An act to promote economic growth, provide tailored regulatory relief, and enhance consumer protections, and for other purposes
PL 115-174 (S.2155), enacted 05/24/2018

132 STAT. 1296 
PUBLIC LAW 115–174—MAY 24, 2018 
Public Law 115–174 
115th Congress 
An Act 
To promote economic growth, provide tailored regulatory relief, and enhance con-
sumer protections, and for other purposes. 
Be it enacted by the Senate and House of Representatives of 
the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 
(a) SHORT TITLE.—This Act may be cited as the ‘‘Economic 
Growth, Regulatory Relief, and Consumer Protection Act’’. 
(b) TABLE OF CONTENTS.—The table of contents for this Act 
is as follows: 
Sec. 1. Short title; table of contents. 
Sec. 2. Definitions. 
TITLE I—IMPROVING CONSUMER ACCESS TO MORTGAGE CREDIT 
Sec. 101. Minimum standards for residential mortgage loans. 
Sec. 102. Safeguarding access to habitat for humanity homes. 
Sec. 103. Exemption from appraisals of real property located in rural areas. 
Sec. 104. Home Mortgage Disclosure Act adjustment and study. 
Sec. 105. Credit union residential loans. 
Sec. 106. Eliminating barriers to jobs for loan originators. 
Sec. 107. Protecting access to manufactured homes. 
Sec. 108. Escrow requirements relating to certain consumer credit transactions. 
Sec. 109. No wait for lower mortgage rates. 
TITLE II—REGULATORY RELIEF AND PROTECTING CONSUMER ACCESS TO 
CREDIT 
Sec. 201. Capital simplification for qualifying community banks. 
Sec. 202. Limited exception for reciprocal deposits. 
Sec. 203. Community bank relief. 
Sec. 204. Removing naming restrictions. 
Sec. 205. Short form call reports. 
Sec. 206. Option for Federal savings associations to operate as covered savings as-
sociations. 
Sec. 207. Small bank holding company policy statement. 
Sec. 208. Application of the Expedited Funds Availability Act. 
Sec. 209. Small public housing agencies. 
Sec. 210. Examination cycle. 
Sec. 211. International insurance capital standards accountability. 
Sec. 212. Budget transparency for the NCUA. 
Sec. 213. Making online banking initiation legal and easy. 
Sec. 214. Promoting construction and development on Main Street. 
Sec. 215. Reducing identity fraud. 
Sec. 216. Treasury report on risks of cyber threats. 
Sec. 217. Discretionary surplus funds. 
TITLE III—PROTECTIONS FOR VETERANS, CONSUMERS, AND 
HOMEOWNERS 
Sec. 301. Protecting consumers’ credit. 
Sec. 302. Protecting veterans’ credit. 
Sec. 303. Immunity from suit for disclosure of financial exploitation of senior citi-
zens. 
15 USC 1601 
note. 
Economic 
Growth, 
Regulatory 
Relief, and 
Consumer 
Protection Act. 
May 24, 2018 
[S. 2155] 
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132 STAT. 1297 
PUBLIC LAW 115–174—MAY 24, 2018 
Sec. 304. Restoration of the Protecting Tenants at Foreclosure Act of 2009. 
Sec. 305. Remediating lead and asbestos hazards. 
Sec. 306. Family self-sufficiency program. 
Sec. 307. Property Assessed Clean Energy financing. 
Sec. 308. GAO report on consumer reporting agencies. 
Sec. 309. Protecting veterans from predatory lending. 
Sec. 310. Credit score competition. 
Sec. 311. GAO report on Puerto Rico foreclosures. 
Sec. 312. Report on children’s lead-based paint hazard prevention and abatement. 
Sec. 313. Foreclosure relief and extension for servicemembers. 
TITLE IV—TAILORING REGULATIONS FOR CERTAIN BANK HOLDING 
COMPANIES 
Sec. 401. Enhanced supervision and prudential standards for certain bank holding 
companies. 
Sec. 402. Supplementary leverage ratio for custodial banks. 
Sec. 403. Treatment of certain municipal obligations. 
TITLE V—ENCOURAGING CAPITAL FORMATION 
Sec. 501. National securities exchange regulatory parity. 
Sec. 502. SEC study on algorithmic trading. 
Sec. 503. Annual review of government-business forum on capital formation. 
Sec. 504. Supporting America’s innovators. 
Sec. 505. Securities and Exchange Commission overpayment credit. 
Sec. 506. U.S. territories investor protection. 
Sec. 507. Encouraging employee ownership. 
Sec. 508. Improving access to capital. 
Sec. 509. Parity for closed-end companies regarding offering and proxy rules. 
TITLE VI—PROTECTIONS FOR STUDENT BORROWERS 
Sec. 601. Protections in the event of death or bankruptcy. 
Sec. 602. Rehabilitation of private education loans. 
Sec. 603. Best practices for higher education financial literacy. 
SEC. 2. DEFINITIONS. 
In this Act: 
(1) APPROPRIATE
FEDERAL
BANKING
AGENCY; COMPANY; 
DEPOSITORY
INSTITUTION; DEPOSITORY
INSTITUTION
HOLDING 
COMPANY.—The terms ‘‘appropriate Federal banking agency’’, 
‘‘company’’, ‘‘depository institution’’, and ‘‘depository institution 
holding company’’ have the meanings given those terms in 
section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813). 
(2) BANK HOLDING COMPANY.—The term ‘‘bank holding com-
pany’’ has the meaning given the term in section 2 of the 
Bank Holding Company Act of 1956 (12 U.S.C. 1841). 
TITLE I—IMPROVING CONSUMER 
ACCESS TO MORTGAGE CREDIT 
SEC. 101. MINIMUM STANDARDS FOR RESIDENTIAL MORTGAGE LOANS. 
Section 129C(b)(2) of the Truth in Lending Act (15 U.S.C. 
1639c(b)(2)) is amended by adding at the end the following: 
‘‘(F) SAFE HARBOR.— 
‘‘(i) DEFINITIONS.—In this subparagraph— 
‘‘(I) the term ‘covered institution’ means an 
insured depository institution or an insured credit 
union that, together with its affiliates, has less 
than $10,000,000,000 in total consolidated assets; 
‘‘(II) the term ‘insured credit union’ has the 
meaning given the term in section 101 of the Fed-
eral Credit Union Act (12 U.S.C. 1752); 
‘‘(III) the term ‘insured depository institution’ 
has the meaning given the term in section 3 of 
12 USC 5365 
note. 
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132 STAT. 1298 
PUBLIC LAW 115–174—MAY 24, 2018 
the Federal Deposit Insurance Act (12 U.S.C. 
1813); 
‘‘(IV) the term ‘interest-only’ means that, 
under the terms of the legal obligation, one or 
more of the periodic payments may be applied 
solely to accrued interest and not to loan principal; 
and 
‘‘(V) the term ‘negative amortization’ means 
payment of periodic payments that will result in 
an increase in the principal balance under the 
terms of the legal obligation. 
‘‘(ii) SAFE HARBOR.—In this section— 
‘‘(I) the term ‘qualified mortgage’ includes any 
residential mortgage loan— 
‘‘(aa) that is originated and retained in 
portfolio by a covered institution; 
‘‘(bb) that is in compliance with the limita-
tions with respect to prepayment penalties 
described in subsections (c)(1) and (c)(3); 
‘‘(cc) that is in compliance with the 
requirements of clause (vii) of subparagraph 
(A); 
‘‘(dd) 
that 
does 
not 
have 
negative 
amortization or interest-only features; and 
‘‘(ee) for which the covered institution con-
siders and documents the debt, income, and 
financial resources of the consumer in accord-
ance with clause (iv); and 
‘‘(II) a residential mortgage loan described in 
subclause (I) shall be deemed to meet the require-
ments of subsection (a). 
‘‘(iii) EXCEPTION FOR CERTAIN TRANSFERS.—A resi-
dential mortgage loan described in clause (ii)(I) shall 
not qualify for the safe harbor under clause (ii) if 
the legal title to the residential mortgage loan is sold, 
assigned, or otherwise transferred to another person 
unless the residential mortgage loan is sold, assigned, 
or otherwise transferred— 
‘‘(I) to another person by reason of the bank-
ruptcy or failure of a covered institution; 
‘‘(II) to a covered institution so long as the 
loan is retained in portfolio by the covered institu-
tion to which the loan is sold, assigned, or other-
wise transferred; 
‘‘(III) pursuant to a merger of a covered 
institution with another person or the acquisition 
of a covered institution by another person or of 
another person by a covered institution, so long 
as the loan is retained in portfolio by the person 
to whom the loan is sold, assigned, or otherwise 
transferred; or 
‘‘(IV) to a wholly owned subsidiary of a covered 
institution, provided that, after the sale, assign-
ment, or transfer, the residential mortgage loan 
is considered to be an asset of the covered institu-
tion for regulatory accounting purposes. 
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132 STAT. 1299 
PUBLIC LAW 115–174—MAY 24, 2018 
‘‘(iv) 
CONSIDERATION
AND
DOCUMENTATION 
REQUIREMENTS.—The consideration and documentation 
requirements described in clause (ii)(I)(ee) shall— 
‘‘(I) not be construed to require compliance 
with, or documentation in accordance with, 
appendix Q to part 1026 of title 12, Code of Federal 
Regulations, or any successor regulation; and 
‘‘(II) be construed to permit multiple methods 
of documentation.’’. 
SEC. 102. SAFEGUARDING ACCESS TO HABITAT FOR HUMANITY HOMES. 
Section 129E(i)(2) of the Truth in Lending Act (15 U.S.C. 
1639e(i)(2)) is amended— 
(1) by redesignating subparagraphs (A) and (B) as clauses 
(i) and (ii), respectively, and adjusting the margins accordingly; 
(2) in the matter preceding clause (i), as so redesignated, 
by striking ‘‘For purposes of’’ and inserting the following: 
‘‘(A) IN GENERAL.—For purposes of’’; and 
(3) by adding at the end the following: 
‘‘(B) RULE OF CONSTRUCTION RELATED TO APPRAISAL 
DONATIONS.—If 
a 
fee 
appraiser 
voluntarily 
donates 
appraisal services to an organization eligible to receive 
tax-deductible charitable contributions, such voluntary 
donation shall be considered customary and reasonable 
for the purposes of paragraph (1).’’. 
SEC. 103. EXEMPTION FROM APPRAISALS OF REAL PROPERTY 
LOCATED IN RURAL AREAS. 
Title XI of the Financial Institutions Reform, Recovery, and 
Enforcement Act of 1989 (12 U.S.C. 3331 et seq.) is amended 
by adding at the end the following: 
‘‘SEC. 1127. EXEMPTION FROM APPRAISALS OF REAL ESTATE LOCATED 
IN RURAL AREAS. 
‘‘(a) DEFINITIONS.—In this section— 
‘‘(1) the term ‘mortgage originator’ has the meaning given 
the term in section 103 of the Truth in Lending Act (15 U.S.C. 
1602); and 
‘‘(2) the term ‘transaction value’ means the amount of a 
loan or extension of credit, including a loan or extension of 
credit that is part of a pool of loans or extensions of credit. 
‘‘(b) APPRAISAL NOT REQUIRED.—Except as provided in sub-
section (d), notwithstanding any other provision of law, an appraisal 
in connection with a federally related transaction involving real 
property or an interest in real property is not required if— 
‘‘(1) the real property or interest in real property is located 
in a rural area, as described in section 1026.35(b)(2)(iv)(A) 
of title 12, Code of Federal Regulations; 
‘‘(2) not later than 3 days after the date on which the 
Closing Disclosure Form, made in accordance with the final 
rule of the Bureau of Consumer Financial Protection entitled 
‘Integrated Mortgage Disclosures Under the Real Estate Settle-
ment Procedures Act (Regulation X) and the Truth in Lending 
Act (Regulation Z)’ (78 Fed. Reg. 79730 (December 31, 2013)), 
relating to the federally related transaction is given to the 
consumer, the mortgage originator or its agent, directly or 
indirectly— 
Deadline. 
12 USC 3356. 
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132 STAT. 1300 
PUBLIC LAW 115–174—MAY 24, 2018 
‘‘(A) has contacted not fewer than 3 State certified 
appraisers or State licensed appraisers, as applicable, on 
the mortgage originator’s approved appraiser list in the 
market area in accordance with part 226 of title 12, Code 
of Federal Regulations; and 
‘‘(B) has documented that no State certified appraiser 
or State licensed appraiser, as applicable, was available 
within 5 business days beyond customary and reasonable 
fee and timeliness standards for comparable appraisal 
assignments, as documented by the mortgage originator 
or its agent; 
‘‘(3) the transaction value is less than $400,000; and 
‘‘(4) the mortgage originator is subject to oversight by a 
Federal financial institutions regulatory agency. 
‘‘(c) SALE, ASSIGNMENT, OR TRANSFER.—A mortgage originator 
that makes a loan without an appraisal under the terms of sub-
section (b) shall not sell, assign, or otherwise transfer legal title 
to the loan unless— 
‘‘(1) the loan is sold, assigned, or otherwise transferred 
to another person by reason of the bankruptcy or failure of 
the mortgage originator; 
‘‘(2) the loan is sold, assigned, or otherwise transferred 
to another person regulated by a Federal financial institutions 
regulatory agency, so long as the loan is retained in portfolio 
by the person; 
‘‘(3) the sale, assignment, or transfer is pursuant to a 
merger of the mortgage originator with another person or the 
acquisition of the mortgage originator by another person or 
of another person by the mortgage originator; or 
‘‘(4) the sale, loan, or transfer is to a wholly owned sub-
sidiary of the mortgage originator, provided that, after the 
sale, assignment, or transfer, the loan is considered to be an 
asset of the mortgage originator for regulatory accounting pur-
poses. 
‘‘(d) EXCEPTION.—Subsection (b) shall not apply if— 
‘‘(1) a Federal financial institutions regulatory agency 
requires an appraisal under section 225.63(c), 323.3(c), 34.43(c), 
or 722.3(e) of title 12, Code of Federal Regulations; or 
‘‘(2) the loan is a high-cost mortgage, as defined in section 
103 of the Truth in Lending Act (15 U.S.C. 1602). 
‘‘(e) ANTI-EVASION.—Each Federal financial institutions regu-
latory agency shall ensure that any mortgage originator that the 
Federal financial institutions regulatory agency oversees that makes 
a significant amount of loans under subsection (b) is complying 
with the requirements of subsection (b)(2) with respect to each 
loan.’’. 
SEC. 104. HOME MORTGAGE DISCLOSURE ACT ADJUSTMENT AND 
STUDY. 
(a) IN GENERAL.—Section 304 of the Home Mortgage Disclosure 
Act of 1975 (12 U.S.C. 2803) is amended— 
(1) by redesignating subsection (i) as paragraph (3) and 
adjusting the margins accordingly; 
(2) by inserting before paragraph (3), as so redesignated, 
the following: 
‘‘(i) EXEMPTIONS.— 
Time periods. 
Time period. 
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132 STAT. 1301 
PUBLIC LAW 115–174—MAY 24, 2018 
‘‘(1) CLOSED-END MORTGAGE LOANS.—With respect to an 
insured depository institution or insured credit union, the 
requirements of paragraphs (5) and (6) of subsection (b) shall 
not apply with respect to closed-end mortgage loans if the 
insured depository institution or insured credit union originated 
fewer than 500 closed-end mortgage loans in each of the 2 
preceding calendar years. 
‘‘(2) OPEN-END
LINES
OF
CREDIT.—With respect to an 
insured depository institution or insured credit union, the 
requirements of paragraphs (5) and (6) of subsection (b) shall 
not apply with respect to open-end lines of credit if the insured 
depository institution or insured credit union originated fewer 
than 500 open-end lines of credit in each of the 2 preceding 
calendar years. 
‘‘(3) REQUIRED COMPLIANCE.—Notwithstanding paragraphs 
(1) and (2), an insured depository institution shall comply with 
paragraphs (5) and (6) of subsection (b) if the insured depository 
institution has received a rating of ‘needs to improve record 
of meeting community credit needs’ during each of its 2 most 
recent examinations or a rating of ‘substantial noncompliance 
in meeting community credit needs’ on its most recent examina-
tion under section 807(b)(2) of the Community Reinvestment 
Act of 1977 (12 U.S.C. 2906(b)(2)).’’; and 
(3) by adding at the end the following: 
‘‘(o) DEFINITIONS.—In this section— 
‘‘(1) the term ‘insured credit union’ has the meaning given 
the term in section 101 of the Federal Credit Union Act (12 
U.S.C. 1752); and 
‘‘(2) the term ‘insured depository institution’ has the 
meaning given the term in section 3 of the Federal Deposit 
Insurance Act (12 U.S.C. 1813).’’. 
(b) LOOKBACK STUDY.— 
(1) STUDY.—Not earlier than 2 years after the date of 
enactment of this Act, the Comptroller General of the United 
States shall conduct a study to evaluate the impact of the 
amendments made by subsection (a) on the amount of data 
available under the Home Mortgage Disclosure Act of 1975 
(12 U.S.C. 2801 et seq.) at the national and local level. 
(2) REPORT.—Not later than 3 years after the date of enact-
ment of this Act, the Comptroller General of the United States 
shall submit to the Committee on Banking, Housing, and Urban 
Affairs of the Senate and the Committee on Financial Services 
of the House of Representatives a report that includes the 
findings and conclusions of the Comptroller General with 
respect to the study required under paragraph (1). 
(c) TECHNICAL CORRECTION.—Section 304(i)(3) of the Home 
Mortgage Disclosure Act of 1975, as so redesignated by subsection 
(a)(1), is amended by striking ‘‘section 303(2)(A)’’ and inserting 
‘‘section 303(3)(A)’’. 
SEC. 105. CREDIT UNION RESIDENTIAL LOANS. 
(a) REMOVAL FROM MEMBER BUSINESS LOAN LIMITATION.—Sec-
tion 107A(c)(1)(B)(i) of the Federal Credit Union Act (12 U.S.C. 
1757a(c)(1)(B)(i)) is amended by striking ‘‘that is the primary resi-
dence of a member’’. 
(b) RULE OF CONSTRUCTION.—Nothing in this section or the 
amendment made by this section shall preclude the National Credit 
12 USC 1757a 
note. 
Time period. 
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132 STAT. 1302 
PUBLIC LAW 115–174—MAY 24, 2018 
Union Administration from treating an extension of credit that 
is fully secured by a lien on a 1- to 4-family dwelling that is 
not the primary residence of a member as a member business 
loan for purposes other than the member business loan limitation 
requirements under section 107A of the Federal Credit Union Act 
(12 U.S.C. 1757a). 
SEC. 106. ELIMINATING BARRIERS TO JOBS FOR LOAN ORIGINATORS. 
(a) IN GENERAL.—The S.A.F.E. Mortgage Licensing Act of 2008 
(12 U.S.C. 5101 et seq.) is amended by adding at the end the 
following: 
‘‘SEC. 1518. EMPLOYMENT TRANSITION OF LOAN ORIGINATORS. 
‘‘(a) DEFINITIONS.—In this section: 
‘‘(1) APPLICATION
STATE.—The term ‘application State’ 
means a State in which a registered loan originator or a State- 
licensed loan originator seeks to be licensed. 
‘‘(2) STATE-LICENSED
MORTGAGE
COMPANY.—The term 
‘State-licensed mortgage company’ means an entity that is 
licensed or registered under the law of any State to engage 
in residential mortgage loan origination and processing activi-
ties. 
‘‘(b) TEMPORARY AUTHORITY TO ORIGINATE LOANS FOR LOAN 
ORIGINATORS MOVING FROM A DEPOSITORY INSTITUTION TO A NON- 
DEPOSITORY INSTITUTION.— 
‘‘(1) IN GENERAL.—Upon becoming employed by a State- 
licensed mortgage company, an individual who is a registered 
loan originator shall be deemed to have temporary authority 
to act as a loan originator in an application State for the 
period described in paragraph (2) if the individual— 
‘‘(A) has not had— 
‘‘(i) an application for a loan originator license 
denied; or 
‘‘(ii) a loan originator license revoked or suspended 
in any governmental jurisdiction; 
‘‘(B) has not been subject to, or served with, a cease 
and desist order— 
‘‘(i) in any governmental jurisdiction; or 
‘‘(ii) under section 1514(c); 
‘‘(C) has not been convicted of a misdemeanor or felony 
that would preclude licensure under the law of the applica-
tion State; 
‘‘(D) has submitted an application to be a State-licensed 
loan originator in the application State; and 
‘‘(E) was registered in the Nationwide Mortgage 
Licensing System and Registry as a loan originator during 
the 1-year period preceding the date on which the informa-
tion required under section 1505(a) is submitted. 
‘‘(2) PERIOD.—The period described in this paragraph shall 
begin on the date on which an individual described in paragraph 
(1) submits the information required under section 1505(a) 
and shall end on the earliest of the date— 
‘‘(A) on which the individual withdraws the application 
to be a State-licensed loan originator in the application 
State; 
‘‘(B) on which the application State denies, or issues 
a notice of intent to deny, the application; 
Time period. 
12 USC 5117. 
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132 STAT. 1303 
PUBLIC LAW 115–174—MAY 24, 2018 
‘‘(C) on which the application State grants a State 
license; or 
‘‘(D) that is 120 days after the date on which the 
individual submits the application, if the application is 
listed on the Nationwide Mortgage Licensing System and 
Registry as incomplete. 
‘‘(c) TEMPORARY AUTHORITY TO ORIGINATE LOANS FOR STATE- 
LICENSED LOAN ORIGINATORS MOVING INTERSTATE.— 
‘‘(1) IN GENERAL.—A State-licensed loan originator shall 
be deemed to have temporary authority to act as a loan origi-
nator in an application State for the period described in para-
graph (2) if the State-licensed loan originator— 
‘‘(A) meets the requirements of subparagraphs (A), (B), 
(C), and (D) of subsection (b)(1); 
‘‘(B) is employed by a State-licensed mortgage company 
in the application State; and 
‘‘(C) was licensed in a State that is not the application 
State during the 30-day period preceding the date on which 
the information required under section 1505(a) was sub-
mitted in connection with the application submitted to 
the application State. 
‘‘(2) PERIOD.—The period described in this paragraph shall 
begin on the date on which the State-licensed loan originator 
submits the information required under section 1505(a) in 
connection with the application submitted to the application 
State and end on the earliest of the date— 
‘‘(A) on which the State-licensed loan originator with-
draws the application to be a State-licensed loan originator 
in the application State; 
‘‘(B) on which the application State denies, or issues 
a notice of intent to deny, the application; 
‘‘(C) on which the application State grants a State 
license; or 
‘‘(D) that is 120 days after the date on which the 
State-licensed loan originator submits the application, if 
the application is listed on the Nationwide Mortgage 
Licensing System and Registry as incomplete. 
‘‘(d) APPLICABILITY.— 
‘‘(1) 
EMPLOYER
OF
LOAN
ORIGINATORS.—Any 
person 
employing an individual who is deemed to have temporary 
authority to act as a loan originator in an application State 
under this section shall be subject to the requirements of this 
title and to applicable State law to the same extent as if 
that individual was a State-licensed loan originator licensed 
by the application State. 
‘‘(2) ENGAGING IN MORTGAGE LOAN ACTIVITIES.—Any indi-
vidual who is deemed to have temporary authority to act as 
a loan originator in an application State under this section 
and who engages in residential mortgage loan origination activi-
ties shall be subject to the requirements of this title and to 
applicable State law to the same extent as if that individual 
was a State-licensed loan originator licensed by the application 
State.’’. 
(b) TABLE
OF CONTENTS AMENDMENT.—Section 1(b) of the 
Housing and Economic Recovery Act of 2008 (42 U.S.C. 4501 note) 
Time period. 
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132 STAT. 1304 
PUBLIC LAW 115–174—MAY 24, 2018 
is amended by inserting after the item relating to section 1517 
the following: 
‘‘Sec. 1518. Employment transition of loan originators.’’. 
(c) CIVIL LIABILITY.—Section 1513 of the S.A.F.E. Mortgage 
Licensing Act of 2008 (12 U.S.C. 5112) is amended by striking 
‘‘persons who are loan originators or are applying for licensing 
or registration as loan originators.’’ and inserting ‘‘persons who— 
‘‘(1) have applied, are applying, or are licensed or registered 
through the Nationwide Mortgage Licensing System and Reg-
istry; and 
‘‘(2) work in an industry with respect to which persons 
were licensed or registered through the Nationwide Mortgage 
Licensing System and Registry on the date of enactment of 
the Economic Growth, Regulatory Relief, and Consumer Protec-
tion Act.’’. 
(d) EFFECTIVE DATE.—This section and the amendments made 
by this section shall take effect on the date that is 18 months 
after the date of enactment of this Act. 
SEC. 107. PROTECTING ACCESS TO MANUFACTURED HOMES. 
Section 103 of the Truth in Lending Act (15 U.S.C. 1602) 
is amended— 
(1) by redesignating the second subsection (cc) (relating 
to definitions relating to mortgage origination and residential 
mortgage loans) and subsection (dd) as subsections (dd) and 
(ee), respectively; and 
(2) in paragraph (2) of subsection (dd), as so redesignated, 
by striking subparagraph (C) and inserting the following: 
‘‘(C) does not include any person who is— 
‘‘(i) not otherwise described in subparagraph (A) 
or (B) and who performs purely administrative or cler-
ical tasks on behalf of a person who is described in 
any such subparagraph; or 
‘‘(ii) a retailer of manufactured or modular homes 
or an employee of the retailer if the retailer or 
employee, as applicable— 
‘‘(I) does not receive compensation or gain for 
engaging in activities described in subparagraph 
(A) that is in excess of any compensation or gain 
received in a comparable cash transaction; 
‘‘(II) discloses to the consumer— 
‘‘(aa) in writing any corporate affiliation 
with any creditor; and 
‘‘(bb) if the retailer has a corporate affili-
ation with any creditor, at least 1 unaffiliated 
creditor; and 
‘‘(III) does not directly negotiate with the con-
sumer or lender on loan terms (including rates, 
fees, and other costs).’’. 
