed written 
        explanation of the basis for the final determination with 
        sufficient detail to provide the public with an understanding 
        of the specific bases of the determination by the Council, 
        including any assumptions related thereof, subject to the 
        requirements of section 112(d)(5);
            ``(3) include, in the annual report required by section 
        112--
                    ``(A) the number of nonbank financial companies 
                from the previous year that received a notice under 
                subsection (e)(1)(A);
                    ``(B) the number of nonbank financial companies 
                from the previous year that were subject to a proposed 
                determination under subsection (e)(1)(E); and
                    ``(C) the number of nonbank financial companies 
                from the previous year that were subject to a final 
                determination under subsection (a) or (b); and
            ``(4) not earlier than 180 days after the date of enactment 
        of this subsection, publish in the Federal Register information 
        regarding the methodology the Council uses for calculating any 
        quantitative thresholds or other metrics used to consider the 
        factors listed in subsection (a)(2) or (b)(2).''.

SEC. 303. RULE OF CONSTRUCTION.

    None of the amendments made by this title shall be construed as 
limiting the emergency powers of the Financial Stability Oversight 
Council under section 113(f) of the Financial Stability Act of 2010 (12 
U.S.C. 5323(f)).

TITLE IV--IMPROVED ACCOUNTABILITY AND TRANSPARENCY IN THE REGULATION OF 
                               INSURANCE

SEC. 401. SENSE OF CONGRESS.

    It is the sense of Congress that the Act of March 9, 1945 (commonly 
known as the ``McCarran-Ferguson Act''; 59 Stat. 33, chapter 20; 15 
U.S.C. 1011 et seq.) remains the preferred approach with respect to 
regulating the business of insurance.

SEC. 402. ENSURING THE PROTECTION OF INSURANCE POLICYHOLDERS.

    (a) Source of Strength.--Section 38A of the Federal Deposit 
Insurance Act (12 U.S.C. 1831o-1) is amended--
            (1) by redesignating subsections (c), (d), and (e) as 
        subsections (d), (e), and (f), respectively; and
            (2) by inserting after subsection (b) the following:
    ``(c) Authority of State Insurance Regulator.--
            ``(1) In general.--The provisions of section 5(g) of the 
        Bank Holding Company Act of 1956 (12 U.S.C. 1844(g)) shall 
        apply to a savings and loan holding company that is an 
        insurance company, an affiliate of an insured depository 
        institution that is an insurance company, and to any other 
        company that is an insurance company and that directly or 
        indirectly controls an insured depository institution, to the 
        same extent as the provisions of that section apply to a bank 
        holding company that is an insurance company.
            ``(2) Rule of construction.--Requiring a bank holding 
        company that is an insurance company, a savings and loan 
        holding company that is an insurance company, an affiliate of 
        an insured depository institution that is an insurance company, 
        or any other company that is an insurance company and that 
        directly or indirectly controls an insured depository 
        institution to serve as a source of financial strength under 
        this section shall be deemed an action of the Board that 
        requires a bank holding company to provide funds or other 
        assets to a subsidiary depository institution for purposes of 
        section 5(g) of the Bank Holding Company Act of 1956 (12 U.S.C. 
        1844(g)).''.
    (b) Liquidation Authority.--The Dodd-Frank Wall Street Reform and 
Consumer Protection Act (12 U.S.C. 5301 et seq.) is amended--
            (1) in section 203(e)(3) (12 U.S.C. 5383(e)(3)), by 
        inserting ``or rehabilitation'' after ``orderly liquidation'' 
        each place that term appears; and
            (2) in section 204(d)(4) (12 U.S.C. 5384(d)(4)), by 
        inserting before the semicolon at the end the following: ``, 
        except that, if the covered financial company or covered 
        subsidiary is an insurance company or a subsidiary of an 
        insurance company, the Corporation--
                    ``(A) shall promptly notify the State insurance 
                authority for the insurance company of the intention to 
                take such lien; and
                    ``(B) may only take such lien--
                            ``(i) to secure repayment of funds made 
                        available to such covered financial company or 
                        covered subsidiary; and
                            ``(ii) if the Corporation determines, after 
                        consultation with the State insurance 
                        authority, that such lien will not unduly 
                        impede or delay the liquidation or 
                        rehabilitation of the insurance company, or the 
                        recovery by its policyholders''.

SEC. 403. INTERNATIONAL INSURANCE CAPITAL STANDARDS ACCOUNTABILITY.

    (a) Sense of Congress.--It is the sense of Congress that--
            (1) the Secretary of the Treasury, the Board of Governors 
        of the Federal Reserve System, and the Director of the Federal 
        Insurance Office should support increasing transparency at any 
        global insurance or international standard-setting regulatory 
        or supervisory forum in which they participate, including 
        supporting and advocating for greater public observer access at 
        any such forum; and
            (2) to the extent that the Secretary of the Treasury, the 
        Board of Governors of the Federal Reserve System, and the 
        Director of the Federal Insurance Office take a position on an 
        insurance proposal by a global insurance or international 
        standard-setting regulatory or supervisory forum, the Board of 
        Governors of the Federal Reserve System and the Director of the 
        Federal Insurance Office should achieve consensus positions 
        with State insurance regulators when they are participants 
        representing the United States in negotiations on insurance 
        issues before any international forum of financial regulators 
        or supervisors that considers insurance regulatory issues.
    (b) Insurance Policy Advisory Committee.--
            (1) Establishment.--There is established the Insurance 
        Policy Advisory Committee on International Capital Standards 
        and Other Insurance Issues at the Board of Governors of the 
        Federal Reserve System.
            (2) Membership.--The Committee established under paragraph 
        (1) shall be composed of not more than 21 members, all of whom 
        represent a diverse set of expert perspectives from the various 
        sectors of the United States insurance industry, including life 
        insurance, property and casualty insurance and reinsurance, 
        agents and brokers, academics, consumer advocates, or experts 
        on issues facing underserved insurance communities and 
        consumers.
    (c) Reports.--
            (1) Reports and testimony by secretary of the treasury and 
        chairman of the board of governors of the federal reserve 
        system.--
                    (A) In general.--The Secretary of the Treasury and 
                the Chairman of the Board of Governors of the Federal 
                Reserve System, or their designees, shall submit an 
                annual report and provide annual testimony to the 
                Committee on Banking, Housing, and Urban Affairs of the 
                Senate and the Committee on Financial Services of the 
                House of Representatives on the efforts of the 
                Secretary of the Treasury, the Chairman of the Board of 
                Governors of the Federal Reserve System, and State 
                insurance regulators with respect to global insurance 
                or international standard-setting regulatory or 
                supervisory forums, including--
                            (i) a description of the insurance 
                        regulatory or supervisory standard-setting 
                        issues under discussion at any international 
                        insurance standard-setting bodies;
                            (ii) a description of the effects that 
                        proposals discussed at international insurance 
                        regulatory or supervisory forums of insurance 
                        could have on consumer and insurance markets in 
                        the United States;
                            (iii) a description of any position taken 
                        by the Secretary of the Treasury, the Chairman 
                        of the Board of Governors of the Federal 
                        Reserve System, and the Director of the Federal 
                        Insurance Office in international insurance 
                        discussions; and
                            (iv) a description of the efforts by the 
                        Secretary of the Treasury, the Director of the 
                        Federal Insurance Office, and the Chairman of 
                        the Board of Governors of the Federal Reserve 
                        System to increase transparency at any 
                        international standard-setting bodies with whom 
                        they participate, including efforts to provide 
                        additional public access to working groups and 
                        committees of such international insurance 
                        standard-setting bodies.
                    (B) Termination.--This paragraph shall cease to be 
                effective on December 31, 2018.
            (2) Reports and testimony by state insurance regulators.--A 
        State insurance regulator may provide testimony to Congress on 
        the issues described in paragraph (1)(A).
            (3) Joint report by the chairman of the federal reserve and 
        the director of the federal insurance office.--
                    (A) In general.--The Secretary of the Treasury, the 
                Chairman of the Board of Governors of the Federal 
                Reserve System, and the Director of the Federal 
                Insurance Office, in consultation with State insurance 
                regulators, shall complete a study on, and submit to 
                Congress a report on the results of the study, the 
                impact on consumers and markets in the United States 
                before supporting or consenting to the adoption of any 
                key elements in any international insurance proposal or 
                international insurance capital standard.
                    (B) Notice and comment.--
                            (i) Notice.--The Secretary of the Treasury, 
                        the Chairman of the Board of Governors of the 
                        Federal Reserve System, and the Director of the 
                        Federal Insurance Office shall provide notice 
                        before the date on which drafting the report 
                        described in subparagraph (A) is commenced and 
                        after the date on which the draft of the report 
                        is completed.
                            (ii) Opportunity for comment.--There shall 
                        be an opportunity for public comment for a 
                        period beginning on the date on which the 
                        report is submitted under subparagraph (A) and 
                        ending on the date that is 60 days after the 
                        date on which the report is submitted.
                    (C) Review by comptroller general.--The Secretary 
                of the Treasury, the Chairman of the Board of Governors 
                of the Federal Reserve System, and the Director of the 
                Federal Insurance Office shall submit to the 
                Comptroller General of the United States the report 
                described in subparagraph (A) for review.
            (4) Report on promoting transparency.--Not later than 180 
        days after the date of enactment of this Act, the Chairman of 
        the Board of Governors of the Federal Reserve System and the 
        Secretary of the Treasury, or their designees, shall submit a 
        report and provide testimony to the Committee on Banking, 
        Housing, and Urban Affairs of the Senate and the Committee on 
        Financial Services of the House of Representatives on the 
        efforts of the Secretary of the Treasury and the Chairman of 
        the Board of Governors of the Federal Reserve System to improve 
        transparency at any international insurance standard-setting 
        bodies in which they participate.

             TITLE V--IMPROVING THE FEDERAL RESERVE SYSTEM

SEC. 501. REPORTS TO CONGRESS.

    Section 2B of the Federal Reserve Act (12 U.S.C. 225b) is amended 
by striking subsection (b) and inserting the following:
    ``(b) Quarterly Reports to Congress.--
            ``(1) In general.--The Federal Open Market Committee shall, 
        on a quarterly basis, and in such a manner that 1 report is 
        submitted concurrently with each semi-annual hearing required 
        by subsection (a), submit to the Committee on Banking, Housing, 
        and Urban Affairs of the Senate and the Committee on Financial 
        Services of the House of Representatives a report explaining 
        the policy decisions of the Committee over the prior quarter 
        and the basis for those decisions.
            ``(2) Contents.--The report described in paragraph (1) 
        shall include--
                    ``(A) a detailed analysis of the conduct of 
                monetary policy and economic developments and prospects 
                for the future, taking into account past and 
                prospective developments in--
                            ``(i) employment;
                            ``(ii) unemployment;
                            ``(iii) production;
                            ``(iv) investment;
                            ``(v) real income;
                            ``(vi) productivity;
                            ``(vii) exchange rates;
                            ``(viii) international trade and payments;
                            ``(ix) prices;
                            ``(x) inflation expectations;
                            ``(xi) credit conditions; and
                            ``(xii) interest rates;
                    ``(B) a description of any monetary policy rule or 
                rules used or considered by the Committee that provides 
                or provide the basis for monetary policy decisions, 
                including short-term interest rate targets set by the 
                Committee, open market operations authorized under 
                section 14, and interest rates established by the 
                Committee pursuant to section 19(b)(12), and such 
                description shall include, at a minimum, for each rule, 
                a mathematical formula that models how monetary policy 
                instruments will be adjusted based on changes in 
                quantitative inputs;
                    ``(C) a description of any additional strategy or 
                strategies, if any such exist, used by the Committee, 
                separate from or supplementary to any rule or rules 
                described in subparagraph (B), to affect monetary 
                policy;
                    ``(D) a detailed explanation of--
                            ``(i) any deviation in the rule or rules 
                        described in subparagraph (B) in the current 
                        report from any rule or rules described in 
                        subparagraph (B) in the most recent quarterly 
                        report; and
                            ``(ii) any deviation in the strategy or 
                        strategies described in subparagraph (C) in the 
                        current report from any strategy or strategies 
                        described in subparagraph (C) in the most 
                        recent quarterly report;
                    ``(E) a description of any instruments used to 
                execute monetary policy by employees of the Federal 
                Reserve System at the direction of the Committee, and 
                how such instruments have been used;
                    ``(F) a description of the outlook for monetary 
                policy over the short term, medium term, and long term; 
                and
                    ``(G) projections of inflation and economic growth 
                over the short term, medium term, and long term.
            ``(3) Dissent.--A member of the Committee described in 
        section 12A(a) may--
                    ``(A) dissent from the report submitted under 
                paragraph (1) in whole or in part;
                    ``(B) write a dissent expressing the views of the 
                member, which shall be included as part of the report 
                submitted to the Committee on Banking, Housing, and 
                Urban Affairs of the Senate and the Committee on 
                Financial Services of the House of Representatives; and
                    ``(C) sign a dissent written by another member of 
                the Committee to express support for views contained in 
                such dissent.''.

SEC. 502. TESTIMONY; VOTES; STAFF.

    (a) Testimony; Votes.--Section 10 of the Federal Reserve Act is 
amended--
            (1) in paragraph (11), as redesignated by section 815(v) of 
        this Act, by inserting at the end the following: ``In the event 
        that no member of the Board is serving as Vice Chairman for 
        Supervision at the time such appearance is required, the 
        Chairman of the Board of Governors shall appear before each 
        Committee in the place of the Vice Chairman for Supervision.''; 
        and
            (2) by adding at the end the following:
            ``(12)(A) The Board of Governors of the Federal Reserve 
        System shall, on a nondelegable basis, vote on whether to issue 
        any civil money penalty assessment order or settle any other 
        enforcement action if the issuance of such order or settlement 
        of such action involves the payment of not less than $1,000,000 
        in compensation, penalties, fines, or other payments.
            ``(B) The results of the vote of each member of the Board 
        under subparagraph (A) shall promptly be made publicly 
        available on the website of the Board.''.
    (b) Delegation of Authorities; Staff.--Section 11 of the Federal 
Reserve Act (12 U.S.C. 248) is amended--
            (1) in subsection (k), by inserting ``and except as 
        otherwise provided in section 10(12)(A),'' after ``credit 
        policies,''; and
            (2) in subsection (l), by inserting ``Of amounts made 
        available for employees of the Board of Governors under this 
        subsection, each member of the Board of Governors may employ 
        not more than 4 individuals, with such individuals selected by 
        such member and the salaries of such individuals set by such 
        member.'' after the period at the end.

SEC. 503. TRANSPARENCY AT THE FEDERAL OPEN MARKET COMMITTEE.

    Section 12A of the Federal Reserve Act (12 U.S.C. 263) is amended 
by adding at the end the following:
    ``(d) Not later than 3 years after the date on which a meeting of 
the Committee is held, the Committee shall publish the transcript of 
the meeting.''.

