Economic Growth, Regulatory Relief, and Consumer Protection Act

To promote economic growth, provide tailored regulatory relief, and enhance consumer protections, and for other purposes. 1. Short title; table of contents (a) Short title This Act may be cited as the Economic Growth, Regulatory Relief, and Consumer Protection Act (b) Table of contents The table of contents for this Act is as follows: Sec. 1. Short title; table of contents. Sec. 2. Definitions. TITLE I—Improving consumer access to mortgage credit Sec. 101. Minimum standards for residential mortgage loans. Sec. 102. Safeguarding access to habitat for humanity homes. Sec. 103. Exemption from appraisals of real property located in rural areas. Sec. 104. Home Mortgage Disclosure Act adjustment and study. Sec. 105. Credit union residential loans. Sec. 106. Eliminating barriers to jobs for loan originators. Sec. 107. Protecting access to manufactured homes. Sec. 108. Property Assessed Clean Energy financing. Sec. 109. Escrow requirements relating to certain consumer credit transactions. Sec. 110. No wait for lower mortgage rates. TITLE II—Regulatory relief and protecting consumer access to credit Sec. 201. Capital simplification for qualifying community banks. Sec. 202. Limited exception for reciprocal deposits. Sec. 203. Community bank relief. Sec. 204. Removing naming restrictions. Sec. 205. Short form call reports. Sec. 206. Option for Federal savings associations to operate as covered savings associations. Sec. 207. Small bank holding company policy statement. Sec. 208. Application of the Expedited Funds Availability Act. Sec. 209. Mutual holding company dividend waivers. Sec. 210. Small public housing agencies. Sec. 211. Examination cycle. Sec. 212. National securities exchange regulatory parity. TITLE III—Protections for veterans, consumers, and homeowners Sec. 301. Protecting consumers' credit. Sec. 302. Protecting veterans’ credit. Sec. 303. Immunity from suit for disclosure of financial exploitation of senior citizens. Sec. 304. Restoration of the Protecting Tenants at Foreclosure Act of 2009. Sec. 305. Remediating lead and asbestos hazards. TITLE IV—Tailoring regulations for certain bank holding companies Sec. 401. Enhanced supervision and prudential standards for certain bank holding companies. Sec. 402. Supplementary leverage ratio for custodial banks. Sec. 403. Treatment of certain municipal obligations. TITLE V—Studies Sec. 501. Treasury report on risks of cyber threats. Sec. 502. SEC study on algorithmic trading. 2. Definitions In this Act: (1) Appropriate Federal banking agency; company; depository institution; depository institution holding company The terms appropriate Federal banking agency company depository institution depository institution holding company 12 U.S.C. 1813 (2) Bank holding company The term bank holding company 12 U.S.C. 1841 I Improving consumer access to mortgage credit 101. Minimum standards for residential mortgage loans Section 129C(b)(2) of the Truth in Lending Act ( 15 U.S.C. 1639c(b)(2) (F) Safe harbor (i) Definitions In this subparagraph— (I) the term covered institution (II) the term insured credit union 12 U.S.C. 1752 (III) the term insured depository institution 12 U.S.C. 1813 (IV) the term interest-only (V) the term negative amortization (ii) Safe harbor In this section— (I) the term qualified mortgage (aa) that is originated and retained in portfolio by a covered institution; (bb) that is in compliance with the limitations with respect to prepayment penalties described in subsections (c)(1) and (c)(3); (cc) that is in compliance with the requirements of clause (vii) of subparagraph (A); (dd) that does not have negative amortization or interest-only features; and (ee) for which the covered institution considers and documents the debt, income, and financial resources of the consumer in accordance with clause (iv); and (II) a residential mortgage loan described in subclause (I) shall be deemed to meet the requirements of subsection (a). (iii) Exception for certain transfers A residential mortgage loan described in clause (ii)(I) shall not qualify for the safe harbor under clause (ii) if the legal title to the residential mortgage loan is sold, assigned, or otherwise transferred to another person unless the residential mortgage loan is sold, assigned, or otherwise transferred— (I) to another person by reason of the bankruptcy or failure of a covered institution; (II) to a covered institution so long as the loan is retained in portfolio by the covered institution to which the loan is sold, assigned, or otherwise transferred; or (III) pursuant to a merger of a covered institution with another person or the acquisition of a covered institution by another person or of another person by a covered institution, so long as the loan is retained in portfolio by the person to whom the loan is sold, assigned, or otherwise transferred. (iv) Consideration and documentation requirements The consideration and documentation requirements described in clause (ii)(I)(ee) shall— (I) not be construed to require compliance with, or documentation in accordance with, appendix Q to part 1026 of title 12, Code of Federal Regulations, or any successor regulation; and (II) be construed to permit multiple methods of documentation. . 102. Safeguarding access to habitat for humanity homes Section 129E(i)(2) of the Truth in Lending Act ( 15 U.S.C. 1639e(i)(2) (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 (A) In general For purposes of ; and (3) by adding at the end the following: (B) Rule of construction related to appraisal donations If a fee appraiser voluntarily donates appraisal services to an organization eligible to receive tax-deductible charitable contributions, such voluntary donation shall be considered customary and reasonable for the purposes of paragraph (1). . 103. Exemption from appraisals of real property located in rural areas Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ( 12 U.S.C. 3331 1127. Exemption from appraisals of real estate located in rural areas (a) Definition In this section, the term mortgage originator 15 U.S.C. 1602 (b) Appraisal not required Except as provided in subsection (d), notwithstanding any other provision of law, an appraisal in connection with a federally related transaction involving real property or an interest in real property is not required if— (1) the real property or interest in real property is located in a rural area, as described in section 1026.35(b)(2)(iv)(A) of title 12, Code of Federal Regulations; (2) not later than 3 days after the date on which the Closing Disclosure Form, made in accordance with the final rule of the Bureau of Consumer Financial Protection entitled Integrated Mortgage Disclosures Under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z) (A) has contacted not fewer than 3 State certified appraisers or State licensed appraisers, as applicable; and (B) has documented that no State certified appraiser or State licensed appraiser, as applicable, was available within a reasonable amount of time, as determined by the Federal financial institutions regulatory agency with oversight of the mortgage originator, to perform the appraisal in connection with the federally related transaction; (3) the balance of the loan is less than $400,000; and (4) the mortgage originator is subject to oversight by a Federal financial institutions regulatory agency. (c) Sale, assignment, or transfer A mortgage originator that makes a loan without an appraisal under the terms of subsection (b) shall not sell, assign, or otherwise transfer legal title to the loan unless— (1) the loan is sold, assigned, or otherwise transferred to another person by reason of the bankruptcy or failure of the mortgage originator; (2) the loan is sold, assigned, or otherwise transferred to another person regulated by a Federal financial institutions regulatory agency, so long as the loan is retained in portfolio by the person; or (3) the sale, assignment, or transfer is pursuant to a merger of the mortgage originator with another person or the acquisition of the mortgage originator by another person or of another person by the mortgage originator. (d) Exception Subsection (b) shall not apply if— (1) a Federal financial institutions regulatory agency requires an appraisal under section 225.63(c), 323.3(c), 34.43(c), or 722.3(e) of title 12, Code of Federal Regulations; or (2) the loan is a high-cost mortgage, as defined in section 103 of the Truth in Lending Act ( 15 U.S.C. 1602 (e) Anti-Evasion Each Federal financial institutions regulatory agency shall ensure that any mortgage originator that the Federal financial institutions regulatory agency oversees that makes a significant amount of loans under subsection (b) is complying with the requirements of subsection (b)(2) with respect to each loan. . 104. Home Mortgage Disclosure Act adjustment and study (a) In general Section 304 of the Home Mortgage Disclosure Act of 1975 ( 12 U.S.C. 2803 (1) by redesignating subsection (i) as paragraph (3) and adjusting the margins accordingly; (2) by inserting before paragraph (3), as so redesignated, the following: (i) Exemptions (1) Closed-end mortgage loans With respect to an insured depository institution or insured credit union, the requirements of paragraphs (5) and (6) of subsection (b) shall not apply with respect to closed-end mortgage loans if the insured depository institution or insured credit union originated fewer than 500 closed-end mortgage loans in each of the 2 preceding calendar years. (2) Open-end lines of credit With respect to an insured depository institution or insured credit union, the requirements of paragraphs (5) and (6) of subsection (b) shall not apply with respect to open-end lines of credit if the insured depository institution or insured credit union originated fewer than 500 open-end lines of credit in each of the 2 preceding calendar years. ; and (3) by adding at the end the following: (o) Definitions In this section— (1) the term insured credit union 12 U.S.C. 1752 (2) the term insured depository institution 12 U.S.C. 1813 . (b) Lookback study (1) Study Not earlier than 2 years after the date of enactment of this Act, the Comptroller General of the United States shall conduct a study to evaluate the impact of the amendments made by subsection (a) on the amount of data available under the Home Mortgage Disclosure Act of 1975 ( 12 U.S.C. 2801 (2) Report Not later than 3 years after the date of enactment of this Act, the Comptroller General of the United States shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report that includes the findings and conclusions of the Comptroller General with respect to the study required under paragraph (1). (c) Technical correction Section 304(i)(3) of the Home Mortgage Disclosure Act of 1975, as so redesignated by subsection (a)(1), is amended by striking section 303(2)(A) section 303(3)(A) 105. Credit union residential loans (a) Removal from member business loan limitation Section 107A(c)(1)(B)(i) of the Federal Credit Union Act ( 12 U.S.C. 1757a(c)(1)(B)(i) that is the primary residence of a member (b) Rule of construction Nothing in this section or the amendment made by this section shall preclude the National Credit Union Administration from treating