SEC. 108. ESCROW REQUIREMENTS RELATING TO CERTAIN CONSUMER 
CREDIT TRANSACTIONS. 
Section 129D of the Truth in Lending Act (15 U.S.C. 1639d) 
is amended— 
(1) in subsection (c)— 
12 USC 5112 
note. 
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132 STAT. 1305 
PUBLIC LAW 115–174—MAY 24, 2018 
(A) by redesignating paragraphs (1) through (4) as 
subparagraphs (A) through (D), respectively, and adjusting 
the margins accordingly; 
(B) in the matter preceding subparagraph (A), as so 
redesignated, by striking ‘‘The Board’’ and inserting the 
following: 
‘‘(1) IN GENERAL.—The Bureau’’; 
(C) in paragraph (1), as so redesignated, by striking 
‘‘the Board’’ each place that term appears and inserting 
‘‘the Bureau’’; and 
(D) by adding at the end the following: 
‘‘(2) TREATMENT
OF
LOANS
HELD
BY
SMALLER
INSTITU-
TIONS.—The Bureau shall, by regulation, exempt from the 
requirements of subsection (a) any loan made by an insured 
depository institution or an insured credit union secured by 
a first lien on the principal dwelling of a consumer if— 
‘‘(A) the insured depository institution or insured credit 
union has assets of $10,000,000,000 or less; 
‘‘(B) during the preceding calendar year, the insured 
depository institution or insured credit union and its affili-
ates originated 1,000 or fewer loans secured by a first 
lien on a principal dwelling; and 
‘‘(C) the transaction satisfies the criteria in sections 
1026.35(b)(2)(iii)(A), 
1026.35(b)(2)(iii)(D), 
and 
1026.35(b)(2)(v) of title 12, Code of Federal Regulations, 
or any successor regulation.’’; and 
(2) in subsection (i), by adding at the end the following: 
‘‘(3) INSURED
CREDIT
UNION.—The term ‘insured credit 
union’ has the meaning given the term in section 101 of the 
Federal Credit Union Act (12 U.S.C. 1752). 
‘‘(4) INSURED DEPOSITORY INSTITUTION.—The term ‘insured 
depository institution’ has the meaning given the term in sec-
tion 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813).’’. 
SEC. 109. NO WAIT FOR LOWER MORTGAGE RATES. 
(a) IN GENERAL.—Section 129(b) of the Truth in Lending Act 
(15 U.S.C. 1639(b)) is amended— 
(1) by redesignating paragraph (3) as paragraph (4); and 
(2) by inserting after paragraph (2) the following: 
‘‘(3) NO WAIT FOR LOWER RATE.—If a creditor extends to 
a consumer a second offer of credit with a lower annual percent-
age rate, the transaction may be consummated without regard 
to the period specified in paragraph (1) with respect to the 
second offer.’’. 
(b) SENSE OF CONGRESS.—It is the sense of Congress that, 
whereas the Bureau of Consumer Financial Protection issued a 
final rule entitled ‘‘Integrated Mortgage Disclosures Under the Real 
Estate Settlement Procedures Act (Regulation X) and the Truth 
in Lending Act (Regulation Z)’’ (78 Fed. Reg. 79730 (December 
31, 2013)) (in this subsection referred to as the ‘‘TRID Rule’’) to 
combine the disclosures a consumer receives in connection with 
applying for and closing on a mortgage loan, the Bureau of Con-
sumer Financial Protection should endeavor to provide clearer, 
authoritative guidance on— 
(1) the applicability of the TRID Rule to mortgage assump-
tion transactions; 
Definitions. 
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132 STAT. 1306 
PUBLIC LAW 115–174—MAY 24, 2018 
(2) the applicability of the TRID Rule to construction-to- 
permanent home loans, and the conditions under which those 
loans can be properly originated; and 
(3) the extent to which lenders can rely on model disclo-
sures published by the Bureau of Consumer Financial Protec-
tion without liability if recent changes to regulations are not 
reflected in the sample TRID Rule forms published by the 
Bureau of Consumer Financial Protection. 
TITLE II—REGULATORY RELIEF AND 
PROTECTING CONSUMER ACCESS TO 
CREDIT 
SEC. 201. CAPITAL SIMPLIFICATION FOR QUALIFYING COMMUNITY 
BANKS. 
(a) DEFINITIONS.—In this section: 
(1) COMMUNITY BANK LEVERAGE RATIO.—The term ‘‘Commu-
nity Bank Leverage Ratio’’ means the ratio of the tangible 
equity capital of a qualifying community bank, as reported 
on the qualifying community bank’s applicable regulatory filing 
with the qualifying community bank’s appropriate Federal 
banking agency, to the average total consolidated assets of 
the qualifying community bank, as reported on the qualifying 
community bank’s applicable regulatory filing with the quali-
fying community bank’s appropriate Federal banking agency. 
(2) GENERALLY
APPLICABLE
LEVERAGE
CAPITAL
REQUIRE-
MENTS; GENERALLY APPLICABLE RISK-BASED CAPITAL REQUIRE-
MENTS.—The terms ‘‘generally applicable leverage capital 
requirements’’ and ‘‘generally applicable risk-based capital 
requirements’’ have the meanings given those terms in section 
171(a) of the Financial Stability Act of 2010 (12 U.S.C. 5371(a)). 
(3) QUALIFYING COMMUNITY BANK.— 
(A) ASSET THRESHOLD.—The term ‘‘qualifying commu-
nity bank’’ means a depository institution or depository 
institution holding company with total consolidated assets 
of less than $10,000,000,000. 
(B) RISK PROFILE.—The appropriate Federal banking 
agencies may determine that a depository institution or 
depository institution holding company (or a class of deposi-
tory institutions or depository institution holding compa-
nies) described in subparagraph (A) is not a qualifying 
community bank based on the depository institution’s or 
depository institution holding company’s risk profile, which 
shall be based on consideration of— 
(i) off-balance sheet exposures; 
(ii) trading assets and liabilities; 
(iii) total notional derivatives exposures; and 
(iv) such other factors as the appropriate Federal 
banking agencies determine appropriate. 
(b) COMMUNITY BANK LEVERAGE RATIO.—The appropriate Fed-
eral banking agencies shall, through notice and comment rule 
making under section 553 of title 5, United States Code— 
(1) develop a Community Bank Leverage Ratio of not less 
than 8 percent and not more than 10 percent for qualifying 
community banks; and 
Notice. 
12 USC 5371 
note. 
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132 STAT. 1307 
PUBLIC LAW 115–174—MAY 24, 2018 
(2) establish procedures for treatment of a qualifying 
community bank that has a Community Bank Leverage Ratio 
that falls below the percentage developed under paragraph 
(1) after exceeding the percentage developed under paragraph 
(1). 
(c) CAPITAL COMPLIANCE.— 
(1) IN
GENERAL.—Any qualifying community bank that 
exceeds the Community Bank Leverage Ratio developed under 
subsection (b)(1) shall be considered to have met— 
(A) the generally applicable leverage capital require-
ments and the generally applicable risk-based capital 
requirements; 
(B) in the case of a qualifying community bank that 
is a depository institution, the capital ratio requirements 
that are required in order to be considered well capitalized 
under section 38 of the Federal Deposit Insurance Act 
(12 U.S.C. 1831o) and any regulation implementing that 
section; and 
(C) any other capital or leverage requirements to which 
the qualifying community bank is subject. 
(2) EXISTING AUTHORITIES.—Nothing in paragraph (1) shall 
limit the authority of the appropriate Federal banking agencies 
as in effect on the date of enactment of this Act. 
(d) CONSULTATION.—The appropriate Federal banking agencies 
shall— 
(1) consult with the applicable State bank supervisors in 
carrying out this section; and 
(2) notify the applicable State bank supervisor of any quali-
fying community bank that it supervises that exceeds, or does 
not exceed after previously exceeding, the Community Bank 
Leverage ratio developed under subsection (b)(1). 
SEC. 202. LIMITED EXCEPTION FOR RECIPROCAL DEPOSITS. 
(a) IN GENERAL.—Section 29 of the Federal Deposit Insurance 
Act (12 U.S.C. 1831f) is amended by adding at the end the following: 
‘‘(i) LIMITED EXCEPTION FOR RECIPROCAL DEPOSITS.— 
‘‘(1) IN GENERAL.—Reciprocal deposits of an agent institu-
tion shall not be considered to be funds obtained, directly 
or indirectly, by or through a deposit broker to the extent 
that the total amount of such reciprocal deposits does not 
exceed the lesser of— 
‘‘(A) $5,000,000,000; or 
‘‘(B) an amount equal to 20 percent of the total liabil-
ities of the agent institution. 
‘‘(2) DEFINITIONS.—In this subsection: 
‘‘(A) AGENT INSTITUTION.—The term ‘agent institution’ 
means an insured depository institution that places a cov-
ered deposit through a deposit placement network at other 
insured depository institutions in amounts that are less 
than or equal to the standard maximum deposit insurance 
amount, specifying the interest rate to be paid for such 
amounts, if the insured depository institution— 
‘‘(i)(I) when most recently examined under section 
10(d) was found to have a composite condition of out-
standing or good; and 
‘‘(II) is well capitalized; 
Notification. 
Procedures. 
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132 STAT. 1308 
PUBLIC LAW 115–174—MAY 24, 2018 
‘‘(ii) has obtained a waiver pursuant to subsection 
(c); or 
‘‘(iii) does not receive an amount of reciprocal 
deposits that causes the total amount of reciprocal 
deposits held by the agent institution to be greater 
than the average of the total amount of reciprocal 
deposits held by the agent institution on the last day 
of each of the 4 calendar quarters preceding the cal-
endar quarter in which the agent institution was found 
not to have a composite condition of outstanding or 
good or was determined to be not well capitalized. 
‘‘(B) COVERED
DEPOSIT.—The term ‘covered deposit’ 
means a deposit that— 
‘‘(i) is submitted for placement through a deposit 
placement network by an agent institution; and 
‘‘(ii) does not consist of funds that were obtained 
for the agent institution, directly or indirectly, by or 
through a deposit broker before submission for place-
ment through a deposit placement network. 
‘‘(C) DEPOSIT PLACEMENT NETWORK.—The term ‘deposit 
placement network’ means a network in which an insured 
depository institution participates, together with other 
insured depository institutions, for the processing and 
receipt of reciprocal deposits. 
‘‘(D) NETWORK
MEMBER
BANK.—The term ‘network 
member bank’ means an insured depository institution that 
is a member of a deposit placement network. 
‘‘(E) RECIPROCAL
DEPOSITS.—The term ‘reciprocal 
deposits’ means deposits received by an agent institution 
through a deposit placement network with the same matu-
rity (if any) and in the same aggregate amount as covered 
deposits placed by the agent institution in other network 
member banks. 
‘‘(F) WELL
CAPITALIZED.—The term ‘well capitalized’ 
has the meaning given the term in section 38(b)(1).’’. 
(b) INTEREST RATE RESTRICTION.—Section 29 of the Federal 
Deposit Insurance Act (12 U.S.C. 1831f) is amended by striking 
subsection (e) and inserting the following: 
‘‘(e) RESTRICTION ON INTEREST RATE PAID.— 
‘‘(1) DEFINITIONS.—In this subsection— 
‘‘(A) the terms ‘agent institution’, ‘reciprocal deposits’, 
and ‘well capitalized’ have the meanings given those terms 
in subsection (i); and 
‘‘(B) the term ‘covered insured depository institution’ 
means an insured depository institution that— 
‘‘(i) under subsection (c) or (d), accepts funds 
obtained, directly or indirectly, by or through a deposit 
broker; or 
‘‘(ii) while acting as an agent institution under 
subsection (i), accepts reciprocal deposits while not well 
capitalized. 
‘‘(2) PROHIBITION.—A covered insured depository institution 
may not pay a rate of interest on funds or reciprocal deposits 
described in paragraph (1) that, at the time that the funds 
or reciprocal deposits are accepted, significantly exceeds the 
limit set forth in paragraph (3). 
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132 STAT. 1309 
PUBLIC LAW 115–174—MAY 24, 2018 
‘‘(3) LIMIT ON INTEREST RATES.—The limit on the rate of 
interest referred to in paragraph (2) shall be— 
‘‘(A) the rate paid on deposits of similar maturity in 
the normal market area of the covered insured depository 
institution for deposits accepted in the normal market area 
of the covered insured depository institution; or 
‘‘(B) the national rate paid on deposits of comparable 
maturity, as established by the Corporation, for deposits 
accepted outside the normal market area of the covered 
insured depository institution.’’. 
SEC. 203. COMMUNITY BANK RELIEF. 
Section 13(h)(1) of the Bank Holding Company Act of 1956 
(12 U.S.C. 1851(h)(1)) is amended— 
(1) in subparagraph (D), by redesignating clauses (i) and 
(ii) as subclauses (I) and (II), respectively, and adjusting the 
margins accordingly; 
(2) by redesignating subparagraphs (A) through (D) as 
clauses (i) through (iv), respectively, and adjusting the margins 
accordingly; 
(3) in the matter preceding clause (i), as so redesignated, 
in the second sentence, by striking ‘‘institution that functions 
solely in a trust or fiduciary capacity, if—’’ and inserting the 
following: ‘‘institution— 
‘‘(A) that functions solely in a trust or fiduciary 
capacity, if—’’; 
(4) in clause (iv)(II), as so redesignated, by striking the 
period at the end and inserting ‘‘; or’’; and 
(5) by adding at the end the following: 
‘‘(B) that does not have and is not controlled by a 
company that has— 
‘‘(i) more than $10,000,000,000 in total consoli-
dated assets; and 
‘‘(ii) total trading assets and trading liabilities, 
as reported on the most recent applicable regulatory 
filing filed by the institution, that are more than 5 
percent of total consolidated assets.’’. 
SEC. 204. REMOVING NAMING RESTRICTIONS. 
Section 13 of the Bank Holding Company Act of 1956 (12 
U.S.C. 1851) is amended— 
(1) in subsection (d)(1)(G)(vi), by inserting before the semi-
colon the following: ‘‘, except that the hedge fund or private 
equity fund may share the same name or a variation of the 
same name as a banking entity that is an investment adviser 
to the hedge fund or private equity fund, if— 
‘‘(I) such investment adviser is not an insured 
depository institution, a company that controls an 
insured depository institution, or a company that 
is treated as a bank holding company for purposes 
of section 8 of the International Banking Act of 
1978 (12 U.S.C. 3106); 
‘‘(II) such investment adviser does not share 
the same name or a variation of the same name 
as an insured depository institution, any company 
that controls an insured depository institution, or 
any company that is treated as a bank holding 
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132 STAT. 1310 
PUBLIC LAW 115–174—MAY 24, 2018 
company for purposes of section 8 of the Inter-
national Banking Act of 1978 (12 U.S.C. 3106); 
and 
‘‘(III) such name does not contain the word 
‘bank’ ’’; and 
(2) in subsection (h)(5)(C), by inserting before the period 
the following: ‘‘, except as permitted under subsection 
(d)(1)(G)(vi)’’. 
SEC. 205. SHORT FORM CALL REPORTS. 
Section 7(a) of the Federal Deposit Insurance Act (12 U.S.C. 
1817(a)) is amended by adding at the end the following: 
‘‘(12) SHORT FORM REPORTING.— 
‘‘(A) IN GENERAL.—The appropriate Federal banking 
agencies shall issue regulations that allow for a reduced 
reporting requirement for a covered depository institution 
when the institution makes the first and third report of 
condition for a year, as required under paragraph (3). 
‘‘(B) DEFINITION.—In this paragraph, the term ‘covered 
depository institution’ means an insured depository institu-
tion that— 
‘‘(i) has less than $5,000,000,000 in total consoli-
dated assets; and 
‘‘(ii) satisfies such other criteria as the appropriate 
Federal banking agencies determine appropriate.’’. 
SEC. 206. OPTION FOR FEDERAL SAVINGS ASSOCIATIONS TO OPERATE 
AS COVERED SAVINGS ASSOCIATIONS. 
The Home Owners’ Loan Act (12 U.S.C. 1461 et seq.) is 
amended by inserting after section 5 (12 U.S.C. 1464) the following: 
‘‘SEC. 5A. ELECTION TO OPERATE AS A COVERED SAVINGS ASSOCIA-
TION. 
‘‘(a) DEFINITION.—In this section, the term ‘covered savings 
association’ means a Federal savings association that makes an 
election that is approved under subsection (b). 
‘‘(b) ELECTION.— 
‘‘(1) IN
GENERAL.—In accordance with the rules issued 
under subsection (f), a Federal savings association with total 
consolidated assets equal to or less than $20,000,000,000, as 
reported by the association to the Comptroller as of December 
31, 2017, may elect to operate as a covered savings association 
by submitting a notice to the Comptroller of that election. 
‘‘(2) APPROVAL.—A Federal savings association shall be 
deemed to be approved to operate as a covered savings associa-
tion beginning on the date that is 60 days after the date 
on which the Comptroller receives the notice submitted under 
paragraph (1), unless the Comptroller notifies the Federal 
savings association that the Federal savings association is not 
eligible. 
‘‘(c) RIGHTS AND DUTIES.—Notwithstanding any other provision 
of law, and except as otherwise provided in this section, a covered 
savings association shall— 
‘‘(1) have the same rights and privileges as a national 
bank that has the main office of the national bank situated 
in the same location as the home office of the covered savings 
association; and 
Notification. 
Effective dates. 
12 USC 1464a. 
Regulations. 
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132 STAT. 1311 
PUBLIC LAW 115–174—MAY 24, 2018 
‘‘(2) be subject to the same duties, restrictions, penalties, 
liabilities, conditions, and limitations that would apply to a 
national bank described in paragraph (1). 
‘‘(d) TREATMENT OF COVERED SAVINGS ASSOCIATIONS.—A cov-
ered savings association shall be treated as a Federal savings 
association for the purposes— 
‘‘(1) of governance of the covered savings association, 
including incorporation, bylaws, boards of directors, share-
holders, and distribution of dividends; 
‘‘(2) of consolidation, merger, dissolution, conversion 
(including conversion to a stock bank or to another charter), 
conservatorship, and receivership; and 
‘‘(3) determined by regulation of the Comptroller. 
‘‘(e) EXISTING BRANCHES.—A covered savings association may 
continue to operate any branch or agency that the covered savings 
association operated on the date on which an election under sub-
section (b) is approved. 
‘‘(f) RULE MAKING.—The Comptroller shall issue rules to carry 
out this section— 
‘‘(1) that establish streamlined standards and procedures 
that clearly identify required documentation and timelines for 
an election under subsection (b); 
‘‘(2) that require a Federal savings association that makes 
an election under subsection (b) to identify specific assets and 
subsidiaries that— 
‘‘(A) do not conform to the requirements for assets 
and subsidiaries of a national bank; and 
‘‘(B) are held by the Federal savings association on 
the date on which the Federal savings association submits 
a notice of the election; 
‘‘(3) that establish— 
‘‘(A) a transition process for bringing the assets and 
subsidiaries described in paragraph (2) into conformance 
with the requirements for a national bank; and 
‘‘(B) procedures for allowing the Federal savings 
association to submit to the Comptroller an application 
to continue to hold assets and subsidiaries described in 
paragraph (2) after electing to operate as a covered savings 
association; 
‘‘(4) that establish standards and procedures to allow a 
covered savings association to— 
‘‘(A) terminate an election under subsection (b) after 
an appropriate period of time; and 
‘‘(B) make a subsequent election under subsection (b) 
after terminating an election under subparagraph (A); 
‘‘(5) that clarify requirements for the treatment of covered 
savings associations, including the provisions of law that apply 
to covered savings associations; and 
‘‘(6) as the Comptroller determines necessary in the 
interests of safety and soundness. 
‘‘(g) GRANDFATHERED COVERED SAVINGS ASSOCIATIONS.—Sub-
ject to the rules issued under subsection (f), a covered savings 
association may continue to operate as a covered savings association 
if, after the date on which the election is made under subsection 
(b), the covered savings association has total consolidated assets 
greater than $20,000,000,000.’’. 
Determination. 
Determination. 
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132 STAT. 1312 
PUBLIC LAW 115–174—MAY 24, 2018 
SEC. 207. SMALL BANK HOLDING COMPANY POLICY STATEMENT. 
(a) DEFINITIONS.—In this section: 
(1) BOARD.—The term ‘‘Board’’ means the Board of Gov-
ernors of the Federal Reserve System. 
(2) SAVINGS
AND
LOAN
HOLDING
COMPANY.—The term 
‘‘savings and loan holding company’’ has the meaning given 
the term in section 10(a) of the Home Owners’ Loan Act (12 
U.S.C. 1467a(a)). 
(b) CHANGES REQUIRED TO SMALL BANK HOLDING COMPANY 
POLICY STATEMENT ON ASSESSMENT OF FINANCIAL AND MANAGERIAL 
FACTORS.—Not later than 180 days after the date of enactment 
of this Act, the Board shall revise appendix C to part 225 of 
title 12, Code of Federal Regulations (commonly known as the 
‘‘Small Bank Holding Company and Savings and Loan Holding 
Company Policy Statement’’), to raise the consolidated asset 
threshold 
under 
that 
appendix 
from 
$1,000,000,000 
to 
$3,000,000,000 for any bank holding company or savings and loan 
holding company that— 
(1) is not engaged in significant nonbanking activities either 
directly or through a nonbank subsidiary; 
(2) does not conduct significant off-balance sheet activities 
(including securitization and asset management or administra-
tion) either directly or through a nonbank subsidiary; and 
(3) does not have a material amount of debt or equity 
securities outstanding (other than trust preferred securities) 
that are registered with the Securities and Exchange Commis-
sion. 
(c) EXCLUSIONS.—The Board may exclude any bank holding 
company or savings and loan holding company, regardless of asset 
size, from the revision under subsection (b) if the Board determines 
that such action is warranted for supervisory purposes. 
(d) CONFORMING AMENDMENT.—Section 171(b)(5) of the Finan-
cial Stability Act of 2010 (12 U.S.C. 5371(b)(5)) is amended by 
striking subparagraph (C) and inserting the following: 
‘‘(C) any bank holding company or savings and loan 
holding company that is subject to the application of 
appendix C to part 225 of title 12, Code of Federal Regula-
tions (commonly known as the ‘Small Bank Holding Com-
pany and Savings and Loan Holding Company Policy State-
ment’).’’. 
SEC. 208. APPLICATION OF THE EXPEDITED FUNDS AVAILABILITY ACT. 
(a) IN GENERAL.—The Expedited Funds Availability Act (12 
U.S.C. 4001 et seq.) is amended— 
(1) in section 602 (12 U.S.C. 4001)— 
(A) in paragraph (20), by inserting ‘‘, located in the 
United States,’’ after ‘‘ATM’’; 
(B) in paragraph (21), by inserting ‘‘American Samoa, 
the Commonwealth of the Northern Mariana Islands, 
Guam,’’ after ‘‘Puerto Rico,’’; and 
(C) in paragraph (23), by inserting ‘‘American Samoa, 
the Commonwealth of the Northern Mariana Islands, 
Guam,’’ after ‘‘Puerto Rico,’’; and 
(2) in section 603(d)(2)(A) (12 U.S.C. 4002(d)(2)(A)), by 
inserting ‘‘American Samoa, the Commonwealth of the 
Northern Mariana Islands, Guam,’’ after ‘‘Puerto Rico,’’. 
12 USC 5371 
note. 
Deadline. 
12 USC 5371 
note. 
12 USC 5371 
note. 
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132 STAT. 1313 
PUBLIC LAW 115–174—MAY 24, 2018 
(b) EFFECTIVE DATE.—The amendments made by this section 
shall take effect on the date that is 30 days after the date of 
enactment of this Act. 
SEC. 209. SMALL PUBLIC HOUSING AGENCIES. 
(a) SMALL PUBLIC HOUSING AGENCIES.—Title I of the United 
States Housing Act of 1937 (42 U.S.C. 1437 et seq.) is amended 
by adding at the end the following: 
‘‘SEC. 38. SMALL PUBLIC HOUSING AGENCIES. 
‘‘(a) DEFINITIONS.—In this section: 
‘‘(1) HOUSING
VOUCHER
PROGRAM.—The term ‘housing 
voucher program’ means a program for tenant-based assistance 
under section 8. 
‘‘(2) SMALL
PUBLIC
HOUSING
AGENCY.—The term ‘small 
public housing agency’ means a public housing agency— 
‘‘(A) for which the sum of the number of public housing 
dwelling units administered by the agency and the number 
of vouchers under section 8(o) administered by the agency 
is 550 or fewer; and 
‘‘(B) that predominantly operates in a rural area, as 
described in section 1026.35(b)(2)(iv)(A) of title 12, Code 
of Federal Regulations. 
‘‘(3) TROUBLED SMALL PUBLIC HOUSING AGENCY.—The term 
‘troubled small public housing agency’ means a small public 
housing agency designated by the Secretary as a troubled small 
public housing agency under subsection (c)(3). 
‘‘(b) APPLICABILITY.—Except as otherwise provided in this sec-
tion, a small public housing agency shall be subject to the same 
requirements as a public housing agency. 
‘‘(c) PROGRAM INSPECTIONS AND EVALUATIONS.— 
‘‘(1) PUBLIC HOUSING PROJECTS.— 
‘‘(A) FREQUENCY OF INSPECTIONS BY SECRETARY.—The 
Secretary shall carry out an inspection of the physical 
condition of a small public housing agency’s public housing 
projects not more frequently than once every 3 years, unless 
the agency has been designated by the Secretary as a 
troubled small public housing agency based on deficiencies 
in the physical condition of its public housing projects. 
