jiayi-li23/proxann_data huggingface dataset:
Topic: Domestic Commerce — Consumer Finance
Subject: Finance and financial sector
Date: 2014-04-03 00:00:00

CFPB Improvement Act of 2014 - Amends the Consumer Financial Protection Act of 2010 to authorize the Chairperson of the Financial Stability Oversight Council to issue a stay of, or set aside, any regulation issued by the Consumer Financial Protection Bureau (CFPB) upon the affirmative vote of the majority of Council members (currently, two-thirds), excluding the Director. .

Requires the Council, upon the petition of a member agency of the Council, to set aside a final regulation prescribed by the CFPB if the Council decides that such regulation is inconsistent with the safe and sound operations of U.S. financial institutions. (Currently the Council is merely authorized, upon petition, to set aside a final regulation if it would put the safety and soundness of the U.S. banking system or the stability of the U.S. financial system at risk.)

Repeals: (1) the prohibition against Council set-aside of a regulation after expiration of a specified time period, and (2) mandatory dismissal of a petition if the Council has not issued a decision within such time period.

Requires the CFPB Director, when prescribing a rule under federal consumer financial laws, to consider its impact upon the financial safety or soundness of an insured depository institution.
Topic: Domestic Commerce — Consumer Finance
Subject: Finance and financial sector
Date: 2014-04-09 00:00:00

Stop Errors in Credit Use and Reporting Act or the SECURE Act - Amends the Fair Credit Reporting Act, with respect to civil liability for either willful or negligent noncompliance by a consumer reporting agency with respect to consumer credit protection requirements, to authorize a court to award: (1) injunctive relief to require compliance with such Act, and (2) costs and reasonable attorney fees to the prevailing party in any successful action for injunctive relief.

Requires a consumer reporting agency to include, in its mandatory notification to a furnisher of disputed information in a consumer's file, all documentation provided by the consumer.

Requires the furnisher of disputed information, upon notification of a dispute, to review and consider all documentation provided by the consumer.

Directs the Consumer Financial Protection Bureau (CFPB) to: (1) prepare, and deliver to appropriate parties, reports concerning disputed information received by consumer reporting agencies; and (2) prescribe rules for the gathering of information relating to such disputes.

Directs the CFPB to establish mandatory procedures for a consumer reporting agency to follow to assure maximum possible accuracy of all consumer reports.

 Requires a consumer reporting agency to give a consumer a credit score free of charge if one is requested in connection with a free annual consumer report.

Requires a consumer reporting agency to provide free disclosures, even without consumer request, to any consumer who has received either a notice of adverse action or an offer of credit on materially less favorable terms. (Present law requires such disclosure only if the consumer so requests).

Directs the CFPB to establish three publicly available registries of consumer reporting agencies, including registries of: (1) nationwide consumer reporting agencies; and (2) nationwide specialty consumer reporting agencies.

Directs the Comptroller General (GAO) to study: (1) credit systems in the international credit system with government-administered consumer credit reporting systems; and (2) the feasibility of a national, U.S. government-administered consumer credit reporting system.
Topic: Domestic Commerce — Consumer Finance
Subject: Finance and financial sector
Date: 2014-05-13 00:00:00

Fair Debt Collection Practices Technical Clarification Act of 2014 - Amends the Fair Debt Collection Practices Act to exclude from the definition of "debt collector" any law firm or licensed attorney: (1) serving, filing, or conveying formal legal pleadings, discovery requests, or other documents pursuant to the applicable rules of civil procedure; or (2) communicating in, or at the direction of, a court of law or in depositions or settlement conferences, in connection with a pending legal action to collect a debt on behalf of a client.

Prohibits such amendments from being construed to exempt any law firm or licensed attorney engaged in any activity other than those activities specifically described in the amendments from being subject to any other applicable provision of the Fair Debt Collection Practices Act.
Topic: Domestic Commerce — Consumer Finance
Subject: Finance and financial sector
Date: 2014-06-10 00:00:00

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 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 may dispute the validity of the item.

Requires an agency also to use any 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.
Topic: Domestic Commerce — Consumer Finance
Subject: Finance and financial sector
Date: 2014-07-22 00:00:00

Amends the Truth in Lending Act with respect to the permission that a creditor may presume that a residential mortgage loan has met the requirement that, at the time the loan is consummated, the consumer has a reasonable ability to repay it, if the loan is a qualified mortgage.

