‘‘(2) WAIVERS
WHEN
CREDITOR
IS
INSURED 
DEPOSITORY
INSTITUTION.—The Board shall pre-
scribe regulations authorizing a consumer to waive 
the rights provided under this section when the cred-
itor is an insured depository institution (as that 
term is defined in section 3(c)(2) of the Federal De-
posit Insurance Act) in such manner and after such 
notice as the Board may prescribe.’’. 
(b) EXEMPTION IN CASE OF REFINANCING WITH NO 
NEW
MONEY
REGARDLESS
OF
CREDITOR.—Section 
125(e)(2) of the Truth in Lending Act (15 U.S.C. 
1635(e)(2)) is amended by striking ‘‘by the same cred-
itor’’. 
(c) EXEMPT HOME EQUITY LINES OF CREDIT.—Sec-
tion 125(e)(4) of the Truth in Lending Act (15 U.S.C. 
1635(e)(4)) is amended to read as follows: 
‘‘(4) advances under an open end consumer 
credit plan which provides for any extension of cred-
it which is secured by the consumer’s principal 
dwelling.’’. 
SEC. 202. SEASONED CUSTOMER CTR EXEMPTION. 
(a) SHORT TITLE.—This section may be cited as the 
‘‘Seasoned Customer CTR Exemption Act of 2007’’. 
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(b) SEASONED
CUSTOMER
EXEMPTION.—Section 
5313(e) of title 31, United States Code, is amended to 
read as follows: 
‘‘(e) QUALIFIED CUSTOMER EXEMPTION.— 
‘‘(1) IN GENERAL.—Before the end of the 270- 
day period beginning on the date of the enactment 
of the Seasoned Customer CTR Exemption Act of 
2007, the Secretary of the Treasury shall prescribe 
regulations that exempt any depository institution 
from filing a report pursuant to this section in a 
transaction for the payment, receipt, or transfer of 
United States coins or currency (or other monetary 
instruments the Secretary of the Treasury pre-
scribes) with a qualified customer of the depository 
institution. 
‘‘(2) QUALIFIED
CUSTOMER
DEFINED.—For 
purposes of this section, the term ‘qualified cus-
tomer’, with respect to a depository institution, has 
such meaning as the Secretary of the Treasury shall 
prescribe, which shall include any person that— 
‘‘(A) is incorporated or organized under 
the laws of the United States or any State, in-
cluding a sole proprietorship (as defined in 31 
C.F.R. 103.22(d)(6)(vii), as in effect on May 
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10, 2006), or is registered as and eligible to do 
business within the United States or a State; 
‘‘(B) has maintained a deposit account 
with the depository institution for at least 12 
months; and 
‘‘(C) has engaged, using such account, in 
multiple currency transactions that are subject 
to the reporting requirements of subsection (a). 
‘‘(3) REGULATIONS.— 
‘‘(A) IN GENERAL.—The Secretary of the 
Treasury shall prescribe regulations requiring a 
depository institution to file a 1-time notice of 
designation of exemption for each qualified cus-
tomer of the depository institution. 
‘‘(B) FORM AND CONTENT OF EXEMPTION 
NOTICE.—The Secretary shall by regulation 
prescribe the form, manner, content, and timing 
of the qualified customer exemption notice and 
such notice shall include information sufficient 
to identify the qualified customer and the ac-
counts of the customer. 
‘‘(C) AUTHORITY OF SECRETARY.— 
‘‘(i) IN
GENERAL.—The Secretary 
may suspend, reject, or revoke any quali-
fied customer exemption notice, in accord-
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ance with criteria prescribed by the Sec-
retary by regulation. 
‘‘(ii) 
CONDITIONS.—The 
Secretary 
may establish conditions, in accordance 
with criteria prescribed by regulation, 
under which exempt qualified customers of 
an insured depository institution that is 
merged with or acquired by another in-
sured depository institution will continue 
to be treated as designated exempt quali-
fied customers of the surviving or acquir-
ing institution.’’. 
