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CFR 230.501 et seq.) to conform with the amendments 
made by subsection (a). 
Subtitle F—Fostering Innovation 
Act 
SEC. 909. TEMPORARY EXEMPTION FOR LOW-REVENUE 
ISSUERS. 
Section 404 of the Sarbanes-Oxley Act of 2002 (15 
U.S.C. 7262) is amended by adding at the end the fol-
lowing: 
‘‘(d) TEMPORARY EXEMPTION FOR LOW-REVENUE 
ISSUERS.— 
‘‘(1) LOW-REVENUE
EXEMPTION.—Subsection 
(b) shall not apply with respect to an audit report 
prepared for an issuer that— 
‘‘(A) ceased to be an emerging growth 
company on the last day of the fiscal year of 
the issuer following the fifth anniversary of the 
date of the first sale of common equity securi-
ties of the issuer pursuant to an effective reg-
istration statement under the Securities Act of 
1933; 
‘‘(B) had average annual gross revenues of 
less than $50,000,000 as of its most recently 
completed fiscal year; and 
‘‘(C) is not a large accelerated filer. 
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‘‘(2) EXPIRATION
OF
TEMPORARY
EXEMP-
TION.—An issuer ceases to be eligible for the exemp-
tion described under paragraph (1) at the earliest 
of— 
‘‘(A) the last day of the fiscal year of the 
issuer following the tenth anniversary of the 
date of the first sale of common equity securi-
ties of the issuer pursuant to an effective reg-
istration statement under the Securities Act of 
1933; 
‘‘(B) the last day of the fiscal year of the 
issuer during which the average annual gross 
revenues of the issuer exceed $50,000,000; or 
‘‘(C) the date on which the issuer becomes 
a large accelerated filer. 
‘‘(3) DEFINITIONS.—For purposes of this sub-
section: 
‘‘(A) AVERAGE
ANNUAL
GROSS
REVE-
NUES.—The term ‘average annual gross reve-
nues’ means the total gross revenues of an 
issuer over its most recently completed three 
fiscal years divided by three. 
‘‘(B) EMERGING GROWTH COMPANY.—The 
term ‘emerging growth company’ has the mean-
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ing given such term under section 3 of the Se-
curities Exchange Act of 1934 (15 U.S.C. 78c). 
‘‘(C) LARGE
ACCELERATED
FILER.—The 
term ‘large accelerated filer’ has the meaning 
given that term under section 240.12b–2 of title 
17, Code of Federal Regulations, or any suc-
cessor thereto.’’. 
Subtitle G—End Banking for 
Human Traffickers Act 
SEC. 910. INCREASING THE ROLE OF THE FINANCIAL IN-
DUSTRY 
IN 
COMBATING 
HUMAN 
TRAF-
FICKING. 
(a) TREASURY AS A MEMBER OF THE PRESIDENT’S 
INTERAGENCY TASK FORCE TO MONITOR AND COMBAT 
TRAFFICKING.—Section 105(b) of the Victims of Traf-
ficking and Violence Protection Act of 2000 (22 U.S.C. 
7103(b)) is amended by inserting ‘‘the Secretary of the 
Treasury,’’ after ‘‘the Secretary of Education,’’. 
(b) REQUIRED REVIEW OF PROCEDURES.—Not later 
than 180 days after the date of the enactment of this Act, 
the Financial Institutions Examination Council, in con-
sultation with the Secretary of the Treasury, the private 
sector, and appropriate law enforcement agencies, shall— 
(1) review and enhance training and examina-
tions procedures to improve the capabilities of anti- 
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money laundering and countering the financing of 
terrorism programs to detect financial transactions 
relating to severe forms of trafficking in persons; 
(2) review and enhance procedures for referring 
potential cases relating to severe forms of trafficking 
in persons to the appropriate law enforcement agen-
cy; and 
(3) determine, as appropriate, whether require-
ments for financial institutions are sufficient to de-
tect and deter money laundering relating to severe 
forms of trafficking in persons. 
(c) INTERAGENCY TASK FORCE RECOMMENDATIONS 
TARGETING MONEY LAUNDERING RELATED TO HUMAN 
TRAFFICKING.— 
(1) IN
GENERAL.—Not later than 270 days 
after the date of the enactment of this Act, the 
Interagency Task Force to Monitor and Combat 
Trafficking shall submit to the Committee on Finan-
cial Services and the Committee on the Judiciary of 
the House of Representatives, the Committee on 
Banking, Housing, and Urban Affairs and the Com-
mittee on the Judiciary of the Senate, and the head 
of each appropriate Federal banking agency— 
(A) an analysis of anti-money laundering 
efforts of the United States Government and 
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United States financial institutions relating to 
severe forms of trafficking in persons; and 
(B) appropriate legislative, administrative, 
and other recommendations to strengthen ef-
forts against money laundering relating to se-
vere forms of trafficking in persons. 
