zli12321/Bills huggingface dataset:
Financial Institution Customer Protection Act of 2016

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

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

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

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

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

(Sec. 3) The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 is amended to revise requirements for summoning witnesses and requiring production of books or other records the Attorney General deems relevant or material to a civil investigation in contemplation of a civil proceeding which may result in civil penalties for specified violations.

Date: 2015-02-05
Topic: Domestic Commerce (Banking)
Subject: Finance and financial sector
Capital Access for Small Businesses and Jobs Act 

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

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

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

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

Date: 2015-02-13
Topic: Domestic Commerce (Banking)
Subject: Finance and financial sector
Start Saving Sooner Act of 2015

 Amends the Internal Revenue Code to establish a tax-exempt individual retirement account for taxpayers under age 18, to be known as a young savers account. Treats such accounts as Roth individual retirement accounts for income tax purposes. Allows the tax credit for retirement savings for contributions to a young savers account. Directs the Secretary of the Treasury to pay any overpayment of tax that is attributable to the tax credit for retirement savings to the taxpayer's young savers account.

Date: 2015-02-26
Topic: Domestic Commerce (Banking)
Subject: Taxation
NCUA Budget Transparency Act

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

 examine the process and procedures related to NCUA budgeting practices; identify areas where the NCUA can provide greater budget transparency to Members of Congress, the NCUA's regulated entities, and the public; and determine the availability of line-by-line budget data for the National Credit Union Share Insurance Fund, the National Credit Union Central Liquidity Facility, and the Temporary Corporate Credit Union Stabilization Fund.

Date: 2015-02-27
Topic: Domestic Commerce (Banking)
Subject: Finance and financial sector
Credit Union Small Business Jobs Creation Act 

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

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

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

Directs the Comptroller General to study the status of member business lending by insured credit unions.

Date: 2015-03-02
Topic: Domestic Commerce (Banking)
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.)

Systemic Risk Designation Improvement Act of 2015

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

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

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

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

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

 A bank holding company shall be deemed to have been the subject of such a final determination during this one-year period, however, if its total consolidated assets are $50 billion or more.

Date: 2015-03-04
Topic: Domestic Commerce (Banking)
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.)

Holding Company Registration Threshold Equalization Act of 2015

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

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

Suspends automatically the duty of a savings and loan holding company to file supplementary and periodic information if the securities of each class to which the registration statement relates (other than any class of asset-backed securities) are held of record by fewer than 1,200 persons.

Date: 2015-03-04
Topic: Domestic Commerce (Banking)
Subject: Finance and financial sector
Small Business and Community Investments Expansion Act of 2015

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

Requires a Bank, at the time of origination or renewal of a loan or advance, to obtain and maintain a security interest in collateral eligible pursuant to any secured loan for any community development financial institution.

Date: 2015-03-13
Topic: Domestic Commerce (Banking)
Subject: Finance and financial sector
Roth Accounts for Youth Savings Act of 2015 or the RAYS Act 

This bill amends the Internal Revenue Code to allow dependents of a taxpayer to establish a tax-preferred savings account similar to the existing Roth Individual Retirement Account, to be known as a Roth Account for Youth. Any amounts in such an account will be disregarded for purposes of determining elibility for benefits or assistance under a means-tested federal benefit program.

Date: 2015-03-16
Topic: Domestic Commerce (Banking)
Subject: Taxation
Credit Union Residential Loan Parity Act

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

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

Declares that this Act does not preclude the National Credit Union Administration from treating an extension of credit fully secured by a lien on a 1- to 4-family dwelling that is not a member's primary residence as a member business loan for purposes other than certain member business loan limitation requirements under the Act.

Date: 2015-03-18
Topic: Domestic Commerce (Banking)
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.)

SAFE Act Confidentiality and Privilege Enhancement Act

 (Sec. 2) Amends the S.A.F.E. Mortgage Licensing Act of 2008 to extend to state and federal regulatory officials having financial services oversight authority (currently only those having mortgage oversight authority) access to any information provided to the Nationwide Mortgage Licensing System and Registry (or any system established by the Director of the Consumer Financial Protection Bureau without the loss of privilege or confidentiality protections provided by federal and state laws.

