jiayi-li23/proxann_data huggingface dataset:
Topic: Domestic Commerce — Banking
Subject: Finance and financial sector
Date: 2015-04-28 00:00:00

Marijuana Businesses Access to Banking Act of 2015

This bill provides a safe harbor for depository institutions providing financial services to a marijuana-related legitimate business insofar as it prohibits a federal banking regulator from: (1) terminating or limiting the deposit or share insurance of a depository institution solely because it provides financial services to a marijuana-related legitimate business; or (2) prohibiting, penalizing, or otherwise discouraging a depository institution from offering such services.

A federal banking regulator may neither recommend, motivate, provide incentives, nor encourage a depository institution to refuse to offer financial services to an individual, nor downgrade or cancel financial services offered to an individual, solely because the individual: (1) is a manufacturer, producer, owner or operator of a marijuana-related legitimate business; or (2) the depository institution was not aware that the individual is the owner or operator of a marijuana-related legitimate business.

 A federal banking regulator may not take any adverse or corrective supervisory action, solely because of the business involved, on a loan made to an owner or operator of: (1) a marijuana-related legitimate business, or (2) real estate or equipment that is leased to a marijuana-related legitimate business.

Immunity from federal criminal prosecution or investigation is granted, subject to certain conditions, to a depository institution that provides financial services to a marijuana-related legitimate business in a state or one of its political subdivisions that allows the cultivation, production, manufacture, sale, transportation, display, dispensing, distribution, or purchase of marijuana. Neither the depository institution nor its officers, directors, nor employees may be held liable under federal law or regulation solely for providing such financial services or further investing income derived from those services.

The Department of the Treasury must require any suspicious activity report filed by a financial institution regarding a marijuana-based business to comply with specified guidance of the Financial Crimes Enforcement Network.
Topic: Domestic Commerce — Banking
Subject: Taxation
Date: 2015-05-01 00:00:00

Municipal Bond Market Support Act of 2015

Amends Internal Revenue Code provisions relating to the small issuer exemption from interest expense allocation rules for financial institutions to: (1) permanently increase from $10 million to $30 million the annual limit on the amount of tax-exempt obligations that a small issuer may issue, and (2) allow an inflation adjustment to such increased limit amount after 2015.
Topic: Domestic Commerce — Banking
Subject: Finance and financial sector
Date: 2015-05-13 00:00:00

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

National Credit Union Administration Budget Transparency Act

(Sec. 2) This bill amends the Federal Credit Union Act to require the National Credit Union Administration Board, before the annual submission of its required detailed business-type budget, to: (1) print a draft of the budget in the Federal Register, (2) hold a public hearing to receive comments from the public on the draft, and (3) include in the required integral set of accounts statements in which the budget will address any of such comments.
Topic: Domestic Commerce — Banking
Subject: Finance and financial sector
Date: 2015-06-01 00:00:00

Too Big to Fail, Too Big to Exist Act

 This bill directs the Financial Stability Oversight Council to compile and submit to the Secretary of the Treasury a list of entities that the Council deems Too Big To Fail (List), including U.S. bank holding companies the Financial Stability Board has identified as systemically important banks.

The Secretary of the Treasury shall: (1) submit the List to Congress and the President, and (2) break up entities on the List so that their failure would no longer cause a catastrophic effect upon the U.S. or global economy without a taxpayer bailout.

Any entity on the List may not use or have access to advances from any Federal Reserve credit facility, the Federal Reserve discount window, or any program or facility made available under the Federal Reserve Act, including asset purchases, temporary or bridge loans, government investments in debt or equity, or capital injections from any federal institution.

No insured depository institution on the List, nor any entity that owns one, may use insured deposit amounts to fund:

 any activity relating to hedging that is not directly related to commercial banking activity at the insured bank, any use of derivatives for speculative purposes, any activity related to the dealing of derivatives, or any other form of speculative activity specified by regulators. Nor may any entity on the List conduct such activities in a manner that either: (1) puts insured deposits at risk, or (2) creates a risk of loss to the Deposit Insurance Fund.
Topic: Domestic Commerce — Banking
Subject: Finance and financial sector
Date: 2015-06-03 00:00:00

Community Lender Regulatory Relief and Consumer Protection Act of 2015

This bill amends the Truth in Lending Act with respect to the presumption of a mortgagor's ability to pay a qualified residential mortgage loan and the insured depository institutions or insured credit unions meeting specified criteria that may be its creditors.

