,,ii ,calendar ,no4 #ajc #aadth ,,congress #ast ,session ,s4 #adhd ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,june #b1 #bjae,mr4 ,shelby1 from the ,committee on ,banking1 ,housing1 and ,urban ,affairs1 reported the following original bill2 which was read twice and placed on the calendar ,a ,,bill ,to improve accountability and transparency in the ,united ,states financial regulatory system1 protect access to credit for consumers1 provide sensible relief to financial institutions1 and for other purposes4 #a4 ,short title2 table of contents 7a7 ,short title ,this ,act may be cited as the ,financial ,regulatory ,improvement ,act of #bjae4 7b7 ,table of contents ,the table of contents for this ,act is as follows3 ,sec4 #a4 ,short title2 table of contents4 ,,title ,i--,regulatory relief and protection of consumer access to credit ,sec4 #aja4 ,exception to annual written privacy notice requirement under the ,gramm-,leach-,bliley ,act4 ,sec4 #ajb4 ,privately insured credit unions authorized to become members of a ,federal ,home ,loan ,bank4 ,sec4 #ajc4 ,designation of rural area4 ,sec4 #ajd4 ,independent ,examination ,review4 ,sec4 #aje4 ,confidentiality of information shared between ,state and ,federal financial services regulators4 ,sec4 #ajf4 ,safe harbor for certain loans held in portfolio4 ,sec4 #ajg4 ,protecting consumer access to mortgage credit4 ,sec4 #ajh4 ,protecting access to manufactured homes4 ,sec4 #aji4 ,streamlining bank exams4 ,sec4 #aaj4 ,adjustments for changes in gross domestic product4 ,sec4 #aaa4 ,study on the privacy risks of government publication of personal financial data4 ,sec4 #aab4 ,ensuring the reporting of appraisal misconduct4 ,sec4 #aac4 ,mutual holding company dividend waivers4 ,sec4 #aad4 ,safeguarding access to habitat for humanity homes4 ,sec4 #aae4 ,clarifying the applicability of section #ac7;h77#a7 of the ,bank ,holding ,company ,act of #aief4 ,sec4 #aaf4 ,study of mortgage servicing assets4 ,sec4 #aag4 ,no wait for lower mortgage rates4 ,sec4 #aah4 ,eliminating barriers to jobs for loan originators4 ,sec4 #aai4 ,short form call reports4 ,sec4 #abj4 ,application of the ,expedited ,funds ,availability ,act4 ,sec4 #aba4 ,application of the ,federal ,advisory ,committee ,act4 ,sec4 #abb4 ,budget transparency for the ,,ncua4 ,sec4 #abc4 ,date for determining consolidated assets4 ,sec4 #abd4 ,,fhlb membership4 ,sec4 #abe4 ,ensuring a comprehensive regulatory review4 ,sec4 #abf4 ,prohibition on implementation or participation in ,operation ,choke ,point4 ,,title ,,ii--,systemically important bank holding companies ,sec4 #bja4 ,revisions to ,council authority4 ,sec4 #bjb4 ,revisions to ,board authority4 ,sec4 #bjc4 ,effective date4 ,sec4 #bjd4 ,sense of ,congress4 ,sec4 #bje4 ,preservation of authority4 ,,title ,,iii--,greater transparency for the ,financial ,stability ,oversight ,council process for nonbank financial companies ,sec4 #cja4 ,access to ,council meetings by agency members4 ,sec4 #cjb4 ,nonbank determination process4 ,sec4 #cjc4 ,rule of construction4 ,,title ,,iv--,improved accountability and transparency in the regulation of insurance ,sec4 #dja4 ,sense of ,congress4 ,sec4 #djb4 ,ensuring the protection of insurance policyholders4 ,sec4 #djc4 ,international insurance capital standards accountability4 ,,title ,v--,improving the ,federal ,reserve ,system ,sec4 #eja4 ,reports to ,congress4 ,sec4 #ejb4 ,testimony2 votes2 staff4 ,sec4 #ejc4 ,transparency at the ,federal ,open ,market ,committee4 ,sec4 #ejd4 ,interest rates on balances maintained at a ,federal ,reserve bank by depository institutions4 ,sec4 #eje4 ,commission for restructuring the ,federal ,reserve ,system4 ,sec4 #ejf4 ,,gao study on supervision4 ,sec4 #ejg4 ,federal ,reserve study on nonbank supervision4 ,sec4 #ejh4 ,federal ,reserve bank governance4 ,,title ,,vi--,improved access to capital and tailored regulation in the financial markets ,sec4 #fja4 ,holding company registration threshold equalization4 ,sec4 #fjb4 ,increased threshold for disclosures relating to compensatory benefit plans4 ,sec4 #fjc4 ,repeal of indemnification requirements4 ,sec4 #fjd4 ,improving access to capital for emerging growth companies4 ,,title ,,vii--,taxpayer protections and market access for mortgage finance ,sec4 #gja4 ,definitions4 ,sec4 #gjb4 ,prohibiting the use of guarantee fees as an offset4 ,sec4 #gjc4 ,limitations on sale of preferred stock4 ,sec4 #gjd4 ,secondary market advisory committee4 ,sec4 #gje4 ,securitization platform4 ,sec4 #gjf4 ,mandatory risk sharing4 ,,title ,,viii--,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act technical corrections ,sec4 #hja4 ,table of contents2 definitional corrections4 ,sec4 #hjb4 ,antitrust savings clause corrections4 ,sec4 #hjc4 ,title ,i corrections4 ,sec4 #hjd4 ,title ,,ii corrections4 ,sec4 #hje4 ,title ,,iii corrections4 ,sec4 #hjf4 ,title ,,iv correction4 ,sec4 #hjg4 ,title ,,vi corrections4 ,sec4 #hjh4 ,title ,,vii corrections4 ,sec4 #hji4 ,title ,,viii corrections4 ,sec4 #haj4 ,title ,,ix corrections4 ,sec4 #haa4 ,title ,x corrections4 ,sec4 #hab4 ,title ,,xi correction4 ,sec4 #hac4 ,title ,,xii correction4 ,sec4 #had4 ,title ,,xiv correction4 ,sec4 #hae4 ,conforming corrections to other statutes4 ,sec4 #haf4 ,rulemaking deadlines4 ,sec4 #hag4 ,effective dates4 ,i ,regulatory relief and protection of consumer access to credit #aja4 ,exception to annual written privacy notice requirement under the ,gramm-,leach-,bliley ,act ,section #ejc of the ,gramm-,leach-,bliley ,act 7#ae ,u4,s4,c4 #fhjc7 is amended by adding at the end the following3 7f7 ,exception to annual written notice requirement 7#a7 ,in general ,a financial institution described in paragraph 7#b7 shall not be required to provide an annual written disclosure under this section until such time as the financial institution fails to comply with subparagraph 7,a71 7,b71 or 7,c7 of paragraph 7#b74 7#b7 ,covered institutions ,a financial institution described in this paragraph is a financial institution that-- 7,a7 provides nonpublic personal information only in accordance with the provisions of subsection 7b77#b7 or 7e7 of section #ejb or regulations prescribed under section #ejd7;b72 7,b7 has not changed its policies and practices with respect to disclosing nonpublic personal information from the policies and practices that were disclosed in the most recent disclosure sent to consumers in accordance with this section2 and 7,c7 otherwise provides customers access to such most recent disclosure in electronic or other form permitted by regulations prescribed under section #ejd4 4 #ajb4 ,privately insured credit unions authorized to become members of a ,federal ,home ,loan ,bank 7a7 ,in general ,section #d7;a7 of the ,federal ,home ,loan ,bank ,act 7#ab ,u4,s4,c4 #adbd7;a77 is amended by adding at the end the following3 7#e7 ,certain privately insured credit unions 7,a7 ,in general ,subject to the requirements of subparagraph 7,b71 a credit union that lacks insurance of its member accounts under ,federal law shall be treated as an insured depository institution for purposes of this ,act4 7,b7 ,certification by appropriate ,state supervisor ,for purposes of this paragraph1 a credit union that lacks insurance of its member accounts under ,federal law and that has applied for membership in a ,federal ,home ,loan ,bank shall be treated as an insured depository institution if the following has occurred3 7i7 ,determination by ,state supervisor of the credit union 7,i7 ,in general ,subject to subclause 7,,ii71 the appropriate supervisor of the ,state in which the credit union is chartered has determined that the credit union meets all the eligibility requirements under section #bja7;a7 of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #agha7;a77 to apply for insurance of its member accounts as of the date of the application for membership4 7,,ii7 ,certification deemed valid ,in the case of any credit union to which subclause 7,i7 applies1 if the appropriate supervisor of the ,state in which such credit union is chartered fails to make the determination required pursuant to such subclause by the end of the #ab-month period beginning on the date on which the application is submitted to the supervisor1 the credit union shall be deemed to have met the requirements of subclause 7,i74 7ii7 ,determination by ,state supervisor of the private deposit insurer ,the licensing entity of the private deposit insurer that is insuring the member accounts of the credit union-- 7,i7 receives1 on an annual basis1 an independent actuarial opinion that the private insurer has set aside sufficient reserves for losses2 and 7,,ii7 obtains1 as frequently as appropriate1 but not less frequently than once every #cf months1 a study by an independent actuary on the capital adequacy of the private insurer4 7iii7 ,submission of financial information ,the credit union or the appropriate supervisor of the ,state in which the credit union is chartered makes available1 and continues to make available for such time as the credit union is a member of a ,federal ,home ,loan ,bank1 to the ,federal ,housing ,finance ,agency or to the ,federal ,home ,loan ,bank all reports1 records1 and other information related to any examination or inquiry performed by the supervisor concerning the financial condition of the credit union1 as soon as is practicable4 7,c7 ,security interests of ,federal ,home ,loan ,bank not avoidable ,notwithstanding any provision of ,state law authorizing a conservator or liquidating agent of a credit union to repudiate contracts1 no such provision shall apply with respect to-- 7i7 any extension of credit from any ,federal ,home ,loan ,bank to any credit union that is a member of any such bank pursuant to this paragraph2 or 7ii7 any security interest in the assets of such a credit union securing any such extension of credit4 7,d7 ,protection for certain ,federal ,home ,loan ,bank advances ,notwithstanding any ,state law to the contrary1 if a ,bank makes an advance under section #aj to a ,state-chartered credit union that is not federally insured-- 7i7 the interest of the ,bank in any collateral securing the advance has the same priority and is afforded the same standing and rights that the security interest would have had if the advance had been made to a federally insured credit union2 and 7ii7 the ,bank has the same right to access such collateral that the ,bank would have had if the advance had been made to a federally insured credit union4 4 7b7 ,copies of audits of private insurers of certain depository institutions required to be provided to supervisory agencies ,section #dc7;a77#b77;,a7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahcat7a77#b77;,a77 is amended-- 7#a7 in clause 7i71 by striking 2 and and inserting a semicolon2 7#b7 in clause 7ii71 by striking the period at the end and inserting 2 and2 and 7#c7 by adding at the end the following3 7iii7 in the case of depository institutions described in subsection 7e77#b77;,a71 the member accounts of which are insured by the private deposit insurer1 which are members of a ,federal home loan bank1 to the ,federal ,housing ,finance ,agency1 not later than #g days after the audit is completed4 4 7c7 ,,gao ,report ,not later than #ah months after the date of enactment of this ,act1 the ,comptroller ,general of the ,united ,states shall conduct a study and submit to ,congress a report on-- 7#a7 the adequacy of insurance reserves held by any private deposit insurer that insures the member accounts of any entity described in section #dc7;e77#b77;,a7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahcat7e77#b77;,a772 and 7#b7 for any entity described in paragraph 7#a71 the member accounts of which are insured by a private deposit insurer1 the level of compliance with ,federal regulations relating to the disclosure of a lack of ,federal deposit insurance4 #ajc4 ,designation of rural area 7a7 ,application ,not later than #ij days after the date of enactment of this ,act1 the ,bureau of ,consumer ,financial ,protection shall establish an application process under which a person who lives or does business in a ,state may1 with respect to an area identified by the person in the ,state that has not been designated by the ,bureau of ,consumer ,financial ,protection as a rural area for purposes of a ,federal consumer financial law 7as defined in section #ajjb of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #edha771 apply for such area to be so designated4 7b7 ,evaluation criteria ,in evaluating an application submitted under subsection 7a71 the ,bureau of ,consumer ,financial ,protection shall take into consideration the following factors3 7#a7 ,criteria used by the ,director of the ,bureau of the ,census for classifying geographical areas as rural or urban4 7#b7 ,criteria used by the ,director of the ,office of ,management and ,budget to designate counties as metropolitan1 micropolitan1 or neither4 7#c7 ,criteria used by the ,secretary of ,agriculture to determine property eligibility for rural development programs4 7#d7 ,the ,department of ,agriculture rural-urban commuting area codes4 7#e7 ,a written opinion provided by the ,state bank supervisor 7as defined in section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7#f7 ,population density4 7c7 ,rule of construction ,if1 at any time before the date on which an application is submitted under subsection 7a71 the area subject to review has been designated as nonrural by any ,federal agency described in subsection 7b7 using any of the criteria described in that subsection1 the ,bureau of ,consumer ,financial ,protection shall not be required to consider such designation in its evaluation4 7d7 ,public comment period 7#a7 ,in general ,not later than #fj days after the date on which an application submitted under subsection 7a7 is received1 the ,bureau of ,consumer ,financial ,protection shall-- 7,a7 publish the application on the website of the ,bureau of ,consumer ,financial ,protection2 and 7,b7 make the application available for public comment for not fewer than #ij days4 7#b7 ,limitation on additional applications ,nothing in this section shall be construed to require the ,bureau of ,consumer ,financial ,protection1 during the public comment period described in paragraph 7#a7 with respect to an application submitted under subsection 7a71 to accept an additional application with respect to the area that is the subject of the initial application4 7e7 ,decision on designation ,not later than #ij days after the end of the public comment period described in subsection 7d77#a71 the ,bureau of ,consumer ,financial ,protection shall-- 7#a7 grant or deny such application1 in whole or in part2 and 7#b7 publish such grant or denial in the ,federal ,register1 along with an explanation of the factors on which the ,bureau of ,consumer ,financial ,protection relied in making such decision4 7f7 ,subsequent applications ,a decision by the ,bureau under subsection 7e7 to deny an application for an area to be designated as a rural area shall not preclude the ,bureau of ,consumer ,financial ,protection from accepting a subsequent application submitted under subsection 7a7 for the area to be so designated if the subsequent application is submitted after the date on which the #ij-;day period beginning on the date on which the ,bureau of ,consumer ,financial ,protection denies the application under subsection 7e7 expires4 7g7 ,operations in rural areas ,the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afja et seq47 is amended-- 7#a7 in section #abi;,c7b77#b77;,e77iv77,i7 7#ae ,u4,s4,c4 #afci;c7b77#b77;,e77iv77,i771 by striking predominantly2 and 7#b7 in section #abi;,d7c77#a7 7#ae ,u4,s4,c4 #afci;d7c77#a771 by striking predominantly4 #ajd4 ,independent ,examination ,review 7a7 ,in general ,the ,federal ,financial ,institutions ,examination ,council ,act of #aigh 7#ab ,u4,s4,c4 #ccja et seq47 is amended by adding at the end the following3 #ajab4 ,office of ,independent ,examination ,review 7a7 ,establishment ,there is established in the ,council an ,office of ,independent ,examination ,review4 7b7 ,head of office 7#a7 ,establishment ,there is established the position of the ,director as the head of the ,office of ,independent ,examination ,review1 who shall be appointed by the ,council for a term of #e years4 7#b7 ,removal 7,a7 ,in general ,the ,president may remove the ,director from office4 7,b7 ,congressional notification ,not later than #cj days after the date on which the ,director is removed from office under subparagraph 7,a71 the ,president shall submit to ,congress a written notification describing the reasons for the removal4 7c7 ,staffing ,the ,director may hire staff to support the activities of the ,office of ,independent ,examination ,review4 7d7 ,duties ,the ,director shall-- 7#a7 receive and1 at the discretion of the ,director1 investigate complaints from financial institutions1 representatives of financial institutions1 or any other entity acting on behalf of financial institutions1 concerning examinations1 examination practices1 or examination reports2 7#b7 hold meetings1 not less than once every #ij days and in locations designed to encourage participation from all regions of the ,united ,states1 with financial institutions1 representatives of financial institutions1 or any other entity acting on behalf of financial institutions1 to discuss examination procedures1 examination practices1 or examination policies2 7#c7 review examination procedures of the ,federal financial institutions regulatory agencies to ensure that the written examination policies of the agencies are being followed in practice and adhere to the standards for consistency established by the ,council2 7#d7 conduct a continuing and regular program of examination quality assurance for all types of examinations conducted by the ,federal financial institutions regulatory agencies2 and 7#e7 submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate1 the ,committee on ,financial ,services of the ,house of ,representatives1 and the ,council an annual report on the reviews carried out pursuant to paragraphs 7#c7 and 7#d71 including recommendations for improvements in examination procedures1 practices1 and policies4 7e7 ,confidentiality ,the ,director shall keep confidential-- 7#a7 all meetings1 discussions1 and information provided by financial institutions2 and 7#b7 any confidential or privileged information provided by a ,federal financial institutions regulatory agency4 7f7 ,funding2 budget 7#a7 ,in general ,one-fifth of the costs and expenses of the ,office of ,independent ,examination ,review1 including the salaries of its employees1 shall be paid by each of the ,federal financial institutions regulatory agencies1 which shall be based on the budget submitted under paragraph 7#b74 7#b7 ,budget ,not later than ,april #ae of each fiscal year1 the ,director shall submit to the ,council a projected budget for the ,office of ,independent ,examination ,review for the following fiscal year4 4 7b7 ,definitions ,section #ajjc of the ,federal ,financial ,institutions ,examination ,council ,act of #aigh 7#ab ,u4,s4,c4 #ccjb7 is amended-- 7#a7 by striking paragraph 7#a7 and inserting the following3 7#a7 the term ,federal financial institutions regulatory agencies means the ,office of the ,comptroller of the ,currency1 the ,board of ,governors of the ,federal ,reserve ,system1 the ,federal ,deposit ,insurance ,corporation1 the ,national ,credit ,union ,administration1 and the ,bureau of ,consumer ,financial ,protection2 2 7#b7 in paragraph 7#b71 by striking 2 and and inserting a semicolon2 7#c7 in paragraph 7#c71 by striking the semicolon and inserting 2 and2 and 7#d7 by adding at the end the following3 7#d7 the term ,director means the ,director established under section #ajab4 4 7c7 ,federal banking agency ombudsman 7#a7 ,in general ,section #cji of the ,riegle ,community ,development and ,regulatory ,improvement ,act of #aiid 7#ab ,u4,s4,c4 #dhjf7 is amended-- 7,a7 in the first sentence of subsection 7a71 by inserting 1 the ,bureau of ,consumer ,financial ,protection1 after ,federal banking agency2 7,b7 in subsection 7b7-- 7i7 by redesignating paragraphs 7#a7 and 7#b7 as subparagraphs 7,a7 and 7,b71 respectively1 and adjusting the margins accordingly2 7ii7 in the matter preceding subparagraph 7,a71 as so redesignated1 by striking ,in establishing and inserting the following3 7#a7 ,in general ,in establishing 2 7iii7 in paragraph 7#a77;,b71 as so redesignated1 by striking the appellant from retaliation by agency examiners and inserting the insured depository institution or insured credit union from retaliation by an agency referred to in subsection 7a72 and 7iv7 by adding at the end the following3 7#b7 ,retaliation ,for purposes of this subsection and subsection 7e71 retaliation includes delaying consideration of1 or withholding approval of1 any request1 notice1 or application that otherwise would have been approved1 but for the exercise of the rights of the insured depository institution or insured credit union under this section4 2 and 7,c7 in subsection 7e77#b7-- 7i7 in subparagraph 7,b71 by striking 2 and and inserting a semicolon2 7ii7 in subparagraph 7,c71 by striking the period at the end and inserting 2 and2 and 7iii7 by adding at the end the following3 7,d7 ensure that appropriate safeguards exist for protecting the insured depository institution or insured credit union from retaliation by any appropriate ,federal banking agency for exercising the rights of the insured depository institution or insured credit union under this subsection4 4 7#b7 ,effect ,nothing in this subsection shall be construed to affect the authority of an appropriate ,federal banking agency 7as defined in section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac77 or the ,national ,credit ,union ,administration ,board to take enforcement or other supervisory action4 7d7 ,federal ,credit ,union ,act ,section #bje7;j7 of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #aghe7;j77 is amended by inserting the ,bureau of ,consumer ,financial ,protection1 before the ,administration each place that term appears4 7e7 ,federal ,financial ,institutions ,examination ,council ,act ,section #ajje of the ,federal ,financial ,institutions ,examination ,council ,act of #aigh 7#ab ,u4,s4,c4 #ccjd7 is amended by striking ,one-fifth and inserting ,one-fourth4 #aje4 ,confidentiality of information shared between ,state and ,federal financial services regulators ,section #aeab7;a7 of the ,s4,a4,f4,e4 ,mortgage ,licensing ,act of #bjjh 7#ab ,u4,s4,c4 #eaaa7;a77 is amended by inserting or financial services before industry4 #ajf4 ,safe harbor for certain loans held in portfolio 7a7 ,in general ,section #abi;,c of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afci;c7 is amended by adding at the end the following3 7j7 ,safe harbor for certain loans held in portfolio 7#a7 ,definitions ,in this section-- 7,a7 the term appropriate ,federal banking agency has the meaning given that term in section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac72 7,b7 the term depository institution has the meaning given that term in section #ai7;b77#a7 of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #dfa7;b77#a772 and 7,c7 the term financial institution regulator means an appropriate ,federal banking agency1 the ,bureau1 and the ,national ,credit ,union ,administration4 7#b7 ,safe harbor for creditors 7,a7 ,in general ,a creditor shall not be subject to suit for failure to comply with subsection 7a71 7c77#a71 or 7f77#b7 of this section or section #abi;,h with respect to a residential mortgage loan1 and the financial institution regulators shall treat such loan as a qualified mortgage1 if-- 7i7 7,i7 the creditor has1 since the origination of the loan1 held the loan on the balance sheet of the creditor2 or 7,,ii7 any person acquiring the loan has continued to hold the loan on the balance sheet of the person2 7ii7 the loan has not been acquired through a securitization2 7iii7 all prepayment penalties with respect to the loan comply with the limitations described in subsection 7c77#c72 7iv7 the loan does not have-- 7,i7 negative amortization2 7,,ii7 interest-only features2 or 7,,iii7 a loan term of more than #cj years2 and 7v7 the creditor has documented the consumer's-- 7,i7 income2 7,,ii7 employment2 7,,iii7 assets2 and 7,,iv7 credit history4 7,b7 ,exception for certain transfers ,in the case of a depository institution that transfers a loan originated by that institution to another depository institution by reason of the bankruptcy or failure of the originating depository institution or the purchase of the originating depository institution1 the depository institution acquiring the loan shall be deemed to have complied with the requirement under subparagraph 7,a77i74 4 7b7 ,reviewing the portfolio of systemically important banks ,section #ah7o7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbh7o77 is amended by adding at the end the following3 7#e7 ,systemically important bank review ,the appropriate ,federal banking agency shall periodically review the mortgage portfolio or targeted segments of the portfolios of a bank subject to a determination under section #aac;,a7a7 of the ,financial ,stability ,act of #bjaj if-- 7,a7 there is elevated risk2 7,b7 there is an increase in delinquency and loss rates2 7,c7 there are new lines of business2 7,d7 there are new acquisition channels2 7,e7 there is rapid growth2 or 7,f7 an internal audit is inadequate4 4 7c7 ,rule of construction ,nothing in the amendment made by subsection 7a7 shall be construed to prevent a balloon loan from qualifying for the safe harbor provided under section #abi;,c7j7 of the ,truth in ,lending ,act1 as added by subsection 7a71 if the balloon loan otherwise meets all of the requirements under subsection 7j7 of that section1 regardless of whether the balloon loan meets the requirements described under clauses 7i7 through 7iv7 of section #abi;,c7b77#b77;,e7 of that ,act 7#ab ,u4,s4,c4 #abi;,c7b77#b77;,e774 #ajg4 ,protecting consumer access to mortgage credit 7a7 ,definition of high-cost mortgage ,section #ajc of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afjb7 is amended-- 7#a7 by redesignating subsections 7aa7 and 7bb7 as