zli12321/Bills huggingface dataset:
CFPB Improvement Act of 2014 - Amends the Consumer Financial Protection Act of 2010 to authorize the Chairperson of the Financial Stability Oversight Council to issue a stay of, or set aside, any regulation issued by the Consumer Financial Protection Bureau (CFPB) upon the affirmative vote of the majority of Council members (currently, two-thirds), excluding the Director. .

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

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

Requires the CFPB Director, when prescribing a rule under federal consumer financial laws, to consider its impact upon the financial safety or soundness of an insured depository institution.

Date: 2014-04-03
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Stop Errors in Credit Use and Reporting Act or the SECURE Act - Amends the Fair Credit Reporting Act, with respect to civil liability for either willful or negligent noncompliance by a consumer reporting agency with respect to consumer credit protection requirements, to authorize a court to award: (1) injunctive relief to require compliance with such Act, and (2) costs and reasonable attorney fees to the prevailing party in any successful action for injunctive relief.

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

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

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

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

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

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

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

Directs the Comptroller General (GAO) to study: (1) credit systems in the international credit system with government-administered consumer credit reporting systems; and (2) the feasibility of a national, U.S. government-administered consumer credit reporting system.

Date: 2014-04-09
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Fair Debt Collection Practices Technical Clarification Act of 2014 - Amends the Fair Debt Collection Practices Act to exclude from the definition of "debt collector" any law firm or licensed attorney: (1) serving, filing, or conveying formal legal pleadings, discovery requests, or other documents pursuant to the applicable rules of civil procedure; or (2) communicating in, or at the direction of, a court of law or in depositions or settlement conferences, in connection with a pending legal action to collect a debt on behalf of a client.

Prohibits such amendments from being construed to exempt any law firm or licensed attorney engaged in any activity other than those activities specifically described in the amendments from being subject to any other applicable provision of the Fair Debt Collection Practices Act.

Date: 2014-05-13
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Amends the Fair Credit Reporting Act with respect to an item of adverse information about an active duty military consumer.

Declares that, if the action or inaction that gave rise to the item occurred while the consumer was an active duty military consumer, then: (1) the consumer may provide appropriate proof, including official orders, to a consumer reporting agency that the consumer was an active duty military consumer at the time the action or inaction occurred; and (2) any consumer report made by the agency including that item of information shall clearly and conspicuously disclose that the consumer was an active duty military consumer when the action or inaction that gave rise to the item occurred.

Requires a consumer reporting agency to notify promptly an active duty military consumer whenever it receives an item of adverse information about him or her, along with a description of the item and the method by which the consumer may dispute the validity of the item.

Requires an agency also to use any contact information an active duty military consumer has given it for all communications while the individual is an active duty military consumer.

Declares the sense of Congress that any person making use of a consumer report containing an item of adverse information that occurred while the consumer was an active duty military consumer should take that fact into account when evaluating the consumer's creditworthiness.

Requires a consumer reporting agency, with respect to an item of information under dispute by an active duty military consumer, to include in the consumer's file that he or she was an active duty military consumer at the time the action or inaction that gave rise to the disputed item occurred.

Date: 2014-06-10
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Amends the Truth in Lending Act with respect to the permission that a creditor may presume that a residential mortgage loan has met the requirement that, at the time the loan is consummated, the consumer has a reasonable ability to repay it, if the loan is a qualified mortgage.

Treats as a qualified mortgage any residential mortgage loan made by a creditor having less than $10 billion in total assets, so long as it appears on the creditor's balance sheet (held on portfolio).

Date: 2014-07-22
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Amends the Truth in Lending Act to limit to a city or town with under 50,000 inhabitants the meaning of "rural" with respect to rural lenders which may presume that the applicant for a residential mortgage loan has a reasonable ability to repay the loan and all applicable taxes, insurance, and assessments.