Date: 2015-03-19
Topic: Domestic Commerce (Banking)
Subject: Finance and financial sector
Community Bank Access to Capital Act of 2015

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

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

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

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

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

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

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

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

Date: 2015-03-23
Topic: Domestic Commerce (Banking)
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.)

Financial Stability Oversight Council Improvement Act of 2015

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

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

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

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

FSOC must study every five years: (1) the impact of its determinations to subject nonbank financial companies to Federal Reserve Board supervision and prudential standards, and (2) whether such determinations have the intended result of improving domestic financial stability.

Date: 2015-03-23
Topic: Domestic Commerce (Banking)
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.)

Small Bank Exam Cycle Reform Act of 2015 

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

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

A federal banking agency is granted discretion to increase this assets ceiling amount from $200 million to $1 billion (currently from $100 million to $500 million) if that greater asset size would be consistent with the principles of safety and soundness.

Date: 2015-03-23
Topic: Domestic Commerce (Banking)
Subject: Finance and financial sector
State Regulatory Representation Clarification Act of 2015

 Amends the Federal Deposit Insurance Act, with respect to presidential appointees to the Board of Directors of the Federal Deposit Insurance Corporation, to replace the bank supervisory experience requirement with a requirement that one appointee shall have served as a state bank supervisor. (A state bank supervisor has primary regulatory authority over state banks or savings associations in the state.)

Date: 2015-03-25
Topic: Domestic Commerce (Banking)
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.)

Federal Savings Association Charter Flexibility Act of 2015

(Sec. 2) This bill amends the Home Owners' Loan Act to permit a federal savings association to elect to operate subject to supervision by the Comptroller of the Currency with the rights and duties of a national bank.

Date: 2015-03-26
Topic: Domestic Commerce (Banking)
Subject: Finance and financial sector
Mutual Bank Capital Opportunity Act of 2015

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

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

Defines "mutual depository" as an insured depository institution operating in a non-stock form, including a federal non-stock depository and any form of non-stock depository provided for under state law, whose deposits are insured by an instrumentality of the federal government.

Date: 2015-03-26
Topic: Domestic Commerce (Banking)
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.)

Financial Institutions Examination Fairness and Reform Act 

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

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

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

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

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

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

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

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

The bill prohibits a federal financial institutions regulatory agency from:

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

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

Date: 2015-04-22
Topic: Domestic Commerce (Banking)
Subject: Finance and financial sector
Marijuana Businesses Access to Banking Act of 2015

This bill provides a safe harbor for depository institutions providing financial services to a marijuana-related legitimate business insofar as it prohibits a federal banking regulator from: (1) terminating or limiting the deposit or share insurance of a depository institution solely because it provides financial services to a marijuana-related legitimate business; or (2) prohibiting, penalizing, or otherwise discouraging a depository institution from offering such services.

A federal banking regulator may neither recommend, motivate, provide incentives, nor encourage a depository institution to refuse to offer financial services to an individual, nor downgrade or cancel financial services offered to an individual, solely because the individual: (1) is a manufacturer, producer, owner or operator of a marijuana-related legitimate business; or (2) the depository institution was not aware that the individual is the owner or operator of a marijuana-related legitimate business.

 A federal banking regulator may not take any adverse or corrective supervisory action, solely because of the business involved, on a loan made to an owner or operator of: (1) a marijuana-related legitimate business, or (2) real estate or equipment that is leased to a marijuana-related legitimate business.

Immunity from federal criminal prosecution or investigation is granted, subject to certain conditions, to a depository institution that provides financial services to a marijuana-related legitimate business in a state or one of its political subdivisions that allows the cultivation, production, manufacture, sale, transportation, display, dispensing, distribution, or purchase of marijuana. Neither the depository institution nor its officers, directors, nor employees may be held liable under federal law or regulation solely for providing such financial services or further investing income derived from those services.

The Department of the Treasury must require any suspicious activity report filed by a financial institution regarding a marijuana-based business to comply with specified guidance of the Financial Crimes Enforcement Network.

