jiayi-li23/proxann_data huggingface dataset:
Topic: Domestic Commerce — Banking
Subject: Finance and financial sector
Date: 2015-11-16 00:00:00

Consumer Protection and Choice Act

This bill amends the Truth in Lending Act to prohibit a deferred presentment transaction except as provided under this Act.

A "deferred presentment transaction" is one in which currency or other payment is provided to a consumer in exchange for a consumer's check or other payment instrument and an agreement that such check or payment instrument shall be held for a deferment period prior to presentment, deposit, or redemption.

If the Consumer Financial Protection Bureau (CFPB) determines that a state has in effect a law that provides for the licensing of deferred presentment providers and the regulation of deferred presentment transactions, and that meets the requirements specified by this Act, any CFPB regulations concerning such transactions and providers shall not apply in such state.

Such a state law must:

 require a provider to be licensed by the state; establish a transaction database; require a provider to verify through such database that a consumer entering into such a transaction does not have an outstanding transaction; require a provider to report immediately to such database information about each transaction entered into and each transaction paid or settled; require that a transaction agreement be in writing and allow the consumer to rescind the agreement within the first 24 hours; require a transaction agreement to limit the interest and fees to no more that 10% of the transaction amount, the processing fee to $5, the transaction amount to $500, and the duration of the transaction to no less than 7 days and no more than 31 days; and allow a 60-day grace period after the contractual repayment date for a consumer to repay the amount due, subject to early termination if a consumer fails to complete a course with a consumer credit counseling agency. The bill makes these changes effective 24 months after enactment and prohibits the CFPB from establishing or enforcing any regulation governing deferred presentment transactions or payday loans during such period.
Topic: Domestic Commerce — Banking
Subject: Taxation
Date: 2015-11-17 00:00:00

USAccounts: Investing in America's Future Act of 2015

This bill establishes in the Treasury the USAccount Fund, from which an initial contribution and subsequent matching contributions of up to $500 annually shall be made to accounts known as USAccounts.

USAccounts shall be established under this Act for individuals born after December 31, 2017, who have not yet attained age 18. The bill provides for contributions by the government and the private sector to such USAccounts and allows tax-exempt distributions from such accounts for higher education expenses and for funding the individual retirement accounts of an account holder, but prohibits any distributions before an account holder reaches age 18.

The bill establishes in the executive branch a USAccount Fund Board to manage investments in the USAccount Fund.

The bill amends the Internal Revenue Code to: (1) exempt the USAccount Fund and USAccounts from income taxation, (2) increase the amount of the child tax credit by the applicable USAccount contribution amount, and (3) require the Internal Revenue Service to notify taxpayers of their potential eligibility for the earned income tax credit.
Topic: Domestic Commerce — Banking
Subject: Finance and financial sector
Date: 2015-11-17 00:00:00

Volcker Rule Relief Act of 2015

This bill amends the Bank Holding Company Act of 1956 with respect to the prohibition ("Volcker Rule") against a banking entity's: (1) engaging in proprietary trading; or (2) acquiring or retaining any equity, partnership, or other ownership interest in, or sponsoring, hedge funds or private equity funds.

"Banking entity" shall not include (and so the Volcker Rule shall not apply to) any entity that:

 is not predominantly engaged in financial activities, nor is a bank holding company or a nonbank financial company supervised by the Board of Governors of the Federal Reserve System, nor a direct or indirect subsidiary of a bank holding company or a nonbank financial company supervised by the Board; or would be a banking entity solely owing to its control of such an entity. The bill also exempts from the Volcker Rule any banking entity with total consolidated assets of $10 billion or less.
Topic: Domestic Commerce — Banking
Subject: Finance and financial sector
Date: 2015-11-19 00:00:00

Consumer Financial Protection Bureau Examination and Reporting Threshold Act of 2015

This bill amends the Consumer Financial Protection Act of 2010 to raise the examination threshold that brings an insured depository institution or insured credit union within its supervisory purview from assets of $10 billion or more to assets of $50 billion or more.