Date: 2014-07-30
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Preserving American Homeownership Act of 2014 - Requires the Director of the Federal Housing Finance Agency and the Federal Housing Commissioner each to establish a pilot program to encourage the use of shared equity mortgage modifications designed to return greater net present value to investors than other loss-mitigation activities, including foreclosure.

Requires a shared equity mortgage modification to:

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

Date: 2014-09-18
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Workforce Residential Housing Act of 2014 - Amends the National Housing Act to except from the prohibition against the use of houses built with federally insured mortgages for transient or hotel housing certain mulifamily housing that is a short-term residential property, provided that the Secretary of Housing and Urban Development (HUD) has determined that the provision of such insurance is appropriate.

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

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

Date: 2014-09-18
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
This bill restores a 10-year statute of limitations for the collection of debts by administrative offset. An administrative offset is the withholding of funds payable by or held by the United States to satisfy a debt, and this bill prohibits the procedure from being used for claims that have been outstanding for more than 10 years.

The bill prohibits the Social Security Administration from seeking an administrative offset for collection of a debt or claim arising out of a Social Security benefit payment from a beneficiary's child who is without fault or from an individual who was under the age of 18 when the debt or claim arose.

Date: 2015-01-06
Topic: Domestic Commerce (Consumer Finance)
Subject: Government operations and politics
FHA Alternative Credit Pilot Program Reauthorization Act of 2015

 Amends the National Housing Act to extend from five to 10 years the pilot program to establish for mortgagees an automated process for providing alternative credit rating information on mortgagors and prospective mortgagors under mortgages on 1- to 4-family residences who have insufficient credit histories for determining their creditworthiness.

Date: 2015-01-06
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
FHA In-Person Servicing Improvement Act of 2015

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

Requires the Secretary to make payments to a qualified entity or entities to compensate for their costs of making in-person contact with mortgagors whose payments under covered mortgages are more than 60 days past due.

Date: 2015-01-06
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Amends the Truth in Lending Act to modify the exclusion from the definition of "mortgage originator" of a seller providing mortgage financing of three properties in a 12-month period to remove the requirement that a residential mortgage loan be fully amortizing. (Allows treatment as a mortgage originator of any seller providing mortgage financing of three properties in a 12-month period even if the mortgage loan involved is not fully amortizing.)

Date: 2015-01-06
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Facilitating Access to Credit Act of 2015

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

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

Directs the Federal Trade Commission to study whether, in addition to these persons, any other person should be exempt from the Credit Repair Organizations Act.

Date: 2015-01-14
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Pay Back the Taxpayers Act of 2015

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

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

Requires any amounts paid or repaid to the Secretary of the Treasury by a GSE, in any form after enactment, and during any conservatorship or receivership of the GSE, to be covered into the General Fund and for the same purpose only.

Date: 2015-01-27
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Data Accountability and Trust Act

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

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

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

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

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

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

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

Preempts state information security laws.

Date: 2015-01-28
Topic: Domestic Commerce (Consumer Finance)
Subject: Commerce
(This measure has not been amended since it was introduced. The summary of has been expanded because action occurred on the measure.)

Preserving Access to Manufactured Housing Act of 2015

(Sec. 2) Amends the Truth in Lending Act to revise the exclusion from the meaning of "mortgage originator" of any employee of a retailer of manufactured homes who does not for compensation or gain take residential mortgage loan applications, for compensation or gain offer or negotiate terms of a residential mortgage loan, or advise a consumer on loan terms (including rates, fees, and other costs).

Excludes from the meaning of "mortgage originator," instead, any retailer of manufactured or modular homes or its employees unless the retailer or its employees receive compensation or gain for engaging in certain activities in excess of any compensation or gain received in a comparable cash transaction.

(Sec. 3) Revises the definition of "high cost mortgage."

