zli12321/Bills huggingface dataset:
Mortgage Fairness Act of 2015 

This bill amends the Truth in Lending Act to revise points and fees under a high-cost mortgage which currently include all compensation paid directly or indirectly by a consumer or creditor to a mortgage originator from any source, including a mortgage originator that is also the creditor in a table-funded transaction.

"Table funding" means a settlement at which a loan is funded by a contemporaneous advance of loan funds and an assignment of the loan to the person advancing the funds. A table-funded transaction is not a transaction in the secondary mortgage.

Compensation from any source shall not include any compensation taken into account in settling the mortgage interest rate and for which there is no separate charge to the consumer.

Such compensation shall include, however, any other compensation paid directly or indirectly by a consumer or creditor to an individual employed by or contracting with the originator or a mortgage originator.

Date: 2015-07-29
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Federal Home Loan Bank Product Act

This bill amends the Commodity Exchange Act to make the Federal Housing Finance Agency the appropriate federal banking agency for any Federal Home Loan Bank (thereby exempting any Federal Home Loan Bank loan from regulation as a swap).

The Legal Certainity for Bank Products Act of 2000 is amended to include as a bank any Federal Home Loan Bank.

Date: 2015-09-08
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Preserving American Homeownership Act of 2015

 Requires the Director of the Federal Housing Finance Agency and the Federal Housing Commissioner each to establish a pilot program to encourage, through assistance provided under the Home Affordable Modification Program under the Secretary of the Treasury's Making Home Affordable initiative, the use of shared appreciation mortgage modifications that: (1) are designed to return greater cash flow to investors than other loss-mitigation activities, including foreclosure; and (2) result in positive net present value for the investor.

Requires a shared appreciation mortgage modification to: (1) reduce by specified action the loan-to-value ratio of a covered mortgage to 115% immediately upon modification and to 95% within 3 years; (2) reduce the interest rate if such a principal reduction would not result in an affordable reduced monthly payment; (3) reduce to a specified amount any periodic payment the homeowner is required to make; (4) require the homeowner to pay the investor, after refinancing or selling the real property securing a covered mortgage, up to 50% of the amount of any increase in the value of the real property during a specified period; and (5) result in a positive net present value for the investor after taking into account the principal reduction and, if necessary, any interest rate reduction.

Requires the Director to: (1) provide that an enterprise may negotiate regarding a shared appreciation mortgage modification of a covered mortgage with any mortgage insurance provider for a mortgage on the subject property, and (2) allow advanced claim agreements with respect to such mortgage insurance policies.

Date: 2015-09-16
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
This bill directs the Federal Housing Finance Agency to withdraw its proposed rule entitled "Members of Federal Home Loan Banks" (September 12, 2014).

The Government Accountability Office shall report to certain congressional committees on the impact of the rule upon the Federal Home Loan Bank System and financial intermediaries.

Date: 2015-10-22
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
179 Act

This bill amends the Internal Revenue Code, with respect to the taxpayer election to expense depreciable business property (179 property), to make permanent: (1) the increased $500,000 limitation on the amount of such property eligible for expensing; (2) a $2 million threshold for depreciable property, after which the amount of the expensing allowance is reduced; (3) the expensing of computer software; and (4) the revocability of the expensing election.

The bill also makes permanent the expensing allowance for qualified real property, which includes qualified leasehold improvement property, qualified restaurant property, and qualified retail improvement property.The bill allows a carryover of disallowed amounts of qualified real property to taxable years beginning after 2014.

Date: 2015-11-05
Topic: Domestic Commerce (Consumer Finance)
Subject: Taxation
First Time Homeowner Savings Plan Act

This bill amends the Internal Revenue Code to increase from $10,000 to $25,000 the maximum amount that may be withdrawn, without penalty, from a qualified retirement plan for purposes of assisting a first-time homebuyer in purchasing a principal residence. This increased distribution amount shall be adjusted annually for inflation for taxable years beginning after 2015.

Date: 2015-11-19
Topic: Domestic Commerce (Consumer Finance)
Subject: Taxation
Prompt Notification of Short Sales Act 

 This bill requires each servicer of a home mortgage to provide in writing to a mortgagor of a residential mortgage loan specified prompt notifications and decisions regarding the mortgagor's written request for a short sale of the dwelling or residential real property subject to the mortgage, deed of trust, or other security interest securing the mortgage loan.

