H. R. 4173—694 
‘‘(i) the incremental cost incurred by an issuer 
for the role of the issuer in the authorization, clearance, 
or settlement of a particular electronic debit trans-
action, which cost shall be considered under paragraph 
(2); and 
‘‘(ii) other costs incurred by an issuer which are 
not specific to a particular electronic debit transaction, 
which costs shall not be considered under paragraph 
(2); and 
‘‘(C) consult, as appropriate, with the Comptroller of 
the Currency, the Board of Directors of the Federal Deposit 
Insurance Corporation, the Director of the Office of Thrift 
Supervision, the National Credit Union Administration 
Board, the Administrator of the Small Business Adminis-
tration, and the Director of the Bureau of Consumer Finan-
cial Protection. 
‘‘(5) ADJUSTMENTS TO INTERCHANGE TRANSACTION FEES FOR 
FRAUD PREVENTION COSTS.— 
‘‘(A) ADJUSTMENTS.—The Board may allow for an 
adjustment to the fee amount received or charged by an 
issuer under paragraph (2), if— 
‘‘(i) such adjustment is reasonably necessary to 
make allowance for costs incurred by the issuer in 
preventing fraud in relation to electronic debit trans-
actions involving that issuer; and 
‘‘(ii) the issuer complies with the fraud-related 
standards established by the Board under subpara-
graph (B), which standards shall— 
‘‘(I) be designed to ensure that any fraud- 
related adjustment of the issuer is limited to the 
amount described in clause (i) and takes into 
account 
any 
fraud-related 
reimbursements 
(including amounts from charge-backs) received 
from consumers, merchants, or payment card net-
works in relation to electronic debit transactions 
involving the issuer; and 
‘‘(II) require issuers to take effective steps to 
reduce the occurrence of, and costs from, fraud 
in 
relation 
to 
electronic 
debit 
transactions, 
including 
through 
the 
development 
and 
implementation of cost-effective fraud prevention 
technology. 
‘‘(B) RULEMAKING REQUIRED.— 
‘‘(i) IN GENERAL.—The Board shall prescribe regu-
lations in final form not later than 9 months after 
the date of enactment of the Consumer Financial 
Protection Act of 2010, to establish standards for 
making adjustments under this paragraph. 
‘‘(ii) FACTORS FOR CONSIDERATION.—In issuing the 
standards and prescribing regulations under this para-
graph, the Board shall consider— 
‘‘(I) the nature, type, and occurrence of fraud 
in electronic debit transactions; 
‘‘(II) the extent to which the occurrence of 
fraud depends on whether authorization in an elec-
tronic debit transaction is based on signature, PIN, 
or other means;
H. R. 4173—695 
‘‘(III) the available and economical means by 
which fraud on electronic debit transactions may 
be reduced; 
‘‘(IV) the fraud prevention and data security 
costs expended by each party involved in electronic 
debit transactions (including consumers, persons 
who accept debit cards as a form of payment, finan-
cial institutions, retailers and payment card net-
works); 
‘‘(V) the costs of fraudulent transactions 
absorbed by each party involved in such trans-
actions (including consumers, persons who accept 
debit cards as a form of payment, financial institu-
tions, retailers and payment card networks); 
‘‘(VI) the extent to which interchange trans-
action fees have in the past reduced or increased 
incentives for parties involved in electronic debit 
transactions to reduce fraud on such transactions; 
and 
‘‘(VII) such other factors as the Board con-
siders appropriate. 
‘‘(6) EXEMPTION FOR SMALL ISSUERS.— 
‘‘(A) IN GENERAL.—This subsection shall not apply to 
any issuer that, together with its affiliates, has assets 
of less than $10,000,000,000, and the Board shall exempt 
such issuers from regulations prescribed under paragraph 
(3)(A). 
‘‘(B) DEFINITION.—For purposes of this paragraph, the 
term ‘‘issuer’’ shall be limited to the person holding the 
asset account that is debited through an electronic debit 
transaction. 
‘‘(7) EXEMPTION FOR GOVERNMENT-ADMINISTERED PAYMENT 
PROGRAMS AND RELOADABLE PREPAID CARDS.— 
‘‘(A) IN GENERAL.—This subsection shall not apply to 
an interchange transaction fee charged or received with 
respect to an electronic debit transaction in which a person 
uses— 
‘‘(i) a debit card or general-use prepaid card that 
has been provided to a person pursuant to a Federal, 
State or local government-administered payment pro-
gram, in which the person may only use the debit 
card or general-use prepaid card to transfer or debit 
funds, monetary value, or other assets that have been 
provided pursuant to such program; or 
‘‘(ii) a plastic card, payment code, or device that 
is— 
‘‘(I) linked to funds, monetary value, or assets 
which are purchased or loaded on a prepaid basis; 
‘‘(II) not issued or approved for use to access 
or debit any account held by or for the benefit 
of the card holder (other than a subaccount or 
other method of recording or tracking funds pur-
chased or loaded on the card on a prepaid basis); 
‘‘(III) redeemable at multiple, unaffiliated mer-
chants or service providers, or automated teller 
machines;
H. R. 4173—696 
‘‘(IV) used to transfer or debit funds, monetary 
value, or other assets; and 
‘‘(V) reloadable and not marketed or labeled 
as a gift card or gift certificate. 
‘‘(B) EXCEPTION.—Notwithstanding subparagraph (A), 
after the end of the 1-year period beginning on the effective 
date provided in paragraph (9), this subsection shall apply 
to an interchange transaction fee charged or received with 
respect to an electronic debit transaction described in 
subparagraph (A)(i) in which a person uses a general- 
use prepaid card, or an electronic debit transaction 
described in subparagraph (A)(ii), if any of the following 
fees may be charged to a person with respect to the card: 
‘‘(i) A fee for an overdraft, including a shortage 
of funds or a transaction processed for an amount 
exceeding the account balance. 
‘‘(ii) A fee imposed by the issuer for the first with-
drawal per month from an automated teller machine 
that is part of the issuer’s designated automated teller 
machine network. 
‘‘(C) DEFINITION.—For purposes of subparagraph (B), 
the term ‘designated automated teller machine network’ 
means either— 
‘‘(i) all automated teller machines identified in the 
name of the issuer; or 
‘‘(ii) any network of automated teller machines 
identified by the issuer that provides reasonable and 
convenient access to the issuer’s customers. 
‘‘(D) REPORTING.—Beginning 12 months after the date 
of enactment of the Consumer Financial Protection Act 
of 2010, the Board shall annually provide a report to the 
Congress regarding — 
‘‘(i) the prevalence of the use of general-use prepaid 
cards in Federal, State or local government-adminis-
tered payment programs; and 
‘‘(ii) the interchange transaction fees and card-
holder fees charged with respect to the use of such 
general-use prepaid cards. 
‘‘(8) REGULATORY AUTHORITY OVER NETWORK FEES.— 
‘‘(A) IN GENERAL.—The Board may prescribe regula-
tions, pursuant to section 553 of title 5, United States 
Code, regarding any network fee. 
‘‘(B) LIMITATION.—The authority under subparagraph 
(A) to prescribe regulations shall be limited to regulations 
to ensure that— 
‘‘(i) a network fee is not used to directly or 
indirectly compensate an issuer with respect to an 
electronic debit transaction; and 
‘‘(ii) a network fee is not used to circumvent or 
evade the restrictions of this subsection and regula-
tions prescribed under such subsection. 
‘‘(C) RULEMAKING
REQUIRED.—The Board shall pre-
scribe regulations in final form before the end of the 9- 
month period beginning on the date of the enactment of 
the Consumer Financial Protection Act of 2010, to carry 
out the authorities provided under subparagraph (A).
H. R. 4173—697 
‘‘(9) EFFECTIVE
DATE.—This subsection shall take effect 
at the end of the 12-month period beginning on the date of 
the enactment of the Consumer Financial Protection Act of 
2010. 
‘‘(b) LIMITATION ON PAYMENT CARD NETWORK RESTRICTIONS.— 
‘‘(1) PROHIBITIONS AGAINST EXCLUSIVITY ARRANGEMENTS.— 
‘‘(A) NO EXCLUSIVE NETWORK.—The Board shall, before 
the end of the 1-year period beginning on the date of 
the enactment of the Consumer Financial Protection Act 
of 2010, prescribe regulations providing that an issuer or 
payment card network shall not directly or through any 
agent, processor, or licensed member of a payment card 
network, by contract, requirement, condition, penalty, or 
otherwise, restrict the number of payment card networks 
on which an electronic debit transaction may be processed 
to— 
‘‘(i) 1 such network; or 
‘‘(ii) 2 or more such networks which are owned, 
controlled, or otherwise operated by — 
‘‘(I) affiliated persons; or 
‘‘(II) networks affiliated with such issuer. 
