I 
114TH CONGRESS 
1ST SESSION H. R. 1389 
To improve the mortgage finance system and the regulation of financial 
institutions, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MARCH 17, 2015 
Mr. BARR (for himself and Mr. TIPTON) introduced the following bill; which 
was referred to the Committee on Financial Services, and in addition to 
the Committee on Agriculture, for a period to be subsequently determined 
by the Speaker, in each case for consideration of such provisions as fall 
within the jurisdiction of the committee concerned 
A BILL 
To improve the mortgage finance system and the regulation 
of financial institutions, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘The American Jobs 
and Community Revitalization Act of 2015’’. 
SEC. 2. IMPROVED CUSTOMER ACCESS TO MORTGAGES. 
(a) APPLICATION.—Not later than 90 days after the 
date of the enactment of this Act, the Bureau of Consumer 
Financial Protection shall establish an application process 
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under which a person who lives or does business in a State 
may, with respect to an area identified by the person in 
such State that has not been designated by the Bureau 
as a rural area for purposes of a Federal consumer finan-
cial law (as defined under 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.—When evaluating an 
application submitted under subsection (a), the Bureau 
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 or micropolitan or neither. 
(3) Criteria used by the Secretary of Agri-
culture to determine property eligibility for rural de-
velopment programs. 
(4) The Department of Agriculture rural-urban 
commuting area codes. 
(5) A written opinion provided by the State’s 
bank supervisor, as defined under section 3(r) of the 
Federal Deposit Insurance Act (12 U.S.C. 1813(r)). 
(6) Population density. 
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(c) PUBLIC COMMENT PERIOD.— 
(1) IN GENERAL.—Not later than 60 days after 
receiving an application submitted under subsection 
(a), the Bureau shall— 
(A) publish such application in the Federal 
Register; and 
(B) make such application available for 
public comment for not fewer than 90 days. 
(2) LIMITATION
ON
ADDITIONAL
APPLICA-
TIONS.—Nothing in this section shall be construed 
to require the Bureau, during the public comment 
period with respect to an application submitted 
under subsection (a), to accept an additional appli-
cation with respect to the area that is the subject of 
the initial application. 
(d) DECISION ON DESIGNATION.—Not later than 90 
days after the end of the public comment period under 
subsection (c)(1) for an application, the Bureau 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 what factors 
the Bureau relied on in making such determination. 
(e) SUBSEQUENT APPLICATIONS.—A decision by the 
Bureau under subsection (d) to deny an application for 
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an area to be designated as a rural area shall not preclude 
the Bureau from accepting a subsequent application sub-
mitted under subsection (a) for such area to be so des-
ignated, so long as such subsequent application is made 
after the end of the 90-day period beginning on the date 
that the Bureau denies the application under subsection 
(d). 
(f) SUNSET.—This section shall cease to have any 
force or effect after the end of the 2-year period beginning 
on the date of the enactment of this Act. 
SEC. 3. SAFE HARBOR FOR CERTAIN LOANS HELD ON 
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 ON 
PORTFOLIO.— 
‘‘(1) SAFE HARBOR FOR CREDITORS THAT ARE 
DEPOSITORY INSTITUTIONS.— 
‘‘(A) IN GENERAL.—A creditor that is a 
depository institution 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 
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the banking regulators shall treat such loan as 
a qualified mortgage, if— 
‘‘(i) the creditor has, since the origi-
nation of the loan, held the loan on the 
balance sheet of the creditor; and 
‘‘(ii) all prepayment penalties with re-
spect to the loan comply with the limita-
tions described under subsection (c)(3). 
‘‘(B) EXCEPTION
FOR
CERTAIN
TRANS-
FERS.—In the case of a depository institution 
that transfers a loan originated by that institu-
tion 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 transferring such loan shall be 
deemed to have complied with the requirement 
under subparagraph (A)(i). 
