#aacth ,,congress #b;d ,session ,h4 ,r4 #edfa ,,an ,,act ,to clarify the application of certain leverage and risk-based requirements under the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act1 to improve upon the definitions provided for points and fees in connection with a mortgage transaction1 and for other purposes4 #a4 ,table of contents ,the table of contents for this ,act is as follows3 ,sec4 #a4 ,table of contents4 ,title ,i--,insurance ,capital ,standards ,sec4 #aja4 ,short title4 ,sec4 #ajb4 ,clarification of application of leverage and risk-based capital requirements4 ,title ,,ii--,collateralized loan obligations ,sec4 #bja4 ,short title4 ,sec4 #bjb4 ,rules of construction relating to collateralized loan obligations4 ,title ,,iii--,definition of ,points and ,fees in ,mortgage ,transactions ,sec4 #cja4 ,short title4 ,sec4 #cjb4 ,definition of points and fees4 ,sec4 #cjc4 ,rulemaking4 ,title ,,iv--,business ,risk ,mitigation and ,price ,stabilization ,sec4 #dja4 ,short title4 ,sec4 #djb4 ,margin requirements4 ,sec4 #djc4 ,implementation4 ,i ,insurance ,capital ,standards #aja4 ,short title ,this title may be cited as the ,insurance ,capital ,standards ,clarification ,act of #bjad4 #ajb4 ,clarification of application of leverage and risk-based capital requirements ,section #aga of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #ecga7 is amended-- 7#a7 in subsection 7a71 by adding at the end the following3 7#d7 ,business of insurance ,the term business of insurance has the same meaning as in section #ajjb7c74 7#e7 ,person regulated by a state insurance regulator ,the term person regulated by a ,state insurance regulator has the same meaning as in section #ajjb7bb74 7#f7 ,regulated foreign subsidiary and regulated foreign affiliate ,the terms regulated foreign subsidiary and regulated foreign affiliate mean a person engaged in the business of insurance in a foreign country that is regulated by a foreign insurance regulatory authority that is a member of the ,international ,association of ,insurance ,supervisors or other comparable foreign insurance regulatory authority as determined by the ,board of ,governors following consultation with the ,state insurance regulators1 including the lead ,state insurance commissioner 7or similar ,state official7 of the insurance holding company system as determined by the procedures within the ,financial ,analysis ,handbook adopted by the ,national ,association of ,insurance ,commissioners1 where the person1 or its principal ,united ,states insurance affiliate1 has its principal place of business or is domiciled1 but only to the extent that-- 7,a7 such person acts in its capacity as a regulated insurance entity2 and 7,b7 the ,board of ,governors does not determine that the capital requirements in a specific foreign jurisdiction are inadequate4 7#g7 ,capacity as a regulated insurance entity ,the term capacity as a regulated insurance entity-- 7,a7 includes any action or activity undertaken by a person regulated by a ,state insurance regulator or a regulated foreign subsidiary or regulated foreign affiliate of such person1 as those actions relate to the provision of insurance1 or other activities necessary to engage in the business of insurance2 and 7,b7 does not include any action or activity1 including any financial activity1 that is not regulated by a ,state insurance regulator or a foreign agency or authority and subject to ,state insurance capital requirements or1 in the case of a regulated foreign subsidiary or regulated foreign affiliate1 capital requirements imposed by a foreign insurance regulatory authority4 2 and 7#b7 by adding at the end the following new subsection3 7c7 ,clarification 7#a7 ,in general ,in establishing the minimum leverage capital requirements and minimum risk-based capital requirements on a consolidated basis for a depository institution holding company or a nonbank financial company supervised by the ,board of ,governors as required under paragraphs 7#a7 and 7#b7 of subsection 7b71 the appropriate ,federal banking agencies shall not be required to include1 for any purpose of this section 7including in any determination of consolidation71 a person regulated by a ,state insurance regulator or a regulated foreign subsidiary or a regulated foreign affiliate of such person engaged in the