,i  #aac? ,,congress  #b;d ,session  ,h4
 ,r4 #edfa  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,septemb] #ae1 #bjad  
,mr4 ,b>r 7= himself1 ,mr4 ,g>y ,g4     
,mill] ( ,cali=nia1 ,mr4 ,huiz5ga (     
,mi*igan1 & ,mr4 ,david ,scott (        
,georgia7 introduc$ ! foll[+ bill2 :i* 0
 ref]r$ to ! ,committee on ,f9ancial    
,s]vices1 & 9 addition to ! ,committee  
on ,agriculture1 = a p]iod to be        
subsequ5tly det]m9$ by ! ,speak]1 9 ea* 
case = consid]ation ( su* provisions z  
fall )9 ! jurisdiction ( ! committee    
conc]n$  ,a ,,bill  ,to cl>ify !        
application ( c]ta9 lev]age & risk-bas$ 
requirem5ts "u ! ,dodd-,frank ,wall     
,/reet ,re=m & ,consum] ,protection     
,act1 to improve ^u ! def9itions provid$
 = po9ts & fees 9 connection ) a        
mortgage transaction1 & = o!r purposes4 
#a4 ,table ( cont5ts ,! table ( cont5ts 
= ?is ,act is z foll[s3  ,sec4 #a4      
,table ( cont5ts4 ,title ,i--,insurance 
,capital ,/&>ds ,sec4 #aja4 ,%ort title4
 ,sec4 #ajb4 ,cl>ification ( application

 ( lev]age & risk-bas$ capital          
requirem5ts4 ,title ,,ii--,collat]aliz$ 
loan obligations ,sec4 #bja4 ,%ort      
title4 ,sec4 #bjb4 ,rules ( con/ruction 
relat+ to collat]aliz$ loan obligations4
 ,title ,,iii--,def9ition ( ,po9ts &    
,fees 9 ,mortgage ,transactions ,sec4   
#cja4 ,%ort title4 ,sec4 #cjb4          
,def9ition ( po9ts & fees4 ,sec4 #cjc4  
,rulemak+4 ,title ,,iv--,bus9ess ,risk  
,mitigation & ,price ,/abilization ,sec4
 #dja4 ,%ort title4 ,sec4 #djb4 ,m>g9   
requirem5ts4 ,sec4 #djc4 ,implem5tation4
  ,i ,insurance ,capital ,/&>ds  #aja4  
,%ort title ,?is title may be cit$ z !  
,insurance ,capital ,/&>ds ,cl>ification
 ,act ( #bjad4  #ajb4 ,cl>ification (   
application ( lev]age & risk-bas$       
capital requirem5ts ,section #aga ( !   
,dodd-,frank ,wall ,/reet ,re=m &       
,consum] ,protection ,act 7#ab ,u4,s4,c4
 #ecga7 is am5d$--  7#a7 9 subsection   
7a71 by add+ at ! end ! foll[+3  7#d7   
,bus9ess ( insurance ,! t]m bus9ess (   
insurance has ! same mean+ z 9 section  

#ajjb7c74  7#e7 ,p]son regulat$ by a    
/ate insurance regulator ,! t]m p]son   
regulat$ by a ,/ate insurance regulator 
has ! same mean+ z 9 section #ajjb7bb74 
7#f7 ,regulat$ =eign subsidi>y &        
regulat$ =eign affiliate ,! t]ms        
regulat$ =eign subsidi>y & regulat$     
=eign affiliate mean a p]son engag$ 9 ! 
bus9ess ( insurance 9 a =eign c\ntry t  
is regulat$ by a =eign insurance        
regulatory au?ority t is a memb] ( !    
,int]national ,association ( ,insurance 
,sup]visors or o!r comp>able =eign      
insurance regulatory au?ority z det]m9$ 
by ! ,bo>d ( ,gov]nors foll[+           
consultation ) ! ,/ate insurance        
regulators1 includ+ ! lead ,/ate        
insurance commission] 7or simil> ,/ate  
(ficial7 ( ! insurance hold+ company    
sy/em z det]m9$ by ! proc$ures )9 !     
,f9ancial ,analysis ,h&book adopt$ by ! 
,national ,association ( ,insurance     
,commission]s1 :]e ! p]son1 or its      
pr9cipal ,unit$ ,/ates insurance        
affiliate1 has its pr9cipal place (     