‘‘(2) SAFE HARBOR FOR MORTGAGE ORIGINA-
TORS.—A mortgage originator shall not be subject 
to suit for a violation of section 129B(c)(3)(B) for 
steering a consumer to a residential mortgage loan 
if— 
‘‘(A) the creditor of such loan is a deposi-
tory institution and has informed the mortgage 
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originator that the creditor intends to hold the 
loan on the balance sheet of the creditor for the 
life of the loan; and 
‘‘(B) the mortgage originator informs the 
consumer that the creditor intends to hold the 
loan on the balance sheet of the creditor for the 
life of the loan. 
‘‘(3) DEFINITIONS.—For purposes of this sub-
section: 
‘‘(A) BANKING
REGULATORS.—The term 
‘banking regulators’ means the Federal banking 
agencies, the Bureau, and the National Credit 
Union Administration. 
‘‘(B) 
DEPOSITORY
INSTITUTION.—The 
term ‘depository institution’ has the meaning 
given that term under section 19(b)(1) of the 
Federal Reserve Act (12 U.S.C. 505(b)(1)). 
‘‘(C) FEDERAL BANKING AGENCIES.—The 
term ‘Federal banking agencies’ has the mean-
ing given that term under section 3 of the Fed-
eral Deposit Insurance Act.’’. 
(b) RULE
OF
CONSTRUCTION.—Nothing in the 
amendment made by this section may be construed as pre-
venting a balloon loan from qualifying for the safe harbor 
provided under section 129C(j) of the Truth in Lending 
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‘‘(B) Whether the proposed regulation or 
order is inconsistent with other Federal regula-
tions or orders. 
‘‘(C) Whether the proposed regulation or 
order is duplicative of other Federal regulations 
or orders. 
‘‘(D) Whether other Federal regulations or 
orders are outdated. 
‘‘(3) RESOLVING
DUPLICATIVE
OR
INCON-
SISTENT REGULATIONS OR ORDERS.—The Corpora-
tion shall take all available measures under current 
law to resolve any duplicative or inconsistent existing 
regulation or order with any proposed regulation or 
order before issuing a final regulation or order. 
‘‘(4) REPORT TO CONGRESS.—Not later than 
the end of the 60-day period beginning on the date 
the Corporation makes a determination under para-
graph (2), the Corporation shall issue a report to 
the Congress containing recommendations made by 
the Corporation, including any recommendations of 
Federal laws or regulations that should be repealed 
or amended, so that the Congress may repeal or 
amend any conflicting, inconsistent, duplicative, or 
outdated laws or regulations. 
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‘‘(5) LIMITATION ON JUDICIAL REVIEW.—Not-
withstanding any other provision of law, a court may 
not compel action or hold unlawful and set aside any 
action solely on the basis of compliance or non-
compliance with the requirements of this subsection. 
‘‘(6) DEFINITIONS.—For purposes of this sub-
section: 
‘‘(A) 
REGULATION
AND
ORDER.—The 
terms ‘regulation’ and ‘order’ shall have the 
meaning given those terms, respectively, by the 
Corporation, and the term ‘other Federal regu-
lations and orders’ shall mean regulations and 
orders of the Federal financial regulators, other 
than the Corporation. 
‘‘(B) 
FEDERAL
FINANCIAL
REGU-
LATORS.—The term ‘Federal financial regu-
lators’ means the Board of Governors of the 
Federal Reserve System, the Bureau of Con-
sumer Financial Protection, the Commodity Fu-
tures Trading Commission, the Comptroller of 
the Currency, the Corporation, the National 
Credit Union Administration, and the Securities 
and Exchange Commission.’’. 
(b) OFFICE OF THE COMPTROLLER OF THE CUR-
RENCY.—Section 324 of the Revised Statutes of the 
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United States (12 U.S.C. 1) is amended by adding at the 
end the following: 
‘‘(c) REVIEW OF REGULATIONS.— 
‘‘(1) IN GENERAL.—Before issuing a regulation 
or order the Comptroller of the Currency shall as-
sess other Federal regulations and orders to deter-
mine the interaction between the proposed regulation 
or order and other Federal regulations and orders. 