The bill increases from assets of $10 billion or less to assets of $50 billion or less the size of an insured depository institution or insured credit union that is subject to the Act's reporting requirements.
Topic: Domestic Commerce — Banking
Subject: Finance and financial sector
Date: 2015-11-19 00:00:00

This bill amends the Federal Deposit Insurance Act with respect to the prohibition declaring that an insured depository institution that is not well-capitalized may not accept funds obtained, directly or indirectly, by or through any deposit broker for deposit into one or more deposit accounts.

Reciprocal deposits of an insured depository institution, however, shall not be considered to be prohibited broker deposits if:

 the composite condition of the institution at its most recent examination was adjudged either good or outstanding, or total reciprocal deposits of the institution do not exceed either $10 billion or 20% of its total liabilities.
Topic: Domestic Commerce — Banking
Subject: Finance and financial sector
Date: 2015-12-10 00:00:00

This bill amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to: (1) require each voting member of the Financial Stability Oversight Council to testify at least twice each year before the House Financial Services Committee and the Senate Banking, Housing, and Urban Affairs Committee if invited to do so; and (2) permit Members of Congress who serve on such committees to attend council meetings, regardless of whether such meetings are open to the public, if in any year a council member fails to testify at least twice before each such committee after being invited to do so.
Topic: Domestic Commerce — Banking
Subject: Finance and financial sector
Date: 2015-12-15 00:00:00

FSOC Designation Review Act 

This bill amends the Financial Stability Act of 2010 to revise requirements for reevaluation and reaffirmation of determinations by the Financial Stability Oversight Council (FSOC) that the Board of Governors of the Federal Reserve System supervise and regulate U.S. or foreign nonbank financial companies.

The FSOC shall reevaluate such a determination not only annually (as under current law) but also upon the request of a nonbank financial company based on its representation that there has been a material change in its operations or activities or a material change in regulatory or market conditions.

FSOC must give the company as part of a reevaluation:

 a confidential written analysis of the specific elements of the company's exposures or activities that would be relevant to the FSOC's reevaluation; and opportunity to submit written materials in response, including a plan to obtain rescission of the determination or other materials relevant to the assessment. The FSOC's written analysis must assess with particularity the company's vulnerability to financial distress, including consideration of its leverage, liquidity risk, and maturity mismatch, and existing regulatory scrutiny of the company.

Following a reevaluation the FSOC shall vote whether to reaffirm the determination; but if two-thirds of the voting members do not vote in favor of reaffirmation, the determination in question shall be rescinded immediately, subject at company option to judicial review. (Currently a determination is automatically reaffirmed upon reevaluation unless by a two-thirds vote the FSOC rescinds it.)
Topic: Domestic Commerce — Banking
Subject: Finance and financial sector
Date: 2016-02-09 00:00:00

Community Bank Reporting Relief Act

 This bill amends the Federal Deposit Insurance Act to direct federal banking agencies to issue regulations that allow a reduced reporting requirement for highly rated and well-capitalized depository institutions meeting certain other criteria when making the first and third report of condition for a year.
Topic: Domestic Commerce — Banking
Subject: Finance and financial sector
Date: 2016-02-26 00:00:00

Traditional Banking Regulatory Relief Act of 2015 

This bill amends the Federal Deposit Insurance Act (FDIA) to prescribe capital requirements for traditional banking organizations (TBOs) at a minimum simple leverage ratio of no less than 10%.

A TBO is any bank holding company, savings and loan holding company, bank, or savings association that individually (and when including its parent, subsidiaries, and affiliates) meets the following criteria:

 has zero trading assets and zero trading liabilities, does not engage in swaps or security-based swaps other than those referencing interest rates or foreign exchange swaps, and has a total gross notional exposure of swaps and security-based swaps of not more than $3 billion. "Simple leverage ratio" means:

 total equity less goodwill and deferred tax assets, divided by total assets less goodwill and deferred tax assets, as measured by generally accepted accounting principles. A TBO meeting this minimum simple leverage ratio may notify the federal banking agencies to maintain it as the sole measure of its capital adequacy. The risk-based capital requirement shall not apply to it.

