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public data cited therein, any company informa-
tion or substantive analysis impacting the rec-
ommendation, and the specific voting rec-
ommendations on individual proxy ballot issues; 
and 
‘‘(B) does not include the entirety of the 
proxy advisory firm’s final report to its clients. 
‘‘(h) DESIGNATION
OF COMPLIANCE OFFICER.— 
Each registered proxy advisory firm shall designate an in-
dividual responsible for administering the policies and pro-
cedures that are required to be established pursuant to 
subsections (f) and (g), and for ensuring compliance with 
the securities laws and the rules and regulations there-
under, including those promulgated by the Commission 
pursuant to this section. 
‘‘(i) PROHIBITED CONDUCT.— 
‘‘(1) PROHIBITED ACTS AND PRACTICES.—The 
Commission shall issue final rules to prohibit any 
act or practice relating to the offering of proxy advi-
sory services by a registered proxy advisory firm 
that the Commission determines to be unfair or co-
ercive, including any act or practice relating to— 
‘‘(A) conditioning a voting recommendation 
or other proxy advisory firm recommendation 
on the purchase by an issuer or an affiliate 
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thereof of other services or products, of the reg-
istered proxy advisory firm or any person asso-
ciated with such registered proxy advisory firm; 
and 
‘‘(B) modifying a voting recommendation 
or otherwise departing from its adopted system-
atic procedures and methodologies in the provi-
sion of proxy advisory services, based on wheth-
er an issuer, or affiliate thereof, subscribes or 
will subscribe to other services or product of the 
registered proxy advisory firm or any person as-
sociated with such organization. 
‘‘(2) RULE
OF
CONSTRUCTION.—Nothing in 
paragraph (1), or in any rules or regulations adopt-
ed thereunder, may be construed to modify, impair, 
or supersede the operation of any of the antitrust 
laws (as defined in the first section of the Clayton 
Act, except that such term includes section 5 of the 
Federal Trade Commission Act, to the extent that 
such section 5 applies to unfair methods of competi-
tion). 
‘‘(j) STATEMENTS OF FINANCIAL CONDITION.—Each 
registered proxy advisory firm shall, on a confidential 
basis, file with the Commission, at intervals determined 
by the Commission, such financial statements, certified (if 
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required by the rules or regulations of the Commission) 
by an independent public auditor, and information con-
cerning its financial condition, as the Commission, by rule, 
may prescribe as necessary or appropriate in the public 
interest or for the protection of investors. 
‘‘(k) ANNUAL REPORT.—Each registered proxy advi-
sory firm shall, at the beginning of each fiscal year of such 
firm, report to the Commission on the number of share-
holder proposals its staff reviewed in the prior fiscal year, 
the number of recommendations made in the prior fiscal 
year, the number of staff who reviewed and made rec-
ommendations on such proposals in the prior fiscal year, 
and the number of recommendations made in the prior 
fiscal year where the proponent of such recommendation 
was a client of or received services from the proxy advisory 
firm. 
‘‘(l) TRANSPARENT
POLICIES.—Each registered 
proxy advisory firm shall file with the Commission and 
make publicly available its methodology for the formula-
tion of proxy voting policies and voting recommendations. 
‘‘(m) RULES OF CONSTRUCTION.— 
‘‘(1) NO WAIVER OF RIGHTS, PRIVILEGES, OR 
DEFENSES.—Registration under and compliance 
with this section does not constitute a waiver of, or 
otherwise diminish, any right, privilege, or defense 
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that a registered proxy advisory firm may otherwise 
have under any provision of State or Federal law, 
including any rule, regulation, or order thereunder. 
‘‘(2) NO PRIVATE RIGHT OF ACTION.—Nothing 
in this section may be construed as creating any pri-
vate right of action, and no report filed by a reg-
istered proxy advisory firm in accordance with this 
section or section 17 shall create a private right of 
action under section 18 or any other provision of 
law. 
‘‘(n) REGULATIONS.— 
‘‘(1) NEW PROVISIONS.—Such rules and regula-
tions as are required by this section or are otherwise 
necessary to carry out this section, including the ap-
plication form required under subsection (a)— 
‘‘(A) shall be issued by the Commission, 
not later than 180 days after the date of enact-
ment of this section; and 
‘‘(B) shall become effective not later than 
1 year after the date of enactment of this sec-
tion. 
‘‘(2) REVIEW OF EXISTING REGULATIONS.—Not 
later than 270 days after the date of enactment of 
this section, the Commission shall— 
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‘‘(A) review its existing rules and regula-
tions which affect the operations of proxy advi-
sory firms; 
‘‘(B) amend or revise such rules and regu-
lations in accordance with the purposes of this 
section, and issue such guidance, as the Com-
mission may prescribe as necessary or appro-
priate in the public interest or for the protec-
tion of investors; and 
‘‘(C) direct Commission staff to withdraw 
the Egan Jones Proxy Services (May 27, 2004) 
and Institutional Shareholder Services, Inc. 
(September 15, 2004) no-action letters. 
‘‘(o) APPLICABILITY.—This section, other than sub-
section (n), which shall apply on the date of enactment 
of this section, shall apply on the earlier of— 
‘‘(1) the date on which regulations are issued in 
final form under subsection (n)(1); or 
‘‘(2) 270 days after the date of enactment of 
this section.’’. 
(b) CONFORMING AMENDMENT.—Section 17(a)(1) of 
the Securities Exchange Act of 1934 (15 U.S.C. 
78q(a)(1)) is amended by inserting ‘‘proxy advisory firm,’’ 
after ‘‘nationally recognized statistical rating organiza-
tion,’’. 
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SEC. 483. COMMISSION ANNUAL REPORT. 
The Commission shall make an annual report publicly 
available on the Commission’s Internet website. Such re-
port shall, with respect to the year to which the report 
relates— 
(1) identify applicants for registration under 
section 15H of the Securities Exchange Act of 1934, 
as added by this subtitle; 
(2) specify the number of and actions taken on 
such applications; 
(3) specify the views of the Commission on the 
state of competition, transparency, policies and 
methodologies, and conflicts of interest among proxy 
advisory firms; 
(4) include the determination of the Commis-
sion with regard to— 
(A) the quality of proxy advisory services 
issued by proxy advisory firms; 
(B) the financial markets; 
(C) competition among proxy advisory 
firms; 
(D) the incidence of undisclosed conflicts 
of interest by proxy advisory firms; 
(E) the process for registering as a proxy 
advisory firm; and 
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(F) such other matters relevant to the im-
plementation of this subtitle and the amend-
ments made by this subtitle, as the Commission 
determines necessary to bring to the attention 
of the Congress; 
(5) identify problems, if any, that have resulted 
from the implementation of this subtitle and the 
amendments made by this subtitle; and 
(6) recommend solutions, including any legisla-
tive or regulatory solutions, to any problems identi-
fied under paragraphs (4) and (5). 
Subtitle R—Senior Safe 
SEC. 491. IMMUNITY. 
(a) DEFINITIONS.—In this subtitle— 
(1) the term ‘‘Bank Secrecy Act Officer’’ means 
an individual responsible for ensuring compliance 
with the requirements mandated by subchapter II of 
chapter 53 of title 31, United States Code; 
(2) the term ‘‘broker-dealer’’ means a broker or 
dealer, as those terms are defined, respectively, in 
section 3(a) of the Securities Exchange Act of 1934 
(15 U.S.C. 78c(a)); 
(3) the term ‘‘covered agency’’ means— 
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(A) a State financial regulatory agency, in-
cluding a State securities or law enforcement 
authority and a State insurance regulator; 
(B) each of the Federal financial institu-
tions regulatory agencies; 
(C) the Securities and Exchange Commis-
sion; 
(D) a law enforcement agency; 
(E) and State or local agency responsible 
for administering adult protective service laws; 
and 
(F) a State attorney general. 
(4) the term ‘‘covered financial institution’’ 
means— 
(A) a credit union; 
(B) a depository institution; 
(C) an investment advisor; 
(D) a broker-dealer; 
(E) an insurance company; 
(F) a State attorney general; and 
(G) a transfer agent. 
(5) the term ‘‘credit union’’ means a Federal 
credit union, State credit union, or State-chartered 
credit union, as those terms are defined in section 
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101 of the Federal Credit Union Act (12 U.S.C. 
1752); 
(6) the term ‘‘depository institution’’ has the 
meaning given the term in section 3(c) of the Fed-
eral Deposit Insurance Act (12 U.S.C. 1813(c)); 
(7) the term ‘‘exploitation’’ means the fraudu-
lent or otherwise illegal, unauthorized, or improper 
act or process of an individual, including a caregiver 
or fiduciary, that— 
(A) uses the resources of a senior citizen 
for monetary personal benefit, profit, or gain; 
or 
(B) results in depriving a senior citizen of 
rightful access to or use of benefits, resources, 
belongings or assets; 
(8) the term ‘‘Federal financial institutions reg-
ulatory agencies’’ has the meaning given the term in 
section 1003 of the Federal Financial Institutions 
Examination Council Act of 1978 (12 U.S.C. 3302); 
(9) the term ‘‘investment adviser’’ has the 
meaning given the term in section 202 of the Invest-
ment Advisers Act of 1940 (15 U.S.C. 80b–2); 
(10) the term ‘‘insurance company’’ has the 
meaning given the term in section 2(a) of the Invest-
ment Company Act of 1940 (15 U.S.C. 80a–2(a)); 
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(11) the term ‘‘registered representative’’ 
means an individual who represents a broker-dealer 
in effecting or attempting to affect a purchase or 
sale of securities; 
(12) the term ‘‘senior citizen’’ means an indi-
vidual who is not less than 65 years of age; 
(13) the term ‘‘State insurance regulator’’ has 
the meaning given such term in section 315 of the 
Gramm-Leach-Bliley Act (15 U.S.C. 6735); 
(14) the term ‘‘State securities or law enforce-
ment authority’’ has the meaning given the term in 
section 24(f)(4) of the Securities Exchange Act of 
1934 (15 U.S.C. 78x(f)(4)); and 
(15) the term ‘‘transfer agent’’ has the meaning 
given the term in section 3(a) of the Securities Ex-
change Act of 1934 (15 U.S.C. 78c(a)). 
(b) IMMUNITY FROM SUIT.— 
(1) IMMUNITY
FOR
INDIVIDUALS.—An indi-
vidual who has received the training described in 
section 492 shall not be liable, including in any civil 
or administrative proceeding, for disclosing the pos-
sible exploitation of a senior citizen to a covered 
agency if the individual, at the time of the disclo-
sure— 
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(A) served as a supervisor, compliance offi-
cer (including a Bank Secrecy Act Officer), or 
registered representative for a covered financial 
institution; and 
(B) made the disclosure with reasonable 
care including reasonable efforts to avoid disclo-
sure other than to a covered agency. 
(2) IMMUNITY FOR COVERED FINANCIAL INSTI-
TUTIONS.—A covered financial institution shall not 
be liable, including in any civil or administrative pro-
ceeding, for a disclosure made by an individual de-
scribed in paragraph (1) if— 
(A) the individual was employed by, or, in 
the case of a registered representative, affiliated 
or associated with, the covered financial institu-
tion at the time of the disclosure; and 
(B) before the time of the disclosure, the 
covered financial institution provided the train-
ing described in section 492 to each individual 
described in section 492(a). 
SEC. 492. TRAINING REQUIRED. 
(a) IN GENERAL.—A covered financial institution 
may provide training described in subsection (b)(1) to 
each officer or employee of, or registered representative 
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affiliated or associated with, the covered financial institu-
tion who— 
(1) is described in section 491(b)(1)(A); 
(2) may come into contact with a senior citizen 
as a regular part of the duties of the officer, em-
ployee, or registered representative; or 
(3) may review or approve the financial docu-
ments, records, or transactions of a senior citizen in 
connection with providing financial services to a sen-
ior citizen. 
(b) TRAINING.— 
(1) IN
GENERAL.—The training described in 
this paragraph shall— 
(A) instruct any individual attending the 
training on how to identify and report the sus-
pected exploitation of a senior citizen; 
(B) discuss the need to protect the privacy 
and respect the integrity of each individual cus-
tomer of a covered financial institution; and 
(C) be appropriate to the job responsibil-
ities of the individual attending the training. 
(2) TIMING.—The training required under sub-
section (a) shall be provided as soon as reasonably 
practicable but not later than 1 year after the date 
on which an officer, employee, or registered rep-
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resentative begins employment with or becomes af-
filiated or associated with the covered financial insti-
tution. 
(3) BANK
SECRECY
ACT
OFFICER.—An indi-
vidual who is designated as a compliance officer 
under an anti-money laundering program established 
pursuant to section 5318(h) of title 31, United 
States Code, shall be deemed to have received the 
training described under this subsection. 
SEC. 493. RELATIONSHIP TO STATE LAW. 
Nothing in this Act shall be construed to preempt or 
limit any provision of State law, except only to the extent 
that section 491 provides a greater level of protection 
against liability to an individual described in section 
491(b)(1) or to a covered financial institution described 
in section 491(b)(2) than is provided under State law. 
Subtitle S—National Securities 
Exchange Regulatory Parity 
SEC. 496. APPLICATION OF EXEMPTION. 
Section 18(b)(1) of the Securities Act of 1933 (15 
U.S.C. 77r(b)(1)), as amended by section 456(b), is fur-
ther amended— 
(1) by striking subparagraph (A); 
(2) in subparagraph (B), by striking ‘‘that the 
Commission determines by rule (on its own initiative 
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or on the basis of a petition) are substantially simi-
lar to the listing standards applicable to securities 
described in subparagraph (A)’’ and inserting ‘‘that 
have been approved by the Commission’’; 
(3) in subparagraph (C), by striking ‘‘or (B)’’; 
and 
(4) by redesignating subparagraphs (B), (C), 
and (D) as subparagraphs (A), (B), and (C), respec-
tively. 
Subtitle T—Private Company 
Flexibility and Growth 
SEC. 497. SHAREHOLDER THRESHOLD FOR REGISTRATION. 
The Securities Exchange Act of 1934 (15 U.S.C. 78a 
et seq.) is amended— 
(1) in section 12(g)— 
(A) in paragraph (1)— 
(i) by striking ‘‘shall—’’ and all that 
follows through ‘‘register such security’’ 
and inserting ‘‘shall, not later than 120 
days after the last day of its first fiscal 
year ended after the effective date of this 
subsection on which the issuer has total as-
sets exceeding $10,000,000 (or such great-
er amount of assets as the Commission 
may establish by rule) and a class of eq-
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uity security (other than an exempted se-
curity) held of record by 2,000 or more 
persons (or such greater number of per-
sons as the Commission may establish by 
rule), register such security’’; and 
(ii) by adding at the end the fol-
lowing: ‘‘The dollar figure in this para-
graph shall be indexed for inflation every 5 
years by the Commission to reflect the 
change in the Consumer Price Index for 
All Urban Consumers published by the Bu-
reau of Labor Statistics, rounded to the 
nearest $100,000.’’; and 
(B) in paragraph (4), by striking ‘‘300 
persons’’ and all that follows through ‘‘1,200 
persons persons’’ and inserting ‘‘1,200 per-
sons’’; and 
(2) in section 15(d)(1), by striking ‘‘300 per-
sons’’ and all that follows through ‘‘1,200 persons 
persons’’ and inserting ‘‘1,200 persons’’. 
Subtitle U—Small Company Capital 
Formation Enhancements 
SEC. 498. JOBS ACT-RELATED EXEMPTION. 
Section 3(b) of the Securities Act of 1933 (15 U.S.C. 
77c(b)) is amended— 
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(1) 
in 
paragraph 
(2)(A), 
by 
striking 
‘‘$50,000,000’’ and inserting ‘‘$75,000,000, ad-
justed for inflation by the Commission every 2 years 
to the nearest $10,000 to reflect the change in the 
Consumer Price Index for All Urban Consumers 
published by the Bureau of Labor Statistics’’; and 
(2) in paragraph (5)— 
(A) by striking ‘‘such amount as’’ and in-
serting: ‘‘such amount, in addition to the ad-
justment for inflation provided for under such 
paragraph (2)(A), as’’; and 
(B) by striking ‘‘such amount, it’’ and in-
serting ‘‘such amount, in addition to the adjust-
ment for inflation provided for under such 
paragraph (2)(A), it’’. 
Subtitle V—Encouraging Public 
Offerings 
SEC. 499. EXPANDING TESTING THE WATERS AND CON-
FIDENTIAL SUBMISSIONS. 
The Securities Act of 1933 (15 U.S.C. 77a et seq.) 
is amended— 
(1) in section 5(d), by striking ‘‘an emerging 
growth company or any person authorized to act on 
behalf of an emerging growth company’’ and insert-
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ing ‘‘an issuer or any person authorized to act on 
behalf of an issuer’’; and 
(2) in section 6(e)— 
(A) in the heading, by striking ‘‘EMERG-
ING
GROWTH
COMPANIES’’ 
and 
inserting 
‘‘DRAFT REGISTRATION STATEMENTS’’; and 
(B) by amending paragraph (1) to read as 
follows: 
‘‘(1) IN GENERAL.—Any issuer, prior to its ini-
tial public offering date, may confidentially submit 
to the Commission a draft registration statement, 
for confidential nonpublic review by the staff of the 
Commission prior to public filing, provided that the 
initial confidential submission and all amendments 
thereto shall be publicly filed with the Commission 
not later than 15 days before the date on which the 
issuer conducts a road show, as such term is defined 
in section 230.433(h)(4) of title 17, Code of Federal 
Regulations, or any successor thereto.’’. 
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Subtitle 
X—Modernized 
Offering 
and Proxy Rules for Closed-End 
Funds 
SEC. 499A. PARITY FOR CLOSED-END COMPANIES REGARD-
ING OFFERING AND PROXY RULES. 
(a) REVISION TO RULES.—Not later than 1 year 
after the date of enactment of this Act, the Securities and 
Exchange Commission shall revise any rules to the extent 
necessary to allow any closed-end company, as defined in 
section 5(a)(2) of the Investment Company Act of 1940 
(15 U.S.C. 80a-5), that is registered as an investment 
company under such Act to use the securities offering and 
proxy rules that are available to other issuers that are re-
quired to file reports under section 13 or section 15(d) 
of the Securities Exchange Act of 1934 (15 U.S.C. 78m; 
78o(d)). Any action that the Commission takes pursuant 
to this subsection shall include the following: 
(1) The Commission shall revise section 
230.405 of title 17, Code of Federal Regulations, 
to— 
(A) remove the exclusion of a registered 
closed-end company from the definition of a 
well-known seasoned issuer provided by that 
section; and 
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(B) add registration statements filed on 
Form N–2 to the definition of automatic shelf 
registration statement provided by that section. 
(2) The Commission shall revise sections 
230.168 and 230.169 of title 17, Code of Federal 
Regulations, to remove the exclusion of a registered 
closed-end company from the list of issuers that can 
use the exemptions provided by those sections. 
(3) The Commission shall revise sections 
230.163 and 230.163A of title 17, Code of Federal 
Regulations, to remove a registered closed-end com-
pany from the list of issuers that are ineligible to 
use the exemptions provided by those sections. 
(4) The Commission shall revise section 
230.134 of title 17, Code of Federal Regulations, to 
remove the exclusion of a registered closed-end com-
pany from that section. 
(5) The Commission shall revise sections 
230.138 and 230.139 of title 17, Code of Federal 
Regulations, to specifically include any registered 
closed-end company as an issuer to which those sec-
tions apply. 
(6) The Commission shall revise section 
230.164 of title 17, Code of Federal Regulations, to 
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remove a registered closed-end company from the 
list of issuers that are excluded from that section. 
(7) The Commission shall revise section 
230.433, of title 17, Code of Federal Regulations, to 
specifically include any registered closed-end com-
pany that is a well-known seasoned issuer as an 
issuer to which that section applies. 
(8) The Commission shall revise section 
230.415 of title 17, Code of Federal Regulations, 
to— 
(A) state that the registration for securi-
ties provided by that section includes securities 
registered by any registered closed-end company 
on Form N–2; and 
(B) eliminate the requirement that a Form 
N–2 registrant must furnish the undertakings 
required by item 34.4 of Form N–2. 
(9) The Commission shall revise section 
230.497 of title 17, Code of Federal Regulations, to 
include a process for any registered closed-end com-
pany to file a form of prospectus that is parallel to 
the process for filing a form of prospectus under sec-
tion 230.424(b) of such title. 
(10) The Commission shall revise sections 
230.172 and 230.173 of title 17, Code of Federal 
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Regulations, to remove the exclusion of an offering 
of any registered closed-end company from those 
sections. 
(11) The Commission shall revise section 
230.418 of title 17, Code of Federal Regulations, to 
provide that any registered closed-end company that 
would otherwise meet the eligibility requirements of 
General Instruction I.A of Form S–3 shall be ex-
empt from paragraph (a)(3) of that section. 
(12) The Commission shall revise section 
240.14a–101 of title 17, Code of Federal Regula-
tions, to provide that any registered closed-end com-
pany that would otherwise meet the requirements of 
General Instruction I.A of Form S–3 shall be 
deemed to meet the requirements of Form S–3 for 
purposes of Schedule 14A. 
(13) The Commission shall revise section 
243.103 of title 17, Code of Federal Regulations, to 
provide that paragraph (a) of that section applies 
for purposes of Form N–2. 
(b) REVISIONS TO FORM N–2.—Not later than 1 year 
after the date of enactment of this Act, the Commission 
shall revise Form N–2 to— 
(1) include an item or instruction that is simi-
lar to item 12 on Form S–3 to provide that any reg-
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istered closed-end company that would otherwise 
meet the requirements of Form S–3 shall incor-
porate by reference its reports and documents filed 
under the Securities Exchange Act of 1934 into its 
registration statement filed on Form N–2; and 
(2) include an item or instruction that is simi-
lar to the instruction regarding automatic shelf of-
ferings by well-known seasoned issuers on Form S– 
3 to provide that any registered closed-end company 
that is a well-known seasoned issuer may file auto-
matic shelf offerings on Form N–2. 
(c) TREATMENT IF REVISIONS NOT COMPLETED IN 
A TIMELY MANNER.—If the Commission fails to complete 
the revisions required by subsections (a) and (b) by the 
time required by such subsections, any registered closed- 
end company shall be entitled to treat such revisions as 
having been completed in accordance with the actions re-
quired to be taken by the Commission by such subsections 
until such time as such revisions are completed by the 
Commission. 