Nothing contained in this subparagraph relieves the Sec-
retary from conducting lead safety inspections or assess-
ments in accordance with procedures established by the 
Secretary under section 302 of the Lead-Based Paint Poi-
soning Prevention Act (42 U.S.C. 4822). 
‘‘(B) STANDARDS.—The Secretary shall apply to small 
public housing agencies the same standards for the accept-
able condition of public housing projects that apply to 
projects assisted under section 8. 
‘‘(2) HOUSING VOUCHER PROGRAM.—Except as required by 
section 8(o)(8)(F), a small public housing agency administering 
assistance under section 8(o) shall make periodic physical 
inspections of each assisted dwelling unit not less frequently 
than once every 3 years to determine whether the unit is 
maintained in accordance with the requirements under section 
8(o)(8)(A). Nothing contained in this paragraph relieves a small 
public housing agency from conducting lead safety inspections 
or assessments in accordance with procedures established by 
Time periods. 
Determinations. 
Time periods. 
42 USC 
1437z–10. 
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132 STAT. 1314 
PUBLIC LAW 115–174—MAY 24, 2018 
the Secretary under section 302 of the Lead-Based Paint Poi-
soning Prevention Act (42 U.S.C. 4822). 
‘‘(3) TROUBLED SMALL PUBLIC HOUSING AGENCIES.— 
‘‘(A) PUBLIC HOUSING PROGRAM.—Notwithstanding any 
other provision of law, the Secretary may designate a small 
public housing agency as a troubled small public housing 
agency with respect to the public housing program of the 
small public housing agency if the Secretary determines 
that the agency has failed to maintain the public housing 
units of the small public housing agency in a satisfactory 
physical condition, based upon an inspection conducted by 
the Secretary. 
‘‘(B) HOUSING
VOUCHER
PROGRAM.—Notwithstanding 
any other provision of law, the Secretary may designate 
a small public housing agency as a troubled small public 
housing agency with respect to the housing voucher pro-
gram of the small public housing agency if the Secretary 
determines that the agency has failed to comply with the 
inspection requirements under paragraph (2). 
‘‘(C) APPEALS.— 
‘‘(i) ESTABLISHMENT.—The Secretary shall estab-
lish an appeals process under which a small public 
housing agency may dispute a designation as a trou-
bled small public housing agency. 
‘‘(ii) OFFICIAL.—The appeals process established 
under clause (i) shall provide for a decision by an 
official who has not been involved, and is not subordi-
nate to a person who has been involved, in the original 
determination to designate a small public housing 
agency as a troubled small public housing agency. 
‘‘(D) CORRECTIVE ACTION AGREEMENT.— 
‘‘(i) AGREEMENT REQUIRED.—Not later than 60 days 
after the date on which a small public housing agency 
is designated as a troubled public housing agency 
under subparagraph (A) or (B), the Secretary and the 
small public housing agency shall enter into a correc-
tive action agreement under which the small public 
housing agency shall undertake actions to correct the 
deficiencies upon which the designation is based. 
‘‘(ii) TERMS OF AGREEMENT.—A corrective action 
agreement entered into under clause (i) shall— 
‘‘(I) have a term of 1 year, and shall be renew-
able at the option of the Secretary; 
‘‘(II) provide, where feasible, for technical 
assistance to assist the public housing agency in 
curing its deficiencies; 
‘‘(III) provide for— 
‘‘(aa) reconsideration of the designation of 
the small public housing agency as a troubled 
small public housing agency not less fre-
quently than annually; and 
‘‘(bb) termination of the agreement when 
the Secretary determines that the small public 
housing agency is no longer a troubled small 
public housing agency; and 
Determination. 
Time period. 
Deadline. 
Determination. 
Determination. 
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132 STAT. 1315 
PUBLIC LAW 115–174—MAY 24, 2018 
‘‘(IV) provide that in the event of substantial 
noncompliance by the small public housing agency 
under the agreement, the Secretary may— 
‘‘(aa) contract with another public housing 
agency or a private entity to manage the public 
housing of the troubled small public housing 
agency; 
‘‘(bb) withhold funds otherwise distribut-
able to the troubled small public housing 
agency; 
‘‘(cc) assume possession of, and direct 
responsibility for, managing the public housing 
of the troubled small public housing agency; 
‘‘(dd) petition for the appointment of a 
receiver, 
in 
accordance 
with 
section 
6(j)(3)(A)(ii); and 
‘‘(ee) exercise any other remedy available 
to the Secretary in the event of default under 
the public housing annual contributions con-
tract entered into by the small public housing 
agency under section 5. 
‘‘(E) EMERGENCY ACTIONS.—Nothing in this paragraph 
may be construed to prohibit the Secretary from taking 
any emergency action necessary to protect Federal financial 
resources or the health or safety of residents of public 
housing projects. 
‘‘(d) REDUCTION OF ADMINISTRATIVE BURDENS.— 
‘‘(1) EXEMPTION.—Notwithstanding any other provision of 
law, a small public housing agency shall be exempt from any 
environmental review requirements with respect to a develop-
ment or modernization project having a total cost of not more 
than $100,000. 
‘‘(2) STREAMLINED PROCEDURES.—The Secretary shall, by 
rule, establish streamlined procedures for environmental 
reviews of small public housing agency development and mod-
ernization projects having a total cost of more than $100,000.’’. 
(b) ENERGY CONSERVATION.—Section 9(e)(2) of the United 
States Housing Act of 1937 (42 U.S.C. 1437g(e)(2)) is amended 
by adding at the end the following: 
‘‘(D) FREEZE OF CONSUMPTION LEVELS.— 
‘‘(i) IN GENERAL.—A small public housing agency, 
as defined in section 38(a), may elect to be paid for 
its utility and waste management costs under the for-
mula for a period, at the discretion of the small public 
housing agency, of not more than 20 years based on 
the small public housing agency’s average annual 
consumption during the 3-year period preceding the 
year in which the election is made (in this subpara-
graph referred to as the ‘consumption base level’). 
‘‘(ii) INITIAL
ADJUSTMENT
IN
CONSUMPTION
BASE 
LEVEL.—The Secretary shall make an initial one-time 
adjustment in the consumption base level to account 
for differences in the heating degree day average over 
the most recent 20-year period compared to the average 
in the consumption base level. 
Time period. 
Time periods. 
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132 STAT. 1316 
PUBLIC LAW 115–174—MAY 24, 2018 
‘‘(iii) ADJUSTMENTS IN CONSUMPTION BASE LEVEL.— 
The Secretary shall make adjustments in the consump-
tion base level to account for an increase or reduction 
in units, a change in fuel source, a change in resident 
controlled electricity consumption, or for other reasons. 
‘‘(iv) SAVINGS.—All cost savings resulting from an 
election made by a small public housing agency under 
this subparagraph— 
‘‘(I) shall accrue to the small public housing 
agency; and 
‘‘(II) may be used for any public housing pur-
pose at the discretion of the small public housing 
agency. 
‘‘(v) THIRD
PARTIES.—A small public housing 
agency making an election under this subparagraph— 
‘‘(I) may use, but shall not be required to use, 
the services of a third party in its energy conserva-
tion program; and 
‘‘(II) shall have the sole discretion to determine 
the source, and terms and conditions, of any 
financing used for its energy conservation pro-
gram.’’. 
(c) REPORTING BY AGENCIES OPERATING IN CONSORTIA.—Not 
later than 180 days after the date of enactment of this Act, the 
Secretary of Housing and Urban Development shall develop and 
deploy all electronic information systems necessary to accommodate 
full consolidated reporting by public housing agencies, as defined 
in section 3(b)(6) of the United States Housing Act of 1937 (42 
U.S.C. 1437a(b)(6)), electing to operate in consortia under section 
13(a) of such Act (42 U.S.C. 1437k(a)). 
(d) EFFECTIVE DATE.—The amendments made by subsections 
(a) and (b) shall take effect on the date that is 60 days after 
the date of enactment of this Act. 
(e) SHARED WAITING LISTS.—Not later than 1 year after the 
date of enactment of this Act, the Secretary of Housing and Urban 
Development shall make available to interested public housing 
agencies and owners of multifamily properties receiving assistance 
from the Department of Housing and Urban Development 1 or 
more software programs that will facilitate the voluntary use of 
a shared waiting list by multiple public housing agencies or owners 
receiving assistance, and shall publish on the website of the Depart-
ment of Housing and Urban Development procedural guidance for 
implementing shared waiting lists that includes information on 
how to obtain the software. 
SEC. 210. EXAMINATION CYCLE. 
Section 10(d) of the Federal Deposit Insurance Act (12 U.S.C. 
1820(d)) is amended— 
(1) in paragraph (4)(A), by striking ‘‘$1,000,000,000’’ and 
inserting ‘‘$3,000,000,000’’; and 
(2) in paragraph (10), by striking ‘‘$1,000,000,000’’ and 
inserting ‘‘$3,000,000,000’’. 
SEC. 
211. 
INTERNATIONAL 
INSURANCE 
CAPITAL 
STANDARDS 
ACCOUNTABILITY. 
(a) FINDINGS.—Congress finds that— 
31 USC 313 note. 
Deadline. 
Web posting. 
Guidance. 
42 USC 1437d 
note. 
42 USC 1437g 
note. 
42 USC 1437k 
note. 
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132 STAT. 1317 
PUBLIC LAW 115–174—MAY 24, 2018 
(1) the Secretary of the Treasury, Board of Governors of 
the Federal Reserve System, and Director of the Federal Insur-
ance Office shall support increasing transparency at any global 
insurance or international standard-setting regulatory or super-
visory forum in which they participate, including supporting 
and advocating for greater public observer access to working 
groups and committee meetings of the International Association 
of Insurance Supervisors; and 
(2) to the extent that the Secretary of the Treasury, the 
Board of Governors of the Federal Reserve System, and the 
Director of the Federal Insurance Office take a position or 
reasonably intend to take a position with respect to an insur-
ance proposal by a global insurance regulatory or supervisory 
forum, the Secretary of the Treasury, the Board of Governors 
of the Federal Reserve System, and the Director of the Federal 
Insurance Office shall achieve consensus positions with State 
insurance regulators through the National Association of Insur-
ance Commissioners, when they are United States participants 
in negotiations on insurance issues before the International 
Association of Insurance Supervisors, Financial Stability Board, 
or any other international forum of financial regulators or 
supervisors that considers such issues. 
(b) INSURANCE POLICY ADVISORY COMMITTEE.— 
(1) ESTABLISHMENT.—There is established the Insurance 
Policy Advisory Committee on International Capital Standards 
and Other Insurance Issues at the Board of Governors of the 
Federal Reserve System. 
(2) MEMBERSHIP.—The Committee shall be composed of 
not more than 21 members, all of whom represent a diverse 
set of expert perspectives from the various sectors of the United 
States insurance industry, including life insurance, property 
and casualty insurance and reinsurance, agents and brokers, 
academics, consumer advocates, or experts on issues facing 
underserved insurance communities and consumers. 
(c) REPORTS.— 
(1) REPORTS
AND
TESTIMONY
BY
SECRETARY
OF
THE 
TREASURY AND CHAIRMAN OF THE FEDERAL RESERVE.— 
(A) IN GENERAL.—The Secretary of the Treasury and 
the Chairman of the Board of Governors of the Federal 
Reserve System, or their designee, shall submit to the 
Committee on Banking, Housing, and Urban Affairs of 
the Senate, and the Committee on Financial Services of 
the House of Representatives, an annual report and provide 
annual testimony to the Committee on Banking, Housing, 
and Urban Affairs of the Senate, and the Committee on 
Financial Services of the House of Representatives on the 
efforts of the Secretary and the Chairman with the National 
Association of Insurance Commissioners with respect to 
global 
insurance 
regulatory 
or 
supervisory 
forums, 
including— 
(i) a description of the insurance regulatory or 
supervisory standard-setting issues under discussion 
at international standard-setting bodies, including the 
Financial Stability Board and the International 
Association of Insurance Supervisors; 
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132 STAT. 1318 
PUBLIC LAW 115–174—MAY 24, 2018 
(ii) a description of the effects that proposals dis-
cussed at international insurance regulatory or super-
visory forums of insurance could have on consumer 
and insurance markets in the United States; 
(iii) a description of any position taken by the 
Secretary of the Treasury, the Board of Governors 
of the Federal Reserve System, and the Director of 
the Federal Insurance Office in international insurance 
discussions; and 
(iv) a description of the efforts by the Secretary 
of the Treasury, the Board of Governors of the Federal 
Reserve System, and the Director of the Federal Insur-
ance Office to increase transparency at the Financial 
Stability Board with respect to insurance proposals 
and the International Association of Insurance Super-
visors, including efforts to provide additional public 
access to working groups and committees of the Inter-
national Association of Insurance Supervisors. 
(B) TERMINATION.—This paragraph shall terminate on 
December 31, 2024. 
(2) REPORTS AND TESTIMONY BY NATIONAL ASSOCIATION OF 
INSURANCE
COMMISSIONERS.—The National Association of 
Insurance Commissioners may provide testimony to Congress 
on the issues described in paragraph (1)(A). 
(3) JOINT
REPORT
BY
THE
CHAIRMAN
OF
THE
FEDERAL 
RESERVE
AND
THE
DIRECTOR
OF
THE
FEDERAL
INSURANCE 
OFFICE.— 
(A) IN GENERAL.—The Secretary of the Treasury, the 
Chairman of the Board of Governors of the Federal Reserve 
System, and the Director of the Federal Insurance Office 
shall, in consultation with the National Association of 
Insurance Commissioners, complete a study on, and submit 
to Congress a report on the results of the study, the impact 
on consumers and markets in the United States before 
supporting or consenting to the adoption of any final inter-
national insurance capital standard. 
(B) NOTICE AND COMMENT.— 
(i) NOTICE.—The Secretary of the Treasury, the 
Chairman of the Board of Governors of the Federal 
Reserve System, and the Director of the Federal Insur-
ance Office shall provide public notice before the date 
on which drafting a report required under subpara-
graph (A) is commenced and after the date on which 
the draft of the report is completed. 
(ii) OPPORTUNITY FOR COMMENT.—There shall be 
an opportunity for public comment for a period begin-
ning on the date on which the report is submitted 
under subparagraph (A) and ending on the date that 
is 60 days after the date on which the report is sub-
mitted. 
(C) REVIEW BY COMPTROLLER GENERAL.—The Secretary 
of the Treasury, Chairman of the Board of Governors of 
the Federal Reserve System, and the Director of the Fed-
eral Insurance Office shall submit to the Comptroller Gen-
eral of the United States the report described in subpara-
graph (A) for review. 
Time period. 
Consultation. 
Study. 
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132 STAT. 1319 
PUBLIC LAW 115–174—MAY 24, 2018 
(4) REPORT ON INCREASE IN TRANSPARENCY.—Not later than 
180 days after the date of enactment of this Act, the Chairman 
of the Board of Governors of the Federal Reserve System and 
the Secretary of the Treasury, or their designees, shall submit 
to Congress a report and provide testimony to Congress on 
the efforts of the Chairman and the Secretary to increase 
transparency at meetings of the International Association of 
Insurance Supervisors. 
SEC. 212. BUDGET TRANSPARENCY FOR THE NCUA. 
Section 209(b) of the Federal Credit Union Act (12 U.S.C. 
1789(b)) is amended— 
(1) by redesignating paragraphs (1) and (2) as paragraphs 
(2) and (3), respectively; 
(2) by inserting before paragraph (2), as so redesignated, 
the following: 
‘‘(1) on an annual basis and prior to the submission of 
the detailed business-type budget required under paragraph 
(2)— 
‘‘(A) make publicly available and publish in the Federal 
Register a draft of the detailed business-type budget; and 
‘‘(B) hold a public hearing, with public notice provided 
of the hearing, during which the public may submit com-
ments on the draft of the detailed business-type budget;’’; 
and 
(3) in paragraph (2), as so redesignated— 
(A) by inserting ‘‘detailed’’ after ‘‘submit a’’; and 
(B) by inserting ‘‘, which shall address any comment 
submitted by the public under paragraph (1)(B)’’ after ‘‘Con-
trol Act’’. 
SEC. 213. MAKING ONLINE BANKING INITIATION LEGAL AND EASY. 
(a) DEFINITIONS.—In this section: 
(1) AFFILIATE.—The term ‘‘affiliate’’ has the meaning given 
the term in section 2 of the Bank Holding Company Act of 
1956 (12 U.S.C. 1841). 
(2) DRIVER’S LICENSE.—The term ‘‘driver’s license’’ means 
a license issued by a State to an individual that authorizes 
the individual to operate a motor vehicle on public streets, 
roads, or highways. 
(3) FEDERAL BANK SECRECY LAWS.—The term ‘‘Federal bank 
secrecy laws’’ means— 
(A) section 21 of the Federal Deposit Insurance Act 
(12 U.S.C. 1829b); 
(B) section 123 of Public Law 91–508 (12 U.S.C. 1953); 
and 
(C) subchapter II of chapter 53 of title 31, United 
States Code. 
(4) FINANCIAL INSTITUTION.—The term ‘‘financial institu-
tion’’ means— 
(A) an insured depository institution; 
(B) an insured credit union; or 
(C) any affiliate of an insured depository institution 
or insured credit union. 
(5) FINANCIAL PRODUCT OR SERVICE.—The term ‘‘financial 
product or service’’ has the meaning given the term in section 
1002 of the Consumer Financial Protection Act of 2010 (12 
U.S.C. 5481). 
12 USC 1829c. 
Public 
information. 
Federal Register, 
publication. 
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132 STAT. 1320 
PUBLIC LAW 115–174—MAY 24, 2018 
(6) INSURED
CREDIT
UNION.—The term ‘‘insured credit 
union’’ has the meaning given the term in section 101 of the 
Federal Credit Union Act (12 U.S.C. 1752). 
(7) INSURED DEPOSITORY INSTITUTION.—The term ‘‘insured 
depository institution’’ has the meaning given the term in sec-
tion 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813). 
(8) ONLINE SERVICE.—The term ‘‘online service’’ means any 
Internet-based service, such as a website or mobile application. 
(9) PERSONAL IDENTIFICATION CARD.—The term ‘‘personal 
identification card’’ means an identification document issued 
by a State or local government to an individual solely for 
the purpose of identification of that individual. 
(10) PERSONAL INFORMATION.—The term ‘‘personal informa-
tion’’ means the information displayed on or electronically 
encoded on a driver’s license or personal identification card 
that is reasonably necessary to fulfill the purpose and uses 
permitted by subsection (b). 
(11) SCAN.—The term ‘‘scan’’ means the act of using a 
device or software to decipher, in an electronically readable 
format, personal information displayed on or electronically 
encoded on a driver’s license or personal identification card. 
(12) STATE.—The term ‘‘State’’ means any State of the 
United States, the District of Columbia, the Commonwealth 
of Puerto Rico, and any other commonwealth, possession, or 
territory of the United States. 
(b) USE OF A DRIVER’S LICENSE OR PERSONAL IDENTIFICATION 
CARD.— 
(1) IN GENERAL.—When an individual initiates a request 
through an online service to open an account with a financial 
institution or obtain a financial product or service from a finan-
cial institution, the financial institution may record personal 
information from a scan of the driver’s license or personal 
identification card of the individual, or make a copy or receive 
an image of the driver’s license or personal identification card 
of the individual, and store or retain such information in any 
electronic format for the purposes described in paragraph (2). 
(2) USES OF INFORMATION.—Except as required to comply 
with Federal bank secrecy laws, a financial institution may 
only use the information obtained under paragraph (1)— 
(A) to verify the authenticity of the driver’s license 
or personal identification card; 
(B) to verify the identity of the individual; and 
(C) to comply with a legal requirement to record, retain, 
or transmit the personal information in connection with 
opening an account or obtaining a financial product or 
service. 
(3) DELETION OF IMAGE.—A financial institution that makes 
a copy or receives an image of a driver’s license or personal 
identification card of an individual in accordance with para-
graphs (1) and (2) shall, after using the image for the purposes 
described in paragraph (2), permanently delete— 
(A) any image of the driver’s license or personal identi-
fication card, as applicable; and 
(B) any copy of any such image. 
(4) DISCLOSURE OF PERSONAL INFORMATION.—Nothing in 
this section shall be construed to amend, modify, or otherwise 
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132 STAT. 1321 
PUBLIC LAW 115–174—MAY 24, 2018 
affect any State or Federal law that governs a financial institu-
tion’s disclosure and security of personal information that is 
not publicly available. 
(c) RELATION TO STATE LAW.—The provisions of this section 
shall preempt and supersede any State law that conflicts with 
a provision of this section, but only to the extent of such conflict. 
SEC. 214. PROMOTING CONSTRUCTION AND DEVELOPMENT ON MAIN 
STREET. 
The Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.) 
is amended by adding at the end the following new section: 
‘‘SEC. 51. CAPITAL REQUIREMENTS FOR CERTAIN ACQUISITION, 
DEVELOPMENT, OR CONSTRUCTION LOANS. 
‘‘(a) IN GENERAL.—The appropriate Federal banking agencies 
may only require a depository institution to assign a heightened 
risk weight to a high volatility commercial real estate (HVCRE) 
exposure (as such term is defined under section 324.2 of title 
12, Code of Federal Regulations, as of October 11, 2017, or if 
a successor regulation is in effect as of the date of the enactment 
of this section, such term or any successor term contained in such 
successor regulation) under any risk-based capital requirement if 
such exposure is an HVCRE ADC loan. 
‘‘(b) HVCRE ADC LOAN DEFINED.—For purposes of this section 
and with respect to a depository institution, the term ‘HVCRE 
ADC loan’— 
‘‘(1) means a credit facility secured by land or improved 
real property that, prior to being reclassified by the depository 
institution as a non-HVCRE ADC loan pursuant to subsection 
(d)— 
‘‘(A) primarily finances, has financed, or refinances 
the acquisition, development, or construction of real prop-
erty; 
‘‘(B) has the purpose of providing financing to acquire, 
develop, or improve such real property into income-pro-
ducing real property; and 
‘‘(C) is dependent upon future income or sales proceeds 
from, or refinancing of, such real property for the repay-
ment of such credit facility; 
‘‘(2) does not include a credit facility financing— 
‘‘(A) the acquisition, development, or construction of 
properties that are— 
‘‘(i) one- to four-family residential properties; 
‘‘(ii) real property that would qualify as an invest-
ment in community development; or 
‘‘(iii) agricultural land; 
‘‘(B) the acquisition or refinance of existing income- 
producing real property secured by a mortgage on such 
property, if the cash flow being generated by the real 
property is sufficient to support the debt service and 
expenses of the real property, in accordance with the 
institution’s applicable loan underwriting criteria for 
permanent financings; 
‘‘(C) 
improvements 
to 
existing 
income-producing 
improved real property secured by a mortgage on such 
property, if the cash flow being generated by the real 
property is sufficient to support the debt service and 
expenses of the real property, in accordance with the 
Definition. 
12 USC 1831bb. 
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132 STAT. 1322 
PUBLIC LAW 115–174—MAY 24, 2018 
institution’s applicable loan underwriting criteria for 
permanent financings; or 
‘‘(D) commercial real property projects in which— 
‘‘(i) the loan-to-value ratio is less than or equal 
to the applicable maximum supervisory loan-to-value 
ratio as determined by the appropriate Federal banking 
agency; 
‘‘(ii) the borrower has contributed capital of at 
least 15 percent of the real property’s appraised, ‘as 
completed’ value to the project in the form of— 
‘‘(I) cash; 
‘‘(II) unencumbered readily marketable assets; 
‘‘(III) paid development expenses out-of-pocket; 
or 
‘‘(IV) contributed real property or improve-
ments; and 
‘‘(iii) the borrower contributed the minimum 
amount of capital described under clause (ii) before 
the depository institution advances funds (other than 
the advance of a nominal sum made in order to secure 
the depository institution’s lien against the real prop-
erty) under the credit facility, and such minimum 
amount of capital contributed by the borrower is 
contractually required to remain in the project until 
the credit facility has been reclassified by the deposi-
tory institution as a non-HVCRE ADC loan under sub-
section (d); 
‘‘(3) does not include any loan made prior to January 1, 
2015; and 
‘‘(4) does not include a credit facility reclassified as a non- 
HVCRE ADC loan under subsection (d). 
‘‘(c) VALUE OF CONTRIBUTED REAL PROPERTY.—For purposes 
of this section, the value of any real property contributed by a 
borrower as a capital contribution shall be the appraised value 
of the property as determined under standards prescribed pursuant 
to section 1110 of the Financial Institutions Reform, Recovery, 
and Enforcement Act of 1989 (12 U.S.C. 3339), in connection with 
the extension of the credit facility or loan to such borrower. 
‘‘(d) RECLASSIFICATION AS A NON-HVRCE ADC LOAN.—For pur-
poses of this section and with respect to a credit facility and a 
depository institution, upon— 
‘‘(1) the substantial completion of the development or 
construction of the real property being financed by the credit 
facility; and 
‘‘(2) cash flow being generated by the real property being 
sufficient to support the debt service and expenses of the real 
property, 
in accordance with the institution’s applicable loan underwriting 
criteria for permanent financings, the credit facility may be reclassi-
fied by the depository institution as a Non-HVCRE ADC loan. 
‘‘(e) EXISTING AUTHORITIES.—Nothing in this section shall limit 
the supervisory, regulatory, or enforcement authority of an appro-
priate Federal banking agency to further the safe and sound oper-
ation of an institution under the supervision of the appropriate 
Federal banking agency.’’. 
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132 STAT. 1323 
PUBLIC LAW 115–174—MAY 24, 2018 
SEC. 215. REDUCING IDENTITY FRAUD. 