(2) REQUIRED RECOMMENDATIONS.—The rec-
ommendations under paragraph (1) shall include— 
(A) feedback from financial institutions on 
best practices of successful programs to combat 
severe forms of trafficking in persons currently 
in place that may be suitable for broader adop-
tion by similarly situated financial institutions; 
(B) feedback from stakeholders, including 
victims of severe forms of trafficking in persons 
and financial institutions, on policy proposals 
derived from the analysis conducted by the task 
force referred to in paragraph (1) that would 
enhance the efforts and programs of financial 
institutions to detect and deter money laun-
dering relating to severe forms of trafficking in 
persons, including any recommended changes to 
internal policies, procedures, and controls relat-
ing to severe forms of trafficking in persons; 
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(C) any recommended changes to training 
programs at financial institutions to better 
equip employees to deter and detect money 
laundering relating to severe forms of traf-
ficking in persons; 
(D) any recommended changes to expand 
information sharing relating to severe forms of 
trafficking in persons among financial institu-
tions and between such financial institutions, 
appropriate law enforcement agencies, and ap-
propriate Federal agencies; and 
(E) recommended changes, if necessary, to 
existing statutory law to more effectively detect 
and deter money laundering relating to severe 
forms of trafficking in persons, where such 
money laundering involves the use of emerging 
technologies and virtual currencies. 
(d) LIMITATION.—Nothing in this subtitle shall be 
construed to grant rulemaking authority to the Inter-
agency Task Force to Monitor and Combat Trafficking. 
(e) DEFINITIONS.—As used in this section— 
(1) the term ‘‘appropriate Federal banking 
agency’’ has the meaning given the term in section 
3(q) of the Federal Deposit Insurance Act (12 
U.S.C. 1813(q)); 
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(2) the term ‘‘severe forms of trafficking in per-
sons’’ has the meaning given such term in section 
103 of the Trafficking Victims Protection Act of 
2000 (22 U.S.C. 7102); 
(3) the term ‘‘Interagency Task Force to Mon-
itor and Combat Trafficking’’ means the Interagency 
Task Force to Monitor and Combat Trafficking es-
tablished by the President pursuant to section 105 
of the Victims of Trafficking and Violence Protec-
tion Act of 2000 (22 U.S.C. 7103); and 
(4) the term ‘‘law enforcement agency’’ means 
an agency of the United States, a State, or a polit-
ical subdivision of a State, authorized by law or by 
a government agency to engage in or supervise the 
prevention, detection, investigation, or prosecution of 
any violation of criminal or civil law. 
SEC. 911. COORDINATION OF HUMAN TRAFFICKING ISSUES 
BY THE OFFICE OF TERRORISM AND FINAN-
CIAL INTELLIGENCE. 
(a) FUNCTIONS.—Section 312(a)(4) of title 31, 
United States Code, is amended— 
(1) by redesignating subparagraphs (E), (F), 
and (G) as subparagraphs (F), (G), and (H), respec-
tively; and 
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(2) by inserting after subparagraph (D) the fol-
lowing: 
‘‘(E) combating illicit financing relating to 
severe forms of trafficking in persons;’’. 
(b) INTERAGENCY COORDINATION.—Section 312(a) 
of title 31, United States Code, is amended by adding at 
the end the following: 
‘‘(8) INTERAGENCY COORDINATION.—The Sec-
retary of the Treasury, after consultation with the 
Undersecretary for Terrorism and Financial Crimes, 
shall designate an office within the OTFI that shall 
coordinate efforts to combat the illicit financing of 
severe forms of trafficking in persons with— 
‘‘(A) other offices of the Department of the 
Treasury; 
‘‘(B) other Federal agencies, including— 
‘‘(i) the Office to Monitor and Combat 
Trafficking in Persons of the Department 
of State; and 
‘‘(ii) the Interagency Task Force to 
Monitor and Combat Trafficking; 
‘‘(C) State and local law enforcement agen-
cies; and 
‘‘(D) foreign governments.’’. 
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(c) DEFINITION.—Section 312(a) of title 31, United 
States Code, as amended by this section, is further amend-
ed by adding at the end the following: 
‘‘(9) DEFINITION.—In this subsection, the term 
‘severe forms of trafficking in persons’ has the 
meaning given such term in section 103 of the Traf-
ficking Victims Protection Act of 2000 (22 U.S.C. 
7102).’’. 
SEC. 912. ADDITIONAL REPORTING REQUIREMENT UNDER 
THE 
TRAFFICKING 
VICTIMS 
PROTECTION 
ACT OF 2000. 
