I 
115TH CONGRESS 
2D SESSION 
H. R. 7262 
To make housing more affordable, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
DECEMBER 11, 2018 
Mr. RICHMOND (for himself, Mr. CUMMINGS, Ms. LEE, and Ms. MOORE) in-
troduced the following bill; which was referred to the Committee on Fi-
nancial Services, and in addition to the Committees on Ways and Means, 
the Judiciary, Transportation and Infrastructure, and Education and the 
Workforce, for a period to be subsequently determined by the Speaker, 
in each case for consideration of such provisions as fall within the juris-
diction of the committee concerned 
A BILL 
To make housing more affordable, 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 
‘‘American Housing and Economic Mobility Act of 2018’’. 
(b) TABLE OF CONTENTS.—The table of contents for 
this Act is as follows: 
Sec. 1. Short title; table of contents. 
TITLE I—MAKING HOUSING MORE AFFORDABLE 
Sec. 101. Local housing innovation grants. 
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Sec. 102. Investing in affordable housing infrastructure. 
TITLE II—REVERSING THE LEGACY OF HOUSING 
DISCRIMINATION AND GOVERNMENT NEGLIGENCE 
Sec. 201. Down payment assistance program for communities formerly seg-
regated by law. 
Sec. 202. Formula grant program for communities that have not recovered 
from the financial crisis. 
Sec. 203. Strengthening the Community Reinvestment Act of 1977. 
TITLE III—REMOVING BARRIERS THAT ISOLATE COMMUNITIES 
Sec. 301. Expanding rights under the Fair Housing Act. 
Sec. 302. Improving outcomes in housing assistance programs. 
TITLE IV—ESTATE TAX REFORM 
Sec. 401. Amendment to Internal Revenue Code of 1986. 
Sec. 402. Rate adjustment. 
Sec. 403. Required minimum 10-year term, etc., for grantor retained annuity 
trusts. 
Sec. 404. Certain transfer tax rules applicable to grantor trusts. 
Sec. 405. Elimination of generation-skipping transfer tax exemption for certain 
trusts. 
Sec. 406. Simplifying gift tax exclusion for annual gifts. 
TITLE I—MAKING HOUSING 
MORE AFFORDABLE 
SEC. 101. LOCAL HOUSING INNOVATION GRANTS. 
(a) DEFINITIONS.—In this section: 
(1) 
ELEMENTARY
SCHOOL; 
SECONDARY 
SCHOOL.—The terms ‘‘elementary school’’ and ‘‘sec-
ondary school’’ have the meanings given those terms 
in section 8101 of the Elementary and Secondary 
Education Act of 1965 (20 U.S.C. 7801). 
(2) ELIGIBLE ENTITY.—The term ‘‘eligible enti-
ty’’ means— 
(A) a State; 
(B) a unit of general local government; or 
(C) a metropolitan area. 
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(3) INSTITUTION OF HIGHER EDUCATION.—The 
term ‘‘institution of higher education’’ has the 
meaning given the term in section 101 of the Higher 
Education Act of 1965 (20 U.S.C. 1001). 
(4) METROPOLITAN
AREA; STATE; UNIT
OF 
GENERAL LOCAL GOVERNMENT.—The terms ‘‘metro-
politan area’’, ‘‘State’’, and ‘‘unit of general local 
government’’ have the meanings given those terms in 
section 102 of the Housing and Community Devel-
opment Act of 1974 (42 U.S.C. 5302). 
(5) SECRETARY.—The term ‘‘Secretary’’ means 
the Secretary of Housing and Urban Development. 
(b) ESTABLISHMENT.—Not later than 1 year after 
the date of enactment of this Act, the Secretary shall es-
tablish a program to make grants to eligible entities 
that— 
(1) reform local land use restrictions to bring 
down the costs of producing affordable housing; and 
(2) remove unnecessary barriers to building af-
fordable units in their communities. 
(c) ELIGIBLE ACTIVITIES.—An eligible entity receiv-
ing a grant under this section may use funds to— 
(1) carry out any of the activities described in 
section 105 of the Housing and Community Devel-
opment Act of 1974 (42 U.S.C. 5305); 
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(2) carry out any of the activities permitted 
under the program for national infrastructure in-
vestments (commonly known as the ‘‘Better Utilizing 
Investments to Leverage Development (BUILD) dis-
cretionary grant program’’) authorized under title I 
of division L of the Consolidated Appropriations Act, 
2018 (Public Law 115–141) or a subsequent appro-
priations Act; or 
(3) modernize, renovate, or repair facilities used 
by public elementary schools, public secondary 
schools, and public institutions of higher education, 
including modernization, renovation, and repairs 
that are consistent with a recognized green building 
rating system. 
(d) APPLICATION.— 
(1) IN GENERAL.—An eligible entity desiring a 
grant under this section shall submit to the Sec-
retary an application that demonstrates that the eli-
gible entity has carried out, or is in the process of 
carrying out, initiatives that facilitate the expansion 
of the supply of well-located affordable housing. 