an extension of credit that is fully secured by a lien on a 1- to 4-family dwelling that is not the primary residence of a member as a member business loan for purposes other than the member business loan limitation requirements under section 107A of the Federal Credit Union Act ( 12 U.S.C. 1757a 106. Eliminating barriers to jobs for loan originators (a) In general The S.A.F.E. Mortgage Licensing Act of 2008 ( 12 U.S.C. 5101 1518. Employment transition of loan originators (a) Definitions In this section: (1) Application State The term application State (2) State-licensed mortgage company The term State-licensed mortgage company (b) Temporary authority To originate loans for loan originators moving from a depository institution to a non-Depository institution (1) In general Upon becoming employed by a State-licensed mortgage company, an individual who is a registered loan originator shall be deemed to have temporary authority to act as a loan originator in an application State for the period described in paragraph (2) if the individual— (A) has not had— (i) an application for a loan originator license denied; or (ii) a loan originator license revoked or suspended in any governmental jurisdiction; (B) has not been subject to, or served with, a cease and desist order— (i) in any governmental jurisdiction; or (ii) under section 1514(c); (C) has not been convicted of a felony that would preclude licensure under the law of the application State; (D) has submitted an application to be a State-licensed loan originator in the application State; and (E) was registered in the Nationwide Mortgage Licensing System and Registry as a loan originator during the 1-year period preceding the date on which the information required under section 1505(a) is submitted. (2) Period The period described in this paragraph shall begin on the date on which an individual described in paragraph (1) submits the information required under section 1505(a) and shall end on the earliest of the date— (A) on which the individual withdraws the application to be a State-licensed loan originator in the application State; (B) on which the application State denies, or issues a notice of intent to deny, the application; (C) on which the application State grants a State license; or (D) that is 120 days after the date on which the individual submits the application, if the application is listed on the Nationwide Mortgage Licensing System and Registry as incomplete. (c) Temporary authority To originate loans for State-Licensed loan originators moving interstate (1) In general A State-licensed loan originator shall be deemed to have temporary authority to act as a loan originator in an application State for the period described in paragraph (2) if the State-licensed loan originator— (A) meets the requirements of subparagraphs (A), (B), (C), and (D) of subsection (b)(1); (B) is employed by a State-licensed mortgage company in the application State; and (C) was licensed in a State that is not the application State during the 30-day period preceding the date on which the information required under section 1505(a) was submitted in connection with the application submitted to the application State. (2) Period The period described in this paragraph shall begin on the date on which the State-licensed loan originator submits the information required under section 1505(a) in connection with the application submitted to the application State and end on the earliest of the date— (A) on which the State-licensed loan originator withdraws the application to be a State-licensed loan originator in the application State; (B) on which the application State denies, or issues a notice of intent to deny, the application; (C) on which the application State grants a State license; or (D) that is 120 days after the date on which the State-licensed loan originator submits the application, if the application is listed on the Nationwide Mortgage Licensing System and Registry as incomplete. (d) Applicability (1) Employer of loan originators Any person employing an individual who is deemed to have temporary authority to act as a loan originator in an application State under this section shall be subject to the requirements of this title and to applicable State law to the same extent as if that individual was a State-licensed loan originator licensed by the application State. (2) Engaging in mortgage loan activities Any individual who is deemed to have temporary authority to act as a loan originator in an application State under this section and who engages in residential mortgage loan origination activities shall be subject to the requirements of this title and to applicable State law to the same extent as if that individual was a State-licensed loan originator licensed by the application State. . (b) Table of contents amendment Section 1(b) of the Housing and Economic Recovery Act of 2008 ( 42 U.S.C. 4501 Sec. 1518. Employment transition of loan originators. . (c) Effective date This section and the amendments made by this section shall take effect on the date that is 18 months after the date of enactment of this Act. 107. Protecting access to manufactured homes Section 103 of the Truth in Lending Act ( 15 U.S.C. 1602 (1) by redesignating the second subsection (cc) (relating to definitions relating to mortgage origination and residential mortgage loans) and subsection (dd) as subsections (dd) and (ee), respectively; and (2) in paragraph (2) of subsection (dd), as so redesignated, by striking subparagraph (C) and inserting the following: (C) does not include any person who is— (i) not otherwise described in subparagraph (A) or (B) and who performs purely administrative or clerical tasks on behalf of a person who is described in any such subparagraph; or (ii) a retailer of manufactured or modular homes or an employee of the retailer if the retailer or employee, as applicable— (I) does not receive compensation or gain for engaging in activities described in subparagraph (A) that is in excess of any compensation or gain received in a comparable cash transaction; (II) discloses to the consumer— (aa) in writing any corporate affiliation with any lender; and (bb) if the retailer has a corporate affiliation with any lender, at least 1 unaffiliated lender; and (III) does not directly negotiate with the consumer or lender on loan terms (including rates, fees, and other costs). . 108. Property Assessed Clean Energy financing Section 129C(b)(3) of the Truth in Lending Act ( 15 U.S.C. 1639c(b)(3) (C) Consideration of underwriting requirements for Property Assessed Clean Energy financing (i) Definition In this subparagraph, the term Property Assessed Clean Energy financing (ii) Regulations The Bureau shall prescribe regulations that carry out the purposes of subsection (a) and apply section 130 with respect to violations under subsection (a) of this section with respect to Property Assessed Clean Energy financing, which shall account for the unique nature of Property Assessed Clean Energy financing. (iii) Collection of information and consultation In prescribing the regulations under this subparagraph, the Bureau— (I) may collect such information and data that the Bureau determines is necessary; and (II) shall consult with State and local governments and bond-issuing authorities. . 109. Escrow requirements relating to certain consumer credit transactions Section 129D(c) of the Truth in Lending Act ( 15 U.S.C. 1639d(c) (1) by redesignating paragraphs (1) through (4) as subparagraphs (A) through (D), respectively, and adjusting the margins accordingly; (2) in the matter preceding subparagraph (A), as so redesignated, by striking The Board (1) In general The Bureau ; (3) in paragraph (1), as so redesignated, by striking the Board the Bureau (4) by adding at the end the following: (2) Treatment of loans held by smaller institutions The Bureau shall, by regulation, exempt from the requirements of subsection (a) any loan made by an insured depository institution or an insured credit union secured by a first lien on the principal dwelling of a consumer if— (A) the insured depository institution or insured credit union has assets of $10,000,000,000 or less; (B) during the preceding calendar year, the insured depository institution or insured credit union and its affiliates originated 1,000 or fewer loans secured by a first lien on a principal dwelling; and (C) the transaction otherwise satisfies the criteria in sections 1026.35(b)(2)(iii) and 1026.35(b)(2)(v) of title 12, Code of Federal Regulations, or any successor regulation. . 110. No wait for lower mortgage rates (a) In general Section 129(b) of the Truth in Lending Act ( 15 U.S.C. 1639(b) (1) by redesignating paragraph (3) as paragraph (4); and (2) by inserting after paragraph (2) the following: (3) No wait for lower rate If a creditor extends to a consumer a second offer of credit with a lower annual percentage rate, the transaction may be consummated without regard to the period specified in paragraph (1) with respect to the second offer. . (b) Sense of Congress It is the sense of Congress that, whereas the Bureau of Consumer Financial Protection issued a final rule entitled Integrated Mortgage Disclosures Under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z) TRID Rule (1) the applicability of the TRID Rule to mortgage assumption transactions; (2) the applicability of the TRID Rule to construction-to-permanent home loans, and the conditions under which those loans can be properly originated; and (3) the extent to which lenders can rely on model disclosures published by the Bureau of Consumer Financial Protection without liability if recent changes to regulations are not reflected in the sample TRID Rule forms published by the Bureau of Consumer Financial Protection. II Regulatory relief and protecting consumer access to credit 201. Capital simplification for qualifying community banks (a) Definitions In this section: (1) Community Bank Leverage Ratio The term Community Bank Leverage Ratio (2) Generally applicable leverage capital requirements; generally applicable risk-based capital requirements The terms generally applicable leverage capital requirements generally applicable risk-based capital requirements 12 U.S.C. 5371(a) (3) Qualifying community bank (A) Asset threshold The term qualifying community bank (B) Risk profile The appropriate Federal banking agencies may determine that a depository institution or depository institution holding company (or a class of depository institutions or depository institution holding companies) described in subparagraph (A) is not a qualifying community bank based on the depository institution’s or depository institution holding company’s risk profile, which shall be based on consideration of— (i) off-balance sheet exposures; (ii) trading assets and liabilities; (iii) total notional derivatives exposures; and (iv) such other factors as the appropriate Federal banking agencies determine appropriate. (b) Community Bank Leverage Ratio The appropriate Federal banking agencies shall, through notice and comment rule making under section 553 of title 5, United States Code— (1) develop a Community Bank Leverage Ratio of not less than 8 percent and not more than 10 percent for qualifying community banks; and (2) establish