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‘‘(B) any class action brought under this
title—
‘‘(i) for which a class was certified be-
fore October 1, 1994; and
‘‘(ii) the pleadings in which (as filed
before such date) allege improper disclo-
sure of charges described in paragraph (1),
(2), or (3) of subsection (a);
‘‘(C) the named individual plaintiffs in any
class action brought under this title—
‘‘(i) which was filed before October 1,
1994; and
‘‘(ii) the pleadings in which (as filed
before such date) allege improper disclo-
sure of charges described in paragraph (1),
(2), or (3) of subsection (a); or
‘‘(D) any consumer credit transaction with
respect to which a timely notice of rescission
was sent to the creditor before October 1, 1994.
‘‘(b) EXEMPTION FROM LIABILITY
FOR FINANCE
CHARGE DISCLOSURES WITHIN TOLERANCE LIMITS.—
‘‘(1) IN
GENERAL.—In the case of any
consumer credit transaction subject to this title, in-
cluding a transaction consummated before the date
of the enactment of the Financial Institutions Regu-
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latory Relief Act of 1995, no creditor or assignee
with respect to such transaction shall have any civil,
administrative, or criminal liability under this title
for, and no consumer shall have extended rescission
rights under section 125 by reason of, any disclosure
relating to the finance charge imposed with respect
to such transaction if the amount or percentage ac-
tually disclosed—
‘‘(A) may be treated as accurate pursuant
to section 106(f), or
‘‘(B) is greater than the amount or per-
centage required to be disclosed under this title.
‘‘(2) EXCEPTIONS.—Paragraph (1) shall not
apply to—
‘‘(A) any individual action or counterclaim
brought under this title which was filed before
October 1, 1994;
‘‘(B) any class action brought under this
title for which a class was certified before Octo-
ber 1, 1994;
‘‘(C) the named individual plaintiffs in any
class action brought under this title which was
filed before October 1, 1994; or
‘‘(D) any consumer credit transaction with
respect to which a timely notice of rescission
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was sent to the creditor before October 1,
1994.’’.
(b) CLERICAL AMENDMENT.—The table of sections
for chapter 2 of the Truth in Lending Act is amended
by inserting after the item relating to section 138 the fol-
lowing new item:
‘‘Sec. 139. Certain limitations on liability.’’.
SEC. 110. APPLICABILITY.
Except as otherwise provided in section 109, the
amendments made by sections 106, 107, 108, 109, 110,
111, 112, and 113 shall apply to all consumer credit trans-
actions consummated on or after the date of enactment
of this Act, except that the amendments made by sub-
sections (a) and (b) of section 107 shall apply to all exten-
sions of credit with respect to which rescission rights have
not been asserted as of January 1, 1995.
SEC. 111. LIMITATION ON RESCISSION PERIOD.
Section 125(f) of the Truth in Lending Act (15
U.S.C. 1635(f)) is amended by adding at the end the fol-
lowing sentences: ‘‘The expiration of the right of rescission
pursuant to this subsection shall be absolute and no
consumer may assert rescission, affirmatively or as a de-
fense, in any action in any State or Federal court after
the earlier of the end of the three-year period beginning
on the date of the consummation of the transaction or the
sale of the property securing the loan or other extension
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of credit, except as otherwise provided in the preceding
sentence. This subsection shall supersede any State law
which is inconsistent with any provision of this sub-
section.’’.
SEC. 112. CALCULATION OF ACTUAL DAMAGES.
Paragraph (1) of section 130(a) of the Truth in
Lending Act (15 U.S.C. 1640(a)) is amended to read as
follows:
‘‘(1) Any actual damages sustained by such
person as a result of the failure (to the extent the
person demonstrates reliance on the inaccurate dis-
closure which prevented the person from accepting
better credit terms actually available to the person
from another creditor) and the amount of such dam-
ages shall be the difference between the finance
charges actually paid and the finance charges that
would have been paid over the same period under
credit terms applicable with respect to credit actu-
ally available to the person from another creditor.’’.
SEC. 113. ASSIGNEE LIABILITY.
(a) VIOLATIONS APPARENT ON THE FACE OF TRANS-
ACTION DOCUMENTS.—Section 131(a) of the Truth in
Lending Act (15 U.S.C. 1641(a)) is amended to read as
follows:
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‘‘(a) LIABILITY OF ASSIGNEE FOR APPARENT VIOLA-
TIONS.—
‘‘(1) IN GENERAL.—Except as otherwise specifi-
cally provided in this title, any civil action against
a creditor for a violation of this title, and any pro-
ceeding under section 108 against a creditor, with
respect to a consumer credit transaction may be
maintained against any assignee of such creditor
only if—
‘‘(A) the violation for which such action or
proceeding is brought is apparent on the face of
the disclosure statement provided in connection
with such transaction pursuant to this title; and
‘‘(B) the assignment to the assignee was
voluntary.
‘‘(2) VIOLATION APPARENT ON THE FACE OF
THE DISCLOSURE DESCRIBED.—For the purpose of
this section, a violation is apparent on the face of
the disclosure statement if—
‘‘(A) the disclosure can be determined to
be incomplete or inaccurate from the face of the
disclosure statement; or
‘‘(B) the disclosure does not use the terms
or format required to be used by this title.’’.
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(b) SERVICER NOT TREATED AS ASSIGNEE.—Section
131 of the Truth in Lending Act (15 U.S.C. 1641) is
amended by adding at the end the following new sub-
section:
‘‘(d) TREATMENT OF SERVICER.—
‘‘(1) IN GENERAL.—A servicer of a consumer
obligation arising from a consumer credit trans-
action shall not be treated as an assignee of such ob-
ligation for purposes of this section unless the
servicer is the owner of the obligation.
‘‘(2) SERVICER NOT TREATED AS OWNER ON
BASIS OF ASSIGNMENT FOR ADMINISTRATIVE CON-
VENIENCE.—A servicer of a consumer obligation
arising from a consumer credit transaction shall not
be treated as the owner of the obligation for pur-
poses of this section on the basis of an assignment
of the obligation from the creditor or another as-
signee to the servicer solely for the administrative
convenience of the servicer in servicing the obliga-
tion.
‘‘(3) SERVICER DEFINED.—For purposes of this
subsection, the term ‘servicer’ has the same meaning
as in section 6(i)(2) of the Real Estate Settlement
Procedures Act of 1974.’’.