(c) PERIODIC REVIEW OF REPORTING THRESHOLD 
AND ADJUSTMENT FOR INFLATION.—Section 5318 of title 
31, United States Code, is amended by adding at the end 
the following new subsection: 
‘‘(o) PERIODIC REVIEW OF REPORTING THRESHOLD 
AND ADJUSTMENT FOR INFLATION.— 
‘‘(1) IN GENERAL.—Before the end of the 90- 
day period beginning on the date of the enactment 
of the Seasoned Customer CTR Exemption Act of 
2007 and at least every 5 years after the end of 
such period, the Secretary of the Treasury shall— 
‘‘(A) review the continuing appropriate-
ness, relevance, and utility of each threshold 
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amount or denomination established by the Sec-
retary, in the Secretary’s discretion, for any re-
port required by the Secretary under this sub-
chapter; and 
‘‘(B) adjust each such amount, at such 
time and in such manner as the Secretary con-
siders appropriate, for any inflation that the 
Secretary determines has occurred since the 
date any such amount was established or last 
adjusted, as the case may be. 
‘‘(2) REPORT.—Before the end of the 60-day 
period beginning upon the completion of any review 
by the Secretary of the Treasury under paragraph 
(1), the Secretary shall submit a report to the Con-
gress containing the findings and conclusions of the 
Secretary in connection with such review, together 
with an explanation for any adjustment, or lack of 
adjustment, of any threshold amount or denomina-
tion by the Secretary as a result of such review, in-
cluding the adjustment for inflation.’’. 
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SEC. 203. EXCEPTION TO ANNUAL PRIVACY NOTICE RE-
QUIREMENT UNDER THE GRAMM-LEACH-BLI-
LEY ACT. 
Section 503 of the Gramm-Leach-Bliley Act (15 
U.S.C. 6803) is amended by adding the following new sub-
sections: 
‘‘(c) EXCEPTION
TO ANNUAL NOTICE REQUIRE-
MENT.—A financial institution that— 
‘‘(1) provides nonpublic personal information 
only in accordance with the provisions of subsection 
(b)(2) or (e) of section 502 or regulations prescribed 
under section 504(b); 
‘‘(2) does not share information with affiliates 
under section 603(d)(2)(A) of the Fair Credit Re-
porting Act; and 
‘‘(3) has not changed its policies and practices 
with regard to disclosing nonpublic personal infor-
mation from the policies and practices that were dis-
closed in the most recent disclosure sent to con-
sumers in accordance with this subsection, 
shall not be required to provide an annual disclosure under 
this subsection until such time as the financial institution 
fails to comply with any criteria described in paragraph 
(1), (2), or (3). 
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‘‘(d) EXCEPTION TO NOTICE REQUIREMENT.—A fi-
nancial institution shall not be required to provide any dis-
closure under this section if— 
‘‘(1) the financial institution is licensed by a 
State and is subject to existing regulation of con-
sumer confidentiality that prohibits disclosure of 
nonpublic personal information without knowing and 
expressed consent of the consumer in the form of 
laws, rules, or regulation of professional conduct or 
ethics promulgated either by the court of highest ap-
pellate authority or by the principal legislative body 
or regulatory agency or body of any State of the 
United States, the District of Columbia, any terri-
tory of the United States, Puerto Rico, Guam, 
American Samoa, the Trust Territory of the Pacific 
Islands, the Virgin Islands, or the Northern Mariana 
Islands; or 
‘‘(2) the financial institution is licensed by a 
State and becomes subject to future regulation of 
consumer confidentiality that prohibits disclosure of 
nonpublic personal information without knowing and 
expressed consent of the consumer in the form of 
laws, rules, or regulation of professional conduct or 
ethics promulgated either by the court of highest ap-
pellate authority or by the principal legislative body 
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or regulatory agency or body of any State of the 
United States, the District of Columbia, any terri-
tory of the United States, Puerto Rico, Guam, 
American Samoa, the Trust Territory of the Pacific 
Islands, the Virgin Islands, or the Northern Mariana 
Islands.’’. 
SEC. 204. PRIVACY PROTECTION OF CONSUMER REPORTS 
DURING LOAN APPLICATION. 
Section 604(c) of the Fair Credit Reporting Act (15 
U.S.C. 1681b(c)) is amended by adding at the end the 
following new paragraph 
‘‘(4) REPORT PROMPTED BY A REQUEST FOR A 
CONSUMER REPORT FROM ANOTHER CREDITOR PRO-
HIBITED.— 
‘‘(A) IN GENERAL.—A consumer reporting 
agency shall not furnish a consumer report if 
such action is prompted by a request for a con-
sumer report from another creditor unless ap-
proved in writing by the consumer. 
‘‘(B) 
REGULATIONS.—The 
Commission 
shall prescribe regulations in final form to en-
force this paragraph before the end of the 180- 
day period beginning on the date of the enact-
ment of the Communities First Act.’’. 