‘‘(B) NO
ROUTING
RESTRICTIONS.—The Board shall, 
before the end of the 1-year period beginning on the date 
of the enactment of the Consumer Financial Protection 
Act of 2010, prescribe regulations providing that an issuer 
or payment card network shall not, directly or through 
any agent, processor, or licensed member of the network, 
by contract, requirement, condition, penalty, or otherwise, 
inhibit the ability of any person who accepts debit cards 
for payments to direct the routing of electronic debit trans-
actions for processing over any payment card network that 
may process such transactions. 
‘‘(2) LIMITATION ON RESTRICTIONS ON OFFERING DISCOUNTS 
FOR USE OF A FORM OF PAYMENT.— 
‘‘(A) IN GENERAL.—A payment card network shall not, 
directly or through any agent, processor, or licensed 
member of the network, by contract, requirement, condi-
tion, penalty, or otherwise, inhibit the ability of any person 
to provide a discount or in-kind incentive for payment 
by the use of cash, checks, debit cards, or credit cards 
to the extent that— 
‘‘(i) in the case of a discount or in-kind incentive 
for payment by the use of debit cards, the discount 
or in-kind incentive does not differentiate on the basis 
of the issuer or the payment card network; 
‘‘(ii) in the case of a discount or in-kind incentive 
for payment by the use of credit cards, the discount 
or in-kind incentive does not differentiate on the basis 
of the issuer or the payment card network; and 
‘‘(iii) to the extent required by Federal law and 
applicable State law, such discount or in-kind incentive 
is offered to all prospective buyers and disclosed clearly 
and conspicuously. 
‘‘(B) LAWFUL DISCOUNTS.—For purposes of this para-
graph, the network may not penalize any person for the 
providing of a discount that is in compliance with Federal 
law and applicable State law.
H. R. 4173—698 
‘‘(3) LIMITATION ON RESTRICTIONS ON SETTING TRANSACTION 
MINIMUMS OR MAXIMUMS.— 
‘‘(A) IN GENERAL.—A payment card network shall not, 
directly or through any agent, processor, or licensed 
member of the network, by contract, requirement, condi-
tion, penalty, or otherwise, inhibit the ability— 
‘‘(i) of any person to set a minimum dollar value 
for the acceptance by that person of credit cards, to 
the extent that — 
‘‘(I) such minimum dollar value does not dif-
ferentiate between issuers or between payment 
card networks; and 
‘‘(II) such minimum dollar value does not 
exceed $10.00; or 
‘‘(ii) of any Federal agency or institution of higher 
education to set a maximum dollar value for the accept-
ance by that Federal agency or institution of higher 
education of credit cards, to the extent that such max-
imum dollar value does not differentiate between 
issuers or between payment card networks. 
‘‘(B) INCREASE
IN
MINIMUM
DOLLAR
AMOUNT.—The 
Board may, by regulation prescribed pursuant to section 
553 of title 5, United States Code, increase the amount 
of the dollar value listed in subparagraph (A)(i)(II). 
‘‘(4) RULE OF CONSTRUCTION:.—No provision of this sub-
section shall be construed to authorize any person— 
‘‘(A) to discriminate between debit cards within a pay-
ment card network on the basis of the issuer that issued 
the debit card; or 
‘‘(B) to discriminate between credit cards within a pay-
ment card network on the basis of the issuer that issued 
the credit card. 
‘‘(c) DEFINITIONS.—For purposes of this section, the following 
definitions shall apply: 
‘‘(1) AFFILIATE.—The term ‘affiliate’ means any company 
that controls, is controlled by, or is under common control 
with another company. 
‘‘(2) DEBIT CARD.—The term ‘debit card’— 
‘‘(A) means any card, or other payment code or device, 
issued or approved for use through a payment card network 
to debit an asset account (regardless of the purpose for 
which the account is established), whether authorization 
is based on signature, PIN, or other means; 
‘‘(B) includes a general-use prepaid card, as that term 
is defined in section 915(a)(2)(A); and 
‘‘(C) does not include paper checks. 
‘‘(3) CREDIT CARD.—The term ‘credit card’ has the same 
meaning as in section 103 of the Truth in Lending Act. 
‘‘(4) DISCOUNT.—The term ‘discount’— 
‘‘(A) means a reduction made from the price that cus-
tomers are informed is the regular price; and 
‘‘(B) does not include any means of increasing the 
price that customers are informed is the regular price. 
‘‘(5) ELECTRONIC DEBIT TRANSACTION.—The term ‘electronic 
debit transaction’ means a transaction in which a person uses 
a debit card. 
‘‘(6) FEDERAL AGENCY.—The term ‘Federal agency’ means—
H. R. 4173—699 
‘‘(A) an agency (as defined in section 101 of title 31, 
United States Code); and 
‘‘(B) a Government corporation (as defined in section 
103 of title 5, United States Code). 
‘‘(7) INSTITUTION OF HIGHER EDUCATION.—The term ‘institu-
tion of higher education’ has the same meaning as in 101 
and 102 of the Higher Education Act of 1965 (20 U.S.C. 1001, 
1002). 
‘‘(8) INTERCHANGE
TRANSACTION
FEE.—The term ‘inter-
change transaction fee’ means any fee established, charged 
or received by a payment card network for the purpose of 
compensating an issuer for its involvement in an electronic 
debit transaction. 
‘‘(9) ISSUER.—The term ‘issuer’ means any person who 
issues a debit card, or credit card, or the agent of such person 
with respect to such card. 
‘‘(10) NETWORK FEE.—The term ‘network fee’ means any 
fee charged and received by a payment card network with 
respect to an electronic debit transaction, other than an inter-
change transaction fee. 
‘‘(11) PAYMENT CARD NETWORK.—The term ‘payment card 
network’ means an entity that directly, or through licensed 
members, processors, or agents, provides the proprietary serv-
ices, infrastructure, and software that route information and 
data to conduct debit card or credit card transaction authoriza-
tion, clearance, and settlement, and that a person uses in 
order to accept as a form of payment a brand of debit card, 
credit card or other device that may be used to carry out 
debit or credit transactions. 
‘‘(d) ENFORCEMENT.— 
‘‘(1) IN
GENERAL.—Compliance with the requirements 
imposed under this section shall be enforced under section 
918. 
‘‘(2) EXCEPTION.—Sections 916 and 917 shall not apply 
with respect to this section or the requirements imposed pursu-
ant to this section.’’. 
(b) AMENDMENT TO THE FOOD AND NUTRITION ACT OF 2008.— 
Section 7(h)(10) of the Food and Nutrition Act of 2008 (7 U.S.C. 
2016(h)(10)) is amended to read as follows: 
‘‘(10) FEDERAL LAW NOT APPLICABLE.—Section 920 of the 
Electronic Fund Transfer Act shall not apply to electronic ben-
efit transfer or reimbursement systems under this Act.’’. 
(c) AMENDMENT TO THE FARM SECURITY AND RURAL INVESTMENT 
ACT OF 2002.—Section 4402 of the Farm Security and Rural Invest-
ment Act of 2002 (7 U.S.C. 3007) is amended by adding at the 
end the following new subsection: 
‘‘(f) FEDERAL LAW NOT APPLICABLE.—Section 920 of the Elec-
tronic Fund Transfer Act shall not apply to electronic benefit 
transfer systems established under this section.’’. 
(d) AMENDMENT TO THE CHILD NUTRITION ACT OF 1966.—Sec-
tion 11 of the Child Nutrition Act of 1966 (42 U.S.C. 1780) is 
amended by adding at the end the following: 
‘‘(c) FEDERAL LAW NOT APPLICABLE.—Section 920 of the Elec-
tronic Fund Transfer Act shall not apply to electronic benefit 
transfer systems established under this Act or the Richard B. 
Russell National School Lunch Act (42 U.S.C. 1751 et seq.).’’.
H. R. 4173—700 
SEC. 1076. REVERSE MORTGAGE STUDY AND REGULATIONS. 
(a) STUDY.—Not later than 1 year after the designated transfer 
date, the Bureau shall conduct a study on reverse mortgage trans-
actions. 
