In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.

Input: Consider Input: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Justice for Victims of Fraud Act of 
2016''.

SEC. 2. FINDINGS.

    The Congress finds the following:
            (1) The Bureau of Consumer Financial Protection found that 
        Wells Fargo management implemented sales incentives, including 
        an incentive-compensation program, in part to increase the 
        number of banking products and services that its employees sold 
        to its customers.
            (2) The Bureau of Consumer Financial Protection found that 
        Wells Fargo employees engaged in improper sales practices to 
        satisfy sales goals under Wells Fargo's incentive compensation 
        program, including opening as many as 1,534,280 checking 
        accounts and 565,443 credit card accounts using consumers' 
        information without their knowledge or consent between May 2011 
        and July 2015.
            (3) Wells Fargo successfully claimed in Jabbari v. Wells 
        Fargo that customers had signed away their rights to hold Wells 
        Fargo accountable in court for claims of fraud because those 
        customers were bound to a forced arbitration clause for their 
        legitimate accounts.
            (4) After Wells Fargo publicly entered a settlement with 
        Federal regulators for the opening of thousands of unauthorized 
        customer accounts, Wells Fargo claimed in Mitchell et. al. v. 
        Wells Fargo et. al. that customers' fraud claims must continue 
        to be forced into arbitration.
            (5) Several courts have determined that despite claims of 
        fraud over unauthorized accounts opened without customer 
        knowledge or consent, those customers are still bound by 
        contracts forcing those claims into arbitration based on the 
        courts' interpretation of the Federal Arbitration Act.
            (6) The Federal Arbitration Act (now codified as chapter 1 
        of title 9, United States Code) was intended to apply to 
        disputes between commercial entities of generally similar 
        sophistication and bargaining power, but a series of decisions 
        by the Supreme Court of the United States have interpreted the 
        Federal Arbitration Act as applicable to claims of fraud.
            (7) Consumers have no meaningful choice whether to submit 
        their claims to arbitration and are typically unaware that they 
        have given up their rights to file claims in court.

SEC. 3. ARBITRATION OF CONSUMER DISPUTES RELATED TO CREDIT CARD 
              ACCOUNTS.

    Chapter 2 of the Truth in Lending Act (15 U.S.C. 1631 et seq.) is 
amended by adding at the end the following (and the table of contents 
for such chapter is conformed accordingly):
``Sec. 140B. Validity and enforceability
    ``(a) Definitions.--In this section--
            ``(1) the term `covered dispute' means a dispute that is 
        not subject to a final judgment by a court; and
            ``(2) the term `predispute arbitration agreement' means any 
        agreement between a person and a consumer providing for 
        arbitration of any future dispute between the parties.
    ``(b) Validity and Enforceability.--No predispute arbitration 
agreement shall be valid or enforceable in a covered dispute that is 
related to a credit card that was not issued in response to a request 
or application for that credit card account.
    ``(c) Applicability.--The applicability of this section to a 
predispute arbitration agreement shall be determined by a State or 
Federal court of competent jurisdiction.''.

SEC. 4. ARBITRATION OF CONSUMER DISPUTES RELATED TO COVERED ACCOUNTS.

    The Electronic Fund Transfer Act (15 U.S.C. 1693 et seq.) is 
amended by inserting after section 920 (15 U.S.C. 1693o-2) the 
following:

``SEC. 920A. VALIDITY AND ENFORCEABILITY.

    ``(a) Definitions.--In this section--
            ``(1) the term `covered account'--
                    ``(A) means a demand deposit, savings deposit, or 
                other asset account (other than an occasional or 
                incidental credit balance in an open end credit plan as 
                defined in section 103(i)), as described in regulations 
                of the Bureau, established primarily for personal, 
                family, or household purposes, including demand 
                accounts, time accounts, negotiable order of withdrawal 
                accounts, and share draft accounts; and
                    ``(B) does not include an account held by a 
                financial institution pursuant to a bona fide trust 
                agreement;
            ``(2) the term `covered dispute' means a dispute that is 
        not subject to a final judgment by a court; and
            ``(3) the term `predispute arbitration agreement' means any 
        agreement between a financial institution and a consumer 
        providing for arbitration of any future dispute between the 
        parties.
    ``(b) Validity and Enforceability.--No predispute arbitration 
agreement shall be valid or enforceable in a covered dispute that is 
related to a covered account that was not issued in response to a 
request or application for that covered account.
    ``(c) Applicability.--The applicability of this section to a 
predispute arbitration agreement shall be determined by a State or 
Federal court of competent jurisdiction.''.

