,,ii #aacth ,,congress #b;d ,session ,s4 #bfih ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,july #cj1 #bjad ,mr4 ,king 7for himself1 ,mr4 ,warner1 ,mr4 ,tester1 and ,mrs4 ,fischer7 introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,a ,,bill ,to provide regulatory easement for lending institutions that enable a vibrant economy4 #a4 ,short title 7a7 ,short title ,this ,act may be cited as the ,regulatory ,easement for ,lending ,institutions that ,enable a ,vibrant ,economy ,act of #bjad or the ,,relieve ,act4 7b7 ,table of ,contents ,the table of contents for this ,act is as follows3 ,sec4 #a4 ,short title4 ,,title ,i--,expansion of small bank holding company policy statement definition ,sec4 #aja4 ,changes required to small bank holding company policy statement on assessment of financial and managerial factors4 ,sec4 #ajb4 ,conforming amendment4 ,sec4 #ajc4 ,definitions4 ,,title ,,ii--,qualified mortgages for rural lenders ,sec4 #bja4 ,qualified mortgages for rural lenders4 ,,title ,,iii--,insurance of amounts held on behalf of others ,sec4 #cja4 ,insurance of amounts held on behalf of others4 ,i ,expansion of small bank holding company policy statement definition #aja4 ,changes required to small bank holding company policy statement on assessment of financial and managerial factors 7a7 ,in general ,before the end of the #f-month period beginning on the date of the enactment of this ,act1 the ,board of ,governors of the ,federal ,reserve ,system 7hereafter in this ,act referred to as the ,board7 shall publish in the ,federal ,register proposed revisions to the ,small ,bank ,holding ,company ,policy ,statement on ,assessment of ,financial and ,managerial ,factors 7#ab ,c4,f4,r4 part #bbe appendix ,c7 that provide that the policy shall apply to bank holding companies and savings and loan holding companies which have pro forma consolidated assets of less than #a1jjj1jjj1jjj and that-- 7#a7 are not engaged in significant nonbanking activities either directly or through a nonbank subsidiary2 7#b7 do not conduct significant off-balance sheet activities 7including securitization and asset management or administration7 either directly or through a nonbank subsidiary2 and 7#c7 do not have a material amount of debt or equity securities outstanding 7other than trust preferred securities7 that are registered with the ,securities and ,exchange ,commission4 7b7 ,exclusions ,the ,board may exclude any bank holding company or savings and loan holding company1 regardless of asset size1 from the policy statement under subsection 7a7 if the ,board determines that such action is warranted for supervisory purposes4 #ajb4 ,conforming amendment ,section #aga7;b77#e77;,c7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #ecga7;b77#e77;,c77 is amended by inserting or small savings and loan holding company after any small bank holding company4 #ajc4 ,definitions ,for the purposes of this title3 7a7 ,bank holding company ,the term bank holding company has the same meaning as in section #b of the ,bank ,holding ,company ,act of #aief 7#ab ,u4,s4,c4 #ahda74 7b7 ,savings and loan holding ,the term savings and loan holding company has the same meaning as in section #aj7;a7 of the ,home ,owners' ,loan ,act 7#ab ,u4,s4,c4 #adfg;a7a774 ,,ii ,qualified mortgages for rural lenders #bja4 ,qualified mortgages for rural lenders ,section #abi;,c7b77#b7 of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afci;c7b77#b77 is amended-- 7#a7 in subparagraph 7,e77vi77,,ii71 by striking a limit set by the ,board and inserting #a1jjj per year2 and 7#b7 by inserting after subparagraph 7,e7 the following3 7,f7 ,rural ,the term rural means any area other than-- 7i7 a city or town that has a population of greater than #ej1jjj inhabitants2 and 7ii7 any urbanized area contiguous and adjacent to a city or town described in clause 7i74 4 ,,iii ,insurance of amounts held on behalf of others #cja4 ,insurance of amounts held on behalf of others ,section #bjg7k7 of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #aghg7k77 is amended-- 7#a7 in paragraph 7#a77;,a7-- 7,a7 by inserting after payable to any member the following3 1 or to any person with funds lawfully held in a member account12 and 7,b7 by striking and paragraphs 7#e7 and 7#f72 7#b7 in paragraph 7#b77;,a71 by striking 7as determined under paragraph 7#e772 7#c7 by redesignating paragraph 7#e7 as paragraph 7#f72 and 7#d7 by inserting after paragraph 7#d7 the following3 7#e7 ,coverage for interest on lawyers trust accounts and other similar escrow accounts 7,a7 ,pass-through insurance ,the ,administration shall provide pass-through share insurance for the deposits or shares of any interest on lawyers trust account 7commonly referred to as ,,iolta7 or other similar escrow accounts4 7,b7 ,treatment of ,i,o,l,t,as 7i7 ,treatment as escrow accounts ,for share insurance purposes1 ,i,o,l,t,as are treated as escrow accounts4 7ii7 ,treatment as member accounts ,i,o,l,t,as and other similar escrow accounts are considered member accounts for purposes of paragraph 7#a71 if the attorney administering the ,,iolta or the escrow agent administering the escrow account is a member of the insured credit union in which the funds are held4 7,c7 ,definitions ,for purposes of this paragraph3 7i7 ,interest on lawyers trust account ,the terms interest on lawyers trust account or ,,iolta mean a system in which lawyers place certain client funds in interest-bearing or dividend-bearing accounts1 with the interest or dividends then used to fund programs such as legal service organizations who provide services to clients in need4 7ii7 ,pass-through share insurance ,the term pass-through share insurance means1 with respect to ,i,o,l,t,as and other similar escrow accounts1 insurance coverage based on the interest of each person on whose behalf funds are held in such accounts by the attorney administering the ,,iolta or the escrow agent administering a similar escrow account1 in accordance with regulations issued by the ,administration4 7,d7 ,rule of construction ,no provision of this paragraph shall be construed as authorizing an insured credit union to accept the deposits of an ,,iolta or similar escrow account in an amount greater than such credit union is authorized to accept under any other provision of ,federal or ,state law4 4