Title: Financial Protections and Assistance for America’s Consumers, States, Businesses, and Vulnerable Populations Act
Policy area: Finance and Financial Sector

Summary:
Financial Protections and Assistance for America's Consumers, States, Businesses, and Vulnerable Populations Act
This bill responds to the COVID-19 (i.e., coronavirus disease 2019) emergency and generally provides for financial assistance and other aid to individuals, businesses, and state and local governments for the duration of the emergency period. Among other things, the bill
The bill also modifies existing provisions, including those regarding

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6321 Introduced in House (IH)]

<DOC>






116th CONGRESS
  2d Session
                                H. R. 6321

     To provide financial protections and assistance for America's 
 consumers, States, businesses, and vulnerable populations during the 
         COVID-19 emergency and to recover from the emergency.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 23, 2020

  Ms. Waters introduced the following bill; which was referred to the 
 Committee on Financial Services, and in addition to the Committees on 
Ways and Means, Education and Labor, Small Business, the Judiciary, and 
Agriculture, for a period to be subsequently determined by the Speaker, 
 in each case for consideration of such provisions as fall within the 
                jurisdiction of the committee concerned

_______________________________________________________________________

                                 A BILL


 
     To provide financial protections and assistance for America's 
 consumers, States, businesses, and vulnerable populations during the 
         COVID-19 emergency and to recover from the emergency.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Financial 
Protections and Assistance for America's Consumers, States, Businesses, 
and Vulnerable Populations Act''.
    (b) Table of Contents.--The table of contents for this Act is as 
follows:

Sec. 1. Short title; table of contents.
Sec. 2. Severability.
    TITLE I--PROTECTING CONSUMERS, RENTERS, HOMEOWNERS, AND PEOPLE 
                       EXPERIENCING HOMELESSNESS

Sec. 101. Direct stimulus payments for families.
Sec. 102. Suspension of requirements regarding tenant contribution 
                            toward rent.
Sec. 103. Temporary moratorium on eviction filings.
Sec. 104. Suspension of other consumer loan payments.
Sec. 105. Emergency rental assistance.
Sec. 106. Emergency homeless assistance.
Sec. 107. Participation of Indian Tribes and tribally designated 
                            housing entities in Continuum of Care 
                            Program.
Sec. 108. Housing Assistance Fund.
Sec. 109. Mortgage forbearance.
Sec. 110. Bankruptcy protections.
Sec. 111. Debt collection.
Sec. 112. Disaste protection for workers' credit.
Sec. 113. Student loans.
Sec. 114. Waiver of in-person appraisal requirements.
Sec. 115. Supplemental funding for community development block grants.
Sec. 116. COVID-19 Emergency Housing Relief.
Sec. 117. Supplemental funding for service coordinators to assist 
                            elderly households.
Sec. 118. Fair housing.
Sec. 119. HUD counseling program authorization.
Sec. 120. Defense Production Act of 1950.
     TITLE II--ASSISTING SMALL BUSINESSES AND COMMUNITY FINANCIAL 
                              INSTITUTIONS

Sec. 201. Small Business Credit Facility.
Sec. 202. Small Business Financial Assistance Program.
Sec. 203. Loan and obligation payment relief for affected small 
                            businesses and non-profits.
Sec. 204. Reauthorization of the State Small Business Credit Initiative 
                            Act of 2010.
Sec. 205. Funding of the Initiative to Build Growth Equity Funds for 
                            Minority Businesses.
Sec. 206. Community Development Financial Institutions Fund 
                            supplemental appropriation authorization.
Sec. 207. Minority depository institution.
Sec. 208. Loans to MDIs and CDFIs.
Sec. 209. Insurance of transaction accounts.
     TITLE III--SUPPORTING STATE, TERRITORY, AND LOCAL GOVERNMENTS

Sec. 301. Muni Facility.
Sec. 302. Temporary waiver and reprogramming authority.
    TITLE IV--PROMOTING FINANCIAL STABILITY AND TRANSPARENT MARKETS

Sec. 401. Temporary halt to rulemakings unrelated to COVID-19.
Sec. 402. Temporary ban on stock buybacks.
Sec. 403. Disclosures related to supply chain disruption risk.
Sec. 404. Disclosures related to global pandemic risk.
Sec. 405. Oversight of Federal aid related to COVID-19.
Sec. 406. International financial institutions.
Sec. 407. Conditions on Federal aid to corporations.
Sec. 408. Authority for warrants and debt instruments.
Sec. 409. Authorization to participate in the New Arrangements to 
                            Borrow of the International Monetary Fund.
Sec. 410. International Finance Corporation.
Sec. 411. Oversight and Reports.
Sec. 412. Technical corrections.
Sec. 413. Definitions.
Sec. 414. Rule of construction.
  TITLE V--PANDEMIC PLANNING AND GUIDANCE FOR CONSUMERS AND REGULATORS

Sec. 501. Financial Literacy Education Commission Emergency Response.
Sec. 502. Interagency pandemic guidance for consumers.
Sec. 503. SEC pandemic guidance for investors.
Sec. 504. Updates of the Pandemic Influenza Plan and National Planning 
                            Frameworks.

SEC. 2. SEVERABILITY.

    If any provision of this Act or the application of such provision 
to any person or circumstance is held to be unconstitutional, the 
remainder of this Act, and the application of the provisions of this 
Act, to any person or circumstance shall not be affected thereby.

    TITLE I--PROTECTING CONSUMERS, RENTERS, HOMEOWNERS, AND PEOPLE 
                       EXPERIENCING HOMELESSNESS

SEC. 101. DIRECT STIMULUS PAYMENTS FOR FAMILIES.

    (a) Definitions.--In this section:
            (1) Digital dollar.--The term ``digital dollar'' shall 
        mean--
                    (A) a balance expressed as a dollar value 
                consisting of digital ledger entries that are recorded 
                as liabilities in the accounts of any Federal reserve 
                bank; or
                    (B) an electronic unit of value, redeemable by an 
                eligible financial institution (as determined by the 
                Board of Governors of the Federal Reserve System).
            (2) Digital dollar wallet.--The term ``digital dollar 
        wallet'' shall mean a digital wallet or account, maintained by 
        a Federal reserve bank on behalf of any person, that represents 
        holdings in an electronic device or service that is used to 
        store digital dollars that may be tied to a digital or physical 
        identity.
            (3) Member bank.--The term ``member bank'' means a member 
        bank of the Board of Governors of the Federal Reserve System.
            (4) Pass-through digital dollar wallet.--The term ``pass-
        through digital dollar wallet'' means a digital wallet or 
        account, maintained by a member bank on behalf of a qualified 
        individual, where such qualified individual is entitled to a 
        pro rata share of a pooled reserve balance that the member bank 
        maintains at any Federal reserve bank.
            (5) Qualified individual defined.--The term ``qualified 
        individual'' means any individual other than any nonresident 
        alien individual.
    (b) Emergency Stimulus Check Implementation.--
            (1) Payments.--The Secretary of the Treasury, acting 
        through the Commissioner of the Internal Revenue Service, shall 
        make monthly emergency payments to qualified individuals 
        beginning on the first day of the first month beginning after 
        the date of the enactment of this Act and ending on the later 
        of--
                    (A) the date of the termination by the Federal 
                Emergency Management Agency of the emergency declared 
                on March 13, 2020, by the President under section 
                501(b) of the Robert T. Stafford Disaster Relief and 
                Emergency Assistance Act with respect to the COVID-19 
                pandemic; and
                    (B) the date on which--
                            (i) the national unemployment rate (as 
                        determined by the Bureau of Labor Statistics) 
                        is within 2 percentage points of the national 
                        unemployment rate on the date of enactment of 
                        this Act; and
                            (ii) the 3-month average of the national 
                        unemployment rate has declined for two 
                        consecutive months.
            (2) Amount of payments.--
                    (A) In general.--With respect to a qualified 
                individual, the amount of each monthly payment under 
                paragraph (1) shall be as follows:
                            (i) For a qualified individual age 18 or 
                        older, $2,000.
                            (ii) For a qualified individual under age 
                        18, $1,000.
                    (B) Income limitation.--The amount of a payment 
                under subparagraph (A) shall be reduced (but not below 
                zero) by 5 percent of so much of the individual's 
                adjusted gross income as exceeds $75,000. The Secretary 
                of the Treasury shall adjust such amount as appropriate 
                to account for individuals filing joint returns.
            (3) Method of delivery.--
                    (A) In general.--The Secretary of the Treasury, 
                acting through the Commissioner of the Internal Revenue 
                Service, shall make the payments required under 
                paragraph (1)--
                            (i) first, by direct deposit (including to 
                        a pass-through digital dollar wallet), if the 
                        Commissioner has sufficient information to make 
                        direct deposit payments to the applicable 
                        individual; and
                            (ii) otherwise, by check.
                    (B) Outreach.--The Secretary of the Treasury, 
                acting through the Commissioner of the Internal Revenue 
                Service, shall establish a system for a qualified 
                individual to provide the Internal Revenue Service with 
                the individual's direct deposit information and shall 
                perform outreach to inform the public of such system.
            (4) Accessing payments.--If a payment is deposited (by any 
        method) into an account of a qualified individual at an insured 
        depository institution (as defined in section 3 of the Federal 
        Deposit Insurance Act) or insured credit union (as defined in 
        section 101 of the Federal Credit Union Act), such funds shall 
        be available for withdrawal on the same day, to the fullest 
        extent possible.
            (5) Funding.--The Secretary of the Treasury shall, before 
        each monthly payment required under subsection (a), notify the 
        Board of Governors of the Federal Reserve System of the 
        aggregate amount of such payment, and the Board of Governors 
        shall issue notes in such amount and transfer such notes to the 
        Secretary of the Treasury for use in making such payments.
    (c) Mandate for Member Banks To Maintain Pass-Through Digital 
Dollar Wallets.--
            (1) Obligations of member banks.--
                    (A) In general.--Member banks are hereby directed 
                to establish and maintain pass-through digital dollar 
                wallets for all persons eligible to receive payments 
                from the United States pursuant to this Act who elect 
                to deposit such payments into a pass-through digital 
                dollar wallet.
                    (B) Separate entity.--
                            (i) In general.--Each member bank shall 
                        establish and maintain a separate legal entity 
                        for the exclusive purpose of holding all assets 
                        and maintaining all liabilities associated with 
                        pass-through digital dollar wallets.
                            (ii) Assets.--The assets of any entity 
                        described in this paragraph shall consist 
                        exclusively of a balance maintained in a master 
                        account at a Federal reserve bank, and the 
                        liabilities or obligations of the entity shall 
                        consist exclusively of an equal quantity of 
                        balances maintained by holders of pass-through 
                        digital dollar wallets.
                            (iii) Separate assets and liabilities.--The 
                        assets and liabilities of any legal entity 
                        described in this paragraph shall not be deemed 
                        assets or liabilities of the member bank or its 
                        affiliates for purposes of any capital or 
                        liquidity regulation promulgated by Federal or 
                        State banking authorities.
                    (C) Application.--Member banks with total 
                consolidated assets in excess of $10,000,000,000 shall 
                promptly offer individuals the ability to apply, 
                through online or telephonic means, for a pass-through 
                digital dollar wallets.
            (2) Terms.--Member banks shall ensure that a pass-through 
        digital dollar wallet established under this section--
                    (A) may not be subject to any account fees, minimum 
                balances, or maximum balances;
                    (B) shall pay interest at a rate not below the 
                greater of--
                            (i) the rate of interest on required 
                        reserves; and
                            (ii) the rate of interest on excess 
                        reserves;
                    (C) shall provide functionality and service levels 
                not less favorable than those that the member bank 
                offers for its existing transaction accounts (including 
                with respect to access to debit cards and automated 
                teller machines, online account access, automatic bill-
                pay and mobile banking services, customer service, and 
                such other services as the Board determines), except 
                that pass-through digital dollar wallet shall not 
                include overdraft coverage;
                    (D) shall be prominently branded in all account 
                statements, marketing materials, and other 
                communications of the member bank as a ``pass-through 
                FedAccount'' maintained by the member bank on behalf of 
                the Board of Governors of the Federal Reserve System;
                    (E) may not be closed or restricted by the member 
                bank on the basis of profitability considerations; and
                    (F) shall provide holders with reasonable 
                protection against losses caused by fraud or security 
                breaches.
            (3) Reimbursement for costs.--
                    (A) In general.--Each member bank with total 
                consolidated assets not greater than $10,000,000,000 
                shall be reimbursed each calendar quarter by the 
                relevant Federal reserve bank for actual and reasonable 
                operational costs incurred by the member bank in 
                offering pass-through digital dollar wallets.
                    (B) Rulemaking.--The Board of Governors of the 
                Federal Reserve System shall issue rules to carry out 
                subparagraph (A).
            (4) Authority of the board.--Member banks shall be subject 
        to such rules as may be imposed by the Board of Governors of 
        the Federal Reserve System in connection with maintaining pass-
        through digital dollar wallets.
    (d) Authority for State Nonmember Banks and Credit Unions To Offer 
Pass-Through Digital Dollar Wallets.--The Federal reserve banks shall 
permit State banks and credit unions that are not member banks to open 
master accounts for the exclusive purpose of offering pass-through 
digital dollar wallets in compliance with the requirements of 
subsection (c). Each State bank or credit union electing to offer pass-
through digital wallets shall be entitled to cost reimbursement in 
accordance with subsection (c)(3).
    (e) Mandate for Federal Reserve Banks To Maintain Digital Dollar 
Wallets.--
            (1) Authorization.--Subject to such restrictions, 
        limitations, and regulations as may be imposed by the Board of 
        Governors of the Federal Reserve System, each Federal reserve 
        bank shall maintain digital dollar wallets.
            (2) Mandate.--
                    (A) In general.--Not later than January 1, 2021, 
                all Federal reserve banks shall make digital dollar 
                wallets available to all citizens and legal permanent 
                residents of the United States and business entities 
                for which the principal place of business is located in 
                the United States.
                    (B) Exception.--In geographic areas where physical 
                access to a branch of a Federal reserve bank is 
                limited, Federal reserve banks serving such areas shall 
                partner with United States Postal Service branch 
                offices to ensure access and availability to 
                application and account services for digital dollar 
                wallets.
            (3) Terms of digital dollar wallets.--Federal reserve banks 
        shall ensure that digital dollar wallets established under this 
        section--
                    (A) may not be subject to any account fees, minimum 
                balances, or maximum balances;
                    (B) shall pay interest at a rate not below the 
                greater of--
                            (i) the rate of interest on required 
                        reserves; and
                            (ii) the rate of interest on excess 
                        reserves;
                    (C) shall provide access to debit cards, online 
                account access, automatic bill-pay and mobile banking 
                services, customer service, and such other services as 
                the Board determines, except that digital dollar 
                wallets shall not include overdraft coverage;
                    (D) shall provide, in conjunction with the United 
                States Postal Service, access to automated teller 
                machines to be maintained on behalf of the Board by the 
                United States Postal Service at branch offices;
                    (E) shall be prominently branded in all account 
                statements, marketing materials, and other 
                communications of the Federal reserve bank as a 
                ``FedAccount'' maintained by the member bank on behalf 
                of the United States of America;
                    (F) may not be closed or restricted on the basis of 
                profitability considerations; and
                    (G) shall provide holders with reasonable 
                protection against losses caused by fraud or security 
                breaches.
            (4) Bank secrecy act.--In establishing and maintaining 
        digital dollar wallets, each Federal reserve bank shall comply 
        with section 21 of the Federal Deposit Insurance Act (12 U.S.C. 
        1829b), section 123 of Public Law 91-508, subchapter II of 
        chapter 53 of title 31, United States Code.
            (5) Penalties.--The Board of Governors of the Federal 
        Reserve System shall, by rule, establish penalties applicable 
        to Federal reserve banks and employees of such banks for 
        violations of privacy obligations relating to digital dollar 
        wallets that are similar to the penalties imposed by the 
        Commissioner of the Internal Revenue Service with respect to 
        violations of privacy obligations relating to Federal tax 
        returns.
    (f) Regulations.--The Board of Governors of the Federal Reserve 
System shall promulgate regulations to carry out this section.

SEC. 102. SUSPENSION OF REQUIREMENTS REGARDING TENANT CONTRIBUTION 
              TOWARD RENT.

    (a) Suspension.--Notwithstanding any other provision of law, the 
obligation of each tenant household of a dwelling unit in assisted 
housing to pay any contribution toward rent for occupancy in such 
dwelling unit shall be suspended with respect to such occupancy during 
the period beginning on the date of the enactment of this Act and 
ending 6 months after the date of the termination 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 
Emergency Assistance Act (42 U.S.C. 4121 et seq.) relating to the 
Coronavirus Disease 2019 (COVID-19) pandemic.
    (b) Federal Reimbursement Payments.--To the extent that amounts are 
made available pursuant to subsection (e) for reimbursements under this 
subsection, the Secretary of Housing and Urban Development or the 
Secretary of Agriculture, as appropriate, shall--
            (1) provide owners of assisted housing and public housing 
        agencies for any amounts in rent not received as a result of 
        subsection (a), plus the amount of any increases in costs of 
        administering and maintaining such housing to the extent only 
        that such increases result from the public health emergency 
        relating to Coronavirus Disease 2019 (COVID-19); and
            (2) in the case of public housing agencies providing 
        assistance under section 8(o) of the United States Housing Act 
        of 1937 (42 U.S.C. 1437f(o)), reimburse such agencies in an 
        amount sufficient to cover any increase in housing assistance 
        payments resulting from the suspension of tenant rent payments 
        pursuant to subsection (a), plus the amount of any increases in 
        the cost of administering such assistance to the extent only 
        that such increases result from the public health emergency 
        relating to Coronavirus Disease 2019 (COVID-19).
    (c) Prohibitions.--
            (1) On fines.--No tenant or tenant household may be charged 
        a fine or fee for nonpayment of rent in accordance with 
        subsection (a) and such nonpayment of rent shall not be grounds 
        for any termination of tenancy or eviction.
            (2) On debt.--No tenant or tenant household may be treated 
        as accruing any debt by reason of suspension of contribution of 
        rent under subsection (a).
            (3) On repayment.--Held liable for repayment of any amount 
        of rent contribution suspended under subsection (a).
            (4) On credit scores.--The nonpayment of rent by a tenant 
        or tenant household shall not be reported to a consumer 
        reporting agency nor shall such nonpayment adversely affect a 
        tenant or member of a tenant household's credit score.
    (d) Assisted Housing.--For purposes of this section, the term 
``assisted housing'' means housing or a dwelling unit assisted under--
            (1) section 213, 220, 221(d)(3), 221(d)(4), 223(e), 231, or 
        236 of the National Housing Act (12 U.S.C. 1715l(d)(3), (d)(4), 
        or 1715z-1);
            (2) section 101 of the Housing and Urban Development Act of 
        1965 (12 U.S.C. 1701s);
            (3) section 202 of the Housing Act of 1959 (12 U.S.C. 
        1701q);
            (4) section 811 of the Cranston-Gonzales National 
        Affordable Housing Act (42 U.S.C. 8013);
            (5) title II of the Cranston-Gonzalez National Affordable 
        Housing Act (42 U.S.C. 12701 et seq.);
            (6) subtitle D of title VIII of the Cranston-Gonzalez 
        National Affordable Housing Act (42 U.S.C. 12901 et seq.);
            (7) title I of the Housing and Community Development Act of 
        1974 (42 U.S.C. 5301 et seq.);
            (8) section 8 of the United States Housing Act of 1937 (42 
        U.S.C. 1437f);
            (9) the public housing program under title I of the United 
        States Housing Act of 1937 (42 U.S.C. 1437 et seq.); or
            (10) section 514, 515, 516, 521(a)(2), 538, or 542 of the 
        Housing Act of 1949 (42 U.S.C. 1484, 1485, 1486, 1490a(a)(2), 
        1490p-2, 1490r).
    (e) Authorization of Appropriations.--There is authorized to be 
appropriated such sums as may be necessary to make payments under 
subsection (b) to all owners of assisted housing and public housing 
agencies.

SEC. 103. TEMPORARY MORATORIUM ON EVICTION FILINGS.

    (a) Congressional Findings.--The Congress finds that--
            (1) according to the 2018 American Community Survey, 36 
        percent of households in the United States--more than 43 
        million households--are renters;
            (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 renters spent more than 50 percent of their 
        incomes on housing in the same year;
            (4) Moody's Analytics estimates that 27 million jobs in the 
        U.S. economy are at high risk because of COVID-19;
            (5) the impacts of the spread of COVID-19, which is now 
        considered a global pandemic, are expected 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 on the date described in paragraph (1) 
of subsection (d), the lessor of a covered dwelling may not 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 regardless of cause, except when a tenant perpetrates a serious 
criminal act that threatens the health, life, or safety of other 
tenants, owners, or staff of the property in which the covered dwelling 
is located.
    (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 tenant--
                    (A) pursuant to a residential lease; or
                    (B) without a lease or with a lease terminable 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) Sunset.--
            (1) Sunset date.--The date described in this paragraph is 
        the date of the expiration of the 6-month period that begins 
        upon the termination 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 Emergency 
        Assistance Act (42 U.S.C. 4121 et seq.) relating to the 
        Coronavirus Disease 2019 (COVID-19) pandemic.
            (2) Notice to vacate after sunset date.--After the date 
        described in paragraph (1), the lessor of a covered dwelling 
        may not require the tenant to vacate the covered dwelling 
        before the expiration of the 30-day period that begins upon the 
        provision by the lessor to the tenant, after the date described 
        in paragraph (1), of a notice to vacate the covered dwelling.

SEC. 104. SUSPENSION OF OTHER CONSUMER LOAN PAYMENTS.

    (a) In General.--During the COVID-19 emergency, a debt collector 
may not, with respect to a debt of a consumer (other than debt related 
to a federally related mortgage loan)--
            (1) capitalize unpaid interest;
            (2) apply a higher interest rate triggered by the 
        nonpayment of a debt to the debt balance;
            (3) charge a fee triggered by the nonpayment of a debt;
            (4) sue or threaten to sue for nonpayment of a debt;
            (5) continue litigation to collect a debt that was 
        initiated before the date of enactment of this section;
            (6) submit or cause to be submitted a confession of 
        judgment to any court;
            (7) enforce a security interest through repossession, 
        limitation of use, or foreclosure;
            (8) take or threaten to take any action to enforce 
        collection, or any adverse action for nonpayment of a debt, or 
        for nonappearance at any hearing relating to a debt;
            (9) commence or continue any action to cause or to seek to 
        cause the collection of a debt, including pursuant to a court 
        order issued before the end of the 120-day period following the 
        end of the COVID-19 emergency, from wages, Federal benefits, or 
        other amounts due to a consumer by way of garnishment, 
        deduction, offset, or other seizure;
            (10) cause or seek to cause the collection of a debt, 
        including pursuant to a court order issued before the end of 
        the 120-day period following the end of the COVID-19 emergency, 
        by levying on funds from a bank account or seizing any other 
        assets of a consumer;
            (11) commence or continue an action to evict a consumer 
        from real or personal property; or
            (12) disconnect or terminate service from utility service, 
        including electricity, natural gas, telecommunications or 
        broadband, water, or sewer.
    (b) Rule of Construction.--Nothing in this section may be construed 
to prohibit a consumer from voluntarily paying, in whole or in part, a 
debt.
    (c) Repayment Period.--After the expiration of the COVID-19 
emergency, with respect to a debt described under subsection (a), a 
debt collector--
            (1) may not add to the debt balance any interest or fee 
        prohibited by subsection (a);
            (2) shall, for credit with a defined term or payment 
        period, extend the time period to repay the debt balance by 1 
        payment period for each payment that a consumer missed during 
        the COVID-19 emergency, with the payments due in the same 
        amounts and at the same intervals as the pre-existing payment 
        schedule;
            (3) shall, for an open end credit plan (as defined under 
        section 103 of the Truth in Lending Act) or other credit 
        without a defined term, allow the consumer to repay the debt 
        balance in a manner that does not exceed the amounts permitted 
        by formulas under section 170(c) of the Truth in Lending Act 
        and regulations promulgated thereunder; and
            (4) shall, when the consumer notifies the debt collector, 
        offer reasonable and affordable repayment plans, loan 
        modifications, refinancing, options with a reasonable time in 
        which to repay the debt.
    (d) Communications in Connection With the Collection of a Debt.--
            (1) In general.--During the COVID-19 emergency, without 
        prior consent of a consumer given directly to a debt collector 
        during the COVID-19 emergency, or the express permission of a 
        court of competent jurisdiction, a debt collector may only 
        communicate in writing in connection with the collection of any 
        debt (other than debt related to a federally related mortgage 
        loan).
            (2) Required disclosures.--
                    (A) In general.--All written communications 
                described under paragraph (1) shall inform the consumer 
                that the communication is for informational purposes 
                and is not an attempt to collect a debt.
                    (B) Requirements.--The disclosure required under 
                subparagraph (A) shall be made--
                            (i) in type or lettering not smaller than 
                        14-point bold type;
                            (ii) separate from any other disclosure;
                            (iii) in a manner designed to ensure that 
                        the recipient sees the disclosure clearly;
                            (iv) in English and Spanish and in any 
                        additional languages in which the debt 
                        collector communicates, including the language 
                        in which the loan was negotiated, to the extent 
                        known by the debt collector; and
                            (v) may be provided by first-class mail or 
                        electronically, if the borrower has otherwise 
                        consented to electronic communication with the 
                        debt collector and has not revoked such 
                        consent.
                    (C) Oral notification.--Any oral notification shall 
                be provided in the language the debt collector 
                otherwise uses to communicate with the borrower.
                    (D) Written translations.--In providing written 
                notifications in languages other than English in this 
                section, a debt collector may rely on written 
                translations developed by the Bureau of Consumer 
                Financial Protection.
    (e) Violations.--
            (1) In general.--Any person who violates this section 
        shall--
                    (A) except as provided under subparagraph (B), be 
                subject to civil liability in accordance with section 
                813 of the Fair Debt Collection Practices Act, as if 
                the person is a debt collector for purposes of that 
                section; and
                    (B) be liable to the consumer for an amount 10 
                times the amounts described in such section 813, for 
                each violation.
            (2) Predispute arbitration agreements.--Notwithstanding any 
        other provision of law, no predispute arbitration 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 applicability of this section, which shall 
        be determined under Federal law.
    (f) Tolling.--Except as provided in subsection (g)(5), any 
applicable time limitations, including statutes of limitations, related 
to a debt under Federal or State law shall be tolled during the COVID-
19 emergency.
    (g) Claims of Affected Creditors and Debt Collectors.--
            (1) Valuation of property.--With respect to any action 
        asserting a taking under the Fifth Amendment of the 
        Constitution of the United States as a result of this section 
        or seeking a declaratory judgment regarding the 
        constitutionality of this section, the value of the property 
        alleged to have been taken without just compensation shall be 
        evaluated--
                    (A) with consideration of the likelihood of full 
                and timely payment of the obligation without the 
                actions taken pursuant to this section; and
                    (B) without consideration of any assistance 
                provided directly or indirectly to the consumer from 
                other Federal, State, and local government programs 
                instituted or legislation enacted in response to the 
                COVID-19 emergency.
            (2) Scope of just compensation.--In an action described in 
        paragraph (1), any assistance or benefit provided directly or 
        indirectly to the person from other Federal, State, and local 
        government programs instituted in or legislation enacted 
        response to the COVID-19 emergency, shall be deemed to be 
        compensation for the property taken, even if such assistance or 
        benefit is not specifically provided as compensation for 
        property taken by this section.
            (3) Appeals.--Any appeal from an action under this section 
        shall be treated under section 158 of title 28, United States 
        Code, as if it were an appeal in a case under title 11, United 
        States Code.
            (4) Repose.--Any action asserting a taking under the Fifth 
        Amendment to the Constitution of the United States as a result 
        of this section shall be brought within not later than 180 days 
        after the end of the COVID-19 emergency.
    (h) Credit Facility for Other Purposes.--
            (1) Establishment.--The Board of Governors of the Federal 
        Reserve System shall establish a facility that the Board of 
        Governors shall use to make payments to covered financial 
        institutions to compensate such institutions for documented 
        financial losses caused by the suspension of payments required 
        under this section.
            (2) Covered financial institution defined.--In this 
        subsection, the term ``covered financial institution'' means 
        the holder of a loan described under this section.
    (i) Definitions.--In this section:
            (1) Consumer.--The term ``consumer'' means any individual 
        obligated or allegedly obligated to pay any debt.
            (2) COVID-19 emergency.--The term ``COVID-19 emergency'' 
        means the period that begins upon the date of the enactment of 
        this Act and ends on the date of the termination 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 Emergency Assistance Act (42 U.S.C. 4121 et 
        seq.) relating to the Coronavirus Disease 2019 (COVID-19) 
        pandemic.
            (3) Creditor.--The term ``creditor'' means--
                    (A) any person who offers or extends credit 
                creating a debt or to whom a debt is owed or other 
                obligation for payment;
                    (B) any lessor of real or personal property; or
                    (C) any provider of utility services.
            (4) Debt.--The term ``debt''--
                    (A) means any obligation or alleged obligation that 
                is or during the COVID emergency becomes past due--
                            (i) for which the original agreement, or if 
                        there is no agreement, the original obligation 
                        to pay was created before the COVID emergency, 
                        whether or not such obligation has been reduced 
                        to judgment; and
                            (ii) that arises out of a transaction with 
                        a consumer; and
                    (B) does not include a federally related mortgage 
                loan.
            (5) Debt collector.--The term ``debt collector'' means a 
        creditor, and any person or entity that engages in the 
        collection of debt, including the Federal Government and a 
        State government, irrespective of whether the debt is allegedly 
        owed to or assigned to that person or to the entity.
            (6) Federally related mortgage loan.--The term ``federally 
        related mortgage loan'' has the meaning given that term under 
        section 3 of the Real Estate Settlement Procedures Act of 1974 
        (12 U.S.C. 2602).

SEC. 105. EMERGENCY RENTAL ASSISTANCE.