Date: 2015-02-02
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Mortgage Choice Act of 2015

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

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

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

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

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

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

Date: 2015-02-03
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
End Unnecessary Borrowing Act of 2015 

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

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

Limits the use of any authority of the Secretary to borrow from the Treasury for the Mutual Mortgage Insurance Fund only to the extent necessary to pay claims on mortgage insurance that is an obligation of such Fund.

Date: 2015-02-13
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Mortgage Forgiveness Tax Relief Act of 2015

 Amends the Internal Revenue Code to extend through 2016 the exclusion from gross income of income attributable to the discharge of indebtedness on a principal residence.

Date: 2015-02-13
Topic: Domestic Commerce (Consumer Finance)
Subject: Taxation
Let the GSEs Pay Us Back Act of 2015

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

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

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

Date: 2015-02-24
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Portfolio Lending and Mortgage Access Act

 This bill amends the Truth in Lending Act to create a safe harbor from lawsuit for creditors that are insured depository institutions for any failure to comply with certain requirements with respect to a residential mortgage loan, and the banking regulators are required to treat such a loan as a qualified mortgage, if the creditor has, since the loan's origination, held it on its balance sheet and all prepayment penalties with respect to the loan comply with specified limitations.

A safe harbor from lawsuit is also created for mortgage originators for steering a consumer to a residential mortgage loan if:

 the creditor is an insured depository institution and has informed the mortgage originator that it intends to hold the loan on its balance sheet for the life of the loan, and the mortgage originator informs the consumer that the creditor intends to do so.

Date: 2015-02-26
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Portfolio Lending and Mortgage Access Act

(Sec. 2) This bill amends the Truth in Lending Act to create a safe harbor from lawsuit for creditors that are depository institutions for any failure to comply with certain requirements with respect to a residential mortgage loan, and the banking regulators are required to treat such a loan as a qualified mortgage, if the creditor has, since the loan's origination, held it on its balance sheet and all prepayment penalties with respect to the loan comply with specified limitations.

A safe harbor from lawsuit is also created for mortgage originators for steering a consumer to a residential mortgage loan if:

 the creditor is a depository institution and has informed the mortgage originator that it intends to hold the loan on its balance sheet for the life of the loan, and the mortgage originator informs the consumer that the creditor intends to do so.

Date: 2015-03-03
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Freddie Mac REMIC Reform Act of 2015

 Amends the Housing and Community Development Act of 1992 with respect to the exercise of options on mortgage-backed securities by the Federal Home Loan Mortgage Corporation (Freddie Mac) or, during the term of any conservatorship or receivership of Freddie Mac, the Director of the Federal Housing Finance Agency (FHFA).

Directs Freddie Mac (or FHFA as its conservator or receiver) to exercise any option on a mortgage-backed security with a clean-up call option Freddie Mac has issued if the residual holder of the security is willing to share at least 50% of any excess proceeds from the exercise of the option with FHFA as conservator or receiver, if such proceeds benefit the taxpayers of the United States.

(A clean-up call option allows a transferor of assets, in this case mortgage assets, to buy them back after the outstanding asset values have been reduced substantially.)

Defines mortgage-backed security as debt obligations issued in the form of participation certificates, collateralized mortgage obligations, mortgage-backed commercial paper, and real estate mortgage investment conduits.

Defines mortgage-backed security with a clean-up call option as any mortgage-backed security under which there is an option or right to redeem all remaining classes of the security whenever the aggregate remaining principal of the mortgage would be less than the optional redemption or clean-up call percentage.

Directs the Director to prohibit Freddie Mac and the Federal National Mortgage Association (Fannie Mae) from issuing any mortgage-backed security with a clean-up call option.

Directs the Director to ensure that any excess proceeds received as a result of the exercise of any clean-up call options be used only to reduce the budget deficit of the federal government.

Date: 2015-03-03
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Permanently Protecting Tenants at Foreclosure Act of 2015

This bill amends the Protecting Tenants at Foreclosure Act of 2009 to repeal its sunset date December 31, 2014 (thus making the Act permanent).