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SEC. 114. RECOVERY OF FEES.
Section 125(b) of the Truth in Lending Act (15
U.S.C. 1635) is amended—
(1) in the first sentence, by inserting ‘‘, except
any charge for a appraisal report or credit report’’
after ‘‘other charge’’; and
(2) in the second sentence, by striking ‘‘other-
wise’’ and inserting ‘‘as otherwise required under
this subsection’’.
SEC. 115. HOMEOWNERSHIP DEBT COUNSELING NOTIFICA-
TION.
Section 106(c)(5) of the Housing and Urban Devel-
opment Act of 1968 (12 U.S.C. 1701x(c)(5)) is repealed.
SEC. 116. HOME MORTGAGE DISCLOSURE ACT.
(a) Section 309 of the Home Mortgage Disclosure
Act of 1975 (12 U.S.C. 2808) is amended—
(1) in the second sentence, by striking
‘‘$10,000,000’’ and inserting ‘‘$50,000,000’’; and,
(2) by inserting at the end the following new
sentence: ‘‘The Board may also, by regulation, ex-
empt from the provisions of this Act institutions
specified in section 303(2)(A) which have total as-
sets as of their last full fiscal year of $50,000,000
or greater where the burden of complying with this
Act on such institutions outweighs the usefulness of
the information required to be disclosed. The exemp-
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tions provided under this section shall not be appli-
cable to an institution which the Board, by order,
has found a reasonable basis to believe is not fulfill-
ing its obligations to serve the housing needs of the
communities and neighborhoods in which it located.
An institution subject to such an order shall be re-
quired to comply with the requirements of this Act
for loans made after the time that the order is is-
sued at such time and for such period as the Board
deems appropriate. The dollar amount in this section
shall be adjusted annually after December 31, 1994,
by the annual percentage increase in the Consumer
Price Index for Urban Wage Earners and Clerical
Workers published by the Bureau of Labor Statis-
tics.’’.
(b) Section 304 of the Home Mortgage Disclosure
Act of 1975 (12 U.S.C. 2803) is amended by adding the
following new subsection (m) at the end as follows:
‘‘(m) OPPORTUNITY TO REDUCE COMPLIANCE BUR-
DEN.—
‘‘(1) A depository institution will have satisfied
the public availability requirements of subsection (a)
if such institution keeps the information required
under that subsection at its home office and provides
notice at the branch locations specified in such sub-
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section that such information is available upon re-
quest from the home office of the institution. A
home office of the depository institution receiving a
request for such information pursuant to this sub-
section shall provide the information pertinent to the
location of the branch in question within fifteen days
of the receipt of the written request.
‘‘(2) In complying with paragraph (1), a deposi-
tory institution may provide the individual request-
ing such information, at the institution’s choice,
with—
‘‘(A) a paper copy of the information re-
quested; or
‘‘(B) if acceptable to the individual, the in-
formation via a form of electronic medium, such
as computer disc.’’.
Subtitle B—Community Reinvestment Act
Amendments
SEC. 121. EXPRESSION OF CONGRESSIONAL INTENT.
Subsection (b) of section 802 of the Community Rein-
vestment Act of 1977 (12 U.S.C. 2901) is amended to
read as follows:
‘‘(b) It is the purpose of this title to require each ap-
propriate Federal financial supervisory agency to use its
authority, when examining financial institutions, to en-
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courage such institutions to help meet the credit needs of
the local communities in which they are chartered consist-
ent with the safe and sound operation of such institutions.
When examining financial institutions, a supervisory agen-
cy shall not impose additional burden, recordkeeping, or
reporting upon such institutions.’’.
SEC. 122. COMMUNITY REINVESTMENT ACT EXEMPTION.
The Community Reinvestment Act of 1977 (12
U.S.C. 2901 et seq.) is amended by adding at the end
the following new section:
‘‘SEC. 808. EXAMINATION EXEMPTION.
‘‘A regulated financial institution shall not be subject
to the examination requirements of this title or any regula-
tions issued hereunder if—
‘‘(1) the main office (and each branch of such
institution) is located in a town, political subdivision,
or other unit of general local government of a State
that has a population of not more than thirty thou-
sand persons and which is not part of a metropolitan
statistical area; and
‘‘(2) the institution and its parent bank holding
company have aggregate assets of not more than
$100,000,000.
The dollar amount in this section shall be adjusted annu-
ally after December 31, 1994, by the annual percentage
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increase in the Consumer Price Index for Urban Wage
Earners and Clerical Workers published by the Bureau of
Labor Statistics.’’.
SEC. 123. SELF-CERTIFICATION OF CRA COMPLIANCE.
Section 804 of the Community Reinvestment Act of
1977 (12 U.S.C. 2903) is amended by adding at the end
the following new subsection (c):
‘‘(c) SELF-CERTIFICATION OF CRA COMPLIANCE.—
‘‘(1) CERTIFICATION.—In lieu of being evalu-
ated under section 806A and receiving a written
evaluation under section 807, a qualifying financial
institution may choose to self-certify to the appro-
priate Federal financial supervisory agency that it is
in compliance with the goals of this Act.
‘‘(2) QUALIFYING
INSTITUTION.—A financial
institution shall be deemed a ‘qualifying institution’
for purposes of this Act if it has—
‘‘(A) no more than $250 million in assets;
‘‘(B) not been found to have engaged in a
pattern or practice of illegal discrimination
under the Fair Housing Act or the Equal Cred-
it Opportunity Act for the preceding five-year
calendar period; and
‘‘(C) a current CRA rating of ‘satisfactory’
or ‘outstanding’.
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The dollar amount in this paragraph shall be ad-
justed annually after December 31, 1994, by the an-
nual percentage increase in the Consumer Price
Index for Urban Wage Earners and Clerical Work-
ers published by the Bureau of Labor Statistics.
‘‘(3) PUBLIC NOTICE.—A qualifying institution
must maintain in every branch a public notice stat-
ing that the institution has self-certified that it is
satisfactorily helping to meet the credit needs of its
community, and that it maintains—
‘‘(A) a public file at its main office which
contains a copy of its self-certification to its ap-
propriate regulator;
‘‘(B) a map delineating its community;
‘‘(C) a list of the types of credit and serv-
ices that it provides to its community;
‘‘(D) such other information that the insti-
tution believes demonstrates its record of help-
ing to meet the credit needs of its community;
and
‘‘(E) every public comment or letter to the
institution (and any response by the institution)
received within the previous two year-period
about its record of helping to meet the credit
needs of its community.