SEC. 504. INTEREST RATES ON BALANCES MAINTAINED AT A FEDERAL RESERVE 
              BANK BY DEPOSITORY INSTITUTIONS.

    Section 19(b)(12)(A) of the Federal Reserve Act (12 U.S.C. 
461(b)(12)(A)) is amended by inserting ``established by the Federal 
Open Market Committee'' after ``rate or rates''.

SEC. 505. COMMISSION FOR RESTRUCTURING THE FEDERAL RESERVE SYSTEM.

    (a) Establishment.--There is established an independent commission 
to be known as the ``Federal Reserve System Restructuring Commission'' 
(referred to in this section as the ``Commission'').
    (b) Membership.--
            (1) In general.--The Commission shall be composed of 7 
        members as follows:
                    (A) 2 members appointed by the Speaker of the House 
                of Representatives.
                    (B) 2 members appointed by the majority leader of 
                the Senate.
                    (C) 1 member appointed by the minority leader of 
                the House of Representatives.
                    (D) 1 member appointed by the minority leader of 
                the Senate.
                    (E) 1 member appointed by the President.
            (2) Chairman.--Once the members of the Commission have been 
        appointed, the members shall designate 1 of the members to be 
        Chairman of the Commission.
            (3) Vacancies.--Any vacancy in the Commission shall be 
        filled in the same manner as the original appointment.
    (c) Duties.--
            (1) Study.--
                    (A) In general.--The Commission shall conduct a 
                study on whether it is appropriate to restructure the 
                Federal Reserve districts, including an analysis on 
                potential benefits and costs of restructuring.
                    (B) Considerations.--In determining whether such 
                restructuring is appropriate, the Commission shall 
                specifically consider the impact of restructuring with 
                respect to--
                            (i) maximizing operational effectiveness 
                        within the Federal Reserve System while 
                        minimizing operational costs;
                            (ii) maximizing the effectiveness of 
                        supervisory and regulatory functions while 
                        minimizing potential for regulatory capture; 
                        and
                            (iii) monetary policy decision-making.
                    (C) Proposals.--The Commission shall--
                            (i) consider various proposals to 
                        restructure the existing Federal Reserve 
                        districts, including proposals to--
                                    (I) increase the number of existing 
                                Federal Reserve districts, including a 
                                proposal to divide the Federal Reserve 
                                district in which the Federal Reserve 
                                Bank of San Francisco is contained into 
                                2 or more separate districts while 
                                retaining the existing structure for 
                                the remaining Federal Reserve 
                                districts;
                                    (II) decrease the number of 
                                existing Federal Reserve districts;
                                    (III) restructure the existing 
                                Federal Reserve districts without 
                                increasing or decreasing the number of 
                                existing Federal Reserve districts; and
                                    (IV) reassign specific functions 
                                and duties, including supervisory and 
                                regulatory functions, to different 
                                Federal Reserve banks within the 
                                Federal Reserve System, including 
                                functions and duties performed by the 
                                Board; and
                            (ii) determine which of the proposals 
                        considered under clause (i) are the optimal 
                        approaches to restructuring the existing 
                        Federal Reserve districts pursuant to 
                        subclauses (I), (II), (III), and (IV) of clause 
                        (i).
            (2) Recommendation.--The Commission shall, based on the 
        proposals considered under paragraph (1)(C), develop a 
        recommendation on the optimal organization of the Federal 
        Reserve System that--
                    (A) maximizes--
                            (i) the operational effectiveness within 
                        the Federal Reserve System while minimizing 
                        operational costs; and
                            (ii) the effectiveness of supervisory and 
                        regulatory functions while minimizing potential 
                        for regulatory capture; and
                    (B) takes into account the impact of restructuring 
                on monetary policy decision-making.
            (3) Report.--Not later than 18 months after the date of 
        enactment of this Act, the Commission shall submit to the 
        Committee on Banking, Housing, and Urban Affairs of the Senate 
        and the Committee on Financial Services of the House of 
        Representatives, and also furnish copies to the President and 
        the Board of Governors of the Federal Reserve System, a report 
        that includes--
                    (A) the recommendation described in paragraph (2);
                    (B) a description of the proposals considered under 
                paragraph (1)(C)(i);
                    (C) a description of the proposals determined to be 
                optimal under paragraph (1)(C)(ii);
                    (D) an analysis of the benefits and costs of each 
                of the proposals described in subparagraph (B), 
                including, with respect to each proposal, an analysis 
                of--
                            (i) the operational benefits and costs to 
                        the Federal Reserve System;
                            (ii) the impact on supervision of financial 
                        institutions and nonbank financial institutions 
                        supervised by the Federal Reserve banks; and
                            (iii) the impact on monetary policy 
                        decision-making;
                    (E) an analysis of--
                            (i) any specific benefits and costs 
                        resulting from the increase in total number of 
                        Federal Reserve districts; and
                            (ii) any specific benefits and costs 
                        resulting from the decrease in total number of 
                        Federal Reserve districts, including an 
                        evaluation of savings to the Federal Reserve 
                        System through streamlining and elimination of 
                        duplicated functions;
                    (F) a determination of--
                            (i) whether the benefits of restructuring 
                        the existing Federal Reserve districts without 
                        increasing or decreasing the number of existing 
                        Federal Reserve districts outweigh the costs;
                            (ii) whether the benefits of increasing or 
                        decreasing the number of existing Federal 
                        Reserve districts outweigh the costs;
                            (iii) whether the benefits of reassigning 
                        functions and duties to different Federal 
                        Reserve banks within the Federal Reserve System 
                        outweigh the costs; and
                            (iv) the optimal number of Federal Reserve 
                        districts in order for the Federal Reserve 
                        System to fulfill its statutory role in the 
                        most efficient and cost-effective manner; and
                    (G) a description of the methodology used by the 
                Commission to reach the conclusions for the report.
    (d) Powers of the Commission.--The Commission may lease space and 
acquire personal property to the extent funds are available.
    (e) Commission Personnel Matters.--
            (1) Compensation of members.--
                    (A) In general.--Except as provided in subparagraph 
                (B), each member of the Commission who is not an 
                officer or employee of the Federal Government shall be 
                compensated at a rate equal to the daily equivalent of 
                the annual rate of basic pay prescribed for level IV of 
                the Executive Schedule under section 5315 of title 5, 
                United States Code, for each day (including travel 
                time) during which such member is engaged in the 
                performance of the duties of the Commission. All 
                members of the Commission who are officers or employees 
                of the United States shall serve without compensation 
                in addition to that received for their services as 
                officers or employees of the United States.
                    (B) Compensation of chairman.--The Chairman of the 
                Commission shall be compensated at a rate equal to the 
                daily equivalent of the minimum annual rate of basic 
                pay payable for level III of the Executive Schedule 
                under section 5314, of title 5, United States Code.
            (2) Travel expenses.--The members of the Commission shall 
        be allowed travel expenses, including per diem in lieu of 
        subsistence, at rates authorized for employees of agencies 
        under subchapter I of chapter 57 of title 5, United States 
        Code, while away from their homes or regular places of business 
        in the performance of services for the Commission.
            (3) Director and staff.--
                    (A) Director of staff.--The Commission shall 
                appoint a Director, who shall be paid at the rate of 
                basic pay payable for level IV of the Executive 
                Schedule under section 5315 of title 5, United States 
                Code.
                    (B) Staff.--
                            (i) In general.--Subject to clauses (ii) 
                        and (iii), the Director, with the approval of 
                        the Commission, may appoint and fix the pay of 
                        additional personnel.
                            (ii) Applicability.--The Director may make 
                        such appointments without regard to the 
                        provisions of title 5, United States Code, 
                        governing appointments in the competitive 
                        service, and any personnel so appointed may be 
                        paid without regard to the provisions of 
                        chapter 51 and subchapter III of chapter 53 of 
                        that title relating to classification and 
                        General Schedule pay rates, except that an 
                        individual so appointed may not receive pay in 
                        excess of the annual rate of basic pay 
                        prescribed for level V of the Executive 
                        Schedule under section 5316 of that title.
                            (iii) Detail of government employees.--
                                    (I) In general.--Upon request of 
                                the Director, the head of any Federal 
                                department or agency, including the 
                                Comptroller General of the United 
                                States, may detail any of the personnel 
                                of that department or agency to the 
                                Commission to assist the Commission in 
                                carrying out its duties under this 
                                section.
                                    (II) Limitations.--
                                            (aa) Detail of employees 
                                        from federal reserve system.--
                                        Not more than \1/5\ of the 
                                        personnel employed by or 
                                        detailed to the Commission may 
                                        be on detail from the Federal 
                                        Reserve System.
                                            (bb) Detail of employees 
                                        from other federal agencies.--
                                        Not more than one-fifth of the 
                                        personnel employed by or 
                                        detailed to the Commission may 
                                        be on detail from any Federal 
                                        department or agency other than 
                                        the Federal Reserve System.
                            (iv) Experts and consultants.--The 
                        Commission may procure by contract the 
                        temporary or intermittent services of experts 
                        or consultants pursuant to section 3109(b) of 
                        title 5, United States Code, at rates for 
                        individuals which do not to exceed the daily 
                        equivalent of the annual rate of basic pay for 
                        a comparable position paid under the General 
                        Schedule.
                    (C) Rule of construction.--Any individual employed 
                by the Commission under this paragraph, including any 
                expert or consultant under contract pursuant to 
                subparagraph (B)(iv), shall be considered staff for the 
                duration of such employment of such individual for the 
                purposes of this section.
    (f) Prohibition Against Restricting Communications.--No person may 
restrict an employee of the Federal Reserve System from communicating 
with a member or staff of the Commission, and no person may take (or 
threaten to take) an unfavorable personnel action, or withhold (or 
threaten to withhold) a favorable personnel action, as a reprisal for 
such communication.
    (g) Confidential Information.--No member or staff of the Commission 
shall request, either in writing or verbally, that any employee of the 
Federal Reserve System provide--
            (1) nonpublic information or documents concerning or 
        related to monetary policy deliberations; or
            (2) confidential supervisory information.
    (h) Disclosure of Nonpublic Information.--Any member or staff of 
the Commission that obtains nonpublic information from the Federal 
Reserve System or any employee of the Federal Reserve System shall 
maintain the confidentiality of such information.
    (i) Audit.--
            (1) In general.--The Comptroller General of the United 
        States shall annually audit the financial transactions of the 
        Commission in accordance with the United States generally 
        accepted government auditing standards, as may be prescribed by 
        the Comptroller General of the United States.
            (2) Location of audit.--An audit under paragraph (1) shall 
        be conducted at any place where accounts of the Commission are 
        normally kept.
            (3) Access.--
                    (A) In general.--The representatives of the 
                Government Accountability Office shall have access, in 
                accordance with section 716(c) of title 31, United 
                States Code, to--
                            (i) the Chairman of the Commission, members 
                        of the Commission, and staff of the Commission; 
                        and
                            (ii) all books, accounts, documents, 
                        papers, records (including electronic records), 
                        reports, files, property, or other information 
                        belonging to or under the control of or used or 
                        employed by the Commission pertaining to its 
                        financial transactions and necessary to 
                        facilitate the audit.
                    (B) Verification of transactions.--Representatives 
                of the Government Accountability Office shall be 
                afforded full facilities for verifying transactions 
                with the balances or securities held by depositories, 
                fiscal agents, and custodians.
            (4) Custody of documents and property.--All books, 
        accounts, documents, papers, records, reports, files, property, 
        or other information described in paragraph (3)(A)(ii) shall 
        remain in possession and custody of the Commission.
            (5) Copies.--The Comptroller General of the United States 
        may make copies of any books, accounts, documents, papers, 
        records, reports, files, property, or other information 
        described in paragraph (3)(A)(ii) without cost to the 
        Comptroller General.
            (6) Services.--In conducting an audit under this 
        subsection, the Comptroller General of the United States may 
        employ by contract, without regard to section 3709 of the 
        Revised Statutes (41 U.S.C. 6101), professional services of 
        firms and organizations of certified public accountants for 
        temporary periods or for special purposes.
            (7) Reimbursement.--
                    (A) In general.--Upon the request of the 
                Comptroller General of the United States, the Chairman 
                of the Commission shall transfer to the Government 
                Accountability Office from funds made available to the 
                Commission the amount requested by the Comptroller 
                General to cover the full costs of any audit and report 
                conducted by the Comptroller General.
                    (B) Credit.--The Comptroller General of the United 
                States shall credit funds transferred under 
                subparagraph (A) to the account established for 
                salaries and expenses of the Government Accountability 
                Office, and such amount shall be available upon receipt 
                and without fiscal year limitation to cover the full 
                costs of the audit and report.
            (8) Report.--The Comptroller General of the United States 
        shall submit to the Committee on Banking, Housing, and Urban 
        Affairs of the Senate and the Committee on Financial Services 
        of the House of Representatives, and also furnish copies to the 
        President and the Commission, a report of each annual audit 
        conducted under this subsection, including--
                    (A) the scope of the audit;
                    (B) the statement of assets and liabilities and 
                surplus or deficit;
                    (C) the statement of income and expenses;
                    (D) the statement of sources and application of 
                funds;
                    (E) such comments and information as the 
                Comptroller General determines is necessary to inform 
                the Committee on Banking, Housing, and Urban Affairs of 
                the Senate and the Committee on Financial Services of 
                the House of Representatives of the financial 
                operations and condition of the Commission; and
                    (F) such recommendations that the Comptroller 
                General may deem advisable.
    (j) Termination.--The Commission shall terminate not later than on 
December 31, 2020.
    (k) Funding.--
            (1) In general.--Beginning on the first quarter of the 
        fiscal year after the date on which the Commission is 
        established, and in each quarter of a fiscal year thereafter, 
        the Board of Governors of the Federal Reserve System shall 
        transfer to the Commission, from the combined earnings of the 
        Federal Reserve System, the amount determined by the Chairman 
        of the Commission to be reasonably necessary to carry out the 
        authorities of the Commission pursuant to this section, taking 
        into account such other sums made available to the Commission 
        in preceding quarters, to be available without fiscal year 
        limitation and not subject to appropriation.
            (2) Reviewability.--Notwithstanding any other provision in 
        this section, the funds derived from the Federal Reserve System 
        pursuant to this subsection shall not be subject to review by 
        the Committee on Appropriations of the Senate or the Committee 
        on Appropriations of the House of Representatives.
    (l) Federal Reserve Districts.--The first undesignated paragraph of 
section 2 of the Federal Reserve Act (38 Stat. 251, chapter 6) is 
amended by inserting ``, except as otherwise provided under section 505 
of the Financial Regulatory Improvement Act of 2015'' after 
``organized''.

SEC. 506. GAO STUDY ON SUPERVISION.