Date: 2015-04-28
Topic: Domestic Commerce (Banking)
Subject: Finance and financial sector
Municipal Bond Market Support Act of 2015

Amends Internal Revenue Code provisions relating to the small issuer exemption from interest expense allocation rules for financial institutions to: (1) permanently increase from $10 million to $30 million the annual limit on the amount of tax-exempt obligations that a small issuer may issue, and (2) allow an inflation adjustment to such increased limit amount after 2015.

Date: 2015-05-01
Topic: Domestic Commerce (Banking)
Subject: Taxation
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

National Credit Union Administration Budget Transparency Act

(Sec. 2) This bill amends the Federal Credit Union Act to require the National Credit Union Administration Board, before the annual submission of its required detailed business-type budget, to: (1) print a draft of the budget in the Federal Register, (2) hold a public hearing to receive comments from the public on the draft, and (3) include in the required integral set of accounts statements in which the budget will address any of such comments.

Date: 2015-05-13
Topic: Domestic Commerce (Banking)
Subject: Finance and financial sector
Too Big to Fail, Too Big to Exist Act

 This bill directs the Financial Stability Oversight Council to compile and submit to the Secretary of the Treasury a list of entities that the Council deems Too Big To Fail (List), including U.S. bank holding companies the Financial Stability Board has identified as systemically important banks.

The Secretary of the Treasury shall: (1) submit the List to Congress and the President, and (2) break up entities on the List so that their failure would no longer cause a catastrophic effect upon the U.S. or global economy without a taxpayer bailout.

Any entity on the List may not use or have access to advances from any Federal Reserve credit facility, the Federal Reserve discount window, or any program or facility made available under the Federal Reserve Act, including asset purchases, temporary or bridge loans, government investments in debt or equity, or capital injections from any federal institution.

No insured depository institution on the List, nor any entity that owns one, may use insured deposit amounts to fund:

 any activity relating to hedging that is not directly related to commercial banking activity at the insured bank, any use of derivatives for speculative purposes, any activity related to the dealing of derivatives, or any other form of speculative activity specified by regulators. Nor may any entity on the List conduct such activities in a manner that either: (1) puts insured deposits at risk, or (2) creates a risk of loss to the Deposit Insurance Fund.

Date: 2015-06-01
Topic: Domestic Commerce (Banking)
Subject: Finance and financial sector
Community Lender Regulatory Relief and Consumer Protection Act of 2015

This bill amends the Truth in Lending Act with respect to the presumption of a mortgagor's ability to pay a qualified residential mortgage loan and the insured depository institutions or insured credit unions meeting specified criteria that may be its creditors.

 The Gramm-Leach-Bliley Act is amended to exempt from its requirement of annual written privacy notices certain financial institutions.

The Federal Deposit Insurance Act is amended to: (1) increase from $500 million to $1 billion the size of certain small insured depository institutions eligible for an 18-month on-site examination cycle, and (2) require private deposit insurers of credit unions to give the Federal Housing Finance Agency copies of independent audit reports within 7 days after the audit is completed.

 The Federal Home Loan Bank Act is amended to require the treatment of a state-chartered credit union as an insured depository institution even though it is not federally insured if it has applied for membership in a federal home loan bank and has met specified conditions, including insurance application eligibility requirements under the Federal Credit Union Act.

 The Government Accountability Office must report to Congress on the adequacy of insurance reserves held by the private deposit insurer of privately insured credit unions, including the level of compliance with federal regulations regarding disclosure of a lack of federal deposit insurance.

The Securities Exchange Act of 1934 is amended to extend securities registration requirements to savings and loan holding companies.

The S.A.F.E. Mortgage Licensing Act of 2008 is amended to:

 establish a transitional period during which a state, while examining the applicant's submitted background information, may permit a covered registered loan originator applying for a state license as a loan originator to act as one under the supervision of a non-depository firm that engages in loan origination in that state, and grant confidentiality to information shared with state and federal regulatory officials with financial services industry oversight authority. The Consumer Financial Protection Act of 2010 is amended to cover specified sections of the Servicemembers Civil Relief Act as "enumerated consumer laws."

