,i  #aacth ,,congress  #ast ,session    
,h4 ,r4 #begb  ,,in ,,the ,,house ,,of  
,,representatives  ,june #bh1 #bjac ,mr4
 ,gary ,g4 ,miller of ,california       
introduced the following bill2 which was
 referred to the ,committee on          
,financial ,services  ,a ,,bill  ,to    
improve the regulation of credit unions 
and depository institutions and to      
provide regulatory relief1 and for other
 purposes4  #a4 ,short title ,this ,act 
may be cited as the ,regulatory ,relief 
for ,credit ,unions ,act of #bjac4  #b4 
,enhancing the authority of the         
,national ,credit ,union ,administration
  7a7 ,review of ,bureau regulations    
7#a7 ,in general ,section #abj of the   
,federal ,credit ,union ,act 7#ab       
,u4,s4,c4 #agff7 is amended by adding at
 the end the following3  7k7 ,review of 
,bureau regulations ,if the ,board      
determines that a regulation issued by  
the ,bureau would create an undue       
hardship when applied to credit unions1 
the ,board may--  7#a7 delay the        

application of the regulation to credit 
unions until such time as the ,board    
determines such application would not   
create an undue hardship2 and  7#b7     
modify such regulation1 as applied to   
credit unions1 so long as the ,board    
determines that such modification still 
meets the ,bureau's objective in issuing
 the regulation4  4  7#b7 ,bureau       
defined ,section #aja of the ,federal   
,credit ,union ,act 7#ab ,u4,s4,c4      
#ageb7 is amended by adding at the end  
the following new paragraph3  7#aj7 ,the
 term ,bureau means the ,bureau of      
,consumer ,financial ,protection4  4    
7b7 ,use of ,state regulations by       
,federal credit unions ,section #abj of 
the ,federal ,credit ,union ,act 7#ab   
,u4,s4,c4 #agff71 as amended by         
subsection 7a71 is further amended by   
adding at the end the following3  7l7   
,use of ,state regulations  7#a7        
,application ,with respect to a ,state  
law applicable to a ,state credit union1
 a ,federal credit union may apply to   

the ,board for permission to comply with
 such regulation in lieu of the         
applicable ,federal regulation 7if any71
 for purposes of the credit union's     
branches located in such ,state4 ,such  
permission shall only apply to the      
,state for which the permission is      
given1 and the ,federal credit union may
 not comply with such regulation in any 
other ,state in lieu of the applicable  
,federal regulation4  7#b7              
,determination ,the ,board may approve  
an application received under paragraph 
7#a7 if the ,board determines that      
having the ,federal credit union's      
branches in such ,state comply with the 
particular ,state law would--  7,a7     
improve the credit unions's ability to  
serve members and lend in that          
particular ,state2 and  7,b7 not        
endanger the safety and soundness of the
 credit union4  7#c7 ,exception         
,notwithstanding paragraph 7#a71 a      
,federal credit union may not apply to  
the ,board for permission to comply with

 any provision of a ,state law if such  
law would conflict with the requirements
 of section #ajg;,a4  4  #c4 ,improved  
capital standards and leverage ratios   
for credit unions  7a7 ,in general      
,section #baf of the ,federal ,credit   
,union ,act 7#ab ,u4,s4,c4 #agij;d7 is  
amended--  7#a7 by redesignating        
subsection 7o7 as subsection 7p72  7#b7 
by inserting after subsection 7n7 the   
following3  7o7 ,revised capital        
standards  7#a7 ,two-tier system ,the   
,board shall implement a two-tier system
 of net worth ratios for credit unions1 
consisting of a risk-based net worth    
ratio and a net worth capital ratio4    
,net worth categories in this section   
shall take into account the simplicity  
or complexity of credit unions in terms 
of risk profile4  7#b7 ,use of leverage 
ratios ,the ,board shall establish      
standards under this section with       
respect to leverage ratios of a credit  
union to the same extent as are provided
 for net worth ratios of a credit union4