subsections 7bb7 and 7aa71 respectively1 and moving subsection 7bb71 as so redesignated1 after subsection 7aa71 as so redesignated2 and 7#b7 in subsection 7aa77#d71 as so redesignated-- 7,a7 in the matter preceding subparagraph 7,a71 by striking paragraph 7#a77;,b7 and inserting paragraph 7#a77;,a7 and section #abi;,c2 7,b7 in subparagraph 7,c7-- 7i7 in the matter preceding clause 7i71 by inserting and insurance after taxes2 and 7ii7 in clause 7iii71 by striking 2 and and inserting a semicolon2 and 7,c7 in subparagraph 7,d7-- 7i7 by striking accident12 and 7ii7 by striking or any payments and inserting and any payments4 7b7 ,rulemaking ,not later than #ij days after the date of enactment of this ,act1 the ,bureau of ,consumer ,financial ,protection shall promulgate regulations to carry out the amendments made by subsection 7a77#b74 7c7 ,study and report on consumer access to mortgage credit 7#a7 ,study required ,the ,comptroller ,general of the ,united ,states shall conduct a study to determine the effects that the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #ecja et seq47 has had on the availability and affordability of credit for consumers1 small businesses1 first-time homebuyers1 and mortgage lending1 including the effects-- 7,a7 on the mortgage market for mortgages that are not qualified mortgages2 7,b7 on the ability of prospective homebuyers to obtain financing1 including first-time homebuyers2 7,c7 on the ability of homeowners facing resets or adjustments to refinance1 including whether homeowners have fewer refinancing options due to the unavailability of certain loan products that were available before the date of enactment of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #ecja et seq472 7,d7 on the ability of minorities to access affordable credit compared with other prospective borrowers2 7,e7 on home sales and construction2 7,f7 of extending any right of rescission on adjustable rate loans and the impact of the right of rescission on litigation2 7,g7 of any ,state foreclosure law and the ability of investors to transfer a property after foreclosure2 7,h7 of expanding the existing provisions of the ,home ,ownership and ,equity ,protection ,act of #aiid 7#ae ,u4,s4,c4 #afja note and #afjb note72 7,i7 of prohibiting prepayment penalties on high-cost mortgages2 7,j7 of establishing counseling services under the ,department of ,housing and ,urban ,development and offered through the ,office of ,housing ,counseling2 and 7,k7 on the differences in title insurance premiums and ancillary charges paid by low- and moderate-income consumers to affiliates of mortgage lenders to purchase title insurance versus title insurance premiums and ancillary charges paid by low- and moderate-income consumers to unaffiliated title agencies or attorneys to purchase title insurance in those markets in which both affiliated and unaffiliated mortgage lenders compete4 7#b7 ,report ,not later than #a year after the date of enactment of this ,act1 the ,comptroller ,general of the ,united ,states shall submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives a report that includes-- 7,a7 the findings and conclusions of the ,comptroller ,general with respect to the study conducted under paragraph 7#a72 and 7,b7 any recommendations for legislative or regulatory actions that-- 7i7 would enhance the access of a consumer to mortgage credit2 7ii7 is consistent with consumer protections and safe and sound banking operations2 and 7iii7 would address any negative effects on mortgage credit and mortgage availability identified in the study4 #ajh4 ,protecting access to manufactured homes 7a7 ,mortgage originator definition ,section #ajc of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afjb7 is amended-- 7#a7 by redesignating the second subsection designated as subsection 7cc7 and subsection 7dd7 as subsections 7dd7 and 7ee71 respectively2 and 7#b7 in subsection 7dd77#b77;,c71 as so redesignated1 by striking an employee of a retailer of manufactured homes who is not described in clause 7i7 or 7iii7 of subparagraph 7,a7 and who does not advise a consumer on loan terms 7including rates1 fees1 and other costs7 and inserting a retailer of manufactured or modular homes or its employees1 unless such retailer or its employees receive compensation or gain for engaging in activities described in subparagraph 7,a7 that is in excess of any compensation or gain received in a comparable cash transaction4 7b7 ,high-,cost mortgage definition ,section #ajc7;aa77#a77;,a7 of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afjb7;aa77#a77;,a771 as redesignated by section #ajg7;a77#a7 of this ,act1 is amended-- 7#a7 in clause 7i77,i71 by striking 7#h4e percentage points1 if the dwelling is personal property and the transaction is for less than #ej1jjj7 and inserting 7#aj percentage points1 if the dwelling is personal property or is a transaction that does not include the purchase of real property on which a dwelling is to be placed1 and the transaction is for less than #ge1jjj 7as such amount is adjusted by the ,bureau to reflect the change in the ,consumer ,price ,index772 and 7#b7 in clause 7ii7-- 7,a7 in subclause 7,i71 by striking 2 or and inserting a semicolon2 and 7,b7 by adding at the end the following3 7,,iii7 in the case of a transaction for less than #ge1jjj 7as such amount is adjusted by the ,bureau to reflect the change in the ,consumer ,price ,index7 in which the dwelling is personal property 7or is a consumer credit transaction that does not include the purchase of real property on which a dwelling is to be placed71 the greater of #e percent of the total transaction amount or #c1jjj 7as such amount is adjusted by the ,bureau to reflect the change in the ,consumer ,price ,index72 or 4 #aji4 ,streamlining bank exams ,section #aj7;d7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbj7;d77 is amended-- 7#a7 in paragraph 7#d77;,a71 by striking #ejj1jjj1jjj and inserting #a1jjj1jjj1jjj2 and 7#b7 in paragraph 7#aj71 by striking #ejj1jjj1jjj and inserting #a1jjj1jjj1jjj4 #aaj4 ,adjustments for changes in gross domestic product 7a7 ,commodity ,exchange ,act ,section #b7;h77#g77;,c77ii7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #b7;h77#g77;,c77ii77 is amended by inserting 7as such amount is adjusted annually by the ,commission to reflect the percentage change for the previous calendar year in the gross domestic product of the ,united ,states1 as calculated by the ,bureau of ,economic ,analysis of the ,department of ,commerce7 after #aj1jjj1jjj1jjj each place that term appears4 7b7 ,consumer ,financial ,protection ,bureau examination and reporting threshold 7#a7 ,increase in the examination threshold ,section #ajbe7;a7 of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #eeae7;a77 is amended by striking #aj1jjj1jjj1jjj each place that term appears and inserting #ej1jjj1jjj1jjj 7as such amount is adjusted annually by the ,commission to reflect the percentage change for the previous calendar year in the gross domestic product of the ,united ,states1 as calculated by the ,bureau of ,economic ,analysis of the ,department of ,commerce74 7#b7 ,increase in the reporting threshold ,section #ajbf7;a7 of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #eeaf7;a77 is amended by striking #aj1jjj1jjj1jjj each place that term appears and inserting #ej1jjj1jjj1jjj 7as such amount is adjusted annually by the ,commission to reflect the percentage change for the previous calendar year in the gross domestic product of the ,united ,states1 as calculated by the ,bureau of ,economic ,analysis of the ,department of ,commerce74 7#c7 ,effective date ,this subsection and the amendments made by this subsection shall take effect on the date that is #de days after the date of enactment of this ,act4 7c7 ,securities ,exchange ,act of #aicd ,section #c;,c7g77#c77;,b7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;c-#c7;g77#c77;,b77 is amended by inserting 7as such amount is adjusted annually by the ,commission to reflect the percentage change for the previous calendar year in the gross domestic product of the ,united ,states1 as calculated by the ,bureau of ,economic ,analysis of the ,department of ,commerce7 after #aj1jjj1jjj1jjj each place that term appears4 7d7 ,electronic ,fund ,transfer ,act ,section #ibj7;a77#f77;,a7 of the ,electronic ,fund ,transfer ,act 7#ae ,u4,s4,c4 #afico-#b7;a77#f77;,a77 is amended by inserting 7as such amount is adjusted annually by the ,board to reflect the percentage change for the previous calendar year in the gross domestic product of the ,united ,states1 as calculated by the ,bureau of ,economic ,analysis of the ,department of ,commerce7 after #aj1jjj1jjj1jjj4 7e7 ,enhancing ,financial ,institution ,safety and ,soundness ,act of #bjaj ,section #ccd7;e7 of the ,enhancing ,financial ,institution ,safety and ,soundness ,act of #bjaj 7title ,,iii of ,public ,law #aaa-bjc2 #abd ,stat4 #aeci7 is amended by inserting 7as such amount is adjusted annually by the ,corporation to reflect the percentage change for the previous calendar year in the gross domestic product of the ,united ,states1 as calculated by the ,bureau of ,economic ,analysis of the ,department of ,commerce7 after #aj1jjj1jjj1jjj4 7f7 ,investor ,protection and ,securities ,reform ,act of #bjaj ,section #ief7;f7 of the ,investor ,protection and ,securities ,reform ,act of #bjaj 7#ae ,u4,s4,c4 #efda7;f77 is amended by inserting 7as such amount is adjusted annually by the appropriate ,federal regulator to reflect the percentage change for the previous calendar year in the gross domestic product of the ,united ,states1 as calculated by the ,bureau of ,economic ,analysis of the ,department of ,commerce7 after #a1jjj1jjj1jjj4 #aaa4 ,study on the privacy risks of government publication of personal financial data ,section #cjd of the ,home ,mortgage ,disclosure ,act of #aige 7#ab ,u4,s4,c4 #bhjc7 is amended-- 7#a7 in subsection 7n71 by inserting ,such data shall not be publicly disclosed by the ,bureau or a depository institution before the date on which the report is submitted under subsection 7o77#b74 after the period at the end2 and 7#b7 by adding at the end the following3 7o7 ,study and report to ,congress 7#a7 ,study required ,the ,comptroller ,general of the ,united ,states shall conduct a study to determine whether the data published under this ,act1 in connection with other publicly available data sources1 could allow for or increase the probability of-- 7,a7 exposure of the identity of mortgage applicants or mortgagors through reverse engineering2 7,b7 exposure of mortgage applicants or mortgagors to identity theft or the loss of sensitive personal financial information2 7,c7 the marketing or sale of unfair1 deceptive1 or abusive financial products to mortgage applicants or mortgagors based on the data published under this ,act2 7,d7 personal financial loss or emotional distress resulting from the exposure of mortgage applicants or mortgagors to identify theft or the loss of sensitive personal financial information2 and 7,e7 the potential legal liability facing the ,bureau and market participants in the event the published data leads or contributes to identity theft or the capture of sensitive personal financial information4 7#b7 ,report ,not later than #a year after the date of enactment of this subsection1 the ,comptroller ,general of the ,united ,states shall submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives a report that includes-- 7,a7 the findings and conclusions of the ,comptroller ,general with respect to the study conducted under paragraph 7#a72 and 7,b7 any recommendations for legislative or regulatory actions that-- 7i7 would enhance the privacy of a consumer when accessing mortgage credit2 and 7ii7 are consistent with consumer protections and safe and sound banking operations4 4 #aab4 ,ensuring the reporting of appraisal misconduct ,section #abi;,e of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afci;e7 is amended-- 7#a7 in subsection 7e7-- 7,a7 by striking ,any mortgage lender and inserting the following3 7#a7 ,in general ,any mortgage lender 2 and 7,b7 by adding at the end the following3 7#b7 ,limitation on civil liability ,no person may be held civilly liable under any provision of ,federal1 ,state1 or other law for a disclosure made in good faith pursuant to this section4 2 and 7#b7 in subsection 7k71 by adding at the end the following3 7#d7 ,applicability ,this subsection shall not apply to subsection 7e74 4 #aac4 ,mutual holding company dividend waivers ,notwithstanding the rule of the ,board of ,governors of the ,federal ,reserve ,system regarding ,mutual ,holding ,company ,dividend ,waivers in section #bci4fc of title #ab1 ,code of ,federal ,regulations 7or any successor thereto71 grandfathered mutual holding companies and all other mutual holding companies shall be permitted to waive the receipt of dividends declared on the common stock of their bank or mid-size holding companies4 #aad4 ,safeguarding access to habitat for humanity homes ,section #abi;,e7i77#b7 of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afci;e7i77#b77 is amended-- 7#a7 by redesignating subparagraphs 7,a7 and 7,b7 as clauses 7i7 and 7ii71 respectively1 and adjusting the margins accordingly2 7#b7 in the matter preceding clause 7i71 as so redesignated1 by striking ,for purposes of and inserting the following3 7,a7 ,in general ,for purposes of 2 and 7#c7 by adding at the end the following3 7,b7 ,rule of construction related to appraisal donations ,in the case of an appraisal for which the appraiser voluntarily does not receive a fee1 the appraiser is not1 and shall not be construed to be1 with respect to the donated appraisal1 a fee appraiser for purposes of this section4 4 #aae4 ,clarifying the applicability of section #ac7;h77#a7 of the ,bank ,holding ,company ,act of #aief 7a7 ,in general ,section #ac7;h77#a7 of the ,bank ,holding ,company ,act of #aief 7#ab ,u4,s4,c4 #ahea7;h77#a77 is amended-- 7#a7 in subparagraph 7,d71 by redesignating clauses 7i7 and 7ii7 as subclauses 7,i7 and 7,,ii71 respectively1 and adjusting the margins accordingly2 7#b7 by redesignating subparagraphs 7,a71 7,b71 7,c71 and 7,d7 as clauses 7i71 7ii71 7iii71 and 7iv71 respectively1 and adjusting the margins accordingly2 7#c7 by striking institution that functions solely in a trust or fiduciary capacity1 if--and inserting the following3 8institution-- 7,a7 that functions solely in a trust or fiduciary capacity1 if-- 2 and 7#d7 by striking the period at the end and inserting the following3 82 or 7,b7 with total consolidated assets of #aj1jjj1jjj1jjj or less if such institution is not controlled by a company with total consolidated assets of more than #aj1jjj1jjj1jjj 7as such amounts are adjusted annually by the ,board to reflect the percentage change for the previous calendar year in the gross domestic product of the ,united ,states1 as calculated by the ,bureau of ,economic ,analysis of the ,department of ,commerce74 4 7b7 ,reservation of authority ,section #ac of the ,bank ,holding ,company ,act of #aief 7#ab ,u4,s4,c4 #ahea7 is amended by adding at the end the following3 7i7 ,reservation of authority for certain insured depository institutions 7#a7 ,in general ,notwithstanding subsection 7h77#a77;,b71 the appropriate ,federal banking agency for an insured depository institution with total consolidated assets of #aj1jjj1jjj1jjj or less may apply the prohibitions and restrictions of this section to the activities of the insured depository institution that1 but for subsection 7h77#a77;,b71 would be subject to the prohibitions and restrictions of this section if the appropriate ,federal banking agency determines that those activities-- 7,a7 are inconsistent with traditional banking activities2 or 7,b7 due to their nature or volume1 pose a risk to the safety and soundness of the insured depository institution4 7#b7 ,notice and response ,each of the appropriate ,federal banking agencies shall establish a procedure for providing notice to an insured depository institution of a determination under paragraph 7#a7 and an opportunity for response4 4 #aaf4 ,study of mortgage servicing assets 7a7 ,definitions ,in this section3 7#a7 ,banking institution ,the term banking institution means an insured depository institution1 ,federal credit union1 ,state credit union1 bank holding company1 or savings and loan holding company4 7#b7 ,basel ,,iii capital requirements ,the term ,basel ,,iii capital requirements means the ,global ,regulatory ,framework for ,more ,resilient ,banks and ,banking ,systems issued by the ,basel ,committee on ,banking ,supervision on ,december #af1 #bjaj1 as revised on ,june #a1 #bjaa4 7#c7 ,federal banking agencies ,the term ,federal banking agencies means the ,board of ,governors of the ,federal ,reserve ,system1 the ,office of the ,comptroller of the ,currency1 the ,federal ,deposit ,insurance ,corporation1 and the ,national ,credit ,union ,administration4 7#d7 ,mortgage servicing assets ,the term mortgage servicing assets means those assets that result from contracts to service loans secured by real estate1 where such loans are owned by third parties4 7#e7 ,,ncua capital requirements ,the term ,,ncua capital requirements means the proposed rule of the ,national ,credit ,union ,administration entitled ,risk-,based ,capital 7#hj ,fed4 ,reg4 #dcdj 7,january #bg1 #bjae774 7#f7 ,other definitions 7,a7 ,banking definitions ,the terms bank holding company1 insured depository institution1 and savings and loan holding company have the meanings given those terms in section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7,b7 ,credit union definitions ,the terms ,federal credit union and ,state credit union have the meanings given those terms in section #aja of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #ageb74 7b7 ,study of the appropriate capital for mortgage servicing assets 7#a7 ,in general ,the ,federal banking agencies shall jointly conduct a study of the appropriate capital requirements for mortgage servicing assets for banking institutions4 7#b7 ,issues to be studied ,the study required under paragraph 7#a7 shall include1 with a specific focus on banking institutions-- 7,a7 the risk to banking institutions of holding mortgage servicing assets2 7,b7 the history of the market for mortgage servicing assets1 including in particular the market for those assets in the period of the financial crisis2 7,c7 the ability of banking institutions to establish a value for mortgage servicing assets of the institution through periodic sales or other means2 7,d7 regulatory approaches to mortgage servicing assets and capital requirements that may be used to address concerns about the value of and ability to sell mortgage servicing assets2 7,e7 the impact of imposing the ,basel ,,iii capital requirements and the ,,ncua capital requirements on banking institutions on the ability of those institutions-- 7i7 to compete in the mortgage servicing business1 including the need for economies of scale to compete in that business2 and 7ii7 to provide service to consumers to whom the institutions have made mortgage loans2 7,f7 an analysis of what the mortgage servicing marketplace would look like if the ,basel ,,iii capital requirements and the ,,ncua capital requirements on mortgage servicing assets-- 7i7 were fully implemented2 and 7ii7 applied to both banking institutions and nondepository residential mortgage loan servicers2 7,g7 the significance of problems with mortgage servicing assets1 if any1 in banking institution failures and problem banking institutions1 including specifically identifying failed banking institutions where mortgage servicing assets contributed to the failure2 and 7,h7 an analysis of the relevance of the ,basel ,,iii capital requirements and the ,,ncua capital requirements on mortgage servicing assets to the banking systems of other significantly developed countries4 7#c7 ,report to congress ,not later than #ahj days after the date of enactment of this ,act1 the ,federal banking agencies shall submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives a report containing-- 7,a7 the results of the study required under paragraph 7#a72 7,b7 any analysis on the specific issue of mortgage servicing assets undertaken by the ,federal banking agencies before finalizing regulations implementing the ,basel ,,iii capital requirements and the ,,ncua capital requirements2 and 7,c7 any recommendations for legislative or regulatory actions that would address concerns about the value of and ability to sell and the ability of banking institutions to hold mortgage servicing assets4 #aag4 ,no wait for lower mortgage rates 7a7 ,in general ,section #abi7;b7 of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afci7;b77 is amended-- 7#a7 by redesignating paragraph 7#c7 as paragraph 7#d72 and 7#b7 by inserting after paragraph 7#b7 the following3 7#c7 ,no wait for lower rate ,if a creditor extends to a consumer a second offer of credit with a lower annual percentage rate1 the transaction may be consummated without regard to the period specified in paragraph 7#a74 4 7b7 ,safe harbor for good faith compliance with ,,tila-,,respa integrated disclosure rule ,section #ajcb7;f7 of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #eecb7;f77 is amended-- 7#a7 by striking ,not later than and inserting the following3 7#a7 ,in general ,not later than 2 and 7#b7 by adding at the end the following3 7#b7 ,safe harbor for good faith compliance 7,a7 ,safe harbor ,notwithstanding any other provision of law1 during the period described in subparagraph 7,b71 an entity that provides the disclosures required under the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afja et seq47 and sections #d and #e of the ,real ,estate ,settlement ,procedures ,act of #aigd 7#ab ,u4,s4,c4 #bfjc and #bfjd71 as in effect on ,july #ca1 #bjae1 shall not be subject to any civil1 criminal1 or administrative action or penalty for failure to fully comply with any requirement under this subsection4 7,b7 ,applicable period ,subparagraph 7,a7 shall apply to an entity during the period beginning on the date of enactment of this paragraph and ending on the date that is #cj days after the date on which a certification by the ,director that the model disclosures required under paragraph 7#a7 are accurate and in compliance with all ,state laws is published in the ,federal ,register4 4 #aah4 ,eliminating barriers to jobs for loan originators 7a7 ,in general ,the ,s4,a4,f4,e4 ,mortgage ,licensing ,act of #bjjh 7#ab ,u4,s4,c4 #eaja et seq47 is amended by adding at the end the following3 #aeah4 ,employment transition 7a7 ,temporary license for persons moving from a financial institution to a non-bank originator ,a registered loan originator shall be deemed to be a ,state-licensed loan originator for the #abj-;day period beginning on the date on which a ,state-licensed mortgage lender1 mortgage banker1 or mortgage servicer that is not a depository institution registers with the ,nationwide ,mortgage ,licensing ,system and ,registry that the registered loan originator is employed by the ,state-licensed mortgage lender1 mortgage banker1 or mortgage servicer1 as applicable4 7b7 ,temporary license for persons moving interstate ,a registered loan originator or ,state-licensed loan originator in #a ,state shall be deemed to be a ,state-licensed loan originator in another ,state for the #abj-;day period beginning on the date on which a ,state-licensed mortgage lender1 mortgage banker1 or mortgage servicer in that ,state registers with the ,nationwide ,mortgage ,licensing ,system and ,registry that the registered loan originator or ,state-licensed loan originator is employed by the ,state-licensed mortgage lender1 mortgage banker1 or mortgage servicer1 as applicable4 7c7 ,federal and ,state recognition ,the registration provided under subsections 7a7 and 7b7 shall fulfill any licensing or registration requirement for a loan originator under section #aejd and any ,state law or regulation4 4 7b7 ,technical and conforming amendment ,the table of contents for the ,housing and ,economic ,recovery ,act of #bjjh 7,public ,law #aaj-bhi2 #abb ,stat4 #bfed7 is amended by inserting after the item relating to section #aeag the following3 ,sec4 #aeah4 ,employment transition4 4 #aai4 ,short form call reports ,section #g7;a7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahag7;a77 is amended by adding at the end the following3 7#ab7 ,short form reporting 7,a7 ,review of reports of condition ,the appropriate ,federal banking agencies shall jointly review the information and schedules that are required to be filed by an insured depository institution in a report of condition required under paragraph 7#c74 ,as part of this review1 the appropriate ,federal banking agencies shall jointly-- 7i7 establish guiding principles for determining the appropriateness of information and schedules collected in a report of condition2 and 7ii7 consistent with the principles established under clause 7i71 consider and document the need for each data item collected1 the frequency with which each data item will be collected1 and the population of insured depository institutions from which each data item is required4 7,b7 ,development of short form reports of condition ,after completing the review required under subparagraph 7,a71 the appropriate ,federal banking agencies shall jointly develop1 to the extent appropriate1 #a or more report of condition forms that reduce or eliminate information or schedules required to be filed by an insured depository institution in a report of condition required under paragraph 7#c74 ,such form or forms shall1 as determined by the appropriate ,federal banking agencies1 be appropriate for the size and complexity of the insured depository institution4 7,c7 ,reports to ,congress ,not later than #ahj days after the date of enactment of this paragraph1 and every #ahj days thereafter until the appropriate ,federal banking agencies have jointly completed the requirements under subparagraphs 7,a7 and 7,b71 the appropriate ,federal banking agencies shall submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives a report describing the progress made concerning the completion of such responsibilities4 4 #abj4 ,application of the ,expedited ,funds ,availability ,act 7a7 ,in general ,the ,expedited ,funds ,availability ,act 7#ab ,u4,s4,c4 #djja et seq47 is amended-- 7#a7 in section #fjb 7#ab ,u4,s4,c4 #djja7-- 7,a7 in paragraph 7#bj71 by inserting 1 located in the ,united ,states1 after ,,atm2 7,b7 in paragraph 7#ba71 by inserting ,american ,samoa1 the ,commonwealth of the ,northern ,mariana ,islands1 after ,puerto ,rico12 and 7,c7 in paragraph 7#bc71 by inserting ,american ,samoa1 the ,commonwealth of the ,northern ,mariana ,islands1 after ,puerto ,rico12 and 7#b7 in section #fjc7;d77#b77;,a7 7#ab ,u4,s4,c4 #djjb7;d77#b77;,a771 by inserting ,american ,samoa1 the ,commonwealth of the ,northern ,mariana ,islands1 after ,puerto ,rico14 7b7 ,effective date ,the amendments made by subsection 7a7 shall take effect on ,january #a1 #bjaf4 #aba4 ,application of the ,federal ,advisory ,committee ,act ,section #ajac of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #edic7 is amended by adding at the end the following3 7h7 ,application of ,,faca ,notwithstanding any provision of the ,federal ,advisory ,committee ,act 7#e ,u4,s4,c4 ,app471 such ,act shall apply to each advisory committee of the ,bureau and each subcommittee of such an advisory committee4 4 #abb4 ,budget transparency for the ,,ncua ,section #bji7;b7 of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #aghi7 is amended-- 7#a7 by redesignating paragraphs 7#a7 and 7#b7 as paragraphs 7#b7 and 7#c71 respectively2 7#b7 by inserting before paragraph 7#b71 as so redesignated1 the following3 7#a7 on an annual basis and prior to the submission of the detailed business-type budget required under paragraph 7#b7-- 7,a7 make publicly available and cause to be printed in the ,federal ,register a draft of the detailed business-type budget2 and 7,b7 hold a public hearing1 with public notice provided of the hearing1 wherein the public may submit comments on the draft of the detailed business-type budget2 2 and 7#c7 in paragraph 7#b71 as so redesignated-- 7,a7 by inserting detailed after submit a2 and 7,b7 by inserting 1 which shall address any comment submitted by the public under paragraph 7#a77;,b7 after ,control ,act4 #abc4 ,date for determining consolidated assets ,section #aga7;b77#d77;,c7 of the ,financial ,stability ,act of #bjaj 7#ab ,u4,s4,c4 #ecga7;b77#d77;,c77 is amended by inserting or ,march #ca1 #bjaj1 after ,december #ca1 #bjji14 #abd4 ,,fhlb membership 7a7 ,,fhlb membership proposed rule 7#a7 ,definitions ,in this subsection3 7,a7 ,community development financial institution ,the term community development financial institution has the meaning given that term in section #ajc of the ,community ,development ,banking and ,financial ,institutions ,act of #aiid 7#ab ,u4,s4,c4 #dgjb74 7,b7 ,covered proposed rule ,the term covered proposed rule means the proposed rule of the ,federal ,housing ,finance ,agency entitled ,members of ,federal ,home ,loan ,banks 7#gi ,fed4 ,reg4 #edhdh 7,september #ab1 #bjad774 7,c7 ,other terms from the ,federal ,home ,loan ,bank ,act ,the terms community financial institution1 ,federal ,home ,loan ,bank1 and ,federal ,home ,loan ,bank ,system have the meanings given those terms in section #b of the ,federal ,home ,loan ,bank ,act 7#ab ,u4,s4,c4 #adbb74 7#b7 ,withdrawal of proposed rule ,not later than #cj days after the date of enactment of this ,act1 the ,federal ,housing ,finance ,agency shall withdraw the covered proposed rule4 7#c7 ,,gao study and report on proposed rule 7,a7 ,study 7i7 ,in general ,the ,comptroller ,general of the ,united ,states shall conduct a study on the impact that the covered proposed rule would have1 if adopted as proposed1 on-- 7,i7 the ability of the ,federal ,home ,loan ,banks to fulfill the mandate to provide liquidity to support housing finance and economic and community development2 7,,ii7 the safety and soundness of the ,federal ,home ,loan ,bank ,system2 7,,iii7 the liquidity needs of financial intermediaries2 7,,iv7 the stability of the ,federal ,home ,loan ,bank ,system2 7,v7 the benefits of a diverse membership base for ,federal ,home ,loan ,banks2 and 7,,vi7 the ability of member institutions to rely on access to ,federal ,home ,loan ,bank advances4 7ii7 ,considerations ,in conducting the study under clause 7i71 the ,comptroller ,general of the ,united ,states shall consider-- 7,i7 the comment letters submitted in response to the notice of proposed rulemaking for the covered proposed rule2 7,,ii7 the legislative and administrative history of the ,federal ,home ,loan ,bank membership rules2 7,,iii7 the burden placed on community financial institutions and community development financial institutions2 and 7,,iv7 the legal authority of the ,federal ,housing ,finance ,agency to exclude from membership any class or category of insurance companies4 7,b7 ,report ,not later than #a year after the date of enactment of this ,act1 the ,comptroller ,general of the ,united ,states shall submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives a report on the findings of the study conducted under subparagraph 7,a77i74 7b7 ,credit union parity for ,,fhlb membership eligibility ,section #b7aj77;,a77i7 of the ,federal ,home ,loan ,bank ,act 7#ab ,u4,s4,c4 #adbb7aj77;,a77i77 is amended to read as follows3 7i7 the deposits of which-- 7,i7 are insured under the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahaa et seq472 or 7,,ii7 are insured under or eligible to be insured under the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #agea et seq472 and 4 #abe4 ,ensuring a comprehensive regulatory review ,section #bbbb of the ,economic ,growth and ,regulatory ,paperwork ,reduction ,act of #aiif 7#ab ,u4,s4,c4 #ccaa7 is amended-- 7#a7 in subsection 7a7-- 7,a7 by striking each appropriate ,federal banking agency represented on the ,council and inserting each of the ,office of the ,comptroller of the ,currency1 the ,federal ,deposit ,insurance ,corporation1 the ,board of ,governors of the ,federal ,reserve ,system1 the ,bureau of ,consumer ,financial ,protection1 and the ,national ,credit ,union ,administration ,board as the ,federal agency representatives on the ,council2 7,b7 by inserting 1 joint or otherwise1 and including all regulations issued pursuant to any authority provided under the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7,public ,law #aaa-bjc2 #abd ,stat4 #acgf71 after prescribed by the ,council2 7,c7 by striking any such appropriate ,federal banking agency and inserting any such ,federal agency2 and 7,d7 by striking insured depository institutions and inserting financial institutions2 7#b7 in subsections 7b71 7c71 and 7d71 by striking the appropriate ,federal banking agency each place that term appears and inserting the appropriate ,federal agency2 and 7#c7 in subsection 7e7-- 7,a7 in paragraph 7#a71 by striking the appropriate ,federal banking agencies and inserting the appropriate ,federal agencies2 and 7,b7 in paragraph 7#b71 by striking the appropriate ,federal banking agency and inserting the appropriate ,federal agency4 #abf4 ,prohibition on implementation or participation in ,operation ,choke ,point ,the ,federal ,deposit ,insurance ,corporation1 the ,office of the ,comptroller of the ,currency1 the ,board of ,governors of the ,federal ,reserve ,system1 the ,bureau of ,consumer ,financial ,protection1 or the ,national ,credit ,union ,administration may not implement or participate in the ,operation ,choke ,point initiative of the ,department of ,justice4 ,,ii ,systemically important bank holding companies #bja4 ,revisions to ,council authority 7a7 ,purposes and duties ,section #aab7;a77#b77;,i7 of the ,financial ,stability ,act of #bjaj 7#ab ,u4,s4,c4 #ecbb7;a77#b77;,i77 is amended-- 7#a7 by striking and large1 interconnected bank holding companies2 and 7#b7 by inserting and bank holding companies subject to a determination under section #aac;,a7a7 before the semicolon at the end4 7b7 ,authority to require supervision and regulation of certain bank holding companies ,the ,financial ,stability ,act of #bjaj 7#ab ,u4,s4,c4 #ecaa et seq47 is amended by adding after section #aac 7#ab ,u4,s4,c4 #ecbc7 the following3 #aac;,a4 ,authority to require supervision and regulation of systemically important bank holding companies 7a7 ,in general ,the ,council may1 in accordance with the procedures described in subsections 7c7 and 7d71 determine that a bank holding company shall be deemed systemically important4 7b7 ,considerations 7#a7 ,the ,council shall1 not later than #ij days after the date of enactment of this section1 issue regulations describing with specificity the factors that the ,council will use to make a determination under subsection 7a74 ,such factors shall initially include the following3 7,a7 ,the size of the bank holding company4 7,b7 ,the interconnectedness of the bank holding company4 7,c7 ,the extent of readily available substitutes or financial institution infrastructure for the services provided by the bank holding company4 7,d7 ,the global cross-jurisdictional activity of the bank holding company4 7,e7 ,the complexity of the bank holding company4 7#b7 ,the ,council may1 by regulation1 add to1 subtract1 or modify the factors used by the ,council pursuant to paragraph 7#a7 if the ,council-- 7,a7 provides notice to the public and opportunity for comment on any proposed changes2 7,b7 explains1 as part of the notice required in subparagraph 7,a71 with specificity how any proposed changes would result in factors that more accurately measure the threat that the material financial distress of a bank holding company could pose to the financial stability of the ,united ,states1 in comparison with the existing factors2 and 7,c7 finds1 on a nondelegable basis and by a vote of not fewer than #b_/c of the voting members then serving1 including an affirmative vote by the ,chairperson1 that such a change would result in factors that more accurately measure the threat that the material financial distress of a bank holding company could pose to the financial stability of the ,united ,states1 in comparison with the existing factors4 7c7 ,bank holding companies deemed systemically important 7#a7 ,in general ,with respect to a bank holding company with total consolidated assets of not less than #ej1jjj1jjj1jjj and not more than #ejj1jjj1jjj1jjj 7as such amounts are adjusted annually by the ,council to reflect the percentage change for the previous calendar year in the gross domestic product of the ,united ,states1 as calculated by the ,bureau of ,economic ,analysis of the ,department of ,commerce71 the ,council may1 on a nondelegable basis and by a vote of not fewer than #b_/c of the voting members then serving1 including an affirmative vote by the ,chairperson1 make a determination under subsection 7a7 if the ,council determines1 based on the factors considered pursuant to subsection 7b71 that the material financial distress of a bank holding company could pose a threat to the financial stability of the ,united ,states4 7#b7 ,requirements for proposed determination1 notice and opportunity for hearing1 and final determination 7,a7 ,initial evaluation by the ,board of ,governors ,the ,board of ,governors may identify a bank holding company for an evaluation of whether1 based on the factors considered pursuant to subsection 7b71 the material financial distress of the bank holding company could pose a threat to the financial stability of the ,united ,states4 ,upon identifying such bank holding company1 the ,board of ,governors-- 7i7 shall provide the bank holding company with-- 7,i7 a written notice that shall include any quantitative analysis used in identifying the bank holding company and shall explain with specificity the basis for identifying the bank holding company2 7,,ii7 an opportunity to submit written materials for consideration by the ,board of ,governors as part of an evaluation by the ,board of ,governors under clause 7ii72 and 7,,iii7 an opportunity to meet with representatives of the ,board of ,governors to discuss the analysis conducted by the ,board of ,governors to identify the bank holding company2 7ii7 may1 after fulfilling the requirements of clause 7i71 evaluate whether1 based on the factors considered pursuant to subsection 7b71 the material financial distress of the bank holding company could pose a threat to the financial stability of the ,united ,states2 7iii7 may1 at the conclusion of an evaluation under clause 7ii71 make a recommendation to the ,council that the ,council perform an evaluation under subparagraph 7,b77ii77,i72 and 7iv7 shall1 if a recommendation is made under clause 7iii71 provide written notice to the bank holding company that a recommendation was made1 which notice shall include a detailed explanation of the basis for the recommendation1 including how each factor considered pursuant to subsection 7b7 relates to the potential threat posed by the bank holding company to the financial stability of the ,united ,states4 7,b7 ,evaluation by the ,council 7i7 ,in general ,the ,council may only make a proposed determination with respect to a bank holding company under subparagraph 7,c77i7 if the ,council-- 7,i7 has received a recommendation under subparagraph 7,a77iii7 with respect to the bank holding company2 or 7,,ii7 not earlier than the effective date of this section1 and after consultation and coordination with the ,board of ,governors1 on a nondelegable basis and by a vote of not fewer than #b_/c of the voting members then serving1 including an affirmative vote by the ,chairperson1 decides to evaluate the bank holding company for a proposed determination under subparagraph 7,c77i74 7ii7 ,requirements before making a proposed determination ,before making a proposed determination with respect to a bank holding company under subparagraph 7,c77i71 and after receiving a recommendation under clause 7i77,i7 or making a decision under clause 7i77,,ii71 the ,council shall-- 7,i7 perform an evaluation of the bank holding company1 including an evaluation of-- 7aa7 whether the material financial distress of the bank holding company could pose a threat to the financial stability of the ,united ,states2 and 7bb7 how each of the factors considered pursuant to subsection 7b7 relates to the potential threat posed by the bank holding company to the financial stability of the ,united ,states2 and 7,,ii7 provide the bank holding company with-- 7aa7 a written notice that the bank holding company is being evaluated2 7bb7 an opportunity to meet with representatives of the ,council to discuss the evaluation by the ,council2 and 7cc7 an opportunity to submit written materials to the ,council1 within such time as the ,council deems appropriate 7but not earlier than #cj days after the date of receipt of the notice under item 7aa774 7,c7 ,proposed determination 7i7 ,voting ,after fulfilling the requirements of subparagraph 7,b71 the ,council may1 on a nondelegable basis and by a vote of not fewer than #b_/c of the voting members then serving1 including an affirmative vote by the ,chairperson1 propose to make a determination under paragraph 7#a7 with respect to a bank holding company4 7ii7 ,notice of proposed determination ,if the ,council makes a proposed determination under clause 7i71 the ,council shall provide a notice to the bank holding company1 which notice shall contain the basis for the proposed determination1 including a detailed explanation of the evaluation performed under subparagraph 7,b77ii77,i74 7,d7 ,requirements before final determination ,after making a proposed determination under subparagraph 7,c77i7 and prior to making a final determination under paragraph 7#a71 the ,council shall-- 7i7 not later than #cj days after the date of receipt of any notice under subparagraph 7,c77ii71 provide the bank holding company with an opportunity to request1 in writing1 a hearing before the ,council to contest the proposed determination2 7ii7 if the ,council receives a timely request under clause 7i71 fix a time 7not earlier than #cj days after the date of receipt of the request7 and place at which the bank holding company may appear1 personally or through counsel1 to1 at the discretion of the bank holding company-- 7,i7 submit a plan to modify the business1 structure1 or operations of the bank holding company in order to address the factors and the potential threat posed by the bank holding company to the financial stability of the ,united ,states identified pursuant to subparagraph 7,c77ii72 7,,ii7 submit written materials in addition to or separate from the plan described in subclause 7,i72 and 7,,iii7 provide oral testimony and oral argument to the members of the ,council1 with not fewer than #b_/c of the voting members of the ,council1 including the ,chairperson1 in attendance2 and 7iii7 in the event a plan is submitted to the ,council under clause 7ii77,i7-- 7,i7 consider whether the plan1 if implemented1 would address the factors and the potential threat posed by the bank holding company to the financial stability of the ,united ,states identified pursuant to subparagraph 7,c77ii72 and 7,,ii7 provide the bank holding company with-- 7aa7 analysis of whether and to what extent the plan addresses the factors and the potential threat posed by the bank holding company to the financial stability of the ,united ,states identified pursuant to subparagraph 7,c77ii72 7bb7 an opportunity to meet with representatives of the ,council to discuss the analysis provided under item 7aa72 and 7cc7 an opportunity to revise the plan after discussions with representatives of the ,council4 7,e7 ,final determination 7i7 ,in general ,after fulfilling the requirements of subparagraph 7,d71 and not later than #ij days after the date on which a hearing is held under subparagraph 7,d77ii71 the ,council may vote to make a final determination under paragraph 7#a74 ,the ,council may delay the vote up to #a additional year after the conclusion of the #ij-;day period if considering a plan under subparagraph 7,d77iii74 7ii7 ,outcome of the vote ,if the ,council votes on a final determination under paragraph 7#a71 the ,council shall promptly inform the bank holding company of the outcome of the vote in writing4 7iii7 ,notice of final determination ,if the ,council votes to make a final determination under paragraph 7#a71 the ,council shall1 not later than #cj days after the date of the vote1 provide a notice to the bank holding company1 which notice shall contain-- 7,i7 the basis for the determination1 including-- 7aa7 a detailed analysis of any plan submitted by the bank holding company and considered by the ,council under subparagraph 7,d71 if applicable1 which analysis shall1 at a minimum1 include-- 7,,aa7 whether and to what extent successful implementation of the plan could address the factors and the potential threat posed by the bank holding company to the financial stability of the ,united ,states identified pursuant to subparagraph 7,c77ii72 and 7,,bb7 a detailed explanation of why the plan would not address the factors and the potential threat posed by the bank holding company to the financial stability of the ,united ,states identified pursuant to subparagraph 7,c77ii71 if the ,council1 during its consideration of the plan under subparagraph 7,d77iii77,i71 concluded that the plan would not address such factors or potential threat2 7bb7 the reasons why the materials and other information submitted or provided by the bank holding company under subclauses 7,,ii7 and 7,,iii7 of subparagraph 7,d77ii7 did not address the potential threat posed by the bank holding company to the financial stability of the ,united ,states2 7cc7 a detailed analysis of how the factors1 including an explanation of how each factor relates to the potential threat posed by the bank holding company to the financial stability of the ,united ,states1 that the ,council considered pursuant to subsection 7b7 resulted in the final determination under paragraph 7#a72 and 7dd7 specific aspects of the business1 operations1 or structure of the bank holding company that the ,council believes could pose a threat to the financial stability of the ,united ,states1 including an assessment by the ,council of the probability and magnitude of the threat2 and 7,,ii7 an explanation of actions the bank holding company could take in order for the ,council to rescind the determination4 7#c7 ,reevaluation and rescission 7,a7 ,reevaluation requirement ,the ,council shall1 in accordance with this paragraph1 reevaluate a final determination made under paragraph 7#a7 with respect to a bank holding company-- 7i7 if1 at any time1 the ,board of ,governors recommends that the ,council do so2 and 7ii7 not less frequently than once every #e years4 7,b7 ,reevaluation procedure ,the ,council1 in conducting any reevaluation of a bank holding company required under subparagraph 7,a71 shall-- 7i7 provide a written notice to the bank holding company being reevaluated2 7ii7 afford the bank holding company an opportunity to submit a plan1 within such time as the ,council determines to be appropriate 7but which shall be not earlier than #cj days after the date of receipt by the bank holding company of the notice provided under clause 7i771 to modify the business1 structure1 or operations of the bank holding company2 7iii7 afford the bank holding company an opportunity to submit written materials in addition to1 or separate from1 the plan described in clause 7ii71 within such time as the ,council determines to be appropriate 7but which shall be not earlier than #cj days after the date of receipt by the bank holding company of the notice provided under clause 7i771 to contest the determination1 including materials concerning whether1 in the view of the bank holding company1 the material financial distress at the bank holding company could pose a threat to the financial stability of the ,united ,states2 7iv7 provide an opportunity for the bank holding company to meet with representatives of the ,council to present the information described in clauses 7ii7 and 7iii72 7v7 not earlier than #cj days after the date of receipt of any notice under clause 7i71 provide the bank holding company with an opportunity to request1 in writing1 a hearing before the ,council to contest its final determination under paragraph 7#a72 and 7vi7 if the ,council receives a timely request under clause 7v71 fix a time 7not earlier than #cj days after the date of receipt of the request7 and place at which the bank holding company may appear1 personally or through counsel1 to1 at the discretion of the bank holding company1 provide oral testimony and oral argument to the members of the ,council1 with not fewer than #b_/c of the voting members of the ,council1 including the ,chairperson1 in attendance4 7,c7 ,company plan ,if a bank holding company submits a plan in accordance with subparagraph 7,b77ii71 the ,council shall-- 7i7 consider whether the plan1 if implemented1 would result in the bank holding company no longer meeting the criteria for a final determination under paragraph 7#a72 and 7ii7 provide the bank holding company with-- 7,i7 analysis of whether and to what extent the plan addresses the potential threat posed by the bank holding company to the financial stability of the ,united ,states2 7,,ii7 an opportunity to meet with representatives of the ,council to discuss the analysis provided under subclause 7,i72 and 7,,iii7 an opportunity to revise the plan after discussions with representatives of the ,council4 7,d7 ,voting and explanation 7i7 ,in general ,after evaluating the materials and information provided by a bank holding company under subparagraph 7,b7 and fulfilling the requirements of subparagraph 7,c71 and not later than #ahj days after the date of receipt by the bank holding company of the notice provided under subparagraph 7,b77i71 the ,council shall1 on a nondelegable basis and by a vote of not fewer than #b_/c of the voting members then serving1 including an affirmative vote by the ,chairperson1 determine whether to renew a final determination under paragraph 7#a74 7ii7 ,notice of final determination ,if the ,council votes to renew a final determination under clause 7i71 the ,council shall provide a notice to the bank holding company with the reasons for the decision by the ,council1 which notice shall address with specificity-- 7,i7 any changes to the basis for the final determination decision made under paragraph 7#a7 since the date on which the final determination under paragraph 7#a7 was made1 including any changes to the information provided to the bank holding company under-- 7aa7 paragraph 7#b77;,e77iii77,i77cc72 or 7bb7 this clause1 in prior years2 7,,ii7 any plan submitted by the bank holding company and considered by the ,council under subparagraph 7,c71 and shall1 at a minimum1 include-- 7aa7 a detailed analysis of whether and to what extent successful implementation of the plan could result in the bank holding company no longer meeting the criteria for a final determination under paragraph 7#a72 and 7bb7 a detailed explanation of why1 if the plan were implemented1 the bank holding company would still meet the criteria for a final determination under paragraph 7#a71 if the ,council1 during its consideration of the plan under subparagraph 7,c71 concluded that the bank holding company would still meet those criteria if the plan were implemented2 7,,iii7 aspects of the business1 operations1 or structure of the bank holding company that the ,council believes could pose a threat to the financial stability of the ,united ,states1 including the probability and magnitude of that threat2 and 7,,iv7 an explanation of actions the bank holding company could take in order for the ,council to rescind the determination4 7iii7 ,no final determination ,if the ,council does not vote to renew a final determination under clause 7i71 then the existing final determination under paragraph 7#a7 shall be rescinded and the ,council shall inform the bank holding company in writing4 7iv7 ,voting threshold for rescission of determination ,notwithstanding clause 7iii71 the ,council may1 at any time1 on a nondelegable basis and by a vote of not fewer than #b_/c of the voting members then serving1 including an affirmative vote by the ,chairperson1 determine that a bank holding company no longer meets the criteria for a