    (a) Authorization of Appropriations.--There is authorized to be 
appropriated for grants under the Emergency Solutions Grants program 
under subtitle B of title IV of the McKinney-Vento Homeless Assistance 
Act (42 U.S.C. 11371 et seq.) $100,000,000,000 for grants under such 
subtitle only for providing rental assistance in accordance with 
section 415(a)(4) of such Act (42 U.S.C. 11374(a)(4)) and this section 
to respond to needs arising from the emergency declared on March 13, 
2020, by the President under the Robert T. Stafford Disaster Relief and 
Emergency Assistance Act (42 U.S.C. 4121 et seq.) relating to the 
Coronavirus Disease 2019 (COVID-19) pandemic.
    (b) Income Targeting.--For purposes of assistance made available 
with amounts made available pursuant to subsection (a)--
            (1) section 401(1)(A) of the McKinney-Vento Homeless 
        Assistance Act (42 U.S.C. 11360(1)(A)) shall be applied by 
        substituting ``80 percent'' for ``30 percent''; and
            (2) each grantee of such amounts shall use not less than 50 
        percent of the amounts received only for providing assistance 
        for persons or families experiencing homelessness or at risk of 
        homelessness, who have incomes not exceeding 50 percent of the 
        median income for the relevant geographic area; except that the 
        Secretary may waive the requirement under this paragraph if the 
        grantee demonstrates to the satisfaction of the Secretary that 
        the population in the geographic area served by the grantee 
        having such incomes is sufficiently being served with respect 
        to activities eligible for funding with such amounts.
    (c) Definition of at Risk of Homelessness.--For purposes of 
assistance made available with amounts made available pursuant to 
subsection (a), section 401(1) of the McKinney-Vento Homeless 
Assistance Act shall be applied, during the period that begins on the 
date of the enactment of this Act and ends upon the expiration of the 
6-month period that begins upon the termination 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 
Emergency Assistance Act (42 U.S.C. 4121 et seq.) relating to the 
Coronavirus Disease 2019 (COVID-19) pandemic, as if subparagraph (C) 
were repealed.
    (d) 3-Year Availability.--Each grantee of amounts made available 
pursuant to subsection (a) shall expend--
            (1) at least 60 percent of such grant amounts within 2 
        years of the date that such funds became available to the 
        grantee for obligation; and
            (2) 100 percent of such grant amounts within 3 years of 
        such date.
The Secretary may recapture any amounts not expended in compliance with 
paragraph (1) of this subsection and reallocate such amounts to 
grantees in compliance with the formula referred to in subsection 
(h)(1)(A) of this section.
    (e) Rent Restrictions.--Paragraph (1) of section 576.106(d) of the 
Secretary's regulations (24 C.F.R. 576.106(d)(1)) shall be applied, 
with respect to rental assistance made available with amounts made 
available pursuant to subsection (a), by substituting ``120 percent of 
the Fair Market Rent'' for ``the Fair Market Rent''.
    (f) Subleases.--Notwithstanding the second sentence of subsection 
(g) of section 576.106 of the Secretary's regulations (24 C.F.R. 
576.106(g)), a program participant may sublet, with rental assistance 
made available with amounts made available pursuant to subsection (a) 
of this section, a dwelling unit from a renter of the dwelling unit if 
there is a legally binding, written lease agreement for such sublease.
    (g) Housing Relocation or Stabilization Activities.--A grantee of 
amounts made available pursuant to subsection (a) may expend up to 20 
percent of its allocation for activities under section 415(a)(5) of the 
McKinney-Vento Homeless Assistance Act (42 U.S.C. 11374(a)(5)).
    (h) Allocation of Assistance.--
            (1) In general.--In allocating amounts made available 
        pursuant to subsection (a), the Secretary of Housing and Urban 
        Development shall--
                    (A) not later than 30 days after the date of the 
                enactment of this Act, allocate any such amounts that 
                do not exceed $50,000,000,000 under the formula 
                specified in subsections (a), (b), and (e) of section 
                414 of the McKinney-Vento Homeless Assistance Act (42 
                U.S.C. 11373) to, and notify, each State, metropolitan 
                city, and urban county that is to receive a direct 
                grant of such amounts; and
                    (B) not later than 120 days after the date of the 
                enactment of this Act, allocate any remaining amounts 
                to eligible grantees by a formula to be developed by 
                the Secretary of Housing and Urban Development that 
                takes into consideration the formula referred to in 
                subparagraph (A) of this paragraph, and the need for 
                emergency rental assistance under this section, 
                including severe housing cost burden among extremely 
                low- and very low-income renters and disruptions in 
                housing and economic conditions, including 
                unemployment.
            (2) Allocations to states.--A State recipient of an 
        allocation under this section may elect to directly administer 
        up to 50 percent of its allocation to carry out activities 
        eligible under this section.
            (3) Election not to administer.--If a grantee elects not to 
        receive funds under this section, such funds shall be allocated 
        to the State recipient in which the grantee is located.
    (i) Inapplicability of Matching Requirement.--Subsection (a) of 
section 416 of the McKinney-Vento Homeless Assistance Act (42 U.S.C. 
11375(a)) shall not apply to any amounts made available pursuant to 
subsection (a) of this section.
    (j) Prohibition on Prerequisites.--None of the funds authorized 
under this section may be used to require people experiencing 
homelessness to receive treatment or perform any other prerequisite 
activities as a condition for receiving shelter, housing, or other 
services.
    (k) Public Hearings.--
            (1) Inapplicability of in-person hearing requirements.--A 
        grantee may not be required to hold in-person public hearings 
        in connection with its citizen participation plan, but shall 
        provide citizens with notice and a reasonable opportunity to 
        comment of not less than 15 days. Following the period that 
        begins upon the date of the enactment of this Act and ends upon 
        the date of the termination 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 
        Emergency Assistance Act (42 U.S.C. 4121 et seq.) relating to 
        the Coronavirus Disease 2019 (COVID-19) pandemic, and after the 
        period described in paragraph (2), the Secretary shall direct 
        grantees to resume pre-crisis public hearing requirements.
            (2) Virtual public hearings.--During the period that 
        national or local health authorities recommend social 
        distancing and limiting public gatherings for public health 
        reasons, a grantee may fulfill applicable public hearing 
        requirements for all grants from funds made available pursuant 
        to this section by carrying out virtual public hearings. Any 
        such virtual hearings shall provide reasonable notification and 
        access for citizens in accordance with the grantee's 
        certifications, timely responses from local officials to all 
        citizen questions and issues, and public access to all 
        questions and responses.
    (l) Administration.--Of any amounts made available pursuant to 
subsection (a), not more than the lesser of 0.5 percent, or 
$15,000,000, may be used for staffing, training, technical assistance, 
technology, monitoring, research, and evaluation activities necessary 
to carry out the program carried out under this section, and such 
amounts shall remain available until September 30, 2024.

SEC. 106. EMERGENCY HOMELESS ASSISTANCE.

    (a) 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 Assistance Act 
(42 U.S.C. 11371 et seq.) $15,500,000,000 for grants under such 
subtitle in accordance with this section to respond to needs arising 
from the public health emergency relating to Coronavirus Disease 2019 
(COVID-19).
    (b) Formula.--Notwithstanding sections 413 and 414 of the McKinney-
Vento Homeless Assistance Act (42 U.S.C. 11372, 11373), the Secretary 
of Housing and Urban Development (in this Act referred to as the 
``Secretary'') shall allocate amounts made available pursuant to 
subsection (a) in accordance with a formula to be established by the 
Secretary that takes into consideration the following factors:
            (1) Risk of transmission of coronavirus in a jurisdiction.
            (2) Whether a jurisdiction has a high number or rate of 
        sheltered and unsheltered homeless individuals and families.
            (3) Economic and housing market conditions in a 
        jurisdiction.
    (c) Eligible Activities.--In addition to eligible activities under 
section 415(a) of the McKinney-Vento Homeless Assistance Act (42 U.S.C. 
11374(a)), amounts made available pursuant to subsection (a) may also 
be used for costs of the following activities:
            (1) Providing training on infectious disease prevention and 
        mitigation.
            (2) Providing hazard pay, including for time worked before 
        the effectiveness of this clause, for staff working directly to 
        prevent and mitigate the spread of coronavirus or COVID-19 
        among people experiencing or at risk of homelessness.
            (3) Reimbursement of costs for eligible activities 
        (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 enactment of 
        this Act.
Use of such amounts for activities described in this paragraph shall 
not be considered use for administrative purposes for purposes of 
section 418 of the McKinney-Vento Homeless Assistance Act (42 U.S.C. 
11377).
    (d) Inapplicability of Procurement Standards.--To the extent 
amounts made available pursuant to subsection (a) 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.
    (e) Inapplicability of Habitability and Environmental Review 
Standards.--Any Federal standards and requirements regarding 
habitability and environmental review shall not apply with respect to 
any emergency shelter that is assisted with amounts made available 
pursuant to subsection (a) 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 and mitigate the spread of 
coronavirus or COVID-19, such shelters.
    (f) Inapplicability of Cap on Emergency Shelter Activities.--
Subsection (b) of section 415 of the McKinney-Vento Homeless Assistance 
Act shall not apply to any amounts made available pursuant to 
subsection (a)(1) of this section.
    (g) Initial Allocation of Assistance.--Section 417(b) of the 
McKinney-Vento Homeless Assistance Act (42 U.S.C. 11376(b)) shall be 
applied with respect to amounts made available pursuant to subsection 
(a) by substituting ``30-day'' for ``60-day''.
    (h) Waivers and Alternative Requirements.--
            (1) Authority.--In administering amounts made available 
        pursuant to subsection (a), the Secretary may waive, or specify 
        alternative requirements for, any provision of any statute or 
        regulation (except for any requirements related to fair 
        housing, nondiscrimination, labor standards, and the 
        environment) that the Secretary administers in connection with 
        the obligation or use by the recipient of such amounts, 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.
            (2) Effectiveness; applicability.--Any such waivers shall 
        be deemed to be effective as of the date a State or unit of 
        local government began preparing for coronavirus and shall 
        apply to the use of amounts made available pursuant to 
        subsection (a) and amounts provided in prior appropriation Acts 
        for fiscal year 2020 under the heading ``Department of Housing 
        and Urban Development--Community Planning and Development--
        Community Development Fund'' and used by recipients for the 
        purposes described in this subsection.
            (3) Notification.--The Secretary shall notify the public 
        through the Federal Register or other appropriate means 5 days 
        before the effective date of any such waiver or alternative 
        requirement, and any such public notice may be provided on the 
        internet at the appropriate Government website or through other 
        electronic media, as determined by the Secretary.
            (4) Exemption.--The use of amounts made available pursuant 
        to subsection (a) 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 internet at the appropriate 
        Government website or through other electronic media.
    (i) Inapplicability of Matching Requirement.--Subsection (a) of 
section 416 of the McKinney-Vento Homeless Assistance Act (42 U.S.C. 
11375(a)) shall not apply to any amounts made available pursuant to 
subsection (a) of this section.
    (j) Prohibition on Prerequisites.--None of the funds authorized 
under this section may be used to require people experiencing 
homelessness to receive treatment or perform any other prerequisite 
activities as a condition for receiving shelter, housing, or other 
services.

SEC. 107. PARTICIPATION OF INDIAN TRIBES AND TRIBALLY DESIGNATED 
              HOUSING ENTITIES IN CONTINUUM OF CARE PROGRAM.

    (a) In General.--Title IV of the McKinney-Vento Homeless Assistance 
Act (42 U.S.C. 11360 et seq.) is amended--
            (1) in section 401 (42 U.S.C. 11360)--
                    (A) by redesignating paragraphs (10) through (33) 
                as paragraphs (12) through (35), respectively;
                    (B) by redesignating paragraphs (8) and (9) as 
                paragraphs (9) and (10), respectively;
                    (C) by inserting after paragraph (7) the following:
            ``(8) Formula area.--The term `formula area' has the 
        meaning given the term in section 1000.302 of title 24, Code of 
        Federal Regulations, or any successor regulation.'';
                    (D) in paragraph (9), as so redesignated, by 
                inserting ``a formula area,'' after ``nonentitlement 
                area,''; and
                    (E) by inserting after paragraph (10), as so 
                redesignated, the following:
            ``(11) Indian tribe.--The term `Indian Tribe' has the 
        meaning given the term `Indian tribe' in section 4 of the 
        Native American Housing Assistance and Self-Determination Act 
        of 1996 (25 U.S.C. 4103).''; and
            (2) in subtitle C (42 U.S.C. 11381 et seq.), by adding at 
        the end the following:

``SEC. 435. PARTICIPATION OF INDIAN TRIBES AND TRIBALLY DESIGNATED 
              HOUSING ENTITIES.

    ``Notwithstanding any other provision of this title, for purposes 
of this subtitle, an Indian Tribe or tribally designated housing entity 
(as defined in section 4 of the Native American Housing Assistance and 
Self-Determination Act of 1996 (25 U.S.C. 4103)) may--
            ``(1) be a collaborative applicant or eligible entity; or
            ``(2) receive grant amounts from another entity that 
        receives a grant directly from the Secretary, and use the 
        amounts in accordance with this subtitle.''.
    (b) Technical and Conforming Amendment.--The table of contents in 
section 101(b) of the McKinney-Vento Homeless Assistance Act (Public 
Law 100-77; 101 Stat. 482) is amended by inserting after the item 
relating to section 434 the following:

``Sec. 435. Participation of Indian Tribes and tribally designated 
                            housing entities.''.

SEC. 108. HOUSING ASSISTANCE FUND.

    (a) Definitions.--In this section:
            (1) Secretary.--The term ``Secretary'' means the Secretary 
        of the Treasury.
            (2) State.--The term ``State'' means any State of the 
        United States, the District of Columbia, any territory of the 
        United States, Puerto Rico, Guam, American Samoa, the Virgin 
        Islands, and the Northern Mariana Islands.
    (b) Establishment of Fund.--There is established at the Department 
of the Treasury a Housing Assistance Fund to provide such funds as are 
allocated in subsection (f) to State housing finance agencies for the 
purpose of preventing homeowner mortgage defaults, foreclosures, and 
displacements of individuals and families experiencing financial 
hardship after January 21, 2020.
    (c) Allocation of Funds.--
            (1) In general.--The Secretary of the Treasury shall 
        establish such criteria as are necessary to allocate the funds 
        available within the Housing Assistance Fund to each State. The 
        Secretary shall allocate such funds among all States taking 
        into consideration the number of unemployment claims within a 
        State relative to the nationwide number of unemployment claims.
            (2) Small state minimum.--Each State shall receive no less 
        than $125,000,000 for the purposes established in subsection 
        (b).
    (d) Disbursement of Funds.--
            (1) Initial disbursement.--The Secretary shall disburse to 
        the State housing finance agencies not less than \1/2\ of the 
        amount made available pursuant to this section, and in 
        accordance with the allocations established under subsection 
        (c), not later than 120 days after the date of enactment of 
        this Act. The Secretary or designee shall enter into a contract 
        with each State housing finance agency, which may be amended 
        from time to time, establishing the terms of the use of such 
        funds prior to the disbursement of such funds.
            (2) Second disbursement.--The Secretary shall disburse all 
        funds made available pursuant to this section, and in 
        accordance with the allocations established under subsection 
        (c), not later than 180 days after the date of enactment of 
        this Act.
    (e) Permissible Uses of Fund.--
            (1) In general.--Funds made available to State housing 
        finance agencies pursuant to this section may be used for the 
        purposes established under subsection (b), which may include--
                    (A) mortgage payment assistance;
                    (B) financial assistance to allow a borrower to 
                reinstate their mortgage following a period of 
                forbearance;
                    (C) principal reduction;
                    (D) utility payment assistance, including electric, 
                gas, and water payment assistance;
                    (E) any program established under the Housing 
                Finance Agency Innovation Fund for the Hardest Hit 
                Housing Markets;
                    (F) reimbursement of funds expended by a State or 
                local government during the period beginning on January 
                21, 2020, and ending on the date that the first funds 
                are disbursed by the State under the Housing Assistance 
                Fund, for the purpose of providing housing or utility 
                assistance to individuals or otherwise providing funds 
                to prevent foreclosure or eviction of a homeowner or 
                prevent mortgage delinquency or loss of housing or 
                critical utilities as a response to the coronavirus 
                disease 2019 (COVID-19) pandemic; and
                    (G) any other assistance to prevent eviction, 
                mortgage delinquency or default, foreclosure, or the 
                loss of essential utility services.
            (2) Administrative expenses.--Not greater than 10 percent 
        of the amount allocated to a State pursuant to subsection (c) 
        may be used by a State housing financing agency for 
        administrative expenses. Any amounts allocated to 
        administrative expenses that are no longer necessary for 
        administrative expenses may be used in accordance with 
        paragraph (1).
    (f) Authorization of Appropriation.--There is authorized to be 
appropriated for the fiscal year ending September 30, 2020, to remain 
available until expended or transferred or credited under subsection 
(h), $35,000,000,000 to the Housing Assistance Fund established under 
subsection (b).
    (g) Use of Housing Finance Agency Innovation Fund for the Hardest 
Hit Housing Markets Funds.--A State housing finance agency may 
reallocate any administrative or programmatic funds it has received as 
an allocation from the Housing Finance Agency Innovation Fund for the 
Hardest Hit Housing Markets created pursuant to section 101(a) of the 
Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5211(a)) that 
have not been otherwise allocated or disbursed as of the date of 
enactment of this Act to supplement any administrative or programmatic 
funds received from the Housing Assistance Fund. Such reallocated funds 
shall not be considered when allocating resources from the Housing 
Assistance Fund using the process established under subsection (c) and 
shall remain available for the uses permitted and under the terms and 
conditions established by the contract with Secretary created pursuant 
to subsection (d)(1) and the terms of subsection (h).
    (h) Rescission of Funds.--Any funds that have not been allocated by 
a State housing finance agency to provide assistance as described under 
subsection (e) by December 31, 2030, shall be reallocated by the 
Secretary in the following manner:
            (1) 65 percent shall be transferred or credited to the 
        Housing Trust Fund established under section 1338 of the 
        Federal Housing Enterprises Financial Safety and Soundness Act 
        of 1992 (12 U.S.C. 4568); and
            (2) 35 percent shall be transferred or credited to the 
        Capital Magnet Fund under section 1339 of the Federal Housing 
        Enterprises Financial Safety and Soundness Act of 1992 (12 
        U.S.C. 4569).
    (i) Reporting Requirements.--The Secretary shall provide public 
reports not less frequently than quarterly regarding the use of funds 
provided by the Housing Assistance Funds. 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 assisted;
            (4) the acceptance rate of applicants;
            (5) the average amount of assistance provided per household 
        receiving assistance;
            (6) the average length of assistance provided per household 
        receiving assistance;
            (7) the income ranges of households for each household 
        receiving assistance; and
            (8) the outcome 12 months after the household has received 
        assistance.

SEC. 109. MORTGAGE FORBEARANCE.

    (a) Findings.--
            (1) Findings.--Congress finds that--
                    (A) the collection of debts involves the use of the 
                mails and wires and other instrumentalities of 
                interstate commerce;
                    (B) at times of major disaster or emergency, the 
                income of consumers is often impaired and their 
                necessary daily expenses often increase;
                    (C) temporary forbearance benefits not only 
                consumer and small business debtors, but also other 
                creditors by avoiding downward collateral price spirals 
                triggered by an increase in foreclosure activity;
                    (D) without forbearance, many consumers and small 
                businesses are unlikely to be able to pay their 
                obligations according to their original terms and are 
                likely to default on obligations or file for 
                bankruptcy, resulting in reduced recoveries for 
                creditors, and in the case of bankruptcy, no recovery 
                of unaccrued interest;
                    (E) with forbearance, creditors are likely to 
                realize greater long-term value because consumers and 
                small businesses will be more likely to be able to 
                repay their obligations after the major disaster or 
                emergency has subsided;
                    (F) the legislative and administrative response to 
                major disasters and emergencies may consist of multiple 
                components divided among different statutes and 
                programs; and
                    (G) when evaluating whether property has been taken 
                from a person without just compensation, a holistic 
                evaluation of the burdens and benefits of all 
                legislative and administrative responses, including 
                indirect benefits from macroeconomic stabilization, is 
                appropriate.
            (2) Further findings regarding mortgage forbearance.--
        Congress further finds that--
                    (A) ensuring that consumers are able to remain in 
                their residences reduces the disruptions and economic 
                harm caused by such disasters and emergencies by 
                ensuring that consumers are able to continue their 
                existing employment, education, childcare, and 
                healthcare arrangements, which are often geographically 
                based;
                    (B) temporary forbearance on residential mortgages 
                is therefore critical to fostering economic recovery 
                and stability in the wake of major disasters or 
                emergencies;
                    (C) temporary mortgage forbearance during a 
                declared disaster benefits not only mortgagors, but 
                also mortgagees because mortgagors' ability to pay is 
                likely to be restored after a disaster or emergency 
                subsides, so forbearance may increase mortgagors' total 
                recovery. Without forbearance, mortgagors are likely to 
                default or file for bankruptcy, resulting in 
                significant losses for mortgagees; and
                    (D) temporary mortgage forbearance during a 
                declared disaster also benefits the mortgagees of other 
                properties because housing prices are geographically 
                and serially correlated so an increase in foreclosures 
                can drive down the value of collateral for all mortgage 
                lenders, further destabilizing the economy.
            (3) Further findings regarding mortgage servicers.--
        Congress further finds that--
                    (A) mortgage servicers are often contractually 
                obligated to advance scheduled mortgage payments to 
                securitization investors, irrespective of whether the 
                servicer collects the payment from the mortgagor;
                    (B) mortgage servicers are often thinly capitalized 
                and with limited capacity for engaging in large scale 
                advancing of payments to securitization investors;
                    (C) securitization investors have long been aware 
                of servicers' thin capitalization;
                    (D) in the wake of the 2008 financial crisis, 
                several servicers had difficulty obtaining sufficiently 
                liquidity to make advances;
                    (E) mortgage servicing is a heavily regulated 
                industry;
                    (F) in response to the 2008 financial crisis, 
                Congress created a safe harbor for mortgage servicers 
                that undertook loan modifications;
                    (G) in response to the 2008 financial crisis, the 
                Home Affordable Modification Program paid mortgage 
                servicers to undertake loan modifications;
                    (H) as part of the 2012 joint State-Federal 
                National Mortgage Settlement, mortgage servicers 
                committed to undertaking loan modifications; and
                    (I) investors in mortgage securitizations are or 
                should be aware of servicers' thin capitalization, 
                liquidity constraints, the extent and history of 
                servicing regulation and therefore do not have a 
                reasonable expectation that the terms of servicing 
                contracts will be enforceable at times of national 
                financial crisis.
            (4) Determination.--It is the sense of the Congress that, 
        on the basis of the findings described under paragraphs (1), 
        (2), and (3), the Congress determines that the provisions of 
        this Act are necessary and proper for the purpose of carrying 
        into execution the powers of the Congress to regulate commerce 
        among the several States and to establish uniform bankruptcy 
        laws.
    (b) Prohibition on Foreclosures and Repossessions During the COVID-
19 Emergency.--
            (1) Prohibition on foreclosures.--The Real Estate 
        Settlement Procedures Act of 1974 (12 U.S.C. 2601 et seq.) is 
        amended--
                    (A) in section 3 (12 U.S.C. 2602)--
                            (i) in paragraph (8), by striking ``and'' 
                        at the end;
                            (ii) in paragraph (9), by striking the 
                        period at the end and inserting ``; and''; and
                            (iii) by adding at the end the following:
            ``(10) the term `COVID-19 emergency' means the period that 
        begins upon the date of the enactment of this Act and ends on 
        the date of the termination 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 
        Emergency Assistance Act (42 U.S.C. 4121 et seq.) relating to 
        the Coronavirus Disease 2019 (COVID-19) pandemic.''; and
                    (B) in section 6(k)(1) (12 U.S.C. 2605(k)(1))--
                            (i) in subparagraph (D), by striking ``or'' 
                        at the end;
                            (ii) by redesignating subparagraph (E) as 
                        subparagraph (G); and
                            (iii) by inserting after subparagraph (D) 
                        the following:
                    ``(E) commence or continue any judicial foreclosure 
                action or non-judicial foreclosure process or any 
                action to evict a consumer following a foreclosure 
                during the COVID-19 emergency or the 180-day period 
                following such emergency (except that such prohibition 
                shall not apply to a mortgage secured by a dwelling 
                that the servicer has determined after exercising 
                reasonable diligence is vacant or abandoned);
                    ``(F) fail to toll the time in a foreclosure 
                process on a property during the COVID-19 emergency or 
                the 180-day period following such emergency (except 
                that such prohibition shall not apply to a mortgage 
                secured by a dwelling that the servicer has determined 
                after exercising reasonable diligence is vacant or 
                abandoned); or''.
            (2) Repossession prohibition.--During the COVID-19 
        emergency and for the 180-day period following such emergency, 
        a servicer of a consumer loan secured by a manufactured home or 
        a motor vehicle may not repossess such home or vehicle.
    (c) Forbearance of Residential Mortgage Loan Payments for Single 
Family Properties (1-4 Units).--Section 6 of the Real Estate Settlement 
Procedures Act of 1974 (12 U.S.C. 2605) is amended by adding at the end 
the following:
    ``(n) Forbearance During the COVID-19 Emergency.--
            ``(1) Consumer right to request a forbearance.--
                    ``(A) Request for forbearance.--A borrower 
                experiencing a financial hardship during the COVID-19 
                emergency may request forbearance from any mortgage 
                obligation, regardless of delinquency status, by 
                submitting a request to the borrower's servicer, either 
                orally or in writing, affirming that the borrower is 
                experiencing hardship during the COVID-19 emergency. A 
                borrow shall not be required to provide any additional 
                documentation to receive such forbearance.
                    ``(B) Length of forbearance; extension.--A 
                forbearance requested pursuant to subparagraph (A) 
                shall be provided for a period of 180 days, and may be 
                extended upon request of the borrower for an additional 
                180 days.
                    ``(C) Treatment of tenants.--A borrower receiving a 
                forbearance under this subsection with respect to a 
                mortgage secured by a dwelling that has tenants, 
                whether or not the borrower also lives in the dwelling, 
                shall provide the tenants with rent relief for a period 
                not less than the period covered by the forbearance.
            ``(2) Automatic forbearance for delinquent borrowers.--
                    ``(A) In general.--Notwithstanding any other law 
                governing forbearance relief, during the COVID-19 
                emergency, any borrower who is or becomes 60 days or 
                more delinquent on a mortgage obligation shall 
                automatically be granted a 180-day forbearance, which 
                may be extended upon request of the borrower for an 
                additional 180 days. Such a borrower may elect to 
                continue making regular payments by notifying the 
                servicer of the mortgage obligation of such election.
                    ``(B) Notice to borrower.--The servicer of a 
                mortgage obligation placed in forbearance pursuant to 
                subparagraph (A) shall provide the borrower written 
                notification of the forbearance and its duration as 
                well as information about available loss mitigation 
                options and the right to end the forbearance and resume 
                making regular payments.
                    ``(C) Treatment of payments during forbearance.--
                Any payments made by the borrower during the 
                forbearance period shall be credited to the borrower's 
                account in accordance with section 129F of the Truth in 
                Lending Act (15 U.S.C. 1639f) or as the borrower may 
                otherwise instruct that is consistent with the terms of 
                the mortgage loan contract.
            ``(3) Requirements for servicers.--
                    ``(A) Notification.--
                            ``(i) In general.--Each servicer of a 
                        federally related mortgage loan shall notify 
                        the borrower of their right to request 
                        forbearance under paragraph (1)--
                                    ``(I) not later than 14 days after 
                                the date of enactment of this 
                                subsection; and
                                    ``(II) until the end of COVID-19 
                                emergency--
                                            ``(aa) on each periodic 
                                        statement provided to the 
                                        borrower; and
                                            ``(bb) in any oral or 
                                        written communication by the 
                                        servicer with or to the 
                                        borrower.
                            ``(ii) Manner of notification.--
                                    ``(I) Written notification.--Any 
                                written notification required under 
                                this section--
                                            ``(aa) shall be provided--

                                                    ``(AA) in English 
                                                and Spanish and in any 
                                                additional languages in 
                                                which the servicer 
                                                communicates, including 
                                                the language in which 
                                                the loan was 
                                                negotiated, to the 
                                                extent known by the 
                                                servicer; and

                                                    ``(BB) at least as 
                                                clearly and 
                                                conspicuously as the 
                                                most clear and 
                                                conspicuous disclosure 
                                                on the document;

