I 
114TH CONGRESS 
1ST SESSION H. R. 2642 
To provide sensible relief to community financial institutions, to protect 
consumers, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JUNE 3, 2015 
Ms. MAXINE WATERS of California (for herself, Mr. CARNEY, Mr. AL GREEN 
of Texas, Mr. FOSTER, Mr. SHERMAN, Mrs. CAROLYN B. MALONEY of 
New York, Mr. KILDEE, Mr. DAVID SCOTT of Georgia, Mr. HECK of 
Washington, Mr. PERLMUTTER, Mr. CLEAVER, Mr. MEEKS, Ms. MOORE, 
Mr. HIMES, Mr. DELANEY, Mrs. BEATTY, Mr. VARGAS, Mr. ELLISON, 
Ms. SINEMA, Mr. CAPUANO, Ms. VELA´ZQUEZ, Mr. MURPHY of Florida, 
Mr. HINOJOSA, Mr. LYNCH, Ms. SEWELL of Alabama, and Mr. CLAY) 
introduced the following bill; which was referred to the Committee on Fi-
nancial Services 
A BILL 
To provide sensible relief to community financial institutions, 
to protect consumers, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 
(a) SHORT TITLE.—This Act may be cited as the 
‘‘Community Lender Regulatory Relief and Consumer 
Protection Act of 2015’’. 
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(b) TABLE OF CONTENTS.—The table of contents for 
this Act is as follows: 
Sec. 1. Short title; table of contents. 
TITLE I—HELPING COMMUNITY LENDERS 
Sec. 101. Community bank and credit union portfolio lending. 
Sec. 102. Exception to annual written privacy notice requirement under the 
Gramm-Leach-Bliley Act. 
Sec. 103. Expansion of threshold for 18-month on-site examination cycle. 
Sec. 104. Privately insured credit unions authorized to become members of a 
Federal home loan bank. 
Sec. 105. Registration threshold for savings and loan holding companies. 
Sec. 106. Transitional license authority. 
TITLE II—PROTECTING CONSUMERS 
Sec. 201. Protecting servicemembers. 
Sec. 202. Restoration of the Protecting Tenants at Foreclosure Act of 2009. 
Sec. 203. Confidentiality of information shared between State and Federal fi-
nancial services regulators. 
TITLE I—HELPING COMMUNITY 
LENDERS 
SEC. 101. COMMUNITY BANK AND CREDIT UNION PORT-
FOLIO LENDING. 
Section 129C(b)(2) of the Truth in Lending Act (15 
U.S.C. 1639c(b)(2)) is amended by adding at the end the 
following: 
‘‘(F) SAFE HARBOR.— 
‘‘(i) IN GENERAL.—In this section— 
‘‘(I) the term ‘qualified mort-
gage’, as defined in subparagraph (A), 
includes any residential mortgage 
loan— 
‘‘(aa) that is originated by a 
covered institution and continu-
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ously retained in portfolio by the 
covered institution; 
‘‘(bb) that, except as pro-
vided in subparagraph (E), fully 
amortizes over a term of not 
longer than 30 years; 
‘‘(cc) that complies with— 
‘‘(AA) the requirements 
of clauses (i), (ii), (iii), (iv), 
(v), and (vii) of subpara-
graph (A); and 
‘‘(BB) 
any 
require-
ments consistent with the 
purposes described in para-
graph (3)(B)(i); 
‘‘(dd) for which the covered 
institution, at or before con-
summation of the residential 
mortgage loan, takes into ac-
count and verifies the monthly 
debt and income of the consumer; 
and 
‘‘(ee) that is not considered 
a high-cost mortgage; and 
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‘‘(II) a residential mortgage loan 
that meets the requirements of sub-
clause (I) shall be deemed to meet the 
requirements of subsection (a) until 
the residential mortgage loan no 
longer meets the requirements of sub-
clause (I). 
‘‘(ii) DEFINITION.—In this subpara-
graph, 
the 
term 
‘covered 
institution’ 
means— 
‘‘(I) an insured depository insti-
tution or insured credit union that— 
‘‘(aa) at the time of origina-
tion of the residential mortgage 
loan, together with its affiliates, 
has less than $2,000,000,000 in 
total consolidated assets; and 
‘‘(bb) during the calendar 
year preceding the time of origi-
nation of the residential mort-
gage loan, originated not more 
than 2,000 residential mortgage 
loans that were— 
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‘‘(AA) sold, assigned, or 
otherwise transferred to an-
other person; or 
‘‘(BB) subject to, at 
the time of consummation, a 
commitment to be acquired 
by another person; or 
‘‘(II) an insured depository insti-
tution or insured credit union that, at 
the time of origination of the residen-
tial mortgage loan— 
‘‘(aa) together with its affili-
ates, 
has 
more 
than 
$2,000,000,000 and less than 
$10,000,000,000 in total consoli-
dated assets; 
‘‘(bb) is not considered a 
specialty bank, such as a bank 
that offers only a narrow product 
line (including credit card or 
motor vehicle loans) to a regional 
or broader market; 
‘‘(cc) engages in the basic 
activities of lending and deposit 
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taking as a significant percentage 
of total assets; 
‘‘(dd) has a limited geo-
graphic scope; and 
‘‘(ee) meets any other cri-
teria as determined by the Bu-
reau, including restrictions on 
the volume of residential mort-
gage loans— 
‘‘(AA) sold, assigned, or 
otherwise transferred to an-
other person; or 
‘‘(BB) subject to, at 
the time of consummation, a 
commitment to be acquired 
by another person.’’. 
SEC. 102. EXCEPTION TO ANNUAL WRITTEN PRIVACY NO-
TICE REQUIREMENT UNDER THE GRAMM- 
LEACH-BLILEY ACT. 
Section 503 of the Gramm-Leach-Bliley Act (15 
U.S.C. 6803) is amended by adding at the end the fol-
lowing: 
‘‘(f) EXCEPTION TO ANNUAL WRITTEN NOTICE RE-
QUIREMENT.— 
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