bus9ess or is domicil$1 b only to !     
ext5t t--  7,a7 su* p]son acts 9 its    
capacity z a regulat$ insurance entity2 
&  7,b7 ! ,bo>d ( ,gov]nors does n      
det]m9e t ! capital requirem5ts 9 a     
specific =eign jurisdiction are         
inadequate4  7#g7 ,capacity z a regulat$
 insurance entity ,! t]m capacity z a   
regulat$ insurance entity--  7,a7       
includes any action or activity und]tak5
 by a p]son regulat$ by a ,/ate         
insurance regulator or a regulat$ =eign 
subsidi>y or regulat$ =eign affiliate ( 
su* p]son1 z ^? actions relate to !     
provision ( insurance1 or o!r activities
 necess>y to engage 9 ! bus9ess (       
insurance2 &  7,b7 does n include any   
action or activity1 includ+ any f9ancial
 activity1 t is n regulat$ by a ,/ate   
insurance regulator or a =eign ag5cy or 
au?ority & subject to ,/ate insurance   
capital requirem5ts or1 9 ! case ( a    
regulat$ =eign subsidi>y or regulat$    
=eign affiliate1 capital requirem5ts    
impos$ by a =eign insurance regulatory  

au?ority4  2 &  7#b7 by add+ at ! end ! 
foll[+ new subsection3  7c7             
,cl>ification  7#a7 ,9 g5]al ,9 e/abli%+
 ! m9imum lev]age capital requirem5ts & 
m9imum risk-bas$ capital requirem5ts on 
a consolidat$ basis = a depository      
in/itution hold+ company or a nonbank   
f9ancial company sup]vis$ by ! ,bo>d (  
,gov]nors z requir$ "u p>agraphs 7#a7 & 
7#b7 ( subsection 7b71 ! appropriate    
,f$]al bank+ ag5cies %all n be requir$  
to include1 = any purpose ( ?is section 
7includ+ 9 any det]m9ation (            
consolidation71 a p]son regulat$ by a   
,/ate insurance regulator or a regulat$ 
=eign subsidi>y or a regulat$ =eign     
affiliate ( su* p]son engag$ 9 ! bus9ess
 ( insurance1 to ! ext5t t su* p]son    
acts 9 its capacity z a regulat$        
insurance entity4  7#b7 ,rule (         
con/ruction on bo>d's au?ority ,?is     
subsection %all n be con/ru$ to         
prohibit1 modify1 limit1 or o!rwise     
sup]s$e any o!r provision ( ,f$]al law t
 provides ! ,bo>d ( ,gov]nors au?ority  

to issue regulations & ord]s relat+ to  
capital requirem5ts = depository        
in/itution hold+ companies or nonbank   
f9ancial companies sup]vis$ by ! ,bo>d (
 ,gov]nors4  7#c7 ,rule ( con/ruction on
 acc\nt+ pr9ciples  7,a7 ,9 g5]al ,a    
depository in/itution hold+ company or  
nonbank f9ancial company sup]vis$ by !  
,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve t  
is also a p]son regulat$ by a ,/ate     
insurance regulator t is engag$ 9 !     
bus9ess ( insurance t files f9ancial    
/atem5ts ) a ,/ate insurance regulator  
or ! ,national ,association ( ,insurance
 ,commission]s utiliz+ only ,/atutory   
,acc\nt+ ,pr9ciples 9 accordance ) ,/ate
 law1 %all n be requir$ by ! ,bo>d "u ! 
au?ority ( ?is section or ! au?ority ( !
 ,home ,own]s' ,loan ,act to prep>e su* 
f9ancial /atem5ts 9 accordance )        
,g5]ally ,accept$ ,acc\nt+ ,pr9ciples4  
7,b7 ,pres]vation ( au?ority ,no?+ 9    
subp>agraph 7,a7 %all limit ! au?ority (
 ! ,bo>d "u any o!r applicable provision
 ( law to conduct any regulatory or     

sup]visory activity ( a depository      
in/itution hold+ company or non-bank    
f9ancial company sup]vis$ by ! ,bo>d (  
,gov]nors1 includ+ ! collection or      
report+ ( any in=mation on an entity or 
gr\p-wide basis4 ,no?+ 9 ?is p>agraph   
%all excuse ! ,bo>d f its obligations to
 comply ) section #afa7;a7 ( !          
,dodd-,frank ,wall ,/reet ,re=m &       
,consum] ,protection ,act 7#ab ,u4,s4,c4
 #ecfa7;a77 & section #aj7;b77#b7 ( !   
,home ,own]s' ,loan ,act 7#ab ,u4,s4,c4 
#adfg;a7b77#b771 z appropriate4  4  ,,ii
 ,collat]aliz$ loan obligations  #bja4  
,%ort title ,?is title may be cit$ z !  
,re/or+ ,prov5 ,f9anc+ = ,am]ican       
,employ]s ,act4  #bjb4 ,rules (         
con/ruction relat+ to collat]aliz$ loan 
obligations ,section #ac7;g7 ( ! ,bank  
,hold+ ,company ,act ( #aief 7#ab       
,u4,s4,c4 #ahea7;g77 is am5d$ by add+ at
 ! end ! foll[+ new p>agraphs3  7#d7    
,collat]aliz$ loan obligations  7,a7    
,inapplicability to c]ta9 collat]aliz$  
loan obligations ,no?+ 9 ?is section    

