200 
(c) 
USE
OF
DEPOSIT
FUNDS.—Section 
202(c)(1)(B)(iv) of the Federal Credit Union Act (12 
U.S.C. 1782(c)(1)(B)(iv)) is amended— 
(1) by striking ‘‘The’’ and inserting ‘‘To the ex-
tent provided for in advance by appropriations Acts, 
the’’; and 
(2) by adding at the end the following new sen-
tence: ‘‘This clause shall not apply to the Board’s 
activities carried out pursuant to this title.’’. 
(d) EFFECTIVE DATE.—The amendments made by 
this section shall apply with respect to expenses paid and 
fees collected on or after October 1, 2018. 
BRINGING THE OFFICE OF THE COMPTROLLER OF THE 
CURRENCY INTO THE APPROPRIATIONS PROCESS 
SEC. 907. 
(a) IN GENERAL.—Section 5240A of the Revised 
Statutes of the United States (12 U.S.C. 16) is amend-
ed— 
(1) by striking ‘‘Sec. 5240A. The Comptroller 
of the Currency may collect an assessment, fee, or 
other charge from any entity described in section 
3(q)(1) of the Federal Deposit Insurance Act (12 
U.S.C. 1813(q)(1)), as the Comptroller determines 
is necessary or appropriate to carry out the respon-
sibilities of the Office of the Comptroller of the Cur-
rency. In establishing the amount of an assessment, 
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00200
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
201 
fee, or charge collected from an entity under this 
section,’’ and inserting the following: 
‘‘SEC. 5240A. COLLECTION OF FEES; APPROPRIATIONS RE-
QUIREMENT. 
‘‘(a) IN GENERAL.—In establishing the amount of an 
assessment, fee, or charge collected from an entity under 
subsection (b),’’; 
(2) by striking ‘‘Funds derived’’ and all that 
follows through the end of the section; and 
(3) by adding at the end the following: 
‘‘(b) APPROPRIATIONS REQUIREMENT.— 
‘‘(1) RECOVERY OF COSTS OF ANNUAL APPRO-
PRIATION.—The Comptroller of the Currency shall 
impose and collect assessments, fees, or other 
charges that are designed to recover the costs to the 
Government of the annual appropriation to the Of-
fice of the Comptroller of the Currency by Congress. 
‘‘(2) OFFSETTING COLLECTIONS.—Assessments 
and other fees described under paragraph (1) for 
any fiscal year— 
‘‘(A) shall be deposited and credited as off-
setting collections to the account providing ap-
propriations to the Office of the Comptroller of 
the Currency; and 
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00201
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
202 
‘‘(B) shall not be collected for any fiscal 
year except to the extent provided in advance in 
appropriation Acts.’’. 
(b) CONFORMING AMENDMENT.—Section 5240 (12 
U.S.C. 481 et seq.) of the Revised Statutes of the United 
States is amended by striking the fourth undesignated 
paragraph. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply with respect to expenses paid and 
fees collected on or after October 1, 2018. 
BRINGING THE NON-MONETARY POLICY RELATED FUNC-
TIONS OF THE BOARD OF GOVERNORS OF THE FED-
ERAL RESERVE SYSTEM INTO THE APPROPRIATIONS 
PROCESS 
SEC. 908. 
(a) IN GENERAL.—The Federal Reserve Act is 
amended by inserting after section 11B the following: 
‘‘SEC. 11C. APPROPRIATIONS REQUIREMENT FOR NON- 
MONETARY POLICY RELATED ADMINISTRA-
TIVE COSTS. 
‘‘(a) APPROPRIATIONS REQUIREMENT.— 
‘‘(1) RECOVERY OF COSTS OF ANNUAL APPRO-
PRIATION.—The Board of Governors of the Federal 
Reserve System and the Federal reserve banks shall 
collect assessments and other fees, as provided under 
this Act, that are designed to recover the costs to 
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00202
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
203 
the Government of the annual appropriation to the 
Board of Governors of the Federal Reserve System 
by Congress. The Board of Governors of the Federal 
Reserve System and the Federal reserve banks may 
only incur obligations or allow and pay expenses 
with respect to non-monetary policy related adminis-
trative costs pursuant to an appropriations Act. 
‘‘(2) OFFSETTING COLLECTIONS.—Assessments 
and other fees described under paragraph (1) for 
any fiscal year— 
‘‘(A) shall be deposited and credited as off-
setting collections to the account providing ap-
propriations to the Board of Governors of the 
Federal Reserve System; and 
‘‘(B) shall not be collected for any fiscal 
year except to the extent provided in advance in 
appropriation Acts. 
‘‘(3) LIMITATION.—This subsection shall only 
apply to the non-monetary policy related administra-
tive costs of the Board of Governors of the Federal 
Reserve System. 
‘‘(b) DEFINITIONS.—For purposes of this section: 
‘‘(1) MONETARY POLICY.—The term ‘monetary 
policy’ means a strategy for producing a generally 
acceptable exchange medium that supports the pro-
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00203
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
204 
ductive employment of economic resources by reli-
ably serving as both a unit of account and store of 
value. 
‘‘(2) NON-MONETARY POLICY RELATED ADMIN-
ISTRATIVE COSTS.—The term ‘non-monetary policy 
related administrative costs’ means administrative 
costs not related to the conduct of monetary policy, 
and includes— 
‘‘(A) direct operating expenses for super-
vising and regulating entities supervised and 
regulated by the Board of Governors of the 
Federal Reserve System, including conducting 
examinations, conducting stress tests, commu-
nicating with the entities regarding supervisory 
matters and laws, and regulations; 
‘‘(B) operating expenses for activities inte-
gral to carrying out supervisory and regulatory 
responsibilities, such as training staff in the su-
pervisory function, research and analysis func-
tions including library subscription services, and 
collecting and processing regulatory reports 
filed by supervised institutions; and 
‘‘(C) support, overhead, and pension ex-
penses related to the items described under sub-
paragraphs (A) and (B).’’. 
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00204
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
205 
(b) EFFECTIVE DATE.—The amendments made by 
this section shall apply with respect to expenses paid and 
fees collected on or after October 1, 2018. 
INCREASED THRESHOLD FOR DISCLOSURES RELATING TO 
COMPENSATORY BENEFIT PLANS 
SEC. 909. 
Not later than 60 days after the date of the enact-
ment of this Act, the Securities and Exchange Commission 
shall revise section 230.701(e) of title 17, Code of Federal 
Regulations, so as to increase from $5,000,000 to 
$20,000,000 the aggregate sales price or amount of secu-
rities sold during any consecutive 12-month period in ex-
cess of which the issuer is required under such section to 
deliver an additional disclosure to investors. The Commis-
sion shall index for inflation such aggregate sales price 
or amount every 5 years to reflect the change in the Con-
sumer Price Index for All Urban Consumers published by 
the Bureau of Labor Statistics, rounding to the nearest 
$1,000,000. 
REFUNDING OR CREDITING OVERPAYMENT OF SECTION 
31 FEES 
SEC. 910. 
(a) IN GENERAL.—Section 31 of the Securities Ex-
change Act of 1934 (15 U.S.C. 78ee) is amended by add-
ing at the end the following: 
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00205
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
206 
‘‘(n) OVERPAYMENT.—If a national securities ex-
change or national securities association pays to the Com-
mission an amount in excess of fees and assessments due 
under this section and informs the Commission of such 
amount paid in excess within 10 years of the date of the 
payment, the Commission shall offset future fees and as-
sessments due by such exchange or association in an 
amount equal to such excess amount.’’. 
(b) APPLICABILITY.—The amendment made by this 
section shall apply to any fees and assessments paid be-
fore, on, or after the date of enactment of this section. 
SAFE HARBOR FOR INVESTMENT FUND RESEARCH 
SEC. 911. 
