H. R. 22—469 
(ii) the extensive time to repair or refurbish the 
large power transformer would create an extended 
period of instability in the bulk-power system; and 
(B) prior to sustaining such damage, was part of the 
bulk-power system. 
(3) CRITICAL ELECTRIC INFRASTRUCTURE.—The term ‘‘crit-
ical electric infrastructure’’ has the meaning given that term 
in section 215A of the Federal Power Act. 
(4) ELECTRIC RELIABILITY ORGANIZATION.—The term ‘‘Elec-
tric Reliability Organization’’ has the meaning given such term 
in section 215(a) of the Federal Power Act (16 U.S.C. 824o(a)). 
(5) EMERGENCY MOBILE SUBSTATION.—The term ‘‘emergency 
mobile substation’’ means a mobile substation or mobile trans-
former that is— 
(A) assembled and permanently mounted on a trailer 
that is capable of highway travel and meets relevant 
Department of Transportation regulations; and 
(B) intended for express deployment and capable of 
being rapidly placed into service. 
(6) LARGE POWER TRANSFORMER.—The term ‘‘large power 
transformer’’ means a power transformer with a maximum 
nameplate rating of 100 megavolt-amperes or higher, including 
related critical equipment, that is, or is intended to be, a 
part of the bulk-power system. 
(7) SECRETARY.—The term ‘‘Secretary’’ means the Secretary 
of Energy. 
(8) SPARE LARGE POWER TRANSFORMER.—The term ‘‘spare 
large power transformer’’ means a large power transformer 
that is stored within the Strategic Transformer Reserve to 
be available to temporarily replace a critically damaged large 
power transformer. 
(c) STRATEGIC TRANSFORMER RESERVE PLAN.— 
(1) PLAN.—Not later than 1 year after the date of enactment 
of this Act, the Secretary, acting through the Office of Elec-
tricity Delivery and Energy Reliability, shall, in consultation 
with the Federal Energy Regulatory Commission, the Electricity 
Sub-sector Coordinating Council, the Electric Reliability 
Organization, and owners and operators of critical electric infra-
structure and defense and military installations, prepare and 
submit to Congress a plan to establish a Strategic Transformer 
Reserve for the storage, in strategically located facilities, of 
spare large power transformers and emergency mobile sub-
stations in sufficient numbers to temporarily replace critically 
damaged large power transformers and substations that are 
critical electric infrastructure or serve defense and military 
installations. 
(2) INCLUSIONS.—The Strategic Transformer Reserve plan 
shall include a description of— 
(A) the appropriate number and type of spare large 
power transformers necessary to provide or restore suffi-
cient resiliency to the bulk-power system, critical electric 
infrastructure, and defense and military installations to 
mitigate significant impacts to the electric grid resulting 
from— 
(i) physical attack; 
(ii) cyber attack; 
(iii) electromagnetic pulse attack;
H. R. 22—470 
(iv) geomagnetic disturbances; 
(v) severe weather; or 
(vi) seismic events; 
(B) other critical electric grid equipment for which 
an inventory of spare equipment, including emergency 
mobile substations, is necessary to provide or restore suffi-
cient resiliency to the bulk-power system, critical electric 
infrastructure, and defense and military installations; 
(C) the degree to which utility sector actions or initia-
tives, including individual utility ownership of spare equip-
ment, joint ownership of spare equipment inventory, 
sharing agreements, or other spare equipment reserves 
or arrangements, satisfy the needs identified under sub-
paragraphs (A) and (B); 
(D) the potential locations for, and feasibility and 
appropriate number of, strategic storage locations for 
reserve equipment, including consideration of— 
(i) the physical security of such locations; 
(ii) the protection of the confidentiality of such 
locations; and 
(iii) the proximity of such locations to sites of 
potentially critically damaged large power trans-
formers and substations that are critical electric infra-
structure or serve defense and military installations, 
so as to enable efficient delivery of equipment to such 
sites; 
(E) the necessary degree of flexibility of spare large 
power transformers to be included in the Strategic Trans-
former Reserve to conform to different substation configura-
tions, including consideration of transformer— 
(i) power and voltage rating for each winding; 
(ii) overload requirements; 
(iii) impedance between windings; 
(iv) configuration of windings; and 
(v) tap requirements; 
(F) an estimate of the direct cost of the Strategic Trans-
former Reserve, as proposed, including— 
(i) the cost of storage facilities; 
(ii) the cost of the equipment; and 
(iii) management, maintenance, and operation 
costs; 
(G) the funding options available to establish, stock, 
manage, and maintain the Strategic Transformer Reserve, 
including consideration of fees on owners and operators 
of bulk-power system facilities, critical electric infrastruc-
ture, and defense and military installations relying on the 
Strategic Transformer Reserve, use of Federal appropria-
tions, and public-private cost-sharing options; 
(H) the ease and speed of transportation, installation, 
and energization of spare large power transformers to be 
included in the Strategic Transformer Reserve, including 
consideration of factors such as— 
(i) transformer transportation weight; 
(ii) transformer size; 
(iii) topology of critical substations; 
(iv) 
availability 
of 
appropriate 
transformer 
mounting pads;
H. R. 22—471 
(v) flexibility of the spare large power transformers 
as described in subparagraph (E); and 
(vi) ability to rapidly transition a spare large power 
transformer from storage to energization; 
(I) eligibility criteria for withdrawal of equipment from 
the Strategic Transformer Reserve; 
(J) the process by which owners or operators of criti-
cally damaged large power transformers or substations that 
are critical electric infrastructure or serve defense and 
military installations may apply for a withdrawal from 
the Strategic Transformer Reserve; 
(K) the process by which equipment withdrawn from 
the Strategic Transformer Reserve is returned to the Stra-
tegic Transformer Reserve or is replaced; 
(L) possible fees to be paid by users of equipment 
withdrawn from the Strategic Transformer Reserve; 
(M) possible fees to be paid by owners and operators 
of large power transformers and substations that are crit-
ical electric infrastructure or serve defense and military 
installations to cover operating costs of the Strategic Trans-
former Reserve; 
(N) the domestic and international large power trans-
former supply chain; 
(O) the potential reliability, cost, and operational bene-
fits of including emergency mobile substations in any Stra-
tegic Transformer Reserve established under this section; 
and 
(P) other considerations for designing, constructing, 
stocking, funding, and managing the Strategic Transformer 
Reserve. 