(d) RULES OF CONSTRUCTION.— 
(1) NO EFFECT ON RULE 482.—(1) Nothing in 
this section or the amendments made by this section 
shall be construed to impair or limit in any way a 
registered closed-end company from using section 
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230.482 of title 17, Code of Federal Regulations, to 
distribute sales material. 
(2) REFERENCES.—Any reference in this sec-
tion to a section of title 17, Code of Federal Regula-
tions, or to any form or schedule means such rule, 
section, form, or schedule, or any successor to any 
such rule, section, form, or schedule. 
TITLE V—REGULATORY RELIEF 
FOR MAIN STREET AND COM-
MUNITY FINANCIAL INSTITU-
TIONS 
Subtitle A—Preserving Access to 
Manufactured Housing 
SEC. 501. MORTGAGE ORIGINATOR DEFINITION. 
Section 103 of the Truth in Lending Act (15 U.S.C. 
1602) is amended— 
(1) by redesignating the second subsection (cc) 
and subsection (dd) as subsections (dd) and (ee), re-
spectively; and 
(2) in paragraph (2)(C) of subsection (dd), as 
so redesignated, by striking ‘‘an employee of a re-
tailer of manufactured homes who is not described 
in clause (i) or (iii) of subparagraph (A) and who 
does not advise a consumer on loan terms (including 
rates, fees, and other costs)’’ and inserting ‘‘a re-
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tailer of manufactured or modular homes or its em-
ployees unless such retailer or its employees receive 
compensation or gain for engaging in activities de-
scribed in subparagraph (A) that is in excess of any 
compensation or gain received in a comparable cash 
transaction’’. 
SEC. 502. HIGH-COST MORTGAGE DEFINITION. 
Section 103 of the Truth in Lending Act (15 U.S.C. 
1602), as amended by section 501, is further amended— 
(1) by redesignating subsection (aa) (relating to 
disclosure of greater amount or percentage), as so 
designated by section 1100A of the Consumer Fi-
nancial Protection Act of 2010, as subsection (bb); 
(2) by redesignating subsection (bb) (relating to 
high cost mortgages), as so designated by section 
1100A of the Consumer Financial Protection Act of 
2010, as subsection (aa), and moving such sub-
section to immediately follow subsection (z); and 
(3) in subsection (aa)(1)(A), as so redesig-
nated— 
(A) in clause (i)(I), by striking ‘‘(8.5 per-
centage points, if the dwelling is personal prop-
erty and the transaction is for less than 
$50,000)’’ and inserting ‘‘(10 percentage points 
if the dwelling is personal property or is a 
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transaction that does not include the purchase 
of real property on which a dwelling is to be 
placed, and the transaction is for less than 
$75,000 (as such amount is adjusted by the 
Consumer Law Enforcement Agency to reflect 
the change in the Consumer Price Index))’’; 
and 
(B) in clause (ii)— 
(i) in subclause (I), by striking ‘‘or’’ 
at the end; and 
(ii) by adding at the end the fol-
lowing: 
‘‘(III) in the case of a trans-
action for less than $75,000 (as such 
amount is adjusted by the Consumer 
Law Enforcement Agency to reflect 
the change in the Consumer Price 
Index) in which the dwelling is per-
sonal property (or is a consumer cred-
it transaction that does not include 
the purchase of real property on 
which a dwelling is to be placed) the 
greater of 5 percent of the total trans-
action amount or $3,000 (as such 
amount is adjusted by the Consumer 
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Law Enforcement Agency to reflect 
the change in the Consumer Price 
Index); or’’. 
Subtitle B—Mortgage Choice 
SEC. 506. DEFINITION OF POINTS AND FEES. 
(a) AMENDMENT TO SECTION 103 OF TILA.—Para-
graph (4) of section 103(aa) of the Truth in Lending Act, 
as redesignated by section 502, is amended— 
(1) by striking ‘‘paragraph (1)(B)’’ and insert-
ing ‘‘paragraph (1)(A) and section 129C’’; 
(2) in subparagraph (C)— 
(A) by inserting ‘‘and insurance’’ after 
‘‘taxes’’; 
(B) in clause (ii), by inserting ‘‘, except as 
retained by a creditor or its affiliate as a result 
of their participation in an affiliated business 
arrangement (as defined in section 3(7) of the 
Real Estate Settlement Procedures Act of 1974 
(12 U.S.C. 2602(7)),’’ after ‘‘compensation’’; 
and 
(C) by striking clause (iii) and inserting 
the following: 
‘‘(iii) the charge is— 
‘‘(I) a bona fide third-party charge 
not retained by the mortgage originator, 
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creditor, or an affiliate of the creditor or 
mortgage originator; or 
‘‘(II) a charge set forth in section 
106(e)(1);’’; and 
(3) in subparagraph (D)— 
(A) by striking ‘‘accident,’’; and 
(B) by striking ‘‘or any payments’’ and in-
serting ‘‘and any payments’’. 
(b) AMENDMENT TO SECTION 129C OF TILA.—Sec-
tion 129C of the Truth in Lending Act (15 U.S.C. 1639c) 
is amended— 
(1) in subsection (a)(5)(C), by striking ‘‘103’’ 
and all that follows through ‘‘or mortgage origi-
nator’’ and inserting ‘‘103(aa)(4)’’; and 
(2) in subsection (b)(2)(C)(i), by striking ‘‘103’’ 
and all that follows through ‘‘or mortgage origi-
nator)’’ and inserting ‘‘103(aa)(4)’’. 
Subtitle C—Financial Institution 
Customer Protection 
SEC. 511. REQUIREMENTS FOR DEPOSIT ACCOUNT TERMI-
NATION REQUESTS AND ORDERS. 
(a) TERMINATION REQUESTS OR ORDERS MUST BE 
MATERIAL.— 
(1) IN
GENERAL.—An appropriate Federal 
banking agency may not formally or informally re-
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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 material 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; 
(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-
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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 
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.— 
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(1) NOTICE
REQUIRED.—Except as provided 
under paragraph (2), 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 customer or customers of the justification 
for the customer’s account termination described 
under subsection (b). 
(2) NOTICE
PROHIBITED
IN
CASES
OF
NA-
TIONAL SECURITY.—If an appropriate Federal bank-
ing agency requests or orders a depository institu-
tion to terminate a specific customer account or a 
group of customer accounts based on a belief that 
the customer or customers pose a threat to national 
security, or are otherwise described under subsection 
(a)(2), neither the depository institution nor the ap-
propriate Federal banking agency may inform the 
customer or 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-
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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. 
(e) DEFINITIONS.—For purposes of this section: 
(1) APPROPRIATE
FEDERAL
BANKING
AGEN-
CY.—The term ‘‘appropriate Federal banking agen-
cy’’ means— 
(A) the appropriate Federal banking agen-
cy, as defined under section 3 of the Federal 
Deposit Insurance Act (12 U.S.C. 1813); and 
(B) the National Credit Union Administra-
tion, in the case of an insured credit union. 
(2) DEPOSITORY INSTITUTION.—The term ‘‘de-
pository institution’’ means— 
(A) a depository institution, as defined 
under section 3 of the Federal Deposit Insur-
ance Act (12 U.S.C. 1813); and 
(B) an insured credit union. 
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SEC. 512. AMENDMENTS TO THE FINANCIAL INSTITUTIONS 
REFORM, RECOVERY, AND ENFORCEMENT 
ACT OF 1989. 
Section 951 of the Financial Institutions Reform, Re-
covery, and Enforcement Act of 1989 (12 U.S.C. 1833a) 
is amended— 
(1) in subsection (c)(2), by striking ‘‘affecting 
a federally insured financial institution’’ and insert-
ing ‘‘against a federally insured financial institution 
or by a federally insured financial institution against 
an unaffiliated third person’’; and 
(2) in subsection (g)— 
(A) in the heading, by striking ‘‘SUB-
POENAS’’ and inserting ‘‘INVESTIGATIONS’’; and 
(B) by amending paragraph (1)(C) to read 
as follows: 
‘‘(C) summon witnesses and require the 
production of any books, papers, correspond-
ence, memoranda, or other records which the 
Attorney General deems relevant or material to 
the inquiry, if the Attorney General— 
‘‘(i) requests a court order from a 
court of competent jurisdiction for such ac-
tions and offers specific and articulable 
facts showing that there are reasonable 
grounds to believe that the information or 
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testimony sought is relevant and material 
for conducting an investigation under this 
section; or 
‘‘(ii) either personally or through dele-
gation no lower than the Deputy Attorney 
General, issues and signs a subpoena for 
such actions and such subpoena is sup-
ported by specific and articulable facts 
showing that there are reasonable grounds 
to believe that the information or testi-
mony sought is relevant for conducting an 
investigation under this section.’’. 
Subtitle D—Portfolio Lending and 
Mortgage Access 
SEC. 516. SAFE HARBOR FOR CERTAIN LOANS HELD ON 
PORTFOLIO. 
(a) IN GENERAL.—Section 129C of the Truth in 
Lending Act (15 U.S.C. 1639c) is amended by adding at 
the end the following: 
‘‘(j) SAFE HARBOR FOR CERTAIN LOANS HELD ON 
PORTFOLIO.— 
‘‘(1) SAFE HARBOR FOR CREDITORS THAT ARE 
DEPOSITORY INSTITUTIONS.— 
‘‘(A) IN GENERAL.—A creditor that is a 
depository institution shall not be subject to 
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suit for failure to comply with subsection (a), 
(c)(1), or (f)(2) of this section or section 129H 
with respect to a residential mortgage loan, and 
the banking regulators shall treat such loan as 
a qualified mortgage, if— 
‘‘(i) the creditor has, since the origi-
nation of the loan, held the loan on the 
balance sheet of the creditor; and 
‘‘(ii) all prepayment penalties with re-
spect to the loan comply with the limita-
tions described under subsection (c)(3). 
‘‘(B) EXCEPTION
FOR
CERTAIN
TRANS-
FERS.—In the case of a depository institution 
that transfers a loan originated by that institu-
tion to another depository institution by reason 
of the bankruptcy or failure of the originating 
depository institution or the purchase of the 
originating depository institution, the depository 
institution transferring such loan shall be 
deemed to have complied with the requirement 
under subparagraph (A)(i). 
‘‘(2) SAFE HARBOR FOR MORTGAGE ORIGINA-
TORS.—A mortgage originator shall not be subject 
to suit for a violation of section 129B(c)(3)(B) for 
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steering a consumer to a residential mortgage loan 
if— 
‘‘(A) the creditor of such loan is a deposi-
tory institution and has informed the mortgage 
originator that the creditor intends to hold the 
loan on the balance sheet of the creditor for the 
life of the loan; and 
‘‘(B) the mortgage originator informs the 
consumer that the creditor intends to hold the 
loan on the balance sheet of the creditor for the 
life of the loan. 
‘‘(3) DEFINITIONS.—For purposes of this sub-
section: 
‘‘(A) BANKING
REGULATORS.—The term 
‘banking regulators’ means the Federal banking 
agencies, the Consumer Law Enforcement 
Agency, and the National Credit Union Admin-
istration. 
‘‘(B) 
DEPOSITORY
INSTITUTION.—The 
term ‘depository institution’ has the meaning 
given that term under section 19(b)(1) of the 
Federal Reserve Act (12 U.S.C. 505(b)(1)). 
‘‘(C) FEDERAL BANKING AGENCIES.—The 
term ‘Federal banking agencies’ has the mean-
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ing given that term under section 3 of the Fed-
eral Deposit Insurance Act.’’. 
(b) RULE
OF
CONSTRUCTION.—Nothing in the 
amendment made by this section may be construed as pre-
venting a balloon loan from qualifying for the safe harbor 
provided under section 129C(j) of the Truth in Lending 
Act if the balloon loan otherwise meets all of the require-
ments under such subsection (j), regardless of whether the 
balloon loan meets the requirements described under 
clauses (i) through (iv) of section 129C(b)(2)(E) of such 
Act. 
Subtitle E—Application of the 
Expedited Funds Availability Act 
SEC. 521. APPLICATION OF THE EXPEDITED FUNDS AVAIL-
ABILITY ACT. 
(a) IN GENERAL.—The Expedited Funds Availability 
Act (12 U.S.C. 4001 et seq.) is amended— 
(1) in section 602(20) (12 U.S.C. 4001(20)) by 
inserting ‘‘, located in the United States,’’ after 
‘‘ATM’’; 
(2) in section 602(21) (12 U.S.C. 4001(21)) by 
inserting ‘‘American Samoa, the Commonwealth of 
the Northern Mariana Islands,’’ after ‘‘Puerto 
Rico,’’; 
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(3) in section 602(23) (12 U.S.C. 4001(23)) by 
inserting ‘‘American Samoa, the Commonwealth of 
the Northern Mariana Islands,’’ after ‘‘Puerto 
Rico,’’; and 
(4) 
in 
section 
603(d)(2)(A) 
(12 
U.S.C. 
4002(d)(2)(A)), by inserting ‘‘American Samoa, the 
Commonwealth of the Northern Mariana Islands,’’ 
after ‘‘Puerto Rico,’’. 
(b) EFFECTIVE DATE.—This section shall take effect 
on January 1, 2017. 
Subtitle F—Small Bank Holding 
Company Policy Statement 
SEC. 526. CHANGES REQUIRED TO SMALL BANK HOLDING 
COMPANY POLICY STATEMENT ON ASSESS-
MENT OF FINANCIAL AND MANAGERIAL FAC-
TORS. 
(a) IN GENERAL.—Before the end of the 6-month pe-
riod beginning on the date of the enactment of this Act, 
the Board of Governors of the Federal Reserve System 
shall revise the Small Bank Holding Company Policy 
Statement on Assessment of Financial and Managerial 
Factors (12 CFR part 225—appendix C) to raise the con-
solidated asset threshold under such policy statement from 
$1,000,000,000 (as adjusted by Public Law 113–250) to 
$10,000,000,000. 
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(b) CONFORMING AMENDMENT.—Subparagraph (C) 
of section 171(b)(5) of the Dodd-Frank Wall Street Re-
form 
and 
Consumer 
Protection 
Act 
(12 
U.S.C. 
5371(b)(5)) is amended to read as follows: 
‘‘(C) any bank holding company or savings 
and loan holding company that is subject to the 
application of the Small Bank Holding Com-
pany Policy Statement on Assessment of Finan-
cial and Managerial Factors of the Board of 
Governors (12 CFR part 225—appendix C).’’. 
Subtitle G—Community Institution 
Mortgage Relief 
SEC. 531. COMMUNITY FINANCIAL INSTITUTION MORTGAGE 
RELIEF. 
(a) EXEMPTION FROM ESCROW REQUIREMENTS FOR 
LOANS HELD BY SMALLER CREDITORS.—Section 129D 
of the Truth in Lending Act (15 U.S.C. 1639d) is amend-
ed— 
(1) by adding at the end the following: 
‘‘(k) SAFE HARBOR FOR LOANS HELD BY SMALLER 
CREDITORS.— 
‘‘(1) IN GENERAL.—A creditor shall not be in 
violation of subsection (a) with respect to a loan if— 
‘‘(A) the creditor has consolidated assets of 
$10,000,000,000 or less; and 
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‘‘(B) the creditor holds the loan on the bal-
ance sheet of the creditor for the 3-year period 
beginning on the date of the origination of the 
loan. 
‘‘(2) EXCEPTION FOR CERTAIN TRANSFERS.— 
In the case of a creditor that transfers a loan to an-
other person by reason of the bankruptcy or failure 
of the creditor, the purchase of the creditor, or a su-
pervisory act or recommendation from a State or 
Federal regulator, the creditor shall be deemed to 
have complied with the requirement under para-
graph (1)(B).’’; and 
(2) by striking the term ‘‘Board’’ each place 
such term appears and inserting ‘‘Consumer Law 
Enforcement Agency’’. 
(b) MODIFICATION
TO
EXEMPTION
FOR
SMALL 
SERVICERS OF MORTGAGE LOANS.—Section 6 of the Real 
Estate Settlement Procedures Act of 1974 (12 U.S.C. 
2605) is amended by adding at the end the following: 
‘‘(n) SMALL SERVICER EXEMPTION.—The Consumer 
Law Enforcement Agency shall, by regulation, provide ex-
emptions to, or adjustments for, the provisions of this sec-
tion for a servicer that annually services 20,000 or fewer 
mortgage loans, in order to reduce regulatory burdens 
while appropriately balancing consumer protections.’’. 
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Subtitle H—Financial Institutions 
Examination Fairness and Reform 
SEC. 536. TIMELINESS OF EXAMINATION REPORTS. 
(a) IN GENERAL.—The Federal Financial Institu-
tions Examination Council Act of 1978 (12 U.S.C. 3301 
et seq.) is amended by adding at the end the following: 
‘‘SEC. 1012. TIMELINESS OF EXAMINATION REPORTS. 
‘‘(a) IN GENERAL.— 
‘‘(1) FINAL EXAMINATION REPORT.—A Federal 
financial institutions regulatory agency shall provide 
a final examination report to a financial institution 
not later than 60 days after the later of— 
‘‘(A) the exit interview for an examination 
of the institution; or 
‘‘(B) the provision of additional informa-
tion by the institution relating to the examina-
tion. 
‘‘(2) EXIT INTERVIEW.—If a financial institu-
tion is not subject to a resident examiner program, 
the exit interview shall occur not later than the end 
of the 9-month period beginning on the commence-
ment of the examination, except that such period 
may be extended by the Federal financial institu-
tions regulatory agency by providing written notice 
to the institution and the Independent Examination 
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Review Director describing with particularity the 
reasons that a longer period is needed to complete 
the examination. 
‘‘(b) EXAMINATION MATERIALS.—Upon the request 
of a financial institution, the Federal financial institutions 
regulatory agency shall include with the final report an 
appendix listing all examination or other factual informa-
tion relied upon by the agency in support of a material 
supervisory determination. 
‘‘SEC. 1013. EXAMINATION STANDARDS. 
‘‘(a) IN GENERAL.—In the examination of a financial 
institution— 
‘‘(1) a commercial loan shall not be placed in 
non-accrual status solely because the collateral for 
such loan has deteriorated in value; 
‘‘(2) a modified or restructured commercial loan 
shall be removed from non-accrual status if the bor-
rower demonstrates the ability to perform on such 
loan over a maximum period of 6 months, except 
that with respect to loans on a quarterly, semi-
annual, or longer repayment schedule such period 
shall be a maximum of 3 consecutive repayment pe-
riods; 
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‘‘(3) a new appraisal on a performing commer-
cial loan shall not be required unless an advance of 
new funds is involved; and 
‘‘(4) in classifying a commercial loan in which 
there has been deterioration in collateral value, the 
amount to be classified shall be the portion of the 
deficiency relating to the decline in collateral value 
and repayment capacity of the borrower. 
‘‘(b) WELL CAPITALIZED INSTITUTIONS.—The Fed-
eral financial institutions regulatory agencies may not re-
quire a financial institution that is well capitalized to raise 
additional capital in lieu of an action prohibited under 
subsection (a). 
‘‘(c) CONSISTENT
LOAN
CLASSIFICATIONS.—The 
Federal financial institutions regulatory agencies shall de-
velop and apply identical definitions and reporting require-
ments for non-accrual loans. 
‘‘SEC. 1014. OFFICE OF INDEPENDENT EXAMINATION RE-
VIEW. 
‘‘(a) ESTABLISHMENT.—There is established in the 
Council an Office of Independent Examination Review 
(the ‘Office’). 
‘‘(b) HEAD OF OFFICE.—There is established the po-
sition of the Independent Examination Review Director 
(the ‘Director’), as the head of the Office. The Director 
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shall be appointed by the Secretary of the Treasury and 
shall be independent from any member agency of the 
Council. 
‘‘(c) STAFFING.—The Director is authorized to hire 
staff to support the activities of the Office. 
‘‘(d) DUTIES.—The Director shall— 
‘‘(1) receive and, at the Director’s discretion, 
investigate complaints from financial institutions, 
their representatives, or another entity acting on be-
half of such institutions, concerning examinations, 
examination practices, or examination reports; 
‘‘(2) hold meetings, at least once every three 
months and in locations designed to encourage par-
ticipation from all sections of the United States, 
with financial institutions, their representatives, or 
another entity acting on behalf of such institutions, 
to discuss examination procedures, examination 
practices, or examination policies; 
‘‘(3) review examination procedures of the Fed-
eral financial institutions regulatory agencies to en-
sure that the written examination policies of those 
agencies are being followed in practice and adhere to 
the standards for consistency established by the 
Council; 
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‘‘(4) conduct a continuing and regular review of 
examination quality assurance for all examination 
types conducted by the Federal financial institutions 
regulatory agencies; 
‘‘(5) adjudicate any supervisory appeal initiated 
under section 1015; and 
‘‘(6) report annually to the Committee on Fi-
nancial Services of the House of Representatives, the 
Committee on Banking, Housing, and Urban Affairs 
of the Senate, and the Council, on the reviews car-
ried out pursuant to paragraphs (3) and (4), includ-
ing compliance with the requirements set forth in 
section 1012 regarding timeliness of examination re-
ports, and the Council’s recommendations for im-
provements in examination procedures, practices, 
and policies. 
‘‘(e) CONFIDENTIALITY.—The Director shall keep 
confidential all meetings with, discussions with, and infor-
mation provided by financial institutions. 
‘‘SEC. 1015. RIGHT TO INDEPENDENT REVIEW OF MATERIAL 
SUPERVISORY DETERMINATIONS. 
‘‘(a) IN GENERAL.—A financial institution shall have 
the right to obtain an independent review of a material 
supervisory determination contained in a final report of 
examination. 
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‘‘(b) NOTICE.— 
‘‘(1) TIMING.—A financial institution seeking 
review of a material supervisory determination under 
this section shall file a written notice with the Inde-
pendent Examination Review Director (the ‘Direc-
tor’) within 60 days after receiving the final report 
of examination that is the subject of such review. 
‘‘(2) IDENTIFICATION
OF
DETERMINATION.— 
The written notice shall identify the material super-
visory determination that is the subject of the inde-
pendent examination review, and a statement of the 
reasons why the institution believes that the deter-
mination is incorrect or should otherwise be modi-
fied. 
‘‘(3) INFORMATION TO BE PROVIDED TO INSTI-
TUTION.—Any information relied upon by the agen-
cy in the final report that is not in the possession 
of the financial institution may be requested by the 
financial institution and shall be delivered promptly 
by the agency to the financial institution. 