procedures for treatment of a qualified community bank that has a Community Bank Leverage Ratio that is below the percentage developed under paragraph (1). (c) Capital compliance (1) In general Any qualifying community bank that meets the Community Bank Leverage Ratio developed under subsection (b)(1) shall be considered to have met— (A) the generally applicable leverage capital requirements and the generally applicable risk-based capital requirements; (B) in the case of a qualifying community bank that is a depository institution, the capital ratio requirements that are required in order to be considered well capitalized under section 38 of the Federal Deposit Insurance Act ( 12 U.S.C. 1831o (C) any other capital or leverage requirements to which the qualifying community bank is subject. (2) Existing authorities Nothing in paragraph (1) shall limit the authority of the appropriate Federal banking agencies as in effect on the date of enactment of this Act. 202. Limited exception for reciprocal deposits (a) In general Section 29 of the Federal Deposit Insurance Act ( 12 U.S.C. 1831f (i) Limited exception for reciprocal deposits (1) In general Reciprocal deposits of an agent institution shall not be considered to be funds obtained, directly or indirectly, by or through a deposit broker to the extent that the total amount of such reciprocal deposits does not exceed the lesser of— (A) $5,000,000,000; or (B) an amount equal to 20 percent of the total liabilities of the agent institution. (2) Definitions In this subsection: (A) Agent institution The term agent institution (i) (I) when most recently examined under section 10(d) was found to have a composite condition of outstanding or good; and (II) is well capitalized; (ii) has obtained a waiver pursuant to subsection (c); or (iii) does not receive an amount of reciprocal deposits that causes the total amount of reciprocal deposits held by the agent institution to be greater than the average of the total amount of reciprocal deposits held by the agent institution on the last day of each of the 4 calendar quarters preceding the calendar quarter in which the agent institution was found not to have a composite condition of outstanding or good or was determined to be not well capitalized. (B) Covered deposit The term covered deposit (i) is submitted for placement through a deposit placement network by an agent institution; and (ii) does not consist of funds that were obtained for the agent institution, directly or indirectly, by or through a deposit broker before submission for placement through a deposit placement network. (C) Deposit placement network The term deposit placement network (D) Network member bank The term network member bank (E) Reciprocal deposits The term reciprocal deposits (F) Well capitalized The term well capitalized . (b) Interest rate restriction Section 29 of the Federal Deposit Insurance Act ( 12 U.S.C. 1831f (e) Restriction on interest rate paid (1) Definitions In this subsection— (A) the terms agent institution reciprocal deposits well capitalized (B) the term covered insured depository institution (i) under subsection (c) or (d), accepts funds obtained, directly or indirectly, by or through a deposit broker; or (ii) while acting as an agent institution under subsection (i), accepts reciprocal deposits while not well capitalized. (2) Prohibition A covered insured depository institution may not pay a rate of interest on funds or reciprocal deposits described in paragraph (1) that, at the time that the funds or reciprocal deposits are accepted, significantly exceeds the limit set forth in paragraph (3). (3) Limit on interest rates The limit on the rate of interest referred to in paragraph (2) shall be— (A) the rate paid on deposits of similar maturity in the normal market area of the covered insured depository institution for deposits accepted in the normal market area of the covered insured depository institution; or (B) the national rate paid on deposits of comparable maturity, as established by the Corporation, for deposits accepted outside the normal market area of the covered insured depository institution. . 203. Community bank relief Section 13(h) of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1851(h) (1) in paragraph (1)— (A) in subparagraph (D), by redesignating clauses (i) and (ii) as subclauses (I) and (II), respectively, and adjusting the margins accordingly; (B) by redesignating subparagraphs (A) through (D) as clauses (i) through (iv), respectively, and adjusting the margins accordingly; (C) in the matter preceding clause (i), as so redesignated, in the second sentence, by striking institution that functions solely in a trust or fiduciary capacity, if— institution— (A) that functions solely in a trust or fiduciary capacity, if— ; (D) in clause (iv)(II), as so redesignated, by striking the period at the end and inserting ; or (E) by adding at the end the following: (B) with— (i) not more than $10,000,000,000 of total consolidated assets; and (ii) total trading assets and trading liabilities, as reported on the most recent applicable regulatory filing filed by the institution, that are not more than 5 percent of total consolidated assets. . 204. Removing naming restrictions Section 13 of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1851 (1) in subsection (d)(1)(G)(vi), by inserting before the semicolon the following: , except that the hedge fund or private equity fund may share the same name or a variation of the same name as a banking entity that is an investment adviser to the hedge fund or private equity fund, if— (I) such investment adviser is not an insured depository institution, a company that controls an insured depository institution, or a company that is treated as a bank holding company for purposes of section 8 of the International Banking Act of 1978 ( 12 U.S.C. 3106 (II) such investment adviser does not share the same name or a variation of the same name as an insured depository institution, any company that controls an insured depository institution, or any company that is treated as a bank holding company for purposes of section 8 of the International Banking Act of 1978 ( 12 U.S.C. 3106 (III) such name does not contain the word bank ; and (2) in subsection (h)(5)(C), by inserting before the period the following: , except as permitted under subsection (d)(1)(G)(vi) 205. Short form call reports Section 7(a) of the Federal Deposit Insurance Act ( 12 U.S.C. 1817(a) (12) Short form reporting (A) In general The appropriate Federal banking agencies shall issue regulations that allow for a reduced reporting requirement for a covered depository institution when the institution makes the first and third report of condition for a year, as required under paragraph (3). (B) Definition In this paragraph, the term covered depository institution (i) has less than $5,000,000,000 in total consolidated assets; and (ii) satisfies such other criteria as the appropriate Federal banking agencies determine appropriate. . 206. Option for Federal savings associations to operate as covered savings associations The Home Owners’ Loan Act ( 12 U.S.C. 1461 12 U.S.C. 1464 5A. Election to operate as a covered savings association (a) Definition In this section, the term covered savings association (b) Election (1) In general Upon issuance of rules under subsection (f), and in accordance with those rules, a Federal savings association with total consolidated assets equal to or less than $15,000,000,000 may elect to operate as a covered savings association by submitting a notice to the Comptroller of that election. (2) Approval A Federal savings association shall be deemed to be approved to operate as a covered savings association beginning on the date that is 60 days after the date on which the Comptroller receives the notice submitted under paragraph (1), unless the Comptroller notifies the Federal savings association that the Federal savings association is not eligible. (c) Rights and duties Notwithstanding any other provision of law, and except as otherwise provided in this section, a covered savings association shall— (1) have the same rights and privileges as a national bank that has the main office of the national bank situated in the same location as the home office of the covered savings association; and (2) be subject to the same duties, restrictions, penalties, liabilities, conditions, and limitations that would apply to a national bank described in paragraph (1). (d) Treatment of covered savings associations A covered savings association shall be treated as a Federal savings association for the purposes— (1) of governance of the covered savings association, including incorporation, bylaws, boards of directors, shareholders, and distribution of dividends; (2) of consolidation, merger, dissolution, conversion (including conversion to a stock bank or to another charter), conservatorship, and receivership; and (3) determined by regulation of the Comptroller. (e) Existing branches A covered savings association may continue to operate any branch or agency that the covered savings association operated on the date on which an election under subsection (b) is approved. (f) Rule making The Comptroller shall issue rules to carry out this section— (1) that establish streamlined standards and procedures that clearly identify required documentation or timelines for an election under subsection (b); (2) that require a Federal savings association that makes an election under subsection (b) to identify specific assets and subsidiaries that— (A) do not conform to the requirements for assets and subsidiaries of a national bank; and (B) are held by the Federal savings association on the date on which the Federal savings association submits a notice of the election; (3) that establish— (A) a transition process for bringing the assets and subsidiaries described in paragraph (2) into conformance with the requirements for a national bank; and (B) procedures for allowing the Federal savings association to submit to the Comptroller an application to continue to hold assets and subsidiaries described in paragraph (2) after electing to operate as a covered savings association; (4) that establish standards and procedures to allow a covered savings association to— (A) terminate an election under subsection (b) after an appropriate period of time; and (B) make a subsequent election under subsection (b) after terminating an election under subparagraph (A); (5) that clarify requirements for the treatment of covered savings associations, including the provisions of law that apply to covered savings associations; and (6) as the Comptroller determines necessary in the interests of safety and soundness. (g) Grandfathered covered savings associations Subject to the rules issued under subsection (f), a covered savings association may continue to operate as a covered savings association if, after the date on which the election is made under subsection (b), the covered savings association has total consolidated assets greater than $15,000,000,000. . 