1531 
ance Fund. Such reports shall include the following data 
by State and by program within each State, both for the 
past quarter and throughout the life of the program— 
(1) the amount of funds allocated; 
(2) the amount of funds disbursed; 
(3) the number of households and individuals as-
sisted; 
(4) the acceptance rate of applicants; 
(5) the type or types of assistance provided to 
each household; 
(6) whether the household assisted had a feder-
ally backed loan and identification of the Federal en-
tity backing such loan; 
(7) the average amount of funding provided per 
household receiving assistance and per type of assist-
ance provided; 
(8) the average number of monthly payments 
that were covered by the funding amount that a 
household received, as applicable, disaggregated by 
type of assistance provided; 
(9) the income level of each household receiving 
assistance; and 
(10) the outcome 12 months after the household 
has received assistance.
1532 
Each report under this subsection shall disaggregate the in-
formation provided under paragraphs (3) through (10) by 
State, zip code, racial and ethnic composition of the house-
hold, and whether or not the person from the household ap-
plying for assistance speaks English as a second language. 
SEC. 203. PROTECTING RENTERS AND HOMEOWNERS FROM 
EVICTIONS AND FORECLOSURES. 
(a) EVICTION MORATORIUM.—The CARES Act is 
amended by striking section 4024 (15 U.S.C. 9058; Public 
Law 116–136; 134 Stat. 492) and inserting the following 
new section: 
‘‘SEC. 4024. TEMPORARY MORATORIUM ON EVICTION FIL-
INGS. 
‘‘(a) CONGRESSIONAL FINDINGS.—The Congress finds 
that— 
‘‘(1) according to the 2018 American Commu-
nity Survey, 36 percent of households in the United 
States—more than 43 million households—are rent-
ers; 
‘‘(2) in 2019 alone, renters in the United States 
paid $512 billion in rent; 
‘‘(3) according to the Joint Center for Housing 
Studies of Harvard University, 20.8 million renters 
in the United States spent more than 30 percent of 
their incomes on housing in 2018 and 10.9 million
1533 
renters spent more than 50 percent of their incomes 
on housing in the same year; 
‘‘(4) according to data from the Department of 
Labor, more than 30 million people have filed for un-
employment since the COVID–19 pandemic began; 
‘‘(5) the impacts of the spread of COVID–19, 
which is now considered a global pandemic, are ex-
pected to negatively impact the incomes of potentially 
millions of renter households, making it difficult for 
them to pay their rent on time; and 
‘‘(6) evictions in the current environment would 
increase homelessness and housing instability which 
would be counterproductive towards the public health 
goals of keeping individuals in their homes to the 
greatest extent possible. 
‘‘(b) MORATORIUM.—During the period beginning on 
the date of the enactment of this Act and ending 12 months 
after such date of enactment, the lessor of a covered dwelling 
located in such State may not— 
‘‘(1) make, or cause to be made, any filing with 
the court of jurisdiction to initiate a legal action to 
recover possession of the covered dwelling from the 
tenant for nonpayment of rent or other fees or 
charges; or
1534 
‘‘(2) charge fees, penalties, or other charges to the 
tenant related to such nonpayment of rent. 
‘‘(c) DEFINITIONS.—For purposes of this section, the 
following definitions shall apply: 
‘‘(1) COVERED
DWELLING.—The term ‘covered 
dwelling’ means a dwelling that is occupied by a ten-
ant— 
‘‘(A) pursuant to a residential lease; or 
‘‘(B) without a lease or with a lease ter-
minable at will under State law. 
‘‘(2) DWELLING.—The term ‘dwelling’ has the 
meaning given such term in section 802 of the Fair 
Housing Act (42 U.S.C. 3602) and includes houses 
and dwellings described in section 803(b) of such Act 
(42 U.S.C. 3603(b)). 
‘‘(d) NOTICE TO VACATE AFTER MORATORIUM EXPI-
RATION DATE.—After the expiration of the period described 
in subsection (b), the lessor of a covered dwelling may not 
require the tenant to vacate the covered dwelling by reason 
of nonpayment of rent or other fees or charges before the 
expiration of the 30-day period that begins upon the provi-
sion by the lessor to the tenant, after the expiration of the 
period described in subsection (b), of a notice to vacate the 
covered dwelling.’’. 
(b) MORTGAGE RELIEF.—
1535 
(1) FORBEARANCE AND FORECLOSURE MORATO-
RIUM FOR COVERED MORTGAGE LOANS.—Section 4022 
of the CARES Act (15 U.S.C. 9056) is amended— 
(A) by striking ‘‘Federally backed mortgage 
loan’’ each place that term appears and insert-
ing ‘‘covered mortgage loan’’; and 
(B) in subsection (a)— 
(i) by amending paragraph (2) to read 
as follows: 
‘‘(2) COVERED MORTGAGE LOAN.—The term ‘cov-
ered mortgage loan’— 
‘‘(A) means any credit transaction that is 
secured by a mortgage, deed of trust, or other 
equivalent consensual security interest on a 1- to 
4-unit dwelling or on residential real property 
that includes a 1- to 4-unit dwelling; and 
‘‘(B) does not include a credit transaction 
under an open end credit plan other than a re-
verse mortgage.’’; and 
(ii) by adding at the end the following: 
‘‘(3) COVERED PERIOD.—With respect to a loan, 
the term ‘covered period’ means the period beginning 
on the date of enactment of this Act and ending 12 
months after such date of enactment.’’.
1536 
(2) AUTOMATIC FORBEARANCE FOR DELINQUENT 
BORROWERS.—Section 4022(c) of the CARES Act (15 
U.S.C. 9056(c)), as amended by paragraph (5) of this 
subsection, is further amended by adding at the end 
the following: 
‘‘(9) AUTOMATIC
FORBEARANCE
FOR
DELIN-
QUENT BORROWERS OF COVERED MORTGAGE LOANS 
THAT ARE NOT FEDERALLY-INSURED REVERSE MORT-
GAGE LOANS.— 
‘‘(A) IN
GENERAL.—Notwithstanding any 
other law governing forbearance relief, with re-
spect to any covered mortgage loan that is not a 
federally-insured reverse mortgage loan— 
‘‘(i) any borrower whose covered mort-
gage loan became 60 days delinquent be-
tween March 13, 2020, and the date of en-
actment of this paragraph, and who has not 
already received a forbearance under sub-
section (b), shall automatically be granted a 
60-day forbearance that begins on the date 
of enactment of this paragraph, provided 
that a borrower shall not be considered de-
linquent for purposes of this paragraph 
while making timely payments or otherwise
1537 
performing under a trial modification or 
other loss mitigation agreement; and 
‘‘(ii) any borrower whose covered mort-
gage loan becomes 60 days delinquent be-
tween the date of enactment of this para-
graph and the end of the covered period, 
and who has not already received a forbear-
ance under subsection (b), shall automati-
cally be granted a 60-day forbearance that 
begins on the 60th day of delinquency, pro-
vided that a borrower shall not be consid-
ered delinquent for purposes of this para-
graph while making timely payments or 
otherwise performing under a trial modi-
fication or other loss mitigation agreement. 
‘‘(B) INITIAL
EXTENSION.—An automatic 
forbearance provided under subparagraph (A) 
shall be extended for up to an additional 120 
days upon the request of the borrower, oral or 
written, submitted to the servicer of the borrower 
affirming that the borrower is experiencing a fi-
nancial hardship that prevents the borrower 
from making timely payments on the covered 
mortgage loan due, directly or indirectly, to the 
COVID–19 emergency.
1538 
‘‘(C) SUBSEQUENT EXTENSION.—A forbear-
ance extended under subparagraph (B) shall be 
further extended by the servicer, for the period or 
periods requested, for a total forbearance period 
of up to 12 months (including the period of auto-
matic forbearance), upon the borrower’s request, 
oral or written, submitted to the borrower’s 
servicer affirming that the borrower is experi-
encing a financial hardship that prevents the 
borrower from making timely payments on the 
covered mortgage loan due, directly or indirectly, 
to the COVID–19 emergency. 
‘‘(D) RIGHT TO ELECT TO CONTINUE MAK-
ING PAYMENTS.— 
‘‘(i) IN GENERAL.—With respect to a 
forbearance provided under this paragraph, 
the borrower of the covered mortgage loan 
may elect to continue making regular pay-
ments on the covered mortgage loan. 
‘‘(ii) LOSS
MITIGATION.—A borrower 
who makes an election described in clause 
(i) shall be offered a loss mitigation option 
pursuant to subsection (d) within 30 days 
of resuming regular payments to address
1539 
any payment deficiency during the forbear-
ance. 
‘‘(E) RIGHT TO SHORTEN FORBEARANCE.— 
‘‘(i) IN GENERAL.—At the request of a 
borrower, any period of forbearance pro-
vided to the borrower under this paragraph 
may be shortened. 
‘‘(ii) LOSS
MITIGATION.—A borrower 
who makes a request under clause (i) shall 
be offered a loss mitigation option pursuant 
to subsection (d) within 30 days of resum-
ing regular payments to address any pay-
ment deficiency during the forbearance. 
‘‘(10) AUTOMATIC EXTENSION OF DUE AND PAY-
ABLE
STATUS
FOR
CERTAIN
REVERSE
MORTGAGE 
LOANS.— 
‘‘(A) IN
GENERAL.—When any covered 
mortgage loan that is also a federally-insured re-
verse mortgage loan, during the covered period, 
is due and payable due to the death of the last 
surviving borrower but the property to which the 
covered mortgage loan relates is not vacant or 
abandoned, or the covered mortgage loan is eligi-
ble to be called due and payable due to a prop-
erty charge default, or if the borrower defaults on
1540 
a property charge repayment plan, or if the bor-
rower defaults for failure to complete property 
repairs, or if an obligation of the borrower under 
the Security Instrument is not performed, the 
mortgagee automatically shall be granted a 180- 
day extension of— 
‘‘(i) the mortgagee’s deadline to request 
due and payable status from the Depart-
ment of Housing and Urban Development, 
where applicable; 
‘‘(ii) the mortgagee’s deadline to send 
notification to the mortgagor or his or her 
heirs that the loan is due and payable; 
‘‘(iii) the deadline to initiate fore-
closure; 
‘‘(iv) any reasonable diligence period 
related to foreclosure or the Mortgagee Op-
tional Election; 
‘‘(v) any deadline relevant to estab-
lishing that a non-borrowing spouse may be 
eligible for a deferral period; 
‘‘(vi) if applicable, the deadline to ob-
tain the due and payable appraisal; and
1541 
‘‘(vii) any claim submission deadline, 
including the 6-month acquired property 
marketing period. 
‘‘(B) LENGTH OF EXTENSION OF DUE AND 
PAYABLE STATUS.—The mortgagee shall not re-
quest due and payable status from the Secretary 
of Housing and Urban Development nor initiate 
or continue a foreclosure action during this 180- 
day period described in subparagraph (A), which 
shall be considered a forbearance period. 
‘‘(C) EXTENSION.—A forbearance provided 
under subparagraph (B) and related deadline ex-
tension authorized under subparagraph (A) shall 
be extended for the period or periods requested, 
for a total forbearance period of up to 12 months 
upon— 
‘‘(i) the request of the borrower, oral or 
written, submitted to the servicer of the bor-
rower affirming that the borrower is experi-
encing a financial hardship that prevents 
the borrower from making payments on 
property charges, completing property re-
pairs, or performing an obligation of the 
borrower under the Security Instrument
1542 
due, directly or indirectly, to the COVID– 
19 emergency; 
‘‘(ii) the request of a non-borrowing 
spouse, oral or written, submitted to the 
servicer affirming that the non-borrowing 
spouse has been unable to satisfy all criteria 
for the Mortgagee Optional Election pro-
gram due, directly or indirectly, to the 
COVID–19 emergency, or to perform all ac-
tions necessary to become an eligible non- 
borrowing spouse following the death of all 
borrowers; or 
‘‘(iii) the request of a successor-in-in-
terest of the borrower, oral or written, sub-
mitted to the servicer affirming the dif-
ficulty of the heir in satisfying the reverse 
mortgage loan due, directly or indirectly, to 
the COVID–19 emergency. 
‘‘(D) CURTAILMENT OF DEBENTURE INTER-
EST.—Where any covered mortgage loan that is 
also a federally insured reverse mortgage loan is 
in default during the covered period and subject 
to a prior event which provides for curtailment 
of debenture interest in connection with a claim 
for insurance benefits, the curtailment of deben-
1543 
ture interest shall be suspended during any for-
bearance period provided herein.’’. 
(3) ADDITIONAL FORECLOSURE AND REPOSSES-
SION PROTECTIONS.—Section 4022(c) of the CARES 
Act (15 U.S.C. 9056(c)) is amended— 
(A) in paragraph (2), by striking ‘‘may not 
initiate any judicial or non-judicial foreclosure 
process, move for a foreclosure judgment or order 
of sale, or execute a foreclosure-related eviction or 
foreclosure sale for not less than the 60-day pe-
riod beginning on March 18, 2020’’ and insert-
ing ‘‘may not initiate or proceed with any judi-
cial or non-judicial foreclosure process, schedule 
a foreclosure sale, move for a foreclosure judg-
ment or order of sale, execute a foreclosure re-
lated eviction or foreclosure sale for the 6-month 
period beginning on the date of enactment of the 
COVID–19 HERO Act’’; and 
(B) by adding at the end the following: 
‘‘(3) REPOSSESSION MORATORIUM.—In the case 
of personal property, including any recreational or 
motor vehicle, used as a dwelling, no person may use 
any judicial or non-judicial procedure to repossess or 
otherwise take possession of the property for the 6-
1544 
month period beginning on the date of enactment of 
this paragraph.’’. 
(4) MORTGAGE
FORBEARANCE
REFORMS.—Sec-
tion 4022 of the CARES Act (15 U.S.C. 9056) is 
amended— 
(A) in subsection (b), by striking para-
graphs (1), (2), and (3) and inserting the fol-
lowing: 
‘‘(1) IN GENERAL.—During the covered period, a 
borrower with a covered mortgage loan who has not 
obtained automatic forbearance pursuant to this sec-
tion and who is experiencing a financial hardship 
that prevents the borrower from making timely pay-
ments on the covered mortgage loan due, directly or 
indirectly, to the COVID–19 emergency may request 
forbearance on the covered mortgage loan, regardless 
of delinquency status, by— 
‘‘(A) submitting a request, orally or in 
writing, to the servicer of the covered mortgage 
loan; and 
‘‘(B) affirming that the borrower is experi-
encing a financial hardship that prevents the 
borrower from making timely payments on the 
covered mortgage loan due, directly or indirectly, 
to the COVID–19 emergency.
1545 
‘‘(2) DURATION OF FORBEARANCE.— 
‘‘(A) IN GENERAL.—Upon a request by a 
borrower to a servicer for forbearance under 
paragraph (1), the forbearance shall be granted 
by the servicer for the period requested by the 
borrower, up to an initial length of 180 days, the 
length of which shall be extended by the servicer, 
at the request of the borrower for the period or 
periods requested, for a total forbearance period 
of not more than 12 months. 
‘‘(B) MINIMUM FORBEARANCE AMOUNTS.— 
For purposes of granting a forbearance under 
this paragraph, a servicer may grant an initial 
forbearance with a term of not less than 90 days, 
provided that it is automatically extended for an 
additional 90 days unless the servicer confirms 
the borrower does not want to renew the forbear-
ance or that the borrower is no longer experi-
encing a financial hardship that prevents the 
borrower from making timely mortgage pay-
ments due, directly or indirectly, to the COVID– 
19 emergency. 
‘‘(C) RIGHT TO SHORTEN FORBEARANCE.— 
‘‘(i) IN GENERAL.—At the request of a 
borrower, any period of forbearance de-
1546 
scribed under this paragraph may be short-
ened. 
‘‘(ii) LOSS
MITIGATION.—A borrower 
who makes a request under clause (i) shall 
be offered a loss mitigation option pursuant 
to subsection (d) within 30 days of resum-
ing regular payments to address any pay-
ment deficiency during the forbearance. 
‘‘(3) ACCRUAL
OF
INTEREST
OR
FEES.—A 
servicer shall not charge a borrower any fees, pen-
alties, or interest (beyond the amounts scheduled or 
calculated as if the borrower made all contractual 
payments on time and in full under the terms of the 
mortgage contract) in connection with a forbearance, 
provided that a servicer may offer the borrower a 
modification option at the end of a forbearance period 
granted hereunder that includes the capitalization of 
past due principal and interest and escrow payments 
as long as the principal and interest payment of the 
borrower under such modification remains at or 
below the contractual principal and interest pay-
ments owed under the terms of the mortgage contract 
before such forbearance period except as the result of 
a change in the index of an adjustable rate mortgage, 
or, in the case of loans insured by the Federal Hous-
1547 
ing Administration, except in a modification compli-
ant with applicable Federal Housing Administration 
policies. 
‘‘(4) COMMUNICATION
WITH
SERVICERS.—Any 
communication between a borrower and a servicer de-
scribed in this section may be made in writing or 
orally, at the election of the borrower. 
‘‘(5) COMMUNICATION WITH BORROWERS WITH A 
DISABILITY.— 
‘‘(A) IN GENERAL.—Upon request from a 
borrower, servicers shall communicate with bor-
rowers who have a disability in the preferred 
method of communication of the borrower. 
‘‘(B) DEFINITION.—In this paragraph, the 
term ‘disability’ has the meaning given the term 
‘handicap’ in section 802 of the Fair Housing 
Act (42 U.S.C. 3602).’’; and 
(B) in subsection (c), by amending para-
graph (1) to read as follows: 
‘‘(1) 
NO
DOCUMENTATION
REQUIRED.—A 
servicer of a covered mortgage loan shall not require 
any documentation with respect to a forbearance 
under this section other than the oral or written affir-
mation of the borrower to a financial hardship that 
prevents the borrower from making timely payments
1548 
on the covered mortgage loan due, directly or indi-
rectly, to the COVID–19 emergency. An oral request 
for forbearance and oral affirmation of hardship by 
the borrower shall be sufficient for the borrower to ob-
tain or extend a forbearance.’’. 
(5) OTHER
SERVICER
REQUIREMENTS
DURING 
FORBEARANCE.—Section 4022(c) of the CARES Act 
(15 U.S.C. 9056(c)), as amended by paragraph (3) of 
this subsection, is amended by adding at the end the 
following: 
‘‘(4) FORBEARANCE TERMS NOTICE.—Within 30 
days of a servicer of a covered mortgage loan pro-
viding forbearance to a borrower under subsection (b) 
or paragraph (9) or (10), or 10 days if the forbear-
ance is for a term of less than 60 days, but only 
where the forbearance was provided in response to a 
request by the borrower for forbearance or when an 
automatic forbearance was initially provided under 
paragraph (9) or (10), and not when an existing for-
bearance is automatically extended, the servicer shall 
provide the borrower with a notice in accordance with 
the terms in paragraph (5). 
‘‘(5) CONTENTS OF NOTICE.—The written notice 
required under paragraph (4) shall state in plain 
language—
1549 
‘‘(A) the specific terms of the forbearance; 
‘‘(B) the beginning and ending dates of the 
forbearance; 
‘‘(C) that the borrower is eligible for not 
more than 12 months of forbearance; 
‘‘(D) that the borrower may request an ex-
tension of the forbearance unless the borrower 
will have reached the maximum period at the 
end of the forbearance; 
‘‘(E) that the borrower may request that the 
initial or extended period be shortened at any 
time; 
‘‘(F) that the borrower should contact the 
servicer before the end of the forbearance period; 
‘‘(G) a description of the loss mitigation op-
tions that may be available to the borrower at 
the end of the forbearance period based on the 
specific covered mortgage loan of the borrower; 
‘‘(H) information on how to find a housing 
counseling agency approved by the Department 
of Housing and Urban Development; 
‘‘(I) in the case of a forbearance provided 
pursuant to paragraph (9) or (10), that the for-
bearance was automatically provided and how to
1550 
contact the servicer to make arrangements for 
further assistance, including any renewal; and 
‘‘(J) where applicable, that the forbearance 
is subject to an automatic extension, including 
the terms of any such automatic extensions and 
when any further extension would require a bor-
rower request. 
‘‘(6) TREATMENT OF ESCROW ACCOUNTS.—Dur-
ing any forbearance provided under this section, a 
servicer shall pay or advance funds to make disburse-
ments in a timely manner from any escrow account 
established on the covered mortgage loan. 
‘‘(7) NOTIFICATION
FOR
BORROWERS.—During 
the period beginning on the date that is 90 days after 
the date of the enactment of this paragraph and end-
ing on the last day of the covered period, each servicer 
of a covered mortgage loan shall be required to— 
‘‘(A) make available in a clear and con-
spicuous manner on their web page accurate in-
formation, in English and Spanish, for bor-
rowers regarding the availability of forbearance 
as provided under subsection (b); 
‘‘(B) notify every borrower whose payments 
on a covered mortgage loan are or become 31 
days delinquent in any oral communication with
1551 
or to the borrower that the borrower may be eli-
gible to request forbearance as provided under 
subsection (b), except that such notice shall not 
be required if the borrower already has requested 
forbearance under subsection (b); and 
‘‘(C) provide in writing, in both English 
and Spanish, to any borrower whose payments 
on the covered mortgage loan are or become 31 
days delinquent, a notification that— 
‘‘(i) the borrower may be eligible for 
forbearance under this section; 
‘‘(ii) the borrower can seek language 
assistance and general help through a hous-
ing counseling agency certified by the De-
partment of Housing and Urban Develop-
ment; 
‘‘(iii) provides information on how to 
find a counseling agency described in clause 
(ii); and 
‘‘(iv) shall be provided not later than 
the 45th day of the delinquency of the bor-
rower. 
