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Subtitle H—Conforming 
Amendments 
SEC. 1081. AMENDMENTS TO THE INSPECTOR GENERAL 
ACT. 
Effective on the date of enactment of this Act, the In-
spector General Act of 1978 (5 U.S.C. App. 3) is amended— 
(1) in section 8G(a)(2), by inserting ‘‘and the 
Bureau of Consumer Financial Protection’’ after 
‘‘Board of Governors of the Federal Reserve System’’; 
(2) in section 8G(c), by adding at the end the 
following: ‘‘For purposes of implementing this section, 
the Chairman of the Board of Governors of the Fed-
eral Reserve System shall appoint the Inspector Gen-
eral of the Board of Governors of the Federal Reserve 
System and the Bureau of Consumer Financial Pro-
tection. The Inspector General of the Board of Gov-
ernors of the Federal Reserve System and the Bureau 
of Consumer Financial Protection shall have all of the 
authorities and responsibilities provided by this Act 
with respect to the Bureau of Consumer Financial 
Protection, as if the Bureau were part of the Board 
of Governors of the Federal Reserve System.’’; and 
(3) in section 8G(g)(3), by inserting ‘‘and the 
Bureau of Consumer Financial Protection’’ after
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‘‘Board of Governors of the Federal Reserve System’’ 
the first place that term appears. 
SEC. 1082. AMENDMENTS TO THE PRIVACY ACT OF 1974. 
Effective on the date of enactment of this Act, section 
552a of title 5, United States Code, is amended by adding 
at the end the following: 
‘‘(w) APPLICABILITY TO BUREAU OF CONSUMER FI-
NANCIAL PROTECTION.—Except as provided in the Con-
sumer Financial Protection Act of 2010, this section shall 
apply with respect to the Bureau of Consumer Financial 
Protection.’’. 
SEC. 1083. AMENDMENTS TO THE ALTERNATIVE MORTGAGE 
TRANSACTION PARITY ACT OF 1982. 
(a) IN GENERAL.—The Alternative Mortgage Trans-
action Parity Act of 1982 (12 U.S.C. 3801 et seq.) is 
amended— 
(1) in section 803 (12 U.S.C. 3802(1)), by strik-
ing ‘‘1974’’ and all that follows through ‘‘described 
and defined’’ and inserting the following: ‘‘1974), in 
which the interest rate or finance charge may be ad-
justed or renegotiated, described and defined’’; and 
(2) in section 804 (12 U.S.C. 3803)— 
(A) in subsection (a)— 
(i) in each of paragraphs (1), (2), and 
(3), by inserting after ‘‘transactions made’’
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each place that term appears ‘‘on or before 
the designated transfer date, as determined 
under section 1062 of the Consumer Finan-
cial Protection Act of 2010,’’; 
(ii) in paragraph (2), by striking 
‘‘and’’ at the end; 
(iii) in paragraph (3), by striking the 
period at the end and inserting ‘‘; and’’; 
and 
(iv) by adding at the end the following 
new paragraph: 
‘‘(4) with respect to transactions made after the 
designated transfer date, only in accordance with reg-
ulations governing alternative mortgage transactions, 
as issued by the Bureau of Consumer Financial Pro-
tection for federally chartered housing creditors, in 
accordance with the rulemaking authority granted to 
the Bureau of Consumer Financial Protection with 
regard to federally chartered housing creditors under 
provisions of law other than this section.’’; 
(B) by striking subsection (c) and inserting 
the following: 
‘‘(c) PREEMPTION OF STATE LAW.—An alternative 
mortgage transaction may be made by a housing creditor 
in accordance with this section, notwithstanding any State
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constitution, law, or regulation that prohibits an alter-
native mortgage transaction. For purposes of this sub-
section, a State constitution, law, or regulation that pro-
hibits an alternative mortgage transaction does not include 
any State constitution, law, or regulation that regulates 
mortgage transactions generally, including any restriction 
on prepayment penalties or late charges.’’; and 
(C) by adding at the end the following: 
‘‘(d) BUREAU ACTIONS.—The Bureau of Consumer Fi-
nancial Protection shall— 
‘‘(1) review the regulations identified by the 
Comptroller of the Currency and the National Credit 
Union Administration, (as those rules exist on the 
designated transfer date), as applicable under para-
graphs (1) through (3) of subsection (a); 
‘‘(2) determine whether such regulations are fair 
and not deceptive and otherwise meet the objectives of 
the Consumer Financial Protection Act of 2010; and 
‘‘(3) promulgate regulations under subsection 
(a)(4) after the designated transfer date. 
‘‘(e) DESIGNATED TRANSFER DATE.—As used in this 
section, the term ‘designated transfer date’ means the date 
determined under section 1062 of the Consumer Financial 
Protection Act of 2010.’’.
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(b) EFFECTIVE DATE.—This section and the amend-
ments made by this section shall become effective on the des-
ignated transfer date. 
(c) RULE OF CONSTRUCTION.—The amendments made 
by subsection (a) shall not affect any transaction covered 
by the Alternative Mortgage Transaction Parity Act of l982 
(12 U.S.C. 3801 et seq.) and entered into on or before the 
designated transfer date. 
SEC. 1084. AMENDMENTS TO THE ELECTRONIC FUND 
TRANSFER ACT. 
The Electronic Fund Transfer Act (15 U.S.C. 1693 et 
seq.) is amended— 
(1) by striking ‘‘Board’’ each place that term ap-
pears and inserting ‘‘Bureau’’, except in section 918 
(as so designated by the Credit Card Act of 2009) (15 
U.S.C. 1693o); 
(2) in section 903 (15 U.S.C. 1693a), by striking 
paragraph (3) and inserting the following: 
‘‘(3) the term ‘Bureau’ means the Bureau of 
Consumer Financial Protection;’’; 
(3) in section 916(d) (as so designated by section 
401 of the Credit CARD Act of 2009) (15 U.S.C. 
1693m)—
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(A) by striking ‘‘FEDERAL RESERVE SYS-
TEM’’ and inserting ‘‘BUREAU OF CONSUMER FI-
NANCIAL PROTECTION’’; and 
(B) by striking ‘‘Federal Reserve System’’ 
and inserting ‘‘Bureau of Consumer Financial 
Protection’’; and 
(4) in section 918 (as so designated by the Credit 
CARD Act of 2009) (15 U.S.C. 1693o)— 
(A) in subsection (a)— 
(i) by striking ‘‘Compliance’’ and in-
serting ‘‘Except as otherwise provided by 
subtitle B of the Consumer Financial Pro-
tection Act of 2010, compliance’’; and 
(ii) by striking paragraph (2) and in-
serting the following: 
‘‘(2) subtitle E of the Consumer Financial Pro-
tection Act of 2010, by the Bureau;’’; and 
(B) by striking subsection (c) and inserting 
the following: 
‘‘(c) OVERALL ENFORCEMENT AUTHORITY
OF
THE 
FEDERAL TRADE COMMISSION.—Except to the extent that 
enforcement of the requirements imposed under this title is 
specifically committed to some other Government agency 
under subsection (a), and subject to subtitle B of the Con-
sumer Financial Protection Act of 2010, the Federal Trade
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† HR 4173 EAS 
Commission shall enforce such requirements. For the pur-
pose of the exercise by the Federal Trade Commission of 
its functions and powers under the Federal Trade Commis-
sion Act, a violation of any requirement imposed under this 
title shall be deemed a violation of a requirement imposed 
under that Act. All of the functions and powers of the Fed-
eral Trade Commission under the Federal Trade Commis-
sion Act are available to the Federal Trade Commission to 
enforce compliance by any person subject to the jurisdiction 
of the Federal Trade Commission with the requirements im-
posed under this title, irrespective of whether that person 
is engaged in commerce or meets any other jurisdictional 
tests under the Federal Trade Commission Act.’’. 
SEC. 1085. AMENDMENTS TO THE EQUAL CREDIT OPPOR-
TUNITY ACT. 
The Equal Credit Opportunity Act (15 U.S.C. 1691 
et seq.) is amended— 
(1) by striking ‘‘Board’’ each place that term ap-
pears and inserting ‘‘Bureau’’; 
(2) in section 702 (15 U.S.C. 1691a), by striking 
subsection (c) and inserting the following: 
‘‘(c) The term ‘Bureau’ means the Bureau of Consumer 
Financial Protection.’’; 
(3) in section 703 (15 U.S.C. 1691b)—
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(A) by striking the section heading and in-
serting the following: 
‘‘SEC. 703. PROMULGATION OF REGULATIONS BY THE BU-
REAU.’’; 
(B) by striking ‘‘(a) REGULATIONS.—’’; 
(C) by striking subsection (b); 
(D) 
by 
redesignating 
paragraphs 
(1) 
through (5) as subsections (a) through (e), re-
spectively; and 
(E) in subsection (c), as so redesignated, by 
striking ‘‘paragraph (2)’’ and inserting ‘‘sub-
section (b)’’; 
(4) in section 704 (15 U.S.C. 1691c)— 
(A) in subsection (a)— 
(i) by striking ‘‘Compliance’’ and in-
serting ‘‘Except as otherwise provided by 
subtitle B of the Consumer Protection Fi-
nancial Protection Act of 2010’’; and 
(ii) by striking paragraph (2) and in-
serting the following: 
‘‘(2) Subtitle E of the Consumer Financial Pro-
tection Act of 2010, by the Bureau.’’; 
(B) by striking subsection (c) and inserting 
the following:
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‘‘(c) OVERALL ENFORCEMENT AUTHORITY OF FED-
ERAL TRADE COMMISSION.—Except to the extent that en-
forcement of the requirements imposed under this title is 
specifically committed to some other Government agency 
under subsection (a), and subject to subtitle B of the Con-
sumer Financial Protection Act of 2010, the Federal Trade 
Commission shall enforce such requirements. For the pur-
pose of the exercise by the Federal Trade Commission of 
its functions and powers under the Federal Trade Commis-
sion Act (15 U.S.C. 41 et seq.), a violation of any require-
ment imposed under this subchapter shall be deemed a vio-
lation of a requirement imposed under that Act. All of the 
functions and powers of the Federal Trade Commission 
under the Federal Trade Commission Act are available to 
the Federal Trade Commission to enforce compliance by 
any person with the requirements imposed under this title, 
irrespective of whether that person is engaged in commerce 
or meets any other jurisdictional tests under the Federal 
Trade Commission Act, including the power to enforce any 
rule prescribed by the Bureau under this title in the same 
manner as if the violation had been a violation of a Federal 
Trade Commission trade regulation rule.’’; and 
(C) in subsection (d), by striking ‘‘Board’’ 
and inserting ‘‘Bureau’’; and 
(5) in section 706(e) (15 U.S.C. 1691e(e))—
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(A) in the subsection heading— 
(i) by striking ‘‘BOARD’’ each place 
that term appears and inserting ‘‘BU-
REAU’’; and 
(ii) by striking ‘‘FEDERAL RESERVE 
SYSTEM’’ and inserting ‘‘BUREAU OF CON-
SUMER FINANCIAL PROTECTION’’; and 
(B) by striking ‘‘Federal Reserve System’’ 
and inserting ‘‘Bureau of Consumer Financial 
Protection’’. 
SEC. 1086. AMENDMENTS TO THE EXPEDITED FUNDS AVAIL-
ABILITY ACT. 
(a) AMENDMENT TO SECTION 603.—Section 603(d)(1) 
of the Expedited Funds Availability Act (12 U.S.C. 4002) 
is amended by inserting after ‘‘Board’’ the following ‘‘, 
jointly with the Director of the Bureau of Consumer Finan-
cial Protection,’’. 
(b) AMENDMENTS TO SECTION 604.—Section 604 of 
the Expedited Funds Availability Act (12 U.S.C. 4003) is 
amended— 
(1) by inserting after ‘‘Board’’ each place that 
term appears, other than in subsection (f), the fol-
lowing: ‘‘, jointly with the Director of the Bureau of 
Consumer Financial Protection,’’; and
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(2) in subsection (f), by striking ‘‘Board.’’ each 
place that term appears and inserting the following: 
‘‘Board, jointly with the Director of the Bureau of 
Consumer Financial Protection.’’. 
(c) AMENDMENTS TO SECTION 605.—Section 605 of 
the Expedited Funds Availability Act (12 U.S.C. 4004) is 
amended— 
(1) by inserting after ‘‘Board’’ each place that 
term appears, other than in the heading for section 
605(f)(1), the following: ‘‘, jointly with the Director of 
the Bureau of Consumer Financial Protection,’’; and 
(2) in subsection (f)(1), in the paragraph head-
ing, by inserting ‘‘AND BUREAU’’ after ‘‘BOARD’’. 
(d) AMENDMENTS TO SECTION 609.—Section 609 of 
the Expedited Funds Availability Act (12 U.S.C. 4008) is 
amended: 
(1) in subsection (a), by inserting after ‘‘Board’’ 
the following ‘‘, jointly with the Director of the Bu-
reau of Consumer Financial Protection,’’; and 
(2) by striking subsection (e) and inserting the 
following: 
‘‘(e) CONSULTATIONS.—In prescribing regulations 
under subsections (a) and (b), the Board and the Director 
of the Bureau of Consumer Financial Protection, in the case 
of subsection (a), and the Board, in the case of subsection
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† HR 4173 EAS 
(b), shall consult with the Comptroller of the Currency, the 
Board of Directors of the Federal Deposit Insurance Cor-
poration, and the National Credit Union Administration 
Board.’’. 
(e) EXPEDITED
FUNDS
AVAILABILITY
IMPROVE-
MENTS.—Section 603 of the Expedited Funds Availability 
Act (12 U.S.C. 4002) is amended— 
(1) in subsection (a)(2)(D), by striking ‘‘$100’’ 
and inserting ‘‘$200’’; and 
(2) in subsection (b)(3)(C), in the subparagraph 
heading, by striking ‘‘$100’’ and inserting ‘‘$200’’; and 
(3) in subsection (c)(1)(B)(iii), in the clause 
heading, by striking ‘‘$100’’ and inserting ‘‘$200’’. 
(f) REGULAR ADJUSTMENTS FOR INFLATION.—Section 
607 of the Expedited Funds Availability Act (12 U.S.C. 
4006) is amended by adding at the end the following: 
‘‘(f) ADJUSTMENTS TO DOLLAR AMOUNTS FOR INFLA-
TION.—The dollar amounts under this title shall be adjusted 
every 5 years after December 31, 2011, by the annual per-
centage increase in the Consumer Price Index for Urban 
Wage Earners and Clerical Workers, as published by the 
Bureau of Labor Statistics, rounded to the nearest multiple 
of $25.’’.
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SEC. 1087. AMENDMENTS TO THE FAIR CREDIT BILLING 
ACT. 
The Fair Credit Billing Act (15 U.S.C. 1666–1666j) 
is amended by striking ‘‘Board’’ each place that term ap-
pears and inserting ‘‘Bureau’’. 
SEC. 1088. AMENDMENTS TO THE FAIR CREDIT REPORTING 
ACT AND THE FAIR AND ACCURATE CREDIT 
TRANSACTIONS ACT. 
