119 
(4) in section 1026(b), by striking ‘‘, and to as-
sess and detect risks to consumers and consumer fi-
nancial markets’’. 
SEC. 327. REQUIREMENT TO VERIFY INFORMATION IN THE 
COMPLAINT DATABASE BEFORE IT MAY BE 
RELEASED TO THE GENERAL PUBLIC. 
Section 1013(b)(3)(A) of the Consumer Financial Pro-
tection Act of 2010 (12 U.S.C. 5493(b)(3)(A)) is amended 
by adding at the end the following: ‘‘The Chair may not 
make any information about a consumer complaint in such 
database available to the public without first verifying the 
accuracy of all facts alleged in such complaint.’’. 
SEC. 328. COMMISSION SUPERVISION LIMITED TO BANKS, 
THRIFTS, AND CREDIT UNIONS WITH GREAT-
ER THAN $50 BILLION IN ASSETS. 
The Consumer Financial Protection Act of 2010 (12 
U.S.C. 5481 et seq.) is amended— 
(1) 
in 
section 
1025(a), 
by 
striking 
‘‘$10,000,000,000’’ each place such term appears and 
inserting ‘‘$50,000,000,000’’; and 
(2) 
in 
section 
1026(a), 
by 
striking 
‘‘$10,000,000,000’’ each place such term appears and 
inserting ‘‘$50,000,000,000’’. 
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SEC. 329. TRANSFER OF OLD OTS BUILDING FROM OCC TO 
GSA. 
Not later than 180 days after the date of enactment 
of this Act, the Chair of the Board of Directors of the Office 
of the Comptroller of the Currency shall transfer adminis-
trative jurisdiction over the Federal property located at 
1700 G Street, Northwest, in the District of Columbia to 
the Administrator of General Services. 
Subtitle C—Policy Enhancements 
SEC. 331. CONSUMER RIGHT TO FINANCIAL PRIVACY. 
(a) REQUIREMENT OF THE COMMISSION TO OBTAIN 
PERMISSION BEFORE COLLECTING NONPUBLIC PERSONAL 
INFORMATION.— 
(1) REQUIRED
NOTIFICATION
AND
PERMIS-
SION.—Section 1022(c)(9)(A) of the Consumer Finan-
cial Protection Act of 2010 (12 U.S.C. 5512(c)(9)(A)) 
is amended— 
(A) by striking ‘‘may not obtain from a 
covered person or service provider’’ and inserting 
‘‘may not request, obtain, access, collect, use, re-
tain, or disclose’’; 
(B) by striking ‘‘personally identifiable fi-
nancial’’ and inserting ‘‘nonpublic personal’’; 
and 
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121 
(C) by striking ‘‘from the financial records’’ 
and all that follows through the period at the end 
and inserting ‘‘unless— 
‘‘(i) the Commission clearly and con-
spicuously discloses to the consumer, in 
writing or in an electronic form, what in-
formation 
will 
be 
requested, 
obtained, 
accessed, collected, used, retained, or dis-
closed; and 
‘‘(ii) before such information is re-
quested, obtained, accessed, collected, used, 
retained, or disclosed, the consumer informs 
the Commission that such information may 
be requested, obtained, accessed, collected, 
used, retained, or disclosed.’’. 
(2) APPLICATION OF REQUIREMENT TO CONTRAC-
TORS OF THE COMMISSION.—Section 1022(c)(9)(B) of 
such Act (12 U.S.C. 5512(c)(9)(B)) is amended to 
read as follows: 
‘‘(B) APPLICATION
OF
REQUIREMENT
TO 
CONTRACTORS OF THE COMMISSION.—Subpara-
graph (A) shall apply to any person directed or 
engaged by the Commission to collect informa-
tion to the extent such information is being col-
lected on behalf of the Commission.’’. 