This bill restores and revives such Act, the provisions of law amended or repealed by it, and any regulations promulgated pursuant to it, as were in effect on December 31, 2014, as if the sunset had not taken effect.

Date: 2015-03-13
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Mortgage Servicing Asset Capital Requirements Act of 2015 

This bill directs the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the National Credit Union Administration to study jointly the appropriate capital requirements for mortgage servicing assets for banking institutions.

Date: 2015-03-17
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Community Institution Mortgage Relief Act of 2015

(Sec. 2) This bill amends the Truth in Lending Act to create a safe harbor from requirements for an escrow or impound account for the payment of taxes and hazard insurance in the case of mortgage loans made by a creditor with consolidated assets of $10 billion or less that holds the loan on its balance sheet for three years after its origination.

A creditor shall be deemed to have complied with the three-year balance sheet requirement if it transfers a loan by reason of its bankruptcy or failure, the purchase of it by another, or by a supervisory act or recommendation from a state or federal regulator.

The Consumer Financial Protection Bureau is required to exempt mortgage servicers that service 20,000 or fewer mortgage loans from requirements of the Real Estate Settlement Procedures Act of 1974 pertaining to the servicing of mortgage loans and administration of escrow accounts.

Date: 2015-03-23
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Protecting Consumers from Unreasonable Credit Rates Act of 2015

 Amends the Truth in Lending Act to prohibit a creditor from extending credit to a consumer under an open end consumer credit plan (credit card) for which the fee and interest rate exceeds 36%.

Sets forth criminal penalties for violations of this Act. Empowers state Attorneys General to enforce this Act.

Revises requirements for a periodic statement for each billing cycle with respect to where the total finance charge exceeds 50 cents for a monthly or longer billing cycle, or the pro rata part of 50 cents for a billing cycle shorter than monthly. Requires inclusion of the fee and interest rate, displayed as "FAIR," instead of the total finance charge expressed as an annual percentage rate (APR).

Date: 2015-03-24
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Cybercrime Anti-Resale Deterrent and Extraterritoriality Revision Act of 2015 or the CARDER Act of 2015 

Amends the federal criminal code to extend extraterritorially the application of penalties for fraud offenses involving an access device issued, owned, managed, or controlled by a financial institution, account issuer, credit card system member, or other entity organized under the laws of the United States or any U.S. state or territory. (An access device is any card, code, electronic serial number, telecommunications service, or other means of account access that can be used to initiate a transfer of funds or to obtain money, goods, or services.) Removes a condition under current law that subjects a person to such penalties only if the underlying articles, property, or proceeds are held within or have transferred through U.S. jurisdiction.

Date: 2015-03-24
Topic: Domestic Commerce (Consumer Finance)
Subject: Crime and law enforcement
Enterprise Secondary Reserve Taxpayer Protection and Government Accountability Act of 2015

This bill amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to direct the Director of the Federal Housing Finance Agency to: (1) establish for any government sponsored enterprise (GSE, including the Federal National Mortgage Association [Fannie Mae] and the Federal Home Loan Mortgage Corporation [Freddie Mac]) operating in conservatorship a secondary reserve fund, and (2) deposit in it from any GSE revenues an amount equal to its required minimum capital level.

The GSE must hold secondary reserve fund amounts in escrow until the Director uses them according to this Act or until the fund is abolished.

The Director shall: (1) decide whether to use funds held in the secondary reserve of a GSE operating in conservatorship if the GSE's losses will exceed other available amounts, and (2) abolish any secondary reserve upon dissolution of the GSE's conservatorship.

Any amounts remaining in a secondary reserve upon abolishment shall revert first to meet the GSE's capital requirements and then to its earnings.

Date: 2015-03-26
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Protect Children from Theft Act of 2015

Amends the Fair Credit Reporting Act, with respect to protections for credit reports of minor consumers, to require a consumer reporting agency, upon request by the legal guardian or custodian of a minor consumer (including the state or tribal agency responsible for a child in foster care), to either create a blocked file for the minor or convert an already existing file to blocked status.