Section 105(d)(7) of the Trafficking Victims Protec-
tion Act of 2000 (22 U.S.C. 7103(d)(7)) is amended— 
(1) in the matter preceding subparagraph (A)— 
(A) by inserting ‘‘the Committee on Finan-
cial Services,’’ after ‘‘the Committee on Foreign 
Affairs,’’; and 
(B) by inserting ‘‘the Committee on Bank-
ing, Housing, and Urban Affairs,’’ after ‘‘the 
Committee on Foreign Relations,’’; 
(2) in subparagraph (Q)(vii), by striking ‘‘; 
and’’ and inserting a semicolon; 
(3) in subparagraph (R), by striking the period 
at the end and inserting ‘‘; and’’; and 
(4) by adding at the end the following: 
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‘‘(S) the efforts of the United States to 
eliminate money laundering relating to severe 
forms of trafficking in persons and the number 
of investigations, arrests, indictments, and con-
victions in money laundering cases with a nexus 
to severe forms of trafficking in persons.’’. 
SEC. 913. MINIMUM STANDARDS FOR THE ELIMINATION OF 
TRAFFICKING. 
Section 108(b) of the Trafficking Victims Protection 
Act of 2000 (22 U.S.C. 7106(b)) is amended by adding 
at the end the following new paragraph: 
‘‘(13) Whether the government of the country, 
consistent with the capacity of the country, has in 
effect a framework to prevent financial transactions 
involving the proceeds of severe forms of trafficking 
in persons, and is taking steps to implement such a 
framework, including by investigating, prosecuting, 
convicting, and sentencing individuals who attempt 
or conduct such transactions.’’. 
Subtitle H—Investing in Main 
Street Act 
SEC. 914. INVESTMENT IN SMALL BUSINESS INVESTMENT 
COMPANIES. 
Section 302(b) of the Small Business Investment Act 
of 1958 (15 U.S.C. 682(b)) is amended— 
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(1) in paragraph (1), by inserting before the pe-
riod the following: ‘‘or, subject to the approval of the 
appropriate Federal banking agency, 15 percent of 
such capital and surplus’’; 
(2) in paragraph (2), by inserting before the pe-
riod the following: ‘‘or, subject to the approval of the 
appropriate Federal banking agency, 15 percent of 
such capital and surplus’’; and 
(3) by adding at the end the following: 
‘‘(3) APPROPRIATE FEDERAL BANKING AGENCY 
DEFINED.—For purposes of this subsection, the 
term ‘appropriate Federal banking agency’ has the 
meaning given that term under section 3 of the Fed-
eral Deposit Insurance Act.’’. 
Subtitle I—Privacy Notification 
Technical Clarification Act 
SEC. 915. EXCEPTION TO ANNUAL NOTICE REQUIREMENT. 
Section 503 of the Gramm-Leach-Bliley Act (15 
U.S.C. 6803) is amended by adding at the end the fol-
lowing: 
‘‘(g) ADDITIONAL EXCEPTION TO ANNUAL NOTICE 
REQUIREMENT.— 
‘‘(1) IN
GENERAL.—A vehicle financial com-
pany that has not changed its policies and practices 
with regard to disclosing nonpublic personal infor-
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mation from the policies and practices that were dis-
closed in the most recent disclosure sent to con-
sumers in accordance with this section shall not be 
required to provide an annual disclosure under this 
section if— 
‘‘(A) the vehicle financial company makes 
its current policy available to consumers on its 
website and via mail upon written request sent 
to a designated address identified for the pur-
pose of requesting the policy or upon telephone 
request made using a toll free consumer service 
telephone number; 
‘‘(B) the vehicle financial company con-
spicuously notifies consumers of the availability 
of the current policy, including— 
‘‘(i) with respect to consumers who 
are entitled to a periodic billing statement, 
a message on the front page of each peri-
odic billing statement; and 
‘‘(ii) with respect to consumers who 
are not entitled to a periodic billing state-
ment, through other reasonable means 
such as through a link on the landing page 
of the company’s website or with other 
written communication, including elec-
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tronic communication, sent to the con-
sumer; and 
‘‘(C) the vehicle financial company— 
‘‘(i) provides consumers with the abil-
ity to opt out, subject to any exemption or 
exception provided under subsection (b)(2) 
or (e) of section 502 or under regulations 
prescribed under section 504(b), of having 
the consumer’s nonpublic personal infor-
mation disclosed to a nonaffiliated third 
party; and 
‘‘(ii) includes a description about 
where to locate the procedures for a con-
sumer to select such opt out in each peri-
odic billing statement sent to the con-
sumer. 
‘‘(2) TREATMENT OF MULTIPLE POLICIES.—If 
a vehicle financial company maintains more than one 
set of policies described under paragraph (1) that 
vary depending on the consumer’s account status or 
State of residence, the vehicle financial company 
may comply with the website posting requirement in 
paragraph (1)(A) by posting all of such policies to 
the public section of the vehicle financial company’s 
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website, with instructions for choosing the applicable 
policy. 
