jiayi-li23/proxann_data huggingface dataset:
Topic: Domestic Commerce — Banking
Subject: Finance and financial sector
Date: 2015-02-05 00:00:00

Financial Institution Customer Protection Act of 2016

 (Sec. 2) This bill prohibits a federal banking agency from formally or informally suggesting, requesting, or ordering a depository institution to terminate either a specific customer account, or group of customer accounts, or otherwise restrict or discourage it from entering into or maintaining a banking relationship with a specific customer or group of customers, unless: (1) the agency has a material reason to do so, and (2) the reason is not based solely on reputation risk.

The "material reason" criterion shall be satisfied if an agency believes that a specific customer or group of customers poses a threat to national security, including any belief that they are involved in terrorist financing.

Unless the appropriate agency determines that the customer or group of customers has used due diligence to avoid doing business with any entity described below, the bill deems the criteria addressing "material reason" to be met if the agency believes a customer or group of customers is, or is acting as, a conduit for an entity which:

 poses a threat to national security; is involved in terrorist financing; is an agency of the government of Iran, North Korea, Syria, or any country listed from time to time on the State Sponsors of Terrorism list; is either located in, or subject to the jurisdiction of, any of such countries; or does business with any entity located in such countries. If an appropriate federal banking agency orders a depository institution to terminate a specific customer account or a group of customer accounts, the depository institution shall inform the customer or customers of the justification for the termination.

No notice may be given to the customer, however, if the agency requests or orders a depository institution to terminate a customer account (or a group of customer accounts) based upon a belief that customer or those customers pose a threat to national security or are otherwise described above.

(Sec. 3) The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 is amended to revise requirements for summoning witnesses and requiring production of books or other records the Attorney General deems relevant or material to a civil investigation in contemplation of a civil proceeding which may result in civil penalties for specified violations.
Topic: Domestic Commerce — Banking
Subject: Finance and financial sector
Date: 2015-02-13 00:00:00

Capital Access for Small Businesses and Jobs Act 

 Amends the Federal Credit Union Act to empower federal credit unions to receive payments on certain uninsured non-share accounts, subject to such terms, rates, and conditions as may be established by the board of directors, within limitations prescribed by the National Credit Union Administration Board (Board).

Requires any Board-prescribed system of prompt corrective action to take into account that credit unions rely predominantly (under current law, must rely) upon retained earnings to build net worth.

Redefines "net worth" with respect to any insured credit union (other than a low-income credit union) to include uninsured non-share capital accounts that:

 do not alter the cooperative nature of the credit union; are subordinate to all other claims against the credit union, including the claims of creditors, shareholders, and the National Credit Union Share Insurance Fund; are available to cover operating losses in excess of retained earnings and, to the extent so applied, will not be replenished; if they have a stated maturity, have an initial maturity of at least five years, and their net worth may be discounted at the Board's discretion when the remaining maturity is less than five years; are subject to disclosure and consumer protection requirements as determined by the Board; are offered by a credit union that is sufficiently capitalized and well-managed; and are subject to such rules and regulations as the Board may establish.
Topic: Domestic Commerce — Banking
Subject: Taxation
Date: 2015-02-26 00:00:00

Start Saving Sooner Act of 2015

 Amends the Internal Revenue Code to establish a tax-exempt individual retirement account for taxpayers under age 18, to be known as a young savers account. Treats such accounts as Roth individual retirement accounts for income tax purposes. Allows the tax credit for retirement savings for contributions to a young savers account. Directs the Secretary of the Treasury to pay any overpayment of tax that is attributable to the tax credit for retirement savings to the taxpayer's young savers account.
Topic: Domestic Commerce — Banking
Subject: Finance and financial sector
Date: 2015-02-27 00:00:00

NCUA Budget Transparency Act

This bill instructs the Comptroller General to study the National Credit Union Administration (NCUA) in order to:

 examine the process and procedures related to NCUA budgeting practices; identify areas where the NCUA can provide greater budget transparency to Members of Congress, the NCUA's regulated entities, and the public; and determine the availability of line-by-line budget data for the National Credit Union Share Insurance Fund, the National Credit Union Central Liquidity Facility, and the Temporary Corporate Credit Union Stabilization Fund.
Topic: Domestic Commerce — Banking
Subject: Finance and financial sector
Date: 2015-03-02 00:00:00

Credit Union Small Business Jobs Creation Act 

 Amends the Federal Credit Union Act to prohibit an insured credit union from making any member business loan that would result in the total amount of such loans outstanding at that credit union at any one time exceeding either: (1) 1.75 times the actual net worth of the credit union, or (2) 12.25% of the total assets of the credit union.