 ,such standards shall take into account
 the unique nature of credit unions and1
 to the extent practicable1 be          
comparable to1 but not necessarily      
identical to1 the leverage ratio        
standards under section #ch of the      
,federal ,deposit ,insurance ,act4  2   
and  7#c7 in subsection 7p71 as so      
redesignated1 by amending paragraph 7#b7
 to read as follows3  7#b7 ,net worth   
,the term net worth--  7,a7 with respect
 to any insured credit union1 means the 
retained earnings balance of the credit 
union1 as determined under generally    
accepted accounting principles1 together
 with--  7i7 any amounts that were      
previously retained earnings of any     
other credit union with which the credit
 union has combined2 and  7ii7          
components of equity under generally    
accepted accounting principles not      
included in retained earnings1 as       
determined by the ,board2  7,b7 with    
respect to any insured credit union1    
includes1 at the ,board's discretion and

 subject to rules and regulations       
established by the ,board1 assistance   
provided under section #bjh of this     
title to facilitate a least-cost        
resolution consistent with the best     
interests of the credit union system2   
and  7,c7 with respect to a low income  
credit union1 includes secondary capital
 accounts1 subject to limitations set by
 the ,board to address the safe and     
sound use of secondary capital to carry 
out the purpose of this section1 that   
are--  7i7 uninsured2 and  7ii7         
subordinate to all other claims against 
the credit union1 including the claims  
of creditors1 shareholders1 and the     
,fund4  4  7b7 ,amendments to net worth 
categories  7#a7 ,section #baf7;c77#a7  
of the ,federal ,credit ,union ,act is  
amended as follows3  7,a7 ,well         
capitalized ,in subparagraph 7,a71 by   
striking clauses 7i7 and 7ii7 and       
inserting the following3  7i7 it has a  
risk-based net worth ratio of not less  
than #aj percent2 or  7ii7 is considered

 to be well capitalized by any other    
standard1 as determined by the ,board4  
4  7,b7 ,adequately capitalized ,in     
subparagraph 7,b71 by striking clauses  
7i7 and 7ii7 and inserting the          
following3  7i7 it has a risk-based net 
worth ratio of not less than #h percent2
 or  7ii7 is considered to be adequately
 capitalized by any other standard1 as  
determined by the ,board4  4  7,c7      
,undercapitalized ,in subparagraph 7,c71
 by striking clauses 7i7 and 7ii7 and   
inserting the following3  7i7 it has a  
risk-based net worth ratio of not less  
than #f percent2 or  7ii7 is considered 
to be undercapitalized by any other     
standard1 as determined by the ,board4  
4  7,d7 ,significantly undercapitalized 
,subparagraph 7,d7 is amended to read as
 follows3  7,d7 ,significantly          
undercapitalized ,an insured credit     
union is significantly undercapitalized 
if--  7i7 it has a net worth ratio of   
less than #c4be percent2  7ii7 it has a 
net worth ratio of less than #d4be      

percent1 and either--  7,i7 fails to    
submit an acceptable net worth          
restoration plan within the time allowed
 under subsection 7f72 or  7,,ii7       
materially fails to implement a net     
worth restoration plan approved by the  
,board2 or  7iii7 it has a risk-based   
net worth ratio of less than #f percent4
  4  7#b7 ,relevant ,capital ,measures  
,section #baf7;c77#b7 of the ,federal   
,credit ,union ,act is amended--  7,a7  
by striking 1 for purposes of section   
#ch7;c7 of the ,federal ,deposit        
,insurance ,act12  7,b7 by striking 7as 
those terms are used in section #ch712  
and  7,c7 by inserting or relevant      
capital measures as defined by the      
,board after leverage limit each place  
such term appears4  7#c7 ,adjustment of 
levels ,section #baf7;c77#b77;,a7 of the
 ,federal ,credit ,union ,act is        
amended--  7,a7 by striking ,federal    
banking agencies increase or decrease   
and inserting ,federal ,deposit         
,insurance ,corporation increases or    

decreases2 and  7,b7 by striking level  
for and inserting levels for4  7#d7     
,adjusting net worth levels ,section    
#baf7;c77#b77;,a7 of the ,federal       
,credit ,union ,act is amended by       
striking not more than the difference   
between the required minimum level most 
recently established by the ,federal    
banking agencies and #d percent of total
 assets 7with respect to institutions   
regulated by those agencies7 and        
inserting the increase or decrease made 
by the ,federal ,deposit ,insurance     
,corporation4  7#e7 ,consultation ,with 
,federal ,deposit ,insurance            
,corporation ,section                   
#baf7;c77#b77;,b77i7 of the ,federal    
,credit ,union ,act is amended by       
striking ,federal banking agencies and  
inserting ,federal ,deposit ,insurance  
,corporation4  7c7 ,amendments relating 
to risk-,based net worth requirements   
,section #baf7;d7 of the ,federal       
,credit ,union ,act is amended--  7#a7  
in paragraph 7#a7--  7,a7 by striking   