(d) DISCLOSURE OF INFORMATION.—Any information included 
in the Strategic Transformer Reserve plan, or shared in the prepara-
tion and development of such plan, the disclosure of which could 
cause harm to critical electric infrastructure, shall be exempt from 
disclosure under section 552(b)(3) of title 5, United States Code, 
and any State, tribal, or local law requiring disclosure of information 
or records. 
SEC. 61005. ENERGY SECURITY VALUATION. 
(a) 
ESTABLISHMENT
OF
ENERGY
SECURITY
VALUATION 
METHODS.—Not later than 1 year after the date of enactment 
of this Act, the Secretary of Energy, in collaboration with the 
Secretary of State, shall develop and transmit, after public notice 
and comment, to the Committee on Energy and Commerce and 
the Committee on Foreign Affairs of the House of Representatives 
and the Committee on Energy and Natural Resources and the 
Committee on Foreign Relations of the Senate a report that includes 
recommended United States energy security valuation methods. 
In developing the report, the Secretaries may consider the rec-
ommendations of the Administration’s Quadrennial Energy Review 
released on April 21, 2015. The report shall— 
(1) evaluate and define United States energy security to 
reflect modern domestic and global energy markets and the 
collective needs of the United States and its allies and partners; 
(2) identify transparent and uniform or coordinated proce-
dures and criteria to ensure that energy-related actions that 
significantly affect the supply, distribution, or use of energy
H. R. 22—472 
are evaluated with respect to their potential impact on energy 
security, including their impact on— 
(A) consumers and the economy; 
(B) energy supply diversity and resiliency; 
(C) well-functioning and competitive energy markets; 
(D) United States trade balance; and 
(E) national security objectives; and 
(3) include a recommended implementation strategy that 
identifies and aims to ensure that the procedures and criteria 
referred to in paragraph (2) are— 
(A) evaluated consistently across the Federal Govern-
ment; and 
(B) weighed appropriately and balanced with environ-
mental considerations required by Federal law. 
(b) PARTICIPATION.—In developing the report referred to in 
subsection (a), the Secretaries may consult with relevant Federal, 
State, private sector, and international participants, as appropriate 
and consistent with applicable law. 
DIVISION G—FINANCIAL SERVICES 
TITLE LXXI—IMPROVING ACCESS TO 
CAPITAL FOR EMERGING GROWTH 
COMPANIES 
SEC. 71001. FILING REQUIREMENT FOR PUBLIC FILING PRIOR TO 
PUBLIC OFFERING. 
Section 6(e)(1) of the Securities Act of 1933 (15 U.S.C. 77f(e)(1)) 
is amended by striking ‘‘21 days’’ and inserting ‘‘15 days’’. 
SEC. 71002. GRACE PERIOD FOR CHANGE OF STATUS OF EMERGING 
GROWTH COMPANIES. 
Section 6(e)(1) of the Securities Act of 1933 (15 U.S.C. 77f(e)(1)) 
is further amended by adding at the end the following: ‘‘An issuer 
that was an emerging growth company at the time it submitted 
a confidential registration statement or, in lieu thereof, a publicly 
filed registration statement for review under this subsection but 
ceases to be an emerging growth company thereafter shall continue 
to be treated as an emerging market growth company for the 
purposes of this subsection through the earlier of the date on 
which the issuer consummates its initial public offering pursuant 
to such registrations statement or the end of the 1-year period 
beginning on the date the company ceases to be an emerging growth 
company.’’. 
SEC. 71003. SIMPLIFIED DISCLOSURE REQUIREMENTS FOR EMERGING 
GROWTH COMPANIES. 
Section 102 of the Jumpstart Our Business Startups Act (Public 
Law 112–106) is amended by adding at the end the following: 
‘‘(d) SIMPLIFIED DISCLOSURE REQUIREMENTS.—With respect to 
an emerging growth company (as such term is defined under section 
2 of the Securities Act of 1933): 
‘‘(1) REQUIREMENT TO INCLUDE NOTICE ON FORMS S–1 AND 
F–1.—Not later than 30 days after the date of enactment of 
this subsection, the Securities and Exchange Commission shall
H. R. 22—473 
revise its general instructions on Forms S–1 and F–1 to indicate 
that a registration statement filed (or submitted for confidential 
review) by an issuer prior to an initial public offering may 
omit financial information for historical periods otherwise 
required by regulation S–X (17 CFR 210.1–01 et seq.) as of 
the time of filing (or confidential submission) of such registra-
tion statement, provided that— 
‘‘(A) the omitted financial information relates to a 
historical period that the issuer reasonably believes will 
not be required to be included in the Form S–1 or F– 
1 at the time of the contemplated offering; and 
‘‘(B) prior to the issuer distributing a preliminary pro-
spectus to investors, such registration statement is 
amended to include all financial information required by 
such regulation S–X at the date of such amendment. 
‘‘(2) RELIANCE
BY
ISSUERS.—Effective 30 days after the 
date of enactment of this subsection, an issuer filing a registra-
tion statement (or submitting the statement for confidential 
review) on Form S–1 or Form F–1 may omit financial informa-
tion for historical periods otherwise required by regulation S– 
X (17 CFR 210.1–01 et seq.) as of the time of filing (or confiden-
tial submission) of such registration statement, provided that— 
‘‘(A) the omitted financial information relates to a 
historical period that the issuer reasonably believes will 
not be required to be included in the Form S–1 or Form 
F–1 at the time of the contemplated offering; and 
‘‘(B) prior to the issuer distributing a preliminary pro-
spectus to investors, such registration statement is 
amended to include all financial information required by 
such regulation S–X at the date of such amendment.’’. 
TITLE LXXII—DISCLOSURE 
MODERNIZATION AND SIMPLIFICATION 
SEC. 72001. SUMMARY PAGE FOR FORM 10–K. 
Not later than the end of the 180-day period beginning on 
the date of the enactment of this Act, the Securities and Exchange 
Commission shall issue regulations to permit issuers to submit 
a summary page on form 10–K (17 CFR 249.310), but only if 
each item on such summary page includes a cross-reference (by 
electronic link or otherwise) to the material contained in form 
10–K to which such item relates. 
SEC. 72002. IMPROVEMENT OF REGULATION S–K. 
Not later than the end of the 180-day period beginning on 
the date of the enactment of this Act, the Securities and Exchange 
Commission shall take all such actions to revise regulation S– 
K (17 CFR 229.10 et seq.)— 
(1) to further scale or eliminate requirements of regulation 
S–K, in order to reduce the burden on emerging growth compa-
nies, accelerated filers, smaller reporting companies, and other 
smaller issuers, while still providing all material information 
to investors; 
(2) to eliminate provisions of regulation S–K, required for 
all issuers, that are duplicative, overlapping, outdated, or 
unnecessary; and
H. R. 22—474 
(3) for which the Commission determines that no further 
study under section 72203 is necessary to determine the efficacy 
of such revisions to regulation S–K. 