final determination under paragraph 7#a71 in which case the ,council shall rescind the final determination4 7#d7 ,emergency exception 7,a7 ,in general ,the ,council may waive or modify the requirements of paragraph 7#b7 with respect to a bank holding company with total consolidated assets of not less than #ej1jjj1jjj1jjj and not more than #ejj1jjj1jjj1jjj 7as such amounts are adjusted annually by the ,council to reflect the percentage change for the previous calendar year in the gross domestic product of the ,united ,states1 as calculated by the ,bureau of ,economic ,analysis of the ,department of ,commerce7 if the ,council determines1 on a nondelegable basis and by a vote of not fewer than #bc of the voting members then serving1 including an affirmative vote by the ,chairperson1 that such waiver or modification is necessary or appropriate to prevent or mitigate threats posed by the bank holding company to the financial stability of the ,united ,states4 7,b7 ,notice ,the ,council shall provide notice of a waiver or modification under this paragraph to the bank holding company concerned as soon as practicable1 but not later than #bd hours after the waiver or modification is granted4 7,c7 ,international coordination ,in making a determination under subparagraph 7,a71 the ,council shall consult with the appropriate home country supervisor1 if any1 of a foreign bank holding company that is being considered for such a determination4 7,d7 ,opportunity for hearing ,the ,council shall allow a bank holding company to request1 in writing1 an opportunity for a hearing before the ,council to contest a waiver or modification under this paragraph1 not later than #aj days after the date of receipt of the notice of waiver or modification4 ,upon receipt of a timely request1 the ,council shall fix a time 7not later than #ae days after the date of receipt of the request7 and place at which the bank holding company may appear1 personally or through counsel1 to submit written materials 7or1 at the sole discretion of the ,council1 oral testimony and oral argument74 7,e7 ,notice of final determination ,not later than #cj days after the date of any hearing under subparagraph 7,d71 the ,council shall notify the subject bank holding company of the final determination of the ,council under this paragraph1 which shall contain a statement of the basis for the decision of the ,council4 7#e7 ,consultation ,the ,council shall consult with the primary financial regulatory agency for each bank holding company that is being considered by the ,council under this section from the outset of the consideration of the bank holding company by the ,council1 including before the ,council makes any proposed determination under paragraph 7#b77;,c77i7 or final determination under paragraph 7#a74 7#f7 ,judicial review ,if the ,council makes or renews a final determination under this subsection with respect to a bank holding company1 such bank holding company may1 not later than #cj days after the date of receipt of the notice of final determination under paragraph 7#b77;,e77iii7 or of renewal of a final determination under paragraph 7#c77;,d77ii71 bring an action in the ,united ,states district court for the judicial district in which the home office of such bank holding company is located1 or in the ,united ,states ,district ,court for the ,district of ,columbia1 for an order requiring that the final determination be rescinded1 and the court shall1 upon review1 dismiss such action or direct the final determination to be rescinded4 ,review of such an action shall be limited to whether the final determination made under this subsection was arbitrary and capricious4 7#g7 ,public disclosure requirement ,the ,council shall-- 7,a7 in each case that a bank holding company has received a notice under paragraph 7#b77;,b77ii77,,ii77aa71 and the bank holding company has publicly disclosed that the bank holding company is being evaluated by the ,council1 confirm that the bank holding company is being evaluated by the ,council1 in response to a request from a third party2 7,b7 upon making a final determination under paragraph 7#a7 or renewing a final determination under paragraph 7#c77;,d77i71 publicly provide a detailed written explanation of the basis for the final determination with sufficient detail to provide the public with an understanding of the specific bases of the determination by the ,council1 including any assumptions related thereof1 subject to the requirements of section #aab7;d77#e72 and 7,c7 include1 in the annual report required under section #aab-- 7i7 the number of bank holding companies from the previous year that received a notice under paragraph 7#b77;,b77ii77,,ii77aa72 7ii7 the number of bank holding companies from the previous year that were subject to a proposed determination under paragraph 7#b77;,c77i72 and 7iii7 the number of bank holding companies from the previous year that were subject to a final determination under paragraph 7#a74 7d7 ,bank holding companies automatically deemed systemically important 7#a7 ,automatic determination ,a bank holding company with total consolidated assets of more than #ejj1jjj1jjj1jjj 7as such amount is adjusted annually by the ,council to reflect the percentage change for the previous calendar year in the gross domestic product of the ,united ,states1 as calculated by the ,bureau of ,economic ,analysis of the ,department of ,commerce7 shall automatically be subject to a determination under subsection 7a74 7#b7 ,rule of construction 7,a7 ,bank holding company increasing in size ,if1 subsequent to the effective date1 a bank holding company that was previously subject to a final determination under subsection 7c77#a7 grows to have total consolidated assets of more than #ejj1jjj1jjj1jjj 7as such amount is adjusted annually by the ,council to reflect the percentage change for the previous calendar year in the gross domestic product of the ,united ,states1 as calculated by the ,bureau of ,economic ,analysis of the ,department of ,commerce7 for a period of #ahj consecutive days1 the bank holding company shall be subject to an automatic determination under paragraph 7#a7 and not subject to a determination under subsection 7c77#a7 for the purposes of this section4 7,b7 ,bank holding company decreasing in size ,if a bank holding company subject to an automatic determination under paragraph 7#a7 decreases in size1 such that the bank holding company no longer is a bank holding company with total consolidated assets of more than #ejj1jjj1jjj1jjj 7as such amount is adjusted annually by the ,council to reflect the percentage change for the previous calendar year in the gross domestic product of the ,united ,states1 as calculated by the ,bureau of ,economic ,analysis of the ,department of ,commerce7 for a period of #ahj consecutive days1 the bank holding company shall be considered subject to a final determination under subsection 7c77#a7 and not subject to an automatic determination under paragraph 7#a7 for the purposes of this section4 7e7 ,international coordination ,in exercising its duties under this title with respect to foreign bank holding companies1 foreign-based bank holding companies1 and cross-border activities and markets1 the ,council shall consult with appropriate foreign regulatory authorities1 to the extent appropriate4 4 7c7 ,enhanced supervision ,section #aae of the ,financial ,stability ,act of #bjaj 7#ab ,u4,s4,c4 #ecbe7 is amended-- 7#a7 in subsection 7a7-- 7,a7 in the matter preceding subparagraph 7,a7 of paragraph 7#a71 by striking large1 interconnected bank holding companies and inserting bank holding companies subject to a determination under section #aac;,a7a72 and 7,b7 in paragraph 7#b7-- 7i7 in subparagraph 7,a71 by striking 2 or and inserting a period2 7ii7 by striking the ,council may and all that follows through differentiate and inserting the ,council may differentiate2 and 7iii7 by striking subparagraph 7,b72 and 7#b7 in subsection 7b77#c71 by inserting and the factors used by the ,council pursuant to section #aac;,a7b7 after subsections 7a7 and 7b7 of section #aac each place that term appears4 7d7 ,reports ,the matter preceding paragraph 7#a7 of section #aaf7;a7 of the ,financial ,stability ,act of #bjaj 7#ab ,u4,s4,c4 #ecbf7;a77 is amended by striking with total consolidated assets of #ej1jjj1jjj1jjj or greater and inserting subject to a determination under section #aac;,a7a74 7e7 ,mitigation ,section #aba of the ,financial ,stability ,act of #bjaj 7#ab ,u4,s4,c4 #ecca7 is amended-- 7#a7 in the matter preceding paragraph 7#a7 of subsection 7a71 by striking with total consolidated assets of #ej1jjj1jjj1jjj or more and inserting subject to a determination under section #aac;,a7a72 and 7#b7 in subsection 7c71 by inserting in the case of a nonbank financial company1 and the factors used by the ,council pursuant to section #aac;,a7b7 in the case of a bank holding company after as applicable14 7f7 ,office of ,financial ,research ,section #aee7;d7 of the ,financial ,stability ,act of #bjaj 7#ab ,u4,s4,c4 #ecde7;d77 is amended by striking with total consolidated assets of #ej1jjj1jjj1jjj or greater and inserting subject to a determination under section #aac;,a7a74 #bjb4 ,revisions to ,board authority 7a7 ,acquisitions ,section #afc of the ,financial ,stability ,act of #bjaj 7#ab ,u4,s4,c4 #ecfc7 is amended by striking with total consolidated assets equal to or greater than #ej1jjj1jjj1jjj each place that term appears and inserting subject to a determination under section #aac;,a7a74 7b7 ,management ,interlocks ,section #afd of the ,financial ,stability ,act of #bjaj 7#ab ,u4,s4,c4 #ecfd7 is amended by striking with total consolidated assets equal to or greater than #ej1jjj1jjj1jjj and inserting subject to a determination under section #aac;,a7a74 7c7 ,enhanced supervision and prudential standards ,section #afe of the ,financial ,stability ,act of #bjaj 7#ab ,u4,s4,c4 #ecfe7 is amended-- 7#a7 in subsection 7a7-- 7,a7 in paragraph 7#a71 by striking with total consolidated assets equal to or greater than #ej1jjj1jjj1jjj and inserting subject to a determination under section #aac;,a7a72 and 7,b7 in paragraph 7#b7-- 7i7 by striking application and all that follows through ,in prescribing and inserting application4--,in prescribing2 and 7ii7 by striking subparagraph 7,b72 7#b7 in subsection 7b77#c71 by inserting and the factors used by the ,council pursuant to section #aac;,a7b7 after subsections 7a7 and 7b7 of section #aac each place that term appears2 7#c7 in subsection 7h71 by striking #aj1jjj1jjj1jjj each place that term appears and inserting #ej1jjj1jjj1jjj 7as such amount is adjusted annually by the ,council to reflect the percentage change for the previous calendar year in the gross domestic product of the ,united ,states1 as calculated by the ,bureau of ,economic ,analysis of the ,department of ,commerce72 7#d7 in subsection 7i77#b77;,a71 by striking #aj1jjj1jjj1jjj and inserting #ej1jjj1jjj1jjj 7as such amount is adjusted annually by the ,council to reflect the percentage change for the previous calendar year in the gross domestic product of the ,united ,states1 as calculated by the ,bureau of ,economic ,analysis of the ,department of ,commerce72 and 7#e7 in subsection 7j7-- 7,a7 in paragraph 7#a71 by striking with total consolidated assets equal to or greater than #ej1jjj1jjj1jjj and inserting described in subsection 7a72 and 7,b7 by striking paragraph 7#b7 and inserting the following3 7#b7 ,considerations ,in making a determination under this subsection1 the ,council shall-- 7,a7 in the case of a nonbank financial company supervised by the ,board of ,governors1 consider the factors described in subsections 7a7 and 7b7 of section #aac and any other risk-related factors that the ,council deems appropriate2 and 7,b7 in the case of a bank holding company described in subsection 7a71 consider the factors used by the ,council pursuant to section #aac;,a7b74 4 7d7 ,conforming amendment ,the second subsection designated as subsection 7s77#b7 of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bdh7s77#b77 7relating to assessments1 fees1 and other charges for certain companies7 is amended-- 7#a7 in subparagraph 7,a71 by striking having total consolidated assets of #ej1jjj1jjj1jjj or more2 and inserting subject to a determination under section #aac;,a7a7 of the ,financial ,stability ,act of #bjaj2 and2 7#b7 by striking subparagraph 7,b72 and 7#c7 by redesignating subparagraph 7,c7 as subparagraph 7,b74 #bjc4 ,effective date 7a7 ,in general ,the amendments made by this title shall1 except as otherwise provided1 take effect on the date that is #ahj days after the date on which the regulations required under section #aac;,a7b7 of the ,financial ,stability ,act of #bjaj1 as added by section #bja7;b7 of this ,act1 are issued4 7b7 ,rule of construction ,nothing in this title shall be construed to prohibit the ,financial ,stability ,oversight ,council established under section #aaa of the ,financial ,stability ,act of #bjaj 7#ab ,u4,s4,c4 #ecba7 or the ,board of ,governors of the ,federal ,reserve ,system from complying with any of the requirements of section #aac;,a of that ,act1 as added by section #bja7;b7 of this ,act1 with respect to a bank holding company 7as defined in section #b of the ,bank ,holding ,company ,act of #aief 7#ab ,u4,s4,c4 #ahda77 prior to the effective date described in subsection 7a74 #bjd4 ,sense of ,congress 7a7 ,definitions ,in this section3 7#a7 ,appropriate ,federal banking agencies2 bank holding company ,the terms appropriate ,federal banking agencies and bank holding company have the meanings given those terms in section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7#b7 ,nonbank financial company ,the term nonbank financial company has the meaning given that term in section #ajb7;a7 of the ,financial ,stability ,act of #bjaj 7#ab ,u4,s4,c4 #ecaa74 7b7 ,sense of ,congress ,it is the sense of ,congress that the appropriate ,federal banking agencies should seek to properly tailor prudential regulations and1 in doing so1 differentiate among bank holding companies and among nonbank financial companies supervised by the ,board of ,governors of the ,federal ,reserve ,system based on their capital structure1 riskiness1 complexity1 financial activities 7including the financial activities of their subsidiaries71 size1 and other risk-related factors1 using existing authorities1 including waiver authorities provided in statute or regulation4 #bje4 ,preservation of authority ,nothing in this ,act shall be construed to limit the supervisory1 regulatory1 or enforcement authority of a ,federal banking agency 7as defined in section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac77 to further the safe and sound operation of an institution that the ,federal banking agency supervises1 except as specifically provided in this ,act4 ,,iii ,greater transparency for the ,financial ,stability ,oversight ,council process for nonbank financial companies #cja4 ,access to ,council meetings by agency members ,section #aaa7;e7 of the ,financial ,stability ,act of #bjaj 7#ab ,u4,s4,c4 #ecba7;e77 is amended by adding at the end the following3 7#c7 ,access ,any member of the governing body of a member agency headed by a member of the ,council described in subparagraph 7,b71 7,e71 7,f71 7,g71 or 7,i7 of paragraph 7#a7 of subsection 7b7-- 7,a7 may attend a meeting of the ,council1 including any meeting of representatives of the members of the ,council2 and 7,b7 shall have access to the same information and materials that a member of the ,council described in subparagraph 7,b71 7,e71 7,f71 7,g71 or 7,i7 of paragraph 7#a7 of subsection 7b7 is provided or entitled to4 4 #cjb4 ,nonbank determination process ,section #aac of the ,financial ,stability ,act of #bjaj 7#ab ,u4,s4,c4 #ecbc7 is amended-- 7#a7 in subsection 7a77#b7-- 7,a7 in the matter preceding subparagraph 7,a71 by inserting factors1 including after consider2 7,b7 in subparagraph 7,h71 by striking #a or more primary financial regulatory agencies and inserting its primary financial regulatory agency1 including the appropriateness of the imposition of prudential standards in addition to or as opposed to other forms of regulation2 7,c7 in subparagraph 7,j71 by striking and at the end2 7,d7 by redesignating subparagraph 7,k7 as subparagraph 7,l72 and 7,e7 by inserting after subparagraph 7,j7 the following3 7,k7 actions taken by the primary financial regulatory agency pursuant to subsection 7e77#a77;,c72 and 2 7#b7 in subsection 7b77#b7-- 7,a7 in the matter preceding subparagraph 7,a71 by inserting factors1 including after consider2 7,b7 in subparagraph 7,h71 by inserting 1 including the appropriateness of the imposition of prudential standards in addition to or as opposed to other forms of regulation before the semicolon at the end2 7,c7 in subparagraph 7,j71 by striking and at the end2 7,d7 by redesignating subparagraph 7,k7 as subparagraph 7,l72 and 7,e7 by inserting after subparagraph 7,j7 the following3 7,k7 actions taken by the primary financial regulatory agency pursuant to subsection 7e77#a77;,c72 and 2 7#c7 by striking subsections 7d7 and 7e7 and inserting the following3 7d7 ,annual reevaluation and rescission 7#a7 ,annual reevaluation ,not less frequently than annually1 except with respect to subparagraph 7,e71 the ,council shall reevaluate each final determination made under subsection 7a7 or 7b7 with respect to a nonbank financial company supervised by the ,board of ,governors and shall-- 7,a7 provide a written notice to the nonbank financial company being reevaluated2 7,b7 afford the nonbank financial company an opportunity to submit a plan1 within such time as the ,council determines to be appropriate 7but which shall be not earlier than #cj days after the date of receipt by the nonbank financial company of the notice provided under subparagraph 7,a771 to modify the business1 structure1 or operations of the nonbank financial company2 7,c7 afford the nonbank financial company an opportunity to submit written materials in addition to1 or separate from1 the plan described in subparagraph 7,b71 within such time as the ,council determines to be appropriate 7but which shall be not earlier than #cj days after the date of receipt by the nonbank financial company of the notice provided under subparagraph 7,a771 to contest the determination1 including materials concerning whether1 in the view of the nonbank financial company1 the material financial distress at the nonbank financial company1 or the nature1 scope1 size1 scale1 concentration1 interconnectedness1 or mix of the activities of the nonbank financial company1 could pose a threat to the financial stability of the ,united ,states2 7,d7 provide an opportunity for the nonbank financial company to meet with representatives of the ,council to present the information described in subparagraphs 7,b7 and 7,c72 and 7,e7 not less than once every #e years and prior to a vote under paragraph 7#c77;,a77ii7-- 7i7 not earlier than #cj days after the date of receipt of any notice under subparagraph 7,a71 provide the nonbank financial company with an opportunity to request1 in writing1 a hearing before the ,council to contest its final determination under subsection 7a7 or 7b72 and 7ii7 if the ,council receives a timely request under clause 7i71 fix a time 7not earlier than #cj days after the date of receipt of the request7 and place at which the nonbank financial company may appear1 personally or through counsel1 to1 at the discretion of the nonbank financial company1 provide oral testimony and oral argument to the members of the ,council1 with not fewer than #b_/c of the voting members of the ,council1 including the ,chairperson1 in attendance4 7#b7 ,company plan ,if a nonbank financial company submits a plan in accordance with paragraph 7#a77;,b71 the ,council shall-- 7,a7 consider whether the plan1 if implemented1 would result in the nonbank financial company no longer meeting the criteria for a final determination under subsection 7a7 or 7b72 and 7,b7 provide the nonbank financial company with-- 7i7 analysis of whether and to what extent the plan addresses the potential threat posed by the nonbank financial company to the financial stability of the ,united ,states2 7ii7 an opportunity to meet with representatives of the ,council to discuss the analysis provided under clause 7i72 and 7iii7 an opportunity to revise the plan1 after discussions with representatives of the ,council4 7#c7 ,voting and explanation 7,a7 ,in general ,after evaluating the materials and information provided by a nonbank financial company under paragraph 7#a7 and fulfilling the requirements of paragraph 7#b71 and not later than #ahj days after the date of receipt by the nonbank financial company of the notice provided under paragraph 7#a77;,a71 the ,council shall1 on a nondelegable basis and by a vote of not fewer than #b_/c of the voting members then serving1 including an affirmative vote by the ,chairperson-- 7i7 except as otherwise provided in clause 7ii71 determine whether the nonbank financial company no longer meets the criteria for a final determination under subsection 7a7 or 7b71 in which case the ,council shall rescind such determination2 and 7ii7 not less than once every #e years1 and following a hearing held under paragraph 7#a77;,e77ii71 determine whether to renew a final determination under subsection 7a7 or 7b74 7,b7 ,notice of final determination ,if the ,council does not vote to rescind a final determination under subparagraph 7,a77i7 or votes to renew a final determination under subparagraph 7,a77ii71 the ,council shall provide a notice to the nonbank financial company and the primary financial regulatory agency of the nonbank financial company with the reasons for the decision by the ,council1 which notice shall address with specificity-- 7i7 any changes to the basis for the final determination decision made under subsection 7a7 or 7b7 since the date on which the final determination under subsection 7a7 or 7b7 was made1 including any changes to the information provided to the nonbank financial company under-- 7,i7 subsection 7e77#b77;,c77i77,,iv72 7,,ii7 this clause1 in prior years2 or 7,,iii7 subparagraph 7,d72 7ii7 any plan submitted by the nonbank financial company and considered by the ,council under paragraph 7#b71 and shall1 at a minimum1 include-- 7,i7 a detailed analysis of whether and to what extent successful implementation of the plan could result in the nonbank financial company no longer meeting the criteria for a final determination under subsection 7a7 or 7b72 and 7,,ii7 a detailed explanation of why1 if the plan were implemented1 the nonbank financial company would still meet the criteria for a final determination under subsection 7a7 or 7b71 if the ,council1 during its consideration of the plan under paragraph 7#b71 concluded that the nonbank financial company would still meet those criteria if the plan were implemented2 7iii7 aspects of the business1 operations1 or structure1 including the nature1 scope1 size1 scale1 concentration1 interconnectedness1 or mix of the activities1 of the nonbank financial company that the ,council believes could pose a threat to the financial stability of the ,united ,states1 including an assessment by the ,council of the probability and magnitude of the threat2 and 7iv7 an explanation of actions the nonbank financial company could take in order for the ,council to rescind the determination4 7,c7 ,no final determination ,if the ,council votes to rescind a final determination under subparagraph 7,a77i7 or does not vote to renew a final determination under subparagraph 7,a77ii71 the existing final determination under subsection 7a7 or 7b7 shall be rescinded and the ,council shall inform the nonbank financial company in writing4 7,d7 ,explanation for certain companies ,with respect to a reevaluation under this subsection in which the final determination under subsection 7a7 or 7b7 being reevaluated was made before the date of enactment of this subparagraph1 the ,council1 as part of such reevaluation1 shall provide a statement that-- 7i7 explains with specificity the basis for such determination2 and 7ii7 includes the analysis required under subsection 7e77#b77;,c77i77,,iv74 7,e7 ,voting threshold for rescission of determination ,notwithstanding subparagraph 7,a71 the ,council may1 at any time1 on a nondelegable basis and by a vote of not fewer than #b_/c of the voting members then serving1 including an affirmative vote by the ,chairperson1 determine that a nonbank financial company no longer meets the criteria for a final determination under subsection 7a7 or 7b71 in which case the ,council shall rescind the final determination4 7e7 ,requirements for proposed determination1 notice and opportunity for hearing1 and final determination 7#a7 ,in general ,prior to making a final determination under subsection 7a7 or 7b7 with respect to a nonbank financial company1 the ,council must-- 7,a7 provide the nonbank financial company and its primary financial regulatory agency with a notice that the nonbank financial company is being evaluated1 which notice shall1 at minimum-- 7i7 include any quantitative analysis used by the ,council as part of its evaluation2 7ii7 identify with specificity any factors that the ,council has considered pursuant to subsection 7a77#b7 or 7b77#b7 relating to the nonbank financial company that could cause the nonbank financial company to be subject to a final determination under subsection 7a7 or 7b72 and 7iii7 include an explanation of how each factor identified in clause 7ii7 relates to the potential threat posed by the nonbank financial company to the financial stability of the ,united ,states2 7,b7 provide the nonbank financial company an opportunity1 not earlier than #cj days after the date of receipt by the nonbank financial company of the notice under subparagraph 7,a71 to meet with representatives of the ,council1 including to discuss the notice and any analysis and factors considered by the ,council2 7,c7 provide the primary financial regulatory agency of the nonbank financial company with not less than #ahj days from the date of receipt of the notice in subparagraph 7,a7 to-- 7i7 provide a written response to the ,council that includes an assessment