207. Small bank holding company policy statement (a) Definitions In this section: (1) Board The term Board (2) Savings and loan holding company The term savings and loan holding company 12 U.S.C. 1467a(a) (b) Changes required to small bank holding company policy statement on assessment of financial and managerial factors Not later than 180 days after the date of enactment of this Act, the Board shall revise appendix C to part 225 of title 12, Code of Federal Regulations (commonly known as the Small Bank Holding Company and Savings and Loan Holding Company Policy Statement (1) is not engaged in significant nonbanking activities either directly or through a nonbank subsidiary; (2) does not conduct significant off-balance sheet activities (including securitization and asset management or administration) either directly or through a nonbank subsidiary; and (3) does not have a material amount of debt or equity securities outstanding (other than trust preferred securities) that are registered with the Securities and Exchange Commission. (c) Exclusions The Board may exclude any bank holding company or savings and loan holding company, regardless of asset size, from the revision under subsection (b) if the Board determines that such action is warranted for supervisory purposes. (d) Conforming amendment Section 171(b)(5) of the Financial Stability Act of 2010 ( 12 U.S.C. 5371(b)(5) (C) any bank holding company or savings and loan holding company that is subject to the application of appendix C to part 225 of title 12, Code of Federal Regulations (commonly known as the Small Bank Holding Company and Savings and Loan Holding Company Policy Statement . 208. Application of the Expedited Funds Availability Act (a) In general The Expedited Funds Availability Act ( 12 U.S.C. 4001 (1) in section 602 ( 12 U.S.C. 4001 (A) in paragraph (20), by inserting , located in the United States, ATM (B) in paragraph (21), by inserting American Samoa, the Commonwealth of the Northern Mariana Islands, Puerto Rico, (C) in paragraph (23), by inserting American Samoa, the Commonwealth of the Northern Mariana Islands, Puerto Rico, (2) in section 603(d)(2)(A) ( 12 U.S.C. 4002(d)(2)(A) American Samoa, the Commonwealth of the Northern Mariana Islands, Puerto Rico, (b) Effective date The amendments made by this section shall take effect on the date that is 30 days after the date of enactment of this Act. 209. Mutual holding company dividend waivers Not later than 180 days after the date of enactment of this Act, the Board of Governors of the Federal Reserve System shall amend section 239.8(d)(2)(iv) of title 12, Code of Federal Regulations, by striking 12 months 24 months 210. Small public housing agencies (a) Small public housing agencies Title I of the United States Housing Act of 1937 ( 42 U.S.C. 1437 38. Small public housing agencies (a) Definitions In this section: (1) Housing voucher program The term housing voucher program (2) Small public housing agency The term small public housing agency (A) for which the sum of the number of public housing dwelling units administered by the agency and the number of vouchers under section 8(o) administered by the agency is 550 or fewer; and (B) that predominantly operates in a rural area, as described in section 1026.35(b)(2)(iv)(A) of title 12, Code of Federal Regulations. (3) Troubled small public housing agency The term troubled small public housing agency (b) Applicability Except as otherwise provided in this section, a small public housing agency shall be subject to the same requirements as a public housing agency. (c) Program inspections and evaluations (1) Public housing projects (A) Frequency of inspections by secretary The Secretary shall carry out an inspection of the physical condition of a small public housing agency’s public housing projects not more frequently than once every 3 years, unless the agency has been designated by the Secretary as a troubled small public housing agency based on deficiencies in the physical condition of its public housing projects. (B) Standards The Secretary shall apply to small public housing agencies the same standards for the acceptable condition of public housing projects that apply to projects assisted under section 8. (2) Housing voucher program A small public housing agency administering assistance under section 8(o) shall make periodic physical inspections of each assisted dwelling unit not less frequently than once every 3 years to determine whether the unit is maintained in accordance with the requirements under section 8(o)(8)(A). (3) Troubled small public housing agencies (A) Public housing program Notwithstanding any other provision of law, the Secretary may designate a small public housing agency as a troubled small public housing agency with respect to the public housing program of the small public housing agency if the Secretary determines that the agency has failed to maintain the public housing units of the small public housing agency in a satisfactory physical condition, based upon an inspection conducted by the Secretary. (B) Housing voucher program Notwithstanding any other provision of law, the Secretary may designate a small public housing agency as a troubled small public housing agency with respect to the housing voucher program of the small public housing agency if the Secretary determines that the agency has failed to comply with the inspection requirements under paragraph (2). (C) Appeals (i) Establishment The Secretary shall establish an appeals process under which a small public housing agency may dispute a designation as a troubled small public housing agency. (ii) Official The appeals process established under clause (i) shall provide for a decision by an official who has not been involved, and is not subordinate to a person who has been involved, in the original determination to designate a small public housing agency as a troubled small public housing agency. (D) Corrective action agreement (i) Agreement required Not later than 60 days after the date on which a small public housing agency is designated as a troubled public housing agency under subparagraph (A) or (B), the Secretary and the small public housing agency shall enter into a corrective action agreement under which the small public housing agency shall undertake actions to correct the deficiencies upon which the designation is based. (ii) Terms of agreement A corrective action agreement entered into under clause (i) shall— (I) have a term of 1 year, and shall be renewable at the option of the Secretary; (II) provide, where feasible, for technical assistance to assist the public housing agency in curing its deficiencies; (III) provide for— (aa) reconsideration of the designation of the small public housing agency as a troubled small public housing agency not less frequently than annually; and (bb) termination of the agreement when the Secretary determines that the small public housing agency is no longer a troubled small public housing agency; and (IV) provide that in the event of substantial noncompliance by the small public housing agency under the agreement, the Secretary may— (aa) contract with another public housing agency or a private entity to manage the public housing of the troubled small public housing agency; (bb) withhold funds otherwise distributable to the troubled small public housing agency; (cc) assume possession of, and direct responsibility for, managing the public housing of the troubled small public housing agency; (dd) petition for the appointment of a receiver, in accordance with section 6(j)(3)(A)(ii); and (ee) exercise any other remedy available to the Secretary in the event of default under the public housing annual contributions contract entered into by the small public housing agency under section 5. (E) Emergency actions Nothing in this paragraph may be construed to prohibit the Secretary from taking any emergency action necessary to protect Federal financial resources or the health or safety of residents of public housing projects. (d) Reduction of administrative burdens (1) Exemption Notwithstanding any other provision of law, a small public housing agency shall be exempt from any environmental review requirements with respect to a development or modernization project having a total cost of not more than $100,000. (2) Streamlined procedures The Secretary shall, by rule, establish streamlined procedures for environmental reviews of small public housing agency development and modernization projects having a total cost of more than $100,000. . (b) Energy conservation Section 9(e)(2) of the United States Housing Act of 1937 ( 42 U.S.C. 1437g(e)(2) (D) Freeze of consumption levels (i) In general A small public housing agency, as defined in section 38(a), may elect to be paid for its utility and waste management costs under the formula for a period, at the discretion of the small public housing agency, of not more than 20 years based on the small public housing agency’s average annual consumption during the 3-year period preceding the year in which the election is made (in this subparagraph referred to as the consumption base level (ii) Initial adjustment in consumption base level The Secretary shall make an initial one-time adjustment in the consumption base level to account for differences in the heating degree day average over the most recent 20-year period compared to the average in the consumption base level. (iii) Adjustments in consumption base level The Secretary shall make adjustments in the consumption base level to account for an increase or reduction in units, a change in fuel source, a change in resident controlled electricity consumption, or for other reasons. (iv) Savings All cost savings resulting from an election made by a small public housing agency under this subparagraph— (I) shall accrue to the small public housing agency; and (II) may be used for any public housing purpose at the discretion of the small public housing agency. (v) Third parties A small public housing agency making an election under this subparagraph— (I) may use, but shall not be required to use, the services of a third party in its energy conservation program; and (II) shall have the sole discretion to determine the source, and terms and conditions, of any financing used for its energy conservation program. . (c) Reporting by agencies operating in consortia Not later than 180 days after the date of enactment of this Act, the Secretary of Housing and Urban Development shall develop and deploy all electronic information systems necessary to accommodate full consolidated reporting by public housing agencies, as defined in section 3(b)(6) of the United States Housing Act of 1937 ( 42 U.S.C. 1437a(b)(6) 42 U.S.C. 1437k(a) (d) Effective date The amendments made by subsections (a) and (b) shall take effect on the date that is 60 days after the date of enactment of this Act. 211. Examination cycle Section 10(d)(4)(A) of the Federal Deposit Insurance Act ( 12 U.S.C. 1820(d)(4)(A) $1,000,000,000 $3,000,000,000 212. National securities exchange regulatory parity Section 18(b)(1) of the Securities Act of 1933 ( 15 U.S.C. 77r(b)(1) (1) by striking subparagraph (A); (2) in subparagraph (B)— (A) by inserting a security designated as qualified for trading in the national market system pursuant to section 11A(a)(2) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78k–1(a)(2) listed (B) by striking that has listing standards that the Commission determines by rule (on its own initiative or on the basis of a petition) are