(a) EXPANSION OF THE SAFE HARBOR.—Not later 
than the end of the 45-day period beginning on the date 
of enactment of this Act, the Securities and Exchange 
Commission shall propose, and not later than the end of 
the 120-day period beginning on such date, the Commis-
sion shall adopt, upon such terms, conditions, or require-
ments as the Commission may determine necessary or ap-
propriate in the public interest, for the protection of inves-
tors, and for the promotion of capital formation, revisions 
to section 230.139 of title 17, Code of Federal Regula-
tions, to provide that a covered investment fund research 
report that is published or distributed by a broker or deal-
er— 
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00206
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
207 
(1) shall be deemed, for purposes of sections 
2(a)(10) and 5(c) of the Securities Act of 1933 (15 
U.S.C. 77b(a)(10), 77e(c)), not to constitute an 
offer for sale or an offer to sell a security that is the 
subject of an offering pursuant to a registration 
statement that is effective, even if the broker or 
dealer is participating or will participate in the reg-
istered offering of the covered investment fund’s se-
curities; and 
(2) shall be deemed to satisfy the conditions of 
subsection (a)(1) or (a)(2) of section 230.139 of title 
17, Code of Federal Regulations, or any successor 
provisions, for purposes of the Commission’s rules 
and regulations under the Federal securities laws 
and the rules of any self-regulatory organization. 
(b) IMPLEMENTATION OF SAFE HARBOR.—In imple-
menting the safe harbor pursuant to subsection (a), the 
Commission shall— 
(1) not, in the case of a covered investment 
fund with a class of securities in substantially con-
tinuous distribution, condition the safe harbor on 
whether the broker’s or dealer’s publication or dis-
tribution of a covered investment fund research re-
port constitutes such broker’s or dealer’s initiation 
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00207
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
208 
or reinitiation of research coverage on such covered 
investment fund or its securities; 
(2) not— 
(A) require the covered investment fund to 
have been registered as an investment company 
under the Investment Company Act of 1940 
(15 U.S.C. 80a–1 et seq.) or subject to the re-
porting requirements of section 13 or 15(d) of 
the Securities Exchange Act of 1934 (15 
U.S.C. 78m, 78o(d)) for any period exceeding 
the period of time referenced under paragraph 
(a)(1)(i)(A)(1) of section 230.139 of title 17, 
Code of Federal Regulations; or 
(B) impose a minimum float provision ex-
ceeding 
that 
referenced 
in 
paragraph 
(a)(1)(i)(A)(1)(i) of section 230.139 of title 17, 
Code of Federal Regulations; 
(3) provide that a self-regulatory organization 
may not maintain or enforce any rule that would— 
(A) prohibit the ability of a member to 
publish or distribute a covered investment fund 
research report solely because the member is 
also participating in a registered offering or 
other distribution of any securities of such cov-
ered investment fund; or 
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00208
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
209 
(B) prohibit the ability of a member to 
participate in a registered offering or other dis-
tribution of securities of a covered investment 
fund solely because the member has published 
or distributed a covered investment fund re-
search report about such covered investment 
fund or its securities; and 
(4) provide that a covered investment fund re-
search report shall not be subject to section 24(b) of 
the Investment Company Act of 1940 (15 U.S.C. 
80a–24(b)) or the rules and regulations thereunder, 
except that such report may still be subject to such 
section and the rules and regulations thereunder to 
the extent that it is otherwise not subject to the con-
tent standards in the rules of any self-regulatory or-
ganization related to research reports, including 
those contained in the rules governing communica-
tions with the public regarding investment compa-
nies or substantially similar standards. 
(c) RULES OF CONSTRUCTION.—Nothing in this Act 
shall be construed as in any way limiting— 
(1) the applicability of the antifraud or 
antimanipulation provisions of the Federal securities 
laws and rules adopted thereunder to a covered in-
vestment fund research report, including section 17 
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00209
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
210 
of the Securities Act of 1933 (15 U.S.C. 77q), sec-
tion 34(b) of the Investment Company Act of 1940 
(15 U.S.C. 80a–33), and sections 9 and 10 of the 
Securities Exchange Act of 1934 (15 U.S.C. 78i, 
78j); or 
(2) the authority of any self-regulatory organi-
zation to examine or supervise a member’s practices 
in connection with such member’s publication or dis-
tribution of a covered investment fund research re-
port for compliance with applicable provisions of the 
Federal securities laws or self-regulatory organiza-
tion rules related to research reports, including those 
contained in rules governing communications with 
the public. 
(d) INTERIM EFFECTIVENESS OF SAFE HARBOR.— 
(1) IN GENERAL.—From and after the 120-day 
period beginning on the date of enactment of this 
Act, if the Commission has not adopted revisions to 
section 230.139 of title 17, Code of Federal Regula-
tions, as required by subsection (a), and until such 
time as the Commission has done so, a broker or 
dealer distributing or publishing a covered invest-
ment fund research report after such date shall be 
able to rely on the provisions of section 230.139 of 
title 17, Code of Federal Regulations, and the 
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00210
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
211 
broker or dealer’s publication of such report shall be 
deemed to satisfy the conditions of subsection (a)(1) 
or (a)(2) of section 230.139 of title 17, Code of Fed-
eral Regulations, if the covered investment fund that 
is the subject of such report satisfies the reporting 
history requirements (without regard to Form S–3 
or Form F–3 eligibility) and minimum float provi-
sions of such subsections for purposes of the Com-
mission’s rules and regulations under the Federal 
securities laws and the rules of any self-regulatory 
organization, as if revised and implemented in ac-
cordance with subsections (a) and (b). 
(2) STATUS OF COVERED INVESTMENT FUND.— 
After such period and until the Commission has 
adopted revisions to section 230.139 and FINRA 
has revised rule 2210, for purposes of subsection 
(c)(7)(O) of such rule, a covered investment fund 
shall be deemed to be a security that is listed on a 
national securities exchange and that is not subject 
to section 24(b) of the Investment Company Act of 
1940 (15 U.S.C. 80a–24(b)). Communications con-
cerning only covered investment funds that fall with-
in the scope of such section shall not be required to 
be filed with FINRA. 
(e) DEFINITIONS.—For purposes of this section: 
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00211
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
213 
(ii) the assets of which consist pri-
marily of commodities, currencies, or deriv-
ative instruments that reference commod-
ities or currencies, or interests in the fore-
going; and 
(iii) that provides in its registration 
statement under the Securities Act of 1933 
that a class of its securities are purchased 
or redeemed, subject to conditions or limi-
tations, for a ratable share of its assets. 
(3) The term ‘‘FINRA’’ means the Financial 
Industry Regulatory Authority. 
(4) The term ‘‘research report’’ has the mean-
ing given that term under section 2(a)(3) of the Se-
curities Act of 1933 (15 U.S.C. 77b(a)(3)), except 
that such term shall not include an oral communica-
tion. 
(5) The term ‘‘self-regulatory organization’’ has 
the meaning given to that term under section 
3(a)(26) of the Securities Exchange Act of 1934 (15 
U.S.C. 78c(a)(26)). 
ANNUAL REVIEW OF GOVERNMENT-BUSINESS FORUM ON 
CAPITAL FORMATION 
SEC. 912. 
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00213
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
214 
Section 503 of the Small Business Investment Incen-
tive Act of 1980 (15 U.S.C. 80c–1) is amended by adding 
at the end the following: 
‘‘(e) The Commission shall— 
‘‘(1) review the findings and recommendations 
of the forum; and 
‘‘(2) each time the forum submits a finding or 
recommendation to the Commission, promptly issue 
a public statement— 
‘‘(A) assessing the finding or recommenda-
tion of the forum; and 
‘‘(B) disclosing the action, if any, the Com-
mission intends to take with respect to the find-
ing or recommendation.’’. 
HELPING ANGLES LEAD OUR STARTUPS 
SEC. 913. 
(a) DEFINITION OF ANGEL INVESTOR GROUP.—As 
used in this subtitle, the term ‘‘angel investor group’’ 
means any group that— 
(1) is composed of accredited investors inter-
ested in investing personal capital in early-stage 
companies; 
(2) holds regular meetings and has defined 
processes and procedures for making investment de-
cisions, either individually or among the membership 
of the group as a whole; and 
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00214
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
215 
(3) is neither associated nor affiliated with bro-
kers, dealers, or investment advisers. 
