,i  #aad? ,,congress  #a/ ,session  ,h4 
,r4 #achi  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,m>* #ag1 #bjae ,mr4  
,b>r 7= himself & ,mr4 ,tipton7         
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 improve !       
mortgage f9ance sy/em & ! regulation (  
f9ancial in/itutions1 & = o!r purposes4 
#a4 ,%ort title ,?is ,act may be cit$ z 
! ,! ,am]ican ,jobs & ,community        
,revitalization ,act ( #bjae4  #b4      
,improv$ cu/om] access to mortgages  7a7
 ,application ,n lat] ?an #ij days aft] 
! date ( ! enactm5t ( ?is ,act1 !       
,bureau ( ,consum] ,f9ancial ,protection
 %all e/abli% an application process "u 
:i* a p]son :o lives or does bus9ess 9 a
 ,/ate may1 ) respect to an area        
id5tifi$ by ! p]son 9 su* ,/ate t has n 

be5 designat$ by ! ,bureau z a rural    
area = purposes ( a ,f$]al consum]      
f9ancial law 7z def9$ "u section #ajjb (
 ! ,consum] ,f9ancial ,protection ,act (
 #bjaj 7#ab ,u4,s4,c4 #edha771 apply =  
su* area to be s designat$4  7b7        
,evaluation crit]ia ,:5 evaluat+ an     
application submitt$ "u subsection 7a71 
! ,bureau %all take into consid]ation ! 
foll[+ factors3  7#a7 ,crit]ia us$ by ! 
,director ( ! ,bureau ( ! ,c5sus =      
classify+ geographical areas z rural or 
urban4  7#b7 ,crit]ia us$ by ! ,director
 ( ! ,(fice ( ,managem5t & ,budget to   
designate c\nties z metropolitan or     
micropolitan or nei!r4  7#c7 ,crit]ia   
us$ by ! ,secret>y ( ,agriculture to    
det]m9e prop]ty eligibility = rural     
developm5t programs4  7#d7 ,! ,dep>tm5t 
( ,agriculture rural-urban commut+ area 
codes4  7#e7 ,a writt5 op9ion provid$ by
 ! ,/ate's bank sup]visor1 z def9$ "u   
section #c7r7 ( ! ,f$]al ,deposit       
,insurance ,act 7#ab ,u4,s4,c4          
#ahac7r774  7#f7 ,population d5sity4    

7c7 ,public comm5t p]iod  7#a7 ,9 g5]al 
,n lat] ?an #fj days aft] receiv+ an    
application submitt$ "u subsection 7a71 
! ,bureau %all--  7,a7 publi% su*       
application 9 ! ,f$]al ,regi/]2 &  7,b7 
make su* application available = public 
comm5t = n few] ?an #ij days4  7#b7     
,limitation on additional applications  
,no?+ 9 ?is section %all be con/ru$ to  
require ! ,bureau1 dur+ ! public comm5t 
p]iod ) respect to an application       
submitt$ "u subsection 7a71 to accept an
 additional application ) respect to !  
area t is ! subject ( ! initial         
application4  7d7 ,decision on          
designation ,n lat] ?an #ij days aft] ! 
end ( ! public comm5t p]iod "u          
subsection 7c77#a7 = an application1 !  
,bureau %all--  7#a7 grant or d5y su*   
application1 9 :ole or 9 "p2 &  7#b7    
publi% su* grant or d5ial 9 ! ,f$]al    
,regi/]1 along ) an explanation ( :at   
factors ! ,bureau reli$ on 9 mak+ su*   
det]m9ation4  7e7 ,subsequ5t            
applications ,a decision by ! ,bureau "u

 subsection 7d7 to d5y an application = 
an area to be designat$ z a rural area  
%all n preclude ! ,bureau f accept+ a   
subsequ5t application submitt$ "u       
subsection 7a7 = su* area to be s       
designat$1 s long z su* subsequ5t       
application is made aft] ! end ( !      
#ij-;day p]iod beg9n+ on ! date t !     
,bureau d5ies ! application "u          
subsection 7d74  7f7 ,sunset ,?is       
section %all cease to h any =ce or      
effect aft] ! end ( ! #b-ye> p]iod      
beg9n+ on ! date ( ! enactm5t ( ?is     
,act4  #c4 ,safe h>bor = c]ta9 loans    
held on portfolio  7a7 ,9 g5]al ,section
 #abi;,c ( ! ,tru? 9 ,l5d+ ,act 7#ae    
,u4,s4,c4 #afci;c7 is am5d$ by add+ at !
 end ! foll[+3  7j7 ,safe h>bor = c]ta9 
loans held on portfolio  7#a7 ,safe     
h>bor = cr$itors t are depository       
in/itutions  7,a7 ,9 g5]al ,a cr$itor t 
is a depository in/itution %all n be    
subject to suit = failure to comply )   
subsection 7a71 7c77#a71 or 7f77#b7 (   
?is section or section #abi;,h ) respect