                                            ``(bb) shall include the 
                                        notification of the 
                                        availability of language 
                                        assistance and housing 
                                        counseling produced by the 
                                        Federal Housing Finance Agency 
                                        under subsection (o); and
                                            ``(cc) may be provided by 
                                        first-class mail or 
                                        electronically, if the borrower 
                                        has otherwise consented to 
                                        electronic communication with 
                                        the servicer and has not 
                                        revoked such consent.
                                    ``(II) Oral notification.--Any oral 
                                notification required under clause (i) 
                                shall be provided in the language the 
                                servicer otherwise uses to communicate 
                                with the borrower.
                                    ``(III) Written translations.--In 
                                providing written notifications in 
                                languages other than English under 
                                subclause (I), a servicer may rely on 
                                written translations developed by the 
                                Federal Housing Finance Agency or the 
                                Bureau.
                    ``(B) Other requirements.--
                            ``(i) Forbearance required.--Upon receiving 
                        a request for forbearance from a consumer under 
                        paragraph (1) or placing a borrower in 
                        automatic forbearance under paragraph (2), a 
                        servicer shall provide the forbearance for not 
                        less than 180 days, and an additional 180 days 
                        at the request of the borrower, provided that 
                        the borrower will have the option to 
                        discontinue the forbearance at any time.
                            ``(ii) Prohibition on fees, penalties, and 
                        interest.--During the period of a forbearance 
                        under this subsection, no fees, penalties or 
                        additional 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 
                        effect at the time the borrower enters into the 
                        forbearance shall accrue.
                            ``(iii) Treatment of escrow payments.--If a 
                        borrower in forbearance under this subsection 
                        is required to make payments to an escrow 
                        account, the servicer shall pay or advance the 
                        escrow disbursements in a timely manner 
                        (defined as on or before the deadline to avoid 
                        a penalty), regardless of the status of the 
                        borrower's payments. The servicer may collect 
                        any resulting escrow shortage or deficiency 
                        from the borrower after the forbearance period 
                        ends, in a lump sum payment, spread over 60 
                        months, or capitalized into the loan, at the 
                        borrower's election.''.
    (d) Notification of Language Assistance and Housing Counseling.--
Section 6 of the Real Estate Settlement Procedures Act of 1974 (12 
U.S.C. 2605), as amended by subsection (c), is further amended by 
adding at the end the following:
    ``(o) Notification of Language Assistance and Housing Counseling.--
            ``(1) In general.--The Federal Housing Finance Agency 
        shall, within 30 days of the date of enactment of this Act, 
        make available a document providing notice of the availability 
        of language assistance and housing counseling in substantially 
        the same form, and in at least the same languages, as the 
        existing Language Translation Disclosure.
            ``(2) Minimum requirement.--The document described under 
        subsection (a) shall include the notice in at least all the 
        languages for which Federal Housing Finance Agency currently 
        has translations on its existing Language Translation 
        Disclosure available.
            ``(3) Provision to servicers.--The Federal Housing Finance 
        Agency shall make this document available to servicers to 
        fulfill their requirements under subsection (n).''.
    (e) United States Department of Agriculture Direct Loan Program.--
Section 505 of the Housing Act of 1949 (42 U.S.C. 1475) is amended--
            (1) by redesignating subsection (b) as subsection (c); and
            (2) by inserting after subsection (a) the following:
    ``(b) Loan Modification.--
            ``(1) In general.--The Secretary shall implement a loan 
        modification program to modify the terms of outstanding loans 
        for borrowers who face financial hardship.
            ``(2) Affordable payments.--The Secretary's loan 
        modification program under paragraph (1) shall be designed so 
        as to provide affordable payments for borrowers. In defining 
        `affordable payments' the Secretary shall consult definitions 
        of affordability promulgated by the Federal Housing Finance 
        Authority, the Department of Housing and Urban Development, and 
        the Bureau of Consumer Financial Protection.
            ``(3) Additional program requirements.--The Secretary's 
        loan modification program under paragraph (1) shall allow for 
        measures including extension of the remaining loan term to up 
        to 480 months and a reduction in interest rate to the market 
        interest rate as defined by regulations of the Secretary. The 
        modification program shall be available for borrowers in a 
        moratorium and for borrowers not already in a moratorium who 
        qualify under the terms established by the Secretary. The 
        Secretary may also establish reasonable additional measures for 
        providing affordable loan modifications to borrowers.'';
            (3) in subsection (c), as so redesignated, by adding at the 
        end the following: ``Acceleration of the promissory note and 
        initiation of foreclosure proceedings shall not terminate a 
        borrower's eligibility for a moratorium, loan reamortization, 
        special servicing, or other foreclosure alternative.''; and
            (4) by adding at the end the following:
    ``(d) Requirement.--The Secretary shall comply with subsections 
(k)(1), (n), and (o) of section 6 of the Real Estate Settlement 
Procedures Act of 1974 with respect to any single-family loans it holds 
or services.''.
    (f) Forbearance of Residential Mortgage Loan Payments for 
Multifamily Properties (5+ Units).--
            (1) In general.--During the COVID-19 emergency, a 
        multifamily borrower experiencing a financial hardship due, 
        directly or indirectly, to the COVID-19 emergency may request a 
        forbearance under the terms set forth in this section.
            (2) Request for relief.--A multifamily borrower may submit 
        a request for forbearance under paragraph (1) to the borrower's 
        servicer, either orally or in writing, affirming that the 
        multifamily borrower is experiencing hardship during the COVID-
        19 emergency.
            (3) Forbearance period.--
                    (A) In general.--Upon receipt of an oral or written 
                request for forbearance from a multifamily borrower, a 
                servicer shall--
                            (i) document the financial hardship;
                            (ii) provide the forbearance for not less 
                        than 180 days; and
                            (iii) provide the forbearance for an 
                        additional 180 days upon the request of the 
                        borrower at least 30 days prior to the end of 
                        the forbearance period described under 
                        subparagraph (A).
                    (B) Right to discontinue.--A multifamily borrower 
                shall have the option to discontinue the forbearance at 
                any time.
            (4) Renter protections.--During the term of a forbearance 
        under this section, a multifamily borrower may not--
                    (A) evict a tenant for nonpayment of rent; or
                    (B) apply or accrue any fees or other penalties on 
                renters for nonpayment of rent.
            (5) Obligation to bring the loan current.--A multifamily 
        borrower shall bring a loan placed in forbearance under this 
        section current within the earlier of--
                    (A) 12 months after the conclusion of the 
                forbearance period; or
                    (B) receipt of any business interruption insurance 
                proceeds by the multifamily borrower.
            (6) Definition.--For the purposes of this subsection, the 
        term ``multifamily borrower'' means a borrower of a residential 
        mortgage loan that is secured by a lien against a property 
        comprising five or more dwelling units.
    (g) Federal Reserve Credit Facility for Mortgage Servicers.--
            (1) In general.--The Board of Governors of the Federal 
        Reserve System and the Secretary of the Treasury, pursuant to 
        the authority granted under section 13(3) of the Federal 
        Reserve Act, directly (or indirectly through an intermediary, 
        such as the Federal National Mortgage Association, the Federal 
        Home Loan Mortgage Corporation, the Government National 
        Mortgage Association, an insured depository institution, non-
        depository lending institution, or a special purpose vehicle)--
                    (A) shall extend credit to mortgage servicers and 
                other obligated advancing parties that in each case 
                have liquidity needs due to the COVID-19 emergency or 
                compliance with this Act with respect to mortgage loans 
                (the ``affected mortgages''); and
                    (B) may extend further credit to mortgage servicers 
                for other liquidity needs due to the actual or imminent 
                delinquency or default on mortgage loans due to the 
                COVID-19 emergency.
            (2) Non-compliant servicers.--A mortgage servicer shall not 
        be eligible for assistance under paragraph (1) if the provider 
        is in violation of any requirement under this Act, and fails to 
        promptly cure any such violation upon notice or discovery 
        thereof.
            (3) Payments and purchases.--Credit extended under 
        paragraph (1)(A) shall be in an amount sufficient to--
                    (A) cover--
                            (i) the pass-through payment of principal 
                        and interest to mortgage-backed securities 
                        holders;
                            (ii) the payment of taxes and insurance to 
                        third parties; and
                            (iii) the temporary reimbursement of 
                        modification costs and fees due to servicers 
                        that will be deferred until such time as a 
                        forbearance period terminates, due in each case 
                        on, or in respect of, such affected mortgage 
                        loans or related mortgage-backed securities; 
                        and
                    (B) purchase affected mortgages from pools of 
                securitized mortgages.
            (4) Collateral.--The credit authorized by this section 
        shall be secured by the pledgor's interest in accounts 
        receivable, loans, or related interests resulting from the 
        payment advances made on the affected mortgages by the mortgage 
        servicers.
            (5) Credit support.--The Secretary of the Treasury shall 
        provide credit support to the Board of Governors of the Federal 
        Reserve System for the program required by this section.
            (6) Conflict with other laws.--Notwithstanding any Federal 
        or State law to the contrary, the Federal National Mortgage 
        Association, the Federal Home Loan Mortgage Corporation, and 
        the Government National Mortgage Association may permit the 
        pledge or grant of a security interest in the pledgor's 
        interest in such accounts receivable or loans or related 
        interests and honor or permit the enforcement of such pledge or 
        grant in accordance with its terms.
            (7) Duration.--The extension of credit by the Board of 
        Governors of the Federal Reserve System and credit support from 
        the Secretary of the Treasury under this section shall be 
        available until the later of--
                    (A) 6 months after the end of the COVID-19 
                emergency; and
                    (B) the date on which on the Board of Governors of 
                the Federal Reserve System and the Secretary of the 
                Treasury determine such credit and credit support 
                should no longer be available to address the liquidity 
                concern addressed by this section.
            (8) Amendments to national housing act.--Section 306(g)(1) 
        of the National Housing Act (12 U.S.C. 1721(g)(1)) is amended--
                    (A) by inserting the following new sentence after 
                the fourth sentence in the paragraph: ``In any case in 
                which (I) the President declares a major disaster or 
                emergency for the nation or any area that in either 
                case has been affected by damage or other adverse 
                effects of sufficient severity and magnitude to warrant 
                major disaster assistance under the Robert T. Stafford 
                Disaster Relief and Emergency Assistance Act or other 
                Federal law, (II) upon request of an Issuer of any 
                security, the Association elects to extend to the 
                Issuer one or more of the disaster assistance or 
                emergency programs that the Association determines to 
                be available to account for the Issuer's failure or 
                anticipated failure to receive from the mortgagor the 
                full amount of principal and interest due, then (III) 
                the Association may elect not to declare the Issuer to 
                be in default because of such request for such disaster 
                or emergency assistance.'';
                    (B) by inserting after the word ``issued'' in the 
                sixth sentence, as redesignated, the following: 
                ``subject to any pledge or grant of security interest 
                of the pledgor's interest in and to any such mortgage 
                or mortgages or any interest therein and the proceeds 
                thereon, which the Association may elect to approve;''; 
                and
                    (C) by inserting after the word ``issued'' in the 
                seventh sentence, as redesignated, the following: ``, 
                or (D) its approval and honoring of any pledge or grant 
                of security interest of the pledgor's interest in and 
                to any such mortgage or mortgages or any interest 
                therein and proceeds thereon.''.
    (h) Safe Harbor.--
            (1) In general.--Notwithstanding any other provision of 
        law, whenever a servicer of residential mortgages of 
        residential mortgage-backed securities--
                    (A) grants a borrower relief under section 6(n) and 
                6(p) of the Real Estate Settlement Procedures Act of 
                1974 with respect to a residential mortgage originated 
                before April 1, 2020, including a mortgage held in a 
                securitization or other investment vehicle; and
                    (B) the servicer or trustee or issuer owes a duty 
                to investors or other parties regarding the standard 
                for servicing such mortgage,
        the servicer shall be deemed to have satisfied such a duty, and 
        the servicer shall not be liable to any party who is owed such 
        a duty and shall not be subject to any injunction, stay, or 
        other equitable relief to such party, based upon its good faith 
        compliance with the provisions of 6(n) and 6(p) of the Real 
        Estate Settlement Procedures Act of 1974. Any person, including 
        a trustee or issuer, who cooperates with a servicer when such 
        cooperation is necessary for the servicer to implement the 
        provisions of 6(n) and 6(p) of the Real Estate Settlement 
        Procedures Act of 1974 shall be protected from liability in the 
        same manner.
            (2) Standard industry practice.--Compliance with 6(n) and 
        6(p) of the Real Estate Settlement Procedures Act of 1974 
        during the COVID-19 emergency shall constitute standard 
        industry practice for purposes of all Federal and State laws.
            (3) Definitions.--As used in this subsection--
                    (A) the term ``servicer'' has the meaning given 
                that term under section 6(i)(2) of the Real Estate 
                Settlement Procedures Act of 1974 (12 U.S.C. 
                2605(i)(2)); and
                    (B) the term ``securitization vehicle'' has the 
                meaning given that term under section 129A(f)(3) of the 
                Truth in Lending Act (15 U.S.C. 1639a(f)(3)).
            (4) Rule of construction.--No provision of paragraph (1) or 
        (2) shall be construed as affecting the liability of any 
        servicer or person for actual fraud in servicing of a loan or 
        for the violation of a State or Federal law.
    (i) Post-Pandemic Mortgage Repayment Options.--Section 6 of the 
Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2605), as 
amended by subsection (d), is further amended by adding at the end the 
following:
    ``(p) Post-Pandemic Mortgage Repayment Options.--With respect to a 
federally related residential mortgage loan, before the end of any 
forbearance provided under subsection (n), servicers shall--
            ``(1) evaluate the borrower's ability to return to making 
        regular mortgage payments;
            ``(2) if the borrower is able to return to making regular 
        mortgage payments at the end of the forbearance period--
                    ``(A) modify the borrower's loan to extend the term 
                for the same period as the length of the forbearance, 
                with all payments that were not made during the 
                forbearance distributed at the same intervals as the 
                borrower's existing payment schedule and evenly 
                distributed across those intervals, with no penalties, 
                late fees, additional interest accrued 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 effect at the time 
                the borrower entered into the forbearance, and with no 
                modification fee charged to the borrower;
                    ``(B) if the borrower elects to modify the loan to 
                capitalize a resulting escrow shortage or deficiency, 
                the servicer may modify the borrower's loan by re-
                amortizing the principal balance and extending the term 
                of the loan sufficient to maintain the regular mortgage 
                payments; and
                    ``(C) notify the borrower in writing of the 
                extension, including provision of a new payment 
                schedule and date of maturity, and that the borrower 
                shall have the election of prepaying the suspended 
                payments at any time, in a lump sum or otherwise;
            ``(3) if the borrower is financially unable to return to 
        making periodic mortgage payments as provided for in the 
        mortgage contract at the end of the COVID-19 emergency--
                    ``(A) evaluate the borrower for all loan 
                modification options, without regard to whether the 
                borrower has previously requested, been offered, or 
                provided a loan modification or other loss mitigation 
                option and without any requirement that the borrower 
                come current before such evaluation or as a condition 
                of eligibility for such modification, including--
                            ``(i) further extending the borrower's 
                        repayment period;
                            ``(ii) reducing the principal balance of 
                        the loan; or
                            ``(iii) other modification or loss 
                        mitigation options available to the servicer 
                        under the terms of any investor requirements 
                        and existing laws and policies; and
                    ``(B) if the borrower qualifies for such a 
                modification, the service shall offer a loan with such 
                terms as to provide a loan with such terms as to 
                provide an affordable payment, with no penalties, late 
                fees, additional 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 effect at the time the borrower 
                entered into the forbearance, and with no modification 
                fees charged to the borrower; and
            ``(4) if a borrower is granted a forbearance on payments 
        that would be owed pursuant to a trial loan modification plan--
                    ``(A) any forbearance of payments shall not be 
                treated as missed or delinquent payments or otherwise 
                negatively affect the borrower's ability to complete 
                their trial plan;
                    ``(B) any past due amounts as of the end of the 
                trial period, including unpaid interest, real estate 
                taxes, insurance premiums, and assessments paid on the 
                borrower's behalf, will be added to the mortgage loan 
                balance, but only to the extent that such charges are 
                not fees associated with the granting of the 
                forbearance, such as late fees, modification fees, or 
                unpaid interest from the period of the forbearance 
                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 effect 
                at the time the borrower entered into the forbearance; 
                and
                    ``(C) if the borrower is unable to resume payments 
                on the trial modification at the end of the forbearance 
                period, re-evaluate the borrower for all available loan 
                modifications under paragraph 3, without any 
                requirement that the borrower become current before 
                such evaluation or as a condition of eligibility for 
                such modification.''.
    (j) Claims of Affected Investors and Other Parties.--Any action 
asserting a taking under the Fifth Amendment to the Constitution of the 
United States as a result of this subsection shall be brought not later 
than 180 days after the end of the COVID-19 emergency.
    (k) Extension of the GSE Patch.--The Director of the Bureau of 
Consumer Financial Protection shall revise section 
1026.43(e)(4)(iii)(B) of title 12, Code of Federal Regulations, to 
extend the sunset of the special rule provided under such section 
1026.43(e)(4) until January 1, 2022, or such later date as may be 
determined by the Bureau.
    (l) Definitions.--In this section:
            (1) COVID-19 emergency.--The term ``COVID-19 emergency'' 
        means the period that begins upon the date of the enactment of 
        this Act and ends on the date of the termination 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 Emergency Assistance Act (42 U.S.C. 4121 et 
        seq.) relating to the Coronavirus Disease 2019 (COVID-19) 
        pandemic.
            (2) Manufactured home.--The term ``manufactured home'' has 
        the meaning given that term under section 603 of the National 
        Manufactured Housing Construction and Safety Standards Act of 
        1974 (42 U.S.C. 5402).
            (3) Motor vehicle.--The term ``motor vehicle'' has the 
        meaning given that term under Section 1029(f) of the Consumer 
        Financial Protection Act of 2010 (12 U.S.C. 5519(f)).
            (4) Residential mortgage loan.--The term ``residential 
        mortgage loan'' means any consumer credit transaction that is 
        secured by a mortgage, deed of trust, or other equivalent 
        consensual security interest on residence consisting of a 
        single dwelling unit that is occupied by the mortgagor.

SEC. 110. BANKRUPTCY PROTECTIONS.

    (a) Increasing the Homestead Exemption.--
            (1) Homestead exemption.--Section 522 of title 11, United 
        States Code, is amended--
                    (A) in subsection (d)(1), by striking ``$15,000'' 
                and inserting ``$100,000''; and
                    (B) by adding at the end the following:
    ``(r) Notwithstanding any other provision of applicable 
nonbankruptcy law, a debtor in any State may exempt from property of 
the estate the property described in subsection (d)(1) not to exceed 
the value in subsection (d)(1) if the exemption for such property 
permitted by applicable nonbankruptcy law is lower than that amount.''.
    (b) Effect of Missed Mortgage Payments on Discharge.--Section 1328 
of title 11, United States Code, is amended by adding at the end the 
following:
                            ``(i) A debtor shall not be denied a 
                        discharge under this section because, as of the 
                        date of discharge, the debtor did not make 6 or 
                        fewer payments directly to the holder of a debt 
                        secured by real property.
    ``(j) Notwithstanding subsections (a) and (b), upon the debtor's 
request, the court shall grant a discharge of all debts provided for in 
the plan that are dischargeable under subsection (a) if the debtor--
            ``(1) has made payments under a confirmed plan for at least 
        1 year; and
            ``(2) is experiencing a loss of income or increase in 
        expenses due, directly or indirectly, to the coronavirus 
        disease 2019 (COVID-19) pandemic.''.
    (c) Modification of Chapter 13 Plan Due to Hardship Caused by 
COVID-19 Pandemic.--Section 1329 of title 11, United States Code, is 
amended by adding at end the following:
    ``(d)(1) Subject to paragraph (3), for cases confirmed prior to the 
date of enactment of this subsection, the plan may be modified upon the 
request of the debtor if--
                    ``(A) the debtor is experiencing or has experienced 
                a material financial hardship due, directly or 
                indirectly, to the coronavirus disease 2019 (COVID-19) 
                pandemic; and
                    ``(B) the modification is approved after notice and 
                a hearing.
            ``(2) A modification under paragraph (1) may include 
        extending the period of time for payments on claims not later 
        than 7 years after the date on which the first payment under 
        the original confirmed plan was due.
            ``(3) Sections 1322(a), 1322(b), 1323(c), and the 
        requirements of section 1325(a) shall apply to any modification 
        under paragraph (1).''.
    (d) Applicability.--
            (1) The amendments made by subsections (a) and (b) shall 
        apply to any case commenced before, on, or after the date of 
        enactment of this Act.
            (2) The amendment made by subsection (c) shall apply to any 
        case for which a plan has been confirmed under section 1325 of 
        title 11, United States Code, before the date of enactment of 
        this Act.

SEC. 111. DEBT COLLECTION.

    (a) Temporary Debt Collection Moratorium During the COVID-19 
Emergency Period.--
            (1) In general.--The Fair Debt Collection Practices Act (15 
        U.S.C. 1692 et seq.) is amended by inserting after section 812 
        the following:
``Sec. 812A. Temporary debt collection moratorium during the COVID-19 
              emergency period
    ``(a) Definitions.--In this section:
            ``(1) Consumer.--The term `consumer' means any natural 
        person obligated or allegedly obligated to pay any debt.
            ``(2) COVID-19 emergency period.--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 
        termination by the Federal Emergency Management Administration 
        of the emergency declared on March 13, 2020, by the President 
        under the Robert T. Stafford Disaster Relief and Emergency 
        Assistance Act (42 U.S.C. 4121 et seq.) relating to the 
        Coronavirus Disease 2019 (COVID-19) pandemic.
            ``(3) Creditor.--The term `creditor' means any person who 
        offers or extends credit creating a debt or to whom a debt is 
        owed or other obligation of payment.
            ``(4) Debt.--The term `debt'--
                    ``(A) means any past due obligation or alleged 
                obligation of a consumer, non-profit organization, or 
                small business to pay money--
                            ``(i) arising out of a transaction in which 
                        the money, property, insurance, or services 
                        which are the subject of the transaction are 
                        primarily for personal, family, business, non-
                        profit, or household purposes, whether or not 
                        such obligation has been reduced to judgment; 
                        or
                            ``(ii) owed to a local, State, or Federal 
                        government; and
                    ``(B) does not include federally related mortgages 
                (as defined under section 3 of the Real Estate 
                Settlement Procedures Act of 1974) unless a deficiency 
                judgment has been made with respect to such federally 
                related mortgage.
            ``(5) Debt collector.--The term `debt collector' includes a 
        creditor and any person or entity that engages in the 
        collection of debt (including the Federal Government or a State 
        government) whether or not the debt is allegedly owed to or 
        assigned to that person or entity.
            ``(6) Depository institution.--The term `depository 
        institution'--
                    ``(A) has the meaning given that term under section 
                3 of the Federal Deposit Insurance Act; and
                    ``(B) means a Federal or State credit union (as 
                such terms are defined, respectively, under section 101 
                of the Federal Credit Union Act.)
            ``(7) Non-profit organization.--The term `non-profit 
        organization' means an organization described in section 
        501(c)(3) of the Internal Revenue Code of 1986 and exempt from 
        taxation under subsection (a) of such section.
            ``(8) Small business.--The term `small business' has the 
        meaning given the term `small business concern' under section 3 
        of the Small Business Act (15 U.S.C. 632).
    ``(b) Prohibitions.--Notwithstanding any other provision of law, 
during COVID-19 emergency period and the 120-day period immediately 
following, a debt collector is prohibited from--
            ``(1) capitalizing or adding extra interest or fees 
        triggered by the non-payment of an obligation by a consumer, 
        small business, or non-profit organization to the balance of an 
        account;
            ``(2) suing or threatening to sue a consumer, small 
        business, or non-profit for a past-due debt;
            ``(3) continuing litigation initiated before the date of 
        enactment of this section to collect a debt from a consumer, 
        small business, or non-profit organization;
            ``(4) enforcing a security interest, including through 
        repossession or foreclosure, against a consumer, small 
        business, or non-profit organization;
            ``(5) reporting a past-due debt of a consumer, small 
        business, or non-profit organization to a consumer reporting 
        agency;
            ``(6) taking or threatening to take any action to enforce 
        collection, or any adverse action against a consumer, small 
        business, or non-profit organization for non-payment or for 
        non-appearance at any hearings related to a debt;
            ``(7) except with respect to enforcing an order for child 
        support or spousal support, initiating or continuing any action 
        to cause or to seek to cause the collection of a debt from 
        wages, Federal benefits, or other amounts due to a consumer, 
        small business, or non-profit organization, by way of 
        garnishment, deduction, offset, or other seizure, or to cause 
        or seek to cause the collection of a debt by seizing funds from 
        a bank account or any other assets held by such consumer, small 
        business, or non-profit organization;
            ``(8) in the case of action or collection described under 
        paragraph (7) that was initiated prior to the beginning of the 
        date of such disaster or emergency, failing to suspend the 
        action or collection until 120 days after the end of the COVID-
        19 emergency period;
            ``(9) upon the termination of the incident period for such 
        disaster or emergency, failing to extend the time period to pay 
        an obligation by one payment period for each payment that a 
        consumer, small business, or non-profit organization missed 
        during the incident period, with the payments due in the same 
        amounts and at the same intervals as the pre-existing payment 
        schedule of the consumer, small business, or non-profit 
        organization (as applicable) or, if the debt has no payment 
        periods, allow the consumer, small business, or non-profit a 
        reasonable time in which to repay the debt in affordable 
        payments;
            ``(10) disconnecting a consumer, small business, or non-
        profit organization from a utility prepaid or post-paid 
        electricity, natural gas, telecommunications, broadband, water, 
        or sewer service; or
            ``(11) exercising a right to set off provision contained in 
        any consumer, small business, or non-profit organization 
        account agreement with a depository institution.
    ``(c) Violation.--Any person who violates a provision of this 
section shall--
            ``(1) be treated as a debt collector for purposes of 
        section 813; and
            ``(2) be liable to the consumer, small business, or non-
        profit organization an amount equal to 10 times the damages 
        allowed under section 813 for each such violation.''.
            (2) Table of contents amendment.--The table of contents at 
        the beginning of the Fair Debt Collection Practices Act (15 
        U.S.C. 1692 et seq.) is amended by inserting after the item 
        relating to section 812 the following new item:

``812A. Temporary debt collection moratorium during the COVID-19 
                            emergency period.''.
    (b) Confessions of Judgment Prohibition.--
            (1) In general.--Chapter 2 of the Truth in Lending Act (15 
        U.S.C. 1631 et seq.) is amended--
                    (A) by adding at the end the following:
``Sec. 140B. Confessions of judgment prohibition
    ``(a) In General.--During a period described under section 812A(b) 
of the Fair Debt Collection Practices Act, no person may directly or 
indirectly take or receive from another person or seek to enforce an 
obligation that constitutes or contains a cognovit or confession of 
judgment (for purposes other than executory process in the State of 
Louisiana), warrant of attorney, or other waiver of the right to notice 
and the opportunity to be heard in the event of suit or process 
thereon.
    ``(b) Exemption.--The exemption in section 104(1) shall not apply 
to this section.
    ``(c) Debt Defined.--In this section, the term `debt' means any 
obligation of a person to pay to another person money--
            ``(1) regardless of whether the obligation is absolute or 
        contingent, if the understanding between the parties is that 
        any part of the money shall be or may be returned;
            ``(2) that includes the right of the person providing the 
        money to an equitable remedy for breach of performance if the 
        breach gives rise to a right to payment; and
            ``(3) regardless of whether the obligation or right to an 
        equitable remedy described in paragraph (2) has been reduced to 
        judgment or is fixed, contingent, matured, unmatured, disputed, 
        undisputed, secured, or unsecured.''; and
                    (B) in the table of contents for such chapter, by 
                adding at the end the following:

``140B. Confessions of judgment prohibition.''.
            (2) Conforming amendment.--Section 130(a) of the Truth in 
        Lending Act (15 U.S.C. 1640(a)) is amended by adding at the end 
        the following: ``For purposes of this section, the term 
        `creditor' refers to any person charged with compliance.''.

SEC. 112. DISASTER PROTECTION FOR WORKERS' CREDIT.

    (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 hardship 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:
``Sec. 605C. Reporting of information during major disasters
    ``(a) Definitions.--In this section:
            ``(1) COVID-19 emergency period.--The term `COVID-19 
        emergency period' means the period beginning on the date of 
        enactment of this section and ending on the later of--
                    ``(A) 120 days after the date of enactment of this 
                section; or
                    ``(B) 120 days after the date of termination by the 
                Federal Emergency Management Administration of the 
                emergency declared on March 13, 2020, by the President 
                under the Robert T. Stafford Disaster Relief and 
                Emergency Assistance Act (42 U.S.C. 4121 et seq.) 
                relating to the Coronavirus Disease 2019 (COVID-19) 
                pandemic.
            ``(2) Covered major disaster period.--The term `covered 
        major disaster period' means--
                    ``(A) the period beginning on the date on which a 
                major disaster is declared by the President under 
                section 401 of the Robert T. Stafford Disaster Relief 
                and Emergency Assistance Act (42 U.S.C. 5170), under 
                which assistance is authorized under section 408 of 
                such Act (42 U.S.C. 5174), and ending on the date that 
                is 120 days after the end of the incident period 
                designated in such declaration; or
                    ``(B) the period ending 120 days after the date of 
                termination by the Federal Emergency Management 
                Administration of the emergency declared on March 13, 
                2020, by the President under the Robert T. Stafford 
                Disaster Relief and Emergency Assistance Act (42 U.S.C. 
                4121 et seq.) relating to the Coronavirus Disease 2019 
                (COVID-19) pandemic.
            ``(3) Major disaster.--The term `major disaster' means a 
        major disaster declared by the President under section 401 of 
        the Robert T. Stafford Disaster Relief and Emergency Assistance 
        Act (42 U.S.C. 5170),  under which assistance is authorized 
        under section 408 of such Act (42 U.S.C. 5174).
    ``(b) Moratorium on Furnishing Adverse Information During COVID-19 
Emergency Period.--No person may furnish any 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 the COVID-19 emergency period.
    ``(c) Moratorium on Furnishing Adverse Information During Covered 
Major Disaster Period.--No person may furnish any 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 major disaster period if the 
consumer is a resident of the affected area covered by a declaration 
made by the President under section 401 of the Robert T. Stafford 
Disaster Relief and Emergency Assistance Act (42 U.S.C. 5170), under 
which assistance is authorized under section 408 of such Act (42 U.S.C. 
5174).
    ``(d) Information Excluded From Consumer Reports.--In addition to 
the information described in section 605(a), no consumer reporting 
agency may make any consumer report containing an adverse item of 
information (except information related to a felony criminal 
conviction) reported relating to a consumer that was the result of any 
action or inaction that occurred during the COVID-19 emergency period 
or a covered major disaster period, and as applicable under subsection 
(f)(3), for 270 days after the expiration of the applicable period.
    ``(e) Summary of Rights.--Not later than 60 days after the date of 
enactment of this subsection, 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 information 
        under subsection (f); and
            ``(2) request a consumer report or score, without charge to 
        the consumer, under subsection (g).
    ``(f) 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 Bureau shall 
                create a website for consumers to report, under penalty 
                of perjury, economic hardship as a result of the 
                coronavirus disease (COVID-19) outbreak or a major 
                disaster (if the consumer is a resident of the affected 
                area covered by such major disaster) for the purpose of 
                extending credit report protection for an additional 
                270 days after the end of the COVID-19 emergency period 
                or covered major disaster period, as applicable.
                    ``(B) Documentation.--The Bureau shall--
                            ``(i) not require any documentation from a 
                        consumer to substantiate the economic 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 subparagraph (A) during the 
                COVID-19 emergency period or a covered major disaster 
                period, as applicable, and for 60 days thereafter.
            ``(2) Database.--The Bureau shall establish and maintain a 
        secure database that--
                    ``(A) is accessible to each consumer reporting 
                agency described in section 603(p) and nationwide 
                specialty consumer reporting agency for purposes of 
                fulfilling their duties under paragraph (3) to check 
                and automatically delete any adverse item of 
                information (except information related to a felony 
                criminal conviction) reported that occurred during the 
                COVID-19 emergency period or a covered major disaster 
                period with respect to a consumer; and
                    ``(B) contains the information reported under 
                paragraph (1).
            ``(3) Deletion of adverse items of information by 
        nationwide consumer reporting and nationwide specialty consumer 
        reporting agencies.--
                    ``(A) In general.--Each consumer reporting 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 
                (except information related to a felony criminal 
                conviction) that was a result of an action or inaction 
                that occurred during the COVID-19 emergency period or a 
                covered major disaster period up to 270 days following 
                the end of the such period.
                    ``(B) Timeline.--Each consumer reporting agency 
                described in section 603(p) and each nationwide 
                specialty consumer reporting agency shall check the 
                database at least weekly and delete adverse items of 
                information as soon as practicable after information 
                that is reported under paragraph (1) appears in the 
                database established 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 Bureau may submit 
                a request, without charge to the consumer, to a 
                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 inaction that occurred during 
                the COVID-19 emergency period or a covered major 
                disaster period up to 270 days following the end of the 
                such period.
                    ``(B) Timing.--A consumer may submit a request 
                under subparagraph (A), not later than 270-day period 
                described in that subparagraph.
                    ``(C) Removal and notification.--Upon receiving a 
                request under this paragraph to delete an adverse item 
                of information, a consumer reporting agency shall--
                            ``(i) delete the adverse item of 
                        information (except information related to a 
                        felony criminal conviction) from the consumer's 
                        file; and
                            ``(ii) notify the consumer and the 
                        furnisher of the adverse item of information of 
                        the deletion.
    ``(g) Free Credit Report and Scores.--
            ``(1) In general.--During the COVID-19 emergency period or 
        a covered major disaster period and ending 12 months after the 
        expiration of the COVID-19 emergency period or covered major 
        disaster period, as applicable, each consumer reporting agency 
        as described under 603(p) and nationwide specialty consumer 
        reporting 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. A consumer reporting agency shall also 
        supply a consumer, upon request and without charge, with a 
        credit score that--
                    ``(A) is derived from a credit scoring model that 
                is widely distributed to users by the consumer 
                reporting agency for the purpose of any extension of 
                credit or other transaction designated 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 the consumer.
            ``(2) Timing.--A file disclosure or credit score under 
        paragraph (1) shall be provided to the consumer not later 
        than--
                    ``(A) 7 days after the date on which the request is 
                received if the request is made by mail; and
                    ``(B) not later than 15 minutes if the request 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 section 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 consumer resides in an area covered by the major disaster) 
        as a condition of receiving the file disclosure or score.
    ``(h) Posting of Rights.--Not later than 30 days after the date of 
enactment of this section, each consumer reporting agency shall 
prominently post and maintain a direct link on the homepage 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 information 
        (except information related to a felony criminal conviction) 
        under subsection (f); and
            ``(2) request consumer file disclosures and scores, without 
        charge to the consumer, under subsection (g).
    ``(i) Ban on Reporting Medical Debt Information Related to COVID-19 
or a Major Disaster.--
            ``(1) Furnishing ban.--No person shall furnish 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 the COVID-19 
        emergency period or covered major disaster period).
            ``(2) Consumer report ban.--No consumer reporting agency 
        may make a consumer report containing 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 incurred 
        during the COVID-19 emergency period or covered major disaster 
        period).
    ``(j) Credit Scoring Models.--A person that creates and implements 
credit scoring models may not treat the absence, omission, or deletion 
of any information pursuant to this section as a negative factor or 
negative value in credit scoring models created or implemented by such 
person.''.
            (2) Technical and conforming amendment.--The table of 
        contents for the Fair Credit Reporting Act is amended by 
        inserting after the item relating to section 605B the 
        following:

``605C. Reporting of information during major disasters.''.
    (c) Limitations on New Credit Scoring Models 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:
``Sec. 630. Limitations on new credit scoring models during the COVID-
              19 emergency and major disasters
    ``With respect to a person that creates and implements credit 
scoring models, such person may not, during the COVID-19 emergency 
period or a covered major disaster period (as such terms are 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 credit scoring 
models created or implemented by such person.''; and
            (2) in the table of contents for such Act, by adding at the 
        end the following new item:

``630. Limitations on new credit scoring models during the COVID-19 
                            emergency and major disasters.''.