(b) REGULATIONS.— 
(1) IN GENERAL.—If the Bureau determines through the 
study required under subsection (a) that conditions or limita-
tions on reverse mortgage transactions are necessary or appro-
priate for accomplishing the purposes and objectives of this 
title, including protecting borrowers with respect to the 
obtaining of reverse mortgage loans for the purpose of funding 
investments, annuities, and other investment products and the 
suitability of a borrower in obtaining a reverse mortgage for 
such purpose. 
(2) IDENTIFIED PRACTICES AND INTEGRATED DISCLOSURES.— 
The regulations prescribed under paragraph (1) may, as the 
Bureau may so determine— 
(A) identify any practice as unfair, deceptive, or abusive 
in connection with a reverse mortgage transaction; and 
(B) provide for an integrated disclosure standard and 
model disclosures for reverse mortgage transactions, con-
sistent with section 4302(d), that combines the relevant 
disclosures required under the Truth in Lending Act (15 
U.S.C. 1601 et seq.) and the Real Estate Settlement Proce-
dures Act, with the disclosures required to be provided 
to consumers for Home Equity Conversion Mortgages under 
section 255 of the National Housing Act. 
(c) RULE OF CONSTRUCTION.—This section shall not be con-
strued as limiting the authority of the Bureau to issue regulations, 
orders, or guidance that apply to reverse mortgages prior to the 
completion of the study required under subsection (a). 
SEC. 1077. REPORT ON PRIVATE EDUCATION LOANS AND PRIVATE 
EDUCATIONAL LENDERS. 
(a) REPORT.—Not later than 2 years after the date of enactment 
of this Act, the Director and the Secretary of Education, in consulta-
tion with the Commissioners of the Federal Trade Commission, 
and the Attorney General of the United States, shall submit a 
report to the Committee on Banking, Housing, and Urban Affairs 
and the Committee on Health, Education, Labor, and Pensions 
of the Senate and the Committee on Financial Services and the 
Committee on Education and Labor of the House of Representatives, 
on private education loans (as that term is defined in section 
140 of the Truth in Lending Act (15 U.S.C. 1650)) and private 
educational lenders (as that term is defined in such section). 
(b) CONTENT.—The report required by this section shall 
examine, at a minimum— 
(1) the growth and changes of the private education loan 
market in the United States; 
(2) factors influencing such growth and changes; 
(3) the extent to which students and parents of students 
rely on private education loans to finance postsecondary edu-
cation and the private education loan indebtedness of bor-
rowers; 
(4) the characteristics of private education loan borrowers, 
including—
H. R. 4173—701 
(A) the types of institutions of higher education that 
they attend; 
(B) socioeconomic characteristics (including income and 
education levels, racial characteristics, geographical back-
ground, age, and gender); 
(C) what other forms of financing borrowers use to 
pay for education; 
(D) whether they exhaust their Federal loan options 
before taking out a private loan; 
(E) whether such borrowers are dependent or inde-
pendent students (as determined under part F of title IV 
of the Higher Education Act of 1965) or parents of such 
students; 
(F) whether such borrowers are students enrolled in 
a program leading to a certificate, license, or credential 
other than a degree, an associates degree, a baccalaureate 
degree, or a graduate or professional degree; and 
(G) if practicable, employment and repayment behav-
iors; 
(5) the characteristics of private educational lenders, 
including whether such creditors are for-profit, non-profit, or 
institutions of higher education; 
(6) the underwriting criteria used by private educational 
lenders, including the use of cohort default rate (as such term 
is defined in section 435(m) of the Higher Education Act of 
1965); 
(7) the terms, conditions, and pricing of private education 
loans; 
(8) the consumer protections available to private education 
loan borrowers, including the effectiveness of existing disclo-
sures and requirements and borrowers’ awareness and under-
standing about terms and conditions of various financial prod-
ucts; 
(9) whether Federal regulators and the public have access 
to information sufficient to provide them with assurances that 
private education loans are provided in accord with the Nation’s 
fair lending laws and that allows public officials to determine 
lender compliance with fair lending laws; and 
(10) any statutory or legislative recommendations necessary 
to improve consumer protections for private education loan 
borrowers and to better enable Federal regulators and the 
public to ascertain private educational lender compliance with 
fair lending laws. 
SEC. 1078. STUDY AND REPORT ON CREDIT SCORES. 
(a) STUDY.—The Bureau shall conduct a study on the nature, 
range, and size of variations between the credit scores sold to 
creditors and those sold to consumers by consumer reporting agen-
cies that compile and maintain files on consumers on a nationwide 
basis (as defined in section 603(p) of the Fair Credit Reporting 
Act; 15 U.S.C. 1681a(p)), and whether such variations disadvantage 
consumers. 
(b) REPORT TO CONGRESS.—The Bureau shall submit a report 
to Congress on the results of the study conducted under subsection 
(a) not later than 1 year after the date of enactment of this Act.
H. R. 4173—702 
SEC. 1079. REVIEW, REPORT, AND PROGRAM WITH RESPECT TO 
EXCHANGE FACILITATORS. 
(a) REVIEW.—The Director shall review all Federal laws and 
regulations relating to the protection of consumers who use 
exchange facilitators for transactions primarily for personal, family, 
or household purposes. 
(b) REPORT.—Not later than 1 year after the designated transfer 
date, the Director shall submit to Congress a report describing— 
(1) recommendations for legislation to ensure the appro-
priate protection of consumers who use exchange facilitators 
for transactions primarily for personal, family, or household 
purposes; 
(2) recommendations for updating the regulations of Fed-
eral departments and agencies to ensure the appropriate protec-
tion of such consumers; and 
(3) recommendations for regulations to ensure the appro-
priate protection of such consumers. 
(c) PROGRAM.—Not later than 2 years after the date of the 
submission of the report under subsection (b), the Bureau shall, 
consistent with subtitle B, propose regulations or otherwise estab-
lish a program to protect consumers who use exchange facilitators. 
(d) EXCHANGE FACILITATOR DEFINED.—In this section, the term 
‘‘exchange facilitator’’ means a person that— 
(1) facilitates, for a fee, an exchange of like kind property 
by entering into an agreement with a taxpayer by which the 
exchange facilitator acquires from the taxpayer the contractual 
rights to sell the taxpayer’s relinquished property and transfers 
a replacement property to the taxpayer as a qualified inter-
mediary (within the meaning of Treasury Regulations section 
1.1031(k)–1(g)(4)) or enters into an agreement with the tax-
payer to take title to a property as an exchange accommodation 
titleholder (within the meaning of Revenue Procedure 2000– 
37) or enters into an agreement with a taxpayer to act as 
a qualified trustee or qualified escrow holder (within the 
meaning of Treasury Regulations section 1.1031(k)–1(g)(3)); 
(2) maintains an office for the purpose of soliciting business 
to perform the services described in paragraph (1); or 
(3) advertises any of the services described in paragraph 
(1) or solicits clients in printed publications, direct mail, tele-
vision or radio advertisements, telephone calls, facsimile trans-
missions, or other electronic communications directed to the 
general public for purposes of providing any such services. 
SEC. 1079A. FINANCIAL FRAUD PROVISIONS. 
(a) SENTENCING GUIDELINES.— 
(1) SECURITIES FRAUD.— 
(A) DIRECTIVE.—Pursuant to its authority under sec-
tion 994 of title 28, United States Code, and in accordance 
with this paragraph, the United States Sentencing 
Commission shall review and, if appropriate, amend the 
Federal Sentencing Guidelines and policy statements 
applicable to persons convicted of offenses relating to secu-
rities fraud or any other similar provision of law, in order 
to reflect the intent of Congress that penalties for the 
offenses under the guidelines and policy statements appro-
priately account for the potential and actual harm to the 
public and the financial markets from the offenses.
H. R. 4173—703 
(B) REQUIREMENTS.—In making any amendments to 
the Federal Sentencing Guidelines and policy statements 
under subparagraph (A), the United States Sentencing 
Commission shall— 
(i) ensure that the guidelines and policy state-
ments, particularly section 2B1.1(b)(14) and section 
2B1.1(b)(17) (and any successors thereto), reflect— 
(I) the serious nature of the offenses described 
in subparagraph (A); 
(II) the need for an effective deterrent and 
appropriate punishment to prevent the offenses; 
and 
(III) the effectiveness of incarceration in fur-
thering the objectives described in subclauses (I) 
and (II); 
(ii) consider the extent to which the guidelines 
appropriately account for the potential and actual harm 
to the public and the financial markets resulting from 
the offenses; 
(iii) ensure reasonable consistency with other rel-
evant directives and guidelines and Federal statutes; 
(iv) make any necessary conforming changes to 
guidelines; and 
(v) ensure that the guidelines adequately meet 
the purposes of sentencing, as set forth in section 
3553(a)(2) of title 18, United States Code. 