    (a) In General.--The Comptroller General of the United States shall 
conduct a study on the effectiveness of supervision by the Board of 
Governors of the Federal Reserve System and each Federal Reserve bank 
of--
            (1) bank holding companies subject to the requirements of 
        section 165 of the Financial Stability Act of 2010 (12 U.S.C. 
        5365) on the date of enactment of this Act; and
            (2) nonbank financial companies subject to a determination 
        under subsection (a) or (b) of section 113 of the Financial 
        Stability Act of 2010 (12 U.S.C. 5323).
    (b) Report.--Not later than 18 months after the date of enactment 
of this Act, the Comptroller General of the United States shall submit 
to the Committee on Banking, Housing, and Urban Affairs of the Senate 
and the Committee on Financial Services of the House of Representatives 
a report based on the study required under subsection (a) that 
includes--
            (1) an analysis of--
                    (A) the effectiveness of the delegation of 
                functions by the Board of Governors of the Federal 
                Reserve System in accordance with section 11(k) of the 
                Federal Reserve Act (12 U.S.C. 248(k));
                    (B) the effectiveness of supervision delegated to 
                each Federal Reserve bank by the Board of Governors of 
                the Federal Reserve System, including whether and how 
                the relationships between each Federal Reserve bank and 
                the institutions that each Federal Reserve bank 
                supervises impact the effectiveness of supervision;
                    (C) the propriety of the relationship between each 
                Federal Reserve bank and the institutions that each 
                Federal Reserve bank supervises, including any 
                potential conflicts of interest, and whether and how 
                such relationships impact the effectiveness of 
                supervision;
                    (D) the role played by the Large Institution 
                Supervision Coordinating Committee of the Board of 
                Governors of the Federal Reserve System, the 
                interactions between the Committee and the Federal 
                Reserve banks, and the effectiveness of the Committee; 
                and
                    (E) any other factors that could negatively 
                influence the effectiveness of supervision by any 
                Federal Reserve bank or the Board of Governors of the 
                Federal Reserve System;
            (2) an evaluation of whether additional steps should be 
        taken by the Board of Governors of the Federal Reserve System, 
        each Federal Reserve bank, or Congress to improve the 
        effectiveness of supervision at each Federal Reserve bank and 
        the Board of Governors of the Federal Reserve System; and
            (3) recommendations to improve the effectiveness of 
        supervision at each Federal Reserve bank and the Board of 
        Governors of the Federal Reserve System.
    (c) Evaluation.--As part of the study required under subsection 
(a), the Comptroller General of the United States shall separately 
evaluate the effectiveness of supervision at the Board of Governors of 
the Federal Reserve System and at each Federal Reserve bank.

SEC. 507. FEDERAL RESERVE STUDY ON NONBANK SUPERVISION.

    (a) In General.--Not later than 180 days after the enactment of 
this Act, and not less than once every 2 years thereafter, the Board of 
Governors of the Federal Reserve System shall submit to the Committee 
on Banking, Housing, and Urban Affairs of the Senate and the Committee 
on Financial Services of the House of Representatives a report 
regarding how the Board plans to supervise and regulate nonbank 
financial companies subject to a determination under subsection (a) or 
(b) of section 113 of the Financial Stability Act of 2010 (12 U.S.C. 
5323) that includes, with respect to nonbank financial companies--
            (1) a specific supervisory and regulatory framework, 
        differentiating among nonbank financial companies on an 
        individual basis or by category, taking into consideration the 
        capital structure, riskiness, complexity (including the 
        financial activities of any subsidiaries), size, and any other 
        risk-related factors that the Board of Governors of the Federal 
        Reserve System determines is appropriate;
            (2) an assessment of the relevant experience and expertise 
        of staff of the Federal Reserve System assigned to such 
        supervision and regulation;
            (3) a description of--
                    (A) the method for evaluating safety and soundness;
                    (B) the frequency of examinations;
                    (C) the criteria that will be examined; and
                    (D) coordination with Federal and State regulators, 
                including efforts to minimize duplicative supervision 
                and regulation, if appropriate; and
            (4) an explanation of how the approach to supervision and 
        regulation of nonbank financial companies differs from 
        supervision and regulation of bank holding companies and member 
        banks.
    (b) Sunset.--This section shall terminate on the date that is 10 
years after the date of enactment of this Act.

SEC. 508. FEDERAL RESERVE BANK GOVERNANCE.

    (a) In General.--Section 4 of the Federal Reserve Act is amended--
            (1) in paragraph (4) (12 U.S.C. 341)--
                    (A) by striking ``power--'' and inserting ``power, 
                except as provided in paragraph (25)--''; and
                    (B) by inserting ``except that the first vice 
                president of the Federal Reserve Bank of New York shall 
                be appointed by the Class B and Class C directors of 
                the bank, with the approval of the Board of Governors 
                of the Federal Reserve System, for a term of 5 years,'' 
                after ``as the president,''; and
            (2) by adding at the end the following:
            ``(25) Selection of the president of the federal reserve 
        bank of new york.--Notwithstanding any other provision of this 
        section, the president of the Federal Reserve Bank of New York 
        shall be appointed by the President, by and with the advice and 
        consent of the Senate, for terms of 5 years.
            ``(26) Testimony.--The president of the Federal Reserve 
        Bank of New York, on an annual basis, shall provide testimony 
        to the Committee on Banking, Housing, and Urban Affairs of the 
        Senate and the Committee on Financial Services of the House of 
        Representatives.''.
    (b) Effective Date.--The amendments made by subsection (a) shall 
take effect on the date of enactment of this Act and apply to 
appointments for the president of the Federal Reserve Bank of New York 
made on and after that effective date.

  TITLE VI--IMPROVED ACCESS TO CAPITAL AND TAILORED REGULATION IN THE 
                           FINANCIAL MARKETS

SEC. 601. HOLDING COMPANY REGISTRATION THRESHOLD EQUALIZATION.

    The Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) is 
amended--
            (1) in section 12(g) (15 U.S.C. 78l(g))--
                    (A) in paragraph (1)(B), by inserting ``, a savings 
                and loan holding company (as defined in section 10(a) 
                of the Home Owners' Loan Act (12 U.S.C. 1467a(a))),'' 
                after ``is a bank''; and
                    (B) in paragraph (4), by inserting ``, a savings 
                and loan holding company (as defined in section 10(a) 
                of the Home Owners' Loan Act (12 U.S.C. 1467a(a))),'' 
                after ``case of a bank''; and
            (2) in section 15(d)(1) (15 U.S.C. 78o(d)(1)), by striking 
        ``case of bank'' and inserting ``case of a bank, a savings and 
        loan holding company (as defined in section 10(a) of the Home 
        Owners' Loan Act (12 U.S.C. 1467a(a))),''.

SEC. 602. INCREASED THRESHOLD FOR DISCLOSURES RELATING TO COMPENSATORY 
              BENEFIT PLANS.

    Not later than 60 days after the date of enactment of this Act, the 
Securities and Exchange Commission shall revise section 230.701(e) of 
title 17, Code of Federal Regulations, to increase from $5,000,000 to 
$10,000,000 the aggregate sales price or amount of securities sold 
during any consecutive 12-month period in excess of which the issuer is 
required under such section to deliver an additional disclosure to 
investors. The Securities and Exchange Commission shall index for 
inflation such aggregate sales price or amount every 5 years to reflect 
the change in the Consumer Price Index for All Urban Consumers 
published by the Bureau of Labor Statistics, rounding to the nearest 
$1,000,000.

SEC. 603. REPEAL OF INDEMNIFICATION REQUIREMENTS.

    (a) Derivatives Clearing Organizations.--Section 5b(k)(5) of the 
Commodity Exchange Act (7 U.S.C. 7a-1(k)(5)) is amended to read as 
follows:
            ``(5) Confidentiality agreement.--Before the Commission may 
        share information with any entity described in paragraph (4), 
        the Commission shall receive a written agreement from each 
        entity stating that the entity shall abide by the 
        confidentiality requirements described in section 8 relating to 
        the information on swap transactions that is provided.''.
    (b) Swap Data Repositories.--Section 21(d) of the Commodity 
Exchange Act (7 U.S.C. 24a(d)) is amended to read as follows:
    ``(d) Confidentiality Agreement.--Before the swap data repository 
may share information with any entity described in subsection (c)(7), 
the swap data repository shall receive a written agreement from each 
entity stating that the entity shall abide by the confidentiality 
requirements described in section 8 relating to the information on swap 
transactions that is provided.''.
    (c) Security-based Swap Data Repositories.--Section 13(n)(5) of the 
Securities Exchange Act of 1934 (15 U.S.C. 78m(n)(5)) is amended--
            (1) in subparagraph (G)--
                    (A) in the matter preceding clause (i), by striking 
                ``all'' and inserting ``security-based swap''; and
                    (B) in clause (v)--
                            (i) in subclause (II), by striking ``; 
                        and'' and inserting a semicolon;
                            (ii) in subclause (III), by striking the 
                        period at the end and inserting ``; and''; and
                            (iii) by adding at the end the following:
                                    ``(IV) other foreign 
                                authorities.''; and
            (2) by striking subparagraph (H) and inserting the 
        following:
                    ``(H) Confidentiality agreement.--Before the 
                security-based swap data repository may share 
                information with any entity described in subparagraph 
                (G), the security-based swap data repository shall 
                receive a written agreement from each entity stating 
                that the entity shall abide by the confidentiality 
                requirements described in section 24 relating to the 
                information on security-based swap transactions that is 
                provided.''.
    (d) Effective Date.--The amendments made by this section shall take 
effect as if enacted as part of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act (Public Law 111-203).

SEC. 604. IMPROVING ACCESS TO CAPITAL FOR EMERGING GROWTH COMPANIES.

    Section 6(e)(1) of the Securities Act of 1933 (15 U.S.C. 77f(e)(1)) 
is amended by adding at the end the following: ``An issuer that was an 
emerging growth company at the time it submitted a confidential 
registration statement or, in lieu thereof, a publicly filed 
registration statement for review under this subsection but ceases to 
be an emerging growth company thereafter shall continue to be treated 
as an emerging growth company for the purposes of this subsection 
through the earlier of the date on which the issuer consummates its 
initial public offering pursuant to such registration statement or the 
end of the 1-year period beginning on the date on which the company 
ceases to be an emerging growth company.''.

 TITLE VII--TAXPAYER PROTECTIONS AND MARKET ACCESS FOR MORTGAGE FINANCE

SEC. 701. DEFINITIONS.

    In this title:
            (1) Agency.--The term ``Agency'' means the Federal Housing 
        Finance Agency.
            (2) Back-end risk sharing.--The term ``back-end risk 
        sharing'' means any risk-sharing transaction that allows an 
        enterprise to share single-family mortgage credit risk that is 
        on the balance sheet of the enterprise with the private sector.
            (3) Board of directors.--The term ``Board of Directors'' 
        means the Board of Directors established under section 
        705(c)(1).
            (4) Common securitization solutions.--The term ``Common 
        Securitization Solutions'' or ``CSS'' means Common 
        Securitization Solutions, LLC, the joint venture formed by the 
        enterprises in October 2013, or any successor to Common 
        Securitization Solutions, LLC, that is a joint venture of the 
        enterprises.
            (5) Contractual and disclosure framework.--The term 
        ``contractual and disclosure framework'' means a contractual 
        and disclosure framework for securitization of mortgage loans 
        by an entity other than an enterprise.
            (6) Enterprise.--The term ``enterprise'' has the meaning 
        given that term in section 1303 of the Federal Housing 
        Enterprises Financial Safety and Soundness Act of 1992 (12 
        U.S.C. 4502).
            (7) First loss position; front-end risk sharing; risk-
        sharing transaction.--The terms ``first loss position'', 
        ``front-end risk sharing'', and ``risk-sharing transaction'' 
        have the meanings given those terms in section 1328(a) of the 
        Federal Housing Enterprises Financial Safety and Soundness Act 
        of 1992, as added by section 706(b)(1).
            (8) Guarantee fee.--The term ``guarantee fee''--
                    (A) means a fee in connection with any guarantee of 
                the timely payment of principal and interest on 
                securities, notes, and other obligations based on or 
                backed by mortgages on residential real properties 
                designed principally for occupancy of from 1 to 4 
                families; and
                    (B) includes--
                            (i) the guaranty fee charged by the Federal 
                        National Mortgage Association with respect to 
                        mortgage-backed securities; and
                            (ii) the management and guarantee fee 
                        charged by the Federal Home Loan Mortgage 
                        Corporation with respect to participation 
                        certificates.
            (9) Platform.--The term ``Platform'' means the 
        securitization platform first described by the paper issued by 
        the Agency on October 4, 2012 entitled ``Building a New 
        Infrastructure for the Secondary Mortgage Market'', and updated 
        in subsequent documents released by the Agency, including 
        annual strategic plans for the conservatorship of the 
        enterprises and annual conservatorship scorecards.
            (10) Private successor.--The term ``private successor'' 
        means the private, nonprofit entity referred to in section 
        705(g) to which CSS transitions the Platform and the 
        contractual and disclosure framework, including any associated 
        intellectual property, technology, systems, and infrastructure, 
        in accordance with this title.
            (11) Second loss position.--The term ``second loss 
        position'' means, with respect to a risk-sharing transaction, 
        the position to which any credit losses on a security resulting 
        from the nonperformance of underlying mortgage loans will 
        accrue and be absorbed after a first loss position, to the full 
        extent of a holder's interest in such position.
            (12) Secretary.--The term ``Secretary'' means the Secretary 
        of the Treasury.
            (13) Senior preferred stock purchase agreement.--The term 
        ``Senior Preferred Stock Purchase Agreement'' means--
                    (A) the Amended and Restated Senior Preferred Stock 
                Purchase Agreement, dated September 26, 2008, as such 
                Agreement has been amended on May 6, 2009, December 24, 
                2009, and August 17, 2012, respectively, and as such 
                Agreement may be further amended and restated, entered 
                into between the Department of the Treasury and each 
                enterprise, as applicable; and
                    (B) any provision of any certificate in connection 
                with such Agreement creating or designating the terms, 
                powers, preferences, privileges, limitations, or any 
                other conditions of the Variable Liquidation Preference 
                Senior Preferred Stock of an enterprise issued or sold 
                pursuant to such Agreement.

SEC. 702. PROHIBITING THE USE OF GUARANTEE FEES AS AN OFFSET.

    (a) In General.--In the Senate and the House of Representatives, 
for purposes of determining budgetary impacts to evaluate points of 
order under the Congressional Budget Act of 1974, any previous budget 
resolution, and any subsequent budget resolution, provisions contained 
in any bill, resolution, amendment, motion, or conference report that 
increase, or extend the increase of, any guarantee fee of an enterprise 
shall not be scored with respect to the level of budget authority, 
outlays, or revenues contained in such legislation.
    (b) Exception.--The prohibition in subsection (a) shall not apply 
to any legislation that--
            (1) includes a specific instruction to the Secretary on the 
        sale, transfer, relinquishment, liquidation, divestiture, or 
        other disposition of senior preferred stock acquired pursuant 
        to the Senior Preferred Stock Purchase Agreement; and
            (2) provides for an increase, or extension of an increase, 
        of any guarantee fee of an enterprise to be used for the 
        purpose of financing reforms to the secondary mortgage market.