An aggrieved individual may bring a civil action for equitable relief and a monetary award of $1,000 for any violation of this Act.

This bill shall not apply to certain residential mortgages entered into before its enactment whose mortgage agreements explicitly provide a procedure or terms for a short sale approval.

Date: 2015-12-03
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Credit Score Competition Act of 2015

This bill amends the Federal National Mortgage Association Charter Act to authorize the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government sponsored enterprises, or GSEs) to use credit scores in purchasing residential mortgages only under certain conditions, including that the GSE has established and made publicly available a description of the process it will use to validate and approve credit scoring models.

The Director of the Federal Housing Finance Agency may, by regulation, establish standards and criteria for any process used by a GSE to validate and approve credit scoring models pursuant to the Acts.

Date: 2015-12-10
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Senior Safe Act of 2016

This bill provides immunity from liability of: (1) a supervisor, compliance officer (including a Bank Secrecy Act Officer), or registered representative for a covered financial institution who has received training in the identification and reporting of suspected exploitation of a senior citizen (at least 65 years old) and the protection of customer privacy that is appropriate to job responsibilities for disclosing such exploitation to a covered agency if the individual made the disclosure with reasonable care, including reasonable efforts to avoid disclosure other than to a covered agency; and (2) the financial institution for such a disclosure if the individual was employed by or, in the case of a registered representative, affiliated or associated with, the institution at the time of the disclosure and the institution had provided such training.

A "covered financial institution" is a credit union, depository institution, investment advisor, broker-dealer, insurance company, or state attorney general. A "covered agency" is a state financial regulatory agency, each of the federal financial institutions regulatory agencies, the Securities and Exchange Commission, a law enforcement agency, a state or local agency responsible for administering adult protective service laws, or a state attorney general.

A covered financial institution may provide such training to each of its supervisors, compliance officers (including a Bank Secrecy Act Officer), or registered representatives who: (1) may come into contact with a senior citizen as a regular part of duties; or (2) may review or approve the financial documents, records, or transactions of a senior citizen in connection with providing financial services.

Date: 2016-02-11
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
This bill amends the Federal Home Loan Bank Act to authorize Federal Home Loan Banks to make investments related to rural infrastructure development. Federal Home Loan Banks may purchase investment-grade securities from nonmember lenders that are organized as cooperatives, have received financing from the Federal Financing Bank, and have experience providing loans to cooperatives eligible to receive loans from the Department of Agriculture's Rural Utilities Service.

Date: 2016-02-12
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Right to Rent Act of 2016

This bill grants eligible mortgagors subject to foreclosure proceedings the right to continue to occupy foreclosed properties subject to the payment of fair market rent for a period of five years that begins upon the commencement of occupancy of such property.

The Department of Housing and Urban Development shall: (1) monitor compliance with this Act, (2) provide assistance to eligible mortgagors in exercising their rights under this Act, and (3) conduct outreach activities to inform eligible mortgagors of this Act.

Date: 2016-02-25
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Housing Finance Restructuring Act of 2016

This bill directs the Department of the Treasury to modify the Senior Preferred Stock Purchase Agreement for each of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (enterprises) to:

 reduce to zero (deem as repaid in full) the liquidation preference on the Variable Liquidation Preference Senior Preferred Stocks of each enterprise; require redemption of the Variable Liquidation Preference Senior Preferred Stock of each enterprise upon a specified date, deeming it no longer outstanding and terminating all rights of the stockholders. Treasury shall exercise the warrants for the purchase of common stock of the enterprises under the Senior Preferred Stock Purchase Agreements.

At any time an enterprise is not fully capitalized, the Federal Housing Finance Agency (FHFA) shall require that the net income (after deduction of all associated expenses) of each enterprise for the fiscal year be retained as capital reserves, and not be allocated to fund the Housing Trust Fund or the Capital Magnet Fund for affordable housing.

The FHFA shall:

 report a capital restoration plan for each enterprise, and terminate the conservatorship of an enterprise when it attains an amount of capital equal to or exceeding 5% of its risk-weighted assets. Any individual or entity adversely affected or aggrieved by action or inaction on the part of the FHFA or Treasury in violation of this bill or the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 may commence a civil action in a U.S. district court for prospective injunctive relief against the FHFA or Treasury, as appropriate.