(2) ACTIVITIES.—Initiatives that meet the cri-
teria described in paragraph (1)— 
(A) include— 
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(i) establishing ‘‘by-right’’ develop-
ment, which allows jurisdictions to admin-
istratively approve new developments that 
are consistent their zoning code; 
(ii) revising or eliminating off-street 
parking requirements to reduce the cost of 
housing production; 
(iii) 
instituting 
measures 
that 
incentivize owners of vacant land to rede-
velop the space into affordable housing or 
other productive uses; 
(iv) revising minimum lot size require-
ments and bans or limits on multifamily 
construction to allow for denser and more 
affordable development; 
(v) instituting incentives to promote 
dense development, such as density bo-
nuses; 
(vi) passing inclusionary zoning ordi-
nances that require a portion of newly de-
veloped units to be reserved for low- and 
moderate-income renters or homebuyers; 
(vii) streamlining regulatory require-
ments and shortening processes, reforming 
zoning codes, or other initiatives that re-
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duce barriers to housing supply elasticity 
and affordability; 
(viii) 
allowing 
accessory 
dwelling 
units; and 
(ix) using local tax incentives to pro-
mote development of affordable housing; 
and 
(B) do not include activities that alter or-
dinances that govern wage and hour laws, fam-
ily and medical leave laws, or protections for 
workers’ health and safety, anti-discrimination, 
and right to organize. 
(e) LABOR LAWS.— 
(1) IN GENERAL.—All laborers and mechanics 
employed by contractors or subcontractors in the 
performance of construction work financed in whole 
or in part with a grant received under this section 
shall be paid wages at rates not less than those pre-
vailing on similar construction in the locality as de-
termined by the Secretary of Labor in accordance 
with subchapter IV of chapter 31 of title 40, United 
States Code (commonly known as the ‘‘Davis-Bacon 
Act’’). 
(2) EXCEPTION.—Paragraph (1) shall not 
apply with respect to— 
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(A) the rehabilitation of residential prop-
erty if the property contains less than 8 units; 
or 
(B) construction carried out by employees 
of the eligible entity receiving the grant under 
this section. 
(f) AUTHORIZATION
OF APPROPRIATIONS.—There 
are authorized to be appropriated to carry out this section 
$2,000,000,000 for each of fiscal years 2019 through 
2023. 
SEC. 102. INVESTING IN AFFORDABLE HOUSING INFRA-
STRUCTURE. 
(a) HOUSING TRUST FUND.—Section 1338(a) of the 
Federal Housing Enterprises Financial Safety and Sound-
ness Act of 1992 (12 U.S.C. 4568(a)) is amended by add-
ing at the end the following: 
‘‘(3) AUTHORIZATION
OF
APPROPRIATIONS.— 
There is authorized to be appropriated to the Hous-
ing Trust Fund $44,500,000,000 for each of fiscal 
years 2019 through 2028.’’. 
(b) CAPITAL MAGNET FUND.—Section 1339 of the 
Federal Housing Enterprises Financial Safety and Sound-
ness Act of 1992 (12 U.S.C. 4569) is amended by adding 
at the end the following: 
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‘‘(k) AUTHORIZATION OF APPROPRIATIONS.—There 
is authorized to be appropriated to the Capital Magnet 
Fund $2,500,000,000 for each of fiscal years 2019 
through 2028.’’. 
(c) INDIAN HOUSING BLOCK GRANT PROGRAM.— 
Section 108 of the Native American Housing Assistance 
and Self-Determination Act of 1996 (25 U.S.C. 4117) is 
amended— 
(1) by striking ‘‘such sums as may be necessary 
for each of fiscal years 2009 through 2013’’ and in-
serting ‘‘$2,500,000,000 for fiscal year 2019 and 
such sums as may be necessary for each of fiscal 
years 2020 through 2028’’; and 
(2) by striking the second sentence. 
(d) RURAL HOUSING PROGRAMS.—Out of funds in 
the Treasury not otherwise appropriated, there is appro-
priated for fiscal year 2019— 
(1) to provide direct loans under section 502 of 
the Housing Act of 1949 (42 U.S.C. 1472), 
$140,000,000; 
(2) to provide assistance under section 514 of 
such Act (42 U.S.C. 1484), $28,000,000; 
(3) to provide assistance under section 515 of 
such Act (42 U.S.C. 1485), $180,000,000; 
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(4) to provide assistance under section 516 of 
such Act (42 U.S.C. 1486), $100,000,000; and 
(5) to provide direct loans under section 523 of 
such Act (42 U.S.C. 1490c), $75,000,000. 
(e) MIDDLE CLASS HOUSING EMERGENCY FUND.— 
(1) DEFINITION.—In this subsection, the term 
‘‘affordable rental housing unit’’ means a unit for 
which monthly rent is 30 percent or less than the 
monthly area median income. 
(2) ESTABLISHMENT.—The Secretary of Hous-
ing and Urban Development shall establish and 
manage a fund, to be known as the ‘‘Middle Class 
Housing Emergency Fund’’, which shall be funded 
with any amounts as may be appropriated, trans-
ferred, or credited to the Fund under any provision 
law. 
(3) GRANTS.—From amounts available in the 
fund established under paragraph (1), the Secretary 
of Housing and Urban Development shall award 
grants on a competitive basis to State housing fi-
nance agencies located in a State in which— 
(A) there is a shortage of affordable rental 
housing units available to individuals with an 
income that is at or below the area median in-
come and median rents have risen on average 
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over the preceding 3 years substantially faster 
than the area median income; or 
(B) there is a shortage of housing units 
available for sale that are affordable to individ-
uals with an income that is at or below the area 
median income and median home prices have 
risen on average over the preceding 3 years 
substantially faster than the area median in-
come. 