‘‘(c) RIGHT TO HEARING.— 
‘‘(1) IN GENERAL.—The Director shall deter-
mine the merits of the appeal on the record or, at 
the financial institution’s election, shall refer the ap-
peal to an Administrative Law Judge to conduct a 
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confidential hearing pursuant to the procedures set 
forth under sections 556 and 557 of title 5, United 
States Code, which hearing shall take place not later 
than 60 days after the petition for review was re-
ceived by the Director, and to issue a proposed deci-
sion to the Director based upon the record estab-
lished at such hearing. 
‘‘(2) STANDARD OF REVIEW.—In rendering a 
determination or recommendation under this sub-
section, neither the Administrative Law Judge nor 
the Director shall defer to the opinions of the exam-
iner or agency, but shall conduct a de novo review 
to independently determine the appropriateness of 
the agency’s decision based upon the relevant stat-
utes, regulations, and other appropriate guidance, as 
well as evidence adduced at any hearing. 
‘‘(d) FINAL DECISION.—A decision by the Director 
on an independent review under this section shall— 
‘‘(1) be made not later than 60 days after the 
record has been closed; and 
‘‘(2) be deemed final agency action and shall 
bind the agency whose supervisory determination 
was the subject of the review and the financial insti-
tution requesting the review. 
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‘‘(e) RIGHT TO JUDICIAL REVIEW.—A financial insti-
tution shall have the right to petition for review of final 
agency action under this section by filing a Petition for 
Review within 60 days of the Director’s decision in the 
United States Court of Appeals for the District of Colum-
bia Circuit or the Circuit in which the financial institution 
is located. 
‘‘(f) REPORT.—The Director shall report annually to 
the Committee on Financial Services of the House of Rep-
resentatives and the Committee on Banking, Housing, and 
Urban Affairs of the Senate on actions taken under this 
section, including the types of issues that the Director has 
reviewed and the results of those reviews. In no case shall 
such a report contain information about individual finan-
cial institutions or any confidential or privileged informa-
tion shared by financial institutions. 
‘‘(g) RETALIATION PROHIBITED.—A Federal finan-
cial institutions regulatory agency may not— 
‘‘(1) retaliate against a financial institution, in-
cluding service providers, or any institution-affiliated 
party (as defined under section 3 of the Federal De-
posit Insurance Act), for exercising appellate rights 
under this section; or 
‘‘(2) delay or deny any agency action that 
would benefit a financial institution or any institu-
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tion-affiliated party on the basis that an appeal 
under this section is pending under this section. 
‘‘(h) RULE OF CONSTRUCTION.—Nothing in this sec-
tion may be construed— 
‘‘(1) to affect the right of a Federal financial 
institutions regulatory agency to take enforcement 
or other supervisory actions related to a material su-
pervisory determination under review under this sec-
tion; or 
‘‘(2) to prohibit the review under this section of 
a material supervisory determination with respect to 
which there is an ongoing enforcement or other su-
pervisory action.’’. 
(b) ADDITIONAL AMENDMENTS.— 
(1) RIEGLE
COMMUNITY
DEVELOPMENT
AND 
REGULATORY IMPROVEMENT ACT OF 1994.—Section 
309 of the Riegle Community Development and Reg-
ulatory Improvement Act of 1994 (12 U.S.C. 4806) 
is amended— 
(A) in subsection (a), by inserting after 
‘‘appropriate Federal banking agency’’ the fol-
lowing: ‘‘, the Consumer Law Enforcement 
Agency,’’; 
(B) in subsection (b)— 
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(i) in paragraph (2), by striking ‘‘the 
appellant from retaliation by agency exam-
iners’’ and inserting ‘‘the insured deposi-
tory institution or insured credit union 
from retaliation by the agencies referred to 
in subsection (a)’’; and 
(ii) by adding at the end the following 
flush-left text: 
‘‘For purposes of this subsection and subsection (e), retal-
iation includes delaying consideration of, or withholding 
approval of, any request, notice, or application that other-
wise would have been approved, but for the exercise of the 
institution’s or credit union’s rights under this section.’’; 
(C) in subsection (e)(2)— 
(i) in subparagraph (B), by striking 
‘‘and’’ at the end; 
(ii) in subparagraph (C), by striking 
the period and inserting ‘‘; and’’; and 
(iii) by adding at the end the fol-
lowing: 
‘‘(D) ensure that appropriate safeguards 
exist for protecting the insured depository insti-
tution or insured credit union from retaliation 
by any agency referred to in subsection (a) for 
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exercising its rights under this subsection.’’; 
and 
(D) in subsection (f)(1)(A)— 
(i) in clause (ii), by striking ‘‘and’’ at 
the end; 
(ii) in clause (iii), by striking ‘‘and’’ 
at the end; and 
(iii) by adding at the end the fol-
lowing: 
‘‘(iv) any issue specifically listed in an 
exam report as a matter requiring atten-
tion by the institution’s management or 
board of directors; and 
‘‘(v) any suspension or removal of an 
institution’s status as eligible for expedited 
processing of applications, requests, no-
tices, or filings on the grounds of a super-
visory or compliance concern, regardless of 
whether that concern has been cited as a 
basis for another material supervisory de-
termination or matter requiring attention 
in an examination report, provided that the 
conduct at issue did not involve violation of 
any criminal law; and’’. 
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(2) FEDERAL
CREDIT
UNION
ACT.—Section 
205(j) of the Federal Credit Union Act (12 U.S.C. 
1785(j)) is amended by inserting ‘‘the Consumer 
Law Enforcement Agency,’’ before ‘‘the Administra-
tion’’ each place such term appears. 
(3) FEDERAL FINANCIAL INSTITUTIONS EXAM-
INATION COUNCIL ACT OF 1978.—The Federal Fi-
nancial Institutions Examination Council Act of 
1978 (12 U.S.C. 3301 et seq.) is amended— 
(A) in section 1003, by amending para-
graph (1) to read as follows: 
‘‘(1) the term ‘Federal financial institutions 
regulatory agencies’— 
‘‘(A) means the Office of the Comptroller 
of the Currency, the Board of Governors of the 
Federal Reserve System, the Federal Deposit 
Insurance Corporation, and the National Credit 
Union Administration; and 
‘‘(B) for purposes of sections 1012, 1013, 
1014, and 1015, includes the Consumer Law 
Enforcement Agency;’’; and 
(B) in section 1005, by striking ‘‘One- 
fifth’’ and inserting ‘‘One-fourth’’. 
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Subtitle I—National Credit Union 
Administration Budget Trans-
parency 
SEC. 541. BUDGET TRANSPARENCY FOR THE NCUA. 
Section 209(b) of the Federal Credit Union Act (12 
U.S.C. 1789) is amended— 
(1) by redesignating paragraphs (1) and (2) as 
paragraphs (2) and (3), respectively; 
(2) by inserting before paragraph (2), as so re-
designated, the following: 
‘‘(1) on an annual basis and prior to the sub-
mission of the detailed business-type budget required 
under paragraph (2)— 
‘‘(A) make publicly available and cause to 
be printed in the Federal Register a draft of 
such detailed business-type budget; and 
‘‘(B) hold a public hearing, with public no-
tice provided of such hearing, wherein the pub-
lic can submit comments on the draft of such 
detailed business-type budget;’’; and 
(3) in paragraph (2), as so redesignated— 
(A) by inserting ‘‘detailed’’ after ‘‘submit 
a’’; and 
(B) by inserting ‘‘, and where such budget 
shall address any comments submitted by the 
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public pursuant to paragraph (1)(B)’’ after 
‘‘Control Act’’. 
Subtitle J—Taking Account of In-
stitutions With Low Operation 
Risk 
SEC. 546. REGULATIONS APPROPRIATE TO BUSINESS MOD-
ELS. 
(a) IN GENERAL.—For any regulatory action occur-
ring after the date of the enactment of this Act, each Fed-
eral financial institutions regulatory agency shall— 
(1) take into consideration the risk profile and 
business models of each type of institution or class 
of institutions subject to the regulatory action; 
(2) determine the necessity, appropriateness, 
and impact of applying such regulatory action to 
such institutions or classes of institutions; and 
(3) tailor such regulatory action in a manner 
that limits the regulatory compliance impact, cost, li-
ability risk, and other burdens, as appropriate, for 
the risk profile and business model of the institution 
or class of institutions involved. 
(b) OTHER CONSIDERATIONS.—In carrying out the 
requirements of subsection (a), each Federal financial in-
stitutions regulatory agency shall consider— 
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(1) the impact that such regulatory action, both 
by itself and in conjunction with the aggregate effect 
of other regulations, has on the ability of the appli-
cable institution or class of institutions to serve 
evolving and diverse customer needs; 
(2) the potential impact of examination manu-
als, regulatory actions taken with respect to third- 
party service providers, or other regulatory directives 
that may be in conflict or inconsistent with the tai-
loring of such regulatory action described in sub-
section (a)(3); and 
(3) the underlying policy objectives of the regu-
latory action and statutory scheme involved. 
(c) NOTICE
OF
PROPOSED
AND
FINAL
RULE-
MAKING.—Each Federal financial institutions regulatory 
agency shall disclose in every notice of proposed rule-
making and in any final rulemaking for a regulatory ac-
tion how the agency has applied subsections (a) and (b). 
(d) REPORTS TO CONGRESS.— 
(1) INDIVIDUAL AGENCY REPORTS.— 
(A) IN GENERAL.—Not later than 1 year 
after the date of the enactment of this Act and 
annually thereafter, each Federal financial in-
stitutions regulatory agency shall report to the 
Committee on Financial Services of the House 
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of Representatives and the Committee on Bank-
ing, Housing, and Urban Affairs of the Senate 
on the specific actions taken to tailor the regu-
latory actions of the agency pursuant to the re-
quirements of this Act. 
(B) APPEARANCE BEFORE THE COMMIT-
TEES.—The head of each Federal financial in-
stitution regulatory agency shall appear before 
the Committee on Financial Services of the 
House of Representatives and the Committee 
on Banking, Housing, and Urban Affairs of the 
Senate after each report is made pursuant to 
subparagraph (A) to testify on the contents of 
such report. 
(2) FIEC REPORTS.— 
(A) IN
GENERAL.—Not later than 3 
months after each report is submitted under 
paragraph (1), the Financial Institutions Ex-
amination Council shall report to the Com-
mittee on Financial Services of the House of 
Representatives and the Committee on Bank-
ing, Housing, and Urban Affairs of the Senate 
on— 
(i) the extent to which regulatory ac-
tions tailored pursuant to this Act result in 
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different treatment of similarly situated in-
stitutions of diverse charter types; and 
(ii) the reasons for such differential 
treatment. 
(B) APPEARANCE BEFORE THE COMMIT-
TEES.—The Chairman of the Financial Institu-
tions Examination Council shall appear before 
the Committee on Financial Services of the 
House of Representatives and the Committee 
on Banking, Housing, and Urban Affairs of the 
Senate after each report is made pursuant to 
subparagraph (A) to testify on the contents of 
such report. 
(e) LIMITED LOOK-BACK APPLICATION.— 
(1) IN GENERAL.—Each Federal financial insti-
tutions regulatory agency shall conduct a review of 
all regulations adopted during the period beginning 
on the date that is seven years before the date of the 
introduction of this Act in the House of Representa-
tives and ending on the date of the enactment of 
this Act, and apply the requirements of this Act to 
such regulations. 
(2) REVISION.—If the application of the re-
quirements of this Act to any such regulation re-
quires such regulation to be revised, the applicable 
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Federal financial institutions regulatory agency shall 
revise such regulation within 3 years of the enact-
ment of this Act. 
(f) DEFINITIONS.—In this Act, the following defini-
tions shall apply: 
(1) FEDERAL FINANCIAL INSTITUTIONS REGU-
LATORY AGENCIES.—The term ‘‘Federal financial in-
stitutions regulatory agencies’’ means the Office of 
the Comptroller of the Currency, the Board of Gov-
ernors of the Federal Reserve System, the Federal 
Deposit Insurance Corporation, the National Credit 
Union Administration, and the Consumer Law En-
forcement Agency. 
(2) REGULATORY
ACTION.—The term ‘‘regu-
latory action’’ means any proposed, interim, or final 
rule or regulation, guidance, or published interpreta-
tion. 
Subtitle K—Federal Savings 
Association Charter Flexibility 
SEC. 551. OPTION FOR FEDERAL SAVINGS ASSOCIATIONS 
TO OPERATE AS A COVERED SAVINGS ASSO-
CIATION. 
The Home Owners’ Loan Act is amended by inserting 
after section 5 (12 U.S.C. 1464) the following: 
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‘‘SEC. 5A. ELECTION TO OPERATE AS A COVERED SAVINGS 
ASSOCIATION. 
‘‘(a) DEFINITION.—In this section, the term ‘covered 
savings association’ means a Federal savings association 
that makes an election approved under subsection (b). 
‘‘(b) ELECTION.— 
‘‘(1) IN GENERAL.—Upon issuance of the rules 
described in subsection (f), a Federal savings asso-
ciation may elect to operate as a covered savings as-
sociation by submitting a notice to the Comptroller 
of such election. 
‘‘(2) APPROVAL.—A Federal savings association 
shall be deemed to be approved to operate as a cov-
ered savings association on the date that is 60 days 
after the date on which the Comptroller receives the 
notice under paragraph (1), unless the Comptroller 
notifies the Federal savings association otherwise. 
‘‘(c) RIGHTS
AND DUTIES.—Notwithstanding any 
other provision of law and except as otherwise provided 
in this section, a covered savings association shall— 
‘‘(1) have the same rights and privileges as a 
national bank that has its main office situated in the 
same location as the home office of the covered sav-
ings association; and 
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‘‘(2) be subject to the same duties, restrictions, 
penalties, liabilities, conditions, and limitations that 
would apply to such a national bank. 
‘‘(d) TREATMENT OF COVERED SAVINGS ASSOCIA-
TIONS.—A covered savings association shall be treated as 
a Federal savings association for the purposes— 
‘‘(1) of governance of the covered savings asso-
ciation, including incorporation, bylaws, boards of 
directors, shareholders, and distribution of divi-
dends; 
‘‘(2) of consolidation, merger, dissolution, con-
version (including conversion to a stock bank or to 
another charter), conservatorship, and receivership; 
and 
‘‘(3) determined by regulation of the Comp-
troller. 
‘‘(e) EXISTING BRANCHES.—A covered savings asso-
ciation may continue to operate any branch or agency the 
covered savings association operated on the date on which 
an election under subsection (b) is approved. 
‘‘(f) RULEMAKING.—The Comptroller shall issue 
rules to carry out this section— 
‘‘(1) that establish streamlined standards and 
procedures that clearly identify required documenta-
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tion or timelines for an election under subsection 
(b); 
‘‘(2) that require a Federal savings association 
that makes an election under subsection (b) to iden-
tify specific assets and subsidiaries— 
‘‘(A) that do not conform to the require-
ments for assets and subsidiaries of a national 
bank; and 
‘‘(B) that are held by the Federal savings 
association on the date on which the Federal 
savings association submits a notice of such 
election; 
‘‘(3) that establish— 
‘‘(A) a transition process for bringing such 
assets and subsidiaries into conformance with 
the requirements for a national bank; and 
‘‘(B) procedures for allowing the Federal 
savings association to provide a justification for 
grandfathering such assets and subsidiaries 
after electing to operate as a covered savings 
association; 
‘‘(4) that establish standards and procedures to 
allow a covered savings association to terminate an 
election under subsection (b) after an appropriate 
period of time or to make a subsequent election; 
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‘‘(5) that clarify requirements for the treatment 
of covered savings associations, including the provi-
sions of law that apply to covered savings associa-
tions; and 
‘‘(6) as the Comptroller deems necessary and in 
the interests of safety and soundness.’’. 
Subtitle L—SAFE Transitional 
Licensing 
SEC. 556. ELIMINATING BARRIERS TO JOBS FOR LOAN 
ORIGINATORS. 
(a) IN GENERAL.—The S.A.F.E. Mortgage Licensing 
Act of 2008 (12 U.S.C. 5101 et seq.) is amended by add-
ing at the end the following: 
‘‘SEC. 1518. EMPLOYMENT TRANSITION OF LOAN ORIGINA-
TORS. 
‘‘(a) TEMPORARY AUTHORITY TO ORIGINATE LOANS 
FOR LOAN ORIGINATORS MOVING FROM A DEPOSITORY 
INSTITUTION TO A NON-DEPOSITORY INSTITUTION.— 
‘‘(1) IN
GENERAL.—Upon employment by a 
State-licensed mortgage company, an individual who 
is a registered loan originator shall be deemed to 
have temporary authority to act as a loan originator 
in an application State for the period described in 
paragraph (2) if the individual— 
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‘‘(A) has not had an application for a loan 
originator license denied, or had such a license 
revoked or suspended in any governmental ju-
risdiction; 
‘‘(B) has not been subject to or served 
with a cease and desist order in any govern-
mental jurisdiction or as described in section 
1514(c); 
‘‘(C) has not been convicted of a felony 
that would preclude licensure under the law of 
the application State; 
‘‘(D) has submitted an application to be a 
State-licensed loan originator in the application 
State; and 
‘‘(E) was registered in the Nationwide 
Mortgage Licensing System and Registry as a 
loan originator during the 12-month period pre-
ceding the date of submission of the informa-
tion required under section 1505(a). 
‘‘(2) PERIOD.—The period described in para-
graph (1) shall begin on the date that the individual 
submits the information required under section 
1505(a) and shall end on the earliest of— 
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‘‘(A) the date that the individual with-
draws the application to be a State-licensed 
loan originator in the application State; 
‘‘(B) the date that the application State 
denies, or issues a notice of intent to deny, the 
application; 
‘‘(C) the date that the application State 
grants a State license; or 
‘‘(D) the date that is 120 days after the 
date on which the individual submits the appli-
cation, if the application is listed on the Nation-
wide Mortgage Licensing System and Registry 
as incomplete. 
‘‘(b) TEMPORARY AUTHORITY TO ORIGINATE LOANS 
FOR
STATE-LICENSED
LOAN
ORIGINATORS
MOVING 
INTERSTATE.— 
‘‘(1) IN GENERAL.—A State-licensed loan origi-
nator shall be deemed to have temporary authority 
to act as a loan originator in an application State 
for the period described in paragraph (2) if the 
State-licensed loan originator— 
‘‘(A) meets the requirements of subpara-
graphs (A), (B), (C), and (D) of subsection 
(a)(1); 
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‘‘(B) is employed by a State-licensed mort-
gage company in the application State; and 
‘‘(C) was licensed in a State that is not the 
application State during the 30-day period pre-
ceding the date of submission of the informa-
tion required under section 1505(a) in connec-
tion with the application submitted to the appli-
cation State. 
‘‘(2) PERIOD.—The period described in para-
graph (1) shall begin on the date that the State-li-
censed loan originator submits the information re-
quired under section 1505(a) in connection with the 
application submitted to the application State and 
end on the earliest of— 
‘‘(A) the date that the State-licensed loan 
originator withdraws the application to be a 
State-licensed loan originator in the application 
State; 
‘‘(B) the date that the application State 
denies, or issues a notice of intent to deny, the 
application; 
‘‘(C) the date that the application State 
grants a State license; or 
‘‘(D) the date that is 120 days after the 
date on which the State-licensed loan originator 
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submits the application, if the application is 
listed on the Nationwide Mortgage Licensing 
System and Registry as incomplete. 
‘‘(c) APPLICABILITY.— 
‘‘(1) Any person employing an individual who is 
deemed to have temporary authority to act as a loan 
originator in an application State pursuant to this 
section shall be subject to the requirements of this 
title and to applicable State law to the same extent 
as if such individual was a State-licensed loan origi-
nator licensed by the application State. 
‘‘(2) Any individual who is deemed to have tem-
porary authority to act as a loan originator in an ap-
plication State pursuant to this section and who en-
gages in residential mortgage loan origination activi-
ties shall be subject to the requirements of this title 
and to applicable State law to the same extent as if 
such individual was a State-licensed loan originator 
licensed by the application State. 
‘‘(d) DEFINITIONS.—In this section, the following 
definitions shall apply: 
‘‘(1) STATE-LICENSED MORTGAGE COMPANY.— 
The term ‘State-licensed mortgage company’ means 
an entity licensed or registered under the law of any 
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State to engage in residential mortgage loan origina-
tion and processing activities. 
‘‘(2) APPLICATION STATE.—The term ‘applica-
tion State’ means a State in which a registered loan 
originator or a State-licensed loan originator seeks 
to be licensed.’’. 
(b) TABLE OF CONTENTS AMENDMENT.—The table 
of contents in section 1(b) of the Housing and Economic 
Recovery Act of 2008 (42 U.S.C. 4501 note) is amended 
by inserting after the item relating to section 1517 the 
following: 
‘‘Sec. 1518. Employment transition of loan originators.’’. 
(c) AMENDMENT TO CIVIL LIABILITY OF THE CON-
SUMER LAW ENFORCEMENT AGENCY AND OTHER OFFI-
CIALS.—Section 1513 of the S.A.F.E. Mortgage Licensing 
Act of 2008 (12 U.S.C. 5112) is amended by striking ‘‘are 
loan originators or are applying for licensing or registra-
tion as loan originators’’ and inserting ‘‘are applying for 
licensing or registration using the Nationwide Mortgage 
Licensing System and Registry’’. 
Subtitle M—Right to Lend 
SEC. 561. SMALL BUSINESS LOAN DATA COLLECTION RE-
QUIREMENT. 
(a) REPEAL.—Section 704B of the Equal Credit Op-
portunity Act (15 U.S.C. 1691c–2) is repealed. 
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(b) CONFORMING AMENDMENTS.—Section 701(b) of 
the Equal Credit Opportunity Act (15 U.S.C. 1691(b)) is 
amended— 
(1) in paragraph (3), by inserting ‘‘or’’ at the 
end; 
(2) in paragraph (4), by striking ‘‘; or’’ and in-
serting a period; and 
(3) by striking paragraph (5). 
(c) CLERICAL AMENDMENT.—The table of sections 
for title VII of the Consumer Credit Protection Act is 
amended by striking the item relating to section 704B. 
Subtitle N—Community Bank 
Reporting Relief 
SEC. 566. SHORT FORM CALL REPORT. 