business of insurance1 to the extent that such person acts in its capacity as a regulated insurance entity4 7#b7 ,rule of construction on board's authority ,this subsection shall not be construed to prohibit1 modify1 limit1 or otherwise supersede any other provision of ,federal law that provides the ,board of ,governors authority to issue regulations and orders relating to capital requirements for depository institution holding companies or nonbank financial companies supervised by the ,board of ,governors4 7#c7 ,rule of construction on accounting principles 7,a7 ,in general ,a depository institution holding company or nonbank financial company supervised by the ,board of ,governors of the ,federal ,reserve that is also a person regulated by a ,state insurance regulator that is engaged in the business of insurance that files financial statements with a ,state insurance regulator or the ,national ,association of ,insurance ,commissioners utilizing only ,statutory ,accounting ,principles in accordance with ,state law1 shall not be required by the ,board under the authority of this section or the authority of the ,home ,owners' ,loan ,act to prepare such financial statements in accordance with ,generally ,accepted ,accounting ,principles4 7,b7 ,preservation of authority ,nothing in subparagraph 7,a7 shall limit the authority of the ,board under any other applicable provision of law to conduct any regulatory or supervisory activity of a depository institution holding company or non-bank financial company supervised by the ,board of ,governors1 including the collection or reporting of any information on an entity or group-wide basis4 ,nothing in this paragraph shall excuse the ,board from its obligations to comply with section #afa7;a7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #ecfa7;a77 and section #aj7;b77#b7 of the ,home ,owners' ,loan ,act 7#ab ,u4,s4,c4 #adfg;a7b77#b771 as appropriate4 4 ,,ii ,collateralized loan obligations #bja4 ,short title ,this title may be cited as the ,restoring ,proven ,financing for ,american ,employers ,act4 #bjb4 ,rules of construction relating to collateralized loan obligations ,section #ac7;g7 of the ,bank ,holding ,company ,act of #aief 7#ab ,u4,s4,c4 #ahea7;g77 is amended by adding at the end the following new paragraphs3 7#d7 ,collateralized loan obligations 7,a7 ,inapplicability to certain collateralized loan obligations ,nothing in this section shall be construed to require the divestiture1 prior to ,july #ba1 #bjag1 of any debt securities of collateralized loan obligations1 if such debt securities were issued before ,january #ca1 #bjad4 7,b7 ,ownership interest with respect to collateralized loan obligations ,a banking entity shall not be considered to have an ownership interest in a collateralized loan obligation because it acquires1 has acquired1 or retains a debt security in such collateralized loan obligation if the debt security has no indicia of ownership other than the right of the banking entity to participate in the removal for cause1 or in the selection of a replacement after removal for cause or resignation1 of an investment manager or investment adviser of the collateralized loan obligation4 7,c7 ,definitions ,for purposes of this paragraph3 7i7 ,collateralized loan obligation ,the term collateralized loan obligation means any issuing entity of an asset-backed security1 as defined in section #c7;a77#gg7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;c7a77#gg771 that is comprised primarily of commercial loans4 7ii7 ,removal for cause ,an investment manager or investment adviser shall be deemed to be removed for cause if the investment manager or investment adviser is removed as a result of-- 7,i7 a breach of a material term of the applicable management or advisory agreement or the agreement governing the collateralized loan obligation2 7,,ii7 the inability of the investment manager or investment adviser to continue to perform its obligations under any such agreement2 7,,iii7 any other action or inaction by the investment manager or investment adviser that has or could reasonably be expected to have a materially adverse effect on the collateralized loan obligation1 if the investment manager or investment adviser fails to cure or take reasonable steps to cure such effect within a reasonable time2 or 