(4) USE
OF
FUNDS.—Grants received under 
this subsection shall be used to fund the construc-
tion of rental housing units that are affordable to 
residents making less than 120 percent of the area 
median income. 
(5) LABOR LAWS.— 
(A) IN GENERAL.—All laborers and me-
chanics employed by contractors or subcontrac-
tors in the performance of construction work fi-
nanced in whole or in part with a grant received 
under this subsection shall be paid wages at 
rates not less than those prevailing on similar 
construction in the locality as determined by 
the Secretary of Labor in accordance with sub-
chapter IV of chapter 31 of title 40, United 
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TITLE II—REVERSING THE LEG-
ACY OF HOUSING DISCRIMI-
NATION AND GOVERNMENT 
NEGLIGENCE 
SEC. 201. DOWN PAYMENT ASSISTANCE PROGRAM FOR 
COMMUNITIES FORMERLY SEGREGATED BY 
LAW. 
(a) DEFINITIONS.—In this section: 
(1) ELIGIBLE RESIDENT.—The term ‘‘eligible 
resident’’ means a resident of a geographic area, as 
defined by the Secretary by regulation under sub-
section (e), who— 
(A) is a first-time homebuyer; 
(B) resided in that geographic area during 
the 4-year period preceding the date of enact-
ment of this Act; and 
(C) has an income that is less than 120 
percent of the area median income. 
(2) FIRST-TIME HOMEBUYER.—The term ‘‘first- 
time homebuyer’’ means an individual (and if mar-
ried, the spouse of the individual) who has had no 
ownership in a principal residence during the 3-year 
period ending on the date of purchase of the prop-
erty. 
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(3) SECRETARY.—The term ‘‘Secretary’’ means 
the Secretary of Housing and Urban Development. 
(b) ESTABLISHMENT.—There is established in the 
Office of Housing of the Department of Housing and 
Urban Development a fund, to be administered by the Sec-
retary, that shall be used— 
(1) to provide grants to eligible residents to 
purchase homes; and 
(2) for outreach to financial institutions in tar-
geted areas and eligible residents. 
(c) GRANT AMOUNT.—Eligible residents may receive 
a grant from the fund established under subsection (b) 
in an amount equal to— 
(1) not more than 3.5 percent of the appraised 
value of the property to be purchased; or 
(2) if the appraised value is more than the prin-
cipal obligation amount limitation for mortgages in-
sured under title II of the National Housing Act (12 
U.S.C. 1707 et seq.), 3.5 percent of the maximum 
principal obligation limitation for the property to be 
purchased. 
(d) FHA LOAN.—An eligible resident is not required 
to obtain a mortgage that is insured under title II of the 
National Housing Act (12 U.S.C. 1707 et seq.) as a condi-
tion of receiving a grant under this section. 
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(e) REGULATIONS AND DATABASE.—Not later than 
1 year after the date of enactment of this Act, the Sec-
retary shall— 
(1) finalize regulations relating to the use of 
the fund established under subsection (b), including 
defining the geographic areas in which residents are 
eligible to receive grants through the fund, which 
shall include— 
(A) census tracts graded as ‘‘hazardous’’ 
in maps drawn by the Home Owners’ Loan 
Corporation that are, as of the date of enact-
ment of this Act, low-income communities; and 
(B) census tracts that were designated for 
non-White citizens in jurisdictions that histori-
cally had racially segregated zoning codes and 
are, as of the date of enactment of this Act, 
low-income communities; 
(2) finalize regulations relating to the disburse-
ment of funds under this section to ensure that eligi-
ble residents are able to receive funds before the 
closing date for their home, which may include cre-
ating a program that allows a lender to be reim-
bursed by the fund established under subsection (b) 
if the lender— 
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(A) provides the eligible resident with 
funds for the closing; or 
(B) 
allows 
eligible 
residents 
to 
be 
preapproved to receive assistance under this 
section when arranging financing for their 
home; 
(3) create a publicly accessible database that al-
lows individuals, real estate professionals, and lend-
ers to determine whether a borrower is eligible for 
assistance under this section; and 
(4) establish methods to verify that an indi-
vidual is an eligible resident. 
(f) APPROPRIATIONS.—Out of funds in the Treasury 
not otherwise appropriated, there are appropriated to the 
fund established under subsection (b) such sums as may 
be necessary for each of fiscal years 2019 through 2028 
to provide grants under this section and to carry out con-
sumer education efforts related to this section. 
(g) INCLUSION OF PROGRAM IN HOME BUYING IN-
FORMATION BOOKLETS.—Section 5(b) of the Real Estate 
Settlement Procedures Act of 1974 (12 U.S.C. 2605) is 
amended by inserting after paragraph (14) the following: 
‘‘(15) Information relating to the down pay-
ment assistance program established under section 
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201 of the American Housing and Economic Mobil-
ity Act of 2018.’’. 
(h) INCLUSION OF PROGRAM AS MORTGAGE PROD-
UCT.—Section 203(f)(1) of the National Housing Act (12 
U.S.C. 1709(f)(1)) is amended by inserting ‘‘, including 
the down payment assistance program established under 
section 201 of the American Housing and Economic Mo-
bility Act of 2018’’ after ‘‘mortgage products,’’. 