(b) CLARIFICATION OF GENERAL SOLICITATION.— 
(1) IN
GENERAL.—Not later than 6 months 
after the date of enactment of this Act, the Securi-
ties and Exchange Commission shall revise Regula-
tion D of its rules (17 CFR 230.500 et seq.) to re-
quire that in carrying out the prohibition against 
general solicitation or general advertising contained 
in section 230.502(c) of title 17, Code of Federal 
Regulations, the prohibition shall not apply to a 
presentation or other communication made by or on 
behalf of an issuer which is made at an event— 
(A) sponsored by— 
(i) the United States or any territory 
thereof, by the District of Columbia, by 
any State, by a political subdivision of any 
State or territory, or by any agency or 
public instrumentality of any of the fore-
going; 
(ii) a college, university, or other in-
stitution of higher education; 
(iii) a nonprofit organization; 
(iv) an angel investor group; 
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00215
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
216 
(v) a venture forum, venture capital 
association, or trade association; or 
(vi) any other group, person or entity 
as the Securities and Exchange Commis-
sion may determine by rule; 
(B) where any advertising for the event 
does not reference any specific offering of secu-
rities by the issuer; 
(C) the sponsor of which— 
(i) does not make investment rec-
ommendations or provide investment ad-
vice to event attendees; 
(ii) does not engage in an active role 
in any investment negotiations between the 
issuer and investors attending the event; 
(iii) does not charge event attendees 
any fees other than administrative fees; 
and 
(iv) does not receive any compensation 
with respect to such event that would re-
quire registration of the sponsor as a 
broker or a dealer under the Securities Ex-
change Act of 1934, or as an investment 
advisor under the Investment Advisers Act 
of 1940; and 
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00216
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
217 
(D) where no specific information regard-
ing an offering of securities by the issuer is 
communicated or distributed by or on behalf of 
the issuer, other than— 
(i) that the issuer is in the process of 
offering securities or planning to offer se-
curities; 
(ii) the type and amount of securities 
being offered; 
(iii) the amount of securities being of-
fered that have already been subscribed 
for; and 
(iv) the intended use of proceeds of 
the offering. 
(2) RULE OF CONSTRUCTION.—Paragraph (1) 
may only be construed as requiring the Securities 
and Exchange Commission to amend the require-
ments of Regulation D with respect to presentations 
and communications, and not with respect to pur-
chases or sales. 
INVESTOR LIMITATION FOR QUALIFYING VENTURE 
CAPITAL FUNDS 
SEC. 914. 
Section 3(c)(1) of the Investment Company Act of 
1940 (15 U.S.C. 80a–3(c)(1)) is amended— 
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00217
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
218 
(1) by inserting after ‘‘one hundred persons’’ 
the following: ‘‘(or, with respect to a qualifying ven-
ture capital fund, 500 persons)’’; and 
(2) by adding at the end the following: 
‘‘(C) The term ‘qualifying venture capital 
fund’ means any venture capital fund (as de-
fined pursuant to section 203(l)(1) of the In-
vestment Advisers Act of 1940 (15 U.S.C. 80b– 
3(l)(1)) with no more than $50,000,000 in ag-
gregate capital contributions and uncalled com-
mitted capital, as such dollar amount is annu-
ally adjusted by the Commission to reflect the 
change in the Consumer Price Index for All 
Urban Consumers published by the Bureau of 
Labor Statistics of the Department of Labor.’’. 
MANUFACTURED HOUSING 
SEC. 915. 
(a) MORTGAGE ORIGINATOR DEFINITION.—Section 
103 of the Truth in Lending Act (15 U.S.C. 1602) is 
amended— 
(1) by redesignating the second subsection (cc) 
and subsection (dd) as subsections (dd) and (ee), re-
spectively; and 
(2) in paragraph (2)(C) of subsection (dd), as 
so redesignated, by striking ‘‘an employee of a re-
tailer of manufactured homes who is not described 
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00218
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
219 
in clause (i) or (iii) of subparagraph (A) and who 
does not advise a consumer on loan terms (including 
rates, fees, and other costs)’’ and inserting ‘‘a re-
tailer of manufactured or modular homes or its em-
ployees unless such retailer or its employees receive 
compensation or gain for engaging in activities de-
scribed in subparagraph (A) that is in excess of any 
compensation or gain received in a comparable cash 
transaction’’. 
(b) HIGH-COST MORTGAGE DEFINITION.—Section 
103 of the Truth in Lending Act (15 U.S.C. 1602), as 
amended by subsection (a), is further amended— 
(1) by redesignating subsection (aa) (relating to 
disclosure of greater amount or percentage), as so 
designated by section 1100A of the Consumer Fi-
nancial Protection Act of 2010, as subsection (bb); 
(2) by redesignating subsection (bb) (relating to 
high cost mortgages), as so designated by section 
1100A of the Consumer Financial Protection Act of 
2010, as subsection (aa), and moving such sub-
section to immediately follow subsection (z); and 
(3) in subsection (aa)(1)(A), as so redesig-
nated— 
(A) in clause (i)(I), by striking ‘‘(8.5 per-
centage points, if the dwelling is personal prop-
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00219
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
220 
erty and the transaction is for less than 
$50,000)’’ and inserting ‘‘(10 percentage points 
if the dwelling is personal property or is a 
transaction that does not include the purchase 
of real property on which a dwelling is to be 
placed, and the transaction is for less than 
$75,000 (as such amount is adjusted by the 
Bureau to reflect the change in the Consumer 
Price Index))’’; and 
(B) in clause (ii)— 
(i) in subclause (I), by striking ‘‘or’’ 
at the end; and 
(ii) by adding at the end the fol-
lowing: 
‘‘(III) in the case of a trans-
action for less than $75,000 (as such 
amount is adjusted by the Bureau to 
reflect the change in the Consumer 
Price Index) in which the dwelling is 
personal property (or is a consumer 
credit transaction that does not in-
clude the purchase of real property on 
which a dwelling is to be placed) the 
greater of 5 percent of the total trans-
action amount or $3,000 (as such 
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00220
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
221 
amount is adjusted by the Bureau to 
reflect the change in the Consumer 
Price Index); or’’. 
REQUIREMENTS FOR DEPOSIT ACCOUNT TERMINATION 
REQUESTS AND ORDERS 
SEC. 916. 
(a) TERMINATION REQUESTS OR ORDERS MUST BE 
MATERIAL.— 
(1) IN
GENERAL.—An appropriate Federal 
banking agency may not formally or informally re-
quest or order a depository institution to terminate 
a specific customer account or group of customer ac-
counts or to otherwise restrict or discourage a de-
pository institution from entering into or maintain-
ing a banking relationship with a specific customer 
or group of customers unless— 
(A) the agency has a material reason for 
such request or order; and 
(B) such reason is not based solely on rep-
utation risk. 
(2) 
TREATMENT
OF
NATIONAL
SECURITY 
THREATS.—If an appropriate Federal banking agen-
cy believes a specific customer or group of customers 
is, or is acting as a conduit for, an entity which— 
(A) poses a threat to national security; 
(B) is involved in terrorist financing; 
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00221
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
222 
(C) is an agency of the government of 
Iran, North Korea, Syria, or any country listed 
from time to time on the State Sponsors of 
Terrorism list; 
(D) is located in, or is subject to the juris-
diction of, any country specified in subpara-
graph (C); or 
(E) does business with any entity described 
in subparagraph (C) or (D), unless the appro-
priate Federal banking agency determines that 
the customer or group of customers has used 
due diligence to avoid doing business with any 
entity described in subparagraph (C) or (D), 
such belief shall satisfy the requirement under para-
graph (1). 
(b) NOTICE REQUIREMENT.— 
(1) IN GENERAL.—If an appropriate Federal 
banking agency formally or informally requests or 
orders a depository institution to terminate a spe-
cific customer account or a group of customer ac-
counts, the agency shall— 
(A) provide such request or order to the 
institution in writing; and 
(B) accompany such request or order with 
a written justification for why such termination 
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00222
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
223 
is needed, including any specific laws or regula-
tions the agency believes are being violated by 
the customer or group of customers, if any. 
(2) JUSTIFICATION
REQUIREMENT.—A jus-
tification described under paragraph (1)(B) may not 
be based solely on the reputation risk to the deposi-
tory institution. 
(c) CUSTOMER NOTICE.— 
(1) NOTICE
REQUIRED.—Except as provided 
under paragraph (2), if an appropriate Federal 
banking agency orders a depository institution to 
terminate a specific customer account or a group of 
customer accounts, the depository institution shall 
inform the customer or customers of the justification 
for the customer’s account termination described 
under subsection (b). 
(2) NOTICE
PROHIBITED
IN
CASES
OF
NA-
TIONAL SECURITY.—If an appropriate Federal bank-
ing agency requests or orders a depository institu-
tion to terminate a specific customer account or a 
group of customer accounts based on a belief that 
the customer or customers pose a threat to national 
security, or are otherwise described under subsection 
(a)(2), neither the depository institution nor the ap-
propriate Federal banking agency may inform the 
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00223
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
224 
customer or customers of the justification for the 
customer’s account termination. 