Directs the Consumer Financial Protection Bureau to: (1) establish implementing procedures, and (2) determine what fee, if any, may be charged by a consumer reporting agency to create, convert, or unblock a file.

Requires a consumer reporting agency to: (1) unblock a blocked file upon request by a guardian or on the minor's 18th birthday, and (2) include an alert statement in an unblocked file if the minor consumer was a victim of fraud or identity theft before that 18th birthday.

Requires a reseller who furnishes information concerning a consumer file containing an alert statement to include it when furnishing information.

Prohibits a consumer reporting agency from charging a fee to create, convert, or unblock the file of a consumer who was a victim of fraud or identity theft before his or her 18th birthday.

Date: 2015-03-26
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Ensure Fair Prices in Title Insurance Act of 2015

This bill amends the Real Estate Settlement Procedures Act of 1974 to exempt affiliated business arrangements from the prohibitions against kickbacks and unearned fees so long as no fee, kickback, or thing of value (including any return on ownership based on referrals paid for or received from an affiliated business arrangement) is paid or received pursuant to any agreement or understanding for referrals of business incident to or a part of a real estate settlement service involving a federally related mortgage loan.

Persons who violate such Act shall be jointly and severally liable, upon a finding from a court of competent jurisdiction that such a violation occurred, to any party providing services substantially similar to settlement services in the same state where the violation occurred, and in an amount equal to attorneys' fees and court costs incurred in initiating an action.

A court may grant, in addition to the principal remedies, either injunctive relief, restitution, or other appropriate equitable relief.

The statute of limitations is extended from one year to three years for violation of the prohibitions against: (1) kickbacks and unearned fees, and (2) any requirement by a property seller involving a purchase assisted by a federally related mortgage loan that the buyer also purchase title insurance from any particular title company.

Date: 2015-04-15
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Ending Taxpayer Subsidies for Yachts Act

Amends the Internal Revenue Code to deny a tax deduction for interest paid on a mortgage for a second residence of a taxpayer if that residence is a boat.

Date: 2015-04-15
Topic: Domestic Commerce (Consumer Finance)
Subject: Taxation
Young Americans Financial Literacy Act

 Authorizes the Director of the Consumer Financial Protection Bureau to make competitive grants to, and enter agreements with, eligible institutions to establish centers of excellence to support research, development and planning, implementation, and evaluation of effective programs in financial literacy education for young people and families ages 8-24 years old.

Limits the aggregate amount of grants made under this Act during any fiscal year. Sunsets the grant program at the end of FY2018.

Defines "eligible institution" as a partnership of two or more of the following: (1) an institution of higher education; (2) a local educational agency; (3) a nonprofit agency, organization, or association; or (4) a financial institution.

Date: 2015-04-16
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Foreclosure Fairness Act of 2015 

 Prohibits a court, in the case of any federally related mortgage loan made after enactment of this Act, from entering a deficiency judgment requiring the mortgagor to pay any balance on the mortgage loan after a foreclosure sale of the mortgaged property.

Date: 2015-04-16
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Housing Financial Literacy Act of 2015 

 Amends the National Housing Act to revise the single insurance premium payment for a mortgage (secured by a one- to four-family dwelling that is an obligation of the Mutual Mortgage Insurance Fund) of a first-time homebuyer who completes a program of counseling on the responsibilities and financial management involved in homeownership that is approved by the Secretary of Housing and Urban Development.

Repeals the current maximum premium payment of 2.75% of the amount of the mortgage's original insured principal obligation.

Sets the single mortgage insurance premium payment at 25 basis points lower than the premium payment amount otherwise established.