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The institution shall maintain a public file at its
main office containing the contents described in this
paragraph.
‘‘(4) RATING.—A qualifying institution shall be
deemed to have a rating of a ‘satisfactory record of
meeting community credit needs’ for the purposes of
this section and section 806A(c). Each Federal fi-
nancial supervisory agency shall publish in the Fed-
eral Register once each month a list of institutions
that have self-certified during the previous month.
Publication of the name of the institution in the
Federal Register as having self-certified shall con-
stitution disclosure of the rating of the institution to
the public under sections 806A and 807 of this Act.
‘‘(5) REGULATORY REVIEW.—During each ex-
amination for safety and soundness, a qualifying in-
stitution’s supervisory agency shall, as part of its
loan review, assess whether the institution’s basis for
its self-certification is reasonable. If the agency de-
termines that the institution’s self-certification is
unreasonable, then the agency shall schedule an ex-
amination of the institution for the purpose of as-
sessing the institution’s record of helping to meet
the credit needs of its community. If that assess-
ment results in a less than ‘satisfactory’ rating, then
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the agency shall revoke the institution’s self-certifi-
cation and substitute a written evaluation as pro-
vided under section 807. An institution that has had
its self-certification revoked shall not be permitted to
self-certify pursuant to this subsection for five years
from the year of revocation. At any time thereafter,
if the institution meets the requirements for self-cer-
tification, it may again opt to self-certify.’’
SEC. 124. COMMUNITY INPUT AND CONCLUSIVE RATING.
(a) CONFORMING AMENDMENT.—Section 804(a) of
the Community Reinvestment Act of 1977 (12 U.S.C.
2903) is amended by inserting ‘‘conducted in accordance
with Section 806A,’’ after ‘‘financial institution,’’.
(b) COMMUNITY INPUT AND CONCLUSIVE RATING.—
The Community Reinvestment Act of 1977 (12 U.S.C.
2901 et seq.) is amended by inserting after Section 806
a new Section 806A as follows:
‘‘SEC. 806A. COMMUNITY INPUT AND CONCLUSIVE RATING.
‘‘(a) PUBLICATION OF EXAM SCHEDULE AND OPPOR-
TUNITY FOR COMMENT.—Each appropriate Federal finan-
cial supervisory agency shall publish in the Federal Reg-
ister, thirty days prior to the beginning of a calendar quar-
ter, a listing of institutions scheduled for examination pur-
suant to this Act during that calendar quarter, and pro-
vide opportunity for written comments from the commu-
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nity on the performance, under this Act, of each institu-
tion scheduled for examination. Such comments shall be
received by the appropriate Federal financial supervisory
agency no later thirty days after the commencement of
such calendar quarter. The agency shall provide a copy
of such comments to the institution.
‘‘(b) EVALUATION.—The appropriate Federal finan-
cial supervisory agency shall evaluate the institution in ac-
cordance with the standards set forth in section 804 of
this Act, and shall prepare and publish a written evalua-
tion of the institution as required under section 807 of
this Act.
‘‘(c) RECONSIDERATION OF RATING.—A reconsider-
ation of an institution’s rating, referred to in Section
807(b)(1)(C), may be requested within thirty days of the
rating’s disclosure to the public. Any such request must
be made in writing and filed with the appropriate Federal
financial supervisory agency, and may be filed by the insti-
tution or a member of the community. Any such request
shall be based on significant issues of a substantive nature
which are relevant to the delineated community of the in-
stitution, and in the case of a request by a member of
the community shall be limited to issues previously raised
in comments submitted pursuant to subsection (a). The
appropriate Federal financial supervisory agency shall
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complete any requested reconsideration within thirty days
of the filing of the request.
‘‘(d) CONCLUSIVE RATING.—An institution’s rating
becomes ‘conclusive’ on the later of—
‘‘(1) thirty days after the rating is disclosed to
the public; or
‘‘(2) the completion of any requested reconsid-
eration by the Federal financial supervisory agency.
An institution’s rating shall be the conclusive assessment
of its record of meeting the credit needs of its community
for purposes of section 804 of this Act until the institu-
tion’s next rating, developed pursuant to an examination,
becomes conclusive. Institutions which have received a
‘satisfactory’ or ‘outstanding’ rating shall be deemed to
have satisfied section 804 of this Act. Notwithstanding
any other provision of law, nothing herein shall be con-
strued to grant a cause of action to any person.’’.
SEC. 125. SPECIAL PURPOSE BANKS.
The Community Reinvestment Act of 1977 (12
U.S.C. 2901 et seq.) is amended—
(1) in section 803 (12 U.S.C. 2902), by insert-
ing at the end thereof the following new paragraph
(5):
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‘‘(5) the term ‘special purpose banks’ means a
bank that does not generally accept retail deposits,
such as credit card banks and trust banks.’’; and
(2) in section 804 (12 U.S.C. 2903), by insert-
ing after subsection (c) (as added by section 122 of
this title):
‘‘(d) In conducting assessments pursuant to this sec-
tion at special purpose banks, each appropriate Federal
financial supervisory agency shall take into consideration
the nature of business such banks are involved in and de-
velop standards under which such banks may be deemed
to have complied with the requirements of this Act which
are consistent with the specific nature of such busi-
nesses.’’.
SEC. 126. INCREASED INCENTIVES TO LENDING TO LOW-
AND MODERATE-INCOME COMMUNITIES.
Section 804(a) of the Community Reinvestment Act
of 1977 (12 U.S.C. 2903(a)) is amended—
(1) in paragraph (1), by striking ‘‘; and’’ at the
end and inserting;
(2) in paragraph (2), by striking the period and
inserting ‘‘; and’’; and
(3) by adding at the end the following new
paragraph:
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‘‘(3) provide the institution with credit, for pur-
poses of satisfying the requirements of this Act, for
investments in, and loans to—
‘‘(A) minority depository institutions and
women’s depository institutions (as defined in
section 808(b)); and
‘‘(B) joint ventures or other entities or
projects which provide benefits to distressed
communities, as such term is defined by the ap-
propriate Federal financial supervisory agency,
whether those minority or women’s depository insti-
tutions, or those communities, are located within or
outside of the service area of the regulated financial
institution.’’.