(a) FAIR CREDIT REPORTING ACT.—The Fair Credit 
Reporting Act (15 U.S.C. 1681 et seq.) is amended— 
(1) in section 603 (15 U.S.C. 1681a)— 
(A) by redesignating subsections (w) and 
(x) as subsections (x) and (y), respectively; and 
(B) by inserting after subsection (v) the fol-
lowing: 
‘‘(w) The term ‘Bureau’ means the Bureau of Con-
sumer Financial Protection.’’; and 
(2) except as otherwise specifically provided in 
this subsection— 
(A) by striking ‘‘Federal Trade Commis-
sion’’ each place that term appears and inserting 
‘‘Bureau’’; 
(B) by striking ‘‘FTC’’ each place that term 
appears and inserting ‘‘Bureau’’;
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(C) by striking ‘‘the Commission’’ each 
place that term appears and inserting ‘‘the Bu-
reau’’; and 
(D) by striking ‘‘The Federal banking agen-
cies, the National Credit Union Administration, 
and the Commission shall jointly’’ each place 
that term appears and inserting ‘‘The Bureau 
shall’’; 
(3) in section 603(k)(2) (15 U.S.C. 1681a(k)(2)), 
by striking ‘‘Board of Governors of the Federal Re-
serve System’’ and inserting ‘‘Bureau’’; 
(4) in section 604(g) (15 U.S.C. 1681b(g))— 
(A) in paragraph (3), by striking subpara-
graph (C) and inserting the following: 
‘‘(C) as otherwise determined to be nec-
essary and appropriate, by regulation or order, 
by the Bureau (consistent with the enforcement 
authorities prescribed under section 621(b)), or 
the applicable State insurance authority (with 
respect to any person engaged in providing in-
surance or annuities).’’; 
(B) by striking paragraph (5) and inserting 
the following: 
‘‘(5) REGULATIONS AND EFFECTIVE DATE FOR 
PARAGRAPH (2).—
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‘‘(A) REGULATIONS
REQUIRED.—The Bu-
reau may, after notice and opportunity for com-
ment, prescribe regulations that permit trans-
actions under paragraph (2) that are determined 
to be necessary and appropriate to protect legiti-
mate operational, transactional, risk, consumer, 
and other needs (and which shall include permit-
ting 
actions 
necessary 
for 
administrative 
verification purposes), consistent with the intent 
of paragraph (2) to restrict the use of medical 
information for inappropriate purposes.’’; and 
(C) by striking paragraph (6); 
(5) in section 611(e)(2) (15 U.S.C. 1681i(e)), by 
striking paragraph (2) and inserting the following: 
‘‘(2) EXCLUSION.—Complaints received or ob-
tained by the Bureau pursuant to its investigative 
authority under the Consumer Financial Protection 
Act of 2010 shall not be subject to paragraph (1).’’; 
(6) 
in 
section 
615(h)(6) 
(15 
U.S.C. 
1681m(h)(6)), by striking subparagraph (A) and in-
serting the following: 
‘‘(A) RULES REQUIRED.—The Bureau shall 
prescribe rules to carry out this subsection.’’; 
(7) in section 621 (15 U.S.C. 1681s)—
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(A) by striking subsection (a) and inserting 
the following: 
‘‘(a) ENFORCEMENT
BY FEDERAL TRADE COMMIS-
SION.— 
‘‘(1) IN GENERAL.—Except as otherwise provided 
by subtitle B of the Consumer Financial Protection 
Act of 2010, compliance with the requirements im-
posed under this title shall be enforced under the Fed-
eral Trade Commission Act (15 U.S.C. 41 et seq.) by 
the Federal Trade Commission, with respect to con-
sumer reporting agencies and all other persons subject 
thereto, except to the extent that enforcement of the re-
quirements imposed under this title is specifically 
committed to some other Government agency under 
subsection (b). For the purpose of the exercise by the 
Federal Trade Commission of its functions and pow-
ers under the Federal Trade Commission Act, a viola-
tion of any requirement or prohibition imposed under 
this title shall constitute an unfair or deceptive act or 
practice in commerce, in violation of section 5(a) of 
the Federal Trade Commission Act (15 U.S.C. 45(a)), 
and shall be subject to enforcement by the Federal 
Trade Commission under section 5(b) of that Act with 
respect to any consumer reporting agency or person 
that is subject to enforcement by the Federal Trade
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† HR 4173 EAS 
Commission pursuant to this subsection, irrespective 
of whether that person is engaged in commerce or 
meets any other jurisdictional tests under the Federal 
Trade Commission Act. The Federal Trade Commis-
sion shall have such procedural, investigative, and en-
forcement powers (except as otherwise provided by 
subtitle B of the Consumer Financial Protection Act 
of 2010), including the power to issue procedural 
rules in enforcing compliance with the requirements 
imposed under this title and to require the filing of 
reports, the production of documents, and the appear-
ance of witnesses, as though the applicable terms and 
conditions of the Federal Trade Commission Act were 
part of this title. Any person violating any of the pro-
visions of this title shall be subject to the penalties 
and entitled to the privileges and immunities pro-
vided in the Federal Trade Commission Act as though 
the applicable terms and provisions of such Act are 
part of this title. 
‘‘(2) PENALTIES.— 
‘‘(A) KNOWING VIOLATIONS.—Except as oth-
erwise provided by subtitle B of the Consumer 
Financial Protection Act of 2010, in the event of 
a knowing violation, which constitutes a pattern 
or practice of violations of this title, the Federal
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† HR 4173 EAS 
Trade Commission may commence a civil action 
to recover a civil penalty in a district court of 
the United States against any person that vio-
lates this title. In such action, such person shall 
be liable for a civil penalty of not more than 
$2,500 per violation. 
‘‘(B) DETERMINING PENALTY AMOUNT.—In 
determining the amount of a civil penalty under 
subparagraph (A), the court shall take into ac-
count the degree of culpability, any history of 
such prior conduct, ability to pay, effect on abil-
ity to continue to do business, and such other 
matters as justice may require. 
‘‘(C) LIMITATION.—Notwithstanding para-
graph (2), a court may not impose any civil 
penalty on a person for a violation of section 
623(a)(1), unless the person has been enjoined 
from committing the violation, or ordered not to 
commit the violation, in an action or proceeding 
brought by or on behalf of the Federal Trade 
Commission, and has violated the injunction or 
order, and the court may not impose any civil 
penalty for any violation occurring before the 
date of the violation of the injunction or order.’’;
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(8) by striking subsection (b) and inserting the 
following: 
‘‘(b) ENFORCEMENT BY OTHER AGENCIES.— 
‘‘(1) IN GENERAL.—Except as otherwise provided 
by subtitle B of the Consumer Financial Protection 
Act of 2010, compliance with the requirements im-
posed under this title with respect to consumer report-
ing agencies, persons who use consumer reports from 
such agencies, persons who furnish information to 
such agencies, and users of information that are sub-
ject to section 615(d) shall be enforced under— 
‘‘(A) section 8 of the Federal Deposit Insur-
ance Act (12 U.S.C. 1818), in the case of— 
‘‘(i) any national bank, and any Fed-
eral branch or Federal agency of a foreign 
bank, by the Office of the Comptroller of the 
Currency; 
‘‘(ii) any member bank of the Federal 
Reserve System (other than a national 
bank), a branch or agency of a foreign bank 
(other than a Federal branch, Federal agen-
cy, or insured State branch of a foreign 
bank), a commercial lending company 
owned or controlled by a foreign bank, and 
any organization operating under section
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25 or 25A of the Federal Reserve Act, by the 
Board of Governors of the Federal Reserve 
System; and 
‘‘(iii) any bank insured by the Federal 
Deposit Insurance Corporation (other than 
a member of the Federal Reserve System) 
and any insured State branch of a foreign 
bank, by the Board of Directors of the Fed-
eral Deposit Insurance Corporation; 
‘‘(B) subtitle E of the Consumer Financial 
Protection Act of 2010, by the Bureau; 
‘‘(C) the Federal Credit Union Act (12 
U.S.C. 1751 et seq.), by the Administrator of the 
National Credit Union Administration with re-
spect to any Federal credit union; 
‘‘(D) subtitle IV of title 49, United States 
Code, by the Secretary of Transportation, with 
respect to all carriers subject to the jurisdiction 
of the Surface Transportation Board; 
‘‘(E) the Federal Aviation Act of 1958 (49 
U.S.C. App. 1301 et seq.), by the Secretary of 
Transportation, with respect to any air carrier 
or foreign air carrier subject to that Act; 
‘‘(F) the Packers and Stockyards Act, 1921 
(7 U.S.C. 181 et seq.) (except as provided in sec-
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† HR 4173 EAS 
tion 406 of that Act), by the Secretary of Agri-
culture, with respect to any activities subject to 
that Act; 
‘‘(G) the Commodity Exchange Act, with re-
spect to a person subject to the jurisdiction of the 
Commodity Futures Trading Commission; and 
‘‘(H) the Federal securities laws, and any 
other laws that are subject to the jurisdiction of 
the Securities and Exchange Commission, with 
respect to a person that is subject to the jurisdic-
tion of the Securities and Exchange Commission. 
‘‘(2) INCORPORATED
DEFINITIONS.—The terms 
used in paragraph (1) that are not defined in this 
title or otherwise defined in section 3(s) of the Federal 
Deposit Insurance Act (12 U.S.C. 1813(s)) have the 
same meanings as in section 1(b) of the International 
Banking Act of 1978 (12 U.S.C. 3101).’’; 
(9) by striking subsection (e) and inserting the 
following: 
‘‘(e) REGULATORY AUTHORITY.—The Bureau shall 
prescribe such regulations as are necessary to carry out the 
purposes of this Act. The regulations prescribed by the Bu-
reau under this subsection shall apply to any person that 
is subject to this Act, notwithstanding the enforcement au-
thorities granted to other agencies under this section.’’; and
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(10) in section 623 (15 U.S.C. 1681s–2)— 
(A) in subsection (a)(7), by striking sub-
paragraph (D) and inserting the following: 
‘‘(D) MODEL DISCLOSURE.— 
‘‘(i) DUTY OF BUREAU.—The Bureau 
shall prescribe a brief model disclosure that 
a financial institution may use to comply 
with subparagraph (A), which shall not ex-
ceed 30 words. 
‘‘(ii) 
USE
OF
MODEL
NOT
RE-
QUIRED.—No provision of this paragraph 
may be construed to require a financial in-
stitution to use any such model form pre-
scribed by the Bureau. 
‘‘(iii) COMPLIANCE USING MODEL.—A 
financial institution shall be deemed to be 
in compliance with subparagraph (A) if the 
financial institution uses any model form 
prescribed by the Bureau under this sub-
paragraph, or the financial institution uses 
any such model form and rearranges its for-
mat.’’; and 
(B) by striking subsection (e) and inserting 
the following:
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‘‘(e) ACCURACY GUIDELINES AND REGULATIONS RE-
QUIRED.— 
‘‘(1) GUIDELINES.—The Bureau shall, with re-
spect to persons or entities that are subject to the en-
forcement authority of the Bureau under section 
621— 
‘‘(A) establish and maintain guidelines for 
use by each person that furnishes information to 
a consumer reporting agency regarding the accu-
racy and integrity of the information relating to 
consumers that such entities furnish to consumer 
reporting agencies, and update such guidelines 
as often as necessary; and 
‘‘(B) prescribe regulations requiring each 
person that furnishes information to a consumer 
reporting agency to establish reasonable policies 
and procedures for implementing the guidelines 
established pursuant to subparagraph (A). 
‘‘(2) CRITERIA.—In developing the guidelines re-
quired by paragraph (1)(A), the Bureau shall— 
‘‘(A) identify patterns, practices, and spe-
cific forms of activity that can compromise the 
accuracy and integrity of information furnished 
to consumer reporting agencies;
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‘‘(B) review the methods (including techno-
logical means) used to furnish information relat-
ing to consumers to consumer reporting agencies; 
‘‘(C) determine whether persons that furnish 
information to consumer reporting agencies 
maintain and enforce policies to ensure the accu-
racy and integrity of information furnished to 
consumer reporting agencies; and 
‘‘(D) examine the policies and processes that 
persons that furnish information to consumer re-
porting agencies employ to conduct reinvestiga-
tions and correct inaccurate information relating 
to consumers that has been furnished to con-
sumer reporting agencies.’’. 
(b) FAIR AND ACCURATE CREDIT TRANSACTIONS ACT 
OF 2003.—Section 214(b)(1) of the Fair and Accurate Cred-
it Transactions Act of 2003 (15 U.S.C. 1681s–3 note) is 
amended by striking paragraph (1) and inserting the fol-
lowing: 
‘‘(1) IN GENERAL.—Regulations to carry out sec-
tion 624 of the Fair Credit Reporting Act (15 U.S.C. 
1681s–3), shall be prescribed, as described in para-
graph (2), by—
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‘‘(A) the Commodity Futures Trading Com-
mission, with respect to entities subject to its en-
forcement authorities; 
‘‘(B) the Securities and Exchange Commis-
sion, with respect to entities subject to its en-
forcement authorities; and 
‘‘(C) the Bureau, with respect to other enti-
ties subject to this Act.’’. 
SEC. 1089. AMENDMENTS TO THE FAIR DEBT COLLECTION 
PRACTICES ACT. 
The Fair Debt Collection Practices Act (15 U.S.C. 
1692 et seq.) is amended— 
(1) by striking ‘‘Commission’’ each place that 
term appears and inserting ‘‘Bureau’’; 
(2) in section 803 (15 U.S.C. 1692a)— 
(A) by striking paragraph (1) and inserting 
the following: 
‘‘(1) The term ‘Bureau’ means the Bureau of 
Consumer Financial Protection.’’; 
(3) in section 814 (15 U.S.C. 1692l)— 
(A) by striking subsection (a) and inserting 
the following: 
‘‘(a) FEDERAL TRADE COMMISSION.—Except as other-
wise provided by subtitle B of the Consumer Financial Pro-
tection Act of 2010, compliance with this title shall be en-
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† HR 4173 EAS 
forced by the Federal Trade Commission, except to the ex-
tent that enforcement of the requirements imposed under 
this title is specifically committed to another Government 
agency under subsection (b). For purpose of the exercise by 
the Federal Trade Commission of its functions and powers 
under the Federal Trade Commission Act (15 U.S.C. 41 et 
seq.), a violation of this title shall be deemed an unfair or 
deceptive act or practice in violation of that Act. All of the 
functions and powers of the Federal Trade Commission 
under the Federal Trade Commission Act are available to 
the Federal Trade Commission to enforce compliance by 
any person with this title, irrespective of whether that per-
son is engaged in commerce or meets any other jurisdic-
tional tests under the Federal Trade Commission Act, in-
cluding the power to enforce the provisions of this title, in 
the same manner as if the violation had been a violation 
of a Federal Trade Commission trade regulation rule.’’; and 
(B) in subsection (b)— 
(i) by striking ‘‘Compliance’’ and in-
serting ‘‘Except as otherwise provided by 
subtitle B of the Consumer Financial Pro-
tection Act of 2010, compliance’’; and 
(ii) by striking paragraph (2) and in-
serting the following:
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† HR 4173 EAS 
‘‘(2) subtitle E of the Consumer Financial Pro-
tection Act of 2010, by the Bureau;’’; and 
(4) in subsection (d), by striking ‘‘Neither the 
Commission’’ and all that follows through the end of 
the subsection and inserting the following: ‘‘The Bu-
reau may prescribe rules with respect to the collection 
of debts by debt collectors, as defined in this Act.’’. 
SEC. 1090. AMENDMENTS TO THE FEDERAL DEPOSIT INSUR-
ANCE ACT. 
The Federal Deposit Insurance Act (12 U.S.C. 1811 
et seq.) is amended— 
(1) in section 8(t) (12 U.S.C. 1818(t)), by add-
ing at the end the following: 
‘‘(6) REFERRAL TO BUREAU OF CONSUMER FI-
NANCIAL PROTECTION.—Subject to subtitle B of the 
Consumer Financial Protection Act of 2010, each ap-
propriate Federal banking agency shall make a refer-
ral to the Bureau of Consumer Financial Protection 
when the Federal banking agency has a reasonable be-
lief that a violation of an enumerated consumer law, 
as defined in the Consumer Financial Protection Act 
of 2010, has been committed by any insured deposi-
tory institution or institution-affiliated party within 
the jurisdiction of that appropriate Federal banking 
agency.’’; and
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(2) in section 43 (12 U.S.C. 1831t)— 
(A) in subsection (c), by striking ‘‘Federal 
Trade Commission’’ and inserting ‘‘Bureau’’; 
(B) in subsection (d), by striking ‘‘Federal 
Trade Commission’’ and inserting ‘‘Bureau’’; 
(C) in subsection (e)— 
(i) in paragraph (2), by striking ‘‘Fed-
eral Trade Commission’’ and inserting 
‘‘Bureau’’; and 
(ii) by adding at the end the following 
new paragraph: 
‘‘(5) BUREAU.—The term ‘Bureau’ means the 
Bureau of Consumer Financial Protection.’’; and 
(D) in subsection (f)— 
(i) by striking paragraph (1) and in-
serting the following: 
‘‘(1) LIMITED ENFORCEMENT AUTHORITY.—Com-
pliance with the requirements of subsections (b), (c), 
and (e), and any regulation prescribed or order issued 
under such subsection, shall be enforced under the 
Consumer Financial Protection Act of 2010, by the 
Bureau, subject to subtitle B of the Consumer Finan-
cial Protection Act of 2010, and under the Federal 
Trade Commission Act (15 U.S.C. 41 et seq.) by the 
Federal Trade Commission.’’; and
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† HR 4173 EAS 
(ii) in paragraph (2), by striking sub-
paragraph (C) and inserting the following: 
‘‘(C) LIMITATION ON STATE ACTION WHILE 
FEDERAL ACTION PENDING.—If the Bureau or 
Federal Trade Commission has instituted an en-
forcement action for a violation of this section, 
no appropriate State supervisory agency may, 
during the pendency of such action, bring an ac-
tion under this section against any defendant 
named in the complaint of the Bureau or Fed-
eral Trade Commission for any violation of this 
section that is alleged in that complaint.’’. 