of-- 7,i7 the factors identified pursuant to subparagraph 7,a77ii72 7,,ii7 the explanation provided pursuant to subparagraph 7,a77iii72 and 7,,iii7 the degree to which the potential threat to the financial stability of the ,united ,states is currently addressed or could be addressed by existing or pending regulation or other regulatory action2 and 7ii7 issue proposed regulations or undertake other regulatory action to address-- 7,i7 the factors identified pursuant to subparagraph 7,a77ii71 as applicable2 and 7,,ii7 the potential threat posed by the nonbank financial company to the financial stability of the ,united ,states2 7,d7 in the event that the primary financial regulatory agency has provided a written response under subparagraph 7,c77i7 or issued proposed regulations or taken other regulatory actions under subparagraph 7,c77ii71 find that-- 7i7 taking into account the written response by the primary financial regulatory agency under subparagraph 7,c77i71 the nonbank financial company merits a proposed determination under subparagraph 7,e72 and 7ii7 the primary financial regulatory agency has not proposed regulations or taken other regulatory actions after receipt of the notice under subparagraph 7,a7 that sufficiently address the factors identified pursuant to subparagraph 7,a77ii71 as applicable1 and the potential threat posed by the nonbank financial company to the financial stability of the ,united ,states2 7,e7 after fulfilling the requirements of subparagraphs 7,a71 7,b71 7,c71 and 7,d71 on a nondelegable basis and by a vote of not fewer than #b_/c of the voting members then serving1 including an affirmative vote by the ,chairperson1 propose to make a determination under subsection 7a7 or 7b7 with respect to the nonbank financial company2 and 7,f7 subsequent to making a proposed determination under subparagraph 7,e7-- 7i7 provide a notice to the nonbank financial company and its primary financial regulatory agency1 which notice shall contain the basis for the proposed determination under subparagraph 7,e71 including-- 7,i7 the information and explanation required under subparagraph 7,a71 along with any updates to such information or explanation related to the proposed determination under subparagraph 7,e72 and 7,,ii7 an explanation and justification for any finding under subparagraph 7,d72 7ii7 not later than #cj days after the date of receipt of any notice under clause 7i71 provide the nonbank financial company with an opportunity to request1 in writing1 a hearing before the ,council to contest the proposed determination under subparagraph 7,e72 7iii7 if the ,council receives a timely request under clause 7ii71 fix a time 7not earlier than #cj days after the date of receipt of the request7 and place at which the nonbank financial company may appear1 personally or through counsel1 to1 at the discretion of the nonbank financial company-- 7,i7 submit a plan to modify the business1 structure1 or operations of the nonbank financial company in order to address the factors and the potential threat posed by the nonbank financial company to the financial stability of the ,united ,states identified pursuant to clause 7i77,i71 as applicable2 7,,ii7 submit written materials in addition to or separate from the plan described in subclause 7,i72 and 7,,iii7 provide oral testimony and oral argument to the members of the ,council1 with not fewer than #b_/c of the voting members of the ,council1 including the ,chairperson1 in attendance2 and 7iv7 in the event a plan is submitted to the ,council under clause 7iii77,i7-- 7,i7 consider whether the plan1 if implemented1 would address the factors and the potential threat posed by the nonbank financial company to the financial stability of the ,united ,states identified pursuant to clause 7i77,i71 as applicable2 and 7,,ii7 provide the nonbank financial company with-- 7aa7 analysis of whether and to what extent the plan addresses the factors and the potential threat posed by the nonbank financial company to the financial stability of the ,united ,states identified pursuant to clause 7i77,i71 as applicable2 7bb7 an opportunity to meet with representatives of the ,council to discuss the analysis provided under item 7aa72 and 7cc7 an opportunity to revise the plan1 after discussions with representatives of the ,council4 7#b7 ,final determination 7,a7 ,in general ,after fulfilling the requirements of paragraph 7#a71 and not later than #ij days after the date on which a hearing is held under paragraph 7#a77;,f77iii71 the ,council may vote to make a final determination under subsection 7a7 or 7b74 ,the ,council may delay the vote up to #a additional year after the conclusion of the #ij-;day period if considering a plan under paragraph 7#a77;,f77iv77,i74 7,b7 ,outcome of the vote ,if the ,council votes on a final determination under subsection 7a7 or 7b71 the ,council shall promptly inform the nonbank financial company of the outcome of the vote in writing4 7,c7 ,notice of final determination ,if the ,council votes to make a final determination under subsection 7a7 or 7b71 the ,council shall1 not later than #cj days after the date of the vote1 provide a notice to the nonbank financial company and its primary financial regulatory agency1 which notice shall contain-- 7i7 the basis for the determination1 including-- 7,i7 a detailed analysis of any plan submitted by the nonbank financial company and considered by the ,council under paragraph 7#a77;,f71 if applicable1 which analysis shall1 at a minimum1 include-- 7aa7 whether and to what extent successful implementation of the plan could address the factors1 as applicable1 and the potential threat posed by the nonbank financial company to the financial stability of the ,united ,states identified pursuant to paragraph 7#a77;,f77i77,i72 and 7bb7 a detailed explanation of why the plan would not address the factors and the potential threat posed by the nonbank financial company to the financial stability of the ,united ,states identified pursuant to paragraph 7#a77;,f77i77,i71 if the ,council1 during its consideration of the plan under subparagraph 7#a77;,f77iv77,i71 concluded that the plan would not address such factors or potential threat2 7,,ii7 the reasons why the materials and other information submitted or provided by the nonbank financial company under subclauses 7,,ii7 and 7,,iii7 of paragraph 7#a77;,f77iii7 did not address the potential threat posed by the nonbank financial company to the financial stability of the ,united ,states2 7,,iii7 a justification for any finding under paragraph 7#a77;,d72 7,,iv7 a detailed analysis of how any factors1 including an explanation of how each factor relates to the potential threat posed by the nonbank financial company to the financial stability of the ,united ,states1 that the ,council considered pursuant to subsection 7a77#b7 or 7b77#b7 resulted in the final determination under subsection 7a7 or 7b72 and 7,v7 specific aspects of the business1 operations1 or structure of the nonbank financial company1 including the nature1 scope1 size1 scale1 concentration1 interconnectedness1 or mix of the activities of the nonbank financial company1 that the ,council believes could pose a threat to the financial stability of the ,united ,states1 including an assessment by the ,council of the probability and magnitude of the threat2 and 7ii7 an explanation of actions the nonbank financial company could take in order for the ,council to rescind the determination4 2 7#d7 in subsection 7g71 by striking before the ,council makes any and inserting from the outset of the consideration of the nonbank financial company by the ,council1 including before the ,council makes any proposed determination under subsection 7e77#a77;,e7 or2 7#e7 in subsection 7h7-- 7,a7 by inserting or renews after makes2 and 7,b7 by striking 7d77#b71 7e77#c71 or 7f77#e7 and inserting 7d77#c77;,b7 or 7f77#e7 or of renewal of a final determination under subsection 7e77#b77;,c72 and 7#f7 by adding at the end the following3 7j7 ,public disclosure requirement ,the ,council shall-- 7#a7 in each case that a nonbank financial company has received a notice under subsection 7e77#a77;,a71 and the nonbank financial company has publicly disclosed that the nonbank financial company is being reviewed by the ,council1 confirm that the nonbank financial company is being reviewed1 in response to a request from a third party2 7#b7 upon making a final determination under subsection 7a7 or 7b7 or renewing a final determination under paragraph 7#c77;,a7 of subsection 7d71 publicly provide a detailed written explanation of the basis for the final determination with sufficient detail to provide the public with an understanding of the specific bases of the determination by the ,council1 including any assumptions related thereof1 subject to the requirements of section #aab7;d77#e72 7#c7 include1 in the annual report required by section #aab-- 7,a7 the number of nonbank financial companies from the previous year that received a notice under subsection 7e77#a77;,a72 7,b7 the number of nonbank financial companies from the previous year that were subject to a proposed determination under subsection 7e77#a77;,e72 and 7,c7 the number of nonbank financial companies from the previous year that were subject to a final determination under subsection 7a7 or 7b72 and 7#d7 not earlier than #ahj days after the date of enactment of this subsection1 publish in the ,federal ,register information regarding the methodology the ,council uses for calculating any quantitative thresholds or other metrics used to consider the factors listed in subsection 7a77#b7 or 7b77#b74 4 #cjc4 ,rule of construction ,none of the amendments made by this title shall be construed as limiting the emergency powers of the ,financial ,stability ,oversight ,council under section #aac7;f7 of the ,financial ,stability ,act of #bjaj 7#ab ,u4,s4,c4 #ecbc7;f774 ,,iv ,improved accountability and transparency in the regulation of insurance #dja4 ,sense of ,congress ,it is the sense of ,congress that the ,act of ,march #i1 #aide 7commonly known as the ,mc,carran-,ferguson ,act2 #ei ,stat4 #cc1 chapter #bj2 #ae ,u4,s4,c4 #ajaa et seq47 remains the preferred approach with respect to regulating the business of insurance4 #djb4 ,ensuring the protection of insurance policyholders 7a7 ,source of strength ,section #ch;,a of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahcao-#a7 is amended-- 7#a7 by redesignating subsections 7c71 7d71 and 7e7 as subsections 7d71 7e71 and 7f71 respectively2 and 7#b7 by inserting after subsection 7b7 the following3 7c7 ,authority of ,state insurance regulator 7#a7 ,in general ,the provisions of section #e7;g7 of the ,bank ,holding ,company ,act of #aief 7#ab ,u4,s4,c4 #ahdd7;g77 shall apply to a savings and loan holding company that is an insurance company1 an affiliate of an insured depository institution that is an insurance company1 and to any other company that is an insurance company and that directly or indirectly controls an insured depository institution1 to the same extent as the provisions of that section apply to a bank holding company that is an insurance company4 7#b7 ,rule of construction ,requiring a bank holding company that is an insurance company1 a savings and loan holding company that is an insurance company1 an affiliate of an insured depository institution that is an insurance company1 or any other company that is an insurance company and that directly or indirectly controls an insured depository institution to serve as a source of financial strength under this section shall be deemed an action of the ,board that requires a bank holding company to provide funds or other assets to a subsidiary depository institution for purposes of section #e7;g7 of the ,bank ,holding ,company ,act of #aief 7#ab ,u4,s4,c4 #ahdd7;g774 4 7b7 ,liquidation authority ,the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #ecja et seq47 is amended-- 7#a7 in section #bjc7;e77#c7 7#ab ,u4,s4,c4 #echc7;e77#c771 by inserting or rehabilitation after orderly liquidation each place that term appears2 and 7#b7 in section #bjd7;d77#d7 7#ab ,u4,s4,c4 #echd7;d77#d771 by inserting before the semicolon at the end the following3 81 except that1 if the covered financial company or covered subsidiary is an insurance company or a subsidiary of an insurance company1 the ,corporation-- 7,a7 shall promptly notify the ,state insurance authority for the insurance company of the intention to take such lien2 and 7,b7 may only take such lien-- 7i7 to secure repayment of funds made available to such covered financial company or covered subsidiary2 and 7ii7 if the ,corporation determines1 after consultation with the ,state insurance authority1 that such lien will not unduly impede or delay the liquidation or rehabilitation of the insurance company1 or the recovery by its policyholders 4 #djc4 ,international insurance capital standards accountability 7a7 ,sense of ,congress ,it is the sense of ,congress that-- 7#a7 the ,secretary of the ,treasury1 the ,board of ,governors of the ,federal ,reserve ,system1 and the ,director of the ,federal ,insurance ,office should support increasing transparency at any global insurance or international standard-setting regulatory or supervisory forum in which they participate1 including supporting and advocating for greater public observer access at any such forum2 and 7#b7 to the extent that the ,secretary of the ,treasury1 the ,board of ,governors of the ,federal ,reserve ,system1 and the ,director of the ,federal ,insurance ,office take a position on an insurance proposal by a global insurance or international standard-setting regulatory or supervisory forum1 the ,board of ,governors of the ,federal ,reserve ,system and the ,director of the ,federal ,insurance ,office should achieve consensus positions with ,state insurance regulators when they are participants representing the ,united ,states in negotiations on insurance issues before any international forum of financial regulators or supervisors that considers insurance regulatory issues4 7b7 ,insurance policy advisory committee 7#a7 ,establishment ,there is established the ,insurance ,policy ,advisory ,committee on ,international ,capital ,standards and ,other ,insurance ,issues at the ,board of ,governors of the ,federal ,reserve ,system4 7#b7 ,membership ,the ,committee established under paragraph 7#a7 shall be composed of not more than #ba members1 all of whom represent a diverse set of expert perspectives from the various sectors of the ,united ,states insurance industry1 including life insurance1 property and casualty insurance and reinsurance1 agents and brokers1 academics1 consumer advocates1 or experts on issues facing underserved insurance communities and consumers4 7c7 ,reports 7#a7 ,reports and testimony by secretary of the treasury and chairman of the board of governors of the federal reserve system 7,a7 ,in general ,the ,secretary of the ,treasury and the ,chairman of the ,board of ,governors of the ,federal ,reserve ,system1 or their designees1 shall submit an annual report and provide annual testimony to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives on the efforts of the ,secretary of the ,treasury1 the ,chairman of the ,board of ,governors of the ,federal ,reserve ,system1 and ,state insurance regulators with respect to global insurance or international standard-setting regulatory or supervisory forums1 including-- 7i7 a description of the insurance regulatory or supervisory standard-setting issues under discussion at any international insurance standard-setting bodies2 7ii7 a description of the effects that proposals discussed at international insurance regulatory or supervisory forums of insurance could have on consumer and insurance markets in the ,united ,states2 7iii7 a description of any position taken by the ,secretary of the ,treasury1 the ,chairman of the ,board of ,governors of the ,federal ,reserve ,system1 and the ,director of the ,federal ,insurance ,office in international insurance discussions2 and 7iv7 a description of the efforts by the ,secretary of the ,treasury1 the ,director of the ,federal ,insurance ,office1 and the ,chairman of the ,board of ,governors of the ,federal ,reserve ,system to increase transparency at any international standard-setting bodies with whom they participate1 including efforts to provide additional public access to working groups and committees of such international insurance standard-setting bodies4 7,b7 ,termination ,this paragraph shall cease to be effective on ,december #ca1 #bjah4 7#b7 ,reports and testimony by state insurance regulators ,a ,state insurance regulator may provide testimony to ,congress on the issues described in paragraph 7#a77;,a74 7#c7 ,joint report by the chairman of the federal reserve and the director of the federal insurance office 7,a7 ,in general ,the ,secretary of the ,treasury1 the ,chairman of the ,board of ,governors of the ,federal ,reserve ,system1 and the ,director of the ,federal ,insurance ,office1 in consultation with ,state insurance regulators1 shall complete a study on1 and submit to ,congress a report on the results of the study1 the impact on consumers and markets in the ,united ,states before supporting or consenting to the adoption of any key elements in any international insurance proposal or international insurance capital standard4 7,b7 ,notice and comment 7i7 ,notice ,the ,secretary of the ,treasury1 the ,chairman of the ,board of ,governors of the ,federal ,reserve ,system1 and the ,director of the ,federal ,insurance ,office shall provide notice before the date on which drafting the report described in subparagraph 7,a7 is commenced and after the date on which the draft of the report is completed4 7ii7 ,opportunity for comment ,there shall be an opportunity for public comment for a period beginning on the date on which the report is submitted under subparagraph 7,a7 and ending on the date that is #fj days after the date on which the report is submitted4 7,c7 ,review by comptroller general ,the ,secretary of the ,treasury1 the ,chairman of the ,board of ,governors of the ,federal ,reserve ,system1 and the ,director of the ,federal ,insurance ,office shall submit to the ,comptroller ,general of the ,united ,states the report described in subparagraph 7,a7 for review4 7#d7 ,report on promoting transparency ,not later than #ahj days after the date of enactment of this ,act1 the ,chairman of the ,board of ,governors of the ,federal ,reserve ,system and the ,secretary of the ,treasury1 or their designees1 shall submit a report and provide testimony to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives on the efforts of the ,secretary of the ,treasury and the ,chairman of the ,board of ,governors of the ,federal ,reserve ,system to improve transparency at any international insurance standard-setting bodies in which they participate4 ,v ,improving the ,federal ,reserve ,system #eja4 ,reports to ,congress ,section #b;,b of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bbe;b7 is amended by striking subsection 7b7 and inserting the following3 7b7 ,quarterly reports to ,congress 7#a7 ,in general ,the ,federal ,open ,market ,committee shall1 on a quarterly basis1 and in such a manner that #a report is submitted concurrently with each semi-annual hearing required by subsection 7a71 submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives a report explaining the policy decisions of the ,committee over the prior quarter and the basis for those decisions4 7#b7 ,contents ,the report described in paragraph 7#a7 shall include-- 7,a7 a detailed analysis of the conduct of monetary policy and economic developments and prospects for the future1 taking into account past and prospective developments in-- 7i7 employment2 7ii7 unemployment2 7iii7 production2 7iv7 investment2 7v7 real income2 7vi7 productivity2 7vii7 exchange rates2 7viii7 international trade and payments2 7ix7 prices2 7x7 inflation expectations2 7xi7 credit conditions2 and 7xii7 interest rates2 7,b7 a description of any monetary policy rule or rules used or considered by the ,committee that provides or provide the basis for monetary policy decisions1 including short-term interest rate targets set by the ,committee1 open market operations authorized under section #ad1 and interest rates established by the ,committee pursuant to section #ai7;b77#ab71 and such description shall include1 at a minimum1 for each rule1 a mathematical formula that models how monetary policy instruments will be adjusted based on changes in quantitative inputs2 7,c7 a description of any additional strategy or strategies1 if any such exist1 used by the ,committee1 separate from or supplementary to any rule or rules described in subparagraph 7,b71 to affect monetary policy2 7,d7 a detailed explanation of-- 7i7 any deviation in the rule or rules described in subparagraph 7,b7 in the current report from any rule or rules described in subparagraph 7,b7 in the most recent quarterly report2 and 7ii7 any deviation in the strategy or strategies described in subparagraph 7,c7 in the current report from any strategy or strategies described in subparagraph 7,c7 in the most recent quarterly report2 7,e7 a description of any instruments used to execute monetary policy by employees of the ,federal ,reserve ,system at the direction of the ,committee1 and how such instruments have been used2 7,f7 a description of the outlook for monetary policy over the short term1 medium term1 and long term2 and 7,g7 projections of inflation and economic growth over the short term1 medium term1 and long term4 7#c7 ,dissent ,a member of the ,committee described in section #ab;,a7a7 may-- 7,a7 dissent from the report submitted under paragraph 7#a7 in whole or in part2 7,b7 write a dissent expressing the views of the member1 which shall be included as part of the report submitted to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives2 and 7,c7 sign a dissent written by another member of the ,committee to express support for views contained in such dissent4 4 #ejb4 ,testimony2 votes2 staff 7a7 ,testimony2 votes ,section #aj of the ,federal ,reserve ,act is amended-- 7#a7 in paragraph 7#aa71 as redesignated by section #hae7v7 of this ,act1 by inserting at the end the following3 ,in the event that no member of the ,board is serving as ,vice ,chairman for ,supervision at the time such appearance is required1 the ,chairman of the ,board of ,governors shall appear before each ,committee in the place of the ,vice ,chairman for ,supervision42 and 7#b7 by adding at the end the following3 7#ab7 7,a7 ,the ,board of ,governors of the ,federal ,reserve ,system shall1 on a nondelegable basis1 vote on whether to issue any civil money penalty assessment order or settle any other enforcement action if the issuance of such order or settlement of such action involves the payment of not less than #a1jjj1jjj in compensation1 penalties1 fines1 or other payments4 7,b7 ,the results of the vote of each member of the ,board under subparagraph 7,a7 shall promptly be made publicly available on the website of the ,board4 4 7b7 ,delegation of authorities2 staff ,section #aa of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bdh7 is amended-- 7#a7 in subsection 7k71 by inserting and except as otherwise provided in section #aj7ab77;,a71 after credit policies12 and 7#b7 in subsection 7l71 by inserting 8,of amounts made available for employees of the ,board of ,governors under this subsection1 each member of the ,board of ,governors may employ not more than #d individuals1 with such individuals selected by such member and the salaries of such individuals set by such member4'' after the period at the end4 #ejc4 ,transparency at the ,federal ,open ,market ,committee ,section #ab;,a of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bfc7 is amended by adding at the end the following3 7d7 ,not later than #c years after the date on which a meeting of the ,committee is held1 the ,committee shall publish the transcript of the meeting4 4 #ejd4 ,interest rates on balances maintained at a ,federal ,reserve bank by depository institutions ,section #ai7;b77#ab77;,a7 of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #dfa7;b77#ab77;,a77 is amended by inserting established by the ,federal ,open ,market ,committee after rate or rates4 #eje4 ,commission for restructuring the ,federal ,reserve ,system 7a7 ,establishment ,there is established an independent commission to be known as the ,federal ,reserve ,system ,restructuring ,commission 7referred to in this section as the ,commission74 7b7 ,membership 7#a7 ,in general ,the ,commission shall be composed of #g members as follows3 7,a7 #b members appointed by the ,speaker of the ,house of ,representatives4 7,b7 #b members appointed by the majority leader of the ,senate4 7,c7 #a member appointed by the minority leader of the ,house of ,representatives4 7,d7 #a member appointed by the minority leader of the ,senate4 7,e7 #a member appointed by the ,president4 7#b7 ,chairman ,once the members of the ,commission have been appointed1 the members shall designate #a of the members to be ,chairman of the ,commission4 7#c7 ,vacancies ,any vacancy in the ,commission shall be filled in the same manner as the original appointment4 7c7 ,duties 7#a7 ,study 7,a7 ,in general ,the ,commission shall conduct a study on whether it is appropriate to restructure the ,federal ,reserve districts1 including an analysis on potential benefits and costs of restructuring4 7,b7 ,considerations ,in determining whether such restructuring is appropriate1 the ,commission shall specifically consider the impact of restructuring with respect to-- 7i7 maximizing operational effectiveness within the ,federal ,reserve ,system while minimizing operational costs2 7ii7 maximizing the effectiveness of supervisory and regulatory functions while minimizing potential for regulatory capture2 and 7iii7 monetary policy decision-making4 7,c7 ,proposals ,the ,commission shall-- 7i7 consider various proposals to restructure the existing ,federal ,reserve districts1 including proposals to-- 7,i7 increase the number of existing ,federal ,reserve districts1 including a proposal to divide the ,federal ,reserve district in which the ,federal ,reserve ,bank