SEC. 
127. 
PROHIBITION 
ON 
ADDITIONAL 
REPORTING
UNDER CRA.
Section 806 of the Community Reinvestment Act of
1977 (12 U.S.C. 2905) is amended to read as follows:
‘‘SEC. 806. REGULATIONS.
‘‘Regulations to carry out the purposes of this title
shall be published by each appropriate Federal financial
supervisory agency. Such regulations and any policy state-
ments, commentary, examiner guidance, or other super-
visory material shall not impose any additional record-
keeping on a financial institution. No loan data may be
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required to be collected and reported by a financial institu-
tion and no such data may be made public by any Federal
financial supervisory agency under this title.’’.
SEC. 128. TECHNICAL AMENDMENT.
Section 807(b)(1)(B) of the Community Reinvest-
ment Act (12 U.S.C. 2906) is amended by striking ‘‘The
information’’ and inserting in its place ‘‘In the case of a
regulated financial institution that maintains domestic
branches in two or more States, the information’’.
SEC. 129. DUPLICATIVE REPORTING.
Section 10(g) of the Federal Home Loan Bank Act
(12 U.S.C. 1430(g)) is amended by adding at the end
thereof the following new paragraph (3):
‘‘(3) SPECIAL RULE.—This subsection shall not
apply to members receiving a grade of ‘outstanding’
or ‘satisfactory’ under section 807 of the Community
Reinvestment Act of 1977.’’.
Subtitle C—Consumer Banking Reforms
SEC. 131. TRUTH IN SAVINGS.
(a) Section 262 of the Truth in Savings Act (12
U.S.C. 4301) is amended to read as follows:
‘‘SEC. 262. PURPOSE.
‘‘It is the purpose of this Act to ensure that consum-
ers can make a meaningful comparison between the com-
peting claims of depository institutions with regard to de-
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posit accounts by requiring that institutions offering inter-
est-bearing accounts pay interest on the full amount of
principal each day in a consumer deposit account at the
rate agreed to be paid by the institution.’’.
(b) Section 263 is amended to read as follows:
‘‘SEC. 263. PROHIBITION ON MISLEADING OR INACCURATE
ADVERTISEMENTS AND DISCLOSURES.
‘‘No depository institution or deposit broker shall
make any advertisement, announcement, solicitation or
disclosure relating to a deposit account that is inaccurate
or misleading or that misrepresents its deposit contracts.’’.
(c) Sections 264, 265, and 266 of the Truth is Sav-
ings Act (12 U.S.C. 4302, 4303, 4304, and 4305, respect-
fully) are hereby repealed.
(d) Section 267 of the Truth in Savings Act (12
U.S.C. 4306) is redesignated as Sec. 263.
(e) Section 268 of the Truth in Savings Act (12
U.S.C. 4307) is hereby repealed.
(f) Section 269 of the Truth in Savings Act (12
U.S.C. 4308) is redesignated as Sec. 264 and is amended
to read as follows:
‘‘SEC. 264. REGULATIONS.
‘‘(a) IN GENERAL.—The Board, after consultation
with each agency referred to in section 265(a) and public
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notice and opportunity for comment, shall prescribe regu-
lations to carry out the purpose and provisions of this title.
‘‘(b) EFFECTIVE DATE OF REGULATIONS.—The pro-
visions of this subtitle shall not apply with respect to any
depository institution before the effective date of regula-
tions prescribed by the Board under this subsection.’’.
(f) Section 270 of the Truth in Savings Act (12
U.S.C. 4309) is redesignated as Sec. 265.
(g) Sections 271 and 273 of the Truth in Savings
Act (12 U.S.C. 4310 and 4312) are hereby repealed.
(h) Section 272 of the Truth in Savings Act (12
U.S.C. 4311) is redesignated as Sec. 266.
(i) Section 274 of the Truth in Savings Act (12
U.S.C. 4313) is redesignated as Sec. 267 and is amended
to read as follows:
‘‘SEC. 267. DEFINITIONS.
‘‘For the purposes of this chapter—
‘‘(1) ACCOUNTS.—The term ‘account’ means
any account intended for use by and generally used
by a consumer primarily for personal, family, or
household purposes that is offered by a depository
institution into which a customer deposits funds, in-
cluding demand deposits, time accounts, negotiable
order of withdrawal accounts, and share draft ac-
counts.
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‘‘(2) DEPOSITORY INSTITUTION.—The term ‘de-
pository institution’ has the meaning given such
term in clause (i) through (vi) of section 19(b)(1)(A)
of the Federal Reserve Act.
‘‘(3) INTEREST.—The term ‘interest’ includes
dividends paid with respect to share draft accounts
which are accounts within the meaning of paragraph
(1).
‘‘(4) BOARD.—The term ‘Board’ means the
Board of Governors of the Federal Reserve Sys-
tem.’’.
SEC. 132. UNAUTHORIZED ELECTRONIC FUND TRANSFERS.
(a) Section 909(a)(1) of Electronic Fund Transfer
Act (15 U.S.C. 1693g(a)(1)) is amended by inserting ‘‘(or
in cases where the cardholder has substantially contrib-
uted to the unauthorized use, including writing on or keep-
ing with the card or other means of access a personal iden-
tification or other security code, $500)’’ after ‘‘$50’’.
(b) Section 909 of the Electronic Fund Transfer Act
(15 U.S.C. 1693g) is amended by adding at the end the
following new subsections:
‘‘(f) Notwithstanding any provision of subsection (a)
or subsection (b)—
‘‘(1) a financial institution may request that a
consumer who alleges an unauthorized electronic
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(1) by redesignating paragraph (2) as para-
graph (3);
(2) by inserting after paragraph (1) the
following:
‘‘(2)(A) Notwithstanding paragraph (1), a card-
holder shall be liable for the unauthorized use of a
credit card if—
‘‘(i) the liability is in excess of $50; and
‘‘(ii) the cardholder fails to notify the card
issuer of any unauthorized transaction which
appears on the statement of the cardholder’s
account in connection with an extension of
consumer credit within sixty days of the trans-
mission of such statement.