Date: 2016-04-12
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Homeowner Information Privacy Protection Act

This bill directs the Government Accountability Office to study whether the data required to be published, made available, or disclosed under the final rule of the Consumer Financial Protection Bureau (CFPB), entitled "Home Mortgage Disclosure (Regulation C)," in connection with other publicly available data sources, could allow for or increase the probability of:

 exposure of the identity of mortgage applicants or mortgagors through reverse engineering; exposure of mortgage applicants or mortgagors to identity theft or the loss of sensitive personal financial information; the marketing or sale of unfair, deceptive, or abusive products to mortgage applicants or mortgagors based on such data; personal financial loss or emotional distress resulting from the exposure of mortgage applicants or mortgagors to identity theft or the loss of sensitive personal financial information; and the potential legal liability facing the CFPB. The prior rule, also entitled "Home Mortgage Disclosure (Regulation C)," was issued by the Board of Governors of the Federal Reserve System. The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) transferred authority over Regulation C from the Federal Reserve Board to the CFPB. The new final rule, issued by the CFPB, adds several new home mortgage reporting requirements and revises several existing ones, and also modifies Regulation C's institutional and transactional coverage.

Depository institutions shall not be required to publish, disclose, or otherwise make available to the public, pursuant to the Home Mortgage Disclosure Act of 1975, any data that was not so required on the day before the enactment of Dodd-Frank.

The CFPB and the Financial Institutions Examination Council shall not publish, disclose, or otherwise make available to the public any such information from a depository institution.

Date: 2016-04-19
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Home Mortgage Disclosure Adjustment Act

This bill amends the Home Mortgage Disclosure Act of 1975 to exempt from maintenance of mortgage loan records and disclosure requirements depository institutions that have originated in each of the two preceding calendar years:

 fewer than 100 closed-end mortgage loans, and fewer than 200 open-end lines of credit.

Date: 2016-04-20
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Fair Access to Credit Scores Act of 2016

This bill amends the Fair Credit Reporting Act to require certain consumer reporting agencies to disclose, upon request and without charge, as part of a consumer's free annual disclosure, a current credit score generated using the scoring methodology most frequently used to generate scores sold to creditors, including information regarding other risk scores or predictors in the consumer's file.

Those agencies shall also furnish any other consumer information the Consumer Financial Protection Bureau considers appropriate with respect to consumer financial education, including where the consumer's credit score falls with respect to a range of possible credit scores, and the general factors contributing to consumer credit scores.

Upon consumer request for a credit score, a consumer reporting agency shall disclose any a credit or risk score in a consumer's file.

All consumer reporting agencies shall maintain credit scores or other risk scores or predictors in the consumer's file for at least one year after the data is generated.

Date: 2016-04-20
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Stopping Abuse and Fraud in Electronic Lending Act of 2016 or the SAFE Lending Act of 2016

This bill amends the Electronic Fund Transfer Act (EFTA) to declare that a remotely created check may only be issued by a person specifically designated in writing by the consumer to the insured depository institution at which the consumer maintains the account from which the check is drawn.

 A remotely created check is a paper or electronic check that:

 is not created by the financial institution that holds the customer account from which the check is to be paid; and does not bear a signature applied, or purported to be applied, by the account holder. A consumer may revoke authorization for remotely created checks at any time.

The bill prohibits issuance of any payment order in response to a consumer's exercise of federal consumer financial rights.

Any voluntary electronic fund transfer to repay a small-dollar consumer credit transaction shall be treated as preauthorized under the Truth in Lending Act (TILA).

The TILA is amended to require registration with the Consumer Financial Protection Bureau (CFPB) by any small-dollar lender that facilitates, brokers, arranges, or gathers applications for small-dollar consumer credit (of up to $5,000, adjusted for inflation) extended pursuant to an open-end, non-open-end, or other CFPB-determined credit plan meeting specified criteria.

Small-dollar consumer credit transactions must comply with state law where the consumer resides.

The EFTA is amended to:

 declare unlawful overdraft fees charged on a general-use prepaid card, and authorize the CFPB to prohibit fees for declined transactions involving such a card. The TILA is further amended to prohibit a person from certain activities, including distributing sensitive personal financial information, in connection with a small-dollar consumer credit transaction, if that person ("lead generator") does not itself grant the credit directly to the consumer.

The Government Accountability Office (GAO) shall study: (1) the availability of capital on Indian reservations, and (2) the impact on tribal economic opportunity and wealth of small-dollar consumer credit extensions to tribal members through Internet and non-Internet means.