7,,iv7 a comparable event or circumstance that threatens1 or could reasonably be expected to threaten1 the interests of holders of the debt securities4 4 ,,iii ,definition of ,points and ,fees in ,mortgage ,transactions #cja4 ,short title ,this title may be cited as the ,mortgage ,choice ,act of #bjad4 #cjb4 ,definition of points and fees 7a7 ,amendment to section #ajc of ,,tila ,section #ajc7;bb77#d7 of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afjb7;bb77#d77 is amended-- 7#a7 by striking paragraph 7#a77;,b7 and inserting paragraph 7#a77;,a7 and section #abi;,c2 7#b7 in subparagraph 7,c7-- 7,a7 by inserting and insurance after taxes2 7,b7 in clause 7ii71 by inserting 1 except as retained by a creditor or its affiliate as a result of their participation in an affiliated business arrangement 7as defined in section #b7g7 of the ,real ,estate ,settlement ,procedures ,act of #aigd 7#ab ,u4,s4,c4 #bfjb7g77 after compensation2 and 7,c7 by striking clause 7iii7 and inserting the following3 7iii7 the charge is-- 7,i7 a bona fide third-party charge not retained by the mortgage originator1 creditor1 or an affiliate of the creditor or mortgage originator2 or 7,,ii7 a charge set forth in section #ajf7;e77#a72 2 and 7#c7 in subparagraph 7,d7-- 7,a7 by striking accident12 and 7,b7 by striking or any payments and inserting and any payments4 7b7 ,amendment to section #abi;,c of ,,tila ,section #abi;,c of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afci;c7 is amended-- 7#a7 in subsection 7a77#e77;,c71 by striking #ajc and all that follows through or mortgage originator7 and inserting #ajc7;bb77#d72 and 7#b7 in subsection 7b77#b77;,c77i71 by striking #ajc and all that follows through or mortgage originator7 and inserting #ajc7;bb77#d74 #cjc4 ,rulemaking ,not later than the end of the #ij-;day period beginning on the date of the enactment of this ,act1 the ,bureau of ,consumer ,financial ,protection shall issue final regulations to carry out the amendments made by this ,act1 and such regulations shall be effective upon issuance4 ,,iv ,business ,risk ,mitigation and ,price ,stabilization #dja4 ,short title ,this title may be cited as the ,business ,risk ,mitigation and ,price ,stabilization ,act of #bjad4 #djb4 ,margin requirements 7a7 ,commodity ,exchange ,act amendment ,section #ds7e7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #fs7e771 as added by section #gca of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act1 is amended by adding at the end the following new paragraph3 7#d7 ,applicability with respect to counterparties ,the requirements of paragraphs 7#b77;,a77ii7 and 7#b77;,b77ii71 including the initial and variation margin requirements imposed by rules adopted pursuant to paragraphs 7#b77;,a77ii7 and 7#b77;,b77ii71 shall not apply to a swap in which a counterparty qualifies for an exception under section #b7;h77#g77;,a71 or an exemption issued under section #d7;c77#a7 from the requirements of section #b7;h77#a77;,a7 for cooperative entities as defined in such exemption1 or satisfies the criteria in section #b7;h77#g77;,d74 4 7b7 ,securities ,exchange ,act amendment ,section #ae;,f7e7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gho-#aj7;e771 as added by section #gfd7;a7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act1 is amended by adding at the end the following new paragraph3 7#d7 ,applicability with respect to counterparties ,the requirements of paragraphs 7#b77;,a77ii7 and 7#b77;,b77ii7 shall not apply to a security-based swap in which a counterparty qualifies for an exception under section #c;,c7g77#a7 or satisfies the criteria in section #c;,c7g77#d74 4 #djc4 ,implementation ,the amendments made by this title to the ,commodity ,exchange ,act shall be implemented-- 7#a7 without regard to-- 7,a7 chapter #ce of title #dd1 ,united ,states ,code2 and 7,b7 the notice and comment provisions of section #eec of title #e1 ,united ,states ,code2 7#b7 through the promulgation of an interim final rule1 pursuant to which public comment will be sought before a final rule is issued2 and 7#c7 such that paragraph 7#a7 shall apply solely to changes to rules and regulations1 or proposed rules and regulations1 that are limited to and directly a consequence of such amendments4 ,passed the ,house of ,representatives ,september #af1 #bjad4 ,clerk4