‘‘(2) 3-YEAR REVIEW.—At the end of the 3-year 
period following the date on which the Board issues 
a final regulation, the Board shall— 
‘‘(A) carry out a review of the actual cost 
to a credit union of complying with the regula-
tion; and 
‘‘(B) issue a report to the Congress con-
taining the results of such review. 
‘‘(3) RULE REVISION.—If, in carrying out a re-
view under paragraph (2), the Board determines 
that the actual cost of complying with a regulation 
is more than 20 percent higher than the Board ini-
tially estimated, the Board shall revise the rule.’’. 
(2) BUREAU OF CONSUMER FINANCIAL PROTEC-
TION.—Section 1022 of the Consumer Financial 
Protection Act of 2010 (12 U.S.C. 5512) is amend-
ed by adding at the end the following: 
‘‘(e) 
REGULATIONS
APPLICABLE
TO
CREDIT 
UNIONS.— 
‘‘(1) COST-BENEFIT ANALYSES.— 
‘‘(A) 
PRE-ISSUANCE.—Each 
regulation 
issued by the Bureau shall, to the extent the 
rule applies to a credit union, include a thor-
ough cost-benefit analysis that details the esti-
mated cost to a credit union of complying with 
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such regulation compared to the measurable 
benefit the regulation may have. Any informa-
tion provided to the Bureau from credit unions 
for purposes of its analysis shall be on a vol-
untary basis. 
‘‘(B) 3-YEAR REVIEW.—At the end of the 
3-year period following the date on which the 
Bureau issues a final regulation that applies to 
a credit union, the Bureau shall— 
‘‘(i) carry out a review of the actual 
cost to a credit union of complying with 
the regulation; and 
‘‘(ii) issue a report to the Congress 
containing the results of such review. 
‘‘(C) RULE REVISION.—If, in carrying out 
a review under subparagraph (B), the Bureau 
determines that the actual cost of complying 
with a regulation is more than 20 percent high-
er than the Bureau initially estimated, the Bu-
reau shall revise the rule. 
‘‘(2) ADDITIONAL
CONSIDERATIONS.—In pro-
posing any regulation that applies to credit unions, 
the Bureau shall— 
‘‘(A) consider the impact of such regula-
tion on— 
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‘‘(i) all federally insured credit unions; 
and 
‘‘(ii) consumers in rural areas; and 
‘‘(B) consult with the National Credit 
Union Administration and other appropriate 
Federal agencies, both prior to proposing such 
regulation and during the comment process for 
such regulation, regarding consistency with pru-
dential, market, and systemic objectives of such 
Administration and other agencies. 
‘‘(3) OBJECTIONS.— 
‘‘(A) IN
GENERAL.—If, during the con-
sultation process described in paragraph (2)(B), 
the National Credit Union Administration or 
another agency provides the Bureau with a 
written objection to the proposed regulation, or 
a portion thereof, the Bureau shall include with 
the final regulation a description of the objec-
tion and the basis for the Bureau’s decision, if 
any, regarding such objection. 
‘‘(B) CONSTRUCTION.—Nothing in this 
subsection shall be construed as altering or lim-
iting the procedures under section 1023 that 
may apply to any regulation prescribed by the 
Bureau.’’. 
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SEC. 5. MODERNIZING THE CENTRAL LIQUIDITY FACILITY. 
(a) STUDY.—The Comptroller General of the United 
States shall, in consultation with the National Credit 
Union Administration, carry out a study of the Central 
Liquidity Facility that examines the need for any improve-
ments or modernizing needed of such Facility. 
(b) REPORT.—Not later than the end of the 180-day 
period beginning on the date of the enactment of this Act, 
the Comptroller General shall issue a report to the Con-
gress containing all of the findings and determinations 
made in carrying out the study required under subsection 
(a), including any legislative recommendations the Comp-
troller General may have for modernizing the Central Li-
quidity Facility. 
SEC. 6. MODERNIZING CREDIT UNION INVESTMENT OP-
TIONS. 