SEC. 5. RULE OF CONSTRUCTION.

    Nothing in the amendments made by this Act shall be construed--
            (1) to authorize the imposition of a requirement to submit 
        a dispute to arbitration; or
            (2) to restrict any court from ruling that a requirement to 
        submit a dispute to arbitration is invalid or unenforceable.

Output: Justice for Victims of Fraud Act of 2016 This bill amends the Truth in Lending Act and the Electronic Fund Transfer Act to prohibit predispute arbitration agreements with consumers (i.e., agreements to arbitrate any future disputes between parties instead of pursuing the claims in court) from being valid or enforceable in disputes related to credit card accounts or personal bank accounts that are not subject to a final judgment by a court if the credit card or bank account was not issued in response to a request or application for that account.  The bill excludes from this prohibition accounts held by a financial institution pursuant to a bona fide trust agreement.


Input: Consider Input: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Depository Institution Community 
Development Investments Enhancement Act''.

SEC. 2. TECHNICAL CORRECTIONS.

    (a) National Banks.--The first sentence of the paragraph designated 
as the ``Eleventh'' of section 5136 of the Revised Statutes of the 
United States (12 U.S.C. 24) (as amended by section 305(a) of the 
Financial Services Regulatory Relief Act of 2006) is amended by 
striking ``promotes the public welfare by benefitting primarily'' and 
inserting ``is designed primarily to promote the public welfare, 
including the welfare of''.
    (b) State Member Banks.--The first sentence of the 23rd paragraph 
of section 9 of the Federal Reserve Act (12 U.S.C. 338a) is amended by 
striking ``promotes the public welfare by benefiting primarily'' and 
inserting ``is designed primarily to promote the public welfare, 
including the welfare of''.

SEC. 3. INVESTMENTS BY FEDERAL SAVINGS ASSOCIATIONS AUTHORIZED TO 
              PROMOTE THE PUBLIC WELFARE.

    Section 5(c) of the Home Owners' Loan Act (12 U.S.C. 1464) is 
amended--
            (1) in paragraph (3)--
                    (A) by striking subparagraph (A); and
                    (B) by redesignating subparagraphs (B) and (C), as 
                subparagraphs (A) and (B), respectively; and
            (2) in paragraph (4), by adding at the end the following 
        new subparagraph:
                    ``(G) Direct investments to promote the public 
                welfare.--
                            ``(i) In general.--A Federal savings 
                        association may make investments, directly or 
                        indirectly, each of which is designed primarily 
                        to promote the public welfare, including the 
                        welfare of low- and moderate-income communities 
                        or families through the provision of housing, 
                        services, and jobs.
                            ``(ii) Direct investments or acquisition of 
                        interest in other companies.--Investments under 
                        clause (i) may be made directly or by 
                        purchasing interests in an entity primarily 
                        engaged in making such investments.
                            ``(iii) Prohibition on unlimited 
                        liability.--No investment may be made under 
                        this subparagraph which would subject a Federal 
                        savings association to unlimited liability to 
                        any person.
                            ``(iv) Single investment limitation to be 
                        established by director.--Subject to clauses 
                        (v) and (vi), the Director shall establish, by 
                        order or regulation, limits on--
                                    ``(I) the amount that any savings 
                                association may invest in any 1 
                                project; and
                                    ``(II) the aggregate amount of 
                                investment of any savings association 
                                under this subparagraph.
                            ``(v) Flexible aggregate investment 
                        limitation.--The aggregate amount of 
                        investments of any savings association under 
                        this subparagraph may not exceed an amount 
                        equal to the sum of 5 percent of the capital 
                        stock of the savings association actually paid 
                        in and unimpaired and 5 percent of the 
                        unimpaired surplus of the savings association, 
                        unless--
                                    ``(I) the Director determines that 
                                the savings association is adequately 
                                capitalized; and
                                    ``(II) the Director determines, by 
                                order, that the aggregate amount of 
                                investments in a higher amount than the 
                                limit under this clause would pose no 
                                significant risk to the affected 
                                Deposit Insurance Fund.
                            ``(vi) Maximum aggregate investment 
                        limitation.--Notwithstanding clause (v), the 
                        aggregate amount of investments of any savings 
                        association under this subparagraph may not 
                        exceed an amount equal to the sum of 15 percent 
                        of the capital stock of the savings association 
                        actually paid in and unimpaired and 15 percent 
                        of the unimpaired surplus of the savings 
                        association.
                            ``(vii) Investments not subject to other 
                        limitation on quality of investments.--No 
                        obligation that a Federal savings association 
                        acquires or retains under this subparagraph 
                        shall be taken into account for purposes of the 
                        limitation contained in section 28(d) of the 
                        Federal Deposit Insurance Act on the 
                        acquisition and retention of any corporate debt 
                        security not of investment grade.
                            ``(viii) Applicability of standards to each 
                        investment.--The standards and limitations of 
                        this subparagraph shall apply to each 
                        investment under this subparagraph made by a 
                        savings association directly and by its 
                        subsidiaries.''.