Date: 2016-04-21
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Free Credit Score Act of 2016

This bill amends the Fair Credit Reporting Act to require nationwide consumer reporting agencies to include the consumer's credit score when furnishing a consumer with a free annual report.

Date: 2016-04-26
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Zombie Property Relief Act of 2016 

This bill authorizes the Consumer Financial Protection Bureau (CFPB) to assess a specified fine against a mortgagee that has failed to maintain residential real property that is subject to a federally-related mortgage in foreclosure (nuisance property) until ownership has been transferred to a new owner and the deed for such property transfer has been recorded.

The CFPB shall establish a system for reporting the existence of nuisance properties.

Date: 2016-04-28
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Unfair or Deceptive Acts or Practices Uniformity Act 

This bill amends the Consumer Financial Protection Act of 2010 to repeal the authority of the Consumer Financial Protection Bureau (CFPB) to take action to prevent a covered person or service provider from committing or engaging in an abusive act or practice under federal law in connection with any transaction with a consumer for a consumer financial product or service, or the offering of one.

Regarding CFPB authority over deceptive acts, the bill prohibits the CFPB from taking any action against a covered person or service provider without first consulting with such person's primary financial regulatory agency.

The CFPB must comply with the same rules as govern the Federal Trade Commission (FTC) regarding unfair or deceptive acts or practices in or affecting commerce. (The FTC may prescribe interpretive rules, general policy statements, and definitions regarding unfair or deceptive acts or practices, but has no authority to prescribe any other kind of rule with respect to such acts or practices.)

Date: 2016-04-28
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Small Business Credit Card Act of 2016

 This bill amends the Truth in Lending Act to cover any qualified small business as a consumer with respect to a credit card account under an open end credit plan (thereby extending credit card protections under such Act to small businesses).

The bill defines "qualified small business" under the Act as any business concern having 50 or fewer employees, whether or not: (1) the credit card account is in the name of an individual or a business entity, and (2) any credit transaction involving such account is for business or personal purposes.

A qualified small business may elect to opt out of coverage by the Act.

Certain creditor disclosures are required before opening any account under an open end consumer credit plan for a qualified small business.

A creditor is prohibited from: (1) discriminating against any business concern having 50 or fewer employees in connection with any credit card account under an open end credit plan; or (2) requiring any qualified small business to make an opt-out election as a condition for opening a credit card account, or for providing more advantageous terms for such an account.

Date: 2016-04-29
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Overdraft Protection Act of 2016

This bill amends the Truth in Lending Act to prohibit a depository institution from engaging in unfair or deceptive acts or practices in connection with overdraft coverage, or in acts designed to evade the provisions of this Act.

Each depository institution that offers or provides overdraft coverage for transaction accounts held at the institution shall clearly and conspicuously disclose overdraft coverage fees. It must also disclose that, if a consumer does not opt-in to such overdraft coverage:

 the consumer's transaction may be declined if there are insufficient funds in the related transaction account, and the consumer will not be charged a fee if such transaction is declined. A depository institution may charge overdraft coverage fees in connection with use of an automatic teller machine (ATM) or point of sale transaction only if the consumer has consented in writing, in electronic form, or in another form permitted by the Consumer Financial Protection Bureau.

A depository institution must provide specified consumer disclosures regarding its overdraft protection program, including:

 periodic statements for any transaction account that has an overdraft coverage program feature; prompt notification of the account's overdraft status; and the overdraft coverage fee as an annual percentage rate, permitting consumers to compare meaningfully the overdraft coverage to alternative forms of overdraft options and other sources of credit. The bill prescribes overdraft coverage fee limits.

The bill prohibits an overdraft coverage fee if the overdraft results solely from a debit hold amount that exceeds the actual dollar amount of the transaction.

A depository institution shall provide consumers who have not consented to participate in an overdraft coverage program transaction accounts with the same terms as those provided to consumers who have consented to participate in such program.

The bill prohibits a depository institution from:

 charging a non-sufficient fund fee for any ATM or debit card transaction, or reporting negative information regarding consumer use of overdraft coverage to any consumer reporting agency when the overdraft amounts and coverage fees are paid under the terms of an overdraft coverage program.