 to a resid5tial mortgage loan1 & !     
bank+ regulators %all treat su* loan z a
 qualifi$ mortgage1 if--  7i7 ! cr$itor 
has1 s9ce ! orig9ation ( ! loan1 held ! 
loan on ! balance %eet ( ! cr$itor2 &   
7ii7 all prepaym5t p5alties ) respect to
 ! loan comply ) ! limitations describ$ 
"u subsection 7c77#c74  7,b7 ,exception 
= c]ta9 transf]s ,9 ! case ( a          
depository in/itution t transf]s a loan 
orig9at$ by t in/itution to ano!r       
depository in/itution by reason ( !     
bankruptcy or failure ( ! orig9at+      
depository in/itution or ! pur*ase ( !  
orig9at+ depository in/itution1 !       
depository in/itution transf]r+ su* loan
 %all be deem$ to h compli$ ) !         
requirem5t "u subp>agraph 7,a77i74  7#b7
 ,safe h>bor = mortgage orig9ators ,a   
mortgage orig9ator %all n be subject to 
suit = a violation ( section            
#abi;,b7c77#c77;,b7 = /e]+ a consum] to 
a resid5tial mortgage loan if--  7,a7 ! 
cr$itor ( su* loan is a depository      
in/itution & has in=m$ ! mortgage       

orig9ator t ! cr$itor int5ds to hold !  
loan on ! balance %eet ( ! cr$itor = !  
life ( ! loan2 &  7,b7 ! mortgage       
orig9ator in=ms ! consum] t ! cr$itor   
int5ds to hold ! loan on ! balance %eet 
( ! cr$itor = ! life ( ! loan4  7#c7    
,def9itions ,= purposes ( ?is           
subsection3 7,a7 ,bank+ regulators ,!   
t]m bank+ regulators means ! ,f$]al     
bank+ ag5cies1 ! ,bureau1 & ! ,national 
,cr$it ,union ,adm9i/ration4  7,b7      
,depository in/itution ,! t]m depository
 in/itution has ! mean+ giv5 t t]m "u   
section #ai7;b77#a7 ( ! ,f$]al ,res]ve  
,act 7#ab ,u4,s4,c4 #eje7;b77#a774  7,c7
 ,f$]al bank+ ag5cies ,! t]m ,f$]al     
bank+ ag5cies has ! mean+ giv5 t t]m "u 
section #c ( ! ,f$]al ,deposit          
,insurance ,act4  4  7b7 ,rule (        
con/ruction ,no?+ 9 ! am5dm5t made by   
?is section may be con/ru$ z prev5t+ a  
balloon loan f qualify+ = ! safe h>bor  
provid$ "u section #abi;,c7j7 ( ! ,tru? 
9 ,l5d+ ,act if ! balloon loan o!rwise  
meets all ( ! requirem5ts "u su*        

subsection 7j71 reg>dless ( :e!r !      
balloon loan meets ! requirem5ts        
describ$ "u clauses 7i7 ?r\gh 7iv7 (    
section #abi;,c7b77#b77;,e7 ( su* ,act  
7#ae ,u4,s4,c4 #afci;c7b77#b77;,e774    
#d4 ,review & reconciliation ( conflict+
 & unnecess>y regulations  7a7 ,f$]al   
,deposit ,insurance ,corporation        
,section #i ( ! ,f$]al ,deposit         
,insurance ,act 7#ab ,u4,s4,c4 #ahai7 is
 am5d$ by add+ at ! end ! foll[+3  7c7  
,review ( regulations  7#a7 ,9 g5]al    
,be=e issu+ a regulation or ord] !      
,corporation %all assess o!r ,f$]al     
regulations & ord]s to det]m9e !        
int]action betwe5 ! propos$ regulation  
or ord] & o!r ,f$]al regulations &      
ord]s4  7#b7 ,consid]ations ,9 mak+ a   
det]m9ation ( ! int]action betwe5 !     
propos$ regulation or ord] & o!r ,f$]al 
regulations1 ! ,corporation %all        
evaluate ! foll[+3  7,a7 ,:e!r ! propos$
 regulation or ord] is 9 conflict ) o!r 
,f$]al regulations or ord]s4  7,b7 ,:e!r
 ! propos$ regulation or ord] is        

inconsi/5t ) o!r ,f$]al regulations or  
ord]s4  7,c7 ,:e!r ! propos$ regulation 
or ord] is duplicative ( o!r ,f$]al     
regulations or ord]s4  7,d7 ,:e!r o!r   
,f$]al regulations or ord]s are outdat$4
  7#c7 ,resolv+ duplicative or          
inconsi/5t regulations or ord]s ,!      
,corporation %all take all available    
measures "u curr5t law to resolve any   
duplicative or inconsi/5t exi/+         
regulation or ord] ) any propos$        
regulation or ord] be=e issu+ a f9al    
regulation or ord]4  7#d7 ,report to    
,congress ,n lat] ?an ! end ( ! #fj-;day
 p]iod beg9n+ on ! date ! ,corporation  
makes a det]m9ation "u p>agraph 7#b71 ! 
,corporation %all issue a report to !   
,congress conta9+ recomm5dations made by
 ! ,corporation1 includ+ any            
recomm5dations ( ,f$]al laws or         
regulations t %\ld be repeal$ or am5d$1 
s t ! ,congress may repeal or am5d any  
conflict+1 inconsi/5t1 duplicative1 or  
outdat$ laws or regulations4  7#e7      
,limitation on judicial review ,not)/&+ 