substantially similar to the listing standards applicable to securities described in subparagraph (A) (3) in subparagraph (C), by striking or (B) (4) by redesignating subparagraphs (B) and (C) as subparagraphs (A) and (B), respectively. III Protections for veterans, consumers, and homeowners 301. Protecting consumers' credit Section 605A of the Fair Credit Reporting Act ( 15 U.S.C. 1681c–1 (a) in subsection (a)(1)(A), by striking 90 days 1 year (b) by adding at the end the following: (i) Free annual freeze alerts; additional protections for credit reports of minor consumers (1) Definition In this subsection, the term freeze alert (2) Free annual freeze alert (A) In general Notwithstanding any other provision of State law, once every calendar year, free of charge, upon the direct request of a consumer, or an individual acting on behalf of or as a personal representative of the consumer, a consumer reporting agency that maintains a file on the consumer and has received appropriate proof of the identity of the requester shall provide 1 freeze alert in the file of that consumer that shall remain in effect until the consumer or requester requests that such freeze alert be removed. (B) Removal of alert Notwithstanding any other provision of State law, once every calendar year, free of charge, upon the direct request of a consumer, or an individual acting on behalf of or as a personal representative of the consumer, a consumer reporting agency that receives a request to remove a freeze alert provided under paragraph (1) shall remove such a freeze alert. (C) Rule of construction Nothing in this paragraph shall be construed to limit the authority of a State to require consumer reporting agencies to require freeze alerts free of charge. (3) Additional protections for credit reports of minor consumers (A) In general Upon the direct request of an individual acting on behalf of or as a personal representative of a minor, a consumer reporting agency that maintains a file on the minor and has received appropriate proof of the identity of the requester shall include a freeze alert, free of charge, in the file of that minor that shall remain in effect until an individual acting on behalf of or as a personal representative of the minor, or in the case of a minor who is no longer a minor, the minor, requests that such freeze alert be removed. (B) Block of information While a freeze alert under subparagraph (A) is in place, a consumer reporting agency may not release— (i) the consumer report of the minor; (ii) any information derived from the consumer report of the minor; or (iii) any record created for the minor. (C) Removal Notwithstanding any other provision of State law, a consumer reporting agency that receives a request for a freeze alert for a minor or a request to remove a freeze alert for a minor shall provide or remove the freeze alert, as applicable, free of charge. . 302. Protecting veterans’ credit (a) Purposes The purposes of this section are— (1) to rectify problematic reporting of medical debt included in a consumer report of a veteran due to inappropriate or delayed payment for hospital care or medical services provided in a non-Department of Veterans Affairs facility under the laws administered by the Secretary of Veterans Affairs; and (2) to clarify the process of debt collection for such medical debt. (b) Amendments to Fair Credit Reporting Act (1) Veteran’s medical debt defined Section 603 of the Fair Credit Reporting Act ( 15 U.S.C. 1681a (z) Veteran The term veteran (aa) Veteran's medical debt The term veteran’s medical debt (1) means a debt of a veteran arising from health care provided in a non-Department of Veterans Affairs facility under the laws administered by the Secretary of Veterans Affairs; and (2) includes medical debt that the Department of Veterans Affairs has wrongfully charged a veteran. . (2) Exclusion for veteran’s medical debt Section 605(a) of the Fair Credit Reporting Act ( 15 U.S.C. 1681c(a) (7) Any information related to a veteran’s medical debt if the date on which the hospital care or medical services was rendered relating to the debt antedates the report by less than 1 year. (8) Any information related to a fully paid or settled veteran’s medical debt that had been characterized as delinquent, charged off, or in collection. . (3) Removal of veteran’s medical debt from consumer report Section 611 of the Fair Credit Reporting Act ( 15 U.S.C. 1681i (A) in subsection (a)(1)(A), by inserting and except as provided in subsection (g) subsection (f) (B) by adding at the end the following: (g) Dispute process for veteran’s medical debt (1) In general With respect to a veteran's medical debt of a consumer, the consumer may submit a notice described in paragraph (2) along with proof of liability of the Department of Veterans Affairs for payment of that debt or documentation that the Department of Veterans Affairs is in the process of making payment for authorized medical services rendered to a consumer reporting agency or a reseller to dispute the inclusion of that debt on a consumer report of the consumer. (2) Notification to veteran The Department of Veterans Affairs shall submit to a veteran a notice that the Department of Veterans Affairs has assumed liability for part or all of a veteran's medical debt. (3) Deletion of information from file If a consumer reporting agency receives notice and proof of liability or documentation under paragraph (1), the consumer reporting agency shall delete all information relating to the veteran’s medical debt from the file of the consumer and notify the furnisher and the consumer of that deletion. . (c) Effective date The amendments made by this section shall take effect on the date that is 180 days after the date of enactment of this Act. 303. Immunity from suit for disclosure of financial exploitation of senior citizens (a) Immunity (1) Definitions In this section— (A) the term Bank Secrecy Act officer chapter 53 Bank Secrecy Act (B) the term broker-dealer 15 U.S.C. 78c(a) (C) the term covered agency (i) a State financial regulatory agency, including a State securities or law enforcement authority and a State insurance regulator; (ii) each of the entities represented in the membership of the Financial Institutions Examination Council established under section 1004 of the Federal Financial Institutions Examination Council Act of 1978 ( 12 U.S.C. 3303 (iii) a securities association registered under section 15A of the Securities Exchange Act of 1934 ( 15 U.S.C. 78o–3 (iv) the Securities and Exchange Commission; (v) a law enforcement agency; and (vi) a State or local agency responsible for administering adult protective service laws; (D) the term covered financial institution (i) a credit union; (ii) a depository institution; (iii) an investment adviser; (iv) a broker-dealer; (v) an insurance company; (vi) an insurance agency; and (vii) a transfer agent; (E) the term credit union 12 U.S.C. 5301 (F) the term depository institution 12 U.S.C. 1813(c) (G) the term exploitation (i) uses the resources of a senior citizen for monetary or personal benefit, profit, or gain; or (ii) results in depriving a senior citizen of rightful access to or use of benefits, resources, belongings, or assets; (H) the term insurance agency (I) the term insurance company 15 U.S.C. 80a–2(a) (J) the term insurance producer (K) the term investment adviser 15 U.S.C. 80b–2(a) (L) the term investment adviser representative (i) is employed by, or associated with, an investment adviser; and (ii) does not perform solely clerical or ministerial acts; (M) the term registered representative (N) the term senior citizen (O) the term State (P) the term State insurance regulator 15 U.S.C. 6735 (Q) the term State securities or law enforcement authority 15 U.S.C. 78x(f)(4) (R) the term transfer agent 15 U.S.C. 78c(a) (2) Immunity from suit (A) Immunity for individuals An individual who has received the training described in subsection (b) shall not be liable, including in any civil or administrative proceeding, for disclosing the suspected exploitation of a senior citizen to a covered agency if the individual, at the time of the disclosure— (i) served as a supervisor or compliance officer (including as a Bank Secrecy Act officer) for, or, in the case of a registered representative, investment adviser representative, or insurance producer, was affiliated or associated with, a covered financial institution; and (ii) made the disclosure— (I) in good faith; and (II) with reasonable care. (B) Immunity for covered financial institutions A covered financial institution shall not be liable, including in any civil or administrative proceeding, for a disclosure made by an individual described in subparagraph (A) if— (i) the individual was employed by, or, in the case of a registered representative, insurance producer, or investment adviser representative, affiliated or associated with, the covered financial institution at the time of the disclosure; and (ii) before the time of the disclosure, each individual described in subsection (b)(1) received the training described in subsection (b). (C) Rule of construction Nothing in subparagraph (A) or (B) shall be construed to limit the liability of an individual or a covered financial institution in a civil action for any act, omission, or fraud that is not a disclosure described in subparagraph (A). (b) Training (1) In general A covered financial institution or a third party selected by a covered financial institution may provide the training described in paragraph (2)(A) to each officer or employee of, or registered representative, insurance producer, or investment adviser representative affiliated or associated with, the covered financial institution who— (A) is described in subsection (a)(2)(A)(i); (B) may come into contact with a senior citizen as a regular part of the professional duties of the individual; or (C) may review or approve the financial documents, records, or transactions of a senior citizen in connection with providing financial services to a senior citizen. (2) Content (A) In general The content of the training that a covered financial institution or a third party selected by the covered financial institution may provide under paragraph (1) shall— (i) be maintained by the covered financial institution and made available to a covered agency with examination authority over the covered financial institution, upon request, except that a covered financial institution shall not be required to maintain or make available such content with respect to any individual who is no longer employed by, or affiliated or associated with, the covered financial institution; (ii) instruct any individual attending the training on how to identify and report the suspected exploitation of a senior citizen internally and, as appropriate, to government officials or law enforcement authorities, including common signs that indicate the financial exploitation of a senior citizen; (iii) discuss the need to protect the privacy and respect the integrity of each individual customer of the covered financial institution; and (iv) be appropriate to the job responsibilities of the individual attending the training. (B) Timing The training under paragraph (1) shall be provided— (i) as soon as reasonably