%all be con/ru$ to require ! dive/iture1
 prior to ,july #ba1 #bjag1 ( any debt  
securities ( collat]aliz$ loan          
obligations1 if su* debt securities 7   
issu$ be=e ,janu>y #ca1 #bjad4  7,b7    
,own]%ip int]e/ ) respect to            
collat]aliz$ loan obligations ,a bank+  
entity %all n be consid]$ to h an       
own]%ip int]e/ 9 a collat]aliz$ loan    
obligation because x acquires1 has      
acquir$1 or reta9s a debt security 9 su*
 collat]aliz$ loan obligation if ! debt 
security has no indicia ( own]%ip o!r   
?an ! "r ( ! bank+ entity to p>ticipate 
9 ! removal = cause1 or 9 ! selection ( 
a replacem5t aft] removal = cause or    
resignation1 ( an inve/m5t manag] or    
inve/m5t advis] ( ! collat]aliz$ loan   
obligation4  7,c7 ,def9itions ,=        
purposes ( ?is p>agraph3  7i7           
,collat]aliz$ loan obligation ,! t]m    
collat]aliz$ loan obligation means any  
issu+ entity ( an asset-back$ security1 
z def9$ 9 section #c7;a77#gg7 ( !       
,securities ,ex*ange ,act ( #aicd 7#ae  

,u4,s4,c4 #gh;c7a77#gg771 t is compris$ 
prim>ily ( comm]cial loans4  7ii7       
,removal = cause ,an inve/m5t manag] or 
inve/m5t advis] %all be deem$ to be     
remov$ = cause if ! inve/m5t manag] or  
inve/m5t advis] is remov$ z a result (--
  7,i7 a brea* ( a mat]ial t]m ( !      
applicable managem5t or advisory        
agreem5t or ! agreem5t gov]n+ !         
collat]aliz$ loan obligation2  7,,ii7 ! 
inability ( ! inve/m5t manag] or        
inve/m5t advis] to cont9ue to p]=m its  
obligations "u any su* agreem5t2        
7,,iii7 any o!r action or inaction by ! 
inve/m5t manag] or inve/m5t advis] t has
 or c\ld reasonably be expect$ to h a   
mat]ially adv]se effect on !            
collat]aliz$ loan obligation1 if !      
inve/m5t manag] or inve/m5t advis] fails
 to cure or take reasonable /eps to cure
 su* effect )9 a reasonable "t2 or      
7,,iv7 a comp>able ev5t or circum/ance t
 ?reat5s1 or c\ld reasonably be expect$ 
to ?reat51 ! int]e/s ( hold]s ( ! debt  
securities4  4  ,,iii ,def9ition (      

,po9ts & ,fees 9 ,mortgage ,transactions
  #cja4 ,%ort title ,?is title may be   
cit$ z ! ,mortgage ,*oice ,act ( #bjad4 
#cjb4 ,def9ition ( po9ts & fees  7a7    
,am5dm5t to section #ajc ( ,,tila       
,section #ajc7;bb77#d7 ( ! ,tru? 9 ,l5d+
 ,act 7#ae ,u4,s4,c4 #afjb7;bb77#d77 is 
am5d$--  7#a7 by /rik+ p>agraph         
7#a77;,b7 & ins]t+ p>agraph 7#a77;,a7 & 
section #abi;,c2  7#b7 9 subp>agraph    
7,c7--  7,a7 by ins]t+ & insurance aft] 
taxes2  7,b7 9 clause 7ii71 by ins]t+ 1 
except z reta9$ by a cr$itor or its     
affiliate z a result ( _! p>ticipation 9
 an affiliat$ bus9ess arrangem5t 7z     
def9$ 9 section #b7g7 ( ! ,real ,e/ate  
,settlem5t ,proc$ures ,act ( #aigd 7#ab 
,u4,s4,c4 #bfjb7g77 aft] comp5sation2 & 
7,c7 by /rik+ clause 7iii7 & ins]t+ !   
foll[+3  7iii7 ! *>ge is--  7,i7 a bona 
fide ?ird-p>ty *>ge n reta9$ by !       
mortgage orig9ator1 cr$itor1 or an      
affiliate ( ! cr$itor or mortgage       
orig9ator2 or  7,,ii7 a *>ge set =? 9   
section #ajf7;e77#a72  2 &  7#c7 9      