SEC. 72003. STUDY ON MODERNIZATION AND SIMPLIFICATION OF 
REGULATION S–K. 
(a) STUDY.—The Securities and Exchange Commission shall 
carry out a study of the requirements contained in regulation S– 
K (17 CFR 229.10 et seq.). Such study shall— 
(1) determine how best to modernize and simplify such 
requirements in a manner that reduces the costs and burdens 
on issuers while still providing all material information; 
(2) emphasize a company by company approach that allows 
relevant and material information to be disseminated to inves-
tors without boilerplate language or static requirements while 
preserving completeness and comparability of information 
across registrants; and 
(3) evaluate methods of information delivery and presen-
tation and explore methods for discouraging repetition and 
the disclosure of immaterial information. 
(b) CONSULTATION.—In conducting the study required under 
subsection (a), the Commission shall consult with the Investor 
Advisory Committee and the Advisory Committee on Small and 
Emerging Companies. 
(c) REPORT.—Not later than the end of the 360-day period 
beginning on the date of enactment of this Act, the Commission 
shall issue a report to the Congress containing— 
(1) all findings and determinations made in carrying out 
the study required under subsection (a); 
(2) specific and detailed recommendations on modernizing 
and simplifying the requirements in regulation S–K in a 
manner that reduces the costs and burdens on companies while 
still providing all material information; and 
(3) specific and detailed recommendations on ways to 
improve the readability and navigability of disclosure docu-
ments and to discourage repetition and the disclosure of 
immaterial information. 
(d) RULEMAKING.—Not later than the end of the 360-day period 
beginning on the date that the report is issued to the Congress 
under subsection (c), the Commission shall issue a proposed rule 
to implement the recommendations of the report issued under sub-
section (c). 
(e) RULE OF CONSTRUCTION.—Revisions made to regulation S– 
K by the Commission under section 202 shall not be construed 
as satisfying the rulemaking requirements under this section. 
TITLE LXXIII—BULLION AND COLLECT-
IBLE COIN PRODUCTION EFFICIENCY 
AND COST SAVINGS 
SEC. 73001. TECHNICAL CORRECTIONS. 
Title 31, United States Code, is amended— 
(1) in section 5112— 
(A) in subsection (q)— 
(i) by striking paragraphs (3) and (8); and
H. R. 22—475 
(ii) by redesignating paragraphs (4), (5), (6), and 
(7) as paragraphs (3), (4), (5), and (6), respectively; 
(B) in subsection (t)(6)(B), by striking ‘‘90 percent silver 
and 10 percent copper’’ and inserting ‘‘not less than 90 
percent silver’’; and 
(C) in subsection (v)— 
(i) in paragraph (1), by striking ‘‘Subject to’’ and 
all that follows through ‘‘the Secretary shall’’ and 
inserting ‘‘The Secretary shall’’; 
(ii) in paragraph (2)(A), by striking ‘‘The Secretary’’ 
and inserting ‘‘To the greatest extent possible, the Sec-
retary’’; 
(iii) in paragraph (5), by inserting after ‘‘may issue’’ 
the following: ‘‘collectible versions of’’; and 
(iv) by striking paragraph (8); and 
(2) in section 5132(a)(2)(B)(i), by striking ‘‘90 percent silver 
and 10 percent copper’’ and inserting ‘‘not less than 90 percent 
silver’’. 
SEC. 73002. AMERICAN EAGLE SILVER BULLION 30TH ANNIVERSARY. 
Proof and uncirculated versions of coins issued by the Secretary 
of the Treasury pursuant to subsection (e) of section 5112 of title 
31, United States Code, during calendar year 2016 shall have 
a smooth edge incused with a designation that notes the 30th 
anniversary of the first issue of coins under such subsection. 
TITLE LXXIV—SBIC ADVISERS RELIEF 
SEC. 74001. ADVISERS OF SBICS AND VENTURE CAPITAL FUNDS. 
Section 203(l) of the Investment Advisers Act of 1940 (15 U.S.C. 
80b–3(l)) is amended— 
(1) by striking ‘‘No investment adviser’’ and inserting the 
following: 
‘‘(1) IN GENERAL.—No investment adviser’’; and 
(2) by adding at the end the following: 
‘‘(2) ADVISERS OF SBICS.—For purposes of this subsection, 
a venture capital fund includes an entity described in subpara-
graph (A), (B), or (C) of subsection (b)(7) (other than an entity 
that has elected to be regulated or is regulated as a business 
development company pursuant to section 54 of the Investment 
Company Act of 1940).’’. 
SEC. 74002. ADVISERS OF SBICS AND PRIVATE FUNDS. 
Section 203(m) of the Investment Advisers Act of 1940 (15 
U.S.C. 80b–3(m)) is amended by adding at the end the following: 
‘‘(3) ADVISERS OF SBICS.—For purposes of this subsection, 
the assets under management of a private fund that is an 
entity described in subparagraph (A), (B), or (C) of subsection 
(b)(7) (other than an entity that has elected to be regulated 
or is regulated as a business development company pursuant 
to section 54 of the Investment Company Act of 1940) shall 
be excluded from the limit set forth in paragraph (1).’’. 
SEC. 74003. RELATIONSHIP TO STATE LAW. 
Section 203A(b)(1) of the Investment Advisers Act of 1940 (15 
U.S.C. 80b–3a(b)(1)) is amended— 
(1) in subparagraph (A), by striking ‘‘or’’ at the end;
H. R. 22—476 
(2) in subparagraph (B), by striking the period at the 
end and inserting ‘‘; or’’; and 
(3) by adding at the end the following: 
‘‘(C) that is not registered under section 203 because 
that person is exempt from registration as provided in 
subsection (b)(7) of such section, or is a supervised person 
of such person.’’. 
TITLE LXXV—ELIMINATE PRIVACY 
NOTICE CONFUSION 
SEC. 75001. EXCEPTION TO ANNUAL PRIVACY NOTICE REQUIREMENT 
UNDER THE GRAMM-LEACH-BLILEY ACT. 