The expiration of the Protecting Tenants at Foreclosure Act of 2009 is repealed, and the Act is restored and revived as it was in effect on December 31, 2014.

Date: 2015-06-03
Topic: Domestic Commerce (Banking)
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.)

Risk-Based Capital Study Act of 2015

(Sec. 2) This bill directs the National Credit Union Administration (NCUA) to study the appropriate capital requirements for federal credit unions and state credit unions, including:

 whether the NCUA has the clear legal authority to prescribe separate risk-based capital thresholds for both "adequately capitalized" and "well capitalized" credit unions; a discussion of the differences between credit unions and other types of depository institutions and reasons why they should have similar or different risk-weights for their capital requirements; a discussion of the rationale behind the risk-weights assigned in the proposed NCUA rule "Risk-Based Capital"; and an analysis of the impact the proposed rule would have upon excess capital above the minimum level for a credit union to be "well capitalized" (a credit union's "capital cushion"), including the potential impact upon credit union lending and credit union examinations. A credit union may not be required to provide information regarding the capital standards sought in the NCUA study, but may provide it voluntarily.

(Sec. 3) The NCUA may not issue or implement any final rule or regulation governing risk-based capital (including the proposed rule) earlier than 120 days after it reports to Congress on the study.

Date: 2015-06-15
Topic: Domestic Commerce (Banking)
Subject: Finance and financial sector
Capital Access for Small Business Banks Act 

This bill amends the Internal Revenue Code to allow a bank or a depository institution holding company which is an S corporation to: (1) have 500 shareholders (the current limit is 100 shareholders), and (2) issue qualified preferred bank stock. The bill makes a distribution of qualified preferred bank stock to a shareholder includible in the gross income of the shareholder and allows the bank or holding company to deduct the amount of such distribution.

Date: 2015-06-16
Topic: Domestic Commerce (Banking)
Subject: Taxation
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Taking Account of Institutions with Low Operation Risk Act of 2015 or the TAILOR Act of 2015

(Sec. 2) This bill directs the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Consumer Financial Protection Bureau (federal financial institutions regulatory agencies) to:

 take into consideration the risk profile and business models of institutions subject to regulatory action; determine the necessity, appropriateness, and impact of applying that action to such institutions; and tailor regulatory action so as to limit the burden of regulatory compliance as befits the risk profile and business model involved. The federal financial institutions regulatory agencies shall also consider:

 the impact that such regulatory action has upon the ability of the institution to flexibly serve evolving and diverse customer needs, the potential unintended impact of examination manuals or other regulatory directives that work in conflict with the tailoring of such regulatory action, and the underlying policy objectives of the regulatory action and statutory scheme involved. In addition, a federal financial institutions regulatory agency must disclose in every notice of a proposed and final rulemaking for a regulatory action how it has applied this bill.

The Financial Institutions Examination Council shall report to Congress on the extent to which regulatory actions tailored pursuant to this bill result in differential regulation of similarly-situated institutions of diverse charter types with respect to comparable regulations.

The agencies must also apply the requirements of this bill to all regulations adopted five years before the introduction of this bill and ending on the date of its enactment.

Date: 2015-06-25
Topic: Domestic Commerce (Banking)
Subject: Finance and financial sector
Community Bank Capital Clarification Act

This bill amends the Financial Stability Act of 2010 with respect to:

 minimum leverage capital requirements and minimum risk-based capital requirements for depository institution holding companies; mandatory deductions from actual capital in the calculation of such minimum capital requirements for certain investments by such institutions, especially in financial subsidiaries; and the exemption from such capital deductions for the debt or equity instruments issued by certain smaller institutions. A depository institution holding company exempted from capital deductions because it had less than $15 billion of total consolidated assets at the end of a quarterly financial reporting period after December 31, 2009, shall continue to be treated as an exempt institution as long it has total consolidated assets of less than $15 billion.