SEC. 703. LIMITATIONS ON SALE OF PREFERRED STOCK.

    Notwithstanding any other provision of law or any provision of the 
Senior Preferred Stock Purchase Agreement, the Secretary may not sell, 
transfer, relinquish, liquidate, divest, or otherwise dispose of any 
outstanding shares of senior preferred stock acquired pursuant to the 
Senior Preferred Stock Purchase Agreement, until such time as Congress 
has passed and the President has signed into law legislation that 
includes a specific instruction to the Secretary regarding the sale, 
transfer, relinquishment, liquidation, divestiture, or other 
disposition of the senior preferred stock so acquired.

SEC. 704. SECONDARY MARKET ADVISORY COMMITTEE.

    Not later than 90 days after the date of enactment of this Act, the 
Agency shall direct the enterprises and CSS to establish the Secondary 
Market Advisory Committee, which shall--
            (1) provide advice to the enterprises and CSS on decisions 
        relating to the development of secondary mortgage market 
        infrastructure; and
            (2) include private market participants representing 
        multiple aspects of the mortgage market, including mortgage 
        lenders, poolers of mortgage-backed securities, and investors 
        of mortgage-backed securities.

SEC. 705. SECURITIZATION PLATFORM.

    (a) Sense of Congress.--It is the sense of Congress that--
            (1) at the direction of the Agency, the enterprises have 
        established a joint venture called Common Securitization 
        Solutions intended to facilitate the issuance of mortgage-
        backed securities through the Platform;
            (2) at the direction of the Agency, the development of the 
        Platform is currently geared toward the issuance of mortgage-
        backed securities by the enterprises;
            (3) as soon as practicable, the capacity and functionality 
        of the Platform should be expanded to facilitate the issuance 
        of mortgage-backed securities by issuers other than the 
        enterprises, and CSS should undertake to develop the 
        contractual and disclosure framework for issuers other than the 
        enterprises;
            (4) the property of the enterprises, including intellectual 
        property, technology, systems, and infrastructure (including 
        technology, systems, and infrastructure developed by the 
        enterprises for the Platform), as well as any other legacy 
        systems, infrastructure, processes, and the Platform itself are 
        valuable assets of the enterprises; and
            (5) the enterprises should receive appropriate compensation 
        for the transfer of any such assets.
    (b) Reports to Congress.--
            (1) Annual report on development.--Not later than 1 year 
        after the date of enactment of this Act, and every year 
        thereafter, the Agency shall submit to Congress a report on the 
        status of the development of the Platform and the contractual 
        and disclosure framework, which shall include--
                    (A) the projected timelines for--
                            (i) completing development of the Platform 
                        to support the securitization needs of the 
                        enterprises; and
                            (ii) completing development of the Platform 
                        and the contractual and disclosure framework to 
                        support the securitization needs of issuers 
                        other than the enterprises; and
                    (B) the projected budget for the development of the 
                Platform and the contractual and disclosure framework.
            (2) Report on transition.--Not later than 3 years after the 
        date of enactment of this Act, the Agency shall develop a plan, 
        and submit to the Committee on Banking, Housing and Urban 
        Affairs of the Senate and the Committee on Financial Services 
        of the House of Representatives a report on such plan, to 
        transition the Platform and the contractual and disclosure 
        framework from a joint venture owned by the enterprises into a 
        private, nonprofit entity that best facilitates a deep, liquid, 
        and resilient secondary mortgage market for mortgage-backed 
        securities.
    (c) Board of Directors.--
            (1) Establishment.--Not later than 6 months after the date 
        of enactment of this Act, the Agency shall direct the 
        enterprises and CSS to re-constitute a CSS Board of Directors 
        that meets the composition requirements set forth in paragraphs 
        (2) and (3).
            (2) Composition after 1 year.--Not later than 1 year after 
        the date of enactment of this Act, as determined by the Agency, 
        the Board of Directors shall be comprised of 7 directors, 3 of 
        whom--
                    (A) shall have demonstrated knowledge of, or 
                experience in, financial management, financial 
                services, risk management, information technology, or 
                housing finance; and
                    (B) are not simultaneously employed by an 
                enterprise or serving as a director of an enterprise.
            (3) Composition after 18 months.--Not later than 18 months 
        after the date of enactment of this Act, as determined by the 
        Agency, the Board of Directors shall be comprised of 9 
        directors, 5 of whom--
                    (A) shall have demonstrated knowledge of, or 
                experience in, financial management, financial 
                services, risk management, information technology, or 
                housing finance; and
                    (B) are not simultaneously employed by an 
                enterprise or serving as a director of an enterprise.
    (d) Authorized and Prohibited Activities.--
            (1) Authorized activities.--
                    (A) In general.--Not later than 2 years after the 
                date of enactment of this Act, CSS shall--
                            (i) for an entity other than an enterprise, 
                        develop standards for--
                                    (I) becoming an approved issuer of 
                                securities issued through the Platform;
                                    (II) loans that may serve as 
                                collateral for securities issued 
                                through the Platform; and
                                    (III) originating, servicing, 
                                pooling, dispute resolution, 
                                disclosure, and securitizing 
                                residential mortgage loans that 
                                collateralize securities issued through 
                                the Platform; and
                            (ii) operate and maintain the Platform and 
                        establish fees for use of the Platform.
                    (B) Issuing securities by approved issuers.--Not 
                later than 3 years after the date of enactment of this 
                Act--
                            (i) CSS shall facilitate the issuance of 
                        securities by any approved issuer other than an 
                        enterprise through the Platform; and
                            (ii) issuances of securities facilitated 
                        through the Platform shall not be limited to 
                        those made by the enterprises.
                    (C) Exception.--The Director may delay the 
                requirement under subparagraph (B) for 2 1-year periods 
                if the Director and the Secretary of the Treasury--
                            (i) determine that facilitation of such 
                        securities is not feasible within that period 
                        of time and could adversely impact the housing 
                        market; and
                            (ii) submit to Congress a report describing 
                        the justification for the determination made in 
                        clause (i).
            (2) Prohibited activities.--CSS may not, through the 
        Platform or otherwise--
                    (A) guarantee any mortgage loans or mortgage-backed 
                securities;
                    (B) assume or hold mortgage loan credit risk;
                    (C) purchase any mortgage loans for cash on a 
                single loan basis for the purpose of securitization;
                    (D) own or hold any mortgage loans or mortgage-
                backed securities for investment purposes;
                    (E) make or be a party to any representation and 
                warranty agreement on any mortgage loans; or
                    (F) take lender representation and warranty risk.
            (3) Authorized and prohibited activities of the private 
        successor.--All authorized and prohibited activities of CSS 
        under this subsection shall transfer to the private successor 
        at the time of transition under subsection (g), and shall 
        transfer to any future successor to the private successor at 
        the time of any such transition.
    (e) Regulation of CSS and the Private Successor.--The Agency shall 
have general regulatory authority over CSS, the private successor, and 
any successor to the private successor to ensure the safety and 
soundness of CSS and such successors
    (f) Funding by the FHFA and Transfer of Property.--
            (1) Transfer of funds from the enterprises.--At a time 
        established by the Agency, the Agency shall transfer to CSS 
        such funds from the enterprises as the Agency, after 
        consultation with the Board of Directors, determines may be 
        reasonably necessary for CSS to begin carrying out the 
        activities and operations of the Platform.
            (2) Transfer of property.--
                    (A) In general.--The Agency shall direct the 
                enterprises to transfer or sell to the Platform any 
                property, including intellectual property, technology, 
                systems, and infrastructure (including technology, 
                systems, and infrastructure developed by the 
                enterprises for the Platform), as well as any other 
                legacy systems, infrastructure, and processes that may 
                be necessary for the Platform to carry out the 
                functions and operations of the Platform.
                    (B) Contractual and other legal obligations.--As 
                may be necessary for the Agency and the enterprises to 
                comply with legal, contractual, or other obligations, 
                the Agency shall have the authority to require that any 
                transfer authorized under subparagraph (A) occurs as an 
                exchange for value, including through the provision of 
                appropriate compensation to the enterprises or other 
                entities responsible for creating, or contracting with, 
                the Platform.
    (g) Transition From CSS.--
            (1) In general.--Not later than 5 years after the date of 
        enactment of this Act, the Agency shall oversee the transition 
        of ownership of the Platform and the contractual and disclosure 
        framework from the enterprises and CSS to a private, nonprofit 
        entity in accordance with the plan developed under subsection 
        (b)(2).
            (2) Board of directors.--The private successor shall 
        determine the structure of the Board of Directors following the 
        transition under paragraph (1).
            (3) Repayment of cost.--Not later than 10 years after the 
        date of the transition described in paragraph (1), the total 
        cost of the property transferred in accordance with subsection 
        (f)(2) at the time of the transition, as determined jointly by 
        the Agency and the Secretary, shall be repaid to the 
        enterprises.
    (h) Rule of Construction.--Nothing in this section shall be 
construed to prohibit the Agency or CSS from first developing a common 
securitization platform for use only by the enterprises, if all of the 
provisions in this Act relating to the development of the Platform and 
the contractual and disclosure framework are complied with in a timely 
manner.

SEC. 706. MANDATORY RISK SHARING.

    (a) Sense of Congress.--It is the sense of Congress that--
            (1) at the direction of the Agency, the enterprises have 
        executed a series of transactions in which the enterprises 
        share credit risk with the private sector;
            (2) in the risk-sharing transactions to date, the 
        enterprises have shared credit risk on pools of residential 
        mortgage loans that back securities on which an enterprise 
        either already guarantees or does not yet guarantee the timely 
        payment of principal and interest;
            (3) the risk that the enterprises have shared has been 
        either any loss suffered on the loans in the pool or any loss 
        in excess of some minimal level on loans in the pool;
            (4) to date, the vast majority of risk-sharing transactions 
        have involved either back-end risk sharing or the transfer of 
        the second loss position; and
            (5) the Agency should direct the enterprises to--
                    (A) engage in more front-end risk sharing in which 
                the first loss position is transferred; and
                    (B) retain data that can help inform policymakers 
                and the public about the impact to consumers, the 
                market, and the enterprises from such transactions.
    (b) Mandatory Risk Sharing.--
            (1) In general.--Subpart A of part 2 of subtitle A of the 
        Federal Housing Enterprises Financial Safety and Soundness Act 
        of 1992 (12 U.S.C. 4541 et seq.) is amended by adding at the 
        end the following:

``SEC. 1328. MANDATORY RISK-SHARING TRANSACTIONS.

    ``(a) Definitions.--In this section:
            ``(1) First loss position.--The term `first loss position' 
        means, with respect to a risk-sharing transaction, the position 
        to which any credit loss on a security resulting from the 
        nonperformance of underlying mortgage loans will accrue and be 
        absorbed, to the full extent of the holder's interest in such 
        position.
            ``(2) Front-end risk sharing.--The term `front-end risk 
        sharing' means any risk-sharing transaction that provides for 
        an enterprise to share credit risk on a pool of single-family 
        residential mortgage loans that back securities on which the 
        enterprise guarantees the timely payment of principal and 
        interest with the private sector before the enterprise provides 
        any such guarantee.
            ``(3) Risk-sharing transaction.--The term `risk-sharing 
        transaction' means any transaction that provides for an 
        enterprise to share credit risk on a pool of single-family 
        residential mortgage loans that back securities on which the 
        enterprise guarantees the timely payment of principal and 
        interest with the private sector.
    ``(b) Risk-sharing Transactions.--The Director shall require each 
enterprise to develop and undertake risk-sharing transactions in which 
the first loss position is transferred, as provided in subsection (c).
    ``(c) Required Percentage of Business.--
            ``(1) Requirement.--The Director shall require that each 
        enterprise engage in significant and increasing risk-sharing 
        transactions, including front-end risk sharing and risk-sharing 
        transactions in which the first loss position is transferred, 
        considering market conditions and the safety and soundness of 
        the enterprise.
            ``(2) Annual reporting requirement.--Not later than 1 year 
        after the date of enactment of this section, and every year 
        thereafter, the Agency shall submit to Congress a report, which 
        shall include--
                    ``(A) for the 12-month period preceding the date on 
                which the report is submitted, an assessment of the 
                market responses to the risk-sharing transactions of 
                each of the enterprises, in aggregate, and by credit 
                risk-sharing mechanism, including--
                            ``(i) impacts on borrower costs, yield 
                        spreads, and the economics of the operations of 
                        the enterprises; and
                            ``(ii) the type and characteristics of the 
                        underlying collateral and borrowers whose loans 
                        are involved in risk-sharing transactions; and
                    ``(B) a 5-year plan, which shall include, for each 
                of the 5 years following the year in which the report 
                is issued--
                            ``(i) the projected percentage of the 
                        unpaid principal balance of each enterprise 
                        covered under the credit risk-sharing program;
                            ``(ii) the projected percentage of new 
                        business for each enterprise subject to 
                        transactions in which the first loss position 
                        is transferred, including the types of deal 
                        structures;
                            ``(iii) the projected depth of front-end 
                        risk sharing per type of transaction for each 
                        enterprise; and
                            ``(iv) a description of the steps that the 
                        Agency intends to take to broaden the eligible 
                        investor base for credit risk-sharing 
                        programs.''.

 TITLE VIII--DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT 
                         TECHNICAL CORRECTIONS

SEC. 801. TABLE OF CONTENTS; DEFINITIONAL CORRECTIONS.

    (a) Table of Contents.--The table of contents for the Dodd-Frank 
Wall Street Reform and Consumer Protection Act (Public Law 111-203; 124 
Stat. 1376) is amended by striking the items relating to sections 407 
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.''.
    (b) Definitions.--Section 2 of the Dodd-Frank Wall Street Reform 
and Consumer Protection Act (12 U.S.C. 5301) is amended--
            (1) in paragraph (1)--
                    (A) by striking ``section 3'' and inserting 
                ``section 3(w)''; and
                    (B) by striking ``(12 U.S.C. 1813)'' and inserting 
                ``(12 U.S.C. 1813(w))'';
            (2) in paragraph (6), by striking ``1 et seq.'' and 
        inserting ``1a''; and
            (3) in paragraph (18)(A)--
                    (A) by striking ```bank holding company',''; and
                    (B) by inserting ```includes','' before 
                ```including',''.

SEC. 802. ANTITRUST SAVINGS CLAUSE CORRECTIONS.

    Section 6 of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act (12 U.S.C. 5303) is amended, in the second sentence--
            (1) by inserting ``(15 U.S.C. 12(a))'' after ``Clayton 
        Act''; and
            (2) by striking ``Act, to'' and inserting ``Act (15 U.S.C. 
        45) to''.

