jiayi-li23/proxann_data huggingface dataset:
Topic: Domestic Commerce — Consumer Finance
Subject: Finance and financial sector
Date: 2016-07-14 00:00:00

Community Mortgage Lender Regulatory Act of 2016

This bill amends the Consumer Financial Protection Act of 2010 to prohibit the Consumer Financial Protection Bureau (CFPB) from auditing, investigating, or taking an enforcement action against a responsible community mortgage lender unless requested to do so by one of several specified regulators or agencies. A "responsible community mortgage lender" is one that: (1) meets certain restrictions with respect to number and volume of mortgage loan originations and amount of either assets or net worth; and (2) has not, with respect to its mortgage loan originations and within a specified time frame, been subject to a cease and desist order or found by a court to have violated the law.

Furthermore, the CFPB and other federal banking agencies are prohibited from requiring such a lender to audit one of its vendors or third-party contractors unless the CFPB or other agency has reasonable cause to believe that the vendor or contractor is causing the lender to violate the law.

The bill also revises the methodology for calculating mortgage loan originations with respect to the qualified mortgage requirement in 2016.
Topic: Domestic Commerce — Consumer Finance
Subject: Finance and financial sector
Date: 2016-07-25 00:00:00

Expanding Rent-to-Own Protections Act of 2016

This bill amends the Consumer Financial Protection Act of 2010 to revise and expand the definition of the term "consumer financial product or service" to include terminable lease or bailment of personal property contracts (rent-to-own transactions) (other than a lease or bailment of a motor vehicle) for use by the consumer primarily for personal, family, or household purposes under which:

 a consumer has the right of possession and use of the property, as well as the option to periodically renew the contract by making payments; and a seller agrees to transfer property ownership to the consumer upon the fulfillment of all contract obligations of the consumer. The Consumer Financial Protection Bureau shall:

 prevent unfair, deceptive, or abusive acts or practices in connection with such contracts; and issue regulations identifying methods to protect consumers from entering into them.
Topic: Domestic Commerce — Consumer Finance
Subject: Education
Date: 2016-09-22 00:00:00

Student Debt Repayment Fairness Act

This bill amends the Truth in Lending Act to prohibit a private educational lender from accelerating the repayment terms of a borrower's outstanding loan obligation upon the death or permanent, total disability of a cosigner if the borrower is in good standing.
Topic: Domestic Commerce — Consumer Finance
Subject: Taxation
Date: 2016-11-18 00:00:00

This bill amends the Internal Revenue Code to extend through December 31, 2017, the tax deduction for mortgage insurance premiums treated as interest.
Topic: Domestic Commerce — Consumer Finance
Subject: Taxation
Date: 2016-11-18 00:00:00

This bill amends the Internal Revenue Code to extend through December 31, 2018, the tax deduction for mortgage insurance premiums treated as interest.
Topic: Domestic Commerce — Consumer Finance
Subject: Taxation
Date: 2016-11-30 00:00:00

This bill amends the Internal Revenue Code to extend until January 1, 2018, the exclusion from gross income of the discharge of qualified principal residence indebtedness.
Topic: Domestic Commerce — Consumer Finance
Subject: Taxation
Date: 2016-11-30 00:00:00

This bill amends the Internal Revenue Code to extend until January 1, 2019, the exclusion from gross income of the discharge of qualified principal residence indebtedness.
Topic: Domestic Commerce — Consumer Finance
Subject: Finance and financial sector
Date: 2016-12-01 00:00:00

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.
Topic: Domestic Commerce — Consumer Finance
Subject: Finance and financial sector
Date: 2016-12-06 00:00:00

Student Borrower Higher Education Lending Protection Act of 2016 or the Student Borrower HELP Act of 2016

This bill amends the Truth in Lending Act to provide to student borrowers of private education loans: (1) loan payment deferments without interest accruing during any period in which the student borrower is temporarily disabled, and (2) loan discharges if a student borrower dies or becomes totally or permanently disabled.

If a student borrower dies or becomes totally or permanently disabled, the student borrower, any cosigner on the loan, or the estate of either the student borrower or the cosigner shall not be obligated to make any additional loan payments.

The Internal Revenue Code is amended to exclude from an individual's gross income (which would otherwise include cancellation of debt as income) amounts based on the discharge of a student loan under this bill. An individual is therefore not subject to tax liability for the discharge of student loan debt under this bill.

Private educational lenders must disclose to borrowers the number of private education loans they offer and the number and rate of defaults on such loans.
Topic: Domestic Commerce — Consumer Finance
Subject: Housing and community development
Date: 2016-12-08 00:00:00

Taxpayer Protections and Market Access for Mortgage Finance Act of 2016 

This bill amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to direct the Federal Housing Finance Agency (FHFA) to establish guidelines to require the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) to engage in significant and increasing credit risk transfer transactions.