practicable; and (ii) with respect to an individual who begins employment, or becomes affiliated or associated, with a covered financial institution after the date of enactment of this Act, not later than 1 year after the date on which the individual becomes employed by, or affiliated or associated with, the covered financial institution in a position described in subparagraph (A), (B), or (C) of paragraph (1). (C) Records A covered financial institution shall— (i) maintain a record of each individual who— (I) is employed by, or affiliated or associated with, the covered financial institution in a position described in subparagraph (A), (B), or (C) of paragraph (1); and (II) has completed the training under paragraph (1), regardless of whether the training was— (aa) provided by the covered financial institution or a third party selected by the covered financial institution; (bb) completed before the individual was employed by, or affiliated or associated with, the covered financial institution; and (cc) completed before, on, or after the date of enactment of this Act; and (ii) upon request, provide a record described in clause (i) to a covered agency with examination authority over the covered financial institution. (c) Relationship to State law Nothing in this section shall be construed to preempt or limit any provision of State law, except only to the extent that subsection (a) provides a greater level of protection against liability to an individual described in subsection (a)(2)(A) or to a covered financial institution described in subsection (a)(2)(B) than is provided under State law. 304. Restoration of the Protecting Tenants at Foreclosure Act of 2009 (a) Repeal of sunset provision Section 704 of the Protecting Tenants at Foreclosure Act of 2009 ( 12 U.S.C. 5201 12 U.S.C. 5220 42 U.S.C. 1437f (b) Restoration Sections 701 through 703 of the Protecting Tenants at Foreclosure Act of 2009, the provisions of law amended or repealed by such sections, and any regulations promulgated pursuant to such sections, as were in effect on December 30, 2014, are restored and revived. (c) Effective date Subsections (a) and (b) shall take effect on the date that is 30 days after the date of enactment of this Act. 305. Remediating lead and asbestos hazards Section 109(a)(1) of the Emergency Economic Stabilization Act of 2008 ( 12 U.S.C. 5219(a)(1) and to remediate lead and asbestos hazards in residential properties IV Tailoring regulations for certain bank holding companies 401. Enhanced supervision and prudential standards for certain bank holding companies (a) In general Section 165 of the Financial Stability Act of 2010 ( 12 U.S.C. 5365 (1) in subsection (a)— (A) in paragraph (1), in the matter preceding subparagraph (A), by striking $50,000,000,000 $250,000,000,000 (B) in paragraph (2)— (i) in subparagraph (A), by striking may shall (ii) in subparagraph (B), by striking $50,000,000,000 the applicable threshold (iii) by adding at the end the following: (C) Risks to financial stability and safety and soundness The Board of Governors may by order or rule promulgated pursuant to section 553 of title 5, United States Code, apply any prudential standard established under this section to any bank holding company or bank holding companies with total consolidated assets equal to or greater than $100,000,000,000 to which the prudential standard does not otherwise apply provided that the Board of Governors— (i) determines that application of the prudential standard is appropriate— (I) to prevent or mitigate risks to the financial stability of the United States, as described in paragraph (1); or (II) to promote the safety and soundness of the bank holding company or bank holding companies; and (ii) takes into consideration the bank holding company’s or bank holding companies’ capital structure, riskiness, complexity, financial activities (including financial activities of subsidiaries), size, and any other risk-related factors that the Board of Governors deems appropriate. ; (2) in subsection (b)(1)— (A) in subparagraph (A)(iv), by striking and credit exposure report (B) in subparagraph (B)(ii), by inserting , including credit exposure reports (3) in subsection (d)(2), in the matter preceding subparagraph (A), by striking shall may (4) in subsection (h)(2), by striking $10,000,000,000 $50,000,000,000 (5) in subsection (i)— (A) in paragraph (1)(B)(i)— (i) by striking 3 2 (ii) by striking , adverse, (B) in paragraph (2)(A)— (i) in the first sentence, by striking semiannual periodic (ii) in the second sentence— (I) by striking $10,000,000,000 $250,000,000,000 (II) by striking annual periodic (6) in subsection (j)(1), in the first sentence, by striking $50,000,000,000 $250,000,000,000 (b) Rule of construction Nothing in subsection (a) shall be construed to limit— (1) the authority of the Board of Governors of the Federal Reserve System, in prescribing prudential standards under section 165 of the Financial Stability Act of 2010 ( 12 U.S.C. 5365 (2) the supervisory, regulatory, or enforcement authority of an appropriate Federal banking agency to further the safe and sound operation of an institution under the supervision of the appropriate Federal banking agency. (c) Technical and conforming amendments (1) Financial Stability Act of 2010 The Financial Stability Act of 2010 ( 12 U.S.C. 5311 (A) in section 115(a)(2)(B) ( 12 U.S.C. 5325(a)(2)(B) $50,000,000,000 the applicable threshold (B) in section 116(a) ( 12 U.S.C. 5326(a) $50,000,000,000 $250,000,000,000 (C) in section 121(a) ( 12 U.S.C. 5311(a) $50,000,000,000 $250,000,000,000 (D) in section 155(d) ( 12 U.S.C. 5345(d) 50,000,000,000 $250,000,000,000 (E) in section 163(b) ( 12 U.S.C. 5363(b) $50,000,000,000 $250,000,000,000 (F) in section 164 ( 12 U.S.C. 5364 $50,000,000,000 $250,000,000,000 (2) Federal Reserve Act Paragraph (2) of the second subsection (s) (relating to assessments) of section 11 of the Federal Reserve Act ( 12 U.S.C. 248(s)(2) (A) in subparagraph (A)— (i) by striking $50,000,000,000 $250,000,000,000 (ii) by inserting and (B) by striking subparagraph (B); and (C) by redesignating subparagraph (C) as subparagraph (B). (d) Effective date (1) In general Except as provided in paragraph (2), the amendments made by this section shall take effect on the date that is 18 months after the date of enactment of this Act. (2) Exception Notwithstanding paragraph (1), the amendments made by this section shall take effect on the date of enactment of this Act with respect to any bank holding company with total consolidated assets of less than $100,000,000,000. (3) Additional authority Before the effective date described in paragraph (1), the Board of Governors of the Federal Reserve System may by order exempt any bank holding company with total consolidated assets of less than $250,000,000,000 from any prudential standard under section 165 of the Financial Stability Act of 2010 ( 12 U.S.C. 5365 (4) Rule of construction Nothing in this section shall be construed to prohibit the Board of Governors of the Federal Reserve System from issuing an order or rule making under section 165(a)(2)(C) of the Financial Stability Act of 2010 ( 12 U.S.C. 5365(a)(2)(C) (e) Supervisory stress test Beginning on the effective date described in subsection (d)(1), the Board of Governors of the Federal Reserve System shall, on a periodic basis, conduct supervisory stress tests of bank holding companies with total consolidated assets equal to or greater than $100,000,000,000 and total consolidated assets of not more than $250,000,000,000 to evaluate whether such bank holding companies have the capital, on a total consolidated basis, necessary to absorb losses as a result of adverse economic conditions. (f) Global systemically important bank holding companies Any bank holding company, regardless of asset size, that has been identified as a global systemically important BHC under section 217.402 of title 12, Code of Federal Regulations, shall be considered a bank holding company with total consolidated assets equal to or greater than $250,000,000,000 with respect to the application of standards or requirements under— (1) this section; (2) sections 116(a), 121(a), 155(d), 163(b), 164, and 165 of the Financial Stability Act of 2010 ( 12 U.S.C. 5326(a) (3) paragraph (2)(A) of the second subsection (s) (relating to assessments) of section 11 of the Federal Reserve Act ( 12 U.S.C. 248(s)(2) 402. Supplementary leverage ratio for custodial banks (a) Definition In this section, the term custodial bank (b) Regulations (1) Definition In this subsection, the term central bank (A) the Federal Reserve System; (B) the European Central Bank; and (C) central banks of member countries of the Organisation for Economic Co-operation and Development, if— (i) the central bank of such member country has been assigned a zero percent risk weight under the final rule of the Office of the Comptroller of the Currency and Board of Governors of the Federal Reserve System entitled Regulatory Capital Rules: Regulatory Capital, Implementation of Basel III, Capital Adequacy, Transition Provisions, Prompt Corrective Action, Standardized Approach for Risk-weighted Assets, Market Discipline and Disclosure Requirements, Advanced Approaches Risk-Based Capital Rule, and Market Risk Capital Rule Regulatory Capital Rules: Regulatory Capital, Implementation of Basel III, Capital Adequacy, Transition Provisions, Prompt Corrective Action, Standardized Approach for Risk-Weighted Assets, Market Discipline and Disclosure Requirements, Advanced Approaches Risk-Based Capital Rule, and Market Risk Capital Rule (ii) the sovereign debt of such member country is not in default or has not been in default during the previous 5 years. (2) Regulations The appropriate Federal banking agencies shall promulgate regulations to amend sections 3.10, 217.10, and 324.10 of title 12, Code of Federal Regulations, to specify that— (A) subject to subparagraph (B), funds of a custodial bank that are deposited with a central bank shall not be taken into account when calculating the supplementary leverage ratio as applied to the custodial bank; and (B) with respect to the funds described in subparagraph (A), any amount that exceeds the total value of deposits of the custodial bank that are linked to fiduciary or custodial and safekeeping accounts shall be taken into account when calculating the supplementary leverage ratio as applied to the custodial bank. (c) Rule of construction Nothing in subsection (b) shall be construed to limit the authority of the appropriate Federal banking agencies to tailor or adjust the supplementary leverage ratio or any other leverage ratio for any company that is not a custodial bank. 403. Treatment of certain municipal obligations (a) In general Section 18 of the Federal Deposit Insurance Act ( 12 U.S.C. 1828 (1) by moving subsection (z) so that it appears after subsection (y); and (2) by adding at the end the following: (aa) Treatment of certain municipal obligations (1) Definitions In this subsection— (A) the term investment grade (B) the term liquid and readily-marketable (C) the term municipal obligation (i) a State or any political subdivision thereof; or (ii) any agency or instrumentality of a State or any political subdivision thereof. (2) Municipal obligations