SEC. 113. STUDENT LOANS.

    (a) Payments for Federal Student Loan Borrowers as a Result of a 
National Emergency.--
            (1) In general.--Part G of title IV of the Higher Education 
        Act of 1965 (20 U.S.C. 1088 et seq.) is amended by inserting 
        after section 493D the following:

``SEC. 493E. PAYMENTS FOR STUDENT LOAN BORROWERS DURING THE COVID-19 
              NATIONAL EMERGENCY.

    ``(a) Definitions.--In this section:
            ``(1) Coronavirus.--The term `coronavirus' has the meaning 
        given the term in section 506 of the Coronavirus Preparedness 
        and Response Supplemental Appropriations Act, 2020 (Public Law 
        116-123).
            ``(2) Income-driven repayment.--The term `income-driven 
        repayment' means--
                    ``(A) income-based repayment authorized under 
                section 493C for loans made, insured, or guaranteed 
                under part B or part D; or
                    ``(B) income contingent repayment authorized under 
                section 455(e) for loans made under part D.
            ``(3) Involuntary collection.--The term `involuntary 
        collection' means--
                    ``(A) a wage garnishment authorized under section 
                488A of this Act or section 3720D of title 31, United 
                States Code;
                    ``(B) a reduction of tax refund by amount of debt 
                authorized under section 3720A of title 31, United 
                States Code;
                    ``(C) a reduction of any other Federal benefit 
                payment by administrative offset authorized under 
                section 3716 of title 31, United States Code (including 
                a benefit payment due to an individual under the Social 
                Security Act or any other provision described in 
                subsection (c)(3)(A)(i) of such section); and
                    ``(D) any other involuntary collection activity, 
                including any collection activity through which a 
                borrower is compelled to make payments on a private 
                student loan.
            ``(4) 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 termination by the Federal Emergency Management 
        Administration of the emergency declared on March 13, 2020, by 
        the President under the Robert T. Stafford Disaster Relief and 
        Emergency Assistance Act (42 U.S.C. 4121 et seq.) relating to 
        the Coronavirus Disease 2019 (COVID-19) pandemic.
    ``(b) COVID-19 National Emergency Student Loan Repayment 
Assistance.--
            ``(1) Authority.--Effective on the date of the enactment of 
        this section, during the COVID-19 emergency period and the 6-
        month period immediately following, the Secretary of Education 
        shall for each borrower of a loan made, insured, or guaranteed 
        under part B, D, or E, pay the total amount due for such month 
        on the loan, based on the payment plan selected by the borrower 
        or the borrower's loan status.
            ``(2) No capitalization of interest.--With respect to any 
        loan in repayment during the COVID-19 national emergency period 
        and the 6-month period immediately following, interest due on 
        loans made, insured, or guaranteed under part B, D, or E during 
        such period shall not be capitalized at any time during the 
        COVID-19 national emergency period and the 6-month period 
        immediately following.
            ``(3) Applicability of payments.--Any payment made by the 
        Secretary of Education under this section shall be considered 
        by the Secretary of Education, or by a lender with respect to a 
        loan made, insured, or guaranteed under part B--
                    ``(A) as a qualifying payment under the public 
                service loan forgiveness program under section 455(m), 
                if the borrower would otherwise qualify under such 
                section;
                    ``(B) in the case of a borrower enrolled in an 
                income-driven repayment plan, as a qualifying payment 
                for the purpose of calculating eligibility for loan 
                forgiveness for the borrower in accordance with section 
                493C(b)(7) or section 455(d)(1)(D), as the case may be; 
                and
                    ``(C) in the case of a borrower in default, as an 
                on-time monthly payment for purposes of loan 
                rehabilitation pursuant to section 428F(a).
            ``(4) Reporting to consumer reporting agencies.--During the 
        period in which the Secretary of Education is making payments 
        on a loan under paragraph (1), the Secretary shall ensure that, 
        for the purpose of reporting information about the loan to a 
        consumer reporting agency, any payment made by the Secretary is 
        treated as if it were a regularly scheduled payment made by a 
        borrower.
            ``(5) Notice of payments and program.--Not later than 15 
        days following the date of enactment of this section, and 
        monthly thereafter during the COVID-19 national emergency 
        period and the 6-month period immediately following, the 
        Secretary of Education shall provide a notice to all borrowers 
        of loans made, insured, or guaranteed under part B, D, or E--
                    ``(A) informing borrowers of the actions taken 
                under this section;
                    ``(B) providing borrowers with an easily accessible 
                method to opt out of the benefits provided under this 
                section; and
                    ``(C) notifying the borrower that the program under 
                this section is a temporary program and will end 6 
                months after the COVID-19 national emergency period 
                ends.
            ``(6) Suspension of involuntary collection.--During the 
        COVID-19 national emergency period and the 6-month period 
        immediately following, the Secretary of Education, or other 
        holder of a loan made, insured, or guaranteed under part B, D, 
        or E, shall immediately take action to halt all involuntary 
        collection related to the loan.
            ``(7) Mandatory forbearance.--During the period in which 
        the Secretary of Education is making payments on a loan under 
        paragraph (1), the Secretary, or a lender or guaranty agency 
        for a loan made under part B, shall grant the borrower 
        forbearance 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).
                    ``(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.''.
            (2) FFEL amendment.--Section 428(c)(8) of the Higher 
        Education Act of 1965 (20 U.S.C. 1078(c)(8)) is amended by 
        striking ``and for which'' and all that follows through ``this 
        subsection''.
    (b) Payments for Private Education Loan Borrowers as a Result of 
the COVID-19 National Emergency.--Section 140 of the Truth in Lending 
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.--Effective on the date of the enactment of 
        this section, for the duration of the COVID-19 emergency period 
        and the 6-month period immediately following, 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 borrower or the 
        borrower's loan status.
            ``(2) No capitalization of interest.--With respect to any 
        loan in repayment during the COVID-19 national emergency period 
        and the 6-month period immediately following, interest due on a 
        private education loan during such period shall not be 
        capitalized at any time during the COVID-19 national emergency 
        period and the 6-month period immediately following.
            ``(3) Reporting to consumer reporting agencies.--During the 
        period in which the Secretary of the Treasury is making 
        payments on a loan under paragraph (1), the Secretary shall 
        ensure that, for the purpose of reporting information about the 
        loan to a consumer reporting agency, any payment made by the 
        Secretary is treated as if it were a regularly scheduled 
        payment made by a borrower.
            ``(4) Notice of payments and program.--Not later than 15 
        days following the date of enactment of this subsection, and 
        monthly thereafter during the COVID-19 national emergency 
        period and the 6-month period immediately following, 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 accessible 
                method to opt out of the benefits provided under this 
                subsection; and
                    ``(C) notifying the borrower that the program under 
                this subsection is a temporary program and will end 6 
                months after the COVID-19 national emergency period 
                ends.
            ``(5) Suspension of involuntary collection.--During the 
        COVID-19 national emergency period and the 6-month period 
        immediately following, the holder of a private 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 making payments on a loan 
        under paragraph (1), the servicer of such loan shall grant the 
        borrower forbearance 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).
                    ``(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 information necessary to 
        calculate the amount to be paid under this section.
            ``(8) COVID-19 emergency period defined.--In this 
        subsection, 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 termination by the Federal 
        Emergency Management Administration of the emergency declared 
        on March 13, 2020, by the President under the Robert T. 
        Stafford Disaster Relief and Emergency Assistance Act (42 
        U.S.C. 4121 et seq.) relating to the Coronavirus Disease 2019 
        (COVID-19) pandemic.''.
    (c) Minimum Relief for Federal and Private Student Loan Borrowers 
as a Result of the COVID-19 National Emergency.--
            (1) Minimum student loan relief as a result of the covid-19 
        national emergency.--Not later than 270 days after the last day 
        of the COVID-19 emergency period, the Secretaries concerned 
        shall jointly carry out a program under which a qualified 
        borrower, with respect to the covered loans and private 
        education of loans of such qualified borrower, shall receive in 
        accordance with paragraph (3) an amount equal to the lesser of 
        the following:
                    (A) The total amount of each covered loan and each 
                private education loan of the borrower; or
                    (B) $10,000.
            (2) Notification of borrowers.--Not later than 270 days 
        after the last day of the COVID-19 emergency period, the 
        Secretaries concerned shall notify each qualified borrower 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 covered loans 
                and private education loans of such borrower.
            (3) Distribution of funding.--
                    (A) Election by borrower.--Not later than 45 days 
                after a notice is sent under paragraph (2), a qualified 
                borrower may elect to apply the amount determined with 
                respect to such borrower under paragraph (1) to--
                            (i) any covered loan of the borrower;
                            (ii) any private education loan of the 
                        borrower; and
                            (iii) any combination of the loans 
                        described in clauses (i) and (ii).
                    (B) Automatic payment.--
                            (i) In general.--In the case of a qualified 
                        borrower who does not make an election under 
                        subparagraph (A) before the date described in 
                        such paragraph, the Secretaries concerned shall 
                        apply the amount determined with respect to 
                        such borrower under paragraph (1) in order of 
                        the covered loan or private education loan of 
                        the qualified borrower with the highest 
                        interest rate.
                            (ii) Equal interest rates.--In case of two 
                        or more covered loans or private education 
                        loans described in clause (i) with equal 
                        interest rates, the Secretaries concerned shall 
                        apply the amount determined with respect to 
                        such borrower under paragraph (1) first to the 
                        loan with the highest principal.
            (4) Data to implement.--
                    (A) Secretary of education.--Contractors of the 
                Secretary of Education and lenders and guaranty 
                agencies holding loans made, insured, or guaranteed 
                under part B shall report, to the satisfaction of the 
                Secretary of Education, the information necessary to 
                calculate the amount to be applied under paragraph (1).
                    (B) Secretary of treasury.--Holders and servicers 
                of private education loans shall report, to the 
                satisfaction of the Secretary of the Treasury, the 
                information necessary to calculate the amount to be 
                applied under paragraph (1).
            (5) Memorandum of understanding.--The Secretaries concerned 
        shall enter into a memorandum of understanding to carry out 
        this subsection.
            (6) Definitions.--In this subsection:
                    (A) Covered loan.--The term ``covered loan'' 
                means--
                            (i) a loan made, insured, or guaranteed 
                        under part B of title IV of the Higher 
                        Education Act of 1965 (20 U.S.C. 1071 et seq.);
                            (ii) a loan made under part D of title IV 
                        of the Higher Education Act of 1965 (20 U.S.C. 
                        1087a et seq.); and
                            (iii) a Federal Perkins Loan made pursuant 
                        to part E of title IV of the Higher Education 
                        Act of 1965 (20 U.S.C. 1087aa et seq.).
                    (B) COVID-19 emergency period.--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 termination by the Federal Emergency 
                Management Administration of the emergency declared on 
                March 13, 2020, by the President under the Robert T. 
                Stafford Disaster Relief and Emergency Assistance Act 
                (42 U.S.C. 4121 et seq.) relating to the Coronavirus 
                Disease 2019 (COVID-19) pandemic.
                    (C) Private education loan.--The term ``private 
                education loan'' has the meaning given the term in 
                section 140 of the Truth in Lending Act (15 U.S.C. 
                1650).
                    (D) Qualified borrower.--The term ``qualified 
                borrower'' means a borrower of a covered loan or a 
                private education loan.
                    (E) Secretaries concerned.--The term ``Secretaries 
                concerned'' means--
                            (i) the Secretary of Education, with 
                        respect to covered loans and borrowers of such 
                        covered loans; and
                            (ii) the Secretary of the Treasury, with 
                        respect to private education loans and 
                        borrowers of such private education loans.
    (d) Income Share Agreements.--
            (1) In general.--An individual who entered into an income 
        share agreement to pay for education expenses of the individual 
        shall not be required to make payments under such income share 
        agreement for the duration of the COVID-19 emergency period and 
        the 6-month period immediately following.
            (2) COVID-19 emergency period.--In this subsection, 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 termination by the Federal Emergency Management 
        Administration of the emergency declared on March 13, 2020, by 
        the President under the Robert T. Stafford Disaster Relief and 
        Emergency Assistance Act (42 U.S.C. 4121 et seq.) relating to 
        the Coronavirus Disease 2019 (COVID-19) pandemic.
    (e) Exclusion From Gross Income.--
            (1) In general.--Part III of subchapter B of chapter 1 of 
        the Internal Revenue Code of 1986 is amended by inserting after 
        section 139H the following new section:

``SEC. 139I. STUDENT LOAN PAYMENTS RESULTING FROM THE COVID-19 NATIONAL 
              EMERGENCY.

    ``Gross income shall not include any payment made on behalf of the 
taxpayer under section 493E(b)(1) of the Higher Education Act of 1965, 
section 140(h) of the Truth in Lending Act, or section 114(c) of the 
Financial Protections and Assistance for America's Consumers, States, 
Businesses, and Vulnerable Populations.''.
            (2) Clerical amendment.--The table of sections for part III 
        of subchapter B of chapter 1 of the Internal Revenue Code of 
        1986 is amended by inserting after the item relating to section 
        139H the following new item:

``Sec. 139I. Student loan payments resulting from the COVID-19 national 
                            emergency.''.
            (3) Effective date.--The amendments made by this subsection 
        shall apply to taxable years beginning after December 31, 2019.

SEC. 114. WAIVER OF IN-PERSON APPRAISAL REQUIREMENTS.

    (a) Finding.--The Congress finds that as the country continues to 
grapple with the impact of the spread of COVID-19, several adjustments 
are needed to ensure that mortgage processing can continue to function 
without significant delays, despite requirements that would otherwise 
require in-person interactions.
    (b) Waiver.--
            (1) In general.--Until the end of the COVID-19 emergency, 
        any appraisal that is conducted for a loan with respect to 
        which applicable law would otherwise require the performance of 
        an interior inspection may be performed without an interior 
        inspection, if--
                    (A) an exterior inspection is performed in 
                conjunction with other methods to maximize credibility, 
                including verifiable contemporaneous video or 
                photographic documentation by the borrower and borrower 
                observations; and
                    (B) the applicable lender, guarantor, regulating 
                agency, or insurer may order additional services to 
                include an interior inspection at a later date.
            (2) Stipulation.--An appraiser conducting an appraisal 
        without an interior inspection pursuant to this section shall 
        stipulate an extraordinary assumption that the property's 
        interior quality, condition, and physical characteristics are 
        as described and consistent with the exterior view, and shall 
        employ all available methods to maximize accuracy while 
        maintaining safety.
    (c) Rulemaking.--Not later than the end of the 1-week period 
beginning on the date of enactment of this Act, the Federal Housing 
Commissioner of the Federal Housing Agency and the Director of the 
Federal Housing Finance Agency shall issue such rules or guidance as 
may be necessary to ensure that such agencies, the Federal Home Loan 
Mortgage Corporation, the Federal National Mortgage Association, and 
the Federal home loan banks make any adjustments to mortgage processing 
requirements that may be necessary to provide flexibility to avoid in-
person interactions while preserving the goals of the programs and 
consumer protection.
    (d) COVID-19 Emergency Defined.--In this section, the term ``COVID-
19 emergency'' means the period that begins upon the date of the 
enactment of this Act and ends on the date of the termination 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 Emergency Assistance Act (42 U.S.C. 4121 et seq.) relating to the 
Coronavirus Disease 2019 (COVID-19) pandemic.

SEC. 115. SUPPLEMENTAL FUNDING FOR COMMUNITY DEVELOPMENT BLOCK GRANTS.

    (a) Funding and Allocations.--
            (1) Authorization of appropriations.--There is authorized 
        to be appropriated $12,000,000,000 for assistance in accordance 
        with this section under the community development block grant 
        program under title I of the Housing and Community Development 
        Act of 1974 (42 U.S.C. 5301 et seq.).
            (2) Initial allocation.--$6,000,000,000 of the amount made 
        available pursuant to paragraph (1) shall be distributed 
        pursuant to section 106 of such Act (42 U.S.C. 5306) to 
        grantees and such allocations shall be made within 30 days 
        after the date of the enactment of this Act.
            (3) Subsequent allocation.--
                    (A) In general.--The $6,000,000,000 made available 
                pursuant to paragraph (1) that remains after allocation 
                pursuant to paragraph (2) shall be allocated, not later 
                than 45 days after the date of the enactment of this 
                Act, directly to States to prevent, prepare for, and 
                respond to coronavirus within the State, including 
                activities within entitlement and nonentitlement 
                communities, based on public health needs, risk of 
                transmission of coronavirus, number of coronavirus 
                cases compared to the national average, and economic 
                and housing market disruptions, and other factors, as 
                determined by the Secretary, using best available data.
                    (B) Technical assistance.--Of the amount referred 
                to in subparagraph (A), $10,000,000 shall be made 
                available for capacity building and technical 
                assistance to support the use of such amounts to 
                expedite or facilitate infectious disease response.
            (4) Direct distribution.--Of the amount made available 
        pursuant to paragraph (1), $3,000,000,000 shall be distributed 
        directly to States and units of general local government, at 
        the discretion of the Secretary of Housing and Urban 
        Development (in this section referred to as the ``Secretary''), 
        according to a formula based on factors to be determined by the 
        Secretary, prioritizing risk of transmission of coronavirus, 
        number of coronavirus cases compared to the national average, 
        and economic and housing market disruptions resulting from 
        coronavirus.
            (5) Rolling allocations.--Allocations under this subsection 
        may be made on a rolling basis as additional needs develop and 
        data becomes available.
            (6) Best available data.--The Secretary shall make all 
        allocations under this subsection based on the best available 
        data at the time of allocation.
    (b) Eligible Activities.--Amounts made available pursuant to 
subsection (a) may be used only for--
            (1) eligible activities described in 105(a) of the Housing 
        and Community Development Act of 1974 (42 U.S.C. 5305(a)) 
        relating to preventing, preparing for, or responding to the 
        public health emergency relating to Coronavirus Disease 2019 
        (COVID-19); and
            (2) reimbursement of costs for such eligible activities 
        relating to preventing, preparing for, or responding to 
        Coronavirus Disease 2019 (COVID-19) that were accrued before 
        the date of the enactment of this Act.
    (c) Inapplicability of Public Services Cap.--The limitation under 
paragraph (8) of section 105(a) of the Housing and Community 
Development Act of 1974 (42 U.S.C. 5305(a)(8)) on the amount that may 
be used for activities under such paragraph shall not apply with 
respect to--
            (1) amounts made available pursuant to subsection (a); and
            (2) amounts made available in preceding appropriation Acts 
        for fiscal years 2019 and 2020 for carrying out title I of the 
        Housing and Community Development Act of 1974, to the extent 
        such amounts are used for activities described in subsection 
        (b) of this section.
    (d) Waivers.--
            (1) In general.--The Secretary may waive, or specify 
        alternative requirements for, any provision of any statute or 
        regulation that the Secretary administers in connection with 
        the use of amounts made available pursuant to subsection (a)(1) 
        and for fiscal years 2019 and 2020 (except for requirements 
        related to fair housing, nondiscrimination, labor standards, 
        and the environment), if the Secretary finds that good cause 
        exists for the waiver or alternative requirement and such 
        waiver or alternative requirement would not be inconsistent 
        with the overall purpose of title I of the Housing and 
        Community Development Act of 1974, including for the purposes 
        of addressing the impact of coronavirus.
            (2) Notice.--The Secretary shall notify the public through 
        the Federal Register or other appropriate means 5 days before 
        the effective date of any such waiver or alternative 
        requirement in order for such waiver or alternative requirement 
        to take effect. Such public notice may be provided on the 
        internet at the appropriate Government website or through other 
        electronic media, as determined by the Secretary.
    (e) Statements of Activities; Comprehensive Housing Affordability 
Strategies.--
            (1) Inapplicability of requirements.--Section 116(b) of 
        such Act (42 U.S.C. 5316(b); relating to submission of final 
        statements of activities not later than August 16 of a given 
        fiscal year) and any implementing regulations shall not apply 
        to final statements submitted in accordance with paragraphs (2) 
        and (3) of section 104 of such Act (42 U.S.C. 5304(a)) and 
        comprehensive housing affordability strategies submitted in 
        accordance with section 105 of the Cranston-Gonzalez National 
        Affordable Housing Act (42 U.S.C. 12705) for fiscal years 2019 
        and 2020.
            (2) New requirements.--Final statements and comprehensive 
        housing affordability strategies shall instead be submitted not 
        later than August 16, 2021.
            (3) Amendments.--Notwithstanding subsections (a)(2), 
        (a)(3), and (c) of section 104 of the Housing and Community 
        Development Act of 1974 (42 U.S.C. 5304) and section 105 of the 
        Cranston-Gonzalez National Affordable Housing Act (42 U.S.C. 
        12705), a grantee may not be required to amend its statement of 
        activities in order to engage in activities to prevent, 
        prepare, and respond to coronavirus or the economic and housing 
        disruption caused by it, but shall make public a report within 
        180 days of the end of the crisis which fully accounts for such 
        activities.
    (f) Public Hearings.--
            (1) Inapplicability of in-person hearing requirements.--A 
        grantee may not be required to hold in-person public hearings 
        in connection with its citizen participation plan, but shall 
        provide citizens with notice and a reasonable opportunity to 
        comment of not less than 15 days.
            (2) Virtual public hearings.--During the period that 
        national or local health authorities recommend social 
        distancing and limiting public gatherings for public health 
        reasons, a grantee may fulfill applicable public hearing 
        requirements for all grants from funds made available pursuant 
        to subsection (a)(1) and under the heading ``Department of 
        Housing and Urban Development--Community Planning and 
        Development--Community Development Fund'' in appropriation Acts 
        for fiscal years 2019 and 2020 by carrying out virtual public 
        hearings. Any such virtual hearings shall provide reasonable 
        notification and access for citizens in accordance with the 
        grantee's certifications, timely responses from local officials 
        to all citizen questions and issues, and public access to all 
        questions and responses.
    (g) Duplication of Benefits.--The Secretary shall ensure there are 
adequate procedures in place to prevent any duplication of benefits as 
defined by section 312 of the Robert T. Stafford Disaster Relief and 
Emergency Assistance Act (42 U.S.C. 5155) and act in accordance with 
section 1210 of the Disaster Recovery Reform Act of 2018 (division D of 
Public Law 115-254; 132 Stat. 3442) and section 312 of the Robert T. 
Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C. 5155).

SEC. 116. COVID-19 EMERGENCY HOUSING RELIEF.

    (a) Definition of COVID-19 Emergency Period.--For purposes of this 
section, 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 termination 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 Emergency Assistance Act (42 
U.S.C. 4121 et seq.) relating to the Coronavirus Disease 2019 (COVID-
19) pandemic.
    (b) Suspension of Community Service, Work, Presence in Unit, and 
Minimum Rent Requirements and Time Limits on Assistance.--
            (1) Suspension.--Notwithstanding any other provision of 
        law, during the COVID-19 emergency period, the following 
        provisions of law and requirements shall not apply:
                    (A) Section 12(c) of the United States Housing Act 
                of 1937 (42 U.S.C. 1437j(c); relating to community 
                service).
                    (B) Any work requirement or time limitation on 
                assistance established by a public housing agency 
                participating in the Moving to Work demonstration 
                program authorized under section 204 of the Departments 
                of Veterans Affairs and Housing and Urban Development 
                and Independent Agencies Appropriations Act, 1996 
                (Public Law 104-134; 110 Stat. 1321).
                    (C) Paragraph (3) of section 3(a) of the United 
                States Housing Act of 1937 (42 U.S.C. 1437a(a)(3); 
                relating to minimum rental amount).
                    (D) Section 982.312 of the regulations of the 
                Secretary of Housing and Urban Development (24 C.F.R. 
                982.312; relating to absence from unit).
            (2) Prohibition.--No penalty may be imposed nor any adverse 
        action taken for failure on the part of any tenant of public 
        housing or a dwelling unit assisted under section 8 of the 
        United States Housing Act of 1937 (42 U.S.C. 1437f) to comply 
        with the laws and requirements specified in paragraph (1) 
        during the period specified in paragraph (1).
    (c) Housing Choice Vouchers.--
            (1) Section 8 vouchers.--Notwithstanding any other 
        provision of law, the Secretary of Housing and Urban 
        Development shall provide that--
                    (A) during the COVID-19 emergency period, a public 
                housing agency may not terminate the availability to an 
                eligible household of a housing choice voucher under 
                section 8(o) of the United States Housing Act of 1937 
                (42 U.S.C. 1437f(o)) for failure to enter into a lease 
                for an assisted dwelling unit;
                    (B) in the case of any eligible household on whose 
                behalf such a housing choice voucher has been made 
                available, if as of the termination of the COVID-19 
                emergency period such availability has not terminated 
                (including by reason of subparagraph (A)) and such 
                voucher has not been used to enter into a lease for an 
                assisted dwelling unit, the public housing agency 
                making such voucher available may not terminate such 
                availability until the expiration of the 60-day period 
                beginning upon the termination of the COVID-19 
                emergency period; and
                    (C) during the COVID-19 emergency period, clause 
                (i) of section 8(o)(8)(A) of the United States Housing 
                Act of 1937 (42 U.S.C. 1437f(o)(8)A)(i); relating to 
                initial inspection of dwelling units) shall not apply, 
                except that in any case in which an inspection of a 
                dwelling unit for which a housing assistance payment is 
                established is not conducted before an assistance 
                payment is made for such dwelling unit--
                            (i) such clause shall be applied by 
                        substituting ``the expiration of the 90-day 
                        period beginning on the termination of the 
                        COVID-19 emergency period (as such term is 
                        defined in section 117(a) of the Financial 
                        Protections and Assistance for America's 
                        Consumers, States, Businesses, and Vulnerable 
                        Populations Act)'' for ``any assistance payment 
                        is made''; and
                            (ii) the public housing agency shall inform 
                        the tenant household and the owner of such 
                        dwelling unit of the inspection requirement 
                        applicable to such dwelling unit pursuant to 
                        clause (i).
            (2) Rural housing vouchers.--Notwithstanding any other 
        provision of law, the Secretary of Agriculture shall provide 
        that the same restrictions and requirements applicable under 
        paragraph (1) to voucher assistance under section 8(o) of the 
        United States Housing Act of 1937 shall apply with respect to 
        voucher assistance under section 542 of the Housing Act of 1949 
        (42 U.S.C. 1490r). In applying such restrictions and 
        requirements, the Secretary may take into consideration and 
        provide for any differences between such programs while 
        ensuring that the program under such section 542 is carried out 
        in accordance with the purposes of such restrictions and 
        requirements.
    (d) Suspension of Income Reviews.--During the COVID-19 emergency 
period, the Secretary of Housing and Urban Development and the 
Secretary of Agriculture shall waive any requirements under law or 
regulation requiring review of the income of an individual or household 
for purposes of assistance under a housing assistance program 
administered by such Secretary, except--
            (1) in the case of review of income upon the initial 
        provision of housing assistance; or
            (2) if such review is requested by an individual or 
        household due to a loss of income.
    (e) Authority To Suspend or Delay Deadlines.--During the COVID-19 
emergency period, the Secretary of Housing and Urban Development and 
the Secretary of Agriculture may suspend or delay any deadline relating 
to public housing agencies or owners of housing assisted under a 
program administered by such Secretary, except any deadline relating to 
responding to exigent conditions related to health and safety or 
emergency physical conditions.
    (f) Suspension of Assisted Housing Scoring Activities.--The 
Secretary of Housing and Urban Development shall suspend scoring under 
the Section 8 Management Assessment Program and the Public Housing 
Assessment System during the period beginning upon the date of the 
enactment of this Act and ending upon expiration of the 90-day period 
that begins upon the termination of the COVID-19 emergency period.
    (g) Requirements Regarding Residual Receipts and Reserve Funds.--
            (1) Suspension of requirement to submit residual receipts 
        to hud.--During the COVID-19 emergency period, any requirements 
        for owners of federally assisted multifamily housing to remit 
        residual receipts to the Secretary of Housing and Urban 
        Development shall not apply.
            (2) Eligible uses of reserve funds.--During the COVID-19 
        emergency period, any costs of an owner of federally assisted 
        multifamily housing for items, activities, and services related 
        to responding to coronavirus or COVID-19 shall be considered 
        eligible uses for the reserve fund for replacements for such 
        housing.

SEC. 117. SUPPLEMENTAL FUNDING FOR SERVICE COORDINATORS TO ASSIST 
              ELDERLY HOUSEHOLDS.

    (a) In General.--There is authorized to be appropriated 
$300,000,000 for grants under section 676 of the Housing and Community 
Development Act of 1992 (42 U.S.C. 13632) for costs of providing 
service coordinators for purposes of coordinating services to prevent, 
prepare for, or respond to the public health emergency relating to 
Coronavirus Disease 2019 (COVID-19).
    (b) Hiring.--In the hiring of staff using amounts made available 
pursuant to this section, 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 compliance 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 U.S.C. 4121 et seq.) relating to the Coronavirus 
Disease 2019 (COVID-19) pandemic.
    (c) One-Time Grants.--Grants made using amounts made available 
pursuant to subsection (a) shall not be renewable.
    (d) One-Year Availability.--Any amounts made available pursuant to 
this section that are allocated for a grantee and remaining unexpended 
upon the expiration of the 12-month period beginning upon such 
allocation shall be recaptured by the Secretary.

SEC. 118. FAIR HOUSING.