‘‘(B) The liability described in subparagraph
(A) shall not apply if the cardholder demonstrates
that the failure to timely notify the card issuer of
the unauthorized use was due to extenuating cir-
cumstances such as extended travel or hospitaliza-
tion, and notice was provided at the earliest possible
time thereafter.
‘‘(C) The liability described in subparagraph
(A) shall only apply where the card issuer has pro-
vided prior notice to the cardholder of such liabil-
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ity.’’.; and inserting after paragraph (3) (as so re-
designated by paragraph (1) of this section).
‘‘(4) Notwithstanding any other provision of
this subsection or subsection (b)—
‘‘(A) a card issuer may request that a
cardholder who alleges unauthorized use of his
or her credit card provide reasonable coopera-
tion in connection with the card issuer’s inves-
tigation of the alleged unauthorized use; and
‘‘(B) the cardholder shall remain liable for
the amount of the alleged unauthorized use if
the cardholder fails or refuses to provide such
cooperation, unless the card issuer otherwise
has information which clearly establishes the
unauthorized use.
‘‘(5) Notwithstanding any other provision of
this subsection or subsection (b), a cardholder who
authorizes a person to use the cardholder’s credit
card may be held liable by the card issuer for all ex-
tensions of credit which are obtained by such person
using such credit card prior to the cardholder revok-
ing the authorization and notifying the card issuer
of the revocation in accordance with procedures rea-
sonably established by the card issuer for such a rev-
ocation of authority, as more specifically provided by
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the Board in regulations prescribed under this
title.’’.
SEC. 134. INFORMATION SHARING.
Section 18 of the Federal Deposit Insurance Act (12
U.S.C. 1828) is amended by adding at the end of the fol-
lowing new subsection:
‘‘(s) CUSTOMER ACCESS TO PRODUCTS.—
‘‘(1) IN GENERAL.—Notwithstanding any other
provision of law, any depository institution or any
affiliate or subsidiary thereof may share or exchange
information or otherwise transfer information be-
tween or among themselves without any restriction
or limitation if it is clearly and conspicuously dis-
closed that the information may be communicated
among such persons and the consumer is given the
opportunity, prior to the time that the information
is initially communicated, to direct that such infor-
mation not be communicated among such persons.
‘‘(2) DEFINITION.—For purposes of this sub-
section, ‘information’ means any and all data,
records, or other information and material obtained
or maintained by any depository institution or any
affiliate or subsidiary thereof in the ordinary course
of its business that relates in any way to a person
(as that term is defined in 15 U.S.C. 1681a(b)) who
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applies for, maintains or has maintained an account
or credit relationship with or applied for, purchased
or obtained other products or services from any de-
pository institution or any affiliate or subsidiary
thereof, regardless of the source of manner in which
the information is obtained or furnished.
‘‘(3) RULE OF CONSTRUCTION.—Any depository
institution or any affiliate or subsidiary thereof rely-
ing on this subsection shall not be deemed to be a
consumer reporting agency, user or third party, and
the information itself shall not constitute a
consumer report, within the meaning of Fair Credit
Reporting Act or other similar law.’’.
SEC. 135. ELECTRONIC FUND TRANSFER ACT CLARIFICA-
TION.
(a) Section 903(1) of the Electronic Fund Transfer
Act (15 U.S.C. 1693a(1)) is amended by inserting before
the semicolon the following: ‘‘, but such term does not in-
clude a card or device that a person may use to pay for
transactions through use of value stored on the card or
device itself, except for those transactions where such card
or device is actually used to access an account to effect
such transaction’’.
(b) Section 903(2) of the Electronic Fund Transfer
Act (15 U.S.C. 1693a(2)) is amended by inserting before
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the semicolon the following: ‘‘and does not include any
value which is stored on a card or device itself that enables
a person to pay for transactions through use of that stored
value’’.
Subtitle D—Equal Credit Opportunity Act
Amendments
SEC. 141. SHORT TITLE.
This subtitle may be cited as the Equal Credit Oppor-
tunity Act Amendments of 1995.
SEC. 142. FINDINGS AND PURPOSE.
(a) The Congress finds that both the Equal Credit
Opportunity Act (15 U.S.C. 1691, et seq.) and the Fair
Credit Reporting Act (15 U.S.C. 1681, et seq.) contain
requirements that applicants for consumer credit be given
certain information in the event that adverse action is
taken on the application. These requirements differ in
both scope and content and for that reason are confusing
to both the consumer who receives the information and
the party required to furnish the information.
(b) It is the purpose of this act to combine and sim-
plify the adverse action notification requirements of the
Equal Credit Opportunity Act and the Fair Credit Report-
ing Act regarding applications for consumer credit and to
make the information that is required to be furnished
more understandable.
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SEC. 143. EQUAL CREDIT OPPORTUNITY ACT AMEND-
MENTS.
(a) Section 701(d)(2)(B) of the Equal Credit Oppor-
tunity Act (15 U.S.C. 1691(d)(2)(B)) is amended to read
as follows:
‘‘(B) giving written notification of adverse ac-
tion which discloses
‘‘(i) the applicant’s right to a statement of
reasons within thirty days after receipt by the
creditor of a request made within sixty days
after such notification;
‘‘(ii) if credit is denied or the charge for
such credit is increased either wholly or partly
because of information contained in a consumer
report from a consumer reporting agency, that
fact and the name and address of the consumer
reporting agency making the report;
‘‘(iii) if credit is denied or the charge
therefor is increased either wholly or partly be-
cause of information obtained from a person
other than a consumer reporting agency bearing
upon the consumer’s credit worthiness, credit
standing, credit capacity, character, general
reputation, personal characteristics or mode of
living, that fact and the right to receive disclo-
sure of the nature of the information so re-
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sults of such a test or review may not be reviewed, ob-
tained, examined or otherwise acquired or used by any ap-
plicant in any proceeding or civil action brought under this
Act.’’;
(2) in section 706(g), by inserting the following
new language after the second sentence: ‘‘No agency
shall refer a matter to the Attorney General if the
creditor has already identified the matter as a pos-
sible violation of the Equal Credit Opportunity Act
as the result of internal review, self-testing, compli-
ance review or other audit or review procedure insti-
tuted by the creditor to determine compliance with
the Act. No provision of this section shall be con-
strued as limiting the authority of the agency to en-
force the provisions of this Act under any other pro-
vision of law.’’; and
(3) in section 706(k), by adding at the end the
following: ‘‘No agency referred to in paragraph (1),
(2) or (3) of section 704(a) shall notify the Sec-
retary of Housing and Urban Development or the
applicant of a violation of the Equal Credit Oppor-
tunity Act or of the Fair Housing Act if the creditor
has already identified the matter as a possible viola-
tion of either of those Acts as a result of internal
review, self-testing, compliance review or other audit
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or review procedure instituted by the creditor to de-
termine compliance with the Act. No provisions of
this section shall be construed as limiting the au-
thority of the agency to enforce the provisions of this
Act under any other provision of law.’’.