SEC. 202. FORMULA GRANT PROGRAM FOR COMMUNITIES 
THAT HAVE NOT RECOVERED FROM THE FI-
NANCIAL CRISIS. 
(a) ESTABLISHMENT.—The Secretary of Housing 
and Urban Development shall establish a formula grant 
program to provide funding to States to assist borrowers 
with negative equity in their primary residence through— 
(1) loan modifications or loan refinancing pro-
grams that provide principal reduction; 
(2) programs to purchase or rehabilitate vacant 
land and foreclosed homes to enhance neighborhood 
property values; and 
(3) loan programs to help underwater borrowers 
rehabilitate or conduct maintenance on their homes. 
(b) FORMULA.—The Secretary of Housing and 
Urban Development shall distribute amounts under this 
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section based on the number of borrowers in the State 
with a primary residence with negative equity. 
(c) AUTHORIZATION OF APPROPRIATIONS.—There is 
authorized to be appropriated to carry out this section 
$2,000,000,000 for fiscal year 2019. 
SEC. 203. STRENGTHENING THE COMMUNITY REINVEST-
MENT ACT OF 1977. 
(a) SHORT TITLE.—This section may be cited as the 
‘‘Community Reinvestment Reform Act of 2018’’. 
(b) AMENDMENTS TO THE COMMUNITY REINVEST-
MENT ACT OF 1977.—The Community Reinvestment Act 
of 1977 (12 U.S.C. 2901 et seq.) is amended— 
(1) by amending sections 802 and 803 (12 
U.S.C. 2901, 2902) to read as follows: 
‘‘SEC. 802. FINDINGS AND PURPOSE. 
‘‘(a) FINDINGS.—Congress finds that— 
‘‘(1) regulated financial institutions are re-
quired by law to demonstrate that they serve the 
convenience and needs of the communities in which 
they are chartered or do business, in particular low- 
and moderate-income communities; 
‘‘(2) the convenience and needs of communities 
include the need for credit services, deposit services, 
transaction services, other financial services, and 
community development loans and investments; and 
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‘‘(A) the appropriate Federal banking 
agency with respect to depository institutions 
and depository institution holding companies; 
‘‘(B) the Bureau of Consumer Financial 
Protection with respect to any covered person 
supervised by the Bureau pursuant to section 
1024 of the Dodd-Frank Wall Street Reform 
and Consumer Protection Act (12 U.S.C. 
5514); and 
‘‘(C) the National Credit Union Adminis-
tration with respect to credit unions that are 
not designated as low-income credit unions. 
‘‘(4) ASSESSMENT
AREA.—The term ‘assess-
ment area’ means, with respect to a regulated finan-
cial institution, each community, including a State, 
metropolitan area, and urban or rural county, in 
which the institution— 
‘‘(A) maintains deposit-taking branches, 
automated teller machines, or retail offices; 
‘‘(B) is represented by an agent; 
‘‘(C) issues a significant number of loans 
or other products relative to the total number 
of loans or other products made by the institu-
tion; 
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‘‘(D) has issued not less than 75 percent 
of the loans of the institution; or 
‘‘(E) has conducted not less than 75 per-
cent of the business of the institution. 
‘‘(5) COMMUNITY BENEFITS PLAN.—The term 
‘community benefits plan’ means a plan that pro-
vides measurable goals for future amounts of safe 
and sound loans, investments, services, and other fi-
nancial products for low- and moderate-income com-
munities and other underserved or distressed com-
munities. 
‘‘(6) COMMUNITY
DEVELOPMENT.—The term 
‘community development’ means— 
‘‘(A) affordable housing for low- or mod-
erate-income individuals and avoidance of pat-
terns of lending resulting in the loss of afford-
able housing units; 
‘‘(B) community development services in-
cluding counseling and successful mortgage or 
loan modifications of delinquent loans; 
‘‘(C) activities that promote integration; 
‘‘(D) activities that promote economic de-
velopment by financing small businesses or 
farms that meet the size eligibility requirements 
of the development company or small business 
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investment company programs under section 
121.301 of title 13, Code of Federal Regula-
tions, or any successor thereto, with an empha-
sis on small businesses that have gross annual 
revenues of not more than $1,000,000; or 
‘‘(E) activities that revitalize or stabilize— 
‘‘(i) low- or moderate-income geog-
raphies; 
‘‘(ii) designated disaster areas; 
‘‘(iii) distressed or underserved non-
metropolitan middle-income geographies 
designated by the Federal Financial Insti-
tutions Examination Council, based on— 
‘‘(I) rates of poverty, unemploy-
ment, and population loss; or 
‘‘(II) population size, density, 
and dispersion, if those activities help 
to meet essential community needs, 
including the needs of low- and mod-
erate-income individuals; or 
‘‘(iv) other distressed and underserved 
communities. 
‘‘(7) DEPOSITORY
INSTITUTION; DEPOSITORY 
INSTITUTION HOLDING COMPANY.—The terms ‘de-
pository institution’ and ‘depository institution hold-
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ing company’ have the meanings given those terms 
in section 3 of the Federal Deposit Insurance Act 
(12 U.S.C. 1813). 