A "risk transfer transaction" provides for: (1) the sale, disposition, retention, or transfer within the private sector of credit risk on any single-family residential mortgage loan or a pool of such loans that back securities on which the enterprise guarantees the timely payment of principal and interest; or (2) the retention by the private sector of any such credit risk in connection with the sale of any such loan or security to an enterprise.

The enterprises may set and publish guarantee fees commensurate with the reduced credit risk resulting from any new risk transfer transactions. The bill exempts certain swaps entered into for the purpose of transferring or sharing credit risk in connection with a risk transfer transaction from the Commodity Exchange Act.

The FHFA must also require Fannie Mae and Freddie Mac to: (1) establish a five-year pilot program under which each enterprise must annually engage in at least one front-end (before or simultaneous with the acquisition of the loan or security by the enterprise) risk sharing transaction for which both bank and non-bank mortgage originators having under $10 billion in assets are eligible participants, and (2) jointly establish a pilot program to increase the amount of risk that is transferred by the enterprises using private mortgage insurance.
Topic: Domestic Commerce — Consumer Finance
Subject: Taxation
Date: 2016-12-08 00:00:00

Tax Benefit for Homeownership Clarification Act 

This bill amends the Internal Revenue Code to reduce the limitation on the mortgage interest deduction for the acquisition indebtedness of certain taxpayers. (Acquisition indebtedness is indebtedness that: (1) is incurred in acquiring, constructing, or substantially improving any qualified residence of the taxpayer; and (2) is secured by such residence. It also includes refinancing of the debt in certain situations.)
Topic: Domestic Commerce — Consumer Finance
Subject: Housing and community development
Date: 2016-12-08 00:00:00

Moving Housing Forward Act of 2016

This bill directs the Federal Housing Finance Agency (FHFA) to require the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) to establish a pilot program that shares with the private sector the credit risk on a pool of single-family residential mortgage loans that back securities on which Fannie Mae and Freddie Mac guarantee the timely payment of principal and interest.

The bill expresses the sense of Congress that credit risk transfer transactions should be encouraged that: (1) reduce taxpayer exposure to credit risk assumed by Fannie Mae and Freddie Mac, and (2) do not expose Fannie Mae and Freddie Mac to excessive counterparty risk that persons contractually obligated to them will fail to perform their obligations.

After the pilot program is executed for three years, the FHFA must examine the economics of developing it into a continuous risk sharing program.
Topic: Domestic Commerce — Consumer Finance
Subject: Finance and financial sector
Date: 2015-01-07 00:00:00

Authorizes a financial institution, when verifying the identity of a non-U.S. citizen or national who is seeking to open a bank account, to accept only: (1) a Social Security number, (2) a passport number and the country of issuance, (3) an alien identification card number, or (4) any combination of such items.

Prohibits a financial institution, for such verification purposes, from accepting identification documents issued by a foreign government, other than an unexpired passport.
Topic: Domestic Commerce — Consumer Finance
Subject: Finance and financial sector
Date: 2015-01-07 00:00:00

Amends the Consumer Financial Protection Act of 2010 to direct the Consumer Financial Protection Bureau (CFPB) to: (1) disclose to a consumer all information (and their sources) held by the CFPB with respect to that consumer, including any person or other federal department or agency to which the CFPB disclosed the information; and (2) truncate in the disclosure the first five digits of the consumer's Social Security number (or similar identification number), if the consumer so requests and the CFPB has received appropriate proof of the requester's identity.

Permits consumers to request such a disclosure: (1) online, with a link prominently displayed on the CFPB website; (2) via U.S. mail; and (3) via a toll-free telephone number.
Topic: Domestic Commerce — Consumer Finance
Subject: Taxation
Date: 2015-02-03 00:00:00

Mortgage Debt Tax Relief Act 

 Amends the Internal Revenue Code to extend through 2016 the exclusion from gross income of income attributable to the discharge of indebtedness on a principal residence.
Topic: Domestic Commerce — Consumer Finance
Subject: Housing and community development
Date: 2015-02-12 00:00:00

Mortgage Finance Act of 2015

 Appoints the Federal Housing Finance Agency (FHFA) receiver of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government sponsored enterprises or GSEs) and places them into irrevocable receivership, effective on the date on which the Mortgage Finance Agency (MFA) established by this Act is operational and able to perform the guarantee function for qualified mortgage-backed securities collateralized by qualified residential mortgages.

Directs the FHFA to commence liquidation of the GSEs immediately upon their placement into receivership.

Repeals the charters of Fannie Mae and Freddie Mac.