Authorizes the National Credit Union Administration Board to approve an application by an insured credit union to make one or more member business loans that would result in a total amount of such loans outstanding at any one time of up to 27.5 % of the total assets of the credit union, if the credit union meets specified safety and soundness criteria. Prohibits an insured credit union that has made such a member business loan but that is not well capitalized from making any new member business loans until it becomes well capitalized and obtains Board approval.

Directs the Board to develop a tiered approval process, including lending standards, under which an insured credit union gradually increases the amount of member business lending in a manner consistent with safe and sound operations.

Directs the Comptroller General to study the status of member business lending by insured credit unions.
Topic: Domestic Commerce — Banking
Subject: Finance and financial sector
Date: 2015-03-04 00:00:00

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

Systemic Risk Designation Improvement Act of 2015

 (Sec. 3) This bill amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to authorize the Financial Stability Oversight Council (FSOC) to subject a bank holding company to enhanced supervision and prudential standards by the Board of Governors of the Federal Reserve System if the FSOC makes a final determination that material financial distress at the bank holding company, or the nature, scope, size, scale, concentration, interconnectedness, or mix of its activities, could threaten the financial stability of the United States. This FSOC determination procedure replaces the current process under which bank holding companies with total consolidated assets of $50 billion or more are automatically subject to such enhanced supervision and prudential standards.

 The FSOC must make these final determinations using an indicator-based measurement approach established by the Basel Committee on Banking Supervision to determine systemic importance, which considers each bank holding company's size, interconnectedness, available substitutes, global cross-jurisdictional activity, and complexity.

 A bank holding company designated, as of this bill's enactment, as a Global Systemically Important Bank (GSIB) by the Financial Stability Board shall be deemed to have been the subject of a final determination that it could pose a threat to U.S. financial stability, thereby making these GSIBs subject to enhanced supervision.

(Sec. 4) The bill revises the Federal Reserve Board's authority over bank holding company acquisition restrictions, prohibitions on interlocks between management of different financial companies, and enhanced supervision and prudential standards to make these requirements subject to FSOC's determination instead of operating automatically when a bank meets a $50 billion threshold.

(Sec. 5) The FSOC is prohibited from making a final determination concerning a bank holding company under this bill before one year after its enactment.

 A bank holding company shall be deemed to have been the subject of such a final determination during this one-year period, however, if its total consolidated assets are $50 billion or more.
Topic: Domestic Commerce — Banking
Subject: Finance and financial sector
Date: 2015-03-04 00:00:00

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

Holding Company Registration Threshold Equalization Act of 2015

 (Sec. 2) Amends the Securities Exchange Act of 1934 to require an issuer that is a savings and loan holding company to register with the Securities and Exchange Commission if: (1) its assets exceed $10 million, and (2) it has a class of equity security held of record by 2,000 or more persons.

Requires termination of such registration after a savings and loan holding company certifies that its holders of record of that class of security have been reduced to fewer than 1,200 persons.

Suspends automatically the duty of a savings and loan holding company to file supplementary and periodic information if the securities of each class to which the registration statement relates (other than any class of asset-backed securities) are held of record by fewer than 1,200 persons.
Topic: Domestic Commerce — Banking
Subject: Finance and financial sector
Date: 2015-03-13 00:00:00

Small Business and Community Investments Expansion Act of 2015

 Amends the Federal Home Loan Bank Act to authorize Federal Home Loan Banks to make long-term secured advances to their members to provide funds to community development financial institutions.

Requires a Bank, at the time of origination or renewal of a loan or advance, to obtain and maintain a security interest in collateral eligible pursuant to any secured loan for any community development financial institution.
Topic: Domestic Commerce — Banking
Subject: Taxation
Date: 2015-03-16 00:00:00

Roth Accounts for Youth Savings Act of 2015 or the RAYS Act 

This bill amends the Internal Revenue Code to allow dependents of a taxpayer to establish a tax-preferred savings account similar to the existing Roth Individual Retirement Account, to be known as a Roth Account for Youth. Any amounts in such an account will be disregarded for purposes of determining elibility for benefits or assistance under a means-tested federal benefit program.
Topic: Domestic Commerce — Banking
Subject: Finance and financial sector
Date: 2015-03-18 00:00:00

Credit Union Residential Loan Parity Act

Amends the Federal Credit Union Act to revise the definition of "member business loan," which currently excludes an extension of credit fully secured by a lien on a 1- to 4-family dwelling that is a member's primary residence.