(2) FINANCIAL INSTITUTION FRAUD.— 
(A) DIRECTIVE.—Pursuant to its authority under sec-
tion 994 of title 28, United States Code, and in accordance 
with this paragraph, the United States Sentencing 
Commission shall review and, if appropriate, amend the 
Federal Sentencing Guidelines and policy statements 
applicable to persons convicted of fraud offenses relating 
to financial institutions or federally related mortgage loans 
and any other similar provisions of law, to reflect the 
intent of Congress that the penalties for the offenses under 
the guidelines and policy statements ensure appropriate 
terms of imprisonment for offenders involved in substantial 
bank frauds or other frauds relating to financial institu-
tions. 
(B) REQUIREMENTS.—In making any amendments to 
the Federal Sentencing Guidelines and policy statements 
under subparagraph (A), the United States Sentencing 
Commission shall— 
(i) ensure that the guidelines and policy statements 
reflect— 
(I) the serious nature of the offenses described 
in subparagraph (A); 
(II) the need for an effective deterrent and 
appropriate punishment to prevent the offenses; 
and 
(III) the effectiveness of incarceration in fur-
thering the objectives described in subclauses (I) 
and (II); 
(ii) consider the extent to which the guidelines 
appropriately account for the potential and actual harm
H. R. 4173—706 
of Consumer Financial Protection for federally chartered 
housing creditors, in accordance with the rulemaking authority 
granted to the Bureau of Consumer Financial Protection with 
regard to federally chartered housing creditors under provisions 
of law other than this section.’’; 
(B) by striking subsection (c) and inserting the fol-
lowing: 
‘‘(c) PREEMPTION
OF STATE LAW.—An alternative mortgage 
transaction may be made by a housing creditor in accordance with 
this section, notwithstanding any State constitution, law, or regula-
tion that prohibits an alternative mortgage transaction. For pur-
poses of this subsection, a State constitution, law, or regulation 
that prohibits an alternative mortgage transaction does not include 
any State constitution, law, or regulation that regulates mortgage 
transactions generally, including any restriction on prepayment 
penalties or late charges.’’; and 
(C) by adding at the end the following: 
‘‘(d) BUREAU ACTIONS.—The Bureau of Consumer Financial 
Protection shall— 
‘‘(1) review the regulations identified by the Comptroller 
of the Currency and the National Credit Union Administration, 
(as those rules exist on the designated transfer date), as 
applicable under paragraphs (1) through (3) of subsection (a); 
‘‘(2) determine whether such regulations are fair and not 
deceptive and otherwise meet the objectives of the Consumer 
Financial Protection Act of 2010; and 
‘‘(3) promulgate regulations under subsection (a)(4) after 
the designated transfer date. 
‘‘(e) DESIGNATED TRANSFER DATE.—As used in this section, 
the term ‘designated transfer date’ means the date determined 
under section 1062 of the Consumer Financial Protection Act of 
2010.’’. 
(b) EFFECTIVE DATE.—This section and the amendments made 
by this section shall become effective on the designated transfer 
date. 
(c) RULE OF CONSTRUCTION.—The amendments made by sub-
section (a) shall not affect any transaction covered by the Alter-
native Mortgage Transaction Parity Act of l982 (12 U.S.C. 3801 
et seq.) and entered into on or before the designated transfer 
date. 
SEC. 1084. AMENDMENTS TO THE ELECTRONIC FUND TRANSFER ACT. 
The Electronic Fund Transfer Act (15 U.S.C. 1693 et seq.) 
is amended— 
(1) by striking ‘‘Board’’ each place that term appears and 
inserting ‘‘Bureau’’, except in subsections (a) and (e) of section 
904 (as amended in paragraph (3) of this section) and in 918 
(15 U.S.C. 1693o) (as so designated by the Credit Card Act 
of 2009) and section 920 (as added by section 1076); 
(2) in section 903 (15 U.S.C. 1693a)— 
(A) by redesignating paragraphs (3) through (11) as 
paragraphs (4) through (12), respectively; and 
(B) by inserting after paragraph (3) the following: 
‘‘(4) the term ‘Bureau’ means the Bureau of Consumer 
Financial Protection;’’; 
(3) in section 904 (15 U.S.C. 1693b)—
H. R. 4173—707 
(A) in subsection (a), by striking ‘‘(a) PRESCRIPTION 
BY BOARD.—The Board shall prescribe regulations to carry 
out the purposes of this title.’’ and inserting the following: 
‘‘(a) PRESCRIPTION BY THE BUREAU AND THE BOARD.— 
‘‘(1) IN GENERAL.—Except as provided in paragraph (2), 
the Bureau shall prescribe rules to carry out the purposes 
of this title. 
‘‘(2) AUTHORITY OF THE BOARD.—The Board shall have sole 
authority to prescribe rules— 
‘‘(A) to carry out the purposes of this title with respect 
to a person described in section 1029(a) of the Consumer 
Financial Protection Act of 2010; and 
‘‘(B) to carry out the purposes of section 920.’’; and 
(B) by adding at the end the following new subsection: 
‘‘(e) DEFERENCE.—No provision of this title may be construed 
as altering, limiting, or otherwise affecting the deference that a 
court affords to— 
‘‘(1) the Bureau in making determinations regarding the 
meaning or interpretation of any provision of this title for 
which the Bureau has authority to prescribe regulations; or 
‘‘(2) the Board in making determinations regarding the 
meaning or interpretation of section 920.’’. 
(4) in section 916(d) (15 U.S.C. 1693m) (as so designated 
by the Credit CARD Act of 2009)— 
(A) in the subsection heading, by striking ‘‘OF BOARD 
OR APPROVAL OF DULY AUTHORIZED OFFICIAL OR EMPLOYEE 
OF FEDERAL RESERVE SYSTEM’’; 
(B) by inserting ‘‘Bureau or the’’ before ‘‘Board’’ each 
place that term appears; and 
(C) by inserting ‘‘Bureau of Consumer Financial Protec-
tion or the’’ before ‘‘Federal Reserve System’’; and 
(5) in section 918 (15 U.S.C. 1693o) (as so designated 
by the Credit CARD Act of 2009)— 
(A) in subsection (a)— 
(i) by striking ‘‘Compliance’’ and inserting ‘‘Subject 
to subtitle B of the Consumer Financial Protection 
Act of 2010, compliance’’; 
(ii) by striking paragraphs (1) and (2), and 
inserting the following: 
‘‘(1) section 8 of the Federal Deposit Insurance Act, by 
the appropriate Federal banking agency, as defined in section 
3(q) of the Federal Deposit Insurance Act (12 U.S.C. 1813(q)), 
with respect to— 
‘‘(A) national banks, Federal savings associations, and 
Federal branches and Federal agencies of foreign banks; 
‘‘(B) member banks of the Federal Reserve System 
(other than national banks), branches and agencies of for-
eign banks (other than Federal branches, Federal agencies, 
and insured State branches of foreign banks), commercial 
lending companies owned or controlled by foreign banks, 
and organizations operating under section 25 or 25A of 
the Federal Reserve Act; and 
‘‘(C) banks and State savings associations insured by 
the Federal Deposit Insurance Corporation (other than 
members of the Federal Reserve System), and insured State 
branches of foreign banks;’’;
H. R. 4173—708 
(iii) by redesignating paragraphs (3) through (5) 
as paragraphs (2) through (4), respectively; 
(iv) in paragraph (2) (as so redesignated), by 
striking the period at the end and inserting a semi-
colon; 
(v) in paragraph (3) (as so redesignated), by 
striking ‘‘and’’ at the end; 
(vi) in paragraph (4) (as so redesignated), by 
striking the period at the end and inserting ‘‘and’’; 
and 
(vii) by adding at the end the following: 
‘‘(5) subtitle E of the Consumer Financial Protection Act 
of 2010, by the Bureau, with respect to any person subject 
to this title, except that the Bureau shall not have authority 
to enforce the requirements of section 920 or any regulations 
prescribed by the Board under section 920.’’; 
(B) in subsection (b), by inserting ‘‘any of paragraphs 
(1) through (4) of’’ before ‘‘subsection (a)’’ each place that 
term appears; and 
(C) by striking subsection (c) and inserting the fol-
lowing: 
‘‘(c) OVERALL ENFORCEMENT AUTHORITY OF THE FEDERAL TRADE 
COMMISSION.—Except to the extent that enforcement of the require-
ments imposed under this title is specifically committed to some 
other Government agency under any of paragraphs (1) through 
(4) of subsection (a), and subject to subtitle B of the Consumer 
Financial Protection Act of 2010, the Federal Trade Commission 
shall be authorized to enforce such requirements. For the purpose 
of the exercise by the Federal Trade Commission of its functions 
and powers under the Federal Trade Commission Act, a violation 
of any requirement imposed under this title shall be deemed a 
violation of a requirement imposed under that Act. All of the func-
tions and powers of the Federal Trade Commission under the Fed-
eral Trade Commission Act are available to the Federal Trade 
Commission to enforce compliance by any person subject to the 
jurisdiction of the Federal Trade Commission with the requirements 
imposed under this title, irrespective of whether that person is 
engaged in commerce or meets any other jurisdictional tests under 
the Federal Trade Commission Act.’’. 