any o!r provision ( law1 a c\rt may n   
compel action or hold unlawful & set    
aside any action solely on ! basis (    
compliance or noncompliance ) !         
requirem5ts ( ?is subsection4  7#f7     
,def9itions ,= purposes ( ?is           
subsection3 7,a7 ,regulation & ord] ,!  
t]ms regulation & ord] %all h ! mean+   
giv5 ^? t]ms1 respectively1 by !        
,corporation1 & ! t]m o!r ,f$]al        
regulations & ord]s %all mean           
regulations & ord]s ( ! ,f$]al f9ancial 
regulators1 o!r ?an ! ,corporation4     
7,b7 ,f$]al f9ancial regulators ,! t]m  
,f$]al f9ancial regulators means ! ,bo>d
 ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 
! ,bureau ( ,consum] ,f9ancial          
,protection1 ! ,commodity ,futures      
,trad+ ,commission1 ! ,comptroll] ( !   
,curr5cy1 ! ,corporation1 ! ,national   
,cr$it ,union ,adm9i/ration1 & !        
,securities & ,ex*ange ,commission4  4  
7b7 ,(fice ( ! ,comptroll] ( ! ,curr5cy 
,section #cbd ( ! ,revis$ ,/atutes ( !  
,unit$ ,/ates 7#ab ,u4,s4,c4 #a7 is     

am5d$ by add+ at ! end ! foll[+3  7c7   
,review ( regulations  7#a7 ,9 g5]al    
,be=e issu+ a regulation or ord] !      
,comptroll] ( ! ,curr5cy %all assess o!r
 ,f$]al regulations & ord]s to det]m9e !
 int]action betwe5 ! propos$ regulation 
or ord] & o!r ,f$]al regulations &      
ord]s4  7#b7 ,consid]ations ,9 mak+ a   
det]m9ation ( ! int]action betwe5 !     
propos$ regulation or ord] & o!r ,f$]al 
regulations1 ! ,comptroll] %all evaluate
 ! foll[+3  7,a7 ,:e!r ! propos$        
regulation or ord] is 9 conflict ) o!r  
,f$]al regulations or ord]s4  7,b7 ,:e!r
 ! propos$ regulation or ord] is        
inconsi/5t ) o!r ,f$]al regulations or  
ord]s4  7,c7 ,:e!r ! propos$ regulation 
or ord] is duplicative ( o!r ,f$]al     
regulations or ord]s4  7,d7 ,:e!r o!r   
,f$]al regulations or ord]s are outdat$4
  7#c7 ,resolv+ duplicative or          
inconsi/5t regulations or ord]s ,!      
,comptroll] %all take all available     
measures "u curr5t law to resolve any   
duplicative or inconsi/5t exi/+         

regulation or ord] ) any propos$        
regulation or ord] be=e issu+ a f9al    
regulation or ord]4  7#d7 ,report to    
,congress ,n lat] ?an ! end ( ! #fj-;day
 p]iod beg9n+ on ! date ! ,comptroll]   
makes a det]m9ation "u p>agraph 7#b71 ! 
,comptroll] %all issue a report to !    
,congress conta9+ recomm5dations made by
 ! ,comptroll]1 includ+ any             
recomm5dations ( ,f$]al laws or         
regulations t %\ld be repeal$ or am5d$1 
s t ! ,congress may repeal or am5d any  
conflict+1 inconsi/5t1 duplicative1 or  
outdat$ laws or regulations4  7#e7      
,limitation on judicial review ,not)/&+ 
any o!r provision ( law1 a c\rt may n   
compel action or hold unlawful & set    
aside any action solely on ! basis (    
compliance or noncompliance ) !         
requirem5ts ( ?is subsection4  7#f7     
,def9itions ,= purposes ( ?is           
subsection1 ! t]ms regulation & ord]    
%all h ! mean+ giv5 ^? t]ms1            
respectively1 by ! ,comptroll]1 & ! t]m 
o!r ,f$]al regulations & ord]s %all mean