‘‘(8) CERTAIN TREATMENT UNDER RESPA.—Dur-
ing any period of time that a borrower is in forbear-
ance, has not yet received an offer under subsection
1552 
(d)(2) or a notice of the determination of the servicer 
under subsection (d)(3), as applicable, or whose first 
payment due under an offer under subsection (d)(2) 
is not yet past due— 
‘‘(A) for purposes of section 1024.41 of title 
12, Code of Federal Regulations (or any suc-
cessor regulation), any delinquency on the mort-
gage loan shall be tolled; and 
‘‘(B) the servicer shall not initiate or pro-
ceed with any judicial or non-judicial foreclosure 
process, schedule a foreclosure sale, move for a 
foreclosure judgment or order of sale, execute a 
foreclosure related eviction or foreclosure sale, in-
cluding charging, assessing, or incurring any 
foreclosure related fees, such as attorney fees, 
property inspection fees, or title fees.’’. 
(6) POST-FORBEARANCE LOSS MITIGATION.— 
(A) AMENDMENT TO THE CARES ACT.—Sec-
tion 4022 of the CARES Act (15 U.S.C. 9056) 
is amended by adding at the end the following: 
‘‘(d) POST-FORBEARANCE LOSS MITIGATION.— 
‘‘(1) NOTICE OF AVAILABILITY OF ADDITIONAL 
FORBEARANCE.—With respect to any covered mort-
gage loan as to which forbearance under this section 
has been granted and not otherwise extended, includ-
1553 
ing by automatic extension, a servicer shall, not later 
than 30 days before the end of the forbearance period, 
in writing, notify the borrower that additional for-
bearance may be available and how to request such 
forbearance, except that no such notice is required 
where the borrower already has requested an extension 
of the forbearance period, is subject to automatic ex-
tension pursuant to subsection (b)(2)(B), or no addi-
tional forbearance is available. 
‘‘(2) LOSS MITIGATION OFFER BEFORE EXPIRA-
TION OF FORBEARANCE ON A COVERED MORTGAGE 
LOAN OTHER THAN A FEDERALLY INSURED REVERSE 
MORTGAGE LOAN.— 
‘‘(A) IN GENERAL.—For any covered mort-
gage loan that is not a federally insured reverse 
mortgage loan, not later than 30 days before the 
end of any forbearance period that has not been 
extended or 30 days after a request by a bor-
rower to terminate the forbearance, which time 
shall be before the servicer initiates or engages in 
any foreclosure activity listed in subsection 
(c)(2), including incurring or charging to a bor-
rower any fees or corporate advances related to 
a foreclosure, the servicer shall, in writing—
1554 
‘‘(i) offer the borrower a loss mitiga-
tion option, without the charging of any 
fees or penalties other than interest, such 
that the principal and interest payment of 
the borrower remains the same as it was 
prior to the forbearance, subject to any ad-
justment of the index pursuant to the terms 
of an adjustable rate mortgage, and that— 
‘‘(I) defers the payment of total 
arrearages, including any escrow ad-
vances, to the end of the existing term 
of the loan, without the charging or 
collection of any additional interest on 
the deferred amounts; or 
‘‘(II) extends the term of the mort-
gage loan, and capitalizes, defers, or 
forgives all escrow advances and other 
arrearages; 
‘‘(ii) concurrent with the loss mitiga-
tion offer in clause (i), notify the borrower 
that the borrower has the right to be evalu-
ated for other loss mitigation options if the 
borrower is not able to make the payment 
under the option offered in clause (i).
1555 
‘‘(B) EXCEPTION.—Notwithstanding sub-
paragraph (A)(i), a servicer may offer a bor-
rower of a covered mortgage loan described in 
subparagraph (A) a loss mitigation option that 
reduces the principal and interest payment on 
the covered mortgage loan and capitalizes, defers, 
or forgives all escrow advances or arrearages if 
the servicer has information indicating that the 
borrower cannot resume the pre-forbearance 
mortgage payments. 
‘‘(3) EVALUATION FOR LOSS MITIGATION PRIOR 
TO
FORECLOSURE
INITIATION
FOR
ANY
COVERED 
MORTGAGE LOAN THAT IS NOT A FEDERALLY INSURED 
REVERSE MORTGAGE LOAN.—Before a servicer may 
initiate or engage in any foreclosure activity listed in 
subsection (c)(2) for any covered mortgage loan that 
is not a federally insured reverse mortgage loan, in-
cluding incurring or charging to a borrower any fees 
or corporate advances related to a foreclosure on the 
basis that the borrower has failed to perform under 
the loss mitigation offer in paragraph (2)(A) within 
the first 90 days after the option is offered, including 
a failure to accept the loss mitigation offer in para-
graph (2)(A), the servicer shall—
1556 
‘‘(A) unless the borrower has already sub-
mitted a complete application that the servicer is 
reviewing— 
‘‘(i) notify the borrower in writing of 
the documents and information, if any, 
needed by the servicer to enable the servicer 
to consider the borrower for all available 
loss mitigation options; and 
‘‘(ii) exercise reasonable diligence to 
obtain the documents and information need-
ed to complete the loss mitigation applica-
tion of the borrower; and 
‘‘(B) upon receipt of a complete application 
or if, despite the exercise by the servicer of rea-
sonable diligence, the loss mitigation application 
remains incomplete 60 days after the notice in 
paragraph (2)(A) is sent— 
‘‘(i) conduct an evaluation of the com-
plete or incomplete loss mitigation applica-
tion without reference to whether the bor-
rower has previously submitted a complete 
loss mitigation application; and 
‘‘(ii) offer the borrower all available 
loss mitigation options for which the bor-
rower qualifies under applicable investor
1557 
guidelines, including guidelines regarding 
required documentation. 
‘‘(4) EFFECT ON FUTURE REQUESTS FOR LOSS 
MITIGATION REVIEW FOR BORROWERS WITH COVERED 
MORTGAGE
LOANS
THAT
ARE
NOT
FEDERALLY
IN-
SURED REVERSE MORTGAGE LOANS.—An application, 
offer, or evaluation for loss mitigation under this sec-
tion for a covered mortgage loan that is not a feder-
ally insured reverse mortgage loan shall not be the 
basis for the denial of an application of a borrower 
as duplicative or for a reduction in the appeal rights 
of the borrower under Regulation X in part 1024 of 
title 12, Code of Federal Regulations, in regard to 
any loss mitigation application submitted after the 
servicer has complied with the requirements of para-
graphs (2) and (3), 
‘‘(5) SAFE HARBOR.—For any covered mortgage 
loan that is not a federally insured reverse mortgage 
loan, any loss mitigation option authorized by the 
Federal National Mortgage Association, the Federal 
Home Loan Corporation, or the Federal Housing Ad-
ministration shall be deemed to comply with the re-
quirements of paragraph (2)(A) if the loss mitigation 
option—
1558 
‘‘(A) defers the payment of total arrearages, 
including any escrow advances, to the end of the 
existing term of the loan, without the charging or 
collection of any additional interest on the de-
ferred amounts; or 
‘‘(B) extends the term of the mortgage loan, 
and capitalizes, defers, or forgives all escrow ad-
vances and other arrearages, without the charg-
ing of any fees or penalties beyond interest on 
any amount capitalized into the loan principal. 
‘‘(6) HOME RETENTION OPTIONS FOR CERTAIN 
REVERSE MORTGAGE LOANS.— 
‘‘(A) IN GENERAL.—For a covered mortgage 
loan that is also a federally insured reverse 
mortgage loan, the conduct of a servicer shall be 
deemed to comply with this section, provided 
that if the loan is eligible to be called due and 
payable due to a property charge default, the 
mortgagee shall, as a precondition to sending a 
due and payable request to the Secretary or ini-
tiating or continuing a foreclosure process— 
‘‘(i) make a good faith effort to com-
municate with the borrower regarding 
available home retention options to cure the 
property charge default, including encour-
1559 
aging the borrower to apply for home reten-
tion options; and 
‘‘(ii) consider the borrower for all 
available home retention options as allowed 
by the Secretary. 
‘‘(B) PERMISSIBLE
REPAYMENT
PLANS.— 
The Secretary shall amend the allowable home 
retention options of the Secretary to permit a re-
payment plan of not more than 120 months in 
length, and to permit a repayment plan without 
regard to prior defaults on repayment plans. 
‘‘(C) LIMITATION
ON
INTEREST
CURTAIL-
MENT.—The Secretary may not curtail interest 
paid to mortgagees who engage in loss mitiga-
tion or home retention actions through interest 
curtailment during such loss mitigation or home 
retention review or during the period when a loss 
mitigation or home retention plan is in effect 
and ending 90 days after any such plan termi-
nates.’’. 
(B) AMENDMENT
TO
HOUSING
ACT
OF 
1949.— 
(i) IN GENERAL.—Section 505 of the 
Housing Act of 1949 (42 U.S.C. 1475) is 
amended—
1560 
(I) by striking the section heading 
and inserting ‘‘LOSS MITIGATION 
AND 
FORECLOSURE 
PROCE-
DURES’’; 
(II) in subsection (a), by striking 
the section designation and all that fol-
lows through ‘‘During any’’ and insert-
ing the following: 
‘‘(a) MORATORIUM.—(1) In determining the eligibility 
of a borrower for relief, the Secretary shall make all eligi-
bility decisions based on the household income, expenses, 
and circumstances of the borrower. 
‘‘(2) During any’’; 
(III) by redesignating subsection 
(b) as subsection (c); and 
(IV) by inserting after subsection 
(a) the following new subsection: 
‘‘(b) LOAN MODIFICATION.—(1) Notwithstanding any 
other provision of this title, for any loan made under section 
502 or 504, the Secretary may modify the interest rate and 
extend the term of such loan for up to 30 years from the 
date of such modification. 
‘‘(2) At the end of any moratorium period grant-
ed under this section or under this Act, the Secretary
1561 
shall reset the principal and interest payments of the 
borrower— 
‘‘(A) based on a reasonable assessment of the 
ability of the household of the borrower to make 
principal and interest payments; and 
‘‘(B) in accordance with paragraphs (1) 
and (2) of subsection (a) and paragraphs (1) 
and (3) of this subsection. 
‘‘(3) The amount of the principal and interest 
payment that is reset under paragraph (2) may not 
exceed the amount of the principal and interest pay-
ment of the borrower before the moratorium.’’. 
(ii) RULES.— 
(I) INTERIM
FINAL
RULE.—Not 
later than 60 days after the date of en-
actment of this Act, the Secretary of 
Agriculture shall promulgate an in-
terim final rule to carry out the 
amendments made by this subpara-
graph. 
(II) FINAL RULE.—Not later than 
180 days after the date of enactment of 
this Act, the Secretary of Agriculture 
shall promulgate a final rule to carry
1562 
out the amendments made by this sub-
paragraph. 
(7) MULTIFAMILY MORTGAGE FORBEARANCE.— 
Section 4023 of the CARES Act (15 U.S.C. 9057) is 
amended— 
(A) in the section heading, by striking 
‘‘with federally backed loans’’; 
(B) by striking ‘‘Federally backed multi-
family mortgage loan’’ each place that term ap-
pears and inserting ‘‘multifamily mortgage 
loan’’; 
(C) in subsection (b), by striking ‘‘during’’ 
and inserting ‘‘due, directly or indirectly, to’’; 
(D) in subsection (c)(1)— 
(i) in subparagraph (A), by adding 
‘‘and’’ at the end; and 
(ii) by striking subparagraphs (B) and 
(C) and inserting the following: 
‘‘(B) provide the forbearance for up to the 
end of the period described in section 4024(b).’’; 
(E) by redesignating subsection (f) as sub-
section (g); 
(F) by inserting after subsection (e) the fol-
lowing:
1563 
‘‘(f) TREATMENT AFTER FORBEARANCE.—With respect 
to a multifamily mortgage loan provided a forbearance 
under this section, the servicer of such loan— 
‘‘(1) shall provide the borrower with not less 
than a 12-month period beginning at the end of the 
forbearance to become current on the payments under 
such loan; 
‘‘(2) may not charge any late fees, penalties, or 
other charges with respect to payments on the loan 
that were due during the forbearance period, if the 
payments are made before the end of the repayment 
period under paragraph (1); and 
‘‘(3) may not report any adverse information to 
a credit rating agency (as defined in section 603 of 
the Fair Credit Reporting Act (12 U.S.C. 1681a)) 
with respect to any payments on the loan that were 
due during the forbearance period, if the payments 
are made before the end of the repayment period 
under paragraph (1)).’’; and 
(G) in subsection (g), as so redesignated— 
(i) in paragraph (2)— 
(I) in the paragraph heading, by 
striking 
‘‘FEDERALLY 
BACKED 
MULTIFAMILY’’ 
and 
inserting 
‘‘MULTIFAMILY’’;
1564 
(II) by striking ‘‘that—’’ and all 
that follows through ‘‘(A) is secured 
by’’ and inserting ‘‘that is secured by’’; 
(III) by striking ‘‘; and’’ and in-
serting a period; and 
(IV) by striking subparagraph 
(B); and 
(ii) by amending paragraph (5) to 
read as follows: 
‘‘(5) COVERED PERIOD.—The term ‘covered pe-
riod’ has the meaning given the term in section 
4022(a)(3).’’. 
(8) RENTER
PROTECTIONS
DURING
FORBEAR-
ANCE PERIOD.—A borrower that receives a forbear-
ance pursuant to section 4022 or 4023 of the CARES 
Act (15 U.S.C. 9056, 9057) may not, for the duration 
of the forbearance— 
(A) evict or initiate the eviction of a tenant 
solely for nonpayment of rent or other fees or 
charges; or 
(B) charge any late fees, penalties, or other 
charges to a tenant for late payment of rent. 
(9) EXTENSION OF GSE PATCH.— 
(A) NON-APPLICABILITY OF EXISTING SUN-
SET.—Section 1026.43(e)(4)(iii)(B) of title 12,
1565 
Code of Federal Regulations, shall have no force 
or effect. 
(B) EXTENDED SUNSET.—The special rules 
in section 1026.43(e)(4) of title 12, Code of Fed-
eral Regulations, shall apply to covered trans-
actions consummated prior to June 1, 2022, or 
such later date as the Director of the Bureau of 
Consumer Financial Protection may determine, 
by rule. 
(10) SERVICER SAFE HARBOR FROM INVESTOR 
LIABILITY.— 
(A) SAFE HARBOR.— 
(i) IN GENERAL.—A servicer of covered 
mortgage loans or multifamily mortgage 
loans— 
(I) shall be deemed not to have 
violated any duty or contractual obli-
gation owed to investors or other par-
ties regarding those mortgage loans on 
account of offering or implementing in 
good faith forbearance during the cov-
ered period or offering or imple-
menting in good faith post-forbearance 
loss mitigation (including after the ex-
piration of the covered period) in ac-
1566 
cordance with the terms of sections 
4022 and 4023 of the CARES Act (15 
U.S.C. 9056, 9057) to borrowers, re-
spectively, on covered mortgage loans 
or multifamily mortgage loans that the 
servicer services; and 
(II) shall not be liable to any 
party who is owed such a duty or obli-
gation or subject to any injunction, 
stay, or other equitable relief to such 
party on account of such offer or im-
plementation of forbearance or post- 
forbearance loss mitigation. 
(ii) OTHER
PERSONS.—Any person, 
including a trustee of a securitization vehi-
cle 
or 
other 
party 
involved 
in 
a 
securitization or other investment vehicle, 
who in good faith cooperates with a servicer 
of covered mortgage loans or multifamily 
mortgage loans held by that securitization 
or investment vehicle to comply with the 
terms of section 4022 and 4023 of the 
CARES Act (15 U.S.C. 9056, 9057), respec-
tively, to borrowers on covered or multi-
family mortgage loans owned by the
1567 
securitization or other investment vehicle 
shall not be liable to any party who is owed 
such a duty or obligation or subject to any 
injunction, stay, or other equitable relief to 
such party on account of the cooperation of 
the servicer with an offer or implementation 
of forbearance during the covered period or 
post-forbearance loss mitigation, including 
after the expiration of the covered period. 
(B) STANDARD INDUSTRY PRACTICE.—Dur-
ing the covered period, notwithstanding any con-
tractual restrictions, it is deemed to be standard 
industry practice for a servicer to offer forbear-
ance (or in the case of a reverse mortgage, an ex-
tension of the due and payable period) or loss 
mitigation options in accordance with the terms 
of sections 4022 and 4023 of the CARES Act (15 
U.S.C. 9056, 9057) to borrowers, respectively, on 
all covered mortgage loans or multifamily mort-
gage loans serviced by the servicer. 
(C) RULE OF CONSTRUCTION.—Nothing in 
this paragraph may be construed as affecting the 
liability of a servicer or other person for actual 
fraud in the servicing of a mortgage loan or for 
the violation of a State or Federal law.
1568 
(D) DEFINITIONS.—In this paragraph: 
(i) COVERED
MORTGAGE
LOAN.—The 
term ‘‘covered mortgage loan’’ has the 
meaning given the term in section 4022(a) 
of the CARES Act (15 U.S.C. 9056(a)). 
(ii) 
COVERED
PERIOD.—The 
term 
‘‘covered period’’ has the meaning given the 
term in section 4023(g) of the CARES Act 
(15 U.S.C. 9057(g)). 
(iii) MULTIFAMILY MORTGAGE LOAN.— 
The term ‘‘multifamily mortgage loan’’ has 
the meaning given the term in section 
4023(g) of the CARES Act (15 U.S.C. 
9057(g)). 
(iv) 
SERVICER.—The 
term 
‘‘servicer’’— 
(I) has the meaning given the 
term in section 6(i) of the Real Estate 
Settlement Procedures Act of 1974 (12 
U.S.C. 2605(i)); and 
(II) means a master servicer and 
a subservicer, as those terms are de-
fined in section 1024.31 of title 12, 
Code of Federal Regulations.
1569 
(v) SECURITIZATION
VEHICLE.—The 
term ‘‘securitization vehicle’’ has the mean-
ing given that term in section 129A(f) of the 
Truth in Lending Act (15 U.S.C. 1639a(f)). 
(c) AMENDMENTS TO NATIONAL HOUSING ACT.—Sec-
tion 306(g)(1) of the National Housing Act (12 U.S.C. 
1721(g)(1)) is amended— 
(1) in the fifth sentence, by inserting after 
‘‘issued’’ the following: ‘‘, subject to any pledge or 
grant of security interest of the Federal Reserve under 
section 4003(b)(4) of the CARES Act (15 U.S.C. 
9042(b)(4))) related to any such mortgage or mort-
gages or any interest therein and the proceeds thereon, 
which the Association may elect to approve’’; and 
(2) in the sixth sentence— 
(A) by striking ‘‘or (C)’’ and inserting 
‘‘(C)’’; and 
(B) by inserting before the period the fol-
lowing: ‘‘, or (D) its approval and honoring of 
any pledge or grant of security interest of the 
Federal Reserve under section 4003(b)(4) of the 
CARES Act (15 U.S.C. 9042(b)(4)) related to 
any such mortgage or mortgages or any interest 
therein and proceeds thereon’’.
1570 
SEC. 204. PROMOTING ACCESS TO CREDIT FOR HOME-
BUYERS. 
(a) FANNIE MAE AND FREDDIE MAC.— 
(1) PURCHASE REQUIREMENTS.—During the pe-
riod that begins 5 days after the date of the enactment 
of this Act and ends 60 days after the expiration of 
the covered period with respect to the mortgage, not-
withstanding any other provision of law, an enter-
prise may not refuse to purchase any single-family 
mortgage originated on or after February 1, 2020, 
that otherwise would have been eligible for purchase 
by such enterprise, solely due to the fact that the bor-
rower has, for the borrower’s previous mortgage or on 
the mortgage being purchased— 
(A) entered into forbearance as a result of 
a financial hardship due, directly or indirectly, 
to the COVID–19 emergency; 
(B) requested forbearance as a result of a fi-
nancial hardship due, directly or indirectly, to 
the COVID–19 emergency; or 
(C) inquired as to options related to for-
bearance as a result of a financial hardship due, 
directly or indirectly, to the COVID–19 emer-
gency. 
(2) PROHIBITION ON RESTRICTIONS.—With re-
spect to purchase of single-family mortgages described
1571 
in paragraph (1) and specified in any of subpara-
graphs (A) through (C) of such paragraph, an enter-
prise may not— 
(A) establish additional restrictions that are 
not applicable to similarly situated mortgages 
under which the borrower is not in forbearance; 
(B) charge a higher guarantee fee (within 
the meaning provided such term in section 1327 
of the Housing and Community Development Act 
of 1992 (12 U.S.C. 4547)), or loan level pricing 
adjustment, or otherwise alter pricing for such 
mortgages, relative to similarly situated mort-
gages under which the borrower is not in forbear-
ance; 
(C) apply repurchase requirements to such 
mortgages that are more restrictive than repur-
chase requirements applicable to similarly situ-
ated mortgages under which the borrower is not 
in forbearance; or 
(D) require lender indemnification of such 
mortgages, solely due to the fact that the bor-
rower is in forbearance. 