Requires repayment by the FHFA to the General Fund of the Treasury, in repayment of certain government assistance to the GSEs, of all proceeds from their operations in receivership remaining after their outstanding obligations are fully satisfied.

Requires the FHFA as receiver to manage the combined assets of the GSEs to obtain resolutions that maximize the return for the taxpayer.

Establishes the MFA as an independent agency of the federal government to: (1) guarantee securities issued by qualified issuers and collateralized by pools of qualified residential mortgages in order to provide a dependable, transparent, and liquid market for high quality mortgages and multifamily mortgages for securitization; (2) charge and collect a guarantee fee sufficient to protect the MFA and the Treasury from the risks of guaranteeing the timely payment of principal and interest on qualified mortgage-backed securities; (3) establish and maintain a Catastrophic Fund to minimize the burden on the federal government by setting aside amounts that will be available solely to pay obligations under the MFA guarantee in the event of any future mortgage market collapse; and (4) purchase supplemental insurance coverage.

Requires the MFA to: (1) guarantee the timely payment of the principal and interest to holders of qualified mortgage-back securities, and (2) cover any shortfalls to security holders.

Requires the MFA to charge a guarantee fee with respect to timely payment of principal and interest on the qualified mortgage-backed securities.

Creates in the Treasury the Catastrophic Fund, to which shall be credited the amount of guarantee fees and any amounts earned on investments.

Requires the MFA Board of Directors to issue guidelines to determine whether supplemental coverage: (1) is being offered on commercially reasonable terms, and (2) is reasonably likely to mitigate the risk that the MFA will have to make any payment pursuant to its guarantee.

Declares that nothing in this Act may be construed as preventing the private sector from securitizing qualified residential mortgages, qualified multifamily mortgages, or other non-qualified residential single family or multifamily mortgages.

Terminates the MFA after 10 years.
Topic: Domestic Commerce — Consumer Finance
Subject: Taxation
Date: 2015-02-27 00:00:00

Mortgage Forgiveness Tax Relief Act 

 Amends the Internal Revenue Code, as amended by the Tax Increase Prevention Act of 2014, to extend the exclusion from gross income of income attributable to the discharge of indebtedness on a principal residence that was discharged subject to an arrangement entered into and evidenced in writing before January 1, 2017.
Topic: Domestic Commerce — Consumer Finance
Subject: Commerce
Date: 2015-03-04 00:00:00

Data Broker Accountability and Transparency Act of 2015

Prohibits data brokers from obtaining or causing to be disclosed personal information or any other information relating to any person by making a false, fictitious, or fraudulent statement or representation, including by providing any document that the broker knows or should know to: (1) be forged, counterfeit, lost, stolen, or fraudulently obtained; or (2) contain a false, fictitious, or fraudulent statement or representation.

Defines "data broker" as a commercial entity that collects, assembles, or maintains personal information concerning an individual who is not a customer or an employee of that entity in order to sell or provide third party access to the information. Allows the Federal Trade Commission (FTC) to exempt certain data brokers from this Act.

Requires data brokers to establish procedures to ensure the accuracy of: (1) the personal information they collect, assemble, or maintain; and (2) any other information that specifically identifies an individual, unless the information only identifies an individual's name or address.

Requires data brokers to provide individuals a cost-free means to review their personal or identifying information.

Allows individuals to dispute the accuracy of their personal information with a written request that the data broker make a correction.

Requires a data broker, with regard to disputed public record information that is available for public inspection from federal, state, or local governments, to: (1) inform the individual of the source of the information and, if reasonably available, where to direct the individual's request for correction; or (2) correct the inaccuracy in the broker's records if the individual provides proof that the public record has been corrected or that the broker was reporting the information incorrectly.

Requires a data broker, with regard to disputed non-public information of a private nature, to: (1) note the information that is disputed, (2) independently verify the information, and (3) correct the inaccuracy if the broker was reporting the information incorrectly.

Requires data brokers to provide individuals with a reasonable means of expressing a preference to exclude their information from being used, shared, or sold for marketing purposes.

Sets forth authority for the FTC and states to enforce this Act.
Topic: Domestic Commerce — Consumer Finance
Subject: Housing and community development
Date: 2015-03-10 00:00:00

Preserving Access to Manufactured Housing Act of 2015

Amends the Truth in Lending Act to revise the exclusion from the meaning of "mortgage originator" of any employee of a retailer of manufactured homes who does not for compensation or gain take residential mortgage loan applications, for compensation or gain offer or negotiate terms of a residential mortgage loan, or advise a consumer on loan terms (including rates, fees, and other costs).

Excludes from the meaning of "mortgage originator," instead, any retailer of manufactured or modular homes or its employees unless the retailer or its employees receive compensation or gain for engaging in certain activities in excess of any compensation or gain received in a comparable cash transaction.