Section 503 of the Gramm-Leach-Bliley Act (15 U.S.C. 6803) 
is amended by adding at the end the following: 
‘‘(f) EXCEPTION TO ANNUAL NOTICE REQUIREMENT.—A financial 
institution that— 
‘‘(1) provides nonpublic personal information only in accord-
ance with the provisions of subsection (b)(2) or (e) of section 
502 or regulations prescribed under section 504(b), and 
‘‘(2) has not changed its policies and practices with regard 
to disclosing nonpublic personal information from the policies 
and practices that were disclosed in the most recent disclosure 
sent to consumers in accordance with this section, 
shall not be required to provide an annual disclosure under this 
section until such time as the financial institution fails to comply 
with any criteria described in paragraph (1) or (2).’’. 
TITLE LXXVI—REFORMING ACCESS FOR 
INVESTMENTS IN STARTUP ENTER-
PRISES 
SEC. 76001. EXEMPTED TRANSACTIONS. 
(a) EXEMPTED TRANSACTIONS.—Section 4 of the Securities Act 
of 1933 (15 U.S.C. 77d) is amended— 
(1) in subsection (a), by adding at the end the following 
new paragraph: 
‘‘(7) transactions meeting the requirements of subsection 
(d).’’; 
(2) by redesignating the second subsection (b) (relating 
to securities offered and sold in compliance with Rule 506 
of Regulation D) as subsection (c); and 
(3) by adding at the end the following: 
‘‘(d) CERTAIN ACCREDITED INVESTOR TRANSACTIONS.—The trans-
actions referred to in subsection (a)(7) are transactions meeting 
the following requirements: 
‘‘(1) ACCREDITED INVESTOR REQUIREMENT.—Each purchaser 
is an accredited investor, as that term is defined in section 
230.501(a) of title 17, Code of Federal Regulations (or any 
successor regulation). 
‘‘(2) PROHIBITION
ON
GENERAL
SOLICITATION
OR
ADVER-
TISING.—Neither the seller, nor any person acting on the seller’s
H. R. 22—477 
behalf, offers or sells securities by any form of general solicita-
tion or general advertising. 
‘‘(3) INFORMATION REQUIREMENT.—In the case of a trans-
action involving the securities of an issuer that is neither 
subject to section 13 or 15(d) of the Securities Exchange Act 
of 1934 (15 U.S.C. 78m; 78o(d)), nor exempt from reporting 
pursuant to section 240.12g3–2(b) of title 17, Code of Federal 
Regulations, nor a foreign government (as defined in section 
230.405 of title 17, Code of Federal Regulations) eligible to 
register securities under Schedule B, the seller and a prospec-
tive purchaser designated by the seller obtain from the issuer, 
upon request of the seller, and the seller in all cases makes 
available to a prospective purchaser, the following information 
(which shall be reasonably current in relation to the date of 
resale under this section): 
‘‘(A) The exact name of the issuer and the issuer’s 
predecessor (if any). 
‘‘(B) The address of the issuer’s principal executive 
offices. 
‘‘(C) The exact title and class of the security. 
‘‘(D) The par or stated value of the security. 
‘‘(E) The number of shares or total amount of the 
securities outstanding as of the end of the issuer’s most 
recent fiscal year. 
‘‘(F) The name and address of the transfer agent, cor-
porate secretary, or other person responsible for transfer-
ring shares and stock certificates. 
‘‘(G) A statement of the nature of the business of the 
issuer and the products and services it offers, which shall 
be presumed reasonably current if the statement is as 
of 12 months before the transaction date. 
‘‘(H) The names of the officers and directors of the 
issuer. 
‘‘(I) The names of any persons registered as a broker, 
dealer, or agent that shall be paid or given, directly or 
indirectly, any commission or remuneration for such per-
son’s participation in the offer or sale of the securities. 
‘‘(J) The issuer’s most recent balance sheet and profit 
and loss statement and similar financial statements, which 
shall— 
‘‘(i) be for such part of the 2 preceding fiscal years 
as the issuer has been in operation; 
‘‘(ii) be prepared in accordance with generally 
accepted accounting principles or, in the case of a 
foreign private issuer, be prepared in accordance with 
generally accepted accounting principles or the Inter-
national Financial Reporting Standards issued by the 
International Accounting Standards Board; 
‘‘(iii) be presumed reasonably current if— 
‘‘(I) with respect to the balance sheet, the bal-
ance sheet is as of a date less than 16 months 
before the transaction date; and 
‘‘(II) with respect to the profit and loss state-
ment, such statement is for the 12 months pre-
ceding the date of the issuer’s balance sheet; and
H. R. 22—478 
‘‘(iv) if the balance sheet is not as of a date less 
than 6 months before the transaction date, be accom-
panied by additional statements of profit and loss for 
the period from the date of such balance sheet to 
a date less than 6 months before the transaction date. 
‘‘(K) To the extent that the seller is a control person 
with respect to the issuer, a brief statement regarding 
the nature of the affiliation, and a statement certified 
by such seller that they have no reasonable grounds to 
believe that the issuer is in violation of the securities 
laws or regulations. 
‘‘(4) ISSUERS DISQUALIFIED.—The transaction is not for the 
sale of a security where the seller is an issuer or a subsidiary, 
either directly or indirectly, of the issuer. 
‘‘(5) BAD ACTOR PROHIBITION.—Neither the seller, nor any 
person that has been or will be paid (directly or indirectly) 
remuneration or a commission for their participation in the 
offer or sale of the securities, including solicitation of purchasers 
for the seller is subject to an event that would disqualify 
an issuer or other covered person under Rule 506(d)(1) of Regu-
lation D (17 CFR 230.506(d)(1)) or is subject to a statutory 
disqualification described under section 3(a)(39) of the Securi-
ties Exchange Act of 1934. 
‘‘(6) BUSINESS
REQUIREMENT.—The issuer is engaged in 
business, is not in the organizational stage or in bankruptcy 
or receivership, and is not a blank check, blind pool, or shell 
company that has no specific business plan or purpose or has 
indicated that the issuer’s primary business plan is to engage 
in a merger or combination of the business with, or an acquisi-
tion of, an unidentified person. 
‘‘(7) UNDERWRITER
PROHIBITION.—The transaction is not 
with respect to a security that constitutes the whole or part 
of an unsold allotment to, or a subscription or participation 
by, a broker or dealer as an underwriter of the security or 
a redistribution. 
‘‘(8) OUTSTANDING CLASS REQUIREMENT.—The transaction 
is with respect to a security of a class that has been authorized 
and outstanding for at least 90 days prior to the date of the 
transaction. 
‘‘(e) ADDITIONAL REQUIREMENTS.— 
‘‘(1) IN GENERAL.—With respect to an exempted transaction 
described under subsection (a)(7): 
‘‘(A) Securities acquired in such transaction shall be 
deemed to have been acquired in a transaction not involving 
any public offering. 