(b) FAIR HOUSING.—The Fair Housing Act (42
U.S.C. 3601 et seq.) is amended by adding the following:
‘‘SEC. 814A. SELF-TESTING ENHANCEMENT.
‘‘Whenever any person conducts, or authorizes an
independent third party to conduct, a test or review of
that person’s residential real estate or real estate-related
activities or any part thereof in order to determine the
level or effectiveness of compliance with this Act by the
person, then any report or results of such a test or review
may not be reviewed, obtained, examined or otherwise ac-
quired or used by the applicant, aggrieved party, or com-
plainant in any proceeding or civil action brought under
this Act.’’.
SEC. 146. CREDIT SCORING SYSTEMS.
Section 701 of the Equal Credit Opportunity Act (15
U.S.C. 1691) is amended by adding at the end the follow-
ing new subsection:
‘‘(f) A creditor shall be deemed to be in compliance
with subsection (a) with respect to any credit decision
made by the creditor which is based solely on the use of
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an empirically derived, demonstrably and statistically
sound, credit scoring system, as defined by the Board in
regulations prescribed under this title, if such system does
not utilize any category protected under subsection (a) or
use as a factor in such system any criterion which is so
directly associated with such a category as to be the func-
tional equivalent of such a category. Nothing in this sub-
section shall preclude a creditor from using age as a factor
in such a system as otherwise permitted under this title.’’.
SEC. 147. EFFECTIVE DATE.
This Act shall take effect two hundred seventy days
after enactment. The Board of Governors of the Federal
Reserve System shall promulgate regulations to implement
this Act at least ninety days before its effective date.
Subtitle E—Consumer Leasing Act
Amendments
SEC. 151. SHORT TITLE.
This subtitle may be cited as the ‘‘Consumer Leasing
Act Amendments of 1995’’.
SEC. 152. CONGRESSIONAL FINDINGS AND DECLARATION
OF PURPOSE.
(a) The Congress finds that competition among the
various financial institutions and other firms engaged in
the business of consumer leasing is greatest when there
is informed use of leasing. The informed use of leasing
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results from an awareness of the cost thereof by consum-
ers. It is the purpose of this subchapter to assure a simple,
meaningful disclosure of leasing terms so that the
consumer will be able to compare more readily the various
leasing terms available to him and avoid the uninformed
use of leasing, and to protect the consumer against inac-
curate and unfair leasing practices.
(b) The Congress also finds that there has been a
continued trend toward leasing automobiles and other du-
rable goods for consumer use as an alternative to install-
ment credit sales and that leasing product advances have
occurred such that lessors have been unable to provide
consistent industry-wide disclosures to fully account for
the competitive progress that has occurred. To provide for
adequate cost disclosures that reflect the marketplace
without impairing competition and the development of new
leasing products, it is the purpose of this subchapter to
provide the Board with the regulatory authority to assure
a simplified, meaningful definition and disclosure of the
terms of certain leases of personal property for personal,
family, or household purposes so as to enable the lessee
to compare more readily the various lease terms available
to the lessee, enable comparison of lease terms with credit
terms where appropriate and to assure meaningful and ac-
curate disclosures of lease terms in advertisements.
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SEC. 153. REGULATIONS.
Chapter 5 of the Consumer Credit Protection Act is
amended by adding at the end the following new section:
‘‘SEC. 187. REGULATIONS.
‘‘(a) IN GENERAL.—The Board shall write regula-
tions or staff commentary, if appropriate, to update and
clarify the requirements and definitions for lease disclo-
sures, contracts, and any other specific issues related to
consumer leasing which would carry out the purposes of
the Consumer Leasing Act, to prevent its circumvention,
and to facilitate compliance with its requirements. The
regulations may contain classifications and differentia-
tions and may provide for adjustments and exceptions for
any class of transaction.
‘‘(b) MODEL DISCLOSURES.—The Board shall pub-
lish model disclosure forms and clauses to facilitate com-
pliance with the disclosure requirements and to aid the
consumer in understanding the transaction. In designing
forms, the Board shall consider the use by lessors of data
processing or similar automated equipment. Use of the
models shall be optional. A lessor who properly uses the
material aspects of the models shall be deemed to be in
compliance with the disclosure requirements.
‘‘(c) EFFECTIVE DATES.—Any regulation of the
Board, or any amendment or interpretation thereof, that
requires a disclosure different from the disclosures pre-
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viously required shall have an effective date of October 1
that follows the date of promulgation by at least six
months. The Board may at its discretion lengthen that
period of time to permit lessors to adjust their forms to
accommodate new requirements. The Board may also
shorten that period of time if it makes a specific finding
that such action is necessary to comply with the findings
of a court or to prevent unfair or deceptive practices. In
any case, lessors may comply with any newly promulgated
disclosure requirement prior to its effective date.’’.
SEC. 154. SEGREGATED LEASING DISCLOSURES.
Section 182 of the Consumer Credit Protection Act
(15 U.S.C. 1667(a)) is amended—
(1) by inserting ‘‘(a)’’ before ‘‘Each lessor’’ in
the first sentence; and,
(2) by adding at the end the following new sub-
section:
‘‘(b) Prior to or at the time the consumer receives
the disclosures required under Section 182(a), the lessor
shall separately disclose, to the extent applicable, each of
the following items in a tabular format in a manner to
be prescribed by the Board:
‘‘(1) Total amount of funds due at lease incep-
tion. This amount shall include any security deposit,
whether or not it is refundable and any other fees
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required to be paid to the lessor at lease inception
by the consumer.
‘‘(2) Total monthly payment due to the Lessor.
This amount does not include any taxes payable by
the lessee to any governmental entity.
‘‘(3) Number of Payments.
‘‘(4) Total of Monthly Payments.