(3) FRAUD
DETECTION.—This subsection may 
not be construed to prevent an enterprise from con-
ducting oversight and review of single-family mort-
1572 
gages purchased when a borrower is in forbearance on 
the borrower’s previous mortgage, or on the mortgage 
being purchased, for purposes of detecting fraud. An 
enterprise shall report any fraud detected to the Di-
rector of the Federal Housing Finance Agency. 
(4) ENTERPRISE CAPITAL.—During the period 
that begins 5 days after the date of the enactment of 
this Act and ends 60 days after the expiration of the 
covered period with respect to a mortgage, notwith-
standing any other provision of law, a forbearance on 
such mortgage shall not be considered to be a delin-
quency under such mortgage for purposes of calcu-
lating capital of an enterprise for any purpose under 
title XIII of the Housing and Community Develop-
ment Act of 1992 (12 U.S.C. 4501 et seq.). 
(5) RULES OF CONSTRUCTION.— 
(A) PURCHASE
PARAMETERS.—This sub-
section may not be construed to require an enter-
prise to purchase single-family mortgages that do 
not meet existing or amended purchase param-
eters, other than parameters related to borrower 
forbearance, established by such enterprise. 
(B) 
EMPLOYMENT; 
INCOME.—This 
sub-
section may not be construed to prevent an en-
terprise from establishing additional require-
1573 
ments to ensure that a borrower has not lost 
their job or income prior to a mortgage closing. 
(6) IMPLEMENTATION.—The Director may issue 
any guidance, orders, and regulations necessary to 
carry out this subsection. 
(b) FHA.— 
(1) PROHIBITION
ON
RESTRICTIONS.—During 
the period that begins 5 days after the date of the en-
actment of this Act and ends 60 days after the expira-
tion of the covered period with respect to the mort-
gage, notwithstanding any other provision of law, the 
Secretary of Housing and Urban Development may 
not deny the provision of mortgage insurance for a 
single-family mortgage originated on or after Feb-
ruary 1, 2020, may not implement additional pre-
miums or otherwise alter pricing for such a mortgage, 
may not require mortgagee indemnification, and may 
not establish additional restrictions on such a mort-
gagor, solely due to the fact that the borrower has— 
(A) entered into forbearance as a result of 
a financial hardship due, directly or indirectly, 
to the COVID–19 emergency; 
(B) requested forbearance as a result of a fi-
nancial hardship due, directly or indirectly, to 
the COVID–19 emergency; or
1574 
(C) inquired as to options related to for-
bearance as a result of a financial hardship due, 
directly or indirectly, to the COVID–19 emer-
gency. 
(2) RULES OF CONSTRUCTION.— 
(A) INSURANCE.—This subsection may not 
be construed to require the Secretary of Housing 
and Urban Development to provide insurance on 
single-family mortgages that do not meet existing 
or amended insurance parameters, other than 
parameters related to borrower forbearance, es-
tablished by the Secretary. 
(B) 
EMPLOYMENT; 
INCOME.—This 
sub-
section may not be construed to prevent the Sec-
retary of Housing and Urban Development from 
establishing additional requirements regarding 
insurance on single-family mortgages to ensure 
that a borrower has not lost their job or income 
prior to a mortgage closing. 
(c) REPORTING REQUIREMENTS.— 
(1) FHFA ACTIONS.—During the COVID–19 
emergency, the Director may not increase guarantee 
fees, loan level pricing adjustments, or any other fees 
or implement any restrictions on access to credit un-
less the Director provides 48-hour advance notice of
1575 
such increase or restrictions to the Committee on Fi-
nancial Services of the House of Representatives and 
the Committee on Banking, Housing, and Urban Af-
fairs of the Senate together with a detailed report of 
the policy rationale for the decision, including any 
and all data considered in making such decision. 
(2) QUARTERLY REPORTS BY ENTERPRISES AND 
FHA.— 
(A) REQUIREMENT.—Each enterprise and 
the Secretary of Housing and Urban Develop-
ment, with respect to the FHA mortgage insur-
ance programs, shall provide reports to the Con-
gress, and make such reports publicly available, 
not less frequently than quarterly regarding the 
impact of COVID–19 pandemic on the such en-
terprises’ and program’s ability to meet their 
charter requirements, civil rights responsibilities, 
mandates under the CARES Act (Public Law 
116–136), and other laws enacted in response to 
the COVID–19 pandemic, and other require-
ments under law. The first such report shall be 
submitted not later than the expiration of the 3- 
month period beginning upon the date of the en-
actment of this Act and the requirement under 
this subparagraph to submit such reports shall
1576 
terminate upon the expiration of the 2-year pe-
riod beginning upon the termination of the 
COVID–19 emergency. 
(B) CONTENT.—Each report required under 
subparagraph (A) shall include the following in-
formation for the most recent quarter for which 
data is available: 
(i) ENTERPRISES.—For each report re-
quired by an enterprise: 
(I) The number of single-family 
and multi-family residential mortgage 
loans purchased by the enterprise and 
the unpaid principal balance of such 
mortgage 
loans 
purchased, 
disaggregated by— 
(aa) mortgage loans made to 
low- and moderate-income bor-
rowers; 
(bb) mortgage loans made for 
properties in low- and moderate- 
income census tracts; and 
(cc) mortgage loans made for 
properties in central cities, rural 
areas, and underserved areas.
1577 
(II) In the single-family residen-
tial mortgage market— 
(aa) the total number, un-
paid 
principal 
balance, 
and 
length of forbearances provided to 
borrowers, including whether or 
not the forbearance was requested 
by the borrower; 
(bb) a detailed breakdown of 
the loan modifications offered to 
borrowers and whether the bor-
rowers accepted the offer including 
the total number and unpaid 
principal balance of loan modi-
fications ultimately made to bor-
rowers; 
(cc) a detailed breakdown of 
the home retention options offered 
to borrowers and whether the bor-
rowers accepted the offer, includ-
ing the total number and unpaid 
principal balance of other home 
retention options ultimately made 
to borrowers; and
1578 
(dd) the total number of out-
comes that included short-sales, 
deed-in-lieu of foreclosure, and 
foreclosure sales. 
(III) A description of any efforts 
by the enterprise to provide assistance 
and support to consumers who are not 
proficient in English. 
(IV) A description of any other ef-
forts by the enterprise to provide as-
sistance to low- and moderate-income 
communities, 
central 
cities, 
rural 
areas, and other underserved areas, 
such as financial literacy and edu-
cation or support of fair housing and 
housing counseling agencies. 
(V) A description of any other as-
sistance provided by the enterprise to 
consumers in response to the COVID– 
19 pandemic. 
(ii) FHA.—For each report required 
with respect to the FHA mortgage insurance 
programs: 
(I) The number and unpaid prin-
cipal balance for all residential mort-
1579 
gage loans, disaggregated by type, in-
sured under such programs. 
(II) The total number, unpaid 
principal 
balance, 
and 
length 
of 
forbearances provided to borrowers, in-
cluding whether or not the forbearance 
was requested by the borrower. 
(III) A detailed breakdown of the 
loan modifications offered to borrowers 
and whether the borrowers accepted the 
offer including the total number and 
unpaid principal balance of loan 
modifications ultimately made to bor-
rowers. 
(IV) A detailed breakdown of the 
home retention options offered to bor-
rowers and whether the borrowers ac-
cepted the offer including the total 
number and unpaid principal balance 
of other home retention options ulti-
mately made to borrowers. 
(V) A description of any efforts 
under such programs to provide assist-
ance and support to consumers who 
are not proficient in English.
1580 
(VI) A description of any other ef-
forts under such programs to provide 
assistance to low- and moderate-income 
communities, 
central 
cities, 
rural 
areas, and other underserved areas, 
such as financial literacy and edu-
cation or support of fair housing and 
housing counseling agencies. 
(VII) A description of any other 
assistance provided under such pro-
grams to consumers in response to the 
COVID–19 pandemic. 
(iii) PROVISIONS TO BE INCLUDED IN 
ALL REPORTS.—Each report required under 
subparagraph (A) shall include, to the de-
gree reasonably possible, the following infor-
mation: 
(I) An analysis of all loan level 
data required by clauses (i) and (ii) of 
this subparagraph disaggregated by 
race, national origin, gender, disability 
status, whether or not the borrower 
seeking or obtaining assistance speaks 
English as a second language, the pre-
ferred language of the borrower, debt-
1581 
to-income level of the borrower, loan-to- 
value ratio of the loan, and credit score 
of the borrower. 
(II) A geographical analysis at 
the census tract level, but if informa-
tion is not available at the census tract 
level for any of the items required by 
clauses (i) and (ii), the geographical 
analysis shall be provided at the zip 
code level for the item for which a cen-
sus tract analysis was not possible. 
(III) A description of any policy 
changes made by the enterprise or Sec-
retary of Housing and Urban Develop-
ment, as appropriate, in response to 
the COVID–19 pandemic and analysis 
of actions taken to ensure that such 
policy changes were in compliance 
with all relevant civil rights respon-
sibilities, including the Fair Housing 
Act, including the Affirmatively Fur-
thering Fair Housing provision, the 
Equal Credit Opportunity Act, the 
Community Reinvestment Act of 1977, 
the Federal Housing Enterprises Fi-
1582 
nancial Safety and Soundness Act of 
1992, the Housing and Economic Re-
covery Act of 2008, Federal Home 
Loan Bank Act, Executive Orders 
11063 and 12892, the Federal National 
Mortgage Association Charter Act, and 
the Federal Home Loan Mortgage Cor-
poration Act. 
(3) REPORT BY GAO.—Not later than the expira-
tion of the 120-day period that begins upon the termi-
nation of the COVID–19 emergency, the Comptroller 
General of the United States shall submit to the Con-
gress and make public available a report on— 
(A) the extent to which the enterprises and 
the FHA mortgage insurance programs provided 
loan products, forbearances, loan modifications, 
and COVID–19-related assistance to consumers; 
(B) the availability and type of any such 
assistance provided post-forbearance; and 
(C) the overall ability of the enterprises and 
the FHA mortgage insurance programs to suc-
cessfully meet their charter requirements, civil 
rights responsibilities, and other requirements 
under law.
1583 
(d) DEFINITIONS.—For purposes of this Act, the fol-
lowing definitions shall apply: 
(1) COVERED PERIOD.—The term ‘‘covered pe-
riod’’ means, with respect to a federally backed mort-
gage loan, the period of time during which the bor-
rower under such loan may request forbearance on the 
loan under section 4022(b) of the CARES Act (15 
U.S.C. 9056; Public Law 116–136; 134 Stat. 490). 
(2) 
COVID-19 
EMERGENCY.—The 
term 
‘‘COVID–19 emergency’’ has the meaning given such 
term in section 4022 of the CARES Act (15 U.S.C. 
9056; Public Law 116–136; 134 Stat. 490). 
(3) DIRECTOR.—The term ‘‘Director’’ means the 
Director of the Federal Housing Finance Agency. 
(4) ENTERPRISE.—The term ‘‘enterprise’’ has the 
meaning given such term in section 1303 of the Hous-
ing and Community Development Act of 1992 (12 
U.S.C. 4502). 
SEC. 205. LIQUIDITY FOR MORTGAGE SERVICERS AND RESI-
DENTIAL RENTAL PROPERTY OWNERS. 
(a) IN GENERAL.—Section 4003 of the CARES Act (15 
U.S.C. 9042), is amended by adding at the end the fol-
lowing: 
‘‘(i) 
LIQUIDITY
FOR
MORTGAGE 
SERVICERS.—
1584 
‘‘(1) IN GENERAL.—Subject to paragraph (2), the 
Secretary shall ensure that servicers of covered mort-
gage loans (as defined under section 4022) and multi-
family mortgage loans (as defined under section 
4023) are provided the opportunity to participate in 
the loans, loan guarantees, or other investments made 
by the Secretary under this section. The Secretary 
shall ensure that servicers are provided with access to 
such opportunities under equitable terms and condi-
tions regardless of their size. 
‘‘(2) MORTGAGE
SERVICER
ELIGIBILITY.—In 
order to receive assistance under subsection (b)(4), a 
mortgage servicer shall— 
‘‘(A) demonstrate that the mortgage servicer 
has established policies and procedures to use 
such funds only to replace funds used for bor-
rower assistance, including to advance funds as 
a result of forbearance or other loss mitigation 
provided to borrowers; 
‘‘(B) demonstrate that the mortgage servicer 
has established policies and procedures to pro-
vide forbearance, post-forbearance loss mitiga-
tion, and other assistance to borrowers in com-
pliance with the terms of section 4022 or 4023, 
as applicable;
1585 
‘‘(C) demonstrate that the mortgage servicer 
has established policies and procedures to ensure 
that forbearance and post-forbearance assistance 
is available to all borrowers in a non-discrimi-
natory fashion and in compliance with the Fair 
Housing Act, the Equal Credit Opportunity Act, 
and other applicable fair housing and fair lend-
ing laws; and 
‘‘(D) comply with the limitations on com-
pensation set forth in section 4004. 
‘‘(3) MORTGAGE SERVICER REQUIREMENTS.—A 
mortgage servicer receiving assistance under sub-
section (b)(4) may not, while the servicer is under 
any obligation to repay funds provided or guaranteed 
under this section— 
‘‘(A) pay dividends with respect to the com-
mon stock of the mortgage servicer or purchase 
an equity security of the mortgage servicer or 
any parent company of the mortgage servicer if 
the security is listed on a national securities ex-
change, except to the extent required under a 
contractual obligation that is in effect on the 
date of enactment of this subsection; or 
‘‘(B) prepay any debt obligation.’’.
1586 
(b) CREDIT FACILITY
FOR RESIDENTIAL RENTAL 
PROPERTY OWNERS.— 
(1) IN GENERAL.—The Board of Governors of the 
Federal Reserve System shall— 
(A) establish a facility, using amounts 
made available under section 4003(b)(4) of the 
CARES Act (15 U.S.C. 9042(b)(4)), to make 
long-term, low-cost loans to residential rental 
property owners as to temporarily compensate 
such owners for documented financial losses 
caused by reductions in rent payments; and 
(B) defer such owners’ required payments 
on such loans until after six months after the 
date of enactment of this Act. 
(2) REQUIREMENTS.—A borrower that receives a 
loan under this subsection may not, for the duration 
of the loan— 
(A) evict or initiate the eviction of a tenant 
solely for nonpayment of rent or other fees or 
charges; 
(B) charge any late fees, penalties, or other 
charges to a tenant for late payment of rent; and 
(C) with respect to a person or entity de-
scribed under paragraph (4), discriminate on the 
basis of source of income.
1587 
(3) REPORT ON RESIDENTIAL RENTAL PROPERTY 
OWNERS.—The Board of Governors shall issue reports 
to the Congress on a monthly basis containing the fol-
lowing, with respect to each property owner receiving 
a loan under this subsection: 
(A) The number of borrowers that received 
assistance under this subsection. 
(B) The average total loan amount that 
each borrower received. 
(C) The total number of rental units that 
each borrower owned. 
(D) The average rent charged by each bor-
rower. 
(4) REPORT
ON
LARGE
RESIDENTIAL
RENTAL 
PROPERTY OWNERS.—The Board of Governors shall 
issue reports to the Congress on a monthly basis that 
identify any person or entity that in aggregate owns 
or holds a controlling interest in any entity that, in 
aggregate, owns— 
(A) more than 100 rental units that are lo-
cated within in a single Metropolitan Statistical 
Area; 
(B) more than 1,000 rental units nation-
wide; or 
(C) rental units in three or more States.
1588 
(c) AMENDMENTS TO NATIONAL HOUSING ACT.—Sec-
tion 306(g)(1) of the National Housing Act (12 U.S.C. 
1721(a)) is amended— 
(1) in the fifth sentence, by inserting after 
‘‘issued’’ the following: ‘‘, subject to any pledge or 
grant of security interest of the Federal Reserve under 
section 4003(a) of the CARES Act (Public Law 116– 
136; 134 Stat. 470; 15 U.S.C. 9042(a)) and to any 
such mortgage or mortgages or any interest therein 
and the proceeds thereon, which the Association may 
elect to approve’’; and 
(2) in the sixth sentence— 
(A) by striking ‘‘or (C)’’ and inserting 
‘‘(C)’’; and 
(B) by inserting before the period the fol-
lowing: ‘‘, or (D) its approval and honoring of 
any pledge or grant of security interest of the 
Federal Reserve under section 4003(a) of the 
CARES Act and to any such mortgage or mort-
gages or any interest therein and proceeds there-
on as’’.
1589 
SEC. 206. SUPPLEMENTAL FUNDING FOR SUPPORTIVE 
HOUSING FOR THE ELDERLY AND PERSONS 
WITH DISABILITIES. 
(a) AUTHORIZATION OF APPROPRIATIONS.—There is 
authorized to be appropriated $500,000,000 for fiscal year 
2021 for additional assistance for supportive housing for 
the elderly, of which— 
(1) $200,000,000 shall be for rental assistance 
under section 202 of the Housing Act of 1959 (12 
U.S.C. 1701q) or section 8 of the United States Hous-
ing Act of 1937 (42 U.S.C. 1437f), as appropriate, 
and for hiring additional staff and for services and 
costs, including acquiring personal protective equip-
ment, to prevent, prepare for, or respond to the public 
health emergency relating to Coronavirus Disease 
2019 (COVID–19) pandemic; and 
(2) $300,000,000 shall be for grants under sec-
tion 676 of the Housing and Community Develop-
ment Act of 1992 (42 U.S.C. 13632) for costs of pro-
viding service coordinators for purposes of coordi-
nating services to prevent, prepare for, or respond to 
the public health emergency relating to Coronavirus 
Disease 2019 (COVID–19). 
Any provisions of, and waivers and alternative require-
ments issued by the Secretary pursuant to, the heading ‘‘De-
partment of Housing and Urban Development—Housing
1590 
Programs—Housing for the Elderly’’ in title XII of divi-
sion B of the CARES Act (Public Law 116–136) shall 
apply with respect to amounts made available pursuant to 
this subsection. 
(b) ELIGIBILITY OF SUPPORTIVE HOUSING FOR PER-
SONS WITH DISABILITIES.—Subsection (a) of section 676 
of the Housing and Community Development Act of 1992 
(42 U.S.C. 13632(a)) shall be applied, for purposes of sub-
section (a) of this section, by substituting ‘‘(G), and (H)’’ 
for ‘‘ and (G)’’. 
(c) SERVICE COORDINATORS.— 
(1) HIRING.—In the hiring of staff using 
amounts made available pursuant to this section for 
costs of providing service coordinators, grantees shall 
consider and hire, at all levels of employment and to 
the greatest extent possible, a diverse staff, including 
by race, ethnicity, gender, and disability status. Each 
grantee shall submit a report to the Secretary of 
Housing and Urban Development describing compli-
ance with the preceding sentence not later than the 
expiration of the 120-day period that begins upon the 
termination of the emergency declared on March 13, 
2020, by the President under the Robert T. Stafford 
Disaster Relief and Emergency Assistance Act (42
1591 
U.S.C. 4121 et seq.) relating to the Coronavirus Dis-
ease 2019 (COVID–19) pandemic. 
(2) ONE-TIME
GRANTS.—Grants made using 
amounts made available pursuant to subsection (a) 
for costs of providing service coordinators shall not be 
renewable. 
(3) ONE-YEAR
AVAILABILITY.—Any amounts 
made available pursuant to this section for costs of 
providing service coordinators that are allocated for a 
grantee and remain unexpended upon the expiration 
of the 12-month period beginning upon such alloca-
tion shall be recaptured by the Secretary. 
SEC. 207. FAIR HOUSING. 
(a) DEFINITION OF COVID–19 EMERGENCY PERIOD.— 
For purposes of this Act, the term ‘‘COVID–19 emergency 
period’’ means the period that begins upon the date of the 
enactment of this Act and ends upon the date of the termi-
nation by the Federal Emergency Management Agency of 
the emergency declared on March 13, 2020, by the President 
under the Robert T. Stafford Disaster Relief and Emer-
gency Assistance Act (42 U.S.C. 4121 et seq.) relating to 
the Coronavirus Disease 2019 (COVID–19) pandemic. 
(b) FAIR HOUSING ACTIVITIES.— 
(1) AUTHORIZATION
OF
APPROPRIATIONS.—To 
ensure existing grantees have sufficient resource for
1592 
fair housing activities and for technology and equip-
ment needs to deliver services through use of the Inter-
net or other electronic or virtual means in response 
to the public health emergency related to the 
Coronavirus Disease 2019 (COVID–19) pandemic, 
there is authorized to be appropriated $4,000,000 for 
Fair Housing Organization Initiative grants through 
the Fair Housing Initiatives Program under section 
561 of the Housing and Community Development Act 
of 1987 (42 U.S.C. 3616a). 