(d) REPORTING REQUIREMENT.—Each appropriate 
Federal banking agency shall issue an annual report to 
the Congress stating— 
(1) the aggregate number of specific customer 
accounts that the agency requested or ordered a de-
pository institution to terminate during the previous 
year; and 
(2) the legal authority on which the agency re-
lied in making such requests and orders and the fre-
quency on which the agency relied on each such au-
thority. 
(e) DEFINITIONS.—For purposes of this section: 
(1) APPROPRIATE
FEDERAL
BANKING
AGEN-
CY.—The term ‘‘appropriate Federal banking agen-
cy’’ means— 
(A) the appropriate Federal banking agen-
cy, as defined under section 3 of the Federal 
Deposit Insurance Act (12 U.S.C. 1813); and 
(B) the National Credit Union Administra-
tion, in the case of an insured credit union. 
(2) DEPOSITORY INSTITUTION.—The term ‘‘de-
pository institution’’ means— 
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00224
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
225 
(A) a depository institution, as defined 
under section 3 of the Federal Deposit Insur-
ance Act (12 U.S.C. 1813); and 
(B) an insured credit union. 
AMENDMENTS TO THE FINANCIAL INSTITUTIONS 
REFORM, RECOVERY, AND ENFORCEMENT ACT OF 1989 
SEC. 917. 
Section 951 of the Financial Institutions Reform, Re-
covery, and Enforcement Act of 1989 (12 U.S.C. 1833a) 
is amended— 
(1) in subsection (c)(2), by striking ‘‘affecting 
a federally insured financial institution’’ and insert-
ing ‘‘against a federally insured financial institution 
or by a federally insured financial institution against 
an unaffiliated third person’’; and 
(2) in subsection (g)— 
(A) in the heading, by striking ‘‘SUB-
POENAS’’ and inserting ‘‘INVESTIGATIONS’’; and 
(B) by amending paragraph (1)(C) to read 
as follows: 
‘‘(C) summon witnesses and require the 
production of any books, papers, correspond-
ence, memoranda, or other records which the 
Attorney General deems relevant or material to 
the inquiry, if the Attorney General— 
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00225
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
226 
‘‘(i) requests a court order from a 
court of competent jurisdiction for such ac-
tions and offers specific and articulable 
facts showing that there are reasonable 
grounds to believe that the information or 
testimony sought is relevant and material 
for conducting an investigation under this 
section; or 
‘‘(ii) either personally or through dele-
gation no lower than the Deputy Attorney 
General, issues and signs a subpoena for 
such actions and such subpoena is sup-
ported by specific and articulable facts 
showing that there are reasonable grounds 
to believe that the information or testi-
mony sought is relevant for conducting an 
investigation under this section.’’. 
SAFE HARBOR FOR CERTAIN LOANS HELD ON PORTFOLIO 
SEC. 918. 
(a) IN GENERAL.—Section 129C of the Truth in 
Lending Act (15 U.S.C. 1639c) is amended by adding at 
the end the following: 
‘‘(j) SAFE HARBOR FOR CERTAIN LOANS HELD ON 
PORTFOLIO.— 
‘‘(1) SAFE HARBOR FOR CREDITORS THAT ARE 
DEPOSITORY INSTITUTIONS.— 
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00226
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
227 
‘‘(A) IN GENERAL.—A creditor that is a 
depository institution shall not be subject to 
suit for failure to comply with subsection (a), 
(c)(1), or (f)(2) of this section or section 129H 
with respect to a residential mortgage loan, and 
the banking regulators shall treat such loan as 
a qualified mortgage, if— 
‘‘(i) the creditor has, since the origi-
nation of the loan, held the loan on the 
balance sheet of the creditor; and 
‘‘(ii) all prepayment penalties with re-
spect to the loan comply with the limita-
tions described under subsection (c)(3). 
‘‘(B) EXCEPTION
FOR
CERTAIN
TRANS-
FERS.—In the case of a depository institution 
that transfers a loan originated by that institu-
tion to another depository institution by reason 
of the bankruptcy or failure of the originating 
depository institution or the purchase of the 
originating depository institution, the depository 
institution transferring such loan shall be 
deemed to have complied with the requirement 
under subparagraph (A)(i). 
‘‘(2) SAFE HARBOR FOR MORTGAGE ORIGINA-
TORS.—A mortgage originator shall not be subject 
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00227
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
228 
to suit for a violation of section 129B(c)(3)(B) for 
steering a consumer to a residential mortgage loan 
if— 
‘‘(A) the creditor of such loan is a deposi-
tory institution and has informed the mortgage 
originator that the creditor intends to hold the 
loan on the balance sheet of the creditor for the 
life of the loan; and 
‘‘(B) the mortgage originator informs the 
consumer that the creditor intends to hold the 
loan on the balance sheet of the creditor for the 
life of the loan. 
‘‘(3) DEFINITIONS.—For purposes of this sub-
section: 
‘‘(A) BANKING
REGULATORS.—The term 
‘banking regulators’ means the Federal banking 
agencies, the Bureau, and the National Credit 
Union Administration. 
‘‘(B) 
DEPOSITORY
INSTITUTION.—The 
term ‘depository institution’ has the meaning 
given that term under section 19(b)(1) of the 
Federal Reserve Act (12 U.S.C. 505(b)(1)). 
‘‘(C) FEDERAL BANKING AGENCIES.—The 
term ‘Federal banking agencies’ has the mean-
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00228
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
229 
ing given that term under section 3 of the Fed-
eral Deposit Insurance Act.’’. 
(b) RULE
OF
CONSTRUCTION.—Nothing in the 
amendment made by this section may be construed as pre-
venting a balloon loan from qualifying for the safe harbor 
provided under section 129C(j) of the Truth in Lending 
Act if the balloon loan otherwise meets all of the require-
ments under such subsection (j), regardless of whether the 
balloon loan meets the requirements described under 
clauses (i) through (iv) of section 129C(b)(2)(E) of such 
Act. 
CHANGES REQUIRED TO SMALL BANK HOLDING COMPANY 
POLICY STATEMENT ON ASSESSMENT OF FINANCIAL 
AND MANAGERIAL FACTORS 
SEC. 919. 
(a) IN GENERAL.—Before the end of the 6-month pe-
riod beginning on the date of the enactment of this Act, 
the Board of Governors of the Federal Reserve System 
shall revise the Small Bank Holding Company Policy 
Statement on Assessment of Financial and Managerial 
Factors (12 CFR part 225—appendix C) to raise the con-
solidated asset threshold under such policy statement from 
$1,000,000,000 (as adjusted by Public Law 113–250) to 
$10,000,000,000. 
(b) CONFORMING AMENDMENT.—Subparagraph (C) 
of section 171(b)(5) of the Dodd-Frank Wall Street Re-
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00229
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
230 
form 
and 
Consumer 
Protection 
Act 
(12 
U.S.C. 
5371(b)(5)) is amended to read as follows: 
‘‘(C) any bank holding company or savings 
and loan holding company that is subject to the 
application of the Small Bank Holding Com-
pany Policy Statement on Assessment of Finan-
cial and Managerial Factors of the Board of 
Governors (12 CFR part 225—appendix C).’’. 
COMMUNITY FINANCIAL INSTITUTION MORTGAGE RELIEF 
SEC. 920. 
(a) EXEMPTION FROM ESCROW REQUIREMENTS FOR 
LOANS HELD BY SMALLER CREDITORS.—Section 129D 
of the Truth in Lending Act (15 U.S.C. 1639d) is amend-
ed— 
(1) by adding at the end the following: 
‘‘(k) SAFE HARBOR FOR LOANS HELD BY SMALLER 
CREDITORS.— 
‘‘(1) IN GENERAL.—A creditor shall not be in 
violation of subsection (a) with respect to a loan if— 
‘‘(A) the creditor has consolidated assets of 
$10,000,000,000 or less; and 
‘‘(B) the creditor holds the loan on the bal-
ance sheet of the creditor for the 3-year period 
beginning on the date of the origination of the 
loan. 
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00230
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
231 
‘‘(2) EXCEPTION FOR CERTAIN TRANSFERS.— 
In the case of a creditor that transfers a loan to an-
other person by reason of the bankruptcy or failure 
of the creditor, the purchase of the creditor, or a su-
pervisory act or recommendation from a State or 
Federal regulator, the creditor shall be deemed to 
have complied with the requirement under para-
graph (1)(B).’’; and 
(2) by striking the term ‘‘Board’’ each place 
such term appears and inserting ‘‘Bureau’’. 