‘‘(5) Capitalized Cost.
‘‘(6) Residual Value.
‘‘(7) Whether or not the Lessee has the right
to purchase the Vehicle during or at the end of the
Lease.
‘‘(8) Excess Mileage Charge: The amount that
the Lessee, at scheduled termination, must pay for
each mile in excess of a predetermined number of
miles.
‘‘(9) Early Termination: In the event of early
termination of the lease by the lessee, the disclosure
of the payment allocation method by name alone
which would facilitate comparison shopping by con-
sumers.
In prescribing regulations to carry out this clause, the
Board shall define and name not more than the five early
termination liability calculation methods determined by
the Board to be the most commonly used methods.’’.
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dits by the General Accounting Office of the finan-
cial transactions of a Federal home loan bank shall
not be limited to periods during which Government
capital has been invested therein. The provisions of
section 9107(c)(2) and 9108(d)(1) of title 31, of
such Code, shall not apply to any Federal home loan
bank.
‘‘(2) Notwithstanding any other provision of
law, the Board shall not participate in the hiring of
an external auditor by the banks; except, that the
Board may establish requirements for external audit
contracts and accounting standards and, that all
twelve banks shall contract for an annual audit with
a single provider.’’.
TITLE II—STREAMLINING GOVERNMENT
REGULATIONS
Subtitle A—Regulatory Approval Issues
SEC. 201. STREAMLINED NONBANKING ACQUISITIONS BY
WELL CAPITALIZED AND WELL MANAGED
BANKING ORGANIZATIONS.
(a) NOTICE REQUIREMENTS.—Section 4(j) of the
Bank Holding Company Act of 1956 (12 U.S.C. 1843(j)
is amended as follows—
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(1) in paragraph (1), strike ‘‘No’’ and insert in
its place ‘‘Except as provided in paragraph (3), no’’;
and
(2) add at the end the following new para-
graphs:
‘‘(3) NO
NOTICE
REQUIRED
FOR
CERTAIN
TRANSACTIONS.—No notice under paragraph (1) or
subsections (c)(8) or (a)(2)(B) is required for a pro-
posal by a bank holding company to engage in any
activity or acquire the shares or assets of any com-
pany if the proposal qualifies under paragraph (4).
‘‘(4) CRITERIA FOR STATUTORY APPROVAL.—A
proposal qualifies under this paragraph if all of the
following criteria are met:
‘‘(A) FINANCIAL
CRITERIA.—Both before
and immediately after the proposed trans-
action—
‘‘(i) the acquiring bank holding com-
pany is well capitalized;
‘‘(ii) the lead insured depository insti-
tution of such holding company is well cap-
italized;
‘‘(iii) well capitalized insured deposi-
tory institutions control at least 80 percent
of the aggregate total risk-weighted assets
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of insured depository institutions controlled
by such holding company; and
‘‘(iv) no insured depository institution
controlled by such holding company is
undercapitalized.
‘‘(B) MANAGERIAL CRITERIA.—
‘‘(i) WELL MANAGED.—At the time of
the transaction, the acquiring bank holding
company, its lead insured depository insti-
tution, and insured depository institutions
that control at least 90 per centum of the
aggregate total risk-weighted assets of in-
sured depository institutions controlled by
such holding company are well managed.
‘‘(ii) LIMITATION
ON
POORLY
MAN-
AGED INSTITUTIONS.—
‘‘(I) IN
GENERAL.—No insured
depository institution controlled by
the acquiring bank holding company
has received one of the lowest two
composite ratings at the later of the
institution’s most recent examination
or subsequent review.
‘‘(II) RECENTLY
ACQUIRED
IN-
STITUTIONS.—Insured depository in-
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stitutions acquired by the bank hold-
ing company within the previous
twelve months may be excluded for
purposes of subclause (I) if—
‘‘(aa) the bank holding com-
pany has developed a plan ac-
ceptable to the appropriate Fed-
eral banking agency (as defined
in section 3 of the Federal De-
posit Insurance Act) for the insti-
tution to restore the capital and
management of the institution;
and
‘‘(bb) all such insured depos-
itory institutions represent, in
the aggregate, less than 10 per
centum of the aggregate total
risk-weighted assets of all in-
sured depository institutions con-
trolled by the bank holding com-
pany.
‘‘(C) ACTIVITIES PERMISSIBLE.—Following
consummation of the proposal, the bank holding
company engages directly or through a subsidi-
ary solely in:
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‘‘(i) activities that are permissible
under subsection (c)(8), as determined by
the Board by regulation or order there-
under, subject to all of the restrictions,
terms and conditions of such subsection
and such regulation or order; and
‘‘(ii) such other activities as are other-
wise permissible under this section, subject
to the restrictions, terms and conditions,
including any prior notice or approval re-
quirements, provided in this section.
‘‘(D) SIZE OF ACQUISITION.—
‘‘(i) ASSET SIZE.—The book value of
the total assets acquired does not exceed
10 per centum of the consolidated total
risk-weighted assets of the acquiring bank
holding company; and
‘‘(ii) 
CONSIDERATION.—The 
gross
consideration to be paid for the securities
or assets does not exceed 15 per centum of
the consolidated Tier 1 capital of the ac-
quiring bank holding company.
‘‘(E) NOTICE
NOT
OTHERWISE
WAR-
RANTED.—For proposals described in para-
graph (5)(B), the Board has not, prior to the
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conclusion of the period provided in paragraph
(5)(B), advised the bank holding company that
a notice under paragraph (1) is required.
‘‘(5) NOTIFICATION.—
‘‘(A) COMMENCEMENT OF ACTIVITIES AP-
PROVED BY RULE.—A bank holding company
that qualifies under paragraph (4) and that
proposes to engage de novo, directly or through
a subsidiary, in any activity that is permissible
under subsection (c)(8), as determined by the
Board by regulation, may commence that activ-
ity without prior notice to the Board and must
provide written notification to the Board no
later than ten business days after commencing
the activity.
‘‘(B) ACTIVITIES
PERMITTED
BY
ORDER
AND
ACQUISITIONS.—At least twelve business
days prior to commencing any activity pursuant
to paragraph (3) other than an activity de-
scribed in subparagraph (A) or acquiring shares
or assets of any company pursuant to para-
graph (3), the bank holding company must pro-
vide the Board written notification of the pro-
posal, unless the Board determines that no no-
tice or a shorter notice period is appropriate. A
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notification under this subparagraph must in-
clude a description of the proposed activities
and the terms of any proposed acquisition.