of ,san ,francisco is contained into #b or more separate districts while retaining the existing structure for the remaining ,federal ,reserve districts2 7,,ii7 decrease the number of existing ,federal ,reserve districts2 7,,iii7 restructure the existing ,federal ,reserve districts without increasing or decreasing the number of existing ,federal ,reserve districts2 and 7,,iv7 reassign specific functions and duties1 including supervisory and regulatory functions1 to different ,federal ,reserve banks within the ,federal ,reserve ,system1 including functions and duties performed by the ,board2 and 7ii7 determine which of the proposals considered under clause 7i7 are the optimal approaches to restructuring the existing ,federal ,reserve districts pursuant to subclauses 7,i71 7,,ii71 7,,iii71 and 7,,iv7 of clause 7i74 7#b7 ,recommendation ,the ,commission shall1 based on the proposals considered under paragraph 7#a77;,c71 develop a recommendation on the optimal organization of the ,federal ,reserve ,system that-- 7,a7 maximizes-- 7i7 the operational effectiveness within the ,federal ,reserve ,system while minimizing operational costs2 and 7ii7 the effectiveness of supervisory and regulatory functions while minimizing potential for regulatory capture2 and 7,b7 takes into account the impact of restructuring on monetary policy decision-making4 7#c7 ,report ,not later than #ah months after the date of enactment of this ,act1 the ,commission shall submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives1 and also furnish copies to the ,president and the ,board of ,governors of the ,federal ,reserve ,system1 a report that includes-- 7,a7 the recommendation described in paragraph 7#b72 7,b7 a description of the proposals considered under paragraph 7#a77;,c77i72 7,c7 a description of the proposals determined to be optimal under paragraph 7#a77;,c77ii72 7,d7 an analysis of the benefits and costs of each of the proposals described in subparagraph 7,b71 including1 with respect to each proposal1 an analysis of-- 7i7 the operational benefits and costs to the ,federal ,reserve ,system2 7ii7 the impact on supervision of financial institutions and nonbank financial institutions supervised by the ,federal ,reserve banks2 and 7iii7 the impact on monetary policy decision-making2 7,e7 an analysis of-- 7i7 any specific benefits and costs resulting from the increase in total number of ,federal ,reserve districts2 and 7ii7 any specific benefits and costs resulting from the decrease in total number of ,federal ,reserve districts1 including an evaluation of savings to the ,federal ,reserve ,system through streamlining and elimination of duplicated functions2 7,f7 a determination of-- 7i7 whether the benefits of restructuring the existing ,federal ,reserve districts without increasing or decreasing the number of existing ,federal ,reserve districts outweigh the costs2 7ii7 whether the benefits of increasing or decreasing the number of existing ,federal ,reserve districts outweigh the costs2 7iii7 whether the benefits of reassigning functions and duties to different ,federal ,reserve banks within the ,federal ,reserve ,system outweigh the costs2 and 7iv7 the optimal number of ,federal ,reserve districts in order for the ,federal ,reserve ,system to fulfill its statutory role in the most efficient and cost-effective manner2 and 7,g7 a description of the methodology used by the ,commission to reach the conclusions for the report4 7d7 ,powers of the commission ,the ,commission may lease space and acquire personal property to the extent funds are available4 7e7 ,commission personnel matters 7#a7 ,compensation of members 7,a7 ,in general ,except as provided in subparagraph 7,b71 each member of the ,commission who is not an officer or employee of the ,federal ,government shall be compensated at a rate equal to the daily equivalent of the annual rate of basic pay prescribed for level ,,iv of the ,executive ,schedule under section #ecae of title #e1 ,united ,states ,code1 for each day 7including travel time7 during which such member is engaged in the performance of the duties of the ,commission4 ,all members of the ,commission who are officers or employees of the ,united ,states shall serve without compensation in addition to that received for their services as officers or employees of the ,united ,states4 7,b7 ,compensation of chairman ,the ,chairman of the ,commission shall be compensated at a rate equal to the daily equivalent of the minimum annual rate of basic pay payable for level ,,iii of the ,executive ,schedule under section #ecad1 of title #e1 ,united ,states ,code4 7#b7 ,travel expenses ,the members of the ,commission shall be allowed travel expenses1 including per diem in lieu of subsistence1 at rates authorized for employees of agencies under subchapter ,i of chapter #eg of title #e1 ,united ,states ,code1 while away from their homes or regular places of business in the performance of services for the ,commission4 7#c7 ,director and staff 7,a7 ,director of staff ,the ,commission shall appoint a ,director1 who shall be paid at the rate of basic pay payable for level ,,iv of the ,executive ,schedule under section #ecae of title #e1 ,united ,states ,code4 7,b7 ,staff 7i7 ,in general ,subject to clauses 7ii7 and 7iii71 the ,director1 with the approval of the ,commission1 may appoint and fix the pay of additional personnel4 7ii7 ,applicability ,the ,director may make such appointments without regard to the provisions of title #e1 ,united ,states ,code1 governing appointments in the competitive service1 and any personnel so appointed may be paid without regard to the provisions of chapter #ea and subchapter ,,iii of chapter #ec of that title relating to classification and ,general ,schedule pay rates1 except that an individual so appointed may not receive pay in excess of the annual rate of basic pay prescribed for level ,v of the ,executive ,schedule under section #ecaf of that title4 7iii7 ,detail of government employees 7,i7 ,in general ,upon request of the ,director1 the head of any ,federal department or agency1 including the ,comptroller ,general of the ,united ,states1 may detail any of the personnel of that department or agency to the ,commission to assist the ,commission in carrying out its duties under this section4 7,,ii7 ,limitations 7aa7 ,detail of employees from federal reserve system ,not more than #a_/e of the personnel employed by or detailed to the ,commission may be on detail from the ,federal ,reserve ,system4 7bb7 ,detail of employees from other federal agencies ,not more than one-fifth of the personnel employed by or detailed to the ,commission may be on detail from any ,federal department or agency other than the ,federal ,reserve ,system4 7iv7 ,experts and consultants ,the ,commission may procure by contract the temporary or intermittent services of experts or consultants pursuant to section #caji7;b7 of title #e1 ,united ,states ,code1 at rates for individuals which do not to exceed the daily equivalent of the annual rate of basic pay for a comparable position paid under the ,general ,schedule4 7,c7 ,rule of construction ,any individual employed by the ,commission under this paragraph1 including any expert or consultant under contract pursuant to subparagraph 7,b77iv71 shall be considered staff for the duration of such employment of such individual for the purposes of this section4 7f7 ,prohibition against restricting communications ,no person may restrict an employee of the ,federal ,reserve ,system from communicating with a member or staff of the ,commission1 and no person may take 7or threaten to take7 an unfavorable personnel action1 or withhold 7or threaten to withhold7 a favorable personnel action1 as a reprisal for such communication4 7g7 ,confidential information ,no member or staff of the ,commission shall request1 either in writing or verbally1 that any employee of the ,federal ,reserve ,system provide-- 7#a7 nonpublic information or documents concerning or related to monetary policy deliberations2 or 7#b7 confidential supervisory information4 7h7 ,disclosure of nonpublic information ,any member or staff of the ,commission that obtains nonpublic information from the ,federal ,reserve ,system or any employee of the ,federal ,reserve ,system shall maintain the confidentiality of such information4 7i7 ,audit 7#a7 ,in general ,the ,comptroller ,general of the ,united ,states shall annually audit the financial transactions of the ,commission in accordance with the ,united ,states generally accepted government auditing standards1 as may be prescribed by the ,comptroller ,general of the ,united ,states4 7#b7 ,location of audit ,an audit under paragraph 7#a7 shall be conducted at any place where accounts of the ,commission are normally kept4 7#c7 ,access 7,a7 ,in general ,the representatives of the ,government ,accountability ,office shall have access1 in accordance with section #gaf7;c7 of title #ca1 ,united ,states ,code1 to-- 7i7 the ,chairman of the ,commission1 members of the ,commission1 and staff of the ,commission2 and 7ii7 all books1 accounts1 documents1 papers1 records 7including electronic records71 reports1 files1 property1 or other information belonging to or under the control of or used or employed by the ,commission pertaining to its financial transactions and necessary to facilitate the audit4 7,b7 ,verification of transactions ,representatives of the ,government ,accountability ,office shall be afforded full facilities for verifying transactions with the balances or securities held by depositories1 fiscal agents1 and custodians4 7#d7 ,custody of documents and property ,all books1 accounts1 documents1 papers1 records1 reports1 files1 property1 or other information described in paragraph 7#c77;,a77ii7 shall remain in possession and custody of the ,commission4 7#e7 ,copies ,the ,comptroller ,general of the ,united ,states may make copies of any books1 accounts1 documents1 papers1 records1 reports1 files1 property1 or other information described in paragraph 7#c77;,a77ii7 without cost to the ,comptroller ,general4 7#f7 ,services ,in conducting an audit under this subsection1 the ,comptroller ,general of the ,united ,states may employ by contract1 without regard to section #cgji of the ,revised ,statutes 7#da ,u4,s4,c4 #faja71 professional services of firms and organizations of certified public accountants for temporary periods or for special purposes4 7#g7 ,reimbursement 7,a7 ,in general ,upon the request of the ,comptroller ,general of the ,united ,states1 the ,chairman of the ,commission shall transfer to the ,government ,accountability ,office from funds made available to the ,commission the amount requested by the ,comptroller ,general to cover the full costs of any audit and report conducted by the ,comptroller ,general4 7,b7 ,credit ,the ,comptroller ,general of the ,united ,states shall credit funds transferred under subparagraph 7,a7 to the account established for salaries and expenses of the ,government ,accountability ,office1 and such amount shall be available upon receipt and without fiscal year limitation to cover the full costs of the audit and report4 7#h7 ,report ,the ,comptroller ,general of the ,united ,states shall submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives1 and also furnish copies to the ,president and the ,commission1 a report of each annual audit conducted under this subsection1 including-- 7,a7 the scope of the audit2 7,b7 the statement of assets and liabilities and surplus or deficit2 7,c7 the statement of income and expenses2 7,d7 the statement of sources and application of funds2 7,e7 such comments and information as the ,comptroller ,general determines is necessary to inform the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives of the financial operations and condition of the ,commission2 and 7,f7 such recommendations that the ,comptroller ,general may deem advisable4 7j7 ,termination ,the ,commission shall terminate not later than on ,december #ca1 #bjbj4 7k7 ,funding 7#a7 ,in general ,beginning on the first quarter of the fiscal year after the date on which the ,commission is established1 and in each quarter of a fiscal year thereafter1 the ,board of ,governors of the ,federal ,reserve ,system shall transfer to the ,commission1 from the combined earnings of the ,federal ,reserve ,system1 the amount determined by the ,chairman of the ,commission to be reasonably necessary to carry out the authorities of the ,commission pursuant to this section1 taking into account such other sums made available to the ,commission in preceding quarters1 to be available without fiscal year limitation and not subject to appropriation4 7#b7 ,reviewability ,notwithstanding any other provision in this section1 the funds derived from the ,federal ,reserve ,system pursuant to this subsection shall not be subject to review by the ,committee on ,appropriations of the ,senate or the ,committee on ,appropriations of the ,house of ,representatives4 7l7 ,federal reserve districts ,the first undesignated paragraph of section #b of the ,federal ,reserve ,act 7#ch ,stat4 #bea1 chapter #f7 is amended by inserting 1 except as otherwise provided under section #eje of the ,financial ,regulatory ,improvement ,act of #bjae after organized4 #ejf4 ,,gao study on supervision 7a7 ,in general ,the ,comptroller ,general of the ,united ,states shall conduct a study on the effectiveness of supervision by the ,board of ,governors of the ,federal ,reserve ,system and each ,federal ,reserve bank of-- 7#a7 bank holding companies subject to the requirements of section #afe of the ,financial ,stability ,act of #bjaj 7#ab ,u4,s4,c4 #ecfe7 on the date of enactment of this ,act2 and 7#b7 nonbank financial companies subject to a determination under subsection 7a7 or 7b7 of section #aac of the ,financial ,stability ,act of #bjaj 7#ab ,u4,s4,c4 #ecbc74 7b7 ,report ,not later than #ah months after the date of enactment of this ,act1 the ,comptroller ,general of the ,united ,states shall submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives a report based on the study required under subsection 7a7 that includes-- 7#a7 an analysis of-- 7,a7 the effectiveness of the delegation of functions by the ,board of ,governors of the ,federal ,reserve ,system in accordance with section #aa7k7 of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bdh7k772 7,b7 the effectiveness of supervision delegated to each ,federal ,reserve bank by the ,board of ,governors of the ,federal ,reserve ,system1 including whether and how the relationships between each ,federal ,reserve bank and the institutions that each ,federal ,reserve bank supervises impact the effectiveness of supervision2 7,c7 the propriety of the relationship between each ,federal ,reserve bank and the institutions that each ,federal ,reserve bank supervises1 including any potential conflicts of interest1 and whether and how such relationships impact the effectiveness of supervision2 7,d7 the role played by the ,large ,institution ,supervision ,coordinating ,committee of the ,board of ,governors of the ,federal ,reserve ,system1 the interactions between the ,committee and the ,federal ,reserve banks1 and the effectiveness of the ,committee2 and 7,e7 any other factors that could negatively influence the effectiveness of supervision by any ,federal ,reserve bank or the ,board of ,governors of the ,federal ,reserve ,system2 7#b7 an evaluation of whether additional steps should be taken by the ,board of ,governors of the ,federal ,reserve ,system1 each ,federal ,reserve bank1 or ,congress to improve the effectiveness of supervision at each ,federal ,reserve bank and the ,board of ,governors of the ,federal ,reserve ,system2 and 7#c7 recommendations to improve the effectiveness of supervision at each ,federal ,reserve bank and the ,board of ,governors of the ,federal ,reserve ,system4 7c7 ,evaluation ,as part of the study required under subsection 7a71 the ,comptroller ,general of the ,united ,states shall separately evaluate the effectiveness of supervision at the ,board of ,governors of the ,federal ,reserve ,system and at each ,federal ,reserve bank4 #ejg4 ,federal ,reserve study on nonbank supervision 7a7 ,in general ,not later than #ahj days after the enactment of this ,act1 and not less than once every #b years thereafter1 the ,board of ,governors of the ,federal ,reserve ,system shall submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives a report regarding how the ,board plans to supervise and regulate nonbank financial companies subject to a determination under subsection 7a7 or 7b7 of section #aac of the ,financial ,stability ,act of #bjaj 7#ab ,u4,s4,c4 #ecbc7 that includes1 with respect to nonbank financial companies-- 7#a7 a specific supervisory and regulatory framework1 differentiating among nonbank financial companies on an individual basis or by category1 taking into consideration the capital structure1 riskiness1 complexity 7including the financial activities of any subsidiaries71 size1 and any other risk-related factors that the ,board of ,governors of the ,federal ,reserve ,system determines is appropriate2 7#b7 an assessment of the relevant experience and expertise of staff of the ,federal ,reserve ,system assigned to such supervision and regulation2 7#c7 a description of-- 7,a7 the method for evaluating safety and soundness2 7,b7 the frequency of examinations2 7,c7 the criteria that will be examined2 and 7,d7 coordination with ,federal and ,state regulators1 including efforts to minimize duplicative supervision and regulation1 if appropriate2 and 7#d7 an explanation of how the approach to supervision and regulation of nonbank financial companies differs from supervision and regulation of bank holding companies and member banks4 7b7 ,sunset ,this section shall terminate on the date that is #aj years after the date of enactment of this ,act4 #ejh4 ,federal ,reserve bank governance 7a7 ,in general ,section #d of the ,federal ,reserve ,act is amended-- 7#a7 in paragraph 7#d7 7#ab ,u4,s4,c4 #cda7-- 7,a7 by striking power-- and inserting power1 except as provided in paragraph 7#be7--2 and 7,b7 by inserting except that the first vice president of the ,federal ,reserve ,bank of ,new ,york shall be appointed by the ,class ,b and ,class ,c directors of the bank1 with the approval of the ,board of ,governors of the ,federal ,reserve ,system1 for a term of #e years1 after as the president12 and 7#b7 by adding at the end the following3 7#be7 ,selection of the ,president of the ,federal ,reserve ,bank of ,new ,york ,notwithstanding any other provision of this section1 the president of the ,federal ,reserve ,bank of ,new ,york shall be appointed by the ,president1 by and with the advice and consent of the ,senate1 for terms of #e years4 7#bf7 ,testimony ,the president of the ,federal ,reserve ,bank of ,new ,york1 on an annual basis1 shall provide testimony to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives4 4 7b7 ,effective date ,the amendments made by subsection 7a7 shall take effect on the date of enactment of this ,act and apply to appointments for the president of the ,federal ,reserve ,bank of ,new ,york made on and after that effective date4 ,,vi ,improved access to capital and tailored regulation in the financial markets #fja4 ,holding company registration threshold equalization ,the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;a et seq47 is amended-- 7#a7 in section #ab7;g7 7#ae ,u4,s4,c4 #ghl7g77-- 7,a7 in paragraph 7#a77;,b71 by inserting 1 a savings and loan holding company 7as defined in section #aj7;a7 of the ,home ,owners' ,loan ,act 7#ab ,u4,s4,c4 #adfg;a7a7771 after is a bank2 and 7,b7 in paragraph 7#d71 by inserting 1 a savings and loan holding company 7as defined in section #aj7;a7 of the ,home ,owners' ,loan ,act 7#ab ,u4,s4,c4 #adfg;a7a7771 after case of a bank2 and 7#b7 in section #ae7;d77#a7 7#ae ,u4,s4,c4 #gho7d77#a771 by striking case of bank and inserting case of a bank1 a savings and loan holding company 7as defined in section #aj7;a7 of the ,home ,owners' ,loan ,act 7#ab ,u4,s4,c4 #adfg;a7a77714 #fjb4 ,increased threshold for disclosures relating to compensatory benefit plans ,not later than #fj days after the date of enactment of this ,act1 the ,securities and ,exchange ,commission shall revise section #bcj4gja7;e7 of title #ag1 ,code of ,federal ,regulations1 to increase from #e1jjj1jjj to #aj1jjj1jjj the aggregate sales price or amount of securities sold during any consecutive #ab-month period in excess of which the issuer is required under such section to deliver an additional disclosure to investors4 ,the ,securities and ,exchange ,commission shall index for inflation such aggregate sales price or amount every #e years to reflect the change in the ,consumer ,price ,index for ,all ,urban ,consumers published by the ,bureau of ,labor ,statistics1 rounding to the nearest #a1jjj1jjj4 #fjc4 ,repeal of indemnification requirements 7a7 ,derivatives clearing organizations ,section #e;b7k77#e7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #g;a-#a7k77#e77 is amended to read as follows3 7#e7 ,confidentiality agreement ,before the ,commission may share information with any entity described in paragraph 7#d71 the ,commission shall receive a written agreement from each entity stating that the entity shall abide by the confidentiality requirements described in section #h relating to the information on swap transactions that is provided4 4 7b7 ,swap data repositories ,section #ba7;d7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #bd;a7d77 is amended to read as follows3 7d7 ,confidentiality agreement ,before the swap data repository may share information with any entity described in subsection 7c77#g71 the swap data repository shall receive a written agreement from each entity stating that the entity shall abide by the confidentiality requirements described in section #h relating to the information on swap transactions that is provided4 4 7c7 ,security-based swap data repositories ,section #ac7n77#e7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #ghm7n77#e77 is amended-- 7#a7 in subparagraph 7,g7-- 7,a7 in the matter preceding clause 7i71 by striking all and inserting security-based swap2 and 7,b7 in clause 7v7-- 7i7 in subclause 7,,ii71 by striking 2 and and inserting a semicolon2 7ii7 in subclause 7,,iii71 by striking the period at the end and inserting 2 and2 and 7iii7 by adding at the end the following3 7,,iv7 other foreign authorities4 2 and 7#b7 by striking subparagraph 7,h7 and inserting the following3 7,h7 ,confidentiality agreement ,before the security-based swap data repository may share information with any entity described in subparagraph 7,g71 the security-based swap data repository shall receive a written agreement from each entity stating that the entity shall abide by the confidentiality requirements described in section #bd relating to the information on security-based swap transactions that is provided4 4 7d7 ,effective date ,the amendments made by this section shall take effect as if enacted as part of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7,public ,law #aaa-bjc74 #fjd4 ,improving access to capital for emerging growth companies ,section #f7;e77#a7 of the ,securities ,act of #aicc 7#ae ,u4,s4,c4 #gg;f7e77#a77 is amended by adding at the end the following3 ,an issuer that was an emerging growth company at the time it submitted a confidential registration statement or1 in lieu thereof1 a publicly filed registration statement for review under this subsection but ceases to be an emerging growth company thereafter shall continue to be treated as an emerging growth company for the purposes of this subsection through the earlier of the date on which the issuer consummates its initial public offering pursuant to such registration statement or the end of the #a-year period beginning on the date on which the company ceases to be an emerging growth company44 ,,vii ,taxpayer protections and market access for mortgage finance #gja4 ,definitions ,in this title3 7#a7 ,agency ,the term ,agency means the ,federal ,housing ,finance ,agency4 7#b7 ,back-end risk sharing ,the term back-end risk sharing means any risk-sharing transaction that allows an enterprise to share single-family mortgage credit risk that is on the balance sheet of the enterprise with the private sector4 7#c7 ,board of ,directors ,the term ,board of ,directors means the ,board of ,directors established under section #gje7;c77#a74 7#d7 ,common securitization solutions ,the term ,common ,securitization ,solutions or ,,css means ,common ,securitization ,solutions1 ,,llc1 the joint venture formed by the enterprises in ,october #bjac1 or any successor to ,common ,securitization ,solutions1 ,,llc1 that is a joint venture of the enterprises4 7#e7 ,contractual and disclosure framework ,the term contractual and disclosure framework means a contractual and disclosure framework for securitization of mortgage loans by an entity other than an enterprise4 7#f7 ,enterprise ,the term enterprise has the meaning given that term in section #acjc of the ,federal ,housing ,enterprises ,financial ,safety and ,soundness ,act of #aiib 7#ab ,u4,s4,c4 #dejb74 7#g7 ,first loss position2 front-end risk sharing2 risk-sharing transaction ,the terms first loss position1 front-end risk sharing1 and risk-sharing transaction have the meanings given those terms in section #acbh7;a7 of the ,federal ,housing ,enterprises ,financial ,safety and ,soundness ,act of #aiib1 as added by section #gjf7;b77#a74 7#h7 ,guarantee fee ,the term guarantee fee-- 7,a7 means a fee in connection with any guarantee of the timely payment of principal and interest on securities1 notes1 and other obligations based on or backed by mortgages on residential real properties designed principally for occupancy of from #a to #d families2 and 7,b7 includes-- 7i7 the guaranty fee charged by the ,federal ,national ,mortgage ,association with respect to mortgage-backed securities2 and 7ii7 the management and guarantee fee charged by the ,federal ,home ,loan ,mortgage ,corporation with respect to participation certificates4 7#i7 ,platform ,the term ,platform means the securitization platform first described by the paper issued by the ,agency on ,october #d1 #bjab entitled ,building a ,new ,infrastructure