 regulations & ord]s ( ! ,f$]al f9ancial
 regulators 7z def9$ "u section         
#i7;c77#f7 ( ! ,f$]al ,deposit          
,insurance ,act71 o!r ?an ! ,comptroll]4
  4  7c7 ,bo>d ( ,gov]nors ( ! ,f$]al   
,res]ve ,sy/em ,section #aj ( ! ,f$]al  
,res]ve ,act is am5d$ by ins]t+ be=e    
p>agraph 7#ab7 ! foll[+3  7#aa7 ,review 
( regulations  7,a7 ,9 g5]al ,be=e issu+
 a regulation or ord] ! ,bo>d (         
,gov]nors ( ! ,f$]al ,res]ve ,sy/em %all
 assess o!r ,f$]al regulations & ord]s  
to det]m9e ! int]action betwe5 ! propos$
 regulation or ord] & o!r ,f$]al        
regulations & ord]s4  7,b7              
,consid]ations ,9 mak+ a det]m9ation ( !
 int]action betwe5 ! propos$ regulation 
or ord] & o!r ,f$]al regulations1 !     
,bo>d ( ,gov]nors %all evaluate !       
foll[+3  7i7 ,:e!r ! propos$ regulation 
or ord] is 9 conflict ) o!r ,f$]al      
regulations or ord]s4  7ii7 ,:e!r !     
propos$ regulation or ord] is inconsi/5t
 ) o!r ,f$]al regulations or ord]s4     
7iii7 ,:e!r ! propos$ regulation or ord]

 is duplicative ( o!r ,f$]al regulations
 or ord]s4  7iv7 ,:e!r o!r ,f$]al       
regulations or ord]s are outdat$4  7,c7 
,resolv+ duplicative or inconsi/5t      
regulations or ord]s ,! ,bo>d (         
,gov]nors %all take all available       
measures "u curr5t law to resolve any   
duplicative or inconsi/5t exi/+         
regulation or ord] ) any propos$        
regulation or ord] be=e issu+ a f9al    
regulation or ord]4  7,d7 ,report to    
,congress ,n lat] ?an ! end ( ! #fj-;day
 p]iod beg9n+ on ! date ! ,bo>d (       
,gov]nors makes a det]m9ation "u        
subp>agraph 7,a71 ! ,bo>d ( ,gov]nors   
%all issue a report to ! ,congress      
conta9+ recomm5dations made by ! ,bo>d (
 ,gov]nors1 includ+ any recomm5dations (
 ,f$]al laws or regulations t %\ld be   
repeal$ or am5d$1 s t ! ,congress may   
repeal or am5d any conflict+1           
inconsi/5t1 duplicative1 or outdat$ laws
 or regulations4  7,e7 ,limitation on   
judicial review ,not)/&+ any o!r        
provision ( law1 a c\rt may n compel    

action or hold unlawful & set aside any 
action solely on ! basis ( compliance or
 noncompliance ) ! requirem5ts ( ?is    
p>agraph4  7,f7 ,def9itions ,= purposes 
( ?is p>agraph1 ! t]ms regulation & ord]
 %all h ! mean+ giv5 ^? t]ms1           
respectively1 by ! ,bo>d ( ,gov]nors1 & 
! t]m o!r ,f$]al regulations & ord]s    
%all mean regulations & ord]s ( ! ,f$]al
 f9ancial regulators 7z def9$ "u section
 #i7;c77#f7 ( ! ,f$]al ,deposit         
,insurance ,act71 o!r ?an ! ,bo>d (     
,gov]nors4  4  7d7 ,bureau ( ,consum]   
,f9ancial ,protection ,section #ajbb ( !
 ,consum] ,f9ancial ,protection ,act (  
#bjaj 7#ab ,u4,s4,c4 #eeab7 is am5d$ by 
add+ at ! end ! foll[+3  7e7 ,review (  
regulations  7#a7 ,9 g5]al ,be=e issu+ a
 regulation or ord] ! ,bureau %all      
assess o!r ,f$]al regulations & ord]s to
 det]m9e ! int]action betwe5 ! propos$  
regulation or ord] & o!r ,f$]al         
regulations & ord]s4  7#b7              
,consid]ations ,9 mak+ a det]m9ation ( !
 int]action betwe5 ! propos$ regulation 

or ord] & o!r ,f$]al regulations1 !     
,bureau %all evaluate ! foll[+3  7,a7   
,:e!r ! propos$ regulation or ord] is 9 
conflict ) o!r ,f$]al regulations or    
ord]s4  7,b7 ,:e!r ! propos$ regulation 
or ord] is inconsi/5t ) o!r ,f$]al      
regulations or ord]s4  7,c7 ,:e!r !     
propos$ regulation or ord] is           
duplicative ( o!r ,f$]al regulations or 
ord]s4  7,d7 ,:e!r o!r ,f$]al           
regulations or ord]s are outdat$4  7#c7 
,resolv+ duplicative or inconsi/5t      
regulations or ord]s ,! ,bureau %all    
take all available measures "u curr5t   
law to resolve any duplicative or       
inconsi/5t exi/+ regulation or ord] )   
any propos$ regulation or ord] be=e     
issu+ a f9al regulation or ord]4  7#d7  
,report to ,congress ,n lat] ?an ! end (
 ! #fj-;day p]iod beg9n+ on ! date !    
,bureau makes a det]m9ation "u p>agraph 
7#b71 ! ,bureau %all issue a report to !
 ,congress conta9+ recomm5dations made  
by ! ,bureau1 includ+ any recomm5dations
 ( ,f$]al laws or regulations t %\ld be 