    (a) Definition of COVID-19 Emergency Period.--For purposes of this 
section, 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 termination 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 Emergency Assistance Act (42 
U.S.C. 4121 et seq.) relating to the Coronavirus Disease 2019 (COVID-
19) pandemic.
    (b) Fair Housing Activities.--
            (1) FHIP; fhap.--
                    (A) Authorization of appropriations.--To ensure 
                that fair housing organizations and State and local 
                civil rights agencies have sufficient resources to deal 
                with expected increases in fair housing complaints, to 
                investigate housing discrimination, including financial 
                scams that target protected classes associated with or 
                resulting from the COVID-19 pandemic, and during such 
                pandemic, there is authorized to be appropriated for 
                contracts, grants, and other assistance--
                            (i) $55,000,000 for the Fair Housing 
                        Initiatives Program under section 561 of the 
                        Housing and Community Development Act of 1987 
                        (42 U.S.C. 3616a); and
                            (ii) $35,000,000 for the Fair Housing 
                        Assistance Program under the Fair Housing Act 
                        (42 U.S.C. 3601 et seq.).
                Amounts made available pursuant to this subparagraph 
                may be used by such organizations and agencies to 
                establish the capacity to and to carry out activities 
                and services by telephone and online means, including 
                for individuals with limited English proficiency and 
                individuals with a disability in accordance with 
                requirements under the Americans With Disabilities Act 
                of 1990.
                    (B) Private enforcement initiative.--In entering 
                into contracts for private enforcement initiatives 
                under 561(b) of the Housing and Community Development 
                Act of 1987 (42 U.S.C. 3616a(b)) using amounts made 
                available pursuant to subparagraph (A)(i) of this 
                subsection, the Secretary of Housing and Urban 
                Development shall give priority to applications from 
                qualified fair housing enforcement organizations that 
                have at least 2 years of fair housing testing 
                experience.
                    (C) 3-year availability.--Any amounts made 
                available pursuant subparagraph (A) that are allocated 
                for a grantee and remain unexpended upon the expiration 
                of the 3-year period beginning upon such allocation 
                shall be recaptured by the Secretary.
            (2) Office of fair housing and equal opportunity.--There is 
        authorized to be appropriated $200,000,000 for the Office of 
        Fair Housing and Equal Opportunity of the Department of Housing 
        and Urban Development for costs of fully staffing such Office 
        to ensure robust enforcement of the Fair Housing Act during the 
        COVID-19 pandemic, including ensuring that--
                    (A) assistance provided under this Act is provided 
                and administered in a manner that affirmatively 
                furthers fair housing in accordance with the Fair 
                Housing Act;
                    (B) such Office has sufficient capacity for intake 
                of housing discrimination complaints by telephone and 
                online mechanisms, including for individuals with 
                limited English proficiency and individuals with a 
                disability in accordance with requirements under the 
                Americans With Disabilities Act of 1990 and section 504 
                of the Rehabilitation Act of 1973 (29 U.S.C. 794); and
                    (C) such Office has the capacity to respond to all 
                housing discrimination complaints made during the 
                COVID-19 pandemic within time limitations required 
                under law.
        In the hiring of staff using amounts made available pursuant to 
        this subsection, the Secretary of Housing and Urban Development 
        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. The Secretary shall 
        submit a report to the Congress describing compliance with the 
        preceding sentence on a quarterly basis, for each of the first 
        4 calendar quarters ending after the date of the enactment of 
        this Act.
    (c) Fair Housing Guidance and Education.--
            (1) Prohibition of showings.--Not later than the expiration 
        of the 30-day period beginning on the date of the enactment of 
        this Act, the Secretary of Housing and Urban Development shall 
        issue guidance for owners of dwelling units assisted under 
        housing assistance programs of the Department prohibiting, 
        during the COVID-19 emergency period, of any showings of 
        occupied assisted dwelling units to prospective tenants.
            (2) Education.--There is authorized to be appropriated 
        $10,000,000 for the Office of Fair Housing and Equal 
        Opportunity of the Department of Housing and Urban Development 
        to carry out a national media campaign to educate the public of 
        increased housing rights during COVID-19 emergency period, that 
        provides that information and materials used in such campaign 
        are available--
                    (A) in the languages used by communities with 
                limited English proficiency; and
                    (B) to persons with disabilities.

SEC. 119. HUD COUNSELING PROGRAM AUTHORIZATION.

    (a) Findings.--The Congress finds the following:
            (1) The spread of COVID-19, which is now considered a 
        global pandemic, is expected to negatively impact the incomes 
        of potentially millions of homeowners, making it difficult for 
        them to pay their mortgages on time.
            (2) Housing counseling is critical to ensuring that 
        homeowners have the resources they need to navigate the loss 
        mitigation options available to them while they are 
        experiencing financial hardship.
    (b) Authorization.--There is authorized to be appropriated the 
Secretary of Housing and Urban Development $700,000,000 to carry out 
counseling services described under section 106 of the Housing and 
Urban Development Act of 1968 (12 U.S.C. 1701x).

SEC. 120. DEFENSE PRODUCTION ACT OF 1950.

    (a) Increase in Authorizations.--
            (1) Authorizations.--In addition to amounts otherwise 
        authorized to be appropriated, there is authorized to be 
        appropriated in the aggregate $3,000,000,000 for fiscal year 
        2020 and 2021 to carry out titles I and III of the Defense 
        Production Act of 1950 to produce medical ventilators, personal 
        protection equipment, and other critically needed medical 
        supplies and to carry out any other actions necessary to 
        respond to the COVID-19 emergency.
            (2) Carryover funds.--Section 304(e) of the Defense 
        Production Act of 1950 shall not apply at the close of fiscal 
        year 2020.
            (3) COVID-19 emergency.--In this section, the term ``COVID-
        19 emergency'' means the emergency declared on March 13, 2020, 
        by the President under the Robert T. Stafford Disaster Relief 
        and Emergency Assistance Act (42 U.S.C. 4121 et seq.) relating 
        to the Coronavirus Disease 2019 (COVID-19) pandemic.
    (b) Strengthening Congressional Oversight; Public Portal.--
            (1) In general.--Not later than three months after the date 
        of enactment of this Act, and every three months thereafter, 
        the Secretary of Commerce, in coordination with the Secretary 
        of Health and Human Services, the Secretary of Defense, and any 
        other Federal department or agency that has utilized authority 
        under title I or title III of the Defense Production Act of 
        1950 to respond to the COVID-19 emergency, shall submit a 
        report to the Committee on Financial Services of the House of 
        Representatives and the Committee on Banking, Housing, and 
        Urban Affairs of the Senate--
                    (A) on the use of such authority and the 
                expenditure of any funds in connection with such 
                authority; and
                    (B) that includes details of each purchase order 
                made using such authorities, including the product and 
                amount of product ordered and the entity that fulfilled 
                the contract.
            (2) Public availability.--The Secretary of Commerce shall 
        place all reports submitted under paragraph (1) on an 
        appropriate website available to the public, in an easily 
        searchable format.
            (3) Sunset.--The requirements under this section shall 
        terminate after the expenditure of all funds appropriated 
        pursuant to the authorizations under subsection (a).

     TITLE II--ASSISTING SMALL BUSINESSES AND COMMUNITY FINANCIAL 
                              INSTITUTIONS

SEC. 201. SMALL BUSINESS CREDIT FACILITY.

    (a) Establishment.--The Board of Governors of the Federal Reserve 
System shall establish a credit facility to provide loans to small 
businesses during the COVID-19 emergency.
    (b) Definitions.--In this section:
            (1) COVID-19 emergency.--The term ``COVID-19 emergency'' 
        means the period that begins upon the date of the enactment of 
        this Act and ends on the date of the termination 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 Emergency Assistance Act (42 U.S.C. 4121 et 
        seq.) relating to the Coronavirus Disease 2019 (COVID-19) 
        pandemic.
            (2) Small business.--The term ``small business'' means--
                    (A) a small business concern (as defined under 
                section 3 of the Small Business Act (15 U.S.C. 632));
                    (B) a family farm;
                    (C) an independent contractor; and
                    (D) any other class of businesses to which the 
                Board of Governors determines loans would promote full 
                employment and price stability.

SEC. 202. SMALL BUSINESS FINANCIAL ASSISTANCE PROGRAM.

    (a) In General.--The Secretary of the Treasury shall establish a 
Small Business Financial Assistance Program under which the Secretary 
shall provide loans and loan guarantees to small businesses.
    (b) Application.--In making loans and loan guarantees under this 
section, the Secretary shall--
            (1) provide a simple application process for borrowers; and
            (2) establish clear and easy to understand underwriting 
        standards for such loans.
    (c) Zero-Interest Loans.--Loans made by or guaranteed by the 
Secretary under this section shall be zero-interest loans, if the small 
business receiving such loan does not involuntarily terminate any 
employee of the small business during the COVID-19 emergency.
    (d) Advance.--
            (1) In general.--Upon request from an applicant for a loan 
        under this section, the Secretary may provide to such applicant 
        an advance, in cash, to such applicant.
            (2) Amount.--An advance provided under paragraph (1) shall 
        be in an amount equal to the revenue of the applicant for the 
        period beginning January 1, 2020, and ending January 31, 2020.
            (3) Procedures.--
                    (A) Review.--The Secretary shall have 1 week from 
                the receipt of a request for an advance under paragraph 
                (1) to conduct a risk assessment of the applicant to 
                determine whether to approve or deny such request.
                    (B) Approval.--If the Secretary does not deny a 
                request under subparagraph (A), the advance shall be 
                directly deposited into the account identified by the 
                applicant.
                    (C) Remaining funds.--Not later than 4 weeks after 
                approving a request of an applicant under subparagraph 
                (A), the Secretary shall disburse the remaining funds 
                to such applicant.
    (e) Forgiveness.--If small business that receives a loan or loan 
guarantee under this section demonstrates to the Secretary that the 
number of full-time employees of such small business on the date such 
small business submitted an application under this section is greater 
than or equal to the number of full-time employees of such small 
business on the date that is 1 year after the date of such submission, 
the Secretary shall forgive the remaining outstanding principal and 
interest on such loan or loan guarantee.
    (f) Funding.--The Secretary shall use $50,000,000,000 from the 
Exchange Stabilization Fund, without further appropriation, to carry 
out this section.
    (g) Definitions.--In this section:
            (1) COVID-19 emergency.--The term ``COVID-19 emergency'' 
        means the period that--
                    (A) begins on the declaration of the emergency 
                declared on March 13, 2020, by the President under the 
                Robert T. Stafford Disaster Relief and Emergency 
                Assistance Act (42 U.S.C. 4121 et seq.) relating to the 
                Coronavirus Disease 2019 (COVID-19) pandemic; and
                    (B) ends on the termination by the Federal 
                Emergency Management Agency of such emergency.
            (2) Small business.--The term ``small business'' means--
                    (A) a small business concern (as defined under 
                section 3 of the Small Business Act (15 U.S.C. 632));
                    (B) a family farm; and
                    (C) an independent contractor.

SEC. 203. LOAN AND OBLIGATION PAYMENT RELIEF FOR AFFECTED SMALL 
              BUSINESSES AND NON-PROFITS.

    (a) In General.--
            (1) In general.--During the COVID-19 emergency, a debt 
        collector may not, with respect to a debt of a small business 
        or non-profit (other than debt related to a federally related 
        mortgage loan)--
                    (A) capitalize unpaid interest;
                    (B) apply a higher interest rate triggered by the 
                nonpayment of a debt to the debt balance;
                    (C) charge a fee triggered by the nonpayment of a 
                debt;
                    (D) sue or threaten to sue for nonpayment of a 
                debt;
                    (E) continue litigation to collect a debt that was 
                initiated before the date of enactment of this section;
                    (F) submit or cause to be submitted a confession of 
                judgment to any court;
                    (G) enforce a security interest through 
                repossession, limitation of use, or foreclosure;
                    (H) take or threaten to take any action to enforce 
                collection, or any adverse action for nonpayment of a 
                debt, or for nonappearance at any hearing relating to a 
                debt;
                    (I) commence or continue any action to cause or to 
                seek to cause the collection of a debt, including 
                pursuant to a court order issued before the end of the 
                120-day period following the end of the COVID-19 
                emergency, from wages, Federal benefits, or other 
                amounts due to a small business or by way of 
                garnishment, deduction, offset, or other seizure;
                    (J) cause or non-profit seek to cause the 
                collection of a debt, including pursuant to a court 
                order issued before the end of the 120-day period 
                following the end of the COVID-19 emergency, by levying 
                on funds from a bank account or seizing any other 
                assets of a small business or non-profit;
                    (K) commence or continue an action to evict a small 
                business or non-profit from real or personal property; 
                or
                    (L) disconnect or terminate service from utility 
                service, including electricity, natural gas, 
                telecommunications or broadband, water, or sewer.
            (2) Rule of construction.--Nothing in this subsection may 
        be construed to prohibit a small business or non-profit from 
        voluntarily paying, in whole or in part, a debt.
            (3) Repayment period.--After the expiration of the COVID-19 
        emergency, with respect to a debt described under paragraph 
        (1), a debt collector--
                    (A) may not add to the debt balance any interest or 
                fee prohibited by paragraph (1);
                    (B) shall, for credit with a defined term or 
                payment period, extend the time period to repay the 
                debt balance by 1 payment period for each payment that 
                a small business or non-profit missed during the COVID-
                19 emergency, with the payments due in the same amounts 
                and at the same intervals as the pre-existing payment 
                schedule;
                    (C) shall, for an open end credit plan (as defined 
                under section 103 of the Truth in Lending Act) or other 
                credit without a defined term, allow the small business 
                or non-profit to repay the debt balance in a manner 
                that does not exceed the amounts permitted by formulas 
                under section 170(c) of the Truth in Lending Act and 
                regulations promulgated thereunder; and
                    (D) shall, when the small business or non-profit 
                notifies the debt collector, offer reasonable and 
                affordable repayment plans, loan modifications, 
                refinancing, options with a reasonable time in which to 
                repay the debt.
            (4) Communications in connection with the collection of a 
        debt.--
                    (A) In general.--During the COVID-19 emergency, 
                without prior consent of a small business or non-profit 
                given directly to a debt collector during the COVID-19 
                emergency, or the express permission of a court of 
                competent jurisdiction, a debt collector may only 
                communicate in writing in connection with the 
                collection of any debt (other than debt related to a 
                federally related mortgage loan).
                    (B) Required disclosures.--
                            (i) In general.--All written communications 
                        described under subparagraph (A) shall inform 
                        the small business or non-profit that the 
                        communication is for informational purposes and 
                        is not an attempt to collect a debt.
                            (ii) Requirements.--The disclosure required 
                        under clause (i) shall be made--
                                    (I) in type or lettering not 
                                smaller than 14-point bold type;
                                    (II) separate from any other 
                                disclosure;
                                    (III) in a manner designed to 
                                ensure that the recipient sees the 
                                disclosure clearly;
                                    (IV) in English and Spanish and in 
                                any additional languages in which the 
                                debt collector communicates, including 
                                the language in which the loan was 
                                negotiated, to the extent known by the 
                                debt collector; and
                                    (V) may be provided by first-class 
                                mail or electronically, if the borrower 
                                has otherwise consented to electronic 
                                communication with the debt collector 
                                and has not revoked such consent.
                            (iii) Oral notification.--Any oral 
                        notification shall be provided in the language 
                        the debt collector otherwise uses to 
                        communicate with the borrower.
                            (iv) Written translations.--In providing 
                        written notifications in languages other than 
                        English in this Section, a debt collector may 
                        rely on written translations developed by the 
                        Bureau of Consumer Financial Protection.
            (5) Violations.--
                    (A) In general.--Any person who violates this 
                section shall be subject to civil liability in 
                accordance with section 813 of the Fair Debt Collection 
                Practices Act, as if the person is a debt collector for 
                purposes of that section.
                    (B) Predispute arbitration agreements.--
                Notwithstanding any other provision of law, no 
                predispute arbitration 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 applicability of this 
                section, which shall be determined under Federal law.
            (6) Tolling.--Except as provided in paragraph (7)(D), any 
        applicable time limitations, including statutes of limitations, 
        related to a debt under Federal or State law shall be tolled 
        during the COVID-19 emergency.
            (7) Claims of affected creditors and debt collectors.--
                    (A) Valuation of property.--With respect to any 
                action asserting a taking under the Fifth Amendment of 
                the Constitution of the United States as a result of 
                this section or seeking a declaratory judgment 
                regarding the constitutionality of this section, the 
                value of the property alleged to have been taken 
                without just compensation shall be evaluated--
                            (i) with consideration of the likelihood of 
                        full and timely payment of the obligation 
                        without the actions taken pursuant to this 
                        section; and
                            (ii) without consideration of any 
                        assistance provided directly or indirectly to 
                        the small business or non-profit from other 
                        Federal, State, and local government programs 
                        instituted or legislation enacted in response 
                        to the COVID-19 emergency.
                    (B) Scope of just compensation.--In an action 
                described in subparagraph (A), any assistance or 
                benefit provided directly or indirectly to the person 
                from other Federal, State, and local government 
                programs instituted in or legislation enacted response 
                to the COVID-19 emergency, shall be deemed to be 
                compensation for the property taken, even if such 
                assistance or benefit is not specifically provided as 
                compensation for property taken by this section.
                    (C) Appeals.--Any appeal from an action under this 
                section shall be treated under section 158 of title 28, 
                United States Code, as if it were an appeal in a case 
                under title 11, United States Code.
                    (D) Repose.--Any action asserting a taking under 
                the Fifth Amendment to the Constitution of the United 
                States as a result of this section shall be brought 
                within not later than 180 days after the end of the 
                COVID-19 emergency.
            (8) Definitions.--In this section:
                    (A) COVID-19 emergency.--The term ``COVID-19 
                emergency'' means the period that begins upon the date 
                of the enactment of this Act and ends on the date of 
                the termination 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 Emergency Assistance Act (42 U.S.C. 4121 et 
                seq.) relating to the Coronavirus Disease 2019 (COVID-
                19) pandemic.
                    (B) Creditor.--The term ``creditor'' means--
                            (i) any person who offers or extends credit 
                        creating a debt or to whom a debt is owed or 
                        other obligation for payment;
                            (ii) any lessor of real or personal 
                        property; or
                            (iii) any provider of utility services.
                    (C) Debt.--The term ``debt''--
                            (i) means any obligation or alleged 
                        obligation--
                                    (I) for which the original 
                                agreement, or if there is no agreement, 
                                the original obligation to pay was 
                                created before or during the COVID-19 
                                emergency, whether or not such 
                                obligation has been reduced to 
                                judgment; and
                                    (II) that arises out of a 
                                transaction with a small business or 
                                non-profit; and
                            (ii) does not include a federally related 
                        mortgage loan.
                    (D) Debt collector.--The term ``debt collector'' 
                means a creditor, and any person or entity that engages 
                in the collection of debt, including the Federal 
                Government and a State government, irrespective of 
                whether the debt is allegedly owed to or assigned to 
                that person or to the entity.
                    (E) Federally related mortgage loan.--The term 
                ``federally related mortgage loan'' has the meaning 
                given that term under section 3 of the Real Estate 
                Settlement Procedures Act of 1974 (12 U.S.C. 2602).
                    (F) Non-profit.--The term ``non-profit'' means an 
                organization described in section 501(c)(3) of the 
                Internal Revenue Code of 1986 and exempt from taxation 
                under section 501(a) of such Code.
                    (G) Small business.--The term ``small business'' 
                has the meaning given the term ``small business 
                concern'' under section 3 of the Small Business Act.
    (b) Credit Facility for Other Purposes.--The Board of Governors of 
the Federal Reserve System shall establish a facility that the Board of 
Governors shall use to make payments to holders of loans or obligations 
to compensate such holders for documented financial losses--
            (1) with respect to a loan or obligation made to an 
        individual, small business, or non-profit; and
            (2) where such losses were caused by a suspension of 
        payments required under Federal law in connection with the 
        COVID-19 emergency.

SEC. 204. REAUTHORIZATION OF THE STATE SMALL BUSINESS CREDIT INITIATIVE 
              ACT OF 2010.

    The State Small Business Credit Initiative Act of 2010 (15 U.S.C. 
5701 et seq.) is amended--
            (1) by striking ``2009 allocation'' each place such term 
        appears and inserting ``2019 allocation'';
            (2) by striking ``2010 allocation'' each place such term 
        appears and inserting ``2020 allocation'';
            (3) by striking ``date of enactment of this Act'' each 
        place it appears and inserting ``date of the enactment of the 
        Small Business Support and Access to Capital Act of 2020'';
            (4) by striking ``date of the enactment of this Act'' each 
        place it appears and inserting ``date of the enactment of the 
        Small Business Support and Access to Capital Act of 2020'';
            (5) in section 3003(b)(2)--
                    (A) in the section heading, by striking ``2009 
                allocation formula'' and inserting striking ``2019 
                allocation formula'';
                    (B) by striking ``2008 State employment decline'' 
                each place such term appears and inserting ``2018 State 
                employment decline'';
                    (C) in subparagraph (A), by striking ``2009 
                allocation'' and inserting ``2019 allocation''; and
                    (D) in subparagraph (C)--
                            (i) in the subparagraph heading, by 
                        striking ``2008 state employment decline 
                        defined'' and inserting ``2018 state employment 
                        decline defined'';
                            (ii) in clause (i), by striking ``December 
                        2007'' and inserting ``December 2017''; and
                            (iii) in clause (ii), by striking 
                        ``December 2008'' and inserting ``December 
                        2018'';
            (6) in section 3003(b)(3)--
                    (A) in the section heading, by striking ``2010 
                allocation formula'' and inserting striking ``2020 
                allocation formula'';
                    (B) by striking ``2009 unemployment number'' each 
                place such term appears and inserting ``2019 
                unemployment number''; and
                    (C) in subparagraph (C)--
                            (i) in the subparagraph heading, by 
                        striking ``2009 unemployment number defined'' 
                        and inserting ``2019 unemployment number 
                        defined''; and
                            (ii) by striking ``December 2009'' and 
                        inserting ``December 2019'';
            (7) in section 3005(e), by striking ``to the Secretary a 
        report'' and inserting ``to the Secretary and Congress a 
        report'';
            (8) in section 3007--
                    (A) in subsection (a)(1), by striking ``to the 
                Secretary a report'' and inserting ``to the Secretary 
                and Congress a report''; and
                    (B) in subsection (b)--
                            (i) by striking ``March 31, 2011'' and 
                        inserting ``March 31, 2021''; and
                            (ii) by striking ``to the Secretary'' and 
                        inserting ``to the Secretary and Congress''; 
                        and
            (9) in section 3009--
                    (A) in subsection (b), by striking 
                ``$1,500,000,000'' and inserting ``$10,000,000,000''; 
                and
                    (B) in subsection (c), by adding at the end the 
                following new sentence: ``At the end of such period, 
                any amounts that remain unexpended or unobligated shall 
                be transferred to the Community Development Financial 
                Institutions Fund established under section 104(a) of 
                the Riegle Community Development and Regulatory 
                Improvement Act of 1994.''.

SEC. 205. FUNDING OF THE INITIATIVE TO BUILD GROWTH EQUITY FUNDS FOR 
              MINORITY BUSINESSES.

    (a) Grant.--The Minority Business Development Agency shall provide 
a grant of $3,000,000,000 to fully implement the Initiative to Build 
Growth Equity Funds for Minority Businesses (the ``Initiative''; award 
number MB19OBD8020113), including to use such amounts as capital for 
the Equity Funds.
    (b) Administrative Expenses.--Of the amounts provided under 
subsection (a), the grant recipient may use not more than 2.25 percent 
of such amount for administrative expenses, of which--
            (1) not more than 1.5 percent per annum may be used for 
        fees to be paid to investment managers for fund investment 
        activities, including deal sourcing, due diligence, investment 
        monitoring, and investment reporting; and
            (2) not more than 0.75 percent per annum may be used for 
        fund administration activities by the grant recipient, 
        including fund manager evaluation, selection, monitoring, and 
        overall fund program management.
    (c) Treatment of Interest.--Notwithstanding any other provision of 
law, with the approval of the Minority Business Development Agency, 
grant funds made available under subsection (a) may be deposited in 
interest-bearing accounts pending disbursement, and any interest which 
accrues may be retained without returning such interest to the Treasury 
of the United States and interest earned may be obligated and expended 
for the purposes for which the grant was made available without further 
appropriation.
    (d) Reporting and Audit Requirements.--
            (1) Reporting by recipient.--The grant recipient under this 
        section shall issue a report to the Minority Business 
        Development Agency every 6 months detailing the use of grant 
        funds received under this section and any other information 
        that the Minority Business Development Agency may require.
            (2) Annual report to congress.--The Minority Business 
        Development Agency shall issue an annual report to the Congress 
        containing the information received under paragraph (1) and an 
        analysis of the implementation of the Initiative.
            (3) GAO audit.--The Comptroller General of the United 
        States shall, every 2 years, carry out an audit of the 
        Initiative and issue a report to the Congress and the Minority 
        Business Development Agency containing the results of such 
        audit.
            (4) Fund managers.--Fund managers shall annually report on 
        their fund management activities, including--
                    (A) fund performance;
                    (B) impacts of capital investments by industry and 
                geography;
                    (C) racial, ethnic, and gender demographics of 
                minority businesses receiving capital from the 
                Initiative; and
                    (D) any other ancillary and economic benefits of 
                capital investments from the Initiative.
    (e) Funding.--There is authorized to be appropriated to the 
Minority Business Development Agency $3,000,000,000 to make the grant 
described under subsection (a).

SEC. 206. COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND 
              SUPPLEMENTAL APPROPRIATION AUTHORIZATION.

    There is authorized to be appropriated $1,000,000,000 for fiscal 
year 2020, for providing financial assistance and technical assistance 
under subparagraphs (A) and (B) of section 108(a)(1) of the Community 
Development Banking and Financial Institutions Act of 1994 (12 U.S.C. 
4707(a)(1)), except that subsections (d) and (e) of such section 108 
shall not apply to the provision of such assistance.

SEC. 207. MINORITY DEPOSITORY INSTITUTION.

    (a) Sense of Congress on Funding the Loan-Loss Reserve Fund for 
Small Dollar Loans.--The sense of Congress is the following:
            (1) The Community Development Financial Institutions Fund 
        (the ``CDFI Fund'') is an agency of the Department of the 
        Treasury, and was established by the Riegle Community 
        Development and Regulatory Improvement Act of 1994. The mission 
        of the CDFI Fund is ``to expand economic opportunity for 
        underserved people and communities by supporting the growth and 
        capacity of a national network of community development 
        lenders, investors, and financial service providers''. A 
        community development financial institution (a ``CDFI'') is a 
        specialized financial institution serving low-income 
        communities and a Community Development Entity (a ``CDE'') is a 
        domestic corporation or partnership that is an intermediary 
        vehicle for the provision of loans, investments, or financial 
        counseling in low-income communities. The CDFI Fund certifies 
        CDFIs and CDEs. Becoming a certified CDFI or CDE allows 
        organizations to participate in various CDFI Fund programs as 
        follows:
                    (A) The Bank Enterprise Award Program, which 
                provides FDIC-insured depository institutions awards 
                for a demonstrated increase in lending and investments 
                in distressed communities and CDFIs.
                    (B) The CDFI Program, which provides Financial and 
                Technical Assistance awards to CDFIs to reinvest in the 
                CDFI, and to build the capacity of the CDFI, including 
                financing product development and loan loss reserves.
                    (C) The Native American CDFI Assistance Program, 
                which provides CDFIs and sponsoring entities Financial 
                and Technical Assistance awards to increase lending and 
                grow the number of CDFIs owned by Native Americans to 
                help build capacity of such CDFIs.
                    (D) The New Market Tax Credit Program, which 
                provides tax credits for making equity investments in 
                CDEs that stimulate capital investments in low-income 
                communities.
                    (E) The Capital Magnet Fund, which provides awards 
                to CDFIs and non-profit affordable housing 
                organizations to finance affordable housing solutions 
                and related economic development activities.
                    (F) The Bond Guarantee Program, a source of long-
                term, patient capital for CDFIs to expand lending and 
                investment capacity for community and economic 
                development purposes.
            (2) The Department of the Treasury is authorized to create 
        multi-year grant programs designed to encourage low-to-moderate 
        income individuals to establish accounts at federally insured 
        banks, and to improve low-to-moderate income individuals' 
        access to such accounts on reasonable terms.
            (3) Under this authority, grants to participants in CDFI 
        Fund programs may be used for loan-loss reserves and to 
        establish small-dollar loan programs by subsidizing related 
        losses. These grants also allow for the providing recipients 
        with the financial counseling and education necessary to 
        conduct transactions and manage their accounts. These loans 
        provide low-cost alternatives to payday loans and other 
        nontraditional forms of financing that often impose excessive 
        interest rates and fees on borrowers, and lead millions of 
        Americans to fall into debt traps. Small-dollar loans can only 
        be made pursuant to terms, conditions, and practices that are 
        reasonable for the individual consumer obtaining the loan.
            (4) Program participation is restricted to eligible 
        institutions, which are limited to organizations listed in 
        section 501(c)(3) of the Internal Revenue Code and exempt from 
        tax under 501(a) of such Code, federally insured depository 
        institutions, community development financial institutions and 
        State, local, or Tribal government entities.
            (5) Since its founding, the CDFI Fund has awarded over 
        $3,300,000,000 to CDFIs and CDEs, allocated $54,000,000,000 in 
        tax credits, and $1,510,000,000 in bond guarantees. According 
        to the CDFI Fund, some programs attract as much as $10 in 
        private capital for every $1 invested by the CDFI Fund. The 
        Administration and the Congress should prioritize appropriation 
        of funds for the loan loss reserve fund and technical 
        assistance programs administered by the Community Development 
        Financial Institution Fund, as included in the version of the 
        ``Financial Services and General Government Appropriations Act, 
        2020'' (H.R. 3351) that passed the House of Representatives on 
        June 26, 2019.
    (b) Definitions.--In this section:
            (1) Community development financial institution.--The term 
        ``community development financial institution'' has the meaning 
        given under section 103 of the Riegle Community Development and 
        Regulatory Improvement Act of 1994 (12 U.S.C. 4702).
            (2) Minority depository institution.--The term ``minority 
        depository institution'' has the meaning given under section 
        308 of the Financial Institutions Reform, Recovery, and 
        Enforcement Act of 1989 (12 U.S.C. 1463 note), as amended by 
        this Act.
    (c) Inclusion of Women's Banks in the Definition of Minority 
Depository Institution.--Section 308(b)(1) of the Financial 
Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 
1463 note) is amended--
            (1) by redesignating subparagraphs (A), (B), and (C) as 
        clauses (i), (ii), and (iii), respectively;
            (2) by striking ``means any'' and inserting the following: 
        ``means--
            ``(A) any'';
            (3) in clause (iii) (as so redesignated), by striking the 
        period at the end and inserting ``; or''; and
            (4) by inserting at the end the following new subparagraph:
                    ``(B) any bank described in clause (i), (ii), or 
                (iii) of section 19(b)(1)(A) of the Federal Reserve 
                Act--
                            ``(i) more than 50 percent of the 
                        outstanding shares of which are held by 1 or 
                        more women; and
                            ``(ii) the majority of the directors on the 
                        board of directors of which are women.''.
    (d) Establishment of Impact Bank Designation.--
            (1) In general.--Each appropriate Federal banking agency 
        shall establish a program under which a depository institution 
        with total consolidated assets of less than $10,000,000,000 may 
        elect to be designated as an impact bank if 50 percent or more 
        of the loans extended by such covered bank are extended to low-
        income borrowers.
            (2) Designation.--Based on data obtained through 
        examinations, an appropriate Federal banking agency shall 
        submit a notification to a depository institution stating that 
        the depository institution qualifies for designation as an 
        impact bank.
            (3) Application.--A depository institution that does not 
        receive a notification described in paragraph (2) may submit an 
        application to the appropriate Federal banking agency 
        demonstrating that the depository institution qualifies for 
        designation as an impact bank.
            (4) Additional data or oversight.--A depository institution 
        is not required to submit additional data to an appropriate 
        Federal banking agency or be subject to additional oversight 
        from such an agency if such data or oversight is related 
        specifically and solely for consideration for a designation as 
        an impact bank.
            (5) Removal of designation.--If an appropriate Federal 
        banking agency determines that a depository institution 
        designated as an impact bank no longer meets the criteria for 
        such designation, the appropriate Federal banking agency shall 
        rescind the designation and notify the depository institution 
        of such rescission.
            (6) Reconsideration of designation; appeals.--A depository 
        institution may--
                    (A) submit to the appropriate Federal banking 
                agency a request to reconsider a determination that 
                such depository institution no longer meets the 
                criteria for the designation; or
                    (B) file an appeal in accordance with procedures 
                established by the appropriate Federal banking agency.
            (7) Rulemaking.--Not later than 1 year after the date of 
        the enactment of this Act, the appropriate Federal banking 
        agencies shall jointly issue rules to carry out the 
        requirements of this subsection, including by providing a 
        definition of a low-income borrower.
            (8) Federal deposit insurance act definitions.--In this 
        subsection, the terms ``depository institution'' and 
        ``appropriate Federal banking agency'' have the meanings given 
        such terms, respectively, in section 3 of the Federal Deposit 
        Insurance Act (12 U.S.C. 1813).
    (e) Minority Depository Institutions Advisory Committees.--
            (1) Establishment.--Each covered regulator shall establish 
        an advisory committee to be called the ``Minority Depository 
        Institutions Advisory Committee''.
            (2) Duties.--Each Minority Depository Institutions Advisory 
        Committee shall provide advice to the respective covered 
        regulator on meeting the goals established by section 308 of 
        the Financial Institutions Reform, Recovery, and Enforcement 
        Act of 1989 (12 U.S.C. 1463 note) to preserve the present 
        number of covered minority institutions, preserve the minority 
        character of minority-owned institutions in cases involving 
        mergers or acquisitions, provide technical assistance, and 
        encourage the creation of new covered minority institutions. 
        The scope of the work of each such Minority Depository 
        Institutions Advisory Committee shall include an assessment of 
        the current condition of covered minority institutions, what 
        regulatory changes or other steps the respective agencies may 
        be able to take to fulfill the requirements of such section 
        308, and other issues of concern to minority depository 
        institutions.
            (3) Membership.--
                    (A) In general.--Each Minority Depository 
                Institutions Advisory Committee shall consist of no 
                more than 10 members, who--
                            (i) shall serve for one two-year term;
                            (ii) shall serve as a representative of a 
                        depository institution or an insured credit 
                        union with respect to which the respective 
                        covered regulator is the covered regulator of 
                        such depository institution or insured credit 
                        union; and
                            (iii) shall not receive pay by reason of 
                        their service on the advisory committee, but 
                        may receive travel or transportation expenses 
                        in accordance with section 5703 of title 5, 
                        United States Code.
                    (B) Diversity.--To the extent practicable, each 
                covered regulator shall ensure that the members of 
                Minority Depository Institutions Advisory Committee of 
                such agency reflect the diversity of depository 
                institutions.
            (4) Meetings.--
                    (A) In general.--Each Minority Depository 
                Institutions Advisory Committee shall meet not less 
                frequently than twice each year.
                    (B) Invitations.--Each Minority Depository 
                Institutions Advisory Committee shall invite the 
                attendance at each meeting of the Minority Depository 
                Institutions Advisory Committee of--
                            (i) one member of the majority party and 
                        one member of the minority party of the 
                        Committee on Financial Services of the House of 
                        Representatives and the Committee on Banking, 
                        Housing, and Urban Affairs of the Senate; and
                            (ii) one member of the majority party and 
                        one member of the minority party of any 
                        relevant subcommittees of such committees.
            (5) No termination of advisory committees.--The termination 
        requirements under section 14 of the Federal Advisory Committee 
        Act (5 U.S.C. app.) shall not apply to a Minority Depository 
        Institutions Advisory Committee established pursuant to this 
        subsection.
            (6) Definitions.--In this subsection:
                    (A) Covered regulator.--The term ``covered 
                regulator'' means the Comptroller of the Currency, the 
                Board of Governors of the Federal Reserve System, the 
                Federal Deposit Insurance Corporation, and the National 
                Credit Union Administration.
                    (B) Covered minority institution.--The term 
                ``covered minority institution'' means a minority 
                depository institution (as defined in section 308(b) of 
                the Financial Institutions Reform, Recovery, and 
                Enforcement Act of 1989 (12 U.S.C. 1463 note)) or a 
                minority credit union (as defined in section 1204(c) of 
                the Financial Institutions Reform, Recovery, and 
                Enforcement Act of 1989, as amended by this Act).
                    (C) Depository institution.--The term ``depository 
                institution'' has the meaning given under section 3 of 
                the Federal Deposit Insurance Act (12 U.S.C. 1813).
                    (D) Insured credit union.--The term ``insured 
                credit union'' has the meaning given in section 101 of 
                the Federal Credit Union Act (12 U.S.C. 1752).
            (7) Technical amendment.--Section 308(b) of the Financial 
        Institutions Reform, Recovery, and Enforcement Act of 1989 (12 
        U.S.C. 1463 note) is amended by adding at the end the following 
        new paragraph:
            ``(3) Depository institution.--The term `depository 
        institution' means an `insured depository institution' (as 
        defined in section 3 of the Federal Deposit Insurance Act (12 
        U.S.C. 1813)) and an insured credit union (as defined in 
        section 101 of the Federal Credit Union Act (12 U.S.C. 
        1752)).''.
    (f) Federal Deposits in Minority Depository Institutions.--
            (1) In general.--Section 308 of the Financial Institutions 
        Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 1463 
        note) is amended--
                    (A) by adding at the end the following new 
                subsection:
    ``(d) Federal Deposits.--The Secretary of the Treasury shall ensure 
that deposits made by Federal agencies in minority depository 
institutions and impact banks are fully collateralized or fully 
insured, as determined by the Secretary. Such deposits shall include 
reciprocal deposits as defined in section 337.6(e)(2)(v) of title 12, 
Code of Federal Regulations (as in effect on March 6, 2019).''; and
                    (B) in subsection (b), as amended by section 6(g), 
                by adding at the end the following new paragraph:
            ``(4) Impact bank.--The term `impact bank' means a 
        depository institution designated by an appropriate Federal 
        banking agency pursuant to section 5 of the Ensuring Diversity 
        in Community Banking Act of 2020.''.
            (2) Technical amendments.--Section 308 of the Financial 
        Institutions Reform, Recovery, and Enforcement Act of 1989 (12 
        U.S.C. 1463 note) is amended--
                    (A) in the matter preceding paragraph (1), by 
                striking ``section--'' and inserting ``section:''; and
                    (B) in the paragraph heading for paragraph (1), by 
                striking ``financial'' and inserting ``depository''.
    (g) Minority Bank Deposit Program.--
            (1) In general.--Section 1204 of the Financial Institutions 
        Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 1811 
        note) is amended to read as follows:

``SEC. 1204. EXPANSION OF USE OF MINORITY BANKS AND MINORITY CREDIT 
              UNIONS.

    ``(a) Minority Bank Deposit Program.--
            ``(1) Establishment.--There is established a program to be 
        known as the `Minority Bank Deposit Program' to expand the use 
        of minority banks and minority credit unions.
            ``(2) Administration.--The Secretary of the Treasury, 
        acting through the Fiscal Service, shall--
                    ``(A) on application by a depository institution or 
                credit union, certify whether such depository 
                institution or credit union is a minority bank or 
                minority credit union;
                    ``(B) maintain and publish a list of all depository 
                institutions and credit unions that have been certified 
                pursuant to subparagraph (A); and
                    ``(C) periodically distribute the list described in 
                subparagraph (B) to--
                            ``(i) all Federal departments and agencies;
                            ``(ii) interested State and local 
                        governments; and
                            ``(iii) interested private sector 
                        companies.
            ``(3) Inclusion of certain entities on list.--A depository 
        institution or credit union that, on the date of the enactment 
        of this section, has a current certification from the Secretary 
        of the Treasury stating that such depository institution or 
        credit union is a minority bank or minority credit union shall 
        be included on the list described under paragraph (2)(B).
    ``(b) Expanded Use Among Federal Departments and Agencies.--
            ``(1) In general.--Not later than 1 year after the 
        establishment of the program described in subsection (a), the 
        head of each Federal department or agency shall develop and 
        implement standards and procedures to ensure, to the maximum 
        extent possible as permitted by law, the use of minority banks 
        and minority credit unions to serve the financial needs of each 
        such department or agency.
            ``(2) Report to congress.--Not later than 2 years after the 
        establishment of the program described in subsection (a), and 
        annually thereafter, the head of each Federal department or 
        agency shall submit to Congress a report on the actions taken 
        to increase the use of minority banks and minority credit 
        unions to serve the financial needs of each such department or 
        agency.
    ``(c) Definitions.--For purposes of this section:
            ``(1) Credit union.--The term `credit union' has the 
        meaning given the term `insured credit union' in section 101 of 
        the Federal Credit Union Act (12 U.S.C. 1752).
            ``(2) Depository institution.--The term `depository 
        institution' has the meaning given the term `insured depository 
        institution' in section 3 of the Federal Deposit Insurance Act 
        (12 U.S.C. 1813).
            ``(3) Minority.--The term `minority' means any Black 
        American, Native American, Hispanic American, or Asian 
        American.
            ``(4) Minority bank.--The term `minority bank' means a 
        minority depository institution as defined in section 308 of 
        this Act.
            ``(5) Minority credit union.--The term `minority credit 
        union' means any credit union for which more than 50 percent of 
        the membership (including board members) of such credit union 
        are minority individuals, as determined by the National Credit 
        Union Administration pursuant to section 308 of this Act.''.
            (2) Conforming amendments.--The following provisions are 
        amended by striking ``1204(c)(3)'' and inserting ``1204(c)'':
                    (A) Section 808(b)(3) of the Community Reinvestment 
                Act of 1977 (12 U.S.C. 2907(b)(3)).
                    (B) Section 40(g)(1)(B) of the Federal Deposit 
                Insurance Act (12 U.S.C. 1831q(g)(1)(B)).
                    (C) Section 704B(h)(4) of the Equal Credit 
                Opportunity Act (15 U.S.C. 1691c-2(h)(4)).
    (h) Diversity Report and Best Practices.--
            (1) Annual report.--Each covered regulator shall submit to 
        Congress an annual report on diversity including the following:
                    (A) Data, based on voluntary self-identification, 
                on the racial, ethnic, and gender composition of the 
                examiners of each covered regulator, disaggregated by 
                length of time served as an examiner.
                    (B) The status of any examiners of covered 
                regulators, based on voluntary self-identification, as 
                a veteran.
                    (C) Whether any covered regulator, as of the date 
                on which the report required under this subsection is 
                submitted, has adopted a policy, plan, or strategy to 
                promote racial, ethnic, and gender diversity among 
                examiners of the covered regulator.
                    (D) Whether any special training is developed and 
                provided for examiners related specifically to working 
                with banks that serve communities that are 
                predominantly minorities, low income, or rural, and the 
                key focus of such training.
            (2) Best practices.--Each Office of Minority and Women 
        Inclusion of a covered regulator shall develop, provide to the 
        head of the covered regulator, and make publicly available best 
        practices--
                    (A) for increasing the diversity of candidates 
                applying for examiner positions, including through 
                outreach efforts to recruit diverse candidate to apply 
                for entry-level examiner positions; and
                    (B) for retaining and providing fair consideration 
                for promotions within the examiner staff for purposes 
                of achieving diversity among examiners.
            (3) Covered regulator defined.--In this subsection, the 
        term ``covered regulator'' means the Comptroller of the 
        Currency, the Board of Governors of the Federal Reserve System, 
        the Federal Deposit Insurance Corporation, and the National 
        Credit Union Administration.
    (i) Investments in Minority Depository Institutions and Impact 
Banks.--
            (1) Control for certain institutions.--Section 7(j)(8)(B) 
        of the Federal Deposit Insurance Act (12 U.S.C. 1817(j)(8)(B)) 
        is amended to read as follows:
            ``(B) `control' means the power, directly or indirectly--
                    ``(i) to direct the management or policies of an 
                insured depository institution; or
                    ``(ii)(I) with respect to an insured depository 
                institution, of a person to vote 25 per centum or more 
                of any class of voting securities of such institution; 
                or
                    ``(II) with respect to an insured depository 
                institution that is an impact bank (as designated 
                pursuant to section 5 of the Ensuring Diversity in 
                Community Banking Act of 2020) or a minority depository 
                institution (as defined in section 308(b) of the 
                Financial Institutions Reform, Recovery, and 
                Enforcement Act of 1989), of an individual to vote 30 
                percent of more of any class of voting securities of 
                such an impact bank or a minority depository 
                institution.''.
            (2) Rulemaking.--The appropriate Federal banking agency (as 
        defined in section 3 of the Federal Deposit Insurance Act (12 
        U.S.C. 1813)) shall jointly issue rules for de novo minority 
        depository institutions and de novo impact banks (as designated 
        pursuant to section 5) to allow 3 years to meet the capital 
        requirements otherwise applicable to minority depository 
        institutions and impact banks.
            (3) Report.--Not later than 1 year after the date of the 
        enactment of this Act, the appropriate Federal banking agencies 
        shall jointly submit to Congress a report on--
                    (A) the principal causes for the low number of de 
                novo minority depository institutions during the 10-
                year period preceding the date of the report;
                    (B) the main challenges to the creation of de novo 
                minority depository institutions and de novo impact 
                banks; and
                    (C) regulatory and legislative considerations to 
                promote the establishment of de novo minority 
                depository institutions and de novo impact banks.
    (j) Requirement To Mentor Minority Depository Institutions or 
Community Development Financial Institutions To Serve as a Depositary 
or Financial Agent.--
            (1) In general.--Before a large financial institution may 
        be employed as a financial agent of the Department of the 
        Treasury or perform any reasonable duties as depositary of 
        public moneys of the Department of the Treasury, the large 
        financial institution shall demonstrate participation as a 
        mentor in a covered mentor-protege program to a protege firm 
        that is a minority depository institution or a community 
        development financial institution.
            (2) Report.--Not later than 6 months after the date of the 
        enactment of this Act and annually thereafter, the Secretary of 
        the Treasury shall submit to Congress a report on participants 
        in a covered mentor-protege program, including an analysis of 
        outcomes of such program.
            (3) Procedures.--The Secretary of the Treasury shall 
        publish procedures for compliance with the requirements of this 
        subsection for large financial institutions.
            (4) Definitions.--In this subsection:
                    (A) Covered mentor-protege program.--The term 
                ``covered mentor-protege program'' means a mentor-
                protege program established by the Secretary of the 
                Treasury pursuant to section 45 of the Small Business 
                Act (15 U.S.C. 657r).
                    (B) Large financial institution.--The term ``large 
                financial institution'' means any entity--
                            (i) regulated by the Comptroller of the 
                        Currency, the Board of Governors of the Federal 
                        Reserve System, the Federal Deposit Insurance 
                        Corporation, or the National Credit Union 
                        Administration; and
                            (ii) that has total consolidated assets 
                        greater than or equal to $50,000,000,000.
    (k) Custodial Deposit Program for Covered Minority Depository 
Institutions and Impact Banks.--
            (1) Establishment.--The Secretary of the Treasury shall 
        establish a custodial deposit program (in this subsection 
        referred to as the ``Program'') under which a covered bank 
        shall receive monthly deposits from a qualifying account.
            (2) Application.--A covered bank shall submit to the 
        Secretary an application to participate in the Program at such 
        time, in such manner, and containing such information as the 
        Secretary may determine.
            (3) Program operations.--
                    (A) Designation of custodial entities.--The 
                Secretary shall designate eligible custodial entities 
                to make monthly deposits with covered banks selected 
                for participation in the Program on behalf of a 
                qualifying account.
                    (B) Custodial accounts.--
                            (i) In general.--The Secretary shall 
                        establish a custodial deposit account for each 
                        qualifying account with the eligible custodial 
                        entity designated to make deposits with covered 
                        banks for each such qualifying account.
                            (ii) Amount.--The Secretary shall deposit a 
                        total amount not greater than 5 percent of a 
                        qualifying account into any custodial deposit 
                        accounts established under subparagraph (A).
                            (iii) Deposits with program participants.--
                                    (I) Monthly deposits.--Each month, 
                                each eligible custodial entity 
                                designated by the Secretary shall 
                                deposit an amount not greater than the 
                                insured amount, in the aggregate, from 
                                each custodial deposit account, in a 
                                single covered bank.
                                    (II) Limitation.--With respect to 
                                the funds of an individual qualifying 
                                account, the eligible custodial entity 
                                may not deposit an amount greater than 
                                the insured amount in a single covered 
                                bank.
                                    (III) Insured amount defined.--In 
                                this clause, the term ``insured 
                                amount'' means the amount that is the 
                                greater of--
                                            (aa) the standard maximum 
                                        deposit insurance amount (as 
                                        defined in section 11(a)(1)(E) 
                                        of the Federal Deposit 
                                        Insurance Act (12 U.S.C. 
                                        1821(a)(1)(E))); or
                                            (bb) such higher amount 
                                        negotiated between the 
                                        Secretary and the Corporation 
                                        under which the Corporation 
                                        will insure all deposits of 
                                        such higher amount.
                            (iv) Limitations.--The total amount of 
                        funds deposited under the Program in a covered 
                        bank may not exceed the lesser of--
                                    (I) 10 percent of the average 
                                amount of deposits held by such covered 
                                bank in the previous quarter; or
                                    (II) $100,000,000.
                    (C) Interest.--
                            (i) In general.--Each eligible custodial 
                        entity designated by the Secretary shall--
                                    (I) collect interest from each 
                                covered bank in which such custodial 
                                entity deposits funds pursuant to 
                                subparagraph (B); and
                                    (II) disburse such interest to the 
                                Secretary each month.
                            (ii) Interest rate.--The rate of any 
                        interest collected under this subparagraph may 
                        not exceed 50 percent of the discount window 
                        primary credit interest rate most recently 
                        published on the Federal Reserve Statistical 
                        Release on selected interest rates (daily or 
                        weekly), commonly referred to as the H.15 
                        release (commonly known as the ``Federal funds 
                        rate'').
                    (D) Statements.--Each eligible custodial entity 
                designated by the Secretary shall submit to the 
                Secretary monthly statements that include the total 
                amount of funds deposited with, and interest rate 
                received from, each covered bank by the eligible 
                custodial entity on behalf of qualifying entities.
                    (E) Records.--The Secretary shall issue a quarterly 
                report to Congress and make publicly available a record 
                identifying all covered banks participating in the 
                Program and amounts deposited under the Program in 
                covered banks.
            (4) Requirements relating to deposits.--Deposits made with 
        covered banks under this subsection may not--
                    (A) be considered by the Corporation to be funds 
                obtained, directly or indirectly, by or through any 
                deposit broker for deposit into 1 or more deposit 
                accounts (as described under section 29 of the Federal 
                Deposit Insurance Act (12 U.S.C. 1831f)); or
                    (B) be subject to insurance fees from the 
                Corporation that are greater than insurance fees for 
                typical demand deposits not obtained, directly or 
                indirectly, by or through any deposit broker (commonly 
                known as ``core deposits'').
            (5) Modifications.--
                    (A) In general.--The Secretary shall provide a 3-
                month period for public notice and comment before 
                making any material change to the operation of the 
                Program.
                    (B) Exception.--The requirements of subparagraph 
                (A) shall not apply if the Secretary makes a material 
                change to the Program to comply with safety and 
                soundness standards or other law.
            (6) Termination.--
                    (A) By covered bank.--A covered bank selected for 
                participation in the Program pursuant to paragraph (3) 
                may terminate participation in the Program by providing 
                the Secretary a notification 60 days prior to 
                termination.
                    (B) By secretary.--The Secretary may terminate the 
                participation of a covered bank in the Program if the 
                Secretary determines the covered bank--
                            (i) violated any terms of participation in 
                        the Program;
                            (ii) failed to comply with Federal bank 
                        secrecy laws, as documented in writing by the 
                        primary regulator of the covered bank;
                            (iii) failed to remain well capitalized; or
                            (iv) failed comply with safety and 
                        soundness standards, as documented in writing 
                        by the primary regulator of the covered bank.
            (7) Definitions.--In this subsection:
                    (A) Corporation.--The term ``Corporation'' means 
                the Federal Deposit Insurance Corporation.
                    (B) Covered bank.--The term ``covered bank'' 
                means--
                            (i) a minority depository institution that 
                        is regulated by the Corporation or the National 
                        Credit Union Administration that is well 
                        capitalized (as defined in section 38(b) of the 
                        Federal Deposit Insurance Act (12 U.S.C. 
                        1831o(b))); or
                            (ii) a depository institution designated 
                        pursuant to section 5 of the Ensuring Diversity 
                        in Community Banking Act of 2020 that is well 
                        capitalized (as defined in section 38(b) of the 
                        Federal Deposit Insurance Act (12 U.S.C. 
                        1831o(b))).
                    (C) Eligible custodial entity.--The term ``eligible 
                custodial entity'' means--
                            (i) an insured depository institution (as 
                        defined in section 3 of the Federal Deposit 
                        Insurance Act (12 U.S.C. 1813));
                            (ii) an insured credit union (as defined in 
                        section 101 of the Federal Credit Union Act (12 
                        U.S.C. 1752)); or
                            (iii) or a well capitalized State-chartered 
                        trust company,
                designated by the Secretary under subsection (k)(3)(A).
                    (D) Federal bank secrecy laws.--The term ``Federal 
                bank secrecy laws'' means--
                            (i) section 21 of the Federal Deposit 
                        Insurance Act (12 U.S.C. 1829b);
                            (ii) section 123 of Public Law 91-508; and
                            (iii) subchapter II of chapter 53 of title 
                        31, United States Code.
                    (E) Qualifying account.--The term ``qualifying 
                account'' means any account established in the 
                Department of the Treasury that--
                            (i) is controlled by the Secretary; and
                            (ii) is expected to maintain a balance 
                        greater than $200,000,000 for the following 
                        calendar month.
                    (F) Secretary.--The term ``Secretary'' means the 
                Secretary of the Treasury.
                    (G) Well capitalized.--The term ``well 
                capitalized'' has the meaning given in section 38 of 
                the Federal Deposit Insurance Act (12 U.S.C. 1831o).
    (l) Streamlined Community Development Financial Institution 
Applications and Reporting.--
            (1) Application processes.--Not later than 12 months after 
        the date of the enactment of this Act and with respect to any 
        person having assets under $3,000,000,000 that submits an 
        application for deposit insurance with the Federal Deposit 
        Insurance Corporation that could also become a community 
        development financial institution, the Federal Deposit 
        Insurance Corporation, in consultation with the Administrator 
        of the Community Development Financial Institutions Fund, 
        shall--
                    (A) develop systems and procedures to record 
                necessary information to allow the Administrator to 
                conduct preliminary analysis for such person to also 
                become a community development financial institution; 
                and
                    (B) develop procedures to streamline the 
                application and annual certification processes and to 
                reduce costs for such person to become, and maintain 
                certification as, a community development financial 
                institution that serves low- and moderate-income 
                neighborhoods (as defined under the Community 
                Reinvestment Act of 1977 (12 U.S.C. 2901 et seq.)).
            (2) Report on implementation.--Not later than 18 months 
        after the date of the enactment of this Act, the Federal 
        Deposit Insurance Corporation shall submit to Congress a report 
        describing the systems and procedures required under paragraph 
        (1).
            (3) Annual report.--
                    (A) In general.--Section 17(a)(1) of the Federal 
                Deposit Insurance Act (12 U.S.C. 1827(a)(1)) is 
                amended--
                            (i) in subparagraph (E), by striking 
                        ``and'' at the end;
                            (ii) by redesignating subparagraph (F) as 
                        subparagraph (G); and
                            (iii) by inserting after subparagraph (E) 
                        the following new subparagraph:
                    ``(F) applicants for deposit insurance that could 
                also become a community development financial 
                institution (as defined in section 103 of the Riegle 
                Community Development and Regulatory Improvement Act of 
                1994), a minority depository institution (as defined in 
                section 308 of the Financial Institutions Reform, 
                Recovery, and Enforcement Act of 1989), or an impact 
                bank (as designated pursuant to section 5 of the 
                Ensuring Diversity in Community Banking Act of 2020); 
                and''.
                    (B) Application.--The amendment made by this 
                paragraph shall apply with respect to the first report 
                to be submitted after the date that is 2 years after 
                the date of the enactment of this Act.
    (m) Task Force on Lending to Small Business Concerns.--
            (1) In general.--Not later than 6 months after the date of 
        the enactment of this Act, the Administrator of the Small 
        Business Administration shall establish a task force to examine 
        methods for improving relationships between the Small Business 
        Administration and community development financial 
        institutions, minority depository institutions, and impact bank 
        (as designated pursuant to section 5 of the Ensuring Diversity 
        in Community Banking Act of 2020) to increase the volume of 
        loans provided by such institutions to small business concerns 
        (as defined under section 3 of the Small Business Act (15 
        U.S.C. 632)).
            (2) Report to congress.--Not later than 18 months after the 
        establishment of the task force described in paragraph (1), the 
        Administrator of the Small Business Administration shall submit 
        to Congress a report on the findings of such task force.
    (n) Assistance to Minority Depository Institutions and Impact 
Banks.--The Secretary of the Treasury shall establish a program to 
provide assistance to a minority depository institution or an impact 
bank (as designated pursuant to section 5 of the Ensuring Diversity in 
Community Banking Act of 2020) to support growth and development of 
such minority depository institutions and impact banks, including by 
providing assistance with obtaining or converting a charter, bylaw 
amendments, field-of-membership expansion requests, and online training 
and resources.

SEC. 208. LOANS TO MDIS AND CDFIS.

    (a) In General.--During the COVID-19 emergency period, the Board of 
Governors of the Federal Reserve System shall provide zero-interest 
loans to minority depository institutions and community development 
financial institutions to help mitigate the economic impact of COVID-19 
in low-income, underserved communities.
    (b) Asset Limitation.--Subsection (a) shall only apply to minority 
depository institutions and community development financial 
institutions with less than $1,000,000,000 in assets.
    (c) Interest To Resume 18 Months After Pandemic.--Notwithstanding 
subsection (a), the Board of Governors shall charge interest on loans 
made pursuant to subsection (a) after the end of the 18-month period 
beginning at the end of the COVID-19 emergency period, at a rate to be 
determined by the Board of Governors based on the interest amount 
charged under the discount window lending programs.
    (d) COVID-19 Pandemic Defined.--In this section, 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 termination by the 
Federal Emergency Management Administration of the emergency declared 
on March 13, 2020, by the President under the Robert T. Stafford 
Disaster Relief and Emergency Assistance Act (42 U.S.C. 4121 et seq.) 
relating to the Coronavirus Disease 2019 (COVID-19) pandemic.

SEC. 209. INSURANCE OF TRANSACTION ACCOUNTS.

    (a) Banks and Savings Associations.--
            (1) Amendments.--Section 11(a)(1) of the Federal Deposit 
        Insurance Act (12 U.S.C. 1821(a)(1)) is amended--
                    (A) in subparagraph (B)--
                            (i) by striking ``The net amount'' and 
                        inserting the following:
                            ``(i) In general.--Subject to clause (ii), 
                        the net amount''; and
                            (ii) by adding at the end the following new 
                        clauses:
                            ``(ii) Authorization for insurance for 
                        transaction accounts.--Notwithstanding clause 
                        (i), the Corporation may fully insure the net 
                        amount that any depositor at an insured 
                        depository institution maintains in a 
                        transaction account. Such amount shall not be 
                        taken into account when computing the net 
                        amount due to such depositor under clause (i).
                            ``(iii) Transaction account defined.--For 
                        purposes of this subparagraph, the term 
                        `transaction account' has the meaning given 
                        that term under section 19 of the Federal 
                        Reserve Act (12 U.S.C. 461).''; and
                    (B) in subparagraph (C), by striking ``subparagraph 
                (B)'' and inserting ``subparagraph (B)(i)''.
            (2) Prospective repeal.--Effective January 1, 2022, section 
        11(a)(1) of the Federal Deposit Insurance Act (12 U.S.C. 
        1821(a)(1)), as amended by paragraph (1), is amended--
                    (A) in subparagraph (B)--
                            (i) by striking ``deposit.--'' and all that 
                        follows through ``clause (ii), the net amount'' 
                        and insert ``deposit.--The net amount''; and
                            (ii) by striking clauses (ii) and (iii); 
                        and
                    (B) in subparagraph (C), by striking ``subparagraph 
                (B)(i)'' and inserting ``subparagraph (B)''.
    (b) Credit Unions.--
            (1) Amendments.--Section 207(k)(1) of the Federal Credit 
        Union Act (12 U.S.C. 1787(k)(1)) is amended--
                    (A) in subparagraph (A)--
                            (i) by striking ``Subject to the provisions 
                        of paragraph (2), the net amount'' and 
                        inserting the following:
                            ``(i) Net amount of insurance payable.--
                        Subject to clause (ii) and the provisions of 
                        paragraph (2), the net amount''; and
                            (ii) by adding at the end the following new 
                        clauses:
                            ``(ii) Authorization for insurance for 
                        transaction accounts.--Notwithstanding clause 
                        (i), the Board may fully insure the net amount 
                        that any member or depositor at an insured 
                        credit union maintains in a transaction 
                        account. Such amount shall not be taken into 
                        account when computing the net amount due to 
                        such member or depositor under clause (i).
                            ``(iii) Transaction account defined.--For 
                        purposes of this subparagraph, the term 
                        `transaction account' has the meaning given 
                        that term under section 19 of the Federal 
                        Reserve Act (12 U.S.C. 461).''; and
                    (B) in subparagraph (B), by striking ``subparagraph 
                (A)'' and inserting ``subparagraph (A)(i)''.
            (2) Prospective repeal.--Effective January 1, 2022, section 
        207(k)(1) of the Federal Credit Union Act (12 U.S.C. 
        1787(k)(1)), as amended by paragraph (1), is amended--
                    (A) in subparagraph (A)--
                            (i) by striking ``(i) net amount of 
                        insurance payable.--'' and all that follows 
                        through ``paragraph (2), the net amount'' and 
                        inserting ``Subject to the provisions of 
                        paragraph (2), the net amount''; and
                            (ii) by striking clauses (ii) and (iii); 
                        and
                    (B) in subparagraph (B), by striking ``subparagraph 
                (A)(i)'' and inserting ``subparagraph (A)''.
    (c) COVID-19 Emergency Defined.--In this section, the term ``COVID-
19 emergency'' means the period that begins upon the date of the 
enactment of this Act and ends upon the date of the termination 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 Emergency Assistance Act (42 U.S.C. 4121 et seq.) relating to the 
Coronavirus Disease 2019 (COVID-19) pandemic.

     TITLE III--SUPPORTING STATE, TERRITORY, AND LOCAL GOVERNMENTS

SEC. 301. MUNI FACILITY.

    (a) Amendment to Authority To Buy and Sell Bonds and Notes.--
Section 14(b) of the Federal Reserve Act (12 U.S.C. 355) is amended--
            (1) in paragraph (1)--
                    (A) by inserting ``and during unusual and exigent 
                circumstances,'' before ``bonds issued''; and
                    (B) by striking ``of 1933'' and all that follows 
                through ``assured revenues''; and
            (2) by adding at the end the following:
            ``(3) State defined.--In this section, the term `State' 
        means each of the several States, the District of Columbia, 
        each territory and possession of the United States, and each 
        federally recognized Indian Tribe.''.
    (b) Federal Reserve Authorization To Purchase COVID-19 Related 
Municipal Issuances.--
            (1) Authority.--Within seven days after the date of 
        enactment of this subsection, the Federal Reserve Board of 
        Governors shall establish a facility to buy and sell, at home 
        or abroad, bills, notes, bonds, and warrants that are issued by 
        any State or political subdivision thereof between March 1, 
        2020, and July 1, 2021, in order to fund a public health or 
        public service response to the COVID-19 pandemic. The Board of 
        Governors of the Federal Reserve System may extend the 
        authority under this subsection if the Board determines 
        necessary.
            (2) Required purchases.--The Board of Governors of the 
        Federal Reserve System shall establish policies and procedures 
        to require the direct placement of bills, notes, bonds, and 
        warrants described in paragraph (1) with the Board at an 
        interest cost that does not exceed the Federal funds rate 
        target for short-term interbank lending, within seven days 
        after the date of enactment of this section.
            (3) Review of spending.--During the 3-year period beginning 
        on the date on which all purchases under this section are 
        completed, relevant Federal authorities shall review such 
        purchases to determine if funds were diverted from legitimate 
        public health or public services responses to the COVID-19 
        pandemic to make such purchase. The relevant Federal 
        authorities shall take appropriate action based on findings of 
        such review.
            (4) Definitions.--In this subsection:
                    (A) Public health or public service response to the 
                covid-19 pandemic.--The term ``public health or public 
                service response to the COVID-19 pandemic'' means--
                            (i) the purchase, manufacture, or delivery 
                        of medical equipment, facilities, or services--
                                    (I) to treat or quarantine COVID-19 
                                patients;
                                    (II) to protect first responders 
                                interacting with such patients; or
                                    (III) to test for COVID-19 
                                infections and track social contacts of 
                                patients who have tested positive for 
                                the virus;
                            (ii) the purchase, manufacture, or delivery 
                        of basic living supports for individuals who 
                        are not COVID-19 patients during periods of 
                        voluntary or mandatory social distancing or 
                        quarantine designed to prevent the spread of 
                        COVID-19; or
                            (iii) the maintenance and delivery of basic 
                        public services to communities responding to 
                        the public health or economic effects of the 
                        COVID-19 pandemic.
                    (B) State.--The term ``State'' means each of the 
                several States, the District of Columbia, each 
                territory and possession of the United States, and each 
                federally recognized Indian Tribe.