(2) 3-YEAR AVAILABILITY.—Any amounts made 
available pursuant paragraph (1) that are allocated 
for a grantee and remain unexpended upon the expi-
ration of the 3-year period beginning upon such allo-
cation shall be recaptured by the Secretary. 
(c) FAIR HOUSING EDUCATION.—There is authorized 
to be appropriated $10,000,000 for the Office of Fair Hous-
ing and Equal Opportunity of the Department of Housing 
and Urban Development to carry out a national media 
campaign and local education and outreach to educate the 
public of increased housing rights during COVID–19 emer-
gency period, that provides that information and materials 
used in such campaign are available— 
(1) in the languages used by communities with 
limited English proficiency; and
1593 
(2) to persons with disabilities. 
TITLE III—PROTECTING PEOPLE 
EXPERIENCING HOMELESSNESS 
SEC. 301. HOMELESS ASSISTANCE FUNDING. 
(a) EMERGENCY HOMELESS ASSISTANCE.— 
(1) AUTHORIZATION
OF
APPROPRIATIONS.— 
There is authorized to be appropriated under the 
Emergency Solutions Grants program under subtitle 
B of title IV of the McKinney-Vento Homeless Assist-
ance Act (42 U.S.C. 11371 et seq.) $5,000,000,000 for 
grants under such subtitle in accordance with this 
subsection to respond to needs arising from the public 
health emergency relating to Coronavirus Disease 
2019 (COVID–19). 
(2) FORMULA.—Notwithstanding sections 413 
and 414 of the McKinney-Vento Homeless Assistance 
Act (42 U.S.C. 11372, 11373), the Secretary of Hous-
ing and Urban Development (in this Act referred to 
as the ‘‘Secretary’’) shall allocate any amounts re-
maining after amounts are allocated pursuant to 
paragraph (1) in accordance with a formula to be es-
tablished by the Secretary that takes into consider-
ation the following factors: 
(A) Risk of transmission of coronavirus in 
a jurisdiction.
1594 
(B) Whether a jurisdiction has a high num-
ber or rate of sheltered and unsheltered homeless 
individuals and families. 
(C) Economic and housing market condi-
tions in a jurisdiction. 
(3) ELIGIBLE ACTIVITIES.—In addition to eligi-
ble activities under section 415(a) of the McKinney- 
Vento Homeless Assistance Act (42 U.S.C. 11374(a), 
amounts made available pursuant to paragraph (1) 
may also be used for costs of the following activities: 
(A) Providing training on infectious disease 
prevention and mitigation. 
(B) Providing hazard pay, including for 
time worked before the effectiveness of this sub-
paragraph, for staff working directly to prevent 
and mitigate the spread of coronavirus or 
COVID–19 among people experiencing or at risk 
of homelessness. 
(C) Reimbursement of costs for eligible ac-
tivities (including activities described in this 
paragraph) relating to preventing, preparing for, 
or responding to the coronavirus or COVID–19 
that were accrued before the date of the enact-
ment of this Act.
1595 
(D) 
Notwithstanding 
C.F.R. 
576.102(a)(3), providing a hotel or motel voucher 
for a homeless individual or family. 
Use of such amounts for activities described in this 
paragraph shall not be considered use for administra-
tive purposes for purposes of section 418 of the 
McKinney-Vento Homeless Assistance Act (42 U.S.C. 
11377). 
(4) INAPPLICABILITY OF PROCUREMENT STAND-
ARDS.—To the extent amounts made available pursu-
ant to paragraph (1) are used to procure goods and 
services relating to activities to prevent, prepare for, 
or respond to the coronavirus or COVID–19, the 
standards and requirements regarding procurement 
that are otherwise applicable shall not apply. 
(5) INAPPLICABILITY OF HABITABILITY AND EN-
VIRONMENTAL
REVIEW
STANDARDS.—Any Federal 
standards and requirements regarding habitability 
and environmental review shall not apply with re-
spect to any emergency shelter that is assisted with 
amounts made available pursuant to paragraph (1) 
and has been determined by a State or local health 
official, in accordance with such requirements as the 
Secretary shall establish, to be necessary to prevent
1596 
and mitigate the spread of coronavirus or COVID–19, 
such shelters. 
(6) INAPPLICABILITY
OF
CAP
ON
EMERGENCY 
SHELTER ACTIVITIES.—Subsection (b) of section 415 
of the McKinney-Vento Homeless Assistance Act (42 
U.S.C. 11374) shall not apply to any amounts made 
available pursuant to paragraph (1) of this sub-
section. 
(7) INITIAL ALLOCATION OF ASSISTANCE.—Sec-
tion 417(b) of the McKinney-Vento Homeless Assist-
ance Act (42 U.S.C. 11376(b)) shall be applied with 
respect to amounts made available pursuant to para-
graph (1) of this subsection by substituting ‘‘30-day’’ 
for ‘‘60-day’’. 
(8) 
WAIVERS
AND
ALTERNATIVE
REQUIRE-
MENTS.— 
(A) 
AUTHORITY.—In 
administering 
amounts made available pursuant to paragraph 
(1), the Secretary may waive, or specify alter-
native requirements for, any provision of any 
statute or regulation (except for any require-
ments related to fair housing, nondiscrimination, 
labor standards, and the environment) that the 
Secretary administers in connection with the ob-
ligation or use by the recipient of such amounts,
1597 
if the Secretary finds that good cause exists for 
the waiver or alternative requirement and such 
waiver or alternative requirement is consistent 
with the purposes described in this subsection. 
(B) NOTIFICATION.—The Secretary shall 
notify the public through the Federal Register or 
other appropriate means 5 days before the effec-
tive date of any such waiver or alternative re-
quirement, and any such public notice may be 
provided on the Internet at the appropriate Gov-
ernment web site or through other electronic 
media, as determined by the Secretary. 
(C) EXEMPTION.—The use of amounts made 
available pursuant to paragraph (1) shall not be 
subject to the consultation, citizen participation, 
or match requirements that otherwise apply to 
the Emergency Solutions Grants program, except 
that a recipient shall publish how it has and will 
utilize its allocation at a minimum on the Inter-
net at the appropriate Government web site or 
through other electronic media. 
(9) INAPPLICABILITY
OF
MATCHING
REQUIRE-
MENT.—Subsection (a) of section 416 of the McKin-
ney-Vento Homeless Assistance Act (42 U.S.C. 
11375(a)) shall not apply to any amounts made
1598 
available pursuant to paragraph (1) of this sub-
section. 
(10) PROHIBITION ON PREREQUISITES.—None of 
the funds authorized under this subsection may be 
used to require people experiencing homelessness to re-
ceive treatment or perform any other prerequisite ac-
tivities as a condition for receiving shelter, housing, 
or other services. 
(b) RENEWAL OF CONTINUUM OF CARE PROJECTS.— 
(1) IN GENERAL.—In allocating and awarding 
amounts provided for the Continuum of Care pro-
gram under subtitle C of title IV of the McKinney- 
Vento Homeless Assistance Act (42 U.S.C. 11381 et 
seq.), the Secretary of Housing and Urban Develop-
ment shall renew for one 12-month period, without 
additional competition, all projects with existing 
grants expiring during calendar year 2021, including 
shelter plus care projects expiring during calendar 
year 2021, notwithstanding any inconsistent provi-
sions in subtitle C of title IV of the McKinney-Vento 
Homeless Assistance Act or any other Act. 
(2) PLANNING
AND
UNIFIED
FUNDING
AGENCY 
AWARDS.—Continuum of Care planning and unified 
funding agency awards expiring in calendar year 
2021 may also be renewed and the continuum of care
1599 
may designate a new collaborative applicant to re-
ceive the award in accordance with the existing proc-
ess established by the Secretary of Housing and 
Urban Development. 
(3) NOTICE.—The Secretary of Housing and 
Urban Development shall publish a notice that identi-
fies and lists all projects and awards eligible for such 
noncompetitive renewal, prescribes the format and 
process by which the projects and awards from the list 
will be renewed, makes adjustments to the renewal 
amount based on changes to the fair market rent, and 
establishes a maximum amount for the renewal of 
planning and unified funding agency awards not-
withstanding the requirement that such maximum 
amount be established in a notice of funding avail-
ability. 
(4) 
YOUTH
HOMELESS
DEMONSTRATION 
PROJECTS
AND
DOMESTIC
VIOLENCE
BONUS 
PROJECTS.— Subsection (a) shall not apply to youth 
homeless demonstration projects and domestic violence 
bonus projects under the Continuum of Care program. 
(c) HOUSING TRUST FUND.—Notwithstanding any 
other provision of law, subparagraph (B) of section 
1338(c)(10) of the Housing and Community Development 
Act of 1992 (12 U.S.C. 4568(c)(10)(B)), and any regula-
1600 
tions implementing such subparagraph, shall not apply 
during the 12-month period beginning upon the date of the 
enactment of this Act. 
TITLE 
IV—SUSPENDING 
NEGA-
TIVE CREDIT REPORTING AND 
STRENGTHENING CONSUMER 
AND INVESTOR PROTECTIONS 
SEC. 401. REPORTING OF INFORMATION DURING MAJOR 
DISASTERS. 
(a) IN GENERAL.—The CARES Act (Public Law 116– 
136) is amended by striking section 4021 and inserting the 
following: 
‘‘SEC. 4021. REPORTING OF INFORMATION DURING MAJOR 
DISASTERS. 
‘‘(a) PURPOSE.—The purpose of this section, and the 
amendments made by this section, is to protect consumers’ 
credit from negative impacts as a result of financial hard-
ship due to the coronavirus disease (COVID–19) outbreak 
and future major disasters. 
‘‘(b) REPORTING OF INFORMATION DURING MAJOR 
DISASTERS.— 
‘‘(1) IN GENERAL.—The Fair Credit Reporting 
Act is amended by inserting after section 605B the 
following:
1601 
‘‘ ‘§ 605C. Reporting of information during major dis-
asters 
‘‘ ‘(a) DEFINITIONS.—In this section: 
‘‘ ‘(1) CONSUMER.—With respect to a covered pe-
riod, the term ‘‘consumer’’ shall only include a con-
sumer who is a resident of the affected area covered 
by the applicable disaster or emergency declaration. 
‘‘ ‘(2) COVERED MAJOR DISASTER PERIOD.—The 
term ‘‘covered major disaster period’’ means the pe-
riod— 
‘‘ ‘(A) beginning on the date on which a 
major disaster is declared by the President 
under— 
‘‘ ‘(i) section 401 of the Robert T. Staf-
ford Disaster Relief and Emergency Assist-
ance Act (42 U.S.C. 5170), under which as-
sistance is authorized under section 408 of 
such Act (42 U.S.C. 5174); or 
‘‘ ‘(ii) section 501 of such Act; and 
‘‘ ‘(B) ending on the date that is 120 days 
after the end of the incident period for such dis-
aster. 
‘‘ ‘(3) COVERED PERIOD.—The term ‘‘covered pe-
riod’’ means the COVID–19 emergency period or a 
covered major disaster period.
1602 
‘‘ ‘(4) COVID–19 
EMERGENCY
PERIOD.—The 
term ‘‘COVID–19 emergency period’’ means the pe-
riod beginning on March 13, 2020 (the date the Presi-
dent declared the emergency under section 501 of the 
Robert T. Stafford Disaster Relief and Emergency As-
sistance Act (42 U.S.C. 4121 et seq.) relating to the 
Coronavirus Disease 2019 (COVID–19) pandemic) 
and ending on the later of— 
‘‘ ‘(A) 120 days after the date of enactment 
of this section; or 
‘‘ ‘(B) 120 days after the end of the incident 
period for such emergency. 
‘‘ ‘(5) MAJOR DISASTER.—The term ‘‘major dis-
aster’’ means a major disaster declared by the Presi-
dent under— 
‘‘ ‘(A) section 401 of the Robert T. Stafford 
Disaster Relief and Emergency Assistance Act 
(42 U.S.C. 5170), under which assistance is au-
thorized under section 408 of such Act (42 
U.S.C. 5174); or 
‘‘ ‘(B) section 501 of such Act. 
‘‘ ‘(b) MORATORIUM ON FURNISHING ADVERSE INFOR-
MATION DURING COVERED PERIOD.—No person may fur-
nish any adverse item of information (except information 
related to a felony criminal conviction) relating to a con-
1603 
sumer that was the result of any action or inaction that 
occurred during a covered period. 
‘‘ ‘(c) INFORMATION EXCLUDED FROM CONSUMER RE-
PORTS.—In addition to the information described in section 
605(a), no consumer reporting agency may make any con-
sumer report containing an adverse item of information 
(except information related to a felony criminal conviction) 
relating to a consumer that was the result of any action 
or inaction that occurred during a covered period. 
‘‘ ‘(d) SUMMARY OF RIGHTS.—Not later than 60 days 
after the date of enactment of this section, the Director of 
the Bureau shall update the model summary of rights under 
section 609(c)(1) to include a description of the right of a 
consumer to— 
‘‘ ‘(1) request the deletion of adverse items of in-
formation under subsection (e); and 
‘‘ ‘(2) request a consumer report or score, without 
charge to the consumer, under subsection (f). 
‘‘ ‘(e) DELETION OF ADVERSE ITEMS OF INFORMATION 
RESULTING FROM THE CORONAVIRUS DISEASE (COVID– 
19) OUTBREAK AND MAJOR DISASTERS.— 
‘‘ ‘(1) REPORTING.— 
‘‘ ‘(A) IN GENERAL.—Not later than 60 days 
after the date of enactment of this subsection, the 
Director of the Bureau shall create a website for
1604 
consumers to report, under penalty of perjury, 
economic hardship as a result of the coronavirus 
disease (COVID–19) outbreak or a major dis-
aster for the purpose of providing credit report 
protections under this subsection. 
‘‘ ‘(B) DOCUMENTATION.—The Director of 
the Bureau shall— 
‘‘ ‘(i) not require any documentation 
from a consumer to substantiate the eco-
nomic hardship; and 
‘‘ ‘(ii) provide notice to the consumer 
that a report under subparagraph (A) is 
under penalty of perjury. 
‘‘ ‘(C) REPORTING
PERIOD.—A consumer 
may report economic hardship under subpara-
graph (A) during a covered period and for 60 
days thereafter. 
‘‘ ‘(2) DATABASE.—The Director of the Bureau 
shall establish and maintain a secure database that— 
‘‘ ‘(A) is accessible to each consumer report-
ing agency described in section 603(p) and na-
tionwide specialty consumer reporting agency for 
purposes of fulfilling their duties under para-
graph (3) to check and automatically delete any 
adverse item of information (except information
1605 
related to a felony criminal conviction) reported 
that occurred during a covered period with re-
spect to a consumer; and 
‘‘ ‘(B) contains the information reported 
under paragraph (1). 
‘‘ ‘(3) DELETION OF ADVERSE ITEMS OF INFOR-
MATION BY NATIONWIDE CONSUMER REPORTING AND 
NATIONWIDE SPECIALTY CONSUMER REPORTING AGEN-
CIES.— 
‘‘ ‘(A) IN GENERAL.—Each consumer report-
ing agency described in section 603(p) and each 
nationwide specialty consumer reporting agency 
shall, using the information contained in the 
database established under paragraph (2), delete 
from the file of each consumer named in the 
database each adverse item of information (ex-
cept information related to a felony criminal 
conviction) that was a result of an action or in-
action that occurred during a covered period or 
in the 270-day period following the end of a cov-
ered period. 
‘‘ ‘(B) TIMELINE.—Each consumer report-
ing agency described in section 603(p) and each 
nationwide specialty consumer reporting agency 
shall check the database at least weekly and de-
1606 
lete adverse items of information as soon as 
practicable after information that is reported 
under paragraph (1) appears in the database es-
tablished under paragraph (2). 
‘‘ ‘(4) REQUEST
FOR
DELETION
OF
ADVERSE 
ITEMS OF INFORMATION.— 
‘‘ ‘(A) IN GENERAL.—A consumer who has 
filed a report of economic hardship with the Bu-
reau may submit a request, without charge to the 
consumer, to a consumer reporting agency de-
scribed in section 603(p) or nationwide specialty 
consumer reporting agency to delete from the 
consumer’s file an adverse item of information 
(except information related to a felony criminal 
conviction) that was a result of an action or in-
action that occurred during a covered period or 
in the 270-day period following the end of a cov-
ered period. 
‘‘ ‘(B) TIMING.—A consumer may submit a 
request under subparagraph (A), not later than 
the end of the 270-day period described in that 
subparagraph. 
‘‘ ‘(C) REMOVAL AND NOTIFICATION.—Upon 
receiving a request under this paragraph to de-
lete an adverse item of information, a consumer
1607 
reporting agency described in section 603(p) or 
nationwide specialty consumer reporting agency 
shall— 
‘‘ ‘(i) delete the adverse item of infor-
mation (except information related to a fel-
ony criminal conviction) from the con-
sumer’s file; and 
‘‘ ‘(ii) notify the consumer and the fur-
nisher of the adverse item of information of 
the deletion. 
‘‘ ‘(f) FREE CREDIT REPORT AND SCORES.— 
‘‘ ‘(1) IN GENERAL.—During the period between 
the beginning of a covered period and ending 12- 
months after the end of the covered period, each con-
sumer reporting agency described under section 
603(p) and each nationwide specialty consumer re-
porting agency shall make all disclosures described 
under section 609 upon request by a consumer, by 
mail or online, without charge to the consumer and 
without limitation as to the number of requests. Such 
a consumer reporting agency shall also supply a con-
sumer, upon request and without charge, with a cred-
it score that— 
‘‘ ‘(A) is derived from a credit scoring model 
that is widely distributed to users by the con-
1608 
sumer reporting agency for the purpose of any 
extension of credit or other transaction des-
ignated by the consumer who is requesting the 
credit score; or 
‘‘ ‘(B) is widely distributed to lenders of 
common consumer loan products and predicts 
the future credit behavior of a consumer. 
‘‘ ‘(2) TIMING.—A file disclosure or credit score 
under paragraph (1) shall be provided to the con-
sumer not later than— 
‘‘ ‘(A) 7 days after the date on which the re-
quest is received if the request is made by mail; 
and 
‘‘ ‘(B) not later than 15 minutes if the re-
quest is made online. 
‘‘ ‘(3) ADDITIONAL REPORTS.—A file disclosure 
provided under paragraph (1) shall be in addition to 
any disclosure requested by the consumer under sec-
tion 612(a). 
‘‘ ‘(4) 
PROHIBITION.—A 
consumer 
reporting 
agency that receives a request under paragraph (1) 
may not request or require any documentation from 
the consumer that demonstrates that the consumer 
was impacted by the coronavirus disease (COVID–19) 
outbreak or a major disaster (except to verify that the
1609 
consumer is a resident of the affected area covered by 
the applicable disaster or emergency declaration) as a 
condition of receiving the file disclosure or score. 
‘‘ ‘(g) POSTING OF RIGHTS.—Not later than 30 days 
after the date of enactment of this section, each consumer 
reporting agency described under section 603(p) and each 
nationwide specialty consumer reporting agency shall 
prominently post and maintain a direct link on the home-
page of the public website of the consumer reporting agency 
information relating to the right of consumers to— 
‘‘ ‘(1) request the deletion of adverse items of in-
formation (except information related to a felony 
criminal conviction) under subsection (e); and 
‘‘ ‘(2) request consumer file disclosures and 
scores, without charge to the consumer, under sub-
section (f). 
‘‘ ‘(h) BAN ON REPORTING MEDICAL DEBT INFORMA-
TION RELATED TO COVID–19 OR A MAJOR DISASTER.— 
‘‘ ‘(1) FURNISHING BAN.—No person shall fur-
nish adverse information to a consumer reporting 
agency related to medical debt if such medical debt is 
with respect to medical expenses related to treatments 
arising from COVID–19 or a major disaster (whether 
or not the expenses were incurred during a covered 
period).
1610 
‘‘ ‘(2) CONSUMER
REPORT
BAN.—No consumer 
reporting agency may make a consumer report con-
taining adverse information related to medical debt if 
such medical debt is with respect to medical expenses 
related to treatments arising from COVID–19 or a 
major disaster (whether or not the expenses were in-
curred during a covered period). 
‘‘ ‘(i) CREDIT SCORING MODELS.—A person that cre-
ates and implements credit scoring models may not treat 
the absence, omission, or deletion of any information pursu-
ant to this section as a negative factor or negative value 
in credit scoring models created or implemented by such 
person.’. 
‘‘(2) TECHNICAL
AND
CONFORMING
AMEND-
MENT.—The table of contents for the Fair Credit Re-
porting Act is amended by inserting after the item re-
lating to section 605B the following: 
‘‘ ‘605C. Reporting of information during major disasters.’. 
‘‘SEC. 4021A. LIMITATIONS ON NEW CREDIT SCORING MOD-
ELS DURING THE COVID–19 EMERGENCY AND 
MAJOR DISASTERS. 
‘‘The Fair Credit Reporting Act (15 U.S.C. 1681 et 
seq.) is amended— 
‘‘(1) by adding at the end the following:
1611 
‘‘ ‘§ 630. Limitations on new credit scoring models dur-
ing the COVID–19 emergency and major 
disasters 
‘‘ ‘With respect to a person that creates and imple-
ments credit scoring models, such person may not, during 
a covered period (as defined under section 605C), create or 
implement a new credit scoring model (including a revision 
to an existing scoring model) if the new credit scoring model 
would identify a significant percentage of consumers as 
being less creditworthy when compared to the previous cred-
it scoring models created or implemented by such person.’; 
and 
‘‘(2) in the table of contents for such Act, by add-
ing at the end the following new item: 
‘‘ ‘630. Limitations on new credit scoring models during the COVID–19 emergency 
and major disasters.’. 
