IIB 
112TH CONGRESS 
1ST SESSION H. R. 1315 
IN THE SENATE OF THE UNITED STATES 
JULY 22, 2011 
Received; read twice and referred to the Committee on Banking, Housing, and 
Urban Affairs 
AN ACT 
To amend the Dodd-Frank Wall Street Reform and Con-
sumer Protection Act to strengthen the review authority 
of the Financial Stability Oversight Council of regula-
tions issued by the Bureau of Consumer Financial Pro-
tection, to rescind the unobligated funding for the FHA 
Refinance Program and to terminate the program, and 
for other purposes. 
VerDate Mar 15 2010 
22:12 Jul 22, 2011
Jkt 099200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6652
E:\BILLS\H1315.RFS
H1315
mstockstill on DSK4VPTVN1PROD with BILLS
HR 1315 RFS 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. TABLE OF CONTENTS. 
The table of contents for this Act is as follows: 
Sec. 1. Table of contents. 
TITLE I—CONSUMER FINANCIAL PROTECTION SAFETY AND 
SOUNDNESS IMPROVEMENT ACT 
Sec. 101. Short title. 
Sec. 102. Council voting procedure. 
Sec. 103. Review authority of the Council. 
Sec. 104. Establishment of the Commission. 
Sec. 105. Conforming amendments. 
Sec. 106. Chair of the Commission required before transfer. 
Sec. 107. Inspector General report. 
Sec. 108. Analysis of regulations. 
TITLE II—FHA REFINANCE PROGRAM TERMINATION ACT 
Sec. 201. Short title. 
Sec. 202. Rescission of funding for FHA Refinance Program. 
Sec. 203. Termination of FHA Refinance Program. 
Sec. 204. Publication of Member Availability for Assistance. 
TITLE I—CONSUMER FINANCIAL 
PROTECTION 
SAFETY 
AND 
SOUNDNESS 
IMPROVEMENT 
ACT 
SEC. 101. SHORT TITLE. 
This title may be cited as the ‘‘Consumer Financial 
Protection Safety and Soundness Improvement Act of 
2011’’. 
SEC. 102. COUNCIL VOTING PROCEDURE. 
(a) IN GENERAL.—Section 1023(c)(3)(A) of the 
Dodd-Frank Wall Street Reform and Consumer Protec-
tion Act is amended— 
VerDate Mar 15 2010 
22:12 Jul 22, 2011
Jkt 099200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H1315.RFS
H1315
mstockstill on DSK4VPTVN1PROD with BILLS
HR 1315 RFS 
the financial system of the United States at 
risk’’ and inserting ‘‘is inconsistent with the 
safe and sound operations of United States fi-
nancial institutions’’; 
(B) in paragraph (4)— 
(i) by striking subparagraph (B); and 
(ii) by redesignating subparagraph 
(C) as subparagraph (B); 
(C) by striking paragraph (5); 
(D) by redesignating paragraphs (6), (7), 
and (8) as paragraphs (5), (6), and (7), respec-
tively; and 
(E) by adding at the end the following new 
paragraph: 
‘‘(8) PUBLIC MEETINGS.—Any time the Council 
meets pursuant to this section to decide whether to 
issue a stay of, or set aside, any regulation, every 
portion of such meeting shall be open to public ob-
servation. The Council shall provide live online 
streaming or broadcasting of the meetings.’’. 
SEC. 104. ESTABLISHMENT OF THE COMMISSION. 
Section 1011 of the Consumer Financial Protection 
Act of 2010 is amended— 
(1) by striking subsections (b), (c), and (d); 
VerDate Mar 15 2010 
22:12 Jul 22, 2011
Jkt 099200
PO 00000
Frm 00005
Fmt 6652
Sfmt 6201
E:\BILLS\H1315.RFS
H1315
mstockstill on DSK4VPTVN1PROD with BILLS
HR 1315 RFS 
(2) by redesignating subsection (e) as sub-
section (j); and 
(3) by inserting after subsection (a) the fol-
lowing new subsections: 
‘‘(b) ESTABLISHMENT OF THE COMMISSION.— 
‘‘(1) IN GENERAL.—There is hereby established 
a commission (hereinafter referred to in this section 
as the ‘Commission’) that shall serve as the head of 
the Bureau. 