Treats as a qualified mortgage any residential mortgage loan made by a creditor having less than $10 billion in total assets, so long as it appears on the creditor's balance sheet (held on portfolio).
Topic: Domestic Commerce — Consumer Finance
Subject: Finance and financial sector
Date: 2014-07-30 00:00:00

Amends the Truth in Lending Act to limit to a city or town with under 50,000 inhabitants the meaning of "rural" with respect to rural lenders which may presume that the applicant for a residential mortgage loan has a reasonable ability to repay the loan and all applicable taxes, insurance, and assessments.
Topic: Domestic Commerce — Consumer Finance
Subject: Housing and community development
Date: 2014-09-18 00:00:00

Preserving American Homeownership Act of 2014 - Requires the Director of the Federal Housing Finance Agency and the Federal Housing Commissioner each to establish a pilot program to encourage the use of shared equity mortgage modifications designed to return greater net present value to investors than other loss-mitigation activities, including foreclosure.

Requires a shared equity mortgage modification to:

 reduce by specified action the loan-to-value ratio of a covered mortgage to 100% or less within 3 years; reduce the interest rate if such a reduction of principal would not result in an affordable reduced monthly payment; reduce to a specified amount any periodic payment the homeowner is required to make; require the homeowner to pay the investor, upon refinancing or selling the real property securing a covered mortgage, up to 50% of the amount of the equity value of the real property, subject to certain conditions; be designed to deliver maximal net present value to the investor; and be based on specified factors.
Topic: Domestic Commerce — Consumer Finance
Subject: Housing and community development
Date: 2014-09-18 00:00:00

Workforce Residential Housing Act of 2014 - Amends the National Housing Act to except from the prohibition against the use of houses built with federally insured mortgages for transient or hotel housing certain mulifamily housing that is a short-term residential property, provided that the Secretary of Housing and Urban Development (HUD) has determined that the provision of such insurance is appropriate.

Defines "short-term residential property" as multifamily housing that:

 has more than 50 dwelling units, each of which contains a kitchen and bathroom facilities; provides mailboxes for each unit; rents the units for a minimum stay of seven days; and does not provide food or beverage services, daily maid services, furnishing and laundering of linen without charge, or bellhop services. Directs the Secretary to: (1) evaluate the risk of providing mortgage insurance for short-term residential properties, and (2) report to Congress on whether any additional risk to the General Insurance Fund resulting from the provision of mortgage insurance for such properties is appropriate.
Topic: Domestic Commerce — Consumer Finance
Subject: Government operations and politics
Date: 2015-01-06 00:00:00

This bill restores a 10-year statute of limitations for the collection of debts by administrative offset. An administrative offset is the withholding of funds payable by or held by the United States to satisfy a debt, and this bill prohibits the procedure from being used for claims that have been outstanding for more than 10 years.

The bill prohibits the Social Security Administration from seeking an administrative offset for collection of a debt or claim arising out of a Social Security benefit payment from a beneficiary's child who is without fault or from an individual who was under the age of 18 when the debt or claim arose.
Topic: Domestic Commerce — Consumer Finance
Subject: Housing and community development
Date: 2015-01-06 00:00:00

FHA Alternative Credit Pilot Program Reauthorization Act of 2015

 Amends the National Housing Act to extend from five to 10 years the pilot program to establish for mortgagees an automated process for providing alternative credit rating information on mortgagors and prospective mortgagors under mortgages on 1- to 4-family residences who have insufficient credit histories for determining their creditworthiness.
Topic: Domestic Commerce — Consumer Finance
Subject: Housing and community development
Date: 2015-01-06 00:00:00

FHA In-Person Servicing Improvement Act of 2015

 Directs the Secretary of Housing and Urban Development (HUD) to carry out a pilot program to use authority under the National Housing Act to pay insurance benefits to compensate a mortgagee for any costs of taking loss mitigation actions providing an alternative to foreclosure of a mortgage in default or facing imminent default.