SEC. 1085. AMENDMENTS TO THE EQUAL CREDIT OPPORTUNITY ACT. 
The Equal Credit Opportunity Act (15 U.S.C. 1691 et seq.) 
is amended— 
(1) by striking ‘‘Board’’ each place that term appears, other 
than in section 703(f) (as added by this section) and section 
704(a)(4) (15 U.S.C. 1691c(a)(4)), and inserting ‘‘Bureau’’; 
(2) in section 702 (15 U.S.C. 1691a), by striking subsection 
(c) and inserting the following: 
‘‘(c) The term ‘Bureau’ means the Bureau of Consumer Financial 
Protection.’’; 
(3) in section 703 (15 U.S.C. 1691b)— 
(A) by striking the section heading and inserting the 
following: 
‘‘SEC. 703. PROMULGATION OF REGULATIONS BY THE BUREAU.’’; 
(B) by striking ‘‘(a) REGULATIONS.—’’; 
(C) by striking subsection (b);
H. R. 4173—709 
(D) by redesignating paragraphs (1) through (5) as 
subsections (a) through (e), respectively; 
(E) in subsection (c), as so redesignated, by striking 
‘‘paragraph (2)’’ and inserting ‘‘subsection (b)’’; and 
(F) by adding at the end the following: 
‘‘(f) BOARD AUTHORITY.—Notwithstanding subsection (a), the 
Board shall prescribe regulations to carry out the purposes of this 
title with respect to a person described in section 1029(a) of the 
Consumer Financial Protection Act of 2010. These regulations may 
contain but are not limited to such classifications, differentiation, 
or other provision, and may provide for such adjustments and 
exceptions for any class of transactions, as in the judgment of 
the Board are necessary or proper to effectuate the purposes of 
this title, to prevent circumvention or evasion thereof, or to facilitate 
or substantiate compliance therewith. 
‘‘(g) DEFERENCE.—Notwithstanding any power granted to any 
Federal agency under this title, the deference that a court affords 
to a Federal agency with respect to a determination made by 
such agency relating to the meaning or interpretation of any provi-
sion of this title that is subject to the jurisdiction of such agency 
shall be applied as if that agency were the only agency authorized 
to apply, enforce, interpret, or administer the provisions of this 
title’’; 
(4) in section 704 (15 U.S.C. 1691c)— 
(A) in subsection (a)— 
(i) by striking ‘‘Compliance’’ and inserting ‘‘Subject 
to subtitle B of the Consumer Protection Financial 
Protection Act of 2010’’; 
(ii) by striking paragraphs (1) and (2) and inserting 
the following: 
‘‘(1) section 8 of the Federal Deposit Insurance Act, by 
the appropriate Federal banking agency, as defined in section 
3(q) of the Federal Deposit Insurance Act (12 U.S.C. 1813(q)), 
with respect to— 
‘‘(A) national banks, Federal savings associations, and 
Federal branches and Federal agencies of foreign banks; 
‘‘(B) member banks of the Federal Reserve System 
(other than national banks), branches and agencies of for-
eign banks (other than Federal branches, Federal agencies, 
and insured State branches of foreign banks), commercial 
lending companies owned or controlled by foreign banks, 
and organizations operating under section 25 or 25A of 
the Federal Reserve Act; and 
‘‘(C) banks and State savings associations insured by 
the Federal Deposit Insurance Corporation (other than 
members of the Federal Reserve System), and insured State 
branches of foreign banks;’’; 
(iii) by redesignating paragraphs (3) through (9) 
as paragraphs (2) through (8), respectively; 
(iv) in paragraph (7) (as so redesignated), by 
striking ‘‘and’’ at the end; 
(v) in paragraph (8) (as so redesignated), by 
striking the period at the end, and inserting ‘‘; and’’; 
and 
(vi) by adding at the end the following:
H. R. 4173—710 
‘‘(9) Subtitle E of the Consumer Financial Protection Act 
of 2010, by the Bureau, with respect to any person subject 
to this title.’’; 
(B) by striking subsection (c) and inserting the fol-
lowing: 
‘‘(c) OVERALL ENFORCEMENT AUTHORITY
OF FEDERAL TRADE 
COMMISSION.—Except to the extent that enforcement of the require-
ments imposed under this title is specifically committed to some 
other Government agency under any of paragraphs (1) through 
(8) of subsection (a), and subject to subtitle B of the Consumer 
Financial Protection Act of 2010, the Federal Trade Commission 
shall be authorized to enforce such requirements. For the purpose 
of the exercise by the Federal Trade Commission of its functions 
and powers under the Federal Trade Commission Act (15 U.S.C. 
41 et seq.), a violation of any requirement imposed under this 
subchapter shall be deemed a violation of a requirement imposed 
under that Act. All of the functions and powers of the Federal 
Trade Commission under the Federal Trade Commission Act are 
available to the Federal Trade Commission to enforce compliance 
by any person with the requirements imposed under this title, 
irrespective of whether that person is engaged in commerce or 
meets any other jurisdictional tests under the Federal Trade 
Commission Act, including the power to enforce any rule prescribed 
by the Bureau under this title in the same manner as if the 
violation had been a violation of a Federal Trade Commission 
trade regulation rule.’’; and 
(C) in subsection (d), by striking ‘‘Board’’ and inserting 
‘‘Bureau’’; 
(5) in section 706(e) (15 U.S.C. 1691e(e))— 
(A) in the subsection heading— 
(i) by striking ‘‘BOARD’’ each place that term 
appears and inserting ‘‘BUREAU’’; and 
(ii) by striking ‘‘FEDERAL RESERVE SYSTEM’’ and 
inserting ‘‘BUREAU OF CONSUMER FINANCIAL PROTEC-
TION’’; and 
(B) by striking ‘‘Federal Reserve System’’ and inserting 
‘‘Bureau of Consumer Financial Protection’’; 
(6) in section 706(g) (15 U.S.C. 1691e(g)), by striking ‘‘(3)’’ 
and inserting ‘‘(9)’’; and 
(7) in section 706(f) (15 U.S.C. 1691e(f)), by striking ‘‘two 
years from’’ each place that term appears and inserting ‘‘5 
years after’’. 
SEC. 1086. AMENDMENTS TO THE EXPEDITED FUNDS AVAILABILITY 
ACT. 
(a) AMENDMENT TO SECTION 603.—Section 603(d)(1) of the Expe-
dited Funds Availability Act (12 U.S.C. 4002) is amended by 
inserting after ‘‘Board’’ the following ‘‘, jointly with the Director 
of the Bureau of Consumer Financial Protection,’’. 