Output: Depository Institution Community Development Investments Enhancement Act - Amends the Home Owners' Loan Act to revise requirements for community development investments by federal savings associations.

Authorizes a federal savings association to make investments, directly or indirectly, each of which is designed primarily to promote the public welfare, including the welfare of low- and moderate-income communities or families through the provision of housing, services, and jobs (community development investments).

Permits such investments to be made directly or by purchase of interests in an entity primarily engaged in making such investments.

Prohibits a federal savings association from making an investment which would subject it to unlimited liability to any person.

Requires the Director of the Office of Thrift Supervision to establish: (1) the amount any savings association may invest in any one project; and (2) the aggregate amount of investment of any savings association.

Restricts the aggregate amount of investment of any savings association, subject to specified determinations made by the Director.

Prohibits the maximum aggregate amount of investments of any savings association from exceeding the same 15% of its capital stock actually paid in and unimpaired and 15% of its unimpaired surplus as imposed by this Act on national banking associations and state member banks.


Input: Consider Input: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Prevent Act of 2003''.

SEC. 2. BUSINESS CREDIT FOR SECURITY DEVICES, ASSESSMENTS, AND OTHER 
              SECURITY-RELATED EXPENSES.

    (a) In General.--Subpart D of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 (relating to business related 
credits) is amended by adding at the end the following new section:

``SEC. 45G. CERTAIN BUSINESS SECURITY EXPENDITURES.