SEC. 1091. AMENDMENTS TO THE GRAMM-LEACH-BLILEY 
ACT. 
Title V of the Gramm-Leach-Bliley Act (15 U.S.C. 
6801 et seq.) is amended— 
(1) 
in 
section 
504(a)(1) 
(15 
U.S.C. 
6804(a)(1))— 
(A) by striking ‘‘The Federal banking agen-
cies, the National Credit Union Administration, 
the Secretary of the Treasury,’’ and inserting 
‘‘The Bureau of Consumer Financial Protection 
and’’; and 
(B) by striking ‘‘, and the Federal Trade 
Commission’’;
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(2) in section 505(a) (15 U.S.C. 6805(a))— 
(A) by striking ‘‘This subtitle’’ and all that 
follows through ‘‘as follows:’’ and inserting ‘‘Ex-
cept as otherwise provided by subtitle B of the 
Consumer Financial Protection Act of 2010, this 
subtitle and the regulations prescribed there-
under shall be enforced by the Bureau of Con-
sumer Financial Protection, the Federal func-
tional regulators, the State insurance authorities, 
and the Federal Trade Commission with respect 
to financial institutions and other persons sub-
ject to their jurisdiction under applicable law, as 
follows:’’; 
(B) in paragraph (1)— 
(i) in subparagraph (B), by inserting 
‘‘and’’ after the semicolon; 
(ii) in subparagraph (C), by striking 
‘‘; and’’ and inserting a period; and 
(iii) by striking subparagraph (D); 
and 
(C) by adding at the end the following: 
‘‘(8) Under the Consumer Financial Protection 
Act of 2010, by the Bureau of Consumer Financial 
Protection, in the case of any financial institution 
and other covered person or service provider that is
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† HR 4173 EAS 
subject to the jurisdiction of the Bureau under that 
Act, but not with respect to the standards under sec-
tion 501.’’; and 
(3) in section 505(b)(1) (15 U.S.C. 6805(b)(1)), 
by inserting ‘‘, other than the Bureau of Consumer 
Financial Protection,’’ after ‘‘subsection (a)’’. 
SEC. 1092. AMENDMENTS TO THE HOME MORTGAGE DIS-
CLOSURE ACT. 
The Home Mortgage Disclosure Act of 1975 (12 U.S.C. 
2801 et seq.) is amended— 
(1) except as otherwise specifically provided in 
this section, by striking ‘‘Board’’ each place that term 
appears and inserting ‘‘Bureau’’; 
(2) in section 303 (12 U.S.C. 2802)— 
(A) 
by 
redesignating 
paragraphs 
(1) 
through (6) as paragraphs (2) through (7), re-
spectively; and 
(B) by inserting before paragraph (2) the 
following: 
‘‘(1) the term ‘Bureau’ means the Bureau of 
Consumer Financial Protection;’’; 
(3) in section 304 (12 U.S.C. 2803)— 
(A) in subsection (b)— 
(i) in paragraph (4), by inserting 
‘‘age,’’ before ‘‘and gender’’;
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† HR 4173 EAS 
(ii) in paragraph (3), by striking 
‘‘and’’ at the end; 
(iii) in paragraph (4), by striking the 
period at the end and inserting a semicolon; 
and 
(iv) by adding at the end the following: 
‘‘(5) the number and dollar amount of mortgage 
loans grouped according to measurements of— 
‘‘(A) the total points and fees payable at 
origination in connection with the mortgage as 
determined by the Bureau, taking into account 
15 U.S.C. 1602(aa)(4); 
‘‘(B) the difference between the annual per-
centage rate associated with the loan and a 
benchmark rate or rates for all loans; 
‘‘(C) the term in months of any prepayment 
penalty or other fee or charge payable on repay-
ment of some portion of principal or the entire 
principal in advance of scheduled payments; and 
‘‘(D) such other information as the Bureau 
may require; and 
‘‘(6) the number and dollar amount of mortgage 
loans and completed applications grouped according 
to measurements of—
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† HR 4173 EAS 
‘‘(A) the value of the real property pledged 
or proposed to be pledged as collateral; 
‘‘(B) the actual or proposed term in months 
of any introductory period after which the rate 
of interest may change; 
‘‘(C) the presence of contractual terms or 
proposed contractual terms that would allow the 
mortgagor or applicant to make payments other 
than fully amortizing payments during any por-
tion of the loan term; 
‘‘(D) the actual or proposed term in months 
of the mortgage loan; 
‘‘(E) the channel through which application 
was made, including retail, broker, and other 
relevant categories; 
‘‘(F) as the Bureau may determine to be 
appropriate, a unique identifier that identifies 
the loan originator as set forth in section 1503 
of the S.A.F.E. Mortgage Licensing Act of 2008; 
‘‘(G) as the Bureau may determine to be 
appropriate, a universal loan identifier; 
‘‘(H) as the Bureau may determine to be 
appropriate, the parcel number that corresponds 
to the real property pledged or proposed to be 
pledged as collateral;
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† HR 4173 EAS 
‘‘(I) the credit score of mortgage applicants 
and mortgagors, in such form as the Bureau 
may prescribe, except that the Bureau shall mod-
ify or require modification of credit score data 
that is or will be available to the public to pro-
tect the compelling privacy interest of the mort-
gage applicant or mortgagors; and 
‘‘(J) such other information as the Bureau 
may require.’’; 
(B) in subsection (i), by striking ‘‘sub-
section (b)(4)’’ and inserting ‘‘subsections (b)(4), 
(b)(5), and (b)(6)’’; 
(C) in subsection (j)— 
(i) in paragraph (1), by striking ‘‘(as’’ 
and inserting ‘‘(containing loan-level and 
application-level information relating to 
disclosures required under subsections (a) 
and (b) and as otherwise’’; 
(ii) by striking paragraph (3) and in-
serting the following: 
‘‘(3) CHANGE OF FORM NOT REQUIRED.—A de-
pository institution meets the disclosure requirement 
of paragraph (1) if the institution provides the infor-
mation required under such paragraph in such for-
mats as the Bureau may require’’; and
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† HR 4173 EAS 
(iii) in paragraph (2)(A), by striking 
‘‘in the format in which such information is 
maintained by the institution’’ and insert-
ing ‘‘in such formats as the Bureau may re-
quire’’; 
(D) in subsection (m), by striking para-
graph (2) and inserting the following: 
‘‘(2) FORM
OF
INFORMATION.—In complying 
with paragraph (1), a depository institution shall 
provide the person requesting the information with a 
copy of the information requested in such formats as 
the Bureau may require’’; 
(E) by striking subsection (h) and inserting 
the following: 
‘‘(h) SUBMISSION TO AGENCIES.— 
‘‘(1) IN GENERAL.—The data required to be dis-
closed under subsection (b) shall be submitted to the 
Bureau or to the appropriate agency for the institu-
tion reporting under this title, in accordance with 
rules prescribed by the Bureau. Notwithstanding the 
requirement of subsection (a)(2)(A) for disclosure by 
census tract, the Bureau, in cooperation with other 
appropriate regulators described in paragraph (2), 
shall develop regulations that—
1523 
† HR 4173 EAS 
‘‘(A) prescribe the format for such disclo-
sures, the method for submission of the data to 
the appropriate regulatory agency, and the pro-
cedures for disclosing the information to the pub-
lic; 
‘‘(B) require the collection of data required 
to be disclosed under subsection (b) with respect 
to loans sold by each institution reporting under 
this title; 
‘‘(C) require disclosure of the class of the 
purchaser of such loans; and 
‘‘(D) permit any reporting institution to 
submit in writing to the Bureau or to the appro-
priate agency such additional data or expla-
nations as it deems relevant to the decision to 
originate or purchase mortgage loans. 
‘‘(2) OTHER APPROPRIATE AGENCIES.—The ap-
propriate regulators described in this paragraph 
are— 
‘‘(A) the Office of the Comptroller of the 
Currency (hereafter referred to in this Act as 
‘Comptroller’) for national banks and Federal 
branches, Federal agencies of foreign banks, and 
savings associations;
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† HR 4173 EAS 
‘‘(B) the Federal Deposit Insurance Cor-
poration for banks insured by the Federal De-
posit Insurance Corporation (other than mem-
bers of the Federal Reserve System), mutual sav-
ings banks, insured State branches of foreign 
banks, and any other depository institution de-
scribed in section 303(2)(A) which is not other-
wise referred to in this paragraph; 
‘‘(C) the National Credit Union Adminis-
tration Board for credit unions; and 
‘‘(D) the Secretary of Housing and Urban 
Development for other lending institutions not 
regulated by the agencies referred to in subpara-
graphs (A) through (C).’’; and 
(F) by adding at the end the following: 
‘‘(n) TIMING OF CERTAIN DISCLOSURES.—The data 
required to be disclosed under subsection (b) shall be sub-
mitted to the Bureau or to the appropriate agency for any 
institution reporting under this title, in accordance with 
regulations prescribed by the Bureau. Institutions shall not 
be required to report new data under paragraph (5) or (6) 
of subsection (b) before the first January 1 that occurs after 
the end of the 9-month period beginning on the date on 
which regulations are issued by the Bureau in final form 
with respect to such disclosures.’’;
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† HR 4173 EAS 
(4) in section 305 (12 U.S.C. 2804)— 
(A) by striking subsection (b) and inserting 
the following: 
‘‘(b) POWERS OF CERTAIN OTHER AGENCIES.— 
‘‘(1) IN GENERAL.—Except as otherwise provided 
by subtitle B of the Consumer Financial Protection 
Act of 2010, compliance with the requirements of this 
title shall be enforced— 
‘‘(A) under section 8 of the Federal Deposit 
Insurance Act, in the case of— 
‘‘(i) any national bank, and any Fed-
eral branch or Federal agency of a foreign 
bank, by the Office of the Comptroller of the 
Currency; 
‘‘(ii) any member bank of the Federal 
Reserve System (other than a national 
bank), branch or agency of a foreign bank 
(other than a Federal branch, Federal agen-
cy, and insured State branch of a foreign 
bank), commercial lending company owned 
or controlled by a foreign bank, and any or-
ganization operating under section 25 or 
25(a) of the Federal Reserve Act, by the 
Board; and
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† HR 4173 EAS 
‘‘(iii) any bank insured by the Federal 
Deposit Insurance Corporation (other than 
a member of the Federal Reserve System), 
any mutual savings bank as, defined in sec-
tion 3(f) of the Federal Deposit Insurance 
Act (12 U.S.C. 1813(f)), any insured State 
branch of a foreign bank, and any other de-
pository institution not referred to in this 
paragraph or subparagraph (B) or (C), by 
the Federal Deposit Insurance Corporation; 
‘‘(B) under subtitle E of the Consumer Fi-
nancial Protection Act of 2010, by the Bureau; 
‘‘(C) under the Federal Credit Union Act, 
by the Administrator of the National Credit 
Union Administration with respect to any in-
sured credit union; and 
‘‘(D) with respect to other lending institu-
tions, by the Secretary of Housing and Urban 
Development. 
‘‘(2) INCORPORATED
DEFINITIONS.—The terms 
used in paragraph (1) that are not defined in this 
title or otherwise defined in section 3(s) of the Federal 
Deposit Insurance Act (12 U.S.C. 1813(s)) shall have 
the same meanings as in section 1(b) of the Inter-
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† HR 4173 EAS 
national Banking Act of 1978 (12 U.S.C. 3101).’’; 
and 
(B) by adding at the end the following: 
‘‘(d) OVERALL ENFORCEMENT AUTHORITY
OF
THE 
BUREAU OF CONSUMER FINANCIAL PROTECTION.—Subject 
to subtitle B of the Consumer Financial Protection Act of 
2010, enforcement of the requirements imposed under this 
title is committed to each of the agencies under subsection 
(b). The Bureau may exercise its authorities under the Con-
sumer Financial Protection Act of 2010 to exercise prin-
cipal authority to examine and enforce compliance by any 
person with the requirements of this title.’’; 
(5) in section 306 (12 U.S.C. 2805(b)), by strik-
ing subsection (b) and inserting the following: 
‘‘(b) EXEMPTION AUTHORITY.—The Bureau may, by 
regulation, exempt from the requirements of this title any 
State-chartered depository institution within any State or 
subdivision thereof, if the agency determines that, under the 
law of such State or subdivision, that institution is subject 
to requirements that are substantially similar to those im-
posed under this title, and that such law contains adequate 
provisions for enforcement. Notwithstanding any other pro-
vision of this subsection, compliance with the requirements 
imposed under this subsection shall be enforced by the Office 
of the Comptroller of the Currency under section 8 of the
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† HR 4173 EAS 
Federal Deposit Insurance Act, in the case of national 
banks and savings associations, the deposits of which are 
insured by the Federal Deposit Insurance Corporation.’’; 
and 
(6) by striking section 307 (12 U.S.C. 2806) and 
inserting the following: 
‘‘SEC. 307. COMPLIANCE IMPROVEMENT METHODS. 
‘‘(a) IN GENERAL.— 
‘‘(1) CONSULTATION REQUIRED.—The Director of 
the Bureau of Consumer Financial Protection, with 
the assistance of the Secretary, the Director of the Bu-
reau of the Census, the Board of Governors of the Fed-
eral Reserve System, the Federal Deposit Insurance 
Corporation, and such other persons as the Bureau 
deems appropriate, shall develop or assist in the im-
provement of, methods of matching addresses and cen-
sus tracts to facilitate compliance by depository insti-
tutions in as economical a manner as possible with 
the requirements of this title. 
‘‘(2) AUTHORIZATION
OF
APPROPRIATIONS.— 
There are authorized to be appropriated, such sums as 
may be necessary to carry out this subsection. 
‘‘(3) CONTRACTING AUTHORITY.—The Director of 
the Bureau of Consumer Financial Protection is au-
thorized to utilize, contract with, act through, or com-
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† HR 4173 EAS 
pensate any person or agency in order to carry out 
this subsection. 
‘‘(b) RECOMMENDATIONS TO CONGRESS.—The Direc-
tor of the Bureau of Consumer Financial Protection shall 
recommend to the Committee on Banking, Housing, and 
Urban Affairs of the Senate and the Committee on Finan-
cial Services of the House of Representatives, such addi-
tional legislation as the Director of the Bureau of Consumer 
Financial Protection deems appropriate to carry out the 
purpose of this title.’’. 
SEC. 1093. AMENDMENTS TO THE HOMEOWNERS PROTEC-
TION ACT OF 1998. 