(b) AMENDMENTS TO SECTION 604.—Section 604 of the Expe-
dited Funds Availability Act (12 U.S.C. 4003) is amended— 
(1) by inserting after ‘‘Board’’ each place that term appears, 
other than in subsection (f), the following: ‘‘, jointly with the 
Director of the Bureau of Consumer Financial Protection,’’; 
and
H. R. 4173—713 
Commission, the Commodity Futures Trading Commission, and 
the Securities and Exchange Commission’’; 
(9) in section 615(h)(6) (15 U.S.C. 1681m(h)(6)), by striking 
subparagraph (A) and inserting the following: 
‘‘(A) RULES
REQUIRED.—The Bureau shall prescribe 
rules to carry out this subsection.’’; 
(10) in section 621 (15 U.S.C. 1681s)— 
(A) by striking subsection (a) and inserting the fol-
lowing: 
‘‘(a) ENFORCEMENT BY FEDERAL TRADE COMMISSION.— 
‘‘(1) IN GENERAL.—The Federal Trade Commission shall 
be authorized to enforce compliance with the requirements 
imposed by this title under the Federal Trade Commission 
Act (15 U.S.C. 41 et seq.), with respect to consumer reporting 
agencies and all other persons subject thereto, except to the 
extent that enforcement of the requirements imposed under 
this title is specifically committed to some other Government 
agency under any of subparagraphs (A) through (G) of sub-
section (b)(1), and subject to subtitle B of the Consumer Finan-
cial Protection Act of 2010, subsection (b). For the purpose 
of the exercise by the Federal Trade Commission of its functions 
and powers under the Federal Trade Commission Act, a viola-
tion of any requirement or prohibition imposed under this title 
shall constitute an unfair or deceptive act or practice in com-
merce, in violation of section 5(a) of the Federal Trade Commis-
sion Act (15 U.S.C. 45(a)), and shall be subject to enforcement 
by the Federal Trade Commission under section 5(b) of that 
Act with respect to any consumer reporting agency or person 
that is subject to enforcement by the Federal Trade Commission 
pursuant to this subsection, irrespective of whether that person 
is engaged in commerce or meets any other jurisdictional tests 
under the Federal Trade Commission Act. The Federal Trade 
Commission shall have such procedural, investigative, and 
enforcement powers, including the power to issue procedural 
rules in enforcing compliance with the requirements imposed 
under this title and to require the filing of reports, the produc-
tion of documents, and the appearance of witnesses, as though 
the applicable terms and conditions of the Federal Trade 
Commission Act were part of this title. Any person violating 
any of the provisions of this title shall be subject to the penalties 
and entitled to the privileges and immunities provided in the 
Federal Trade Commission Act as though the applicable terms 
and provisions of such Act are part of this title. 
‘‘(2) PENALTIES.— 
‘‘(A) KNOWING VIOLATIONS.—Except as otherwise pro-
vided by subtitle B of the Consumer Financial Protection 
Act of 2010, in the event of a knowing violation, which 
constitutes a pattern or practice of violations of this title, 
the Federal Trade Commission may commence a civil action 
to recover a civil penalty in a district court of the United 
States against any person that violates this title. In such 
action, such person shall be liable for a civil penalty of 
not more than $2,500 per violation. 
‘‘(B) DETERMINING PENALTY AMOUNT.—In determining 
the amount of a civil penalty under subparagraph (A), 
the court shall take into account the degree of culpability, 
any history of such prior conduct, ability to pay, effect
H. R. 4173—714 
on ability to continue to do business, and such other mat-
ters as justice may require. 
‘‘(C) LIMITATION.—Notwithstanding paragraph (2), a 
court may not impose any civil penalty on a person for 
a violation of section 623(a)(1), unless the person has been 
enjoined from committing the violation, or ordered not to 
commit the violation, in an action or proceeding brought 
by or on behalf of the Federal Trade Commission, and 
has violated the injunction or order, and the court may 
not impose any civil penalty for any violation occurring 
before the date of the violation of the injunction or order.’’; 
(B) by striking subsection (b) and inserting the fol-
lowing: 
‘‘(b) ENFORCEMENT BY OTHER AGENCIES.— 
‘‘(1) IN GENERAL.—Subject to subtitle B of the Consumer 
Financial Protection Act of 2010, compliance with the require-
ments imposed under this title with respect to consumer 
reporting agencies, persons who use consumer reports from 
such agencies, persons who furnish information to such agen-
cies, and users of information that are subject to section 615(d) 
shall be enforced under— 
‘‘(A) section 8 of the Federal Deposit Insurance Act 
(12 U.S.C. 1818), by the appropriate Federal banking 
agency, as defined in section 3(q) of the Federal Deposit 
Insurance Act (12 U.S.C. 1813(q)), with respect to— 
‘‘(i) any national bank or State savings association, 
and any Federal branch or Federal agency of a foreign 
bank; 
‘‘(ii) any member bank of the Federal Reserve 
System (other than a national bank), a branch or 
agency of a foreign bank (other than a Federal branch, 
Federal agency, or insured State branch of a foreign 
bank), a commercial lending company owned or con-
trolled by a foreign bank, and any organization oper-
ating under section 25 or 25A of the Federal Reserve 
Act; and 
‘‘(iii) any bank or Federal savings association 
insured by the Federal Deposit Insurance Corporation 
(other than a member of the Federal Reserve System) 
and any insured State branch of a foreign bank; 
‘‘(B) the Federal Credit Union Act (12 U.S.C. 1751 
et seq.), by the Administrator of the National Credit Union 
Administration with respect to any Federal credit union; 
‘‘(C) subtitle IV of title 49, United States Code, by 
the Secretary of Transportation, with respect to all carriers 
subject to the jurisdiction of the Surface Transportation 
Board; 
‘‘(D) the Federal Aviation Act of 1958 (49 U.S.C. App. 
1301 et seq.), by the Secretary of Transportation, with 
respect to any air carrier or foreign air carrier subject 
to that Act; 
‘‘(E) the Packers and Stockyards Act, 1921 (7 U.S.C. 
181 et seq.) (except as provided in section 406 of that 
Act), by the Secretary of Agriculture, with respect to any 
activities subject to that Act;
H. R. 4173—715 
‘‘(F) the Commodity Exchange Act, with respect to 
a person subject to the jurisdiction of the Commodity 
Futures Trading Commission; 
‘‘(G) the Federal securities laws, and any other laws 
that are subject to the jurisdiction of the Securities and 
Exchange Commission, with respect to a person that is 
subject to the jurisdiction of the Securities and Exchange 
Commission; and 
‘‘(H) subtitle E of the Consumer Financial Protection 
Act of 2010, by the Bureau, with respect to any person 
subject to this title. 
‘‘(2) INCORPORATED DEFINITIONS.—The terms used in para-
graph (1) that are not defined in this title or otherwise defined 
in section 3(s) of the Federal Deposit Insurance Act (12 U.S.C. 
1813(s)) have the same meanings as in section 1(b) of the 
International Banking Act of 1978 (12 U.S.C. 3101).’’; 
(C) in subsection (c)(2)— 
(i) by inserting ‘‘and the Federal Trade Commis-
sion’’ before ‘‘or the appropriate’’; and 
(ii) by inserting ‘‘and the Federal Trade Commis-
sion’’ before ‘‘or appropriate’’ each place that term 
appears; 
(D) in subsection (c)(4), by inserting before ‘‘or the 
appropriate’’ each place that term appears the following: 
‘‘, the Federal Trade Commission,’’; 
(E) by striking subsection (e) and inserting the fol-
lowing: 
‘‘(e) REGULATORY AUTHORITY.— 
‘‘(1) IN GENERAL.—The Bureau shall prescribe such regula-
tions as are necessary to carry out the purposes of this title, 
except with respect to sections 615(e) and 628. The Bureau 
may prescribe regulations as may be necessary or appropriate 
to administer and carry out the purposes and objectives of 
this title, and to prevent evasions thereof or to facilitate compli-
ance therewith. Except as provided in section 1029(a) of the 
Consumer Financial Protection Act of 2010, the regulations 
prescribed by the Bureau under this title shall apply to any 
person that is subject to this title, notwithstanding the enforce-
ment authorities granted to other agencies under this section. 
‘‘(2) DEFERENCE.—Notwithstanding any power granted to 
any Federal agency under this title, the deference that a court 
affords to a Federal agency with respect to a determination 
made by such agency relating to the meaning or interpretation 
of any provision of this title that is subject to the jurisdiction 
of such agency shall be applied as if that agency were the 
only agency authorized to apply, enforce, interpret, or admin-
ister the provisions of this title The regulations prescribed 
by the Bureau under this title shall apply to any person that 
is subject to this title, notwithstanding the enforcement authori-
ties granted to other agencies under this section.’’; and 
(F) in subsection (f)(2), by striking ‘‘the Federal banking 
agencies’’ and insert ‘‘the Federal Trade Commission, the 
Federal banking agencies,’’; 
(11) in section 623 (15 U.S.C. 1681s–2)— 
(A) in subsection (a)(7), by striking subparagraph (D) 
and inserting the following: 
‘‘(D) MODEL DISCLOSURE.—
H. R. 4173—716 
‘‘(i) DUTY OF BUREAU.—The Bureau shall prescribe 
a brief model disclosure that a financial institution 
may use to comply with subparagraph (A), which shall 
not exceed 30 words. 
‘‘(ii) USE OF MODEL NOT REQUIRED.—No provision 
of this paragraph may be construed to require a finan-
cial institution to use any such model form prescribed 
by the Bureau. 