that are complex1 as defined by the     
,board2 and  7,b7 by inserting 1 as     
defined by the ,board before the period 
at the end2  7#b7 by amending paragraph 
7#b7 to read as follows3  7#b7 ,standard
 ,the ,board shall design the risk-based
 net worth requirement to take account  
of any material risks1 as defined by the
 ,board1 applicable to insured credit   
unions that are taken account of by     
comparable standards applicable to      
institutions insured by the ,federal    
,deposit ,insurance ,corporation4  2 and
  7#c7 in the heading for such          
subsection1 by striking for ,complex    
,credit ,unions4  7d7 ,treatment based  
on other criteria ,section #baf7;h77#a7 
of the ,federal ,credit ,union ,act is  
amended to read as follows3  7#a7 the   
,board may not reclassify an insured    
credit union into a lower net worth     
category due solely to interest rate    
risk1 or treat an insured credit union  
as if it were in a lower net worth      
category1 for reasons not pertaining to 

the safety and soundness of that credit 
union2 and  4  7e7 ,definitions relating
 to net worth  7#a7 ,net worth ratio    
,section #baf7p7 of the ,federal ,credit
 ,union ,act1 as redesignated by        
subsection 7a71 is amended in paragraph 
7#c7--  7,a7 by inserting minus its     
deposit in the ,fund1 after net worth of
 credit union2 and  7,b7 by inserting   
minus its deposit in the ,fund after    
total assets of the credit union4  7#b7 
,risk-based net worth ratio ,section    
#baf7p7 of the ,federal ,credit ,union  
,act1 as redesignated by subsection 7a71
 is amended by inserting after paragraph
 7#d7 the following new paragraph3  7#e7
 ,risk-based net worth ratio ,the term  
risk-based net worth ratio means1 with  
respect to any credit union--  7,a7 the 
ratio of the net worth of the credit    
union1 plus any loan loss reserves      
7subject to limitations established by  
the ,board71 and minus the credit       
union's deposit in the ,fund1 to  7,b7  
the risk assets of the credit union1 as 

defined by the ,board4  4  7#c7         
,amendments relating to net worth       
restoration plans  7,a7 ,temporary      
waiver of net worth restoration plan    
requirement in response to disasters    
,subsection #baf7;f77#a7 of the ,federal
 ,credit ,union ,act is amended by      
striking ,each insured credit union and 
inserting ,except as determined by the  
,board in the case of a credit union    
that becomes or remains no less than    
undercapitalized due to the impact of a 
major natural or man-made disaster1 each
 insured credit union4  7,b7 ,net worth 
restoration requirement for credit      
unions that are not well capitalized    
,section #baf7;e7 of the ,federal       
,credit ,union ,act is amended to read  
as follows3  7e7 ,net worth restoration 
plan requirement applicable to credit   
unions that are not well capitalized    
,the ,board may require an insured      
credit union that is not well           
capitalized to submit a net worth       
restoration plan1 as required under     

subsection 7f71 if--  7#a7 material     
safety and soundness concerns caused the
 credit union to become less than well  
capitalized2 and  7#b7 the safety and   
soundness concerns remain unresolved4  4
  7,c7 ,board action may include order  
to credit union ,section                
#baf7;i77#a77;,b7 of the ,federal       
,credit ,union ,act is amended--  7i7 by
 inserting order the credit union to    
before take such other action2 and  7ii7
 by inserting 1 in the discretion of the
 ,board1 after as the ,board4  7,d7     
,substitution of #ij calendar days      
,section #baf7;i77#c77;,a7 of the       
,federal ,credit ,union ,act is         
amended--  7i7 by striking calendar     
quarter and inserting #ij calendar days2
 and  7ii7 by inserting first after the 
date on which the credit union4  7,e7   
,clarification of coordination          
requirement ,section                    
#baf7l77#c77;,a77ii7 of the ,federal    
,credit ,union ,act is amended by       
inserting before the semicolon the      

following3 1 if the ,board determines   
that such action by the official will   
carry out the purpose of this section4  
7f7 ,study on reform of prompt          
corrective action  7#a7 ,study ,the     
,national ,credit ,union ,administration
 ,board shall carry out a study of      
problems associated with the current    
prompt corrective action regime4 ,in    
carrying out such study1 the ,board     
shall consult with qualified industry   
and ,national ,credit ,union            
,administration representatives4  7#b7  
,report ,not later than the end of the  
#a-year period beginning on the date of 
the enactment of this ,act1 the ,board  
shall issue a report to the ,congress   
containing all findings and             
determinations made in carrying out the 
study required under paragraph 7#a71    
including any specific legislative      
recommendations recommended by the      
,board4  #d4 ,review of credit union    
regulations  7a7 ,cost-,benefit         
,analysis  7#a7 ,national ,credit ,union