‘‘(2) AUTHORITY
TO
PRESCRIBE
REGULA-
TIONS.—The Commission may prescribe such regu-
lations and issue such orders in accordance with this 
title as the Commission may determine to be nec-
essary for carrying out this title and all other laws 
within the Commission’s jurisdiction and shall exer-
cise any authorities granted under this title and all 
other laws within the Commission’s jurisdiction. 
‘‘(c) COMPOSITION OF THE COMMISSION.— 
‘‘(1) IN GENERAL.—The Commission shall be 
composed of the Vice Chairman for Supervision of 
the Federal Reserve System and 4 additional mem-
bers who shall be appointed by the President, by and 
with the advice and consent of the Senate, from 
among individuals who— 
‘‘(A) are citizens of the United States; 
VerDate Mar 15 2010 
22:12 Jul 22, 2011
Jkt 099200
PO 00000
Frm 00006
Fmt 6652
Sfmt 6201
E:\BILLS\H1315.RFS
H1315
mstockstill on DSK4VPTVN1PROD with BILLS
HR 1315 RFS 
‘‘(B) have strong competencies and experi-
ences related to consumer financial protection; 
and 
‘‘(C) should want to protect service mem-
bers and their families who are sacrificing their 
lives for this country from abusive financial 
practices. 
‘‘(2) STAGGERING.—The members of the Com-
mission appointed under paragraph (1) shall serve 
staggered terms, which initially shall be established 
by the President for terms of 1, 2, 4, and 5 years, 
respectively. 
‘‘(3) TERMS.— 
‘‘(A) IN GENERAL.—Each member of the 
Commission appointed under paragraph (1), in-
cluding the Chair, shall serve for a term of 5 
years. 
‘‘(B) REMOVAL FOR CAUSE.—The Presi-
dent may remove any member of the Commis-
sion appointed under paragraph (1) only for in-
efficiency, neglect of duty, or malfeasance in of-
fice. 
‘‘(C) VACANCIES.—Any member of the 
Commission appointed under paragraph (1) ap-
pointed to fill a vacancy occurring before the 
VerDate Mar 15 2010 
22:12 Jul 22, 2011
Jkt 099200
PO 00000
Frm 00007
Fmt 6652
Sfmt 6201
E:\BILLS\H1315.RFS
H1315
mstockstill on DSK4VPTVN1PROD with BILLS
HR 1315 RFS 
expiration of the term to which that member’s 
predecessor was appointed (including the Chair) 
shall be appointed only for the remainder of the 
term. 
‘‘(D) CONTINUATION OF SERVICE.—Each 
member of the Commission appointed under 
paragraph (1) may continue to serve after the 
expiration of the term of office to which that 
member was appointed until a successor has 
been appointed by the President and confirmed 
by the Senate, except that a member may not 
continue to serve more than 1 year after the 
date on which that member’s term would other-
wise expire. 
‘‘(E) OTHER EMPLOYMENT PROHIBITED.— 
No member of the Commission appointed under 
paragraph (1) shall engage in any other busi-
ness, vocation, or employment. 