Date: 2016-05-11
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
CFPB Dual Mandate and Economic Analysis Act

This bill amends the Consumer Financial Protection Act of 2010 to revise the purpose of the Consumer Financial Protection Bureau (CFPB) regarding competition in markets for consumer financial products and services. The CFPB shall implement and, where applicable, enforce federal consumer financial law consistently for the purpose of strengthening private sector participation in markets, without government interference or subsidies, to increase competition and enhance consumer choice.

The CFPB shall establish an Office of Economic Analysis (OEA) to:

 review all CFPB proposed guidance, orders, rules and regulations; assess their impact on consumer choice, price, and access to credit products; assess them again after 1, 2, 5, and 10 years; measure the success of the rule, regulation, guidance, or order in solving the problem it was intended to solve when issued; and report on these reviews and assessments in the Federal Register. Before issuing any guidance, order, rule, or regulation, the CFPB shall consider the OEA's review and assessment of it, giving notice and explanation if the CFPB disagrees with the OEA.

The CFPB shall also, in each proposed rulemaking, identify the problem the particular rule or regulations is seeking to solve, and specify the metrics by which success in solving the problem will be measured.

Date: 2016-05-12
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Seller Finance Enhancement Act

 This bill amends the S.A.F.E. Mortgage Licensing Act of 2008 to exempt from certain licensing and registration requirements any person (other than a depository institution) who: (1) originates not more than 24 residential mortgage loans in a 12-month period, and (2) only originates residential mortgage loans for property owned by that person.

For determining whether a residential mortgage loan meets minimum standards, the Truth in Lending Act is amended to prohibit the application to loans originated by such a person certain Consumer Financial Protection Bureau guidelines and regulations relating to ratios of total monthly debt to monthly income.

 The Department of Housing and Urban Development and the Department of the Treasury shall study:

 the number of homes bought for under $150,000 or 60% of the median home value in a given community, whichever is lower, in the United States by utilizing seller financing; the number of such homes sold by licensed mortgage brokers; the potential number of such homes which could be sold but are not, because seller financiers are unwilling, or from a practical standpoint unable, to comply with mortgage broker rules; and the potential benefit to home values and wealth creation if more homes are able to be sold utilizing seller finance.

Date: 2016-05-19
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
CFPB Data Accountability Act

This bill amends the Consumer Financial Protection Act of 2010 to prescribe requirements for the consumer complaint website the Consumer Financial Protection Bureau (CFPB) must establish.

The CFPB may only make consumer complaint information available to the public on the website in an aggregated format and after taking steps to ensure that proprietary, personal, or confidential consumer information is not made public.

The CFPB must verify any consumer complaint information where the complaint alleges a violation of a law, regulation, or contractual agreement between a consumer and a covered person who offered or provided the consumer financial product or service.

The CFPB may only make such information available if the CFPB accompanies it with statistics on how many consumer complaints it receives regarding the particular consumer financial product or service compared to the total number of consumers making use of that consumer financial product or service.

The CFPB shall comply with all guidelines issued by the Office of Management and Budget pursuant to the Treasury and General Government Appropriations Act, 2001, as enacted by the Consolidated Appropriations Act, 2001, to ensure and maximize the quality, objectivity, utility, and integrity of information (including statistical information) disseminated by federal agencies in fulfillment of the Paperwork Reduction Act.

Date: 2016-06-08
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Stop Debt Collection Abuse Act of 2016

This bill amends the Fair Debt Collection Practices Act to redefine: (1) "debt" to include any obligation or alleged obligation of a consumer to pay a loan, an overpayment, a fine, penalty, a fee, or other money owed currently or originally to a federal agency and that is at least 180 days past due; and (2) "debt collector" to include any person who regularly collects debts currently or originally owed or allegedly owed to a federal agency.

A federal agency that is a creditor may sell or transfer a debt to a debt collector beginning 90 days after the obligation or alleged obligation becomes delinquent or defaults.

The Act is further amended by making the collection of any amount (including any interest, fee, charge, or expense incidental to the principal obligation) an unfair practice unless:

 the amount is expressly authorized by the agreement creating the debt or permitted by law (as under current law); and in the case of a debt owed a federal agency as specified in this bill, the collection charge is reasonable in relation to actual collection costs, is authorized by a contract between the debt collector and the federal agency, and does not exceed 10% of the amount the debt collector collects. The Government Accountability Office shall study the use of debt collectors by federal, state, and local government agencies.