 ,administration ,section #abj of the   
,federal ,credit ,union ,act 7#ab       
,u4,s4,c4 #agff71 as amended by section 
#b1 is further amended by adding at the 
end the following3  7m7 ,cost-,benefit  
,analyses  7#a7 ,pre-issuance ,each     
regulation issued by the ,board shall   
include a thorough cost-benefit analysis
 that details the estimated cost to a   
credit union of complying with such     
regulation compared to the measurable   
benefit the regulation may have4 ,any   
information provided to the ,board from 
credit unions for purposes of the       
,board's analysis shall be on a         
voluntary basis4  7#b7 #c-year review   
,at the end of the #c-year period       
following the date on which the ,board  
issues a final regulation1 the ,board   
shall--  7,a7 carry out a review of the 
actual cost to a credit union of        
complying with the regulation2 and  7,b7
 issue a report to the ,congress        
containing the results of such review4  
7#c7 ,rule revision ,if1 in carrying out

 a review under paragraph 7#b71 the     
,board determines that the actual cost  
of complying with a regulation is more  
than #bj percent higher than the ,board 
initially estimated1 the ,board shall   
revise the rule4  4  7#b7 ,bureau of    
,consumer ,financial ,protection        
,section #ajbb of the ,consumer         
,financial ,protection ,act of #bjaj    
7#ab ,u4,s4,c4 #eeab7 is amended by     
adding at the end the following3  7e7   
,regulations applicable to credit unions
  7#a7 ,cost-benefit analyses  7,a7     
,pre-issuance ,each regulation issued by
 the ,bureau shall1 to the extent the   
rule applies to a credit union1 include 
a thorough cost-benefit analysis that   
details the estimated cost to a credit  
union of complying with such regulation 
compared to the measurable benefit the  
regulation may have4 ,any information   
provided to the ,bureau from credit     
unions for purposes of its analysis     
shall be on a voluntary basis4  7,b7    
#c-year review ,at the end of the       

#c-year period following the date on    
which the ,bureau issues a final        
regulation that applies to a credit     
union1 the ,bureau shall--  7i7 carry   
out a review of the actual cost to a    
credit union of complying with the      
regulation2 and  7ii7 issue a report to 
the ,congress containing the results of 
such review4  7,c7 ,rule revision ,if1  
in carrying out a review under          
subparagraph 7,b71 the ,bureau          
determines that the actual cost of      
complying with a regulation is more than
 #bj percent higher than the ,bureau    
initially estimated1 the ,bureau shall  
revise the rule4  7#b7 ,additional      
considerations ,in proposing any        
regulation that applies to credit       
unions1 the ,bureau shall--  7,a7       
consider the impact of such regulation  
on--  7i7 all federally insured credit  
unions2 and  7ii7 consumers in rural    
areas2 and  7,b7 consult with the       
,national ,credit ,union ,administration
 and other appropriate ,federal         

agencies1 both prior to proposing such  
regulation and during the comment       
process for such regulation1 regarding  
consistency with prudential1 market1 and
 systemic objectives of such            
,administration and other agencies4     
7#c7 ,objections  7,a7 ,in general ,if1 
during the consultation process         
described in paragraph 7#b77;,b71 the   
,national ,credit ,union ,administration
 or another agency provides the ,bureau 
with a written objection to the proposed
 regulation1 or a portion thereof1 the  
,bureau shall include with the final    
regulation a description of the         
objection and the basis for the         
,bureau's decision1 if any1 regarding   
such objection4  7,b7 ,construction     
,nothing in this subsection shall be    
construed as altering or limiting the   
procedures under section #ajbc that may 
apply to any regulation prescribed by   
the ,bureau4  4  #e4 ,modernizing the   
,central ,liquidity ,facility  7a7      
,study ,the ,comptroller ,general of the