Removes the condition that the dwelling be a member's primary residence, and so denying eligibility for a member business loan to any requested extension of credit that would be fully secured by a lien on a 1- to 4-family dwelling, regardless of whether it is or is not the member's primary residence.

Declares that this Act does not preclude the National Credit Union Administration from treating an extension of credit fully secured by a lien on a 1- to 4-family dwelling that is not a member's primary residence as a member business loan for purposes other than certain member business loan limitation requirements under the Act.
Topic: Domestic Commerce — Banking
Subject: Finance and financial sector
Date: 2015-03-19 00:00:00

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

SAFE Act Confidentiality and Privilege Enhancement Act

 (Sec. 2) Amends the S.A.F.E. Mortgage Licensing Act of 2008 to extend to state and federal regulatory officials having financial services oversight authority (currently only those having mortgage oversight authority) access to any information provided to the Nationwide Mortgage Licensing System and Registry (or any system established by the Director of the Consumer Financial Protection Bureau without the loss of privilege or confidentiality protections provided by federal and state laws.
Topic: Domestic Commerce — Banking
Subject: Finance and financial sector
Date: 2015-03-23 00:00:00

Community Bank Access to Capital Act of 2015

This bill directs the Board of Governors of the Federal Reserve System to increase the asset threshold under the Small Bank Holding Company Policy Statement on Assessment of Financial and Managerial Factors from less than $1 billion to less than $5 billion.

The Comptroller of the Currency, the Board, and the Federal Deposit Insurance Corporation (FDIC) shall exempt community banks from regulations implementing the International Regulatory Framework for Banks (Basel III), and, as they determine appropriate, to adjust the related capital requirements.

 A community bank is defined as one whose consolidated assets are $50 billion or less.

The bill also exempts from the internal control attestation requirements of the Sarbanes-Oxley Act of 2002 both an insured depository institution and a depository institution holding company with consolidated assets of less than $1 billion.

Savings and loan associations meeting specified asset and equity security holder criteria shall be subject to security registration requirements.

The Securities and Exchange Commission (SEC) is prohibited from adjusting under Regulation D the $1 million net worth threshold and $200,000 and $300,000 income thresholds that define a natural person as an accredited investor.

The SEC shall increase from 35 to 70 the number of purchasers of securities in transactions deemed not to involve a public offering and so are exempt from regulation under the Securities Exchange Act of 1933.

The Securities Exchange Act of 1934 is amended to: (1) subject a savings and loan holding company to registration requirements for securities whose issuer has total assets exceeding $10 million and a class of non-exempt equity security held of record by 2,000 or more persons; and (2) apply the automatic termination of registration, and suspension of the duty to file supplementary and periodic information, to a savings and loan holding company whose securities are found to be held by less than 1,200 persons.
Topic: Domestic Commerce — Banking
Subject: Finance and financial sector
Date: 2015-03-23 00:00:00

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

Financial Stability Oversight Council Improvement Act of 2015

(Sec. 2) This bill amends the Financial Stability Act of 2010 to require the Financial Stability Oversight Council (FSOC), when determining whether to subject a U.S. or a foreign nonbank financial company to supervision by the Board of Governors of the Federal Reserve System, including prudential standards, to consider the appropriateness of imposing such standards as opposed to other forms of regulation to mitigate identified risks to U.S. financial stability.

FSOC must: (1) reevaluate annually its determinations regarding a nonbank financial company under Federal Reserve Board supervision, and (2) provide the company written notice and opportunity to submit written materials contesting a determination

A nonbank financial company, every five years after FSOC's final determination, may request a reevaluation of it.

The bill prescribes procedural requirements for proposed FSOC determinations and final decisionmaking.

FSOC must study every five years: (1) the impact of its determinations to subject nonbank financial companies to Federal Reserve Board supervision and prudential standards, and (2) whether such determinations have the intended result of improving domestic financial stability.
Topic: Domestic Commerce — Banking
Subject: Finance and financial sector
Date: 2015-03-23 00:00:00

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

Small Bank Exam Cycle Reform Act of 2015 

(Sec. 2) This bill amends the Federal Deposit Insurance Act to increase from $500 million to $1 billion the asset size of small insured depository institutions eligible for 18-month on-site examination cycles.