‘‘(iii) COMPLIANCE
USING
MODEL.—A financial 
institution shall be deemed to be in compliance with 
subparagraph (A) if the financial institution uses any 
model form prescribed by the Bureau under this 
subparagraph, or the financial institution uses any 
such model form and rearranges its format.’’; 
(B) in subsection (a)(8), by inserting ‘‘, in consultation 
with the Federal Trade Commission, the Federal banking 
agencies, and the National Credit Union Administration,’’ 
before ‘‘shall jointly’’; and 
(C) by striking subsection (e) and inserting the fol-
lowing: 
‘‘(e) ACCURACY GUIDELINES AND REGULATIONS REQUIRED.— 
‘‘(1) GUIDELINES.—The Bureau shall, with respect to per-
sons or entities that are subject to the enforcement authority 
of the Bureau under section 621— 
‘‘(A) establish and maintain guidelines for use by each 
person that furnishes information to a consumer reporting 
agency regarding the accuracy and integrity of the informa-
tion relating to consumers that such entities furnish to 
consumer reporting agencies, and update such guidelines 
as often as necessary; and 
‘‘(B) prescribe regulations requiring each person that 
furnishes information to a consumer reporting agency to 
establish reasonable policies and procedures for imple-
menting the guidelines established pursuant to subpara-
graph (A). 
‘‘(2) CRITERIA.—In developing the guidelines required by 
paragraph (1)(A), the Bureau shall— 
‘‘(A) identify patterns, practices, and specific forms of 
activity that can compromise the accuracy and integrity 
of information furnished to consumer reporting agencies; 
‘‘(B) review the methods (including technological 
means) used to furnish information relating to consumers 
to consumer reporting agencies; 
‘‘(C) determine whether persons that furnish informa-
tion to consumer reporting agencies maintain and enforce 
policies to ensure the accuracy and integrity of information 
furnished to consumer reporting agencies; and 
‘‘(D) examine the policies and processes that persons 
that furnish information to consumer reporting agencies 
employ to conduct reinvestigations and correct inaccurate 
information relating to consumers that has been furnished 
to consumer reporting agencies.’’; 
(12) in section 628(a)(1) (15 U.S.C. 1681w(a)(1)), by striking 
‘‘Not later than’’ and all that follows through ‘‘Exchange 
Commission,’’ and inserting ‘‘The Federal Trade Commission, 
the Securities and Exchange Commission, the Commodity 
Futures Trading Commission, the Federal banking agencies,
H. R. 4173—717 
and the National Credit Union Administration, with respect 
to the entities that are subject to their respective enforcement 
authority under section 621,’’; and 
(13) in section 628(a)(3) (15 U.S.C. 1681w(a)(3)), by striking 
‘‘the Federal banking agencies, the National Credit Union 
Administration, the Commission, and the Securities and 
Exchange Commission’’ and inserting ‘‘the agencies identified 
in paragraph (1)’’. 
(b) FAIR AND ACCURATE CREDIT TRANSACTIONS ACT OF 2003.— 
The Fair and Accurate Credit Transactions Act of 2003 (Public 
Law 108–159) is amended— 
(1) in section 112(b) (15 U.S.C. 1681c–1 note), by striking 
‘‘Commission’’ and inserting ‘‘Bureau’’; 
(2) in section 211(d) (15 U.S.C. 1681j note), by striking 
‘‘Commission’’ each place that term appears and inserting 
‘‘Bureau’’; 
(3) in section 214(b) (15 U.S.C. 1681s–3 note), by striking 
paragraph (1) and inserting the following: 
‘‘(1) IN
GENERAL.—Regulations to carry out section 624 
of the Fair Credit Reporting Act (15 U.S.C. 1681s–3), shall 
be prescribed, as described in paragraph (2), by— 
‘‘(A) the Commodity Futures Trading Commission, with 
respect to entities subject to its enforcement authorities; 
‘‘(B) the Securities and Exchange Commission, with 
respect to entities subject to its enforcement authorities; 
and 
‘‘(C) the Bureau, with respect to other entities subject 
to this Act.’’; and 
(4) in section 214(e)(1) (15 U.S.C. 1681s–3 note), by striking 
‘‘Commission’’ and inserting ‘‘Bureau’’. 
SEC. 1089. AMENDMENTS TO THE FAIR DEBT COLLECTION PRACTICES 
ACT. 
The Fair Debt Collection Practices Act (15 U.S.C. 1692 et 
seq.) is amended— 
(1) by striking ‘‘Commission’’ each place that term appears 
and inserting ‘‘Bureau’’; 
(2) in section 803 (15 U.S.C. 1692a)— 
(A) by striking paragraph (1) and inserting the fol-
lowing: 
‘‘(1) The term ‘Bureau’ means the Bureau of Consumer 
Financial Protection.’’; 
(3) in section 814 (15 U.S.C. 1692l)— 
(A) by striking subsection (a) and inserting the fol-
lowing: 
‘‘(a) FEDERAL TRADE COMMISSION.—The Federal Trade Commis-
sion shall be authorized to enforce compliance with this title, except 
to the extent that enforcement of the requirements imposed under 
this title is specifically committed to another Government agency 
under any of paragraphs (1) through (5) of subsection (b), subject 
to subtitle B of the Consumer Financial Protection Act of 2010. 
For purpose of the exercise by the Federal Trade Commission 
of its functions and powers under the Federal Trade Commission 
Act (15 U.S.C. 41 et seq.), a violation of this title shall be deemed 
an unfair or deceptive act or practice in violation of that Act. 
All of the functions and powers of the Federal Trade Commission
H. R. 4173—721 
this subtitle with respect to financial institutions and other 
persons subject to the jurisdiction of the Commodity 
Futures Trading Commission under section 5g of the Com-
modity Exchange Act. 
‘‘(C) FEDERAL
TRADE
COMMISSION
AUTHORITY.—Not-
withstanding the authority of the Bureau of Consumer 
Financial Protection under subparagraph (A), the Federal 
Trade Commission shall have authority to prescribe such 
regulations as may be necessary to carry out the purposes 
of this subtitle with respect to any financial institution 
that is a person described in section 1029(a) of the Con-
sumer Financial Protection Act of 2010. 
‘‘(D) RULE OF CONSTRUCTION.—Nothing in this para-
graph shall be construed to alter, affect, or otherwise limit 
the authority of a State insurance authority to adopt regu-
lations to carry out this subtitle. 
‘‘(2) COORDINATION, CONSISTENCY, AND COMPARABILITY.— 
Each of the agencies authorized under paragraph (1) to pre-
scribe regulations shall consult and coordinate with the other 
such agencies and, as appropriate, and with representatives 
of State insurance authorities designated by the National 
Association of Insurance Commissioners, for the purpose of 
assuring, to the extent possible, that the regulations prescribed 
by each such agency are consistent and comparable with the 
regulations prescribed by the other such agencies.’’; and 
(B) in paragraph (3), by striking ‘‘, and shall be issued 
in final form not later than 6 months after the date of 
enactment of this Act’’; 
(4) in section 505(a) (15 U.S.C. 6805(a))— 
(A) by striking ‘‘This subtitle’’ and all that follows 
through ‘‘as follows:’’ and inserting ‘‘Subject to subtitle 
B of the Consumer Financial Protection Act of 2010, this 
subtitle and the regulations prescribed thereunder shall 
be enforced by the Bureau of Consumer Financial Protec-
tion, the Federal functional regulators, the State insurance 
authorities, and the Federal Trade Commission with 
respect to financial institutions and other persons subject 
to their jurisdiction under applicable law, as follows:’’; 
(B) in paragraph (1)— 
(i) in the matter preceding subparagraph (A), by 
inserting ‘‘by the appropriate Federal banking agency, 
as defined in section 3(q) of the Federal Deposit Insur-
ance Act,’’ after ‘‘Act,’’; 
(ii) in subparagraph (A), by striking ‘‘, by the Office 
of the Comptroller of the Currency’’; 
(iii) in subparagraph (B), by striking ‘‘, by the 
Board of Governors of the Federal Reserve System’’; 
(iv) in subparagraph (C), by striking ‘‘, by the 
Board of Directors of the Federal Deposit Insurance 
Corporation’’; and 
(v) in subparagraph (D), by striking ‘‘, by the 
Director of the Office of Thrift Supervision’’; and 
(C) by adding at the end the following: 
‘‘(8) Under subtitle E of the Consumer Financial Protection 
Act of 2010, by the Bureau of Consumer Financial Protection, 
in the case of any financial institution and other covered person 
or service provider that is subject to the jurisdiction of the
H. R. 4173—722 
Bureau and any person subject to this subtitle, but not with 
respect to the standards under section 501.’’; 
(5) in section 505(b)(1) (15 U.S.C. 6805(b)(1)), by inserting 
‘‘, other than the Bureau of Consumer Financial Protection,’’ 
after ‘‘subsection (a)’’; and 
(6) in section 507(b) (15 U.S.C. 6807), by striking ‘‘Federal 
Trade Commission’’ and inserting ‘‘Bureau of Consumer Finan-
cial Protection’’. 