(b) MODIFICATION
TO
EXEMPTION
FOR
SMALL 
SERVICERS OF MORTGAGE LOANS.—Section 6 of the Real 
Estate Settlement Procedures Act of 1974 (12 U.S.C. 
2605) is amended by adding at the end the following: 
‘‘(n) SMALL SERVICER EXEMPTION.—The Bureau 
shall, by regulation, provide exemptions to, or adjustments 
for, the provisions of this section for a servicer that annu-
ally services 20,000 or fewer mortgage loans, in order to 
reduce regulatory burdens while appropriately balancing 
consumer protections.’’. 
REGULATIONS APPROPRIATE TO BUSINESS MODELS 
SEC. 921. 
(a) IN GENERAL.—For any regulatory action occur-
ring after the date of the enactment of this Act, each Fed-
eral financial institutions regulatory agency shall— 
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00231
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
232 
(1) take into consideration the risk profile and 
business models of each type of institution or class 
of institutions subject to the regulatory action; 
(2) determine the necessity, appropriateness, 
and impact of applying such regulatory action to 
such institutions or classes of institutions; and 
(3) tailor such regulatory action in a manner 
that limits the regulatory compliance impact, cost, li-
ability risk, and other burdens, as appropriate, for 
the risk profile and business model of the institution 
or class of institutions involved. 
(b) OTHER CONSIDERATIONS.—In carrying out the 
requirements of subsection (a), each Federal financial in-
stitutions regulatory agency shall consider— 
(1) the impact that such regulatory action, both 
by itself and in conjunction with the aggregate effect 
of other regulations, has on the ability of the appli-
cable institution or class of institutions to serve 
evolving and diverse customer needs; 
(2) the potential impact of examination manu-
als, regulatory actions taken with respect to third- 
party service providers, or other regulatory directives 
that may be in conflict or inconsistent with the tai-
loring of such regulatory action described in sub-
section (a)(3); and 
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00232
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
233 
(3) the underlying policy objectives of the regu-
latory action and statutory scheme involved. 
(c) NOTICE
OF
PROPOSED
AND
FINAL
RULE-
MAKING.—Each Federal financial institutions regulatory 
agency shall disclose in every notice of proposed rule-
making and in any final rulemaking for a regulatory ac-
tion how the agency has applied subsections (a) and (b). 
(d) REPORTS TO CONGRESS.— 
(1) INDIVIDUAL AGENCY REPORTS.— 
(A) IN GENERAL.—Not later than 1 year 
after the date of the enactment of this Act and 
annually thereafter, each Federal financial in-
stitutions regulatory agency shall report to the 
Committee on Financial Services of the House 
of Representatives and the Committee on Bank-
ing, Housing, and Urban Affairs of the Senate 
on the specific actions taken to tailor the regu-
latory actions of the agency pursuant to the re-
quirements of this Act. 
(B) APPEARANCE BEFORE THE COMMIT-
TEES.—The head of each Federal financial in-
stitution regulatory agency shall appear before 
the Committee on Financial Services of the 
House of Representatives and the Committee 
on Banking, Housing, and Urban Affairs of the 
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00233
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
234 
Senate after each report is made pursuant to 
subparagraph (A) to testify on the contents of 
such report. 
(2) FIEC REPORTS.— 
(A) IN
GENERAL.—Not later than 3 
months after each report is submitted under 
paragraph (1), the Financial Institutions Ex-
amination Council shall report to the Com-
mittee on Financial Services of the House of 
Representatives and the Committee on Bank-
ing, Housing, and Urban Affairs of the Senate 
on— 
(i) the extent to which regulatory ac-
tions tailored pursuant to this Act result in 
different treatment of similarly situated in-
stitutions of diverse charter types; and 
(ii) the reasons for such differential 
treatment. 
(B) APPEARANCE BEFORE THE COMMIT-
TEES.—The Chairman of the Financial Institu-
tions Examination Council shall appear before 
the Committee on Financial Services of the 
House of Representatives and the Committee 
on Banking, Housing, and Urban Affairs of the 
Senate after each report is made pursuant to 
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00234
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
235 
subparagraph (A) to testify on the contents of 
such report. 
(e) LIMITED LOOK-BACK APPLICATION.— 
(1) IN GENERAL.—Each Federal financial insti-
tutions regulatory agency shall conduct a review of 
all regulations adopted during the period beginning 
on the date that is seven years before the date of the 
introduction of this Act in the House of Representa-
tives and ending on the date of the enactment of 
this Act, and apply the requirements of this Act to 
such regulations. 
(2) REVISION.—If the application of the re-
quirements of this Act to any such regulation re-
quires such regulation to be revised, the applicable 
Federal financial institutions regulatory agency shall 
revise such regulation within 3 years of the enact-
ment of this Act. 
(f) DEFINITIONS.—In this Act, the following defini-
tions shall apply: 
(1) FEDERAL FINANCIAL INSTITUTIONS REGU-
LATORY AGENCIES.—The term ‘‘Federal financial in-
stitutions regulatory agencies’’ means the Office of 
the Comptroller of the Currency, the Board of Gov-
ernors of the Federal Reserve System, the Federal 
Deposit Insurance Corporation, the National Credit 
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00235
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
236 
Union Administration, and the Bureau of Consumer 
Financial Protection. 
(2) REGULATORY
ACTION.—The term ‘‘regu-
latory action’’ means any proposed, interim, or final 
rule or regulation, guidance, or published interpreta-
tion. 
ELIMINATING BARRIERS TO JOBS FOR LOAN ORIGINATORS 
SEC. 922. 
(a) IN GENERAL.—The S.A.F.E. Mortgage Licensing 
Act of 2008 (12 U.S.C. 5101 et seq.) is amended by add-
ing at the end the following: 
‘‘SEC. 1518. EMPLOYMENT TRANSITION OF LOAN ORIGINA-
TORS. 
‘‘(a) TEMPORARY AUTHORITY TO ORIGINATE LOANS 
FOR LOAN ORIGINATORS MOVING FROM A DEPOSITORY 
INSTITUTION TO A NON-DEPOSITORY INSTITUTION.— 
‘‘(1) IN
GENERAL.—Upon employment by a 
State-licensed mortgage company, an individual who 
is a registered loan originator shall be deemed to 
have temporary authority to act as a loan originator 
in an application State for the period described in 
paragraph (2) if the individual— 
‘‘(A) has not had an application for a loan 
originator license denied, or had such a license 
revoked or suspended in any governmental ju-
risdiction; 
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00236
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
238 
‘‘(C) the date that the application State 
grants a State license; or 
‘‘(D) the date that is 120 days after the 
date on which the individual submits the appli-
cation, if the application is listed on the Nation-
wide Mortgage Licensing System and Registry 
as incomplete. 
‘‘(b) TEMPORARY AUTHORITY TO ORIGINATE LOANS 
FOR
STATE-LICENSED
LOAN
ORIGINATORS
MOVING 
INTERSTATE.— 
‘‘(1) IN GENERAL.—A State-licensed loan origi-
nator shall be deemed to have temporary authority 
to act as a loan originator in an application State 
for the period described in paragraph (2) if the 
State-licensed loan originator— 
‘‘(A) meets the requirements of subpara-
graphs (A), (B), (C), and (D) of subsection 
(a)(1); 
‘‘(B) is employed by a State-licensed mort-
gage company in the application State; and 
‘‘(C) was licensed in a State that is not the 
application State during the 30-day period pre-
ceding the date of submission of the informa-
tion required under section 1505(a) in connec-
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00238
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
239 
tion with the application submitted to the appli-
cation State. 
‘‘(2) PERIOD.—The period described in para-
graph (1) shall begin on the date that the State-li-
censed loan originator submits the information re-
quired under section 1505(a) in connection with the 
application submitted to the application State and 
end on the earliest of— 
‘‘(A) the date that the State-licensed loan 
originator withdraws the application to be a 
State-licensed loan originator in the application 
State; 
‘‘(B) the date that the application State 
denies, or issues a notice of intent to deny, the 
application; 
‘‘(C) the date that the application State 
grants a State license; or 
‘‘(D) the date that is 120 days after the 
date on which the State-licensed loan originator 
submits the application, if the application is 
listed on the Nationwide Mortgage Licensing 
System and Registry as incomplete. 