Date: 2016-06-09
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Bureau Advisory Opinion Act of 2016

 This bill amends the Consumer Financial Protection Act of 2010 to require the Consumer Financial Protection Bureau (CFPB) to establish a procedure and promulgate rules to provide written opinions in response to inquiries concerning conformance of specific proposed or prospective conduct by a covered person with federal consumer financial law.

A "covered person" under the Act is: (1) any person that engages in offering or providing a consumer financial product or service, and (2) any affiliate of that person if the affiliate acts as a service provider to the person.

The CFPB, within 90 days of receiving such a request for an opinion, shall:

 issue an opinion stating whether the described conduct would violate federal consumer financial law, deny the request, or explain why it is not feasible to issue an opinion. The CFPB shall not issue an opinion on a general question of interpretation, a hypothetical situation, conduct of someone other than the requester, or past conduct the covered person doesn't plan to continue.

A request may be withdrawn at any time prior to the CFPB issuing a response. An issued advisory opinion may be amended or revoked at any time.

An opinion rendered pursuant to this bill shall be placed in the CFPB's public record 90 days after the requesting party has received the advice, subject to specified limitations on public disclosure.

Any person may rely on an opinion issued by the CFPB that has not been amended or withdrawn and liability shall not attach to conduct consistent with such opinion.

The CFPB shall implement a system to charge a fee for such inquiries sufficient to pay the costs of carrying out this bill.

Date: 2016-06-10
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Protecting Consumer Financial Information Act

This bill amends the Consumer Financial Protection Act of 2010 to limit the authority of the Consumer Financial Protection Bureau (CFPB), in conducting any required monitoring or assessment, to gather information from time to time regarding the organization, business conduct, markets, and activities of covered persons and service providers. The CFPB may gather information only on a sampling basis.

The bill repeals CFPB authority to gather and compile information from examination reports concerning covered persons or service providers. It also prohibits the CFPB from using its authorities to obtain records from covered persons and service providers participating in consumer financial services markets for purposes of assessing their compliance with the requirements of federal consumer financial law.

The bill also repeals the CFPB:

 mandate to require reports and conduct periodic examinations of nondepository covered persons for purposes of detecting and assessing risks to consumers and to markets for consumer financial products and services, exclusive authority and mandate to require reports and conduct periodic examinations for the same purposes of insured depository institutions and insured credit unions with over $10 billion in assets (and their affiliates), and authority to require reports and conduct periodic examinations for the same purposes of insured depository institutions and insured credit unions with $10 billion or less in assets.

Date: 2016-06-10
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Boosting Equity for the American Middle Class Act of 2016 or the BEAM Act of 2016

This bill amends the Internal Revenue Code to allow a refundable tax credit equal to 50% of the excess home mortgage principal payments made by a taxpayer during the year.

The credit is limited to $500 per year and to taxpayers who have not received the credit for any of the 10 preceding years. The bill reduces the amount of the credit for taxpayers with modified adjusted gross incomes above specified levels.

An "excess home mortgage principal payment" is the excess of: (1) the amount of principal paid by the taxpayer with respect to a mortgage during the year, over (2) the amount of principal the taxpayer would have paid by making each required payment on a timely basis under the terms of the mortgage (and no other payments).

The mortgage must: (1) be for a primary residence, (2) for a term between 15 and 30 years, and (3) require payments that are each the same amount and made in equal intervals during the term of the mortgage (or if any payment is required at a different interval, the amount of the payment is adjusted in the same proportion as the change in interval).

Married individuals must file a joint tax return to claim the credit. Persons engaged in a trade or business (e.g., lenders, mortgage companies, or banks) who are required to report mortgage interest payments from individuals of $600 or more must also report the amount of excess home mortgage principal payments received during the year.

Date: 2016-06-14
Topic: Domestic Commerce (Consumer Finance)
Subject: Taxation
This bill amends the Consumer Financial Protection Act of 2010 to repeal the declaration that the deference that a court affords to the Consumer Financial Protection Bureau (CFPB) regarding its determination of the meaning or interpretation of any provision of a federal consumer financial law shall be applied as if the CFPB were the only agency authorized to apply, enforce, interpret, or administer the provisions of that law.

In any judicial review of a CFPB agency action, the reviewing court shall determine the meaning or applicability of the terms of a CFPB agency action and decide de novo all relevant questions of law, including the interpretation of constitutional and statutory provisions, as well as CFPB rules. No law may exempt any civil action for judicial review from the application of this bill except by specific reference to it.