 ,united ,states shall1 in consultation 
with the ,national ,credit ,union       
,administration1 carry out a study of   
the ,central ,liquidity ,facility that  
examines the need for any improvements  
or modernizing needed of such ,facility4
  7b7 ,report ,not later than the end of
 the #ahj-;day period beginning on the  
date of the enactment of this ,act1 the 
,comptroller ,general shall issue a     
report to the ,congress containing all  
of the findings and determinations made 
in carrying out the study required under
 subsection 7a71 including any          
legislative recommendations the         
,comptroller ,general may have for      
modernizing the ,central ,liquidity     
,facility4  #f4 ,modernizing credit     
union investment options  7a7           
,investments in securities by ,federal  
credit unions ,section #ajg of the      
,federal ,credit ,union ,act 7#ab       
,u4,s4,c4 #ageg7 is amended--  7#a7 by  
striking ,a ,federal credit union and   
inserting the following3  7a7 ,in       

general ,a ,federal credit union  2 and 
7#b7 by adding at the end the following 
new subsection3  7b7 ,investment for the
 credit union's own account  7#a7 ,in   
general ,a ,federal credit union may    
purchase and hold for its own account   
such investment securities of investment
 grade as the ,board may authorize by   
regulation1 subject to such limitations 
and restrictions as the ,board may      
prescribe4  7#b7 ,percentage limitations
  7,a7 ,single person ,the total amount 
of investment securities of any single  
person held by a ,federal credit union  
for the credit union's own account may  
not exceed #aj percent of the net worth 
of the credit union4  7,b7 ,aggregate   
investments ,the aggregate amount of    
investment securities held by a ,federal
 credit union for the credit union's own
 account may not exceed #aj percent of  
the total assets of the credit union4   
7#c7 ,definitions ,for purposes of this 
subsection3  7,a7 ,investment grade ,the
 term investment grade means1 with      

respect to an investment security       
purchased by a credit union for its own 
account1 an investment security that at 
the time of such purchase meets the     
credit criteria established by the      
,board and reflects the applicable      
market standards4  7,b7 ,investment     
security  7i7 ,in general ,the term     
investment security means marketable    
obligations evidencing the indebtedness 
of any person in the form of bonds1     
notes1 or debentures and other          
instruments commonly referred to as     
investment securities4  7ii7 ,further   
definition by board ,the ,board may     
further define the term investment      
security4  7#d7 ,clarification of       
prohibition on stock ownership ,no      
provision of this subsection shall be   
construed as authorizing a ,federal     
credit union to purchase shares of stock
 of any corporation for the credit      
union's own account1 except as otherwise
 permitted by law4  4  7b7 ,mortgage    
servicing rights ,section #ajg7;a7 of   

the ,federal ,credit ,union ,act1 as    
amended by this section1 is further     
amended by adding at the end the        
following3  7#ah7 ,federal credit unions
 may purchase mortgage servicing rights 
as an investment1 including purchases of
 mortgage servicing rights from other   
credit unions subject to limits         
established by the ,board4  4  #g4      
,national ,credit ,union ,share         
,insurance ,fund parity with ,federal   
,deposit ,insurance ,corporation        
,section #bjg7k77#a7 of the ,federal    
,credit ,union ,act 7#ab ,u4,s4,c4      
#aghg7k77#a77 is amended--  7#a7 in     
subparagraph 7,a7--  7,a7 by inserting  
after deposits in the name of the member
 the following3 or held in the member's 
account on behalf of another person2 and
  7,b7 by striking the member and       
inserting the person2 and  7#b7 in      
subparagraph 7,c71 by striking or in    
joint tenancy4 and inserting the        
following3 in joint tenancy1 or where a 
member holds funds for the use of a     

nonmember4 ,coverage for an account     
established by a member shall be        
consistent with that of the ,federal    
,deposit ,insurance ,corporation1       
regardless of the membership status of  
the owner of the funds that are         
deposited in an account established by a
 member44  #h4 ,enhancing the authority 
of the appropriate ,federal banking     
agencies  7a7 ,in general ,the ,consumer
 ,financial ,protection ,act of #bjaj   
7#ab ,u4,s4,c4 #edha et seq47 is amended
 by inserting after section #ajbc the   
following3  #ajbc;,a4 ,review of ,bureau
 regulations on depository institutions 
,if the appropriate ,federal banking    
agency determines that a regulation     
issued by the ,bureau would create an   
undue hardship when applied to a class  
of depository institutions regulated by 
such agency1 the agency may--  7#a7     
delay the application of the regulation 
to the class of depository institutions 
until such time as the agency determines
 such application would not create an   