SEC. 803. TITLE I CORRECTIONS.

    The Financial Stability Act of 2010 (12 U.S.C. 5311 et seq.) is 
amended--
            (1) in section 102(a)(6) (12 U.S.C. 5311(a)(6)), by 
        inserting ``(12 U.S.C. 1843(k))'' after ``of 1956'' each place 
        that term appears;
            (2) in section 111 (12 U.S.C. 5321)--
                    (A) in subsection (b)--
                            (i) in paragraph (1)(G), by striking 
                        ``Chairperson'' and inserting ``Chairman''; and
                            (ii) in paragraph (2)(E), by striking 
                        ``such'' and inserting ``the''; and
                    (B) in subsection (c)(3), by striking ``that agency 
                or department head'' and inserting ``the head of that 
                member agency or department'';
            (3) in section 112 (12 U.S.C. 5322)--
                    (A) in subsection (a)(2)--
                            (i) in subparagraph (D)--
                                    (I) by striking ``to monitor'' and 
                                inserting ``monitor''; and
                                    (II) by striking ``to advise'' and 
                                inserting ``advise'';
                            (ii) in subparagraph (J)--
                                    (I) by striking ``that term is'' 
                                and inserting ``those terms are''; and
                                    (II) by striking ``and settlement'' 
                                and inserting ``or settlement''; and
                            (iii) in subparagraph (L), by striking 
                        ``may''; and
                    (B) in subsection (d)(5)--
                            (i) in subparagraph (B), by striking 
                        ``subsection and'' and inserting ``subtitle 
                        or''; and
                            (ii) in subparagraph (C), by striking 
                        ``subsection and'' and inserting ``subtitle 
                        or'';
            (4) in section 154(c) (12 U.S.C. 5344(c))--
                    (A) by striking ``Center.--'' and all that follows 
                through ``The Research'' and inserting ``Center.--The 
                Research''; and
                    (B) by redesignating subparagraphs (A) through (H) 
                as paragraphs (1) through (8), respectively, and 
                adjusting the margins accordingly;
            (5) in section 155(a)(2) (12 U.S.C. 5345(a)(2)), by 
        striking ``(c),'' and inserting ``(c)'';
            (6) in section 164 (12 U.S.C. 5364), by striking 
        ``Institutions'' and inserting ``Institution'';
            (7) in section 167(b)(1)(B)(ii) (12 U.S.C. 
        5367(b)(1)(B)(ii)), by striking ``to ensure'' and inserting 
        ``ensure''; and
            (8) in section 171(b)(4)(D) (12 U.S.C. 5371(b)(4)(D)), by 
        adding a period at the end.

SEC. 804. TITLE II CORRECTIONS.

    Title II of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act (12 U.S.C. 5381 et seq.) is amended--
            (1) in section 210 (12 U.S.C. 5390)--
                    (A) in subsection (a)--
                            (i) in paragraph (1)(D), by striking 
                        ``wind-up'' and inserting ``wind up''; and
                            (ii) in paragraph (5)(C), by striking 
                        ``receiver seeking'' and inserting ``receiver) 
                        seeking'';
                    (B) in subsection (b)(1), by striking ``11,725'' 
                each place that term appears and inserting ``$11,725'';
                    (C) in subsection (m)(1)(B), by inserting ``of'' 
                before ``the Bankruptcy Code''; and
                    (D) in subsection (o)(1)(D)(i)(I), by striking 
                ``and (h)(5)(E)'' and inserting ``or (h)(5)(E)'';
            (2) in section 211(d)(1)(C) (12 U.S.C. 5391(d)(1)(C)), by 
        striking ``orderly liquidation plan under section 210(n)(14)'' 
        and inserting ``an orderly liquidation plan under section 
        210(n)(9)''; and
            (3) in section 215(a)(5) (124 Stat. 1518), by striking 
        ``amd'' and inserting ``and''.

SEC. 805. TITLE III CORRECTIONS.

    (a) In General.--The Enhancing Financial Institution Safety and 
Soundness Act of 2010 (12 U.S.C. 5401 et seq.) is amended--
            (1) in section 327(b)(5) (12 U.S.C. 5437(b)(5)), by 
        striking ``in'' and inserting ``into'';
            (2) in section 333(b)(2) (124 Stat. 1539), by inserting 
        ``the second place that term appears'' before ``and 
        inserting''; and
            (3) in section 369(5) (124 Stat. 1559)--
                    (A) in subparagraph (D)(i)--
                            (i) in subclause (III), by redesignating 
                        items (aa), (bb), and (cc) as subitems (AA), 
                        (BB), and (CC), respectively, and adjusting the 
                        margins accordingly;
                            (ii) in subclause (IV), by redesignating 
                        items (aa) and (bb) as subitems (AA) and (BB), 
                        respectively, and adjusting the margins 
                        accordingly;
                            (iii) in subclause (V), by redesignating 
                        items (aa), (bb), and (cc) as subitems (AA), 
                        (BB), and (CC), respectively, and adjusting the 
                        margins accordingly; and
                            (iv) by redesignating subclauses (III), 
                        (IV), and (V) as items (bb), (cc), and (dd), 
                        respectively, and adjusting the margins 
                        accordingly;
                    (B) in subparagraph (F)--
                            (i) in clause (ii), by adding ``and'' at 
                        the end;
                            (ii) in clause (iii), by striking ``; and'' 
                        and inserting a semicolon; and
                            (iii) by striking clause (iv); and
                    (C) in subparagraph (G)(i), by inserting ``each 
                place such term appears'' before ``and inserting''.
    (b) Effective Dates.--
            (1) Section 333.--The amendment made by subsection (a)(2) 
        of this section shall take effect as if enacted as part of 
        subtitle C of the Enhancing Financial Institution Safety and 
        Soundness Act of 2010 (title III of Public Law 111-203; 124 
        Stat. 1538).
            (2) Section 369.--The amendments made by subsection (a)(3) 
        of this section shall take effect as if enacted as part of 
        subtitle E of the Enhancing Financial Institution Safety and 
        Soundness Act of 2010 (title III of Public Law 111-203; 124 
        Stat. 1546).

SEC. 806. TITLE IV CORRECTION.

    Section 414 of the Private Fund Investment Advisers Registration 
Act of 2010 (title IV of Public Law 111-203; 124 Stat. 1578) is amended 
in the section heading by striking ``commodities'' and inserting 
``commodity''.

SEC. 807. TITLE VI CORRECTIONS.

    (a) In General.--The Bank and Savings Association Holding Company 
and Depository Institution Regulatory Improvements Act of 2010 (title 
VI of Public Law 111-203; 124 Stat. 1596) is amended--
            (1) in section 610 (124 Stat. 1611)--
                    (A) by striking subsection (b); and
                    (B) by redesignating subsection (c) as subsection 
                (b); and
            (2) in section 618(a) (12 U.S.C. 1850a(a))--
                    (A) in paragraph (4)(B)(i), by inserting ``of 
                Governors'' after ``Board''; and
                    (B) in paragraph (6), by inserting ``(12 U.S.C. 
                1841)'' after ``Act of 1956''.
    (b) Effective Date.--The amendments made by subsection (a)(1) of 
this section shall take effect as if enacted as part of section 610 of 
the Bank and Savings Association Holding Company and Depository 
Institution Regulatory Improvements Act of 2010 (title VI of Public Law 
111-203; 124 Stat. 1611).

SEC. 808. TITLE VII CORRECTIONS.

    (a) In General.--The Wall Street Transparency and Accountability 
Act of 2010 (15 U.S.C. 8301 et seq.) is amended--
            (1) in section 719(c)(1)(B) (15 U.S.C. 8307(c)(1)(B)), by 
        adding a period at the end;
            (2) in section 723(a)(1)(B) (124 Stat. 1675), by inserting 
        ``, as added by section 107 of the Commodity Futures 
        Modernization Act of 2000 (Appendix E of Public Law 106-554; 
        114 Stat. 2763A-382),'' after ``subsection (i)'';
            (3) in section 724(a) (124 Stat. 1682), by striking 
        ``adding at the end'' and inserting ``inserting after 
        subsection (e)'';
            (4) in section 734(b)(1) (124 Stat. 1718), by striking ``is 
        amended'' and all that follows through ``(B) in'' and inserting 
        ``is amended in'';
            (5) in section 741(b)(10) (124 Stat. 1732), by striking 
        ``1a(19)(A)(iv)(II)'' each place that term appears and 
        inserting ``1a(18)(A)(iv)(II)''; and
            (6) in section 749 (124 Stat. 1746)--
                    (A) in subsection (a)(2), by striking ``adding at 
                the end'' and inserting ``inserting after subsection 
                (f)''; and
                    (B) in subsection (h)(1)(B), by inserting ``the 
                second place that term appears'' before the semicolon.
    (b) Effective Date.--The amendments made by paragraphs (3), (4), 
(5), and (6) of subsection (a) shall take effect as if enacted as part 
of part II of subtitle A of the Wall Street Transparency and 
Accountability Act of 2010 (title VII of Public Law 111-203; 124 Stat. 
1658).

SEC. 809. TITLE VIII CORRECTIONS.

    The Payment, Clearing, and Settlement Supervision Act of 2010 (12 
U.S.C. 5461 et seq.) is amended--
            (1) in section 805(a)(2)(E) (12 U.S.C. 5464(a)(2)(E)), by 
        striking the quotation marks at the end;
            (2) in section 806 (12 U.S.C. 5465)--
                    (A) in subsection (b), in the first sentence, by 
                striking ``(2)) after'' and inserting ``(2))) after''; 
                and
                    (B) in subsection (e)(1)(A)--
                            (i) by striking ``advance notice'' and 
                        inserting ``advance''; and
                            (ii) by striking ``each Supervisory 
                        Agency'' and inserting ``its Supervisory 
                        Agency'';
            (3) in section 807 (12 U.S.C. 5466)--
                    (A) in subsection (d)(1), by adding a period at the 
                end; and
                    (B) in subsection (f)(2), by inserting a comma 
                after ``under'' the second place that term appears;
            (4) in section 808(b) (12 U.S.C. 5467(b)), by inserting a 
        comma after ``under'' the third place that term appears; and
            (5) in section 813 (12 U.S.C. 5472), in the matter 
        preceding paragraph (1), by inserting ``that includes'' after 
        ``Representatives''.

SEC. 810. TITLE IX CORRECTIONS.

    Section 939(h)(1) of the Investor Protection and Securities Reform 
Act of 2010 (title IX of Public Law 111-203; 124 Stat. 1887) is 
amended, in the matter preceding subparagraph (A)--
            (1) by inserting ``The'' before ``Commission''; and
            (2) by striking ``feasability'' and inserting 
        ``feasibility''.

SEC. 811. TITLE X CORRECTIONS.

    (a) In General.--The Consumer Financial Protection Act of 2010 (12 
U.S.C. 5481 et seq.) is amended--
            (1) in section 1002(12)(G) (12 U.S.C. 5481(12)(G)), by 
        striking ``Home Owners'' and inserting ``Homeowners'';
            (2) in section 1013(a)(1)(C) (12 U.S.C. 5493(a)(1)(C)), by 
        striking ``section 11(1) of the Federal Reserve Act (12 U.S.C. 
        248(1))'' and inserting ``subsection (l) of section 11 of the 
        Federal Reserve Act (12 U.S.C. 248(l)'';
            (3) in section 1017(a)(5) (12 U.S.C. 5497(a)(5))--
                    (A) in subparagraph (A), in the last sentence by 
                striking ``716(c) of title 31, United States Code'' and 
                inserting ``716 of title 31, United States Code''; and
                    (B) in subparagraph (C), by striking ``section 3709 
                of the Revised Statutes of the United States (41 U.S.C. 
                5)'' and inserting ``section 6101 of title 41, United 
                States Code'';
            (4) in section 1022(c)(9)(B) (12 U.S.C. 5512(c)(9)(B)), by 
        striking ``1978,'' and inserting ``1978'';
            (5) in section 1025 (12 U.S.C. 5515)--
                    (A) in subsections (b), (c), and (d)--
                            (i) by inserting ``covered'' before 
                        ``persons'' each place that term appears; and
                            (ii) by inserting ``covered'' before 
                        ``person described in subsection (a)'' each 
                        place that term appears;
                    (B) in subsection (d), by striking ``12 U.S.C. 
                1867(c)'' and inserting ``(12 U.S.C. 1867(c))''; and
                    (C) in subsection (e)(4)(F), by striking ``212 of 
                the Federal Credit Union Act (112 U.S.C. 1790a)'' and 
                inserting ``216 of the Federal Credit Union Act (12 
                U.S.C. 1790d)'';
            (6) in section 1027(d)(1)(B) (12 U.S.C. 5517(d)(1)(B)), by 
        inserting a comma after ``(A)'';
            (7) in section 1029(d) (12 U.S.C. 5519(d)), by striking the 
        period after ``Commission Act'';
            (8) in section 1061 (12 U.S.C. 5581)--
                    (A) in subsection (b)(7)--
                            (i) by striking ``Secretary of the 
                        Department of Housing and Urban Development'' 
                        each place that term appears and inserting 
                        ``Department of Housing and Urban 
                        Development''; and
                            (ii) in subparagraph (A), by striking ``(12 
                        U.S.C. 5102 et seq.)'' and inserting ``(12 
                        U.S.C. 5101 et seq.)''; and
                    (B) in subsection (c)(2)(A), by striking 
                ``procedures in'' and inserting ``procedures'';
            (9) in section 1063 (12 U.S.C. 5583)--
                    (A) in subsection (f)(1)(B), by striking ``that''; 
                and
                    (B) in subsection (g)(1)(A)--
                            (i) by striking ``(12 U.S.C. 5102 et 
                        seq.)'' and inserting ``(12 U.S.C. 5101 et 
                        seq.)''; and
                            (ii) by striking ``seq)'' and inserting 
                        ``seq.)'';
            (10) in section 1064(i)(1)(A)(iii) (12 U.S.C. 
        5584(i)(1)(A)(iii)), by inserting a period before ``If an'';
            (11) in section 1073(c)(2) (12 U.S.C. 5601(c)(2))--
                    (A) in the paragraph heading, by inserting ``and 
                education'' after ``financial literacy''; and
                    (B) by striking ``its duties'' and inserting 
                ``their duties'';
            (12) in section 1076(b)(1) (12 U.S.C. 5602(b)(1)), by 
        inserting before the period at the end the following: ``, the 
        Bureau may, after notice and opportunity for comment, prescribe 
        regulations'';
            (13) in section 1077(b)(4)(F) (124 Stat. 2076), by striking 
        ``associates'' and inserting ``associate's'';
            (14) in section 1084(1) (124 Stat. 2081)--
                    (A) by inserting ``paragraph (3) of section 903 (15 
                U.S.C. 1693a),'' before ``subsections (a) and (e) of 
                section 904'';
                    (B) by striking ``and in 918'' and inserting ``, 
                section 916(d) (15 U.S.C. 1693m(d)), section 918''; and
                    (C) by inserting a comma after ``2009)'';
            (15) in section 1089 (124 Stat. 2092)--
                    (A) in paragraph (3)--
                            (i) in subparagraph (A), by striking 
                        ``and'' at the end; and
                            (ii) in subparagraph (B)(vi), by striking 
                        the period at the end and inserting ``; and''; 
                        and
                    (B) by redesignating paragraph (4) as subparagraph 
                (C) and adjusting the margins accordingly; and
            (16) in section 1098(6) (124 Stat. 2104), by inserting 
        ``the first place that term appears'' before ``and''.
    (b) Effective Date.--The amendments made by paragraphs (14), (15), 
and (16) of subsection (a) of this section shall take effect as if 
enacted as part of subtitle H of the Consumer Financial Protection Act 
of 2010 (title X of Public Law 111-203; 124 Stat. 2080).