repeal$ or am5d$1 s t ! ,congress may   
repeal or am5d any conflict+1           
inconsi/5t1 duplicative1 or outdat$ laws
 or regulations4  7#e7 ,limitation on   
judicial review ,not)/&+ any o!r        
provision ( law1 a c\rt may n compel    
action or hold unlawful & set aside any 
action solely on ! basis ( compliance or
 noncompliance ) ! requirem5ts ( ?is    
subsection4  7#f7 ,def9itions ,=        
purposes ( ?is subsection1 ! t]ms       
regulation & ord] %all h ! mean+ giv5 ^?
 t]ms1 respectively1 by ! ,bureau1 & !  
t]m o!r ,f$]al regulations & ord]s %all 
mean regulations & ord]s ( ! ,f$]al     
f9ancial regulators 7z def9$ "u section 
#i7;c77#f7 ( ! ,f$]al ,deposit          
,insurance ,act71 o!r ?an ! ,bureau4  4 
7e7 ,national ,cr$it ,union             
,adm9i/ration ,section #ajb ( ! ,f$]al  
,cr$it ,union ,act 7#ab ,u4,s4,c4       
#ageb;a7 is am5d$ by add+ at ! end !    
foll[+3  7g7 ,review ( regulations  7#a7
 ,9 g5]al ,be=e issu+ a regulation or   
ord] ! ,adm9i/ration %all assess o!r    

,f$]al regulations & ord]s to det]m9e ! 
int]action betwe5 ! propos$ regulation  
or ord] & o!r ,f$]al regulations &      
ord]s4  7#b7 ,consid]ations ,9 mak+ a   
det]m9ation ( ! int]action betwe5 !     
propos$ regulation or ord] & o!r ,f$]al 
regulations1 ! ,adm9i/ration %all       
evaluate ! foll[+3  7,a7 ,:e!r ! propos$
 regulation or ord] is 9 conflict ) o!r 
,f$]al regulations or ord]s4  7,b7 ,:e!r
 ! propos$ regulation or ord] is        
inconsi/5t ) o!r ,f$]al regulations or  
ord]s4  7,c7 ,:e!r ! propos$ regulation 
or ord] is duplicative ( o!r ,f$]al     
regulations or ord]s4  7,d7 ,:e!r o!r   
,f$]al regulations or ord]s are outdat$4
  7#c7 ,resolv+ duplicative or          
inconsi/5t regulations or ord]s ,!      
,adm9i/ration %all take all available   
measures "u curr5t law to resolve any   
duplicative or inconsi/5t exi/+         
regulation or ord] ) any propos$        
regulation or ord] be=e issu+ a f9al    
regulation or ord]4  7#d7 ,report to    
,congress ,n lat] ?an ! end ( ! #fj-;day

 p]iod beg9n+ on ! date ! ,adm9i/ration 
makes a det]m9ation "u p>agraph 7#b71 ! 
,adm9i/ration %all issue a report to !  
,congress conta9+ recomm5dations made by
 ! ,adm9i/ration1 includ+ any           
recomm5dations ( ,f$]al laws or         
regulations t %\ld be repeal$ or am5d$1 
s t ! ,congress may repeal or am5d any  
conflict+1 inconsi/5t1 duplicative1 or  
outdat$ laws or regulations4  7#e7      
,limitation on judicial review ,not)/&+ 
any o!r provision ( law1 a c\rt may n   
compel action or hold unlawful & set    
aside any action solely on ! basis (    
compliance or noncompliance ) !         
requirem5ts ( ?is subsection4  7#f7     
,def9itions ,= purposes ( ?is           
subsection1 ! t]ms regulation & ord]    
%all h ! mean+ giv5 ^? t]ms1            
respectively1 by ! ,adm9i/ration1 & !   
t]m o!r ,f$]al regulations & ord]s %all 
mean regulations & ord]s ( ! ,f$]al     
f9ancial regulators 7z def9$ "u section 
#i7;c77#f7 ( ! ,f$]al ,deposit          
,insurance ,act71 o!r ?an !             