‘‘(3) 
VEHICLE
FINANCIAL
COMPANY
DE-
FINED.—For purposes of this subsection, the term 
‘vehicle financial company’ means— 
‘‘(A) a financial institution that— 
‘‘(i) is regularly engaged in the busi-
ness of extending credit for the purchase of 
vehicles; 
‘‘(ii) is affiliated with a vehicle manu-
facturer; and 
‘‘(iii) only shares nonpublic personal 
information 
of 
consumers 
with 
non-
affiliated third parties that are vehicle 
dealers; or 
‘‘(B) a financial institution that— 
‘‘(i) regularly engages in the business 
of extending credit for the purchase or 
lease of vehicles from vehicle dealers; or 
‘‘(ii) purchases vehicle installment 
sales contracts or leases from vehicle deal-
ers.’’. 
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Subtitle J—Financial Institution 
Customer Protection Act 
SEC. 916. REQUIREMENTS FOR DEPOSIT ACCOUNT TERMI-
NATION REQUESTS AND ORDERS. 
(a) TERMINATION REQUESTS OR ORDERS MUST BE 
VALID.— 
(1) IN
GENERAL.—An appropriate Federal 
banking agency may not formally or informally re-
quest or order a depository institution to terminate 
a specific customer account or group of customer ac-
counts or to otherwise restrict or discourage a de-
pository institution from entering into or maintain-
ing a banking relationship with a specific customer 
or group of customers unless— 
(A) the agency has a valid reason for such 
request or order; and 
(B) such reason is not based solely on rep-
utation risk. 
(2) 
TREATMENT
OF
NATIONAL
SECURITY 
THREATS.—If an appropriate Federal banking agen-
cy believes a specific customer or group of customers 
is, or is acting as a conduit for, an entity which— 
(A) poses a threat to national security; 
(B) is involved in terrorist financing; 
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(C) is an agency of the Government of 
Iran, North Korea, Syria, or any country listed 
from time to time on the State Sponsors of 
Terrorism list; 
(D) is located in, or is subject to the juris-
diction of, any country specified in subpara-
graph (C); or 
(E) does business with any entity described 
in subparagraph (C) or (D), unless the appro-
priate Federal banking agency determines that 
the customer or group of customers has used 
due diligence to avoid doing business with any 
entity described in subparagraph (C) or (D), 
such belief shall satisfy the requirement under para-
graph (1). 
(b) NOTICE REQUIREMENT.— 
(1) IN GENERAL.—If an appropriate Federal 
banking agency formally or informally requests or 
orders a depository institution to terminate a spe-
cific customer account or a group of customer ac-
counts, the agency shall— 
(A) provide such request or order to the 
institution in writing; and 
(B) accompany such request or order with 
a written justification for why such termination 
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is needed, including any specific laws or regula-
tions the agency believes are being violated by 
the customer or group of customers, if any. 
(2) JUSTIFICATION
REQUIREMENT.—A jus-
tification described under paragraph (1)(B) may not 
be based solely on the reputation risk to the deposi-
tory institution. 
(c) CUSTOMER NOTICE.— 
(1) NOTICE
REQUIRED.—Except as provided 
under paragraph (2) or as otherwise prohibited from 
being disclosed by law, if an appropriate Federal 
banking agency orders a depository institution to 
terminate a specific customer account or a group of 
customer accounts, the depository institution shall 
inform the specific customer or group of customers 
of the justification for the customer’s account termi-
nation described under subsection (b). 
(2) NOTICE PROHIBITED.— 
(A) NOTICE PROHIBITED IN CASES OF NA-
TIONAL SECURITY.—If an appropriate Federal 
banking agency requests or orders a depository 
institution to terminate a specific customer ac-
count or a group of customer accounts based on 
a belief that the customer or customers pose a 
threat to national security, or are otherwise de-
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scribed under subsection (a)(2), neither the de-
pository institution nor the appropriate Federal 
banking agency may inform the customer or 
customers of the justification for the customer’s 
account termination. 
(B) 
NOTICE
PROHIBITED
IN
OTHER 
CASES.—If an appropriate Federal banking 
agency determines that the notice required 
under paragraph (1) may interfere with an au-
thorized criminal investigation, neither the de-
pository institution nor the appropriate Federal 
banking agency may inform the specific cus-
tomer or group of customers of the justification 
for the customer’s account termination. 
(d) REPORTING REQUIREMENT.—Each appropriate 
Federal banking agency shall issue an annual report to 
the Congress stating— 
(1) the aggregate number of specific customer 
accounts that the agency requested or ordered a de-
pository institution to terminate during the previous 
year; and 
(2) the legal authority on which the agency re-
lied in making such requests and orders and the fre-
quency on which the agency relied on each such au-
thority. 
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