‘‘(c) APPLICABILITY.— 
‘‘(1) Any person employing an individual who is 
deemed to have temporary authority to act as a loan 
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00239
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
240 
originator in an application State pursuant to this 
section shall be subject to the requirements of this 
title and to applicable State law to the same extent 
as if such individual was a State-licensed loan origi-
nator licensed by the application State. 
‘‘(2) Any individual who is deemed to have tem-
porary authority to act as a loan originator in an ap-
plication State pursuant to this section and who en-
gages in residential mortgage loan origination activi-
ties shall be subject to the requirements of this title 
and to applicable State law to the same extent as if 
such individual was a State-licensed loan originator 
licensed by the application State. 
‘‘(d) DEFINITIONS.—In this section, the following 
definitions shall apply: 
‘‘(1) STATE-LICENSED MORTGAGE COMPANY.— 
The term ‘State-licensed mortgage company’ means 
an entity licensed or registered under the law of any 
State to engage in residential mortgage loan origina-
tion and processing activities. 
‘‘(2) APPLICATION STATE.—The term ‘applica-
tion State’ means a State in which a registered loan 
originator or a State-licensed loan originator seeks 
to be licensed.’’. 
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00240
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
241 
(b) TABLE OF CONTENTS AMENDMENT.—The table 
of contents in section 1(b) of the Housing and Economic 
Recovery Act of 2008 (42 U.S.C. 4501 note) is amended 
by inserting after the item relating to section 1517 the 
following: 
‘‘Sec. 1518. Employment transition of loan originators.’’. 
(c) AMENDMENT TO CIVIL LIABILITY OF THE BU-
REAU
AND OTHER OFFICIALS.—Section 1513 of the 
S.A.F.E. Mortgage Licensing Act of 2008 (12 U.S.C. 
5112) is amended by striking ‘‘are loan originators or are 
applying for licensing or registration as loan originators’’ 
and inserting ‘‘are applying for licensing or registration 
using the Nationwide Mortgage Licensing System and 
Registry’’. 
(d) EFFECTIVE DATE.—This section and the amend-
ments made by this section shall take effect on the date 
that is 18 months after the date of the enactment of this 
Act. 
SMALL BUSINESS LOAN DATA COLLECTION REQUIREMENT 
SEC. 923. 
(a) REPEAL.—Section 704B of the Equal Credit Op-
portunity Act (15 U.S.C. 1691c–2) is repealed. 
(b) CONFORMING AMENDMENTS.—Section 701(b) of 
the Equal Credit Opportunity Act (15 U.S.C. 1691(b)) is 
amended— 
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00241
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
242 
(1) in paragraph (3), by inserting ‘‘or’’ at the 
end; 
(2) in paragraph (4), by striking ‘‘; or’’ and in-
serting a period; and 
(3) by striking paragraph (5). 
(c) CLERICAL AMENDMENT.—The table of sections 
for title VII of the Consumer Credit Protection Act is 
amended by striking the item relating to section 704B. 
DEPOSITORY INSTITUTIONS SUBJECT TO MAINTENANCE 
OF RECORDS AND DISCLOSURE REQUIREMENTS 
SEC. 924. 
(a) IN GENERAL.—Section 304 of the Home Mort-
gage Disclosure Act of 1975 (12 U.S.C. 2803) is amend-
ed— 
(1) by redesignating subsection (i) as paragraph 
(2) and adjusting the margin appropriately; and 
(2) by inserting before such paragraph (2) the 
following: 
‘‘(i) EXEMPTIONS.— 
‘‘(1) IN GENERAL.—With respect to a deposi-
tory institution, the requirements of subsections (a) 
and (b) shall not apply— 
‘‘(A) with respect to closed-end mortgage 
loans, if such depository institution originated 
less than 100 closed-end mortgage loans in each 
of the two preceding calendar years; and 
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00242
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
243 
‘‘(B) with respect to open-end lines of 
credit, if such depository institution originated 
less than 200 open-end lines of credit in each 
of the two preceding calendar years.’’. 
(b) TECHNICAL CORRECTION.—Section 304(i)(2) of 
such Act, as redesignated by subsection (a), is amended 
by striking ‘‘section 303(2)(A)’’ and inserting ‘‘section 
303(3)(A)’’. 
RATE OF INTEREST AFTER TRANSFER OF LOAN 
SEC. 925. 
(a) AMENDMENT TO THE REVISED STATUTES.—Sec-
tion 5197 of the Revised Statutes of the United States 
(12 U.S.C. 85) is amended by adding at the end the fol-
lowing new sentence: ‘‘A loan that is valid when made as 
to its maximum rate of interest in accordance with this 
section shall remain valid with respect to such rate regard-
less of whether the loan is subsequently sold, assigned, or 
otherwise transferred to a third party, and may be en-
forced by such third party notwithstanding any State law 
to the contrary.’’. 
(b) AMENDMENT
TO
THE HOME OWNERS’ LOAN 
ACT.—Section 4(g)(1) of the Home Owners’ Loan Act (12 
U.S.C. 1463(g)(1)) is amended by adding at the end the 
following new sentence: ‘‘A loan that is valid when made 
as to its maximum rate of interest in accordance with this 
subsection shall remain valid with respect to such rate re-
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00243
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
245 
BRINGING THE BUREAU INTO THE REGULAR 
APPROPRIATIONS PROCESS 
SEC. 926. 
(a) IN GENERAL.—Section 1017 of the Consumer Fi-
nancial Protection Act of 2010 (12 U.S.C. 5497) is 
amended— 
(1) in subsection (a)— 
(A) by amending the heading of such sub-
section to read as follows: ‘‘BUDGET, FINAN-
CIAL MANAGEMENT, AND AUDIT.—’’; 
(B) by striking paragraphs (1), (2), and 
(3); 
(C) by redesignating paragraphs (4) and 
(5) as paragraphs (1) and (2), respectively; and 
(D) by striking subparagraphs (E) and (F) 
of paragraph (1), as so redesignated; 
(2) by striking subsections (b) and (c); 
(3) by redesignating subsections (d) and (e) as 
subsections (b) and (c), respectively; and 
(4) in subsection (c), as so redesignated— 
(A) by striking paragraphs (1), (2), and 
(3) and inserting the following: 
‘‘(1) AUTHORIZATION
OF
APPROPRIATIONS.— 
There is authorized to be appropriated to the Bu-
reau for each of fiscal years 2018 and 2019 an 
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00245
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
246 
amount equal to the aggregate amount of funds 
transferred by the Board of Governors to the Bu-
reau during fiscal year 2015.’’; and 
(B) by redesignating paragraph (4) as 
paragraph (2). 
(b) EFFECTIVE DATE.— 
(1) IN GENERAL.—The amendments made by 
subsection (a) shall take effect on October 1, 2018. 
(2) IMMEDIATE
REPEAL
OF
REVIEWABILITY 
PROVISION.—Notwithstanding paragraph (1), sub-
paragraph (C) of section 1017(a)(2) of the Con-
sumer Financial Protection Act of 2010 (12 U.S.C. 
5497(a)(2)) is repealed effective on the date of the 
enactment of this Act. 
ELIMINATION OF SUPERVISION AUTHORITY 
SEC. 927. 