If the TBO fails to maintain the minimum simple leverage ratio, it shall remain exempt from the risk-based capital requirement for an 18-month grace period.

The bill grants a TBO with a simple leverage ratio of 8% or more a phase-in period of 18 months after enactment of this bill within which to elect to meet the minimum simple leverage ratio as its sole measure of capital adequacy.

 The federal banking agencies, with respect to reports of condition, shall permit a reduced reporting requirement for a TBO electing to maintain a simple leverage ratio as its sole measure of capital adequacy.

The 18-month on-site examination cycle shall apply to TBOs (and, as under current law, to insured depository institutions whose assets total less than $1 billion) if the appropriate federal banking agency believes this is consistent with the TBO's safety and soundness.

The bill repeals the authority of federal banking agencies, at their discretion, to increase the maximum asset amount of insured depository institutions for certain purposes.

The Dodd-Frank Wall Street Reform and Consumer Protection Act is amended to exempt TBOs from mandatory annual stress tests.
Topic: Domestic Commerce — Banking
Subject: Finance and financial sector
Date: 2016-03-17 00:00:00

FDIC Accountability Act of 2016

This bill amends the Federal Deposit Insurance Act to authorize the Federal Deposit Insurance Corporation (FDIC) to incur obligations or allow and pay expenses only pursuant to an appropriations Act, except for obligations or expenses that have either been:

 paid for with funds from the Deposit Insurance Fund; or incurred, allowed, or paid to implement the insurance function of the FDIC. Any FDIC-collected fees that are not deposit insurance fees must be deposited and credited as offsetting collections to the account providing appropriations to the FDIC.
Topic: Domestic Commerce — Banking
Subject: Foreign trade and international finance
Date: 2016-03-22 00:00:00

North American Development Bank General Capital Increase Authorization Act of 2016

This bill: (1) authorizes the Department of the Treasury to subscribe on behalf of the United States to 150,000 additional shares of the capital stock of the North American Development Bank, and (2) authorizes appropriations for such shares.
Topic: Domestic Commerce — Banking
Subject: Finance and financial sector
Date: 2016-04-11 00:00:00

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

(Sec. 1) This bill amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to repeal Title II (Orderly Liquidation Authority), concerning the bankruptcy of financial institutions, and makes conforming amendments to the Federal Deposit Insurance Act and the Federal Reserve Act.
Topic: Domestic Commerce — Banking
Subject: Finance and financial sector
Date: 2016-04-21 00:00:00

This bill amends the Federal Reserve Act to revise the formula for subscription of national banking associations to the stock of their regional Federal Reserve Bank.

Instead of one-sixth of an association's subscription to be payable on call by the Board of Governors of the Federal Reserve System, a member bank shall pay one-twelfth of its subscription when the Federal Reserve Board directs, and the remainder subject to the call of the Board.

If a member bank has total consolidated assets of $10 billion or less, however, it may elect to pay one-half of its subscription instead of one-twelfth, but only once, and only within the first year after it becomes a member bank.

The bill makes similar revisions to the formula for an increase in a member bank's capital stock or surplus.

The Board may only call the subscription of a member bank if the aggregate amount of surplus funds of the Federal Reserve Banks is exhausted.

A member bank may elect to have called amounts returned to it if the aggregate amount of surplus funds of the Federal Reserve Banks is $1 billion or more.