SEC. 302. TEMPORARY WAIVER AND REPROGRAMMING AUTHORITY.

    (a) Waiver Authority.--
            (1) In general.--With respect to a covered grant awarded to 
        a State, territory, or local government by a Federal financial 
        regulator, the Federal financial regulator may, upon request, 
        waive any matching or cost-sharing requirements with respect to 
        such grant until January 1, 2023.
            (2) Requirements for waiver recipients.--A State, 
        territory, or local government granted a waiver with respect to 
        a grant under subsection (a) shall waive any matching or cost-
        sharing requirements that such government imposes on sub-
        grantees on such grant until January 1, 2023.
    (b) Reprogramming Authority.--
            (1) In general.--With respect to a covered grant awarded to 
        a State, territory, or local government by a Federal financial 
        regulator, the Federal financial regulator may, upon request, 
        permit the State, territory, or local government to reprogram 
        awarded grant funds for purposes related to unemployment, 
        childcare, and healthcare, if the majority of normally funded 
        activities under such grant are not in areas related to 
        unemployment, childcare, and healthcare.
            (2) Consideration for future grants.--Any grantee (or sub-
        grantee) with respect to which a Federal financial regulator 
        allows to reprogram funds under paragraph (1) shall be given 
        priority by such Federal financial regulator for future awards 
        of the type reprogrammed.
    (c) Definitions.--In this section:
            (1) Covered grants.--The term ``covered award'' means a 
        grant--
                    (A) that was awarded to a State, territory, or 
                local government before the date of enactment of this 
                Act and under which the State, territory, or local 
                government may still receive additional grant amounts; 
                or
                    (B) with respect to which the period of performance 
                does not expire before January 1, 2023.
            (2) Federal financial regulator.--The term ``Federal 
        financial regulator'' means the Board of Governors of the 
        Federal Reserve System, the Bureau of Consumer Financial 
        Protection, the Department of Housing and Urban Development, 
        the Department of the Treasury (other than the Internal Revenue 
        Service), the Federal Deposit Insurance Corporation, the Office 
        of the Comptroller of the Currency, the National Credit Union 
        Administration, and the Securities and Exchange Commission.

    TITLE IV--PROMOTING FINANCIAL STABILITY AND TRANSPARENT MARKETS

SEC. 401. TEMPORARY HALT TO RULEMAKINGS UNRELATED TO COVID-19.

    (a) In General.--Until the end of the 30-day period following the 
end of the COVID-19 emergency period, the Federal financial 
regulators--
            (1) may not adopt or amend any rule, regulation, guidance, 
        or order unless such rule, regulation, guidance, or order is 
        directly related to responding to the COVID-19 emergency; and
            (2) shall keep open and extend any ongoing public comment 
        period related to a proposed or final rule, unless such rule is 
        related to responding to the COVID-19 emergency.
    (b) Notice and Sunset of Emergency Actions.--The Federal financial 
regulators shall--
            (1) provide the Committee on Financial Services of the 
        House of Representatives and the Committee on Banking, Housing, 
        and Urban Affairs of the Senate with a notice of any regulatory 
        actions taken during the COVID-19 emergency period, along with 
        an explanation of how such action was necessary and appropriate 
        in response to the COVID-19 emergency; and
            (2) limit the period of effectiveness of any action taken 
        in response to the COVID-19 emergency to be not longer than 12-
        months following the end of the COVID-19 emergency period.
    (c) Voting by Regulators.--Any action taken pursuant to this 
section by a Federal financial regulator headed by a multi-person 
entity may only be taken by unanimous vote.
    (d) Definitions.--In this section:
            (1) 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 termination 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 
        Emergency Assistance Act (42 U.S.C. 4121 et seq.) relating to 
        the Coronavirus Disease 2019 (COVID-19) pandemic.
            (2) Federal financial regulator.--In this section, the term 
        ``Federal financial regulator'' means the Board of Governors of 
        the Federal Reserve System, the Bureau of Consumer Financial 
        Protection, the Department of Housing and Urban Development, 
        the Department of the Treasury (other than the Internal Revenue 
        Service), the Federal Deposit Insurance Corporation, the 
        Federal Housing Finance Agency, the Office of the Comptroller 
        of the Currency, the National Credit Union Administration, and 
        the Securities and Exchange Commission.

SEC. 402. TEMPORARY BAN ON STOCK BUYBACKS.

    (a) In General.--It shall be unlawful for any issuer, the 
securities of which are traded on a national securities exchange, to 
purchase securities of the issuer during the period beginning on the 
date of enactment of this section and ending 120 days after the end of 
the COVID-19 emergency period.
    (b) Early Termination.--The Securities and Exchange Commission may 
terminate the prohibition under subsection (a) after the end of the 
COVID-19 emergency period and before the end of the 120-day period 
described under subsection (a), if--
            (1) the Commission determines such termination is in the 
        public interest; and
            (2) immediately notifies the Congress and the public of 
        such determination and the reason for such determination, 
        including on the website of the Commission.
    (c) Enforcement; Rulemaking.--
            (1) In general.--The Securities and Exchange Commission 
        shall have the authority to enforce this Act and may issue such 
        rules as may be necessary to carry out this Act.
            (2) Commission voting.--Any action taken by the Commission 
        pursuant to this section may only be taken upon a unanimous 
        vote of the commissioners.
    (d) Definitions.--In this section:
            (1) COVID-19 emergency period.--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 
        termination 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 Emergency Assistance 
        Act (42 U.S.C. 4121 et seq.) relating to the Coronavirus 
        Disease 2019 (COVID-19) pandemic.
            (2) Other definitions.--The terms ``issuer'', ``national 
        securities exchange'', and ``security'' have the meaning given 
        those terms, respectively, under section 3 of the Securities 
        Exchange Act of 1934.

SEC. 403. DISCLOSURES RELATED TO SUPPLY CHAIN DISRUPTION RISK.

    Section 13 of the Securities Exchange Act of 1934 (15 U.S.C. 78m) 
is amended by adding at the end the following:
    ``(s) Disclosures Related to Supply Chain Disruption Risk.--
            ``(1) In general.--Each issuer required to file an annual 
        report under subsection (a) shall disclose in that report--
                    ``(A) an identification of--
                            ``(i) the risks in the issuer's sourcing of 
                        goods, labor, services, and other supply chain 
                        related matters, including--
                                    ``(I) risks of dependency upon sole 
                                sourcing arrangements or sourcing 
                                concentrated in one geographic 
                                locality;
                                    ``(II) shipping risks; and
                                    ``(III) risks arising from natural 
                                disasters, pandemics, extreme weather, 
                                armed conflicts, refugee and related 
                                disruptions, trade conflicts or 
                                disruptions, and labor wage, safety, 
                                and health care practices; and
                            ``(ii) the impacts any risk or disruption 
                        identified in clause (i) would have on the 
                        issuer's workforce, suppliers, and customers;
                    ``(B) the issuer's business continuity or other 
                contingency plans that will be implemented in the case 
                of a supply chain disruption in order to mitigate such 
                risks and impacts; and
                    ``(C) all other material information.
            ``(2) Updates.--Disclosures required under this subsection 
        shall be updated when there are material changes.''.

SEC. 404. DISCLOSURES RELATED TO GLOBAL PANDEMIC RISK.

    (a) In General.--Section 13 of the Securities Exchange Act of 1934 
(15 U.S.C. 78m), as amended by section 403, is further amended by 
adding at the end the following:
    ``(t) Disclosures Related to Global Pandemic Risk.--
            ``(1) In general.--Each issuer required to file current 
        reports under subsection (a) shall, in the event the World 
        Health Organization declares a pandemic, file a report with the 
        Commission containing a description of--
                    ``(A) the risks and exposures to the issuer related 
                to the pandemic, including risks to health and worker 
                safety faced by the issuer's employees and independent 
                contractors;
                    ``(B) the steps the issuer is taking to mitigate 
                such risks and exposures, including measures to protect 
                the workforce, including information related to wages, 
                healthcare, and leave;
                    ``(C) a preliminary view on the effect the pandemic 
                may have on the issuer's business, solvency, and 
                workforce; and
                    ``(D) all other material information.
            ``(2) Updates.--Disclosures required under this subsection 
        shall be updated when there are material changes.
            ``(3) Public availability of reports.--The Commission shall 
        make each report filed to the Commission under paragraph (1) 
        available to the public, including on the website of the 
        Commission.''.
    (b) Application.--Section 13(t) of the Securities Exchange Act of 
1934, as added by subsection (a), shall apply to a pandemic declared by 
the World Health Organization that is in existence on the date of 
enactment of this Act or that is declared after the date of enactment 
of this Act.

SEC. 405. OVERSIGHT OF FEDERAL AID RELATED TO COVID-19.

    (a) Congressional COVID-19 Aid Oversight Panel.--
            (1) Establishment.--There is hereby established the 
        Congressional COVID-19 Aid Oversight Panel (hereafter in this 
        subsection referred to as the ``Oversight Panel'') as an 
        establishment in the legislative branch.
            (2) Duties.--The Oversight Panel shall review the current 
        state of the financial markets and the regulatory system and 
        submit regular reports to Congress on the following:
                    (A) The use of Federal aid provided during the 
                COVID-19 emergency.
                    (B) The impact of Federal aid related to COVID-19 
                on the financial markets and financial institutions.
            (3) Membership.--
                    (A) In general.--The Oversight Panel shall consist 
                of 5 members, as follows:
                            (i) One member appointed by the Speaker of 
                        the House of Representatives.
                            (ii) One member appointed by the minority 
                        leader of the House of Representatives.
                            (iii) One member appointed by the majority 
                        leader of the Senate.
                            (iv) One member appointed by the minority 
                        leader of the Senate.
                            (v) One member appointed by the Speaker of 
                        the House of Representatives and the majority 
                        leader of the Senate, after consultation with 
                        the minority leader of the Senate and the 
                        minority leader of the House of 
                        Representatives.
                    (B) Pay.--Each member of the Oversight Panel shall 
                each be paid at a rate equal to the daily equivalent of 
                the annual rate of basic pay for level I of the 
                Executive Schedule for each day (including travel time) 
                during which such member is engaged in the actual 
                performance of duties vested in the Commission.
                    (C) Prohibition of compensation of federal 
                employees.--Members of the Oversight Panel who are 
                full-time officers or employees of the United States or 
                Members of Congress may not receive additional pay, 
                allowances, or benefits by reason of their service on 
                the Oversight Panel.
                    (D) Travel expenses.--Each member shall receive 
                travel expenses, including per diem in lieu of 
                subsistence, in accordance with applicable provisions 
                under subchapter I of chapter 57 of title 5, United 
                States Code.
                    (E) Quorum.--Four members of the Oversight Panel 
                shall constitute a quorum but a lesser number may hold 
                hearings.
                    (F) Vacancies.--A vacancy on the Oversight Panel 
                shall be filled in the manner in which the original 
                appointment was made.
                    (G) Meetings.--The Oversight Panel shall meet at 
                the call of the Chairperson or a majority of its 
                members.
            (4) Staff.--
                    (A) In general.--The Oversight Panel may appoint 
                and fix the pay of any personnel as the Oversight Panel 
                considers appropriate.
                    (B) Experts and consultants.--The Oversight Panel 
                may procure temporary and intermittent services under 
                section 3109(b) of title 5, United States Code.
                    (C) Staff of agencies.--Upon request of the 
                Oversight Panel, the head of any Federal department or 
                agency may detail, on a reimbursable basis, any of the 
                personnel of that department or agency to the Oversight 
                Panel to assist it in carrying out its duties under 
                this section.
            (5) Powers.--
                    (A) Hearings and sessions.--The Oversight Panel 
                may, for the purpose of carrying out this section, hold 
                hearings, sit and act at times and places, take 
                testimony, and receive evidence as the Panel considers 
                appropriate and may administer oaths or affirmations to 
                witnesses appearing before it.
                    (B) Powers of members and agents.--Any member or 
                agent of the Oversight Panel may, if authorized by the 
                Oversight Panel, take any action which the Oversight 
                Panel is authorized to take by this section.
                    (C) Obtaining official data.--The Oversight Panel 
                may secure directly from any department or agency of 
                the United States information necessary to enable it to 
                carry out this section. Upon request of the Chairperson 
                of the Oversight Panel, the head of that department or 
                agency shall furnish that information to the Oversight 
                Panel.
                    (D) Reports.--The Oversight Panel shall receive and 
                consider all reports required to be submitted to the 
                Oversight Panel under this section.
            (6) Authorization of appropriations.--There is authorized 
        to be appropriated to the Oversight Panel such sums as may be 
        necessary for any fiscal year, half of which shall be derived 
        from the applicable account of the House of Representatives, 
        and half of which shall be derived from the contingent fund of 
        the Senate.
            (7) Sunset.--The Oversight Panel established by this 
        subsection shall terminate on the date that is two years 
        following the termination 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 
        Emergency Act (42 U.S.C. 4121 et seq.) relating to the 
        Coronavirus Disease 2019 (COVID-19) pandemic.
            (8) Definitions.--In this subsection:
                    (A) COVID-19 emergency.--The term ``COVID-19 
                emergency'' means the period that begins upon the date 
                of the enactment of this Act and ends one year after 
                the termination 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 Emergency Act (42 U.S.C. 4121 et seq.) 
                relating to the Coronavirus Disease 2019 (COVID-19) 
                pandemic.
                    (B) Federal aid.--The term ``Federal aid'' means 
                any emergency lending provided under section 13(3) of 
                the Federal Reserve Act or any Federal financial 
                support in the form of a grant, loan, or loan 
                guarantee.
    (b) Special Inspector General Authority Over Federal Aid Related to 
COVID-19.--Section 121 of the Emergency Economic Stabilization Act of 
2008 (12 U.S.C. 5231) is amended--
            (1) in subsection (k)--
                    (A) in paragraph (1), by striking ``or'' at the 
                end;
                    (B) in paragraph (2), by striking the period at the 
                end and inserting ``; or''; and
                    (C) by adding at the end the following:
            ``(3) the date on which all Federal aid related to the 
        COVID-19 emergency is repaid.''; and
            (2) by adding at the end the following:
    ``(l) Responsibility With Respect to Federal Aid Related to COVID-
19.--
            ``(1) In general.--The Special Inspector General shall have 
        the same authority and responsibilities with respect to Federal 
        aid provided during the COVID-19 emergency as the Special 
        Inspector General has with respect to financial assistance 
        (including the purchase of troubled assets) provided under this 
        title.
            ``(2) Definitions.--In this section:
                    ``(A) COVID-19 emergency.--The term `COVID-19 
                emergency' means the period that begins upon the date 
                of the enactment of this Act and ends one year after 
                the termination 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 Emergency Act (42 U.S.C. 4121 et seq.) 
                relating to the Coronavirus Disease 2019 (COVID-19) 
                pandemic.
                    ``(B) Federal aid.--The term `Federal aid' means 
                any emergency lending provided under section 13(3) of 
                the Federal Reserve Act or any Federal financial 
                support in the form of a grant, loan, or loan 
                guarantee.''.

SEC. 406. INTERNATIONAL FINANCIAL INSTITUTIONS.

    (a) United States Participation in, and Contributions to, the 
Nineteenth Replenishment of the Resources of the International 
Development Association.--The International Development Association Act 
(22 U.S.C. 284 et seq.) is amended by adding at the end the following:

``SEC. 31. NINETEENTH REPLENISHMENT.

    ``(a) The United States Governor of the International Development 
Association is authorized to contribute on behalf of the United States 
$3,004,200,000 to the nineteenth replenishment of the resources of the 
Association, subject to obtaining the necessary appropriations.
    ``(b) In order to pay for the United States contribution provided 
for in subsection (a), there are authorized to be appropriated, without 
fiscal year limitation, $3,004,200,000 for payment by the Secretary of 
the Treasury.''.
    (b) United States Participation in, and Contributions to, the 
Fifteenth Replenishment of the Resources of the African Development 
Fund.--The African Development Fund Act (22 U.S.C. 290g et seq.) is 
amended by adding at the end the following:

``SEC. 226. FIFTEENTH REPLENISHMENT.

    ``(a) The United States Governor of the Fund is authorized to 
contribute on behalf of the United States $513,900,000 to the fifteenth 
replenishment of the resources of the Fund, subject to obtaining the 
necessary appropriations.
    ``(b) In order to pay for the United States contribution provided 
for in subsection (a), there are authorized to be appropriated, without 
fiscal year limitation, $513,900,000 for payment by the Secretary of 
the Treasury.''.
    (c) United States Participation in, and Contributions to, the 
Seventh Capital Increase for the African Development Bank.--The African 
Development Bank Act (22 U.S.C. 290i et seq.) is amended by adding at 
the end the following:

``SEC. 1345. SEVENTH CAPITAL INCREASE.

    ``(a) Subscription Authorized.--
            ``(1) The United States Governor of the Bank may subscribe 
        on behalf of the United States to 532,023 additional shares of 
        the capital stock of the Bank.
            ``(2) Any subscription by the United States to the capital 
        stock of the Bank shall be effective only to such extent and in 
        such amounts as are provided in advance in appropriations Acts.
    ``(b) Limitations on Authorization of Appropriations.--
            ``(1) In order to pay for the increase in the United States 
        subscription to the Bank under subsection (a), there are 
        authorized to be appropriated, without fiscal year limitation, 
        $7,286,587,008 for payment by the Secretary of the Treasury.
            ``(2) Of the amount authorized to be appropriated under 
        paragraph (1)--
                    ``(A) $437,190,016 shall be for paid in shares of 
                the Bank; and
                    ``(B) $6,849,396,992 shall be for callable shares 
                of the Bank.''.

SEC. 407. CONDITIONS ON FEDERAL AID TO CORPORATIONS.

    (a) Requirements on All Corporations Until Federal Aid Related to 
COVID-19 Is Repaid.--Any corporation that receives Federal aid related 
to COVID-19 shall, until the date on which all such Federal aid is 
repaid by the corporation to the Federal Government, comply with the 
following:
            (1) Restrictions on executive bonuses.--The corporation may 
        not pay a bonus to any executive of the corporation.
            (2) Ban on executive golden parachutes.--The corporation 
        may not pay any type of compensation (whether present, 
        deferred, or contingent) to an executive of the corporation, if 
        such compensation is in connection with the termination of 
        employment of the executive.
            (3) Ban on stock buybacks.--The corporation may not 
        purchase securities of the corporation.
            (4) Ban on dividends.--The corporation may not pay 
        dividends on securities of the corporation.
            (5) Ban on federal lobbying.--The corporation may not carry 
        out any Federal lobbying activities.
    (b) Permanent Requirements on Accelerated Filers Receiving Federal 
Aid Related to COVID-19.--
            (1) In general.--An accelerated filer that receives Federal 
        aid related to COVID-19 shall permanently comply with the 
        following:
                    (A) Worker board representation.--
                            (i) In general.--At least \1/3\ of the 
                        members of the accelerated filer's directors 
                        are chosen by the employees of the accelerated 
                        filer in a one-employee-one-vote election 
                        process.
                            (ii) Compliance date.--An accelerated filer 
                        shall comply with the requirements under clause 
                        (i) not later than the end of the 2-year period 
                        beginning on the date of enactment of this Act.
                            (iii) Definitions.--In this subparagraph--
                                    (I) the term ``director'' has the 
                                meaning given the term in section 3 of 
                                the Securities Exchange Act of 1934 (15 
                                U.S.C. 78c); and
                                    (II) the term ``employee'' has the 
                                meaning given the term in section 2 of 
                                the National Labor Relations Act (29 
                                U.S.C. 152).
                    (B) Additional disclosures.--If the securities of 
                the corporation are traded on a national securities 
                exchange, the corporation shall issue the following 
                disclosures to the Securities and Exchange Commission 
                on a quarterly basis (and make such disclosures 
                available to shareholders of the corporation and the 
                public):
                            (i) The political spending disclosures 
                        required under paragraph (2).
                            (ii) The human capital management 
                        disclosures required under paragraph (3).
                            (iii) The environmental, social, and 
                        governance disclosures required under paragraph 
                        (4).
                            (iv) The Federal aid disclosures required 
                        under paragraph (5).
                            (v) The disclosures of financial 
                        performance on a country-by-country basis 
                        required under paragraph (6).
            (2) Political spending disclosures.--
                    (A) In general.--With respect to an accelerated 
                filer, the disclosures required under this paragraph 
                are--
                            (i) a description of any expenditure for 
                        political activities made during the preceding 
                        quarter;
                            (ii) the date of each expenditure for 
                        political activities;
                            (iii) the amount of each expenditure for 
                        political activities;
                            (iv) if the expenditure for political 
                        activities was made in support of or opposed to 
                        a candidate, the name of the candidate and the 
                        office sought by, and the political party 
                        affiliation of, the candidate;
                            (v) the name or identity of trade 
                        associations or organizations described in 
                        section 501(c) of the Internal Revenue Code of 
                        1986 and exempt from tax under section 501(a) 
                        of such Code which receive dues or other 
                        payments as described in paragraph 
                        (1)(A)(i)(III);
                            (vi) a summary of each expenditure for 
                        political activities made during the preceding 
                        year in excess of $10,000, and each expenditure 
                        for political activities for a particular 
                        election if the total amount of such 
                        expenditures for that election is in excess of 
                        $10,000;
                            (vii) a description of the specific nature 
                        of any expenditure for political activities the 
                        corporation intends to make for the forthcoming 
                        fiscal year, to the extent the specific nature 
                        is known to the corporation; and
                            (viii) the total amount of expenditures for 
                        political activities intended to be made by the 
                        corporation for the forthcoming fiscal year.
                    (B) Definitions.--In this paragraph:
                            (i) Expenditure for political activities.--
                        The term ``expenditure for political 
                        activities''--
                                    (I) means--
                                            (aa) an independent 
                                        expenditure (as defined in 
                                        section 301(17) of the Federal 
                                        Election Campaign Act of 1971 
                                        (52 U.S.C. 30101(17)));
                                            (bb) an electioneering 
                                        communication (as defined in 
                                        section 304(f)(3) of that Act 
                                        (52 U.S.C. 30104(f)(3))) and 
                                        any other public communication 
                                        (as defined in section 301(22) 
                                        of that Act (52 U.S.C. 
                                        30101(22))) that would be an 
                                        electioneering communication if 
                                        it were a broadcast, cable, or 
                                        satellite communication; or
                                            (cc) dues or other payments 
                                        to trade associations or 
                                        organizations described in 
                                        section 501(c) of the Internal 
                                        Revenue Code of 1986 and exempt 
                                        from tax under section 501(a) 
                                        of that Code that are, or could 
                                        reasonably be anticipated to 
                                        be, used or transferred to 
                                        another association or 
                                        organization for the purposes 
                                        described in item (aa) or (bb); 
                                        and
                                    (II) does not include--
                                            (aa) direct lobbying 
                                        efforts through registered 
                                        lobbyists employed or hired by 
                                        the corporation;
                                            (bb) communications by a 
                                        corporation to its shareholders 
                                        and executive or administrative 
                                        personnel and their families; 
                                        or
                                            (cc) the establishment and 
                                        administration of contributions 
                                        to a separate segregated fund 
                                        to be utilized for political 
                                        purposes by a corporation.
                            (ii) Exception.--The term ``corporation'' 
                        does not include an investment company 
                        registered under section 8 of the Investment 
                        Company Act of 1940 (15 U.S.C. 80a-8).
            (3) Human capital management disclosures.--With respect to 
        an accelerated filer, the disclosures required under this 
        paragraph are the following:
                    (A) Workforce demographic information, including 
                the number of full-time employees, the number of part-
                time employees, the number of contingent workers 
                (including temporary and contract workers), and any 
                policies or practices relating to subcontracting, 
                outsourcing, and insourcing.
                    (B) Workforce stability information, including 
                information about the voluntary turnover or retention 
                rate, the involuntary turnover rate, the internal 
                hiring rate, and the internal promotion rate.
                    (C) Workforce composition, including data on 
                diversity (including racial and gender composition) and 
                any policies and audits related to diversity.
                    (D) Workforce skills and capabilities, including 
                information about training of employees (including the 
                average number of hours of training and spending on 
                training per employee per year), skills gaps, and 
                alignment of skills and capabilities with business 
                strategy.
                    (E) Workforce culture and empowerment, including 
                information about--
                            (i) policies and practices of the 
                        corporation relating to freedom of association 
                        and work-life balance initiatives;
                            (ii) any incidents of verified workplace 
                        harassment in the previous 5 fiscal years of 
                        the corporation;
                            (iii) policies and practices of the 
                        corporation relating to employee engagement and 
                        psychological wellbeing, including management 
                        discussion regarding--
                                    (I) the creation of an autonomous 
                                work environment;
                                    (II) fostering a sense of purpose 
                                in the workforce;
                                    (III) trust in management; and
                                    (IV) a supportive, fair, and 
                                constructive workplace.
                    (F) Workforce health and safety, including 
                information about--
                            (i) the frequency, severity, and lost time 
                        due to injuries, illness, and fatalities;
                            (ii) the total dollar value of assessed 
                        fines under the Occupational Safety and Health 
                        Act of 1970;
                            (iii) the total number of actions brought 
                        under section 13 of the Occupational Safety and 
                        Health Act of 1970 to prevent imminent dangers; 
                        and
                            (iv) the total number of actions brought 
                        against the corporation under section 11(c) of 
                        the Occupational Safety and Health Act of 1970.
                    (G) Workforce compensation and incentives, 
                including information about--
                            (i) total workforce compensation, including 
                        disaggregated information about compensation 
                        for full-time, part-time, and contingent 
                        workers;
                            (ii) policies and practices about how 
                        performance, productivity, and sustainability 
                        are considered when setting pay and making 
                        promotion decisions; and
                            (iii) policies and practices relating to 
                        any incentives and bonuses provided to 
                        employees below the named executive level and 
                        any policies or practices designed to counter 
                        any risks create by such incentives and 
                        bonuses.
                    (H) Workforce recruiting, including information 
                about the quality of hire, new hire engagement rate, 
                and new hire retention rate.
            (4) Environmental, social, and governance disclosures.--
        With respect to an accelerated filer, the disclosures required 
        under this paragraph are disclosures that satisfy the 
        recommendations of the Task Force on Climate-related Financial 
        Disclosures of the Financial Stability Board as reported in 
        June, 2017.
            (5) Federal aid disclosures.--With respect to an 
        accelerated filer, the disclosure required under this paragraph 
        is a description of how the Federal aid related to COVID-19 
        received by the corporation is being used to support the 
        corporation's employees.
            (6) Disclosures of financial performance on a country-by-
        country basis.--
                    (A) In general.--With respect to an accelerated 
                filer, the disclosures required under this paragraph 
                are the following:
                            (i) Constituent entity information.--
                        Information on any constituent entity of the 
                        corporation, including the following:
                                    (I) The complete legal name of the 
                                constituent entity.
                                    (II) The tax jurisdiction, if any, 
                                in which the constituent entity is 
                                resident for tax purposes.
                                    (III) The tax jurisdiction in which 
                                the constituent entity is organized or 
                                incorporated (if different from the tax 
                                jurisdiction of residence).
                                    (IV) The tax identification number, 
                                if any, used for the constituent entity 
                                by the tax administration of the 
                                constituent entity's tax jurisdiction 
                                of residence.
                                    (V) The main business activity or 
                                activities of the constituent entity.
                            (ii) Tax jurisdiction.--Information on each 
                        tax jurisdiction in which one or more 
                        constituent entities is resident, presented as 
                        an aggregated or consolidated form of the 
                        information for the constituent entities 
                        resident in each tax jurisdiction, including 
                        the following:
                                    (I) Revenues generated from 
                                transactions with other constituent 
                                entities.
                                    (II) Revenues not generated from 
                                transactions with other constituent 
                                entities.
                                    (III) Profit or loss before income 
                                tax.
                                    (IV) Total income tax paid on a 
                                cash basis to all tax jurisdictions.
                                    (V) Total accrued tax expense 
                                recorded on taxable profits or losses.
                                    (VI) Stated capital.
                                    (VII) Total accumulated earnings.
                                    (VIII) Total number of employees on 
                                a full-time equivalent basis.
                                    (IX) Net book value of tangible 
                                assets, which, for purposes of this 
                                section, does not include cash or cash 
                                equivalents, intangibles, or financial 
                                assets.
                            (iii) Special rules.--The information 
                        listed in clause (ii) shall be provided, in 
                        aggregated or consolidated form, for any 
                        constituent entity or entities that have no tax 
                        jurisdiction of residence. In addition, if a 
                        constituent entity is an owner of a constituent 
                        entity that does not have a jurisdiction of tax 
                        residence, then the owner's share of such 
                        entity's revenues and profits will be 
                        aggregated or consolidated with the information 
                        for the owner's tax jurisdiction of residence.
                    (B) Definitions.--In this paragraph--
                            (i) the term ``constituent entity'' means, 
                        with respect to an accelerated filer, any 
                        separate business entity of the accelerated 
                        filer;
                            (ii) the term ``tax jurisdiction''--
                                    (I) means a country or a 
                                jurisdiction that is not a country but 
                                that has fiscal autonomy; and
                                    (II) includes a territory or 
                                possession of the United States that 
                                has fiscal autonomy.
    (c) Permanent Requirements on All Corporations Receiving Federal 
Aid Related to COVID-19.--Any corporation that receives Federal aid 
related to COVID-19 shall permanently comply with the following:
            (1) Paid leave for workers.--The corporation shall provide 
        at least 14 days of paid leave to workers (employees and 
        contractors, full-time and part-time) who--
                    (A) are unable to telework;
                    (B) need to be isolated or quarantined to prevent 
                the spread of COVID-19; or
                    (C) need time off to care for the needs of family 
                members.
            (2) Minimum wage.--The corporation shall pay each employee 
        (full-time and part-time) of the corporation a wage of not less 
        than $15 an hour, beginning not later than January 1, 2021.
            (3) Limitation on ceo and executive pay.--The corporation 
        may not have a CEO to median worker pay ratio of greater than 
        50 to 1 and no officer or employee of the corporation may 
        received higher compensation than the chief executive officer 
        (or any equivalent position).
    (d) Requirements on All Corporations Receiving Federal Aid Related 
to COVID-19 Until the End of the Emergency.--Any corporation that 
receives Federal aid related to COVID-19 shall, until the COVID-19 
emergency ends, comply with the following:
            (1) Workforce levels and benefits.--The corporation shall 
        maintain at least the same workforce levels and benefits that 
        existed before the COVID-19 emergency.
            (2) Maintenance of worker pay.--The corporation shall 
        maintain worker (employee or contractor, full-time and part-
        time) pay throughout the entire duration of the COVID-19 
        emergency at or above the pay level the worker was earning 
        before the emergency.
            (3) Maintenance of collective bargaining agreements.--The 
        corporation may not alter any collective bargaining agreement 
        that was in place at the beginning of the COVID-19 emergency.
    (e) Enforcement; Rulemaking.--The Securities and Exchange 
Commission and the Secretary of the Treasury shall have the authority 
to enforce this section and may issue such rules as may be necessary to 
carry out this section.
    (f) Definitions.--In this section:
            (1) Accelerated filer.--The Securities and Exchange 
        Commission shall define the term ``accelerated filer'' for 
        purposes of this section.
            (2) CEO to median worker pay ratio.--With respect to an 
        accelerated filer, the term ``CEO to median worker pay ratio'' 
        means the ratio of--
                    (A) the annual total compensation of the chief 
                executive officer (or any equivalent position) of the 
                corporation; and
                    (B) the median of the annual total compensation of 
                all employees of the corporation, except the chief 
                executive officer (or any equivalent position) of the 
                corporation.
            (3) COVID-19 emergency.--The term ``COVID-19 emergency'' 
        means the period that begins upon the date of the enactment of 
        this Act and ends upon the termination 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 Emergency Act (42 U.S.C. 4121 et seq.) relating to the 
        Coronavirus Disease 2019 (COVID-19).
            (4) Federal aid.--The term ``Federal aid'' means any 
        emergency lending provided under section 13(3) of the Federal 
        Reserve Act or any Federal financial support in the form of a 
        grant, loan, or loan guarantee.
            (5) S corporation.--The term ``S corporation'' has the 
        meaning given that term under section 1361(a) of the Internal 
        Revenue Code of 1986.
            (6) Securities terms.--The terms ``national securities 
        exchange'' and ``security'' have the meaning given those terms, 
        respectively, under section 3 of the Securities Exchange Act of 
        1934.