Such an institution is also qualified for the 18-month cycle if its total assets are at most $200 million (currently $100 million) and the most recent examination found its composite condition to be good rather than outstanding.

A federal banking agency is granted discretion to increase this assets ceiling amount from $200 million to $1 billion (currently from $100 million to $500 million) if that greater asset size would be consistent with the principles of safety and soundness.
Topic: Domestic Commerce — Banking
Subject: Finance and financial sector
Date: 2015-03-25 00:00:00

State Regulatory Representation Clarification Act of 2015

 Amends the Federal Deposit Insurance Act, with respect to presidential appointees to the Board of Directors of the Federal Deposit Insurance Corporation, to replace the bank supervisory experience requirement with a requirement that one appointee shall have served as a state bank supervisor. (A state bank supervisor has primary regulatory authority over state banks or savings associations in the state.)
Topic: Domestic Commerce — Banking
Subject: Finance and financial sector
Date: 2015-03-26 00:00:00

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

Federal Savings Association Charter Flexibility Act of 2015

(Sec. 2) This bill amends the Home Owners' Loan Act to permit a federal savings association to elect to operate subject to supervision by the Comptroller of the Currency with the rights and duties of a national bank.
Topic: Domestic Commerce — Banking
Subject: Finance and financial sector
Date: 2015-03-26 00:00:00

Mutual Bank Capital Opportunity Act of 2015

 Amends the Federal Deposit Insurance Act to authorize a mutual depository to issue mutual capital certificates that qualify as common equity Tier 1 capital for purposes of capital requirements mandated by federal law or regulation.

Defines "mutual capital certificate" as a financial instrument issued by a mutual depository that entitles the holder to a payment of fixed, variable, or participating dividends (if its board of directors so declares) but no voting or member rights, nor is it redeemable until five years after issuance.

Defines "mutual depository" as an insured depository institution operating in a non-stock form, including a federal non-stock depository and any form of non-stock depository provided for under state law, whose deposits are insured by an instrumentality of the federal government.
Topic: Domestic Commerce — Banking
Subject: Finance and financial sector
Date: 2015-04-22 00:00:00

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

Financial Institutions Examination Fairness and Reform Act 

(Sec. 2) This bill amends the Federal Financial Institutions Examination Council Act of 1978 to require a federal financial institutions regulatory agency to make a final examination report to a financial institution within 60 days after the later of: (1) the exit interview for an examination of the institution, or (2) the provision of additional information by the institution relating to the examination.

The bill sets a deadline for the exit interview if a financial institution is not subject to a resident examiner program.

(Sec. 3) Examination standards are prescribed for financial institutions that:

 prescribe requirements and prohibitions for the treatment of certain commercial loans, prohibit a federal financial institution regulatory agency from requiring a well-capitalized financial institution to raise additional capital in lieu of certain actions prohibited with respect to such commercial loans, and require federal financial institutions regulatory agencies to develop and apply identical definitions and reporting requirements for non-accrual loans. (Sec. 4) The bill establishes in the Federal Financial Institutions Examination Council (FFIEC) the Office of Independent Examination Review, headed by a director appointed by the FFIEC, but independent from any member agency of the FFIEC.

(Sec. 5) Financial institutions may appeal a material supervisory determination contained in a final report of examination.

The director must determine the merits of the appeal on the record, or, at the election of the financial institution, refer the appeal to an administrative law judge.

The director's decision on an appeal shall: (1) be the final agency action, and (2) bind the agency whose supervisory determination was the subject of the appeal and the financial institution making the appeal.

Financial institutions may also petition for judicial review of the director's decision.

The bill prohibits a federal financial institutions regulatory agency from:

 retaliating against a financial institution, including service providers, or any institution-affiliated party, for exercising appellate rights under this bill; or delaying or denying any agency action that would benefit a financial institution or any institution-affiliated party on the basis that an appeal under this bill is pending. (Sec. 6) The Riegle Community Development and Regulatory Improvement Act of 1994 is amended to require:

 the Consumer Financial Protection Bureau to establish an independent intra-agency appellate process in connection with the regulatory appeals process, and safeguards to protect an insured depository institution or insured credit union from retaliation by any federal banking agency for exercising its rights.