(a) IN GENERAL.—Section 7(a) of the Federal De-
posit Insurance Act (12 U.S.C. 1817(a)) is amended by 
adding at the end the following: 
‘‘(12) SHORT FORM REPORTING.— 
‘‘(A) IN GENERAL.—The appropriate Fed-
eral banking agencies shall issue regulations al-
lowing for a reduced reporting requirement for 
covered depository institutions when making the 
first and third report of condition for a year, as 
required pursuant to paragraph (3). 
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‘‘(B) COVERED DEPOSITORY INSTITUTION 
DEFINED.—For purposes of this paragraph, the 
term ‘covered depository institution’ means an 
insured depository institution that— 
‘‘(i) is well capitalized (as defined 
under section 38(b)); and 
‘‘(ii) satisfies such other criteria as 
the appropriate Federal banking agencies 
determine appropriate.’’. 
(b) REPORT TO CONGRESS.—Not later than 180 days 
after the date of the enactment of this Act, and every 365 
days thereafter until the appropriate Federal banking 
agencies (as defined under section 3 of the Federal De-
posit Insurance Act) have issued the regulations required 
under section 7(a)(12)(A) of the Federal Deposit Insur-
ance Act, such agencies shall submit to the Committee on 
Financial Services of the House of Representatives and 
the Committee on Banking, Housing, and Urban Affairs 
of the Senate a report describing the progress made in 
issuing such regulations. 
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Subtitle O—Homeowner 
Information Privacy Protection 
SEC. 571. STUDY REGARDING PRIVACY OF INFORMATION 
COLLECTED UNDER THE HOME MORTGAGE 
DISCLOSURE ACT OF 1975. 
(a) STUDY.—The Comptroller General of the United 
States shall conduct a study to determine whether the 
data required to be published, made available, or disclosed 
under the final rule, in connection with other publicly 
available data sources, including data made publicly avail-
able under Regulation C (12 CFR 1003) before the effec-
tive date of the final rule, could allow for or increase the 
probability of— 
(1) exposure of the identity of mortgage appli-
cants or mortgagors through reverse engineering; 
(2) exposure of mortgage applicants or mortga-
gors to identity theft or the loss of sensitive personal 
financial information; 
(3) the marketing or sale of unfair or deceptive 
financial products to mortgage applicants or mortga-
gors based on such data; 
(4) personal financial loss or emotional distress 
resulting from the exposure of mortgage applicants 
or mortgagors to identify theft or the loss of sen-
sitive personal financial information; and 
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(5) the potential legal liability facing the Con-
sumer Law Enforcement Agency and market partici-
pants in the event the data required to be published, 
made available, or disclosed under the final rule 
leads or contributes to identity theft or the capture 
of sensitive personal financial information. 
(b) REPORT.—The Comptroller General of the 
United States shall submit to the Committee on Financial 
Services of the House of Representatives and the Com-
mittee on Banking, Housing, and Urban Affairs of the 
Senate a report that includes— 
(1) the findings and conclusions of the Comp-
troller General with respect to the study required 
under subsection (a); and 
(2) any recommendations for legislative or regu-
latory actions that— 
(A) would enhance the privacy of a con-
sumer when accessing mortgage credit; and 
(B) are consistent with consumer protec-
tions and safe and sound banking operations. 
(c) SUSPENSION
OF
DATA
SHARING
REQUIRE-
MENTS.—Notwithstanding any other provision of law, in-
cluding the final rule— 
(1) depository institutions shall not be required 
to publish, disclose, or otherwise make available to 
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the public, pursuant to the Home Mortgage Disclo-
sure Act of 1975 (or regulations issued under such 
Act) any data that was not required to be published, 
disclosed, or otherwise made available pursuant to 
such Act (or regulations issued under such Act) on 
the day before the date of the enactment of the 
Dodd-Frank Wall Street Reform and Consumer Pro-
tection Act; and 
(2) the Consumer Law Enforcement Agency 
and the Financial Institutions Examination Council 
shall not publish, disclose, or otherwise make avail-
able to the public any such information received 
from a depository institution pursuant to the final 
rule, except as required by law. 
(d) TEMPORARY SUSPENSION OF DATA REPORTING 
REQUIREMENTS..—Notwithstanding any other provision 
of law, the effective date for new reporting requirements 
contained in the final rule shall be January 1, 2019. 
(e) DEFINITIONS.—For purposes of this section: 
(1) DEPOSITORY INSTITUTION.—The term ‘‘de-
pository institution’’ has the meaning given that 
term under section 303 of the Home Mortgage Dis-
closure Act of 1975 (12 U.S.C. 2802). 
(2) FINAL RULE.—The term ‘‘final rule’’ means 
the final rule issued by the Bureau of Consumer Fi-
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nancial Protection titled ‘‘Home Mortgage Disclo-
sure (Regulation C)’’ (October 28, 2015; 80 Fed. 
Reg. 66128). 
Subtitle P—Home Mortgage 
Disclosure Adjustment 
SEC. 576. DEPOSITORY INSTITUTIONS SUBJECT TO MAINTE-
NANCE OF RECORDS AND DISCLOSURE RE-
QUIREMENTS. 
(a) IN GENERAL.—Section 304 of the Home Mort-
gage Disclosure Act of 1975 (12 U.S.C. 2803) is amend-
ed— 
(1) by redesignating subsection (i) as paragraph 
(2) and adjusting the margin appropriately; and 
(2) by inserting before such paragraph (2) the 
following: 
‘‘(i) EXEMPTIONS.— 
‘‘(1) IN GENERAL.—With respect to a deposi-
tory institution, the requirements of subsections (a) 
and (b) shall not apply— 
‘‘(A) with respect to closed-end mortgage 
loans, if such depository institution originated 
less than 100 closed-end mortgage loans in each 
of the two preceding calendar years; and 
‘‘(B) with respect to open-end lines of 
credit, if such depository institution originated 
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less than 200 open-end lines of credit in each 
of the two preceding calendar years.’’. 
(b) TECHNICAL CORRECTION.—Section 304(i)(2) of 
such Act, as redesignated by subsection (a), is amended 
by striking ‘‘section 303(2)(A)’’ and inserting ‘‘section 
303(3)(A)’’. 
Subtitle Q—Protecting Consumers’ 
Access to Credit 
SEC. 581. RATE OF INTEREST AFTER TRANSFER OF LOAN. 
(a) AMENDMENT TO THE REVISED STATUTES.—Sec-
tion 5197 of the Revised Statutes of the United States 
(12 U.S.C. 85) is amended by adding at the end the fol-
lowing new sentence: ‘‘A loan that is valid when made as 
to its maximum rate of interest in accordance with this 
section shall remain valid with respect to such rate regard-
less of whether the loan is subsequently sold, assigned, or 
otherwise transferred to a third party, and may be en-
forced by such third party notwithstanding any State law 
to the contrary.’’. 
(b) AMENDMENT
TO
THE HOME OWNERS’ LOAN 
ACT.—Section 4(g)(1) of the Home Owners’ Loan Act (12 
U.S.C. 1463(g)(1)) is amended by adding at the end the 
following new sentence: ‘‘A loan that is valid when made 
as to its maximum rate of interest in accordance with this 
subsection shall remain valid with respect to such rate re-
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gardless of whether the loan is subsequently sold, as-
signed, or otherwise transferred to a third party, and may 
be enforced by such third party notwithstanding any State 
law to the contrary.’’. 
(c) AMENDMENT TO THE FEDERAL CREDIT UNION 
ACT.—Section 205(g)(1) of the Federal Credit Union Act 
(12 U.S.C. 1785(g)(1)) is amended by adding at the end 
the following new sentence: ‘‘A loan that is valid when 
made as to its maximum rate of interest in accordance 
with this subsection shall remain valid with respect to such 
rate regardless of whether the loan is subsequently sold, 
assigned, or otherwise transferred to a third party, and 
may be enforced by such third party notwithstanding any 
State law to the contrary.’’. 
(d) AMENDMENT TO THE FEDERAL DEPOSIT INSUR-
ANCE ACT.—Section 27(a) of the Federal Deposit Insur-
ance Act (12 U.S.C. 1831d(a)) is amended by adding at 
the end the following new sentence: ‘‘A loan that is valid 
when made as to its maximum rate of interest in accord-
ance with this section shall remain valid with respect to 
such rate regardless of whether the loan is subsequently 
sold, assigned, or otherwise transferred to a third party, 
and may be enforced by such third party notwithstanding 
any State law to the contrary.’’. 
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Subtitle R—NCUA Overhead 
Transparency 
SEC. 586. FUND TRANSPARENCY. 
Section 203 of the Federal Credit Union Act (12 
U.S.C. 1783) is amended by adding at the end the fol-
lowing: 
‘‘(g) FUND TRANSPARENCY.— 
‘‘(1) IN
GENERAL.—The Board shall accom-
pany each annual budget submitted pursuant to sec-
tion 209(b) with a report containing— 
‘‘(A) a detailed analysis of how the ex-
penses of the Administration are assigned be-
tween prudential activities and insurance-re-
lated activities and the extent to which those 
expenses are paid from the fees collected pursu-
ant to section 105 or from the Fund; and 
‘‘(B) the Board’s supporting rationale for 
any proposed use of amounts in the Fund con-
tained in such budget, including detailed break-
downs and supporting rationales for any such 
proposed use related to titles of this Act other 
than this title. 
‘‘(2) PUBLIC
DISCLOSURE.—The Board shall 
make each report described under paragraph (1) 
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available to the public and available on the Board’s 
website.’’. 
Subtitle S—Housing Opportunities 
Made Easier 
SEC. 591. CLARIFICATION OF DONATED SERVICES TO NON- 
PROFITS. 
Section 129E(i) of the Truth in Lending Act (15 
U.S.C. 1639e(i)) is amended by adding at the end the fol-
lowing: 
‘‘(4) RULE OF CONSTRUCTION RELATED TO AP-
PRAISAL DONATIONS.—For purposes of paragraph 
(1), if a fee appraiser voluntarily donates appraisal 
services to an organization described in section 
170(c)(2) of the Internal Revenue Code of 1986, 
such voluntary donation shall be deemed customary 
and reasonable.’’. 
Subtitle 
T—Protection 
of 
Con-
sumer 
Information 
by 
Con-
sumer Reporting Agencies 
SEC. 596. SENSE OF CONGRESS RELATED TO PROTECTION 
OF CONSUMER INFORMATION BY CONSUMER 
REPORTING AGENCIES. 
(a) IN GENERAL.—It is the sense of the Congress 
that consumer reporting agencies and subsidiaries of con-
sumer reporting agencies should, when providing access 
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to consumers to the information contained in the file of 
the consumer maintained by the consumer reporting agen-
cy, use strong multi-factor authentication procedures to 
verify the identity of consumers. 
(b) DEFINITIONS.—For purposes of this section, the 
terms ‘‘consumer’’, ‘‘consumer reporting agency’’, and 
‘‘file’’ have the meanings given those terms in section 603 
of the Fair Credit Reporting Act (15 U.S.C. 1681a). 
Subtitle U—Legitimate Financial 
Transactions Report 
SEC. 597. TREASURY REPORT ON LEGITIMATE FINANCIAL 
TRANSACTIONS. 
Not later than the end of the 90-day period beginning 
on the date of the enactment of this Act, the Secretary 
of the Treasury shall issue a report to the Congress on— 
(1) the Secretary’s efforts to ensure that legiti-
mate financial transactions move freely and globally; 
and 
(2) how the Secretary coordinates on such ef-
forts with Federal bank regulators, financial institu-
tions, and money service businesses. 
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Subtitle V—Dividend Waiver Au-
thority for Mutual Holding Com-
panies 
SEC. 598. DIVIDEND WAIVER AUTHORITY FOR MUTUAL 
HOLDING COMPANIES. 
Section 10(o)(11) of the Home Owners’ Loan Act (12 
U.S.C. 1467a(o)(11)) is amended— 
(1) in subparagraph (D)— 
(A) in clause (i), by adding ‘‘and’’ at the 
end; 
(B) in clause (ii), by striking ‘‘; and’’ and 
inserting a period; and 
(C) by striking clause (iii); 
(2) by amending subparagraph (E) to read as 
follows: 
‘‘(E) VALUATION.—The appropriate Fed-
eral banking agency may not consider waived 
dividends in determining an appropriate ex-
change ratio in the event of a full conversion to 
stock form.’’; and 
(3) by adding at the end the following new sub-
paragraph: 
‘‘(F) RULE OF CONSTRUCTION.—Nothing 
in this paragraph shall be construed to author-
ize the appropriate Federal banking agency to 
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require a vote of members of a mutual holding 
company to approve one or more dividend waiv-
ers or to place any additional restrictions on 
dividend waivers by mutual holding companies 
that are inconsistent with or exceed the require-
ments set forth in this paragraph.’’. 
TITLE VI—REGULATORY RELIEF 
FOR STRONGLY CAPITALIZED, 
WELL 
MANAGED 
BANKING 
ORGANIZATIONS 
SEC. 601. CAPITAL ELECTION. 
(a) IN GENERAL.—A banking organization may make 
an election under this section to be treated as a qualifying 
banking organization for purposes of the regulatory relief 
described under section 602. 
(b) REQUIREMENTS.—A banking organization may 
qualify to be treated as a qualifying banking organization 
if— 
(1) the banking organization has an average le-
verage ratio of at least 10 percent; 
(2) with respect to a depository institution hold-
ing company, each insured depository institution 
subsidiary of the holding company simultaneously 
makes the election described under subsection (a); 
and 
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(3) with respect to an insured depository insti-
tution, any parent depository institution holding 
company of the institution simultaneously makes the 
election described under subsection (a). 
(c) ELECTION PROCESS.—To make an election under 
this section, a banking organization shall submit an elec-
tion to the appropriate Federal banking agency (and any 
applicable State bank supervisor that regulates the bank-
ing organization) containing— 
(1) a notice of such election; 
(2) the banking organization’s average leverage 
ratio, as well as the organization’s quarterly leverage 
ratio for each of the most recently completed four 
calendar quarters; 
(3) if the banking organization is a depository 
institution holding company, the information de-
scribed under paragraph (2) for each of the organi-
zation’s insured depository institution subsidiaries; 
and 
(4) if the banking organization is an insured 
depository institution, the information described 
under paragraph (2) for any parent depository insti-
tution holding company of the institution. 
(d) EFFECTIVE DATE OF ELECTION.— 
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(1) IN GENERAL.—An election made under this 
section shall take effect at the end of the 30-day pe-
riod beginning on the date that the appropriate Fed-
eral banking agency receives the application de-
scribed under subsection (c), unless the appropriate 
Federal banking agency determines that the banking 
organization has not met the requirements described 
under subsection (b). 
(2) NOTICE OF FAILURE TO MEET REQUIRE-
MENTS.—If the appropriate Federal banking agency 
determines that a banking organization submitting 
an election notice under subsection (c) does not meet 
the requirements described under subsection (b), the 
agency shall— 
(A) notify the banking organization (and 
any applicable State bank supervisor that regu-
lates the banking organization), in writing, of 
such determination as soon as possible after 
such determination is made, but in no case 
later than the end of the 30-day period begin-
ning on the date that the appropriate Federal 
banking agency receives the election; and 
(B) include in such notification the specific 
reasons for such determination and steps that 
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the banking organization can take to meet such 
requirements. 
(e) TREATMENT OF CERTAIN NEW BANKING ORGA-
NIZATIONS.—In the case of a banking organization that 
is a newly-chartered insured depository institution or a 
banking organization that becomes a banking organization 
because it controls a newly-chartered insured depository 
institution, such banking organization may be treated as 
a qualifying banking organization immediately upon be-
coming a banking organization, if— 
(1) an election to be treated as a qualifying 
banking organization was included in the application 
filed with the appropriate Federal banking agency in 
connection with becoming a banking organization; 
and 
(2) as of the date the banking organization be-
comes a banking organization, the banking organiza-
tion’s tangible equity divided by the banking organi-
zation’s leverage exposure, expressed as a percent-
age, is at least 10 percent. 
(f) FAILURE TO MAINTAIN QUARTERLY LEVERAGE 
RATIO AND LOSS OF ELECTION.— 
(1) EFFECT OF FAILURE TO MAINTAIN QUAR-
TERLY LEVERAGE RATIO.— 
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(A) IN GENERAL.—If, with respect to the 
most recently completed calendar quarter, the 
appropriate Federal banking agency determines 
that a qualifying banking organization’s quar-
terly leverage ratio is below 10 percent— 
(i) the appropriate Federal banking 
agency shall notify the qualifying banking 
organization and any applicable State bank 
supervisor that regulates the banking orga-
nization of such determination; 
(ii) the appropriate Federal banking 
agency may prohibit the banking organiza-
tion from making a capital distribution; 
and 
(iii) the banking organization shall, 
within 3 months of the first such deter-
mination, submit a capital restoration plan 
to the appropriate Federal banking agency. 
(B) LOSS OF ELECTION AFTER ONE-YEAR 
REMEDIATION PERIOD.—If a banking organiza-
tion described under subparagraph (A) does 
not, within the 1-year period beginning on the 
date of such determination, raise the organiza-
tion’s quarterly leverage ratio for a calendar 
quarter ending in such 1-year period to at least 
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10 percent, the banking organization’s election 
under this section shall be terminated, and the 
appropriate Federal banking agency shall notify 
any applicable State bank supervisor that regu-
lates the banking organization of such termi-
nation. 
(C) EFFECT OF SUBSIDIARY ON PARENT 
ORGANIZATION.—With respect to a qualifying 
banking organization described under subpara-
graph (A) that is an insured depository institu-
tion, any parent depository institution holding 
company of the qualifying banking organization 
shall— 
(i) if the appropriate Federal banking 
agency determines it appropriate, be pro-
hibited from making a capital distribution 
(other than a capital contribution to such 
qualifying banking organization described 
under subparagraph (A)); and 
(ii) if the qualifying banking organiza-
tion has an election terminated under sub-
paragraph (B), any such parent depository 
institution holding company shall also have 
its election under this section terminated. 
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(2) IMMEDIATE
LOSS
OF
ELECTION
IF
THE 
QUARTERLY LEVERAGE RATIO FALLS BELOW 6 PER-
CENT.— 
(A) IN GENERAL.—If, with respect to the 
most recently completed calendar quarter, the 
appropriate Federal banking agency determines 
that a qualifying banking organization’s quar-
terly leverage ratio is below 6 percent, the 
banking organization’s election under this sec-
tion shall be terminated, and the appropriate 
Federal banking agency shall notify any appli-
cable State bank supervisor that regulates the 
banking organization of such termination. 
(B) EFFECT OF SUBSIDIARY ON PARENT 
ORGANIZATION.—With respect to a qualifying 
banking organization described under subpara-
graph (A) that is an insured depository institu-
tion, any parent depository institution holding 
company of the qualifying banking organization 
shall also have its election under this section 
terminated. 
(3) ABILITY TO MAKE FUTURE ELECTIONS.—If 
a banking organization has an election under this 
section terminated, the banking organization may 
not apply for another election under this section 
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until the banking organization has maintained a 
quarterly leverage ratio of at least 10 percent for 8 
consecutive calendar quarters. 
SEC. 602. REGULATORY RELIEF. 
(a) IN GENERAL.—A qualifying banking organization 
shall be exempt from the following: 
(1) Any Federal law, rule, or regulation ad-
dressing capital or liquidity requirements or stand-
ards. 
(2) Any Federal law, rule, or regulation that 
permits an appropriate Federal banking agency to 
object to a capital distribution. 
(3) Any consideration by an appropriate Fed-
eral banking agency of the following: 
(A) Any risk the qualifying banking orga-
nization may pose to ‘‘the stability of the finan-
cial system of the United States’’, under section 
5(c)(2) of the Bank Holding Company Act of 
1956. 
(B) The ‘‘extent to which a proposed ac-
quisition, merger, or consolidation would result 
in greater or more concentrated risks to the 
stability of the United States banking or finan-
cial system’’, under section 3(c)(7) of the Bank 
Holding Company Act of 1956, so long as the 
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banking organization, after such proposed ac-
quisition, merger, or consolidation, would main-
tain a quarterly leverage ratio of at least 10 
percent. 
(C) Whether the performance of an activity 
by the banking organization could possibly pose 
a ‘‘risk to the stability of the United States 
banking or financial system’’, under section 
4(j)(2)(A) of the Bank Holding Company Act 
of 1956. 
(D) Whether the acquisition of control of 
shares of a company engaged in an activity de-
scribed in section 4(j)(1)(A) of the Bank Hold-
ing Company Act of 1956 could possibly pose a 
‘‘risk to the stability of the United States bank-
ing 
or 
financial 
system’’, 
under 
section 
4(j)(2)(A) of the Bank Holding Company Act 
of 1956, so long as the banking organization, 
after acquiring control of such company, would 
maintain a quarterly leverage ratio of at least 
10 percent. 
(E) Whether a merger would pose a ‘‘risk 
to the stability of the United States banking or 
financial system’’, under section 18(c)(5) of the 
Federal Deposit Insurance Act, so long as the 
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banking organization, after such proposed 
merger, would maintain a quarterly leverage 
ratio of at least 10 percent. 
(F) Any risk the qualifying banking orga-
nization may pose to ‘‘the stability of the finan-
cial system of the United States’’, under section 
10(b)(4) of the Home Owners’ Loan Act. 
(4) Subsections (i)(8) and (k)(6)(B)(ii) of sec-
tion 4 and section 14 of the Bank Holding Company 
Act of 1956. 
(5) Section 18(c)(13) of the Federal Deposit 
Insurance Act. 
(6) Section 163 of the Financial Stability Act 
of 2010. 
(7) Section 10(e)(2)(E) of the Home Owners’ 
Loan Act. 
(8) Any Federal law, rule, or regulation imple-
menting standards of the type provided for in sub-
sections (b), (c), (d), (e), (g), (h), (i), and (j) of sec-
tion 165 of the Financial Stability Act of 2010. 
(9) Any Federal law, rule, or regulation pro-
viding limitations on mergers, consolidations, or ac-
quisitions of assets or control, to the extent such 
limitations relate to capital or liquidity standards or 
concentrations of deposits or assets, so long as the 
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banking organization, after such proposed merger, 
consolidation, or acquisition, would maintain a quar-
terly leverage ratio of at least 10 percent. 
(b) QUALIFYING BANKING ORGANIZATIONS TREAT-
ED AS WELL CAPITALIZED.—A qualifying banking organi-
zation shall be deemed to be ‘‘well capitalized’’ for pur-
poses of— 
(1) section 216 of the Federal Credit Union 
Act; and 
(2) sections 29, 38, 44, and 46 of the Federal 
Deposit Insurance Act. 