 The Gramm-Leach-Bliley Act is amended to exempt from its requirement of annual written privacy notices certain financial institutions.

The Federal Deposit Insurance Act is amended to: (1) increase from $500 million to $1 billion the size of certain small insured depository institutions eligible for an 18-month on-site examination cycle, and (2) require private deposit insurers of credit unions to give the Federal Housing Finance Agency copies of independent audit reports within 7 days after the audit is completed.

 The Federal Home Loan Bank Act is amended to require the treatment of a state-chartered credit union as an insured depository institution even though it is not federally insured if it has applied for membership in a federal home loan bank and has met specified conditions, including insurance application eligibility requirements under the Federal Credit Union Act.

 The Government Accountability Office must report to Congress on the adequacy of insurance reserves held by the private deposit insurer of privately insured credit unions, including the level of compliance with federal regulations regarding disclosure of a lack of federal deposit insurance.

The Securities Exchange Act of 1934 is amended to extend securities registration requirements to savings and loan holding companies.

The S.A.F.E. Mortgage Licensing Act of 2008 is amended to:

 establish a transitional period during which a state, while examining the applicant's submitted background information, may permit a covered registered loan originator applying for a state license as a loan originator to act as one under the supervision of a non-depository firm that engages in loan origination in that state, and grant confidentiality to information shared with state and federal regulatory officials with financial services industry oversight authority. The Consumer Financial Protection Act of 2010 is amended to cover specified sections of the Servicemembers Civil Relief Act as "enumerated consumer laws."

The expiration of the Protecting Tenants at Foreclosure Act of 2009 is repealed, and the Act is restored and revived as it was in effect on December 31, 2014.
Topic: Domestic Commerce — Banking
Subject: Finance and financial sector
Date: 2015-06-15 00:00:00

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Risk-Based Capital Study Act of 2015

(Sec. 2) This bill directs the National Credit Union Administration (NCUA) to study the appropriate capital requirements for federal credit unions and state credit unions, including:

 whether the NCUA has the clear legal authority to prescribe separate risk-based capital thresholds for both "adequately capitalized" and "well capitalized" credit unions; a discussion of the differences between credit unions and other types of depository institutions and reasons why they should have similar or different risk-weights for their capital requirements; a discussion of the rationale behind the risk-weights assigned in the proposed NCUA rule "Risk-Based Capital"; and an analysis of the impact the proposed rule would have upon excess capital above the minimum level for a credit union to be "well capitalized" (a credit union's "capital cushion"), including the potential impact upon credit union lending and credit union examinations. A credit union may not be required to provide information regarding the capital standards sought in the NCUA study, but may provide it voluntarily.

(Sec. 3) The NCUA may not issue or implement any final rule or regulation governing risk-based capital (including the proposed rule) earlier than 120 days after it reports to Congress on the study.
Topic: Domestic Commerce — Banking
Subject: Taxation
Date: 2015-06-16 00:00:00

Capital Access for Small Business Banks Act 

This bill amends the Internal Revenue Code to allow a bank or a depository institution holding company which is an S corporation to: (1) have 500 shareholders (the current limit is 100 shareholders), and (2) issue qualified preferred bank stock. The bill makes a distribution of qualified preferred bank stock to a shareholder includible in the gross income of the shareholder and allows the bank or holding company to deduct the amount of such distribution.
Topic: Domestic Commerce — Banking
Subject: Finance and financial sector
Date: 2015-06-25 00:00:00

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Taking Account of Institutions with Low Operation Risk Act of 2015 or the TAILOR Act of 2015

(Sec. 2) This bill directs the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Consumer Financial Protection Bureau (federal financial institutions regulatory agencies) to:

 take into consideration the risk profile and business models of institutions subject to regulatory action; determine the necessity, appropriateness, and impact of applying that action to such institutions; and tailor regulatory action so as to limit the burden of regulatory compliance as befits the risk profile and business model involved. The federal financial institutions regulatory agencies shall also consider:

 the impact that such regulatory action has upon the ability of the institution to flexibly serve evolving and diverse customer needs, the potential unintended impact of examination manuals or other regulatory directives that work in conflict with the tailoring of such regulatory action, and the underlying policy objectives of the regulatory action and statutory scheme involved. In addition, a federal financial institutions regulatory agency must disclose in every notice of a proposed and final rulemaking for a regulatory action how it has applied this bill.