for the ,secondary ,mortgage ,market1 and updated in subsequent documents released by the ,agency1 including annual strategic plans for the conservatorship of the enterprises and annual conservatorship scorecards4 7#aj7 ,private successor ,the term private successor means the private1 nonprofit entity referred to in section #gje7;g7 to which ,,css transitions the ,platform and the contractual and disclosure framework1 including any associated intellectual property1 technology1 systems1 and infrastructure1 in accordance with this title4 7#aa7 ,second loss position ,the term second loss position means1 with respect to a risk-sharing transaction1 the position to which any credit losses on a security resulting from the nonperformance of underlying mortgage loans will accrue and be absorbed after a first loss position1 to the full extent of a holder's interest in such position4 7#ab7 ,secretary ,the term ,secretary means the ,secretary of the ,treasury4 7#ac7 ,senior preferred stock purchase agreement ,the term ,senior ,preferred ,stock ,purchase ,agreement means-- 7,a7 the ,amended and ,restated ,senior ,preferred ,stock ,purchase ,agreement1 dated ,september #bf1 #bjjh1 as such ,agreement has been amended on ,may #f1 #bjji1 ,december #bd1 #bjji1 and ,august #ag1 #bjab1 respectively1 and as such ,agreement may be further amended and restated1 entered into between the ,department of the ,treasury and each enterprise1 as applicable2 and 7,b7 any provision of any certificate in connection with such ,agreement creating or designating the terms1 powers1 preferences1 privileges1 limitations1 or any other conditions of the ,variable ,liquidation ,preference ,senior ,preferred ,stock of an enterprise issued or sold pursuant to such ,agreement4 #gjb4 ,prohibiting the use of guarantee fees as an offset 7a7 ,in general ,in the ,senate and the ,house of ,representatives1 for purposes of determining budgetary impacts to evaluate points of order under the ,congressional ,budget ,act of #aigd1 any previous budget resolution1 and any subsequent budget resolution1 provisions contained in any bill1 resolution1 amendment1 motion1 or conference report that increase1 or extend the increase of1 any guarantee fee of an enterprise shall not be scored with respect to the level of budget authority1 outlays1 or revenues contained in such legislation4 7b7 ,exception ,the prohibition in subsection 7a7 shall not apply to any legislation that-- 7#a7 includes a specific instruction to the ,secretary on the sale1 transfer1 relinquishment1 liquidation1 divestiture1 or other disposition of senior preferred stock acquired pursuant to the ,senior ,preferred ,stock ,purchase ,agreement2 and 7#b7 provides for an increase1 or extension of an increase1 of any guarantee fee of an enterprise to be used for the purpose of financing reforms to the secondary mortgage market4 #gjc4 ,limitations on sale of preferred stock ,notwithstanding any other provision of law or any provision of the ,senior ,preferred ,stock ,purchase ,agreement1 the ,secretary may not sell1 transfer1 relinquish1 liquidate1 divest1 or otherwise dispose of any outstanding shares of senior preferred stock acquired pursuant to the ,senior ,preferred ,stock ,purchase ,agreement1 until such time as ,congress has passed and the ,president has signed into law legislation that includes a specific instruction to the ,secretary regarding the sale1 transfer1 relinquishment1 liquidation1 divestiture1 or other disposition of the senior preferred stock so acquired4 #gjd4 ,secondary market advisory committee ,not later than #ij days after the date of enactment of this ,act1 the ,agency shall direct the enterprises and ,,css to establish the ,secondary ,market ,advisory ,committee1 which shall-- 7#a7 provide advice to the enterprises and ,,css on decisions relating to the development of secondary mortgage market infrastructure2 and 7#b7 include private market participants representing multiple aspects of the mortgage market1 including mortgage lenders1 poolers of mortgage-backed securities1 and investors of mortgage-backed securities4 #gje4 ,securitization platform 7a7 ,sense of ,congress ,it is the sense of ,congress that-- 7#a7 at the direction of the ,agency1 the enterprises have established a joint venture called ,common ,securitization ,solutions intended to facilitate the issuance of mortgage-backed securities through the ,platform2 7#b7 at the direction of the ,agency1 the development of the ,platform is currently geared toward the issuance of mortgage-backed securities by the enterprises2 7#c7 as soon as practicable1 the capacity and functionality of the ,platform should be expanded to facilitate the issuance of mortgage-backed securities by issuers other than the enterprises1 and ,,css should undertake to develop the contractual and disclosure framework for issuers other than the enterprises2 7#d7 the property of the enterprises1 including intellectual property1 technology1 systems1 and infrastructure 7including technology1 systems1 and infrastructure developed by the enterprises for the ,platform71 as well as any other legacy systems1 infrastructure1 processes1 and the ,platform itself are valuable assets of the enterprises2 and 7#e7 the enterprises should receive appropriate compensation for the transfer of any such assets4 7b7 ,reports to congress 7#a7 ,annual report on development ,not later than #a year after the date of enactment of this ,act1 and every year thereafter1 the ,agency shall submit to ,congress a report on the status of the development of the ,platform and the contractual and disclosure framework1 which shall include-- 7,a7 the projected timelines for-- 7i7 completing development of the ,platform to support the securitization needs of the enterprises2 and 7ii7 completing development of the ,platform and the contractual and disclosure framework to support the securitization needs of issuers other than the enterprises2 and 7,b7 the projected budget for the development of the ,platform and the contractual and disclosure framework4 7#b7 ,report on transition ,not later than #c years after the date of enactment of this ,act1 the ,agency shall develop a plan1 and submit to the ,committee on ,banking1 ,housing and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives a report on such plan1 to transition the ,platform and the contractual and disclosure framework from a joint venture owned by the enterprises into a private1 nonprofit entity that best facilitates a deep1 liquid1 and resilient secondary mortgage market for mortgage-backed securities4 7c7 ,board of directors 7#a7 ,establishment ,not later than #f months after the date of enactment of this ,act1 the ,agency shall direct the enterprises and ,,css to re-constitute a ,,css ,board of ,directors that meets the composition requirements set forth in paragraphs 7#b7 and 7#c74 7#b7 ,composition after #a year ,not later than #a year after the date of enactment of this ,act1 as determined by the ,agency1 the ,board of ,directors shall be comprised of #g directors1 #c of whom-- 7,a7 shall have demonstrated knowledge of1 or experience in1 financial management1 financial services1 risk management1 information technology1 or housing finance2 and 7,b7 are not simultaneously employed by an enterprise or serving as a director of an enterprise4 7#c7 ,composition after #ah months ,not later than #ah months after the date of enactment of this ,act1 as determined by the ,agency1 the ,board of ,directors shall be comprised of #i directors1 #e of whom-- 7,a7 shall have demonstrated knowledge of1 or experience in1 financial management1 financial services1 risk management1 information technology1 or housing finance2 and 7,b7 are not simultaneously employed by an enterprise or serving as a director of an enterprise4 7d7 ,authorized and prohibited activities 7#a7 ,authorized activities 7,a7 ,in general ,not later than #b years after the date of enactment of this ,act1 ,,css shall-- 7i7 for an entity other than an enterprise1 develop standards for-- 7,i7 becoming an approved issuer of securities issued through the ,platform2 7,,ii7 loans that may serve as collateral for securities issued through the ,platform2 and 7,,iii7 originating1 servicing1 pooling1 dispute resolution1 disclosure1 and securitizing residential mortgage loans that collateralize securities issued through the ,platform2 and 7ii7 operate and maintain the ,platform and establish fees for use of the ,platform4 7,b7 ,issuing securities by approved issuers ,not later than #c years after the date of enactment of this ,act-- 7i7 ,,css shall facilitate the issuance of securities by any approved issuer other than an enterprise through the ,platform2 and 7ii7 issuances of securities facilitated through the ,platform shall not be limited to those made by the enterprises4 7,c7 ,exception ,the ,director may delay the requirement under subparagraph 7,b7 for #b #a-year periods if the ,director and the ,secretary of the ,treasury-- 7i7 determine that facilitation of such securities is not feasible within that period of time and could adversely impact the housing market2 and 7ii7 submit to ,congress a report describing the justification for the determination made in clause 7i74 7#b7 ,prohibited activities ,,css may not1 through the ,platform or otherwise-- 7,a7 guarantee any mortgage loans or mortgage-backed securities2 7,b7 assume or hold mortgage loan credit risk2 7,c7 purchase any mortgage loans for cash on a single loan basis for the purpose of securitization2 7,d7 own or hold any mortgage loans or mortgage-backed securities for investment purposes2 7,e7 make or be a party to any representation and warranty agreement on any mortgage loans2 or 7,f7 take lender representation and warranty risk4 7#c7 ,authorized and prohibited activities of the private successor ,all authorized and prohibited activities of ,,css under this subsection shall transfer to the private successor at the time of transition under subsection 7g71 and shall transfer to any future successor to the private successor at the time of any such transition4 7e7 ,regulation of ,,css and the private successor ,the ,agency shall have general regulatory authority over ,,css1 the private successor1 and any successor to the private successor to ensure the safety and soundness of ,,css and such successors 7f7 ,funding by the ,,fhfa and transfer of property 7#a7 ,transfer of funds from the enterprises ,at a time established by the ,agency1 the ,agency shall transfer to ,,css such funds from the enterprises as the ,agency1 after consultation with the ,board of ,directors1 determines may be reasonably necessary for ,,css to begin carrying out the activities and operations of the ,platform4 7#b7 ,transfer of property 7,a7 ,in general ,the ,agency shall direct the enterprises to transfer or sell to the ,platform any property1 including intellectual property1 technology1 systems1 and infrastructure 7including technology1 systems1 and infrastructure developed by the enterprises for the ,platform71 as well as any other legacy systems1 infrastructure1 and processes that may be necessary for the ,platform to carry out the functions and operations of the ,platform4 7,b7 ,contractual and other legal obligations ,as may be necessary for the ,agency and the enterprises to comply with legal1 contractual1 or other obligations1 the ,agency shall have the authority to require that any transfer authorized under subparagraph 7,a7 occurs as an exchange for value1 including through the provision of appropriate compensation to the enterprises or other entities responsible for creating1 or contracting with1 the ,platform4 7g7 ,transition from ,,css 7#a7 ,in general ,not later than #e years after the date of enactment of this ,act1 the ,agency shall oversee the transition of ownership of the ,platform and the contractual and disclosure framework from the enterprises and ,,css to a private1 nonprofit entity in accordance with the plan developed under subsection 7b77#b74 7#b7 ,board of ,directors ,the private successor shall determine the structure of the ,board of ,directors following the transition under paragraph 7#a74 7#c7 ,repayment of cost ,not later than #aj years after the date of the transition described in paragraph 7#a71 the total cost of the property transferred in accordance with subsection 7f77#b7 at the time of the transition1 as determined jointly by the ,agency and the ,secretary1 shall be repaid to the enterprises4 7h7 ,rule of construction ,nothing in this section shall be construed to prohibit the ,agency or ,,css from first developing a common securitization platform for use only by the enterprises1 if all of the provisions in this ,act relating to the development of the ,platform and the contractual and disclosure framework are complied with in a timely manner4 #gjf4 ,mandatory risk sharing 7a7 ,sense of congress ,it is the sense of ,congress that-- 7#a7 at the direction of the ,agency1 the enterprises have executed a series of transactions in which the enterprises share credit risk with the private sector2 7#b7 in the risk-sharing transactions to date1 the enterprises have shared credit risk on pools of residential mortgage loans that back securities on which an enterprise either already guarantees or does not yet guarantee the timely payment of principal and interest2 7#c7 the risk that the enterprises have shared has been either any loss suffered on the loans in the pool or any loss in excess of some minimal level on loans in the pool2 7#d7 to date1 the vast majority of risk-sharing transactions have involved either back-end risk sharing or the transfer of the second loss position2 and 7#e7 the ,agency should direct the enterprises to-- 7,a7 engage in more front-end risk sharing in which the first loss position is transferred2 and 7,b7 retain data that can help inform policymakers and the public about the impact to consumers1 the market1 and the enterprises from such transactions4 7b7 ,mandatory risk sharing 7#a7 ,in general ,subpart ,a of part #b of subtitle ,a of the ,federal ,housing ,enterprises ,financial ,safety and ,soundness ,act of #aiib 7#ab ,u4,s4,c4 #deda et seq47 is amended by adding at the end the following3 #acbh4 ,mandatory risk-sharing transactions 7a7 ,definitions ,in this section3 7#a7 ,first loss position ,the term first loss position means1 with respect to a risk-sharing transaction1 the position to which any credit loss on a security resulting from the nonperformance of underlying mortgage loans will accrue and be absorbed1 to the full extent of the holder's interest in such position4 7#b7 ,front-end risk sharing ,the term front-end risk sharing means any risk-sharing transaction that provides for an enterprise to share credit risk on a pool of single-family residential mortgage loans that back securities on which the enterprise guarantees the timely payment of principal and interest with the private sector before the enterprise provides any such guarantee4 7#c7 ,risk-sharing transaction ,the term risk-sharing transaction means any transaction that provides for an enterprise to share credit risk on a pool of single-family residential mortgage loans that back securities on which the enterprise guarantees the timely payment of principal and interest with the private sector4 7b7 ,risk-sharing transactions ,the ,director shall require each enterprise to develop and undertake risk-sharing transactions in which the first loss position is transferred1 as provided in subsection 7c74 7c7 ,required percentage of business 7#a7 ,requirement ,the ,director shall require that each enterprise engage in significant and increasing risk-sharing transactions1 including front-end risk sharing and risk-sharing transactions in which the first loss position is transferred1 considering market conditions and the safety and soundness of the enterprise4 7#b7 ,annual reporting requirement ,not later than #a year after the date of enactment of this section1 and every year thereafter1 the ,agency shall submit to ,congress a report1 which shall include-- 7,a7 for the #ab-month period preceding the date on which the report is submitted1 an assessment of the market responses to the risk-sharing transactions of each of the enterprises1 in aggregate1 and by credit risk-sharing mechanism1 including-- 7i7 impacts on borrower costs1 yield spreads1 and the economics of the operations of the enterprises2 and 7ii7 the type and characteristics of the underlying collateral and borrowers whose loans are involved in risk-sharing transactions2 and 7,b7 a #e-year plan1 which shall include1 for each of the #e years following the year in which the report is issued-- 7i7 the projected percentage of the unpaid principal balance of each enterprise covered under the credit risk-sharing program2 7ii7 the projected percentage of new business for each enterprise subject to transactions in which the first loss position is transferred1 including the types of deal structures2 7iii7 the projected depth of front-end risk sharing per type of transaction for each enterprise2 and 7iv7 a description of the steps that the ,agency intends to take to broaden the eligible investor base for credit risk-sharing programs4 4 ,,viii ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act technical corrections #hja4 ,table of contents2 definitional corrections 7a7 ,table of contents ,the table of contents for the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7,public ,law #aaa-bjc2 #abd ,stat4 #acgf7 is amended by striking the items relating to sections #djg through #daf and inserting the following3 ,sec4 #djg4 ,exemption of and reporting by venture capital fund advisers4,sec4 #djh4 ,exemption of and reporting by certain private fund advisers4,sec4 #dji4 ,family offices4,sec4 #daj4 ,state and ,federal responsibilities2 asset threshold for ,federal registration of investment advisers4,sec4 #daa4 ,custody of client assets4,sec4 #dab4 ,comptroller ,general study on custody rule costs4,sec4 #dac4 ,adjusting the accredited investor standard4,sec4 #dad4 ,rule of construction relating to the ,commodity ,exchange ,act4,sec4 #dae4 ,,gao study and report on accredited investors4,sec4 #daf4 ,,gao study on self-regulatory organization for private funds4,sec4 #dag4 ,commission study and report on short selling4,sec4 #dah4 ,qualified client standard4,sec4 #dai4 ,transition period4 4 7b7 ,definitions ,section #b of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #ecja7 is amended-- 7#a7 in paragraph 7#a7-- 7,a7 by striking section #c and inserting section #c7w72 and 7,b7 by striking 7#ab ,u4,s4,c4 #ahac7 and inserting 7#ab ,u4,s4,c4 #ahac7w772 7#b7 in paragraph 7#f71 by striking #a et seq4 and inserting #a;a2 and 7#c7 in paragraph 7#ah77;,a7-- 7,a7 by striking bank holding company12 and 7,b7 by inserting includes1 before including14 #hjb4 ,antitrust savings clause corrections ,section #f of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #ecjc7 is amended1 in the second sentence-- 7#a7 by inserting 7#ae ,u4,s4,c4 #ab7;a77 after ,clayton ,act2 and 7#b7 by striking ,act1 to and inserting ,act 7#ae ,u4,s4,c4 #de7 to4 #hjc4 ,title ,i corrections ,the ,financial ,stability ,act of #bjaj 7#ab ,u4,s4,c4 #ecaa et seq47 is amended-- 7#a7 in section #ajb7;a77#f7 7#ab ,u4,s4,c4 #ecaa7;a77#f771 by inserting 7#ab ,u4,s4,c4 #ahdc7k77 after of #aief each place that term appears2 7#b7 in section #aaa 7#ab ,u4,s4,c4 #ecba7-- 7,a7 in subsection 7b7-- 7i7 in paragraph 7#a77;,g71 by striking ,chairperson and inserting ,chairman2 and 7ii7 in paragraph 7#b77;,e71 by striking such and inserting the2 and 7,b7 in subsection 7c77#c71 by striking that agency or department head and inserting the head of that member agency or department2 7#c7 in section #aab 7#ab ,u4,s4,c4 #ecbb7-- 7,a7 in subsection 7a77#b7-- 7i7 in subparagraph 7,d7-- 7,i7 by striking to monitor and inserting monitor2 and 7,,ii7 by striking to advise and inserting advise2 7ii7 in subparagraph 7,j7-- 7,i7 by striking that term is and inserting those terms are2 and 7,,ii7 by striking and settlement and inserting or settlement2 and 7iii7 in subparagraph 7,l71 by striking may2 and 7,b7 in subsection 7d77#e7-- 7i7 in subparagraph 7,b71 by striking subsection and and inserting subtitle or2 and 7ii7 in subparagraph 7,c71 by striking subsection and and inserting subtitle or2 7#d7 in section #aed7;c7 7#ab ,u4,s4,c4 #ecdd7;c77-- 7,a7 by striking ,center4-- and all that follows through ,the ,research and inserting ,center4--,the ,research2 and 7,b7 by redesignating subparagraphs 7,a7 through 7,h7 as paragraphs 7#a7 through 7#h71 respectively1 and adjusting the margins accordingly2 7#e7 in section #aee7;a77#b7 7#ab ,u4,s4,c4 #ecde7;a77#b771 by striking 7c71 and inserting 7c72 7#f7 in section #afd 7#ab ,u4,s4,c4 #ecfd71 by striking ,institutions and inserting ,institution2 7#g7 in section #afg7;b77#a77;,b77ii7 7#ab ,u4,s4,c4 #ecfg7;b77#a77;,b77ii771 by striking to ensure and inserting ensure2 and 7#h7 in section #aga7;b77#d77;,d7 7#ab ,u4,s4,c4 #ecga7;b77#d77;,d771 by adding a period at the end4 #hjd4 ,title ,,ii corrections ,title ,,ii of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #echa et seq47 is amended-- 7#a7 in section #baj 7#ab ,u4,s4,c4 #ecij7-- 7,a7 in subsection 7a7-- 7i7 in paragraph 7#a77;,d71 by striking wind-up and inserting wind up2 and 7ii7 in paragraph 7#e77;,c71 by striking receiver seeking and inserting receiver7 seeking2 7,b7 in subsection 7b77#a71 by striking #aa1gbe each place that term appears and inserting #aa1gbe2 7,c7 in subsection 7m77#a77;,b71 by inserting of before the ,bankruptcy ,code2 and 7,d7 in subsection 7o77#a77;,d77i77,i71 by striking and 7h77#e77;,e7 and inserting or 7h77#e77;,e72 7#b7 in section #baa7;d77#a77;,c7 7#ab ,u4,s4,c4 #ecia7;d77#a77;,c771 by striking orderly liquidation plan under section #baj7n77#ad7 and inserting an orderly liquidation plan under section #baj7n77#i72 and 7#c7 in section #bae7;a77#e7 7#abd ,stat4 #aeah71 by striking amd and inserting and4 #hje4 ,title ,,iii corrections 7a7 ,in general ,the ,enhancing ,financial ,institution ,safety and ,soundness ,act of #bjaj 7#ab ,u4,s4,c4 #edja et seq47 is amended-- 7#a7 in section #cbg7;b77#e7 7#ab ,u4,s4,c4 #edcg7;b77#e771 by striking in and inserting into2 7#b7 in section #ccc7;b77#b7 7#abd ,stat4 #aeci71 by inserting the second place that term appears before and inserting2 and 7#c7 in section #cfi7e7 7#abd ,stat4 #aeei7-- 7,a7 in subparagraph 7,d77i7-- 7i7 in subclause 7,,iii71 by redesignating items 7aa71 7bb71 and 7cc7 as subitems 7,,aa71 7,,bb71 and 7,,cc71 respectively1 and adjusting the margins accordingly2 7ii7 in subclause 7,,iv71 by redesignating items 7aa7 and 7bb7 as subitems 7,,aa7 and 7,,bb71 respectively1 and adjusting the margins accordingly2 7iii7 in subclause 7,v71 by redesignating items 7aa71 7bb71 and 7cc7 as subitems 7,,aa71 7,,bb71 and 7,,cc71 respectively1 and adjusting the margins accordingly2 and 7iv7 by redesignating subclauses 7,,iii71 7,,iv71 and 7,v7 as items 7bb71 7cc71 and 7dd71 respectively1 and adjusting the margins accordingly2 7,b7 in subparagraph 7,f7-- 7i7 in clause 7ii71 by adding and at the end2 7ii7 in clause 7iii71 by striking 2 and and inserting a semicolon2 and 7iii7 by striking clause 7iv72 and 7,c7 in subparagraph 7,g77i71 by inserting each place such term appears before and inserting4 7b7 ,effective dates 7#a7 ,section #ccc ,the amendment made by subsection 7a77#b7 of this section shall take effect as if enacted as part of subtitle ,c of the ,enhancing ,financial ,institution ,safety and ,soundness ,act of #bjaj 7title ,,iii of ,public ,law #aaa-bjc2 #abd ,stat4 #aech74 7#b7 ,section #cfi ,the amendments made by subsection 7a77#c7 of this section shall take effect as if enacted as part of subtitle ,e of the ,enhancing ,financial ,institution ,safety and ,soundness ,act of #bjaj 7title ,,iii of ,public ,law #aaa-bjc2 #abd ,stat4 #aedf74 #hjf4 ,title ,,iv correction ,section #dad of the ,private ,fund ,investment ,advisers ,registration ,act of #bjaj 7title ,,iv of ,public ,law #aaa-bjc2 #abd ,stat4 #aegh7 is amended in the section heading by striking ,commodities and inserting ,commodity4 #hjg4 ,title ,,vi corrections 7a7 ,in general ,the ,bank and ,savings ,association ,holding ,company and ,depository ,institution ,regulatory ,improvements ,act of #bjaj 7title ,,vi of ,public ,law #aaa-bjc2 #abd ,stat4 #aeif7 is amended-- 7#a7 in section #faj 7#abd ,stat4 #afaa7-- 7,a7 by striking subsection 7b72 and 7,b7 by redesignating subsection 7c7 as subsection 7b72 and 7#b7 in section #fah7;a7 7#ab ,u4,s4,c4 #ahej;a7a77-- 7,a7 in paragraph 7#d77;,b77i71 by inserting of ,governors after ,board2 and 7,b7 in paragraph 7#f71 by inserting 7#ab ,u4,s4,c4 #ahda7 after ,act of #aief4 7b7 ,effective date ,the amendments made by subsection 7a77#a7 of this section shall take effect as if enacted as part of section #faj of the ,bank and ,savings ,association ,holding ,company and ,depository ,institution ,regulatory ,improvements ,act of #bjaj 7title ,,vi of ,public ,law #aaa-bjc2 #abd ,stat4 #afaa74 #hjh4 ,title ,,vii corrections 7a7 ,in general ,the ,wall ,street ,transparency and ,accountability ,act of #bjaj 7#ae ,u4,s4,c4 #hcja et seq47 is amended-- 7#a7 in section #gai7;c77#a77;,b7 7#ae ,u4,s4,c4 #hcjg7;c77#a77;,b771 by adding a period at the end2 7#b7 in section #gbc7;a77#a77;,b7 7#abd ,stat4 #afge71 by inserting 1 as added by section #ajg of the ,commodity ,futures ,modernization ,act of #bjjj 7,appendix ,e of ,public ,law #ajf-eed2 #aad ,stat4 #bgfc;,a-#chb71 after subsection 7i72 7#c7 in section #gbd7;a7 7#abd ,stat4 #afhb71 by striking adding at the end and inserting inserting after subsection 7e72 7#d7 in section #gcd7;b77#a7 7#abd ,stat4 #agah71 by striking is amended and all that follows through 7,b7 in and inserting is amended in2 7#e7 in section #gda7;b77#aj7 7#abd ,stat4 #agcb71 by striking #a;a7#ai77;,a77iv77,,ii7 each place that term appears and inserting #a;a7#ah77;,a77iv77,,ii72 and 7#f7 in section #gdi 7#abd ,stat4 #agdf7-- 7,a7 in subsection 7a77#b71 by striking adding at the end and inserting inserting after subsection 7f72 and 7,b7 in subsection 7h77#a77;,b71 by inserting the second place that term appears before the semicolon4 7b7 ,effective date ,the amendments made by paragraphs 7#c71 7#d71 7#e71 and 