SEC. 408. AUTHORITY FOR WARRANTS AND DEBT INSTRUMENTS.

    (a) Definitions.--In this section:
            (1) Asset.--The term ``asset'' means any financial 
        instrument that the Secretary, after consultation with the 
        Chairman of the Board of Governors of the Federal Reserve 
        System, determines the purchase of which or the guarantee of 
        which is necessary to promote economic stability.
            (2) Company.--The term ``company'' means any entity that is 
        not subject to the prohibitions in subsection (e).
            (3) Secretary.--The term ``Secretary'' means the Secretary 
        of the Treasury.
    (b) Warrant or Senior Debt Instrument.--The Secretary may not 
purchase, or make any commitment to purchase, or guarantee, or make any 
commitment to guarantee, any asset in response to the coronavirus 
disease (COVID-19) outbreak, unless the Secretary receives from the 
company from which such assets are to be purchased or are to be 
guaranteed--
            (1) in the case of a company, the securities of which are 
        traded on a national securities exchange, a warrant giving the 
        right to the Secretary to receive preferred voting stock; or
            (2) in the case of any company other than one described in 
        paragraph (1), a warrant for preferred voting stock, or a 
        senior debt instrument from such company.
    (c) Terms and Conditions.--The terms and conditions of any warrant 
or senior debt instrument required under subsection (b) shall meet the 
following requirements:
            (1) Purposes.--Such terms and conditions shall, at a 
        minimum, be designed--
                    (A) to provide for reasonable participation by the 
                Secretary, for the benefit of taxpayers, in equity 
                appreciation in the case of a warrant or other equity 
                security, or a reasonable interest rate premium, in the 
                case of a debt instrument; and
                    (B) to provide additional protection for the 
                taxpayer against losses from sale of assets by the 
                Secretary and any associated administrative expenses.
            (2) Terms of preferred voting stock.--Any preferred voting 
        stock received from a company should include the following 
        terms:
                    (A) Voting rights.--The Secretary shall have the 
                right to vote on matters brought before the 
                stockholders generally. The Secretary shall control a 
                percentage of votes equal to the percentage of the 
                total value of the company the government's share will 
                represent after the investment.
                    (B) Bankruptcy immunity.--The rights associated 
                with the preferred voting stock shall not be subject to 
                modification, amendment, or any change by the 
                bankruptcy laws of the United States or any other 
                state.
            (3) Authority to sell, exercise, or surrender.--
                    (A) In general.--For the primary benefit of 
                taxpayers, the Secretary may sell, exercise, or 
                surrender a warrant or any senior debt instrument 
                received under this section, based on the conditions 
                established under paragraph (1).
                    (B) Proceeds.--Of any proceeds received through the 
                sale, exercise, or surrender of any warrant or any 
                senior debt instrument--
                            (i) 65 percent shall be transferred or 
                        credited to the Housing Trust Fund established 
                        under section 1338 of the Federal Housing 
                        Enterprises Financial Safety and Soundness Act 
                        of 1992 (12 U.S.C. 4568); and
                            (ii) 35 percent shall be transferred or 
                        credited to the Capital Magnet Fund under 
                        section 1339 of the Federal Housing Enterprises 
                        Financial Safety and Soundness Act of 1992 (12 
                        U.S.C. 4569).
            (4) Conversion.--The warrant shall provide that if, after 
        the warrant is received by the Secretary under this section, 
        the company that issued the warrant is no longer listed or 
        traded on a national securities exchange or securities 
        association, as described in subsection (b)(1), the Secretary 
        will have an option to convert the warrants to senior debt to 
        ensure that the Treasury is appropriately compensated for the 
        value of the warrant, in an amount determined by the Secretary 
        for the primary benefit of taxpayers.
            (5) Protections.--Any warrant representing securities to be 
        received by the Secretary under this section shall contain 
        anti-dilution provisions of the type employed in capital market 
        transactions, as determined by the Secretary for the primary 
        benefit of taxpayers. Such provisions shall protect the value 
        of the securities from market transactions such as stock 
        splits, stock distributions, dividends, and other 
        distributions, mergers, and other forms of reorganization or 
        recapitalization.
            (6) Exercise price.--The exercise price for any warrant 
        issued pursuant to this section shall be set by the Secretary, 
        for the primary benefit of taxpayers.
            (7) Sufficiency.--The company shall guarantee to the 
        Secretary that it has authorized shares of stock available to 
        fulfill its obligations under this section. Should the company 
        not have sufficient authorized shares, including preferred 
        shares that may carry dividend rights equal to a multiple 
        number of common shares, the Secretary may, to the extent 
        necessary for the primary benefit of taxpayers, accept a senior 
        debt note in an amount, and on such terms as will compensate 
        the Secretary with equivalent value, in the event that a 
        sufficient shareholder vote to authorize the necessary 
        additional shares cannot be obtained.
    (d) Exceptions.--The Secretary may establish an exception to the 
requirements of this section and appropriate alternative requirements 
for any participating company that is legally prohibited from issuing 
securities and debt instruments, so as not to allow circumvention of 
the requirements of this section.
    (e) Prohibitions of Foreign Companies.--
            (1) In general.--The Secretary may not purchase, or make 
        any commitment to purchase, or guarantee, or make any 
        commitment to guarantee, any asset in response to the 
        coronavirus disease (COVID-19) outbreak from--
                    (A) any foreign incorporated entity that the 
                Secretary has determined is an inverted domestic 
                corporation or any subsidiary of such entity; or
                    (B) any joint venture if more than 10 percent of 
                the joint venture (by vote or value) is held by a 
                foreign incorporated entity that the Secretary has 
                determined is an inverted domestic corporation or any 
                subsidiary of such entity.
            (2) Inverted domestic corporation.--
                    (A) In general.--For purposes of this subsection, a 
                foreign incorporated entity shall be treated as an 
                inverted domestic corporation if, pursuant to a plan 
                (or a series of related transactions)--
                            (i) the entity completes on or after May 8, 
                        2014, the direct or indirect acquisition of--
                                    (I) substantially all of the 
                                properties held directly or indirectly 
                                by a domestic corporation; or
                                    (II) substantially all of the 
                                assets of, or substantially all of the 
                                properties constituting a trade or 
                                business of, a domestic partnership; 
                                and
                            (ii) after the acquisition, either--
                                    (I) more than 50 percent of the 
                                stock (by vote or value) of the entity 
                                is held--
                                            (aa) in the case of an 
                                        acquisition with respect to a 
                                        domestic corporation, by former 
                                        shareholders of the domestic 
                                        corporation by reason of 
                                        holding stock in the domestic 
                                        corporation; or
                                            (bb) in the case of an 
                                        acquisition with respect to a 
                                        domestic partnership, by former 
                                        partners of the domestic 
                                        partnership by reason of 
                                        holding a capital or profits 
                                        interest in the domestic 
                                        partnership; or
                                    (II) the management and control of 
                                the expanded affiliated group which 
                                includes the entity occurs, directly or 
                                indirectly, primarily within the United 
                                States, as determined pursuant to 
                                regulations prescribed by the 
                                Secretary, and such expanded affiliated 
                                group has significant domestic business 
                                activities.
                    (B) Exception for corporations with substantial 
                business activities in foreign country of 
                organization.--
                            (i) In general.--A foreign incorporated 
                        entity described in subparagraph (A) shall not 
                        be treated as an inverted domestic corporation 
                        if after the acquisition the expanded 
                        affiliated group which includes the entity has 
                        substantial business activities in the foreign 
                        country in which or under the law of which the 
                        entity is created or organized when compared to 
                        the total business activities of such expanded 
                        affiliated group.
                            (ii) Substantial business activities.--The 
                        Secretary shall establish regulations for 
                        determining whether an affiliated group has 
                        substantial business activities for purposes of 
                        clause (i), except that such regulations may 
                        not treat any group as having substantial 
                        business activities if such group would not be 
                        considered to have substantial business 
                        activities under the regulations prescribed 
                        under section 7874 of the Internal Revenue Code 
                        of 1986, as in effect on January 18, 2017.
                    (C) Significant domestic business activities.--
                            (i) In general.--For purposes of 
                        subparagraph (A)(ii)(II), an expanded 
                        affiliated group has significant domestic 
                        business activities if at least 25 percent of--
                                    (I) the employees of the group are 
                                based in the United States;
                                    (II) the employee compensation 
                                incurred by the group is incurred with 
                                respect to employees based in the 
                                United States;
                                    (III) the assets of the group are 
                                located in the United States; or
                                    (IV) the income of the group is 
                                derived in the United States.
                            (ii) Determination.--Determinations 
                        pursuant to clause (i) shall be made in the 
                        same manner as such determinations are made for 
                        purposes of determining substantial business 
                        activities under regulations referred to in 
                        subparagraph (B) as in effect on January 18, 
                        2017, but applied by treating all references in 
                        such regulations to ``foreign country'' and 
                        ``relevant foreign country'' as references to 
                        ``the United States''. The Secretary may issue 
                        regulations decreasing the threshold percent in 
                        any of the tests under such regulations for 
                        determining if business activities constitute 
                        significant domestic business activities for 
                        purposes of this subparagraph.
            (3) Waiver.--
                    (A) In general.--The Secretary may waive paragraph 
                (1) if the Secretary determines that the waiver is--
                            (i) required in the interest of national 
                        security; or
                            (ii) necessary for the efficient or 
                        effective administration of Federal or 
                        federally funded--
                                    (I) programs that provide health 
                                benefits to individuals; or
                                    (II) public health programs.
                    (B) Report to congress.--The Secretary shall, not 
                later than 14 days after issuing such waiver, submit a 
                written notification of the waiver to the relevant 
                authorizing committees of Congress and the Committees 
                on Appropriations of the Senate and the House of 
                Representatives.
            (4) Definitions and special rules.--
                    (A) Definitions.--In this subsection, the terms 
                ``expanded affiliated group'', ``foreign incorporated 
                entity'', ``domestic'', and ``foreign'' have the 
                meaning given those terms in section 835(c) of the 
                Homeland Security Act of 2002 (6 U.S.C. 395(c)).
                    (B) Special rules.--In applying paragraph (2) of 
                this subsection for purposes of paragraph (1) of this 
                subsection, the rules described under 835(c)(1) of the 
                Homeland Security Act of 2002 (6 U.S.C. 395(c)(1)) 
                shall apply.
            (5) Regulations regarding management and control.--
                    (A) In general.--The Secretary shall, for purposes 
                of this subsection, prescribe regulations for purposes 
                of determining cases in which the management and 
                control of an expanded affiliated group is to be 
                treated as occurring, directly or indirectly, primarily 
                within the United States. The regulations prescribed 
                under the preceding sentence shall apply to periods 
                after May 8, 2014.
                    (B) Executive officers and senior management.--The 
                regulations prescribed under subparagraph (A) shall 
                provide that the management and control of an expanded 
                affiliated group shall be treated as occurring, 
                directly or indirectly, primarily within the United 
                States if substantially all of the executive officers 
                and senior management of the expanded affiliated group 
                who exercise day-to-day responsibility for making 
                decisions involving strategic, financial, and 
                operational policies of the expanded affiliated group 
                are based or primarily located within the United 
                States. Individuals who in fact exercise such day-to-
                day responsibilities shall be treated as executive 
                officers and senior management regardless of their 
                title.
    (f) Preemption.--Any State or Federal laws that prohibit the 
transactions authorized by this statute, including State or Federal 
laws that prohibit company directors from agreeing to the transactions 
authorized by this statute, are preempted and superseded by this 
statute.

SEC. 409. AUTHORIZATION TO PARTICIPATE IN THE NEW ARRANGEMENTS TO 
              BORROW OF THE INTERNATIONAL MONETARY FUND.

    Section 17 of the Bretton Woods Agreements Act (22 U.S.C. 286e-2) 
is amended--
            (1) in subsection (a)--
                    (A) by redesignating paragraphs (3) through (5) as 
                paragraphs (4) through (6) and inserting after 
                paragraph (2) the following:
            ``(3) In order to carry out the purposes of a one-time 
        decision of the Executive Directors of the International 
        Monetary Fund (the Fund) to expand the resources of the New 
        Arrangements to Borrow, established pursuant to the decision of 
        January 27, 1997, referred to in paragraph (1) above, the 
        Secretary of the Treasury is authorized to make loans, in an 
        amount not to exceed the dollar equivalent of 28,202,470,000 of 
        Special Drawing Rights, in addition to any amounts previously 
        authorized under this section; except that prior to activation 
        of the New Arrangements to Borrow, the Secretary shall report 
        to Congress on whether supplementary resources are needed to 
        forestall or cope with an impairment of the international 
        monetary system and whether the Fund has fully explored other 
        means of funding to the Fund.''; and
                    (B) in paragraph (6) (as so redesignated by 
                subparagraph (A) of this paragraph), by striking 
                ``December 16, 2022'' and inserting ``December 31, 
                2025''; and
            (2) in subsection (e)(1), by inserting ``(a)(3),'' after 
        ``(a)(2),''.

SEC. 410. INTERNATIONAL FINANCE CORPORATION.

     The International Finance Corporation Act (22 U.S.C. 282 et seq.) 
is amended by adding at the end the following:

``SEC. 18. CAPITAL INCREASES AND AMENDMENT TO THE ARTICLES OF 
              AGREEMENT.

    ``(a) Votes Authorized.--The United States Governor of the 
Corporation is authorized to vote in favor of--
            ``(1) a resolution to increase the authorized capital stock 
        of the Corporation by 16,999,998 shares, to implement the 
        conversion of a portion of the retained earnings of the 
        Corporation into paid-in capital, which will result in the 
        United States being issued an additional 3,771,899 shares of 
        capital stock, without any cash contribution;
            ``(2) a resolution to increase the authorized capital stock 
        of the Corporation on a general basis by 4,579,995 shares; and
            ``(3) a resolution to increase the authorized capital stock 
        of the Corporation on a selective basis by 919,998 shares.
    ``(b) Amendment of the Articles of Agreement.--The United States 
Governor of the Corporation is authorized to agree to and accept an 
amendment to Article II, Section 2(c)(ii) of the Articles of Agreement 
of the Corporation that would increase the vote by which the Board of 
Governors of the Corporation may increase the capital stock of the 
Corporation from a four-fifths majority to an 85 percent majority.''.

SEC. 411. OVERSIGHT AND REPORTS.

    (a) Oversight.--
            (1) SIGTARP.--As provided for under section 405, the 
        Special Inspector General for the Troubled Asset Relief Program 
        (SIGTARP) shall have oversight of the Secretary's 
        administration of the loans and loan guarantees provided under 
        section 410, the use of the funds by eligible businesses, and 
        compliance with the requirements of section 407.
            (2) Oversight panel.--As provided for under section 405, 
        the Congressional COVID-19 Aid Oversight Panel shall have 
        oversight of the Secretary's administration of the loans and 
        loan guarantees provided under section 410, the use of the 
        funds by eligible businesses, and compliance with the 
        requirements of section 407.
    (b) Secretary.--The Secretary shall, with respect to the loans and 
loan guarantees provided under section 410, make such reports as are 
required under section 5302 of title 31, United States Code.
    (c) Government Accountability Office.--
            (1) Study.--The Comptroller General of the United States 
        shall conduct a study on the loans and loan guarantees provided 
        under section 410.
            (2) Report.--Not later than 9 months after the date of 
        enactment of this Act, and annually thereafter through the year 
        succeeding the last year for which loans or loan guarantees 
        provided under section 410 are in effect, the Comptroller 
        General shall submit to the Committee on Financial Services, 
        the Committee on Appropriations, and the Committee on the 
        Budget of the House of Representatives and the Committee on 
        Banking, Housing, and Urban Affairs, the Committee on 
        Appropriations, and the Committee on the Budget of the Senate a 
        report on the loans and loan guarantees provided under section 
        410.
    (d) Diversity Report.--The Congressional COVID-19 Aid Oversight 
Panel, in conjunction with the SIGTARP, shall collect diversity data 
from any corporation that receives Federal aid related to COVID-19, and 
issue a report that will be made publicly available no later than one 
year after the disbursement of funds. In addition to any other data, 
the report shall include the following:
            (1) Employee demographics.--The gender, race, and ethnic 
        identity (and to the extent possible, results disaggregated by 
        ethnic group) of the corporation's employees, as otherwise 
        known or provided voluntarily for the total number of employees 
        (full- and part-time) and the career level of employees 
        (executive and manager versus employees in other roles).
            (2) Supplier diversity.--The number and dollar value 
        invested with minority- and women-owned suppliers (and to the 
        extent possible, results disaggregated by ethnic group), 
        including professional services (legal and consulting) and 
        asset managers, and deposits and other accounts with minority 
        depository institutions, as compared to all vendor investments.
            (3) Pay equity.--A comparison of pay amongst racial and 
        ethnic minorities (and to the extent possible, results 
        disaggregated by ethnic group) as compared to their White 
        counterparts and comparison of pay between men and women for 
        similar roles and assignments.
            (4) Corporate board diversity.--Corporate board demographic 
        data, including total number of board members, gender, race and 
        ethnic identity of board members (and to the extent possible, 
        results disaggregated by ethnic group), as otherwise known or 
        provided voluntarily, board position titles, as well as any 
        leadership and subcommittee assignments.
            (5) Diversity and inclusion offices.--The reporting 
        structure of lead diversity officials, number of staff and 
        budget dedicated to diversity and inclusion initiatives.
    (e) Diversity and Inclusion Initiatives.--Any corporation that 
receives Federal aid related to COVID-19 must maintain officials and 
budget dedicated to diversity and inclusion initiatives for no less 
than 5 years after disbursement of funds.

SEC. 412. TECHNICAL CORRECTIONS.

    (a) Environment Cooperation Commissions; North American Development 
Bank.--Section 601 of the United States-Mexico-Canada Agreement 
Implementation Act (Public Law 116-113; 134 Stat. 78) is amended by 
inserting ``, other than sections 532 and 533 of such Act and part 2 of 
subtitle D of title V of such Act (as amended by section 831 of this 
Act),'' before ``is repealed''.
    (b) Protective Orders.--Section 422 of the United States-Mexico-
Canada Agreement Implementation Act (134 Stat. 64) is amended in 
subsection (a)(2)(A) by striking ``all that follows through `, the 
administering authority''' and inserting ``all that follows through 
`Agreement, the administering authority'''.
    (c) Dispute Settlement.--Subsection (j) of section 504 of the 
United States-Mexico-Canada Agreement Implementation Act (134 Stat. 76) 
is amended in the item proposed to be inserted into the table of 
contents of such Act relating to section 414 by striking 
``determination'' and inserting ``determinations''.
    (d) Effective Date.--Each amendment made by this section shall take 
effect as if included in the enactment of the United States-Mexico-
Canada Agreement Implementation Act.
    (e) North American Development Bank: Limitation on Callable Capital 
Subscriptions.--The Secretary of the Treasury may subscribe without 
fiscal year limitation to the callable capital portion of the United 
States share of capital stock of the North American Development Bank in 
an amount not to exceed $1,020,000,000. The authority in the preceding 
sentence shall be in addition to any other authority provided by 
previous Acts.

SEC. 413. DEFINITIONS.

    In this title:
            (1) Covered loss.--The term ``covered loss'' includes 
        losses, direct or incremental, incurred as a result of COVID-
        19, as determined by the Secretary.
            (2) Eligible business.--The term ``eligible business'' 
        means a United States business that has incurred covered losses 
        such that the continued operations of the business are 
        jeopardized, as determined by the Secretary, and that has not 
        otherwise applied for or received economic relief in the form 
        of loans or loan guarantees provided under any other provision 
        of this Act.
            (3) Secretary.--The term ``Secretary'' means the Secretary 
        of the Treasury, or the designee of the Secretary of the 
        Treasury.

SEC. 414. RULE OF CONSTRUCTION.

    Nothing in this title shall be construed to allow the Secretary to 
provide relief to eligible businesses except in the form of secured 
loans and loan guarantees as provided in this title and under terms and 
conditions that are in the interest of the Federal Government.

  TITLE V--PANDEMIC PLANNING AND GUIDANCE FOR CONSUMERS AND REGULATORS

SEC. 501. FINANCIAL LITERACY EDUCATION COMMISSION EMERGENCY RESPONSE.

    (a) Purpose.--The purpose of this section is to provide financial 
literacy education, including information on access to banking services 
and other financial products, for individuals seeking information and 
resources as they recover from any financial distress caused by the 
coronavirus disease (COVID-19) outbreak and future major disasters.
    (b) Financial Literacy and Education Commission Response to the 
COVID-19 Emergency.--
            (1) Special meeting.--Not later than the end of the 60-day 
        period beginning on the date of enactment of this section, the 
        Financial Literacy and Education Commission (the 
        ``Commission'') shall convene a special meeting to discuss and 
        plan assistance related to the financial impacts of the COVID-
        19 emergency.
            (2) Update of the commission's website.--
                    (A) In general.--Not later than the end of the 60-
                day period beginning on the date of enactment of this 
                section, the Commission shall update the website of the 
                Commission with a full list of tools to help 
                individuals recover from any financial hardship as a 
                result of the COVID-19 emergency.
                    (B) Specific requirements.--In performing the 
                update required under subparagraph (A), the Commission 
                shall--
                            (i) place special emphasis on providing an 
                        additional set of tools geared towards women, 
                        racial and ethnic minorities, veterans, 
                        disabled, and LGBTQ+ communities; and
                            (ii) provide information in English and 
                        Spanish.
                    (C) Information from members.--Not later than the 
                end of the 60-day period beginning on the date of 
                enactment of this section, each Federal department or 
                agency that is a member of the Commission shall provide 
                an update on the website of the Commission disclosing 
                any tools that the department or agency is offering to 
                individuals or to employees of the department or agency 
                related to the COVID-19 emergency.
            (3) Implementation report to congress.--The Secretary of 
        the Treasury and the Director of the Bureau of Consumer 
        Financial Protection shall, jointly and not later than the end 
        of the 30-day period following the date on which the meeting 
        required under paragraph (1) is held and all updates required 
        under paragraph (2) have been completed, report to Congress on 
        the implementation of this section.
            (4) COVID-19 emergency defined.--In this subsection, the 
        term ``COVID-19 emergency'' means the emergency declared on 
        March 13, 2020, by the President under the Robert T. Stafford 
        Disaster Relief and Emergency Assistance Act (42 U.S.C. 4121 et 
        seq.) relating to the Coronavirus Disease 2019 (COVID-19) 
        pandemic.

SEC. 502. INTERAGENCY PANDEMIC GUIDANCE FOR CONSUMERS.

    (a) Interagency Pandemic Guidance.--
            (1) Guidance.--Not later than the end of the 60-day period 
        beginning on the date of enactment of this section, the Federal 
        financial regulators shall issue interagency regulatory 
        guidance on preparedness, flexibility, and relief options for 
        consumers in pandemics and major disasters, such as deferment, 
        forbearance, affordable payment plan options, and other options 
        such as delays on debt collections and wage garnishments.
            (2) Updates.--The Federal financial regulators shall update 
        the guidance required under paragraph (1) as necessary to keep 
        such guidance current.
    (b) Pandemic Preparedness Testing.--
            (1) In general.--Not later than the end of the 2-year 
        period beginning on the date of enactment of this section, and 
        every 5 years thereafter, the Federal financial regulators 
        shall carry out testing along with the institutions regulated 
        by the Federal financial regulators to determine how 
        effectively such institutions will be able to respond to a 
        pandemic or major disaster.
            (2) Report.--After the end of each test required under 
        paragraph (1), the Federal financial regulators shall, jointly, 
        issue a report to Congress containing the results of such test 
        and any regulatory or legislative recommendations the 
        regulators may have to increase pandemic preparedness.
    (c) Definitions.--In this section:
            (1) Federal financial regulators.--The term ``Federal 
        financial regulators'' means the Board of Governors of the 
        Federal Reserve System, the Bureau of Consumer Financial 
        Protection, the Comptroller of the Currency, the Director of 
        the Federal Housing Finance Agency, the Federal Deposit 
        Insurance Corporation, the National Credit Union 
        Administration, the Secretary of Agriculture, and the Secretary 
        of Housing and Urban Development.
            (2) Major disaster.--The term ``major disaster'' means a 
        major disaster declared by the President under section 401 of 
        the Robert T. Stafford Disaster Relief and Emergency Assistance 
        Act (42 U.S.C. 5170),  under which assistance is authorized 
        under section 408 of such Act (42 U.S.C. 5174), or section 501 
        of such Act (42 U.S.C. 5191).

SEC. 503. SEC PANDEMIC GUIDANCE FOR INVESTORS.

    (a) Pandemic Guidance.--
            (1) Guidance.--Not later than the end of the 60-day period 
        beginning on the date of enactment of this section, the 
        Securities and Exchange Commission shall issue regulatory 
        guidance on preparedness, flexibility, relief, and investor 
        protection for investors in pandemics and major disasters, 
        including relevant disclosures.
            (2) Updates.--The Commission shall update the guidance 
        required under paragraph (1) as necessary to keep such guidance 
        current.
    (b) Pandemic Preparedness Testing.--
            (1) In general.--Not later than the end of the 60-day 
        period beginning on the date of enactment of this Act, and 
        every 5 years thereafter, the Securities and Exchange 
        Commission shall carry out testing along with the entities 
        regulated by the Commission to determine how effectively such 
        entities will be able to respond to a pandemic or major 
        disaster.
            (2) Report.--After the end of each test required under 
        paragraph (1), the Commission shall issue a report to Congress 
        containing the results of such test and any regulatory or 
        legislative recommendations the Commission may have to increase 
        pandemic preparedness.
    (c) Major Disaster Defined.--In this section, the term ``major 
disaster'' means a major disaster declared by the President under 
section 401 of the Robert T. Stafford Disaster Relief and Emergency 
Assistance Act (42 U.S.C. 5170),  under which assistance is authorized 
under section 408 of such Act (42 U.S.C. 5174), or section 501 of such 
Act (42 U.S.C. 5191).

SEC. 504. UPDATES OF THE PANDEMIC INFLUENZA PLAN AND NATIONAL PLANNING 
              FRAMEWORKS.

    (a) In General.--Not later than one year following the end of the 
Declaration of the National Emergency, the President shall ensure that 
the Pandemic Influenza Plan (2017 Update) and the National Planning 
Frameworks are updated. The Secretary of the Treasury, in consultation 
with the Federal financial regulators, shall provide to the President 
the following:
            (1) An assessment of the effectiveness of current plans and 
        strategies to address the economic, financial, and monetary 
        issues arising from a pandemic or other disaster.
            (2) A description of the most significant challenges to 
        protecting the economy, the financial system, and consumers, 
        during a pandemic or other disaster, including the specific 
        challenges experienced by women, racial and ethnic minorities, 
        diverse-owned businesses, veterans, and the disabled.
            (3) Actions that could be carried out in a crisis, as 
        defined by the preparedness plans described in subsection (a), 
        such as the following:
                    (A) Significant increases of unemployment insurance 
                benefits (including payment amounts) for all workers 
                under a certain income threshold, including freelancers 
                and the self-employed, during the crisis.
                    (B) Loan deference, modification, and forbearance 
                mechanisms of all consumer and business payments, 
                allowing long-term repayment plans and excluding no 
                industries, during the crisis.
                    (C) Suspension of foreclosure and eviction 
                proceedings taken against individuals or businesses 
                during the crisis.
                    (D) Suspension of all negative consumer credit 
                reporting during the crisis.
                    (E) Prohibition of debt collection, repossession, 
                and garnishment of wages during the crisis.
                    (F) Provision of emergency homeless assistance 
                during the crisis.
                    (G) An increase in Community Development Block 
                Grants during the crisis and to improve community 
                response.
                    (H) Reduction of hurdles in the form of waivers and 
                authorities to modify existing housing and homelessness 
                programs to facilitate response to the crisis.
                    (I) Expand the size standards for eligible 
                businesses with access to no-interest or low-interest 
                loans through the Small Business Administration during 
                the crisis.
                    (J) Remove the size standard limits on eligible 
                businesses with access to no-interest or low-interest 
                loans through the Small Business Administration during 
                the crisis for businesses that agree to maintain their 
                employment workforce and preserve benefits during the 
                crisis.
                    (K) Support for additional no-interest or low-
                interest loans for small businesses through the Small 
                Business Administration during the crisis.
                    (L) Utilization of the Community Development 
                Financial Institutions (CDFI) Fund to support small 
                businesses as well as low-income communities during the 
                crisis.
                    (M) Support for State, territory, and local 
                government financing during the crisis.
                    (N) Waiver of matching requirements for municipal 
                governments during the crisis.
                    (O) Suspension of requirements relating to minimum 
                distributions for retirement plans and individual 
                retirement accounts for the calendar years of which the 
                crisis is occurring.
    (b) Special Consideration for Diversity.--In issuing the updates 
required under subsection (a), the President shall ensure that 
consideration is given as to how to minimize the economic impacts of a 
crisis on women, minorities, diverse-owned businesses, veterans, and 
the disabled.
    (c) Making Plans Public.--The updated plans described in subsection 
(a) shall be made publicly available, but may have classified 
information redacted.
    (d) Definitions.--In this section:
            (1) Declaration of the national emergency.--The term 
        ``Declaration of the National Emergency'' means the emergency 
        declared by the President under section 501 of the Robert T. 
        Stafford Disaster Relief and Emergency Assistance Act (42 
        U.S.C. 5191) relating to the COVID-19 pandemic.
            (2) Federal financial regulator.--The term ``Federal 
        financial regulators'' means the Bureau of Consumer Financial 
        Protection, the Federal Deposit Insurance Corporation, the 
        Federal Housing Finance Agency, the Board of Governors of the 
        Federal Reserve System, the Office of the Comptroller of the 
        Currency, the National Credit Union Administration, and the 
        Securities and Exchange Commission.
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