Date: 2015-07-08
Topic: Domestic Commerce (Banking)
Subject: Finance and financial sector
Community Financial Institution Exemption Act

Amends the Consumer Financial Protection Act of 2010 to exempt community financial institutions from all rules and regulations issued by the Consumer Financial Protection Bureau. Defines a "community financial institution" as an insured depository institution or credit union with less than $10 billion in consolidated assets.

Authorizes the Bureau to: (1) revoke such an exemption with respect to a specific rule or regulation issued or modified after enactment of this Act and with respect to a specific class of community financial institutions if the Bureau finds that such class of institutions has engaged in a pattern or practice of activities that have been detrimental to the interests of consumers and that are of a type that the specific rule or regulation is intended to address, and (2) modify a rule or regulation issued before enactment of this Act with respect to such institutions if the effect of such modification is to expand a current exemption or to reduce the costs and the regulatory burden associated with complying with such rule or regulation.

Date: 2015-07-14
Topic: Domestic Commerce (Banking)
Subject: Finance and financial sector
Common Sense Economic Recovery Act of 2015

 This bill cites circumstances under which, for purposes of determining capital requirements or measuring an insured depository institution's capital, such an institution may treat a non-accrual loan as an accrual loan.

(Non-accrual [also known as non-performing or doubtful] loans are those on which interest is overdue and full collection of principal is uncertain, and so interest, if it has not been paid in over 90 days, cannot be credited to the bank's revenue account until it has actually been received.)

An insured depository institution may treat a non-accrual loan as an accrual loan if: (1) the loan is current, (2) no monthly payment has been more than 30 days delinquent during the previous 6-month period, and (3) loan payments are being made pursuant to the contract terms and all parties agree to any refinances and modifications.

A modified or restructured loan may not be treated as a non-accrual loan if the borrower demonstrates the ability to perform on such a loan: (1) over a period of 6 months; or (2) over a period of 3 consecutive payments in the case of a quarterly, semi-annual, or longer repayment schedule.

The appropriate federal banking agency is prohibitted from: (1) imposing any additional accounting requirements upon an insured depository institution with respect to a loan treated as an accrual loan under this Act if the result of such requirement would adversely impact measurement of the institution's capital, or (2) requiring an insured depository institution to treat a loan as a non-accrual loan solely because the loan collateral has reduced in value.

Any issuer of a security registered under the Securities Exchange Act of 1934 is excluded from the accounting requirements and prohibitions of this Act.

The Financial Stability Oversight Council must study how best to prevent the issuance of contradictory guidance to such institutions by federal banking agencies with respect to loan classifications and capital requirements.

Date: 2015-07-16
Topic: Domestic Commerce (Banking)
Subject: Finance and financial sector
Community Bank Flexibility Act 

This bill amends the Internal Revenue Code, with respect to the tax treatment of small banks, to: (1) allow such banks to reorganize as either corporations or partnerships for tax purposes, (2) permit such banks to reorganize without incurring an additional tax for liquidation, and (3) impose a five-year recognition period of the built-in gains of such banks.

Date: 2015-07-29
Topic: Domestic Commerce (Banking)
Subject: Taxation
Financial Stability Oversight Council Reform Act 

This bill amends the Financial Stability Act of 2010 to make the budgets of the Financial Stability Oversight Council (FSOC) and the Office of Financial Research (OFR) subject to the annual appropriations process and to establish requirements for reports and a public notice and comment period.

(Sec. 2) The budgets of the FSOC and the OFR are funded by assessments on financial institutions which are deposited into the Financial Research Fund and, under current law, are immediately available to be spent. This bill requires the funding from the Financial Research Fund to be made available by appropriations Acts.

(Sec. 3) The OFR must submit quarterly reports to Congress regarding its:

 finances; workforce; and actions taken to achieve the goals, objectives, and performance measures of the office. (Sec. 4) The OFR must provide a public notice and comment period of at least 90 days before issuing any proposed report, rule, or regulation.

(Sec. 5) The bill expands the duties of the OFR to include:

 publishing an annual work plan; consulting with other federal departments and agencies with relevant expertise prior to preparing any public report with respect to a specified entity, class of entities, or financial product or service; and developing and implementing a cybersecurity plan. The Government Accountability Office must annually audit the cybersecurity plan and its implementation.