(c) TREATMENT OF CERTAIN RISK-WEIGHTED ASSET 
REQUIREMENTS FOR QUALIFYING BANKING ORGANIZA-
TIONS.— 
(1) ACQUISITION SIZE CRITERIA TREATMENT.— 
A qualifying banking organization shall be deemed 
to meet the criteria described under section 
4(j)(4)(D) of the Bank Holding Company Act of 
1956, so long as after the proposed transaction the 
acquiring qualifying banking organization would 
maintain a quarterly leverage ratio of at least 10 
percent. 
(2) USE OF LEVERAGE EXPOSURE.—With re-
spect to a qualifying banking organization, in deter-
mining whether a proposal qualifies with the criteria 
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described under subparagraphs (A)(iii) and (B)(i) of 
section 4(j)(4) of the Bank Holding Company Act of 
1956, the Board of Governors of the Federal Re-
serve System shall consider the leverage exposure of 
an insured depository institution instead of the total 
risk-weighted assets of such institution. 
SEC. 603. CONTINGENT CAPITAL STUDY. 
(a) STUDY.—The Board of Governors of the Federal 
Reserve System, the Federal Deposit Insurance Corpora-
tion, and the Office of the Comptroller of the Currency 
shall each carry out a study, which shall include holding 
public hearings, on how to design a requirement that 
banking organizations issue contingent capital with a mar-
ket-based conversion trigger. 
(b) REPORT.—Not later than the end of the 1-year 
period beginning on the date of the enactment of this Act, 
each agency described under subsection (a) shall submit 
a report to the Congress containing— 
(1) all findings and determinations made by the 
agency in carrying out the study required under sub-
section (a); and 
(2) the agency’s recommendations on how the 
Congress should design a requirement that banking 
organizations issue contingent capital with a market- 
based conversion trigger. 
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SEC. 604. STUDY ON ALTERING THE CURRENT PROMPT 
CORRECTIVE ACTION RULES. 
(a) STUDY.—The Comptroller General of the United 
States shall conduct a study to assess the benefits and 
feasibility of altering the current prompt corrective action 
rules and replacing the Basel-based capital ratios with the 
nonperforming asset coverage ratio or NACR as the trig-
ger for specific required supervisory interventions. The 
Comptroller General shall ensure that such study includes 
the following: 
(1) An assessment of the performance of an 
NACR forward-looking measure of a banking orga-
nization’s solvency condition relative to the regu-
latory capital ratios currently used by prompt cor-
rective action rules. 
(2) An analysis of the performance of alter-
native definitions of nonperforming assets. 
(3) An assessment of the impact of two alter-
native intervention thresholds: 
(A) An initial (high) intervention thresh-
old, below which appropriate Federal banking 
agency examiners are required to intervene and 
assess a banking organization’s condition and 
prescribe remedial measures. 
(B) A lower threshold, below which bank-
ing organizations must increase their capital, 
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seek an acquirer, or face mandatory resolution 
within 90 days. 
(b) REPORT.—Not later than the end of the 1-year 
period beginning on the date of the enactment of this Act, 
the Comptroller General shall submit a report to the Con-
gress containing— 
(1) all findings and determinations made in car-
rying out the study required under subsection (a); 
and 
(2) recommendations on the most suitable defi-
nition of nonperforming assets, as well as the two 
numerical thresholds that trigger specific required 
supervisory interventions. 
SEC. 605. DEFINITIONS. 
For purposes of this title: 
(1) APPROPRIATE
FEDERAL
BANKING
AGEN-
CY.—The term ‘‘appropriate Federal banking agen-
cy’’— 
(A) has the meaning given such term 
under section 3 of the Federal Deposit Insur-
ance Act; and 
(B) means the National Credit Union Ad-
ministration, in the case of an insured credit 
union. 
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(2) 
BANKING
ORGANIZATION.—The 
term 
‘‘banking organization’’ means— 
(A) an insured depository institution; 
(B) an insured credit union; 
(C) a depository institution holding com-
pany; 
(D) a company that is treated as a bank 
holding company for purposes of section 8 of 
the International Banking Act; and 
(E) a U.S. intermediate holding company 
established by a foreign banking organization 
pursuant to section 252.153 of title 12, Code of 
Federal Regulations. 
(3) FOREIGN
EXCHANGE
SWAP .—The term 
‘‘foreign exchange swap’’ has the meaning given that 
term under section 1a of the Commodity Exchange 
Act. 
(4) INSURED CREDIT UNION.—The term ‘‘in-
sured credit union’’ has the meaning given that term 
under section 101 of the Federal Credit Union Act. 
(5) LEVERAGE EXPOSURE.—The term ‘‘lever-
age exposure’’— 
(A) with respect to a banking organization 
other than an insured credit union or a tradi-
tional banking organization, has the meaning 
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given the term ‘‘total leverage exposure’’ under 
section 
3.10(c)(4)(ii), 
217.10(c)(4), 
or 
324.10(c)(4) of title 12, Code of Federal Regu-
lations, as applicable, as in effect on the date 
of the enactment of this Act; 
(B) with respect to a traditional banking 
organization other than an insured credit union, 
means total assets (minus any items deducted 
from common equity tier 1 capital) as cal-
culated in accordance with generally accepted 
accounting principles and as reported on the 
traditional banking organization’s applicable 
regulatory filing with the banking organiza-
tion’s appropriate Federal banking agency; and 
(C) with respect to a banking organization 
that is an insured credit union, has the mean-
ing given the term ‘‘total assets’’ under section 
702.2 of title 12, Code of Federal Regulations, 
as in effect on the date of the enactment of this 
Act. 
(6) LEVERAGE RATIO DEFINITIONS.— 
(A) AVERAGE LEVERAGE RATIO.—With re-
spect to a banking organization, the term ‘‘av-
erage leverage ratio’’ means the average of the 
banking organization’s quarterly leverage ratios 
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for each of the most recently completed four 
calendar quarters. 
(B) QUARTERLY LEVERAGE RATIO.—With 
respect to a banking organization and a cal-
endar quarter, the term ‘‘quarterly leverage 
ratio’’ means the organization’s tangible equity 
divided by the organization’s leverage exposure, 
expressed as a percentage, on the last day of 
such quarter. 
(7) NACR.—The term ‘‘NACR’’ means— 
(A) book equity less nonperforming assets 
plus loan loss reserves, divided by 
(B) total banking organization assets. 
(8) NONPERFORMING ASSETS.—The term ‘‘non-
performing assets’’ means— 
(A) 20 percent of assets that are past due 
30 to 89 days, plus 
(B) 50 percent of assets that are past due 
90 days or more, plus 
(C) 100 percent of nonaccrual assets and 
other real estate owned. 
(9) QUALIFYING
BANKING
ORGANIZATION.— 
The term ‘‘qualifying banking organization’’ means 
a banking organization that has made an election 
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under section 601 and with respect to which such 
election is in effect. 
(10) SECURITY-BASED SWAP .—The term ‘‘se-
curity-based swap’’ has the meaning given that term 
under section 3 of the Securities Exchange Act of 
1934. 
(11) SWAP.—The term ‘‘swap’’ has the mean-
ing given that term under section 1a of the Com-
modity Exchange Act. 
(12) TANGIBLE EQUITY.—The term ‘‘tangible 
equity’’— 
(A) with respect to a banking organization 
other than a credit union, means the sum of— 
(i) common equity tier 1 capital; 
(ii) additional tier 1 capital consisting 
of instruments issued on or before the date 
of enactment of this Act; and 
(iii) with respect to a depository insti-
tution holding company that had less than 
$15,000,000,000 in total consolidated as-
sets as of December 31, 2009, or March 
31, 2010, or a banking organization that 
was a mutual holding company as of May 
19, 2010, trust preferred securities issued 
prior to May 19, 2010, to the extent such 
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organization was permitted, as of the date 
of the enactment of this Act, to consider 
such securities as tier 1 capital under ex-
isting regulations of the appropriate Fed-
eral banking agency; and 
(B) with respect to a banking organization 
that is a credit union, has the meaning given 
the term ‘‘net worth’’ under section 702.2 of 
title 12, Code of Federal Regulations, as in ef-
fect on the date of the enactment of this Act. 
(13) TRADITIONAL BANKING ORGANIZATION.— 
The term ‘‘traditional banking organization’’ means 
a banking organization that— 
(A) has zero trading assets and zero trad-
ing liabilities; 
(B) does not engage in swaps or security- 
based swaps, other than swaps or security- 
based swaps referencing interest rates or for-
eign exchange swaps; and 
(C) has a total notional exposure of swaps 
and security-based swaps of not more than 
$8,000,000,000. 
(14) OTHER BANKING TERMS.—The terms ‘‘in-
sured depository institution’’ and ‘‘depository insti-
tution holding company’’ have the meaning given 
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those terms, respectively, under section 3 of the 
Federal Deposit Insurance Act. 
(15) OTHER CAPITAL TERMS.—With respect to 
a banking organization, the terms ‘‘additional tier 1 
capital’’ and ‘‘common equity tier 1 capital’’ have 
the meaning given such terms, respectively, under 
section 3.20, 217.20, or 324.20 of title 12, Code of 
Federal Regulations, as applicable, as in effect on 
the date of the enactment of this Act. 
TITLE VII—EMPOWERING AMER-
ICANS TO ACHIEVE FINAN-
CIAL INDEPENDENCE 
Subtitle A—Separation of Powers 
and Liberty Enhancements 
SEC. 711. CONSUMER LAW ENFORCEMENT AGENCY. 
(a) MAKING THE BUREAU AN INDEPENDENT CON-
SUMER LAW ENFORCEMENT AGENCY.—The Consumer 
Financial Protection Act of 2010 (12 U.S.C. 5481 et seq.) 
is amended— 
(1) in section 1011— 
(A) in the heading of such section, by 
striking ‘‘BUREAU
OF
CONSUMER
FINAN-
CIAL
PROTECTION’’ and inserting ‘‘CON-
SUMER LAW ENFORCEMENT AGENCY’’; 
(B) in subsection (a)— 
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(i) in the heading of such subsection, 
by striking ‘‘BUREAU’’ and inserting 
‘‘AGENCY’’; 
(ii) by striking ‘‘in the Federal Re-
serve System,’’; 
(iii) by striking ‘‘independent bureau’’ 
and inserting ‘‘independent agency’’; and 
(iv) by striking ‘‘ ‘Bureau of Con-
sumer Financial Protection’ ’’ and insert-
ing ‘‘ ‘Consumer Law Enforcement Agency’ 
(hereinafter in this section referred to as 
the ‘Agency’)’’; 
(C) in subsection (b)(5), by amending sub-
paragraph (A) to read as follows: 
‘‘(A) shall be appointed by the President; 
and’’; 
(D) in subsection (c), by striking para-
graph (3); 
(E) in subsection (e), by striking ‘‘, includ-
ing in cities in which the Federal reserve banks, 
or branches of such banks, are located,’’; and 
(F) by striking ‘‘Bureau’’ each place such 
term appears and inserting ‘‘Agency’’; and 
(2) in section 1012— 
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(A) in subsection (a)(10), by striking ‘‘ex-
aminations,’’; and 
(B) by striking subsection (c). 
(b) DEEMING OF NAME.—Any reference in a law, 
regulation, document, paper, or other record of the United 
States to the Bureau of Consumer Financial Protection 
shall be deemed a reference to the Consumer Law En-
forcement Agency. 
(c) CONFORMING AMENDMENTS.— 
(1) DODD-FRANK WALL STREET REFORM AND 
CONSUMER
PROTECTION
ACT.—The Dodd-Frank 
Wall Street Reform and Consumer Protection Act 
(12 U.S.C. 5301 et seq.) is amended— 
(A) in the table of contents in section 
1(b)— 
(i) by striking ‘‘Bureau of Consumer 
Financial Protection’’ each place such term 
appears and inserting ‘‘Consumer Law En-
forcement Agency’’; and 
(ii) in the table of contents relating to 
title X, in the items relating to subtitle B, 
subtitle C, and section 1027, by striking 
‘‘Bureau’’ each place such term appears 
and inserting ‘‘Agency’’; 
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(B) in section 2, by amending paragraph 
(4) to read as follows: 
‘‘(4) AGENCY.—The term ‘Agency’ means the 
Consumer Law Enforcement Agency established 
under title X.’’; 
(C) in section 342 by striking ‘‘Bureau’’ 
each place such term appears in headings and 
text and inserting ‘‘Agency’’; 
(D) in section 1400(b)— 
(i) by striking ‘‘Bureau of Consumer 
Financial Protection’’ and inserting ‘‘Con-
sumer Law Enforcement Agency’’; and 
(ii) in the subsection heading, by 
striking ‘‘BUREAU OF CONSUMER FINAN-
CIAL PROTECTION’’ and inserting ‘‘CON-
SUMER LAW ENFORCEMENT AGENCY’’; 
(E) in section 1411(a)(1), by striking ‘‘Bu-
reau’’ and inserting ‘‘Agency’’; and 
(F) in section 1447, by striking ‘‘Director 
of the Bureau’’ each place such term appears 
and inserting ‘‘Director of the Consumer Law 
Enforcement Agency’’. 
(2) ALTERNATIVE
MORTGAGE
TRANSACTION 
PARITY
ACT
OF
1982.—The Alternative Mortgage 
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Transaction Parity Act of 1982 (12 U.S.C. 3801 et 
seq.) is amended— 
(A) by striking ‘‘Bureau of Consumer Fi-
nancial Protection’’ each place such term ap-
pears and inserting ‘‘Consumer Law Enforce-
ment Agency’’; and 
(B) in the subsection heading of subsection 
(d) of section 804 (12 U.S.C. 3803(d)), by 
striking ‘‘BUREAU’’ and inserting ‘‘AGENCY’’. 
(3) ELECTRONIC FUND TRANSFER ACT.—The 
Electronic Fund Transfer Act (15 U.S.C. 1693 et 
seq.) is amended— 
(A) by amending the second paragraph (4) 
(defining the term ‘‘Bureau’’) to read as fol-
lows: 
‘‘(4) the term ‘Agency’ means the Consumer 
Law Enforcement Agency;’’; 
(B) in section 916(d)(1), by striking ‘‘Bu-
reau of Consumer Financial Protection’’ and in-
serting ‘‘Consumer Law Enforcement Agency’’; 
and 
(C) by striking ‘‘Bureau’’ each place that 
term appears in heading or text and inserting 
‘‘Agency’’. 
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(4) EQUAL
CREDIT
OPPORTUNITY
ACT.—The 
Equal Credit Opportunity Act (15 U.S.C. 1691 et 
seq.) is amended— 
(A) in section 702 (15 U.S.C. 1691a), by 
amending subsection (c) to read as follows: 
‘‘(c) The term ‘Agency’ means the Consumer Law 
Enforcement Agency.’’; and 
(B) by striking ‘‘Bureau’’ each place that 
term appears in heading or text and inserting 
‘‘Agency’’. 
(5) EXPEDITED
FUNDS
AVAILABILITY
ACT.— 
The Expedited Funds Availability Act (12 U.S.C. 
4001 et seq.) is amended— 
(A) by striking ‘‘Bureau of Consumer Fi-
nancial Protection’’ each place such term ap-
pears and inserting ‘‘Consumer Law Enforce-
ment Agency’’; and 
(B) in the heading of section 605(f)(1), by 
striking ‘‘BOARD AND BUREAU’’ and inserting 
‘‘BOARD AND AGENCY’’. 
(6) FAIR
AND
ACCURATE
CREDIT
TRANS-
ACTIONS
ACT
OF
2003.—The Fair and Accurate 
Credit Transactions Act of 2003 (Public Law 108– 
159) is amended by striking ‘‘Bureau’’ each place 
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such term appears in heading and text and inserting 
‘‘Agency’’. 
(7) FAIR CREDIT REPORTING ACT.—The Fair 
Credit Reporting Act (15 U.S.C. 1681 et seq.) is 
amended— 
(A) by amending section 603(w) to read as 
follows: 
‘‘(w) AGENCY.—The term ‘Agency’ means the Con-
sumer Law Enforcement Agency.’’; and 
(B) by striking ‘‘Bureau’’ each place such 
term appears, other than in sections 626 and 
603(v), and inserting ‘‘Agency’’. 
(8) FAIR DEBT COLLECTION PRACTICES ACT.— 
The Fair Debt Collection Practices Act (15 U.S.C. 
1692 et seq.) is amended— 
(A) by amending section 803(1) to read as 
follows: 
‘‘(1) The term ‘Agency’ means the Consumer 
Law Enforcement Agency.’’; and 
(B) by striking ‘‘Bureau’’ each place such 
term appears in heading or text and inserting 
‘‘Agency’’. 
(9) FEDERAL DEPOSIT INSURANCE ACT.—The 
Federal Deposit Insurance Act (12 U.S.C. 1811 et 
seq.) is amended— 
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(A) in the second paragraph (6) (with the 
heading ‘‘Referral to bureau of consumer finan-
cial protection’’) of section 8(t) (12 U.S.C. 
1818(t))— 
(i) in the paragraph heading, by strik-
ing ‘‘BUREAU
OF
CONSUMER
FINANCIAL 
PROTECTION’’; and inserting ‘‘CONSUMER 
LAW ENFORCEMENT AGENCY’’; and 
(ii) by striking ‘‘Bureau of Consumer 
Financial Protection’’ and inserting ‘‘Con-
sumer Law Enforcement Agency’’; 
(B) by amending clause (vi) of section 
11(t)(2)(A) (12 U.S.C. 1821(t)(2)(A)(vi)) to 
read as follows: 
‘‘(vi) The Consumer Law Enforce-
ment Agency.’’; 
(C) in section 18(x) (12 U.S.C. 1828(x)), 
by striking ‘‘Bureau of Consumer Financial 
Protection’’ each place such term appears and 
inserting ‘‘Consumer Law Enforcement Agen-
cy’’; 
(D) by striking ‘‘Bureau’’ each place such 
term appears and inserting ‘‘Agency’’; and 
(E) in section 43(e) (12 U.S.C. 1831t(e)), 
by amending paragraph (5) to read as follows: 
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‘‘(5) AGENCY.—The term ‘Agency’ means the 
Consumer Law Enforcement Agency.’’. 
(10) FEDERAL FINANCIAL INSTITUTIONS EXAM-
INATION COUNCIL ACT OF 1978.—The Federal Fi-
nancial Institutions Examination Council Act of 
1978 (12 U.S.C. 3301 et seq.) is amended— 
(A) in section 1004(a)(4), by striking 
‘‘Consumer Financial Protection Bureau’’ and 
inserting ‘‘Consumer Law Enforcement Agen-
cy’’; and 
(B) in section 1011, by striking ‘‘Bureau 
of Consumer Financial Protection’’ and insert-
ing ‘‘Consumer Law Enforcement Agency’’. 
(11) FINANCIAL
INSTITUTIONS
REFORM, RE-
COVERY, AND ENFORCEMENT ACT OF 1989.—The Fi-
nancial Institutions Reform, Recovery, and Enforce-
ment Act of 1989 (Public Law 101–73; 103 Stat. 
183) is amended— 
(A) in section 1112(b) (12 U.S.C. 3341), 
by striking ‘‘Bureau of Consumer Financial 
Protection’’ and inserting ‘‘Consumer Law En-
forcement Agency’’; 
(B) in section 1124 (12 U.S.C. 3353), by 
striking ‘‘Bureau of Consumer Financial Pro-
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tection’’ each place such term appears and in-
serting ‘‘Consumer Law Enforcement Agency’’; 
(C) in section 1125 (12 U.S.C. 3354), by 
striking ‘‘Bureau of Consumer Financial Pro-
tection’’ each place such term appears and in-
serting ‘‘Consumer Law Enforcement Agency’’; 
and 
(D) 
in 
section 
1206(a) 
(12 
U.S.C. 
1833b(a)), by striking ‘‘Federal Housing Fi-
nance Board’’ and all that follows through 
‘‘Farm Credit Administration’’ and inserting 
‘‘Federal Housing Finance Agency, the Con-
sumer Law Enforcement Agency, and the Farm 
Credit Administration’’. 
(12) FINANCIAL LITERACY AND EDUCATION IM-
PROVEMENT ACT.—Section 513 of the Financial Lit-
eracy and Education Improvement Act (20 U.S.C. 
9702) is amended by striking ‘‘Bureau of Consumer 
Financial Protection’’ each place such term appears 
and inserting ‘‘Consumer Law Enforcement Agen-
cy’’. 
(13) GRAMM-LEACH-BLILEY ACT.—Title V of 
the Gramm-Leach-Bliley Act (15 U.S.C. 6801 et 
seq.) is amended— 
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tion’’ and inserting ‘‘Consumer Law Enforcement 
Agency’’. 
(16) HOME OWNERSHIP AND EQUITY PROTEC-
TION ACT OF 1994.—Section 158(a) of the Home 
Ownership and Equity Protection Act of 1994 (15 
U.S.C. 1601 note) is amended by striking ‘‘Bureau’’ 
and inserting ‘‘Consumer Law Enforcement Agen-
cy’’. 
(17) INTERSTATE LAND SALES FULL DISCLO-
SURE ACT.—The Interstate Land Sales Full Disclo-
sure Act (12 U.S.C. 1701 et seq.) is amended— 
(A) by striking ‘‘Bureau of Consumer Fi-
nancial Protection’’ each place such term ap-
pears and inserting ‘‘Agency’’; 
(B) in section 1402, by amending para-
graph (12) to read as follows: 
‘‘(12) ‘Agency’ means the Consumer Law En-
forcement Agency.’’; and 
(C) in section 1416, by striking ‘‘Bureau’’ 
each place such term appears and inserting 
‘‘Agency’’. 
(18) REAL ESTATE SETTLEMENT PROCEDURES 
ACT OF 1974.—The Real Estate Settlement Proce-
dures Act of 1974 (12 U.S.C. 2601 et seq.) is 
amended— 
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(A) by striking ‘‘Bureau of Consumer Fi-
nancial Protection’’ each place such term ap-
pears and inserting ‘‘Consumer Law Enforce-
ment Agency’’; 
(B) by striking ‘‘Bureau’’ each place such 
term appears and inserting ‘‘Agency’’; and 
(C) in section 3, by amending paragraph 
(9) to read as follows: 
‘‘(9) the term ‘Agency’ means the Consumer 
Law Enforcement Agency.’’. 