‘‘(4) ROLES AND RESPONSIBILITIES OF COM-
MISSIONERS.—One member of the Commission shall 
have as their primary responsibility the oversight of 
the Bureau’s activities pertaining to protecting con-
sumers, with a focus on consumers who are older, 
minorities, youth, or veterans, from unfair, decep-
VerDate Mar 15 2010 
22:12 Jul 22, 2011
Jkt 099200
PO 00000
Frm 00008
Fmt 6652
Sfmt 6201
E:\BILLS\H1315.RFS
H1315
mstockstill on DSK4VPTVN1PROD with BILLS
HR 1315 RFS 
tive, and abusive lending practices. The designated 
commissioner shall be responsible for— 
‘‘(A) ensuring the Bureau conducts regular 
outreach to consumers regarding industry lend-
ing activities; 
‘‘(B) researching and reporting to the full 
Commission, on a regular basis, the impact of 
new loan and credit products and services on 
consumers; 
‘‘(C) ensuring the Bureau coordinates with 
State-level consumer protection agencies on en-
forcement measures that protect consumers 
from unfair, deceptive, and abusive lending 
practices; and 
‘‘(D) researching and reporting to the full 
Commission about ways to protect consumers 
from unfair, deceptive, or abusive lending acts 
or practices, including how language barriers 
contribute to lack of understanding in lending 
activities. 
‘‘(d) AFFILIATION.—With respect to members ap-
pointed pursuant to subsection (c)(1), not more than 2 
shall be members of any one political party. 
‘‘(e) CHAIR OF THE COMMISSION.— 
VerDate Mar 15 2010 
22:12 Jul 22, 2011
Jkt 099200
PO 00000
Frm 00009
Fmt 6652
Sfmt 6201
E:\BILLS\H1315.RFS
H1315
mstockstill on DSK4VPTVN1PROD with BILLS
HR 1315 RFS 
‘‘(1) APPOINTMENT.—The Chair of the Com-
mission shall be appointed by the President from 
among the members of the Commission appointed 
under paragraph (1). 
‘‘(2) AUTHORITY.—The Chair shall be the prin-
cipal executive officer of the Bureau, and shall exer-
cise all of the executive and administrative functions 
of the Bureau, including with respect to— 
‘‘(A) the appointment and supervision of 
personnel employed under the Bureau (other 
than personnel employed regularly and full time 
in the immediate offices of members of the 
Commission other than the Chair); 
‘‘(B) the distribution of business among 
personnel appointed and supervised by the 
Chair and among administrative units of the 
Bureau; and 
‘‘(C) the use and expenditure of funds. 
‘‘(3) LIMITATION.—In carrying out any of the 
Chair’s functions under the provisions of this sub-
section the Chair shall be governed by general poli-
cies of the Commission and by such regulatory deci-
sions, findings, and determinations as the Commis-
sion may by law be authorized to make. 
VerDate Mar 15 2010 
22:12 Jul 22, 2011
Jkt 099200
PO 00000
Frm 00010
Fmt 6652
Sfmt 6201
E:\BILLS\H1315.RFS
H1315
mstockstill on DSK4VPTVN1PROD with BILLS
HR 1315 RFS 
‘‘(4) REQUESTS
OR
ESTIMATES
RELATED
TO 
APPROPRIATIONS.—Requests or estimates for reg-
ular, supplemental, or deficiency appropriations on 
behalf of the Commission may not be submitted by 
the Chair without the prior approval of the Commis-
sion. 
‘‘(f) NO IMPAIRMENT BY REASON OF VACANCIES.— 
No vacancy in the members of the Commission shall im-
pair the right of the remaining members of the Commis-
sion to exercise all the powers of the Commission. Three 
members of the Commission shall constitute a quorum for 
the transaction of business, except that if there are only 
3 members serving on the Commission because of vacan-
cies in the Commission, 2 members of the Commission 
shall constitute a quorum for the transaction of business. 
If there are only 2 members serving on the Commission 
because of vacancies in the Commission, 2 members shall 
constitute a quorum for the 6-month period beginning on 
the date of the vacancy which caused the number of Com-
mission members to decline to 2. 
‘‘(g) SEAL.—The Commission shall have an official 
seal. 