Revises the definition of "high cost mortgage."
Topic: Domestic Commerce — Consumer Finance
Subject: Housing and community development
Date: 2015-03-17 00:00:00

This bill prohibits increases in Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) guarantee fees from being used in the Senate to determine the budgetary impact for evaluating budget points of order. Fannie Mae and Freddie Mac purchase mortgages and charge the fees to guarantee the payment of principal and interest. This bill prevents the fee increases from being used to offset provisions that increase the deficit in determining whether a budget point of order applies to legislation.
Topic: Domestic Commerce — Consumer Finance
Subject: Finance and financial sector
Date: 2015-03-23 00:00:00

Protecting Consumers from Unreasonable Credit Rates Act of 2015

 Amends the Truth in Lending Act to prohibit a creditor from extending credit to a consumer under an open end consumer credit plan (credit card) for which the fee and interest rate exceeds 36%.

Sets forth criminal penalties for violations of this Act. Empowers state Attorneys General to enforce this Act.

Revises requirements for a periodic statement for each billing cycle with respect to where the total finance charge exceeds 50 cents for a monthly or longer billing cycle, or the pro rata part of 50 cents for a billing cycle shorter than monthly. Requires inclusion of the fee and interest rate, displayed as "FAIR," instead of the total finance charge expressed as an annual percentage rate (APR).
Topic: Domestic Commerce — Consumer Finance
Subject: Finance and financial sector
Date: 2015-04-15 00:00:00

Data Security Act of 2015

Requires individuals, corporations, or other non-government entities that access, maintain, communicate, or handle sensitive account information or nonpublic personal information to implement an information security program and to notify consumers, federal law enforcement, appropriate administrative agencies, payment card networks, and consumer reporting agencies of certain data breaches of unencrypted sensitive information likely to cause identity theft or fraudulent transactions on consumer financial accounts.

Directs entities to require their service providers by contract to implement appropriate safeguards for sensitive information.

Provides special notification procedures for: (1) third-party service providers that maintain data in electronic form on behalf of another entity, and (2) certain electronic data carriers.

Allows financial institutions to communicate with account holders regarding breaches at third-party entities with access to their account information.

Sets forth alternative compliance procedures for: (1) financial institutions and affiliates under the Gramm-Leach-Bliley Act, and (2) entities complying with certain health record privacy laws.

Requires this Act to be enforced by the Federal Trade Commission, the Comptroller of the Currency, the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration Board, the Securities and Exchange Commission, the Commodity Futures Trading Commission, the Office of Federal Housing Enterprise Oversight, or a state insurance authority depending on the type of entity handling the sensitive information.

Allows a consumer or entity that suffers financial harm from an entity's violation of this Act to bring an action in federal court to recover damages for negligent or knowing violations.

Prohibits certain state laws from being imposed for information security and breach notification purposes. Provides for the requirements of this Act to apply to certain entities in place of existing security practices and notifications standards currently enforced by the Federal Communications Commission.
Topic: Domestic Commerce — Consumer Finance
Subject: Finance and financial sector
Date: 2015-05-07 00:00:00

Military Families Credit Reporting Act 

This bill amends the Fair Credit Reporting Act with respect to an item of adverse information about an active duty military consumer.

Declares that, if the action or inaction that gave rise to the item occurred while the consumer was an active duty military consumer, then: (1) the consumer may provide appropriate proof, including official orders, to a consumer reporting agency that the consumer was an active duty military consumer at the time the action or inaction occurred; and (2) any consumer report made by the agency including that item of information shall clearly and conspicuously disclose that the consumer was an active duty military consumer when the action or inaction that gave rise to the item occurred.

Requires the Consumer Financial Protection Bureau to prepare and make publicly available a model form that allows a consumer to: (1) notify a consumer reporting agency that the consumer is an active duty military consumer, and (2) provide the consumer's contact information for communicating with the consumer while he or she is an active duty military consumer.

Requires a consumer reporting agency to notify promptly an active duty military consumer whenever it receives an item of adverse information about him or her, along with a description of the item and the method by which the consumer can dispute the validity of the item.

Requires an agency also to use any separate contact information an active duty military consumer has given it for all communications while the individual is an active duty military consumer.

Declares the sense of Congress that any person making use of a consumer report containing an item of adverse information that occurred while the consumer was an active duty military consumer should take that fact into account when evaluating the consumer's creditworthiness.

Requires a consumer reporting agency, with respect to an item of information under dispute by an active duty military consumer, to include in the consumer's file that he or she was an active duty military consumer at the time the action or inaction that gave rise to the disputed item occurred, and indicate this fact in each consumer report that includes the disputed item.