(a) INVESTMENTS
IN SECURITIES
BY FEDERAL 
CREDIT UNIONS.—Section 107 of the Federal Credit 
Union Act (12 U.S.C. 1757) is amended— 
(1) by striking ‘‘A Federal credit union’’ and 
inserting the following: 
‘‘(a) IN GENERAL.—A Federal credit union’’; and 
(2) by adding at the end the following new sub-
section: 
‘‘(b) INVESTMENT FOR THE CREDIT UNION’S OWN 
ACCOUNT.— 
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‘‘(1) IN GENERAL.—A Federal credit union may 
purchase and hold for its own account such invest-
ment securities of investment grade as the Board 
may authorize by regulation, subject to such limita-
tions and restrictions as the Board may prescribe. 
‘‘(2) PERCENTAGE LIMITATIONS.— 
‘‘(A) SINGLE PERSON.—The total amount 
of investment securities of any single person 
held by a Federal credit union for the credit 
union’s own account may not exceed 10 percent 
of the net worth of the credit union. 
‘‘(B) AGGREGATE INVESTMENTS.—The ag-
gregate amount of investment securities held by 
a Federal credit union for the credit union’s 
own account may not exceed 10 percent of the 
total assets of the credit union. 
‘‘(3) DEFINITIONS.—For purposes of this sub-
section: 
‘‘(A) INVESTMENT GRADE.—The term ‘in-
vestment grade’ means, with respect to an in-
vestment security purchased by a credit union 
for its own account, an investment security that 
at the time of such purchase meets the credit 
criteria established by the Board and reflects 
the applicable market standards. 
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‘‘(B) INVESTMENT SECURITY.— 
‘‘(i) IN GENERAL.—The term ‘invest-
ment security’ means marketable obliga-
tions evidencing the indebtedness of any 
person in the form of bonds, notes, or de-
bentures and other instruments commonly 
referred to as investment securities. 
‘‘(ii) 
FURTHER
DEFINITION
BY 
BOARD.—The Board may further define 
the term ‘investment security’. 
‘‘(4) CLARIFICATION
OF
PROHIBITION
ON 
STOCK OWNERSHIP.—No provision of this subsection 
shall be construed as authorizing a Federal credit 
union to purchase shares of stock of any corporation 
for the credit union’s own account, except as other-
wise permitted by law.’’. 
(b) MORTGAGE SERVICING RIGHTS.—Section 107(a) 
of the Federal Credit Union Act, as amended by this sec-
tion, is further amended by adding at the end the fol-
lowing: 
‘‘(18) Federal credit unions may purchase 
mortgage servicing rights as an investment, includ-
ing purchases of mortgage servicing rights from 
other credit unions subject to limits established by 
the Board.’’. 
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SEC. 7. NATIONAL CREDIT UNION SHARE INSURANCE FUND 
PARITY WITH FEDERAL DEPOSIT INSURANCE 
CORPORATION. 
Section 207(k)(1) of the Federal Credit Union Act 
(12 U.S.C. 1787(k)(1)) is amended— 
(1) in subparagraph (A)— 
(A) by inserting after ‘‘deposits in the 
name of the member’’ the following: ‘‘or held in 
the member’s account on behalf of another per-
son’’; and 
(B) by striking ‘‘the member’’ and insert-
ing ‘‘the person’’; and 
(2) in subparagraph (C), by striking ‘‘or in 
joint tenancy.’’ and inserting the following: ‘‘in joint 
tenancy, or where a member holds funds for the use 
of a nonmember. Coverage for an account estab-
lished by a member shall be consistent with that of 
the Federal Deposit Insurance Corporation, regard-
less of the membership status of the owner of the 
funds that are deposited in an account established 
by a member.’’. 
SEC. 8. ENHANCING THE AUTHORITY OF THE APPRO-
PRIATE FEDERAL BANKING AGENCIES. 
(a) IN GENERAL.—The Consumer Financial Protec-
tion Act of 2010 (12 U.S.C. 5481 et seq.) is amended by 
inserting after section 1023 the following: 
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‘‘SEC. 1023A. REVIEW OF BUREAU REGULATIONS ON DEPOS-
ITORY INSTITUTIONS. 