SEC. 812. TITLE XI CORRECTION.

    Section 1105(d)(1) of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act (12 U.S.C. 5612(d)(1)) is amended by striking 
``authority.--'' and all that follows through ``by the President'' and 
inserting ``authority.--A request by the President''.

SEC. 813. TITLE XII CORRECTION.

    Section 1208(b) of the Improving Access to Mainstream Financial 
Institutions Act of 2010 (12 U.S.C. 5626(b)) is amended by striking 
``Fund for each'' and inserting ``Fund (as defined in section 103(10) 
of the Riegle Community Development and Regulatory Improvement Act of 
1994 (12 U.S.C. 4702(10))) for each''.

SEC. 814. TITLE XIV CORRECTION.

    Section 1451(c) of the Mortgage Reform and Anti-Predatory Lending 
Act (12 U.S.C. 1701x-1(c)) is amended by striking ``pursuant''.

SEC. 815. CONFORMING CORRECTIONS TO OTHER STATUTES.

    (a) Alternative Mortgage Transaction Parity Act of 1982.--The 
Alternative Mortgage Transaction Parity Act of 1982 (12 U.S.C. 3801 et 
seq.) is amended--
            (1) in section 802(a)(3) (12 U.S.C. 3801(a)(3)), by 
        striking ``the Director of the Office of Thrift Supervision'' 
        and inserting ``the Bureau of Consumer Financial Protection''; 
        and
            (2) in section 804(d)(1) (12 U.S.C. 3803(d)(1))--
                    (A) by striking ``identified'' and inserting 
                ``issued''; and
                    (B) by striking the comma after ``Administration''.
    (b) Bank Holding Company Acts.--
            (1) Bank holding company act amendments of 1970.--Section 
        106(b)(1) of the Bank Holding Company Act Amendments of 1970 
        (12 U.S.C. 1972(1)) is amended, in the undesignated matter 
        following subparagraph (E)--
                    (A) by inserting ``Office of the'' before 
                ``Comptroller of the''; and
                    (B) by striking ``Federal Deposit Insurance 
                Company'' and inserting ``Federal Deposit Insurance 
                Corporation''.
            (2) Bank holding company act of 1956.--Section 13 of the 
        Bank Holding Company Act of 1956 (12 U.S.C. 1851) is amended--
                    (A) in subsection (d)(1)(E), by striking ``102 of 
                the Small Business Investment Act of 1958 (15 U.S.C. 
                662)'' and inserting ``103(3) of the Small Business 
                Investment Act of 1958 (15 U.S.C. 662(3))'';
                    (B) in subsection (f)(3)(A)(ii), by striking 
                ``(d)(1)(g)(v)'' and inserting ``(d)(1)(G)(v)''; and
                    (C) in the matter preceding subparagraph (A) of 
                subsection (h)(1), by striking ``section 8 of the 
                International Banking Act of 1978'' and inserting 
                ``section 8(a) of the International Banking Act of 1978 
                (12 U.S.C. 3106(a))''.
    (c) Balanced Budget and Emergency Deficit Control Act.--Section 
255(g)(1)(A) of the Balanced Budget and Emergency Deficit Control Act 
of 1985 (2 U.S.C. 905(g)(1)(A)) is amended by striking ``Office of 
Thrift Supervision (20-4108-0-3-373).''.
    (d) Bretton Woods Agreements Act.--Section 68(a)(1) of the Bretton 
Woods Agreements Act (22 U.S.C. 286tt(a)(1)) is amended by striking 
``Fund ,'' and inserting ``Fund,''.
    (e) CAN-SPAM Act of 2003.--Section 7(b)(1)(D) of the CAN-SPAM Act 
of 2003 (15 U.S.C. 7706(b)(1)(D)) is amended by striking ``Director of 
the Office of Thrift Supervision'' and inserting ``Comptroller of the 
Currency or the Board of Directors of the Federal Deposit Insurance 
Corporation, as applicable''.
    (f) Children's Online Privacy Protection Act of 1998.--Section 
1306(b)(2) of the Children's Online Privacy Protection Act of 1998 (15 
U.S.C. 6505(b)(2)) is amended by striking ``Director of the Office of 
Thrift Supervision'' and inserting ``Comptroller of the Currency or the 
Board of Directors of the Federal Deposit Insurance Corporation, as 
applicable''.
    (g) Commodity Exchange Act.--The Commodity Exchange Act (7 U.S.C. 1 
et seq.) is amended--
            (1) in section 1a (7 U.S.C. 1a)--
                    (A) in paragraph (12)(A)(i)(II), by adding a 
                semicolon at the end;
                    (B) in paragraph (39)(A)(iv), by striking ``225'' 
                and inserting ``25''; and
                    (C) in paragraph (47)(B)(viii)(II), by striking 
                ``(15 U.S.C. 77b(a)(11))'' and inserting ``(15 U.S.C. 
                77b(a)(11)))'';
            (2) in section 2 (7 U.S.C. 2)--
                    (A) in subsection (c)(2)(D)(ii)(I), by striking 
                ``subparagraphs'' and inserting ``subparagraph''; and
                    (B) in subsection (h)--
                            (i) in paragraph (5)--
                                    (I) in subparagraph (A)--
                                            (aa) by striking ``Swaps'' 
                                        and inserting ``Each swap''; 
                                        and
                                            (bb) by striking ``no later 
                                        than 180 days after the 
                                        effective date of this 
                                        subsection.'' and inserting 
                                        ``no later than--
                            ``(i) 30 days after the issuance of the 
                        interim final rule; or
                            ``(ii) such other date as the Commission 
                        determines appropriate.''; and
                                    (II) in subparagraph (B), by 
                                striking ``Swaps'' and inserting ``Each 
                                swap'';
                            (ii) in paragraph (7)--
                                    (I) in subparagraph (C)(i)(VII), by 
                                inserting ``or a governmental plan'' 
                                after ``employee benefit plan''; and
                                    (II) in subparagraph (D)(ii)(V), by 
                                striking ``of that Act'' and inserting 
                                ``of that section''; and
                            (iii) in paragraph (8)(A)(ii), by inserting 
                        ``section'' before ``5h or'';
            (3) in section 4 (7 U.S.C. 6)--
                    (A) in subsection (b)(1)(A), by striking 
                ``commission'' each place that term appears and 
                inserting ``Commission''; and
                    (B) in subsection (c)(1)--
                            (i) in subparagraph (A)--
                                    (I) by inserting ``the Commission 
                                shall not grant exemptions,'' after 
                                ``grant exemptions,''; and
                                    (II) in clause (i)--
                                            (aa) in subclause (I)--

                                                    (AA) by striking 
                                                ``5(g), 5(h),''; and