Requires the Secretary to make payments to a qualified entity or entities to compensate for their costs of making in-person contact with mortgagors whose payments under covered mortgages are more than 60 days past due.
Topic: Domestic Commerce — Consumer Finance
Subject: Housing and community development
Date: 2015-01-06 00:00:00

Amends the Truth in Lending Act to modify the exclusion from the definition of "mortgage originator" of a seller providing mortgage financing of three properties in a 12-month period to remove the requirement that a residential mortgage loan be fully amortizing. (Allows treatment as a mortgage originator of any seller providing mortgage financing of three properties in a 12-month period even if the mortgage loan involved is not fully amortizing.)
Topic: Domestic Commerce — Consumer Finance
Subject: Finance and financial sector
Date: 2015-01-14 00:00:00

Facilitating Access to Credit Act of 2015

 Amends the Credit Repair Organizations Act to exempt from its coverage any consumer reporting agency (or affiliate or subsidiary) described under the Fair Credit Reporting Act as:

 one that compiles and maintains files on consumers on a nationwide basis; or any person which, for monetary fees, dues, or on a cooperative nonprofit basis, regularly engages in whole or in part in the practice of assembling or evaluating consumer credit information or other information on consumers in order to furnish consumer reports to third parties, if the person is subject to supervision and examination by the Consumer Financial Protection Bureau. Preempts state law and regulations concerning a credit repair organization to the extent they would apply to consumer reporting agencies subject to this Act.

Directs the Federal Trade Commission to study whether, in addition to these persons, any other person should be exempt from the Credit Repair Organizations Act.
Topic: Domestic Commerce — Consumer Finance
Subject: Housing and community development
Date: 2015-01-27 00:00:00

Pay Back the Taxpayers Act of 2015

 Prohibits the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government sponsored enterprises or GSEs), after enactment of this Act and during the term of any conservatorship or receivership, from making any contribution or transfer to, or allocating or setting aside any amounts for, the Housing Trust Fund or the Capital Magnet Fund.

Requires any amounts set aside by a GSE, before enactment of this Act, for either Trust Fund but not yet allocated or transferred to it, not to be so allocated or transferred but to be covered into the General Fund of the Treasury and used only for reducing the federal budget deficit.

Requires any amounts paid or repaid to the Secretary of the Treasury by a GSE, in any form after enactment, and during any conservatorship or receivership of the GSE, to be covered into the General Fund and for the same purpose only.
Topic: Domestic Commerce — Consumer Finance
Subject: Commerce
Date: 2015-01-28 00:00:00

Data Accountability and Trust Act

Requires the Federal Trade Commission (FTC) to promulgate regulations requiring each person engaged in interstate commerce that owns or possesses data containing personal information to establish specified security policies and procedures to treat and protect such information.

Requires the regulations to include methods for disposing of both electronic and nonelectronic data.

Requires information brokers to submit their security policies to the FTC in conjunction with a notification of a security breach notification or upon the FTC's request. Authorizes the FTC to conduct information security practices audits of brokers who have had a security breach or require such brokers to conduct independent audits.

Requires information brokers to: (1) establish procedures to verify the accuracy of information that identifies individuals, (2) provide to individuals whose personal information it maintains a means to review it, (3) place a conspicuous notice on the Internet instructing individuals how to request access to such information, and (4) correct inaccurate information.

Directs the FTC to require information brokers to establish measures which facilitate the auditing or retracing of access to, or transmissions of, any data containing personal information.

Makes it unlawful for information brokers to obtain or disclose personal information by false pretenses (pretexting).

Requires such person to notify the FTC and affected individuals of information security breaches. Sets forth requirements concerning such notification, including method of notification requirements and timeliness requirements. Allows an exemption from notification requirements if such person determines that there is no reasonable risk of identity theft, fraud, or other unlawful conduct.

Preempts state information security laws.
Topic: Domestic Commerce — Consumer Finance
Subject: Housing and community development
Date: 2015-02-02 00:00:00

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

Preserving Access to Manufactured Housing Act of 2015

(Sec. 2) 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.

(Sec. 3) Revises the definition of "high cost mortgage."
Topic: Domestic Commerce — Consumer Finance
Subject: Housing and community development
Date: 2015-02-03 00:00:00

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

Mortgage Choice Act of 2015

 (Sec. 2) Amends the Truth in Lending Act with respect to requirements for disclosure to a consumer of points and fees information about a consumer credit transaction, secured by the consumer's principal dwelling, but which is not a residential mortgage transaction, a reverse mortgage transaction, or a transaction under an open end credit plan, when the total points and fees the consumer must pay at or before closing will exceed 8% of the total loan amount or $400, whichever is greater. (Such consumer credit transactions might include an equity credit line to which consumer purchases or leases may be charged.)