(a) IN GENERAL.—The Consumer Financial Protec-
tion Act of 2010 (12 U.S.C. 5481 et seq.) is amended— 
(1) in section 1002(15)(B)(ii)(I), by striking 
‘‘examination or’’; 
(2) in section 1013(a)(1)(B), by striking ‘‘com-
pliance examiners, compliance supervision analysts,’’; 
(3) in section 1016(c)— 
(A) in paragraph (5), by striking ‘‘super-
visory and’’; and 
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00246
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
247 
(B) in paragraph (6), by striking ‘‘orders, 
and supervisory actions’’ and inserting ‘‘and or-
ders’’; 
(4) in section 1024— 
(A) in the heading, by striking ‘‘SUPER-
VISION
OF’’ and inserting ‘‘AUTHORITY 
WITH RESPECT TO CERTAIN’’; 
(B) in subsection (a)— 
(i) in paragraph (1)(B), by striking 
‘‘as defined by rule in accordance with 
paragraph (2)’’ and inserting ‘‘as of the 
date of the enactment of the Financial 
CHOICE Act of 2017’’; 
(ii) by striking paragraph (2); 
(iii) by redesignating paragraph (3) as 
paragraph (2); and 
(iv) in subparagraph (A) of paragraph 
(2), as so redesignated, by striking 
‘‘1025(a) or’’; 
(C) by striking subsection (b); 
(D) by redesignating subsections (c), (d), 
(e), and (f) as subsections (b), (c), (d), and (e), 
respectively; 
(E) in subsection (c), as so redesignated— 
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00247
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
248 
(i) in the heading, by striking ‘‘AND 
EXAMINATION AUTHORITY’’; and 
(ii) by striking ‘‘, conduct examina-
tions,’’ each place such term appears; 
(F) in subsection (d), as so redesignated— 
(i) by inserting ‘‘rulemaking and en-
forcement, but not supervisory,’’ before 
‘‘authority of the Bureau’’; and 
(ii) by striking ‘‘conducting any exam-
ination or requiring any report from a 
service provider subject to this subsection’’ 
and inserting ‘‘carrying out any authority 
pursuant to this subsection with respect to 
a service provider’’; 
(5) by striking section 1025; 
(6) in section 1026— 
(A) by amending subsection (a) to read as 
follows: 
‘‘(a) SCOPE OF COVERAGE.—This section shall apply 
to any covered person that is an insured depository insti-
tution or an insured credit union.’’; 
(B) in subsection (b)(3), by striking ‘‘re-
port of examination or related’’; 
(C) by striking subsection (c); 
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00248
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
249 
(D) by redesignating subsections (d) and 
(e) as subsections (c) and (d), respectively; 
(E) in subsection (c), as so redesignated, 
by adding at the end the following: 
‘‘(3) VERY LARGE INSTITUTIONS.— 
‘‘(A) PRIMARY
ENFORCEMENT
AUTHOR-
ITY.—Notwithstanding paragraph (1), to the 
extent that the Bureau and another Federal 
agency are authorized to enforce a Federal con-
sumer financial law, the Bureau shall have pri-
mary authority to enforce that Federal con-
sumer financial law with respect to an insured 
depository institution or insured credit union, if 
such depository institution or credit union has 
total assets of more than $10,000,000,000, and 
any affiliate thereof. 
‘‘(B) REFERRAL.—Any Federal agency, 
other than the Federal Trade Commission, that 
is authorized to enforce a Federal consumer fi-
nancial law may recommend, in writing, to the 
Bureau that the Bureau initiate an enforcement 
proceeding with respect to a person described in 
subparagraph (A), as the Bureau is authorized 
to do by that Federal consumer financial law. 
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00249
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
250 
‘‘(C) BACKUP
ENFORCEMENT
AUTHOR-
ITY.—If the Bureau does not, before the end of 
the 120-day period beginning on the date on 
which the Bureau receives a recommendation 
under subparagraph (B), initiate an enforce-
ment proceeding, the other agency referred to 
in subparagraph (B) may initiate an enforce-
ment proceeding.’’; and 
(F) in subsection (d), as so redesignated— 
(i) by inserting after ‘‘subsection (a)’’ 
the following: ‘‘, or to any person described 
under subsection (c)(3)(A),’’; 
(ii) by striking ‘‘section 1025’’ and in-
serting ‘‘this section’’; and 
(iii) by striking ‘‘When conducting 
any examination or requiring any report 
from a service provider subject to this sub-
section’’ and inserting ‘‘In carrying out 
any authority pursuant to this subsection 
with respect to a service provider’’; 
(7) in section 1027— 
(A) by striking ‘‘supervisory,’’ each place 
such term appears; 
(B) in subsection (e)(1), by striking ‘‘su-
pervisory or’’; and 
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00250
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
251 
(C) in subsection (p), by striking ‘‘section 
1024(c)(1)’’ 
and 
inserting 
‘‘section 
1024(b)(1)’’; 
(8) in section 1034— 
(A) by striking subsections (b) and (c); 
and 
(B) by redesignating subsection (d) as sub-
section (b); 
(9) in section 1053— 
(A) in subsection (b)(1)(A), by striking 
‘‘sections 1024, 1025, and 1026’’ and inserting 
‘‘sections 1024 and 1026’’; and 
(B) in subsection (c)(3)(B)(ii)(II), by 
striking ‘‘, by examination or otherwise,’’; 
(10) in section 1054(a), by striking ‘‘sections 
1024, 1025, and 1026’’ and inserting ‘‘sections 
1024 and 1026’’; 
(11) in section 1061— 
(A) in subsection (a)(1)— 
(i) in subparagraph (A), by striking ‘‘; 
and’’ at the end and inserting a period; 
(ii) by striking ‘‘means—’’ and all 
that follows through ‘‘(A) all’’ and insert-
ing ‘‘means all’’; and 
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00251
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
252 
(iii) by striking subparagraph (B); 
and 
(B) in subsection (c)— 
(i) by amending paragraph (1) to read 
as follows: 
‘‘(1) EXAMINATION.—A transferor agency that 
is a prudential regulator shall have exclusive author-
ity (relative to the Bureau) to require reports from 
and conduct examinations for compliance with Fed-
eral consumer financial laws with respect to a person 
described in section 1026(a).’’; and 
(ii) in paragraph (2)— 
(I) by striking subparagraph (A); 
and 
(II) by redesignating subpara-
graphs (B) and (C) as subparagraphs 
(A) and (B), respectively; 
(12) in section 1063, by striking ‘‘sections 
1024, 1025, and 1026’’ each place such term ap-
pears and inserting ‘‘sections 1024 and 1026’’; and 
(13) in section 1067, by striking subsection (e). 
(b) HOME MORTGAGE DISCLOSURE ACT OF 1975.— 
Section 305(d) of the Home Mortgage Disclosure Act of 
1975 (12 U.S.C. 2804(d)) is amended by striking ‘‘exam-
ine and’’. 
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00252
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
253 
(c) OMNIBUS APPROPRIATIONS ACT, 2009.—Section 
626 of the Omnibus Appropriations Act, 2009 (15 U.S.C. 
1638 note) is repealed. 
(d) CLERICAL AMENDMENT.—The table of contents 
in section 1(b) of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act is amended— 
(1) in the item relating to section 1024, by 
striking ‘‘SUPERVISION OF’’ and inserting ‘‘AU-
THORITY WITH RESPECT TO CERTAIN’’; and 
(2) by striking the item relating to section 
1025. 
REMOVAL OF AUTHORITY TO REGULATE SMALL-DOLLAR 
CREDIT 
SEC. 928. 
The Consumer Financial Protection Act of 2010 (12 
U.S.C. 5481 et seq.) is amended— 
(1) in section 1024(a)(1)— 
(A) in subparagraph (C), by adding ‘‘or’’ 
at the end; 
(B) in subparagraph (D), by striking ‘‘; 
or’’ and inserting a period; and 
(C) by striking subparagraph (E); and 
(2) in section 1027, by adding at the end the 
following: 
‘‘(t) NO AUTHORITY TO REGULATE SMALL-DOLLAR 
CREDIT.—The Bureau may not exercise any rulemaking, 
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00253
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
254 
enforcement, or other authority with respect to payday 
loans, vehicle title loans, or other similar loans.’’. 
REMOVAL OF BUREAU UDAAP AUTHORITY 
SEC. 929. 
(a) IN GENERAL.—The Consumer Financial Protec-
tion Act of 2010 (12 U.S.C. 5481 et seq.) is amended— 
(1) in section 1021(b)(2), by striking ‘‘from un-
fair, deceptive, or abusive acts and practices and’’; 
(2) by striking section 1031; 
(3) in section 1036(a)— 
(A) in paragraph (1)— 
(i) by striking ‘‘provider’’ and all that 
follows through ‘‘to offer’’ and inserting 
‘‘provider to offer’’; 
(ii) by striking subparagraph (B); and 
(B) in paragraph (2)(C), by striking ‘‘; or’’ 
at the end and inserting a period; and 
(C) by striking paragraph (3); and 
(4) in section 1061(b)(5)— 
(A) in subparagraph (B)— 
(i) by striking ‘‘(i) In general.—’’; 
and 
(ii) by striking clause (ii); 
(B) by striking subparagraph (D); and 
(C) by redesignating subparagraph (E) as 
subparagraph (D); and 
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00254
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
255 
(5) in section 1076(b)(2), by striking ‘‘deter-
mine—’’ and all that follows through ‘‘(B) provide 
for’’ and inserting ‘‘determine, provide for’’. 