‘‘(B) Such transaction shall be deemed not to be a 
distribution for purposes of section 2(a)(11). 
‘‘(C) Securities involved in such transaction shall be 
deemed to be restricted securities within the meaning of 
Rule 144 (17 CFR 230.144). 
‘‘(2) RULE OF CONSTRUCTION.—The exemption provided by 
subsection (a)(7) shall not be the exclusive means for estab-
lishing an exemption from the registration requirements of 
section 5.’’. 
(b) EXEMPTION
IN
CONNECTION
WITH
CERTAIN
EXEMPT 
OFFERINGS.—Section 18(b)(4) of the Securities Act of 1933 (15 U.S.C. 
77r(b)(4)) is amended—
H. R. 22—479 
(1) by redesignating the second subparagraph (D) and 
subparagraph (E) as subparagraphs (E) and (F), respectively; 
(2) in subparagraph (E), as so redesignated, by striking 
‘‘; or’’ and inserting a semicolon; 
(3) in subparagraph (F), as so redesignated, by striking 
the period and inserting ‘‘; or’’; and 
(4) by adding at the end the following new subparagraph: 
‘‘(G) section 4(a)(7).’’. 
TITLE 
LXXVII—PRESERVATION 
EN-
HANCEMENT AND SAVINGS OPPOR-
TUNITY 
SEC. 77001. DISTRIBUTIONS AND RESIDUAL RECEIPTS. 
Section 222 of the Low-Income Housing Preservation and Resi-
dent Homeownership Act of 1990 (12 U.S.C. 4112) is amended 
by adding at the end the following new subsection: 
‘‘(e) DISTRIBUTION AND RESIDUAL RECEIPTS.— 
‘‘(1) AUTHORITY.—After the date of the enactment of this 
subsection, the owner of a property subject to a plan of action 
or use agreement pursuant to this section shall be entitled 
to distribute— 
‘‘(A) annually, all surplus cash generated by the prop-
erty, but only if the owner is in material compliance with 
such use agreement including compliance with prevailing 
physical condition standards established by the Secretary; 
and 
‘‘(B) notwithstanding any conflicting provision in such 
use agreement, any funds accumulated in a residual 
receipts account, but only if the owner is in material compli-
ance with such use agreement and has completed, or set 
aside sufficient funds for completion of, any capital repairs 
identified by the most recent third party capital needs 
assessment. 
‘‘(2) OPERATION OF PROPERTY.—An owner that distributes 
any amounts pursuant to paragraph (1) shall— 
‘‘(A) continue to operate the property in accordance 
with the affordability provisions of the use agreement for 
the property for the remaining useful life of the property; 
‘‘(B) as required by the plan of action for the property, 
continue to renew or extend any project-based rental assist-
ance contract for a term of not less than 20 years; and 
‘‘(C) if the owner has an existing multi-year project- 
based rental assistance contract for less than 20 years, 
have the option to extend the contract to a 20-year term.’’. 
SEC. 77002. FUTURE REFINANCINGS. 
Section 214 of the Low-Income Housing Preservation and Resi-
dent Homeownership Act of 1990 (12 U.S.C. 4104) is amended 
by adding at the end the following new subsection: 
‘‘(c) FUTURE FINANCING.—Neither this section, nor any plan 
of action or use agreement implementing this section, shall restrict 
an owner from obtaining a new loan or refinancing an existing 
loan secured by the project, or from distributing the proceeds of 
such a loan; except that, in conjunction with such refinancing—
H. R. 22—480 
‘‘(1) the owner shall provide for adequate rehabilitation 
pursuant to a capital needs assessment to ensure long-term 
sustainability of the property satisfactory to the lender or bond 
issuance agency; 
‘‘(2) any resulting budget-based rent increase shall include 
debt service on the new financing, commercially reasonable 
debt service coverage, and replacement reserves as required 
by the lender; and 
‘‘(3) for tenants of dwelling units not covered by a project- 
or tenant-based rental subsidy, any rent increases resulting 
from the refinancing transaction may not exceed 10 percent 
per year, except that— 
‘‘(A) any tenant occupying a dwelling unit as of time 
of the refinancing may not be required to pay for rent 
and utilities, for the duration of such tenancy, an amount 
that exceeds the greater of— 
‘‘(i) 30 percent of the tenant’s income; or 
‘‘(ii) the amount paid by the tenant for rent and 
utilities immediately before such refinancing; and 
‘‘(B) this paragraph shall not apply to any tenant who 
does not provide the owner with proof of income. 
Paragraph (3) may not be construed to limit any rent increases 
resulting from increased operating costs for a project.’’. 
SEC. 77003. IMPLEMENTATION. 
The Secretary of Housing and Urban Development shall issue 
any guidance that the Secretary considers necessary to carry out 
the provisions added by the amendments made by this title not 
later than the expiration of the 120-day period beginning on the 
date of the enactment of this Act. 
TITLE LXXVIII—TENANT INCOME 
VERIFICATION RELIEF 
SEC. 78001. REVIEWS OF FAMILY INCOMES. 
(a) IN GENERAL.—The second sentence of paragraph (1) of sec-
tion 3(a) of the United States Housing Act of 1937 (42 U.S.C. 
1437a(a)(1)) is amended by inserting before the period at the end 
the following: ‘‘; except that, in the case of any family with a 
fixed income, as defined by the Secretary, after the initial review 
of the family’s income, the public housing agency or owner shall 
not be required to conduct a review of the family’s income for 
any year for which such family certifies, in accordance with such 
requirements as the Secretary shall establish, which shall include 
policies to adjust for inflation-based income changes, that 90 percent 
or more of the income of the family consists of fixed income, and 
that the sources of such income have not changed since the previous 
year, except that the public housing agency or owner shall conduct 
a review of each such family’s income not less than once every 
3 years’’. 
(b) HOUSING CHOICE VOUCHER PROGRAM.—Subparagraph (A) 
of section 8(o)(5) of the United States Housing Act of 1937 (42 
U.S.C. 1437f(o)(5)(A)) is amended by striking ‘‘not less than 
annually’’ and inserting ‘‘as required by section 3(a)(1) of this Act’’.
H. R. 22—481 
TITLE LXXIX—HOUSING ASSISTANCE 
EFFICIENCY 
SEC. 79001. AUTHORITY TO ADMINISTER RENTAL ASSISTANCE. 