‘‘(8) ENTIRE
COMMUNITY.—The term ‘entire 
community’ means all of the assessment areas of a 
regulated financial institution. 
‘‘(9) ENUMERATED
CONSUMER
LAWS.—The 
term ‘enumerated consumer laws’ has the meaning 
given the term in section 1002 of the Consumer Fi-
nancial Protection Act of 2010 (12 U.S.C. 5481). 
‘‘(10) GEOGRAPHY.—The term ‘geography’ 
means a census tract delineated by the Bureau of 
the Census in the most recent decennial census. 
‘‘(11) INSURED
DEPOSITORY
INSTITUTION.— 
The term ‘insured depository institution’ has the 
meaning given the term in section 3 of the Federal 
Deposit Insurance Act (12 U.S.C. 1813). 
‘‘(12) OTHER DISTRESSED OR UNDERSERVED 
COMMUNITY.—The term ‘other distressed or under-
served community’ means an area that, according to 
a periodic review and data analysis by the appro-
priate Federal financial supervisory agencies on an 
interagency basis through the Federal Financial In-
stitutions Examination Council, is experiencing eco-
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nomic hardship or is underserved by financial insti-
tutions. 
‘‘(13) REGULATED FINANCIAL INSTITUTION.— 
The term ‘regulated financial institution’ means— 
‘‘(A) an insured depository institution; 
‘‘(B) a depository institution holding com-
pany; 
‘‘(C) a credit union, other than a low-in-
come credit union; and 
‘‘(D) a U.S. nonbank mortgage originator. 
‘‘(14) 
U.S. 
NONBANK
MORTGAGE
ORIGI-
NATOR.—The term ‘U.S. nonbank mortgage origi-
nator’ means a covered person subject to section 
1024 of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act (12 U.S.C. 5514) that of-
fers or provides— 
‘‘(A) origination of loans secured by real 
estate for use by consumers primarily for per-
sonal, family, or household purposes; or 
‘‘(B) loan modification or foreclosure relief 
services in connection with a loan described in 
subparagraph (A).’’; 
(2) in section 804 (12 U.S.C. 2903)— 
(A) by redesignating subsections (c) and 
(d) as subsections (f) and (g), respectively; 
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(B) by striking subsections (a) and (b) and 
inserting the following: 
‘‘(a) DEPOSITORY INSTITUTIONS AND BANK HOLD-
ING COMPANIES.—In connection with its examination of 
a regulated financial institution other than a U.S. 
nonbank mortgage originator, the appropriate Federal fi-
nancial supervisory agency shall perform the following: 
‘‘(1) Assess the record of the institution in 
meeting the credit or other financial needs of its en-
tire community, in particular low- and moderate-in-
come people and communities, and distressed or un-
derserved communities, consistent with the safe and 
sound operation of the institution. 
‘‘(2) Assess the effectiveness of the following 
activities in meeting the credit or other financial 
needs of the assessment areas of the institution, con-
sistent with the safe and sound operation of the in-
stitution: 
‘‘(A) Retail lending, including home, small 
business, consumer, and other lending and fi-
nancial products, that responds to credit needs 
or other financial needs. 
‘‘(B) Community development lending and 
investments, which may include a consideration 
of— 
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‘‘(i) the origination of loans and other 
efforts by the institution to assist existing 
low- and moderate-income residents to re-
main in affordable housing in their com-
munity; and 
‘‘(ii) the origination of loans by the 
institution that result in the construction, 
rehabilitation, or preservation of affordable 
housing units. 
‘‘(C) Retail financial services and commu-
nity development services. 
‘‘(3) With respect to its evaluation of an appli-
cation for a deposit facility by the institution— 
‘‘(A) consider the record described in para-
graph (1), the overall rating of the institution 
under this section, and any improvement plans 
submitted pursuant to this section; 
‘‘(B) provide an opportunity for public 
comment for a period of not less than 60 days; 
‘‘(C) consider changes in the community 
reinvestment performance of the institution 
since the most recent rating under this section 
by the appropriate Federal financial supervisory 
agency; and 
‘‘(D) require— 
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‘‘(i) a demonstration of public benefit, 
including a community benefits plan with 
measurable goals regarding increasing re-
sponsible lending and other financial prod-
ucts; 
‘‘(ii) that the institution consult with 
community-based organizations and other 
community stakeholders in developing the 
community benefits plan; and 
‘‘(iii) a public hearing for any institu-
tion that has a received a ‘need-to-improve’ 
or ‘sufficient’ grade in any individual as-
sessment area during the most recent ex-
amination. 
‘‘(b) U.S. NONBANK MORTGAGE ORIGINATOR.—In 
connection with its examination of a U.S. nonbank mort-
gage originator, the appropriate Federal financial super-
visory agency shall perform the following: 
‘‘(1) Assess the record of the U.S. nonbank 
mortgage originator in meeting the credit or other 
financial needs of its entire community, in particular 
low-income and moderate-income people and commu-
nities, consistent with the safe and sound operation 
of the U.S. nonbank mortgage originator. 
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‘‘(2) Assess, as appropriate, the following activi-
ties in the assessment areas of the U.S. nonbank 
mortgage originator: 
‘‘(A) Retail lending, including home loans. 
‘‘(B) Community development services. 