Section 10 of the Homeowners Protection Act of 1998 
(12 U.S.C. 4909) is amended— 
(1) in subsection (a)— 
(A) by striking ‘‘Compliance’’ and inserting 
‘‘Except as otherwise provided by subtitle B of 
the Consumer Financial Protection Act of 2010, 
compliance’’; 
(B) in paragraph (2), by striking ‘‘and’’ at 
the end; 
(C) in paragraph (3), by striking the period 
at the end and inserting ‘‘; and’’; and 
(D) by adding at the end the following:
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† HR 4173 EAS 
‘‘(4) subtitle E of the Consumer Financial Pro-
tection Act of 2010, by the Bureau of Consumer Fi-
nancial Protection.’’; and 
(2) in subsection (b)(2), by inserting before the 
period at the end the following: ‘‘, subject to subtitle 
B of the Consumer Financial Protection Act of 2010’’. 
SEC. 1094. AMENDMENTS TO THE HOME OWNERSHIP AND 
EQUITY PROTECTION ACT OF 1994. 
The Home Ownership and Equity Protection Act of 
1994 (15 U.S.C. 1601 note) is amended— 
(1) in section 158(a), by striking ‘‘Consumer Ad-
visory Council of the Board’’ and inserting ‘‘Advisory 
Board to the Bureau’’; and 
(2) by striking ‘‘Board’’ each place that term ap-
pears and inserting ‘‘Bureau’’. 
SEC. 1095. AMENDMENTS TO THE OMNIBUS APPROPRIA-
TIONS ACT, 2009. 
Section 626 of the Omnibus Appropriations Act, 2009 
(15 U.S.C. 1638 note) is amended— 
(1) by striking subsection (a) and inserting the 
following: 
‘‘(a)(1) The Bureau of Consumer Financial Protection 
shall have authority to prescribe rules with respect to mort-
gage loans in accordance with section 553 of title 5, United 
States Code. Such rulemaking shall relate to unfair or de-
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† HR 4173 EAS 
ceptive acts or practices regarding mortgage loans, which 
may include unfair or deceptive acts or practices involving 
loan modification and foreclosure rescue services. Any viola-
tion of a rule prescribed under this paragraph shall be 
treated as a violation of a rule prohibiting unfair, decep-
tive, or abusive acts or practices under the Consumer Fi-
nancial Protection Act of 2010 and a violation of a rule 
under section 18 of the Federal Trade Commission Act (15 
U.S.C. 57a) regarding unfair or deceptive acts or practices. 
‘‘(2) The Bureau of Consumer Financial Protection 
shall enforce the rules issued under paragraph (1) in the 
same manner, by the same means, and with the same juris-
diction, powers, and duties, as though all applicable terms 
and provisions of the Consumer Financial Protection Act 
of 2010 were incorporated into and made part of this sub-
section.’’; and 
(2) in subsection (b)— 
(A) by striking paragraph (1) and inserting 
the following: 
‘‘(1) Except as provided in paragraph (6), in 
any case in which the attorney general of a State has 
reason to believe that an interest of the residents of 
the State has been or is threatened or adversely af-
fected by the engagement of any person subject to a 
rule prescribed under subsection (a) in practices that
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† HR 4173 EAS 
violate such rule, the State, as parens patriae, may 
bring a civil action on behalf of its residents in an 
appropriate district court of the United States or 
other court of competent jurisdiction— 
‘‘(A) to enjoin that practice; 
‘‘(B) to enforce compliance with the rule; 
‘‘(C) to obtain damages, restitution, or other 
compensation on behalf of the residents of the 
State; or 
‘‘(D) to obtain penalties and relief provided 
under the Consumer Financial Protection Act of 
2010, the Federal Trade Commission Act, and 
such other relief as the court deems appro-
priate.’’; 
(B) in paragraphs (2) and (3), by striking 
‘‘the primary Federal regulator’’ each time the 
term appears and inserting ‘‘the Bureau of Con-
sumer Financial Protection or the Commission, 
as appropriate’’; 
(C) in paragraph (3), by inserting ‘‘and 
subject to subtitle B of the Consumer Financial 
Protection Act of 2010,’’ after ‘‘paragraph (2),’’; 
and 
(D) in paragraph (6), by striking ‘‘the pri-
mary Federal regulator’’ each place that term
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† HR 4173 EAS 
appears and inserting ‘‘the Bureau of Consumer 
Financial Protection or the Commission’’. 
SEC. 1096. AMENDMENTS TO THE REAL ESTATE SETTLE-
MENT PROCEDURES ACT. 
The Real Estate Settlement Procedures Act of 1974 (12 
U.S.C. 2601 et seq.) is amended— 
(1) in section 3 (12 U.S.C. 2602)— 
(A) in paragraph (7), by striking ‘‘and’’ at 
the end; 
(B) in paragraph (8), by striking the period 
at the end and inserting ‘‘; and’’; and 
(C) by adding at the end the following: 
‘‘(9) the term ‘Bureau’ means the Bureau of 
Consumer Financial Protection.’’; 
(2) in section 4 (12 U.S.C. 2603)— 
(A) in subsection (a), by striking the first 
sentence and inserting the following: ‘‘The Bu-
reau shall publish a single, integrated disclosure 
for mortgage loan transactions (including real 
estate settlement cost statements) which includes 
the disclosure requirements of this title, in con-
junction with the disclosure requirements of the 
Truth in Lending Act that, taken together, may 
apply to a transaction that is subject to both or 
either provisions of law. The purpose of such
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† HR 4173 EAS 
(B) by striking ‘‘, by regulations that shall 
take effect not later than April 20, 1991,’’; 
(5) in section 7(b) (12 U.S.C. 2606(b)) by strik-
ing ‘‘Secretary’’ and inserting ‘‘Bureau’’; 
(6) in section 8(d) (12 U.S.C. 2607(d))— 
(A) in the subsection heading, by inserting 
‘‘BUREAU AND’’ before ‘‘SECRETARY’’; and 
(B) by striking paragraph (4), and insert-
ing the following: 
‘‘(4) The Bureau, the Secretary, or the attorney 
general or the insurance commissioner of any State 
may bring an action to enjoin violations of this sec-
tion. Except, to the extent that a person is subject to 
the jurisdiction of the Bureau, the Secretary, or the 
attorney general or the insurance commissioner of 
any State, the Bureau shall have primary authority 
to enforce or administer this section, subject to sub-
title B of the Consumer Financial Protection Act of 
2010.’’. 
(7) in section 10(c) (12 U.S.C. 2609(c) and (d)), 
by striking ‘‘Secretary’’ and inserting ‘‘Bureau’’; 
(8) in section 16 (12 U.S.C. 2614), by inserting 
‘‘the Bureau,’’ before ‘‘the Secretary’’;
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† HR 4173 EAS 
(9) in section 18 (12 U.S.C. 2616), by striking 
‘‘Secretary’’ each place that term appears and insert-
ing ‘‘Bureau’’; and 
(10) in section 19 (12 U.S.C. 2617)— 
(A) in the section heading by striking 
‘‘SECRETARY’’ and inserting ‘‘BUREAU’’; 
(B) by striking ‘‘Secretary’’ each place that 
term appears and inserting ‘‘Bureau’’; 
(C) in subsection (b), by inserting ‘‘the Bu-
reau’’ before ‘‘the Secretary’’; and 
(D) in subsection (c), by inserting ‘‘or the 
Bureau’’ after ‘‘the Secretary’’ each time that 
term appears. 
SEC. 1097. AMENDMENTS TO THE RIGHT TO FINANCIAL PRI-
VACY ACT OF 1978. 
The Right to Financial Privacy Act of 1978 (12 U.S.C. 
3401 et seq.) is amended— 
(1) in section 1101— 
(A) in paragraph (6)— 
(i) in subparagraph (A), by inserting 
‘‘and’’ after the semicolon; 
(ii) in subparagraph (B), by striking 
‘‘and’’ at the end; and 
(iii) by striking subparagraph (C); 
and
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† HR 4173 EAS 
(B) in paragraph (7), by striking subpara-
graph (E), and inserting the following: 
‘‘(E) the Bureau of Consumer Financial 
Protection;’’; 
(2) in section 1112(e) (12 U.S.C. 3412(e)), by 
striking ‘‘and the Commodity Futures Trading Com-
mission is permitted’’ and inserting ‘‘the Commodity 
Futures Trading Commission, and the Bureau of 
Consumer Financial Protection is permitted’’; and 
(3) in section 1113 (12 U.S.C. 3413), by adding 
at the end the following new subsection: 
‘‘(r) DISCLOSURE TO THE BUREAU OF CONSUMER FI-
NANCIAL PROTECTION.—Nothing in this title shall apply 
to the examination by or disclosure to the Bureau of Con-
sumer Financial Protection of financial records or informa-
tion in the exercise of its authority with respect to a finan-
cial institution.’’. 
SEC. 1098. AMENDMENTS TO THE SECURE AND FAIR EN-
FORCEMENT FOR MORTGAGE LICENSING ACT 
OF 2008. 
The S.A.F.E. Mortgage Licensing Act of 2008 (12 
U.S.C. 5101 et seq.) is amended— 
(1) by striking ‘‘a Federal banking agency’’ each 
place that term appears, other than in paragraphs (7)
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† HR 4173 EAS 
and (11) of section 1503 and section 1507(a)(1), and 
inserting ‘‘the Bureau’’; 
(2) by striking ‘‘Federal banking agencies’’ each 
place that term appears and inserting ‘‘Bureau’’; and 
(3) by striking ‘‘Secretary’’ each place that term 
appears and inserting ‘‘Director’’; 
(4) in section 1503 (12 U.S.C. 5102)— 
(A) 
by 
redesignating 
paragraphs 
(2) 
through (12) as (3) through (13), respectively; 
(B) by striking paragraph (1) and inserting 
the following: 
‘‘(1) BUREAU.—The term ‘Bureau’ means the 
Bureau of Consumer Financial Protection. 
‘‘(2) FEDERAL
BANKING
AGENCY.—The term 
‘Federal banking agency’ means the Board of Gov-
ernors of the Federal Reserve System, the Office of the 
Comptroller of the Currency, the National Credit 
Union Administration, and the Federal Deposit In-
surance Corporation.’’; and 
(C) by striking paragraph (10), as so des-
ignated by this section, and inserting the fol-
lowing: 
‘‘(10) DIRECTOR.—The term ‘Director’ means 
the Director of the Bureau of Consumer Financial 
Protection.’’; and
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† HR 4173 EAS 
(5) in section 1507 (12 U.S.C. 5106)— 
(A) in subsection (a)— 
(i) by striking paragraph (1) and in-
serting the following: 
‘‘(1) IN
GENERAL.—The Bureau shall develop 
and maintain a system for registering employees of a 
depository institution, employees of a subsidiary that 
is owned and controlled by a depository institution 
and regulated by a Federal banking agency, or em-
ployees of an institution regulated by the Farm Cred-
it Administration, as registered loan originators with 
the Nationwide Mortgage Licensing System and Reg-
istry. The system shall be implemented before the end 
of the 1-year period beginning on the date of enact-
ment of the Consumer Financial Protection Act of 
2010.’’; and 
(ii) in paragraph (2)— 
(I) by striking ‘‘appropriate Fed-
eral banking agency and the Farm 
Credit Administration’’ and inserting 
‘‘Bureau’’; and 
(II) by striking ‘‘employees’s iden-
tity’’ and inserting ‘‘identity of the 
employee’’; and
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† HR 4173 EAS 
(B) in subsection (b), by striking ‘‘through 
the Financial Institutions Examination Council, 
and the Farm Credit Administration’’, and in-
serting ‘‘and the Bureau of Consumer Financial 
Protection’’; 
(6) in section 1508 (12 U.S.C. 5107)— 
(A) by striking the section heading and in-
serting the following: ‘‘SEC. 1508. BUREAU OF 
CONSUMER
FINANCIAL
PROTECTION 
BACKUP AUTHORITY TO ESTABLISH LOAN 
ORIGINATOR LICENSING SYSTEM.’’; and 
(B) by adding at the end the following: 
‘‘(f) REGULATION AUTHORITY.— 
‘‘(1) IN GENERAL.—The Bureau is authorized to 
promulgate regulations setting minimum net worth or 
surety bond requirements for residential mortgage 
loan originators and minimum requirements for re-
covery funds paid into by loan originators. 
‘‘(2) CONSIDERATIONS.—In issuing regulations 
under paragraph (1), the Bureau shall take into ac-
count the need to provide originators adequate incen-
tives to originate affordable and sustainable mortgage 
loans, as well as the need to ensure a competitive 
origination market that maximizes consumer access to 
affordable and sustainable mortgage loans.’’;
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† HR 4173 EAS 
(7) by striking section 1510 (12 U.S.C. 5109) 
and inserting the following: 
‘‘SEC. 1510. FEES. 
‘‘The Bureau, the Farm Credit Administration, and 
the Nationwide Mortgage Licensing System and Registry 
may charge reasonable fees to cover the costs of maintaining 
and providing access to information from the Nationwide 
Mortgage Licensing System and Registry, to the extent that 
such fees are not charged to consumers for access to such 
system and registry.’’; 
(8) by striking section 1513 (12 U.S.C. 5112) 
and inserting the following: 
‘‘SEC. 1513. LIABILITY PROVISIONS. 
‘‘The Bureau, any State official or agency, or any or-
ganization serving as the administrator of the Nationwide 
Mortgage Licensing System and Registry or a system estab-
lished by the Director under section 1509, or any officer 
or employee of any such entity, shall not be subject to any 
civil action or proceeding for monetary damages by reason 
of the good faith action or omission of any officer or em-
ployee of any such entity, while acting within the scope of 
office or employment, relating to the collection, furnishing, 
or dissemination of information concerning persons who are 
loan originators or are applying for licensing or registra-
tion as loan originators.’’; and
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† HR 4173 EAS 
(9) in section 1514 (12 U.S.C. 5113) in the sec-
tion heading, by striking ‘‘UNDER HUD BACKUP 
LICENSING SYSTEM’’ and inserting ‘‘BY THE BU-
REAU’’. 
SEC. 1099. AMENDMENTS TO THE TRUTH IN LENDING ACT. 