Excludes from the computation of such points and fees any escrow for future payment of insurance.

Modifies the criteria for exclusion from the computation of points and fees of certain reasonable charges elsewhere exempted from the computation of the finance charge in extensions of credit secured by an interest in real property. Excludes from points and fees any such reasonable charges even though a creditor receives compensation, but only in so far as the creditor or its affiliate retains the compensation as a result of their participation in an affiliated business arrangement.

(An "affiliated business arrangement" is one in which: (1) a person who is in a position to refer business incident to or a part of a real estate settlement service involving a federally related mortgage loan, or an associate of such person, has either an affiliate relationship with or a direct or beneficial ownership interest of more than 1% in a provider of settlement services; and (2) either of such persons directly or indirectly refers such business to that provider or affirmatively influences the provider's selection.)

Revises the additional requirement that such a reasonable charge be paid to a third party unaffiliated with the creditor. Requires the charge to be: (1) a bona fide third party charge not retained by the mortgage originator, creditor, or an affiliate; or (2) a fee or premium for title examination, title insurance, or similar purposes.

Modifies the conditions under which federal departments and agencies may exempt refinancings under a streamlined refinancing from an income verification requirement that, at the time a refinancing is consummated, the consumer has a reasonable ability to repay the loan and all applicable taxes, insurance, and assessments. Repeals the exception for bona fide third party charges not retained by the mortgage originator, creditor, or an affiliate from the requirement that total points and fees not exceed 3% of the total new loan amount. (Thus subjects such charges to the same 3% ceiling.)
Topic: Domestic Commerce — Consumer Finance
Subject: Housing and community development
Date: 2015-02-13 00:00:00

End Unnecessary Borrowing Act of 2015 

 Amends the National Housing Act with respect to the requirement that the Secretary of Housing and Urban Development endeavor to ensure that the Mutual Mortgage Insurance Fund attains a capital ratio of not less than 2% within 10 years after enactment of that requirement (November 5, 1990) and to ensure that the Fund maintains at least that capital ratio at all times thereafter.

Prohibits these requirements from being construed to authorize or require the Secretary to borrow any amounts to comply with the capital ratio requirement.

Limits the use of any authority of the Secretary to borrow from the Treasury for the Mutual Mortgage Insurance Fund only to the extent necessary to pay claims on mortgage insurance that is an obligation of such Fund.
Topic: Domestic Commerce — Consumer Finance
Subject: Taxation
Date: 2015-02-13 00:00:00

Mortgage Forgiveness Tax Relief Act of 2015

 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: Finance and financial sector
Date: 2015-02-24 00:00:00

Let the GSEs Pay Us Back Act of 2015

 Directs the Secretary of the Treasury, the Federal National Mortgage Association (Fannie Mae) and any affiliate, and the Federal Home Loan Mortgage Corporation (Freddie Mac) and any affiliate (government sponsored enterprises or GSEs), with each GSE acting through an appointed conservator, to enter into an agreement that modifies the Preferred Stock Purchase Agreement for the GSE to provide that: (1) any Senior Preferred Stock purchased under the Agreement by the Treasury shall not accrue further dividends; and (2) any amounts received by the GSE, before or after the modification, during a single year as a draw upon the Treasury's commitment under the Agreement shall be treated as a loan by the Treasury to the GSE meeting specified criteria.

Specifies as such criteria that this loan be treated as though originated on the date of the last such draw during that year, with: (1) an original principal obligation equal to the aggregate amount of such draws, (2) a 30-year term, (3) an annual interest rate of 5%, and (4) requirements for full amortization of the loan over the 30-year term. Requires the GSE to repay the loan in accordance with the amortization schedule established.

Requires any dividends paid by the GSE to the Treasury under the Agreement before the modification to be treated as payments of principal and interest due under the loan, to be credited against payments due: (1) first to the loan with the earliest origination date that has not yet been fully repaid until it is repaid, and (2) then to the loan having the next earliest origination date until it is repaid.