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SEC. 205. UPDATE IN THE SPECIAL REGULATORY LENDING 
LIMIT ON LOANS TO EXECUTIVE OFFICERS. 
Section 22(g) of the Federal Reserve Act (12 U.S.C. 
375b(g)) is amended by adding at the end the following 
new paragraph: 
‘‘(11) LIMIT
APPLICABLE
ON
AGGREGATE 
AMOUNT OF CERTAIN LOANS TO EXECUTIVE OFFI-
CERS OF COMMUNITY BANKS.—Notwithstanding any 
regulation prescribed by the Board under paragraph 
(4) and subject to other conditions imposed under 
this subsection and subsection (h), the aggregate 
amount of extensions of credit that a member bank 
may make to an executive officer of the bank under 
paragraph (4) shall not exceed $250,000.’’. 
SEC. 206. REIMBURSEMENT FOR PRODUCTION OF MAN-
DATED RECORDS. 
(a) CORPORATE RECORDS.—Section 1101(4) of the 
Right to Financial Privacy Act of 1978 (12 U.S.C. 
3401(4)) is amended by inserting ‘‘, except that, for pur-
poses of section 1115, such term includes any entity’’ after 
‘‘fewer individuals’’. 
(b) CLARIFICATION OF SCOPE.—Section 1115(b) of 
the Right to Financial Privacy Act of 1978 (12 U.S.C. 
3415) is amended to read as follows: 
‘‘(b) CLARIFICATION
OF SCOPE.—Notwithstanding 
the introductory clause to the 1st sentence of subsection 
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(a), this section shall apply to all records required to be 
assembled or provided for any Federal law enforcement 
or investigative purpose.’’. 
SEC. 207. STUDY BY THE COMPTROLLER GENERAL ON IM-
PLEMENTATION OF COMMERCIAL REAL ES-
TATE GUIDANCE. 
The Comptroller General shall conduct a study on the 
implementation, by any Federal banking agency, of exam-
iner guidance on concentrations in commercial real estate 
lending, including the impact on— 
(1) local economies; 
(2) the regulatory burden on banks 
(3) community bank portfolios; and 
(4) community banks’ market share. 
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TITLE 
III—TAX 
RELIEF 
FOR 
BANK 
DEPOSITORS, 
RURAL 
BANKS, 
MUNICIPALITIES, 
BANKS ORGANIZED AS LIM-
ITED LIABILITY COMPANIES, 
INDIVIDUAL 
SAVERS, 
AND 
SMALL BUSINESSES 
SEC. 301. REDUCED RATE AND DEFERRAL OF INCOME REC-
OGNITION ON LONG-TERM CERTIFICATES OF 
DEPOSIT. 
(a) DEFERRAL OF INCOME RECOGNITION.—Section 
451 of the Internal Revenue Code of 1986 (relating to 
general rule for taxable year of inclusion) is amended by 
adding at the end the following new subsection: 
‘‘(j) CERTIFICATES OF DEPOSITS HELD BY CASH 
BASIS INDIVIDUALS.—In the case of an individual on the 
cash receipts and disbursements method of accounting 
who holds a nonnegotiable certificate of deposit, interest 
income which is not made available for withdrawal before 
maturity of the certificate without penalty shall not be in-
cludible in gross income before the certificate is redeemed 
or matures.’’. 
(b) INTEREST INCOME
ON LONG-TERM CERTIFI-
CATES
OF
DEPOSIT.—Subparagraph (A) of section 
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1(h)(11) of such Code is amended by striking ‘‘increased 
by’’ and all that follows and inserting: 
‘‘increased by— 
‘‘(i) qualified dividend income, and 
‘‘(ii) interest income on any nonnego-
tiable certificate of deposit— 
‘‘(I) with a fixed maturity date 
which is 1 year or more from the date 
of issue, and 
‘‘(II) the interest on which is not 
made available for withdrawal before 
maturity without penalty.’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
the date of the enactment of this Act. 
SEC. 302. EXCLUSION FOR INTEREST ON LOANS SECURED 
BY AGRICULTURAL REAL PROPERTY. 
(a) IN GENERAL.—Part III of subchapter B of chap-
ter 1 of the Internal Revenue Code of 1986 (relating to 
items specifically excluded from gross income) is amended 
by inserting after section 139A the following new section: 
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