The Board shall make annually inflation adjustments to the dollar amounts of total consolidated assets specified in the Act and in this bill to reflect the change in the Gross Domestic Product Price Index, published by the Bureau of Economic Analysis of the Department of Commerce.
Topic: Domestic Commerce — Banking
Subject: Finance and financial sector
Date: 2016-06-09 00:00:00

Credit Union Examination Reform Act of 2016

This bill amends the Federal Credit Union Act to permit an examination to be carried out only once every 18 months of a federal credit union or an insured credit union that:

 has total assets of less than $1 billion; is well capitalized (or adequately capitalized, in the case of an insured credit union); was found in its most recent examination to be well managed, with a composite rating (under the Uniform Financial Institutions Rating System) of 1, in the case of a credit union that has total assets of more than $200 million, or 1 or 2, in the case of a credit union that has total assets of $200 million or less; and is not currently subject to a formal enforcement proceeding or order by the National Credit Union Administration (NCUA). Such limitation shall not apply if the NCUA determines that such a credit union: (1) should be examined more often because of safety and soundness concerns, or (2) has violated the law.

 The NCUA shall issue a report on how this bill affects its budget.
Topic: Domestic Commerce — Banking
Subject: Finance and financial sector
Date: 2016-06-16 00:00:00

Equal Access to Banking Act

This bill requires the Federal Deposit Insurance Corporation (FDIC) to issue regulations: (1) easing the restrictive impact of regulations issued pursuant to the Federal Deposit Insurance Act relating to the factors to be considered for deposit insurance on non-profit community development financial institution banks, and (2) easing restrictions on the operation of such banks insured by the FDIC.

 The FDIC shall ensure that such regulations issued under this bill: (1) will not provide an opportunity for individuals or for-profit financial institutions to avoid taxation or other requirements related to deposit insurance, and (2) allow charitable contributions and grants to such banks.

The FDIC shall terminate the deposit insurance of such a bank if the bank loses its certification as a community development financial institution.

The bill defines a "non-profit community development financial institution bank" as a non-profit depository institution that: (1) is certified as a community development financial institution by the Community Development Financial Institutions Fund, and (2) serves low-income and moderate-income customers.
Topic: Domestic Commerce — Banking
Subject: Finance and financial sector
Date: 2016-06-21 00:00:00

Financial Services for the Underserved Act of 2016

This bill amends the Federal Credit Union Act to revise the requirements for allowing a federal credit union to extend its field of membership in an underserved area.

The credit union must be well capitalized or adequately capitalized, and within 24 months after approval by the National Credit Union Administration (NCUA) it must have established and maintained an ongoing method to provide services in the local community, neighborhood, or rural district. (The current requirement is that the credit union must, without a deadline, establish and maintain an office or facility in the local community, neighborhood, or rural district at which credit union services are available.)

Any failure of a federal credit union to meet the latter requirement by the end of the 24-month period shall constitute a termination, as a matter of law, of NCUA approval of its application regarding the credit union's membership.

Any federal credit union with an approved application for an underserved area must report annually to the NCUA on the number of:

 credit union members who are members by reason of that application; and offices or facilities maintained by the credit union in the local community, neighborhood, or rural district taken into account by the NCUA in approving the application. The bill defines "underserved area" generally as a geographic area consisting of a single census tract or a group of census tracts, each of which meets the criteria for a low-income community or is underserved by other depository institutions, based on data of the NCUA and the federal banking agencies.
Topic: Domestic Commerce — Banking
Subject: Finance and financial sector
Date: 2016-06-28 00:00:00

TITLE I--ENHANCING ANTITERRORISM TOOLS OF THE DEPARTMENT OF THE TREASURY

(Sec. 101) This bill revises the authority of the Department of the Treasury to issue an order imposing recordkeeping and reporting requirements upon financial institutions and nonfinancial trade or business groups in certain geographic areas regarding transactions for the payment, receipt, or transfer of U.S. coins or currency (or other monetary instruments as Treasury may describe in an order).

A Treasury order for recordkeeping and reporting may include all funds (not just U.S. coins or currency) involved in such transactions.