The Truth in Lending Act (15 U.S.C. 1601 et seq.) 
is amended— 
(1) in section 103 (5 U.S.C. 1602)— 
(A) by redesignating subsections (b) through 
(bb) as subsections (c) through (cc), respectively; 
and 
(B) by inserting after subsection (a) the fol-
lowing: 
‘‘(b) BUREAU.—The term ‘Bureau’ means the Bureau 
of Consumer Financial Protection.’’; 
(2) by striking ‘‘Board’’ each place that term ap-
pears, other than in section 140(d) and section 
108(a), as amended by this section, and inserting 
‘‘Bureau’’; 
(3) by striking ‘‘Federal Trade Commission’’ 
each place that term appears, other than in section 
108(c) and section 129(m), as amended by this Act, 
and other than in the context of a reference to the 
Federal Trade Commission Act, and inserting ‘‘Bu-
reau’’;
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† HR 4173 EAS 
(4) in section 105(a) (15 U.S.C. 1604(a)), in the 
second sentence— 
(A) by striking ‘‘Except in the case of a 
mortgage referred to in section 103(aa), these 
regulations may contain such’’ and inserting 
‘‘Except with respect to the provisions of section 
129 that apply to a mortgage referred to in sec-
tion 103(aa), such regulations may contain such 
additional requirements,’’; and 
(B) by inserting ‘‘all or’’ after ‘‘exceptions 
for’’; 
(5) in section 105(b) (15 U.S.C. 1604(b)), by 
striking the first sentence and inserting the following: 
‘‘The Bureau shall publish a single, integrated disclo-
sure for mortgage loan transactions (including real 
estate settlement cost statements) which includes the 
disclosure requirements of this title in conjunction 
with the disclosure requirements of the Real Estate 
Settlement Procedures Act of 1974 that, taken to-
gether, may apply to a transaction that is subject to 
both or either provisions of law. The purpose of such 
model disclosure shall be to facilitate compliance with 
the disclosure requirements of this title and the Real 
Estate Settlement Procedures Act of 1974, and to aid 
the borrower or lessee in understanding the trans-
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† HR 4173 EAS 
action by utilizing readily understandable language 
to simplify the technical nature of the disclosures.’’; 
(6) in section 105(f)(1) (15 U.S.C. 1604(f)(1)), 
by inserting ‘‘all or’’ after ‘‘from all or part of this 
title’’; 
(7) in section 108 (15 U.S.C. 1607)— 
(A) by striking subsection (a) and inserting 
the following: 
‘‘(a) ENFORCING AGENCIES.—Except as otherwise pro-
vided in subtitle B of the Consumer Financial Protection 
Act of 2010, compliance with the requirements imposed 
under this title shall be enforced under— 
‘‘(1) section 8 of the Federal Deposit Insurance 
Act, in the case of— 
‘‘(A) any national bank, and Federal 
branch or Federal agency of a foreign bank, by 
the Office of the Comptroller of the Currency; 
‘‘(B) any member bank of the Federal Re-
serve System (other than a national bank), any 
branch or agency of a foreign bank (other than 
a Federal branch, Federal agency, or insured 
State branch of a foreign bank), any commercial 
lending company owned or controlled by a for-
eign bank, and organizations operating under
1545 
† HR 4173 EAS 
section 25 or 25(a) of the Federal Reserve Act, 
by the Board; and 
‘‘(C) any bank insured by the Federal De-
posit Insurance Corporation (other than a mem-
ber of the Federal Reserve System) and an in-
sured State branch of a foreign bank, by the 
Board of Directors of the Federal Deposit Insur-
ance Corporation; 
‘‘(2) subtitle E of the Consumer Financial Pro-
tection Act of 2010, by the Bureau; 
‘‘(3) the Federal Credit Union Act, by the Direc-
tor of the National Credit Union Administration, 
with respect to any Federal credit union; 
‘‘(4) the Federal Aviation Act of 1958, by the 
Secretary of Transportation, with respect to any air 
carrier or foreign air carrier subject to that Act; 
‘‘(5) the Packers and Stockyards Act, 1921 (ex-
cept as provided in section 406 of that Act), by the 
Secretary of Agriculture, with respect to any activi-
ties subject to that Act; and 
‘‘(6) the Farm Credit Act of 1971, by the Farm 
Credit Administration with respect to any Federal 
land bank, Federal land bank association, Federal in-
termediate credit bank, or production credit associa-
tion.’’; and
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† HR 4173 EAS 
(B) by striking subsection (c) and inserting 
the following: 
‘‘(c) OVERALL ENFORCEMENT AUTHORITY
OF
THE 
FEDERAL TRADE COMMISSION.—Except to the extent that 
enforcement of the requirements imposed under this title is 
specifically committed to some other Government agency 
under subsection (a), and subject to subtitle B of the Con-
sumer Financial Protection Act of 2010, the Federal Trade 
Commission shall enforce such requirements. For the pur-
pose of the exercise by the Federal Trade Commission of 
its functions and powers under the Federal Trade Commis-
sion Act, a violation of any requirement imposed under this 
title shall be deemed a violation of a requirement imposed 
under that Act. All of the functions and powers of the Fed-
eral Trade Commission under the Federal Trade Commis-
sion Act are available to the Federal Trade Commission to 
enforce compliance by any person with the requirements 
under this title, irrespective of whether that person is en-
gaged in commerce or meets any other jurisdictional tests 
under the Federal Trade Commission Act.’’; 
(8) in section 129 (15 U.S.C. 1639), by striking 
subsection (m) and inserting the following: 
‘‘(m) CIVIL PENALTIES IN FEDERAL TRADE COMMIS-
SION ENFORCEMENT ACTIONS.—For purposes of enforce-
ment by the Federal Trade Commission, any violation of
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† HR 4173 EAS 
a regulation issued by the Bureau pursuant to subsection 
(l)(2) shall be treated as a violation of a rule promulgated 
under section 18 of the Federal Trade Commission Act (15 
U.S.C. 57a) regarding unfair or deceptive acts or prac-
tices.’’; and 
(9) in chapter 5 (15 U.S.C. 1667 et seq.)— 
(A) by striking ‘‘the Board’’ each place that 
term appears and inserting ‘‘the Bureau’’; and 
(B) by striking ‘‘The Board’’ each place 
that term appears and inserting ‘‘The Bureau’’. 
SEC. 1100. AMENDMENTS TO THE TRUTH IN SAVINGS ACT. 
The Truth in Savings Act (12 U.S.C. 4301 et seq.) is 
amended— 
(1) by striking ‘‘Board’’ each place that term ap-
pears and inserting ‘‘Bureau’’; 
(2) in section 270(a) (12 U.S.C. 4309)— 
(A) by striking ‘‘Compliance’’ and inserting 
‘‘Except as otherwise provided in subtitle B of 
the Consumer Financial Protection Act of 2010, 
compliance’’; 
(B) in paragraph (1)— 
(i) in subparagraph (B), by striking 
‘‘and’’ at the end; and 
(ii) by striking subparagraph (C);
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† HR 4173 EAS 
(C) in paragraph (2), by striking the period 
at the end and inserting ‘‘; and’’; and 
(D) by adding at the end the following: 
‘‘(3) subtitle E of the Consumer Financial Pro-
tection Act of 2010, by the Bureau.’’; 
(3) in section 272(b) (12 U.S.C. 4311(b)), by 
striking ‘‘regulation prescribed by the Board’’ each 
place that term appears and inserting ‘‘regulation 
prescribed by the Bureau’’; and 
(4) in section 274 (12 U.S.C. 4313), by striking 
paragraph (4) and inserting the following: 
‘‘(4) BUREAU.—The term ‘Bureau’ means the 
Bureau of Consumer Financial Protection.’’. 
SEC. 1101. AMENDMENTS TO THE TELEMARKETING AND 
CONSUMER FRAUD AND ABUSE PREVENTION 
ACT. 
(a) AMENDMENTS TO SECTION 3.—Section 3 of the 
Telemarketing and Consumer Fraud and Abuse Prevention 
Act (15 U.S.C. 6102) is amended by striking subsections 
(b) and (c) and inserting the following: 
‘‘(b) RULEMAKING
AUTHORITY.—The Commission 
shall have authority to prescribe rules under subsection (a), 
in accordance with section 553 of title 5, United States 
Code. In prescribing a rule under this section that relates 
to the provision of a consumer financial product or service
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† HR 4173 EAS 
that is subject to the Consumer Financial Protection Act 
of 2010, including any enumerated consumer law there-
under, the Commission shall consult with the Bureau of 
Consumer Financial Protection regarding the consistency 
of a proposed rule with standards, purposes, or objectives 
administered by the Bureau of Consumer Financial Protec-
tion. 
‘‘(c) VIOLATIONS.—Any violation of any rule pre-
scribed under subsection (a)— 
‘‘(1) shall be treated as a violation of a rule 
under section 18 of the Federal Trade Commission 
Act regarding unfair or deceptive acts or practices; 
and 
‘‘(2) that is committed by a person subject to the 
Consumer Financial Protection Act of 2010 shall be 
treated as a violation of a rule under section 1031 of 
that Act regarding unfair, deceptive, or abusive acts 
or practices.’’. 
(b) AMENDMENTS TO SECTION 4.—Section 4(d) of the 
Telemarketing and Consumer Fraud and Abuse Prevention 
Act (15 U.S.C. 6103(d)) is amended by inserting after 
‘‘Commission’’ each place that term appears the following: 
‘‘or the Bureau of Consumer Financial Protection’’. 
(c) AMENDMENTS TO SECTION 5.—Section 5(c) of the 
Telemarketing and Consumer Fraud and Abuse Prevention
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† HR 4173 EAS 
Act (15 U.S.C. 6104(c)) is amended by inserting after 
‘‘Commission’’ each place that term appears the following: 
‘‘or the Bureau of Consumer Financial Protection’’. 
(d) AMENDMENT TO SECTION 6.—Section 6 of the Tele-
marketing and Consumer Fraud and Abuse Prevention Act 
(15 U.S.C. 6105) is amended by adding at the end the fol-
lowing: 
‘‘(d) ENFORCEMENT BY BUREAU OF CONSUMER FI-
NANCIAL PROTECTION.—Except as otherwise provided in 
sections 3(d), 3(e), 4, and 5, and subject to subtitle B of 
the Consumer Financial Protection Act of 2010, this Act 
shall be enforced by the Bureau of Consumer Financial Pro-
tection under subtitle E of the Consumer Financial Protec-
tion Act of 2010.’’. 
SEC. 1102. AMENDMENTS TO THE PAPERWORK REDUCTION 
ACT. 
(a) DESIGNATION AS AN INDEPENDENT AGENCY.—Sec-
tion 2(5) of the Paperwork Reduction Act (44 U.S.C. 
3502(5)) is amended by inserting ‘‘the Bureau of Consumer 
Financial Protection, the Office of Financial Research,’’ 
after ‘‘the Securities and Exchange Commission,’’. 
(b) COMPARABLE TREATMENT.—Section 3513 of title 
44, United States Code, is amended by adding at the end 
the following:
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† HR 4173 EAS 
‘‘(c) 
COMPARABLE
TREATMENT.—Notwithstanding 
any other provision of law, the Director shall treat or re-
view a rule or order prescribed or proposed by the Director 
of the Bureau of Consumer Financial Protection on the 
same terms and conditions as apply to any rule or order 
prescribed or proposed by the Board of Governors of the 
Federal Reserve System.’’. 
SEC. 1103. ADJUSTMENTS FOR INFLATION IN THE TRUTH 
IN LENDING ACT. 
(a) CAPS.— 
(1) CREDIT TRANSACTIONS.—Section 104(3) of 
the Truth in Lending Act (15 U.S.C. 1603(3)) is 
amended by striking ‘‘$25,000’’ and inserting 
‘‘$50,000’’. 
(2) CONSUMER LEASES.—Section 181(1) of the 
Truth in Lending Act (15 U.S.C. 1667(1)) is amend-
ed by striking ‘‘$25,000’’ and inserting ‘‘$50,000’’. 
(b) ADJUSTMENTS FOR INFLATION.—On and after De-
cember 31, 2011, the Bureau may adjust annually the dol-
lar amounts described in sections 104(3) and 181(1) of the 
Truth in Lending Act (as amended by this section), by the 
annual percentage increase in the Consumer Price Index 
for Urban Wage Earners and Clerical Workers, as published 
by the Bureau of Labor Statistics, rounded to the nearest 
multiple of $100, or $1,000, as applicable.
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† HR 4173 EAS 
SEC. 1104. SMALL BUSINESS FAIRNESS AND REGULATORY 
TRANSPARENCY. 
(a) PANEL REQUIREMENT.—Section 609(d) of title 5, 
United States Code, is amended by striking ‘‘means the’’ 
and all that follows and inserting the following: ‘‘means— 
‘‘(1) the Environmental Protection Agency; 
‘‘(2) the Consumer Financial Protection Bureau 
of the Federal Reserve System; and 
‘‘(3) the Occupational Safety and Health Ad-
ministration of the Department of Labor.’’. 
(b) INITIAL REGULATORY FLEXIBILITY ANALYSIS.— 
Section 603 of title 5, United States Code, is amended by 
adding at the end the following: 
‘‘(d)(1) For a covered agency, as defined in section 
609(d)(2), each initial regulatory flexibility analysis shall 
include a description of— 
‘‘(A) any projected increase in the cost of credit 
for small entities; 
‘‘(B) any significant alternatives to the proposed 
rule which accomplish the stated objectives of applica-
ble statutes and which minimize any increase in the 
cost of credit for small entities; and 
‘‘(C) advice and recommendations of representa-
tives of small entities relating to issues described in 
subparagraphs (A) and (B) and subsection (b).
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† HR 4173 EAS 
‘‘(2) A covered agency, as defined in section 609(d)(2), 
shall, for purposes of complying with paragraph (1)(C)— 
‘‘(A) identify representatives of small entities in 
consultation with the Chief Counsel for Advocacy of 
the Small Business Administration; and 
‘‘(B) collect advice and recommendations from 
the representatives identified under subparagraph (A) 
relating to issues described in subparagraphs (A) and 
(B) of paragraph (1) and subsection (b).’’. 
(c) FINAL REGULATORY FLEXIBILITY ANALYSIS.—Sec-
tion 604(a) of title 5, United States Code, is amended— 
(1) in paragraph (4), by striking ‘‘and’’ at the 
end; 
(2) in paragraph (5), by striking the period at 
the end and inserting ‘‘; and’’; and 
(3) by adding at the end the following: 
‘‘(6) for a covered agency, as defined in section 
609(d)(2), a description of the steps the agency has 
taken to minimize any additional cost of credit for 
small entities.’’. 
SEC. 1105. EFFECTIVE DATE. 
Except as otherwise provided in this subtitle and the 
amendments made by this subtitle, this subtitle and the 
amendments made by this subtitle, other than sections 1081
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† HR 4173 EAS 
and 1082, shall become effective on the designated transfer 
date. 
TITLE XI—FEDERAL RESERVE 
SYSTEM PROVISIONS 
SEC. 1151. FEDERAL RESERVE ACT AMENDMENTS ON EMER-
GENCY LENDING AUTHORITY. 
(a) FEDERAL RESERVE ACT.—The third undesignated 
paragraph of section 13 of the Federal Reserve Act (12 
U.S.C. 343) (relating to emergency lending authority) is 
amended— 
(1) by inserting ‘‘(3)(A)’’ before ‘‘In unusual’’; 
(2) by striking ‘‘individual, partnership, or cor-
poration’’ the first place that term appears and in-
serting the following: ‘‘participant in any program or 
facility with broad-based eligibility’’; 
(3) by striking ‘‘exchange for an individual or a 
partnership or corporation’’ and inserting ‘‘ex-
change,’’; 
(4) by striking ‘‘such individual, partnership, or 
corporation’’ and inserting the following: ‘‘such par-
ticipant in any program or facility with broad-based 
eligibility’’; 
(5) by striking ‘‘for individuals, partnerships, 
corporations’’ and inserting ‘‘for any participant in 
any program or facility with broad-based eligibility’’;
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† HR 4173 EAS 
(6) by striking ‘‘may prescribe.’’ and inserting 
the following: ‘‘may prescribe. 
‘‘(B)(i) As soon as is practicable after the 
date of enactment of this subparagraph, the 
Board shall establish, by regulation, in consulta-
tion with the Secretary of the Treasury, the poli-
cies and procedures governing emergency lending 
under this paragraph. Such policies and proce-
dures shall be designed to ensure that any emer-
gency lending program or facility is for the pur-
pose of providing liquidity to the financial sys-
tem, and not to aid a failing financial company, 
and that the collateral for emergency loans is 
sufficient to protect taxpayers from and that any 
such program is terminated in a timely and or-
derly fashion losses. The policies and procedures 
established by the Board shall require that a 
Federal reserve bank assign, consistent with 
sound risk management practices and to ensure 
protection for the taxpayer, a lendable value to 
all collateral for a loan executed by a Federal re-
serve bank under this paragraph in determining 
whether the loan is secured satisfactorily for pur-
poses of this paragraph.
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† HR 4173 EAS 
‘‘(ii) The Board shall establish procedures to 
prohibit borrowing from programs and facilities 
by borrowers that are insolvent. Such procedures 
may include a certification from the chief execu-
tive officer (or other authorized officer) of the 
borrower, at the time the borrower initially bor-
rows under the program or facility (with a duty 
by the borrower to update the certification if the 
information in the certification materially 
changes), that the borrower is not insolvent. A 
borrower shall be considered insolvent for pur-
poses of this subparagraph, if the borrower is in 
bankruptcy, resolution under title II of the Re-
storing American Financial Stability Act of 
2010, or any other Federal or State insolvency 
proceeding. 
‘‘(iii) A program or facility that is struc-
tured to remove assets from the balance sheet of 
a single and specific company, or that is estab-
lished for the purpose of assisting a single and 
specific company avoid bankruptcy, resolution 
under title II of the Restoring American Finan-
cial Stability Act of 2010, or any other Federal 
or State insolvency proceeding, shall not be con-
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† HR 4173 EAS 
sidered a program or facility with broad-based 
eligibility. 
‘‘(iv) The Board may not establish any pro-
gram or facility under this paragraph without 
the prior approval of the Secretary of the Treas-
ury. 