undue hardship2 and  7#b7 modify such   
regulation1 as applied to the class of  
depository institutions1 so long as the 
agency determines that such modification
 still meets the ,bureau's objective in 
issuing the regulation4  4  7b7         
,technical amendment ,the table of      
contents for the ,dodd-,frank ,wall     
,street ,reform and ,consumer           
,protection ,act is amended by inserting
 after the item relating to section     
#ajbc the following new item3  #ajbc;,a4
 ,review of ,bureau regulations on      
depository institutions4  4  #i4 ,review
 of depository institution regulations  
7a7 ,cost-,benefit ,analysis  7#a7      
,pre-issuance ,each regulation issued by
 an appropriate ,federal banking agency 
shall include a thorough cost-benefit   
analysis that details the estimated cost
 to a depository institution of         
complying with such regulation compared 
to the measurable benefit the regulation
 may have4 ,any information provided to 
an agency from a depository institution 

for purposes of the agency's analysis   
shall be on a voluntary basis4  7#b7    
#c-year review ,at the end of the       
#c-year period following the date on    
which the agency issues a final         
regulation1 the agency shall--  7,a7    
carry out a review of the actual cost to
 a depository institution of complying  
with the regulation2 and  7,b7 issue a  
report to the ,congress containing the  
results of such review4  7#c7 ,rule     
revision ,if1 in carrying out a review  
under paragraph 7#b71 the agency        
determines that the actual cost of      
complying with a regulation is more than
 #bj percent higher than the agency     
initially estimated1 the agency shall   
revise the rule4  7#d7 ,definitions ,for
 purposes of this subsection1 the terms 
appropriate ,federal banking agency and 
depository institution have the meaning 
given such terms1 respectively1 under   
section #c of the ,federal ,deposit     
,insurance ,act 7#ab ,u4,s4,c4 #ahac74  
7b7 ,bureau of ,consumer ,financial     

,protection ,section #ajbb of the       
,consumer ,financial ,protection ,act of
 #bjaj 7#ab ,u4,s4,c4 #eeab71 as amended
 by section #d1 is further amended by   
adding at the end the following3  7f7   
,regulations applicable to depository   
institutions  7#a7 ,cost-benefit        
analyses  7,a7 ,pre-issuance ,each      
regulation issued by the ,bureau shall1 
to the extent the rule applies to a     
depository institution1 include a       
thorough cost-benefit analysis that     
details the estimated cost to a         
depository institution of complying with
 such regulation compared to the        
measurable benefit the regulation may   
have4 ,any information provided to the  
,bureau from depository institutions for
 purposes of its analysis shall be on a 
voluntary basis4  7,b7 #c-year review   
,at the end of the #c-year period       
following the date on which the ,bureau 
issues a final regulation that applies  
to a credit union1 the ,bureau shall--  
7i7 carry out a review of the actual    

cost to a depository institution of     
complying with the regulation2 and  7ii7
 issue a report to the ,congress        
containing the results of such review4  
7,c7 ,rule revision ,if1 in carrying out
 a review under subparagraph 7,b71 the  
,bureau determines that the actual cost 
of complying with a regulation is more  
than #bj percent higher than the ,bureau
 initially estimated1 the ,bureau shall 
revise the rule4  7#b7 ,additional      
considerations ,in proposing any        
regulation that applies to depository   
institutions1 the ,bureau shall--  7,a7 
consider the impact of such regulation  
on--  7i7 community-based depository    
institutions2 and  7ii7 consumers in    
rural areas2 and  7,b7 consult with the 
appropriate ,federal banking agencies1  
both prior to proposing such regulation 
and during the comment process for such 
regulation1 regarding consistency with  
prudential1 market1 and systemic        
objectives of such agencies4  7#c7      
,objections  7,a7 ,in general ,if1      

during the consultation process         
described in paragraph 7#b77;,b71 an    
agency provides the ,bureau with a      
written objection to the proposed       
regulation1 or a portion thereof1 the   
,bureau shall include with the final    
regulation a description of the         
objection and the basis for the         
,bureau's decision1 if any1 regarding   
such objection4  7,b7 ,construction     
,nothing in this subsection shall be    
construed as altering or limiting the   
procedures under section #ajbc that may 
apply to any regulation prescribed by   
the ,bureau4  4