(19) REVISED
STATUES
OF
THE
UNITED 
STATES.—Section 5136C(b)(3)(B) of the Revised 
Statutes 
of 
the 
United 
States 
(12 
U.S.C. 
25b(b)(3)(B)) is amended by striking ‘‘Bureau of 
Consumer Financial Protection’’ and inserting ‘‘Con-
sumer Law Enforcement Agency’’. 
(20) RIGHT
TO
FINANCIAL
PRIVACY
ACT
OF 
1978.—The Right to Financial Privacy Act of 1978 
(12 U.S.C. 3401 et seq.) is amended— 
(A) by amending subparagraph (B) of sec-
tion 1101(7) (12 U.S.C. 3401(7)(B)) to read as 
follows: 
‘‘(B) the Consumer Law Enforcement 
Agency;’’; and 
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(B) by striking ‘‘Bureau of Consumer Fi-
nancial Protection’’ each place such term ap-
pears in heading or text and inserting ‘‘Con-
sumer Law Enforcement Agency’’. 
(21) S.A.F.E. MORTGAGE LICENSING ACT OF 
2008.—The S.A.F.E. Mortgage Licensing Act of 
2008 (12 U.S.C. 5101 et seq.) is amended— 
(A) in section 1507, by striking ‘‘Bureau, 
and the Bureau of Consumer Financial Protec-
tion’’ each place such term appears and insert-
ing ‘‘Consumer Law Enforcement Agency’’; 
(B) by striking ‘‘Bureau of Consumer Fi-
nancial Protection’’ each place such term ap-
pears and inserting ‘‘Consumer Law Enforce-
ment Agency’’; 
(C) by striking ‘‘Bureau’’ each place such 
appears, other than in sections 1505(a)(1), 
1507(a)(2)(A), and 1511(b), and inserting 
‘‘Agency’’; 
(D) in section 1503, by amending para-
graph (1) to read as follows: 
‘‘(1) AGENCY.—The term ‘Agency’ means the 
Consumer Law Enforcement Agency.’’; 
(E) in the heading of section 1508, by 
striking ‘‘BUREAU
OF
CONSUMER
FINAN-
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CIAL
PROTECTION’’ and inserting ‘‘CON-
SUMER LAW ENFORCEMENT AGENCY’’; and 
(F) in the heading of section 1514, by 
striking ‘‘BUREAU’’ and inserting ‘‘AGENCY’’. 
(22) TELEMARKETING AND CONSUMER FRAUD 
AND ABUSE PREVENTION ACT.—The Telemarketing 
and Consumer Fraud and Abuse Prevention Act (15 
U.S.C. 6101 et seq.) is amended by striking ‘‘Bu-
reau of Consumer Financial Protection’’ each place 
such term appears in heading or text and inserting 
‘‘Consumer Law Enforcement Agency’’. 
(23) TITLE 5, UNITED STATES CODE.—Title 5, 
United States Code, is amended— 
(A) in section 552a(w)— 
(i) in the subsection heading, by strik-
ing ‘‘BUREAU OF CONSUMER FINANCIAL 
PROTECTION’’ and inserting ‘‘CONSUMER 
LAW ENFORCEMENT AGENCY’’; 
(ii) by striking ‘‘Bureau of Consumer 
Financial Protection’’ and inserting ‘‘Con-
sumer Law Enforcement Agency’’; 
(B) in section 609(d)(2), by striking ‘‘Con-
sumer Financial Protection Bureau of the Fed-
eral Reserve System’’ and inserting ‘‘Consumer 
Law Enforcement Agency’’; and 
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(C) in section 3132(a)(1)(D), by inserting 
‘‘the Consumer Law Enforcement Agency,’’ be-
fore ‘‘and the National Credit Union Adminis-
tration’’. 
(24) TITLE 10, UNITED STATES CODE.— 
(A) SECTION
987.—Section 987(h)(3)(E) 
of title 10, United States Code, is amended by 
striking ‘‘Bureau of Consumer Financial Pro-
tection’’ and inserting ‘‘Consumer Law En-
forcement Agency’’. 
(B) NDAA FY
2015.—Section 557(a) of 
the Carl Levin and Howard P. ‘‘Buck’’ McKeon 
National Defense Authorization Act for Fiscal 
Year 2015 (Public Law 113–29; 128 Stat. 
3381; 10 U.S.C. 1144 note), is amended by 
striking ‘‘Consumer Financial Protection Bu-
reau’’ each place such term appears and insert-
ing ‘‘Consumer Law Enforcement Agency’’. 
(25) TITLE 44, UNITED STATES CODE.—Title 
44, United States Code, is amended— 
(A) in section 3502(5), by striking ‘‘the 
Bureau of Consumer Financial Protection,’’; 
and 
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(B) in section 3513(c), by striking ‘‘Bu-
reau of Consumer Financial Protection’’ and in-
serting ‘‘Consumer Law Enforcement Agency’’. 
(26) TRUTH IN LENDING ACT.—The Truth in 
Lending Act (15 U.S.C. 1601 et seq.) is amended— 
(A) by amending section 103(b) (15 U.S.C. 
1602(b)) to read as follows: 
‘‘(b) AGENCY.—The term ‘Agency’ means the Con-
sumer Law Enforcement Agency.’’; 
(B) by amending section 103(c) (15 U.S.C. 
1602(c)) to read as follows: 
‘‘(c) BOARD.—The term ‘Board’ means the Board of 
Governors of the Federal Reserve System.’’; and 
(C) in section 128(f) (15 U.S.C. 1638(f)), 
by striking ‘‘Board’’ each place such term ap-
pears and inserting ‘‘Agency’’; 
(D) in sections 129B (15 U.S.C. 1639b) 
and 129C (15 U.S.C. 1639c), by striking 
‘‘Board’’ each place such term appears and in-
serting ‘‘Agency’’; 
(E) in section 140A (15 U.S.C. 1651), by 
striking ‘‘in consultation with the Bureau’’ and 
inserting ‘‘in consultation with the Federal 
Trade Commission’’; 
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(F) by striking ‘‘Bureau’’ each place such 
term appears in heading or text and inserting 
‘‘Agency’’; and 
(G) by striking ‘‘BUREAU’’ and inserting 
‘‘AGENCY’’ in the paragraph headings for— 
(i) section 122(d)(2) (15 U.S.C. 
1632(d)(2)); 
(ii) section 127(c)(5) (15 U.S.C. 
1637(c)(5)); 
(iii) section 127(r)(3) (15 U.S.C. 
1637(r)(3)); and 
(iv) section 127A(a)(14) (15 U.S.C. 
1637a(a)(14)). 
(27) TRUTH IN SAVINGS ACT.—The Truth in 
Savings Act (12 U.S.C. 4301 et seq.) is amended— 
(A) by amending paragraph (4) of section 
274 (12 U.S.C. 4313(4)) to read as follows: 
‘‘(4) AGENCY.—The term ‘Agency’ means the 
Consumer Law Enforcement Agency.’’; 
(B) by striking ‘‘National Credit Union 
Administration Bureau’’ each place such term 
appears and inserting ‘‘National Credit Union 
Administration Board’’; and 
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(C) by striking ‘‘Bureau’’ each place such 
term appears and inserting ‘‘Agency’’, except in 
section 233(b)(4)(B). 
SEC. 712. BRINGING THE AGENCY INTO THE REGULAR AP-
PROPRIATIONS PROCESS. 
Section 1017 of the Consumer Financial Protection 
Act of 2010 (12 U.S.C. 5497) is amended— 
(1) in subsection (a)— 
(A) by amending the heading of such sub-
section to read as follows: ‘‘BUDGET, FINAN-
CIAL MANAGEMENT, AND AUDIT.—’’; 
(B) by striking paragraphs (1), (2), and 
(3); 
(C) by redesignating paragraphs (4) and 
(5) as paragraphs (1) and (2), respectively; and 
(D) by striking subparagraphs (E) and (F) 
of paragraph (1), as so redesignated; 
(2) by striking subsections (b) and (c); 
(3) by redesignating subsections (d) and (e) as 
subsections (b) and (c), respectively; and 
(4) in subsection (c), as so redesignated— 
(A) by striking paragraphs (1), (2), and 
(3) and inserting the following: 
‘‘(1) AUTHORIZATION
OF
APPROPRIATIONS.— 
There is authorized to be appropriated to the Agen-
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cy for each of fiscal years 2017 and 2018 an amount 
equal to the aggregate amount of funds transferred 
by the Board of Governors to the Bureau of Con-
sumer Financial Protection during fiscal year 
2015.’’; and 
(B) by redesignating paragraph (4) as 
paragraph (2). 
SEC. 713. CONSUMER LAW ENFORCEMENT AGENCY INSPEC-
TOR GENERAL REFORM. 
(a) APPOINTMENT OF INSPECTOR GENERAL.—The 
Inspector General Act of 1978 (5 U.S.C. App.) is amend-
ed— 
(1) in section 8G— 
(A) in subsection (a)(2), by striking ‘‘and 
the Bureau of Consumer Financial Protection’’; 
(B) in subsection (c), by striking ‘‘For 
purposes of implementing this section’’ and all 
that follows through the end of the subsection; 
and 
(C) in subsection (g)(3), by striking ‘‘and 
the Bureau of Consumer Financial Protection’’; 
and 
(2) in section 12— 
(A) in paragraph (1), by inserting ‘‘the 
Consumer Law Enforcement Agency;’’ after 
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‘‘the President of the Export-Import Bank;’’; 
and 
(B) in paragraph (2), by inserting ‘‘the 
Consumer Law Enforcement Agency,’’ after 
‘‘the Export-Import Bank,’’. 
(b) REQUIREMENTS FOR THE INSPECTOR GENERAL 
FOR THE CONSUMER LAW ENFORCEMENT AGENCY.— 
(1) ESTABLISHMENT.—Section 1011 of the 
Consumer Financial Protection Act of 2010 (12 
U.S.C. 5491), as amended by section 311, is further 
amended by adding at the end the following: 
‘‘(f) INSPECTOR GENERAL.—There is established the 
position of the Inspector General of the Agency.’’; and 
(2) HEARINGS.—Section 1016 of the Consumer 
Financial Protection Act of 2010 (12 U.S.C. 5496) 
is amended by inserting after subsection (c) the fol-
lowing: 
‘‘(d) ADDITIONAL REQUIREMENT
FOR INSPECTOR 
GENERAL.—On a separate occasion from that described 
in subsection (a), the Inspector General of the Agency 
shall appear before each of the Committee on Banking, 
Housing, and Urban Affairs of the Senate and the Com-
mittee on Financial Services of the House of Representa-
tives at semi-annual hearings no less frequently than twice 
annually, at a date determined by the chairman of the re-
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spective committee, to testify regarding the reports re-
quired under subsection (b) and the reports required 
under section 5 of the Inspector General Act of 1978 (5 
U.S.C. App.).’’. 
(3) PARTICIPATION
IN
THE
COUNCIL
OF
IN-
SPECTORS GENERAL ON FINANCIAL OVERSIGHT.— 
Section 989E(a)(1) of the Dodd-Frank Wall Street 
Reform and Consumer Protection Act is amended by 
adding at the end the following: 
‘‘(J) The Consumer Law Enforcement 
Agency.’’. 
(4) APPOINTMENT.—The President shall ap-
point an Inspector General for the Consumer Law 
Enforcement Agency in accordance with section 3 of 
the Inspector General Act of 1978 (5 U.S.C. App.). 
(c) TRANSITION PERIOD.—The Inspector General of 
the Board of Governors of the Federal Reserve System 
and the Bureau of Consumer Financial Protection shall 
serve in that position until the confirmation of an Inspec-
tor General for the Consumer Law Enforcement Agency. 
At that time, the Inspector General of the Board of Gov-
ernors of the Federal Reserve System and the Bureau of 
Consumer Financial Protection shall become the Inspector 
General of the Board of Governors of the Federal Reserve 
System. 
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SEC. 714. PRIVATE PARTIES AUTHORIZED TO COMPEL THE 
AGENCY TO SEEK SANCTIONS BY FILING 
CIVIL ACTIONS; ADJUDICATIONS DEEMED AC-
TIONS. 
Section 1053 of the Consumer Financial Protection 
Act of 2010 (12 U.S.C. 5563) is amended by adding at 
the end the following: 
‘‘(f) PRIVATE PARTIES AUTHORIZED
TO COMPEL 
THE AGENCY TO SEEK SANCTIONS BY FILING CIVIL AC-
TIONS.— 
‘‘(1) TERMINATION OF ADMINISTRATIVE PRO-
CEEDING.—In the case of any person who is a party 
to a proceeding brought by the Agency under this 
section, to which chapter 5 of title 5, United States 
Code, applies, and against whom an order imposing 
a cease and desist order or a penalty may be issued 
at the conclusion of the proceeding, that person 
may, not later than 20 days after receiving notice of 
such proceeding, and at that person’s discretion, re-
quire the Agency to terminate the proceeding. 
‘‘(2) CIVIL ACTION AUTHORIZED.—If a person 
requires the Agency to terminate a proceeding pur-
suant to paragraph (1), the Agency may bring a civil 
action against that person for the same remedy that 
might be imposed. 
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‘‘(g) ADJUDICATIONS DEEMED ACTIONS.—Any ad-
ministrative adjudication commenced under this section 
shall be deemed an ‘action’ for purposes of section 
1054(g).’’. 
SEC. 715. CIVIL INVESTIGATIVE DEMANDS TO BE AP-
PEALED TO COURTS. 
Section 1052 of the Consumer Financial Protection 
Act of 2010 (12 U.S.C. 5562) is amended— 
(1) in subsection (c)— 
(A) in paragraph (2), by inserting after 
‘‘shall state’’ the following: ‘‘with specificity’’; 
and 
(B) by adding at the end the following: 
‘‘(14) MEETING REQUIREMENT.—The recipient 
of a civil investigative demand shall meet and confer 
with an Agency investigator within 30 calendar days 
after receipt of the demand to discuss and attempt 
to resolve all issues regarding compliance with the 
civil investigative demand, unless the Agency grants 
an extension requested by such recipient.’’; 
(2) in subsection (f)— 
(A) by amending paragraph (1) to read as 
follows: 
‘‘(1) IN
GENERAL.—Not later than 45 days 
after the service of any civil investigative demand 
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upon any person under subsection (c), or at any 
time before the return date specified in the demand, 
whichever period is shorter, or within such period ex-
ceeding 45 days after service or in excess of such re-
turn date as may be prescribed in writing, subse-
quent to service, by any Agency investigator named 
in the demand, such person may file, in the district 
court of the United States for any judicial district 
in which such person resides, is found, or transacts 
business, a petition for an order modifying or setting 
aside the demand.’’; and 
(B) in paragraph (2), by striking ‘‘at the 
Bureau’’; and 
(3) in subsection (h)— 
(A) by striking ‘‘(1) IN GENERAL.—’’; and 
(B) by striking paragraph (2). 
SEC. 716. AGENCY DUAL MANDATE AND ECONOMIC ANAL-
YSIS. 
(a) PURPOSE.—Section 1021(a) of the Consumer Fi-
nancial Protection Act of 2010 (12 U.S.C. 5511(a)) is 
amended by adding at the end the following: ‘‘In addition, 
the Director shall seek to implement and, where applica-
ble, enforce Federal consumer financial law consistently 
for the purpose of strengthening participation in markets 
by covered persons, without Government interference or 
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subsidies, to increase competition and enhance consumer 
choice.’’. 
(b) OFFICE OF ECONOMIC ANALYSIS.— 
(1) IN GENERAL.—Section 1013 of the Con-
sumer Financial Protection Act of 2010 (12 U.S.C. 
5493), as amended by section 725, is further 
amended by adding at the end the following: 
‘‘(h) OFFICE OF ECONOMIC ANALYSIS.— 
‘‘(1) ESTABLISHMENT.—The Director shall, not 
later than the end of the 60-day period beginning on 
the date of the enactment of this subsection, estab-
lish an Office of Economic Analysis. 
‘‘(2) DIRECT REPORTING.—The head of the Of-
fice of Economic Analysis shall report directly to the 
Director. 
‘‘(3) REVIEW AND ASSESSMENT OF PROPOSED 
RULES AND REGULATIONS.—The Office of Economic 
Analysis shall— 
‘‘(A) review all proposed rules and regula-
tions, including regulatory guidance, of the 
Agency; 
‘‘(B) assess the impact of such rules and 
regulations, including regulatory guidance, on 
consumer choice, price, and access to credit 
products; and 
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‘‘(C) publish a report on such reviews and 
assessments in the Federal Register. 
‘‘(4) MEASURING EXISTING RULES AND REGU-
LATIONS.—The Office of Economic Analysis shall— 
‘‘(A) review each rule and regulation 
issued by the Agency after 1, 2, 6, and 11 years 
of the date such rule became effective; 
‘‘(B) measure the rule or regulation’s suc-
cess in solving the problem that the rule or reg-
ulation was intended to solve when issued; and 
‘‘(C) publish a report on such review and 
measurement in the Federal Register. 
‘‘(5) COST-BENEFIT ANALYSIS RELATED TO AD-
MINISTRATIVE
ENFORCEMENT
AND
CIVIL
AC-
TIONS.—The Office of Economic Analysis shall— 
‘‘(A) carry out a cost-benefit analysis of 
any proposed administrative enforcement ac-
tion, civil lawsuit, or consent order of the Agen-
cy; and 
‘‘(B) assess the impact of such complaint, 
lawsuit, or order on consumer choice, price, and 
access to credit products.’’. 
(2) CONSIDERATION OF REVIEW AND ASSESS-
MENT; 
RULEMAKING
REQUIREMENTS.—Section 
1022(b) of the Consumer Financial Protection Act 
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of 2010 (12 U.S.C. 5512(b)) is amended by adding 
at the end the following: 
‘‘(5) CONSIDERATION OF REVIEW AND ASSESS-
MENT BY THE OFFICE OF ECONOMIC ANALYSIS.— 
Before issuing any rule or regulation, the Director 
shall consider the review and assessment of such 
rule or regulation, including regulatory guidance, 
carried out by the Office of Economic Analysis. 
‘‘(6) IDENTIFICATION
OF
PROBLEMS
AND 
METRICS FOR JUDGING SUCCESS.— 
‘‘(A) IN GENERAL.—The Director shall, in 
each proposed rulemaking of the Agency— 
‘‘(i) identify the problem that the par-
ticular rule or regulations is seeking to 
solve; and 
‘‘(ii) specify the metrics by which the 
Agency will measure the success of the rule 
or regulation in solving such problem. 
‘‘(B) REQUIRED
METRICS.—The metrics 
specified under subparagraph (A)(ii) shall in-
clude a measurement of changes to consumer 
access to, and cost of, consumer financial prod-
ucts and services.’’. 
(3) CONSIDERATION OF COST-BENEFIT REVIEW 
RELATED
TO
ADMINISTRATIVE
ACTIONS.—The 
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Dodd-Frank Wall Street Reform and Consumer Pro-
tection Act (12 U.S.C. 5301 et seq.) is amended— 
(A) in subtitle E of title X, by adding at 
the end the following: 
‘‘SEC. 1059. CONSIDERATION OF COST-BENEFIT ANALYSIS 
RELATED 
TO 
ADMINISTRATIVE 
ENFORCE-
MENT AND CIVIL ACTIONS. 
‘‘Before initiating any administrative enforcement ac-
tion or civil lawsuit or entering into a consent order, the 
Director shall consider the cost-benefit analysis of such 
action, lawsuit, or order carried out by the Office of Eco-
nomic Analysis.’’; and 
(B) in the table of contents under section 
1(b), by inserting after the item relating to sec-
tion 1058 the following: 
‘‘Sec. 1059. Consideration of cost-benefit analysis related to administrative en-
forcement and civil actions.’’. 
(c) AVOIDANCE OF DUPLICATIVE OR UNNECESSARY 
ANALYSES.—The Consumer Law Enforcement Agency 
may perform any of the analyses required by the amend-
ments made by this section in conjunction with, or as part 
of, any other agenda or analysis required by any other 
provision of law, if such other agenda or analysis satisfies 
the provisions of this section. 
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SEC. 717. NO DEFERENCE TO AGENCY INTERPRETATION. 
The Consumer Financial Protection Act of 2010 (12 
U.S.C. 5481 et seq.) is amended— 
(1) in section 1022(b)(4)— 
(A) by striking ‘‘(A) IN GENERAL.—’’; and 
(B) by striking subparagraph (B); and 
(2) in section 1061(b)(5)(E)— 
(A) by striking ‘‘affords to the—’’ and all 
that follows through ‘‘(i) Federal Trade Com-
mission’’ and inserting ‘‘affords to the Federal 
Trade Commission’’; 
(B) by striking ‘‘; or’’ and inserting a pe-
riod; and 
(C) by striking clause (ii). 
Subtitle B—Administrative 
Enhancements 
SEC. 721. ADVISORY OPINIONS. 
Section 1022(b) of the Consumer Financial Protec-
tion Act of 2010 (12 U.S.C. 5512(b)), as amended by sec-
tion 716, is further amended by adding at the end the 
following: 
‘‘(7) ADVISORY OPINIONS.— 
‘‘(A) ESTABLISHING PROCEDURES.— 
‘‘(i) IN GENERAL.—The Director shall 
establish a procedure and, as necessary, 
promulgate rules to provide written opin-
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ions in response to inquiries concerning the 
conformance of specific conduct with Fed-
eral consumer financial law. In establishing 
the procedure, the Director shall consult 
with the prudential regulators and such 
other Federal departments and agencies as 
the Director determines appropriate, and 
obtain the views of all interested persons 
through a public notice and comment pe-
riod. 
‘‘(ii) SCOPE OF REQUEST.—A request 
for an opinion under this paragraph must 
relate to specific proposed or prospective 
conduct by a covered person contemplating 
the proposed or prospective conduct. 
‘‘(iii) SUBMISSION.—A request for an 
opinion under this paragraph may be sub-
mitted to the Director either by or on be-
half of a covered person. 
‘‘(iv) 
RIGHT
TO
WITHDRAW
IN-
QUIRY.—Any inquiry under this paragraph 
may be withdrawn at any time prior to the 
Director issuing an opinion in response to 
such inquiry, and any opinion based on an 
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inquiry that has been withdrawn shall have 
no force or effect. 