‘‘(C) The Board shall provide to the Com-
mittee on Banking, Housing, and Urban Affairs 
of the Senate and the Committee on Financial 
Services of the House of Representatives— 
‘‘(i) not later than 7 days after pro-
viding any loan or other financial assist-
ance under this paragraph, a report that 
includes— 
‘‘(I) the justification for the exer-
cise of authority to provide such assist-
ance; 
‘‘(II) the identity of the recipients 
of such assistance; 
‘‘(III) the date and amount of the 
assistance, and form in which the as-
sistance was provided; and 
‘‘(IV) the material terms of the as-
sistance, including— 
‘‘(aa) duration;
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† HR 4173 EAS 
‘‘(bb) collateral pledged and 
the value thereof; 
‘‘(cc) all interest, fees, and 
other revenue or items of value to 
be received in exchange for the as-
sistance; 
‘‘(dd) any requirements im-
posed on the recipient with respect 
to employee compensation, dis-
tribution of dividends, or any 
other corporate decision in ex-
change for the assistance; and 
‘‘(ee) the expected costs to the 
taxpayers of such assistance; and 
‘‘(ii) once every 30 days, with respect 
to any outstanding loan or other financial 
assistance under this paragraph, written 
updates on— 
‘‘(I) the value of collateral; 
‘‘(II) the amount of interest, fees, 
and other revenue or items of value re-
ceived in exchange for the assistance; 
and 
‘‘(III) the expected or final cost to 
the taxpayers of such assistance.
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† HR 4173 EAS 
‘‘(D) The information submitted to Congress 
under subparagraph (C) related to— 
‘‘(i) the identity of the participants in 
an emergency lending program or facility 
commenced under this paragraph; 
‘‘(ii) the amounts borrowed by each 
participant in any such program or facil-
ity; 
‘‘(iii) identifying details concerning 
the assets or collateral held by, under, or in 
connection with such a program or facility, 
shall be kept confidential, upon the written re-
quest of the Chairman of the Board, in which 
case such information shall be made available 
only to the Chairpersons and Ranking Members 
of the Committees described in subparagraph 
(C). 
‘‘(E) If an entity to which a Federal reserve 
bank has provided a loan under this paragraph 
becomes a covered financial company, as defined 
in section 203 of the Restoring American Finan-
cial Stability Act of 2010, at any time while 
such loan is outstanding, and the Federal reserve 
bank incurs a realized net loss on the loan, then 
the Federal reserve bank shall have a claim equal
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† HR 4173 EAS 
to the amount of the net realized loss against the 
covered entity, with the same priority as an obli-
gation to the Secretary of the Treasury under 
sections 210(n) and 210(o) of the Restoring 
American Financial Stability Act of 2010.’’. 
(b) CONFORMING AMENDMENT.—Section 507(a)(2) of 
title 11, United States Code, is amended by inserting 
‘‘claims of any Federal reserve bank related to loans made 
through programs or facilities authorized under the third 
undesignated paragraph of the Federal Reserve Act (12 
U.S.C. 343),’’ after ‘‘this title,’’. 
SEC. 1152. REVIEWS OF SPECIAL FEDERAL RESERVE CREDIT 
FACILITIES. 
(a) REVIEWS.—Section 714 of title 31, United States 
Code, is amended by adding at the end the following: 
‘‘(f) REVIEWS OF CREDIT FACILITIES OF THE FED-
ERAL RESERVE SYSTEM.— 
‘‘(1) DEFINITION.—In this subsection, the term 
‘credit facility’ means a program or facility, includ-
ing any special purpose vehicle or other entity estab-
lished by or on behalf of the Board of Governors of 
the Federal Reserve System or a Federal reserve bank, 
authorized by the Board of Governors under the third 
undesignated paragraph of section 13 of the Federal
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† HR 4173 EAS 
Reserve Act (12 U.S.C. 343), that is not subject to 
audit under subsection (e), including— 
‘‘(A) the Asset-Backed Commercial Paper 
Money Market Mutual Fund Liquidity Facility; 
‘‘(B) the Term Asset-Backed Securities 
Loan Facility; 
‘‘(C) the Primary Dealer Credit Facility; 
‘‘(D) the Commercial Paper Funding Facil-
ity; and 
‘‘(E) the Term Securities Lending Facility. 
‘‘(2) AUTHORITY FOR REVIEWS AND EXAMINA-
TIONS.—Subject to paragraph (3), and notwith-
standing any limitation in subsection (b) on the au-
diting and oversight of certain functions of the Board 
of Governors of the Federal Reserve System or any 
Federal reserve bank, the Comptroller General of the 
United States may conduct reviews, including onsite 
examinations, of the Board of Governors, a Federal 
reserve bank, or a credit facility, if the Comptroller 
General determines that such reviews are appropriate, 
solely for the purposes of assessing, with respect to a 
credit facility— 
‘‘(A) the operational integrity, accounting, 
financial reporting, and internal controls of the 
credit facility;
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† HR 4173 EAS 
‘‘(B) the effectiveness of the collateral poli-
cies established for the facility in mitigating risk 
to the relevant Federal reserve bank and tax-
payers; 
‘‘(C) whether the credit facility inappropri-
ately favors one or more specific participants 
over other institutions eligible to utilize the facil-
ity; and 
‘‘(D) the policies governing the use, selec-
tion, or payment of third-party contractors by or 
for any credit facility. 
‘‘(3) REPORTS AND DELAYED DISCLOSURE.— 
‘‘(A) REPORTS
REQUIRED.—A report on 
each review conducted under paragraph (2) shall 
be submitted by the Comptroller General to the 
Congress before the end of the 90-day period be-
ginning on the date on which such review is 
completed. 
‘‘(B) CONTENTS.—The report under sub-
paragraph (A) shall include a detailed descrip-
tion of the findings and conclusions of the Comp-
troller General with respect to the matters de-
scribed in paragraph (2) that were reviewed and 
are the subject of the report, together with such 
recommendations for legislative or administra-
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† HR 4173 EAS 
tive action relating to such matters as the Comp-
troller General may determine to be appropriate. 
‘‘(C) DELAYED RELEASE OF CERTAIN IN-
FORMATION.— 
‘‘(i) IN
GENERAL.—The Comptroller 
General shall not disclose to any person or 
entity, including to Congress, the names or 
identifying details of specific participants 
in any credit facility, the amounts borrowed 
by specific participants in any credit facil-
ity, or identifying details regarding assets 
or collateral held by, under, or in connec-
tion with any credit facility, and any re-
port provided under subparagraph (A) shall 
be redacted to ensure that such names and 
details are not disclosed. 
‘‘(ii) DELAYED
RELEASE.—The non-
disclosure obligation under clause (i) shall 
expire with respect to any participant on 
the date on which the Board of Governors, 
directly or through a Federal reserve bank, 
publicly discloses the identity of the subject 
participant or the identifying details of the 
subject assets or collateral.
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‘‘(iii) GENERAL RELEASE.—The Comp-
troller General shall release a nonredacted 
version of any report on a credit facility 1 
year after the effective date of the termi-
nation by the Board of Governors of the au-
thorization for the credit facility. For pur-
poses of this clause, a credit facility shall be 
deemed to have terminated 24 months after 
the date on which the credit facility ceases 
to make extensions of credit and loans, un-
less the credit facility is otherwise termi-
nated by the Board of Governors. 
‘‘(iv) EXCEPTIONS.—The nondisclosure 
obligation under clause (i) shall not apply 
to the credit facilities Maiden Lane, Maiden 
Lane II, and Maiden Lane III.’’. 
(b) ACCESS TO RECORDS.—Section 714(d) of title 31, 
United States Code, is amended— 
(1) in paragraph (2), by inserting ‘‘or any per-
son or entity described in paragraph (3)(A)’’ after 
‘‘used by an agency’’; 
(2) in paragraph (3), by inserting ‘‘or (f)’’ after 
‘‘subsection (e)’’ each place that term appears; and 
(3) in paragraph (3)(B), by adding at the end 
the following: ‘‘The Comptroller General may make
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and retain copies of books, accounts, and other records 
provided under subparagraph (A) as the Comptroller 
General deems appropriate. The Comptroller General 
shall provide to any person or entity described in sub-
paragraph (A) a current list of officers and employees 
to whom, with proper identification, records and 
property may be made available, and who may make 
notes or copies necessary to carry out a review or ex-
amination under this subsection.’’. 
SEC. 1153. PUBLIC ACCESS TO INFORMATION. 
Section 2B of the Federal Reserve Act (12 U.S.C. 225b) 
is amended by adding at the end the following: 
‘‘(c) PUBLIC ACCESS TO INFORMATION.—The Board 
shall place on its home Internet website, a link entitled 
‘Audit’, which shall link to a webpage that shall serve as 
a repository of information made available to the public 
for a reasonable period of time, not less than 6 months fol-
lowing the date of release of the relevant information, in-
cluding— 
‘‘(1) the reports prepared by the Comptroller 
General under section 714 of title 31, United States 
Code; 
‘‘(2) the annual financial statements prepared 
by an independent auditor for the Board in accord-
ance with section 11B;
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‘‘(3) the reports to the Committee on Banking, 
Housing, and Urban Affairs of the Senate required 
under the third undesignated paragraph of section 13 
(relating to emergency lending authority); and 
‘‘(4) such other information as the Board reason-
ably believes is necessary or helpful to the public in 
understanding the accounting, financial reporting, 
and internal controls of the Board and the Federal re-
serve banks.’’. 
SEC. 1154. LIQUIDITY EVENT DETERMINATION. 
(a) DETERMINATION
AND WRITTEN RECOMMENDA-
TION.— 
(1) DETERMINATION REQUEST.—The Secretary 
may request the Corporation and the Board of Gov-
ernors to determine whether a liquidity event exists 
that warrants use of the guarantee program author-
ized under section 1155. 
(2) REQUIREMENTS
OF
DETERMINATION.—Any 
determination pursuant to paragraph (1) shall— 
(A) be written; and 
(B) contain an evaluation of the evidence 
that— 
(i) a liquidity event exists; 
(ii) failure to take action would have 
serious adverse effects on financial stability
1567 
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or economic conditions in the United States; 
and 
(iii) actions authorized under section 
1155 are needed to avoid or mitigate poten-
tial adverse effects on the United States fi-
nancial system or economic conditions. 
(b) PROCEDURES.—Notwithstanding any other provi-
sion of Federal or State law, upon the determination of both 
the Corporation (upon a vote of not fewer than 2⁄3 of the 
members of the Corporation then serving) and the Board 
of Governors (upon a vote of not fewer than 2⁄3 of the mem-
bers of the Board of Governors then serving) under sub-
section (a) that a liquidity event exists that warrants use 
of the guarantee program authorized under section 1155, 
and with the written consent of the Secretary— 
(1) the Corporation shall take action in accord-
ance with section 1155(a); and 
(2) the Secretary (in consultation with the Presi-
dent) shall take action in accordance with section 
1155(c). 
(c) DOCUMENTATION AND REVIEW.— 
(1) DOCUMENTATION.—The Secretary shall— 
(A) maintain the written documentation of 
each determination of the Corporation and the 
Board of Governors under this section; and
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(B) provide the documentation for review 
under paragraph (2). 
(2) GAO REVIEW.—The Comptroller General of 
the United States shall review and report to Congress 
on any determination of the Corporation and the 
Board of Governors under subsection (a), including— 
(A) the basis for the determination; and 
(B) the likely effect of the actions taken. 
(d) REPORT TO CONGRESS.—On the earlier of the date 
of a submission made to Congress under section 1155(c), 
or within 30 days of the date of a determination under sub-
section (a), the Secretary shall provide written notice of the 
determination of the Corporation and the Board of Gov-
ernors to the Committee on Banking, Housing, and Urban 
Affairs of the Senate and the Committee on Financial Serv-
ices of the House of Representatives, including a description 
of the basis for the determination. 
SEC. 1155. EMERGENCY FINANCIAL STABILIZATION. 
(a) IN GENERAL.—Upon the written determination of 
the Corporation and the Board of Governors under section 
1154, the Corporation shall create a widely available pro-
gram to guarantee obligations of solvent insured depository 
institutions or solvent depository institution holding com-
panies (including any affiliates thereof) during times of se-
vere economic distress, except that a guarantee of obliga-
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† HR 4173 EAS 
tions under this section may not include the provision of 
equity in any form. 
(b) RULEMAKING AND TERMS AND CONDITIONS.— 
(1) POLICIES AND PROCEDURES.—As soon as is 
practicable after the date of enactment of this Act, the 
Corporation shall establish, by regulation, and in 
consultation with the Secretary, policies and proce-
dures governing the issuance of guarantees authorized 
by this section. Such policies and procedures may in-
clude a requirement of collateral as a condition of 
any such guarantee. 
(2) TERMS
AND
CONDITIONS.—The terms and 
conditions of any guarantee program shall be estab-
lished by the Corporation, with the concurrence of the 
Secretary. 
(c) DETERMINATION OF GUARANTEED AMOUNT.— 
(1) IN GENERAL.—In connection with any pro-
gram established pursuant to subsection (a) and sub-
ject to paragraph (2) of this subsection, the Secretary 
(in consultation with the President) shall determine 
the maximum amount of debt outstanding that the 
Corporation may guarantee under this section, and 
the President may transmit to Congress a written re-
port on the plan of the Corporation to exercise the au-
thority under this section to issue guarantees up to
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that maximum amount and a request for approval of 
such plan. The Corporation shall exercise the author-
ity under this section to issue guarantees up to that 
specified maximum amount upon passage of the joint 
resolution of approval, as provided in subsection (d). 
Absent such approval, the Corporation shall issue no 
such guarantees. 
(2) ADDITIONAL
DEBT
GUARANTEE
AUTHOR-
ITY.—If the Secretary (in consultation with the Presi-
dent) determines, after a submission to Congress 
under paragraph (1), that the maximum guarantee 
amount should be raised, and the Council concurs 
with that determination, the President may transmit 
to Congress a written report on the plan of the Cor-
poration to exercise the authority under this section 
to issue guarantees up to the increased maximum debt 
guarantee amount. The Corporation shall exercise the 
authority under this section to issue guarantees up to 
that specified maximum amount upon passage of the 
joint resolution of approval, as provided in subsection 
(d). Absent such approval, the Corporation shall issue 
no such guarantees. 
(d) RESOLUTION OF APPROVAL.— 
(1) ADDITIONAL
DEBT
GUARANTEE
AUTHOR-
ITY.—A request by the President under this section
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shall be considered granted by Congress upon adop-
tion of a joint resolution approving such request. 
Such joint resolution shall be considered in the Senate 
under expedited procedures. 
(2) FAST TRACK CONSIDERATION IN SENATE.— 
(A) RECONVENING.—Upon receipt of a re-
quest under subsection (c), if the Senate has ad-
journed or recessed for more than 2 days, the 
majority leader of the Senate, after consultation 
with the minority leader of the Senate, shall no-
tify the Members of the Senate that, pursuant to 
this section, the Senate shall convene not later 
than the second calendar day after receipt of 
such message. 
(B) PLACEMENT ON CALENDAR.—Upon in-
troduction in the Senate, the joint resolution 
shall be placed immediately on the calendar. 
(C) FLOOR CONSIDERATION.— 
(i) 
IN
GENERAL.—Notwithstanding 
Rule XXII of the Standing Rules of the 
Senate, it is in order at any time during 
the period beginning on the 4th day after 
the date on which Congress receives a re-
quest under subsection (c), and ending on 
the 7th day after that date (even though a
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previous motion to the same effect has been 
disagreed to) to move to proceed to the con-
sideration of the joint resolution, and all 
points of order against the joint resolution 
(and against consideration of the joint reso-
lution) are waived. The motion to proceed is 
not debatable. The motion is not subject to 
a motion to postpone. A motion to recon-
sider the vote by which the motion is agreed 
to or disagreed to shall not be in order. If 
a motion to proceed to the consideration of 
the resolution is agreed to, the joint resolu-
tion shall remain the unfinished business 
until disposed of. 