(a) PURPOSE.—The purpose of this section is to reduce the 
prevalence of synthetic identity fraud, which disproportionally 
affects vulnerable populations, such as minors and recent 
immigrants, by facilitating the validation by permitted entities of 
fraud protection data, pursuant to electronically received consumer 
consent, through use of a database maintained by the Commis-
sioner. 
(b) DEFINITIONS.—In this section: 
(1) COMMISSIONER.—The term ‘‘Commissioner’’ means the 
Commissioner of the Social Security Administration. 
(2) FINANCIAL INSTITUTION.—The term ‘‘financial institu-
tion’’ has the meaning given the term in section 509 of the 
Gramm-Leach-Bliley Act (15 U.S.C. 6809). 
(3) FRAUD PROTECTION DATA.—The term ‘‘fraud protection 
data’’ means a combination of the following information with 
respect to an individual: 
(A) The name of the individual (including the first 
name and any family forename or surname of the indi-
vidual). 
(B) The social security number of the individual. 
(C) The date of birth (including the month, day, and 
year) of the individual. 
(4) PERMITTED ENTITY.—The term ‘‘permitted entity’’ means 
a financial institution or a service provider, subsidiary, affiliate, 
agent, subcontractor, or assignee of a financial institution. 
(c) EFFICIENCY.— 
(1) RELIANCE ON EXISTING METHODS.—The Commissioner 
shall evaluate the feasibility of making modifications to any 
database that is in existence as of the date of enactment of 
this Act or a similar resource such that the database or 
resource— 
(A) is reasonably designed to effectuate the purpose 
of this section; and 
(B) meets the requirements of subsection (d). 
(2) EXECUTION.—The Commissioner shall make the modi-
fications necessary to any database that is in existence as 
of the date of enactment of this Act or similar resource, or 
develop a database or similar resource, to effectuate the require-
ments described in paragraph (1). 
(d) PROTECTION OF VULNERABLE CONSUMERS.—The database 
or similar resource described in subsection (c) shall— 
(1) compare fraud protection data provided in an inquiry 
by a permitted entity against such information maintained 
by the Commissioner in order to confirm (or not confirm) the 
validity of the information provided; 
(2) be scalable and accommodate reasonably anticipated 
volumes of verification requests from permitted entities with 
commercially reasonable uptime and availability; and 
(3) allow permitted entities to submit— 
(A) 1 or more individual requests electronically for 
real-time machine-to-machine (or similar functionality) 
accurate responses; and 
(B) multiple requests electronically, such as those pro-
vided in a batch format, for accurate electronic responses 
within a reasonable period of time from submission, not 
to exceed 24 hours. 
42 USC 405b. 
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132 STAT. 1324 
PUBLIC LAW 115–174—MAY 24, 2018 
(e) CERTIFICATION REQUIRED.—Before providing confirmation 
of fraud protection data to a permitted entity, the Commissioner 
shall ensure that the Commissioner has a certification from the 
permitted entity that is dated not more than 2 years before the 
date on which that confirmation is provided that includes the fol-
lowing declarations: 
(1) The entity is a permitted entity. 
(2) The entity is in compliance with this section. 
(3) The entity is, and will remain, in compliance with 
its privacy and data security requirements, as described in 
title V of the Gramm-Leach-Bliley Act (15 U.S.C. 6801 et seq.), 
with respect to information the entity receives from the 
Commissioner pursuant to this section. 
(4) The entity will retain sufficient records to demonstrate 
its compliance with its certification and this section for a period 
of not less than 2 years. 
(f) CONSUMER CONSENT.— 
(1) IN GENERAL.—Notwithstanding any other provision of 
law or regulation, a permitted entity may submit a request 
to the database or similar resource described in subsection 
(c) only— 
(A) pursuant to the written, including electronic, con-
sent received by a permitted entity from the individual 
who is the subject of the request; and 
(B) in connection with a credit transaction or any cir-
cumstance described in section 604 of the Fair Credit 
Reporting Act (15 U.S.C. 1681b). 
(2) ELECTRONIC CONSENT REQUIREMENTS.—For a permitted 
entity to use the consent of an individual received electronically 
pursuant to paragraph (1)(A), the permitted entity must obtain 
the individual’s electronic signature, as defined in section 106 
of the Electronic Signatures in Global and National Commerce 
Act (15 U.S.C. 7006). 
(3) EFFECTUATING ELECTRONIC CONSENT.—No provision of 
law or requirement, including section 552a of title 5, United 
States Code, shall prevent the use of electronic consent for 
purposes of this subsection or for use in any other consent 
based verification under the discretion of the Commissioner. 
(g) COMPLIANCE AND ENFORCEMENT.— 
(1) AUDITS AND MONITORING.—The Commissioner may— 
(A) conduct audits and monitoring to— 
(i) ensure proper use by permitted entities of the 
database or similar resource described in subsection 
(c); and 
(ii) deter fraud and misuse by permitted entities 
with respect to the database or similar resource 
described in subsection (c); and 
(B) terminate services for any permitted entity that 
prevents or refuses to allow the Commissioner to carry 
out the activities described in subparagraph (A). 
(2) ENFORCEMENT.— 
(A) IN GENERAL.—Notwithstanding any other provision 
of law, including the matter preceding paragraph (1) of 
section 505(a) of the Gramm-Leach-Bliley Act (15 U.S.C. 
6805(a)), any violation of this section and any certification 
made under this section shall be enforced in accordance 
Time period. 
Deadline. 
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132 STAT. 1325 
PUBLIC LAW 115–174—MAY 24, 2018 
with paragraphs (1) through (7) of such section 505(a) 
by the agencies described in those paragraphs. 
(B) RELEVANT INFORMATION.—Upon discovery by the 
Commissioner, pursuant to an audit described in paragraph 
(1), of any violation of this section or any certification 
made under this section, the Commissioner shall forward 
any relevant information pertaining to that violation to 
the appropriate agency described in subparagraph (A) for 
evaluation by the agency for purposes of enforcing this 
section. 
(h) RECOVERY OF COSTS.— 
(1) IN GENERAL.— 
(A) IN GENERAL.—Amounts obligated to carry out this 
section shall be fully recovered from the users of the data-
base or verification system by way of advances, reimburse-
ments, user fees, or other recoveries as determined by 
the Commissioner. The funds recovered under this para-
graph shall be deposited as an offsetting collection to the 
account providing appropriations for the Social Security 
Administration, to be used for the administration of this 
section without fiscal year limitation. 
(B) PRICES
FIXED
BY
COMMISSIONER.—The Commis-
sioner shall establish the amount to be paid by the users 
under this paragraph, including the costs of any services 
or work performed, such as any appropriate upgrades, 
maintenance, and associated direct and indirect adminis-
trative costs, in support of carrying out the purposes 
described in this section, by reimbursement or in advance 
as determined by the Commissioner. The amount of such 
prices shall be periodically adjusted by the Commissioner 
to ensure that amounts collected are sufficient to fully 
offset the cost of the administration of this section. 
(2) INITIAL
DEVELOPMENT.—The Commissioner shall not 
begin development of a verification system to carry out this 
section until the Commissioner determines that amounts equal 
to at least 50 percent of program start-up costs have been 
collected under paragraph (1). 
(3) EXISTING
RESOURCES.—The Commissioner may use 
funds designated for information technology modernization to 
carry out this section. 
(4) ANNUAL
REPORT.—The Commissioner shall annually 
submit to the Committee on Ways and Means of the House 
of Representatives and the Committee on Finance of the Senate 
a report on the amount of indirect costs to the Social Security 
Administration arising as a result of the implementation of 
this section. 
SEC. 216. TREASURY REPORT ON RISKS OF CYBER THREATS. 
Not later than 1 year after the date of enactment of this 
Act, the Secretary of the Treasury shall submit to the Committee 
on Banking, Housing, and Urban Affairs of the Senate and the 
Committee on Financial Services of the House of Representatives 
a report on the risks of cyber threats to financial institutions 
and capital markets in the United States, including— 
(1) an assessment of the material risks of cyber threats 
to financial institutions and capital markets in the United 
States; 
Assessment. 
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132 STAT. 1326 
PUBLIC LAW 115–174—MAY 24, 2018 
(2) the impact and potential effects of material cyber 
attacks on financial institutions and capital markets in the 
United States; 
(3) an analysis of how the appropriate Federal banking 
agencies and the Securities and Exchange Commission are 
addressing the material risks of cyber threats described in 
paragraph (1), including— 
(A) how the appropriate Federal banking agencies and 
the Securities and Exchange Commission are assessing 
those threats; 
(B) how the appropriate Federal banking agencies and 
the Securities and Exchange Commission are assessing 
the cyber vulnerabilities and preparedness of financial 
institutions; 
(C) coordination amongst the appropriate Federal 
banking agencies and the Securities and Exchange 
Commission, and their coordination with other government 
agencies (including with respect to regulations, examina-
tions, lexicon, duplication, and other regulatory tools); and 
(D) areas for improvement; and 
(4) a recommendation of whether any appropriate Federal 
banking agency or the Securities and Exchange Commission 
needs additional legal authorities or resources to adequately 
assess and address the material risks of cyber threats described 
in paragraph (1), given the analysis required by paragraph 
(3). 
SEC. 217. DISCRETIONARY SURPLUS FUNDS. 
Section 7(a)(3)(A) of the Federal Reserve Act (12 U.S.C. 
289(a)(3)(A)) is amended by striking ‘‘$7,500,000,000’’ and inserting 
‘‘$6,825,000,000’’. 
TITLE 
III—PROTECTIONS 
FOR 
VET-
ERANS, 
CONSUMERS, 
AND 
HOME-
OWNERS 
SEC. 301. PROTECTING CONSUMERS’ CREDIT. 
(a) IN GENERAL.—Section 605A of the Fair Credit Reporting 
Act (15 U.S.C. 1681c–1) is amended— 
(1) in subsection (a)(1)(A), by striking ‘‘90 days’’ and 
inserting ‘‘1 year’’; and 
(2) by adding at the end the following: 
‘‘(i) NATIONAL SECURITY FREEZE.— 
‘‘(1) DEFINITIONS.—For purposes of this subsection: 
‘‘(A) The term ‘consumer reporting agency’ means a 
consumer reporting agency described in section 603(p). 
‘‘(B) The term ‘proper identification’ has the meaning 
of such term as used under section 610. 
‘‘(C) The term ‘security freeze’ means a restriction that 
prohibits a consumer reporting agency from disclosing the 
contents of a consumer report that is subject to such secu-
rity freeze to any person requesting the consumer report. 
‘‘(2) PLACEMENT OF SECURITY FREEZE.— 
Deadline. 
Recommenda- 
tions. 
Coordination. 
Analysis. 
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132 STAT. 1327 
PUBLIC LAW 115–174—MAY 24, 2018 
‘‘(A) IN GENERAL.—Upon receiving a direct request from 
a consumer that a consumer reporting agency place a secu-
rity freeze, and upon receiving proper identification from 
the consumer, the consumer reporting agency shall, free 
of charge, place the security freeze not later than— 
‘‘(i) in the case of a request that is by toll-free 
telephone or secure electronic means, 1 business day 
after receiving the request directly from the consumer; 
or 
‘‘(ii) in the case of a request that is by mail, 3 
business days after receiving the request directly from 
the consumer. 
‘‘(B) CONFIRMATION AND ADDITIONAL INFORMATION.— 
Not later than 5 business days after placing a security 
freeze under subparagraph (A), a consumer reporting 
agency shall— 
‘‘(i) send confirmation of the placement to the con-
sumer; and 
‘‘(ii) inform the consumer of— 
‘‘(I) the process by which the consumer may 
remove the security freeze, including a mechanism 
to authenticate the consumer; and 
‘‘(II) the consumer’s right described in section 
615(d)(1)(D). 
‘‘(C) NOTICE TO THIRD PARTIES.—A consumer reporting 
agency may advise a third party that a security freeze 
has been placed with respect to a consumer under subpara-
graph (A). 
‘‘(3) REMOVAL OF SECURITY FREEZE.— 
‘‘(A) IN GENERAL.—A consumer reporting agency shall 
remove a security freeze placed on the consumer report 
of a consumer only in the following cases: 
‘‘(i) Upon the direct request of the consumer. 
‘‘(ii) The security freeze was placed due to a mate-
rial misrepresentation of fact by the consumer. 
‘‘(B) NOTICE IF REMOVAL NOT BY REQUEST.—If a con-
sumer reporting agency removes a security freeze under 
subparagraph (A)(ii), the consumer reporting agency shall 
notify the consumer in writing prior to removing the secu-
rity freeze. 
‘‘(C) REMOVAL
OF
SECURITY
FREEZE
BY
CONSUMER 
REQUEST.—Except as provided in subparagraph (A)(ii), a 
security freeze shall remain in place until the consumer 
directly requests that the security freeze be removed. Upon 
receiving a direct request from a consumer that a consumer 
reporting agency remove a security freeze, and upon 
receiving proper identification from the consumer, the con-
sumer reporting agency shall, free of charge, remove the 
security freeze not later than— 
‘‘(i) in the case of a request that is by toll-free 
telephone or secure electronic means, 1 hour after 
receiving the request for removal; or 
‘‘(ii) in the case of a request that is by mail, 3 
business days after receiving the request for removal. 
‘‘(D) THIRD-PARTY REQUESTS.—If a third party requests 
access to a consumer report of a consumer with respect 
to which a security freeze is in effect, where such request 
Deadlines. 
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132 STAT. 1328 
PUBLIC LAW 115–174—MAY 24, 2018 
is in connection with an application for credit, and the 
consumer does not allow such consumer report to be 
accessed, the third party may treat the application as 
incomplete. 
‘‘(E) TEMPORARY REMOVAL OF SECURITY FREEZE.—Upon 
receiving a direct request from a consumer under subpara-
graph (A)(i), if the consumer requests a temporary removal 
of a security freeze, the consumer reporting agency shall, 
in accordance with subparagraph (C), remove the security 
freeze for the period of time specified by the consumer. 
‘‘(4) EXCEPTIONS.—A security freeze shall not apply to the 
making of a consumer report for use of the following: 
‘‘(A) A person or entity, or a subsidiary, affiliate, or 
agent of that person or entity, or an assignee of a financial 
obligation owed by the consumer to that person or entity, 
or a prospective assignee of a financial obligation owed 
by the consumer to that person or entity in conjunction 
with the proposed purchase of the financial obligation, 
with which the consumer has or had prior to assignment 
an account or contract including a demand deposit account, 
or to whom the consumer issued a negotiable instrument, 
for the purposes of reviewing the account or collecting 
the financial obligation owed for the account, contract, or 
negotiable instrument. For purposes of this subparagraph, 
‘reviewing the account’ includes activities related to account 
maintenance, monitoring, credit line increases, and account 
upgrades and enhancements. 
‘‘(B) Any Federal, State, or local agency, law enforce-
ment agency, trial court, or private collection agency acting 
pursuant to a court order, warrant, or subpoena. 
‘‘(C) A child support agency acting pursuant to part 
D of title IV of the Social Security Act (42 U.S.C. 651 
et seq.). 
‘‘(D) A Federal agency or a State or its agents or 
assigns acting to investigate fraud or acting to investigate 
or collect delinquent taxes or unpaid court orders or to 
fulfill any of its other statutory responsibilities, provided 
such responsibilities are consistent with a permissible pur-
pose under section 604. 
‘‘(E) By a person using credit information for the pur-
poses described under section 604(c). 
‘‘(F) Any person or entity administering a credit file 
monitoring subscription or similar service to which the 
consumer has subscribed. 
‘‘(G) Any person or entity for the purpose of providing 
a consumer with a copy of the consumer’s consumer report 
or credit score, upon the request of the consumer. 
‘‘(H) Any person using the information in connection 
with the underwriting of insurance. 
‘‘(I) Any person using the information for employment, 
tenant, or background screening purposes. 
‘‘(J) Any person using the information for assessing, 
verifying, or authenticating a consumer’s identity for pur-
poses other than the granting of credit, or for investigating 
or preventing actual or potential fraud. 
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132 STAT. 1329 
PUBLIC LAW 115–174—MAY 24, 2018 
‘‘(5) NOTICE
OF
RIGHTS.—At any time a consumer is 
required to receive a summary of rights required under section 
609, the following notice shall be included: 
‘‘ ‘CONSUMERS HAVE THE RIGHT TO OBTAIN A SECURITY FREEZE 
‘‘ ‘You have a right to place a ‘‘security freeze’’ on your credit 
report, which will prohibit a consumer reporting agency from 
releasing information in your credit report without your express 
authorization. The security freeze is designed to prevent credit, 
loans, and services from being approved in your name without 
your consent. However, you should be aware that using a security 
freeze to take control over who gets access to the personal and 
financial information in your credit report may delay, interfere 
with, or prohibit the timely approval of any subsequent request 
or application you make regarding a new loan, credit, mortgage, 
or any other account involving the extension of credit. 
‘‘ ‘As an alternative to a security freeze, you have the right 
to place an initial or extended fraud alert on your credit file at 
no cost. An initial fraud alert is a 1-year alert that is placed 
on a consumer’s credit file. Upon seeing a fraud alert display 
on a consumer’s credit file, a business is required to take steps 
to verify the consumer’s identity before extending new credit. If 
you are a victim of identity theft, you are entitled to an extended 
fraud alert, which is a fraud alert lasting 7 years. 
‘‘ ‘A security freeze does not apply to a person or entity, or 
its affiliates, or collection agencies acting on behalf of the person 
or entity, with which you have an existing account that requests 
information in your credit report for the purposes of reviewing 
or collecting the account. Reviewing the account includes activities 
related to account maintenance, monitoring, credit line increases, 
and account upgrades and enhancements.’. 
‘‘(6) WEBPAGE.— 
‘‘(A) CONSUMER
REPORTING
AGENCIES.—A consumer 
reporting agency shall establish a webpage that— 
‘‘(i) allows a consumer to request a security freeze; 
‘‘(ii) allows a consumer to request an initial fraud 
alert; 
‘‘(iii) allows a consumer to request an extended 
fraud alert; 
‘‘(iv) allows a consumer to request an active duty 
fraud alert; 
‘‘(v) allows a consumer to opt-out of the use of 
information in a consumer report to send the consumer 
a solicitation of credit or insurance, in accordance with 
section 615(d); and 
‘‘(vi) shall not be the only mechanism by which 
a consumer may request a security freeze. 
‘‘(B) FTC.—The Federal Trade Commission shall estab-
lish a single webpage that includes a link to each webpage 
established under subparagraph (A) within the Federal 
Trade Commission’s website www.Identitytheft.gov, or a 
successor website. 
‘‘(j) NATIONAL PROTECTION FOR FILES AND CREDIT RECORDS 
OF PROTECTED CONSUMERS.— 
‘‘(1) DEFINITIONS.—As used in this subsection: 
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132 STAT. 1330 
PUBLIC LAW 115–174—MAY 24, 2018 
‘‘(A) The term ‘consumer reporting agency’ means a 
consumer reporting agency described in section 603(p). 
‘‘(B) The term ‘protected consumer’ means an indi-
vidual who is— 
‘‘(i) under the age of 16 years at the time a request 
for the placement of a security freeze is made; or 
‘‘(ii) an incapacitated person or a protected person 
for whom a guardian or conservator has been 
appointed. 
‘‘(C) The term ‘protected consumer’s representative’ 
means a person who provides to a consumer reporting 
agency sufficient proof of authority to act on behalf of 
a protected consumer. 
‘‘(D) The term ‘record’ means a compilation of informa-
tion that— 
‘‘(i) identifies a protected consumer; 
‘‘(ii) is created by a consumer reporting agency 
solely for the purpose of complying with this sub-
section; and 
‘‘(iii) may not be created or used to consider the 
protected 
consumer’s 
credit 
worthiness, 
credit 
standing, credit capacity, character, general reputation, 
personal characteristics, or mode of living. 
‘‘(E) The term ‘security freeze’ means a restriction that 
prohibits a consumer reporting agency from disclosing the 
contents of a consumer report that is the subject of such 
security freeze or, in the case of a protected consumer 
for whom the consumer reporting agency does not have 
a file, a record that is subject to such security freeze 
to any person requesting the consumer report for the pur-
pose of opening a new account involving the extension 
of credit. 
‘‘(F) The term ‘sufficient proof of authority’ means docu-
mentation that shows a protected consumer’s representa-
tive has authority to act on behalf of a protected consumer 
and includes— 
‘‘(i) an order issued by a court of law; 
‘‘(ii) a lawfully executed and valid power of 
attorney; 
‘‘(iii) a document issued by a Federal, State, or 
local government agency in the United States showing 
proof of parentage, including a birth certificate; or 
‘‘(iv) with respect to a protected consumer who 
has been placed in a foster care setting, a written 
communication from a county welfare department or 
its agent or designee, or a county probation department 
or its agent or designee, certifying that the protected 
consumer is in a foster care setting under its jurisdic-
tion. 
‘‘(G) The term ‘sufficient proof of identification’ means 
information or documentation that identifies a protected 
consumer and a protected consumer’s representative and 
includes— 
‘‘(i) a social security number or a copy of a social 
security card issued by the Social Security Administra-
tion; 
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132 STAT. 1331 
PUBLIC LAW 115–174—MAY 24, 2018 
‘‘(ii) a certified or official copy of a birth certificate 
issued by the entity authorized to issue the birth cer-
tificate; or 
‘‘(iii) a copy of a driver’s license, an identification 
card issued by the motor vehicle administration, or 
any other government issued identification. 
‘‘(2) PLACEMENT
OF
SECURITY
FREEZE
FOR
A
PROTECTED 
CONSUMER.— 
‘‘(A) IN GENERAL.—Upon receiving a direct request from 
a protected consumer’s representative that a consumer 
reporting agency place a security freeze, and upon receiving 
sufficient proof of identification and sufficient proof of 
authority, the consumer reporting agency shall, free of 
charge, place the security freeze not later than— 
‘‘(i) in the case of a request that is by toll-free 
telephone or secure electronic means, 1 business day 
after receiving the request directly from the protected 
consumer’s representative; or 
‘‘(ii) in the case of a request that is by mail, 3 
business days after receiving the request directly from 
the protected consumer’s representative. 
‘‘(B) CONFIRMATION AND ADDITIONAL INFORMATION.— 
Not later than 5 business days after placing a security 
freeze under subparagraph (A), a consumer reporting 
agency shall— 
‘‘(i) send confirmation of the placement to the pro-
tected consumer’s representative; and 
‘‘(ii) inform the protected consumer’s representa-
tive of the process by which the protected consumer 
may remove the security freeze, including a mechanism 
to authenticate the protected consumer’s representa-
tive. 
‘‘(C) CREATION
OF
FILE.—If a consumer reporting 
agency does not have a file pertaining to a protected con-
sumer when the consumer reporting agency receives a 
direct request under subparagraph (A), the consumer 
reporting agency shall create a record for the protected 
consumer. 
‘‘(3) PROHIBITION ON RELEASE OF RECORD OR FILE OF PRO-
TECTED CONSUMER.—After a security freeze has been placed 
under paragraph (2)(A), and unless the security freeze is 
removed in accordance with this subsection, a consumer 
reporting agency may not release the protected consumer’s 
consumer report, any information derived from the protected 
consumer’s consumer report, or any record created for the pro-
tected consumer. 
‘‘(4) REMOVAL
OF
A
PROTECTED
CONSUMER
SECURITY 
FREEZE.— 
‘‘(A) IN GENERAL.—A consumer reporting agency shall 
remove a security freeze placed on the consumer report 
of a protected consumer only in the following cases: 
‘‘(i) Upon the direct request of the protected con-
sumer’s representative. 
‘‘(ii) Upon the direct request of the protected con-
sumer, if the protected consumer is not under the 
age of 16 years at the time of the request. 
Deadline. 
Deadlines. 
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132 STAT. 1332 
PUBLIC LAW 115–174—MAY 24, 2018 
‘‘(iii) The security freeze was placed due to a mate-
rial misrepresentation of fact by the protected con-
sumer’s representative. 
‘‘(B) NOTICE IF REMOVAL NOT BY REQUEST.—If a con-
sumer reporting agency removes a security freeze under 
subparagraph (A)(iii), the consumer reporting agency shall 
notify the protected consumer’s representative in writing 
prior to removing the security freeze. 
‘‘(C) REMOVAL OF FREEZE BY REQUEST.—Except as pro-
vided in subparagraph (A)(iii), a security freeze shall 
remain in place until a protected consumer’s representative 
or protected consumer described in subparagraph (A)(ii) 
directly requests that the security freeze be removed. Upon 
receiving a direct request from the protected consumer’s 
representative or protected consumer described in subpara-
graph (A)(ii) that a consumer reporting agency remove 
a security freeze, and upon receiving sufficient proof of 
identification and sufficient proof of authority, the con-
sumer reporting agency shall, free of charge, remove the 
security freeze not later than— 
‘‘(i) in the case of a request that is by toll-free 
telephone or secure electronic means, 1 hour after 
receiving the request for removal; or 
‘‘(ii) in the case of a request that is by mail, 3 
business days after receiving the request for removal. 
‘‘(D) TEMPORARY REMOVAL OF SECURITY FREEZE.—Upon 
receiving a direct request from a protected consumer or 
a protected consumer’s representative under subparagraph 
(A)(i), if the protected consumer or protected consumer’s 
representative requests a temporary removal of a security 
freeze, the consumer reporting agency shall, in accordance 
with subparagraph (C), remove the security freeze for the 
period of time specified by the protected consumer or pro-
tected consumer’s representative.’’. 