Subsection (g) of section 423 of the McKinney-Vento Homeless 
Assistance Act (42 U.S.C. 11383(g)) is amended by inserting ‘‘private 
nonprofit organization,’’ after ‘‘unit of general local government,’’. 
SEC. 79002. REALLOCATION OF FUNDS. 
Paragraph (1) of section 414(d) of the McKinney-Vento Home-
less Assistance Act (42 U.S.C. 11373(d)(1)) is amended by striking 
‘‘twice’’ and inserting ‘‘once’’. 
TITLE LXXX—CHILD SUPPORT 
ASSISTANCE 
SEC. 80001. REQUESTS FOR CONSUMER REPORTS BY STATE OR LOCAL 
CHILD SUPPORT ENFORCEMENT AGENCIES. 
Paragraph (4) of section 604(a) of the Fair Credit Reporting 
Act (15 U.S.C. 1681b(a)(4)) is amended— 
(1) in subparagraph (A), by striking ‘‘or determining the 
appropriate level of such payments’’ and inserting ‘‘, deter-
mining the appropriate level of such payments, or enforcing 
a child support order, award, agreement, or judgment’’; 
(2) in subparagraph (B)— 
(A) by striking ‘‘paternity’’ and inserting ‘‘parentage’’; 
and 
(B) by adding ‘‘and’’ at the end; 
(3) by striking subparagraph (C); and 
(4) by redesignating subparagraph (D) as subparagraph 
(C). 
TITLE LXXXI—PRIVATE INVESTMENT IN 
HOUSING 
SEC. 81001. BUDGET-NEUTRAL DEMONSTRATION PROGRAM FOR 
ENERGY AND WATER CONSERVATION IMPROVEMENTS 
AT MULTIFAMILY RESIDENTIAL UNITS. 
(a) ESTABLISHMENT.—The Secretary of Housing and Urban 
Development (in this section referred to as the ‘‘Secretary’’) shall 
establish a demonstration program under which the Secretary may 
execute budget-neutral, performance-based agreements in fiscal 
years 2016 through 2019 that result in a reduction in energy 
or water costs with such entities as the Secretary determines to 
be appropriate under which the entities shall carry out projects 
for energy or water conservation improvements at not more than 
20,000 residential units in multifamily buildings participating in— 
(1) the project-based rental assistance program under sec-
tion 8 of the United States Housing Act of 1937 (42 U.S.C. 
1437f), other than assistance provided under section 8(o) of 
that Act;
H. R. 22—482 
(2) the supportive housing for the elderly program under 
section 202 of the Housing Act of 1959 (12 U.S.C. 1701q); 
or 
(3) the supportive housing for persons with disabilities 
program under section 811(d)(2) of the Cranston-Gonzalez 
National Affordable Housing Act (42 U.S.C. 8013(d)(2)). 
(b) REQUIREMENTS.— 
(1) PAYMENTS CONTINGENT ON SAVINGS.— 
(A) IN GENERAL.—The Secretary shall provide to an 
entity a payment under an agreement under this section 
only during applicable years for which an energy or water 
cost savings is achieved with respect to the applicable 
multifamily portfolio of properties, as determined by the 
Secretary, in accordance with subparagraph (B). 
(B) PAYMENT METHODOLOGY.— 
(i) IN GENERAL.—Each agreement under this sec-
tion shall include a pay-for-success provision that— 
(I) shall serve as a payment threshold for the 
term of the agreement; and 
(II) requires that payments shall be contingent 
on realized cost savings associated with reduced 
utility consumption in the participating properties. 
(ii) LIMITATIONS.—A payment made by the Sec-
retary under an agreement under this section— 
(I) shall be contingent on documented utility 
savings; and 
(II) shall not exceed the utility savings 
achieved by the date of the payment, and not 
previously paid, as a result of the improvements 
made under the agreement. 
(C) THIRD-PARTY
VERIFICATION.—Savings payments 
made by the Secretary under this section shall be based 
on a measurement and verification protocol that includes 
at least— 
(i) establishment of a weather-normalized and 
occupancy-normalized utility consumption baseline 
established pre-retrofit; 
(ii) annual third-party confirmation of actual 
utility consumption and cost for utilities; 
(iii) annual third-party validation of the tenant 
utility allowances in effect during the applicable year 
and vacancy rates for each unit type; and 
(iv) annual third-party determination of savings 
to the Secretary. 
An agreement under this section with an entity shall pro-
vide that the entity shall cover costs associated with third- 
party verification under this subparagraph. 
(2) 
TERMS
OF
PERFORMANCE-BASED
AGREEMENTS.—A 
performance-based agreement under this section shall include— 
(A) the period that the agreement will be in effect 
and during which payments may be made, which may 
not be longer than 12 years; 
(B) the performance measures that will serve as pay-
ment thresholds during the term of the agreement; 
(C) an audit protocol for the properties covered by 
the agreement;
H. R. 22—483 
(D) a requirement that payments shall be contingent 
on realized cost savings associated with reduced utility 
consumption in the participating properties; and 
(E) such other requirements and terms as determined 
to be appropriate by the Secretary. 
(3) ENTITY ELIGIBILITY.—The Secretary shall— 
(A) establish a competitive process for entering into 
agreements under this section; and 
(B) enter into such agreements only with entities that, 
either jointly or individually, demonstrate significant 
experience relating to— 
(i) financing or operating properties receiving 
assistance under a program identified in subsection 
(a); 
(ii) oversight of energy or water conservation pro-
grams, including oversight of contractors; and 
(iii) raising capital for energy or water conservation 
improvements from charitable organizations or private 
investors. 
(4) GEOGRAPHICAL
DIVERSITY.—Each agreement entered 
into under this section shall provide for the inclusion of prop-
erties with the greatest feasible regional and State variance. 
(5) PROPERTIES.—A property may only be included in the 
demonstration under this section only if the property is subject 
to affordability restrictions for at least 15 years after the date 
of the completion of any conservation improvements made to 
the property under the demonstration program. Such restric-
tions may be made through an extended affordability agreement 
for the property under a new housing assistance payments 
contract with the Secretary of Housing and Urban Development 
or through an enforceable covenant with the owner of the 
property. 
(c) PLAN AND REPORTS.— 
(1) PLAN.—Not later than 90 days after the date of enact-
ment of this Act, the Secretary shall submit to the Committees 
on Appropriations and Financial Services of the House of Rep-
resentatives and the Committees on Appropriations and 
Banking, Housing, and Urban Affairs of the Senate a detailed 
plan for the implementation of this section. 