(Sec. 102) To improve the tracking of cross-border fund transfers and identify forms of terrorist financing, Treasury must report on: (1) the efficacy of requiring banking regulators to establish a pilot program to provide technical assistance to depository institutions and credit unions that wish to provide account services to money services businesses serving individuals in Somalia; (2) whether the pilot program could improve the ability of U.S. persons to make legitimate funds transfers through transparent monitored channels while complying with the Bank Secrecy Act and controls aimed at stopping money laundering and the financing of terrorism; and (3) information sharing mechanisms for depository institutions and credit unions to understand whether an individual money services business is meeting its obligations to combat illicit finance.

(Sec. 103) The bill expresses the sense of Congress that the Under Secretary for Terrorism and Financial Crimes should help foreign partners integrate intelligence analytic capacities with anti-money laundering and counter-terrorist financing regimes.

(Sec. 104) Treasury must report on the role of its financial attaches and technical advisors at U.S. embassies and their resources to assist in countering terrorist financing and money laundering.

TITLE II--NATIONAL STRATEGY FOR COMBATING TERRORIST AND OTHER ILLICIT FINANCING

(Sec. 201) Treasury must develop a national strategy with priorities to combat terrorist financing and prevent illicit finance activities within and transiting the U.S. financial system. The strategy must: (1) identify the most significant threats, (2) coordinate enforcement efforts at all levels of government and with international partners, and (3) describe efforts to ensure that data collected by the federal government is available in a timely fashion to agencies and appropriate financial institutions and that agencies make use of publicly available data.
Topic: Domestic Commerce — Banking
Subject: Finance and financial sector
Date: 2016-07-07 00:00:00

Retail Checking Account Protection Act of 2016

This bill amends the Federal Deposit Insurance Act to provide that the stable retail deposits of an insured depository institution shall not be considered to be funds obtained by or through a deposit broker. Currently, stable retail deposits are considered brokered deposits. As a result, those deposits are subject to restrictions applicable to other brokered deposits, such as prohibitions on undercapitalized banks accepting brokered deposits. This bill would exclude stable retail deposits from those restrictions.
Topic: Domestic Commerce — Banking
Subject: Finance and financial sector
Date: 2016-07-11 00:00:00

Protecting Consumers' Access to Credit Act of 2016

This bill amends the Revised Statutes and the Federal Deposit Insurance Act to state that bank loans that are valid when made as to their maximum rate of interest in accordance with federal law shall remain valid with respect to that rate regardless of whether a bank has subsequently sold or assigned the loan to a third party. (Under these laws, interest may be charged on loans to customers at the greater of: (1) a rate not more than 1% above the discount rate on 90-day commercial paper in effect at the Federal Reserve Bank for the district in which the lender is located, or (2) the highest rate allowed by the laws of the state in which the lender is located.)
Topic: Domestic Commerce — Banking
Subject: Taxation
Date: 2016-07-12 00:00:00

Secure, Accessible, Valuable, Efficient Universal Pension Accounts Act or the SAVE UP Act 

This bill amends the Internal Revenue Code to establish the SAVE UP Account program to provide tax-exempt retirement accounts to employees who are not otherwise eligible for certain retirement plans.

The bill establishes: (1) a board of trustees to create and manage the accounts, (2) a board of governors to establish policies for the investment and management of fund assets, and (3) a trust fund and accounts in the Treasury for the program.

An employer must establish an account contribution program if: (1) the employer's aggregate number of employee hours of service during the preceding year was at least 1,600; (2) the employer does not offer a retirement plan to all employees. Government entities and churches are exempt from this requirement.

Under the contribution program, employers must: (1) contribute at least 50 cents per hour worked by the employee; and (2) make automatic contributions on behalf of employees who do not opt-out, beginning with 3% of wages and eventually increasing to 5%.

The bill sets forth requirements for: (1) determining an employee's share of positive net investment returns, and (2) paying benefits from the accounts in the form of an annuity

The bill allows a tax credit for certain small employers who elect to set up contribution programs for their employees.

If an employer fails to maintain a required contribution program, the bill disallows the deduction for compensation for services performed by employees of the employer.