‘‘(6) ADJUSTMENT OF AMOUNTS.—The Board
may by regulation adjust the amounts and the man-
ner in which the percentage of insured depository in-
stitutions is calculated under paragraph (4)(B)(i),
paragraph (4)(B)(ii)(II)(bb), and paragraph (4)(D)
if the Board determines that any such adjustment is
consistent with safety and soundness and the pur-
poses of this Act.
(b) DEFINITIONS.—Section 2(o)(1) of the Bank
Holding Company Act (12 U.S.C. 1841) is amended by
adding at the end the following new paragraphs:
‘‘(1) CAPITAL TERMS.—
‘‘(A) 
INSURED
DEPOSITORY
INSTITU-
TIONS.—With respect to insured depository in-
stitutions, the terms ‘well-capitalized,’ ‘ade-
quately capitalized’ and ‘uncapitalized’ have the
meaning given those terms in section 38(b) of
the Federal Deposit Insurance Act.
‘‘(B) BANK HOLDING COMPANY.—
‘‘(i) 
ADEQUATELY
CAPITALIZED.—
The term ‘adequately capitalized’ means a
level of capitalization which meets or ex-
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ceeds all applicable Federal regulatory cap-
ital standards;
‘‘(ii) WELL
CAPITALIZED.—A bank
holding company is ‘well capitalized’ if it
meets the required capital levels for well
capitalized bank holding companies estab-
lished by the Board.
‘‘(C) OTHER CAPITAL TERMS.—The terms
‘Tier 1’ and ‘risk-weighted assets’ have the
meaning given those terms in the capital guide-
lines or regulations established by the Board for
bank holding companies.
‘‘(p) LEAD INSURED DEPOSITORY INSTITUTIONS.—
The term ‘lead insured depository institution’ means the
largest insured depository institution controlled by the
bank holding company at any time, based on a companion
of the average total risk-weighted assets controlled by each
insured depository institution during the previous twelve
month period. For purposes of this subsection and section
4(j)(4), the term ‘insured depository institution’ shall also
include any branch or agency operated in the United
States by a foreign bank.
‘‘(q) WELL MANAGED.—A company or depository in-
stitution is ‘well managed’ if, at its most recent examina-
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tion or subsequent review, the company or institution re-
ceived—
‘‘(1) one of the highest two composite ratings;
and
‘‘(2) at least a satisfactory rating for manage-
ment, if such rating is given.’’.
SEC. 202. STREAMLINED BANK ACQUISITIONS BY WELL
CAPITALIZED AND WELL MANAGED BANKING
ORGANIZATIONS.
(a) BANK HOLDING COMPANY ACT AMENDMENTS.—
Section 3 of the Bank Holding Company Act (12 U.S.C.
1842) is amended by adding at the end the following new
subsection:
‘‘(h) NO APPROVAL REQUIRED FOR CERTAIN TRANS-
ACTIONS.—Notwithstanding subsections (a)(3) or (a)(5),
an acquisition of shares by a registered bank holding com-
pany, or a merger or consolidation between registered
bank holding companies, shall be deemed approved at the
conclusion of the period specified in paragraph (7) if:
‘‘(1) FINANCIAL AND MANAGERIAL CRITERIA.—
‘‘(A) WELL CAPITALIZED BANK HOLDING
COMPANY.—Both at the time of and imme-
diately after the proposed transaction, the ac-
quiring bank holding company is well capital-
ized.
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‘‘(B) WELL CAPITALIZED LEAD INSURED
DEPOSITORY INSTITUTION.—Both at the time
of and immediately after the proposed trans-
action, the lead insured depository institution of
the acquiring bank holding company is well cap-
italized.
‘‘(C) CAPITAL OF OTHER INSURED DEPOSI-
TORY INSTITUTIONS.—At the time of the trans-
action, well capitalized insured depository insti-
tutions control at least 80 per centum of the
aggregate total risk-weighted assets of insured
depository institutions controlled by the acquir-
ing bank holding company.
‘‘(D) NO
UNDERCAPITALIZED
INSURED
DEPOSITORY INSTITUTIONS.—At the time of the
transaction, no insured depository institution
controlled by the acquiring bank holding com-
pany is undercapitalized.
‘‘(E) WELL MANAGED.—
‘‘(i) IN GENERAL.—At the time of the
transaction, the acquiring bank holding
company, its lead insured depository insti-
tution, and insured depository institutions
that control at least 90 per centum of the
aggregate total risk-weighted assets of in-
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sured depository institutions controlled by
such holding company are well managed.
‘‘(ii) NO POORLY MANAGED INSTITU-
TIONS.—
‘‘(I) IN
GENERAL.—No insured
depository institution controlled by
the acquiring bank holding company
has received one of the lowest two
composite ratings at the later of the
institution’s most recent examination
or subsequent review.
‘‘(II) RECENTLY
ACQUIRED
IN-
STITUTIONS.—Insured depository in-
stitutions acquired by the bank hold-
ing company within the previous
twelve months may be excluded for
purposes of subclause (I) if—
‘‘(aa) the bank holding com-
pany has developed a plan ac-
ceptable to the appropriate Fed-
eral banking agency (as defined
in section 3 of the Federal De-
posit Insurance Act) for the insti-
tution to restore the capital and
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management of the institution;
and
‘‘(bb) all such insured depos-
itory institutions represent, in
the aggregate, less than 10 per
centum of the aggregate total
risk-weighted assets of all in-
sured depository institutions con-
trolled by the holding company.
‘‘(iii) ADJUSTMENT
OF
AMOUNTS.—
The Board may by regulation adjust the
amounts and the manner in which the per-
centage of insured depository institutions
is 
calculated 
under 
clauses 
(i) 
and
(ii)(II)(bb) if the Board determines that
such adjustment is consistent with safety
and soundness and the purposes of this
Act.
‘‘(2) NO UNSATISFACTORY CRA RATINGS.—
‘‘(A) IN GENERAL.—No insured depository
institution controlled by the acquiring bank
holding company has received a ‘needs to im-
prove’ or ‘substantial noncompliance’ composite
rating at its most recent examination under the
Community Reinvestment Act.