,adm9i/ration4  4  7f7 ,securities &    
,ex*ange ,commission ,section #d ( !    
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;d7 is am5d$ by add+ at !  
end ! foll[+3  7j7 ,review ( regulations
  7#a7 ,9 g5]al ,be=e issu+ a regulation
 or ord] ! ,commission %all assess o!r  
,f$]al regulations & ord]s to det]m9e ! 
int]action betwe5 ! propos$ regulation  
or ord] & o!r ,f$]al regulations &      
ord]s4  7#b7 ,consid]ations ,9 mak+ a   
det]m9ation ( ! int]action betwe5 !     
propos$ regulation or ord] & o!r ,f$]al 
regulations1 ! ,commission %all evaluate
 ! foll[+3  7,a7 ,:e!r ! propos$        
regulation or ord] is 9 conflict ) o!r  
,f$]al regulations or ord]s4  7,b7 ,:e!r
 ! propos$ regulation or ord] is        
inconsi/5t ) o!r ,f$]al regulations or  
ord]s4  7,c7 ,:e!r ! propos$ regulation 
or ord] is duplicative ( o!r ,f$]al     
regulations or ord]s4  7,d7 ,:e!r o!r   
,f$]al regulations or ord]s are outdat$4
  7#c7 ,resolv+ duplicative or          
inconsi/5t regulations or ord]s ,!      

,commission %all take all available     
measures "u curr5t law to resolve any   
duplicative or inconsi/5t exi/+         
regulation or ord] ) any propos$        
regulation or ord] be=e issu+ a f9al    
regulation or ord]4  7#d7 ,report to    
,congress ,n lat] ?an ! end ( ! #fj-;day
 p]iod beg9n+ on ! date ! ,commission   
makes a det]m9ation "u p>agraph 7#b71 ! 
,commission %all issue a report to !    
,congress conta9+ recomm5dations made by
 ! ,commission1 includ+ any             
recomm5dations ( ,f$]al laws or         
regulations t %\ld be repeal$ or am5d$1 
s t ! ,congress may repeal or am5d any  
conflict+1 inconsi/5t1 duplicative1 or  
outdat$ laws or regulations4  7#e7      
,limitation on judicial review ,not)/&+ 
any o!r provision ( law1 a c\rt may n   
compel action or hold unlawful & set    
aside any action solely on ! basis (    
compliance or noncompliance ) !         
requirem5ts ( ?is subsection4  7#f7     
,def9itions ,= purposes ( ?is           
subsection1 ! t]ms regulation & ord]    

%all h ! mean+ giv5 ^? t]ms1            
respectively1 by ! ,commission1 & ! t]m 
o!r ,f$]al regulations & ord]s %all mean
 regulations & ord]s ( ! ,f$]al f9ancial
 regulators 7z def9$ "u section         
#i7;c77#f7 ( ! ,f$]al ,deposit          
,insurance ,act71 o!r ?an ! ,commission4
  4  7g7 ,commodity futures trad+       
commission ,section #b7;a7 ( !          
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#b7;a77 is am5d$ by add+ at ! end !     
foll[+3  7,a7 ,9 g5]al ,be=e issu+ a    
regulation or ord] ! ,commission %all   
assess o!r ,f$]al regulations & ord]s to
 det]m9e ! int]action betwe5 ! propos$  
regulation or ord] & o!r ,f$]al         
regulations & ord]s4  7,b7              
,consid]ations ,9 mak+ a det]m9ation ( !
 int]action betwe5 ! propos$ regulation 
or ord] & o!r ,f$]al regulations1 !     
,commission %all evaluate ! foll[+3  7i7
 ,:e!r ! propos$ regulation or ord] is 9
 conflict ) o!r ,f$]al regulations or   
ord]s4  7ii7 ,:e!r ! propos$ regulation 
or ord] is inconsi/5t ) o!r ,f$]al      

regulations or ord]s4  7iii7 ,:e!r !    
propos$ regulation or ord] is           
duplicative ( o!r ,f$]al regulations or 
ord]s4  7iv7 ,:e!r o!r ,f$]al           
regulations or ord]s are outdat$4  7,c7 
,resolv+ duplicative or inconsi/5t      
regulations or ord]s ,! ,commission %all
 take all available measures "u curr5t  
law to resolve any duplicative or       
inconsi/5t exi/+ regulation or ord] )   
any propos$ regulation or ord] be=e     
issu+ a f9al regulation or ord]4  7,d7  
,report to ,congress ,n lat] ?an ! end (
 ! #fj-;day p]iod beg9n+ on ! date !    
,commission makes a det]m9ation "u      
subp>agraph 7,b71 ! ,commission %all    
issue a report to ! ,congress conta9+   
recomm5dations made by ! ,commission1   
includ+ any recomm5dations ( ,f$]al laws
 or regulations t %\ld be repeal$ or    
am5d$1 s t ! ,congress may repeal or    
am5d any conflict+1 inconsi/5t1         
duplicative1 or outdat$ laws or         
regulations4  7,e7 ,limitation on       
judicial review ,not)/&+ any o!r        