Date: 2016-06-15
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
GSE Review and Reform Act of 2016

This bill amends the Consumer Financial Protection Act of 2010 to require the Department of the Treasury to make annual studies (currently, just one) of specified options for ending the conservatorship of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), while minimizing the cost to taxpayers.

Date: 2016-06-16
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Reigning In of Governmental Hostility To Sovereignty at the CFPB Act of 2016 or the RIGHTS at the CFPB Act of 2016

This bill amends the Consumer Financial Protection Act of 2010 to authorize any person who is a party to an adjudicative administrative proceeding brought by the Consumer Financial Protection Bureau (CFPB), and against whom an order imposing a cease and desist order or a penalty may be issued at the proceeding's conclusion, to require the CFPB to terminate the proceeding. The termination request must be made within 20 days after the person receives notice of the proceeding.

If such a person does require the CFPB to terminate a proceeding, the CFPB may still bring a civil action against the person for the same remedy that might be imposed.

Date: 2016-06-16
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
This bill amends the Consumer Financial Protection Act of 2010 regarding civil investigative demands made by the Consumer Financial Protection Bureau (CFPB) on a person in the course of an investigation. (Under current law, the CFPB may, before institution of any proceedings, serve a civil investigative demand on a person the CFPB has reason to believe may be in possession, custody, or control of any documentary material or tangible things, or may have any information, relevant to a violation of federal consumer financial law.)

The bill requires the recipient of such a demand to meet and confer with a CFPB investigator within 30 calendar days after receiving the demand to discuss and attempt to resolve all issues regarding compliance with it, unless the CFPB grants an extension the recipient requests.

The deadline after the service of any civil investigative demand by which the recipient may petition for an order modifying or setting the demand aside shall extend from the current maximum of 20 days to a maximum of 45 days.

The bill eliminates the right to appeal any final order of a U.S. district court regarding such a petition.

Date: 2016-06-16
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
CFPB Rule Accountability Act of 2016

This bill amends the Consumer Financial Protection Act of 2010 to require the Consumer Financial Protection Bureau (CFPB), before any federal agency rule may take effect, to publish in the Federal Register a list of information on which the rule is based, including data, scientific and economic studies, and cost-benefit analyses, identify how the public can access such information online, and report to Congress and to the Government Accountability Office a classification of the rule as a major or nonmajor rule.

Congress must enact a joint resolution of approval of major rules before they may take effect. If a joint resolution of approval is not enacted by the end of 70 session days or legislative days, as applicable, after the CFPB reports on the rule to Congress, the major rule shall be deemed not to be approved and shall not take effect. A major rule may take effect, however, for one 90-calendar day period without such approval if the President determines it is necessary because of an imminent threat to health or safety or other emergency, for the enforcement of criminal laws, for national security, or to implement an international trade agreement.

The bill prescribes the congressional approval procedure for major rules and the congressional disapproval procedure for nonmajor rules.

A joint resolution addressing a report classifying a rule as a major rule must be introduced within three legislative days in the House of Representative and three session days in the Senate. No amendments to such a joint resolution shall be permitted at any stage of the legislative process. The bill prescribes a procedure for expedited consideration of a joint resolution of approval, requiring a vote on the resolution in the Senate within 15 session days after it is reported by the committee to which it was referred, or after the committee has been discharged from further consideration of it.

A court may review whether an agency has completed the necessary requirements under this bill for a rule to take effect. No determination, finding, action, or omission under this bill shall be subject to judicial review.

The Balanced Budget and Emergency Deficit Control Act of 1985 is amended to provide that any congressional approval procedure set forth in this bill affecting budget authority, outlays, or receipts shall be assumed to be effective unless it is not approved in accordance with this Act.

Date: 2016-06-16
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Accounting for Consumer Credit and Encouraging State Solutions Act of 2016 or the ACCESS Act of 2016

This bill amends the Consumer Financial Protection Act of 2010 to require the Consumer Financial Protection Bureau (CFPB) to grant to a state or federally recognized Indian tribe that submits a written request a five-year waiver from a final rule or regulation issued by the CFPB to regulate payday loans, vehicle title loans, or other similar loans.

 The state or tribe receiving a waiver shall have the right to an unlimited number of five-year extensions of such waiver.

Date: 2016-06-21
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
This bill amends the Consumer Financial Protection Act of 2010 to repeal the authority of the Consumer Financial Protection Bureau to restrict the use of an agreement between a financial product or service provider and a consumer providing for arbitration of any future dispute between the parties.