‘‘(B) ISSUANCE OF OPINIONS.— 
‘‘(i) 
IN
GENERAL.—The 
Director 
shall, within 90 days of receiving the re-
quest for an opinion under this paragraph, 
either— 
‘‘(I) issue an opinion stating 
whether the described conduct would 
violate Federal consumer financial 
law; 
‘‘(II) if permissible under clause 
(iii), deny the request; or 
‘‘(III) explain why it is not fea-
sible to issue an opinion. 
‘‘(ii) 
EXTENSION.—Notwithstanding 
clause (i), if the Director determines that 
the Agency requires additional time to 
issue an opinion, the Director may make a 
single extension of the deadline of 90 days 
or less. 
‘‘(iii) DENIAL
OF
REQUESTS.—The 
Director shall not issue an opinion, and 
shall so inform the requestor, if the re-
quest for an opinion— 
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‘‘(I) asks a general question of 
interpretation; 
‘‘(II) asks about a hypothetical 
situation; 
‘‘(III) asks about the conduct of 
someone other than the covered per-
son on whose behalf the request is 
made; 
‘‘(IV) asks about past conduct 
that the covered person on whose be-
half the request is made does not plan 
to continue in the future; or 
‘‘(V) fails to provide necessary 
supporting information requested by 
the Agency within a reasonable time 
established by the Agency. 
‘‘(iv) 
AMENDMENT
AND
REVOCA-
TION.—An advisory opinion issued under 
this paragraph may be amended or revoked 
at any time. 
‘‘(v) PUBLIC DISCLOSURE.—An opin-
ion rendered pursuant to this paragraph 
shall be placed in the Agency’s public 
record 90 days after the requesting party 
has received the advice, subject to any lim-
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itations on public disclosure arising from 
statutory restrictions, Agency regulations, 
or the public interest. The Agency shall re-
dact any personal, confidential, or identi-
fying information about the covered person 
or any other persons mentioned in the ad-
visory opinion, unless the covered person 
consents to such disclosure. 
‘‘(vi) REPORT
TO
CONGRESS.—The 
Agency shall, concurrent with the semi-an-
nual 
report 
required 
under 
section 
1016(b), submit information regarding the 
number of requests for an advisory opinion 
received, the subject of each request, the 
number of requests denied pursuant to 
clause (iii), and the time needed to respond 
to each request. 
‘‘(C) RELIANCE ON OPINION.—Any person 
may rely on an opinion issued by the Director 
pursuant to this paragraph that has not been 
amended or withdrawn. No liability under Fed-
eral consumer financial law shall attach to con-
duct consistent with an advisory opinion that 
had not been amended or withdrawn at the time 
the conduct was undertaken. 
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‘‘(D) 
ASSISTANCE
FOR
SMALL
BUSI-
NESSES.— 
‘‘(i) IN GENERAL.—The Agency shall 
assist, to the maximum extent practicable, 
small businesses in preparing inquiries 
under this paragraph. 
‘‘(ii) SMALL
BUSINESS
DEFINED.— 
For purposes of this subparagraph, the 
term ‘small business’ has the meaning 
given the term ‘small business concern’ 
under section 3 of the Small Business Act 
(15 U.S.C. 632). 
‘‘(E) INQUIRY FEE.— 
‘‘(i) IN GENERAL.—The Director shall 
develop a system to charge a fee for each 
inquiry made under this paragraph in an 
amount sufficient, in the aggregate, to pay 
for the cost of carrying out this paragraph. 
‘‘(ii) NOTICE
AND
COMMENT.—Not 
later than 45 days after the date of the en-
actment of this paragraph, the Director 
shall publish a description of the fee sys-
tem described in clause (i) in the Federal 
Register and shall solicit comments from 
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the public for a period of 60 days after 
publication. 
‘‘(iii) FINALIZATION.—The Director 
shall publish a final description of the fee 
system and implement such fee system not 
later than 30 days after the end of the 
public comment period described in clause 
(ii).’’. 
SEC. 722. REFORM OF CONSUMER FINANCIAL CIVIL PEN-
ALTY FUND. 
(a) SEGREGATED ACCOUNTS.—Section 1017(b) of 
the Consumer Financial Protection Act of 2010, as redes-
ignated by section 712, is amended by redesignating para-
graph (2) as paragraph (3), and by inserting after para-
graph (1) the following new paragraph: 
‘‘(2) SEGREGATED
ACCOUNTS
IN
CIVIL
PEN-
ALTY FUND.— 
‘‘(A) IN GENERAL.—The Agency shall es-
tablish and maintain a segregated account in 
the Civil Penalty Fund each time the Agency 
obtains a civil penalty against any person in 
any judicial or administrative action under Fed-
eral consumer financial laws. 
‘‘(B) DEPOSITS
IN
SEGREGATED
AC-
COUNTS.—The Agency shall deposit each civil 
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penalty collected into the segregated account es-
tablished for such penalty under subparagraph 
(A).’’. 
(b) PAYMENT TO VICTIMS.—Paragraph (3) of section 
1017(b) of such Act, as redesignated by subsection (a), 
is amended to read as follows: 
‘‘(3) PAYMENT TO VICTIMS.— 
‘‘(A) IN GENERAL.— 
‘‘(i) IDENTIFICATION OF CLASS.—Not 
later than 60 days after the date of deposit 
of amounts in a segregated account in the 
Civil Penalty Fund, the Agency shall iden-
tify the class of victims of the violation of 
Federal consumer financial laws for which 
such amounts were collected and deposited 
under paragraph (2). 
‘‘(ii) PAYMENTS.—The Agency, within 
2 years after the date on which such class 
of victims is identified, shall locate and 
make payments from such amounts to each 
victim. 
‘‘(B) FUNDS DEPOSITED IN TREASURY.— 
‘‘(i) IN GENERAL.—The Agency shall 
deposit into the general fund of the Treas-
ury any amounts remaining in a seg-
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regated account in the Civil Penalty Fund 
at the end of the 2-year period for pay-
ments to victims under subparagraph (A). 
‘‘(ii) IMPOSSIBLE
OR
IMPRACTICAL 
PAYMENTS.—If the Agency determines be-
fore the end of the 2-year period for pay-
ments to victims under subparagraph (A) 
that such victims cannot be located or pay-
ments to such victims are otherwise not 
practicable, the Agency shall deposit into 
the general fund of the Treasury the 
amounts in the segregated account in the 
Civil Penalty Fund.’’. 
(c) EFFECTIVE DATE.— 
(1) IN GENERAL.—The amendments made by 
this section shall apply with respect to civil penalties 
collected after the date of enactment of this Act. 
(2) AMOUNTS IN CONSUMER FINANCIAL CIVIL 
PENALTY FUND ON DATE OF ENACTMENT.—With 
respect to amounts in the Consumer Financial Civil 
Penalty Fund on the date of enactment of this Act 
that were not allocated for consumer education and 
financial literacy programs on or before September 
30, 2015, the Consumer Law Enforcement Agency 
shall separate such amounts into segregated ac-
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counts in accordance with, and for purposes of, sec-
tion 1017(d) of the Consumer Financial Protection 
Act of 2010, as amended by this section. The date 
of deposit of such amounts shall be deemed to be the 
date of enactment of this Act. 
SEC. 723. AGENCY PAY FAIRNESS. 
(a) IN GENERAL.—Section 1013(a)(2) of the Con-
sumer Financial Protection Act of 2010 (12 U.S.C. 
5493(a)(2)) is amended to read as follows: 
‘‘(2) COMPENSATION.—The rates of basic pay 
for all employees of the Agency shall be set and ad-
justed by the Director in accordance with the Gen-
eral Schedule set forth in section 5332 of title 5, 
United States Code.’’. 
(b) EFFECTIVE DATE.—The amendment made by 
subsection (a) shall apply to service by an employee of the 
Consumer Law Enforcement Agency following the 90-day 
period beginning on the date of enactment of this Act. 
SEC. 724. ELIMINATION OF MARKET MONITORING FUNC-
TIONS. 
The Consumer Financial Protection Act of 2010 (12 
U.S.C. 5481 et seq.) is amended— 
(1) in section 1021(c)— 
(A) by striking paragraph (3); and 
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(B) by redesignating paragraphs (4), (5), 
and (6) as paragraphs (3), (4), and (5), respec-
tively; 
(2) in section 1022, by striking subsection (c); 
and 
(3) in section 1026(b), by striking ‘‘, and to as-
sess and detect risks to consumers and consumer fi-
nancial markets’’. 
SEC. 725. REFORMS TO MANDATORY FUNCTIONAL UNITS. 
The Consumer Financial Protection Act of 2010 (12 
U.S.C. 5481 et seq.) is amended— 
(1) in section 1013— 
(A) in subsection (b)— 
(i) in paragraph (1), by striking 
‘‘shall establish’’ and inserting ‘‘may estab-
lish’’; 
(ii) in paragraph (2), by striking 
‘‘shall establish’’ and inserting ‘‘may estab-
lish’’; and 
(iii) paragraph (3)(D)— 
(I) by striking ‘‘To facilitate 
preparation of the reports required 
under subparagraph (C), supervision 
and enforcement activities, and moni-
toring of the market for consumer fi-
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nancial products and services, the’’ 
and inserting ‘‘The’’; and 
(II) by adding at the end the fol-
lowing: ‘‘Information collected under 
this paragraph may not be made pub-
licly available, except as required by 
law.’’; 
(B) in subsection (c)— 
(i) in paragraph (1), by striking 
‘‘shall establish’’ and inserting ‘‘may estab-
lish’’; and 
(ii) in paragraph (3), by striking 
‘‘There is established the’’ and inserting 
‘‘At any time when the Office of Fair 
Lending and Equal Opportunity exists 
within the Agency, there shall be a’’; 
(C) in subsection (d)— 
(i) in paragraph (1), by striking 
‘‘shall establish’’ and inserting ‘‘may estab-
lish’’; 
(ii) in paragraph (3)— 
(I) in subparagraph (A), by in-
serting ‘‘, if such Office exists within 
the Agency,’’ after ‘‘Community Af-
fairs Office’’; and 
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(II) in subparagraph (B), by 
striking ‘‘established by the Director’’ 
and inserting ‘‘, if established by the 
Director,’’; and 
(iii) in paragraph (4), by striking 
‘‘Not later than 24 months after the des-
ignated transfer date, and annually there-
after,’’ and inserting ‘‘Annually, at any 
time when the Office of Financial Edu-
cation exists within the Agency,’’; 
(D) in subsection (e)(1), by striking ‘‘shall 
establish’’ and inserting ‘‘may establish’’; 
(E) by striking subsection (f); 
(F) by redesignating subsections (g) and 
(h) as subsections (f) and (g), respectively; and 
(G) in subsection (f), as so redesignated— 
(i) in paragraph (1)— 
(I) by striking ‘‘Before the end of 
the 180-day period beginning on the 
designated transfer date, the Director 
shall’’ and inserting ‘‘The Director 
may’’; and 
(II) by striking ‘‘on protection 
from unfair, deceptive, and abusive 
practices and’’; 
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(ii) in paragraph (2), by striking ‘‘The 
Office’’ and inserting ‘‘At any time when 
the Office of Financial Protection for 
Older Americans exists within the Agency, 
the Office’’; and 
(iii) in paragraph (3)— 
(I) in subparagraph (A)— 
(aa) by striking clause (i); 
(bb) 
by 
redesignating 
clauses (ii) and (iii) as clauses (i) 
and (ii), respectively; and 
(cc) in clause (ii), as so re-
designated, by striking ‘‘to re-
spond 
to 
consumer 
problems 
caused by unfair, deceptive, or 
abusive practices’’; 
(II) in subparagraph (B), by 
striking ‘‘and alert the Commission 
and State regulators of certifications 
or designations that are identified as 
unfair, deceptive, or abusive’’; and 
(III) in subparagraph (D)— 
(aa) by striking clause (i); 
and 
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(bb) 
by 
redesignating 
clauses (ii) and (iii) as clauses (i) 
and (ii), respectively; 
(2) in section 1029(e), by inserting after ‘‘Af-
fairs,’’ the following: ‘‘if established under this 
title,’’; and 
(3) in section 1035— 
(A) in subsection (a), by striking ‘‘shall 
designate’’ and inserting ‘‘may designate’’; and 
(B) in subsection (b), by striking ‘‘The 
Secretary’’ and inserting ‘‘If the Secretary des-
ignates the Ombudsman under subsection (a), 
the Secretary’’. 
SEC. 726. REPEAL OF MANDATORY ADVISORY BOARD. 
(a) IN GENERAL.—Section 1014 of the Consumer Fi-
nancial Protection Act of 2010 (12 U.S.C. 5494) is re-
pealed. 
(b) CLERICAL AMENDMENT.—The table of contents 
in section 1(b) of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act is amended by striking the item 
relation to section 1014. 
(c) RULE OF CONSTRUCTION.—Nothing in this sec-
tion may be construed as limiting the authority of the Di-
rector of the Consumer Law Enforcement Agency to es-
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tablish advisory committees pursuant to the Federal Advi-
sory Committee Act. 
SEC. 727. ELIMINATION OF SUPERVISION AUTHORITY. 
(a) IN GENERAL.—The Consumer Financial Protec-
tion Act of 2010 (12 U.S.C. 5481 et seq.) is amended— 
(1) in section 1002(15)(B)(ii)(I), by striking 
‘‘examination or’’; 
(2) in section 1013(a)(1)(B), by striking ‘‘com-
pliance examiners, compliance supervision analysts,’’; 
(3) in section 1016(c)— 
(A) in paragraph (5), by striking ‘‘super-
visory and’’; and 
(B) in paragraph (6), by striking ‘‘orders, 
and supervisory actions’’ and inserting ‘‘and or-
ders’’; 
(4) in section 1024— 
(A) in the heading, by striking ‘‘SUPER-
VISION
OF’’ and inserting ‘‘AUTHORITY 
WITH RESPECT TO CERTAIN’’; 
(B) in subsection (a)— 
(i) in paragraph (1)(B), by striking 
‘‘as defined by rule in accordance with 
paragraph (2)’’ and inserting ‘‘as of the 
date of the enactment of the Financial 
CHOICE Act of 2017’’; 
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(ii) by striking paragraph (2); 
(iii) by redesignating paragraph (3) as 
paragraph (2); and 
(iv) in subparagraph (A) of paragraph 
(2), as so redesignated, by striking 
‘‘1025(a) or’’; 
(C) by striking subsection (b); 
(D) by redesignating subsections (c), (d), 
(e), and (f) as subsections (b), (c), (d), and (e), 
respectively; 
(E) in subsection (c), as so redesignated— 
(i) in the heading, by striking ‘‘AND 
EXAMINATION AUTHORITY’’; and 
(ii) by striking ‘‘, conduct examina-
tions,’’ each place such term appears; 
(F) in subsection (d), as so redesignated— 
(i) by inserting ‘‘rulemaking and en-
forcement, but not supervisory,’’ before 
‘‘authority of the Bureau’’; and 
(ii) by striking ‘‘conducting any exam-
ination or requiring any report from a 
service provider subject to this subsection’’ 
and inserting ‘‘carrying out any authority 
pursuant to this subsection with respect to 
a service provider’’; 
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(5) by striking section 1025; 
(6) in section 1026— 
(A) by amending subsection (a) to read as 
follows: 
‘‘(a) SCOPE OF COVERAGE.—This section shall apply 
to any covered person that is an insured depository insti-
tution or an insured credit union.’’; 
(B) in subsection (b)(3), by striking ‘‘re-
port of examination or related’’; 
(C) by striking subsection (c); 
(D) by redesignating subsections (d) and 
(e) as subsections (c) and (d), respectively; 
(E) in subsection (c), as so redesignated, 
by adding at the end the following: 
‘‘(3) VERY LARGE INSTITUTIONS.— 
‘‘(A) PRIMARY
ENFORCEMENT
AUTHOR-
ITY.—Notwithstanding paragraph (1), to the 
extent that the Agency and another Federal 
agency are authorized to enforce a Federal con-
sumer financial law, the Agency shall have pri-
mary authority to enforce that Federal con-
sumer financial law with respect to an insured 
depository institution or insured credit union, if 
such depository institution or credit union has 
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total assets of more than $10,000,000,000, and 
any affiliate thereof. 
‘‘(B) REFERRAL.—Any Federal agency, 
other than the Federal Trade Commission, that 
is authorized to enforce a Federal consumer fi-
nancial law may recommend, in writing, to the 
Agency that the Agency initiate an enforcement 
proceeding with respect to a person described in 
subparagraph (A), as the Agency is authorized 
to do by that Federal consumer financial law. 
‘‘(C) BACKUP
ENFORCEMENT
AUTHOR-
ITY.—If the Agency does not, before the end of 
the 120-day period beginning on the date on 
which the Agency receives a recommendation 
under subparagraph (B), initiate an enforce-
ment proceeding, the other agency referred to 
in subparagraph (B) may initiate an enforce-
ment proceeding.’’; and 
(F) in subsection (d), as so redesignated— 
(i) by inserting after ‘‘subsection (a)’’ 
the following: ‘‘, or to any person described 
under subsection (c)(3)(A),’’; 
(ii) by striking ‘‘section 1025’’ and in-
serting ‘‘this section’’; and 
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(iii) by striking ‘‘When conducting 
any examination or requiring any report 
from a service provider subject to this sub-
section’’ and inserting ‘‘In carrying out 
any authority pursuant to this subsection 
with respect to a service provider’’; 
(7) in section 1027— 
(A) by striking ‘‘supervisory,’’ each place 
such term appears; 
(B) in subsection (e)(1), by striking ‘‘su-
pervisory or’’; and 
(C) in subsection (p), by striking ‘‘section 
1024(c)(1)’’ 
and 
inserting 
‘‘section 
1024(b)(1)’’; 
(8) in section 1034— 
(A) by striking subsections (b) and (c); 
and 
(B) by redesignating subsection (d) as sub-
section (b); 
(9) in section 1053— 
(A) in subsection (b)(1)(A), by striking 
‘‘sections 1024, 1025, and 1026’’ and inserting 
‘‘sections 1024 and 1026’’; and 
(B) in subsection (c)(3)(B)(ii)(II), by 
striking ‘‘, by examination or otherwise,’’; 
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(10) in section 1054(a), by striking ‘‘sections 
1024, 1025, and 1026’’ and inserting ‘‘sections 
1024 and 1026’’; 
(11) in section 1061— 
(A) in subsection (a)(1)— 
(i) in subparagraph (A), by striking ‘‘; 
and’’ at the end and inserting a period; 
(ii) by striking ‘‘means—’’ and all 
that follows through ‘‘(A) all’’ and insert-
ing ‘‘means all’’; and 
(iii) by striking subparagraph (B); 
and 
(B) in subsection (c)— 
(i) by amending paragraph (1) to read 
as follows: 
‘‘(1) EXAMINATION.—A transferor agency that 
is a prudential regulator shall have exclusive author-
ity (relative to the Bureau) to require reports from 
and conduct examinations for compliance with Fed-
eral consumer financial laws with respect to a person 
described in section 1026(a).’’; and 
(ii) in paragraph (2)— 
(I) by striking subparagraph (A); 
and 
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(II) by redesignating subpara-
graphs (B) and (C) as subparagraphs 
(A) and (B), respectively; 
(12) in section 1063, by striking ‘‘sections 
1024, 1025, and 1026’’ each place such term ap-
pears and inserting ‘‘sections 1024 and 1026’’; and 
(13) in section 1067, by striking subsection (e). 
(b) HOME MORTGAGE DISCLOSURE ACT OF 1975.— 
Section 305(d) of the Home Mortgage Disclosure Act of 
1975 (12 U.S.C. 2804(d)) is amended by striking ‘‘exam-
ine and’’. 
(c) OMNIBUS APPROPRIATIONS ACT, 2009.—Section 
626 of the Omnibus Appropriations Act, 2009 (15 U.S.C. 
1638 note) is repealed. 
(d) CLERICAL AMENDMENT.—The table of contents 
in section 1(b) of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act is amended— 
(1) in the item relating to section 1024, by 
striking ‘‘SUPERVISION OF’’ and inserting ‘‘AU-
THORITY WITH RESPECT TO CERTAIN’’; and 
(2) by striking the item relating to section 
1025. 
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SEC. 728. TRANSFER OF OLD OTS BUILDING FROM OCC TO 
GSA. 
(a) IN GENERAL.—Within 180 days of the date of 
the enactment of this Act, the Comptroller of the Currency 
shall transfer, at no cost, the parcel of real property in 
the District of Columbia located at 1700 G Street, North-
west, to the administrative jurisdiction, custody, and con-
trol of the Administrator of General Services. 
(b) GSA STUDY.— 
(1) STUDY.—The Administrator of General 
Services shall carry out a study to determine— 
(A) the Consumer Law Enforcement Agen-
cy’s office real estate leasing needs, in light of 
the changes to the Agency’s structure made by 
this Act; 
(B) whether the office space referenced in 
subsection (a) is the most cost-effective use of 
taxpayer money in meeting those needs, relative 
to alternative leasing options in the Wash-
ington, D.C. Metropolitan Area; and 
(C) if there is a Government department 
or agency that has building needs that could be 
met by moving all or a portion of the employees 
of such department or agency to the property 
described under subsection (a). 
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(2) REPORT.—Not later than the end of the 6- 
month period beginning on the date of the enact-
ment of this Act, the Administrator of General Serv-
ices shall issue a report to the Congress containing 
all findings and determinations made in carrying out 
the study required under paragraph (1). 
(3) AUTHORITY TO SELL PROPERTY.—If, after 
carrying out the study required under paragraph 
(1), the Administrator of General Services deter-
mines that— 
(A) the Consumer Law Enforcement Agen-
cy’s office real estate leasing needs have 
changed in light of the changes to the Agency’s 
structure made by this Act, and 
(B) that there is no Government depart-
ment or agency that has building needs that 
could be met by moving all or a portion of the 
employees of such department or agency to the 
property described under subsection (a), 
the Administrator may sell such property to the 
highest bidder, so long as the revenue from the sale 
exceeds the combined cost of building such property 
and the cost of the most recently completed renova-
tion of such property. 
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SEC. 729. LIMITATION ON AGENCY AUTHORITY. 
Section 1027 of the Consumer Financial Protection 
Act of 2010 (12 U.S.C. 5517) is amended— 
(1) in subsection (g)(3)(A), by striking ‘‘may 
not exercise any rulemaking or enforcement author-
ity’’ and inserting ‘‘may not exercise any rule-
making, enforcement, or other authority’’; 
(2) in subsection (i)(1), by striking ‘‘shall have 
no authority to exercise any power to enforce this 
title’’ and inserting ‘‘may not exercise any rule-
making, enforcement, or other authority’’; and 
(3) in subsection (j)(1), by striking ‘‘shall have 
no authority to exercise any power to enforce this 
title’’ and inserting ‘‘may not exercise any rule-
making, enforcement, or other authority’’. 