provision ( law1 a c\rt may n compel    
action or hold unlawful & set aside any 
action solely on ! basis ( compliance or
 noncompliance ) ! requirem5ts ( ?is    
p>agraph4  7,f7 ,def9itions ,= purposes 
( ?is p>agraph1 ! t]ms regulation & ord]
 %all h ! mean+ giv5 ^? t]ms1           
respectively1 by ! ,commission1 & ! t]m 
o!r ,f$]al regulations & ord]s %all mean
 regulations & ord]s ( ! ,f$]al f9ancial
 regulators 7z def9$ "u section         
#i7;c77#f7 ( ! ,f$]al ,deposit          
,insurance ,act71 o!r ?an ! ,commission4
  4  7h7 ,treatm5t ( jo9t rulemak+s ,9 !
 case ( a jo9t rulemak+ ) respect to :i*
 an assessm5t & det]m9ation is requir$  
pursuant to an am5dm5t made "u ?is      
section1 ! ag5cies %all jo9tly make su* 
assessm5t & det]m9ation & %all submit a 
s+le report ) respect to su*            
det]m9ation4  #e4 ,long] exam9ation     
cycle = highly rat$ community banks     
,section #aj7;d7 ( ! ,f$]al ,deposit    
,insurance ,act 7#ab ,u4,s4,c4          
#ahbj7;d77 is am5d$-- 7#a7 9 p>agraph   

7#d7--  7,a7 9 subp>agraph 7,a71 by     
/rik+ #ejj1jjj1jjj & ins]t+             
#a1jjj1jjj1jjj2 &  7,b7 9 subp>agraph   
7,c77ii71 by /rik+ #ajj1jjj1jjj & ins]t+
 #bjj1jjj1jjj2 &  7#b7 9 p>agraph       
7#aj7-- 7,a7 by /rik+ #ajj1jjj1jjj &    
ins]t+ #bjj1jjj1jjj2 &  7,b7 by /rik+   
#ejj1jjj1jjj & ins]t+ #a1jjj1jjj1jjj4   
#f4 ,/reaml9+ curr5cy transaction       
report+  7a7 ,qualifi$ cu/om] exemption 
,section #ecac7;e7 ( title #ca1 ,unit$  
,/ates ,code1 is am5d$ to read z foll[s3
  7e7 ,discretion>y exemption = qualifi$
 cu/om]s  7#a7 ,9 g5]al ,be=e ! end ( ! 
#bgj-;day p]iod beg9n+ on ! date ( !    
enactm5t ( ?is subsection1 ! ,secret>y (
 ! ,treasury %all issue f9al rules t    
exempt any depository in/itution f fil+ 
a report pursuant to ?is section )      
respect to a transaction = ! paym5t1    
receipt1 or transf] ( monet>y in/rum5ts 
betwe5 ! depository in/itution & a      
qualifi$ cu/om] ( ! depository          
in/itution4  7#b7 ,qualifi$ cu/om] def9$
 ,= purposes ( ?is section1 ! t]m       

qualifi$ cu/om]1 ) respect to a         
depository in/itution1 has su* mean+ z !
 ,secret>y ( ! ,treasury %all prescribe1
 :i* %all include any p]son t--  7,a7   
has ma9ta9$ a deposit acc\nt ) !        
depository in/itution = at lea/ #b      
mon?s1 except ! ,secret>y may prescribe 
a %ort] p]iod by rule2 &  7,b7 has      
engag$1 us+ su* acc\nt1 9 any curr5cy   
transactions t w\ld o!rwise be subject  
to ! report+ requirem5ts ( subsection   
7a74  7#c7 ,rulemak+  7,a7 ,9 g5]al ,!  
,secret>y ( ! ,treasury %all issue rules
 requir+ a depository in/itution to file
 a "o-"t notice ( ! designation =       
exemption ( ea* qualifi$ cu/om] ( !     
depository in/itution4  7,b7 ,=m &      
cont5t ( designation notice ,! ,secret>y
 %all by rule prescribe ! =m1 mann]1    
cont5t1 & tim+ ( ! qualifi$ cu/om]      
designation notice4 ,su* notice %all    
include suffici5t in=mation to id5tify !
 qualifi$ cu/om] & ! acc\nts ( ! cu/om]4
  7,c7 ,au?ority ( ,secret>y  7i7 ,9    
g5]al ,! ,secret>y may susp5d1 reject1  

or revoke any qualifi$ cu/om]           
designation notice1 9 accordance )      
crit]ia prescrib$ by ! ,secret>y by     
rule4  7ii7 ,conditions ,! ,secret>y may
 e/abli% conditions1 9 accordance )     
crit]ia prescrib$ by rule1 "u :i* a     
designation ( exemption receiv$ "u ?is  
section %all cont9ue to be valid1 )     
respect to ! qualifi$ cu/om] = :om a    
depository in/itution secur$ su*        
designation1 if su* depository          
in/itution m]ges ) or is acquir$ by     
ano!r depository in/itution4  4  7b7    
,fil+ ?re%old ,n lat] ?an ! end ( !     
#fj-;day p]iod beg9n+ on ! date ( !     
enactm5t ( ?is ,act1 ! ,secret>y %all   
issue f9al regulations to raise !       
?re%old am\nt "u subsection 7a7 to at   
lea/ #bj1jjj4  #g4 ,f9ancial crimes     
en=cem5t network data acc\ntability     
metrics  7a7 ,9 g5]al ,section #caj (   
title #ca1 ,unit$ ,/ates ,code1 is      
am5d$-- 7#a7 9 subsection 7b77#b7--     
7,a7 by r$esignat+ subp>agraph 7,j7 z   
subp>agraph 7,k72 &  7,b7 by ins]t+ aft]