(ii) DEBATE.—Debate on the joint res-
olution, and on all debatable motions and 
appeals in connection therewith, shall be 
limited to not more than 10 hours, which 
shall be divided equally between the major-
ity and minority leaders or their designees. 
A motion further to limit debate is in order 
and not debatable. An amendment to, or a 
motion to postpone, or a motion to proceed 
to the consideration of other business, or a
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motion to recommit the joint resolution is 
not in order. 
(iii) VOTE ON PASSAGE.—The vote on 
passage shall occur immediately following 
the conclusion of the debate on the joint res-
olution, and a single quorum call at the 
conclusion of the debate if requested in ac-
cordance with the rules of the Senate. 
(iv) RULINGS OF THE CHAIR ON PRO-
CEDURE.—Appeals from the decisions of the 
Chair relating to the application of the 
rules of the Senate, as the case may be, to 
the procedure relating to a joint resolution 
shall be decided without debate. 
(3) RULES.— 
(A) COORDINATION WITH ACTION BY HOUSE 
OF REPRESENTATIVES.—If, before the passage by 
the Senate of a joint resolution of the Senate, the 
Senate receives a joint resolution, from the 
House of Representatives, then the following pro-
cedures shall apply: 
(i) The joint resolution of the House of 
Representatives shall not be referred to a 
committee.
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(ii) With respect to a joint resolution 
of the Senate— 
(I) the procedure in the Senate 
shall be the same as if no joint resolu-
tion had been received from the other 
House; but 
(II) the vote on passage shall be 
on the joint resolution of the House of 
Representatives. 
(B) TREATMENT OF JOINT RESOLUTION OF 
HOUSE
OF
REPRESENTATIVES.—If the Senate 
fails to introduce or consider a joint resolution 
under this section, the joint resolution of the 
House of Representatives shall be entitled to ex-
pedited floor procedures under this subsection. 
(C) TREATMENT
OF
COMPANION
MEAS-
URES.—If, following passage of the joint resolu-
tion in the Senate, the Senate then receives the 
companion measure from the House of Rep-
resentatives, the companion measure shall not be 
debatable. 
(D) RULES
OF
THE
SENATE.—This sub-
section is enacted by Congress— 
(i) as an exercise of the rulemaking 
power of the Senate, and as such it is
1575 
† HR 4173 EAS 
deemed a part of the rules of the Senate, but 
applicable only with respect to the proce-
dure to be followed in the Senate in the case 
of a joint resolution, and it supersedes other 
rules, only to the extent that it is incon-
sistent with such rules; and 
(ii) with full recognition of the con-
stitutional right of the Senate to change the 
rules (so far as relating to the procedure of 
the Senate) at any time, in the same man-
ner, and to the same extent as in the case 
of any other rule of the Senate. 
(4) DEFINITION.—As used in this subsection, the 
term ‘‘joint resolution’’ means only a joint resolu-
tion— 
(A) that is introduced not later than 3 cal-
endar days after the date on which the request 
referred to in subsection (c) is received by Con-
gress; 
(B) that does not have a preamble; 
(C) the title of which is as follows: ‘‘Joint 
resolution relating to the approval of a plan to 
guarantee obligations under section 1155 of the 
Restoring American Financial Stability Act of 
2010’’; and
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† HR 4173 EAS 
(D) the matter after the resolving clause of 
which is as follows: ‘‘That Congress approves the 
obligation of any amount described in section 
1155(c) of the Restoring American Financial 
Stability Act of 2010.’’. 
(e) FUNDING.— 
(1) FEES AND OTHER CHARGES.—The Corpora-
tion shall charge fees and other assessments to all par-
ticipants in the program established pursuant to this 
section, in such amounts as are necessary to offset 
projected losses and administrative expenses, includ-
ing amounts borrowed pursuant to paragraph (3), 
and such amounts shall be available to the Corpora-
tion. 
(2) EXCESS FUNDS.—If, at the conclusion of the 
program established under this section, there are any 
excess funds collected from the fees associated with 
such program, the funds shall be deposited in the 
General Fund of the Treasury. 
(3) AUTHORITY
OF
CORPORATION.—The Cor-
poration— 
(A) may borrow funds from the Secretary of 
the Treasury and issue obligations of the Cor-
poration to the Secretary for amounts borrowed, 
and the amounts borrowed shall be available to
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† HR 4173 EAS 
the Corporation for purposes of carrying out a 
program established pursuant to this section, in-
cluding the payment of reasonable costs of ad-
ministering the program, and the obligations 
issued shall be repaid in full with interest 
through fees and charges paid by participants in 
accordance with paragraphs (1) and (4), as ap-
plicable; and 
(B) may not borrow funds from the Deposit 
Insurance Fund established pursuant to section 
11(a)(4) of the Federal Deposit Insurance Act. 
(4) BACKUP SPECIAL ASSESSMENTS.—To the ex-
tent that the funds collected pursuant to paragraph 
(1) are insufficient to cover any losses or expenses, in-
cluding amounts borrowed pursuant to paragraph 
(3), arising from a program established pursuant to 
this section, the Corporation shall impose a special 
assessment solely on participants in the program, in 
amounts necessary to address such insufficiency, and 
which shall be available to the Corporation to cover 
such losses or expenses. 
(5) AUTHORITY OF THE SECRETARY.—The Sec-
retary may purchase any obligations issued under 
paragraph (3)(A). For such purpose, the Secretary 
may use the proceeds of the sale of any securities
1578 
† HR 4173 EAS 
issued under chapter 31 of title 31, United States 
Code, and the purposes for which securities may be 
issued under that chapter 31 are extended to include 
such purchases, and the amount of any securities 
issued under that chapter 31 for such purpose shall 
be treated in the same manner as securities issued 
under section 208(n)(3)(B). 
(f) RULE OF CONSTRUCTION.—For purposes of this 
section, a guarantee of deposits held by insured depository 
institutions shall not be treated as a debt guarantee pro-
gram. 
(g) DEFINITIONS.—For purposes of this section, the 
following definitions shall apply: 
(1) COMPANY.—The term ‘‘company’’ means any 
entity other than a natural person that is incor-
porated or organized under Federal law or the laws 
of any State. 
(2) DEPOSITORY
INSTITUTION
HOLDING
COM-
PANY.—The term ‘‘depository institution holding com-
pany’’ has the same meaning as in section 3 of the 
Federal Deposit Insurance Act (12 U.S.C. 1813). 
(3) LIQUIDITY
EVENT.—The term ‘‘liquidity 
event’’ means—
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† HR 4173 EAS 
(A) an exceptional and broad reduction in 
the general ability of financial market partici-
pants— 
(i) to sell financial assets without an 
unusual and significant discount; or 
(ii) to borrow using financial assets as 
collateral without an unusual and signifi-
cant increase in margin; or 
(B) an unusual and significant reduction 
in the ability of financial market participants to 
obtain unsecured credit. 
(4) SOLVENT.—The term ‘‘solvent’’ means that 
the value of the assets of an entity exceed its obliga-
tions to creditors. 
SEC. 1156. ADDITIONAL RELATED AMENDMENTS. 
(a) SUSPENSION OF PARALLEL FEDERAL DEPOSIT IN-
SURANCE ACT AUTHORITY.—Effective upon the date of en-
actment of this section, the Corporation may not exercise 
its authority under section 13(c)(4)(G)(i) of the Federal De-
posit Insurance Act (12 U.S.C. 1823(c)(4)(G)(i)) to estab-
lish any widely available debt guarantee program for which 
section 1155 would provide authority. 
(b) FEDERAL DEPOSIT INSURANCE ACT.—Section 
13(c)(4)(G) of the Federal Deposit Insurance Act (12 U.S.C. 
1823(c)(4)(G)) is amended—
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† HR 4173 EAS 
(1) in clause (i)— 
(A) in subclause (I), by inserting ‘‘for which 
the Corporation has been appointed receiver’’ be-
fore ‘‘would have serious’’; and 
(B) in the undesignated matter following 
subclause (II), by inserting ‘‘for the purpose of 
winding up the insured depository institution 
for which the Corporation has been appointed re-
ceiver’’ after ‘‘provide assistance under this sec-
tion’’; and 
(2) in clause (v)(I), by striking ‘‘The’’ and in-
serting ‘‘Not later than 3 days after making a deter-
mination under clause (i), the’’. 
(c) EFFECT OF DEFAULT ON AN FDIC GUARANTEE.— 
If an insured depository institution or depository institu-
tion holding company (as those terms are defined in section 
3 of the Federal Deposit Insurance Act) participating in 
a program under section 1155, or any participant in a debt 
guarantee 
program 
established 
pursuant 
to 
section 
13(c)(4)(G)(i) of the Federal Deposit Insurance Act defaults 
on any obligation guaranteed by the Corporation after the 
date of enactment of this Act, the Corporation shall— 
(1) appoint itself as receiver for the insured de-
pository institution that defaults; and
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† HR 4173 EAS 
(2) with respect to any other participating com-
pany that is not an insured depository institution 
that defaults— 
(A) require— 
(i) consideration of whether a deter-
mination shall be made, as provided in sec-
tion 202 to resolve the company under sec-
tion 203; and 
(ii) the company to file a petition for 
bankruptcy under section 301 of title 11, 
United States Code, if the Corporation is 
not appointed receiver pursuant to section 
203 within 30 days of the date of default; 
or 
(B) file a petition for involuntary bank-
ruptcy on behalf of the company under section 
303 of title 11, United States Code. 
SEC. 1157. FEDERAL RESERVE ACT AMENDMENTS ON FED-
ERAL RESERVE BANK GOVERNANCE. 
The Federal Reserve Act (12 U.S.C. 221 et seq.) is 
amended in section 4 by adding at the end the following: 
‘‘(25) SELECTION OF THE PRESIDENT OF THE 
FEDERAL RESERVE BANK OF NEW YORK.—Notwith-
standing any other provision of this section, after the 
date of enactment of the Restoring American Finan-
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† HR 4173 EAS 
cial Stability Act of 2010, the president of the Federal 
Reserve Bank of New York shall be appointed by the 
President, by and with the advice and consent of the 
Senate, for terms of 5 years. 
‘‘(26) LIMITATION ON ELIGIBILITY TO VOTE FOR 
OR
SERVE
AS
A
FEDERAL
RESERVE
BANK
DIREC-
TOR.—Notwithstanding any other provision of this 
section, after the date of enactment of the Restoring 
American Financial Stability Act of 2010, no com-
pany, or subsidiary or affiliate of a company that is 
supervised by the Board, may vote for members of the 
board of directors of a Federal reserve bank, and no 
past or current officer, director, or employee of such 
company, or subsidiary or affiliate of such company, 
may serve as a member of the board of directors of 
a Federal reserve bank.’’. 
SEC. 1158. AMENDMENTS TO THE FEDERAL RESERVE ACT 
RELATING TO SUPERVISION AND REGULA-
TION POLICY. 
(a) ESTABLISHMENT
OF
THE POSITION
OF VICE 
CHAIRMAN FOR SUPERVISION.— 
(1) POSITION ESTABLISHED.—The second undes-
ignated paragraph of section 10 of the Federal Re-
serve Act (12 U.S.C. 242) (relating to the Chairman 
and Vice Chairman of the Board) is amended by
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† HR 4173 EAS 
striking the third sentence and inserting the fol-
lowing: ‘‘Of the persons thus appointed, 1 shall be 
designated by the President, by and with the advice 
and consent of the Senate, to serve as Chairman of 
the Board for a term of 4 years, and 2 shall be des-
ignated by the President, by and with the advice and 
consent of the Senate, to serve as Vice Chairmen of 
the Board, each for a term of 4 years, 1 of whom shall 
serve in the absence of the Chairman, as provided in 
the fourth undesignated paragraph of this section, 
and 1 of whom shall be designated Vice Chairman for 
Supervision. The Vice Chairman for Supervision 
shall develop policy recommendations for the Board 
regarding supervision and regulation of depository 
institution holding companies and other financial 
firms supervised by the Board, and shall oversee the 
supervision and regulation of such firms.’’. 
(2) EFFECTIVE DATE.—The amendment made by 
subsection (a) takes effect on the date of enactment of 
this title and applies to individuals who are des-
ignated by the President on or after that date to serve 
as Vice Chairman of Supervision. 
(b) FINANCIAL STABILITY AS BOARD FUNCTION.—Sec-
tion 10 of the Federal Reserve Act (12 U.S.C. 241) is 
amended by adding at the end the following:
1584 
† HR 4173 EAS 
‘‘(11) FINANCIAL
STABILITY
FUNCTION.—The 
Board of Governors shall identify, measure, monitor, 
and mitigate risks to the financial stability of the 
United States.’’. 
(c) APPEARANCES BEFORE CONGRESS.—Section 10 of 
the Federal Reserve Act (12 U.S.C. 241) is amended by add-
ing at the end the following: 
‘‘(12) APPEARANCES
BEFORE
CONGRESS.—The 
Vice Chairman for Supervision shall appear before 
the Committee on Banking, Housing, and Urban Af-
fairs of the Senate and the Committee on Financial 
Services of the House of Representatives and at semi- 
annual hearings regarding the efforts, activities, ob-
jectives, and plans of the Board with respect to the 
conduct of supervision and regulation of depository 
institution holding companies and other financial 
firms supervised by the Board.’’. 
(d) BOARD RESPONSIBILITY TO SET SUPERVISION 
AND REGULATORY POLICY.—Section 11 of the Federal Re-
serve Act (12 U.S.C. 248) (relating to enumerated powers 
of the Board) is amended by adding at the end of subsection 
(k) (relating to delegation) the following: ‘‘The Board of 
Governors may not delegate to a Federal reserve bank its 
functions for the establishment of policies for the super-
vision and regulation of depository institution holding com-
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† HR 4173 EAS 
panies and other financial firms supervised by the Board 
of Governors.’’. 
SEC. 1159. GAO AUDIT OF THE FEDERAL RESERVE FACILI-
TIES; PUBLICATION OF BOARD ACTIONS. 
(a) GAO AUDIT.— 
(1) 
IN
GENERAL.—Notwithstanding 
section 
714(b) of title 31, United States Code, or any other 
provision of law, the Comptroller General of the 
United States (in this subsection referred to as the 
‘‘Comptroller General’’) shall conduct a one-time 
audit of all loans and other financial assistance pro-
vided during the period beginning on December 1, 
2007 and ending on the date of enactment of this Act 
by the Board of Governors under the Asset-Backed 
Commercial Paper Money Market Mutual Fund Li-
quidity Facility, the Term Asset-Backed Securities 
Loan Facility, the Primary Dealer Credit Facility, 
the Commercial Paper Funding Facility, the Term 
Securities Lending Facility, the Term Auction Facil-
ity, Maiden Lane, Maiden Lane II, Maiden Lane III, 
the agency Mortgage-Backed Securities program, for-
eign currency liquidity swap lines, and any other 
program created as a result of the third undesignated 
paragraph of section 13 of the Federal Reserve Act.
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† HR 4173 EAS 
(2) ASSESSMENTS.—In conducting the audit 
under paragraph (1), the Comptroller General shall 
assess— 
(A) the operational integrity, accounting, 
financial reporting, and internal controls of the 
credit facility; 
(B) the effectiveness of the collateral policies 
established for the facility in mitigating risk to 
the relevant Federal reserve bank and taxpayers; 
(C) whether the credit facility inappropri-
ately favors one or more specific participants 
over other institutions eligible to utilize the facil-
ity; 
(D) the policies governing the use, selection, 
or payment of third-party contractors by or for 
any credit facility; and 
(E) whether there were conflicts of interest 
with respect to the manner in which such facility 
was established or operated. 
(3) TIMING.—The audit required by this sub-
section shall be commenced not later than 30 days 
after the date of enactment of this Act, and shall be 
completed not later than 12 months after that date of 
enactment.
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† HR 4173 EAS 
(4) REPORT REQUIRED.—The Comptroller Gen-
eral shall submit a report on the audit conducted 
under paragraph (1) to the Congress not later than 
12 months after the date of enactment of this Act, and 
such report shall be made available to— 
(A) the Speaker of the House of Representa-
tives; 
(B) the majority and minority leaders of 
the House of Representatives; 
(C) the majority and minority leaders of 
the Senate; 
(D) the Chairman and Ranking Member of 
the Committee on Banking, Housing, and Urban 
Affairs of the Senate and of the Committee on 
Financial Services of the House of Representa-
tives; and 
(E) any member of Congress who requests 
it. 
