,i #aad? ,,congress #a/ ,session ,h4 ,r4 #adjh ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,m>* #ag1 #bjae ,mr4 ,p]lmutt] 7= himself & ,mr4 ,luetkemey]7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,f9ancial ,s]vices ,a ,,bill ,to require c]ta9 ,f$]al bank+ ag5cies to conduct a /udy ( ! appropriate capital requirem5ts = mortgage s]vic+ assets = nonsy/emic bank+ in/itutions1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,mortgage ,s]vic+ ,asset ,capital ,requirem5ts ,act ( #bjae4 #b4 ,community f9ancial in/itution mortgage s]vic+ asset capital requirem5ts /udy 7a7 ,def9itions ,= purposes ( ?is section3 7#a7 ,bank+ in/itution ,! t]m bank+ in/itution means an insur$ depository in/itution1 ,f$]al cr$it union1 ,/ate cr$it union1 bank hold+ company1 or sav+s & loan hold+ company4 7#b7 ,basel ,,iii capital requirem5ts ,! t]m ,basel ,,iii capital requirem5ts means ! ,global ,regulatory ,framework = ,m ,resili5t ,banks & ,bank+ ,sy/ems issu$ by ! ,basel ,committee on ,bank+ ,sup]vision on ,decemb] #af1 #bjaj1 z revis$ on ,june #a1 #bjaa4 7#c7 ,f$]al bank+ ag5cies ,! t]m ,f$]al bank+ ag5cies means ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ! ,(fice ( ! ,comptroll] ( ! ,curr5cy1 ! ,f$]al ,deposit ,insurance ,corporation1 & ! ,national ,cr$it ,union ,adm9i/ration4 7#d7 ,mortgage s]vic+ asset ,! t]m mortgage s]vic+ asset means ^? assets t result f contracts to s]vice loans secur$ by real e/ate1 :]e su* loans are own$ by ?ird p>ties4 7#e7 ,,ncua capital requirem5ts ,! t]m ,,ncua capital requirem5ts means ! propos$ rule ( ! ,national ,cr$it ,union ,adm9i/ration titl$ ,risk-,bas$ ,capital 7#hj ,f$4 ,reg4 #dcdj2 ,janu>y #bg1 #bjae74 7#f7 ,nonsy/emic bank+ in/itution ,! t]m nonsy/emic bank+ in/itution means any bank+ in/itution o!r ?an an in/itution id5tifi$ by ! ,f9ancial ,/ability ,bo>d z a global sy/emically important bank4 7#g7 ,o!r def9itions 7,a7 ,bank+ def9itions ,! t]ms bank hold+ company1 insur$ depository in/itution1 & sav+s & loan hold+ company h ! mean+s giv5 su* t]ms1 respectively1 "u section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7,b7 ,cr$it union def9itions ,! t]ms ,f$]al cr$it union & ,/ate cr$it union h ! mean+s giv5 su* t]ms1 respectively1 "u section #aja ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #ageb74 7b7 ,/udy ( ! appropriate capital = mortgage s]vic+ assets 7#a7 ,9 g5]al ,! ,f$]al bank+ ag5cies %all1 jo9tly1 conduct a /udy ( ! appropriate capital requirem5ts = mortgage s]vic+ assets = nonsy/emic bank+ in/itutions4 7#b7 ,issues to be /udi$ ,! /udy requir$ by ?is subsection %all include1 ) a specific focus on nonsy/emic bank+ in/itutions-- 7,a7 ! risk to bank+ in/itutions ( hold+ mortgage s]vic+ assets2 7,b7 ! hi/ory ( ! m>ket = mortgage s]vic+ assets1 includ+ p>ticul>ly ! m>ket = su* assets 9 ! p]iod ( ! f9ancial crisis2 7,c7 ! ability ( bank+ in/itutions to e/abli% a value = _! mortgage s]vic+ assets ?r\gh p]iodic sales or o!r means2 7,d7 regulatory approa*es to mortgage s]vic+ assets 9 addition to capital requirem5ts t c\ld be us$ to address conc]ns ab\t ! value ( & ability to sell mortgage s]vic+ assets2 7,e7 ! impact ( impos+ ! ,basel ,,iii capital requirem5ts & ! ,,ncua capital requirem5ts on nonsy/emic bank+ in/itutions on _! ability to compete 9 ! mortgage s]vic+ bus9ess1 includ+ ! ne$ = economies ( scale to compete 9 t bus9ess1 & on _! ability to provide s]vice to consum]s to :om !y h made a mortgage loan2 7,f7 an analysis ( :at ! mortgage s]vic+ m>ketplace w\ld look l if ! ,basel ,,iii capital requirem5ts & ! ,,ncua capital requirem5ts on mortgage s]vic+ assets-- 7i7 7 fully implem5t$2 & 7ii7 appli$ to bo? bank+ in/itutions & nondepository resid5tial mortgage loan s]vic]s2 7,g7 ! significance ( problems ) mortgage s]vic+ assets1 if any1 9 bank+ in/itution failures & problem bank+ in/itutions1 includ+ specifically id5tify+ fail$ bank+ in/itutions :]e mortgage s]vic+ assets contribut$ to ! failure2 & 7,h7 an analysis ( ! relevance ( ! ,basel ,,iii capital requirem5ts & ! ,,ncua capital requirem5ts on mortgage s]vic+ assets to ! bank+ sy/ems ( o!r significant develop$ c\ntries4 7#c7 ,report to ,congress ,n lat] ?an ! end ( ! #f-mon? p]iod beg9n+ on ! date ( ! enactm5t ( ?is ,act1 ! ,f$]al bank+ ag5cies %all issue a report to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives conta9+-- 7,a7 ! results ( ! /udy requir$ "u p>agraph 7#a72 & 7,b7 any analysis on ! specific issue ( mortgage s]vic+ assets und]tak5 by ! ,f$]al bank+ ag5cies prior to f9aliz+ regulations implem5t+ ! ,basel ,,iii capital requirem5ts & ! ,,ncua capital requirem5ts4 7c7 ,delay ( rulemak+ 7#a7 ,rules on mortgage s]vic+ assets ,not)/&+ any o!r provision ( law1 no regulation to implem5t ! ,basel ,,iii capital requirem5ts or ! ,,ncua capital requirem5ts ) respect to mortgage s]vic+ assets = nonsy/emic bank+ in/itutions %all take effect be=e ! end ( ! #c-mon? p]iod beg9n+ on ! date ! report is issu$ "u subsection 7b77#c74 7#b7 ,f9al rule requirem5ts ,be=e any f9al rule is issu$ by a ,f$]al bank+ ag5cy ) respect to capital requirem5ts on mortgage s]vic+ assets = nonsy/emic bank+ in/itutions1 ! ,f$]al bank+ ag5cy %all-- 7,a7 if ! relat$ propos$ rule 0 issu$ be=e ! date on :i* ! report is issu$ "u subsection 7b77#c71 issue a new propos$ rule = public comm5t2 & 7,b7 consid] regulatory approa*es to mortgage s]vic+ assets t c\ld address conc]ns ab\t ! value ( & ability to sell mortgage s]vic+ assets4