 subp>agraph 7,i7 ! foll[+ new          
subp>agraph3  7,j7 ,report annually to !
 ,committee on ,f9ancial ,s]vices ( !   
,h\se ( ,repres5tatives & ! ,committee  
on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! 
,s5ate on h[ ! data access s]vice       
describ$ 9 subp>agraph 7,b7 & !         
in=mation collect$ by ! s]vice is us$ to
 detect & prev5t money laund]+1 t]rori/ 
f9anc+1 & o!r f9ancial crimes1 includ+--
  7i7 in=mation on ! numb] (            
inve/igations & prosecutions orig9at$   
because (1 & support$ by1 access to !   
in=mation collect$ by ! s]vice2 &  7ii7 
an id5tification & analysis ( in=mation 
collect$ by ! s]vice :i* is n us$ t !   
,director believes %\ld be elim9at$ to  
r$uce report+ requirem5ts & increase    
effectiv5ess & effici5cy4  2 &  7#b7 9  
subsection 7c7-- 7,a7 9 p>agraph        
7#a77;,c71 by /rik+ 2 & & ins]t+ a      
semicolon2  7,b7 by r$esignat+ p>agraph 
7#b7 z p>agraph 7#c72 &  7,c7 by ins]t+ 
aft] p>agraph 7#a7 ! foll[+ new         
p>agraph3  7#b7 = appropriate metrics to

 monitor1 track1 assess1 & report on    
access to in=mation conta9$ 9 ! data    
access s]vice ma9ta9$ by ,fin,c,e,n1    
includ+3  7,a7 id5tify+1 track+1 &      
measur+ h[ su* in=mation is us$ & ! law 
en=cem5t results obta9$ z a consequ5ce (
 t use2 &  7,b7 assur+ acc\ntability by 
law en=cem5t ag5cies = ! usefulness1    
security1 & privacy ( su* in=mation :ile
 r$uc+ unnecess>y regulatory burd5s on  
report]s ( in=mation collect$ "u        
subsection 7b77#b77;,b72 &  4  #h4      
,equitable treatm5t ( ,s corporation    
banks ,section #aga ( ! ,dodd-,frank    
,wall ,/reet ,re=m & ,consum]           
,protection ,act 7#ab ,u4,s4,c4 #ecga7  
is am5d$--  7#a7 9 subsection 7a71 by   
add+ at ! end ! foll[+ new p>agraphs3   
7#h7 ,s corporation bank ,! t]m ,s      
corporation bank means any insur$       
depository in/itution op]at+ z an ,s    
corporation 7z def9$ 9 section #acfa7;a7
 ( ! ,int]nal ,rev5ue ,code 7#bf        
,u4,s4,c4 #acfa7;a7774  7#i7 ,capital   
cons]vation buff] ,! t]m capital        

cons]vation buff] means ! requirem5ts   
relat+ to capital cons]vation &         
c\nt]cyclical capital buff]s provid$ "u 
sections #c4aa1 #bag4aa1 & #cbd4aa (    
title #ab1 ,code ( ,f$]al ,regulations4 
2  7#b7 9 subsection 7b77#e7-- 7,a7 9   
subp>agraph 7,b71 by /rik+ 2 or & ins]t+
 a semicolon2  7,b7 9 subp>agraph 7,c71 
by /rik+ ! p]iod at ! end & ins]t+ 2 or2
 &  7,c7 by add+ at ! end ! foll[+ new  
subp>agraph3  7,d7 any ,s corporation   
bank z describ$ 9 p>agraph 7#h74  2 &   
7#c7 by add+ at ! end ( subsection 7b7 !
 foll[+ new p>agraph3  7#h7 ,capital    
requirem5ts = ,s corporations  7,a7 ,9  
g5]al ,n lat] ?an #ahj days aft] ! date 
( enactm5t ( ?is ,act1 ! appropriate    
,f$]al bank+ ag5cies %all1 ) reg>d to ! 
treatm5t ( divid5d di/ributions requir$ 
"u ! capital cons]vation buff] = a ,s   
corporation bank1 issue f9al regulations
 au?oriz+ su* banks to make su*         
di/ributions = paym5t ( taxes aris+ f ! 
activities ( su* bank4  7,b7            
,requirem5ts ,! regulations issu$ "u    

subp>agraph 7,a7 %all take into         
consid]ation ! fact t ! income ( an ,s  
corporation bank is calculat$ prior to  
consid]ation ( di/ributions = paym5t (  
taxes aris+ f ,s corporation bank       
activities4  4