‘‘(C) Community development lending and 
investments, which may include a consideration 
of— 
‘‘(i) the origination of loans and other 
efforts by the institution to assist existing 
low- and moderate-income residents to re-
main in affordable housing in their com-
munity; 
‘‘(ii) the origination of loans by the 
institution that result in the construction, 
rehabilitation or preservation of affordable 
housing units; and 
‘‘(iii) investments in or loans to com-
munity development financial institutions 
(as defined in section 103 of the Commu-
nity Development Banking and Financial 
Institutions Act of 1994 (12 U.S.C. 
4702)), community development corpora-
tions (as defined in section 613 of the 
Community Economic Development Act of 
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1981 (42 U.S.C. 9802)), and other non-
profit organizations serving the housing 
and development needs of the community. 
‘‘(3) With respect to its evaluation of an appli-
cation for a deposit facility by the U.S. nonbank 
mortgage originator— 
‘‘(A) consider the record described in para-
graph (1), the overall rating of the U.S. 
nonbank mortgage originator under this sec-
tion, and any improvement plans submitted 
pursuant to this section; 
‘‘(B) provide an opportunity for public 
comment for a period of not less than 60 days; 
‘‘(C) consider changes in the community 
reinvestment performance of the U.S. nonbank 
mortgage originator since the most recent rat-
ing under this section by the appropriate Fed-
eral financial supervisory agency; and 
‘‘(D) require— 
‘‘(i) a demonstration that granting the 
application for a deposit facility is in the 
public interest, which shall include a sub-
mission of a community benefits plan by 
the U.S. nonbank mortgage originator to 
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the appropriate Federal financial super-
visory agency; 
‘‘(ii) that the U.S. nonbank mortgage 
originator consult with community-based 
organizations and other community stake-
holders in developing the community bene-
fits plan; and 
‘‘(iii) a public hearing for any U.S. 
nonbank mortgage originator that has a 
received a ‘need-to-improve’ or ‘sufficient’ 
grade in any individual assessment area 
during the most recent examination. 
‘‘(c) REQUIREMENTS.— 
‘‘(1) IN GENERAL.—In connection with its ex-
amination of a regulated financial institution under 
subsection (a) or (b), the appropriate Federal finan-
cial supervisory agency shall— 
‘‘(A) consider public comments received by 
the appropriate Federal financial supervisory 
agency regarding the record of the institution in 
meeting the credit or other financial needs of 
its entire community, including low- and mod-
erate-income communities; and 
‘‘(B) require an improvement plan for an 
institution that receives a rating of ‘sufficient’ 
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or lower on the written evaluation of the insti-
tution, or such a rating in any individual as-
sessment area, and require the improvement 
plan to result in the reasonable likelihood that 
the institution will obtain a rating of at least 
‘satisfactory record of meeting community cred-
it or other financial needs’ in the relevant meas-
ure on the next examination. 
‘‘(2) IMPROVEMENT PLAN.— 
‘‘(A) IN GENERAL.—A regulated financial 
institution that is required to submit an im-
provement plan required under paragraph 
(1)(B) shall submit the plan in writing to the 
appropriate Federal financial supervisory agen-
cy not later than 90 days after receiving notice 
that the regulated financial institution is re-
quired to submit the plan. 
‘‘(B) PUBLIC COMMENT.—Upon receipt of 
an improvement plan of a regulated financial 
institution required under paragraph (1)(B), 
the appropriate Federal financial supervisory 
agency shall— 
‘‘(i) make the plan available to the 
public for review and comment for a period 
of not less than 60 days; and 
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‘‘(ii) require the regulated financial 
institution to revise, as appropriate, the 
improvement plan in response to the public 
comments received under the public review 
and comment period described in clause (i) 
and submit the plan to the appropriate 
Federal financial supervisory agency not 
later than 60 days after the end of that pe-
riod. 
‘‘(3) EXAMINATION
OF
CERTAIN
REGULATED 
FINANCIAL INSTITUTIONS.—In the case of a regu-
lated financial institution whose lending or other 
business is not clustered in geographical areas and 
is thinly dispersed across the country, the institution 
shall— 
‘‘(A) be evaluated under subsection (a) or 
(b), as applicable— 
‘‘(i) by considering the effectiveness of 
the institution in serving customers or bor-
rowers, with a special emphasis on low- 
and moderate-income individuals across the 
country regardless of where the individuals 
reside; and 
‘‘(ii) based on objective thresholds de-
veloped by the appropriate Federal finan-
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cial supervisory agencies to clarify when 
lending or other business is dispersed 
across the country and not clustered in 
distinct geographical areas, which may in-
clude low levels of lending or other finan-
cial products across States or other areas; 
and 
‘‘(B) meet the needs of other distressed or 
underserved communities. 
‘‘(d) CONSIDERATION.—Remediation of consumers 
pursuant to an order by an court or administrative body 
or a settlement with a government agency or a private 
party shall not be considered in an assessment conducted 
under subsection (a)(2) or (b)(2). 