(2) REPORTS.—Not later than 1 year after the date of enact-
ment of this Act, and annually thereafter, the Secretary shall— 
(A) conduct an evaluation of the program under this 
section; and 
(B) submit to Congress a report describing each evalua-
tion conducted under subparagraph (A). 
(d) FUNDING.—For each fiscal year during which an agreement 
under this section is in effect, the Secretary may use to carry 
out this section any funds appropriated to the Secretary for the 
renewal of contracts under a program described in subsection (a).
H. R. 22—484 
TITLE LXXXII—CAPITAL ACCESS FOR 
SMALL COMMUNITY FINANCIAL INSTI-
TUTIONS 
SEC. 82001. PRIVATELY INSURED CREDIT UNIONS AUTHORIZED TO 
BECOME MEMBERS OF A FEDERAL HOME LOAN BANK. 
(a) IN GENERAL.—Section 4(a) of the Federal Home Loan Bank 
Act (12 U.S.C. 1424(a)) is amended by adding at the end the 
following new paragraph: 
‘‘(5) CERTAIN PRIVATELY INSURED CREDIT UNIONS.— 
‘‘(A) IN
GENERAL.—Subject to the requirements of 
subparagraph (B), a credit union shall be treated as an 
insured depository institution for purposes of determining 
the eligibility of such credit union for membership in a 
Federal home loan bank under paragraphs (1), (2), and 
(3). 
‘‘(B) CERTIFICATION BY APPROPRIATE SUPERVISOR.— 
‘‘(i) IN GENERAL.—For purposes of this paragraph 
and subject to clause (ii), a credit union which lacks 
Federal deposit insurance and which has applied for 
membership in a Federal home loan bank may be 
treated as meeting all the eligibility requirements for 
Federal deposit insurance only if the appropriate 
supervisor of the State in which the credit union is 
chartered has determined that the credit union meets 
all the eligibility requirements for Federal deposit 
insurance as of the date of the application for member-
ship. 
‘‘(ii) CERTIFICATION DEEMED VALID.—If, in the case 
of any credit union to which clause (i) applies, the 
appropriate supervisor of the State in which such credit 
union is chartered fails to make a determination pursu-
ant to such clause by the end of the 6-month period 
beginning on the date of the application, the credit 
union shall be deemed to have met the requirements 
of clause (i). 
‘‘(C) SECURITY INTERESTS OF FEDERAL HOME LOAN BANK 
NOT AVOIDABLE.—Notwithstanding any provision of State 
law authorizing a conservator or liquidating agent of a 
credit union to repudiate contracts, no such provision shall 
apply with respect to— 
‘‘(i) any extension of credit from any Federal home 
loan bank to any credit union which is a member 
of any such bank pursuant to this paragraph; or 
‘‘(ii) any security interest in the assets of such 
credit union securing any such extension of credit. 
‘‘(D) PROTECTION FOR CERTAIN FEDERAL HOME LOAN 
BANK ADVANCES.—Notwithstanding any State law to the 
contrary, if a Bank makes an advance under section 10 
to a State-chartered credit union that is not federally 
insured— 
‘‘(i) the Bank’s interest in any collateral securing 
such advance has the same priority and is afforded 
the same standing and rights that the security interest
H. R. 22—485 
would have had if the advance had been made to 
a federally insured credit union; and 
‘‘(ii) the Bank has the same right to access such 
collateral that the Bank would have had if the advance 
had been made to a federally insured credit union.’’. 
(b) COPIES OF AUDITS OF PRIVATE INSURERS OF CERTAIN DEPOSI-
TORY INSTITUTIONS REQUIRED TO BE PROVIDED TO SUPERVISORY 
AGENCIES.—Section 43(a)(2)(A) of the Federal Deposit Insurance 
Act (12 U.S.C. 1831t(a)(2)(A)) is amended— 
(1) in clause (i), by striking ‘‘and’’ at the end; 
(2) in clause (ii), by striking the period at the end and 
inserting ‘‘; and’’; and 
(3) by inserting at the end the following new clause: 
‘‘(iii) in the case of depository institutions described 
in subsection (e)(2)(A) the deposits of which are insured 
by the private insurer which are members of a Federal 
home loan bank, to the Federal Housing Finance 
Agency, not later than 7 days after the audit is com-
pleted.’’. 
SEC. 82002. GAO REPORT. 
Not later than 18 months after the date of enactment of this 
Act, the Comptroller General of the United States shall conduct 
a study and submit a report to Congress— 
(1) on the adequacy of insurance reserves held by a private 
deposit insurer that insures deposits in an entity described 
in section 43(e)(2)(A) of the Federal Deposit Insurance Act 
(12 U.S.C. 1831t(e)(2)(A)); and 
(2) for an entity described in paragraph (1) the deposits 
of which are insured by a private deposit insurer, information 
on the level of compliance with Federal regulations relating 
to the disclosure of a lack of Federal deposit insurance. 
TITLE LXXXIII—SMALL BANK EXAM 
CYCLE REFORM 
SEC. 83001. SMALLER INSTITUTIONS QUALIFYING FOR 18-MONTH 
EXAMINATION CYCLE. 
Section 10(d) of the Federal Deposit Insurance Act (12 U.S.C. 
1820(d)) is amended— 
(1) in paragraph (4)— 
(A) in subparagraph (A), by striking ‘‘$500,000,000’’ 
and inserting ‘‘$1,000,000,000’’; and 
(B) in subparagraph (C)(ii), by striking ‘‘$100,000,000’’ 
and inserting ‘‘$200,000,000’’; and 
(2) in paragraph (10)— 
(A) 
by 
striking 
‘‘$100,000,000’’ 
and 
inserting 
‘‘$200,000,000’’; and 
(B) 
by 
striking 
‘‘$500,000,000’’ 
and 
inserting 
‘‘$1,000,000,000’’.
H. R. 22—486 
TITLE LXXXIV—SMALL COMPANY 
SIMPLE REGISTRATION 
SEC. 84001. FORWARD INCORPORATION BY REFERENCE FOR FORM 
S–1. 
Not later than 45 days after the date of the enactment of 
this Act, the Securities and Exchange Commission shall revise 
Form S–1 so as to permit a smaller reporting company (as defined 
in section 230.405 of title 17, Code of Federal Regulations) to 
incorporate by reference in a registration statement filed on such 
form any documents that such company files with the Commission 
after the effective date of such registration statement. 
TITLE 
LXXXV—HOLDING 
COMPANY 
REGISTRATION THRESHOLD EQUALI-
ZATION 
SEC. 85001. REGISTRATION THRESHOLD FOR SAVINGS AND LOAN 
HOLDING COMPANIES. 
The Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) 
is amended— 
(1) in section 12(g)— 
(A) in paragraph (1)(B), by inserting after ‘‘is a bank’’ 
the following: ‘‘, a savings and loan holding company (as 
defined in section 10 of the Home Owners’ Loan Act),’’; 
and 
(B) in paragraph (4), by inserting after ‘‘case of a 
bank’’ the following: ‘‘, a savings and loan holding company 
(as defined in section 10 of the Home Owners’ Loan Act),’’; 
and 
(2) in section 15(d), by striking ‘‘case of bank’’ and inserting 
the following: ‘‘case of a bank, a savings and loan holding 
company (as defined in section 10 of the Home Owners’ Loan 
Act),’’. 
TITLE LXXXVI—REPEAL OF 
INDEMNIFICATION REQUIREMENTS 
SEC. 86001. REPEAL. 
(a) DERIVATIVES CLEARING ORGANIZATIONS.—Section 5b(k)(5) 
of the Commodity Exchange Act (7 U.S.C. 7a–1(k)(5)) is amended 
to read as follows: 
‘‘(5) CONFIDENTIALITY AGREEMENT.—Before the Commission 
may share information with any entity described in paragraph 
(4), the Commission shall receive a written agreement from 
each entity stating that the entity shall abide by the confiden-
tiality requirements described in section 8 relating to the 
information on swap transactions that is provided.’’. 
(b) SWAP DATA REPOSITORIES.—Section 21 of the Commodity 
Exchange Act (7 U.S.C. 24a(d)) is amended— 
(1) in subsection (c)(7)—
H. R. 22—487 
(A) in the matter preceding subparagraph (A), by 
striking ‘‘all’’ and inserting ‘‘swap’’; and 
(B) in subparagraph (E)— 
(i) in clause (ii), by striking ‘‘and’’ at the end; 
and 
(ii) by adding at the end the following: 
‘‘(iv) other foreign authorities; and’’; and 
(2) by striking subsection (d) and inserting the following: 
‘‘(d) CONFIDENTIALITY
AGREEMENT.—Before the swap data 
repository may share information with any entity described in sub-
section (c)(7), the swap data repository shall receive a written 
agreement from each entity stating that the entity shall abide 
by the confidentiality requirements described in section 8 relating 
to the information on swap transactions that is provided.’’. 
(c) 
SECURITY-BASED
SWAP
DATA
REPOSITORIES.—Section 
13(n)(5) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(n)(5)) 
is amended— 
(1) in subparagraph (G)— 
(A) in the matter preceding clause (i), by striking ‘‘all’’ 
and inserting ‘‘security-based swap’’; and 
(B) in clause (v)— 
(i) in subclause (II), by striking ‘‘; and’’ and 
inserting a semicolon; 
(ii) in subclause (III), by striking the period at 
the end and inserting ‘‘; and’’; and 
(iii) by adding at the end the following: 
‘‘(IV) other foreign authorities.’’; and 
(2) by striking subparagraph (H) and inserting the fol-
lowing: 
‘‘(H) CONFIDENTIALITY AGREEMENT.—Before the secu-
rity-based swap data repository may share information 
with any entity described in subparagraph (G), the security- 
based swap data repository shall receive a written agree-
ment from each entity stating that the entity shall abide 
by the confidentiality requirements described in section 
24 relating to the information on security-based swap trans-
actions that is provided.’’. 
(d) EFFECTIVE DATE.—The amendments made by this section 
shall take effect as if enacted as part of the Dodd-Frank Wall 
Street Reform and Consumer Protection Act (Public Law 111–203). 
TITLE LXXXVII—TREATMENT OF DEBT 
OR EQUITY INSTRUMENTS OF SMALL-
ER INSTITUTIONS 
SEC. 87001. DATE FOR DETERMINING CONSOLIDATED ASSETS. 
Section 171(b)(4)(C) of the Financial Stability Act of 2010 (12 
U.S.C. 5371(b)(4)(C)) is amended by inserting ‘‘or March 31, 2010,’’ 
after ‘‘December 31, 2009,’’.
H. R. 22—488 
TITLE LXXXVIII—STATE LICENSING 
EFFICIENCY 
SEC. 88001. SHORT TITLE. 
This title may be cited as the ‘‘State Licensing Efficiency Act 
of 2015’’. 
SEC. 88002. BACKGROUND CHECKS. 
Section 1511(a) of the S.A.F.E. Mortgage Licensing Act of 2008 
(12 U.S.C. 5110(a)) is amended— 
(1) by inserting ‘‘and other financial service providers’’ after 
‘‘State-licensed loan originators’’; and 
(2) by inserting ‘‘or other financial service providers’’ before 
the period at the end. 
TITLE 
LXXXIX—HELPING 
EXPAND 
LENDING PRACTICES IN RURAL COM-
MUNITIES 
SEC. 89001. SHORT TITLE. 
This title may be cited as the ‘‘Helping Expand Lending Prac-
tices in Rural Communities Act of 2015’’ or the ‘‘HELP Rural 
Communities Act of 2015’’. 
SEC. 89002. DESIGNATION OF RURAL AREA. 
(a) APPLICATION.—Not later than 90 days after the date of 
the enactment of this Act, the Bureau of Consumer Financial Protec-
tion shall establish an application process under which a person 
who lives or does business in a State may, with respect to an 
area identified by the person in such State that has not been 
designated by the Bureau as a rural area for purposes of a Federal 
consumer financial law (as defined under section 1002 of the Con-
sumer Financial Protection Act of 2010), apply for such area to 
be so designated. 
(b) EVALUATION CRITERIA.—When evaluating an application 
submitted under subsection (a), the Bureau shall take into consider-
ation the following factors: 
(1) Criteria used by the Director of the Bureau of the 
Census for classifying geographical areas as rural or urban. 
(2) Criteria used by the Director of the Office of Manage-
ment and Budget to designate counties as metropolitan or 
micropolitan or neither. 
(3) Criteria used by the Secretary of Agriculture to deter-
mine property eligibility for rural development programs. 
(4) The Department of Agriculture rural-urban commuting 
area codes. 
(5) A written opinion provided by the State’s bank super-
visor, as defined under section 3(r) of the Federal Deposit 
Insurance Act (12 U.S.C. 1813(r)). 
(6) Population density. 
(c) RULE OF CONSTRUCTION.—If, at any time prior to the submis-
sion of an application under subsection (a), the area subject to 
review has been designated as nonrural by any Federal agency 
described under subsection (b) using any of the criteria described