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122 
(3) DEFINITION
OF
NONPUBLIC
PERSONAL
IN-
FORMATION.—Section 1022(c)(9) of such Act (12 
U.S.C. 5512(c)(9)) is amended by adding at the end 
the following: 
‘‘(C) DEFINITION OF NONPUBLIC PERSONAL 
INFORMATION.—In this paragraph, the term 
‘nonpublic personal information’ has the mean-
ing given the term in section 509 of the Gramm- 
Leach-Bliley Act (15 U.S.C. 6809).’’. 
(b) REMOVAL OF EXEMPTION FOR THE COMMISSION 
FROM THE RIGHT TO FINANCIAL PRIVACY ACT.—Section 
1113 of the Right to Financial Privacy Act of 1978 (12 
U.S.C. 3413) is amended by striking subsection (r). 
SEC. 332. REPEAL OF COUNCIL AUTHORITY TO SET ASIDE 
BUREAU RULES AND REQUIREMENT OF SAFE-
TY AND SOUNDNESS CONSIDERATIONS WHEN 
ISSUING RULES. 
(a) REPEAL OF AUTHORITY.— 
(1) IN GENERAL.—Section 1023 of the Consumer 
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 
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123 
construed as altering or limiting the procedures under 
section 1023 that may apply to any rule prescribed 
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— 
(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 fi-
nancial safety or soundness of an insured 
depository institution;’’. 
SEC. 333. STATE AND TRIBAL PAYDAY LOAN REGULATION 5- 
YEAR EXEMPTION. 
Section 1022 of the Consumer Financial Protection 
Act of 2010 (12 U.S.C. 5512) is amended by adding at the 
end the following: 
‘‘(e) STATE AND TRIBAL PAYDAY LOAN REGULATION 
5-YEAR EXEMPTION.— 
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‘‘(1) IN GENERAL.—With respect to a final rule 
or regulation issued by the Bureau of Consumer Fi-
nancial Protection to regulate payday loans, vehicle 
title loans, or other similar loans, if a State or a fed-
erally recognized Indian tribe requests, in writing, for 
the Commission to provide the State or tribe with a 
waiver from such rule or regulation, the Commission 
shall grant a 5-year waiver to such State or tribe, 
during which such rule or regulation shall not apply 
within such State or land held in trust for the benefit 
of such federally recognized Indian tribe. 
‘‘(2) EXTENSION OF WAIVER.—A State or a fed-
erally recognized Indian tribe receiving a waiver 
under paragraph (1) shall have the right to an un-
limited number of 5-year extensions of such waiver, 
which shall be granted upon the request, in writing, 
for such waiver by the State or tribe.’’. 
SEC. 334. REFORMING INDIRECT AUTO FINANCING GUID-
ANCE. 
(a) NULLIFICATION OF AUTO LENDING GUIDANCE.— 
Bulletin 2013–02 of the Bureau of Consumer Financial 
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. 
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5512(b)), as amended by section 322, 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 Commission 
shall— 
‘‘(A) provide for a public notice and com-
ment period before issuing the guidance in final 
form; 
‘‘(B) make available to the public, including 
on the website of the Commission, all studies, 
data, methodologies, analyses, and other infor-
mation relied on by the Commission in pre-
paring such guidance; 
‘‘(C) redact any information that is exempt 
from disclosure under paragraph (3), (4), (6), 
(7), or (8) of section 552(b) of title 5, United 
States Code; 
‘‘(D) consult with the Board of Governors of 
the Federal Reserve System, the Federal Trade 
Commission, and the Department of Justice; and 
‘‘(E) conduct a study on the costs and im-
pacts of such guidance to consumers and women- 
owned, 
minority-owned, 
veteran-owned, 
and 
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126 
small businesses, including consumers and small 
businesses in rural areas.’’. 
(c) RULE OF CONSTRUCTION.—Nothing in this section 
shall be construed to apply to guidance issued by the Con-
sumer Financial Opportunity Commission that is not pri-
marily related to indirect auto financing. 