For purposes of the final rule entitled Liquidity Coverage Ratio: Liquidity Risk Measurement Standards Liquidity Coverage Ratio: Treatment of U.S. Municipal Securities as High-Quality Liquid Assets high-quality liquid asset (A) liquid and readily-marketable; and (B) investment grade. . (b) Amendment to liquidity coverage ratio regulations Not later than 90 days after the date of enactment of this Act, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and the Comptroller of the Currency shall amend the final rule entitled Liquidity Coverage Ratio: Liquidity Risk Measurement Standards Liquidity Coverage Ratio: Treatment of U.S. Municipal Securities as High-Quality Liquid Assets V Studies 501. Treasury report on risks of cyber threats Not later than 1 year after the date of enactment of this Act, the Secretary of the Treasury shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report on the risks of cyber threats to financial institutions and capital markets in the United States, including— (1) an assessment of the material risks of cyber threats to financial institutions and capital markets in the United States; (2) the impact and potential effects of material cyber attacks on financial institutions and capital markets in the United States; (3) an analysis of how the appropriate Federal banking agencies and the Securities and Exchange Commission are addressing the material risks of cyber threats described in paragraph (1), including— (A) how the appropriate Federal banking agencies and the Securities and Exchange Commission are assessing those threats; (B) how the appropriate Federal banking agencies and the Securities and Exchange Commission are assessing the cyber vulnerabilities and preparedness of financial institutions; (C) coordination amongst the appropriate Federal banking agencies and the Securities and Exchange Commission, and their coordination with other government agencies (including with respect to regulations, examinations, lexicon, duplication, and other regulatory tools); and (D) areas for improvement; and (4) a recommendation of whether any appropriate Federal banking agency or the Securities and Exchange Commission needs additional legal authorities or resources to adequately assess and address the material risks of cyber threats described in paragraph (1), given the analysis required by paragraph (3). 502. SEC study on algorithmic trading (a) In general Not later than 18 months after the date of enactment of this Act, the staff of the Securities and Exchange Commission shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report on the risks and benefits of algorithmic trading in capital markets in the United States. (b) Matters required To be included The matters covered by the report required by subsection (a) shall include the following: (1) An assessment of the effect of algorithmic trading in equity and debt markets in the United States on the provision of liquidity in stressed and normal market conditions. (2) An assessment of the benefits and risks to equity and debt markets in the United States by algorithmic trading. (3) An analysis of whether the activity of algorithmic trading and entities that engage in algorithmic trading are subject to appropriate Federal supervision and regulation. (4) A recommendation of whether— (A) based on the analysis described in paragraphs (1), (2), and (3), any changes should be made to regulations; and (B) the Securities and Exchange Commission needs additional legal authorities or resources to effect the changes described in subparagraph (A).

Summary: Economic Growth, Regulatory Relief, and Consumer Protection Act TITLE I--IMPROVING CONSUMER ACCESS TO MORTGAGE CREDIT (Sec. 101) This bill amends the Truth in Lending Act (TILA) to allow a depository institution or credit union with assets below a specified threshold to forgo certain ability-to-pay requirements regarding residential mortgage loans. Specifically, those requirements are waived if a loan: (1) is originated by and retained by the institution, (2) complies with requirements regarding prepayment penalties and points and fees, and (3) does not have negative amortization or interest-only terms. Furthermore, for such requirements to be waived, the institution must consider and verify the debt, income, and financial resources of the consumer. The bill also provides for circumstances in which&nbsp;such requirements shall be waived with respect to a&nbsp;loan that is&nbsp;transferred: (1) by reason of bankruptcy or failure of the originating institution, (2) to a similar institution, (3) in the event of a merger, or (4) to a wholly owned subsidiary of the institution. (Sec. 102) Mortgage appraisal services donated by a fee appraiser to an organization eligible to receive tax-deductible charitable contributions are deemed to be customary and reasonable under TILA. (Sec. 103) The bill&nbsp;amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989&nbsp;to&nbsp;exempt from appraisal requirements certain federally related, rural&nbsp;real-estate transactions valued below a specified limit if&nbsp;no certified appraiser is available. (Sec. 104) The bill amends the Home Mortgage Disclosure Act of 1975 to exempt from specified public disclosure requirements depository institutions and&nbsp;credit unions that&nbsp;originate fewer than a specified number of closed-end mortgages or open-end lines of credit. The Government Accountability Office (GAO) must report on these changes. (Sec. 105) The bill amends the Federal Credit Union Act to allow a credit union to extend a member business loan with respect to a one- to four-family dwelling, regardless of whether the dwelling is the member's primary residence. Under current law, a member business loan may be extended with respect to such a dwelling only if it is the member's primary residence. (Sec. 106) The bill amends the S.A.F.E. Mortgage Licensing Act of 2008 to revise the Act's civil liability immunity provisions and to temporarily allow loan originators that meet specified requirements to continue to originate loans after moving: (1) from one state to another, or (2) from a depository institution to a non-depository institution. (Sec. 107) The bill amends TILA to specify that a retailer of manufactured housing that meets certain requirements is generally not a "mortgage originator" subject to requirements under that Act. (Sec. 108) The bill exempts from certain escrow requirements a residential mortgage loan held by a depository institution or credit union that: (1) has&nbsp;assets of $10 billion or less, (2)&nbsp;originated 1,000 or fewer mortgages in the preceding year, and (3) meets other specified requirements. (Sec. 109) The required mortgage disclosure waiting period is eliminated with respect to a second offer of credit if the creditor offers a consumer a lower annual percentage rate in the&nbsp;second offer. TITLE II--REGULATORY RELIEF AND PROTECTING CONSUMER ACCESS TO CREDIT (Sec. 201) Federal banking agencies must develop a specified&nbsp;Community Bank Leverage Ratio (the ratio of a bank's equity capital to its consolidated assets) for banks with assets of less than $10 billion. Such banks that exceed this ratio&nbsp;shall be&nbsp;deemed to be in compliance with all other capital and leverage requirements. Federal banking agencies may consider a company's risk profile when evaluating whether it qualifies as a community bank for purposes of the ratio requirement. (Sec. 202) The bill amends the Federal Deposit Insurance Act to exclude reciprocal deposits of an insured depository institution from certain limitations on&nbsp;prohibited broker deposits if the total reciprocal deposits of the institution do not exceed the lesser of $5 billion or 20% of its total liabilities. Reciprocal deposits are deposits that banks make with each other in equal amounts. (Generally, an insured depository institution that is not well capitalized may not accept funds obtained by or through any deposit broker for deposit.) (Sec. 203) The bill amends the Bank Holding Company Act of 1956 to exempt from the "Volcker Rule" banks with: (1) total assets valued at less than $10 billion, and (2) trading assets and liabilities&nbsp;comprising not more than 5% of total assets. (The Volcker Rule prohibits banking agencies from engaging in proprietary trading or entering into certain relationships with hedge funds and private-equity funds.) (Sec. 204) Volcker Rule restrictions on entity name sharing are eased in specified circumstances. (Sec. 205) The bill amends the Federal Deposit Insurance Act to require federal banking agencies to issue regulations allowing certain small depository institutions to satisfy reporting requirements with a reduced Report of Condition and Income (i.e., call report). (Sec. 206) The bill amends the Home Owners' Loan Act to permit certain&nbsp;federal savings associations to elect to operate, subject to supervision by the Office of the Comptroller of the Currency, with the same rights and duties as national banks (including operating without certain lending restrictions). (Sec. 207) The Federal Reserve Board (FRB) must increase, from $1 billion to $3 billion, the consolidated asset threshold (i.e., permissible debt level) for a bank holding company or savings and loan holding company that: (1) is not engaged in significant nonbanking activities; (2) does not conduct significant off-balance-sheet activities; and (3) does not have a material amount of debt or equity securities, other than trust-preferred securities, outstanding. If warranted for supervisory purposes, the FRB may exclude a company from this threshold increase. (Sec. 208) The bill amends the Expedited Funds Availability Act to apply the Act, which governs bank deposit holds, to American Samoa, the Commonwealth of the Northern Mariana Islands, and Guam. The Act's one-day extension for certain deposits in noncontiguous states or territories shall also apply to these territories. (Sec. 209) The bill amends the United States Housing Act of 1937 to reduce inspection requirements and environmental-review requirements for certain smaller, rural public-housing agencies. (Sec. 210) The bill amends the Federal Deposit Insurance Act to increase the asset limit below which&nbsp;certain depository institutions are&nbsp;eligible for an 18-month, instead of a 12-month, examination cycle. (Sec. 211) The bill creates the Insurance Policy Advisory Committee on International Capital Standards and Other Insurance Issues at the FRB. The FRB and the Department of the Treasury must report on: (1)&nbsp;their efforts regarding&nbsp;global insurance regulatory or supervisory forums, and (2) any final&nbsp;international insurance capital standards prior to adoption of such standards. (Sec. 212) The bill amends the Federal Credit Union Act to require the National Credit Union Administration to hold public hearings on its draft annual budget. (Sec. 213) A financial institution is authorized to record personal information from a scan, copy, or image of an individual's driver's license or personal identification card and store the information electronically when an individual initiates an online request to open an account or obtain a financial product. The financial institution may use the information for the purpose of verifying