(b) CONFORMING AMENDMENT.—Section 625(b)(1) of the Fair 
Credit Reporting Act (15 U.S.C. 1681t(b)(1)) is amended— 
(1) in subparagraph (H), by striking ‘‘or’’ at the end; and 
(2) by adding at the end the following: 
‘‘(J) subsections (i) and (j) of section 605A relating 
to security freezes; or’’. 
(c) EFFECTIVE DATE.—The amendments made by this section 
shall take effect on the date that is 120 days after the date of 
enactment of this Act. 
SEC. 302. PROTECTING VETERANS’ CREDIT. 
(a) PURPOSES.—The purposes of this section are— 
(1) to rectify problematic reporting of medical debt included 
in a consumer report of a veteran due to inappropriate or 
delayed payment for hospital care, medical services, or extended 
care services provided in a non-Department of Veterans Affairs 
facility under the laws administered by the Secretary of Vet-
erans Affairs; and 
(2) to clarify the process of debt collection for such medical 
debt. 
(b) AMENDMENTS TO FAIR CREDIT REPORTING ACT.— 
15 USC 1681c–1 
note. 
Deadlines. 
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132 STAT. 1333 
PUBLIC LAW 115–174—MAY 24, 2018 
(1) VETERAN’S MEDICAL DEBT DEFINED.—Section 603 of the 
Fair Credit Reporting Act (15 U.S.C. 1681a) is amended by 
adding at the end the following: 
‘‘(z) VETERAN.—The term ‘veteran’ has the meaning given the 
term in section 101 of title 38, United States Code. 
‘‘(aa) VETERAN’S MEDICAL DEBT.—The term ‘veteran’s medical 
debt’— 
‘‘(1) means a medical collection debt of a veteran owed 
to a non-Department of Veterans Affairs health care provider 
that was submitted to the Department for payment for health 
care authorized by the Department of Veterans Affairs; and 
‘‘(2) includes medical collection debt that the Department 
of Veterans Affairs has wrongfully charged a veteran.’’. 
(2) EXCLUSION
FOR
VETERAN’S
MEDICAL
DEBT.—Section 
605(a) of the Fair Credit Reporting Act (15 U.S.C. 1681c(a)) 
is amended by adding at the end the following: 
‘‘(7) With respect to a consumer reporting agency described 
in section 603(p), any information related to a veteran’s medical 
debt if the date on which the hospital care, medical services, 
or extended care services was rendered relating to the debt 
antedates the report by less than 1 year if the consumer 
reporting agency has actual knowledge that the information 
is related to a veteran’s medical debt and the consumer 
reporting agency is in compliance with its obligation under 
section 302(c)(5) of the Economic Growth, Regulatory Relief, 
and Consumer Protection Act. 
‘‘(8) With respect to a consumer reporting agency described 
in section 603(p), any information related to a fully paid or 
settled veteran’s medical debt that had been characterized as 
delinquent, charged off, or in collection if the consumer 
reporting agency has actual knowledge that the information 
is related to a veteran’s medical debt and the consumer 
reporting agency is in compliance with its obligation under 
section 302(c)(5) of the Economic Growth, Regulatory Relief, 
and Consumer Protection Act.’’. 
(3) REMOVAL OF VETERAN’S MEDICAL DEBT FROM CONSUMER 
REPORT.—Section 611 of the Fair Credit Reporting Act (15 
U.S.C. 1681i) is amended— 
(A) in subsection (a)(1)(A), by inserting ‘‘and except 
as provided in subsection (g)’’ after ‘‘subsection (f)’’; and 
(B) by adding at the end the following: 
‘‘(g) DISPUTE PROCESS FOR VETERAN’S MEDICAL DEBT.— 
‘‘(1) IN GENERAL.—With respect to a veteran’s medical debt, 
the veteran may submit a notice described in paragraph (2), 
proof of liability of the Department of Veterans Affairs for 
payment of that debt, or documentation that the Department 
of Veterans Affairs is in the process of making payment for 
authorized hospital care, medical services, or extended care 
services rendered to a consumer reporting agency or a reseller 
to dispute the inclusion of that debt on a consumer report 
of the veteran. 
‘‘(2) NOTIFICATION TO VETERAN.—The Department of Vet-
erans Affairs shall submit to a veteran a notice that the Depart-
ment of Veterans Affairs has assumed liability for part or 
all of a veteran’s medical debt. 
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132 STAT. 1334 
PUBLIC LAW 115–174—MAY 24, 2018 
‘‘(3) DELETION OF INFORMATION FROM FILE.—If a consumer 
reporting agency receives notice, proof of liability, or docu-
mentation under paragraph (1), the consumer reporting agency 
shall delete all information relating to the veteran’s medical 
debt from the file of the veteran and notify the furnisher 
and the veteran of that deletion.’’. 
(c) VERIFICATION OF VETERAN’S MEDICAL DEBT.— 
(1) DEFINITIONS.—For purposes of this subsection— 
(A) the term ‘‘consumer reporting agency’’ means a 
consumer reporting agency described in section 603(p) of 
the Fair Credit Reporting Act (15 U.S.C. 1681a(p)); and 
(B) the terms ‘‘veteran’’ and ‘‘veteran’s medical debt’’ 
have the meanings given those terms in section 603 of 
the Fair Credit Reporting Act (15 U.S.C. 1681a), as added 
by subsection (b)(1). 
(2) ESTABLISHMENT.—Not later than 1 year after the date 
of enactment of this Act, the Secretary of Veterans Affairs 
shall establish a database to allow consumer reporting agencies 
to verify whether a debt furnished to a consumer reporting 
agency is a veteran’s medical debt. 
(3) DATABASE FEATURES.—The Secretary of Veterans Affairs 
shall ensure that the database established under paragraph 
(2), to the extent permitted by law, provides consumer reporting 
agencies with— 
(A) sufficiently detailed and specific information to 
verify whether a debt being furnished to the consumer 
reporting agency is a veteran’s medical debt; 
(B) access to verification information in a secure elec-
tronic format; 
(C) timely access to verification information; and 
(D) any other features that would promote the efficient, 
timely, and secure delivery of information that consumer 
reporting agencies could use to verify whether a debt is 
a veteran’s medical debt. 
(4) STAKEHOLDER INPUT.—Prior to establishing the data-
base for verification under paragraph (2), the Secretary of Vet-
erans Affairs shall publish in the Federal Register a notice 
and request for comment that solicits input from consumer 
reporting agencies and other stakeholders. 
(5) VERIFICATION.—Provided the database established 
under paragraph (2) is fully functional and the data available 
to consumer reporting agencies, a consumer reporting agency 
shall use the database as a means to identify a veteran’s 
medical debt pursuant to paragraphs (7) and (8) of section 
605(a) of the Fair Credit Reporting Act (15 U.S.C. 1681c(a)), 
as added by subsection (b)(2). 
(d) CREDIT MONITORING.— 
(1) IN GENERAL.—Section 605A of the Fair Credit Reporting 
Act (15 U.S.C. 1681c–1), as amended by section 301(a), is 
amended by adding at the end the following: 
‘‘(k) CREDIT MONITORING.— 
‘‘(1) DEFINITIONS.—In this subsection: 
‘‘(A) The term ‘active duty military consumer’ includes 
a member of the National Guard. 
‘‘(B) The term ‘National Guard’ has the meaning given 
the term in section 101(c) of title 10, United States Code. 
Federal Register, 
publication. 
Notice. 
Deadline. 
15 USC 1681c 
note. 
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132 STAT. 1335 
PUBLIC LAW 115–174—MAY 24, 2018 
‘‘(2) CREDIT
MONITORING.—A consumer reporting agency 
described in section 603(p) shall provide a free electronic credit 
monitoring service that, at a minimum, notifies a consumer 
of material additions or modifications to the file of the consumer 
at the consumer reporting agency to any consumer who provides 
to the consumer reporting agency— 
‘‘(A) appropriate proof that the consumer is an active 
duty military consumer; and 
‘‘(B) contact information of the consumer. 
‘‘(3) RULEMAKING.—Not later than 1 year after the date 
of enactment of this subsection, the Federal Trade Commission 
shall promulgate regulations regarding the requirements of 
this subsection, which shall at a minimum include— 
‘‘(A) a definition of an electronic credit monitoring 
service and material additions or modifications to the file 
of a consumer; and 
‘‘(B) what constitutes appropriate proof. 
‘‘(4) APPLICABILITY.— 
‘‘(A) Sections 616 and 617 shall not apply to any viola-
tion of this subsection. 
‘‘(B) This subsection shall be enforced exclusively under 
section 621 by the Federal agencies and Federal and State 
officials identified in that section.’’. 
(2) CONFORMING AMENDMENT.—Section 625(b)(1) of the Fair 
Credit Reporting Act (15 U.S.C. 1681t(b)(1)), as amended by 
section 301(b), is amended by adding at the end the following: 
‘‘(K) subsection (k) of section 605A, relating to credit 
monitoring for active duty military consumers, as defined 
in that subsection;’’. 
(e) EFFECTIVE DATE.—The amendments made by this section 
shall take effect on the date that is 1 year after the date of 
enactment of this Act. 
SEC. 303. IMMUNITY FROM SUIT FOR DISCLOSURE OF FINANCIAL 
EXPLOITATION OF SENIOR CITIZENS. 
(a) IMMUNITY.— 
(1) DEFINITIONS.—In this section— 
(A) the term ‘‘Bank Secrecy Act officer’’ means an indi-
vidual responsible for ensuring compliance with the 
requirements mandated by subchapter II of chapter 53 
of title 31, United States Code (commonly known as the 
‘‘Bank Secrecy Act’’); 
(B) the term ‘‘broker-dealer’’ means a broker and a 
dealer, as those terms are defined in section 3(a) of the 
Securities Exchange Act of 1934 (15 U.S.C. 78c(a)); 
(C) the term ‘‘covered agency’’ means— 
(i) a State financial regulatory agency, including 
a State securities or law enforcement authority and 
a State insurance regulator; 
(ii) each of the Federal agencies represented in 
the membership of the Financial Institutions Examina-
tion Council established under section 1004 of the Fed-
eral Financial Institutions Examination Council Act 
of 1978 (12 U.S.C. 3303); 
(iii) a securities association registered under sec-
tion 15A of the Securities Exchange Act of 1934 (15 
U.S.C. 78o–3); 
12 USC 3423. 
15 USC 1681a 
note. 
Deadline. 
Notification. 
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132 STAT. 1336 
PUBLIC LAW 115–174—MAY 24, 2018 
(iv) the Securities and Exchange Commission; 
(v) a law enforcement agency; or 
(vi) a State or local agency responsible for admin-
istering adult protective service laws; 
(D) the term ‘‘covered financial institution’’ means— 
(i) a credit union; 
(ii) a depository institution; 
(iii) an investment adviser; 
(iv) a broker-dealer; 
(v) an insurance company; 
(vi) an insurance agency; or 
(vii) a transfer agent; 
(E) the term ‘‘credit union’’ has the meaning given 
the term in section 2 of the Dodd-Frank Wall Street Reform 
and Consumer Protection Act (12 U.S.C. 5301); 
(F) the term ‘‘depository institution’’ has the meaning 
given the term in section 3(c) of the Federal Deposit Insur-
ance Act (12 U.S.C. 1813(c)); 
(G) the term ‘‘exploitation’’ means the fraudulent or 
otherwise illegal, unauthorized, or improper act or process 
of an individual, including a caregiver or a fiduciary, that— 
(i) uses the resources of a senior citizen for mone-
tary or personal benefit, profit, or gain; or 
(ii) results in depriving a senior citizen of rightful 
access to or use of benefits, resources, belongings, or 
assets; 
(H) the term ‘‘insurance agency’’ means any business 
entity that sells, solicits, or negotiates insurance coverage; 
(I) the term ‘‘insurance company’’ has the meaning 
given the term in section 2(a) of the Investment Company 
Act of 1940 (15 U.S.C. 80a–2(a)); 
(J) the term ‘‘insurance producer’’ means an individual 
who is required under State law to be licensed in order 
to sell, solicit, or negotiate insurance coverage; 
(K) the term ‘‘investment adviser’’ has the meaning 
given the term in section 202(a) of the Investment Advisers 
Act of 1940 (15 U.S.C. 80b–2(a)); 
(L) the term ‘‘investment adviser representative’’ 
means an individual who— 
(i) is employed by, or associated with, an invest-
ment adviser; and 
(ii) does not perform solely clerical or ministerial 
acts; 
(M) the term ‘‘registered representative’’ means an indi-
vidual who represents a broker-dealer in effecting or 
attempting to effect a purchase or sale of securities; 
(N) the term ‘‘senior citizen’’ means an individual who 
is not younger than 65 years of age; 
(O) the term ‘‘State’’ means each of the several States, 
the District of Columbia, and any territory or possession 
of the United States; 
(P) the term ‘‘State insurance regulator’’ has the 
meaning given the term in section 315 of the Gramm- 
Leach-Bliley Act (15 U.S.C. 6735); 
(Q) the term ‘‘State securities or law enforcement 
authority’’ has the meaning given the term in section 
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132 STAT. 1337 
PUBLIC LAW 115–174—MAY 24, 2018 
24(f)(4) of the Securities Exchange Act of 1934 (15 U.S.C. 
78x(f)(4)); and 
(R) the term ‘‘transfer agent’’ has the meaning given 
the term in section 3(a) of the Securities Exchange Act 
of 1934 (15 U.S.C. 78c(a)). 
(2) IMMUNITY FROM SUIT.— 
(A) IMMUNITY FOR INDIVIDUALS.—An individual who 
has received the training described in subsection (b) shall 
not be liable, including in any civil or administrative pro-
ceeding, for disclosing the suspected exploitation of a senior 
citizen to a covered agency if the individual, at the time 
of the disclosure— 
(i) served as a supervisor or in a compliance or 
legal function (including as a Bank Secrecy Act officer) 
for, or, in the case of a registered representative, 
investment adviser representative, or insurance pro-
ducer, was affiliated or associated with, a covered 
financial institution; and 
(ii) made the disclosure— 
(I) in good faith; and 
(II) with reasonable care. 
(B) IMMUNITY FOR COVERED FINANCIAL INSTITUTIONS.— 
A covered financial institution shall not be liable, including 
in any civil or administrative proceeding, for a disclosure 
made by an individual described in subparagraph (A) if— 
(i) the individual was employed by, or, in the case 
of a registered representative, insurance producer, or 
investment adviser representative, affiliated or associ-
ated with, the covered financial institution at the time 
of the disclosure; and 
(ii) before the time of the disclosure, each indi-
vidual described in subsection (b)(1) received the 
training described in subsection (b). 
(C) RULE OF CONSTRUCTION.—Nothing in subparagraph 
(A) or (B) shall be construed to limit the liability of an 
individual or a covered financial institution in a civil action 
for any act, omission, or fraud that is not a disclosure 
described in subparagraph (A). 
(b) TRAINING.— 
(1) IN GENERAL.—A covered financial institution or a third 
party selected by a covered financial institution may provide 
the training described in paragraph (2)(A) to each officer or 
employee of, or registered representative, insurance producer, 
or investment adviser representative affiliated or associated 
with, the covered financial institution who— 
(A) is described in subsection (a)(2)(A)(i); 
(B) may come into contact with a senior citizen as 
a regular part of the professional duties of the individual; 
or 
(C) may review or approve the financial documents, 
records, or transactions of a senior citizen in connection 
with providing financial services to a senior citizen. 
(2) CONTENT.— 
(A) IN GENERAL.—The content of the training that a 
covered financial institution or a third party selected by 
the covered financial institution may provide under para-
graph (1) shall— 
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132 STAT. 1338 
PUBLIC LAW 115–174—MAY 24, 2018 
(i) be maintained by the covered financial institu-
tion and made available to a covered agency with exam-
ination authority over the covered financial institution, 
upon request, except that a covered financial institu-
tion shall not be required to maintain or make avail-
able such content with respect to any individual who 
is no longer employed by, or affiliated or associated 
with, the covered financial institution; 
(ii) instruct any individual attending the training 
on how to identify and report the suspected exploitation 
of a senior citizen internally and, as appropriate, to 
government officials or law enforcement authorities, 
including common signs that indicate the financial 
exploitation of a senior citizen; 
(iii) discuss the need to protect the privacy and 
respect the integrity of each individual customer of 
the covered financial institution; and 
(iv) be appropriate to the job responsibilities of 
the individual attending the training. 
(B) TIMING.—The training under paragraph (1) shall 
be provided— 
(i) as soon as reasonably practicable; and 
(ii) with respect to an individual who begins 
employment, or becomes affiliated or associated, with 
a covered financial institution after the date of enact-
ment of this Act, not later than 1 year after the date 
on which the individual becomes employed by, or affili-
ated or associated with, the covered financial institu-
tion in a position described in subparagraph (A), (B), 
or (C) of paragraph (1). 
(C) RECORDS.—A covered financial institution shall— 
(i) maintain a record of each individual who— 
(I) is employed by, or affiliated or associated 
with, the covered financial institution in a position 
described in subparagraph (A), (B), or (C) of para-
graph (1); and 
(II) has completed the training under para-
graph (1), regardless of whether the training was— 
(aa) provided by the covered financial 
institution or a third party selected by the 
covered financial institution; 
(bb) completed before the individual was 
employed by, or affiliated or associated with, 
the covered financial institution; and 
(cc) completed before, on, or after the date 
of enactment of this Act; and 
(ii) upon request, provide a record described in 
clause (i) to a covered agency with examination 
authority over the covered financial institution. 
(c) RELATIONSHIP TO STATE LAW.—Nothing in this section shall 
be construed to preempt or limit any provision of State law, except 
only to the extent that subsection (a) provides a greater level 
of protection against liability to an individual described in sub-
section (a)(2)(A) or to a covered financial institution described in 
subsection (a)(2)(B) than is provided under State law. 
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132 STAT. 1339 
PUBLIC LAW 115–174—MAY 24, 2018 
SEC. 304. RESTORATION OF THE PROTECTING TENANTS AT FORE-
CLOSURE ACT OF 2009. 
(a) REPEAL OF SUNSET PROVISION.—Section 704 of the Pro-
tecting Tenants at Foreclosure Act of 2009 (12 U.S.C. 5201 note; 
12 U.S.C. 5220 note; 42 U.S.C. 1437f note) is repealed. 
(b) RESTORATION.—Sections 701 through 703 of the Protecting 
Tenants at Foreclosure Act of 2009, the provisions of law amended 
by such sections, and any regulations promulgated pursuant to 
such sections, as were in effect on December 30, 2014, are restored 
and revived. 
(c) EFFECTIVE DATE.—Subsections (a) and (b) shall take effect 
on the date that is 30 days after the date of enactment of this 
Act. 
SEC. 305. REMEDIATING LEAD AND ASBESTOS HAZARDS. 
Section 109(a)(1) of the Emergency Economic Stabilization Act 
of 2008 (12 U.S.C. 5219(a)(1)) is amended, in the second sentence, 
by inserting ‘‘and to remediate lead and asbestos hazards in residen-
tial properties’’ before the period at the end. 
SEC. 306. FAMILY SELF-SUFFICIENCY PROGRAM. 
(a) IN GENERAL.—Section 23 of the United States Housing 
Act of 1937 (42 U.S.C. 1437u) is amended— 
(1) in subsection (a)— 
(A) by striking ‘‘public housing and’’; and 
(B) by striking ‘‘the certificate and voucher programs 
under section 8’’ and inserting ‘‘sections 8 and 9’’; 
(2) by amending subsection (b) to read as follows: 
‘‘(b) CONTINUATION OF PRIOR REQUIRED PROGRAMS.— 
‘‘(1) IN GENERAL.—Each public housing agency that was 
required to administer a local Family Self-Sufficiency program 
on the date of enactment of the Economic Growth, Regulatory 
Relief, and Consumer Protection Act shall operate such local 
program for, at a minimum, the number of families the agency 
was required to serve on the date of enactment of such Act, 
subject only to the availability under appropriations Acts of 
sufficient amounts for housing assistance and the requirements 
of paragraph (2). 
‘‘(2) REDUCTION.—The number of families for which a public 
housing agency is required to operate such local program under 
paragraph (1) shall be decreased by 1 for each family from 
any supported rental housing program administered by such 
agency that, after October 21, 1998, fulfills its obligations under 
the contract of participation. 
‘‘(3) EXCEPTION.—The Secretary shall not require a public 
housing agency to carry out a mandatory program for a period 
of time upon the request of the public housing agency and 
upon a determination by the Secretary that implementation 
is not feasible because of local circumstances, which may 
include— 
‘‘(A) lack of supportive services accessible to eligible 
families, which shall include insufficient availability of 
resources for programs under title I of the Workforce 
Investment Act of 1998 (29 U.S.C. 2801 et seq.); 
‘‘(B) lack of funding for reasonable administrative costs; 
‘‘(C) lack of cooperation by other units of State or 
local government; or 
42 USC 1437f 
note. 
12 USC 5201 
note, 5220 note; 
42 USC 1437f 
and note. 
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132 STAT. 1340 
PUBLIC LAW 115–174—MAY 24, 2018 
‘‘(D) any other circumstances that the Secretary may 
consider appropriate.’’; 
(3) by striking subsection (i); 
(4) by redesignating subsections (c), (d), (e), (f), (g), and 
(h) as subsections (d), (e), (f), (g), (h), and (i) respectively; 
(5) by inserting after subsection (b), as amended, the fol-
lowing: 
‘‘(c) ELIGIBILITY.— 
‘‘(1) ELIGIBLE FAMILIES.—A family is eligible to participate 
in a local Family Self-Sufficiency program under this section 
if— 
‘‘(A) at least 1 household member seeks to become 
and remain employed in suitable employment or to increase 
earnings; and 
‘‘(B) the household member receives direct assistance 
under section 8 or resides in a unit assisted under section 
8 or 9. 
‘‘(2) ELIGIBLE ENTITIES.—The following entities are eligible 
to administer a local Family Self-Sufficiency program under 
this section: 
‘‘(A) A public housing agency administering housing 
assistance to or on behalf of an eligible family under section 
8 or 9. 