‘‘(h) COMPENSATION.— 
‘‘(1) CHAIR.—The Chair shall receive com-
pensation at the rate prescribed for level I of the 
VerDate Mar 15 2010 
22:12 Jul 22, 2011
Jkt 099200
PO 00000
Frm 00011
Fmt 6652
Sfmt 6201
E:\BILLS\H1315.RFS
H1315
mstockstill on DSK4VPTVN1PROD with BILLS
HR 1315 RFS 
Executive Schedule under section 5313 of title 5, 
United States Code. 
‘‘(2) OTHER MEMBERS OF THE COMMISSION.— 
The 3 other members of the Commission appointed 
under subsection (c)(1) shall each receive compensa-
tion at the rate prescribed for level II of the Execu-
tive Schedule under section 5314 of title 5, United 
States Code. 
‘‘(i) INITIAL QUORUM ESTABLISHED.—During any 
time period prior to the confirmation of at least two mem-
bers of the Commission, one member of the Commission 
shall constitute a quorum for the transaction of business. 
Following the confirmation of at least 2 additional com-
missioners, the quorum requirements of subsection (f) 
shall apply.’’. 
SEC. 105. CONFORMING AMENDMENTS. 
(a) CONSUMER FINANCIAL PROTECTION ACT
OF 
2010.— 
(1) IN
GENERAL.—The Consumer Financial 
Protection Act of 2010 is amended— 
(A) in section 1002, by striking paragraph 
(10); 
(B) in section 1012(c)(4), by striking ‘‘Di-
rector’’ each place such term appears and in-
serting ‘‘Commission of the Bureau’’; 
VerDate Mar 15 2010 
22:12 Jul 22, 2011
Jkt 099200
PO 00000
Frm 00012
Fmt 6652
Sfmt 6201
E:\BILLS\H1315.RFS
H1315
mstockstill on DSK4VPTVN1PROD with BILLS
HR 1315 RFS 
(C) in section 1013(c)(3)— 
(i) by striking ‘‘Assistant Director of 
the Bureau for’’ and inserting ‘‘Head of 
the Office of’’; and 
(ii) in subparagraph (B), by striking 
‘‘Assistant Director’’ and inserting ‘‘Head 
of the Office’’; 
(D) in section 1013(g)(2)— 
(i) by striking ‘‘ASSISTANT
DIREC-
TOR’’ and inserting ‘‘HEAD OF THE OF-
FICE’’; and 
(ii) by striking ‘‘an assistant director’’ 
and inserting ‘‘a Head of the Office of Fi-
nancial Protection for Older Americans’’; 
(E) in section 1016(a), by striking ‘‘Direc-
tor of the Bureau’’ and inserting ‘‘Chair of the 
Commission’’; 
(F) in section 1017(c)(1), by striking ‘‘Di-
rector and other employees’’ and inserting 
‘‘members of the Commission and other employ-
ees’’; 
(G) in section 1027(l)(1), by striking ‘‘Di-
rector and the’’; and 
VerDate Mar 15 2010 
22:12 Jul 22, 2011
Jkt 099200
PO 00000
Frm 00013
Fmt 6652
Sfmt 6201
E:\BILLS\H1315.RFS
H1315
mstockstill on DSK4VPTVN1PROD with BILLS
HR 1315 RFS 
(H) in section 1066(a), by striking ‘‘Direc-
tor of the Bureau is’’ and inserting ‘‘first mem-
ber of the Commission is’’. 
(2) GLOBAL AMENDMENTS.—The Consumer Fi-
nancial Protection Act of 2010 is amended— 
(A) by striking ‘‘Director of the’’ each 
place such term appears, other than in— 
(i) subparagraphs (A) and (E) of sec-
tion 1017(4); 
(ii) section 1043; 
(iii) section 1061(b)(3); 
(iv) section 1062; 
(v) section 1063(f); 
(vi) subparagraphs (E) and (G) of 
section 1064(i)(2); and 
(vii) section 1065(a); and 
(B) by striking ‘‘Director’’ each place such 
term appears and inserting ‘‘Bureau’’, other 
than in— 
(i) section 1063(f)(2); and 
(ii) section 1065(a). 