(b) CLERICAL AMENDMENT.—The table of contents in 
section 2 of the CARES Act is amended by striking the item 
relating to section 4021 and inserting the following: 
‘‘Sec. 4021. Reporting of information during major disasters. 
‘‘Sec. 4021A. Limitations on new credit scoring models during the COVID–19 
emergency and major disasters.’’. 
(c) CONFORMING AMENDMENT.—Subparagraph (F) of 
section 623(a)(1) of the Fair Credit Reporting Act (15 
U.S.C. 1681s–2(a)(1)) is hereby repealed.
1612 
SEC. 402. RESTRICTIONS ON COLLECTIONS OF CONSUMER 
DEBT DURING A NATIONAL DISASTER OR 
EMERGENCY. 
(a) IN GENERAL.—The Fair Debt Collection Practices 
Act (15 U.S.C. 1692 et seq.) is amended by inserting after 
section 812 (15 U.S.C. 1692j) the following: 
‘‘§ 812A. Restrictions on collections of consumer debt 
during a national disaster or emergency 
‘‘(a) DEFINITIONS.—In this section: 
‘‘(1) COVERED PERIOD.—The term ‘covered pe-
riod’ means the period beginning on the date of enact-
ment of this section and ending 120 days after the 
end of the incident period for the emergency declared 
on March 13, 2020, by the President under section 
501 of the Robert T. Stafford Disaster Relief and 
Emergency Assistance Act (42 U.S.C. 4121 et seq.) re-
lating to the Coronavirus Disease 2019 (COVID–19) 
pandemic. 
‘‘(2) CREDITOR.—The term ‘creditor’ means any 
person— 
‘‘(A) who offers or extends credit creating a 
debt or to whom a debt is owed; or 
‘‘(B) to whom any obligation for payment 
is owed. 
‘‘(3) DEBT.—The term ‘debt’—
1613 
‘‘(A) means any obligation or alleged obli-
gation that is or during the covered period be-
comes past due, other than an obligation arising 
out of a credit agreement entered into after the 
effective date of this section, that arises out of a 
transaction with a consumer; and 
‘‘(B) does not include a mortgage loan. 
‘‘(4) DEBT
COLLECTOR.—The term ‘debt col-
lector’ means a creditor and any other person or enti-
ty that engages in the collection of debt, including the 
Federal Government and a State government, irre-
spective of whether the applicable debt is allegedly 
owed to or assigned to such creditor, person, or entity. 
‘‘(5) MORTGAGE
LOAN.—The term ‘mortgage 
loan’ means a covered mortgage loan (as defined 
under section 4022 of the CARES Act) and a multi-
family mortgage loan (as defined under section 4023 
of the CARES Act). 
‘‘(b) PROHIBITIONS.— 
‘‘(1) IN GENERAL.—Notwithstanding any other 
provision of law, no debt collector may, during a cov-
ered period— 
‘‘(A) enforce a security interest securing a 
debt through repossession, limitation of use, or 
foreclosure;
1614 
‘‘(B) take or threaten to take any action to 
deprive an individual of their liberty as a result 
of nonpayment of or nonappearance at any 
hearing relating to an obligation owed by a con-
sumer; 
‘‘(C) collect any debt, by way of garnish-
ment, attachment, assignment, deduction, offset, 
or other seizure, from— 
‘‘(i) wages, income, benefits, bank, pre-
paid or other asset accounts; or 
‘‘(ii) any assets of, or other amounts 
due to, a consumer; 
‘‘(D) commence or continue an action to 
evict a consumer from real or personal property 
for nonpayment; 
‘‘(E) disconnect or terminate service from a 
utility service, including electricity, natural gas, 
telecommunications or broadband, water, or 
sewer, for nonpayment; or 
‘‘(F) threaten to take any of the foregoing 
actions. 
‘‘(2) RULE OF CONSTRUCTION.—Nothing in this 
section may be construed to prohibit a consumer from 
voluntarily paying, in whole or in part, a debt.
1615 
‘‘(c) LIMITATION ON FEES AND INTEREST.—After the 
expiration of a covered period, a debt collector may not add 
to any past due debt any interest on unpaid interest, higher 
rate of interest triggered by the nonpayment of the debt, 
or fee triggered prior to the expiration of the covered period 
by the nonpayment of the debt. 
‘‘(e) VIOLATIONS.—Any person or government entity 
that violates this section shall be liable to the applicable 
consumer as provided under section 813, except that, for 
purposes of applying section 813— 
‘‘(1) such person or government entity shall be 
deemed a debt collector, as such term is defined for 
purposes of section 813; and 
‘‘(2) each dollar figure in such section shall be 
deemed to be 10 times the dollar figure specified. 
‘‘(f) TOLLING.—Any applicable time limitations for 
exercising an action prohibited under subsection (b) shall 
be tolled during a covered period. 
‘‘(g) PREDISPUTE ARBITRATION AGREEMENTS.—Not-
withstanding any other provision of law, no predispute ar-
bitration agreement or predispute joint-action waiver shall 
be valid or enforceable with respect to a dispute brought 
under this section, including a dispute as to the applica-
bility of this section, which shall be determined under Fed-
eral law.’’.
1616 
(b) CLERICAL AMENDMENT.—The table of contents for 
the Fair Debt Collection Practices Act is amended by insert-
ing after the item relating to section 812 the following: 
‘‘812A. Restrictions on collections of consumer debt during a national disaster or 
emergency.’’. 
SEC. 403. REPAYMENT PERIOD AND FORBEARANCE FOR 
CONSUMERS. 
Section 812A of the Fair Debt Collection Practices Act 
(15 U.S.C. 1692 et seq.), as added by section 110402, is 
amended— 
(1) by inserting after subsection (c) the fol-
lowing: 
‘‘(d) REPAYMENT PERIOD.—After the expiration of a 
covered period, a debt collector shall comply with the fol-
lowing: 
‘‘(1) DEBT ARISING FROM CREDIT WITH A DE-
FINED PAYMENT PERIOD.—For any debt arising from 
credit with a defined term, the debt collector shall ex-
tend the time period to repay any past due balance 
of the debt by— 
‘‘(A) 1 payment period for each payment 
that a consumer missed during the covered pe-
riod, with the payments due in the same 
amounts and at the same intervals as the pre-ex-
isting payment schedule; and
1617 
‘‘(B) 1 payment period in addition to the 
payment periods described under subparagraph 
(A). 
‘‘(2) DEBT ARISING FROM AN OPEN END CREDIT 
PLAN.—For debt arising from an open end credit 
plan, as defined in section 103 of the Truth in Lend-
ing Act (15 U.S.C. 1602), the debt collector shall 
allow the consumer to repay the past-due balance in 
a manner that does not exceed the amounts permitted 
by the methods described in section 171(c) of the 
Truth in Lending Act (15 U.S.C. 1666i–1(c)) and 
regulations promulgated under that section. 
‘‘(3) DEBT ARISING FROM OTHER CREDIT.— 
‘‘(A) IN GENERAL.—For debt not described 
under paragraph (2) or (3), the debt collector 
shall— 
‘‘(i) allow the consumer to repay the 
past-due balance of the debt in substantially 
equal payments over time; and 
‘‘(ii) provide the consumer with— 
‘‘(I) for past due balances of 
$2,000 or less, 12 months to repay, or 
such longer period as the debt collector 
may allow;
1618 
‘‘(II) for past due balances be-
tween $2,001 and $5,000, 24 months to 
repay, or such longer period as the debt 
collector may allow; or 
‘‘(III) for past due balances great-
er than $5,000, 36 months to repay, or 
such longer period as the debt collector 
may allow. 
‘‘(B) ADDITIONAL PROTECTIONS.—The Di-
rector of the Bureau may issue rules to provide 
greater repayment protections to consumers with 
debts described under subparagraph (A). 
‘‘(C) RELATION TO STATE LAW.—This para-
graph shall not preempt any State law that pro-
vides for greater consumer protections than this 
paragraph.’’; and 
(2) by adding at the end the following: 
‘‘(h) FORBEARANCE FOR AFFECTED CONSUMERS.— 
‘‘(1) FORBEARANCE PROGRAM.—Each debt col-
lector that makes use of the credit facility described 
in paragraph (4) shall establish a forbearance pro-
gram for debts available during the covered period. 
‘‘(2) AUTOMATIC GRANT OF FORBEARANCE UPON 
REQUEST.—Under a forbearance program required 
under paragraph (1), upon the request of a consumer
1619 
experiencing a financial hardship due, directly or in-
directly, to COVID–19, the debt collector shall grant 
a forbearance on payment of debt for such time as 
needed until the end of the covered period, with no 
additional documentation required other than the bor-
rower’s attestation to a financial hardship caused by 
COVID–19 and with no fees, penalties, or interest 
(beyond the amounts scheduled or calculated as if the 
borrower made all contractual payments on time and 
in full under the terms of the loan contract) charged 
to the borrower in connection with the forbearance. 
‘‘(3) EXCEPTION FOR CERTAIN MORTGAGE LOANS 
SUBJECT TO THE CARES ACT.—This subsection shall 
not apply to a mortgage loan subject to section 4022 
or 4023 of the CARES Act.’’. 
SEC. 404. CREDIT FACILITY. 
Section 812A(h) of the Fair Debt Collection Practices 
Act (15 U.S.C. 1692 et seq.), as added by section 110403, 
is amended by adding at the end the following: 
‘‘(4) CREDIT FACILITY.—The Board of Governors 
of the Federal Reserve System shall— 
‘‘(A) establish a facility, using amounts 
made available under section 4003(b)(4) of the 
CARES Act (15 U.S.C. 9042(b)(4)), to make 
long-term, low-cost loans to debt collectors to
1620 
temporarily compensate such debt collectors for 
documented financial losses caused by forbear-
ance of debt payments under this subsection; and 
‘‘(B) defer debt collectors’ required pay-
ments on such loans until after consumers’ debt 
payments resume.’’. 
TITLE V—PROTECTING STUDENT 
BORROWERS 
SEC. 501. PAYMENTS FOR PRIVATE EDUCATION LOAN BOR-
ROWERS AS A RESULT OF THE COVID–19 NA-
TIONAL EMERGENCY. 
(a) IN GENERAL.—Section 140 of the Truth in Lend-
ing Act (15 U.S.C. 1650) is amended by adding at the end 
the following new subsection: 
‘‘(h) COVID–19 NATIONAL
EMERGENCY
PRIVATE 
EDUCATION LOAN REPAYMENT ASSISTANCE.— 
‘‘(1) AUTHORITY.— 
‘‘(A) IN GENERAL.—Effective on the date of 
the enactment of this section, until February 1, 
2021, the Secretary of the Treasury shall, for 
each borrower of a private education loan, pay 
the total amount due for such month on the loan, 
based on the payment plan selected by the bor-
rower or the borrower’s loan status.
1621 
‘‘(B) LIMITATION ON PAYMENTS.—The max-
imum amount of aggregate payments that the 
Secretary of the Treasury may make under sub-
paragraph (A) with respect to an individual bor-
rower is $10,000. 
‘‘(2) NO CAPITALIZATION OF INTEREST.—With 
respect to any loan in repayment until February 1, 
2021, interest due on a private education loan during 
such period shall not be capitalized at any time until 
after February 1, 2021. 
‘‘(3) REPORTING
TO
CONSUMER
REPORTING 
AGENCIES.—Until February 1, 2021— 
‘‘(A) during the period in which the Sec-
retary of the Treasury is making payments on a 
loan under paragraph (1), the Secretary shall 
ensure that, for the purpose of reporting infor-
mation about the loan to a consumer reporting 
agency, any payment made by the Secretary is 
treated as if it were a regularly scheduled pay-
ment made by a borrower; and 
‘‘(B) no adverse credit information may be 
furnished to a consumer reporting agency for 
any private education loan. 
‘‘(4) NOTICE OF PAYMENTS AND PROGRAM.—Not 
later than 15 days following the date of enactment of
1622 
this subsection, and monthly thereafter until Feb-
ruary 1, 2021, the Secretary of the Treasury shall 
provide a notice to all borrowers of private education 
loans— 
‘‘(A) informing borrowers of the actions 
taken under this subsection; 
‘‘(B) providing borrowers with an easily ac-
cessible method to opt out of the benefits provided 
under this subsection; and 
‘‘(C) notifying the borrower that the pro-
gram under this subsection is a temporary pro-
gram and will end on February 1, 2021. 
‘‘(5) SUSPENSION
OF
INVOLUNTARY
COLLEC-
TION.—Until February 1, 2021, the holder of a pri-
vate education loan shall immediately take action to 
halt all involuntary collection related to the loan. 
‘‘(6) MANDATORY
FORBEARANCE.—During the 
period in which the Secretary of the Treasury is mak-
ing payments on a loan under paragraph (1), the 
servicer of such loan shall grant the borrower forbear-
ance as follows: 
‘‘(A) A temporary cessation of all payments 
on the loan other than the payments of interest 
and principal on the loan that are made under 
paragraph (1).
1623 
‘‘(B) For borrowers who are delinquent but 
who are not yet in default before the date on 
which the Secretary begins making payments 
under paragraph (1), the retroactive application 
of forbearance to address any delinquency. 
‘‘(7) 
DATA
TO
IMPLEMENT.—Holders 
and 
servicers of private education loans shall report, to the 
satisfaction of the Secretary of the Treasury, the in-
formation necessary to calculate the amount to be 
paid under this subsection. 
‘‘(8) APPLICATION ONLY TO ECONOMICALLY DIS-
TRESSED BORROWERS.— 
‘‘(A) IN
GENERAL.—This subsection shall 
only apply to a borrower of a private education 
loan who is an economically distressed borrower. 
‘‘(B) ECONOMICALLY
DISTRESSED
BOR-
ROWER DEFINED.—In this paragraph, the term 
‘economically distressed borrower’ means a bor-
rower of a private education loan who, as of 
March 12, 2020— 
‘‘(i) based on financial state or other 
conditions, would be otherwise eligible, if 
the borrower instead had a Federal student 
loan, of having a monthly payment due on 
such loan of $0 pursuant to an income-con-
1624 
tingent repayment plan under section 
455(d)(1)(D) of the Higher Education Act 
of 1965 (20 U.S.C. 1087e(d)(1)(D)) or an 
income-based repayment plan under section 
493C of such Act (20 U.S.C. 1098e); 
‘‘(ii) was in default on such loan; 
‘‘(iii) had a payment due on such loan 
that was at least 90 days past due; or 
‘‘(iv) based on financial state or other 
conditions, was in forbearance or deferment. 
‘‘(C) RULEMAKING.—Not later than 7 days 
after the date of enactment of this paragraph, the 
Director of the Bureau, in consultation with the 
Secretary of Education, shall issue rules to im-
plement this paragraph, including providing a 
detailed description of how a borrower of a pri-
vate education loan will be considered an eco-
nomically distressed borrower as defined under 
each clause of subparagraph (B).’’. 
(b) APPROPRIATION.—There is appropriated to the 
Secretary of the Treasury, out of amounts in the Treasury 
not otherwise appropriated, $5,000,000,000 to carry out 
this title and the amendments made by this title.
1625 
SEC. 502. ADDITIONAL PROTECTIONS FOR PRIVATE STU-
DENT LOAN BORROWERS. 
(a) IN GENERAL.— 
(1) 
REPAYMENT
PLAN
AND
FORGIVENESS 
TERMS.—Each private education loan holder who re-
ceives a monthly payment pursuant to section 140(h) 
of the Truth in Lending Act shall modify all private 
education loan contracts that it holds to provide for 
the same repayment plan and forgiveness terms avail-
able to Direct Loans borrowers under section 
685.209(c) of title 34, Code of Federal Regulations, in 
effect as of January 1, 2020. 
(2) TREATMENT OF STATE STATUTES OF LIMITA-
TION.—For a borrower who has defaulted on a pri-
vate education loan under the terms of the promissory 
note prior to any loan payment made or forbearance 
granted under section 140(h) of the Truth in Lending 
Act, no payment made or forbearance granted under 
such section 140(h) shall be considered an event that 
impacts the calculation of the applicable State stat-
utes of limitation. 
(3) 
PROHIBITION
ON
PRESSURING
BOR-
ROWERS.— 
(A) IN GENERAL.—A private education loan 
debt collector or creditor may not pressure a bor-
rower to elect to apply any amount received pur-
1626 
suant to subsection (b) to any private education 
loan. 
(B) VIOLATIONS.—A violation of this para-
graph is deemed— 
(i) an unfair, deceptive, or abusive act 
or practice under Federal law in connection 
with any transaction with a consumer for a 
consumer financial product or service under 
section 1031 of the Consumer Financial 
Protection Act of 2010 (12 U.S.C. 5531); 
and 
(ii) with respect to a violation by a 
debt collector, an unfair or unconscionable 
means to collect or attempt to collect any 
debt under section 808 of the Federal Debt 
Collection Practices Act (15 U.S.C. 1692f). 
(C) PRESSURE
DEFINED.—In this para-
graph, the term ‘‘pressure’’ means any commu-
nication, recommendation, or other similar com-
munication, other than providing basic informa-
tion about a borrower’s options, urging a bor-
rower to make an election described under sub-
section (b). 
(b) RELIEF FOR PRIVATE STUDENT LOAN BORROWERS 
AS A RESULT OF THE COVID–19 NATIONAL EMERGENCY.—
1627 
(1) STUDENT LOAN RELIEF AS A RESULT OF THE 
COVID–19 NATIONAL EMERGENCY.—Not later than 90 
days after February 1, 2021, the Secretary of the 
Treasury shall carry out a program under which a 
borrower, with respect to the private education loans 
of such borrower, shall receive in accordance with 
paragraph (3) an amount equal to the lesser of— 
(A) the total amount of each private edu-
cation loan of the borrower; or 
(B) $10,000, reduced by the aggregate 
amount of all payments made by the Secretary 
of the Treasury with respect to such borrower 
under section 140(h) of the Truth in Lending 
Act. 
(2) NOTIFICATION
OF
BORROWERS.—Not later 
than 90 days after February 1, 2021, the Secretary 
of the Treasury shall notify each borrower of a pri-
vate education loan of— 
(A) the requirements to provide loan relief 
to such borrower under this section; and 
(B) the opportunity for such borrower to 
make an election under paragraph (3)(A) with 
respect to the application of such loan relief to 
the private education loans of such borrower. 
(3) DISTRIBUTION OF FUNDING.—
1628 
(A) ELECTION
BY
BORROWER.—Not later 
than 45 days after a notice is sent under para-
graph (2), a borrower may elect to apply the 
amount determined with respect to such borrower 
under paragraph (1) to any private education 
loan of the borrower. 
(B) AUTOMATIC PAYMENT.— 
(i) IN GENERAL.—In the case of a bor-
rower who does not make an election under 
subparagraph (A) before the date described 
in such subparagraph, the Secretary of the 
Treasury shall apply the amount deter-
mined with respect to such borrower under 
paragraph (1) in order of the private edu-
cation loan of the borrower with the highest 
interest rate. 
(ii) EQUAL INTEREST RATES.—In case 
of two or more private education loans de-
scribed in clause (i) with equal interest 
rates, the Secretary of the Treasury shall 
apply the amount determined with respect 
to such borrower under paragraph (1) first 
to the loan with the highest principal. 
(c) APPLICATION
ONLY
TO
ECONOMICALLY
DIS-
TRESSED BORROWERS.—This section shall only apply to
1629 
a borrower of a private education loan who is an economi-
cally distressed borrower. 
(d) DEFINITIONS.—In this section: 
(1) FAIR
DEBT
COLLECTION
PRACTICES
ACT 
TERMS.—The terms ‘‘creditor’’ and ‘‘debt collector’’ 
have the meaning given those terms, respectively, 
under section 803 of the Fair Debt Collection Prac-
tices Act (15 U.S.C. 1692a). 
(2) PRIVATE EDUCATION LOAN.—The term ‘‘pri-
vate education loan’’ has the meaning given the term 
in section 140 of the Truth in Lending Act (15 U.S.C. 
1650). 
(3) ECONOMICALLY DISTRESSED BORROWER DE-
FINED.—The term ‘‘economically distressed borrower’’ 
has the meaning given that term under section 
140(h)(8) of the Truth in Lending Act, as added by 
section 501.
1630 
TITLE 
VI—STANDING 
UP 
FOR 
SMALL BUSINESSES, MINOR-
ITY-OWNED BUSINESSES, AND 
NON-PROFITS 
SEC. 601. RESTRICTIONS ON COLLECTIONS OF SMALL BUSI-
NESS AND NONPROFIT DEBT DURING A NA-
TIONAL DISASTER OR EMERGENCY. 