‘‘(B) The owner or sponsor of a multifamily property 
receiving project-based rental assistance under section 8, 
in accordance with the requirements under subsection (l).’’; 
(6) in subsection (d), as so redesignated— 
(A) in paragraph (1)— 
(i) by striking ‘‘public housing agency’’ the first 
time it appears and inserting ‘‘eligible entity’’; 
(ii) in the first sentence, by striking ‘‘each lease-
holder receiving assistance under the certificate and 
voucher programs of the public housing agency under 
section 8 or residing in public housing administered 
by the agency’’ and inserting ‘‘a household member 
of an eligible family’’; and 
(iii) by striking the third sentence and inserting 
the following: ‘‘Housing assistance may not be termi-
nated as a consequence of either successful completion 
of the contract of participation or failure to complete 
such contract. A contract of participation shall remain 
in effect until the participating family exits the Family 
Self-Sufficiency program upon successful graduation 
or expiration of the contract of participation, or for 
other good cause.’’; 
(B) in paragraph (2)— 
(i) in the matter preceding subparagraph (A)— 
(I) in the first sentence— 
(aa) by striking ‘‘A local program under 
this section’’ and inserting ‘‘An eligible entity’’; 
(bb) by striking ‘‘provide’’ and inserting 
‘‘coordinate’’; and 
(cc) by striking ‘‘to’’ and inserting ‘‘for’’; 
and 
(II) in the second sentence— 
(aa) by striking ‘‘provided during’’ and 
inserting ‘‘coordinated for’’; 
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132 STAT. 1341 
PUBLIC LAW 115–174—MAY 24, 2018 
(bb) by striking ‘‘under section 8 or 
residing in public housing’’ and inserting 
‘‘pursuant to section 8 or 9 and for the dura-
tion of the contract of participation’’; and 
(cc) by inserting ‘‘, but are not limited 
to’’ after ‘‘may include’’; 
(ii) in subparagraph (D), by inserting ‘‘or attain-
ment of a high school equivalency certificate’’ after 
‘‘high school’’; 
(iii) by striking subparagraph (G); 
(iv) by redesignating subparagraphs (E), (F), and 
(J) as subparagraphs (F), (G), and (K) respectively; 
(v) by inserting after subparagraph (D) the fol-
lowing: 
‘‘(E) education in pursuit of a post-secondary degree 
or certification;’’; 
(vi) in subparagraph (H), by inserting ‘‘financial 
literacy, such as training in financial management, 
financial coaching, and asset building, and’’ after 
‘‘training in’’; 
(vii) in subparagraph (I), by striking ‘‘and’’ at the 
end; and 
(viii) by inserting after subparagraph (I) the fol-
lowing: 
‘‘(J) homeownership education and assistance; and’’; 
and 
(C) in paragraph (3)— 
(i) in the first sentence, by inserting ‘‘the first 
recertification of income after’’ after ‘‘not later than 
5 years after’’; and 
(ii) in the second sentence— 
(I) by striking ‘‘public housing agency’’ and 
inserting ‘‘eligible entity’’; and 
(II) by striking ‘‘of the agency’’; 
(D) by amending paragraph (4) to read as follows: 
‘‘(4) EMPLOYMENT.—The contract of participation shall 
require 1 household member of the participating family to 
seek and maintain suitable employment.’’; and 
(E) by adding at the end the following: 
‘‘(5) NONPARTICIPATION.—Assistance under section 8 or 9 
for a family that elects not to participate in a Family Self- 
Sufficiency program shall not be delayed by reason of such 
election.’’; 
(7) in subsection (e), as so redesignated— 
(A) in paragraph (1), by striking ‘‘whose monthly 
adjusted income does not exceed 50 percent’’ and all that 
follows through the period at the end of the third sentence 
and inserting ‘‘shall be calculated under the rental provi-
sions of section 3 or section 8(o), as applicable.’’; 
(B) in paragraph (2)— 
(i) by striking the first sentence and inserting the 
following: ‘‘For each participating family, an amount 
equal to any increase in the amount of rent paid by 
the family in accordance with the provisions of section 
3 or 8(o), as applicable, that is attributable to increases 
in earned income by the participating family, shall 
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132 STAT. 1342 
PUBLIC LAW 115–174—MAY 24, 2018 
be placed in an interest-bearing escrow account estab-
lished by the eligible entity on behalf of the partici-
pating family. Notwithstanding any other provision of 
law, an eligible entity may use funds it controls under 
section 8 or 9 for purposes of making the escrow deposit 
for participating families assisted under, or residing 
in units assisted under, section 8 or 9, respectively, 
provided such funds are offset by the increase in the 
amount of rent paid by the participating family.’’; 
(ii) by striking the second sentence and inserting 
the following: ‘‘All Family Self-Sufficiency programs 
administered under this section shall include an escrow 
account.’’; 
(iii) in the fourth sentence, by striking ‘‘subsection 
(c)’’ and inserting ‘‘subsection (d)’’; and 
(iv) in the last sentence— 
(I) by striking ‘‘A public housing agency’’ and 
inserting ‘‘An eligible entity’’; and 
(II) by striking ‘‘the public housing agency’’ 
and inserting ‘‘such eligible entity’’; and 
(C) by amending paragraph (3) to read as follows: 
‘‘(3) FORFEITED ESCROW.—Any amount placed in an escrow 
account established by an eligible entity for a participating 
family as required under paragraph (2), that exists after the 
end of a contract of participation by a household member of 
a participating family that does not qualify to receive the 
escrow, shall be used by the eligible entity for the benefit 
of participating families in good standing.’’; 
(8) in subsection (f), as so redesignated, by striking ‘‘, 
unless the income of the family equals or exceeds 80 percent 
of the median income of the area (as determined by the Sec-
retary with adjustments for smaller and larger families)’’; 
(9) in subsection (g), as so redesignated— 
(A) in paragraph (1)— 
(i) by striking ‘‘public housing agency’’ and 
inserting ‘‘eligible entity’’; 
(ii) by striking ‘‘the public housing agency’’ and 
inserting ‘‘such eligible entity’’; and 
(iii) by striking ‘‘subsection (g)’’ and inserting ‘‘sub-
section (h)’’; and 
(B) in paragraph (2)— 
(i) by striking ‘‘public housing agency’’ and 
inserting ‘‘eligible entity’’ each place that term appears; 
(ii) by striking ‘‘or the Job Opportunities and Basic 
Skills Training Program under part F of title IV of 
the Social Security Act’’; 
(iii) by inserting ‘‘primary, secondary, and post- 
secondary’’ after ‘‘public and private’’; and 
(iv) in the second sentence, by inserting ‘‘and ten-
ants served by the program’’ after ‘‘the unit of general 
local government’’; 
(10) in subsection (h), as so redesignated— 
(A) in paragraph (1)— 
(i) by striking ‘‘public housing agency’’ and 
inserting ‘‘eligible entity’’; 
(ii) by striking ‘‘participating in the’’ and inserting 
‘‘carrying out a’’; and 
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132 STAT. 1343 
PUBLIC LAW 115–174—MAY 24, 2018 
(iii) by striking ‘‘to the Secretary’’; 
(B) in paragraph (2)— 
(i) by striking ‘‘public housing agency’’ and 
inserting ‘‘eligible entity’’; 
(ii) by striking ‘‘subsection (f)’’ and inserting ‘‘sub-
section (g)’’; 
(iii) by striking ‘‘residents of the public housing’’ 
and inserting ‘‘the current and prospective participants 
of the program’’; and 
(iv) by striking ‘‘or the Job Opportunities and Basic 
Skills Training Program under part F of title IV of 
the Social Security Act’’; and 
(C) in paragraph (3)— 
(i) in subparagraph (C)— 
(I) by striking ‘‘subsection (c)(2)’’ and inserting 
‘‘subsection (d)(2)’’; 
(II) by striking ‘‘provided to’’ and inserting 
‘‘coordinated on behalf of participating’’; 
(III) by inserting ‘‘direct’’ before ‘‘assistance’’; 
and 
(IV) by striking ‘‘the section 8 and public 
housing programs’’ and inserting ‘‘sections 8 and 
9’’; 
(ii) in subparagraph (D)— 
(I) by striking ‘‘subsection (d)’’ and inserting 
‘‘subsection (e)’’; and 
(II) by striking ‘‘public housing agency’’ and 
inserting ‘‘eligible entity’’; 
(iii) in subparagraph (E), by striking ‘‘deliver’’ and 
inserting ‘‘coordinate’’; 
(iv) in subparagraph (H), by striking ‘‘the Job 
Opportunities and Basic Skills Training Program 
under part F of title IV of the Social Security Act 
and’’; and 
(v) in subparagraph (I), by striking ‘‘public housing 
or section 8 assistance’’ and inserting ‘‘assistance under 
section 8 or 9’’; 
(11) by amending subsection (i), as so redesignated, to 
read as follows: 
‘‘(i) FAMILY SELF-SUFFICIENCY AWARDS.— 
‘‘(1) IN GENERAL.—Subject to appropriations, the Secretary 
shall establish a formula by which annual funds shall be 
awarded or as otherwise determined by the Secretary for the 
costs incurred by an eligible entity in administering the Family 
Self-Sufficiency program under this section. 
‘‘(2) ELIGIBILITY
FOR
AWARDS.—The award established 
under paragraph (1) shall provide funding for family self-suffi-
ciency coordinators as follows: 
‘‘(A) BASE AWARD.—An eligible entity serving 25 or 
more participants in the Family Self-Sufficiency program 
under this section is eligible to receive an award equal 
to the costs, as determined by the Secretary, of 1 full- 
time family self-sufficiency coordinator position. The Sec-
retary may, by regulation or notice, determine the policy 
concerning the award for an eligible entity serving fewer 
than 25 such participants, including providing prorated 
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132 STAT. 1344 
PUBLIC LAW 115–174—MAY 24, 2018 
awards or allowing such entities to combine their programs 
under this section for purposes of employing a coordinator. 
‘‘(B) ADDITIONAL AWARD.—An eligible entity that meets 
performance standards set by the Secretary is eligible to 
receive an additional award sufficient to cover the costs 
of filling an additional family self-sufficiency coordinator 
position if such entity has 75 or more participating families, 
and an additional coordinator for each additional 50 partici-
pating families, or such other ratio as may be established 
by the Secretary based on the award allocation evaluation 
under subparagraph (E). 
‘‘(C) STATE AND REGIONAL AGENCIES.—For purposes of 
calculating the award under this paragraph, each adminis-
tratively distinct part of a State or regional eligible entity 
may be treated as a separate agency. 
‘‘(D) DETERMINATION OF NUMBER OF COORDINATORS.— 
In determining whether an eligible entity meets a specific 
threshold for funding pursuant to this paragraph, the Sec-
retary shall consider the number of participants enrolled 
by the eligible entity in its Family Self-Sufficiency program 
as well as other criteria determined by the Secretary. 
‘‘(E) AWARD ALLOCATION EVALUATION.—The Secretary 
shall submit to Congress a report evaluating the award 
allocation under this subsection, and make recommenda-
tions based on this evaluation and other related findings 
to modify such allocation, within 4 years after the date 
of enactment of the Economic Growth, Regulatory Relief, 
and Consumer Protection Act, and not less frequently than 
every 4 years thereafter. The report requirement under 
this subparagraph shall terminate after the Secretary has 
submitted 2 such reports to Congress. 
‘‘(3) RENEWALS AND ALLOCATION.— 
‘‘(A) IN GENERAL.—Funds allocated by the Secretary 
under this subsection shall be allocated in the following 
order of priority: 
‘‘(i) FIRST PRIORITY.—Renewal of the full cost of 
all coordinators in the previous year at each eligible 
entity with an existing Family Self-Sufficiency program 
that meets applicable performance standards set by 
the Secretary. 
‘‘(ii) 
SECOND
PRIORITY.—New 
or 
incremental 
coordinator funding authorized under this section. 
‘‘(B) GUIDANCE.—If the first priority, as described in 
subparagraph (A)(i), cannot be fully satisfied, the Secretary 
may prorate the funding for each eligible entity, as long 
as— 
‘‘(i) each eligible entity that has received funding 
for at least 1 part-time coordinator in the prior fiscal 
year is provided sufficient funding for at least 1 part- 
time coordinator as part of any such proration; and 
‘‘(ii) each eligible entity that has received funding 
for at least 1 full-time coordinator in the prior fiscal 
year is provided sufficient funding for at least 1 full- 
time coordinator as part of any such proration. 
‘‘(4) RECAPTURE OR OFFSET.—Any awards allocated under 
this subsection by the Secretary in a fiscal year that have 
not been spent by the end of the subsequent fiscal year or 
Determination. 
Reports. 
Recommenda- 
tions. 
Time periods. 
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132 STAT. 1345 
PUBLIC LAW 115–174—MAY 24, 2018 
such other time period as determined by the Secretary may 
be recaptured by the Secretary and shall be available for pro-
viding additional awards pursuant to paragraph (2)(B), or may 
be offset as determined by the Secretary. Funds appropriated 
pursuant to this section shall remain available for 3 years 
in order to facilitate the re-use of any recaptured funds for 
this purpose. 
‘‘(5) PERFORMANCE REPORTING.—Programs under this sec-
tion shall be required to report the number of families enrolled 
and graduated, the number of established escrow accounts and 
positive escrow balances, and any other information that the 
Secretary may require. Program performance shall be reviewed 
periodically as determined by the Secretary. 
‘‘(6) INCENTIVES
FOR
INNOVATION
AND
HIGH
PERFORM-
ANCE.—The Secretary may reserve up to 5 percent of the 
amounts made available under this subsection to provide sup-
port to or reward Family Self-Sufficiency programs based on 
the rate of successful completion, increased earned income, 
or other factors as may be established by the Secretary.’’; 
(12) in subsection (j)— 
(A) by striking ‘‘public housing agency’’ and inserting 
‘‘eligible entity’’; 
(B) by striking ‘‘public housing’’ before ‘‘units’’; 
(C) by striking ‘‘in public housing projects administered 
by the agency’’; 
(D) by inserting ‘‘or coordination’’ after ‘‘provision’’; and 
(E) by striking the last sentence; 
(13) in subsection (k), by striking ‘‘public housing agencies’’ 
and inserting ‘‘eligible entities’’; 
(14) by striking subsection (n); 
(15) by striking subsection (o); 
(16) by redesignating subsections (l) and (m) as subsections 
(m) and (n), respectively; 
(17) by inserting after subsection (k) the following: 
‘‘(l) PROGRAMS FOR TENANTS IN PRIVATELY OWNED PROPERTIES 
WITH PROJECT-BASED ASSISTANCE.— 
‘‘(1) VOLUNTARY AVAILABILITY OF FSS PROGRAM.—The owner 
of a privately owned property may voluntarily make a Family 
Self-Sufficiency program available to the tenants of such prop-
erty in accordance with procedures established by the Secretary. 
Such procedures shall permit the owner to enter into a coopera-
tive agreement with a local public housing agency that admin-
isters a Family Self-Sufficiency program or, at the owner’s 
option, operate a Family Self-Sufficiency program on its own 
or in partnership with another owner. An owner, who volun-
tarily makes a Family Self-Sufficiency program available pursu-
ant to this subsection, may access funding from any residual 
receipt accounts for the property to hire a family self-sufficiency 
coordinator or coordinators for their program. 
‘‘(2) COOPERATIVE AGREEMENT.—Any cooperative agreement 
entered into pursuant to paragraph (1) shall require the public 
housing agency to open its Family Self-Sufficiency program 
waiting list to any eligible family residing in the owner’s prop-
erty who resides in a unit assisted under project-based rental 
assistance. 
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132 STAT. 1346 
PUBLIC LAW 115–174—MAY 24, 2018 
‘‘(3) TREATMENT OF FAMILIES ASSISTED UNDER THIS SUB-
SECTION.—A public housing agency that enters into a coopera-
tive agreement pursuant to paragraph (1) may count any family 
participating in its Family Self-Sufficiency program as a result 
of such agreement as part of the calculation of the award 
under subsection (i). 
‘‘(4) ESCROW.— 
‘‘(A) COOPERATIVE AGREEMENT.—A cooperative agree-
ment entered into pursuant to paragraph (1) shall provide 
for the calculation and tracking of the escrow for partici-
pating residents and for the owner to make available, upon 
request of the public housing agency, escrow for partici-
pating residents, in accordance with paragraphs (2) and 
(3) of subsection (e), residing in units assisted under section 
8. 
‘‘(B) CALCULATION
AND
TRACKING
BY
OWNER.—The 
owner of a privately owned property who voluntarily makes 
a Family Self-Sufficiency program available pursuant to 
paragraph (1) shall calculate and track the escrow for 
participating residents and make escrow for participating 
residents available in accordance with paragraphs (2) and 
(3) of subsection (e). 
‘‘(5) EXCEPTION.—This subsection shall not apply to prop-
erties assisted under section 8(o)(13). 
‘‘(6) SUSPENSION OF ENROLLMENT.—In any year, the Sec-
retary may suspend the enrollment of new families in Family 
Self-Sufficiency programs under this subsection based on a 
determination that insufficient funding is available for this 
purpose.’’; 
(18) in subsection (m), as so redesignated— 
(A) in paragraph (1)— 
(i) in the first sentence, by striking ‘‘Each public 
housing agency’’ and inserting ‘‘Each eligible entity’’; 
(ii) in the second sentence, by striking ‘‘The report 
shall include’’ and inserting ‘‘The contents of the report 
shall include’’; and 
(iii) in subparagraph (D)— 
(I) by striking ‘‘public housing agency’’ and 
inserting ‘‘eligible entity’’; and 
(II) by striking ‘‘local’’; and 
(B) in paragraph (2), by inserting ‘‘and describing any 
additional research needs of the Secretary to evaluate the 
effectiveness of the program’’ after ‘‘under paragraph (1)’’; 
(19) in subsection (n), as so redesignated, by striking ‘‘may’’ 
and inserting ‘‘shall’’; and 
(20) by adding at the end the following: 
‘‘(o) DEFINITIONS.—In this section: 
‘‘(1) ELIGIBLE ENTITY.—The term ‘eligible entity’ means an 
entity that meets the requirements under subsection (c)(2) to 
administer a Family Self-Sufficiency program under this sec-
tion. 
‘‘(2) ELIGIBLE FAMILY.—The term ‘eligible family’ means 
a family that meets the requirements under subsection (c)(1) 
to participate in the Family Self-Sufficiency program under 
this section. 
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132 STAT. 1347 
PUBLIC LAW 115–174—MAY 24, 2018 
‘‘(3) PARTICIPATING FAMILY.—The term ‘participating family’ 
means an eligible family that is participating in the Family 
Self-Sufficiency program under this section.’’. 
(b) EFFECTIVE DATE.—Not later than 360 days after the date 
of enactment of this Act, the Secretary of Housing and Urban 
Development shall issue regulations to implement this section and 
any amendments made by this section, and this section and any 
amendments made by this section shall take effect upon such 
issuance. 
SEC. 307. PROPERTY ASSESSED CLEAN ENERGY FINANCING. 
Section 129C(b)(3) of the Truth in Lending Act (15 U.S.C. 
1639c(b)(3)) is amended by adding at the end the following: 
‘‘(C) CONSIDERATION OF UNDERWRITING REQUIREMENTS 
FOR PROPERTY ASSESSED CLEAN ENERGY FINANCING.— 
‘‘(i) DEFINITION.—In this subparagraph, the term 
‘Property Assessed Clean Energy financing’ means 
financing to cover the costs of home improvements 
that results in a tax assessment on the real property 
of the consumer. 
‘‘(ii) REGULATIONS.—The Bureau shall prescribe 
regulations that carry out the purposes of subsection 
(a) and apply section 130 with respect to violations 
under subsection (a) of this section with respect to 
Property Assessed Clean Energy financing, which shall 
account for the unique nature of Property Assessed 
Clean Energy financing. 
‘‘(iii) COLLECTION OF INFORMATION AND CONSULTA-
TION.—In prescribing the regulations under this 
subparagraph, the Bureau— 
‘‘(I) may collect such information and data that 
the Bureau determines is necessary; and 
‘‘(II) shall consult with State and local govern-
ments and bond-issuing authorities.’’. 
SEC. 308. GAO REPORT ON CONSUMER REPORTING AGENCIES. 
(a) DEFINITIONS.—In this section, the terms ‘‘consumer’’, ‘‘con-
sumer report’’, and ‘‘consumer reporting agency’’ have the meanings 
given those terms in section 603 of the Fair Credit Reporting 
Act (15 U.S.C. 1681a). 
(b) REPORT.—Not later than 1 year after the date of enactment 
of this Act, the Comptroller General of the United States shall 
submit to the Committee on Banking, Housing, and Urban Affairs 
of the Senate and the Committee on Financial Services of the 
House of Representatives a comprehensive report that includes— 
(1) a review of the current legal and regulatory structure 
for consumer reporting agencies and an analysis of any gaps 
in that structure, including, in particular, the rulemaking, 
supervisory, and enforcement authority of State and Federal 
agencies under the Fair Credit Reporting Act (15 U.S.C. 1681 
et seq.), the Gramm-Leach-Bliley Act (Public Law 106–102; 
113 Stat. 1338), and any other relevant statutes; 
(2) a review of the process by which consumers can appeal 
and expunge errors on their consumer reports; 
(3) a review of the causes of consumer reporting errors; 
Review. 
42 USC 1437u 
note. 
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132 STAT. 1348 
PUBLIC LAW 115–174—MAY 24, 2018 
(4) a review of the responsibilities of data furnishers to 
ensure that accurate information is initially reported to con-
sumer reporting agencies and to ensure that such information 
continues to be accurate; 
(5) a review of data security relating to consumer reporting 
agencies and their efforts to safeguard consumer data; 
(6) a review of who has access to, and may use, consumer 
reports; 
(7) a review of who has control or ownership of a consumer’s 
credit data; 
(8) an analysis of— 
(A) which Federal and State regulatory agencies super-
vise and enforce laws relating to how consumer reporting 
agencies protect consumer data; and 
(B) all laws relating to data security applicable to 
consumer reporting agencies; and 
(9) recommendations to Congress on how to improve the 
consumer reporting system, including legislative, regulatory, 
and industry-specific recommendations. 
SEC. 309. PROTECTING VETERANS FROM PREDATORY LENDING. 
(a) PROTECTING VETERANS FROM PREDATORY LENDING.— 
(1) IN GENERAL.—Subchapter I of chapter 37 of title 38, 
United States Code, is amended by adding at the end the 
following new section: 
‘‘§ 3709. Refinancing of housing loans 
‘‘(a) FEE RECOUPMENT.—Except as provided in subsection (d) 
and notwithstanding section 3703 of this title or any other provision 
of law, a loan to a veteran for a purpose specified in section 
3710 of this title that is being refinanced may not be guaranteed 
or insured under this chapter unless— 
‘‘(1) the issuer of the refinanced loan provides the Secretary 
with a certification of the recoupment period for fees, closing 
costs, and any expenses (other than taxes, amounts held in 
escrow, and fees paid under this chapter) that would be incurred 
by the borrower in the refinancing of the loan; 
‘‘(2) all of the fees and incurred costs are scheduled to 
be recouped on or before the date that is 36 months after 
the date of loan issuance; and 
‘‘(3) the recoupment is calculated through lower regular 
monthly payments (other than taxes, amounts held in escrow, 
and fees paid under this chapter) as a result of the refinanced 
loan. 
‘‘(b) NET TANGIBLE BENEFIT TEST.—Except as provided in sub-
section (d) and notwithstanding section 3703 of this title or any 
other provision of law, a loan to a veteran for a purpose specified 
in section 3710 of this title that is refinanced may not be guaranteed 
or insured under this chapter unless— 
‘‘(1) the issuer of the refinanced loan provides the borrower 
with a net tangible benefit test; 
‘‘(2) in a case in which the original loan had a fixed rate 
mortgage interest rate and the refinanced loan will have a 
fixed rate mortgage interest rate, the refinanced loan has a 
mortgage interest rate that is not less than 50 basis points 
less than the previous loan; 
Certification. 
38 USC 3709. 
Recommenda- 
tions. 
Analysis. 
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132 STAT. 1349 
PUBLIC LAW 115–174—MAY 24, 2018 
‘‘(3) in a case in which the original loan had a fixed rate 
mortgage interest rate and the refinanced loan will have an 
adjustable rate mortgage interest rate, the refinanced loan 
has a mortgage interest rate that is not less than 200 basis 
points less than the previous loan; and 
‘‘(4) the lower interest rate is not produced solely from 
discount points, unless— 
‘‘(A) such points are paid at closing; and 
‘‘(B) such points are not added to the principal loan 
amount, unless— 
‘‘(i) for discount point amounts that are less than 
or equal to one discount point, the resulting loan bal-
ance after any fees and expenses allows the property 
with respect to which the loan was issued to maintain 
a loan to value ratio of 100 percent or less; and 
‘‘(ii) for discount point amounts that are greater 
than one discount point, the resulting loan balance 
after any fees and expenses allows the property with 
respect to which the loan was issued to maintain a 
loan to value ratio of 90 percent or less. 
‘‘(c) LOAN SEASONING.—Except as provided in subsection (d) 
and notwithstanding section 3703 of this title or any other provision 
of law, a loan to a veteran for a purpose specified in section 
3710 of this title that is refinanced may not be guaranteed or 
insured under this chapter until the date that is the later of— 
‘‘(1) the date that is 210 days after the date on which 
the first monthly payment is made on the loan; and 
‘‘(2) the date on which the sixth monthly payment is made 
on the loan. 
‘‘(d) CASH-OUT REFINANCES.—(1) Subsections (a) through (c) 
shall not apply in a case of a loan refinancing in which the amount 
of the principal for the new loan to be guaranteed or insured 
under this chapter is larger than the payoff amount of the 
refinanced loan. 
‘‘(2) Not later than 180 days after the date of the enactment 
of this section, the Secretary shall promulgate such rules as the 
Secretary considers appropriate with respect to refinancing 
described in paragraph (1) to ensure that such refinancing is in 
the financial interest of the borrower, including rules relating to 
recoupment, seasoning, and net tangible benefits.’’. 
(2) REGULATIONS.— 
(A) IN GENERAL.—In prescribing any regulation to carry 
out section 3709 of title 38, United States Code, as added 
by paragraph (1), the Secretary of Veterans Affairs may 
waive the requirements of sections 551 through 559 of 
title 5, United States Code, if— 
(i) the Secretary determines that urgent or compel-
ling circumstances make compliance with such require-
ments impracticable or contrary to the public interest; 
(ii) the Secretary submits to the Committee on 
Veterans’ Affairs of the Senate and the Committee 
on Veterans’ Affairs of the House of Representatives, 
and publishes in the Federal Register, notice of such 
waiver, including a description of the determination 
made under clause (i); and 
(iii) a period of 10 days elapses following the 
notification under clause (ii). 
Time period. 
Federal Register, 
publication. 
Waiver authority. 
39 USC 3709 
note. 
Deadline. 
Regulations. 
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132 STAT. 1350 
PUBLIC LAW 115–174—MAY 24, 2018 
(B) PUBLIC NOTICE AND COMMENT.—If a regulation pre-
scribed pursuant to a waiver made under subparagraph 
(A) is in effect for a period exceeding 1 year, the Secretary 
shall provide the public an opportunity for notice and com-
ment regarding such regulation. 
(C) EFFECTIVE DATE.—This paragraph shall take effect 
on the date of the enactment of this Act. 
(D) TERMINATION DATE.—The authorities under this 
paragraph shall terminate on the date that is 1 year after 
the date of the enactment of this Act. 
(3) REPORT ON CASH-OUT REFINANCES.— 
(A) IN GENERAL.—Not later than 1 year after the date 
of the enactment of this Act, the Secretary shall, in con-
sultation with the President of the Ginnie Mae, submit 
to Congress a report on refinancing— 
(i) of loans— 
(I) made to veterans for purposes specified 
in section 3710 of title 38, United States Code; 
and 
(II) that were guaranteed or insured under 
chapter 37 of such title; and 
(ii) in which the amount of the principal for the 
new loan to be guaranteed or insured under such 
chapter is larger than the payoff amount of the 
refinanced loan. 
(B) CONTENTS.—The report required by subparagraph 
(A) shall include the following: 
(i) An assessment of whether additional require-
ments, including a net tangible benefit test, fee 
recoupment period, and loan seasoning requirement, 
are necessary to ensure that the refinancing described 
in subparagraph (A) is in the financial interest of the 
borrower. 
(ii) Such recommendations as the Secretary may 
have for additional legislative or administrative action 
to ensure that refinancing described in subparagraph 
(A) is carried out in the financial interest of the bor-
rower. 
(4) CLERICAL AMENDMENT.—The table of sections at the 
beginning of chapter 37 of title 38, United States Code, is 
amended by inserting after the item relating to section 3709 
the following new item: 
‘‘3709. Refinancing of housing loans.’’. 
(b) LOAN SEASONING FOR GINNIE MAE MORTGAGE-BACKED SECU-
RITIES.—Section 306(g)(1) of the National Housing Act (12 U.S.C. 
1721(g)(1)) is amended by inserting ‘‘The Association may not guar-
antee the timely payment of principal and interest on a security 
that is backed by a mortgage insured or guaranteed under chapter 
37 of title 38, United States Code, and that was refinanced until 
the later of the date that is 210 days after the date on which 
the first monthly payment is made on the mortgage being refinanced 
and the date on which 6 full monthly payments have been made 
on the mortgage being refinanced.’’ after ‘‘Act of 1992.’’. 