Date: 2015-04-21
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
(Sec. 1) This bill amends the S.A.F.E. Mortgage Licensing Act of 2008 (Act) to state that, upon employment by a state-licensed mortgage company, an individual who is a registered loan originator shall be deemed to have temporary authority to act as one in an application state for a specified period if the individual:

 has not had an application for a loan originator license denied, or had such a license revoked or suspended in any governmental jurisdiction; has not been subject to or served with a cease and desist order in any governmental jurisdiction; has not been convicted of a felony that would preclude licensure under the law of the application state; has applied to be a state-licensed originator in the application state; and was registered in the Nationwide Mortgage Licensing System and Registry as a loan originator during the 12-month period preceding the date of the required information. A state-licensed loan originator shall also be deemed to have temporary authority to act as a loan originator in an application state for a specified period if the loan originator: (1) meets certain requirements; (2) is employed by a state-licensed mortgage company in the application state; and (3) was licensed in another state during the 30-day period before submitting the information required in connection with the application to the application state.

Any person employing an individual deemed to have such temporary authority to act as a loan originator in an application state, and any such individual who engages in residential mortgage loan activities, shall be subject to the requirements of the Act and to state law to the same extent as if such individual was a loan originator licensed by the application state.

(Sec. 2) The exemption from civil liability of the Consumer Financial Protection Bureau (CFPB), any state official or agency, or any organization serving as the administrator of the Nationwide Mortgage Licensing System and Registry (or a CFPB-established system), or any officer or employee of any such entity, by reason of a good faith action or omission while acting within the scope of office or employment that relates to the collection, furnishing, or dissemination of information concerning persons applying for licensing or registration as loan originators shall be limited to any such activities involving only information concerning applicants using the Nationwide Mortgage Licensing System and Registry.

Date: 2015-04-29
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Online Credit Card Disclosure Act of 2015

Amends the Truth in Lending Act to require the billing statement of a consumer's account under an open end online credit plan to make specified disclosures in a conspicuous and prominent location on its webpage with each billing cycle.

Date: 2015-04-30
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Amends the Internal Revenue Code to extend through 2015 the tax deduction for mortgage insurance premiums.

Date: 2015-04-30
Topic: Domestic Commerce (Consumer Finance)
Subject: Taxation
Amends the Internal Revenue Code to make permanent the exclusion from gross income of income attributable to the discharge of indebtedness on a principal residence.

Date: 2015-04-30
Topic: Domestic Commerce (Consumer Finance)
Subject: Taxation
This bill prohibits until January 1, 2016, enforcement against any person of integrated disclosure requirements for mortgage loan transactions under the Real Estate Settlement Procedures Act of 1974, the Truth in Lending Act, and regulations issued under such Acts.

No suit may be filed against any person for a violation of such requirements occurring before that date, as long as the person has made a good faith effort to comply with them.

Date: 2015-05-01
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Equity in Government Compensation Act of 2015 

(Sec. 3) This bill requires the Director of the Federal Housing Finance Agency to: (1) suspend immediately the compensation packages approved for 2015 for the chief executive officers of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government-sponsored enterprises or GSEs); and (2) establish, in lieu of such packages, the compensation and benefits for each such officer at the same level in effect as of January 1, 2015.

Such compensation and benefits may not thereafter be increased.

This requirement may not be construed to affect the applicability to the chief executive officer of each GSE of the prohibition against receiving bonuses during any period of conservatorship on or after April 4, 2012.

(Sec. 4) Any executive officer affected by this Act shall not be considered a federal employee.

Date: 2015-05-08
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development
Medical Debt Act of 2015

This bill amends the Fair Credit Reporting Act to prohibit a consumer reporting agency from making any consumer report containing information related to: (1) a medical debt (arising from the receipt of medical services, products, or devises) if the date on which the debt was placed for collection, charged to profit or loss, or any similar action antedates the report by less than 180 days, or (2) a fully paid or settled medical debt that had been characterized as delinquent, charged off, or in collection which, from the date of payment or settlement, antedates the report by more than 45 days.