(b) DODD-FRANK WALL STREET REFORM AND CON-
SUMER PROTECTION ACT.—The Dodd-Frank Wall Street 
Reform and Consumer Protection Act is amended— 
VerDate Mar 15 2010 
22:12 Jul 22, 2011
Jkt 099200
PO 00000
Frm 00014
Fmt 6652
Sfmt 6201
E:\BILLS\H1315.RFS
H1315
mstockstill on DSK4VPTVN1PROD with BILLS
HR 1315 RFS 
(1) in section 111(b)(1)(D), by striking ‘‘Direc-
tor’’ and inserting ‘‘Chair of the Commission’’; and 
(2) in section 1447, by striking ‘‘Director of the 
Bureau’’ each place such term appears and inserting 
‘‘Bureau’’. 
(c) ELECTRONIC FUND TRANSFER ACT.—Section 
921(a)(4)(C) of the Electronic Fund Transfer Act, as 
added by section 1075(a)(2) of the Consumer Financial 
Protection Act of 2010, is amended by striking ‘‘Director 
of the Bureau of Consumer Financial Protection’’ and in-
serting ‘‘Bureau of Consumer Financial Protection’’. 
(d) EXPEDITED FUNDS AVAILABILITY ACT.—The 
Expedited Funds Availability Act, as amended by section 
1086 of the Consumer Financial Protection Act of 2010, 
is amended by striking ‘‘Director of the Bureau’’ each 
place such term appears and inserting ‘‘Bureau’’. 
(e) FEDERAL DEPOSIT INSURANCE ACT.—Section 2 
of the Federal Deposit Insurance Act, as amended by sec-
tion 336(a) of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act, is amended by striking ‘‘Direc-
tor of the Consumer Financial Protection Bureau’’ each 
place such term appears and inserting ‘‘Chair of the Com-
mission of the Bureau of Consumer Financial Protection’’. 
(f) FEDERAL FINANCIAL INSTITUTIONS EXAMINA-
TION COUNCIL ACT OF 1978.—Section 1004(a)(4) of the 
VerDate Mar 15 2010 
22:12 Jul 22, 2011
Jkt 099200
PO 00000
Frm 00015
Fmt 6652
Sfmt 6201
E:\BILLS\H1315.RFS
H1315
mstockstill on DSK4VPTVN1PROD with BILLS
HR 1315 RFS 
Federal Financial Institutions Examination Council Act of 
1978 (12 U.S.C. 3303(a)(4)), as amended by section 1091 
of the Consumer Financial Protection Act of 2010, is 
amended by striking ‘‘Director of the Consumer Financial 
Protection Bureau’’ and inserting ‘‘Chair of the Commis-
sion of the Bureau of Consumer Financial Protection’’. 
(g) FINANCIAL
LITERACY
AND
EDUCATION
IM-
PROVEMENT ACT.—Section 513 of the Financial Literacy 
and Education Improvement Act, as amended by section 
1013(d) of the Consumer Financial Protection Act of 
2010, is amended by striking ‘‘Director’’ each place such 
term appears and inserting ‘‘Chair of the Commission’’. 
(h) HOME MORTGAGE DISCLOSURE ACT OF 1975.— 
Section 307 of the Home Mortgage Disclosure Act of 
1975, as amended by section 1094(6) of the Consumer 
Financial Protection Act of 2010, is amended by striking 
‘‘Director of the Bureau of Consumer Financial Protec-
tion’’ each place such term appears and inserting ‘‘Bureau 
of Consumer Financial Protection’’. 