(b) AUDIT OF FEDERAL RESERVE BANK GOVERN-
ANCE.— 
(1) AUDIT.— 
(A) IN GENERAL.—Not later than 1 year 
after the date of enactment of this Act, the 
Comptroller General shall complete an audit of
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† HR 4173 EAS 
the governance of the Federal reserve bank sys-
tem. 
(B) REQUIRED EXAMINATIONS.—The audit 
required under subparagraph (A) shall— 
(i) examine the extent to which the 
current system of appointing Federal re-
serve bank directors effectively represents 
‘‘the public, without discrimination on the 
basis of race, creed, color, sex or national 
origin, and with due but not exclusive con-
sideration to the interests of agriculture, 
commerce, industry, services, labor, and 
consumers’’ in the selection of bank direc-
tors, as such requirement is set forth under 
section 4 of the Federal Reserve Act; 
(ii) examine whether there are actual 
or potential conflicts of interest created 
when the directors of Federal reserve banks, 
which execute the supervisory functions of 
the Board of Governors of the Federal Re-
serve System, are elected by member banks; 
(iii) examine the establishment and op-
erations of each facility described in sub-
section (a)(1) and each Federal reserve bank
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† HR 4173 EAS 
involved in the establishment and oper-
ations thereof; and 
(iv) identify changes to selection proce-
dures for Federal reserve bank directors, or 
to other aspects of Federal reserve bank gov-
ernance, that would— 
(I) improve how the public is rep-
resented; 
(II) eliminate actual or potential 
conflicts of interest in bank super-
vision; 
(III) increase the availability of 
information useful for the formation 
and execution of monetary policy; or 
(IV) in other ways increase the ef-
fectiveness or efficiency of reserve 
banks. 
(2) REPORT REQUIRED.—A report on the audit 
conducted under paragraph (1) shall be submitted by 
the Comptroller General to the Congress before the end 
of the 90-day period beginning on the date on which 
such audit is completed, and such report shall be 
made available to— 
(A) the Speaker of the House of Representa-
tives;
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(B) the majority and minority leaders of 
the House of Representatives; 
(C) the majority and minority leaders of 
the Senate; 
(D) the Chairman and Ranking Member of 
the Committee on Banking, Housing, and Urban 
Affairs of the Senate and of the Committee on 
Financial Services of the House of Representa-
tives; and 
(E) any member of Congress who requests 
it. 
(c) PUBLICATION
OF
BOARD
ACTIONS.—Notwith-
standing any other provision of law, the Board of Governors 
shall publish on its website, not later than December 1, 
2010, with respect to all loans and other financial assist-
ance it has provided during the period beginning on Decem-
ber 1, 2007 and ending on the date of enactment of this 
Act under the Asset-Backed Commercial Paper Money Mar-
ket Mutual Fund Liquidity Facility, the Term Asset- 
Backed Securities Loan Facility, the Primary Dealer Cred-
it Facility, the Commercial Paper Funding Facility, the 
Term Securities Lending Facility, the Term Auction Facil-
ity, Maiden Lane, Maiden Lane II, Maiden Lane III, the 
agency Mortgage-Backed Securities program, foreign cur-
rency liquidity swap lines, and any other program created
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as a result of the third undesignated paragraph of section 
13 of the Federal Reserve Act— 
(1) the identity of each business, individual, en-
tity, or foreign central bank to which the Board of 
Governors has provided such assistance; 
(2) the type of financial assistance provided to 
that business, individual, entity, or foreign central 
bank; 
(3) the value or amount of that financial assist-
ance; 
(4) the date on which the financial assistance 
was provided; 
(5) the specific terms of any repayment expected, 
including the repayment time period, interest charges, 
collateral, limitations on executive compensation or 
dividends, and other material terms; and 
(6) the specific rationale for each such facility or 
program. 
TITLE XII—IMPROVING ACCESS 
TO MAINSTREAM FINANCIAL 
INSTITUTIONS 
SEC. 1201. SHORT TITLE. 
This title may be cited as the ‘‘Improving Access to 
Mainstream Financial Institutions Act of 2010’’.
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SEC. 1202. PURPOSE. 
The purpose of this title is to encourage initiatives for 
financial products and services that are appropriate and 
accessible for millions of Americans who are not fully incor-
porated into the financial mainstream. 
SEC. 1203. DEFINITIONS. 
In this title, the following definitions shall apply: 
(1) ACCOUNT.—The term ‘‘account’’ means an 
agreement between an individual and an eligible enti-
ty under which the individual obtains from or 
through the entity 1 or more banking products and 
services, and includes a deposit account, a savings ac-
count (including a money market savings account), 
an account for a closed-end loan, and other products 
or services, as the Secretary deems appropriate. 
(2) COMMUNITY DEVELOPMENT FINANCIAL INSTI-
TUTION.—The term ‘‘community development finan-
cial institution’’ has the same meaning as in section 
103(5) of the Community Development Banking and 
Financial Institutions Act of 1994 (12 U.S.C. 
4702(5)). 
(3) ELIGIBLE ENTITY.—The term ‘‘eligible enti-
ty’’ means— 
(A) an organization described in section 
501(c)(3) of the Internal Revenue Code of 1986,
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and exempt from tax under section 501(a) of 
such Code; 
(B) a federally insured depository institu-
tion; 
(C) a community development financial in-
stitution; 
(D) a State, local, or tribal government en-
tity; or 
(E) a partnership or other joint venture 
comprised of 1 or more of the entities described 
in subparagraphs (A) through (D), in accord-
ance with regulations prescribed by the Secretary 
under this title. 
(4) FEDERALLY INSURED DEPOSITORY INSTITU-
TION.—The term ‘‘federally insured depository insti-
tution’’ means any insured depository institution (as 
that term is defined in section 3 of the Federal De-
posit Insurance Act (12 U.S.C. 1813)) and any in-
sured credit union (as that term is defined in section 
101 of the Federal Credit Union Act (12 U.S.C. 
1752)). 
(5) PAYDAY
LOAN.—The term ‘‘payday loan’’ 
means any transaction in which a small cash ad-
vance is made to a consumer in exchange for—
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(A) the personal check or share draft of the 
consumer, in the amount of the advance plus a 
fee, where presentment or negotiation of such 
check or share draft is deferred by agreement of 
the parties until a designated future date; or 
(B) the authorization of the consumer to 
debit the transaction account or share draft ac-
count of the consumer, in the amount of the ad-
vance plus a fee, where such account will be deb-
ited on or after a designated future date. 
SEC. 1204. EXPANDED ACCESS TO MAINSTREAM FINANCIAL 
INSTITUTIONS. 
(a) IN GENERAL.—The Secretary is authorized to es-
tablish a multiyear program of grants, cooperative agree-
ments, financial agency agreements, and similar contracts 
or undertakings to promote initiatives designed— 
(1) to enable low- and moderate-income individ-
uals to establish one or more accounts in a federally 
insured depository institution that are appropriate to 
meet the financial needs of such individuals; and 
(2) to improve access to the provision of ac-
counts, on reasonable terms, for low- and moderate- 
income individuals. 
(b) PROGRAM ELIGIBILITY AND ACTIVITIES.—
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(1) IN GENERAL.—The Secretary shall restrict 
participation in any program established under sub-
section (a) to an eligible entity. Subject to regulations 
prescribed by the Secretary under this title, 1 or more 
eligible entities may participate in 1 or several pro-
grams established under subsection (a). 
(2) ACCOUNT ACTIVITIES.—Subject to regulations 
prescribed by the Secretary, an eligible entity may, in 
participating in a program established under sub-
section (a), offer or provide to low- and moderate-in-
come individuals products and services relating to ac-
counts, including— 
(A) small-dollar value loans; and 
(B) financial education and counseling re-
lating to conducting transactions in and man-
aging accounts. 
SEC. 1205. LOW-COST ALTERNATIVES TO PAYDAY LOANS. 
(a) GRANTS AUTHORIZED.—The Secretary is author-
ized to establish multiyear demonstration programs by 
means of grants, cooperative agreements, financial agency 
agreements, and similar contracts or undertakings, with eli-
gible entities to provide low-cost, small loans to consumers 
that will provide alternatives to more costly payday loans. 
(b) TERMS AND CONDITIONS.—
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(1) IN GENERAL.—Loans under this section shall 
be made on terms and conditions, and pursuant to 
lending practices, that are reasonable for consumers. 
(2) FINANCIAL LITERACY AND EDUCATION OP-
PORTUNITIES.— 
(A) IN
GENERAL.—Each eligible entity 
awarded a grant under this section shall promote 
and take appropriate steps to ensure the provi-
sion of financial literacy and education opportu-
nities, such as relevant counseling services, edu-
cational courses, or wealth building programs, to 
each consumer provided with a loan pursuant to 
this section. 
(B) AUTHORITY
TO
EXPAND
ACCESS.—As 
part of the grants, agreements, and undertakings 
established under this section, the Secretary may 
implement reasonable measures or programs de-
signed to expand access to financial literacy and 
education 
opportunities, 
including 
relevant 
counseling services, educational courses, or 
wealth building programs to be provided to indi-
viduals who obtain loans from eligible entities 
under this section.
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SEC. 1206. GRANTS TO ESTABLISH LOAN-LOSS RESERVE 
FUNDS. 
The Community Development Banking and Financial 
Institutions Act of 1994 (12 U.S.C. 4701 et seq.) is amended 
by adding at the end the following: 
‘‘SEC. 122. GRANTS TO ESTABLISH LOAN-LOSS RESERVE 
FUNDS. 
‘‘(a) PURPOSES.—The purposes of this section are— 
‘‘(1) to make financial assistance available from 
the Fund in order to help community development fi-
nancial institutions defray the costs of operating 
small dollar loan programs, by providing the 
amounts necessary for such institutions to establish 
their own loan loss reserve funds to mitigate some of 
the losses on such small dollar loan programs; and 
‘‘(2) to encourage community development finan-
cial institutions to establish and maintain small dol-
lar loan programs that would help give consumers ac-
cess to mainstream financial institutions and combat 
payday lending. 
‘‘(b) GRANTS.— 
‘‘(1) LOAN-LOSS RESERVE FUND GRANTS.—The 
Fund shall make grants to community development 
financial institutions or to any partnership between 
such community development financial institutions 
and any other federally insured depository institution
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with a primary mission to serve targeted investment 
areas, as such areas are defined under section 
103(16), to enable such institutions or any partner-
ship of such institutions to establish a loan-loss re-
serve fund in order to defray the costs of a small dol-
lar loan program established or maintained by such 
institution. 
‘‘(2) MATCHING REQUIREMENT.—A community 
development financial institution or any partnership 
of institutions established pursuant to paragraph (1) 
shall provide non-Federal matching funds in an 
amount equal to 50 percent of the amount of any 
grant received under this section. 
‘‘(3) USE OF FUNDS.—Any grant amounts re-
ceived by a community development financial institu-
tion or any partnership between or among such insti-
tutions under paragraph (1)— 
‘‘(A) may not be used by such institution to 
provide direct loans to consumers; 
‘‘(B) may be used by such institution to 
help recapture a portion or all of a defaulted 
loan made under the small dollar loan program 
of such institution; and
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‘‘(C) may be used to designate and utilize 
a fiscal agent for services normally provided by 
such an agent. 
‘‘(4) 
TECHNICAL
ASSISTANCE
GRANTS.—The 
Fund shall make technical assistance grants to com-
munity development financial institutions or any 
partnership between or among such institutions to 
support and maintain a small dollar loan program. 
Any grant amounts received under this paragraph 
may be used for technology, staff support, and other 
costs associated with establishing a small dollar loan 
program. 
‘‘(c) DEFINITIONS.—For purposes of this section— 
‘‘(1) the term ‘consumer reporting agency that 
compiles and maintains files on consumers on a na-
tionwide basis’ has the same meaning given such term 
in section 603(p) of the Fair Credit Reporting Act 
(15 U.S.C. 1681a(p)); and 
‘‘(2) the term ‘small dollar loan program’ means 
a loan program wherein a community development fi-
nancial institution or any partnership between or 
among such institutions offers loans to consumers 
that— 
‘‘(A) are made in amounts not exceeding 
$2,500;
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‘‘(B) must be repaid in installments; 
‘‘(C) have no pre-payment penalty; 
‘‘(D) the institution has to report payments 
regarding the loan to at least 1 of the consumer 
reporting agencies that compiles and maintains 
files on consumers on a nationwide basis; and 
‘‘(E) meet any other affordability require-
ments as may be established by the Adminis-
trator.’’. 
SEC. 1207. PROCEDURAL PROVISIONS. 
An eligible entity desiring to participate in a program 
or obtain a grant under this title shall submit an applica-
tion to the Secretary, in such form and containing such 
information as the Secretary may require. 
SEC. 1208. AUTHORIZATION OF APPROPRIATIONS. 
(a) AUTHORIZATION TO THE SECRETARY.—There are 
authorized to be appropriated to the Secretary, such sums 
as are necessary to both administer and fund the programs 
and projects authorized by this title, to remain available 
until expended. 
(b) AUTHORIZATION TO THE FUND.—There is author-
ized to be appropriated to the Fund for each fiscal year 
beginning in fiscal year 2010, an amount equal to the 
amount of the administrative costs of the Fund for the oper-
ation of the grant program established under this title.
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SEC. 1209. REGULATIONS. 
(a) IN GENERAL.—The Secretary is authorized to pro-
mulgate regulations to implement and administer the grant 
programs and undertakings authorized by this title. 
(b) 
REGULATORY
AUTHORITY.—Regulations 
pre-
scribed under this section may contain such classifications, 
differentiations, or other provisions, and may provide for 
such adjustments and exceptions for any class of grant pro-
grams, undertakings, or eligible entities, as, in the judgment 
of the Secretary, are necessary or proper to effectuate the 
purposes of this title, to prevent circumvention or evasion 
of this title, or to facilitate compliance with this title. 
SEC. 1210. EVALUATION AND REPORTS TO CONGRESS. 
For each fiscal year in which a program or project 
is carried out under this title, the Secretary shall submit 
a report to the Committee on Banking, Housing, and Urban 
Affairs of the Senate and the Committee on Financial Serv-
ices of the House of Representatives containing a descrip-
tion of the activities funded, amounts distributed, and 
measurable results, as appropriate and available. 
TITLE XIII—PAY IT BACK ACT 
SEC. 1301. SHORT TITLE. 
This title may be cited as the ‘‘Pay It Back Act’’. 
SEC. 1302. AMENDMENT TO REDUCE TARP AUTHORIZATION. 
Section 115(a) of the Emergency Economic Stabiliza-
tion Act of 2008 (12 U.S.C. 5225(a)) is amended—
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(1) in paragraph (3)— 
(A) by striking ‘‘If’’ and inserting ‘‘Except 
as provided in paragraph (4), if’’; 
(B) by striking ‘‘, $700,000,000,000, as such 
amount is reduced by $1,259,000,000, as such 
amount is reduced by $1,244,000,000’’ and in-
serting ‘‘$550,000,000,000’’; and 
(C) by striking ‘‘outstanding at any one 
time’’; and 
(2) by adding at the end the following: 
‘‘(4) If the Secretary, with the concurrence of the 
Chairman of the Board of Governors of the Federal 
Reserve System, determines that there is an imme-
diate and substantial threat to the economy arising 
from financial instability, the Secretary is authorized 
to purchase troubled assets under this Act in an 
amount equal to amounts received by the Secretary 
before, on, or after the date of enactment of the Pay 
It Back Act for repayment of the principal of finan-
cial assistance by an entity that has received finan-
cial assistance under the TARP or any other program 
enacted by the Secretary under the authorities grant-
ed to the Secretary under this Act, but only— 
‘‘(A) to the extent necessary to address the 
threat; and