Date: 2015-07-29
Topic: Domestic Commerce (Banking)
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.)

FSOC Transparency and Accountability Act

(Sec. 2) This bill amends the Financial Stability Act of 2010 to repeal the nonapplicability of the Federal Advisory Committee Act (FACA) to the Financial Stability Oversight Council (thus applying FACA to the Council).

The Council is declared an agency for purposes of the "Government in the Sunshine Act" (and its open meeting requirements).

 The voting profile of Council members is revised to cite the following member agencies as each having collectively one vote: (1) the Board of Governors of the Federal Reserve System, (2) the Securities and Exchange Commission (SEC), (3) the Federal Deposit Insurance Corporation (FDIC), (4) the Commodity Futures Trading Commission (CFTC), and (5) the National Credit Union Administration (NCUA) Board.

Such member agencies shall: (1) determine their Council vote by using the voting process normally applicable to votes by their members, and (2) cast the one collective Council vote by the agency head.

A Council member may select to have one or more individuals on the member's staff attend a meeting of the Council, including any meeting of representatives of the member agencies other than the members themselves.

 All Council meetings shall be open to attendance and participation by members of specified congressional committees, including any meeting of representatives of the member agencies other than the members themselves.

Date: 2015-09-18
Topic: Domestic Commerce (Banking)
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.)

Office of Financial Research Accountability Act of 2015

(Sec. 2) This bill amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to require the Office of Financial Research within the Department of the Treasury to publish annually a detailed work plan of the Office priorities for the upcoming fiscal year, including a detailed description of the progress made by primary financial regulatory agencies in adopting a unique alphanumeric system ("Legal Entity Identifier") to identify legally distinct entities that engage in financial transactions, as well as a list of regulations requiring the use of such a system and actions taken to ensure its adoption by those agencies.

The bill requires the Office to develop and implement a cybersecurity plan using adequate safeguards to protect the integrity and confidentiality of the data in Office possession.

Date: 2015-10-09
Topic: Domestic Commerce (Banking)
Subject: Finance and financial sector
(This measure has not been amended since it was introduced. The expanded summary of the House reported version is repeated here.) (Sec. 1) This bill directs the Federal Reserve Board to revise the Small Bank Holding Company Policy Statement on the Assessment of Financial and Managerial Factors to raise its consolidated asset threshold from $1 billion to $5 billion.

The bill exempts from the leverage and risk-based capital requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act any bank holding company or savings and loan holding company that is subject to the application of such Statement.

Date: 2015-10-21
Topic: Domestic Commerce (Banking)
Subject: Finance and financial sector
Financial Institution Legislative Edict Simplification Act of 2015 or the FILES Act of 2015

This bill amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to exempt from specified titles of the Act "safe and sound financial institutions," including any depository institution, credit union, bank holding company, or savings and loan holding company having:

 total consolidated assets of less than $50 billion, and a composite CAMELS rating of 1 or 2 under the Uniform Financial Institutions Rating System (or under an equivalent rating under a comparable rating system) as of the entity's most recent examination. A CAMELS rating assesses a bank's capital adequacy, assets, management capability, earnings, liquidity, and sensitivity.

The bill exempts such institutions from the titles of the Act that address:

 financial stability; orderly liquidation authority; improvements to regulation of bank and savings association holding companies and depository institutions; and mortgage reform and anti-predatory lending.

Date: 2015-11-03
Topic: Domestic Commerce (Banking)
Subject: Finance and financial sector
Consumer Protection and Choice Act

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

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

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

Such a state law must:

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

Date: 2015-11-16
Topic: Domestic Commerce (Banking)
Subject: Finance and financial sector
USAccounts: Investing in America's Future Act of 2015

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

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

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

The bill amends the Internal Revenue Code to: (1) exempt the USAccount Fund and USAccounts from income taxation, (2) increase the amount of the child tax credit by the applicable USAccount contribution amount, and (3) require the Internal Revenue Service to notify taxpayers of their potential eligibility for the earned income tax credit.

Date: 2015-11-17
Topic: Domestic Commerce (Banking)
Subject: Taxation