(i) INTERSTATE LAND SALES FULL DISCLOSURE 
ACT.—The Interstate Land Sales Full Disclosure Act, as 
amended by section 1098A of the Consumer Financial 
Protection Act of 2010, is amended— 
(1) by amending section 1402(1) to read as fol-
lows: 
VerDate Mar 15 2010 
22:12 Jul 22, 2011
Jkt 099200
PO 00000
Frm 00016
Fmt 6652
Sfmt 6201
E:\BILLS\H1315.RFS
H1315
mstockstill on DSK4VPTVN1PROD with BILLS
HR 1315 RFS 
(1) by striking ‘‘Director’’ each place such term 
appears in headings and text and inserting ‘‘Bu-
reau’’; and 
(2) in section 1503, by striking paragraph (10). 
(l) TITLE
44, UNITED
STATES
CODE.—Section 
3513(c) of title 44, United States Code, as amended by 
section 1100D(b) of the Consumer Financial Protection 
Act of 2010, is amended by striking ‘‘Director of the Bu-
reau’’ and inserting ‘‘Bureau’’. 
SEC. 106. CHAIR OF THE COMMISSION REQUIRED BEFORE 
TRANSFER. 
Section 1062 of the Dodd-Frank Wall Street Reform 
and Consumer Protection Act is amended by adding at 
the end the following new subsection: 
‘‘(d) CHAIR OF THE COMMISSION REQUIRED BEFORE 
TRANSFER.—Notwithstanding the other provisions of this 
section, the single calendar date for the transfer of func-
tions to the Bureau under section 1061 shall be the later 
of— 
‘‘(1) the date that would have been designated, 
but for the application of this subsection; and 
‘‘(2) the date on which the Chair of the Com-
mission of the Bureau is confirmed by the Senate.’’. 
VerDate Mar 15 2010 
22:12 Jul 22, 2011
Jkt 099200
PO 00000
Frm 00018
Fmt 6652
Sfmt 6201
E:\BILLS\H1315.RFS
H1315
mstockstill on DSK4VPTVN1PROD with BILLS
HR 1315 RFS 
SEC. 107. INSPECTOR GENERAL REPORT. 
Section 1013 of the Dodd-Frank Wall Street Reform 
and Consumer Protection Act is amended by adding at 
the end the following new subsection: 
‘‘(h) INSPECTOR GENERAL REPORT.— 
‘‘(1) IN GENERAL.—Not later than February 1, 
2012, and annually thereafter, the Inspector General 
of the Board of Governors of the Federal Reserve 
System and the Bureau of Consumer Financial Pro-
tection shall submit a report to the Congress con-
taining the following: 
‘‘(A) A list of all new rules, guidelines, and 
regulations prescribed by the Bureau within the 
previous fiscal year, with corresponding detailed 
descriptions of each. 
‘‘(B) A detailed list of all authority which 
the Inspector General believes overlaps with the 
efforts of other Federal departments and agen-
cies. 
‘‘(C) All administrative expenses of the 
Bureau, including the amount spent on salaries, 
office supplies, and office space. 
‘‘(D) The current amount in the Bureau of 
Consumer Financial Protection Fund. 
‘‘(2) PUBLIC DISCLOSURE.—The Inspector Gen-
eral of the Board of Governors of the Federal Re-
VerDate Mar 15 2010 
22:12 Jul 22, 2011
Jkt 099200
PO 00000
Frm 00019
Fmt 6652
Sfmt 6201
E:\BILLS\H1315.RFS
H1315
mstockstill on DSK4VPTVN1PROD with BILLS
HR 1315 RFS 
serve System and the Bureau of Consumer Financial 
Protection shall make each report submitted under 
paragraph (1) available to the public, including on 
the Bureau’s website. 
‘‘(3) USE OF FUNDS.—The Inspector General 
shall carry out this subsection using existing 
funds.’’. 
SEC. 108. ANALYSIS OF REGULATIONS. 
