469 
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 Financial Opportunity 
Commission, and the National Credit Union 
Administration. 
‘‘(B) 
DEPOSITORY
INSTITUTION.—The 
term ‘depository institution’ has the meaning 
given that term under section 19(b)(1) of the 
Federal Reserve Act (12 U.S.C. 505(b)(1)). 
‘‘(C) FEDERAL BANKING AGENCIES.—The 
term ‘Federal banking agencies’ has the mean-
ing given that term under section 3 of the Fed-
eral Deposit Insurance Act.’’. 
(b) RULE
OF
CONSTRUCTION.—Nothing in the 
amendment made by this section may be construed as pre-
venting a balloon loan from qualifying for the safe harbor 
provided under section 129C(j) of the Truth in Lending 
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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. 1121. 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,’’; 
(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 
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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. 1126. 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 C.F.R. part 225—appendix C) to raise the 
consolidated asset threshold under such policy statement 
from $1,000,000,000 (as adjusted by Public Law 113– 
250) to $5,000,000,000. 
(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 
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application of the Small Bank Holding Com-
pany Policy Statement on Assessment of Finan-
cial and Managerial Factors of the Board of 
Governors (12 C.F.R. part 225—appendix C).’’. 
Subtitle G—Community Institution 
Mortgage Relief 
SEC. 1131. COMMUNITY FINANCIAL INSTITUTION MORT-
GAGE 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 
‘‘(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-
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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 Finan-
cial Opportunity Commission’’. 
(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 
Financial Opportunity Commission shall, by regulation, 
provide exemptions to, or adjustments for, the provisions 
of this section for a servicer that annually services 20,000 
or fewer mortgage loans, in order to reduce regulatory 
burdens while appropriately balancing consumer protec-
tions.’’. 
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Subtitle H—Financial Institutions 
Examination Fairness and Reform 
SEC. 1136. 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 Council 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; 
‘‘(4) conduct a continuing and regular review of 
examination quality assurance for all examination 
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478 
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. 
‘‘(b) NOTICE.— 
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‘‘(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 
confidential hearing pursuant to the procedures set 
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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. 
‘‘(e) RIGHT TO JUDICIAL REVIEW.—A financial insti-
tution shall have the right to petition for review of final 
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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-
tion-affiliated party on the basis that an appeal 
under this section is pending under this section. 
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‘‘(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 Financial Opportunity 
Commission,’’; 
(B) in subsection (b)— 
(i) in paragraph (2), by striking ‘‘the 
appellant from retaliation by agency exam-
iners’’ and inserting ‘‘the insured deposi-
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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 
exercising its rights under this subsection.’’; 
and 
(D) in subsection (f)(1)(A)— 
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(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’’. 
(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 Fi-
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nancial Opportunity Commission,’’ before ‘‘the Ad-
ministration’’ 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 Finan-
cial Opportunity Commission;’’; 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. 1141. 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. 1146. REGULATIONS APPROPRIATE TO BUSINESS 
MODELS. 
(a) IN GENERAL.—For any regulatory action occur-
ring subsequent to enactment of this section, and notwith-
standing any other provision of law, the Federal financial 
institutions regulatory agencies shall— 
(1) take into consideration the risk profile and 
business models of the various institutions or classes 
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 applicable to 
such institutions or class of institutions in a manner 
that limits the regulatory compliance impact, cost, li-
ability risk, and other burdens as is appropriate for 
the risk profile and business model involved. 
(b) OTHER CONSIDERATIONS.—In satisfying the re-
quirements of subsection (a) and when implementing such 
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regulatory action, the Federal financial institutions regu-
latory agencies shall also consider— 
(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 institu-
tion or class of institutions to flexibly serve evolving 
and diverse customer needs; 
(2) the potential unintended impact of examina-
tion manuals or other regulatory directives that 
work in conflict with the tailoring of such regulatory 
action described in subsection (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.—The Federal financial institutions regulatory 
agencies 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.—The Federal financial 
institutions regulatory agencies shall individ-
ually report to the Committee on Financial 
Services of the House of Representatives and 
the Committee on Banking, Housing, and 
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489 
Urban Affairs of the Senate, within twelve 
months of enactment of this section and annu-
ally thereafter, on the specific actions taken to 
tailor the agency’s regulatory actions pursuant 
to the requirements of this section. 
(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.—The Financial Institu-
tions Examination Council shall report to the 
Committee on Financial Services of the House 
of Representatives and the Committee on Bank-
ing, Housing, and Urban Affairs of the Senate, 
within three months after the reports required 
under paragraph (1)— 
(i) on the extent to which regulatory 
actions tailored pursuant to this section re-
sult in differential regulation of similarly- 
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situated institutions of diverse charter 
types with respect to comparable regula-
tions; 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.—The Fed-
eral financial institutions regulatory agencies shall con-
duct a review of all regulations adopted during the period 
beginning on the date that is five 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 section to such regula-
tions. If the application of the requirements of this section 
to any such regulation requires such regulation to be re-
vised, the agency shall revise such regulation within three 
years of the enactment of this section. 
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(f) DEFINITIONS.—For purposes of this section, the 
following definitions 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 Financial 
Opportunity Commission. 
(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. 1151. 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. 1156. 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
FINANCIAL
OPPORTUNITY
COMMISSION
AND 
OTHER OFFICIALS.—Section 1513 of the S.A.F.E. Mort-
gage Licensing Act of 2008 (12 U.S.C. 5112) is amended 
by striking ‘‘are loan originators or are applying for licens-
ing or registration 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. 1161. 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. 1166. 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 highly rated and well capital-
ized (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. 1171. 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 C.F.R. 1003) before the ef-
fective 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 Financial Opportunity Commission and mar-
ket participants 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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