‘‘If the appropriate Federal banking agency deter-
mines that a regulation issued by the Bureau would create 
an undue hardship when applied to a class of depository 
institutions regulated by such agency, the agency may— 
‘‘(1) delay the application of the regulation to 
the class of depository institutions until such time as 
the agency determines such application would not 
create an undue hardship; and 
‘‘(2) modify such regulation, as applied to the 
class of depository institutions, so long as the agency 
determines that such modification still meets the 
Bureau’s objective in issuing the regulation.’’. 
(b) TECHNICAL AMENDMENT.—The table of contents 
for the Dodd-Frank Wall Street Reform and Consumer 
Protection Act is amended by inserting after the item re-
lating to section 1023 the following new item: 
‘‘1023A. Review of Bureau regulations on depository institutions.’’. 
SEC. 9. REVIEW OF DEPOSITORY INSTITUTION REGULA-
TIONS. 
(a) COST-BENEFIT ANALYSIS.— 
(1) PRE-ISSUANCE.—Each regulation issued by 
an appropriate Federal banking agency shall include 
a thorough cost-benefit analysis that details the esti-
mated cost to a depository institution of complying 
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with such regulation compared to the measurable 
benefit the regulation may have. Any information 
provided to an agency from a depository institution 
for purposes of the agency’s analysis shall be on a 
voluntary basis. 
(2) 3-YEAR REVIEW.—At the end of the 3-year 
period following the date on which the agency issues 
a final regulation, the agency shall— 
(A) carry out a review of the actual cost to 
a depository institution of complying with the 
regulation; and 
(B) issue a report to the Congress con-
taining the results of such review. 
(3) RULE REVISION.—If, in carrying out a re-
view under paragraph (2), the agency determines 
that the actual cost of complying with a regulation 
is more than 20 percent higher than the agency ini-
tially estimated, the agency shall revise the rule. 
(4) DEFINITIONS.—For purposes of this sub-
section, the terms ‘‘appropriate Federal banking 
agency’’ and ‘‘depository institution’’ have the mean-
ing given such terms, respectively, under section 3 of 
the Federal Deposit Insurance Act (12 U.S.C. 
1813). 
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(b) BUREAU
OF CONSUMER FINANCIAL PROTEC-
TION.—Section 1022 of the Consumer Financial Protec-
tion Act of 2010 (12 U.S.C. 5512), as amended by section 
4, is further amended by adding at the end the following: 
‘‘(f) REGULATIONS APPLICABLE TO DEPOSITORY IN-
STITUTIONS.— 
‘‘(1) COST-BENEFIT ANALYSES.— 
‘‘(A) 
PRE-ISSUANCE.—Each 
regulation 
issued by the Bureau shall, to the extent the 
rule applies to a depository institution, include 
a thorough cost-benefit analysis that details the 
estimated cost to a depository institution of 
complying with such regulation compared to the 
measurable benefit the regulation may have. 
Any information provided to the Bureau from 
depository institutions for purposes of its anal-
ysis shall be on a voluntary basis. 
‘‘(B) 3-YEAR REVIEW.—At the end of the 
3-year period following the date on which the 
Bureau issues a final regulation that applies to 
a credit union, the Bureau shall— 
‘‘(i) carry out a review of the actual 
cost to a depository institution of com-
plying with the regulation; and 
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‘‘(ii) issue a report to the Congress 
containing the results of such review. 
‘‘(C) RULE REVISION.—If, in carrying out 
a review under subparagraph (B), the Bureau 
determines that the actual cost of complying 
with a regulation is more than 20 percent high-
er than the Bureau initially estimated, the Bu-
reau shall revise the rule. 
‘‘(2) ADDITIONAL
CONSIDERATIONS.—In pro-
posing any regulation that applies to depository in-
stitutions, the Bureau shall— 
‘‘(A) consider the impact of such regula-
tion on— 
‘‘(i) community-based depository insti-
tutions; and 
‘‘(ii) consumers in rural areas; and 
‘‘(B) consult with the appropriate Federal 
banking agencies, both prior to proposing such 
regulation and during the comment process for 
such regulation, regarding consistency with pru-
dential, market, and systemic objectives of such 
agencies. 
‘‘(3) OBJECTIONS.— 
‘‘(A) IN
GENERAL.—If, during the con-
sultation process described in paragraph (2)(B), 
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