Section 1022 of the Dodd-Frank Wall Street Reform 
and Consumer Protection Act is amended by adding at 
the end the following new subsection: 
‘‘(e) ANALYSIS OF REGULATIONS.— 
‘‘(1) IN GENERAL.—Each time the Bureau pro-
poses a new rule or regulation, the Bureau shall— 
‘‘(A) carry out an initial regulatory flexi-
bility analysis for such proposed rule or regula-
tion, which shall be carried out as closely as 
possible to those initial regulatory flexibility 
analyses required under section 603 of title 5, 
United States Code, but which shall analyze the 
financial impact of the proposed rule or regula-
tion on all financial entities, regardless of size; 
and 
‘‘(B) carry out an analysis of whether the 
proposed rule or regulation will impair the abil-
VerDate Mar 15 2010 
22:12 Jul 22, 2011
Jkt 099200
PO 00000
Frm 00020
Fmt 6652
Sfmt 6201
E:\BILLS\H1315.RFS
H1315
mstockstill on DSK4VPTVN1PROD with BILLS
HR 1315 RFS 
ity of individuals and small business to access 
credit from financial institutions. 
‘‘(2) REPORT.—The Bureau shall issue a report 
to the Council on the analyses carried out under 
paragraph (1), and make such analyses available to 
the public. 
‘‘(3) USE OF EXISTING RESOURCES.—The Bu-
reau shall use existing resources to carry out the re-
quirements of this subsection.’’. 
TITLE II—FHA REFINANCE 
PROGRAM TERMINATION ACT 
SEC. 201. SHORT TITLE. 
This title may be cited as the ‘‘FHA Refinance Pro-
gram Termination Act’’. 
SEC. 202. RESCISSION OF FUNDING FOR FHA REFINANCE 
PROGRAM. 
Effective on the date of the enactment of this Act, 
there are rescinded and permanently canceled all unex-
pended balances remaining available as of such date of en-
actment of the amounts made available under title I of 
the Emergency Economic Stabilization Act (Public Law 
110–343; 12 U.S.C. 5211 et seq.) that have been allocated 
for use under the FHA Refinance Program (pursuant to 
Mortgagee Letter 2010–23 of the Secretary of Housing 
and Urban Development) of the Making Home Affordable 
VerDate Mar 15 2010 
22:12 Jul 22, 2011
Jkt 099200
PO 00000
Frm 00021
Fmt 6652
Sfmt 6201
E:\BILLS\H1315.RFS
H1315
mstockstill on DSK4VPTVN1PROD with BILLS
HR 1315 RFS 
initiative of the Secretary of the Treasury. All such unex-
pended balances so rescinded and permanently canceled 
shall be retained in the general fund of the Treasury for 
reducing the debt of the Federal Government. 
SEC. 203. TERMINATION OF FHA REFINANCE PROGRAM. 
(a) TERMINATION OF MORTGAGEE LETTER.—The 
Mortgagee Letter referred to in section 202 shall be void 
and have no effect and the Secretary of Housing and 
Urban Development may not issue any regulation, order, 
notice, or mortgagee letter based on or substantially simi-
lar to such Mortgagee Letter. 
(b) TREATMENT OF REMAINING FUNDS.—Notwith-
standing subsection (a) of this section, any amounts made 
available for use under the Program referred to in section 
202 of this title and expended before the date of the enact-
ment of this Act shall continue to be governed by the 
Mortgagee Letter specified in subsection (a) of this sec-
tion, and any other provisions of law, regulations, orders, 
and notices, applicable to such amounts, as in effect imme-
diately before such date of enactment. 
(c) TERMINATION.—After the enactment of this Act, 
the Secretary of Housing and Urban Development may 
not newly insure any mortgage under the FHA Refinance 
Program referred to in section 202 of this title except pur-
suant to a commitment to insure made before such enact-
VerDate Mar 15 2010 
22:12 Jul 22, 2011
Jkt 099200
PO 00000
Frm 00022
Fmt 6652
Sfmt 6201
E:\BILLS\H1315.RFS
H1315
mstockstill on DSK4VPTVN1PROD with BILLS