‘‘(e) RULE OF CONSTRUCTION.—An evaluation of a 
bank holding company under this section shall incorporate 
evaluations of subsidiary regulated financial institutions 
made by each subsidiary’s appropriate Federal financial 
supervisory agency, if applicable.’’; 
(C) in subsection (f), as so redesignated— 
(i) by striking paragraph (2); and 
(ii) by redesignating paragraph (3) as 
paragraph (2); and 
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(D) in subsection (g), as so redesignated, 
by striking ‘‘subsection (a)’’ and inserting ‘‘sub-
sections (a) and (b)’’; 
(3) in section 807 (12 U.S.C. 2906)— 
(A) in subsection (a)— 
(i) by striking ‘‘an insured depository 
institution’’ and inserting ‘‘a regulated fi-
nancial institution’’; and 
(ii) by inserting ‘‘or financial’’ after 
‘‘credit’’; 
(B) in subsection (b)— 
(i) in paragraph (1)— 
(I) in subparagraph (A)— 
(aa) in clause (ii), by strik-
ing ‘‘and’’ at the end; 
(bb) by redesignating clause 
(iii) as clause (iv); and 
(cc) by inserting after clause 
(ii) the following: 
‘‘(iii) disclose whether the institution en-
gaged in acts or practices that the Bureau of 
Consumer Financial Protection has determined, 
and has publicly disclosed, violate the enumer-
ated consumer laws; and’’; and 
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(II) by striking subparagraph (B) 
and inserting the following: 
‘‘(B) METROPOLITAN
AREA
DISTINCTIONS.— 
The information required under clauses (i) and (ii) 
of subparagraph (A) shall be presented separately 
for each assessment area. 
‘‘(C) TREATMENT
WITH
RESPECT
TO
VIOLA-
TIONS
OF
ENUMERATED
CONSUMER
LAWS.—If a 
regulated financial institution has engaged in acts or 
practices that the appropriate Federal financial su-
pervisory agency has determined to be unfair, decep-
tive, or abusive or acts or practices that violate enu-
merated consumer laws intended to ensure the fair, 
equitable, and nondiscriminatory access to credit for 
individuals and communities that are enforced by 
the Bureau of Consumer Financial Protection or 
other Federal or State agencies, the written evalua-
tion shall be negatively influenced in a manner com-
mensurate with the extent of the harm suffered by 
those individuals and communities.’’; 
(ii) in paragraph (2)— 
(I) by striking subparagraphs 
(A), (B), (C), and (D) and inserting 
the following: 
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‘‘(A) ‘Outstanding record of meeting com-
munity credit or other financial needs’. 
‘‘(B) ‘Satisfactory record of meeting com-
munity credit or other financial needs’. 
‘‘(C) ‘Sufficient record of meeting commu-
nity credit or other financial needs’. 
‘‘(D) ‘Needs to improve record of meeting 
community credit or other financial needs’. 
‘‘(E) ‘Substantial noncompliance in meet-
ing 
community 
credit 
or 
other 
financial 
needs’.’’; and 
(iii) by inserting after the flush text 
following paragraph (2) the following: 
‘‘(3) ADDITIONAL
AUTHORITY.—The appro-
priate Federal financial supervisory agencies may— 
‘‘(A) alter the ratings under this sub-
section to change or include additional ratings; 
and 
‘‘(B) develop an accompanying point sys-
tem that includes ranges for each rating cat-
egory under paragraph (2).’’; 
(C) by redesignating subsection (e) as sub-
section (g); and 
(D) by inserting after subsection (d) the 
following: 
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‘‘(e) APPEALS OF RATING.—If a regulated financial 
institution appeals the assigned rating under this section, 
the appropriate Federal financial supervisory agency shall 
post a public notice of the appeal on the website of the 
appropriate Federal financial supervisory agency.’’; and 
(4) by adding at the end the following: 
‘‘SEC. 810. DATA COLLECTION AND REPORTING REQUIRE-
MENTS. 
‘‘(a) DATA COLLECTION.— 
‘‘(1) SMALL
BUSINESS
AND
SMALL
FARM 
LOANS.—Each regulated financial institution shall 
collect and maintain in machine readable form, as 
prescribed by the appropriate Federal financial su-
pervisory agency, until the completion of the next ex-
amination under this title, the following data for 
each small business or small farm loan originated or 
purchased by the regulated financial institution: 
‘‘(A) A unique number or alpha-numeric 
symbol that can be used to identify the relevant 
loan. 
‘‘(B) The loan amount at origination. 
‘‘(C) The loan location. 
‘‘(D) An indicator whether the loan was to 
a business or farm with gross annual revenues 
of $1,000,000 or less. 
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‘‘(2) CONSUMER LOANS.—Each regulated finan-
cial institution shall collect and maintain in machine 
readable form, as prescribed by the appropriate Fed-
eral financial supervisory agency, data for consumer 
loans originated or purchased by the regulated fi-
nancial institution, including motor vehicle loans, 
credit cards, home equity loans, and other secured 
or unsecured loans. The regulated financial institu-
tion shall maintain data separately for each category 
of consumer loan, including the following for each 
loan: 
‘‘(A) A unique number or alpha-numeric 
symbol that can be used to identify the relevant 
loan. 
‘‘(B) The loan amount at origination or 
purchase. 
‘‘(C) The loan location. 
‘‘(D) The gross annual income of the bor-
rower that the regulated financial institution 
considered in making its credit decision. 