(b) TELEMARKETING AND CONSUMER FRAUD AND 
ABUSE PREVENTION ACT.—Section 3(c) of the Tele-
marketing and Consumer Fraud and Abuse Prevention 
Act (15 U.S.C. 6102) is amended— 
(1) in paragraph (1), by striking ‘‘; and’’ at the 
end and inserting a period; 
(2) by striking paragraph (2); and 
(3) by striking ‘‘subsection (a)—’’ and all that 
follows through ‘‘(1) shall’’ and inserting ‘‘sub-
section (a) shall’’. 
(c) CLERICAL AMENDMENT.—The table of contents 
in section 1(b) of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act is amended by striking the item 
relating to section 1031. 
REPEAL OF AUTHORITY TO RESTRICT ARBITRATION 
SEC. 930. 
(a) IN GENERAL.—Section 1028 of the Consumer Fi-
nancial Protection Act of 2010 (12 U.S.C. 5518) is hereby 
repealed. 
(b) CLERICAL AMENDMENT.—The table of contents 
under section 1(b) of the Dodd-Frank Wall Street Reform 
and Consumer Protection Act is amended by striking the 
item relating to section 1028. 
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00255
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
256 
EXEMPTION FROM RISK RETENTION REQUIREMENTS FOR 
NONRESIDENTIAL MORTGAGE 
SEC. 931. 
(a) IN GENERAL.—Section 15G of the Securities Ex-
change Act of 1934 (15 U.S.C. 78o–11) is amended— 
(1) in subsection (a)— 
(A) in paragraph (3)(B), by striking ‘‘and’’ 
at the end; 
(B) in paragraph (4)(B), by striking the 
period and inserting ‘‘; and’’; and 
(C) by adding at the end the following: 
‘‘(5) the term ‘asset-backed security’ refers only 
to an asset-backed security that is comprised wholly 
of residential mortgages.’’; 
(2) in subsection (b)— 
(A) by striking paragraph (1); and 
(B) by striking ‘‘(2) RESIDENTIAL MORT-
GAGES.—’’; 
(3) by striking subsection (h) and redesignating 
subsection (i) as subsection (h); and 
(4) in subsection (h) (as so redesignated)— 
(A) by striking ‘‘effective—’’ and all that 
follows through ‘‘(1) with respect to’’ and in-
serting ‘‘effective with respect to’’; 
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00256
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
257 
(B) in paragraph (1), by striking ‘‘; and’’ 
and inserting a period; and 
(C) by striking paragraph (2). 
(b) CONFORMING AMENDMENT.—Section 941 of the 
Dodd-Frank Wall Street Reform and Consumer Protec-
tion Act is amended by striking subsection (c). 
PROHIBITION ON REQUIRING A SINGLE BALLOT 
SEC. 932. 
Section 14 of the Securities Exchange Act of 1934 
(15 U.S.C. 78n) is amended by adding at the end the fol-
lowing: 
‘‘(k) PROHIBITION ON REQUIRING A SINGLE BAL-
LOT.—The Commission may not require that a solicitation 
of a proxy, consent, or authorization to vote a security 
of an issuer in an election of members of the board of 
directors of the issuer be made using a single ballot or 
card that lists both individuals nominated by (or on behalf 
of) the issuer and individuals nominated by (or on behalf 
of) other proponents and permits the person granting the 
proxy, consent, or authorization to select from among indi-
viduals in both groups.’’. 
REPEAL OF THE VOLCKER RULE AND OTHER PROVISIONS 
SEC. 933. 
(a) IN GENERAL.—The following sections of title VI 
of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act are repealed, and the provisions of law 
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00257
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
258 
amended or repealed by such sections are restored or re-
vived as if such sections had not been enacted: 
(1) Section 618. 
(2) Section 619. 
(3) Section 620. 
(b) CLERICAL AMENDMENT.—The table of contents 
under section 1(b) of the Dodd-Frank Wall Street Reform 
and Consumer Protection Act is amended by striking the 
items relating to sections 618, 619, and 620. 
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00258
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
259 
TITLE X—FINANCIAL 
INSTITUTION BANKRUPTCY 
SEC. 1001. SHORT TITLE. 
This title may be cited as the ‘‘Financial Institution 
Bankruptcy Act of 2017’’. 
SEC. 2. GENERAL PROVISIONS RELATING TO COVERED FI-
NANCIAL CORPORATIONS. 
(a) DEFINITION.—Section 101 of title 11, United 
States Code, is amended by inserting the following after 
paragraph (9): 
‘‘(9A) The term ‘covered financial corporation’ 
means any corporation incorporated or organized 
under any Federal or State law, other than a stock-
broker, a commodity broker, or an entity of the kind 
specified in paragraph (2) or (3) of section 109(b), 
that is— 
‘‘(A) a bank holding company, as defined 
in section 2(a) of the Bank Holding Company 
Act of 1956; or 
‘‘(B) a corporation that exists for the pri-
mary purpose of owning, controlling and financ-
ing its subsidiaries, that has total consolidated 
assets of $50,000,000,000 or greater, and for 
which, in its most recently completed fiscal 
year— 
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00259
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
260 
‘‘(i) annual gross revenues derived by 
the corporation and all of its subsidiaries 
from activities that are financial in nature 
(as defined in section 4(k) of the Bank 
Holding Company Act of 1956) and, if ap-
plicable, from the ownership or control of 
one or more insured depository institu-
tions, represents 85 percent or more of the 
consolidated annual gross revenues of the 
corporation; or 
‘‘(ii) the consolidated assets of the 
corporation and all of its subsidiaries re-
lated to activities that are financial in na-
ture (as defined in section 4(k) of the 
Bank Holding Company Act of 1956) and, 
if applicable, related to the ownership or 
control of one or more insured depository 
institutions, represents 85 percent or more 
of the consolidated assets of the corpora-
tion.’’. 
(b) APPLICABILITY OF CHAPTERS.—Section 103 of 
title 11, United States Code, is amended by adding at the 
end the following: 
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00260
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
261 
‘‘(l) Subchapter V of chapter 11 of this title applies 
only in a case under chapter 11 concerning a covered fi-
nancial corporation.’’. 
(c) WHO MAY BE A DEBTOR.—Section 109 of title 
11, United States Code, is amended— 
(1) in subsection (b)— 
(A) in paragraph (2), by striking ‘‘or’’ at 
the end; 
(B) in paragraph (3)(B), by striking the 
period at the end and inserting ‘‘; or’’; and 
(C) by adding at the end the following: 
‘‘(4) a covered financial corporation.’’; and 
(2) in subsection (d)— 
(A) by striking ‘‘and’’ before ‘‘an unin-
sured State member bank’’; 
(B) by striking ‘‘or’’ before ‘‘a corpora-
tion’’; and 
(C) by inserting ‘‘, or a covered financial 
corporation’’ after ‘‘Federal Deposit Insurance 
Corporation Improvement Act of 1991’’. 
(d) CONVERSION TO CHAPTER 7.—Section 1112 of 
title 11, United States Code, is amended by adding at the 
end the following: 
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00261
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS
262 
‘‘(g) Notwithstanding section 109(b), the court may 
convert a case under subchapter V to a case under chapter 
7 if— 
‘‘(1) a transfer approved under section 1185 
has been consummated; 
‘‘(2) the court has ordered the appointment of 
a special trustee under section 1186; and 
‘‘(3) the court finds, after notice and a hearing, 
that conversion is in the best interest of the credi-
tors and the estate.’’. 
(e)(1) Section 726(a)(1) of title 11, United States 
Code, is amended by inserting after ‘‘first,’’ the following: 
‘‘in payment of any unpaid fees, costs, and expenses of 
a special trustee appointed under section 1186, and then’’. 
(2) Section 1129(a) of title 11, United States Code, 
is amended by inserting after paragraph (16) the fol-
lowing: 
‘‘(17) In a case under subchapter V, all payable 
fees, costs, and expenses of the special trustee have 
been paid or the plan provides for the payment of 
all such fees, costs, and expenses on the effective 
date of the plan. 
‘‘(18) In a case under subchapter V, confirma-
tion of the plan is not likely to cause serious adverse 
effects on financial stability in the United States.’’. 
VerDate Sep 11 2014 
04:03 Jul 19, 2017
Jkt 069200
PO 00000
Frm 00262
Fmt 6652
Sfmt 6201
E:\BILLS\H3280.RH
H3280
lotter on DSKBCFDHB2PROD with BILLS