,,ii #aac? ,,congress #b;d ,session ,s4 #bfih ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,july #cj1 #bjad ,mr4 ,k+ 7= himself1 ,mr4 ,w>n]1 ,mr4 ,te/]1 & ,mrs4 ,fis*]7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ,a ,,bill ,to provide regulatory easem5t = l5d+ in/itutions t enable a vibrant economy4 #a4 ,%ort title 7a7 ,%ort title ,?is ,act may be cit$ z ! ,regulatory ,easem5t = ,l5d+ ,in/itutions t ,enable a ,vibrant ,economy ,act ( #bjad or ! ,,relieve ,act4 7b7 ,table ( ,cont5ts ,! table ( cont5ts = ?is ,act is z foll[s3 ,sec4 #a4 ,%ort title4 ,,title ,i--,expansion ( small bank hold+ company policy /atem5t def9ition ,sec4 #aja4 ,*anges requir$ to small bank hold+ company policy /atem5t on assessm5t ( f9ancial & manag]ial factors4 ,sec4 #ajb4 ,con=m+ am5dm5t4 ,sec4 #ajc4 ,def9itions4 ,,title ,,ii--,qualifi$ mortgages = rural l5d]s ,sec4 #bja4 ,qualifi$ mortgages = rural l5d]s4 ,,title ,,iii--,insurance ( am\nts held on behalf ( o!rs ,sec4 #cja4 ,insurance ( am\nts held on behalf ( o!rs4 ,i ,expansion ( small bank hold+ company policy /atem5t def9ition #aja4 ,*anges requir$ to small bank hold+ company policy /atem5t on assessm5t ( f9ancial & manag]ial factors 7a7 ,9 g5]al ,be=e ! end ( ! #f-mon? p]iod beg9n+ on ! date ( ! enactm5t ( ?is ,act1 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em 7h]eaft] 9 ?is ,act ref]r$ to z ! ,bo>d7 %all publi% 9 ! ,f$]al ,regi/] propos$ revisions to ! ,small ,bank ,hold+ ,company ,policy ,/atem5t on ,assessm5t ( ,f9ancial & ,manag]ial ,factors 7#ab ,c4,f4,r4 "p #bbe app5dix ,c7 t provide t ! policy %all apply to bank hold+ companies & sav+s & loan hold+ companies :i* h pro =ma consolidat$ assets ( less ?an #a1jjj1jjj1jjj & t-- 7#a7 are n engag$ 9 significant nonbank+ activities ei!r directly or ?r\gh a nonbank subsidi>y2 7#b7 d n conduct significant (f-balance %eet activities 7includ+ securitization & asset managem5t or adm9i/ration7 ei!r directly or ?r\gh a nonbank subsidi>y2 & 7#c7 d n h a mat]ial am\nt ( debt or equity securities out/&+ 7o!r ?an tru/ pref]r$ securities7 t are regi/]$ ) ! ,securities & ,ex*ange ,commission4 7b7 ,exclusions ,! ,bo>d may exclude any bank hold+ company or sav+s & loan hold+ company1 reg>dless ( asset size1 f ! policy /atem5t "u subsection 7a7 if ! ,bo>d det]m9es t su* action is w>rant$ = sup]visory purposes4 #ajb4 ,con=m+ am5dm5t ,section #aga7;b77#e77;,c7 ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7#ab ,u4,s4,c4 #ecga7;b77#e77;,c77 is am5d$ by ins]t+ or small sav+s & loan hold+ company aft] any small bank hold+ company4 #ajc4 ,def9itions ,= ! purposes ( ?is title3 7a7 ,bank hold+ company ,! t]m bank hold+ company has ! same mean+ z 9 section #b ( ! ,bank ,hold+ ,company ,act ( #aief 7#ab ,u4,s4,c4 #ahda74 7b7 ,sav+s & loan hold+ ,! t]m sav+s & loan hold+ company has ! same mean+ z 9 section #aj7;a7 ( ! ,home ,own]s' ,loan ,act 7#ab ,u4,s4,c4 #adfg;a7a774 ,,ii ,qualifi$ mortgages = rural l5d]s #bja4 ,qualifi$ mortgages = rural l5d]s ,section #abi;,c7b77#b7 ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afci;c7b77#b77 is am5d$-- 7#a7 9 subp>agraph 7,e77vi77,,ii71 by /rik+ a limit set by ! ,bo>d & ins]t+ #a1jjj p] ye>2 & 7#b7 by ins]t+ aft] subp>agraph 7,e7 ! foll[+3 7,f7 ,rural ,! t]m rural means any area o!r ?an-- 7i7 a city or t[n t has a population ( great] ?an #ej1jjj inhabitants2 & 7ii7 any urbaniz$ area contigu\s & adjac5t to a city or t[n describ$ 9 clause 7i74 4 ,,iii ,insurance ( am\nts held on behalf ( o!rs #cja4 ,insurance ( am\nts held on behalf ( o!rs ,section #bjg7k7 ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #aghg7k77 is am5d$-- 7#a7 9 p>agraph 7#a77;,a7-- 7,a7 by ins]t+ aft] payable to any memb] ! foll[+3 1 or to any p]son ) funds lawfully held 9 a memb] acc\nt12 & 7,b7 by /rik+ & p>agraphs 7#e7 & 7#f72 7#b7 9 p>agraph 7#b77;,a71 by /rik+ 7z det]m9$ "u p>agraph 7#e772 7#c7 by r$esignat+ p>agraph 7#e7 z p>agraph 7#f72 & 7#d7 by ins]t+ aft] p>agraph 7#d7 ! foll[+3 7#e7 ,cov]age = int]e/ on lawy]s tru/ acc\nts & o!r simil> escr[ acc\nts 7,a7 ,pass-?r\gh insurance ,! ,adm9i/ration %all provide pass-?r\gh %>e insurance = ! deposits or %>es ( any int]e/ on lawy]s tru/ acc\nt 7commonly ref]r$ to z ,,iolta7 or o!r simil> escr[ acc\nts4 7,b7 ,treatm5t ( ,i,o,l,t,as 7i7 ,treatm5t z escr[ acc\nts ,= %>e insurance purposes1 ,i,o,l,t,as are treat$ z escr[ acc\nts4 7ii7 ,treatm5t z memb] acc\nts ,i,o,l,t,as & o!r simil> escr[ acc\nts are consid]$ memb] acc\nts = purposes ( p>agraph 7#a71 if ! attorney adm9i/]+ ! ,,iolta or ! escr[ ag5t adm9i/]+ ! escr[ acc\nt is a memb] ( ! insur$ cr$it union 9 :i* ! funds are held4 7,c7 ,def9itions ,= purposes ( ?is p>agraph3 7i7 ,int]e/ on lawy]s tru/ acc\nt ,! t]ms int]e/ on lawy]s tru/ acc\nt or ,,iolta mean a sy/em 9 :i* lawy]s place c]ta9 cli5t funds 9 int]e/-be>+ or divid5d-be>+ acc\nts1 ) ! int]e/ or divid5ds !n us$ to fund programs su* z legal s]vice organizations :o provide s]vices to cli5ts 9 ne$4 7ii7 ,pass-?r\gh %>e insurance ,! t]m pass-?r\gh %>e insurance means1 ) respect to ,i,o,l,t,as & o!r simil> escr[ acc\nts1 insurance cov]age bas$ on ! int]e/ ( ea* p]son on ^: behalf funds are held 9 su* acc\nts by ! attorney adm9i/]+ ! ,,iolta or ! escr[ ag5t adm9i/]+ a simil> escr[ acc\nt1 9 accordance ) regulations issu$ by ! ,adm9i/ration4 7,d7 ,rule ( con/ruction ,no provision ( ?is p>agraph %all be con/ru$ z au?oriz+ an insur$ cr$it union to accept ! deposits ( an ,,iolta or simil> escr[ acc\nt 9 an am\nt great] ?an su* cr$it union is au?oriz$ to accept "u any o!r provision ( ,f$]al or ,/ate law4 4