‘‘(3) COMMUNITY
DEVELOPMENT
LOANS
AND 
INVESTMENTS.—Each regulated financial institution 
shall collect and maintain in machine readable form, 
as prescribed by the appropriate Federal financial 
supervisory agency, data on the categories of com-
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munity development lending and investments, includ-
ing data regarding financing affordable housing, 
small business development, and economic develop-
ment. 
‘‘(4) ASSESSMENT
AREA
DATA.—Each regu-
lated financial institution shall collect and report to 
the appropriate Federal financial supervisory agency 
by March 1 of each year a list for each assessment 
area showing the geographies within the area. 
‘‘(5) DEPOSITS.—The appropriate Federal Su-
pervisory agency shall collect data from regulated fi-
nancial institutions that reflects how many of the 
customers of those institutions are low- and mod-
erate-income customers and the services that are 
used by those customers. 
‘‘(b) CRA SMALL BUSINESS DISCLOSURE STATE-
MENT.—The appropriate Federal financial supervisory 
agency shall prepare annually for each regulated financial 
institution that reports data pursuant to this section a 
statement to be known as the ‘CRA Small Business Dis-
closure Statement’ that contains, on a State-by-State 
basis, the following: 
‘‘(1) For each county (and for each assessment 
area smaller than a county) with a population of 
500,000 persons or fewer in which the regulated fi-
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nancial institution reported a small business or small 
farm loan: 
‘‘(A) The number and amount of small 
business and small farm loans reported as origi-
nated or purchased located in low-, moderate-, 
middle-, and upper-income geographies. 
‘‘(B) A list grouping each geography ac-
cording to whether the geography is low-, mod-
erate-, middle-, or upper-income. 
‘‘(C) A list showing each geography in 
which the regulated financial institution re-
ported a small business or small farm loan. 
‘‘(D) The number and amount of small 
business and small farm loans to businesses 
and farms with gross annual revenues of 
$1,000,000 or less. 
‘‘(2) For each county (and for each assessment 
area smaller than a county) with a population in ex-
cess of 500,000 in which the regulated financial in-
stitution reported a small business or small farm 
loan: 
‘‘(A) The number and amount of small 
business and small farm loans reported as origi-
nated or purchased located in geographies with 
median income relative to the area median in-
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come of less than 10 percent, 10 or more but 
less than 20 percent, 20 or more but less than 
30 percent, 30 or more but less than 40 per-
cent, 40 or more but less than 50 percent, 50 
or more but less than 60 percent, 60 or more 
but less than 70 percent, 70 or more but less 
than 80 percent, 80 or more but less than 90 
percent, 90 or more but less than 100 percent, 
100 or more but less than 110 percent, 110 or 
more but less than 120 percent, and 120 per-
cent or more. 
‘‘(B) A list grouping each geography in the 
county or assessment area according to whether 
the median income in the geography relative to 
the area median income is less than 10 percent, 
10 or more but less than 20 percent, 20 or 
more but less than 30 percent, 30 or more but 
less than 40 percent, 40 or more but less than 
50 percent, 50 or more but less than 60 per-
cent, 60 or more but less than 70 percent, 70 
or more but less than 80 percent, 80 or more 
but less than 90 percent, 90 or more but less 
than 100 percent, 100 or more but less than 
110 percent, 110 or more but less than 120 
percent, and 120 percent or more. 
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‘‘(C) A list showing each geography in 
which the regulated financial institution re-
ported a small business or small farm loan. 
‘‘(D) The number and amount of small 
business and small farm loans to businesses 
and farms with gross annual revenues of 
$1,000,000 or less. 
‘‘(3) The number and amount of small business 
and small farm loans located inside each assessment 
area reported by the regulated financial institution 
and the number and amount of small business and 
small farm loans located outside the assessment 
areas reported by the regulated financial institution. 
‘‘(4) The number and amount of community de-
velopment loans reported as originated or purchased. 
‘‘(c) AGGREGATE DISCLOSURE STATEMENTS.— 
‘‘(1) IN GENERAL.—Each appropriate Federal 
financial supervisory agency shall prepare annually, 
for each county and for each assessment area small-
er than a county, an aggregate disclosure statement 
of small business, small farm, and consumer lending 
by all regulated financial institutions subject to re-
porting under this section, which shall indicate, for 
each geography, the number and amount of all small 
business, small farm, and consumer loans originated 
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or purchased by reporting regulated financial insti-
tutions. 
‘‘(2) ADJUSTED FORM.—An appropriate Fed-
eral financial supervisory agency may adjust the 
form of the disclosure statement prepared under 
paragraph (1) if necessary, because of special cir-
cumstances, to protect the privacy of a borrower or 
the competitive position of a regulated financial in-
stitution. 
‘‘(d) CENTRAL DATA DEPOSITORIES.—The Federal 
Financial Institutions Examination Council, in consulta-
tion with the appropriate Federal financial supervisory 
agencies, shall implement a system— 
‘‘(1) to allow the public to access online and in 
a searchable format the data maintained under 
paragraphs (1) through (4) of subsection (a); and 
‘‘(2) that ensures that personally identifiable fi-
nancial information is not disclosed to public. 
‘‘(e) LIMITATION.—An appropriate Federal financial 
supervisory agency may not use the authorities of the ap-
propriate Federal financial supervisory agency under this 
section to obtain a record from a regulated financial insti-
tution for the purpose of gathering or analyzing the per-
sonally identifiable financial information of a consumer.’’. 
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