                                                    (BB) by striking 
                                                ``8e,''; and

                                            (bb) in subclause (II), by 
                                        striking ``206(e)'' and 
                                        inserting ``206''; and
                            (ii) in subparagraph (B), by striking 
                        ``(D))'' and inserting ``(D)'';
            (4) in section 4d(f)(2)(A) (7 U.S.C. 6d(f)(2)(A)), by 
        striking ``though'' and inserting ``through'';
            (5) in section 4s (7 U.S.C. 6s)--
                    (A) in subsection (e)(3)--
                            (i) in subparagraph (B)(i)(II), by striking 
                        ``(11))'' and inserting ``(11)))''; and
                            (ii) in subparagraph (D)(ii), in the matter 
                        preceding subclause (I), by striking ``non cash 
                        collateral'' and inserting ``noncash 
                        collateral'';
                    (B) in subsection (f)(1)(B)(i), by striking 
                ``Commission'' and inserting ``prudential regulator'';
                    (C) in subsection (h)--
                            (i) in paragraph (2)(B), by inserting ``a'' 
                        before ``swap with''; and
                            (ii) in paragraph (5)(A)--
                                    (I) in clause (i)--
                                            (aa) by striking ``section 
                                        1a(18)'' and inserting 
                                        ``section 1a(18)(A)''; and
                                            (bb) in subclause (VII), by 
                                        striking ``act of'' and 
                                        inserting ``Act of''; and
                                    (II) in clause (ii), by inserting 
                                ``in connection with the transaction'' 
                                after ``acting''; and
                    (D) in subsection (k)(3)(A)(ii), by striking ``the 
                code'' and inserting ``any code'';
            (6) in section 5(d)(19)(A) (7 U.S.C. 7(d)(19)(A)), by 
        striking ``taking'' and inserting ``take'';
            (7) in section 5b (7 U.S.C. 7a-1), by redesignating 
        subsection (k) as subsection (j);
            (8) in section 5c(c) (7 U.S.C. 7a-2(c))--
                    (A) in paragraph (4)(B), by striking ``1a(10)'' and 
                inserting ``1a(9)''; and
                    (B) in paragraph (5)--
                            (i) in subparagraph (A), by striking ``this 
                        subtitle'' and inserting ``this Act''; and
                            (ii) in subparagraph (C)(i), by striking 
                        ``1a(2)(i)'' and inserting ``1a(9)'';
            (9) in section 5h (7 U.S.C. 7b-3)--
                    (A) in subsection (a)(1) , by striking ``a 
                facility'' and inserting ``a swap execution facility''; 
                and
                    (B) in subsection (f)(11)(A), by striking 
                ``taking'' and inserting ``take'';
            (10) in section 22(a)(1)(C)(ii) (7 U.S.C. 25(a)(1)(C)(ii)), 
        by striking ``or'' at the end; and
            (11) in section 23 (7 U.S.C. 26)--
                    (A) in subsection (c)--
                            (i) in paragraph (1)(B)(i)(III), by 
                        striking ``the Act'' each place that term 
                        appears and inserting ``this Act''; and
                            (ii) in paragraph (2)(A)(i), by striking 
                        ``a appropriate'' and inserting ``an 
                        appropriate''; and
                    (B) in subsection (f)(3), by striking ``7064'' and 
                inserting ``706''.
    (h) Community Reinvestment Act of 1977.--The Community Reinvestment 
Act of 1977 (12 U.S.C. 2901 et seq.) is amended--
            (1) in section 803(1)(C) (12 U.S.C. 2902(1)(C)), by 
        striking the period at the end and inserting a semicolon; and
            (2) in section 806 (12 U.S.C. 2905), by striking 
        ``companies,,'' and inserting ``companies,''.
    (i) Credit Repair Organizations Act.--Section 403(4) of the Credit 
Repair Organizations Act (15 U.S.C. 1679a(4)) is amended by striking 
``103(e)'' and inserting ``103(f)''.
    (j) Depository Institution Management Interlocks Act.--Section 
205(9) of the Depository Institution Management Interlocks Act (12 
U.S.C. 3204(9)) is amended by striking ``Director of the Office of 
Thrift Supervision'' and inserting ``appropriate Federal banking 
agency''.
    (k) Economic Growth and Regulatory Paperwork Reduction Act of 
1996.--Section 2227(a)(1) of the Economic Growth and Regulatory 
Paperwork Reduction Act of 1996 (12 U.S.C. 252(a)(1)) is amended by 
striking ``the Director of the Office of Thrift Supervision,''.
    (l) Electronic Fund Transfer Act.--The Electronic Fund Transfer Act 
(15 U.S.C. 1693 et seq.) is amended--
            (1) in section 903 (15 U.S.C. 1693a)--
                    (A) in paragraph (2), by striking ``103(i)'' and 
                inserting ``103(j)''; and
                    (B) by redesignating the first paragraph designated 
                as paragraph (4) (defining the term ``Board'') as 
                paragraph (3);
            (2) in section 904(a) (15 U.S.C. 1693b(a))--
                    (A) by redesignating the second paragraph 
                designated as paragraph (1) (relating to consultation 
                with other agencies), the second paragraph designated 
                as paragraph (2) (relating to the preparation of an 
                analysis of economic impact), paragraph (3), and 
                paragraph (4) as subparagraphs (A), (B), (C), and (D), 
                respectively, and adjusting the margins accordingly;
                    (B) by striking ``In prescribing such regulations, 
                the Board shall:'' and inserting the following:
            ``(3) Regulations.--In prescribing regulations under this 
        subsection, the Bureau and the Board shall--'';
                    (C) in paragraph (3)(C), as so redesignated, by 
                striking ``the Board shall'';
                    (D) in paragraph (3)(D), as so redesignated--
                            (i) by inserting ``send promptly'' before 
                        ``any''; and
                            (ii) by striking ``shall be sent promptly 
                        to Congress by the Board'' and inserting ``to 
                        Congress'';
            (3) in section 909(c) (15 U.S.C. 1693g(c)), by striking 
        ``103(e)'' and inserting ``103(f)'';
            (4) in section 918(a)(4) (15 U.S.C. 1693o(a)(4), by 
        striking ``Act and'' and inserting ``Act; and''; and
            (5) in section 920(a)(4)(C) (15 U.S.C. 1693o-2(a)(4)(C)), 
        by striking ``the Director of the Office of Thrift 
        Supervision,''.
    (m) Emergency Economic Stabilization Act of 2008.--Section 101(b) 
of the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5211(b)) 
is amended by striking ``the Director of the Office of Thrift 
Supervision,''.
    (n) Equal Credit Opportunity Act.--The Equal Credit Opportunity Act 
(15 U.S.C. 1691 et seq.) is amended--
            (1) in section 703 (15 U.S.C. 1691b)--
                    (A) in each of subsections (c) and (d), by striking 
                ``paragraph'' each place that term appears and 
                inserting ``subsection''; and
                    (B) in subsection (g), by adding a period at the 
                end;
            (2) in section 704 (15 U.S.C. 1691c)--
                    (A) in subsection (a), by striking ``Consumer 
                Protection Financial Protection Act of 2010 with'' and 
                inserting ``Consumer Financial Protection Act of 2010, 
                compliance with''; and
                    (B) in subsection (c), in the second sentence, by 
                striking ``subchapter'' and inserting ``title'';
            (3) in section 704B(e)(3) (15 U.S.C. 1691c-2(e)(3)), by 
        striking ``(1)(E)'' and inserting ``(2)(E)''; and
            (4) in section 706(k) (15 U.S.C. 1691e(k)), by striking ``, 
        (2), or (3)'' and inserting ``or (2)''.
    (o) Expedited Funds Availability Act.--The Expedited Funds 
Availability Act (12 U.S.C. 4001 et seq.) is amended--
            (1) in section 605(f)(2)(A) (12 U.S.C. 4004(f)(2)(A)), by 
        striking ``,,'' and inserting a semicolon; and
            (2) in section 610(a)(2) (12 U.S.C. 4009(a)(2)), by 
        striking ``Director of the Office of Thrift Supervision'' and 
        inserting ``Comptroller of the Currency and the Board of 
        Directors of the Federal Deposit Insurance Corporation, as 
        appropriate,''.
    (p) Fair Credit Reporting Act.--The Fair Credit Reporting Act (15 
U.S.C. 1681 et seq.) is amended--
            (1) in section 603 (15 U.S.C. 1681a)--
                    (A) in subsection (d)(2)(D), by striking ``(x)'' 
                and inserting ``(y)'';
                    (B) in subsection (q)(5), by striking ``103(i)'' 
                and inserting ``103(j)''; and
                    (C) in subsection (v), by striking ``Bureau'' and 
                inserting ``Federal Trade Commission'';
            (2) in section 604 (15 U.S.C. 1681b)--
                    (A) in subsection (b)(2)(B)(i), by striking 
                ``section 615(a)(3)'' and inserting ``section 
                615(a)(4)''; and
                    (B) in subsection (g)(5), by striking ``paragraph 
                (2).--'' and all that follows through ``The Bureau'' 
                and inserting ``paragraph (2).--The Bureau'';
            (3) in section 605(h)(2)(A) (15 U.S.C. 1681c(h)(2)(A))--
                    (A) by striking ``shall,,'' and inserting 
                ``shall,''; and
                    (B) by striking ``Commission,,'' and inserting 
                ``Commission,'';
            (4) in paragraphs (1)(A), (1)(B)(i), (2)(A)(i), and (2)(B) 
        of section 605A(h) (15 U.S.C. 1681c-1(h))--
                    (A) by striking ``103(i)'' and inserting ``103(j)'' 
                each place that term appears; and
                    (B) by striking ``open-end'' and inserting ``open 
                end'' each place that term appears;
            (5) in section 609 (15 U.S.C. 1681g)--
                    (A) in subsection (c)(1)--
                            (i) in the paragraph heading, by striking 
                        ``commission'' and inserting ``bureau''; and
                            (ii) in subparagraph (B)(vi), by striking 
                        ``603(w)'' and inserting ``603(x)''; and
                    (B) by striking ``The Commission'' each place that 
                term appears and inserting ``The Bureau'';
            (6) in section 611 (15 U.S.C. 1681i), by striking ``The 
        Commission'' each place that term appears and inserting ``The 
        Bureau'';
            (7) in section 612 (15 U.S.C. 1681j)--
                    (A) in subsection (a)(1), by striking ``(w)'' and 
                inserting ``(x)''; and
                    (B) by striking ``The Commission'' each place that 
                term appears and inserting ``The Bureau''; and
            (8) in section 621 (15 U.S.C. 1681s)--
                    (A) in subsection (a)(1), in the first sentence, by 
                striking ``, subsection (b)'';
                    (B) in subsection (e)(2), by inserting a period 
                after ``provisions of this title''; and
                    (C) in subsection (f)(2), by striking ``The 
                Commission'' and inserting ``The Bureau''.
    (q) Federal Credit Union Act.--Section 206(g)(7)(D)(iv) of the 
Federal Credit Union Act (12 U.S.C. 1786(g)(7)(D)(iv)) is amended by 
striking the semicolon at the end and inserting a period.
    (r) Federal Deposit Insurance Act.--The Federal Deposit Insurance 
Act (12 U.S.C. 1811 et seq.) is amended--
            (1) in section 3(q)(2)(C) (12 U.S.C. 1813(q)(2)(C)), by 
        adding ``and'' at the end;
            (2) in section 7 (12 U.S.C. 1817)--
                    (A) in subsection (b)(2)--
                            (i) in subparagraph (A), by striking 
                        ``(D)'' and inserting ``(C)''; and
                            (ii) by redesignating subparagraphs (D) and 
                        (E) as subparagraphs (C) and (D), respectively; 
                        and
                    (B) in subsection (e)(2)(C), by adding a period at 
                the end;
            (3) in section 8 (12 U.S.C. 1818)--
                    (A) in subsection (b)(3), by striking ``Act))'' and 
                inserting ``Act)''; and
                    (B) in subsection (t)--
                            (i) in paragraph (2)--
                                    (I) in subparagraph (C), by 
                                striking ``depositors or'' and 
                                inserting ``depositors; or''; and
                                    (II) in subparagraph (D), by 
                                striking the semicolon at the end and 
                                inserting a period; and
                            (ii) by redesignating the second paragraph 
                        designated as paragraph (6), as added by 
                        section 1090(1) of the Consumer Financial 
                        Protection Act of 2010 (title X of Public Law 
                        111-203; 124 Stat. 2093) (relating to referral 
                        to the Bureau of Consumer Financial 
                        Protection), as paragraph (7);
            (4) in section 10(b)(3)(A) (12 U.S.C. 1820(b)(3)(A)), by 
        striking ``that Act'' and inserting ``the Dodd-Frank Wall 
        Street Reform and Consumer Protection Act (12 U.S.C. 5301 et 
        seq.)'';
            (5) in section 11 (12 U.S.C. 1821)--
                    (A) in subsection (d)(2)(I)(ii), by striking ``and 
                section 21A(b)(4)''; and
                    (B) in subsection (m), in each of paragraphs (16) 
                and (18), by striking the comma after ``Comptroller of 
                the Currency'' each place it appears; and
            (6) in section 26(a) (12 U.S.C. 1831c(a)), by striking 
        ``Holding Company Act'' each place that term appears and 
        inserting ``Holding Company Act of 1956''.
    (s) Federal Financial Institutions Examination Council Act of 
1978.--Section 1003(1) of the Federal Financial Institutions 
Examination Council Act of 1978 (12 U.S.C. 3302(1)) is amended by 
striking ``the Office of Thrift Supervision,''.
    (t) Federal Fire Prevention and Control Act of 1974.--Section 
31(a)(5)(B) of the Federal Fire Prevention and Control Act of 1974 (15 
U.S.C. 2227(a)(5)(B)) is amended by striking ``the Federal Deposit 
Insurance Corporation'' and all that follows through the period and 
inserting ``or the Federal Deposit Insurance Corporation under the 
affordable housing program under section 40 of the Federal Deposit 
Insurance Act.''.
    (u) Federal Home Loan Bank Act.--The Federal Home Loan Bank Act (12 
U.S.C. 1421 et seq.) is amended--
            (1) in section 10(h)(1) (12 U.S.C. 1430(h)(1)), by striking 
        ``Director of the Office of Thrift Supervision'' and inserting 
        ``Comptroller of the Currency or the Board of Directors of the 
        Federal Deposit Insurance Corporation, as applicable''; and
            (2) in section 22(a) (12 U.S.C. 1442(a))--
                    (A) in the matter preceding paragraph (1), by 
                striking ``Currency'' and all that follows through 
                ``Supervision'' and inserting ``Currency, the Chairman 
                of the Board of Governors of the Federal Reserve 
                System, the Chairperson of the Federal Deposit 
                Insurance Corporation, and the Chairman of the National 
                Credit Union Administration''; and
                    (B) in the undesignated matter following paragraph 
                (2), by striking ``Currency'' and all that follows 
                through ``Supervision'' and inserting ``Currency, the 
                Chairman of the Board of Governors of the Federal 
                Reserve System, and the Chairman of the National Credit 
                Union Administration''.
    (v) Federal Reserve Act.--The Federal Reserve Act (12 U.S.C. 221 et 
seq.) is amended--
            (1) in section 10 (12 U.S.C. 247b), by redesignating 
        paragraph (12) as paragraph (11); and
            (2) in section 11 (12 U.S.C. 248)--
                    (A) by redesignating subsection (s), as added by 
                section 1103(b) of the Dodd-Frank Wall Street Reform 
                and Consumer Protection Act (124 Stat. 2118) (relating 
                to Federal Reserve transparency and release of 
                information), as subsection (t), and moving subsection 
                (t), as so redesignated, so it appears after subsection 
                (s);
                    (B) in subsection (s)(2)(C), by striking 
                ``supervised by the Board'' and inserting ``subject to 
                a final determination''; and
                    (C) in subsection (t), as so redesignated, in 
                paragraph (8)(B), by striking ``this section'' and 
                inserting ``this subsection''.
    (w) Financial Institutions Reform, Recovery, and Enforcement Act of 
1989.--The Financial Institutions Reform, Recovery, and Enforcement Act 
of 1989 (Public Law 101-73; 103 Stat. 183) is amended--
            (1) in section 1121(6) (12 U.S.C. 3350(6)), by striking 
        ``the Office of Thrift Supervision,''; and
            (2) in section 1206(a) (12 U.S.C. 1833b(a)), by striking 
        ``and the Bureau of Consumer Financial Protection,'' and 
        inserting ``the Bureau of Consumer Financial Protection, and''.
    (x) Gramm-Leach-Bliley Act.--The Gramm-Leach-Bliley Act (Public Law 
106-102; 113 Stat. 1338) is amended--
            (1) in section 132(a) (12 U.S.C. 1828b(a)), by striking 
        ``the Director of the Office of Thrift Supervision,'';
            (2) in section 206(a) (15 U.S.C. 78c note), by striking 
        ``Except as provided in subsection (e), for'' and inserting 
        ``For'';
            (3) in section 502(e)(5) (15 U.S.C. 6802(e)(5)), by 
        inserting a comma after ``Protection'';
            (4) in section 504(a)(2) (15 U.S.C. 6804(a)(2)), by 
        striking ``and, as appropriate, and with'' and inserting ``and, 
        as appropriate, with'';
            (5) in section 509(2) (15 U.S.C. 6809(2))--
                    (A) by striking subparagraph (D); and
                    (B) by redesignating subparagraphs (E) and (F) as 
                subparagraphs (D) and (E), respectively; and
            (6) in section 522(b)(1)(A)(iv) (15 U.S.C. 
        6822(b)(1)(A)(iv)), by striking ``Director of the Office of 
        Thrift Supervision'' and inserting ``Comptroller of the 
        Currency and the Board of Directors of the Federal Deposit 
        Insurance Corporation, as appropriate''.
    (y) Helping Families Save Their Homes Act of 2009.--Section 104 of 
the Helping Families Save Their Homes Act of 2009 (12 U.S.C. 1715z-25) 
is amended--
            (1) in subsection (a)--
                    (A) in the matter preceding paragraph (1)--
                            (i) by striking ``and the Director of the 
                        Office of Thrift Supervision, shall jointly'' 
                        and inserting ``shall'';
                            (ii) by striking ``Senate,'' and inserting 
                        ``Senate and'';
                            (iii) by striking ``and the Office of 
                        Thrift Supervision''; and
                            (iv) by striking ``each such'' and 
                        inserting ``such''; and
                    (B) in paragraph (1), by striking ``and the Office 
                of Thrift Supervision''; and
            (2) in subsection (b)(1)--
                    (A) in subparagraph (A)--
                            (i) in the first sentence--
                                    (I) by striking ``and the Director 
                                of the Office of Thrift Supervision,''; 
                                and
                                    (II) by striking ``or the 
                                Director''; and
                            (ii) in the second sentence, by striking 
                        ``and the Director of the Office of Thrift 
                        Supervision''; and
                    (B) in subparagraph (B), by striking ``and the 
                Director of the Office of Thrift Supervision''.
    (z) Home Mortgage Disclosure Act of 1975.--The Home Mortgage 
Disclosure Act of 1975 (12 U.S.C. 2801 et seq.) is amended--
            (1) in section 304(j)(3) (12 U.S.C. 2803(j)(3)), by adding 
        a period at the end; and
            (2) in section 305(b)(1)(A) (12 U.S.C. 2804(b)(1)(A))--
                    (A) in the matter preceding clause (i), by 
                inserting ``by'' before ``the appropriate Federal 
                banking agency''; and
                    (B) in clause (iii), by striking ``bank as,'' and 
                inserting ``bank, as''.
    (aa) Home Owners' Loan Act.--The Home Owners' Loan Act (12 U.S.C. 
1461 et seq.) is amended--
            (1) in section 5 (12 U.S.C. 1464)--
                    (A) in subsection (d)(2)(E)(ii)--
                            (i) in the first sentence, by striking 
                        ``Except as provided in section 21A of the 
                        Federal Home Loan Bank Act, the'' and inserting 
                        ``The''; and
                            (ii) by striking ``, at the Director's 
                        discretion,'';
                    (B) in subsection (i)(6), by striking ``the Office 
                of Thrift Supervision or'';
                    (C) in subsection (m), by striking ``Director's'' 
                each place that term appears and inserting 
                ``appropriate Federal banking agency's'';
                    (D) in subsection (n)(9)(B), by striking 
                ``Director's'' and inserting ``Comptroller's''; and
                    (E) in subsection (s)--
                            (i) in paragraph (1)--
                                    (I) in the matter preceding 
                                subparagraph (A), by striking ``of such 
                                Act)'' and all that follows through 
                                ``shall require'' and inserting ``of 
                                such Act), the appropriate Federal 
                                banking agency shall require''; and
                                    (II) in subparagraph (B), by 
                                striking ``other methods'' and all that 
                                follows through ``determines'' and 
                                inserting ``other methods as the 
                                appropriate Federal banking agency 
                                determines'';
                            (ii) in paragraph (2)--
                                    (I) by striking ``determined'' and 
                                all that follows through ``may, 
                                consistent'' and inserting ``determined 
                                by appropriate federal banking agency 
                                case-by-case.--The appropriate Federal 
                                banking agency may, consistent''; and
                                    (II) by striking ``capital-to-
                                assets'' and all that follows through 
                                ``determines to be necessary'' and 
                                inserting ``capital-to-assets as the 
                                appropriate Federal banking agency 
                                determines to be necessary''; and
                            (iii) in paragraph (3)--
                                    (I) by striking ``agency, may'' and 
                                inserting ``agency may''; and
                                    (II) by striking ``the 
                                Comptroller'' and inserting ``the 
                                appropriate Federal banking agency'';
            (2) in section 6(c) (12 U.S.C. 1465(c)), by striking 
        ``sections'' and inserting ``section'';
            (3) in section 10 (12 U.S.C. 1467a)--
                    (A) in subsection (b)(6), by striking ``time'' and 
                all that follows through ``release'' and inserting 
                ``time, upon the motion or application of the Board, 
                release'';
                    (B) in subsection (c)(2)(H)--
                            (i) in the matter preceding clause (i)--
                                    (I) by striking ``1841(p))'' and 
                                inserting ``1841(p)))''; and
                                    (II) by inserting ``(12 U.S.C. 
                                1843(k))'' before ``if--''; and
                            (ii) in clause (i), by inserting ``of 1956 
                        (12 U.S.C. 1843(l) and (m))'' after ``Company 
                        Act''; and
                    (C) in subsection (e)(7)(B)(iii)--
                            (i) by striking ``Board of the Office of 
                        Thrift Supervision'' and inserting ``Director 
                        of the Office of Thrift Supervision''; and
                            (ii) by inserting ``(as defined in section 
                        2 of the Dodd-Frank Wall Street Reform and 
                        Consumer Protection Act (12 U.S.C. 5301))'' 
                        after ``transfer date''; and
            (4) in section 13 (12 U.S.C. 1468b), by striking ``the a'' 
        and inserting ``a''.
    (bb) Home Ownership and Equity Protection Act of 1994.--Section 158 
of the Home Ownership and Equity Protection Act of 1994 (15 U.S.C. 1601 
note) is amended by striking ``Bureau'' each place that term appears 
and inserting ``Bureau of Consumer Financial Protection''.
    (cc) Housing Act of 1948.--Section 502(c)(3) of the Housing Act of 
1948 (12 U.S.C. 1701c(c)(3)) is amended by striking ``Federal Home Loan 
Bank Agency'' and inserting ``Federal Housing Finance Agency''.
    (dd) Housing and Urban Development Act of 1968.--Section 106(h)(5) 
of the Housing and Urban Development Act of 1968 (12 U.S.C. 
1701x(h)(5)) is amended by striking ``authorised'' and inserting 
``authorized''.
    (ee) International Banking Act of 1978.--Section 15 of the 
International Banking Act of 1978 (12 U.S.C. 3109) is amended--
            (1) in each of subsections (a) and (b)--
                    (A) by striking ``, and Director of the Office of 
                Thrift Supervision'' each place that term appears; and
                    (B) by inserting ``and'' before ``Federal Deposit'' 
                each place that term appears;
            (2) in subsection (a), by striking ``Comptroller, 
        Corporation, or Director'' and inserting ``Comptroller, or 
        Corporation''; and
            (3) in subsection (c)(4)--
                    (A) by inserting ``and'' before ``the Federal 
                Deposit''; and
                    (B) by striking ``, and the Director of the Office 
                of Thrift Supervision''.
    (ff) International Lending Supervision Act of 1983.--Section 912 of 
the International Lending Supervision Act of 1983 (12 U.S.C. 3911) is 
amended--
            (1) in the section heading, by striking ``and the office of 
        thrift supervision'';
            (2) by striking subsection (b);
            (3) by striking ``(a) In General.--''; and
            (4) by striking ``4'' and inserting ``3''.
    (gg) Interstate Land Sales Full Disclosure Act.--The Interstate 
Land Sales Full Disclosure Act (15 U.S.C. 1701 et seq.) is amended--
            (1) in section 1402(1) (15 U.S.C. 1701(1)) by striking 
        ``Bureau of'' and all that follows through the semicolon at the 
        end and inserting ``Bureau of Consumer Financial Protection;''; 
        and
            (2) in each of section 1411(b) (15 U.S.C. 1710(b)) and 
        subsections (b)(4) and (d) of section 1418a (15 U.S.C. 1717a), 
        by striking ``Secretary's'' each place that term appears and 
        inserting ``Director's''.
    (hh) Investment Advisers Act of 1940.--Section 224 of the 
Investment Advisers Act of 1940 (15 U.S.C. 80b-18c) is amended in the 
section heading, by striking ``commodities'' and inserting 
``commodity''.
    (ii) Legal Certainty for Bank Products Act of 2000.--Section 
403(b)(1) of the Legal Certainty for Bank Products Act of 2000 (7 
U.S.C. 27a(b)(1)) is amended by striking ``that section'' and inserting 
``section''.
    (jj) Omnibus Appropriations Act, 2009.--Section 626(b) of the 
Omnibus Appropriations Act, 2009 (12 U.S.C. 5538(b)) is amended, in 
each of paragraphs (2) and (3), by inserting a comma after ``as 
appropriate'' each place that term appears.
    (kk) Public Law 93-495.--Section 111 of Public Law 93-495 (12 
U.S.C. 250) is amended by striking ``the Director of the Office of 
Thrift Supervision,''.
    (ll) Revised Statutes of the United States.--Section 5136C(i) of 
the Revised Statutes of the United States (12 U.S.C. 25b(i)) is amended 
by striking ``Powers.--'' and all that follows through ``In 
accordance'' and inserting ``Powers.--In accordance''.
    (mm) Riegle Community Development and Regulatory Improvement Act of 
1994.--Section 117(e) of the Riegle Community Development and 
Regulatory Improvement Act of 1994 (12 U.S.C. 4716(e)) is amended by 
striking ``the Director of the Office of Thrift Supervision,''.
    (nn) S.A.F.E. Mortgage Licensing Act of 2008.--Section 1514 of the 
S.A.F.E. Mortgage Licensing Act of 2008 (12 U.S.C. 5113) is amended in 
each of subsections (b)(5) and (c)(4)(C), by striking ``Secretary's'' 
each place that term appears and inserting ``Director's''.
    (oo) Securities Exchange Act of 1934.--The Securities Exchange Act 
of 1934 (15 U.S.C. 78a et seq.) is amended--
            (1) in section 3C(g)(4)(B)(v) (15 U.S.C. 78c-
        3(g)(4)(B)(v)), by striking ``of that Act'' and inserting ``of 
        that section'';
            (2) in section 3D(d)(10)(A) (15 U.S.C. 78c-4(d)(10)(A)), by 
        striking ``taking'' and inserting ``take'';
            (3) in section 3E(b)(1) (15 U.S.C. 78c-5(b)(1)), by 
        striking ``though'' and inserting ``through'';
            (4) in section 4(g)(8)(A) (15 U.S.C. 78d(g)(8)(A)), by 
        striking ``(2)(A)(i)'' and inserting ``(2)(A)(ii)'';
            (5) in section 15 (15 U.S.C. 78o)--
                    (A) in each of subparagraphs (B)(ii) and (C) of 
                subsection (b)(4), by striking ``dealer municipal 
                advisor,,'' and inserting ``dealer, municipal 
                advisor,'';
                    (B) by redesignating subsection (j) (relating to 
                the authority of the Commission) as subsection (p), and 
                moving that subsection so it follows subsection (o);
                    (C) by redesignating subsections (k) and (l) 
                (relating to standard of conduct and other matters, 
                respectively), as added by section 913(g)(1) of the 
                Investor Protection and Securities Reform Act of 2010 
                (title IX of Public Law 111-203; 124 Stat. 1828), as 
                subsections (q) and (r), respectively and moving those 
                subsections to the end; and
                    (D) in subsection (m), in the undesignated matter 
                following paragraph (2), by inserting ``the'' before 
                ``same extent'';
            (6) in section 15F(h) (15 U.S.C. 78o-10(h))--
                    (A) in paragraph (2)--
                            (i) in subparagraph (A), by inserting ``a'' 
                        after ``that acts as an advisor to''; and
                            (ii) in subparagraph (B), by inserting 
                        ``a'' after ``offers to enter into''; and
                    (B) in paragraph (5)(A)(i)--
                            (i) by inserting ``(A)'' after ``(18)''; 
                        and
                            (ii) in subclause (VII), by striking ``act 
                        of'' and inserting ``Act of'';
            (7) in section 15G (15 U.S.C. 78o-11)--
                    (A) in subsection (b)(2), by inserting ``Director 
                of the'' before ``Federal Housing''; and
                    (B) in subsection (e)--
                            (i) in paragraph (4)--
                                    (I) in subparagraph (A), by 
                                striking ``subsection'' and inserting 
                                ``section''; and
                                    (II) in subparagraph (C)--
                                            (aa) by striking 
                                        ``129C(c)(2)'' and inserting 
                                        ``129C(b)(2)(A)''; and
                                            (bb) by inserting ``(15 
                                        U.S.C. 1639c(b)(2)(A))'' after 
                                        ``Lending Act''; and
                            (ii) in paragraph (5), by striking 
                        ``subsection'' and inserting ``section''; and
            (8) in section 17A (15 U.S.C. 78q-1), by redesignating the 
        second subsection designated as subsection (g), as added by 
        section 929W of the Investor Protection and Securities Reform 
        Act of 2010 (title IX of Public Law 111-203; 124 Stat. 1869) 
        (relating to due diligence for the delivery of dividends, 
        interest, and other valuable property rights), as subsection 
        (n) and moving that subsection to the end.
    (pp) Telemarketing and Consumer Fraud and Abuse Prevention Act.--
Section 3(b) of the Telemarketing and Consumer Fraud and Abuse 
Prevention Act (15 U.S.C. 6102(b)) is amended by inserting before the 
period at the end the following: ``, provided, however, that nothing in 
this section shall conflict with or supersede section 6 of the Federal 
Trade Commission Act (15 U.S.C. 46)''.
    (qq) Title 5.--Title 5, United States Code, is amended--
            (1) in section 3132(a)(1)(D), by striking ``the Office of 
        Thrift Supervision,, the Resolution Trust Corporation,''; and
            (2) in section 5314, by striking ``Director of the Office 
        of Thrift Supervision.''.
    (rr) Title 31.--
            (1) Amendments.--Title 31, United States Code, is amended--
                    (A) by striking section 309;
                    (B) in section 313--
                            (i) in subsection (j)(2), by striking 
                        ``Agency''; and
                            (ii) in subsection (r)(4), by striking 
                        ``the Office of Thrift Supervision,''; and
                    (C) in section 714(d)(3)(B) by striking ``a audit'' 
                and inserting ``an audit''.
            (2) Analysis.--The analysis for subchapter I of chapter 3 
        of title 31, United States Code, is amended by striking the 
        item relating to section 309.
    (ss) Truth in Lending Act.--The Truth in Lending Act (15 U.S.C. 
1601 et seq.) is amended--
            (1) in section 103(dd)(2)(E)(v) (15 U.S.C. 
        1602(dd)(2)(E)(v)), as redesignated by section 108(a)(1) of 
        this Act, by striking ``Board'' and inserting ``Bureau'';
            (2) in section 105 (15 U.S.C. 1604), by inserting 
        subsection (h), as added by section 1472(c) of the Mortgage 
        Reform and Anti-Predatory Lending Act (title XIV of Public Law 
        111-203; 124 Stat. 2190), before subsection (i), as added by 
        section 1100A(7) of the Consumer Financial Protection Act of 
        2010 (title X of Public Law 111-203; 124 Stat. 2108);
            (3) in section 106(f)(2)(B)(i) (15 U.S.C. 
        1605(f)(2)(B)(i)), by striking ``103(w)'' and inserting 
        ``103(x)'';
            (4) in section 121(b) (15 U.S.C. 1631(b)), by striking 
        ``103(f)'' and inserting ``103(g)'';
            (5) in section 122(d)(5) (15 U.S.C. 1632(d)(5)), by 
        striking ``and the Bureau'';
            (6) in section 125(e)(1) (15 U.S.C. 1635(e)(1)), by 
        striking ``103(w)'' and inserting ``103(x)'';
            (7) in section 129 (15 U.S.C. 1639)--
                    (A) in subsection (q), by striking ``(l)(2)'' and 
                inserting ``(p)(2)''; and
                    (B) in subsection (u)(3), by striking ``Board'' 
                each place that term appears and inserting ``Bureau'';
            (8) in section 129C (15 U.S.C. 1639c)--
                    (A) in subsection (b)(2)(B), by striking the second 
                period at the end; and
                    (B) in subsection (c)(1)(B)(ii)(I), by striking ``a 
                original'' and inserting ``an original'';
            (9) in section 140A (15 U.S.C. 1651), by striking ``the 
        Bureau and'';
            (10) in section 148(d) (15 U.S.C. 1665c(d)), by striking 
        ``Bureau'' and inserting ``Board'';
            (11) in section 149 (15 U.S.C. 1665d)--
                    (A) by striking ``the Director of the Office of 
                Thrift Supervision,'' each place that term appears;
                    (B) by striking ``National Credit Union 
                Administration Bureau'' each place that term appears 
                and inserting ``National Credit Union Administration 
                Board''; and
                    (C) by striking ``Bureau of Directors of the 
                Federal Deposit Insurance Corporation'' each place that 
                term appears and inserting ``Board of Directors of the 
                Federal Deposit Insurance Corporation''; and
            (12) in section 181(1) (15 U.S.C. 1667(1)), by striking 
        ``103(g)'' and inserting ``103(h)''.
    (tt) Truth in Savings Act.--The Truth in Savings Act (12 U.S.C. 
4301 et seq.) is amended in each of sections 269(a)(4) (12 U.S.C. 
4308(a)(4)), 270(a)(2) (12 U.S.C. 4309(a)(2)), and 274(6) (12 U.S.C. 
4313(6)), by striking ``Administration Bureau'' each place that term 
appears and inserting ``Administration Board''.