Subtitle C—Policy Enhancements 
SEC. 731. CONSUMER RIGHT TO FINANCIAL PRIVACY. 
(a) REQUIREMENT OF THE AGENCY TO OBTAIN PER-
MISSION BEFORE COLLECTING NONPUBLIC PERSONAL 
INFORMATION.—Section 1022 of the Consumer Financial 
Protection Act of 2010 (12 U.S.C. 5512), as amended by 
section 724(2), is further amended by inserting after sub-
section (b) the following: 
‘‘(c) CONSUMER PRIVACY.— 
‘‘(1) IN GENERAL.—The Agency may not re-
quest, obtain, access, collect, use, retain, or disclose 
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any nonpublic personal information about a con-
sumer unless— 
‘‘(A) the Agency clearly and conspicuously 
discloses to the consumer, in writing or in an 
electronic form, what information will be re-
quested, obtained, accessed, collected, used, re-
tained, or disclosed; and 
‘‘(B) before such information is requested, 
obtained, accessed, collected, used, retained, or 
disclosed, the consumer informs the Agency 
that such information may be requested, ob-
tained, accessed, collected, used, retained, or 
disclosed. 
‘‘(2) APPLICATION OF REQUIREMENT TO CON-
TRACTORS OF THE AGENCY.—Paragraph (1) shall 
apply to any person directed or engaged by the 
Agency to collect information to the extent such in-
formation is being collected on behalf of the Agency. 
‘‘(3) DEFINITION OF NONPUBLIC PERSONAL IN-
FORMATION.—In this subsection, the term ‘non-
public personal information’ has the meaning given 
the term in section 509 of the Gramm-Leach-Bliley 
Act (15 U.S.C. 6809).’’. 
(b) REMOVAL
OF EXEMPTION
FOR
THE AGENCY 
FROM THE RIGHT TO FINANCIAL PRIVACY ACT.—Section 
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1113 of the Right to Financial Privacy Act of 1978 (12 
U.S.C. 3413) is amended by striking subsection (r). 
SEC. 732. REPEAL OF COUNCIL AUTHORITY TO SET ASIDE 
AGENCY RULES AND REQUIREMENT OF SAFE-
TY AND SOUNDNESS CONSIDERATIONS WHEN 
ISSUING RULES. 
(a) REPEAL OF AUTHORITY.— 
(1) IN GENERAL.—Section 1023 of the Con-
sumer Financial Protection Act of 2010 (12 U.S.C. 
5513) is hereby repealed. 
(2) 
CONFORMING
AMENDMENT.—Section 
1022(b)(2)(C) of the Consumer Financial Protection 
Act of 2010 (12 U.S.C. 5512(b)(2)(C)) is amended 
by striking ‘‘, except that nothing in this clause shall 
be construed as altering or limiting the procedures 
under section 1023 that may apply to any rule pre-
scribed by the Bureau’’. 
(3) CLERICAL AMENDMENT.—The table of con-
tents under section 1(b) of the Dodd-Frank Wall 
Street Reform and Consumer Protection Act is 
amended by striking the item relating to section 
1023. 
(b) SAFETY
AND
SOUNDNESS
CHECK.—Section 
1022(b)(2)(A) of the Consumer Financial Protection Act 
of 2010 (12 U.S.C. 5512(b)(2)(A)) is amended— 
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(1) in clause (i), by striking ‘‘and’’ at the end; 
(2) in clause (ii), by adding ‘‘and’’ at the end; 
and 
(3) by adding at the end the following: 
‘‘(iii) the impact of such rule on the 
financial safety or soundness of an insured 
depository institution;’’. 
SEC. 733. REMOVAL OF AUTHORITY TO REGULATE SMALL- 
DOLLAR CREDIT. 
The Consumer Financial Protection Act of 2010 (12 
U.S.C. 5481 et seq.) is amended— 
(1) in section 1024(a)(1)— 
(A) in subparagraph (C), by adding ‘‘or’’ 
at the end; 
(B) in subparagraph (D), by striking ‘‘; 
or’’ and inserting a period; and 
(C) by striking subparagraph (E); and 
(2) in section 1027, by adding at the end the 
following: 
‘‘(t) NO AUTHORITY TO REGULATE SMALL-DOLLAR 
CREDIT.—The Agency may not exercise any rulemaking, 
enforcement, or other authority with respect to payday 
loans, vehicle title loans, or other similar loans.’’. 
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SEC. 734. REFORMING INDIRECT AUTO FINANCING GUID-
ANCE. 
(a) NULLIFICATION
OF
AUTO
LENDING
GUID-
ANCE.—Bulletin 2013–02 of the Bureau of Consumer Fi-
nancial Protection (published March 21, 2013) shall have 
no force or effect. 
(b) GUIDANCE REQUIREMENTS.—Section 1022(b) of 
the Consumer Financial Protection Act of 2010 (12 
U.S.C. 5512(b)), as amended by section 721, is further 
amended by adding at the end the following: 
‘‘(8) GUIDANCE
ON
INDIRECT
AUTO
FINANC-
ING.—In proposing and issuing guidance primarily 
related to indirect auto financing, the Agency 
shall— 
‘‘(A) provide for a public notice and com-
ment period before issuing the guidance in final 
form; 
‘‘(B) make available to the public, includ-
ing on the website of the Agency, all studies, 
data, methodologies, analyses, and other infor-
mation relied on by the Agency in preparing 
such guidance; 
‘‘(C) redact such information as necessary 
to maintain the nonpublic nature of confidential 
information, such as trade secrets and other 
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confidential commercial or financial informa-
tion, and personally identifiable information; 
‘‘(D) consult with the Board of Governors 
of the Federal Reserve System, the Federal 
Trade Commission, and the Department of Jus-
tice; and 
‘‘(E) conduct a study on the costs and im-
pacts of such guidance to consumers and 
women-owned, minority-owned, veteran-owned, 
and small businesses, including consumers and 
small businesses in rural areas.’’. 
(c) RULE OF CONSTRUCTION.—Nothing in this sec-
tion shall be construed to apply to guidance issued by the 
Consumer Law Enforcement Agency that is not primarily 
related to indirect auto financing. 
SEC. 735. REMOVAL OF AGENCY UDAAP AUTHORITY. 
(a) IN GENERAL.—The Consumer Financial Protec-
tion Act of 2010 (12 U.S.C. 5481 et seq.) is amended— 
(1) in section 1021(b)(2), by striking ‘‘from un-
fair, deceptive, or abusive acts and practices and’’; 
(2) by striking section 1031; 
(3) in section 1036(a)— 
(A) in paragraph (1)— 
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(i) by striking ‘‘provider’’ and all that 
follows through ‘‘to offer’’ and inserting 
‘‘provider to offer’’; 
(ii) by striking subparagraph (B); and 
(B) in paragraph (2)(C), by striking ‘‘; or’’ 
at the end and inserting a period; and 
(C) by striking paragraph (3); and 
(4) in section 1061(b)(5)— 
(A) in subparagraph (B)— 
(i) by striking ‘‘(i) In general.—’’; 
and 
(ii) by striking clause (ii); 
(B) by striking subparagraph (D); and 
(C) by redesignating subparagraph (E) (as 
amended by section 717(2)) as subparagraph 
(D); and 
(5) in section 1076(b)(2), by striking ‘‘deter-
mine—’’ and all that follows through ‘‘(B) provide 
for’’ and inserting ‘‘determine, provide for’’. 
(b) TELEMARKETING AND CONSUMER FRAUD AND 
ABUSE PREVENTION ACT.—Section 3(c) of the Tele-
marketing and Consumer Fraud and Abuse Prevention 
Act (15 U.S.C. 6102) is amended— 
(1) in paragraph (1), by striking ‘‘; and’’ at the 
end and inserting a period; 
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(2) by striking paragraph (2); and 
(3) by striking ‘‘subsection (a)—’’ and all that 
follows through ‘‘(1) shall’’ and inserting ‘‘sub-
section (a) shall’’. 
(c) CLERICAL AMENDMENT.—The table of contents 
in section 1(b) of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act is amended by striking the item 
relating to section 1031. 
SEC. 736. PRESERVATION OF UDAP AUTHORITY FOR FED-
ERAL BANKING REGULATORS. 
(a) IN GENERAL.—Section 18(f) of the Federal 
Trade Commission Act (15 U.S.C. 57a(f)) is amended to 
read as follows: 
‘‘(f) UNFAIR OR DECEPTIVE ACTS OR PRACTICES BY 
DEPOSITORY INSTITUTIONS.— 
‘‘(1) IN GENERAL.—In order to prevent unfair 
or deceptive acts or practices in or affecting com-
merce (including acts or practices which are unfair 
or deceptive to consumers) by depository institu-
tions, each Federal banking regulator shall prescribe 
regulations to carry out the purposes of this section, 
including regulations defining with specificity such 
unfair or deceptive acts or practices, and containing 
requirements prescribed for the purpose of pre-
venting such acts or practices. 
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‘‘(2) PROMULGATING SUBSTANTIALLY SIMILAR 
REGULATIONS.—Whenever the Commission pre-
scribes a rule under subsection (a)(1)(B), then with-
in 60 days after such rule takes effect each Federal 
banking regulator shall promulgate substantially 
similar regulations prohibiting acts or practices of 
depository institutions which are substantially simi-
lar to those prohibited by rules of the Commission 
and which impose substantially similar requirements, 
unless— 
‘‘(A) the Federal banking regulator finds 
that such acts or practices of depository institu-
tions are not unfair or deceptive; or 
‘‘(B) the Board of Governors of the Fed-
eral Reserve System finds that implementation 
of similar regulations with respect to depository 
institutions would seriously conflict with essen-
tial monetary and payments systems policies of 
such Board, and publishes any such finding, 
and the reasons therefor, in the Federal Reg-
ister. 
‘‘(3) ENFORCEMENT.— 
‘‘(A) IN GENERAL.—Compliance with regu-
lations prescribed under this subsection shall be 
enforced— 
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‘‘(i) under section 8 of the Federal 
Deposit Insurance Act, with respect to a 
depository institution other than a Federal 
credit union; and 
‘‘(ii) under sections 120 and 206 of 
the Federal Credit Union Act, with respect 
to a Federal credit union. 
‘‘(B) DEEMING
OF
VIOLATION.—For the 
purpose of the exercise by a Federal banking 
regulator of the regulator’s powers under any 
Act referred to in subparagraph (A), a violation 
of any regulation prescribed under this sub-
section shall be deemed to be a violation of a 
requirement imposed under that Act. 
‘‘(C) ENFORCEMENT THROUGH ANY EXIST-
ING
AUTHORITY.—In addition to its powers 
under any provision of law specifically referred 
to in subparagraph (A), each Federal banking 
regulator may exercise, for the purpose of en-
forcing compliance with any regulation pre-
scribed under this subsection, any other author-
ity conferred on the regulator by law. 
‘‘(4) RULE OF CONSTRUCTION.—The authority 
of the Board of Governors of the Federal Reserve 
System to issue regulations under this subsection 
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does not impair the authority of any other Federal 
banking regulator to make rules respecting the regu-
lator’s own procedures in enforcing compliance with 
regulations prescribed under this subsection. 
‘‘(5) REPORT
TO
CONGRESS.—Each Federal 
banking regulator exercising authority under this 
subsection shall transmit to the Congress each year 
a detailed report on its activities under this sub-
section during the preceding calendar year. 
‘‘(6) DEFINITIONS.—For purposes of this Act: 
‘‘(A) BANK.—The term ‘bank’ means— 
‘‘(i) national banks and Federal 
branches and Federal agencies of foreign 
banks; 
‘‘(ii) member banks of the Federal 
Reserve System (other than national 
banks), branches and agencies of foreign 
banks (other than Federal branches, Fed-
eral agencies, and insured State branches 
of foreign banks), commercial lending com-
panies owned or controlled by foreign 
banks, and organizations operating under 
section 25 or 25A of the Federal Reserve 
Act; and 
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‘‘(iii) banks insured by the Federal 
Deposit Insurance Corporation (other than 
banks referred to in clause (i) or (ii)) and 
insured State branches of foreign banks. 
‘‘(B) 
DEPOSITORY
INSTITUTION.—The 
term ‘depository institution’ means a bank, a 
savings and loan institution, or a Federal credit 
union. 
‘‘(C) FEDERAL
BANKING
REGULATOR.— 
The term ‘Federal banking regulator’— 
‘‘(i) has the meaning given the term 
‘appropriate 
Federal 
banking 
agency’ 
under section 3 of the Federal Deposit In-
surance Act; and 
‘‘(ii) means the National Credit Union 
Administration, in the case of a Federal 
credit union. 
‘‘(D) FEDERAL CREDIT UNION.—The term 
‘Federal credit union’ has the same meaning as 
in section 101 of the Federal Credit Union Act. 
‘‘(E) SAVINGS AND LOAN INSTITUTION.— 
The term ‘savings and loan institution’ has the 
same meaning as in section 3 of the Federal 
Deposit Insurance Act. 
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‘‘(F) OTHER TERMS.—The terms used in 
this paragraph that are not defined in this Act 
or otherwise defined in section 3(s) of the Fed-
eral Deposit Insurance Act shall have the mean-
ing given to them in section 1(b) of the Inter-
national Banking Act of 1978.’’. 
(b) 
CONFORMING
AMENDMENTS.—The 
Federal 
Trade Commission Act (15 U.S.C. 41 et seq.) is amend-
ed— 
(1) in section 6(j)(6), by striking ‘‘section 
18(f)(3) (15 U.S.C. 57a(f)(3)), a Federal credit 
union described in section 18(f)(4) (15 U.S.C. 
57a(f)(4))’’ and inserting ‘‘section 18(f), a Federal 
credit union described in section 18(f)’’; 
(2) in section 21(b)(6)(C), by striking ‘‘section 
18(f)(3) of the Federal Trade Commission Act (15 
U.S.C. 57a(f)(3)), or a Federal credit union de-
scribed in section 18(f)(4) of the Federal Trade 
Commission Act (15 U.S.C. 57a(f)(4))’’ and insert-
ing ‘‘section 18(f), or a Federal credit union de-
scribed in section 18(f)’’; 
(3) by striking ‘‘section 18(f)(2)’’ and inserting 
‘‘section 18(f)’’; 
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(4) by striking ‘‘section 18(f)(3)’’ each place 
such term appears and inserting ‘‘section 18(f)’’; 
and 
(5) by striking ‘‘section 18(f)(4)’’ each place 
such term appears and inserting ‘‘section 18(f)’’. 
SEC. 737. REPEAL OF AUTHORITY TO RESTRICT ARBITRA-
TION. 
(a) IN GENERAL.—Section 1028 of the Consumer Fi-
nancial Protection Act of 2010 (12 U.S.C. 5518) is hereby 
repealed. 
(b) CLERICAL AMENDMENT.—The table of contents 
under section 1(b) of the Dodd-Frank Wall Street Reform 
and Consumer Protection Act is amended by striking the 
item relating to section 1028. 
TITLE VIII—CAPITAL MARKETS 
IMPROVEMENTS 
Subtitle A—SEC Reform, 
Restructuring, and Accountability 
SEC. 801. AUTHORIZATION OF APPROPRIATIONS. 
Section 35 of the Securities Exchange Act of 1934 
(15 U.S.C. 78kk) is amended by striking paragraphs (1) 
through (5) and inserting the following: 
‘‘(1) for fiscal year 2017, $1,605,000,000; 
‘‘(2) for fiscal year 2018, $1,655,000,000; 
‘‘(3) for fiscal year 2019, $1,705,000,000; 
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‘‘(4) for fiscal year 2020, $1,755,000,000; 
‘‘(5) for fiscal year 2021, $1,805,000,000; and 
‘‘(6) for fiscal year 2022, $1,855,000,000.’’. 
SEC. 802. REPORT ON UNOBLIGATED APPROPRIATIONS. 
Section 23 of the Securities Exchange Act of 1934 
(15 U.S.C. 78w) is amended by adding at the end the fol-
lowing: 
‘‘(e) REPORT ON UNOBLIGATED APPROPRIATIONS.— 
If, at the end of any fiscal year, there remain unobligated 
any funds that were appropriated to the Commission for 
such fiscal year, the Commission shall, not later than 30 
days after the last day of such fiscal year, submit to the 
Committee on Financial Services and the Committee on 
Appropriations of the House of Representatives and the 
Committee on Banking, Housing, and Urban Affairs and 
the Committee on Appropriations of the Senate and make 
available on the Commission’s website a report stating the 
amount of such unobligated funds. If there is any material 
change in the amount stated in the report, the Commis-
sion shall, not later than 7 days after determining the 
amount of the change, submit to such committees and 
make available on the Commission’s website a supple-
mentary report stating the amount of and reason for the 
change.’’. 
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SEC. 803. SEC RESERVE FUND ABOLISHED. 
Section 4 of the Securities Exchange Act of 1934 (15 
U.S.C. 78d) is amended by striking subsection (i). 
SEC. 804. FEES TO OFFSET APPROPRIATIONS. 
(a) SECTION 31 OF THE SECURITIES EXCHANGE ACT 
OF 1934.—Section 31 of the Securities Exchange Act of 
1934 (15 U.S.C. 78ee) is amended— 
(1) by striking subsection (a) and inserting the 
following: 
‘‘(a) COLLECTION.—The Commission shall, in ac-
cordance with this section, collect transaction fees and as-
sessments.’’; 
(2) in subsection (i)— 
(A) in paragraph (1)(A), by inserting ‘‘ex-
cept as provided in paragraph (2),’’ before 
‘‘shall’’; and 
(B) by striking paragraph (2) and insert-
ing the following: 
‘‘(2) GENERAL REVENUE.—Any fees collected 
for a fiscal year pursuant to this section, sections 
13(e) and 14(g) of this title, and section 6(b) of the 
Securities Act of 1933 in excess of the amount pro-
vided in appropriation Acts for collection for such 
fiscal year pursuant to such sections shall be depos-
ited and credited as general revenue of the Treas-
ury.’’; 
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(3) in subsection (j)— 
(A) by striking ‘‘the regular appropriation 
to the Commission by Congress for such fiscal 
year’’ each place it appears and inserting ‘‘the 
target offsetting collection amount for such fis-
cal year’’; and 
(B) in paragraph (2), by striking ‘‘sub-
section (l)’’ and inserting ‘‘subsection (l)(2)’’; 
and 
(4) by striking subsection (l) and inserting the 
following: 
‘‘(l) DEFINITIONS.—For purposes of this section: 
‘‘(1) 
TARGET
OFFSETTING
COLLECTION 
AMOUNT.—The target offsetting collection amount 
for a fiscal year is— 
‘‘(A) for fiscal year 2017, $1,400,000,000; 
and 
‘‘(B) for each succeeding fiscal year, the 
target offsetting collection amount for the prior 
fiscal year, adjusted by the rate of inflation. 
‘‘(2) BASELINE ESTIMATE OF THE AGGREGATE 
DOLLAR AMOUNT OF SALES.—The baseline estimate 
of the aggregate dollar amount of sales for any fiscal 
year is the baseline estimate of the aggregate dollar 
amount of sales of securities (other than bonds, de-
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bentures, other evidences of indebtedness, security 
futures products, and options on securities indexes 
(excluding a narrow-based security index)) to be 
transacted on each national securities exchange and 
by or through any member of each national securi-
ties association (otherwise than on a national securi-
ties exchange) during such fiscal year as determined 
by the Commission, after consultation with the Con-
gressional Budget Office and the Office of Manage-
ment and Budget, using the methodology required 
for making projections pursuant to section 257 of 
the Balanced Budget and Emergency Deficit Control 
Act of 1985.’’. 
(b) SECTION 6(b) OF
THE SECURITIES ACT
OF 
1933.—Section 6(b) of the Securities Act of 1933 (15 
U.S.C. 77f(b)) is amended— 
(1) by striking ‘‘target fee collection amount’’ 
each place it appears and inserting ‘‘target offsetting 
collection amount’’; 
(2) in paragraph (4), by striking the last sen-
tence and inserting the following: ‘‘Subject to para-
graphs (6)(B) and (7), an adjusted rate prescribed 
under paragraph (2) shall take effect on the later 
of— 
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‘‘(A) the first day of the fiscal year to 
which such rate applies; or 
‘‘(B) five days after the date on which a 
regular appropriation to the Commission for 
such fiscal year is enacted.’’; 
(3) in paragraph (5), by inserting ‘‘of the Secu-
rities Exchange Act of 1934’’ after ‘‘sections 13(e) 
and 14(g)’’; 
(4) by redesignating paragraph (6) as para-
graph (8); 
(5) by inserting after paragraph (5) the fol-
lowing: 
‘‘(6) OFFSETTING
COLLECTIONS.—Fees col-
lected pursuant to this subsection for any fiscal 
year— 
‘‘(A) except as provided in section 31(i)(2) 
of the Securities Exchange Act of 1934, shall 
be deposited and credited as offsetting collec-
tions to the account providing appropriations to 
the Commission; and 
‘‘(B) except as provided in paragraph (7), 
shall not be collected for any fiscal year except 
to the extent provided in advance in appropria-
tion Acts. 
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‘‘(7) LAPSE
OF
APPROPRIATION.—If on the 
first day of a fiscal year a regular appropriation to 
the Commission has not been enacted, the Commis-
sion shall continue to collect fees (as offsetting col-
lections) under this subsection at the rate in effect 
during the preceding fiscal year, until 5 days after 
the date such a regular appropriation is enacted.’’; 
and 
(6) in subparagraph (A) of paragraph (8) (as 
so redesignated)— 
(A) by striking the subparagraph heading 
and inserting ‘‘TARGET OFFSETTING COLLEC-
TION AMOUNT.—’’; and 
(B) in the heading of the right column of 
the table, by striking ‘‘fee’’ and inserting ‘‘off-
setting’’. 
(c) SECTION 13(e) OF THE SECURITIES EXCHANGE 
ACT OF 1934.—Section 13(e) of the Securities Exchange 
Act of 1934 (15 U.S.C. 78m(e)) is amended— 
(1) by striking paragraph (5) and inserting the 
following: 
‘‘(5) OFFSETTING
COLLECTIONS.—Fees col-
lected pursuant to this subsection for any fiscal 
year— 
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