subp>agraph 7,d7--  7,a7 by /rik+       
accid5t12 &  7,b7 by /rik+ or any       
paym5ts & ins]t+ & any paym5ts4  7b7    
,am5dm5t to section #abi;,c ( ,,tila    
,section #abi;,c ( ! ,tru? 9 ,l5d+ ,act 
7#ae ,u4,s4,c4 #afci;c7 is am5d$--  7#a7
 9 subsection 7a77#e77;,c71 by /rik+    
#ajc & all t foll[s ?r\gh or mortgage   
orig9ator & ins]t+ #ajc7;bb77#d72 &     
7#b7 9 subsection 7b77#b77;,c77i71 by   
/rik+ #ajc & all t foll[s ?r\gh or      
mortgage orig9ator7 & ins]t+            
#ajc7;bb77#d74  #cjc4 ,rulemak+ ,n lat] 
?an ! end ( ! #ij-;day p]iod beg9n+ on !
 date ( ! enactm5t ( ?is ,act1 ! ,bureau
 ( ,consum] ,f9ancial ,protection %all  
issue f9al regulations to c>ry out !    
am5dm5ts made by ?is ,act1 & su*        
regulations %all be effective ^u        
issuance4  ,,iv ,bus9ess ,risk          
,mitigation & ,price ,/abilization      
#dja4 ,%ort title ,?is title may be cit$
 z ! ,bus9ess ,risk ,mitigation & ,price
 ,/abilization ,act ( #bjac4  #djb4     
,m>g9 requirem5ts  7a7 ,commodity       

,ex*ange ,act am5dm5t ,section #ds7e7 ( 
! ,commodity ,ex*ange ,act 7#g ,u4,s4,c4
 #fs7e771 z add$ by section #gca ( !    
,dodd-,frank ,wall ,/reet ,re=m &       
,consum] ,protection ,act1 is am5d$ by  
add+ at ! end ! foll[+ new p>agraph3    
7#d7 ,applicability ) respect to        
c\nt]p>ties ,! requirem5ts ( p>agraphs  
7#b77;,a77ii7 & 7#b77;,b77ii71 includ+ !
 initial & v>iation m>g9 requirem5ts    
impos$ by rules adopt$ pursuant to      
p>agraphs 7#b77;,a77ii7 & 7#b77;,b77ii71
 %all n apply to a swap 9 :i* a         
c\nt]p>ty qualifies = an exception "u   
section #b7;h77#g77;,a71 or an exemption
 issu$ "u section #d7;c77#a7 f !        
requirem5ts ( section #b7;h77#a77;,a7 = 
coop]ative entities z def9$ 9 su*       
exemption1 or satisfies ! crit]ia 9     
section #b7;h77#g77;,d74  4  7b7        
,securities ,ex*ange ,act am5dm5t       
,section #ae;,f7e7 ( ! ,securities      
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#gho-#aj7;e771 z add$ by section        
#gfd7;a7 ( ! ,dodd-,frank ,wall ,/reet  

,re=m & ,consum] ,protection ,act1 is   
am5d$ by add+ at ! end ! foll[+ new     
p>agraph3  7#d7 ,applicability ) respect
 to c\nt]p>ties ,! requirem5ts (        
p>agraphs 7#b77;,a77ii7 & 7#b77;,b77ii7 
%all n apply to a security-bas$ swap 9  
:i* a c\nt]p>ty qualifies = an exception
 "u section #c;,c7g77#a7 or satisfies ! 
crit]ia 9 section #c;,c7g77#d74  4      
#djc4 ,implem5tation ,! am5dm5ts made by
 ?is title to ! ,commodity ,ex*ange ,act
 %all be implem5t$--  7#a7 )\t reg>d    
to--  7,a7 *apt] #ce ( title #dd1 ,unit$
 ,/ates ,code2 &  7,b7 ! notice & comm5t
 provisions ( section #eec ( title #e1  
,unit$ ,/ates ,code2  7#b7 ?r\gh !      
promulgation ( an int]im f9al rule1     
pursuant to :i* public comm5t w be s\ght
 be=e a f9al rule is issu$2 &  7#c7 su* 
t p>agraph 7#a7 %all apply solely to    
*anges to rules & regulations1 or       
propos$ rules & regulations1 t are      
limit$ to & directly a consequ5ce ( su* 
am5dm5ts4