SEC. 335. PROHIBITION OF GOVERNMENT PRICE CONTROLS 
FOR PAYMENT CARD TRANSACTIONS. 
(a) IN GENERAL.—Section 1075 of the Consumer Fi-
nancial Protection Act of 2010 is hereby repealed and the 
provisions of law amended by such section are revived or 
restored as if such section had not been enacted. 
(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 1075. 
SEC. 
336. 
ANNUAL 
STUDIES 
ON 
ENDING 
THE 
CON-
SERVATORSHIP OF FANNIE MAE, FREDDIE 
MAC, AND REFORMING THE HOUSING FI-
NANCE SYSTEM. 
Section 1074 of the Consumer Financial Protection 
Act of 2010 is amended— 
(1) in subsection (a)— 
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127 
(A) in paragraph (1), by inserting after 
‘‘Secretary of the Treasury shall’’ the following: 
‘‘, on an annual basis,’’; and 
(B) in paragraph (2), by striking ‘‘The 
study’’ and inserting ‘‘Each study’’; 
(2) by amending subsection (b) to read as fol-
lows: 
‘‘(b) REPORT
AND RECOMMENDATIONS.—The Sec-
retary of the Treasury shall submit a report on each study 
required under subsection (a), along with recommendations 
developed in such study, to the President, the Committee 
on Banking, Housing, and Urban Affairs of the Senate, and 
the Committee on Financial Services of the House of Rep-
resentatives.’’; and 
(3) by adding at the end the following: 
‘‘(c) APPEARANCES BEFORE CONGRESS.—The Sec-
retary of the Treasury shall appear before the Committee 
on Banking, Housing, and Urban Affairs of the Senate and 
the Committee on Financial Services of the House of Rep-
resentatives at annual hearings regarding each report re-
quired under subsection (b).’’. 
SEC. 337. REMOVAL OF ‘‘ABUSIVE’’ AUTHORITY. 
The Consumer Financial Protection Act of 2010 (12 
U.S.C. 5481 et seq.) is amended— 
(1) in section 1013(g)— 
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128 
(A) by striking ‘‘, deceptive, and abusive’’ 
each place such term appears and inserting ‘‘and 
deceptive’’; and 
(B) by striking ‘‘, deceptive, or abusive’’ 
each place such term appears and inserting ‘‘or 
deceptive’’; 
(2) in section 1021(b)(2), by striking ‘‘, decep-
tive, or abusive’’ and inserting ‘‘or deceptive’’; 
(3) in section 1031— 
(A) in the heading of such section, by strik-
ing ‘‘, DECEPTIVE, OR ABUSIVE’’ and insert-
ing ‘‘OR DECEPTIVE’’; 
(B) by striking ‘‘, deceptive, or abusive’’ 
each place such term appears and inserting ‘‘or 
deceptive’’; 
(C) by striking subsection (d); and 
(D) by redesignating subsections (e) and (f) 
as subsections (d) and (e), respectively; 
(4) in section 1036(a)(1)(B), by striking ‘‘, de-
ceptive, or abusive’’ and inserting ‘‘or deceptive’’; and 
(5) in section 1076(b)(2)(A), by striking ‘‘, de-
ceptive, or abusive’’ and inserting ‘‘or deceptive’’. 
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129 
SEC. 338. 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 IV—CAPITAL MARKETS 
IMPROVEMENTS 
Subtitle A—SEC Reform, 
Restructuring, and Accountability 
SEC. 401. 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, $1,555,000,000; 
‘‘(2) for fiscal year 2018, $1,605,000,000; 
‘‘(3) for fiscal year 2019, $1,655,000,000; 
‘‘(4) for fiscal year 2020, $1,705,000,000; and 
‘‘(5) for fiscal year 2021, $1,755,000,000.’’. 