    ``(a) In General.--For purposes of section 38, the building 
security credit determined under this section is an amount equal to the 
sum of--
            ``(1) 20 percent of the cost of each qualified building 
        securities device placed in service by the taxpayer during the 
        taxable year,
            ``(2) 30 percent of the qualified security assessment 
        expenses paid or incurred by the taxpayer during the taxable 
        year, and
            ``(3) 30 percent of the co-location property placed in 
        service by the taxpayer during the taxable year.
    ``(b) Qualified Building Security Device.--For purposes of this 
section--
            ``(1) Qualified building security device.--The term 
        `qualified building security device' means a security device 
        (to which section 168 applies)--
                    ``(A) which is acquired by purchase (as defined in 
                section 179(d)(2)), and
                    ``(B) which is used to provide security for any 
                building used by the taxpayer in any trade or business.
            ``(2) Security device.--The term `security device' means 
        any of the following:
                    ``(A) An electronic access control device or 
                system.
                    ``(B) Biometric identification or verification 
                device or system.
                    ``(C) Closed-circuit television or other 
                surveillance and security cameras and equipment.
                    ``(D) Locks for doors and windows, including 
                tumbler, key, and numerical or other coded devices.
                    ``(E) Computers and software used to combat 
                cyberterrorism.
                    ``(F) Electronic alarm systems to provide detection 
                notification and off-premises transmission of an 
                unauthorized entry, attack, or fire.
                    ``(G) An electronic device capable of tracking or 
                verifying the presence of assets.
                    ``(H) High efficiency air filtering systems.
                    ``(I) Mechanical and non-mechanical vehicle 
                arresting barricades.
                    ``(J) Metal detectors.
                    ``(K) Signal repeating devices for emergency 
                response personnel wireless communication systems.
                    ``(L) Components, wiring, system displays, 
                terminals, auxiliary power supplies, computer systems, 
                software, networking infrastructure and other equipment 
                necessary or incidental to the operation of any item 
                described in any of the preceding subparagraphs.
    ``(c) Qualified Security Assessment Expenses.--For purposes of this 
section, the term `qualified security assessment expenses' means, with 
respect to any business premises of the taxpayer, expenses for a 
security analysis of such premises, including--
            ``(1) the susceptibility of such premises to security 
        threats,
            ``(2) the extent to which such threats can damage or 
        interrupt business operations at such premises, and
            ``(3) identifying processes that ensure the continuity of 
        business operations following such damage or interruption at 
        such premises.
    ``(d) Co-Location Property.--The term `co-location property' means 
buildings and equipment the exclusive purpose of which is to replicate 
business operations of the taxpayer in the event of damage or 
interruption of such operations by a terrorism-related disaster, 
including all computer network, telecommunication network and business 
process equipment or any fraction thereof as considered necessary by 
the business.
    ``(e) Recapture of Credit in Certain Cases.--
            ``(1) In general.--If the taxpayer uses co-location 
        property for a purpose other than the purpose described in 
        subsection (d) at any time during the 5-year period beginning 
        on the date that such property is placed in service, then the 
        tax imposed under this chapter for the taxable year in which 
        such use occurs is increased by the credit recapture amount.
            ``(2) Credit recapture amount.--For purposes of paragraph 
        (1), the credit recapture amount is an amount equal to the sum 
        of--
                    ``(A) the aggregate decrease in the credits allowed 
                to the taxpayer under section 38 for all prior taxable 
                years which would have resulted if no credit had been 
                determined under this section with respect to such 
                property, plus
                    ``(B) interest at the underpayment rate established 
                under section 6621 on the amount determined under 
                subparagraph (A) for each prior taxable year for the 
                period beginning on the due date for filing the return 
                for the prior taxable year involved.
        No deduction shall be allowed under this chapter for interest 
        described in subparagraph (B).
            ``(3) Special rules.--
                    ``(A) Tax benefit rule.--The tax for the taxable 
                year shall be increased under paragraph (1) only with 
                respect to credits allowed by reason of this section 
                which were used to reduce tax liability. In the case of 
                credits not so used to reduce tax liability, the 
                carryforwards and carrybacks under section 39 shall be 
                appropriately adjusted.
                    ``(B) No credits against tax.--Any increase in tax 
                under this subsection shall not be treated as a tax 
                imposed by this chapter for purposes of determining the 
                amount of any credit under this chapter or for purposes 
                of section 55.''.
    (b) Credit Treated as Business Credit.--Section 38(b) of such Code 
is amended by striking ``plus'' at the end of paragraph (14), by 
striking the period at the end of paragraph (15) and inserting ``, 
plus'', and by adding at the end the following new paragraph:
            ``(16) the building security credit determined under 
        section 45G(a).''.
    (c) No Carrybacks.--Subsection (d) of section 39 of such Code 
(relating to carryback and carryforward of unused credits) is amended 
by adding at the end the following:
            ``(11) No carryback of section 45g credit before effective 
        date.--No portion of the unused business credit for any taxable 
        year which is attributable to the building security credit 
        determined under section 45G may be carried back to a taxable 
        year ending before the date of the enactment of section 45G.''.
    (d) Clerical Amendment.--The table of sections for subpart D of 
part IV of subchapter A of chapter 1 of such Code is amended by adding 
at the end the following new item:

``45G. Certain business security expenditures.''.
    (e) Effective Date.--
            (1) In general.--Except as provided in paragraph (2), the 
        amendments made by this section shall apply to property placed 
        in service after the date of the enactment of this Act in 
        taxable years ending after such date.
            (2) Assessment expenses.--The amendments made by this 
        section shall apply to qualified security assessment expenses 
        paid or incurred after the date of the enactment of this Act in 
        taxable years ending after such date.


Output: Prevent Act of 2003 - Amends the Internal Revenue Code to establish a building security credit for the purchase of a qualified building security device used to provide security for any building used by the taxpayer in any trade or business.