‘‘(2) CONSIDERATIONS.—In making a deter-
mination of the interaction between the proposed 
regulation or order and other Federal regulations, 
the Comptroller shall evaluate the following: 
‘‘(A) Whether the proposed regulation or 
order is in conflict with other Federal regula-
tions or orders. 
‘‘(B) Whether the proposed regulation or 
order is inconsistent with other Federal regula-
tions or orders. 
‘‘(C) Whether the proposed regulation or 
order is duplicative of other Federal regulations 
or orders. 
‘‘(D) Whether other Federal regulations or 
orders are outdated. 
‘‘(3) RESOLVING
DUPLICATIVE
OR
INCON-
SISTENT
REGULATIONS
OR
ORDERS.—The Comp-
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troller shall take all available measures under cur-
rent law to resolve any duplicative or inconsistent 
existing regulation or order with any proposed regu-
lation or order before issuing a final regulation or 
order. 
‘‘(4) REPORT TO CONGRESS.—Not later than 
the end of the 60-day period beginning on the date 
the Comptroller makes a determination under para-
graph (2), the Comptroller shall issue a report to the 
Congress containing recommendations made by the 
Comptroller, including any recommendations of Fed-
eral laws or regulations that should be repealed or 
amended, so that the Congress may repeal or amend 
any conflicting, inconsistent, duplicative, or outdated 
laws or regulations. 
‘‘(5) LIMITATION ON JUDICIAL REVIEW.—Not-
withstanding any other provision of law, a court may 
not compel action or hold unlawful and set aside any 
action solely on the basis of compliance or non-
compliance with the requirements of this subsection. 
‘‘(6) DEFINITIONS.—For purposes of this sub-
section, the terms ‘regulation’ and ‘order’ shall have 
the meaning given those terms, respectively, by the 
Comptroller, and the term ‘other Federal regulations 
and orders’ shall mean regulations and orders of the 
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Federal financial regulators (as defined under sec-
tion 9(c)(6) of the Federal Deposit Insurance Act), 
other than the Comptroller.’’. 
(c) BOARD OF GOVERNORS OF THE FEDERAL RE-
SERVE SYSTEM.—Section 10 of the Federal Reserve Act 
is amended by inserting before paragraph (12) the fol-
lowing: 
‘‘(11) REVIEW OF REGULATIONS.— 
‘‘(A) IN GENERAL.—Before issuing a regu-
lation or order the Board of Governors of the 
Federal Reserve System shall assess other Fed-
eral regulations and orders to determine the 
interaction between the proposed regulation or 
order and other Federal regulations and orders. 
‘‘(B) CONSIDERATIONS.—In making a de-
termination of the interaction between the pro-
posed regulation or order and other Federal 
regulations, the Board of Governors shall evalu-
ate the following: 
‘‘(i) Whether the proposed regulation 
or order is in conflict with other Federal 
regulations or orders. 
‘‘(ii) Whether the proposed regulation 
or order is inconsistent with other Federal 
regulations or orders. 
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‘‘(iii) Whether the proposed regulation 
or order is duplicative of other Federal 
regulations or orders. 
‘‘(iv) Whether other Federal regula-
tions or orders are outdated. 
‘‘(C) RESOLVING DUPLICATIVE OR INCON-
SISTENT
REGULATIONS
OR
ORDERS.—The 
Board of Governors shall take all available 
measures under current law to resolve any du-
plicative or inconsistent existing regulation or 
order with any proposed regulation or order be-
fore issuing a final regulation or order. 
‘‘(D) REPORT
TO
CONGRESS.—Not later 
than the end of the 60-day period beginning on 
the date the Board of Governors makes a deter-
mination under subparagraph (A), the Board of 
Governors shall issue a report to the Congress 
containing recommendations made by the 
Board 
of 
Governors, 
including 
any 
rec-
ommendations of Federal laws or regulations 
that should be repealed or amended, so that the 
Congress may repeal or amend any conflicting, 
inconsistent, duplicative, or outdated laws or 
regulations. 
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