Date: 2016-06-22
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
First-Time Homebuyer Savings Account Act of 2016

This bill amends the Internal Revenue Code to provide for tax-preferred savings accounts for first-time homebuyers. An individual may make up to $14,000 per year in after-tax contributions to the account, subject to a $50,000 lifetime contribution limit, a $150,000 limit on the fair market value of the account, and adjustments for inflation after 2017.

Distributions from the account that are used to pay the qualified principal residence purchase expenditures of the designated beneficiary are excluded from gross income. A "qualified principal residence purchase expenditure" is, with respect to a designated beneficiary who is a first-time homebuyer, any amount: (1) paid toward the purchase price of a principal residence of the beneficiary, (2) required to be paid to settle the purchase of such residence, or (3) required to be paid by the beneficiary to obtain acquisition indebtedness with respect to the residence.

Excess contributions to the account, distributions that exceed the qualified principal residence purchase expenditures of the beneficiary, and distributions that are not used for first-time homebuyer purposes are subject to specified taxes.

Date: 2016-06-24
Topic: Domestic Commerce (Consumer Finance)
Subject: Taxation
Wage and Garnishment Equity Act of 2016 or the WAGE Act

This bill amends the Consumer Credit Protection Act to define "assignment" (of wages and earnings) to exclude payroll deductions or preauthorized payment plans and any assignment applicable only to earnings already earned.

 The bill adjusts the maximum part of a person's aggregate disposable earnings for any workweek that is subject to garnishment or assignment. Such amount shall not exceed the lesser of: (1) 10% of earnings for an individual earning $1200 or less weekly (15% for an individual earning more than $1200), or (2) the amount by which the earnings exceed 80 (currently, 30) times the federal minimum hourly wage in effect.

No employer may take any adverse employment action against an employee because the employee's earnings have been subject to garnishment or assignment.

The Department of Labor may provide the same exemption from maximum allowable garnishment requirements for state-regulated assignments as it does for state-regulated garnishments.

The bill requires specified delays of garnishment pursuant to an order directed at an employer with fewer than 50 employees.

Of the aggregate amount of an individual's funds in deposit accounts, an amount equal to the federal poverty guideline applicable to a one-person household shall be exempt and immune from attachment or seizure for any judgment related to a debt.

Date: 2016-07-07
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Fair Debt Collections Practices Clarification Act of 2016

This bill amends the Fair Debt Collection Practices Act to permit the award of court costs and attorney fees to the defendant in an action to enforce liability for violating such Act only after finding that the action was brought in bad faith and for the purpose of harassment.

Date: 2016-07-14
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Community Mortgage Lender Regulatory Act of 2016

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

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

The bill also revises the methodology for calculating mortgage loan originations with respect to the qualified mortgage requirement in 2016.

Date: 2016-07-14
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Expanding Rent-to-Own Protections Act of 2016

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

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

 prevent unfair, deceptive, or abusive acts or practices in connection with such contracts; and issue regulations identifying methods to protect consumers from entering into them.

Date: 2016-07-25
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Student Debt Repayment Fairness Act

This bill amends the Truth in Lending Act to prohibit a private educational lender from accelerating the repayment terms of a borrower's outstanding loan obligation upon the death or permanent, total disability of a cosigner if the borrower is in good standing.

Date: 2016-09-22
Topic: Domestic Commerce (Consumer Finance)
Subject: Education
This bill amends the Internal Revenue Code to extend through December 31, 2017, the tax deduction for mortgage insurance premiums treated as interest.

Date: 2016-11-18
Topic: Domestic Commerce (Consumer Finance)
Subject: Taxation
This bill amends the Internal Revenue Code to extend through December 31, 2018, the tax deduction for mortgage insurance premiums treated as interest.

Date: 2016-11-18
Topic: Domestic Commerce (Consumer Finance)
Subject: Taxation
This bill amends the Internal Revenue Code to extend until January 1, 2018, the exclusion from gross income of the discharge of qualified principal residence indebtedness.

Date: 2016-11-30
Topic: Domestic Commerce (Consumer Finance)
Subject: Taxation
This bill amends the Internal Revenue Code to extend until January 1, 2019, the exclusion from gross income of the discharge of qualified principal residence indebtedness.

Date: 2016-11-30
Topic: Domestic Commerce (Consumer Finance)
Subject: Taxation