The Financial Institutions Examination Council shall report to Congress on the extent to which regulatory actions tailored pursuant to this bill result in differential regulation of similarly-situated institutions of diverse charter types with respect to comparable regulations.

The agencies must also apply the requirements of this bill to all regulations adopted five years before the introduction of this bill and ending on the date of its enactment.
Topic: Domestic Commerce — Banking
Subject: Finance and financial sector
Date: 2015-07-08 00:00:00

Community Bank Capital Clarification Act

This bill amends the Financial Stability Act of 2010 with respect to:

 minimum leverage capital requirements and minimum risk-based capital requirements for depository institution holding companies; mandatory deductions from actual capital in the calculation of such minimum capital requirements for certain investments by such institutions, especially in financial subsidiaries; and the exemption from such capital deductions for the debt or equity instruments issued by certain smaller institutions. A depository institution holding company exempted from capital deductions because it had less than $15 billion of total consolidated assets at the end of a quarterly financial reporting period after December 31, 2009, shall continue to be treated as an exempt institution as long it has total consolidated assets of less than $15 billion.
Topic: Domestic Commerce — Banking
Subject: Finance and financial sector
Date: 2015-07-14 00:00:00

Community Financial Institution Exemption Act

Amends the Consumer Financial Protection Act of 2010 to exempt community financial institutions from all rules and regulations issued by the Consumer Financial Protection Bureau. Defines a "community financial institution" as an insured depository institution or credit union with less than $10 billion in consolidated assets.

Authorizes the Bureau to: (1) revoke such an exemption with respect to a specific rule or regulation issued or modified after enactment of this Act and with respect to a specific class of community financial institutions if the Bureau finds that such class of institutions has engaged in a pattern or practice of activities that have been detrimental to the interests of consumers and that are of a type that the specific rule or regulation is intended to address, and (2) modify a rule or regulation issued before enactment of this Act with respect to such institutions if the effect of such modification is to expand a current exemption or to reduce the costs and the regulatory burden associated with complying with such rule or regulation.
Topic: Domestic Commerce — Banking
Subject: Finance and financial sector
Date: 2015-07-16 00:00:00

Common Sense Economic Recovery Act of 2015

 This bill cites circumstances under which, for purposes of determining capital requirements or measuring an insured depository institution's capital, such an institution may treat a non-accrual loan as an accrual loan.

(Non-accrual [also known as non-performing or doubtful] loans are those on which interest is overdue and full collection of principal is uncertain, and so interest, if it has not been paid in over 90 days, cannot be credited to the bank's revenue account until it has actually been received.)

An insured depository institution may treat a non-accrual loan as an accrual loan if: (1) the loan is current, (2) no monthly payment has been more than 30 days delinquent during the previous 6-month period, and (3) loan payments are being made pursuant to the contract terms and all parties agree to any refinances and modifications.

A modified or restructured loan may not be treated as a non-accrual loan if the borrower demonstrates the ability to perform on such a loan: (1) over a period of 6 months; or (2) over a period of 3 consecutive payments in the case of a quarterly, semi-annual, or longer repayment schedule.

The appropriate federal banking agency is prohibitted from: (1) imposing any additional accounting requirements upon an insured depository institution with respect to a loan treated as an accrual loan under this Act if the result of such requirement would adversely impact measurement of the institution's capital, or (2) requiring an insured depository institution to treat a loan as a non-accrual loan solely because the loan collateral has reduced in value.

Any issuer of a security registered under the Securities Exchange Act of 1934 is excluded from the accounting requirements and prohibitions of this Act.

The Financial Stability Oversight Council must study how best to prevent the issuance of contradictory guidance to such institutions by federal banking agencies with respect to loan classifications and capital requirements.
Topic: Domestic Commerce — Banking
Subject: Taxation
Date: 2015-07-29 00:00:00

Community Bank Flexibility Act 

This bill amends the Internal Revenue Code, with respect to the tax treatment of small banks, to: (1) allow such banks to reorganize as either corporations or partnerships for tax purposes, (2) permit such banks to reorganize without incurring an additional tax for liquidation, and (3) impose a five-year recognition period of the built-in gains of such banks.
Topic: Domestic Commerce — Banking
Subject: Finance and financial sector
Date: 2015-07-29 00:00:00

Financial Stability Oversight Council Reform Act 

This bill amends the Financial Stability Act of 2010 to make the budgets of the Financial Stability Oversight Council (FSOC) and the Office of Financial Research (OFR) subject to the annual appropriations process and to establish requirements for reports and a public notice and comment period.