SEC. 816. RULEMAKING DEADLINES.

    (a) One-Year Extension.--The deadline for issuance of any rule or 
regulation, conduct of any study, or submission of any report required 
by the Dodd-Frank Wall Street Reform and Consumer Protection Act 
(Public Law 111-203) or amendments made by that Act that has not been 
met or is not met in final form by the date specified in that Act or 
those amendments, shall be extended for 1 year.
    (b) No Effect on Finalized Rules.--The extension provided under 
subsection (a) shall have no effect on any rule required by the Dodd-
Frank Wall Street Reform and Consumer Protection Act (Public Law 111-
203) or amendments made by that Act that have been issued in final form 
before the date of enactment of this Act.

SEC. 817. EFFECTIVE DATES.

    Except as otherwise specifically provided in this Act--
            (1) the amendments made by this Act to a provision of the 
        Dodd-Frank Wall Street Reform and Consumer Protection Act 
        (Public Law 111-203) shall take effect as if enacted on the 
        effective date of the provision, immediately after the 
        provision takes effect; and
            (2) the amendments made by this Act to a provision of law 
        amended by the Dodd-Frank Wall Street Reform and Consumer 
        Protection Act shall take effect as if enacted on the effective 
        date of the amendment to that provision of law made by the 
        Dodd-Frank Wall Street Reform and Consumer Protection Act, 
        immediately after the amendment made by the Dodd-Frank Wall 
        Street Reform and Consumer Protection Act takes effect.
                                                       Calendar No. 103

114th CONGRESS

  1st Session

                                S. 1484

_______________________________________________________________________

                                 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.

_______________________________________________________________________

                              June 2, 2015

                 Read twice and placed on the calendar
```