The bill also amends the Fair Debt Collection Practices Act to require a debt collector, before informing a consumer reporting agency regarding a medical debt, to notify the consumer in writing that: (1) the debt collector could report the debt to a consumer reporting agency 180 days after the notification is sent, specifying the precise end date of the period; (2) the debt will not be reported if it is settled or paid during the 180-day period; and (3) the consumer may, during the 180-day period, either communicate with an insurance company to determine coverage for the debt or apply for financial assistance.

The debt collector may not communicate with or report any information to a consumer reporting agency concerning such a debt during the 180-day period.

Date: 2015-05-15
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Preserving Capital Access and Mortgage Liquidity Act of 2015 

This bill amends the Federal Home Loan Bank Act to redefine "community financial institution" to include either a federal or state credit union.

Date: 2015-05-20
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Military Consumer Protection Act

This bill amends the Consumer Financial Protection Act to extend Consumer Financial Protection Bureau oversight and protection to provisions under the Servicemembers Civil Relief Act concerning:

 future financial transactions, excluding insurance; default judgments, excluding child custody proceedings; interest rates on pre-service debts; evictions; purchase or lease installment contracts; mortgages and trusts; motor vehicle leases; telephone service contracts; and waiver of rights pursuant to a written agreement, excluding bailments.

Date: 2015-07-08
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

E-Warranty Act of 2015

(Sec. 3) Amends the Magnuson-Moss Warranty--Federal Trade Commission Improvement Act to require the Federal Trade Commission to revise its rules to allow manufacturers to satisfy requirements concerning the availability of written warranties on consumer products by making the terms accessible in a digital format on the manufacturer's Internet website. Requires the product, packaging, or product manual in the case of a warranty provided on a website in such manner to display to the consumer: (1) the website where the warranty terms can be obtained; and (2) a phone number, postal address, or other reasonable non-Internet based means of contacting the manufacturer to obtain and review such terms.

Prohibits such Internet website warranties from satisfying any requirement that a warranty be made available prior to sale in a retail location, by catalog, or through door-to-door sales, unless the seller makes the warranty available, through electronic or other means, at the location of the sale before the purchase.

Date: 2015-07-22
Topic: Domestic Commerce (Consumer Finance)
Subject: Commerce
(This measure has not been amended since it was introduced. The expanded summary of the House reported version is repeated here.)

Homebuyers Assistance Act

(Sec. 2) This bill prohibits until February 1, 2016, enforcement against any person of integrated disclosure requirements for mortgage loan transactions under the Real Estate Settlement Procedures Act of 1974, the Truth in Lending Act, and regulations issued under such Acts.

No suit may be filed against any person for a violation of such requirements occurring before that date, as long as the person has made a good faith effort to comply with them.

Date: 2015-07-23
Topic: Domestic Commerce (Consumer Finance)
Subject: Finance and financial sector
Vacant Homes Act of 2015

This bill provides the mortgage owner of a home in foreclosure who receives notice from the homeowner (or from the homeowner's designee) of a qualified offer to buy the home in a short sale 90 days after receiving the notice to respond to the homeowner and the person who made the offer. The same response time requirement shall apply to the owner of a foreclosed home (or a servicer acting on the owner's behalf) who receives a qualified offer to buy it.

A response rejecting an offer shall be sufficient only if, among other things, it makes a counteroffer meeting specified criteria.

Aggrieved homeowners or offerors may bring private civil actions for failure to receive a timely and adequate mandatory response.

The Consumer Financial Protection Bureau may apply to the U.S. district court for the district in which a home in foreclosure or a foreclosed home is located for an order requiring either the mortgage owner of the home in foreclosure or the owner of the foreclosed home (or a servicer acting on the owner's behalf) to comply with the timely and adequate response requirements of this Act.

Date: 2015-07-23
Topic: Domestic Commerce (Consumer Finance)
Subject: Housing and community development