SEC. 1094. AMENDMENTS TO THE HOME MORTGAGE DISCLOSURE ACT 
OF 1975. 
The Home Mortgage Disclosure Act of 1975 (12 U.S.C. 2801 
et seq.) is amended— 
(1) by striking ‘‘Board’’ each place that term appears, other 
than in sections 303, 304(h), 305(b) (as amended by this sec-
tion), and 307(a) (as amended by this section) and inserting 
‘‘Bureau’’. 
(2) in section 303 (12 U.S.C. 2802)— 
(A) by redesignating paragraphs (1) through (6) as 
paragraphs (2) through (7), respectively; and 
(B) by inserting before paragraph (2) the following: 
‘‘(1) the term ‘Bureau’ means the Bureau of Consumer 
Financial Protection;’’; 
(3) in section 304 (12 U.S.C. 2803)— 
(A) in subsection (b)— 
(i) in paragraph (4), by inserting ‘‘age,’’ before ‘‘and 
gender’’; 
(ii) in paragraph (3), by striking ‘‘and’’ at the end; 
(iii) in paragraph (4), by striking the period at 
the end and inserting a semicolon; and 
(iv) by adding at the end the following: 
‘‘(5) the number and dollar amount of mortgage loans 
grouped according to measurements of— 
‘‘(A) the total points and fees payable at origination 
in connection with the mortgage as determined by the 
Bureau, taking into account 15 U.S.C. 1602(aa)(4); 
‘‘(B) the difference between the annual percentage rate 
associated with the loan and a benchmark rate or rates 
for all loans; 
‘‘(C) the term in months of any prepayment penalty 
or other fee or charge payable on repayment of some portion 
of principal or the entire principal in advance of scheduled 
payments; and 
‘‘(D) such other information as the Bureau may require; 
and 
‘‘(6) the number and dollar amount of mortgage loans and 
completed applications grouped according to measurements of— 
‘‘(A) the value of the real property pledged or proposed 
to be pledged as collateral; 
‘‘(B) the actual or proposed term in months of any 
introductory period after which the rate of interest may 
change; 
‘‘(C) the presence of contractual terms or proposed 
contractual terms that would allow the mortgagor or 
applicant to make payments other than fully amortizing 
payments during any portion of the loan term;
H. R. 4173—723 
‘‘(D) the actual or proposed term in months of the 
mortgage loan; 
‘‘(E) the channel through which application was made, 
including retail, broker, and other relevant categories; 
‘‘(F) as the Bureau may determine to be appropriate, 
a unique identifier that identifies the loan originator as 
set forth in section 1503 of the S.A.F.E. Mortgage Licensing 
Act of 2008; 
‘‘(G) as the Bureau may determine to be appropriate, 
a universal loan identifier; 
‘‘(H) as the Bureau may determine to be appropriate, 
the parcel number that corresponds to the real property 
pledged or proposed to be pledged as collateral; 
‘‘(I) the credit score of mortgage applicants and mortga-
gors, in such form as the Bureau may prescribe; and 
‘‘(J) such other information as the Bureau may 
require.’’; 
(B) by striking subsection (h) and inserting the fol-
lowing: 
‘‘(h) SUBMISSION TO AGENCIES.— 
‘‘(1) IN GENERAL.—The data required to be disclosed under 
subsection (b) shall be submitted to the Bureau or to the 
appropriate agency for the institution reporting under this title, 
in accordance with rules prescribed by the Bureau. Notwith-
standing the requirement of subsection (a)(2)(A) for disclosure 
by census tract, the Bureau, in consultation with other appro-
priate agencies described in paragraph (2) and, after notice 
and comment, shall develop regulations that— 
‘‘(A) prescribe the format for such disclosures, the 
method for submission of the data to the appropriate 
agency, and the procedures for disclosing the information 
to the public; 
‘‘(B) require the collection of data required to be dis-
closed under subsection (b) with respect to loans sold by 
each institution reporting under this title; 
‘‘(C) require disclosure of the class of the purchaser 
of such loans; 
‘‘(D) permit any reporting institution to submit in 
writing to the Bureau or to the appropriate agency such 
additional data or explanations as it deems relevant to 
the decision to originate or purchase mortgage loans; and 
‘‘(E) modify or require modification of itemized informa-
tion, for the purpose of protecting the privacy interests 
of the mortgage applicants or mortgagors, that is or will 
be available to the public. 
‘‘(2) OTHER APPROPRIATE AGENCIES.—The appropriate agen-
cies described in this paragraph are— 
‘‘(A) the appropriate Federal banking agencies, as 
defined in section 3(q) of the Federal Deposit Insurance 
Act (12 U.S.C. 1813(q)), with respect to the entities that 
are subject to the jurisdiction of each such agency, respec-
tively; 
‘‘(B) the Federal Deposit Insurance Corporation for 
banks insured by the Federal Deposit Insurance Corpora-
tion (other than members of the Federal Reserve System), 
mutual savings banks, insured State branches of foreign 
banks, and any other depository institution described in
H. R. 4173—724 
section 303(2)(A) which is not otherwise referred to in 
this paragraph; 
‘‘(C) the National Credit Union Administration Board 
with respect to credit unions; and 
‘‘(D) the Secretary of Housing and Urban Development 
with respect to other lending institutions not regulated 
by the agencies referred to in subparagraph (A) or (B). 
‘‘(3) RULES
FOR
MODIFICATIONS
UNDER
PARAGRAPH
(1).— 
‘‘(A) APPLICATION.—A modification under paragraph 
(1)(E) shall apply to information concerning— 
‘‘(i) credit score data described in subsection 
(b)(6)(I), in a manner that is consistent with the pur-
pose described in paragraph (1)(E); and 
‘‘(ii) age or any other category of data described 
in paragraph (5) or (6) of subsection (b), as the Bureau 
determines to be necessary to satisfy the purpose 
described in paragraph (1)(E), and in a manner con-
sistent with that purpose. 
‘‘(B) STANDARDS.—The Bureau shall prescribe stand-
ards for any modification under paragraph (1)(E) to effec-
tuate the purposes of this title, in light of the privacy 
interests of mortgage applicants or mortgagors. Where nec-
essary to protect the privacy interests of mortgage 
applicants or mortgagors, the Bureau shall provide for 
the disclosure of information described in subparagraph 
(A) in aggregate or other reasonably modified form, in 
order to effectuate the purposes of this title.’’; 
(C) in subsection (i), by striking ‘‘subsection (b)(4)’’ 
and inserting ‘‘subsections (b)(4), (b)(5), and (b)(6)’’; 
(D) in subsection (j)— 
(i) by striking paragraph (3) and inserting the 
following: 
‘‘(3) CHANGE OF FORM NOT REQUIRED.—A depository institu-
tion meets the disclosure requirement of paragraph (1) if the 
institution provides the information required under such para-
graph in such formats as the Bureau may require’’; and 
(ii) in paragraph (2)(A), by striking ‘‘in the format 
in which such information is maintained by the institu-
tion’’ and inserting ‘‘in such formats as the Bureau 
may require’’; 
(E) in subsection (m), by striking paragraph (2) and 
inserting the following: 
‘‘(2) FORM OF INFORMATION.—In complying with paragraph 
(1), a depository institution shall provide the person requesting 
the information with a copy of the information requested in 
such formats as the Bureau may require.’’; and 
(F) by adding at the end the following: 
‘‘(n) TIMING OF CERTAIN DISCLOSURES.—The data required to 
be disclosed under subsection (b) shall be submitted to the Bureau 
or to the appropriate agency for any institution reporting under 
this title, in accordance with regulations prescribed by the Bureau. 
Institutions shall not be required to report new data under para-
graph (5) or (6) of subsection (b) before the first January 1 that 
occurs after the end of the 9-month period beginning on the date 
on which regulations are issued by the Bureau in final form with 
respect to such disclosures.’’; 
(4) in section 305 (12 U.S.C. 2804)—