(a) IN GENERAL.—The Fair Debt Collection Practices 
Act (15 U.S.C. 1692 et seq.), as amended by section 110402, 
is further amended by inserting after section 812A the fol-
lowing: 
‘‘§ 812B. Restrictions on collections of small business 
and nonprofit debt during a national dis-
aster or emergency 
‘‘(a) DEFINITIONS.—In this section: 
‘‘(1) COVERED PERIOD.—The term ‘covered pe-
riod’ means the period beginning on the date of enact-
ment of this section and ending 120 days after the 
end of the incident period for the emergency declared 
on March 13, 2020, by the President under section 
501 of the Robert T. Stafford Disaster Relief and 
Emergency Assistance Act (42 U.S.C. 4121 et seq.) re-
lating to the Coronavirus Disease 2019 (COVID–19) 
pandemic.
1631 
‘‘(2) CREDITOR.—The term ‘creditor’ means any 
person— 
‘‘(A) who offers or extends credit creating a 
debt or to whom a debt is owed; or 
‘‘(B) to whom any obligation for payment 
is owed. 
‘‘(3) DEBT.—The term ‘debt’— 
‘‘(A) means any obligation or alleged obli-
gation that is or during the covered period be-
comes past due, other than an obligation arising 
out of a credit agreement entered into after the 
effective date of this section, that arises out of a 
transaction with a nonprofit organization or 
small business; and 
‘‘(B) does not include a mortgage loan. 
‘‘(4) DEBT
COLLECTOR.—The term ‘debt col-
lector’ means a creditor and any other person or enti-
ty that engages in the collection of debt, including the 
Federal Government and a State government, irre-
spective of whether the applicable debt is allegedly 
owed to or assigned to such creditor, person, or entity. 
‘‘(5) MORTGAGE
LOAN.—The term ‘mortgage 
loan’ means a covered mortgage loan (as defined 
under section 4022 of the CARES Act) and a multi-
1632 
family mortgage loan (as defined under section 4023 
of the CARES Act). 
‘‘(6) 
NONPROFIT
ORGANIZATION.—The 
term 
‘nonprofit organization’ means an organization that 
is described in section 501(c)(3) of the Internal Rev-
enue Code of 1986 and that is exempt from taxation 
under section 501(a) of such Code. 
‘‘(7) SMALL BUSINESS.—The term ‘small busi-
ness’ has the meaning given the term ‘small business 
concern’ in section 3 of the Small Business Act (15 
U.S.C. 632). 
‘‘(b) PROHIBITIONS.— 
‘‘(1) IN GENERAL.—Notwithstanding any other 
provision of law, no debt collector may, during a cov-
ered period— 
‘‘(A) enforce a security interest securing a 
debt through repossession, limitation of use, or 
foreclosure; 
‘‘(B) take or threaten to take any action to 
deprive an individual of their liberty as a result 
of nonpayment of or nonappearance at any 
hearing relating to an obligation owed by a 
small business or nonprofit organization;
1633 
‘‘(C) collect any debt, by way of garnish-
ment, attachment, assignment, deduction, offset, 
or other seizure, from— 
‘‘(i) wages, income, benefits, bank, pre-
paid or other asset accounts; or 
‘‘(ii) any assets of, or other amounts 
due to, a small business or nonprofit orga-
nization; 
‘‘(D) commence or continue an action to 
evict a small business or nonprofit organization 
from real or personal property for nonpayment; 
‘‘(E) disconnect or terminate service from a 
utility service, including electricity, natural gas, 
telecommunications or broadband, water, or 
sewer, for nonpayment; or 
‘‘(F) threaten to take any of the foregoing 
actions. 
‘‘(2) RULE OF CONSTRUCTION.—Nothing in this 
section may be construed to prohibit a small business 
or nonprofit organization from voluntarily paying, in 
whole or in part, a debt. 
‘‘(c) LIMITATION ON FEES AND INTEREST.—After the 
expiration of a covered period, a debt collector may not add 
to any past due debt any interest on unpaid interest, higher 
rate of interest triggered by the nonpayment of the debt,
1634 
or fee triggered prior to the expiration of the covered period 
by the nonpayment of the debt. 
‘‘(e) VIOLATIONS.—Any person or government entity 
that violates this section shall be liable to the applicable 
small business or nonprofit organization as provided under 
section 813, except that, for purposes of applying section 
813— 
‘‘(1) such person or government entity shall be 
deemed a debt collector, as such term is defined for 
purposes of section 813; and 
‘‘(2) such small business or nonprofit organiza-
tion shall be deemed a consumer, as such term is de-
fined for purposes of section 813. 
‘‘(f) TOLLING.—Any applicable time limitations for 
exercising an action prohibited under subsection (b) shall 
be tolled during a covered period. 
‘‘(g) PREDISPUTE ARBITRATION AGREEMENTS.—Not-
withstanding any other provision of law, no predispute ar-
bitration agreement or predispute joint-action waiver shall 
be valid or enforceable with respect to a dispute brought 
under this section, including a dispute as to the applica-
bility of this section, which shall be determined under Fed-
eral law.’’. 
(b) CLERICAL AMENDMENT.—The table of contents for 
the Fair Debt Collection Practices Act, as amended by sec-
1635 
tion 110402, is further amended by inserting after the item 
relating to section 812A the following: 
‘‘812B. Restrictions on collections of small business and nonprofit debt during a 
national disaster or emergency.’’. 
SEC. 602. REPAYMENT PERIOD AND FORBEARANCE FOR 
SMALL BUSINESSES AND NONPROFIT ORGA-
NIZATIONS. 
Section 812B of the Fair Debt Collection Practices Act 
(15 U.S.C. 1692 et seq.), as added by section 110601, is 
amended— 
(1) by inserting after subsection (c) the fol-
lowing: 
‘‘(d) REPAYMENT PERIOD.—After the expiration of a 
covered period, a debt collector shall comply with the fol-
lowing: 
‘‘(1) DEBT ARISING FROM CREDIT WITH A DE-
FINED PAYMENT PERIOD.—For any debt arising from 
credit with a defined term, the debt collector shall ex-
tend the time period to repay any past due balance 
of the debt by— 
‘‘(A) 1 payment period for each payment 
that a small business or nonprofit organization 
missed during the covered period, with the pay-
ments due in the same amounts and at the same 
intervals as the pre-existing payment schedule; 
and
1636 
‘‘(B) 1 payment period in addition to the 
payment periods described under subparagraph 
(A). 
‘‘(2) DEBT ARISING FROM AN OPEN END CREDIT 
PLAN.—For debt arising from an open end credit 
plan, as defined in section 103 of the Truth in Lend-
ing Act (15 U.S.C. 1602), the debt collector shall 
allow the small business or nonprofit organization to 
repay the past-due balance in a manner that does not 
exceed the amounts permitted by the methods de-
scribed in section 171(c) of the Truth in Lending Act 
(15 U.S.C. 1666i–1(c)) and regulations promulgated 
under that section. 
‘‘(3) DEBT ARISING FROM OTHER CREDIT.— 
‘‘(A) IN GENERAL.—For debt not described 
under paragraph (2) or (3), the debt collector 
shall— 
‘‘(i) allow the small business or non-
profit organization to repay the past-due 
balance of the debt in substantially equal 
payments over time; and 
‘‘(ii) provide the small business or non-
profit organization with— 
‘‘(I) for past due balances of 
$2,000 or less, 12 months to repay, or
1637 
such longer period as the debt collector 
may allow; 
‘‘(II) for past due balances be-
tween $2,001 and $5,000, 24 months to 
repay, or such longer period as the debt 
collector may allow; or 
‘‘(III) for past due balances great-
er than $5,000, 36 months to repay, or 
such longer period as the debt collector 
may allow. 
‘‘(B) ADDITIONAL PROTECTIONS.—The Di-
rector of the Bureau may issue rules to provide 
greater repayment protections to small businesses 
and nonprofit organizations with debts described 
under subparagraph (A). 
‘‘(C) RELATION TO STATE LAW.—This para-
graph shall not preempt any State law that pro-
vides for greater small business or nonprofit or-
ganization protections than this paragraph.’’; 
and 
(2) by adding at the end the following: 
‘‘(h) FORBEARANCE
FOR AFFECTED SMALL BUSI-
NESSES AND NONPROFIT ORGANIZATIONS.— 
‘‘(1) FORBEARANCE PROGRAM.—Each debt col-
lector that makes use of the credit facility described
1638 
in paragraph (4) shall establish a forbearance pro-
gram for debts available during the covered period. 
‘‘(2) AUTOMATIC GRANT OF FORBEARANCE UPON 
REQUEST.—Under a forbearance program required 
under paragraph (1), upon the request of a small 
business or nonprofit organization experiencing a fi-
nancial hardship due, directly or indirectly, to 
COVID–19, the debt collector shall grant a forbear-
ance on payment of debt for such time as needed until 
the end of the covered period, with no additional doc-
umentation required other than the small business or 
nonprofit organization’s attestation to a financial 
hardship caused by COVID–19 and with no fees, pen-
alties, or interest (beyond the amounts scheduled or 
calculated as if the borrower made all contractual 
payments on time and in full under the terms of the 
loan contract) charged to the borrower in connection 
with the forbearance. 
‘‘(3) EXCEPTION FOR CERTAIN MORTGAGE LOANS 
SUBJECT TO THE CARES ACT.—This subsection shall 
not apply to a mortgage loan subject to section 4022 
or 4023 of the CARES Act.’’.
1639 
SEC. 603. CREDIT FACILITY. 
Section 812B(h) of the Fair Debt Collection Practices 
Act (15 U.S.C. 1692 et seq.), as added by section 110602, 
is amended by adding at the end the following: 
‘‘(4) CREDIT FACILITY.—The Board of Governors 
of the Federal Reserve System shall— 
‘‘(A) establish a facility, using amounts 
made available under section 4003(b)(4) of the 
CARES Act (15 U.S.C. 9042(b)(4)), to make 
long-term, low-cost loans to debt collectors to 
temporarily compensate such debt collectors for 
documented financial losses caused by forbear-
ance of debt payments under this subsection; and 
‘‘(B) defer debt collectors’ required pay-
ments on such loans until after small businesses 
or nonprofit organizations’ debt payments re-
sume.’’. 
SEC. 604. MAIN STREET LENDING PROGRAM REQUIRE-
MENTS. 
(a) IN GENERAL.—Section 4003(c)(3)(D)(ii) of the 
CARES Act (15 U.S.C. 9042(c)(3)(D)(ii)) is amended— 
(1) by striking ‘‘Nothing in this subparagraph 
shall limit the discretion of the Board of Governors of 
the Federal Reserve System to’’ and inserting the fol-
lowing:
1640 
‘‘(I) IN GENERAL.—The Board of Governors 
of the Federal Reserve System shall’’; and 
(2) by adding at the end the following: 
‘‘(II) REQUIREMENTS.—In car-
rying out subclause (I), the Board of 
Governors of the Federal Reserve Sys-
tem— 
‘‘(aa) shall make non-profit 
organizations and institutions of 
higher education (as such term is 
defined in section 101(a) of the 
Higher Education Act of 1965 (20 
U.S.C. 1001(a)) eligible for any 
program or facility established 
under such subclause; 
‘‘(bb) shall create a low-cost 
loan option tailored to the unique 
needs of non-profit organizations, 
including the ability to defer pay-
ments without capitalization of 
interest; 
‘‘(cc) 
shall 
make 
any 
501(c)(4) organization (as defined 
in section 501(c)(4) of the Inter-
nal Revenue Code of 1986) eligible
1641 
for any facility provided that such 
501(c)(4) organization has not 
made and will not make a con-
tribution, 
expenditure, 
inde-
pendent expenditure, or election-
eering communication within the 
meaning of the Federal Election 
Campaign Act, and has not un-
dertaken and will not undertake 
similar campaign finance activi-
ties in state and local elections, 
during the election cycle which 
ends on the date of the general 
election in this calendar year; 
‘‘(dd) 
shall 
ensure 
loans 
made available to all eligible bor-
rowers have a maturity of no less 
than seven years; and 
‘‘(ee) shall prohibit eligible 
lenders from requiring additional 
collateral beyond minimum collat-
eral requirements the Board of 
Governors of the Federal Reserve 
System may require.’’.
1642 
(b) DEADLINE.—Not later than the end of the 5-day 
period beginning on the date of enactment of this Act, the 
Board of Governors of the Federal Reserve System shall 
issue such rules or take such other actions as may be nec-
essary to implement the requirements made by the amend-
ments made by this section. 
SEC. 605. OPTIONS FOR SMALL BUSINESSES AND NON- 
PROFITS UNDER THE MAIN STREET LENDING 
PROGRAM. 
(a) IN GENERAL.—Section 4003(c)(3)(D)(ii)(II) of the 
CARES Act (15 U.S.C. 9042(c)(3)(D)(ii)(II)), as added by 
section 110604, is further amended by adding at the end 
the following: 
‘‘(cc) shall provide at least one low-cost loan option 
that small businesses, small non-profits, and small institu-
tions of higher education (as such term is defined in section 
101(a) of the Higher Education Act of 1965 (20 U.S.C. 
1001(a)) are eligible for that does not have a minimum loan 
size and includes the ability to defer payments, without 
capitalization of interest.’’. 
(b) DEADLINE.—Not later than the end of the 5-day 
period beginning on the date of enactment of this Act, the 
Board of Governors of the Federal Reserve System shall 
issue such rules or take such other actions as may be nec-
1643 
essary to implement the requirements made by the amend-
ments made by this section. 
SEC. 606. SAFE BANKING. 
(a) SHORT TITLE; PURPOSE.— 
(1) SHORT TITLE.—This section may be cited as 
the ‘‘Secure And Fair Enforcement Banking Act of 
2020’’ or the ‘‘SAFE Banking Act of 2020’’. 
(2) PURPOSE.—The purpose of this section is to 
increase public safety by ensuring access to financial 
services to cannabis-related legitimate businesses and 
service providers and reducing the amount of cash at 
such businesses. 
(b) SAFE HARBOR FOR DEPOSITORY INSTITUTIONS.— 
(1) IN GENERAL.—A Federal banking regulator 
may not— 
(A) terminate or limit the deposit insurance 
or share insurance of a depository institution 
under the Federal Deposit Insurance Act (12 
U.S.C. 1811 et seq.), the Federal Credit Union 
Act (12 U.S.C. 1751 et seq.), or take any other 
adverse action against a depository institution 
under section 8 of the Federal Deposit Insurance 
Act (12 U.S.C. 1818) solely because the deposi-
tory institution provides or has provided finan-
1644 
cial services to a cannabis-related legitimate 
business or service provider; 
(B) prohibit, penalize, or otherwise discour-
age a depository institution from providing fi-
nancial services to a cannabis-related legitimate 
business or service provider or to a State, polit-
ical subdivision of a State, or Indian Tribe that 
exercises jurisdiction over cannabis-related legiti-
mate businesses; 
(C) recommend, incentivize, or encourage a 
depository institution not to offer financial serv-
ices to an account holder, or to downgrade or 
cancel the financial services offered to an account 
holder solely because— 
(i) the account holder is a cannabis-re-
lated legitimate business or service provider, 
or is an employee, owner, or operator of a 
cannabis-related legitimate business or serv-
ice provider; 
(ii) the account holder later becomes an 
employee, owner, or operator of a cannabis- 
related legitimate business or service pro-
vider; or 
(iii) the depository institution was not 
aware that the account holder is an em-
1645 
ployee, owner, or operator of a cannabis-re-
lated legitimate business or service provider; 
(D) take any adverse or corrective super-
visory action on a loan made to— 
(i) a cannabis-related legitimate busi-
ness or service provider, solely because the 
business is a cannabis-related legitimate 
business or service provider; 
(ii) an employee, owner, or operator of 
a cannabis-related legitimate business or 
service provider, solely because the em-
ployee, owner, or operator is employed by, 
owns, or operates a cannabis-related legiti-
mate business or service provider, as appli-
cable; or 
(iii) an owner or operator of real es-
tate or equipment that is leased to a can-
nabis-related legitimate business or service 
provider, solely because the owner or oper-
ator of the real estate or equipment leased 
the equipment or real estate to a cannabis- 
related legitimate business or service pro-
vider, as applicable; or 
(E) prohibit or penalize a depository insti-
tution (or entity performing a financial service
1646 
for or in association with a depository institu-
tion) for, or otherwise discourage a depository 
institution (or entity performing a financial 
service for or in association with a depository 
institution) from, engaging in a financial service 
for a cannabis-related legitimate business or 
service provider. 
(2) SAFE HARBOR APPLICABLE TO DE NOVO IN-
STITUTIONS.—Paragraph (1) shall apply to an insti-
tution applying for a depository institution charter to 
the same extent as such subsection applies to a deposi-
tory institution. 
(c) PROTECTIONS FOR ANCILLARY BUSINESSES.—For 
the purposes of sections 1956 and 1957 of title 18, United 
States Code, and all other provisions of Federal law, the 
proceeds from a transaction involving activities of a can-
nabis-related legitimate business or service provider shall 
not be considered proceeds from an unlawful activity solely 
because— 
(1) the transaction involves proceeds from a can-
nabis-related legitimate business or service provider; 
or 
(2) the transaction involves proceeds from—
1647 
(A) cannabis-related activities described in 
subsection (n)(4)(B) conducted by a cannabis-re-
lated legitimate business; or 
(B) 
activities 
described 
in 
subsection 
(n)(13)(A) conducted by a service provider. 
(d) PROTECTIONS UNDER FEDERAL LAW.— 
(1) IN GENERAL.—With respect to providing a 
financial service to a cannabis-related legitimate 
business or service provider within a State, political 
subdivision of a State, or Indian country that allows 
the cultivation, production, manufacture, sale, trans-
portation, display, dispensing, distribution, or pur-
chase of cannabis pursuant to a law or regulation of 
such State, political subdivision, or Indian Tribe that 
has jurisdiction over the Indian country, as applica-
ble, a depository institution, entity performing a fi-
nancial service for or in association with a depository 
institution, or insurer that provides a financial serv-
ice to a cannabis-related legitimate business or service 
provider, and the officers, directors, and employees of 
that depository institution, entity, or insurer may not 
be held liable pursuant to any Federal law or regula-
tion— 
(A) solely for providing such a financial 
service; or
1648 
(B) for further investing any income de-
rived from such a financial service. 
(2) PROTECTIONS FOR FEDERAL RESERVE BANKS 
AND FEDERAL HOME LOAN BANKS.—With respect to 
providing a service to a depository institution that 
provides a financial service to a cannabis-related le-
gitimate business or service provider (where such fi-
nancial service is provided within a State, political 
subdivision of a State, or Indian country that allows 
the cultivation, production, manufacture, sale, trans-
portation, display, dispensing, distribution, or pur-
chase of cannabis pursuant to a law or regulation of 
such State, political subdivision, or Indian Tribe that 
has jurisdiction over the Indian country, as applica-
ble), a Federal reserve bank or Federal Home Loan 
Bank, and the officers, directors, and employees of the 
Federal reserve bank or Federal Home Loan Bank, 
may not be held liable pursuant to any Federal law 
or regulation— 
(A) solely for providing such a service; or 
(B) for further investing any income de-
rived from such a service. 
(3) PROTECTIONS FOR INSURERS.—With respect 
to engaging in the business of insurance within a 
State, political subdivision of a State, or Indian
1649 
country that allows the cultivation, production, man-
ufacture, sale, transportation, display, dispensing, 
distribution, or purchase of cannabis pursuant to a 
law or regulation of such State, political subdivision, 
or Indian Tribe that has jurisdiction over the Indian 
country, as applicable, an insurer that engages in the 
business of insurance with a cannabis-related legiti-
mate business or service provider or who otherwise en-
gages with a person in a transaction permissible 
under State law related to cannabis, and the officers, 
directors, and employees of that insurer may not be 
held liable pursuant to any Federal law or regula-
tion— 
(A) solely for engaging in the business of in-
surance; or 
(B) for further investing any income de-
rived from the business of insurance. 
(4) FORFEITURE.— 
(A) DEPOSITORY INSTITUTIONS.—A deposi-
tory institution that has a legal interest in the 
collateral for a loan or another financial service 
provided to an owner, employee, or operator of 
a cannabis-related legitimate business or service 
provider, or to an owner or operator of real es-
tate or equipment that is leased or sold to a can-
1650 
nabis-related legitimate business or service pro-
vider, shall not be subject to criminal, civil, or 
administrative forfeiture of that legal interest 
pursuant to any Federal law for providing such 
loan or other financial service. 
(B) FEDERAL RESERVE BANKS AND FED-
ERAL
HOME
LOAN
BANKS.—A Federal reserve 
bank or Federal Home Loan Bank that has a 
legal interest in the collateral for a loan or an-
other financial service provided to a depository 
institution that provides a financial service to a 
cannabis-related legitimate business or service 
provider, or to an owner or operator of real es-
tate or equipment that is leased or sold to a can-
nabis-related legitimate business or service pro-
vider, shall not be subject to criminal, civil, or 
administrative forfeiture of that legal interest 
pursuant to any Federal law for providing such 
loan or other financial service. 
(e) RULES OF CONSTRUCTION.— 
(1) NO REQUIREMENT TO PROVIDE FINANCIAL 
SERVICES.—Nothing in this section shall require a de-
pository institution, entity performing a financial 
service for or in association with a depository institu-
tion, or insurer to provide financial services to a can-
1651 
nabis-related legitimate business, service provider, or 
any other business. 