(c) REPORT ON LIQUIDITY OF THE DEPARTMENT OF VETERANS 
AFFAIRS HOUSING LOAN PROGRAM.— 
38 USC 
prec. 3701. 
Recommenda- 
tions. 
Assessment. 
Consultation. 
Time period. 
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132 STAT. 1351 
PUBLIC LAW 115–174—MAY 24, 2018 
(1) REPORT.—Not later than 1 year after the date of the 
enactment of this Act, the Secretary of Housing and Urban 
Development and the President of the Ginnie Mae shall submit 
to the appropriate committees of Congress a report on the 
liquidity of the housing loan program under chapter 37 of 
title 38, United States Code, in the secondary mortgage market, 
which shall— 
(A) assess the loans provided under that chapter that 
collateralize mortgage-backed securities that are guaran-
teed by Ginnie Mae; and 
(B) include recommendations for actions that Ginnie 
Mae should take to ensure that the liquidity of that housing 
loan program is maintained. 
(2) DEFINITIONS.—In this subsection: 
(A) APPROPRIATE COMMITTEES OF CONGRESS.—The term 
‘‘appropriate committees of Congress’’ means— 
(i) the Committee on Veterans’ Affairs and the 
Committee on Banking, Housing, and Urban Affairs 
of the Senate; and 
(ii) the Committee on Veterans’ Affairs and the 
Committee on Financial Services of the House of Rep-
resentatives. 
(B) GINNIE MAE.—The term ‘‘Ginnie Mae’’ means the 
Government National Mortgage Association. 
(d) ANNUAL REPORT ON DOCUMENT DISCLOSURE AND CONSUMER 
EDUCATION.—Not less frequently than once each year, the Secretary 
of Veterans Affairs shall issue a publicly available report that— 
(1) examines, with respect to loans provided to veterans 
under chapter 37 of title 38, United States Code— 
(A) the refinancing of fixed-rate mortgage loans to 
adjustable rate mortgage loans; 
(B) whether veterans are informed of the risks and 
disclosures associated with that refinancing; and 
(C) whether advertising materials for that refinancing 
are clear and do not contain misleading statements or 
assertions; and 
(2) includes findings based on any complaints received by 
veterans and on an ongoing assessment of the refinancing 
market by the Secretary. 
SEC. 310. CREDIT SCORE COMPETITION. 
(a) USE OF CREDIT SCORES BY FANNIE MAE IN PURCHASING 
RESIDENTIAL MORTGAGES.—Section 302(b) of the Federal National 
Mortgage Association Charter Act (12 U.S.C. 1717(b)) is amended 
by adding at the end the following: 
‘‘(7)(A) DEFINITIONS.—In this paragraph— 
‘‘(i) the term ‘credit score’ means a numerical value or 
a categorization created by a third party derived from a statis-
tical tool or modeling system used by a person who makes 
or arranges a loan to predict the likelihood of certain credit 
behaviors, including default; and 
‘‘(ii) the term ‘residential mortgage’ has the meaning given 
the term in section 302 of the Federal Home Loan Mortgage 
Corporation Act (12 U.S.C. 1451). 
‘‘(B) USE OF CREDIT SCORES.—The corporation shall condition 
purchase of a residential mortgage by the corporation under this 
Assessment. 
38 USC 3707 
note. 
Recommenda- 
tions. 
Assessment. 
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132 STAT. 1352 
PUBLIC LAW 115–174—MAY 24, 2018 
subsection on the provision of a credit score for the borrower only 
if— 
‘‘(i) the credit score is derived from any credit scoring 
model that has been validated and approved by the corporation 
under this paragraph; and 
‘‘(ii) the corporation provides for the use of the credit score 
by all of the automated underwriting systems of the corporation 
and any other procedures and systems used by the corporation 
to purchase residential mortgages that use a credit score. 
‘‘(C) VALIDATION
AND APPROVAL PROCESS.—The corporation 
shall establish a validation and approval process for the use of 
credit score models, under which the corporation may not validate 
and approve a credit score model unless the credit score model— 
‘‘(i) satisfies minimum requirements of integrity, reliability, 
and accuracy; 
‘‘(ii) has a historical record of measuring and predicting 
default rates and other credit behaviors; 
‘‘(iii) is consistent with the safe and sound operation of 
the corporation; 
‘‘(iv) complies with any standards and criteria established 
by the Director of the Federal Housing Finance Agency under 
section 1328(1) of the Federal Housing Enterprises Financial 
Safety and Soundness Act of 1992; and 
‘‘(v) satisfies any other requirements, as determined by 
the corporation. 
‘‘(D) REPLACEMENT OF CREDIT SCORE MODEL.—If the corpora-
tion has validated and approved 1 or more credit score models 
under subparagraph (C) and the corporation validates and approves 
an additional credit score model, the corporation may determine 
that— 
‘‘(i) the additional credit score model has replaced the credit 
score model or credit score models previously validated and 
approved; and 
‘‘(ii) the credit score model or credit score models previously 
validated and approved shall no longer be considered validated 
and approved for the purposes of subparagraph (B). 
‘‘(E) PUBLIC DISCLOSURE.—Upon establishing the validation and 
approval process required under subparagraph (C), the corporation 
shall make publicly available a description of the validation and 
approval process. 
‘‘(F) APPLICATION.—Not later than 30 days after the effective 
date of this paragraph, the corporation shall solicit applications 
from developers of credit scoring models for the validation and 
approval of those models under the process required under subpara-
graph (C). 
‘‘(G) TIMEFRAME FOR DETERMINATION; NOTICE.— 
‘‘(i) IN GENERAL.—The corporation shall make a determina-
tion with respect to any application submitted under subpara-
graph (F), and provide notice of that determination to the 
applicant, before a date established by the corporation that 
is not later than 180 days after the date on which an application 
is submitted to the corporation. 
‘‘(ii) EXTENSIONS.—The Director of the Federal Housing 
Finance Agency may authorize not more than 2 extensions 
of the date established under clause (i), each of which shall 
not exceed 30 days, upon a written request and a showing 
of good cause by the corporation. 
Deadline. 
Compliance. 
Criteria. 
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132 STAT. 1353 
PUBLIC LAW 115–174—MAY 24, 2018 
‘‘(iii) STATUS NOTICE.—The corporation shall provide notice 
to an applicant regarding the status of an application submitted 
under subparagraph (F) not later than 60 days after the date 
on which the application was submitted to the corporation. 
‘‘(iv) REASONS FOR DISAPPROVAL.—If an application sub-
mitted under subparagraph (F) is disapproved, the corporation 
shall provide to the applicant the reasons for the disapproval 
not later than 30 days after a determination is made under 
this subparagraph. 
‘‘(H) AUTHORITY OF DIRECTOR.—If the corporation elects to use 
a credit score model under this paragraph, the Director of the 
Federal Housing Finance Agency shall require the corporation to 
periodically review the validation and approval process required 
under subparagraph (C) as the Director determines necessary to 
ensure that the process remains appropriate and adequate and 
complies with any standards and criteria established pursuant to 
section 1328(1) of the Federal Housing Enterprises Financial Safety 
and Soundness Act of 1992. 
‘‘(I) EXTENSION.—If, as of the effective date of this paragraph, 
a credit score model has not been approved under subparagraph 
(C), the corporation may use a credit score model that was in 
use before the effective date of this paragraph, if necessary to 
prevent substantial market disruptions, until the earlier of— 
‘‘(i) the date on which a credit score model is validated 
and approved under subparagraph (C); or 
‘‘(ii) the date that is 2 years after the effective date of 
this paragraph.’’. 
(b) USE OF CREDIT SCORES BY FREDDIE MAC IN PURCHASING 
RESIDENTIAL MORTGAGES.—Section 305 of the Federal Home Loan 
Mortgage Corporation Act (12 U.S.C. 1454) is amended by adding 
at the end the following: 
‘‘(d)(1) DEFINITION.—In this subsection, the term ‘credit score’ 
means a numerical value or a categorization created by a third 
party derived from a statistical tool or modeling system used by 
a person who makes or arranges a loan to predict the likelihood 
of certain credit behaviors, including default. 
‘‘(2) USE OF CREDIT SCORES.—The Corporation shall condition 
purchase of a residential mortgage by the Corporation under this 
section on the provision of a credit score for the borrower only 
if— 
‘‘(A) the credit score is derived from any credit scoring 
model that has been validated and approved by the Corporation 
under this subsection; and 
‘‘(B) the Corporation provides for the use of the credit 
score by all of the automated underwriting systems of the 
Corporation and any other procedures and systems used by 
the Corporation to purchase residential mortgages that use 
a credit score. 
‘‘(3) VALIDATION
AND APPROVAL PROCESS.—The Corporation 
shall establish a validation and approval process for the use of 
credit score models, under which the Corporation may not validate 
and approve a credit score model unless the credit score model— 
‘‘(A) satisfies minimum requirements of integrity, reli-
ability, and accuracy; 
‘‘(B) has a historical record of measuring and predicting 
default rates and other credit behaviors; 
Review. 
Deadline. 
Deadline. 
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132 STAT. 1354 
PUBLIC LAW 115–174—MAY 24, 2018 
‘‘(C) is consistent with the safe and sound operation of 
the corporation; 
‘‘(D) complies with any standards and criteria established 
by the Director of the Federal Housing Finance Agency under 
section 1328(1) of the Federal Housing Enterprises Financial 
Safety and Soundness Act of 1992; and 
‘‘(E) satisfies any other requirements, as determined by 
the Corporation. 
‘‘(4) REPLACEMENT OF CREDIT SCORE MODEL.—If the Corpora-
tion has validated and approved 1 or more credit score models 
under paragraph (3) and the Corporation validates and approves 
an additional credit score model, the Corporation may determine 
that— 
‘‘(A) the additional credit score model has replaced the 
credit score model or credit score models previously validated 
and approved; and 
‘‘(B) the credit score model or credit score models previously 
validated and approved shall no longer be considered validated 
and approved for the purposes of paragraph (2). 
‘‘(5) PUBLIC DISCLOSURE.—Upon establishing the validation and 
approval process required under paragraph (3), the Corporation 
shall make publicly available a description of the validation and 
approval process. 
‘‘(6) APPLICATION.—Not later than 30 days after the effective 
date of this subsection, the Corporation shall solicit applications 
from developers of credit scoring models for the validation and 
approval of those models under the process required under para-
graph (3). 
‘‘(7) TIMEFRAME FOR DETERMINATION; NOTICE.— 
‘‘(A) IN GENERAL.—The Corporation shall make a deter-
mination with respect to any application submitted under para-
graph (6), and provide notice of that determination to the 
applicant, before a date established by the Corporation that 
is not later than 180 days after the date on which an application 
is submitted to the Corporation. 
‘‘(B) EXTENSIONS.—The Director of the Federal Housing 
Finance Agency may authorize not more than 2 extensions 
of the date established under subparagraph (A), each of which 
shall not exceed 30 days, upon a written request and a showing 
of good cause by the Corporation. 
‘‘(C) STATUS NOTICE.—The Corporation shall provide notice 
to an applicant regarding the status of an application submitted 
under paragraph (6) not later than 60 days after the date 
on which the application was submitted to the Corporation. 
‘‘(D) REASONS
FOR
DISAPPROVAL.—If an application sub-
mitted under paragraph (6) is disapproved, the Corporation 
shall provide to the applicant the reasons for the disapproval 
not later than 30 days after a determination is made under 
this paragraph. 
‘‘(8) AUTHORITY OF DIRECTOR.—If the Corporation elects to use 
a credit score under this subsection, the Director of the Federal 
Housing Finance Agency shall require the Corporation to periodi-
cally review the validation and approval process required under 
paragraph (3) as the Director determines necessary to ensure that 
the process remains appropriate and adequate and complies with 
any standards and criteria established pursuant to section 1328(1) 
Compliance. 
Deadline. 
Compliance. 
Criteria. 
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132 STAT. 1355 
PUBLIC LAW 115–174—MAY 24, 2018 
of the Federal Housing Enterprises Financial Safety and Soundness 
Act of 1992. 
‘‘(9) EXTENSION.—If, as of the effective date of this subsection, 
a credit score model has not been approved under paragraph (3), 
the Corporation may use a credit score model that was in use 
before the effective date of this subsection, if necessary to prevent 
substantial market disruptions, until the earlier of— 
‘‘(A) the date on which a credit score model is validated 
and approved under paragraph (3); or 
‘‘(B) the date that is 2 years after the effective date of 
this subsection.’’. 
(c) AUTHORITY OF THE DIRECTOR.—Subpart A of part 2 of sub-
title A of the Federal Housing Enterprises Financial Safety and 
Soundness Act of 1992 (12 U.S.C. 4541 et seq.) is amended by 
adding at the end the following: 
‘‘SEC. 1328. REGULATIONS FOR USE OF CREDIT SCORES. 
‘‘The Director shall— 
‘‘(1) by regulation, establish standards and criteria for any 
process used by an enterprise to validate and approve credit 
scoring models pursuant to section 302(b)(7) of the Federal 
National Mortgage Association Charter Act (12 U.S.C. 
1717(b)(7)) and section 305(d) of the Federal Home Loan Mort-
gage Corporation Act (12 U.S.C. 1454(d)); and 
‘‘(2) ensure that any credit scoring model that is validated 
and approved by an enterprise under section 302(b)(7) (12 
U.S.C. 1717(b)(7)) of the Federal National Mortgage Association 
Charter Act or section 305(d) of the Federal Home Loan Mort-
gage Corporation Act (12 U.S.C. 1454(d)) meets the require-
ments of clauses (i), (ii), and (iii) of section 302(b)(7)(C) of 
the Federal National Mortgage Association Charter Act and 
subparagraphs (A), (B), and (C) of section 305(d)(3) of the 
Federal Home Loan Mortgage Corporation Act, respectively.’’. 
(d) EFFECTIVE DATE.—The amendments made by subsections 
(a) and (b) shall take effect on the date that is 180 days after 
the date of enactment of this Act. 
SEC. 311. GAO REPORT ON PUERTO RICO FORECLOSURES. 
Not earlier than 1 year after the date of enactment of this 
Act, the Comptroller General of the United States shall submit 
to the Committee on Banking, Housing, and Urban Affairs of the 
Senate and the Committee on Financial Services of the House 
of Representatives a report on foreclosures in the Commonwealth 
of Puerto Rico, including— 
(1) the rate of foreclosures in the Commonwealth of Puerto 
Rico before and after Hurricane Maria; 
(2) the rate of return for housing developers in the 
Commonwealth of Puerto Rico before and after Hurricane 
Maria; 
(3) the rate of delinquency in the Commonwealth of Puerto 
Rico before and after Hurricane Maria; 
(4) the rate of homeownership in the Commonwealth of 
Puerto Rico before and after Hurricane Maria; and 
(5) the rate of defaults on federally insured mortgages 
in the Commonwealth of Puerto Rico before and after Hurricane 
Maria. 
12 USC 1454 
note. 
12 USC 4548. 
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132 STAT. 1356 
PUBLIC LAW 115–174—MAY 24, 2018 
SEC. 312. REPORT ON CHILDREN’S LEAD-BASED PAINT HAZARD 
PREVENTION AND ABATEMENT. 
(a) DEFINITIONS.—In this section— 
(1) the term ‘‘Department’’ means the Department of 
Housing and Urban Development; and 
(2) the term ‘‘public housing agency’’ has the meaning 
given the term in section 3(b) of the United States Housing 
Act of 1937 (42 U.S.C. 1437a(b)). 
(b) REPORT.—Not later than 1 year after the date of enactment 
of this Act, the Secretary of Housing and Urban Development 
shall submit to Congress a report that includes— 
(1) an overview of existing policies and enforcement of 
the Department, including public outreach, relating to lead- 
based paint hazard prevention and abatement; 
(2) recommendations and best practices for the Department, 
public housing agencies, and landlords for improving lead-based 
paint hazard prevention standards and Federal lead prevention 
and abatement policies to protect the environmental health 
and safety of children, including within housing receiving 
assistance from or occupied by families receiving housing assist-
ance from the Department; and 
(3) recommendations for legislation to improve lead-based 
paint hazard prevention and abatement. 
SEC. 
313. 
FORECLOSURE 
RELIEF 
AND 
EXTENSION 
FOR 
SERVICEMEMBERS. 
Section 710(d) of the Honoring America’s Veterans and Caring 
for Camp Lejeune Families Act of 2012 (Public Law 112–154; 50 
U.S.C. 3953 note) is amended by striking paragraphs (1) and (3). 
TITLE 
IV—TAILORING 
REGULATIONS 
FOR CERTAIN BANK HOLDING COM-
PANIES 
SEC. 401. ENHANCED SUPERVISION AND PRUDENTIAL STANDARDS 
FOR CERTAIN BANK HOLDING COMPANIES. 
(a) IN GENERAL.—Section 165 of the Financial Stability Act 
of 2010 (12 U.S.C. 5365) is amended— 
(1) in subsection (a)— 
(A) in paragraph (1), in the matter preceding subpara-
graph (A), by striking ‘‘$50,000,000,000’’ and inserting 
‘‘$250,000,000,000’’; and 
(B) in paragraph (2)— 
(i) in subparagraph (A), by striking ‘‘may’’ and 
inserting ‘‘shall’’; 
(ii) 
in 
subparagraph 
(B), 
by 
striking 
‘‘$50,000,000,000’’ 
and 
inserting 
‘‘the 
applicable 
threshold’’; and 
(iii) by adding at the end the following: 
‘‘(C) RISKS TO FINANCIAL STABILITY AND SAFETY AND 
SOUNDNESS.—The Board of Governors may by order or 
rule promulgated pursuant to section 553 of title 5, United 
States Code, apply any prudential standard established 
under this section to any bank holding company or bank 
holding companies with total consolidated assets equal to 
Regulations. 
Applicability. 
Recommenda- 
tions. 
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132 STAT. 1357 
PUBLIC LAW 115–174—MAY 24, 2018 
or greater than $100,000,000,000 to which the prudential 
standard does not otherwise apply provided that the Board 
of Governors— 
‘‘(i) determines that application of the prudential 
standard is appropriate— 
‘‘(I) to prevent or mitigate risks to the financial 
stability of the United States, as described in para-
graph (1); or 
‘‘(II) to promote the safety and soundness of 
the bank holding company or bank holding compa-
nies; and 
‘‘(ii) takes into consideration the bank holding com-
pany’s or bank holding companies’ capital structure, 
riskiness, complexity, financial activities (including 
financial activities of subsidiaries), size, and any other 
risk-related factors that the Board of Governors deems 
appropriate.’’; 
(2) in subsection (b)(1)— 
(A) in subparagraph (A)(iv), by striking ‘‘and credit 
exposure report’’; and 
(B) in subparagraph (B)(ii), by inserting ‘‘, including 
credit exposure reports’’ before the semicolon at the end; 
(3) in subsection (d)(2), in the matter preceding subpara-
graph (A), by striking ‘‘shall’’ and inserting ‘‘may’’; 
(4) in subsection (h)(2), by striking ‘‘$10,000,000,000’’ each 
place that term appears and inserting ‘‘$50,000,000,000’’; 
(5) in subsection (i)— 
(A) in paragraph (1)(B)(i)— 
(i) by striking ‘‘3’’ and inserting ‘‘2’’; and 
(ii) by striking ‘‘, adverse,’’; and 
(B) in paragraph (2)— 
(i) in subparagraph (A)— 
(I) in the first sentence, by striking ‘‘semi-
annual’’ and inserting ‘‘periodic’’; and 
(II) in the second sentence— 
(aa) by striking ‘‘$10,000,000,000’’ and 
inserting ‘‘$250,000,000,000’’; and 
(bb) by striking ‘‘annual’’ and inserting 
‘‘periodic’’; and 
(ii) in subparagraph (C)(ii)— 
(I) by striking ‘‘3’’ and inserting ‘‘2’’; and 
(II) by striking ‘‘, adverse,’’; and 
(6) in subsection (j)(1), in the first sentence, by striking 
‘‘$50,000,000,000’’ and inserting ‘‘$250,000,000,000’’. 
(b) RULE OF CONSTRUCTION.—Nothing in subsection (a) shall 
be construed to limit— 
(1) the authority of the Board of Governors of the Federal 
Reserve System, in prescribing prudential standards under sec-
tion 165 of the Financial Stability Act of 2010 (12 U.S.C. 
5365) or any other law, to tailor or differentiate among compa-
nies on an individual basis or by category, taking into consider-
ation their capital structure, riskiness, complexity, financial 
activities (including financial activities of their subsidiaries), 
size, and any other risk-related factors that the Board of Gov-
ernors deems appropriate; or 
(2) the supervisory, regulatory, or enforcement authority 
of an appropriate Federal banking agency to further the safe 
12 USC 5365 
note. 
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132 STAT. 1358 
PUBLIC LAW 115–174—MAY 24, 2018 
and sound operation of an institution under the supervision 
of the appropriate Federal banking agency. 
(c) TECHNICAL AND CONFORMING AMENDMENTS.— 
(1) FINANCIAL STABILITY ACT OF 2010.—The Financial Sta-
bility Act of 2010 (12 U.S.C. 5311 et seq.) is amended— 
(A) in section 115(a)(2)(B) (12 U.S.C. 5325(a)(2)(B)), 
by striking ‘‘$50,000,000,000’’ and inserting ‘‘the applicable 
threshold’’; 
(B) in section 116(a) (12 U.S.C. 5326(a)), in the matter 
preceding paragraph (1), by striking ‘‘$50,000,000,000’’ and 
inserting ‘‘$250,000,000,000’’; 
(C) in section 121(a) (12 U.S.C. 5331(a)), in the matter 
preceding paragraph (1), by striking ‘‘$50,000,000,000’’ and 
inserting ‘‘$250,000,000,000’’; 
(D) in section 155(d) (12 U.S.C. 5345(d)), by striking 
‘‘50,000,000,000’’ and inserting ‘‘$250,000,000,000’’; 
(E) in section 163(b) (12 U.S.C. 5363(b)), by striking 
‘‘$50,000,000,000’’ each place that term appears and 
inserting ‘‘$250,000,000,000’’; and 
(F) in section 164 (12 U.S.C. 5364), by striking 
‘‘$50,000,000,000’’ and inserting ‘‘$250,000,000,000’’. 
(2) FEDERAL
RESERVE
ACT.—The second subsection (s) 
(relating to assessments) of section 11 of the Federal Reserve 
Act (12 U.S.C. 248(s)) is amended— 
(A) in paragraph (2)— 
(i) 
in 
subparagraph 
(A), 
by 
striking 
‘‘$50,000,000,000’’ and inserting ‘‘$100,000,000,000’’; 
and 
(ii) 
in 
subparagraph 
(B), 
by 
striking 
‘‘$50,000,000,000’’ and inserting ‘‘$100,000,000,000’’; 
and 
(B) by adding at the end the following: 
‘‘(3) TAILORING ASSESSMENTS.—In collecting assessments, 
fees, or other charges under paragraph (1) from each company 
described in paragraph (2) with total consolidated assets of 
between $100,000,000,000 and $250,000,000,000, the Board 
shall adjust the amount charged to reflect any changes in 
supervisory and regulatory responsibilities resulting from the 
Economic Growth, Regulatory Relief, and Consumer Protection 
Act with respect to each such company.’’. 
(d) EFFECTIVE DATE.— 
(1) IN GENERAL.—Except as provided in paragraph (2), the 
amendments made by this section shall take effect on the 
date that is 18 months after the date of enactment of this 
Act. 
(2) 
EXCEPTION.—Notwithstanding 
paragraph 
(1), 
the 
amendments made by this section shall take effect on the 
date of enactment of this Act with respect to any bank holding 
company 
with 
total 
consolidated 
assets 
of 
less 
than 
$100,000,000,000. 
(3) ADDITIONAL
AUTHORITY.—Before the effective date 
described in paragraph (1), the Board of Governors of the 
Federal Reserve System may by order exempt any bank holding 
company 
with 
total 
consolidated 
assets 
of 
less 
than 
$250,000,000,000 from any prudential standard under section 
165 of the Financial Stability Act of 2010 (12 U.S.C. 5365). 
12 USC 5365 
note. 
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132 STAT. 1359 
PUBLIC LAW 115–174—MAY 24, 2018 
(4) RULE OF CONSTRUCTION.—Nothing in this section shall 
be construed to prohibit the Board of Governors of the Federal 
Reserve System from issuing an order or rule making under 
section 165(a)(2)(C) of the Financial Stability Act of 2010 (12 
U.S.C. 5365(a)(2)(C)), as added by this section, before the effec-
tive date described in paragraph (1). 
(e) SUPERVISORY STRESS TEST.—Beginning on the effective date 
described in subsection (d)(1), the Board of Governors of the Federal 
Reserve System shall, on a periodic basis, conduct supervisory 
stress tests of bank holding companies with total consolidated assets 
equal to or greater than $100,000,000,000 and total consolidated 
assets of less than $250,000,000,000 to evaluate whether such bank 
holding companies have the capital, on a total consolidated basis, 
necessary to absorb losses as a result of adverse economic condi-
tions. 
(f) GLOBAL SYSTEMICALLY IMPORTANT BANK HOLDING COMPA-
NIES.—Any bank holding company, regardless of asset size, that 
has been identified as a global systemically important BHC under 
section 217.402 of title 12, Code of Federal Regulations, shall be 
considered a bank holding company with total consolidated assets 
equal to or greater than $250,000,000,000 with respect to the 
application of standards or requirements under— 
(1) this section; 
(2) sections 116(a), 121(a), 155(d), 163(b), 164, and 165 
of the Financial Stability Act of 2010 (12 U.S.C. 5326(a), 
5331(a), 5345(d), 5363(b), 5364, 5365); and 
(3) paragraph (2)(A) of the second subsection (s) (relating 
to assessments) of section 11 of the Federal Reserve Act (12 
U.S.C. 248(s)(2)). 