(Sec. 2) The budgets of the FSOC and the OFR are funded by assessments on financial institutions which are deposited into the Financial Research Fund and, under current law, are immediately available to be spent. This bill requires the funding from the Financial Research Fund to be made available by appropriations Acts.

(Sec. 3) The OFR must submit quarterly reports to Congress regarding its:

 finances; workforce; and actions taken to achieve the goals, objectives, and performance measures of the office. (Sec. 4) The OFR must provide a public notice and comment period of at least 90 days before issuing any proposed report, rule, or regulation.

(Sec. 5) The bill expands the duties of the OFR to include:

 publishing an annual work plan; consulting with other federal departments and agencies with relevant expertise prior to preparing any public report with respect to a specified entity, class of entities, or financial product or service; and developing and implementing a cybersecurity plan. The Government Accountability Office must annually audit the cybersecurity plan and its implementation.
Topic: Domestic Commerce — Banking
Subject: Finance and financial sector
Date: 2015-09-18 00:00:00

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

FSOC Transparency and Accountability Act

(Sec. 2) This bill amends the Financial Stability Act of 2010 to repeal the nonapplicability of the Federal Advisory Committee Act (FACA) to the Financial Stability Oversight Council (thus applying FACA to the Council).

The Council is declared an agency for purposes of the "Government in the Sunshine Act" (and its open meeting requirements).

 The voting profile of Council members is revised to cite the following member agencies as each having collectively one vote: (1) the Board of Governors of the Federal Reserve System, (2) the Securities and Exchange Commission (SEC), (3) the Federal Deposit Insurance Corporation (FDIC), (4) the Commodity Futures Trading Commission (CFTC), and (5) the National Credit Union Administration (NCUA) Board.

Such member agencies shall: (1) determine their Council vote by using the voting process normally applicable to votes by their members, and (2) cast the one collective Council vote by the agency head.

A Council member may select to have one or more individuals on the member's staff attend a meeting of the Council, including any meeting of representatives of the member agencies other than the members themselves.

 All Council meetings shall be open to attendance and participation by members of specified congressional committees, including any meeting of representatives of the member agencies other than the members themselves.
Topic: Domestic Commerce — Banking
Subject: Finance and financial sector
Date: 2015-10-09 00:00:00

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Office of Financial Research Accountability Act of 2015

(Sec. 2) This bill amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to require the Office of Financial Research within the Department of the Treasury to publish annually a detailed work plan of the Office priorities for the upcoming fiscal year, including a detailed description of the progress made by primary financial regulatory agencies in adopting a unique alphanumeric system ("Legal Entity Identifier") to identify legally distinct entities that engage in financial transactions, as well as a list of regulations requiring the use of such a system and actions taken to ensure its adoption by those agencies.

The bill requires the Office to develop and implement a cybersecurity plan using adequate safeguards to protect the integrity and confidentiality of the data in Office possession.
Topic: Domestic Commerce — Banking
Subject: Finance and financial sector
Date: 2015-10-21 00:00:00

(This measure has not been amended since it was introduced. The expanded summary of the House reported version is repeated here.) (Sec. 1) This bill directs the Federal Reserve Board to revise the Small Bank Holding Company Policy Statement on the Assessment of Financial and Managerial Factors to raise its consolidated asset threshold from $1 billion to $5 billion.

The bill exempts from the leverage and risk-based capital requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act any bank holding company or savings and loan holding company that is subject to the application of such Statement.
Topic: Domestic Commerce — Banking
Subject: Finance and financial sector
Date: 2015-11-03 00:00:00

Financial Institution Legislative Edict Simplification Act of 2015 or the FILES Act of 2015

This bill amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to exempt from specified titles of the Act "safe and sound financial institutions," including any depository institution, credit union, bank holding company, or savings and loan holding company having:

 total consolidated assets of less than $50 billion, and a composite CAMELS rating of 1 or 2 under the Uniform Financial Institutions Rating System (or under an equivalent rating under a comparable rating system) as of the entity's most recent examination. A CAMELS rating assesses a bank's capital adequacy, assets, management capability, earnings, liquidity, and sensitivity.

The bill exempts such institutions from the titles of the Act that address:

 financial stability; orderly liquidation authority; improvements to regulation of bank and savings association holding companies and depository institutions; and mortgage reform and anti-predatory lending.