(2) GENERAL EXAMINATION, SUPERVISORY, AND 
ENFORCEMENT AUTHORITY.—Nothing in this section 
may be construed in any way as limiting or other-
wise restricting the general examination, supervisory, 
and enforcement authority of the Federal banking reg-
ulators, provided that the basis for any supervisory or 
enforcement action is not the provision of financial 
services to a cannabis-related legitimate business or 
service provider. 
(f) REQUIREMENTS FOR FILING SUSPICIOUS ACTIVITY 
REPORTS.—Section 5318(g) of title 31, United States Code, 
is amended by adding at the end the following: 
‘‘(5) REQUIREMENTS
FOR
CANNABIS-RELATED 
LEGITIMATE BUSINESSES.— 
‘‘(A) IN GENERAL.—With respect to a fi-
nancial institution or any director, officer, em-
ployee, or agent of a financial institution that 
reports a suspicious transaction pursuant to this 
subsection, if the reason for the report relates to 
a cannabis-related legitimate business or service 
provider, the report shall comply with appro-
priate guidance issued by the Financial Crimes 
Enforcement Network. The Secretary shall ensure
1652 
that the guidance is consistent with the purpose 
and intent of the SAFE Banking Act of 2020 
and does not significantly inhibit the provision 
of financial services to a cannabis-related legiti-
mate business or service provider in a State, po-
litical subdivision of a State, or Indian country 
that has allowed the cultivation, production, 
manufacture, 
transportation, 
display, 
dis-
pensing, distribution, sale, or purchase of can-
nabis pursuant to law or regulation of such 
State, political subdivision, or Indian Tribe that 
has jurisdiction over the Indian country. 
‘‘(B) DEFINITIONS.—For purposes of this 
paragraph: 
‘‘(i) CANNABIS.—The term ‘cannabis’ 
has the meaning given the term ‘mari-
huana’ in section 102 of the Controlled Sub-
stances Act (21 U.S.C. 802). 
‘‘(ii) CANNABIS-RELATED
LEGITIMATE 
BUSINESS.—The term ‘cannabis-related le-
gitimate business’ has the meaning given 
that term in subsection (n) of the SAFE 
Banking Act of 2020.
1653 
‘‘(iii) INDIAN
COUNTRY.—The term 
‘Indian country’ has the meaning given 
that term in section 1151 of title 18. 
‘‘(iv) INDIAN
TRIBE.—The term ‘In-
dian Tribe’ has the meaning given that 
term in section 102 of the Federally Recog-
nized Indian Tribe List Act of 1994 (25 
U.S.C. 479a). 
‘‘(v) FINANCIAL
SERVICE.—The term 
‘financial service’ has the meaning given 
that term in subsection (n) of the SAFE 
Banking Act of 2020. 
‘‘(vi) SERVICE
PROVIDER.—The term 
‘service provider’ has the meaning given 
that term in subsection (n) of the SAFE 
Banking Act of 2020. 
‘‘(vii) STATE.—The term ‘State’ means 
each of the several States, the District of Co-
lumbia, Puerto Rico, and any territory or 
possession of the United States.’’. 
(g) GUIDANCE AND EXAMINATION PROCEDURES.—Not 
later than 180 days after the date of enactment of this Act, 
the Financial Institutions Examination Council shall de-
velop uniform guidance and examination procedures for de-
1654 
pository institutions that provide financial services to can-
nabis-related legitimate businesses and service providers. 
(h) ANNUAL DIVERSITY AND INCLUSION REPORT.— 
The Federal banking regulators shall issue an annual report 
to Congress containing— 
(1) information and data on the availability of 
access to financial services for minority-owned and 
women-owned cannabis-related legitimate businesses; 
and 
(2) any regulatory or legislative recommenda-
tions for expanding access to financial services for 
minority-owned and women-owned cannabis-related 
legitimate businesses. 
(i) GAO STUDY ON DIVERSITY AND INCLUSION.— 
(1) STUDY.—The Comptroller General of the 
United States shall carry out a study on the barriers 
to marketplace entry, including in the licensing proc-
ess, and the access to financial services for potential 
and existing minority-owned and women-owned can-
nabis-related legitimate businesses. 
(2) REPORT.—The Comptroller General shall 
issue a report to the Congress— 
(A) containing all findings and determina-
tions made in carrying out the study required 
under paragraph (1); and
1655 
(B) containing any regulatory or legislative 
recommendations for removing barriers to mar-
ketplace entry, including in the licensing process, 
and expanding access to financial services for 
potential and existing minority-owned and 
women-owned cannabis-related legitimate busi-
nesses. 
(j) GAO STUDY ON EFFECTIVENESS OF CERTAIN RE-
PORTS ON FINDING CERTAIN PERSONS.—Not later than 2 
years after the date of the enactment of this Act, the Comp-
troller General of the United States shall carry out a study 
on the effectiveness of reports on suspicious transactions 
filed pursuant to section 5318(g) of title 31, United States 
Code, at finding individuals or organizations suspected or 
known to be engaged with transnational criminal organiza-
tions and whether any such engagement exists in a State, 
political subdivision, or Indian Tribe that has jurisdiction 
over Indian country that allows the cultivation, production, 
manufacture, sale, transportation, display, dispensing, dis-
tribution, or purchase of cannabis. The study shall examine 
reports on suspicious transactions as follows: 
(1) During the period of 2014 until the date of 
the enactment of this Act, reports relating to mari-
juana-related businesses.
1656 
(2) During the 1-year period after date of the en-
actment of this Act, reports relating to cannabis-re-
lated legitimate businesses. 
(k) BANKING SERVICES FOR HEMP BUSINESSES.— 
(1) FINDINGS.—The Congress finds that— 
(A) the Agriculture Improvement Act of 
2018 (Public Law 115–334) legalized hemp by 
removing it from the definition of ‘‘marihuana’’ 
under the Controlled Substances Act; 
(B) despite the legalization of hemp, some 
hemp businesses (including producers, manufac-
turers, and retailers) continue to have difficulty 
gaining access to banking products and services; 
and 
(C) businesses involved in the sale of hemp- 
derived cannabidiol (‘‘CBD’’) products are par-
ticularly affected, due to confusion about their 
legal status. 
(2) FEDERAL BANKING REGULATOR HEMP BANK-
ING GUIDANCE.—Not later than the end of the 90-day 
period beginning on the date of enactment of this Act, 
the Federal banking regulators shall jointly issue 
guidance to financial institutions— 
(A) confirming the legality of hemp, hemp- 
derived CBD products, and other hemp-derived
1657 
cannabinoid products, and the legality of engag-
ing in financial services with businesses selling 
hemp, hemp-derived CBD products, and other 
hemp-derived cannabinoid products, after the en-
actment of the Agriculture Improvement Act of 
2018; and 
(B) to provide recommended best practices 
for financial institutions to follow when pro-
viding financial services and merchant proc-
essing services to businesses involved in the sale 
of hemp, hemp-derived CBD products, and other 
hemp-derived cannabinoid products. 
(3) FINANCIAL INSTITUTION DEFINED.—In this 
section, the term ‘‘financial institution’’ means any 
person providing financial services. 
(l) APPLICATION OF SAFE HARBORS TO HEMP AND 
CBD PRODUCTS.— 
(1) IN
GENERAL.—Except as provided under 
paragraph (2), the provisions of this section (other 
than subsections (f) and (j)) shall apply to hemp (in-
cluding hemp-derived cannabidiol and other hemp-de-
rived cannabinoid products) in the same manner as 
such provisions apply to cannabis. 
(2) RULE
OF
APPLICATION.—In applying the 
provisions of this section described under paragraph
1658 
(1) to hemp, the definition of ‘‘cannabis-related legiti-
mate business’’ shall be treated as excluding any re-
quirement to engage in activity pursuant to the law 
of a State or political subdivision thereof. 
(3) HEMP
DEFINED.—In this subsection, the 
term ‘‘hemp’’ has the meaning given that term under 
section 297A of the Agricultural Marketing Act of 
1946 (7 U.S.C. 1639o). 
(m) REQUIREMENTS FOR DEPOSIT ACCOUNT TERMI-
NATION REQUESTS AND ORDERS.— 
(1) TERMINATION REQUESTS OR ORDERS MUST 
BE VALID.— 
(A) IN GENERAL.—An appropriate Federal 
banking agency may not formally or informally 
request or order a depository institution to ter-
minate a specific customer account or group of 
customer accounts or to otherwise restrict or dis-
courage a depository institution from entering 
into or maintaining a banking relationship with 
a specific customer or group of customers un-
less— 
(i) the agency has a valid reason for 
such request or order; and 
(ii) such reason is not based solely on 
reputation risk.
1659 
(B) TREATMENT
OF
NATIONAL
SECURITY 
THREATS.—If an appropriate Federal banking 
agency believes a specific customer or group of 
customers is, or is acting as a conduit for, an 
entity which— 
(i) poses a threat to national security; 
(ii) is involved in terrorist financing; 
(iii) is an agency of the Government of 
Iran, North Korea, Syria, or any country 
listed from time to time on the State Spon-
sors of Terrorism list; 
(iv) is located in, or is subject to the 
jurisdiction of, any country specified in 
clause (iii); or 
(v) does business with any entity de-
scribed in clause (iii) or (iv), unless the ap-
propriate Federal banking agency deter-
mines that the customer or group of cus-
tomers has used due diligence to avoid 
doing business with any entity described in 
clause (iii) or (iv), 
such belief shall satisfy the requirement under 
subparagraph (A). 
(2) NOTICE REQUIREMENT.—
1660 
(A) IN GENERAL.—If an appropriate Fed-
eral banking agency formally or informally re-
quests or orders a depository institution to ter-
minate a specific customer account or a group of 
customer accounts, the agency shall— 
(i) provide such request or order to the 
institution in writing; and 
(ii) accompany such request or order 
with a written justification for why such 
termination is needed, including any spe-
cific laws or regulations the agency believes 
are being violated by the customer or group 
of customers, if any. 
(B) JUSTIFICATION REQUIREMENT.—A jus-
tification described under subparagraph (A)(ii) 
may not be based solely on the reputation risk 
to the depository institution. 
(3) CUSTOMER NOTICE.— 
(A) NOTICE
REQUIRED.—Except as pro-
vided under subparagraph (B) or as otherwise 
prohibited from being disclosed by law, if an ap-
propriate Federal banking agency orders a de-
pository institution to terminate a specific cus-
tomer account or a group of customer accounts, 
the depository institution shall inform the spe-
1661 
cific customer or group of customers of the jus-
tification for the customer’s account termination 
described under paragraph (2). 
(B) NOTICE PROHIBITED.— 
(i) NOTICE PROHIBITED IN CASES OF 
NATIONAL
SECURITY.—If an appropriate 
Federal banking agency requests or orders a 
depository institution to terminate a spe-
cific customer account or a group of cus-
tomer accounts based on a belief that the 
customer or customers pose a threat to na-
tional security, or are otherwise described 
under subsection (a)(2), neither the deposi-
tory institution nor the appropriate Federal 
banking agency may inform the customer or 
customers of the justification for the cus-
tomer’s account termination. 
(ii) NOTICE
PROHIBITED
IN
OTHER 
CASES.—If an appropriate Federal banking 
agency determines that the notice required 
under subparagraph (A) may interfere with 
an authorized criminal investigation, nei-
ther the depository institution nor the ap-
propriate Federal banking agency may in-
form the specific customer or group of cus-
1662 
tomers of the justification for the customer’s 
account termination. 
(4) REPORTING
REQUIREMENT.—Each appro-
priate Federal banking agency shall issue an annual 
report to the Congress stating— 
(A) the aggregate number of specific cus-
tomer accounts that the agency requested or or-
dered a depository institution to terminate dur-
ing the previous year; and 
(B) the legal authority on which the agency 
relied in making such requests and orders and 
the frequency on which the agency relied on each 
such authority. 
(5) DEFINITIONS.—For purposes of this sub-
section: 
(A) APPROPRIATE FEDERAL BANKING AGEN-
CY.—The term ‘‘appropriate Federal banking 
agency’’ means— 
(i) the appropriate Federal banking 
agency, as defined under section 3 of the 
Federal Deposit Insurance Act (12 U.S.C. 
1813); and 
(ii) the National Credit Union Admin-
istration, in the case of an insured credit 
union.
1663 
(B) DEPOSITORY INSTITUTION.—The term 
‘‘depository institution’’ means— 
(i) a depository institution, as defined 
under section 3 of the Federal Deposit In-
surance Act (12 U.S.C. 1813); and 
(ii) an insured credit union. 
(n) DEFINITIONS.—In this section: 
(1) BUSINESS OF INSURANCE.—The term ‘‘busi-
ness of insurance’’ has the meaning given such term 
in section 1002 of the Dodd-Frank Wall Street Re-
form and Consumer Protection Act (12 U.S.C. 5481). 
(2) CANNABIS.—The term ‘‘cannabis’’ has the 
meaning given the term ‘‘marihuana’’ in section 102 
of the Controlled Substances Act (21 U.S.C. 802). 
(3) CANNABIS PRODUCT.—The term ‘‘cannabis 
product’’ means any article which contains cannabis, 
including an article which is a concentrate, an edible, 
a tincture, a cannabis-infused product, or a topical. 
(4) 
CANNABIS-RELATED
LEGITIMATE
BUSI-
NESS.—The term ‘‘cannabis-related legitimate busi-
ness’’ means a manufacturer, producer, or any person 
or company that— 
(A) engages in any activity described in 
subparagraph (B) pursuant to a law established 
by a State or a political subdivision of a State,
1665 
Network, the Office of Foreign Asset Control, the Of-
fice of the Comptroller of the Currency, the National 
Credit Union Administration, the Department of the 
Treasury, or any Federal agency or department that 
regulates banking or financial services, as determined 
by the Secretary of the Treasury. 
(7) FINANCIAL SERVICE.—The term ‘‘financial 
service’’— 
(A) means a financial product or service, as 
defined in section 1002 of the Dodd-Frank Wall 
Street Reform and Consumer Protection Act (12 
U.S.C. 5481); 
(B) includes the business of insurance; 
(C) includes, whether performed directly or 
indirectly, the authorizing, processing, clearing, 
settling, billing, transferring for deposit, trans-
mitting, delivering, instructing to be delivered, 
reconciling, collecting, or otherwise effectuating 
or facilitating of payments or funds, where such 
payments or funds are made or transferred by 
any means, including by the use of credit cards, 
debit cards, other payment cards, or other access 
devices, accounts, original or substitute checks, or 
electronic funds transfers;
1666 
(D) includes acting as a money transmit-
ting business which directly or indirectly makes 
use of a depository institution in connection 
with effectuating or facilitating a payment for a 
cannabis-related legitimate business or service 
provider in compliance with section 5330 of title 
31, United States Code, and any applicable 
State law; and 
(E) includes acting as an armored car serv-
ice for processing and depositing with a deposi-
tory institution or a Federal reserve bank with 
respect to any monetary instruments (as defined 
under section 1956(c)(5) of title 18, United 
States Code. 
(8) INDIAN COUNTRY.—The term ‘‘Indian coun-
try’’ has the meaning given that term in section 1151 
of title 18. 
(9) INDIAN TRIBE.—The term ‘‘Indian Tribe’’ 
has the meaning given that term in section 102 of the 
Federally Recognized Indian Tribe List Act of 1994 
(25 U.S.C. 479a). 
(10) INSURER.—The term ‘‘insurer’’ has the 
meaning given that term under section 313(r) of title 
31, United States Code.
1667 
(11) MANUFACTURER.—The term ‘‘manufac-
turer’’ means a person who manufactures, compounds, 
converts, processes, prepares, or packages cannabis or 
cannabis products. 
(12) PRODUCER.—The term ‘‘producer’’ means a 
person who plants, cultivates, harvests, or in any way 
facilitates the natural growth of cannabis. 
(13) SERVICE
PROVIDER.—The term ‘‘service 
provider’’— 
(A) means a business, organization, or other 
person that— 
(i) sells goods or services to a cannabis- 
related legitimate business; or 
(ii) provides any business services, in-
cluding the sale or lease of real or any other 
property, legal or other licensed services, or 
any other ancillary service, relating to can-
nabis; and 
(B) does not include a business, organiza-
tion, or other person that participates in any 
business or organized activity that involves han-
dling cannabis or cannabis products, including 
cultivating, producing, manufacturing, selling, 
transporting, displaying, dispensing, distrib-
1668 
uting, or purchasing cannabis or cannabis prod-
ucts. 
(14) STATE.—The term ‘‘State’’ means each of 
the several States, the District of Columbia, Puerto 
Rico, and any territory or possession of the United 
States. 
(o) 
DISCRETIONARY
SURPLUS
FUNDS.—Section 
7(a)(3)(A) of the Federal Reserve Act (12 U.S.C. 
289(a)(3)(A)) is amended by striking ‘‘$6,825,000,000’’ and 
inserting ‘‘$6,821,000,000’’. 
SEC. 607. SUPPORT FOR RESTAURANTS. 
(a) SHORT TITLE.—This section may be cited as the 
‘‘Real Economic Support That Acknowledges Unique Res-
taurant Assistance Needed To Survive Act of 2020’’ or the 
‘‘RESTAURANTS Act of 2020’’. 
(b) DEFINITIONS.—In this section: 
(1) COVERED PERIOD.—The term ‘‘covered pe-
riod’’ means the period beginning on February 15, 
2020, and ending on June 30, 2021. 
(2) ELIGIBLE ENTITY.—The term ‘‘eligible enti-
ty’’— 
(A) means a restaurant, food stand, food 
truck, food cart, caterer, saloon, inn, tavern, bar, 
lounge, brewpub, tasting room, taproom, licensed 
facility, or premise of a beverage alcohol pro-
1669 
ducer where the public may taste, sample or pur-
chase products, or other similar place of busi-
ness— 
(i) in which the public or patrons as-
semble for the primary purpose of being 
served food or drink; and 
(ii) that, as of March 13, 2020, is not 
part of a chain or franchise with more than 
20 locations doing business under the same 
name, regardless of the type of ownership of 
the locations; 
(B) means an entity that is located in an 
airport terminal and that, as of March 13, 2020, 
sold any food and beverage, if, as of March 13, 
2020, the entity is not part of a chain or fran-
chise with more than 20 locations doing business 
under the same name, regardless of the type of 
ownership of the locations; and 
(C) does not include an entity described in 
subparagraph (A) or (B) that is— 
(i) publicly-traded, including a sub-
sidiary or affiliate thereof; or 
(ii) part of a State or local government 
facility, not including an airport.
1670 
(3) FUND.—The term ‘‘Fund’’ means the Res-
taurant Revitalization Fund established under section 
subsection (c). 
(4) IMMEDIATE FAMILY MEMBER.—With respect 
to an individual, the term ‘‘immediate family mem-
ber’’ means any parent or child of the individual. 
(5) PAYROLL COSTS.—The term ‘‘payroll costs’’ 
has the meaning given the term in section 7(a)(36)(A) 
of the Small Business Act (15 U.S.C. 636(a)(36)(A)). 
(6) SECRETARY.—The term ‘‘Secretary’’ means 
the Secretary of the Treasury. 
(c) ESTABLISHMENT OF A RESTAURANT REVITALIZA-
TION FUND.— 
(1) IN GENERAL.—There is established in the 
Treasury of the United States a fund to be known as 
the Restaurant Revitalization Fund. 
(2) APPROPRIATIONS.— 
(A) IN GENERAL.—There is appropriated to 
the Fund, out of amounts in the Treasury not 
otherwise appropriated, $120,000,000,000, to re-
main available until June 30, 2021. 
(B) 
REMAINDER
TO
TREASURY.—Any 
amounts remaining in the Fund after June 30, 
2021 shall be deposited in the general fund of the 
Treasury.
1671 
(3) USE
OF
FUNDS.—The Secretary shall use 
amounts in the Fund to make grants described in sec-
tion subsection (d). 
(d) RESTAURANT REVITALIZATION GRANTS.— 
(1) IN
GENERAL.—The Secretary shall award 
grants to eligible entities in the order in which the 
application is received by the Secretary. 
(2) REGISTRATION.—The Secretary shall register 
each grant awarded under this subsection using the 
employer identification number of the eligible entity. 
(3) APPLICATION.— 
(A) IN GENERAL.—An eligible entity desir-
ing a grant under this subsection shall submit to 
the Secretary an application at such time, in 
such manner, and containing such information 
as the Secretary may require. 
(B) CERTIFICATION.—An eligible entity ap-
plying for a grant under this subsection shall 
make a good faith certification— 
(i) that the uncertainty of current eco-
nomic conditions makes necessary the grant 
request to support the ongoing operations of 
the eligible entity; 
(ii) acknowledging that funds will be 
used to retain workers, for payroll costs,
1672 
and for other allowable expenses described 
in paragraph (5) and not for any other 
purposes; 
(iii) that the eligible entity does not 
have an application pending for a grant 
under subsection (a)(36) or (b)(2) of section 
7 of the Small Business Act (15 U.S.C. 636) 
for the same purpose and that is duplicative 
of amounts applied for or received under 
this section; and 
(iv) during the covered period, that the 
eligible entity has not received amounts 
under subsection (a)(36) or (b)(2) of section 
7 of the Small Business Act (15 U.S.C. 636) 
for the same purpose and that is duplicative 
of amounts applied for or received under 
this section. 