SEC. 402. 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 following: 
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130 
‘‘(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 Com-
mittee on Financial Services and the Committee on Appro-
priations of the House of Representatives and the Com-
mittee on Banking, Housing, and Urban Affairs and the 
Committee on Appropriations of the Senate a report stating 
the amount of such unobligated funds. If there is any mate-
rial 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 a supple-
mentary report stating the amount of and reason for the 
change.’’. 
SEC. 403. 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. 404. 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: 
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132 
(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 tar-
get offsetting collection amount for the prior fis-
cal 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, deben-
tures, 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 securities association 
(otherwise than on a national securities exchange) 
during such fiscal year as determined by the Commis-
sion, after consultation with the Congressional Budget 
Office and the Office of Management and Budget, 
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133 
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— 
‘‘(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: 
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134 
‘‘(6) OFFSETTING COLLECTIONS.—Fees collected 
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 collections 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. 
‘‘(7) LAPSE OF APPROPRIATION.—If on the first 
day of a fiscal year a regular appropriation to the 
Commission has not been enacted, the Commission 
shall continue to collect fees (as offsetting collections) 
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 
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135 
(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 collected 
pursuant to this subsection for any fiscal year— 
‘‘(A) except as provided in section 31(i)(2), 
shall be deposited and credited as offsetting col-
lections to the account providing appropriations 
to the Commission; and 
‘‘(B) except as provided in paragraph (8), 
shall not be collected for any fiscal year except 
to the extent provided in advance in appropria-
tions Acts.’’; and 
(2) by adding at the end the following: 
‘‘(8) LAPSE OF APPROPRIATION.—If on the first 
day of a fiscal year a regular appropriation to the 
Commission has not been enacted, the Commission 
shall continue to collect fees (as offsetting collections) 
under this subsection at the rate in effect during the 
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136 
preceding fiscal year, until 5 days after the date such 
a regular appropriation is enacted.’’. 
(d) SECTION 14(g) OF THE SECURITIES EXCHANGE 
ACT OF 1934.—Section 14(g) of the Securities Exchange 
Act of 1934 (15 U.S.C. 78n(g)) is amended— 
(1) by striking paragraph (5) and inserting the 
following: 
‘‘(5) OFFSETTING COLLECTIONS.—Fees collected 
pursuant to this subsection for any fiscal year— 
‘‘(A) except as provided in section 31(i)(2), 
shall be deposited and credited as offsetting col-
lections to the account providing appropriations 
to the Commission; and 
‘‘(B) except as provided in paragraph (8), 
shall not be collected for any fiscal year except 
to the extent provided in advance in appropria-
tions Acts.’’; 
(2) by redesignating paragraph (8) as para-
graph (9); and 
(3) by inserting after paragraph (7) the fol-
lowing: 
‘‘(8) LAPSE OF APPROPRIATION.—If on the first 
day of a fiscal year a regular appropriation to the 
Commission has not been enacted, the Commission 
shall continue to collect fees (as offsetting collections) 
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137 
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.’’. 
(e) EFFECTIVE DATE.—The amendments made by this 
section— 
(1) shall apply beginning on October 1, 2016, ex-
cept that for fiscal year 2017, the Securities and Ex-
change Commission shall publish— 
(A) the rates established under section 31 of 
the Securities Exchange Act of 1934, as amended 
by this section, not later than 30 days after the 
date on which an Act making a regular appro-
priation to the Commission for fiscal year 2017 
is enacted; and 
(B) the rate established under section 6(b) 
of the Securities Act of 1933, as amended by this 
section, not later than August 31, 2016; and 
(2) shall not apply with respect to fees for any 
fiscal year before fiscal year 2017. 
SEC. 405. IMPLEMENTATION OF RECOMMENDATIONS. 
Section 967 of the Dodd-Frank Wall Street Reform 
and Consumer Protection Act is amended by adding at the 
end the following: 
‘‘(d) IMPLEMENTATION OF RECOMMENDATIONS.—Not 
later than 6 months after the date of enactment of this sub-
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