the authenticity of the driver's license or identification card, verifying the identity of the individual, or complying with legal requirements. The financial institution must delete any copy or image of an individual's driver's license or personal identification card after use. (Sec. 214) The bill amends the Federal Deposit Insurance Act to specify that a federal banking agency may not subject a depository institution to higher capital standards with respect to a high-volatility commercial real-estate (HVCRE) exposure unless the exposure is an HVCRE acquisition, development, or construction (ADC) loan. An HVCRE ADC loan : (1) is secured by land or improved real property; (2) has the purpose of providing financing to acquire, develop, or improve the real property such that the property becomes income-producing; and (3) is dependent upon future income or sales proceeds from, or refinancing of, the real property for the repayment of the loan. (Sec. 215) The Social Security Administration (SSA) is directed to develop a database to facilitate the verification of consumer information upon request by a certified financial institution. Such verification shall be provided only&nbsp;with the consumer's consent and in connection with a credit transaction. Users of the database shall pay system costs as determined by the SSA. (Sec. 216) The bill directs Treasury to report on the risks of cyber threats to financial institutions and capital markets. (Sec. 217) The bill amends the Federal Reserve Act to lower the maximum allowable amount of surplus funds of the Federal Reserve banks. TITLE III--PROTECTIONS FOR VETERANS, CONSUMERS, AND HOMEOWNERS (Sec. 301) The bill amends the Fair Credit Reporting Act to increase the length of time a consumer reporting agency must include a fraud alert in a consumer's file. It also: (1) requires a consumer reporting agency&nbsp;to provide a consumer with free credit freezes and to notify a consumer of their availability, (2) establishes provisions related to the placement and removal of these freezes, (3) creates requirements related to the&nbsp;protection of the credit records of minors. (Sec. 302) The bill limits, and establishes&nbsp; a dispute process and verification procedures&nbsp;with respect to, the inclusion of&nbsp;a veteran's medical debt in a consumer credit report. (Sec. 303) The bill extends immunity from liability to certain individuals employed at financial institutions who, in good faith and with reasonable care, disclose the suspected exploitation of a senior citizen to a regulatory or law-enforcement agency. Similarly, the employing financial institution shall not be liable with respect to disclosures made by such employees. The bill allows financial institutions and third-party entities to offer training related to the suspected financial exploitation of a senior citizen to specified employees. The bill provides guidance regarding the content, timing, and record-maintenance requirements of such training. (Sec. 304) The sunset provision of the Protecting Tenants at Foreclosure Act is repealed, restoring notification requirements and other protections related to the eviction of renters in foreclosed properties. (The Act expired on December 31, 2014.) (Sec. 305) Treasury may&nbsp;use loan guarantees and credit enhancements to remediate lead and asbestos hazards in residential properties. (Sec. 306) The bill amends the United States Housing Act of 1937 to revise the Family-Self-Sufficiency (FSS) program,&nbsp;an employment and savings incentive program for families that reside in public housing or have housing vouchers. Specifically, the bill: combines existing, separately&nbsp;operated FSS programs into a single program; extends program eligibility to tenants of certain privately owned properties&nbsp;subsidized with project-based rental assistance; revises program requirements related to eligibility,&nbsp;supportive services, and&nbsp;escrow deposits; and otherwise&nbsp;modifies the&nbsp;FSS program. (Sec. 307) The Consumer Financial Protection Bureau is directed to promulgate ability-to-repay regulations regarding property assessed clean energy financing. (Sec. 308) The bill directs the GAO to report on the accuracy and security of consumer reporting agencies&nbsp;and consumer reports. (Sec. 309) A refinanced home loan may not be guaranteed by the Department of Veterans Affairs (VA), unless: (1) a specified minimum time period has passed between the original loan and the refinancing; and (2) the lender complies with provisions related to fee recoupment, mortgage interest rates, and net tangible benefit tests. The Department of Housing and Urban Development (HUD) and the Government National Mortgage Association (Ginnie Mae) must report on the liquidity of the VA Housing Loan Program. The VA must report annually on refinanced home loans to veterans. (Sec. 310) The bill amends the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Corporation Act to allow the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), when determining whether to purchase a residential mortgage, to consider a borrower's credit score only if certain procedural requirements are met with respect to the validation and approval of credit-scoring models. The Federal Housing Finance Agency must, by regulation, establish standards and criteria for processes used by Fannie Mae and Freddie Mac to validate and approve credit-scoring models in accordance with the bill. (Sec. 311) The GAO is directed to report on foreclosures, homeownership, and mortgage defaults in Puerto Rico before and after Hurricane Maria. (Sec. 312) HUD must report on and provide recommendations for lead-based paint hazard prevention and abatement, with an emphasis on preventing exposure in children. (Sec. 313) The bill amends the Honoring America's Veterans and Caring for Camp Lejeune Families Act of 2012 to make permanent the&nbsp;one-year grace period during which a servicemember is protected from foreclosure after leaving military service. TITLE IV--TAILORING REGULATIONS FOR CERTAIN BANK HOLDING COMPANIES (Sec. 401) The bill amends the Financial Stability Act of 2010, with respect to nonbank financial&nbsp;companies supervised by the FRB and certain bank holding companies,&nbsp;to: increase the asset threshold at which certain enhanced prudential standards shall apply, from $50 billion to $250 billion, while allowing the FRB discretion in determining whether a financial institution with assets equal or greater than $100 billion must be subject to such standards; increase the asset threshold at which company-run stress tests are required, from $10 billion to $250 billion; and&nbsp; increase the asset threshold for mandatory risk committees, from $10 billion to $50 billion. (Sec. 402) The bill requires the appropriate federal banking agencies to exclude, for purposes of calculating a custodial bank's supplementary leverage ratio, funds of a custodial bank that are deposited with a central bank. ("Supplementary leverage ratio" is a capital adequacy measure that refers to the ratio of a banking organization's tier-one capital to its leverage exposure.) The amount of such funds may not exceed the total value of deposits of the custodial bank linked to fiduciary or custodial and safekeeping accounts. (Sec. 403) This bill amends the Federal Deposit Insurance Act to require certain municipal obligations to be treated as level 2B liquid assets if they are investment grade, liquid, and readily marketable. Under current law, corporate debt securities and publicly traded common-equity shares, but not municipal obligations, may be treated as level 2B liquid assets (which are considered to be high-quality assets). TITLE V--ENCOURAGING CAPITAL FORMATION (Sec. 501) The bill amends the Securities Act of 1933 to exempt from state registration securities qualified for national trading by the Securities and Exchange Commission (SEC) and authorized to be listed on a national securities exchange. Currently, securities listed on exchanges specified by statute or SEC rule are exempt. (Sec. 502) The bill directs the SEC to report on the risks and benefits of algorithmic trading in capital markets. (Sec. 504) The bill amends the Investment Company Act of 1940 to exempt from the definition of an "investment company," for purposes of specified limitations applicable to such a company under the Act, a qualifying venture capital fund that has no more than 250 investors. Specifically, the bill applies to a venture capital fund that has less than $10 million in aggregate capital contributions and uncalled committed capital. Under current law, a venture capital fund is considered to be an investment company if it has more than 100 investors. (Sec. 505) The bill requires the SEC to offset future fees and assessments due from a national securities exchange or association that: (1) has previously overpaid such fees and assessments, and (2) informs the SEC of the overpayment within 10 years. (Sec. 506) The bill amends the Investment Company Act of 1940 to apply the Act to investment companies created under the laws of Puerto Rico, the U.S. Virgin Islands, or any other U.S. possession. (Sec. 507) The bill requires the SEC to increase, from $5 million to $10 million, the 12-month sales threshold beyond which an issuer is required to provide investors with additional disclosures related to compensatory benefit plans. (Sec. 508) The bill expands the applicability to issuers of&nbsp;"Regulation A+" (which exempts certain smaller offerings from securities registration requirements). (Sec. 509) The bill directs the SEC to revise registration rules to allow a closed-end company to use offering and proxy rules currently available to other issuers of securities, thereby reducing filing requirements and restrictions on communications with investors in certain circumstances. (A closed-end company is a publicly traded investment management company that sells a limited number of shares to investors in an initial public offering.) TITLE VI--PROTECTIONS FOR STUDENT BORROWERS (Sec. 601) The bill amends TILA to prospectively&nbsp;revise&nbsp;provisions relating to cosigners of private student loans. Specifically, the bill: (1) prohibits a creditor from declaring a default or accelerating the debt of a private student loan on the sole basis&nbsp;of the death or bankruptcy of a cosigner to such a loan, and (2) directs loan holders to release cosigners from any obligation upon the death of the student borrower. (Sec. 602) The bill amends the Fair Credit Reporting Act to allow a person to request the removal of a previously reported default regarding a private education loan from a consumer report if: (1) the lender chooses to offer a loan-rehabilitation program that requires a number of consecutive on-time monthly payments demonstrating renewed ability and willingness to repay the loan, and (2) the consumer meets those requirements. A consumer may obtain such rehabilitation benefits only once per loan. The GAO shall report on the implementation of these provisions. (Sec. 603) The bill amends the Financial Literacy and Education Improvement Act to direct the Financial Literacy and Education Commission to establish best practices for teaching financial literacy skills at institutions of higher education.