(C) HOLD HARMLESS.—An eligible entity 
applying for a grant under this subsection shall 
not be ineligible for a grant if the eligible entity 
is able to document— 
(i) an inability to rehire individuals 
who were employees of the eligible entity on 
February 15, 2020; and
1673 
(ii) an inability to hire similarly 
qualified employees for unfilled positions on 
or before June 30, 2021. 
(4) PRIORITY
IN
AWARDING
GRANTS.—During 
the initial 14-day period in which the Secretary 
awards grants under this subsection, the Secretary 
shall— 
(A) 
prioritize 
awarding 
grants 
to 
marginalized and underrepresented communities, 
with a focus on women- and minority-owned, 
and women- and minority-operated eligible enti-
ties; and 
(B) only award grants to eligible entities 
with annual revenues of less than $1,500,000. 
(5) GRANT AMOUNT.— 
(A) DETERMINATION OF GRANT AMOUNT.— 
(i) IN
GENERAL.—The amount of a 
grant made to an eligible entity under this 
subsection shall be equal to— 
(I) the sum of the revenues or esti-
mated revenues of the eligible entity 
during each calendar quarter in 2020 
subtracted from the sum of such reve-
nues during the same calendar quarter
1674 
in 2019, if such sum is greater than 
zero; and 
(II) if applicable, the additional 
amount required to pay for sick leave 
described under clause (ii). 
(ii) SICK
LEAVE.—An eligible entity 
applying for a grant under this section— 
(I) may request an additional 
grant amount based on the amount re-
quired to provide 10 days of paid sick 
leave to each employee of the entity 
to— 
(aa) care for themselves or 
an immediate family member who 
is ill; or 
(bb) provide care for children 
when schools or childcare pro-
viders are shut down due to 
COVID–19; and 
(II) shall, if provided a grant 
under this section that includes an ad-
ditional amount for sick leave de-
scribed under subclause (I), provide 
each employee of the entity with such 
10 days of paid sick leave.
1675 
(iii) VERIFICATION.—An eligible entity 
shall submit to the Secretary such revenue 
verification documentation as the Secretary 
may require to determine the amount of a 
grant under clause (i). 
(iv) REPAYMENT.—Any amount of a 
grant made under this subsection to an eli-
gible entity based on estimated revenues in 
a calendar quarter in 2020 that is greater 
than the actual revenues of the eligible enti-
ty during that calendar quarter shall be 
converted to a loan that has— 
(I) an interest rate of 1 percent; 
and 
(II) a maturity date of 10 years 
beginning on January 1, 2021. 
(B) REDUCTION BASED ON PPP FORGIVE-
NESS OR EIDL EMERGENCY GRANT.—If an eligi-
ble entity has, at the time of application for a 
grant under this subsection, received an advance 
under section 1110(e) of the CARES Act (15 
U.S.C. 9009(e)) or loan forgiveness under section 
1106 of such Act (15 U.S.C. 9005) related to ex-
penses incurred during the covered period, the 
maximum amount of a grant awarded to the eli-
1676 
gible entity under this subsection shall be re-
duced by the amount of funds expended by or 
forgiven for the eligible entity for those expenses 
using amounts received under such section 
1110(e) or forgiven under such section 1106. 
(C) LIMITATION.—An eligible entity may 
not receive more than 1 grant under this sub-
section. 
(6) USE OF FUNDS.— 
(A) IN GENERAL.—During the covered pe-
riod, an eligible entity that receives a grant 
under this subsection may use the grant funds 
for— 
(i) payroll costs; 
(ii) payments of principal or interest 
on any mortgage obligation; 
(iii) rent payments, including rent 
under a lease agreement; 
(iv) utilities; 
(v) maintenance, including construc-
tion to accommodate outdoor seating; 
(vi) 
supplies, 
including 
protective 
equipment and cleaning materials; 
(vii) food, beverage, and operational 
expenses that are within the scope of the
1677 
normal business practice of the eligible enti-
ty before the covered period; 
(viii) debt obligations to suppliers that 
were incurred before the covered period; 
(ix) costs associated with providing 
employees with 10 days of sick leave, as de-
scribed under paragraph (5)(A)(ii); and 
(x) any other expenses that the Sec-
retary determines to be essential to main-
taining the eligible entity. 
(B) RETURNING FUNDS.—If an eligible en-
tity that receives a grant under this subsection 
permanently ceases operations on or before June 
30, 2021, the eligible entity shall return to the 
Treasury any funds that the eligible entity did 
not use for the allowable expenses under subpara-
graph (A). 
(C) CONVERSION
TO
LOAN.—Any grant 
amounts received by an eligible entity under this 
subsection that are unused after June 30, 2021, 
shall be immediately converted to a loan with— 
(i) an interest rate of 1 percent; and 
(ii) a maturity date of 10 years. 
(7) REGULATIONS.—Not later than 15 days after 
the date of enactment of this Act, the Secretary shall
1678 
issue regulations to carry out this subsection without 
regard to the notice and comment requirements under 
section 553 of title 5, United States Code. 
(8) APPROPRIATIONS FOR STAFFING AND ADMIN-
ISTRATIVE EXPENSES.— 
(A) IN GENERAL.—Of the amounts provided 
by paragraph (2)(A), $300,000,000 shall be for 
staffing and administrative expenses related to 
administering grants awarded under this sub-
section. 
(B) SET
ASIDE.—Of amounts provided 
under subparagraph (A), $60,000,000 shall be al-
located 
for 
outreach 
to 
traditionally 
marginalized and underrepresented communities, 
with a focus on women, veteran, and minority- 
owned and operated eligible entities, including 
the creation of a resource center targeted toward 
these communities. 
(e) LIMITATION WITH RESPECT TO PRIVATE FUNDS.— 
(1) IN GENERAL.—No amounts received under 
this section may be directly or indirectly used to pay 
distributions, dividends, consulting fees, advisory fees, 
interest payments, or any other fees, expenses, or 
charges to—
1679 
(A) a person registered as an investment 
adviser under the Investment Advisers Act of 
1940 who advises a private fund; 
(B) any affiliate of such adviser; 
(C) any executive of such adviser or affil-
iate; or 
(D) any employee, consultant, or other per-
son with a contractual relationship to provide 
services for or on behalf of such adviser or affil-
iate. 
(2) ANTI-EVASION.—No company in which a 
private fund holds an ownership interest that has, di-
rectly or indirectly, received amounts under this title 
may pay any distributions, dividends, consulting fees, 
advisory fees, interest payments, or any other fees, ex-
penses, or charges in excess of 10 percent of such com-
pany’s net operating profits for the calendar year 
ending December 31, 2020 (and for each successive 
year until the covered period has ended and all loans 
created under this section have been repaid) to— 
(A) a person registered as an investment 
adviser under the Investment Advisers Act of 
1940 who advises a private fund; 
(B) any affiliate of such adviser;
1680 
(C) any executive of such adviser or affil-
iate; or 
(D) any employee, consultant, or other per-
son with a contractual relationship to provide 
services for or on behalf of such adviser or affil-
iate. 
(3) DEFINITIONS.—In this section: 
(A) 
AFFILIATE.—The 
term 
‘‘affiliate’’ 
means, with respect to a person, any other per-
son directly or indirectly controlling, controlled 
by, or under direct or indirect common control 
with such person. A person shall be deemed to 
control another person if such person possesses, 
directly or indirectly, the power to direct or 
cause the direction of the management and poli-
cies of such other person, whether through the 
ownership of voting securities, by contract, or 
otherwise. 
(B) EXECUTIVE.—The term ‘‘executive’’ 
means— 
(i) any individual who serves an exec-
utive or director of a person, including the 
principal executive officer, principal finan-
cial officer, comptroller or principal ac-
counting officer; and
1681 
(ii) an executive officer, as defined 
under section 230.405 of title 17, Code of 
Federal Regulations. 
(C) PRIVATE
FIND.—The term ‘‘private 
fund’’ means an issuer that would be an invest-
ment company, as defined in the Investment 
Company Act of 1940 (15 U.S.C. 80a-1 et seq.), 
but for section 3(c)(1) or 3(c)(7) of that Act. 
(f) DEMOGRAPHIC DATA AND TRANSPARENCY.— 
(1) DEMOGRAPHIC
DATA.—In establishing an 
application process for carrying out this section, the 
Secretary shall include a voluntary request for certain 
demographic data with respect to the majority owner-
ship of eligible entities, including race, ethnicity, gen-
der, and veteran-status. 
(2) MONTHLY REPORTS.—Not later than the end 
of the first month in which initial grants are dis-
bursed under this section, and every month thereafter 
until the date on which the last grant has been dis-
bursed under this section, the Secretary shall submit 
to the Committee on Financial Services of the House 
of Representatives and the Committee on Banking, 
Housing, and Urban Affairs of the Senate a report 
providing the number and dollar amount of grants 
approved for or disbursed to all eligible entities, in-
1682 
cluding a list of eligible entities with the grant 
amount they received, and a breakout of the number 
and dollar of grants by State, congressional district, 
demographics (including race, ethnicity, gender, and 
veteran-status), and business type. 
(3) QUARTERLY REPORTS.— Beginning on Jan-
uary 1, 2021, and every subsequent quarter until the 
last grant that was converted to a loan under this sec-
tion is repaid, the Secretary shall submit to the Com-
mittee on Financial Services of the House of Rep-
resentatives and the Committee on Banking, Housing, 
and Urban Affairs of the Senate a report on the num-
ber and dollar amount of grants approved for or dis-
bursed to all eligible entities, including a breakout of 
grants by State, congressional district, demographics 
(including race, ethnicity, gender, and veteran-sta-
tus), and business type, as well as the number and 
dollar amount of grants that converted to loans under 
this section, including a breakout of outstanding 
loans by State, congressional district, demographics 
(including race, ethnicity, gender, and veteran-sta-
tus), and business type. 
(4) DATA
TRANSPARENCY.—Not later than 30 
days after the date of enactment of this Act, the Sec-
retary shall make available on a publicly available
1683 
website in a standardized and downloadable format, 
and update on a monthly basis, any data contained 
in a report submitted under this section. 
SEC. 608. CODIFICATION OF THE MINORITY BUSINESS DE-
VELOPMENT ADMINISTRATION. 
(a) DEFINITIONS.—In this section: 
(1) ADMINISTRATION.—The term ‘‘Administra-
tion’’ means the Minority Business Development Ad-
ministration. 
(2) 
ADMINISTRATOR.—The 
term 
‘‘Adminis-
trator’’ means the Administrator of the Minority 
Business Development Administration. 
(3) COVERED ENTITY.—The term ‘‘covered enti-
ty’’ means a private nonprofit organization that— 
(A) is described in section 501(c)(3) of the 
Internal Revenue Code of 1986 and exempt from 
tax under section 501(a) of such Code; 
(B) can demonstrate to the Administration 
that— 
(i) the primary mission of the organi-
zation is to provide services to minority 
business enterprises, whether through edu-
cation, making grants, or other similar ac-
tivities; and
1684 
(ii) the organization is unable to pay 
financial obligations incurred by the orga-
nization, including payroll obligations; and 
(C) due to the effects of COVID–19, is un-
able to engage in the same level of fundraising 
in the year in which this Act is enacted, as com-
pared with the year preceding the year in which 
this Act is enacted, including through events or 
the collection of fees. 
(4) MINORITY.—The term ‘‘minority’’ has the 
meaning given the term in section 308(b) of the Fi-
nancial Institutions Reform, Recovery, and Enforce-
ment Act of 1989 and includes any indigenous person 
in the United States or the territories of the United 
States. 
(5) MINORITY
BUSINESS
DEVELOPMENT
CEN-
TER.—The term ‘‘minority business development cen-
ter’’ means a Business Center of the Administration, 
including its Specialty Center Program. 
(6) 
MINORITY
BUSINESS
ENTERPRISE.—The 
term ‘‘minority business enterprise’’ means a for-prof-
it business enterprise— 
(A) that is not less than 51 percent-owned 
by 1 or more minority individuals; and
1685 
(B) the management and daily business op-
erations of which are controlled by 1 or more mi-
nority individuals. 
(b) MINORITY BUSINESS DEVELOPMENT ADMINISTRA-
TION.— 
(1) ESTABLISHMENT.— 
(A) IN GENERAL.—The Minority Business 
Development Administration is hereby estab-
lished. 
(B) TRANSFER OF FUNCTIONS.—All func-
tions that, immediately before the date of enact-
ment of this Act, were functions of the Minority 
Business Development Agency of the Department 
of Commerce shall be functions of the Adminis-
tration. 
(C) TRANSFER OF ASSETS.—So much of the 
personnel, property, records, and unexpended 
balances of appropriations, allocations, and 
other funds employed, used, held, available, or to 
be made available in connection with a function 
transferred under subparagraph (B) shall be 
available to the Administration for use in con-
nection with the functions transferred. 
(D) REFERENCES.—Any reference in any 
other Federal law, Executive order, rule, regula-
1686 
tion, or delegation of authority, or any document 
of or pertaining to the Minority Business Devel-
opment Agency of the Department of Commerce 
is deemed to refer to the Administration. 
(2) ADMINISTRATOR.— 
(A) APPOINTMENT AND DUTIES.—The Ad-
ministration shall be headed by an Adminis-
trator, who shall be— 
(i) appointed by the President, by and 
with the advice and consent of the Senate; 
and 
(ii) except as otherwise expressly pro-
vided, responsible for the administration of 
this Act. 
(B) COMPENSATION.—The Administrator 
shall be compensated at an annual rate of basic 
pay prescribed for level IV of the Executive 
Schedule under section 5315 of title 5, United 
States Code. 
(C) TRANSITION PERIOD.—The individual 
serving as the Director of the Minority Business 
Development Agency on the day before the date 
of enactment of this Act shall serve as the Ad-
ministrator of the Administration until such
1687 
time as the first Administrator is confirmed by 
the Senate pursuant to subparagraph (A). 
(3) REPORT TO CONGRESS.—Not later than 120 
days after the date of enactment of this Act, the Ad-
ministrator shall submit to Congress a report that de-
scribes the organizational structure of the Adminis-
tration. 
(4) ADMINISTRATIVE POWERS AND OTHER POW-
ERS OF THE ADMINISTRATION; MISCELLANEOUS PRO-
VISIONS.— 
(A) IN GENERAL.—In carrying out the du-
ties and the responsibilities of the Administra-
tion, the Administrator may— 
(i) hold hearings, sit and act, and take 
testimony as the Administrator may deter-
mine to be necessary or appropriate; 
(ii) acquire, in any lawful manner, 
any property that the Administrator may 
determine to be necessary or appropriate; 
(iii) make advance payments under 
grants, contracts, and cooperative agree-
ments awarded by the Administration; 
(iv) enter into agreements with other 
Federal agencies;
1688 
(v) coordinate with the heads of the Of-
fices of Small and Disadvantaged Business 
Utilization of Federal agencies; 
(vi) require a coordinated review of all 
training and technical assistance activities 
that are proposed to be carried out by Fed-
eral agencies in direct support of the devel-
opment of minority business enterprises 
to— 
(I) assure consistency with the 
purposes of this Act; and 
(II) avoid duplication of existing 
efforts; and 
(vii) prescribe such rules, regulations, 
and procedures as the Administration may 
determine to be necessary or appropriate. 
(B) EMPLOYMENT
OF
CERTAIN
EXPERTS 
AND CONSULTANTS.— 
(i) IN GENERAL.—The Administrator 
may employ experts and consultants or or-
ganizations that are composed of experts or 
consultants, as authorized under section 
3109 of title 5, United States Code. 
(ii) RENEWAL
OF
CONTRACTS.—The 
Administrator may annually renew a con-
1689 
tract for employment of an individual em-
ployed under clause (i). 
(C) DONATION OF PROPERTY.— 
(i) IN
GENERAL.—Subject to clause 
(ii), the Administrator may, without cost 
(except for costs of care and handling), do-
nate for use by any public sector entity, or 
by any recipient nonprofit organization, for 
the purpose of the development of minority 
business enterprises, any real or tangible 
personal property acquired by the Adminis-
tration. 
(ii) TERMS, 
CONDITIONS, 
RESERVA-
TIONS, AND RESTRICTIONS.—The Adminis-
trator may impose reasonable terms, condi-
tions, reservations, and restrictions upon 
the use of any property donated under 
clause (i). 
(c) EMERGENCY GRANTS TO NON-PROFITS THAT SUP-
PORT MINORITY BUSINESS ENTERPRISES.— 
(1) ESTABLISHMENT.—Not later than 15 days 
after the date of enactment of this Act, the Adminis-
tration shall establish a grant program for covered 
entities—
1690 
(A) in order to help those covered entities 
continue the necessary work of supporting mi-
nority business enterprises; and 
(B) under which the Administration shall 
make grants to covered entities as expeditiously 
as possible. 
(2) APPLICATION.— 
(A) IN GENERAL.—A covered entity desiring 
a grant under this subsection shall submit to the 
Administration an application at such time, in 
such manner, and containing such information 
as the Administration may require. 
(B) 
PRIORITY.—The 
Administration 
shall— 
(i) establish selection criteria to ensure 
that, if the amounts made available to carry 
out this subsection are not sufficient to 
make a grant under this subsection to every 
covered entity that submits an application 
under subparagraph (A), the covered enti-
ties that are the most severely affected by 
the effects of COVID–19 receive priority 
with respect to those grants; and 
(ii) give priority with respect to the 
grants made under this subsection to a cov-
1691 
ered entity that proposes to use the grant 
funds for— 
(I) providing paid sick leave to 
employees of the covered entity who are 
unable to work due to the direct effects 
of COVID–19; 
(II) continuing to make payroll 
payments in order to retain employees 
of the covered entity during an eco-
nomic disruption with respect to 
COVID–19; 
(III) making rent or mortgage 
payments with respect to obligations of 
the covered entity; or 
(IV) repaying non-Federal obliga-
tions that the covered entity cannot 
satisfy because of revenue losses that 
are attributable to the effects of 
COVID–19. 
(3) AMOUNT OF GRANT.— 
(A) IN GENERAL.—A grant made under this 
subsection shall be in an amount that is not 
more than $500,000.
1692 
(B) SINGLE
AWARD.—No covered entity 
may receive, or directly benefit from, more than 
1 grant made under this subsection. 
(4) USE OF FUNDS.—A covered entity that re-
ceives a grant under this subsection may use the 
grant funds to address the effects of COVID–19 on the 
covered entity, including by making payroll pay-
ments, making a transition to the provision of online 
services, and addressing issues raised by an inability 
to raise funds. 
(5) PROCEDURES.—The Administration shall es-
tablish procedures to discourage and prevent waste, 
fraud, and abuse by applicants for, and recipients of, 
grants made under this subsection. 
(6) 
NON-DUPLICATION.—The 
Administration 
shall ensure that covered entities do not receive grants 
under both this subsection and section 1108 of the 
CARES Act. 
(7) GAO AUDIT.—Not later than 180 days after 
the date on which the Administration begins making 
grants under this subsection, the Comptroller General 
of the United States shall— 
(A) conduct an audit of grants made under 
this subsection, which shall seek to identify any
1693 
discrepancies or irregularities with respect to the 
grants; and 
(B) submit to Congress a report regarding 
the audit conducted under subparagraph (A). 
(8) UPDATES TO CONGRESS.—Not later than 30 
days after the date of enactment of this Act, and once 
every 30 days thereafter until the date described in 
paragraph (11), the Administrator shall submit to 
Congress a report that contains— 
(A) the number of grants made under this 
subsection during the period covered by the re-
port; and 
(B) with respect to the grants described in 
subparagraph (A), the geographic distribution of 
those grants by State and county. 
(9) TERMINATION.—The authority to make 
grants under this subsection shall terminate on Sep-
tember 30, 2021. 
(d) OUTREACH TO BUSINESS CENTERS.— 
(1) IN GENERAL.—Not later than 10 days after 
the date of enactment of this Act, the Administration 
shall conduct outreach to the business center network 
of the Administration to provide guidance to those 
centers regarding other Federal programs that are 
available to provide support to minority business en-
1694 
terprises, including programs at the Department of 
the Treasury, the Small Business Administration, 
and the Economic Development Administration of the 
Department of Commerce. 
(2) OUTREACH TO NATIVE COMMUNITIES.— 
(A) IN GENERAL.—In carrying out this sub-
section, the Administration shall ensure that out-
reach is conducted in American Indian, Alaska 
Native, and Native Hawaiian communities. 
(B) DIRECT OUTREACH TO CERTAIN MINOR-
ITY BUSINESS ENTERPRISES.—If the Adminis-
trator determines that a particular American 
Indian, Alaska Native, or Native Hawaiian com-
munity does not receive sufficient grant amounts 
under subsection (c) or section 1108 of the 
CARES Act, the Administrator shall carry out 
additional outreach directly to minority business 
enterprises located in that community to provide 
guidance regarding Federal programs that are 
available to provide support to minority business 
enterprises. 
(3) USE
OF
APPROPRIATED
FUNDS.—If, after 
carrying out this subsection, there are remaining 
funds made available to carry out this subsection 
from the amount appropriated under subsection (e),