(g) CLARIFICATION FOR FOREIGN BANKS.—Nothing in this sec-
tion shall be construed to— 
(1) affect the legal effect of the final rule of the Board 
of Governors of the Federal Reserve System entitled ‘‘Enhanced 
Prudential Standards for Bank Holding Companies and Foreign 
Banking Organizations’’ (79 Fed. Reg. 17240 (March 27, 2014)) 
as applied to foreign banking organizations with total consoli-
dated assets equal to or greater than $100,000,000,000; or 
(2) limit the authority of the Board of Governors of the 
Federal Reserve System to require the establishment of an 
intermediate holding company under, implement enhanced 
prudential standards with respect to, or tailor the regulation 
of a foreign banking organization with total consolidated assets 
equal to or greater than $100,000,000,000. 
SEC. 402. SUPPLEMENTARY LEVERAGE RATIO FOR CUSTODIAL BANKS. 
(a) DEFINITION.—In this section, the term ‘‘custodial bank’’ 
means any depository institution holding company predominantly 
engaged in custody, safekeeping, and asset servicing activities, 
including any insured depository institution subsidiary of such a 
holding company. 
(b) REGULATIONS.— 
(1) DEFINITION.—In this subsection, the term ‘‘central bank’’ 
means— 
(A) the Federal Reserve System; 
(B) the European Central Bank; and 
12 USC 1831o 
note. 
12 USC 53658 
note. 
12 USC 5365 
note. 
12 USC 5365 
note. 
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132 STAT. 1360 
PUBLIC LAW 115–174—MAY 24, 2018 
(C) central banks of member countries of the 
Organisation for Economic Co-operation and Development, 
if— 
(i) the member country has been assigned a zero 
percent risk weight under sections 3.32, 217.32, and 
324.32 of title 12, Code of Federal Regulations, or 
any successor regulation; and 
(ii) the sovereign debt of such member country 
is not in default or has not been in default during 
the previous 5 years. 
(2) REGULATIONS.—The appropriate Federal banking agen-
cies shall promulgate regulations to amend sections 3.10, 
217.10, and 324.10 of title 12, Code of Federal Regulations, 
to specify that— 
(A) subject to subparagraph (B), funds of a custodial 
bank that are deposited with a central bank shall not 
be taken into account when calculating the supplementary 
leverage ratio as applied to the custodial bank; and 
(B) with respect to the funds described in subparagraph 
(A), any amount that exceeds the total value of deposits 
of the custodial bank that are linked to fiduciary or custo-
dial and safekeeping accounts shall be taken into account 
when calculating the supplementary leverage ratio as 
applied to the custodial bank. 
(c) RULE OF CONSTRUCTION.—Nothing in subsection (b) shall 
be construed to limit the authority of the appropriate Federal 
banking agencies to tailor or adjust the supplementary leverage 
ratio or any other leverage ratio for any company that is not 
a custodial bank. 
SEC. 403. TREATMENT OF CERTAIN MUNICIPAL OBLIGATIONS. 
(a) IN GENERAL.—Section 18 of the Federal Deposit Insurance 
Act (12 U.S.C. 1828) is amended— 
(1) by moving subsection (z) so that it appears after sub-
section (y); and 
(2) by adding at the end the following: 
‘‘(aa) TREATMENT OF CERTAIN MUNICIPAL OBLIGATIONS.— 
‘‘(1) DEFINITIONS.—In this subsection— 
‘‘(A) the term ‘investment grade’, with respect to an 
obligation, has the meaning given the term in section 1.2 
of title 12, Code of Federal Regulations, or any successor 
thereto; 
‘‘(B) the term ‘liquid and readily-marketable’ has the 
meaning given the term in section 249.3 of title 12, Code 
of Federal Regulations, or any successor thereto; and 
‘‘(C) the term ‘municipal obligation’ means an obliga-
tion of— 
‘‘(i) a State or any political subdivision thereof; 
or 
‘‘(ii) any agency or instrumentality of a State or 
any political subdivision thereof. 
‘‘(2) MUNICIPAL OBLIGATIONS.—For purposes of the final 
rule entitled ‘Liquidity Coverage Ratio: Liquidity Risk Measure-
ment Standards’ (79 Fed. Reg. 61439 (October 10, 2014)), the 
final rule entitled ‘Liquidity Coverage Ratio: Treatment of U.S. 
Municipal Securities as High-Quality Liquid Assets’ (81 Fed. 
Reg. 21223 (April 11, 2016)), and any other regulation that 
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132 STAT. 1361 
PUBLIC LAW 115–174—MAY 24, 2018 
incorporates a definition of the term ‘high-quality liquid asset’ 
or another substantially similar term, the appropriate Federal 
banking agencies shall treat a municipal obligation as a high- 
quality liquid asset that is a level 2B liquid asset if that 
obligation is, as of the date of calculation— 
‘‘(A) liquid and readily-marketable; and 
‘‘(B) investment grade.’’. 
(b) AMENDMENT TO LIQUIDITY COVERAGE RATIO REGULATIONS.— 
Not later than 90 days after the date of enactment of this Act, 
the Federal Deposit Insurance Corporation, the Board of Governors 
of the Federal Reserve System, and the Comptroller of the Currency 
shall amend the final rule entitled ‘‘Liquidity Coverage Ratio: 
Liquidity Risk Measurement Standards’’ (79 Fed. Reg. 61439 
(October 10, 2014)) and the final rule entitled ‘‘Liquidity Coverage 
Ratio: Treatment of U.S. Municipal Securities as High-Quality 
Liquid Assets’’ (81 Fed. Reg. 21223 (April 11, 2016)) to implement 
the amendments made by this section. 
TITLE V—ENCOURAGING CAPITAL 
FORMATION 
SEC. 501. NATIONAL SECURITIES EXCHANGE REGULATORY PARITY. 
Section 18(b)(1) of the Securities Act of 1933 (15 U.S.C. 
77r(b)(1)) is amended— 
(1) by striking subparagraph (A); 
(2) in subparagraph (B)— 
(A) by inserting ‘‘a security designated as qualified 
for trading in the national market system pursuant to 
section 11A(a)(2) of the Securities Exchange Act of 1934 
(15 U.S.C. 78k–1(a)(2)) that is’’ before ‘‘listed’’; and 
(B) by striking ‘‘that has listing standards that the 
Commission determines by rule (on its own initiative or 
on the basis of a petition) are substantially similar to 
the listing standards applicable to securities described in 
subparagraph (A)’’; 
(3) in subparagraph (C), by striking ‘‘or (B)’’; and 
(4) by redesignating subparagraphs (B) and (C) as subpara-
graphs (A) and (B), respectively. 
SEC. 502. SEC STUDY ON ALGORITHMIC TRADING. 
(a) IN GENERAL.—Not later than 18 months after the date 
of enactment of this Act, the staff of the Securities and Exchange 
Commission shall submit to the Committee on Banking, Housing, 
and Urban Affairs of the Senate and the Committee on Financial 
Services of the House of Representatives a report on the risks 
and benefits of algorithmic trading in capital markets in the United 
States. 
(b) MATTERS REQUIRED TO BE INCLUDED.—The matters covered 
by the report required by subsection (a) shall include the following: 
(1) An assessment of the effect of algorithmic trading in 
equity and debt markets in the United States on the provision 
of liquidity in stressed and normal market conditions. 
(2) An assessment of the benefits and risks to equity and 
debt markets in the United States by algorithmic trading. 
Assessment. 
Reports. 
Deadline. 
12 USC 1828 
note. 
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132 STAT. 1362 
PUBLIC LAW 115–174—MAY 24, 2018 
(3) An analysis of whether the activity of algorithmic 
trading and entities that engage in algorithmic trading are 
subject to appropriate Federal supervision and regulation. 
(4) A recommendation of whether— 
(A) based on the analysis described in paragraphs (1), 
(2), and (3), any changes should be made to regulations; 
and 
(B) the Securities and Exchange Commission needs 
additional legal authorities or resources to effect the 
changes described in subparagraph (A). 
SEC. 503. ANNUAL REVIEW OF GOVERNMENT-BUSINESS FORUM ON 
CAPITAL FORMATION. 
Section 503 of the Small Business Investment Incentive Act 
of 1980 (15 U.S.C. 80c–1) is amended by adding at the end the 
following: 
‘‘(e) The Commission shall— 
‘‘(1) review the findings and recommendations of the forum; 
and 
‘‘(2) each time the forum submits a finding or recommenda-
tion to the Commission, promptly issue a public statement— 
‘‘(A) assessing the finding or recommendation of the 
forum; and 
‘‘(B) disclosing the action, if any, the Commission 
intends to take with respect to the finding or recommenda-
tion.’’. 
SEC. 504. SUPPORTING AMERICA’S INNOVATORS. 
Section 3(c)(1) of the Investment Company Act of 1940 (15 
U.S.C. 80a–3(c)(1)) is amended— 
(1) in the matter preceding subparagraph (A), by inserting 
‘‘(or, in the case of a qualifying venture capital fund, 250 
persons)’’ after ‘‘one hundred persons’’; and 
(2) by adding at the end the following: 
‘‘(C)(i) The term ‘qualifying venture capital fund’ means 
a venture capital fund that has not more than $10,000,000 
in aggregate capital contributions and uncalled committed 
capital, with such dollar amount to be indexed for inflation 
once every 5 years by the Commission, beginning from 
a measurement made by the Commission on a date selected 
by the Commission, rounded to the nearest $1,000,000. 
‘‘(ii) The term ‘venture capital fund’ has the meaning 
given the term in section 275.203(l)–1 of title 17, Code 
of Federal Regulations, or any successor regulation.’’. 
SEC. 505. SECURITIES AND EXCHANGE COMMISSION OVERPAYMENT 
CREDIT. 
(a) DEFINITIONS.—In this section— 
(1) the term ‘‘Commission’’ means the Securities and 
Exchange Commission; 
(2) the term ‘‘national securities association’’ means an 
association that is registered under section 15A of the Securities 
Exchange Act of 1934 (15 U.S.C. 78o–3); and 
(3) the term ‘‘national securities exchange’’ means an 
exchange that is registered as a national securities exchange 
under section 6 of the Securities Exchange Act of 1934 (15 
U.S.C. 78f). 
15 USC 78ee 
note. 
Recommenda- 
tions. 
Analysis. 
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132 STAT. 1363 
PUBLIC LAW 115–174—MAY 24, 2018 
(b) CREDIT FOR OVERPAYMENT OF FEES.—Notwithstanding sec-
tion 31(j) of the Securities Exchange Act of 1934 (15 U.S.C. 78ee(j)), 
and subject to subsection (c) of this section, if a national securities 
exchange or a national securities association has paid fees and 
assessments to the Commission in an amount that is more than 
the amount that the exchange or association was required to pay 
under section 31 of the Securities Exchange Act of 1934 (15 U.S.C. 
78ee) and, not later than 10 years after the date of such payment, 
the exchange or association informs the Commission about the 
payment of such excess amount, the Commission shall offset future 
fees and assessments due by that exchange or association in an 
amount that is equal to the difference between the amount that 
the exchange or association paid and the amount that the exchange 
or association was required to pay under such section 31. 
(c) APPLICABILITY.—Subsection (b) shall apply only to fees and 
assessments that a national securities exchange or a national securi-
ties association was required to pay to the Commission before 
the date of enactment of this Act. 
SEC. 506. U.S. TERRITORIES INVESTOR PROTECTION. 
(a) IN GENERAL.—Section 6(a) of the Investment Company Act 
of 1940 (15 U.S.C. 80a–6(a)) is amended— 
(1) by striking paragraph (1); and 
(2) by redesignating paragraphs (2) through (5) as para-
graphs (1) through (4), respectively. 
(b) EFFECTIVE DATE AND SAFE HARBOR.— 
(1) EFFECTIVE DATE.—Except as provided in paragraph (2), 
the amendment made by subsection (a) shall take effect on 
the date of enactment of this Act. 
(2) SAFE
HARBOR.—With respect to a company that is 
exempt under section 6(a)(1) of the Investment Company Act 
of 1940 (15 U.S.C. 80a–6(a)(1)) on the day before the date 
of enactment of this Act, the amendment made by subsection 
(a) shall take effect on the date that is 3 years after the 
date of enactment of this Act. 
(3) EXTENSION
OF
SAFE
HARBOR.—The Securities and 
Exchange Commission, by rule or regulation upon its own 
motion, or by order upon application, may conditionally or 
unconditionally, under section 6(c) of the Investment Company 
Act of 1940 (15 U.S.C. 80a–6(c)), further delay the effective 
date for a company described in paragraph (2) for a maximum 
of 3 years following the initial 3-year period if, before the 
end of the initial 3-year period, the Commission determines 
that such a rule, regulation, motion, or order is necessary 
or appropriate in the public interest and for the protection 
of investors. 
SEC. 507. ENCOURAGING EMPLOYEE OWNERSHIP. 
Not later than 60 days after the date of the enactment of 
this Act, the Securities and Exchange Commission shall revise 
section 230.701(e) of title 17, Code of Federal Regulations, so as 
to increase from $5,000,000 to $10,000,000 the aggregate sales 
price or amount of securities sold during any consecutive 12-month 
period in excess of which the issuer is required under such section 
to deliver an additional disclosure to investors. The Commission 
shall index for inflation such aggregate sales price or amount every 
5 years to reflect the change in the Consumer Price Index for 
Time period. 
Deadline. 
15 USC 77e note. 
15 USC 80a–6 
note. 
Deadline. 
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132 STAT. 1364 
PUBLIC LAW 115–174—MAY 24, 2018 
All Urban Consumers published by the Bureau of Labor Statistics, 
rounding to the nearest $1,000,000. 
SEC. 508. IMPROVING ACCESS TO CAPITAL. 
The Securities and Exchange Commission shall amend— 
(1) section 230.251 of title 17, Code of Federal Regulations, 
to remove the requirement that the issuer not be subject to 
section 13 or 15(d) of the Securities Exchange Act of 1934 
(15 U.S.C. 78a et seq.) immediately before the offering; and 
(2) section 230.257 of title 17, Code of Federal Regulations, 
with respect to an offering described in section 230.251(a)(2) 
of title 17, Code of Federal Regulations, to deem any issuer 
that is subject to section 13 or 15(d) of the Securities Exchange 
Act of 1934 as having met the periodic and current reporting 
requirements of section 230.257 of title 17, Code of Federal 
Regulations, if such issuer meets the reporting requirements 
of section 13 of the Securities Exchange Act of 1934. 
SEC. 
509. 
PARITY 
FOR 
CLOSED-END 
COMPANIES 
REGARDING 
OFFERING AND PROXY RULES. 
(a) REVISION
TO RULES.—Not later than the end of the 1- 
year period beginning on the date of enactment of this Act, the 
Securities and Exchange Commission shall propose and, not later 
than 2 years after the date of enactment of this Act, the Securities 
and Exchange Commission shall finalize any rules, as appropriate, 
to allow any closed-end company, as defined in section 5(a)(2) of 
the Investment Company Act of 1940 (15 U.S.C. 80a–5), that is 
registered as an investment company under such Act, and is listed 
on a national securities exchange or that makes periodic repurchase 
offers pursuant to section 270.23c–3 of title 17, Code of Federal 
Regulations, to use the securities offering and proxy rules, subject 
to conditions the Commission determines appropriate, that are 
available to other issuers that are required to file reports under 
section 13 or section 15(d) of the Securities Exchange Act of 1934 
(15 U.S.C. 78m; 78o(d)). Any action that the Commission takes 
pursuant to this subsection shall consider the availability of 
information to investors, including what disclosures constitute ade-
quate information to be designated as a ‘‘well-known seasoned 
issuer’’. 
(b) TREATMENT
IF REVISIONS NOT COMPLETED
IN
A TIMELY 
MANNER.—If the Commission fails to complete the revisions 
required by subsection (a) by the time required by such subsection, 
any registered closed-end company that is listed on a national 
securities exchange or that makes periodic repurchase offers pursu-
ant to section 270.23c–3 of title 17, Code of Federal Regulations, 
shall be deemed to be an eligible issuer under the final rule of 
the Commission titled ‘‘Securities Offering Reform’’ (70 Fed. Reg. 
44722; published August 3, 2005). 
(c) RULES OF CONSTRUCTION.— 
(1) NO EFFECT ON RULE 482.—Nothing in this section or 
the amendments made by this section shall be construed to 
impair or limit in any way a registered closed-end company 
from using section 230.482 of title 17, Code of Federal Regula-
tions, to distribute sales material. 
(2) REFERENCES.—Any reference in this section to a section 
of title 17, Code of Federal Regulations, or to any form or 
schedule means such rule, section, form, or schedule, or any 
successor to any such rule, section, form, or schedule. 
Deadlines. 
15 USC 80a–23 
note. 
15 USC 78m 
note. 
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132 STAT. 1365 
PUBLIC LAW 115–174—MAY 24, 2018 
TITLE VI—PROTECTIONS FOR STUDENT 
BORROWERS 
SEC. 601. PROTECTIONS IN THE EVENT OF DEATH OR BANKRUPTCY. 
(a) IN GENERAL.—Section 140 of the Truth in Lending Act 
(15 U.S.C. 1650) is amended— 
(1) in subsection (a)— 
(A) by redesignating paragraphs (1) through (8) as 
paragraphs (2) through (9), respectively; and 
(B) by inserting before paragraph (2), as so redesig-
nated, the following: 
‘‘(1) the term ‘cosigner’— 
‘‘(A) means any individual who is liable for the obliga-
tion of another without compensation, regardless of how 
designated in the contract or instrument with respect to 
that obligation, other than an obligation under a private 
education loan extended to consolidate a consumer’s pre- 
existing private education loans; 
‘‘(B) includes any person the signature of which is 
requested as condition to grant credit or to forbear on 
collection; and 
‘‘(C) does not include a spouse of an individual 
described in subparagraph (A), the signature of whom is 
needed to perfect the security interest in a loan.’’; and 
(2) by adding at the end the following: 
‘‘(g) ADDITIONAL PROTECTIONS RELATING TO BORROWER OR CO-
SIGNER OF A PRIVATE EDUCATION LOAN.— 
‘‘(1) PROHIBITION ON AUTOMATIC DEFAULT IN CASE OF DEATH 
OR BANKRUPTCY OF NON-STUDENT OBLIGOR.—With respect to 
a private education loan involving a student obligor and 1 
or more cosigners, the creditor shall not declare a default 
or accelerate the debt against the student obligor on the sole 
basis of a bankruptcy or death of a cosigner. 
‘‘(2) COSIGNER RELEASE IN CASE OF DEATH OF BORROWER.— 
‘‘(A) RELEASE OF COSIGNER.—The holder of a private 
education loan, when notified of the death of a student 
obligor, shall release within a reasonable timeframe any 
cosigner from the obligations of the cosigner under the 
private education loan. 
‘‘(B) NOTIFICATION OF RELEASE.—A holder or servicer 
of a private education loan, as applicable, shall within 
a reasonable time-frame notify any cosigners for the private 
education loan if a cosigner is released from the obligations 
of the cosigner for the private education loan under this 
paragraph. 
‘‘(C) DESIGNATION OF INDIVIDUAL TO ACT ON BEHALF 
OF
THE
BORROWER.—Any lender that extends a private 
education loan shall provide the student obligor an option 
to designate an individual to have the legal authority to 
act on behalf of the student obligor with respect to the 
private education loan in the event of the death of the 
student obligor.’’. 
(b) APPLICABILITY.—The amendments made by subsection (a) 
shall only apply to private education loan agreements entered into 
on or after the date that is 180 days after the date of enactment 
of this Act. 
Time period. 
15 USC 1650 
note. 
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132 STAT. 1366 
PUBLIC LAW 115–174—MAY 24, 2018 
SEC. 602. REHABILITATION OF PRIVATE EDUCATION LOANS. 
(a) IN GENERAL.—Section 623(a)(1) of the Fair Credit Reporting 
Act (15 U.S.C. 1681s–2(a)(1)) is amended by adding at the end 
the following: 
‘‘(E) REHABILITATION OF PRIVATE EDUCATION LOANS.— 
‘‘(i) IN
GENERAL.—Notwithstanding any other 
provision of this section, a consumer may request a 
financial institution to remove from a consumer report 
a reported default regarding a private education loan, 
and such information shall not be considered inac-
curate, if— 
‘‘(I) the financial institution chooses to offer 
a loan rehabilitation program which includes, with-
out limitation, a requirement of the consumer to 
make consecutive on-time monthly payments in 
a number that demonstrates, in the assessment 
of the financial institution offering the loan 
rehabilitation program, a renewed ability and 
willingness to repay the loan; and 
‘‘(II) the requirements of the loan rehabilita-
tion program described in subclause (I) are success-
fully met. 
‘‘(ii) BANKING AGENCIES.— 
‘‘(I) IN GENERAL.—If a financial institution is 
supervised by a Federal banking agency, the finan-
cial institution shall seek written approval con-
cerning the terms and conditions of the loan 
rehabilitation program described in clause (i) from 
the appropriate Federal banking agency. 
‘‘(II) 
FEEDBACK.—An 
appropriate 
Federal 
banking agency shall provide feedback to a finan-
cial institution within 120 days of a request for 
approval under subclause (I). 
‘‘(iii) LIMITATION.— 
‘‘(I) IN GENERAL.—A consumer may obtain the 
benefits available under this subsection with 
respect to rehabilitating a loan only 1 time per 
loan. 
‘‘(II) RULE OF CONSTRUCTION.—Nothing in this 
subparagraph may be construed to require a finan-
cial institution to offer a loan rehabilitation pro-
gram or to remove any reported default from a 
consumer report as a consideration of a loan 
rehabilitation program, except as described in 
clause (i). 
‘‘(iv) DEFINITIONS.—For purposes of this subpara-
graph— 
‘‘(I) the term ‘appropriate Federal banking 
agency’ has the meaning given the term in section 
3 of the Federal Deposit Insurance Act (12 U.S.C. 
1813); and 
‘‘(II) the term ‘private education loan’ has the 
meaning given the term in section 140(a) of the 
Truth in Lending Act (15 U.S.C. 1650(a)).’’. 
(b) GAO STUDY.— 
Deadline. 
Assessment. 
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132 STAT. 1367 
PUBLIC LAW 115–174—MAY 24, 2018 
(1) STUDY.—The Comptroller General of the United States 
shall conduct a study, in consultation with the appropriate 
Federal banking agencies, regarding— 
(A) the implementation of subparagraph (E) of section 
623(a)(1) of the Fair Credit Reporting Act (15 U.S.C. 1681s– 
2(a)(1)) (referred to in this paragraph as ‘‘the provision’’), 
as added by subsection (a); 
(B) 
the 
estimated 
operational, 
compliance, 
and 
reporting costs associated with the requirements of the 
provision; 
(C) the effects of the requirements of the provision 
on the accuracy of credit reporting; 
(D) the risks to safety and soundness, if any, created 
by the loan rehabilitation programs described in the provi-
sion; and 
(E) a review of the effectiveness and impact on the 
credit of participants in any loan rehabilitation programs 
described in the provision and whether such programs 
improved the ability of participants in the programs to 
access credit products. 
(2) REPORT.—Not later than 1 year after the date of enact-
ment of this Act, the Comptroller General of the United States 
shall submit to Congress a report that contains all findings 
and determinations made in conducting the study required 
under paragraph (1). 
SEC. 603. BEST PRACTICES FOR HIGHER EDUCATION FINANCIAL LIT-
ERACY. 
Section 514(a) of the Financial Literacy and Education Improve-
ment Act (20 U.S.C. 9703(a)) is amended by adding at the end 
the following: 
‘‘(3) BEST PRACTICES FOR TEACHING FINANCIAL LITERACY.— 
‘‘(A) IN GENERAL.—After soliciting public comments and 
consulting with and receiving input from relevant parties, 
including a diverse set of institutions of higher education 
and other parties, the Commission shall, by not later than 
1 year after the date of enactment of the Economic Growth, 
Regulatory Relief, and Consumer Protection Act, establish 
best practices for institutions of higher education regarding 
methods to— 
‘‘(i) teach financial literacy skills; and 
‘‘(ii) provide useful and necessary information to 
assist students at institutions of higher education when 
making financial decisions related to student bor-
rowing. 
‘‘(B) BEST PRACTICES.—The best practices described in 
subparagraph (A) shall include the following: 
‘‘(i) Methods to ensure that each student has a 
clear sense of the student’s total borrowing obligations, 
including monthly payments, and repayment options. 
‘‘(ii) The most effective ways to engage students 
in financial literacy education, including frequency and 
timing of communication with students. 
‘‘(iii) Information on how to target different student 
populations, including part-time students, first-time 
students, and other nontraditional students. 
Deadline. 
Consultation. 
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132 STAT. 1368 
PUBLIC LAW 115–174—MAY 24, 2018 
LEGISLATIVE HISTORY—S. 2155: 
CONGRESSIONAL RECORD, Vol. 164 (2018): 
Mar. 7, 8, 12–14, considered and passed Senate. 
May 22, considered and passed House. 
DAILY COMPILATION OF PRESIDENTIAL DOCUMENTS (2018): 
May 24, Presidential remarks and statement. 
‘‘(iv) Ways to clearly communicate the importance 
of graduating on a student’s ability to repay student 
loans. 
‘‘(C) MAINTENANCE OF BEST PRACTICES.—The Commis-
sion shall maintain and periodically update the best prac-
tices information required under this paragraph and make 
the best practices available to the public. 
‘‘(D) RULE OF CONSTRUCTION.—Nothing in this para-
graph shall be construed to require an institution of higher 
education to adopt the best practices required under this 
paragraph.’’. 
Approved May 24, 2018. 
VerDate Sep 11 2014 
10:03 Jan 17, 2024
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