7#f7 of subsection 7a7 shall take effect as if enacted as part of part ,,ii of subtitle ,a of the ,wall ,street ,transparency and ,accountability ,act of #bjaj 7title ,,vii of ,public ,law #aaa-bjc2 #abd ,stat4 #afeh74 #hji4 ,title ,,viii corrections ,the ,payment1 ,clearing1 and ,settlement ,supervision ,act of #bjaj 7#ab ,u4,s4,c4 #edfa et seq47 is amended-- 7#a7 in section #hje7;a77#b77;,e7 7#ab ,u4,s4,c4 #edfd7;a77#b77;,e771 by striking the quotation marks at the end2 7#b7 in section #hjf 7#ab ,u4,s4,c4 #edfe7-- 7,a7 in subsection 7b71 in the first sentence1 by striking 7#b77 after and inserting 7#b777 after2 and 7,b7 in subsection 7e77#a77;,a7-- 7i7 by striking advance notice and inserting advance2 and 7ii7 by striking each ,supervisory ,agency and inserting its ,supervisory ,agency2 7#c7 in section #hjg 7#ab ,u4,s4,c4 #edff7-- 7,a7 in subsection 7d77#a71 by adding a period at the end2 and 7,b7 in subsection 7f77#b71 by inserting a comma after under the second place that term appears2 7#d7 in section #hjh7;b7 7#ab ,u4,s4,c4 #edfg7;b771 by inserting a comma after under the third place that term appears2 and 7#e7 in section #hac 7#ab ,u4,s4,c4 #edgb71 in the matter preceding paragraph 7#a71 by inserting that includes after ,representatives4 #haj4 ,title ,,ix corrections ,section #ici7;h77#a7 of the ,investor ,protection and ,securities ,reform ,act of #bjaj 7title ,,ix of ,public ,law #aaa-bjc2 #abd ,stat4 #ahhg7 is amended1 in the matter preceding subparagraph 7,a7-- 7#a7 by inserting ,the before ,commission2 and 7#b7 by striking feasability and inserting feasibility4 #haa4 ,title ,x corrections 7a7 ,in general ,the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #edha et seq47 is amended-- 7#a7 in section #ajjb7ab77;,g7 7#ab ,u4,s4,c4 #edha7ab77;,g771 by striking ,home ,owners and inserting ,homeowners2 7#b7 in section #ajac7;a77#a77;,c7 7#ab ,u4,s4,c4 #edic7;a77#a77;,c771 by striking section #aa7a7 of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bdh7a77 and inserting subsection 7l7 of section #aa of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bdh7l72 7#c7 in section #ajag7;a77#e7 7#ab ,u4,s4,c4 #edig7;a77#e77-- 7,a7 in subparagraph 7,a71 in the last sentence by striking #gaf7;c7 of title #ca1 ,united ,states ,code and inserting #gaf of title #ca1 ,united ,states ,code2 and 7,b7 in subparagraph 7,c71 by striking section #cgji of the ,revised ,statutes of the ,united ,states 7#da ,u4,s4,c4 #e7 and inserting section #faja of title #da1 ,united ,states ,code2 7#d7 in section #ajbb7;c77#i77;,b7 7#ab ,u4,s4,c4 #eeab7;c77#i77;,b771 by striking #aigh1 and inserting #aigh2 7#e7 in section #ajbe 7#ab ,u4,s4,c4 #eeae7-- 7,a7 in subsections 7b71 7c71 and 7d7-- 7i7 by inserting covered before persons each place that term appears2 and 7ii7 by inserting covered before person described in subsection 7a7 each place that term appears2 7,b7 in subsection 7d71 by striking #ab ,u4,s4,c4 #ahfg7;c7 and inserting 7#ab ,u4,s4,c4 #ahfg7;c772 and 7,c7 in subsection 7e77#d77;,f71 by striking #bab of the ,federal ,credit ,union ,act 7#aab ,u4,s4,c4 #agij;a7 and inserting #baf of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #agij;d72 7#f7 in section #ajbg7;d77#a77;,b7 7#ab ,u4,s4,c4 #eeag7;d77#a77;,b771 by inserting a comma after 7,a72 7#g7 in section #ajbi7;d7 7#ab ,u4,s4,c4 #eeai7;d771 by striking the period after ,commission ,act2 7#h7 in section #ajfa 7#ab ,u4,s4,c4 #eeha7-- 7,a7 in subsection 7b77#g7-- 7i7 by striking ,secretary of the ,department of ,housing and ,urban ,development each place that term appears and inserting ,department of ,housing and ,urban ,development2 and 7ii7 in subparagraph 7,a71 by striking 7#ab ,u4,s4,c4 #eajb et seq47 and inserting 7#ab ,u4,s4,c4 #eaja et seq472 and 7,b7 in subsection 7c77#b77;,a71 by striking procedures in and inserting procedures2 7#i7 in section #ajfc 7#ab ,u4,s4,c4 #eehc7-- 7,a7 in subsection 7f77#a77;,b71 by striking that2 and 7,b7 in subsection 7g77#a77;,a7-- 7i7 by striking 7#ab ,u4,s4,c4 #eajb et seq47 and inserting 7#ab ,u4,s4,c4 #eaja et seq472 and 7ii7 by striking seq7 and inserting seq472 7#aj7 in section #ajfd7;i77#a77;,a77iii7 7#ab ,u4,s4,c4 #eehd7;i77#a77;,a77iii771 by inserting a period before ,if an2 7#aa7 in section #ajgc7;c77#b7 7#ab ,u4,s4,c4 #efja7;c77#b77-- 7,a7 in the paragraph heading1 by inserting and education after financial literacy2 and 7,b7 by striking its duties and inserting their duties2 7#ab7 in section #ajgf7;b77#a7 7#ab ,u4,s4,c4 #efjb7;b77#a771 by inserting before the period at the end the following3 1 the ,bureau may1 after notice and opportunity for comment1 prescribe regulations2 7#ac7 in section #ajgg7;b77#d77;,f7 7#abd ,stat4 #bjgf71 by striking associates and inserting associate's2 7#ad7 in section #ajhd7a7 7#abd ,stat4 #bjha7-- 7,a7 by inserting paragraph 7#c7 of section #ijc 7#ae ,u4,s4,c4 #afic;a71 before subsections 7a7 and 7e7 of section #ijd2 7,b7 by striking and in #iah and inserting 1 section #iaf7;d7 7#ae ,u4,s4,c4 #aficm7d771 section #iah2 and 7,c7 by inserting a comma after #bjji72 7#ae7 in section #ajhi 7#abd ,stat4 #bjib7-- 7,a7 in paragraph 7#c7-- 7i7 in subparagraph 7,a71 by striking and at the end2 and 7ii7 in subparagraph 7,b77vi71 by striking the period at the end and inserting 2 and2 and 7,b7 by redesignating paragraph 7#d7 as subparagraph 7,c7 and adjusting the margins accordingly2 and 7#af7 in section #ajih7f7 7#abd ,stat4 #bajd71 by inserting the first place that term appears before and4 7b7 ,effective date ,the amendments made by paragraphs 7#ad71 7#ae71 and 7#af7 of subsection 7a7 of this section shall take effect as if enacted as part of subtitle ,h of the ,consumer ,financial ,protection ,act of #bjaj 7title ,x of ,public ,law #aaa-bjc2 #abd ,stat4 #bjhj74 #hab4 ,title ,,xi correction ,section #aaje7;d77#a7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #efab7;d77#a77 is amended by striking authority4-- and all that follows through by the ,president and inserting authority4--,a request by the ,president4 #hac4 ,title ,,xii correction ,section #abjh7;b7 of the ,improving ,access to ,mainstream ,financial ,institutions ,act of #bjaj 7#ab ,u4,s4,c4 #efbf7;b77 is amended by striking ,fund for each and inserting ,fund 7as defined in section #ajc7aj7 of the ,riegle ,community ,development and ,regulatory ,improvement ,act of #aiid 7#ab ,u4,s4,c4 #dgjb7aj777 for each4 #had4 ,title ,,xiv correction ,section #adea7;c7 of the ,mortgage ,reform and ,anti-,predatory ,lending ,act 7#ab ,u4,s4,c4 #agjax-#a7;c77 is amended by striking pursuant4 #hae4 ,conforming corrections to other statutes 7a7 ,alternative mortgage transaction parity act of #aihb ,the ,alternative ,mortgage ,transaction ,parity ,act of #aihb 7#ab ,u4,s4,c4 #chja et seq47 is amended-- 7#a7 in section #hjb7;a77#c7 7#ab ,u4,s4,c4 #chja7;a77#c771 by striking the ,director of the ,office of ,thrift ,supervision and inserting the ,bureau of ,consumer ,financial ,protection2 and 7#b7 in section #hjd7;d77#a7 7#ab ,u4,s4,c4 #chjc7;d77#a77-- 7,a7 by striking identified and inserting issued2 and 7,b7 by striking the comma after ,administration4 7b7 ,bank ,holding ,company ,acts 7#a7 ,bank ,holding ,company ,act ,amendments of #aigj ,section #ajf7;b77#a7 of the ,bank ,holding ,company ,act ,amendments of #aigj 7#ab ,u4,s4,c4 #aigb7a77 is amended1 in the undesignated matter following subparagraph 7,e7-- 7,a7 by inserting ,office of the before ,comptroller of the2 and 7,b7 by striking 8,federal ,deposit ,insurance ,company0 and inserting 8,federal ,deposit ,insurance ,corporation04 7#b7 ,bank ,holding ,company ,act of #aief ,section #ac of the ,bank ,holding ,company ,act of #aief 7#ab ,u4,s4,c4 #ahea7 is amended-- 7,a7 in subsection 7d77#a77;,e71 by striking #ajb of the ,small ,business ,investment ,act of #aieh 7#ae ,u4,s4,c4 #ffb7 and inserting #ajc7c7 of the ,small ,business ,investment ,act of #aieh 7#ae ,u4,s4,c4 #ffb7c772 7,b7 in subsection 7f77#c77;,a77ii71 by striking 7d77#a77;g77v7 and inserting 7d77#a77;,g77v72 and 7,c7 in the matter preceding subparagraph 7,a7 of subsection 7h77#a71 by striking section #h of the ,international ,banking ,act of #aigh and inserting section #h7;a7 of the ,international ,banking ,act of #aigh 7#ab ,u4,s4,c4 #cajf7;a774 7c7 ,balanced ,budget and ,emergency ,deficit ,control ,act ,section #bee7;g77#a77;,a7 of the ,balanced ,budget and ,emergency ,deficit ,control ,act of #aihe 7#b ,u4,s4,c4 #ije7;g77#a77;,a77 is amended by striking ,office of ,thrift ,supervision 7#bj-dajh-j-c-cgc744 7d7 ,bretton ,woods ,agreements ,act ,section #fh7;a77#a7 of the ,bretton ,woods ,agreements ,act 7#bb ,u4,s4,c4 #bhftt7a77#a77 is amended by striking ,fund 1 and inserting ,fund14 7e7 ,,can-,,spam ,act of #bjjc ,section #g7;b77#a77;,d7 of the ,,can-,,spam ,act of #bjjc 7#ae ,u4,s4,c4 #ggjf7;b77#a77;,d77 is amended by striking ,director of the ,office of ,thrift ,supervision and inserting ,comptroller of the ,currency or the ,board of ,directors of the ,federal ,deposit ,insurance ,corporation1 as applicable4 7f7 ,children's ,online ,privacy ,protection ,act of #aiih ,section #acjf7;b77#b7 of the ,children's ,online ,privacy ,protection ,act of #aiih 7#ae ,u4,s4,c4 #feje7;b77#b77 is amended by striking ,director of the ,office of ,thrift ,supervision and inserting ,comptroller of the ,currency or the ,board of ,directors of the ,federal ,deposit ,insurance ,corporation1 as applicable4 7g7 ,commodity ,exchange ,act ,the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #a et seq47 is amended-- 7#a7 in section #a;a 7#g ,u4,s4,c4 #a;a7-- 7,a7 in paragraph 7#ab77;,a77i77,,ii71 by adding a semicolon at the end2 7,b7 in paragraph 7#ci77;,a77iv71 by striking #bbe and inserting #be2 and 7,c7 in paragraph 7#dg77;,b77viii77,,ii71 by striking 7#ae ,u4,s4,c4 #gg;b7a77#aa77 and inserting 7#ae ,u4,s4,c4 #gg;b7a77#aa7772 7#b7 in section #b 7#g ,u4,s4,c4 #b7-- 7,a7 in subsection 7c77#b77;,d77ii77,i71 by striking subparagraphs and inserting subparagraph2 and 7,b7 in subsection 7h7-- 7i7 in paragraph 7#e7-- 7,i7 in subparagraph 7,a7-- 7aa7 by striking ,swaps and inserting ,each swap2 and 7bb7 by striking no later than #ahj days after the effective date of this subsection4 and inserting no later than-- 7i7 #cj days after the issuance of the interim final rule2 or 7ii7 such other date as the ,commission determines appropriate4 2 and 7,,ii7 in subparagraph 7,b71 by striking ,swaps and inserting ,each swap2 7ii7 in paragraph 7#g7-- 7,i7 in subparagraph 7,c77i77,,vii71 by inserting or a governmental plan after employee benefit plan2 and 7,,ii7 in subparagraph 7,d77ii77,v71 by striking of that ,act and inserting of that section2 and 7iii7 in paragraph 7#h77;,a77ii71 by inserting section before #e;h or2 7#c7 in section #d 7#g ,u4,s4,c4 #f7-- 7,a7 in subsection 7b77#a77;,a71 by striking commission each place that term appears and inserting ,commission2 and 7,b7 in subsection 7c77#a7-- 7i7 in subparagraph 7,a7-- 7,i7 by inserting the ,commission shall not grant exemptions1 after grant exemptions12 and 7,,ii7 in clause 7i7-- 7aa7 in subclause 7,i7-- 7,,aa7 by striking #e7;g71 #e7;h712 and 7,,bb7 by striking #h;e12 and 7bb7 in subclause 7,,ii71 by striking #bjf7;e7 and inserting #bjf2 and 7ii7 in subparagraph 7,b71 by striking 7,d77 and inserting 7,d72 7#d7 in section #d;d7f77#b77;,a7 7#g ,u4,s4,c4 #f;d7f77#b77;,a771 by striking though and inserting through2 7#e7 in section #ds 7#g ,u4,s4,c4 #fs7-- 7,a7 in subsection 7e77#c7-- 7i7 in subparagraph 7,b77i77,,ii71 by striking 7#aa77 and inserting 7#aa7772 and 7ii7 in subparagraph 7,d77ii71 in the matter preceding subclause 7,i71 by striking non cash collateral and inserting noncash collateral2 7,b7 in subsection 7f77#a77;,b77i71 by striking ,commission and inserting prudential regulator2 7,c7 in subsection 7h7-- 7i7 in paragraph 7#b77;,b71 by inserting a before swap with2 and 7ii7 in paragraph 7#e77;,a7-- 7,i7 in clause 7i7-- 7aa7 by striking section #a;a7#ah7 and inserting section #a;a7#ah77;,a72 and 7bb7 in subclause 7,,vii71 by striking act of and inserting ,act of2 and 7,,ii7 in clause 7ii71 by inserting in connection with the transaction after acting2 and 7,d7 in subsection 7k77#c77;,a77ii71 by striking the code and inserting any code2 7#f7 in section #e7;d77#ai77;,a7 7#g ,u4,s4,c4 #g7;d77#ai77;,a771 by striking taking and inserting take2 7#g7 in section #e;b 7#g ,u4,s4,c4 #g;a-#a71 by redesignating subsection 7k7 as subsection 7j72 7#h7 in section #e;c7c7 7#g ,u4,s4,c4 #g;a-#b7;c77-- 7,a7 in paragraph 7#d77;,b71 by striking #a;a7#aj7 and inserting #a;a7#i72 and 7,b7 in paragraph 7#e7-- 7i7 in subparagraph 7,a71 by striking this subtitle and inserting this ,act2 and 7ii7 in subparagraph 7,c77i71 by striking #a;a7#b77;i7 and inserting #a;a7#i72 7#i7 in section #e;h 7#g ,u4,s4,c4 #g;b-#c7-- 7,a7 in subsection 7a77#a7 1 by striking a facility and inserting a swap execution facility2 and 7,b7 in subsection 7f77#aa77;,a71 by striking taking and inserting take2 7#aj7 in section #bb7;a77#a77;,c77ii7 7#g ,u4,s4,c4 #be7;a77#a77;,c77ii771 by striking or at the end2 and 7#aa7 in section #bc 7#g ,u4,s4,c4 #bf7-- 7,a7 in subsection 7c7-- 7i7 in paragraph 7#a77;,b77i77,,iii71 by striking the ,act each place that term appears and inserting this ,act2 and 7ii7 in paragraph 7#b77;,a77i71 by striking a appropriate and inserting an appropriate2 and 7,b7 in subsection 7f77#c71 by striking #gjfd and inserting #gjf4 7h7 ,community ,reinvestment ,act of #aigg ,the ,community ,reinvestment ,act of #aigg 7#ab ,u4,s4,c4 #bija et seq47 is amended-- 7#a7 in section #hjc7a77;,c7 7#ab ,u4,s4,c4 #bijb7a77;,c771 by striking the period at the end and inserting a semicolon2 and 7#b7 in section #hjf 7#ab ,u4,s4,c4 #bije71 by striking companies11 and inserting companies14 7i7 ,credit ,repair ,organizations ,act ,section #djc7d7 of the ,credit ,repair ,organizations ,act 7#ae ,u4,s4,c4 #afgi;a7#d77 is amended by striking #ajc7;e7 and inserting #ajc7;f74 7j7 ,depository ,institution ,management ,interlocks ,act ,section #bje7i7 of the ,depository ,institution ,management ,interlocks ,act 7#ab ,u4,s4,c4 #cbjd7i77 is amended by striking ,director of the ,office of ,thrift ,supervision and inserting appropriate ,federal banking agency4 7k7 ,economic ,growth and ,regulatory ,paperwork ,reduction ,act of #aiif ,section #bbbg7;a77#a7 of the ,economic ,growth and ,regulatory ,paperwork ,reduction ,act of #aiif 7#ab ,u4,s4,c4 #beb7;a77#a77 is amended by striking the ,director of the ,office of ,thrift ,supervision14 7l7 ,electronic ,fund ,transfer ,act ,the ,electronic ,fund ,transfer ,act 7#ae ,u4,s4,c4 #afic et seq47 is amended-- 7#a7 in section #ijc 7#ae ,u4,s4,c4 #afic;a7-- 7,a7 in paragraph 7#b71 by striking #ajc7;i7 and inserting #ajc7;j72 and 7,b7 by redesignating the first paragraph designated as paragraph 7#d7 7defining the term ,board7 as paragraph 7#c72 7#b7 in section #ijd7;a7 7#ae ,u4,s4,c4 #afic;b7a77-- 7,a7 by redesignating the second paragraph designated as paragraph 7#a7 7relating to consultation with other agencies71 the second paragraph designated as paragraph 7#b7 7relating to the preparation of an analysis of economic impact71 paragraph 7#c71 and paragraph 7#d7 as subparagraphs 7,a71 7,b71 7,c71 and 7,d71 respectively1 and adjusting the margins accordingly2 7,b7 by striking ,in prescribing such regulations1 the ,board shall3 and inserting the following3 7#c7 ,regulations ,in prescribing regulations under this subsection1 the ,bureau and the ,board shall-- 2 7,c7 in paragraph 7#c77;,c71 as so redesignated1 by striking the ,board shall2 7,d7 in paragraph 7#c77;,d71 as so redesignated-- 7i7 by inserting send promptly before any2 and 7ii7 by striking shall be sent promptly to ,congress by the ,board and inserting to ,congress2 7#c7 in section #iji7;c7 7#ae ,u4,s4,c4 #afic;g7c771 by striking #ajc7;e7 and inserting #ajc7;f72 7#d7 in section #iah7;a77#d7 7#ae ,u4,s4,c4 #afico7a77#d71 by striking ,act and and inserting ,act2 and2 and 7#e7 in section #ibj7;a77#d77;,c7 7#ae ,u4,s4,c4 #afico-#b7;a77#d77;,c771 by striking the ,director of the ,office of ,thrift ,supervision14 7m7 ,emergency ,economic ,stabilization ,act of #bjjh ,section #aja7;b7 of the ,emergency ,economic ,stabilization ,act of #bjjh 7#ab ,u4,s4,c4 #ebaa7;b77 is amended by striking the ,director of the ,office of ,thrift ,supervision14 7n7 ,equal credit opportunity act ,the ,equal ,credit ,opportunity ,act 7#ae ,u4,s4,c4 #afia et seq47 is amended-- 7#a7 in section #gjc 7#ae ,u4,s4,c4 #afia;b7-- 7,a7 in each of subsections 7c7 and 7d71 by striking paragraph each place that term appears and inserting subsection2 and 7,b7 in subsection 7g71 by adding a period at the end2 7#b7 in section #gjd 7#ae ,u4,s4,c4 #afia;c7-- 7,a7 in subsection 7a71 by striking ,consumer ,protection ,financial ,protection ,act of #bjaj with and inserting ,consumer ,financial ,protection ,act of #bjaj1 compliance with2 and 7,b7 in subsection 7c71 in the second sentence1 by striking subchapter and inserting title2 7#c7 in section #gjd;,b7e77#c7 7#ae ,u4,s4,c4 #afia;c-#b7;e77#c771 by striking 7#a77;,e7 and inserting 7#b77;,e72 and 7#d7 in section #gjf7k7 7#ae ,u4,s4,c4 #afia;e7k771 by striking 81 7#b71 or 7#c70 and inserting 8or 7#b704 7o7 ,expedited funds availability act ,the ,expedited ,funds ,availability ,act 7#ab ,u4,s4,c4 #djja et seq47 is amended-- 7#a7 in section #fje7;f77#b77;,a7 7#ab ,u4,s4,c4 #djjd7;f77#b77;,a771 by striking 11 and inserting a semicolon2 and 7#b7 in section #faj7;a77#b7 7#ab ,u4,s4,c4 #djji7;a77#b771 by striking ,director of the ,office of ,thrift ,supervision and inserting ,comptroller of the ,currency and the ,board of ,directors of the ,federal ,deposit ,insurance ,corporation1 as appropriate14 7p7 ,fair credit reporting act ,the ,fair ,credit ,reporting ,act 7#ae ,u4,s4,c4 #afha et seq47 is amended-- 7#a7 in section #fjc 7#ae ,u4,s4,c4 #afha;a7-- 7,a7 in subsection 7d77#b77;,d71 by striking 7x7 and inserting 7y72 7,b7 in subsection 7q77#e71 by striking #ajc7;i7 and inserting #ajc7;j72 and 7,c7 in subsection 7v71 by striking ,bureau and inserting ,federal ,trade ,commission2 7#b7 in section #fjd 7#ae ,u4,s4,c4 #afha;b7-- 7,a7 in subsection 7b77#b77;,b77i71 by striking section #fae7;a77#c7 and inserting section #fae7;a77#d72 and 7,b7 in subsection 7g77#e71 by striking paragraph 7#b74-- and all that follows through ,the ,bureau and inserting paragraph 7#b74--,the ,bureau2 7#c7 in section #fje7;h77#b77;,a7 7#ae ,u4,s4,c4 #afha;c7h77#b77;,a77-- 7,a7 by striking shall11 and inserting shall12 and 7,b7 by striking ,commission11 and inserting ,commission12 7#d7 in paragraphs 7#a77;,a71 7#a77;,b77i71 7#b77;,a77i71 and 7#b77;,b7 of section #fje;,a7h7 7#ae ,u4,s4,c4 #afha;c-#a7;h77-- 7,a7 by striking #ajc7;i7 and inserting #ajc7;j7 each place that term appears2 and 7,b7 by striking open-end and inserting open end each place that term appears2 7#e7 in section #fji 7#ae ,u4,s4,c4 #afha;g7-- 7,a7 in subsection 7c77#a7-- 7i7 in the paragraph heading1 by striking commission and inserting bureau2 and 7ii7 in subparagraph 7,b77vi71 by striking #fjc7w7 and inserting #fjc7x72 and 7,b7 by striking ,the ,commission each place that term appears and inserting ,the ,bureau2 7#f7 in section #faa 7#ae ,u4,s4,c4 #afha;i71 by striking ,the ,commission each place that term appears and inserting ,the ,bureau2 7#g7 in section #fab 7#ae ,u4,s4,c4 #afha;j7-- 7,a7 in subsection 7a77#a71 by striking 7w7 and inserting 7x72 and 7,b7 by striking ,the ,commission each place that term appears and inserting ,the ,bureau2 and 7#h7 in section #fba 7#ae ,u4,s4,c4 #afhas7-- 7,a7 in subsection 7a77#a71 in the first sentence1 by striking 1 subsection 7b72 7,b7 in subsection 7e77#b71 by inserting a period after provisions of this title2 and 7,c7 in subsection 7f77#b71 by striking ,the ,commission and inserting ,the ,bureau4 7q7 ,federal ,credit ,union ,act ,section #bjf7;g77#g77;,d77iv7 of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #aghf7;g77#g77;,d77iv77 is amended by striking the semicolon at the end and inserting a period4 7r7 ,federal ,deposit ,insurance ,act ,the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahaa et seq47 is amended-- 7#a7 in section #c7q77#b77;,c7 7#ab ,u4,s4,c4 #ahac7q77#b77;,c771 by adding and at the end2 7#b7 in section #g 7#ab ,u4,s4,c4 #ahag7-- 7,a7 in subsection 7b77#b7-- 7i7 in subparagraph 7,a71 by striking 7,d7 and inserting 7,c72 and 7ii7 by redesignating subparagraphs 7,d7 and 7,e7 as subparagraphs 7,c7 and 7,d71 respectively2 and 7,b7 in subsection 7e77#b77;,c71 by adding a period at the end2 7#c7 in section #h 7#ab ,u4,s4,c4 #ahah7-- 7,a7 in subsection 7b77#c71 by striking ,act77 and inserting ,act72 and 7,b7 in subsection 7t7-- 7i7 in paragraph 7#b7-- 7,i7 in subparagraph 7,c71 by striking depositors or and inserting depositors2 or2 and 7,,ii7 in subparagraph 7,d71 by striking the semicolon at the end and inserting a period2 and 7ii7 by redesignating the second paragraph designated as paragraph 7#f71 as added by section #ajij7a7 of the ,consumer ,financial ,protection ,act of #bjaj 7title ,x of ,public ,law #aaa-bjc2 #abd ,stat4 #bjic7 7relating to referral to the ,bureau of ,consumer ,financial ,protection71 as paragraph 7#g72 7#d7 in section #aj7;b77#c77;,a7 7#ab ,u4,s4,c4 #ahbj7;b77#c77;,a771 by striking that ,act and inserting the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #ecja et seq472 7#e7 in section #aa 7#ab ,u4,s4,c4 #ahba7-- 7,a7 in subsection 7d77#b77;,i77ii71 by striking and section #ba;,a7b77#d72 and 7,b7 in subsection 7m71 in each of paragraphs 7#af7 and 7#ah71 by striking the comma after ,comptroller of the ,currency each place it appears2 and 7#f7 in section #bf7;a7 7#ab ,u4,s4,c4 #ahca;c7a771 by striking ,holding ,company ,act each place that term appears and inserting ,holding ,company ,act of #aief4 7s7 ,federal ,financial ,institutions ,examination ,council ,act of #aigh ,section #ajjc7a7 of the ,federal ,financial ,institutions ,examination ,council ,act of #aigh 7#ab ,u4,s4,c4 #ccjb7a77 is amended by striking the ,office of ,thrift ,supervision14 7t7 ,federal ,fire ,prevention and ,control ,act of #aigd ,section #ca7;a77#e77;,b7 of the ,federal ,fire ,prevention and ,control ,act of #aigd 7#ae ,u4,s4,c4 #bbbg7;a77#e77;,b77 is amended by striking the ,federal ,deposit ,insurance ,corporation and all that follows through the period and inserting 8or the ,federal ,deposit ,insurance ,corporation under the affordable housing program under section #dj of the ,federal ,deposit ,insurance ,act404 7u7 ,federal ,home ,loan ,bank ,act ,the ,federal ,home ,loan ,bank ,act 7#ab ,u4,s4,c4 #adba et seq47 is amended-- 7#a7 in section #aj7;h77#a7 7#ab ,u4,s4,c4 #adcj7;h77#a771 by striking ,director of the ,office of ,thrift ,supervision and inserting ,comptroller of the ,currency or the ,board of ,directors of the ,federal ,deposit ,insurance ,corporation1 as applicable2 and 7#b7 in section #bb7;a7 7#ab ,u4,s4,c4 #addb7;a77-- 7,a7 in the matter preceding paragraph 7#a71 by striking ,currency and all that follows through ,supervision and inserting ,currency1 the ,chairman of the ,board of ,governors of the ,federal ,reserve ,system1 the ,chairperson of the ,federal ,deposit ,insurance ,corporation1 and the ,chairman of the ,national ,credit ,union ,administration2 and 7,b7 in the undesignated matter following paragraph 7#b71 by striking ,currency and all that follows through ,supervision and inserting ,currency1 the ,chairman of the ,board of ,governors of the ,federal ,reserve ,system1 and the ,chairman of the ,national ,credit ,union ,administration4 7v7 ,federal ,reserve ,act ,the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bba et seq47 is amended-- 7#a7 in section #aj 7#ab ,u4,s4,c4 #bdg;b71 by redesignating paragraph 7#ab7 as paragraph 7#aa72 and 7#b7 in section #aa 7#ab ,u4,s4,c4 #bdh7-- 7,a7 by redesignating subsection 7s71 as added by section #aajc7;b7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#abd ,stat4 #baah7 7relating to ,federal ,reserve transparency and release of information71 as subsection 7t71 and moving subsection 7t71 as so redesignated1 so it appears after subsection 7s72 7,b7 in subsection 7s77#b77;,c71 by striking supervised by the ,board and inserting subject to a final determination2 and 7,c7 in subsection 7t71 as so redesignated1 in paragraph 7#h77;,b71 by striking this section and inserting this subsection4 7w7 ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi ,the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7,public ,law #aja-gc2 #ajc ,stat4 #ahc7 is amended-- 7#a7 in section #aaba7f7 7#ab ,u4,s4,c4 #ccej7f771 by striking the ,office of ,thrift ,supervision12 and 7#b7 in section #abjf7;a7 7#ab ,u4,s4,c4 #ahcc;b7a771 by striking and the ,bureau of ,consumer ,financial ,protection1 and inserting the ,bureau of ,consumer ,financial ,protection1 and4 7x7 ,gramm-,leach-,bliley ,act ,the ,gramm-,leach-,bliley ,act 7,public ,law #ajf-ajb2 #aac ,stat4 #acch7 is amended-- 7#a7 in section #acb7;a7 7#ab ,u4,s4,c4 #ahbh;b7a771 by striking the ,director of the ,office of ,thrift ,supervision12 7#b7 in section #bjf7;a7 7#ae ,u4,s4,c4 #gh;c note71 by striking ,except as provided in subsection 7e71 for and inserting ,for2 7#c7 in section #ejb7;e77#e7 7#ae ,u4,s4,c4 #fhjb7;e77#e771 by inserting a comma after ,protection2 7#d7 in section #ejd7;a77#b7 7#ae ,u4,s4,c4 #fhjd7;a77#b771 by striking and1 as appropriate1 and with and inserting and1 as appropriate1 with2 7#e7 in section #eji7b7 7#ae ,u4,s4,c4 #fhji7b77-- 7,a7 by striking subparagraph 7,d72 and 7,b7 by redesignating subparagraphs 7,e7 and 7,f7 as subparagraphs 7,d7 and 7,e71 respectively2 and 7#f7 in section #ebb7;b77#a77;,a77iv7 7#ae ,u4,s4,c4 #fhbb7;b77#a77;,a77iv771 by striking ,director of the ,office of ,thrift ,supervision and inserting ,comptroller of the ,currency and the ,board of ,directors of the ,federal ,deposit ,insurance ,corporation1 as appropriate4 7y7 ,helping families save their homes act of #bjji ,section #ajd of the ,helping ,families ,save ,their ,homes ,act of #bjji 7#ab ,u4,s4,c4 #agaez-#be7 is amended-- 7#a7 in subsection 7a7-- 7,a7 in the matter preceding paragraph 7#a7-- 7i7 by striking and the ,director of the ,office of ,thrift ,supervision1 shall jointly and inserting shall2 7ii7 by striking ,senate1 and inserting ,senate and2 7iii7 by striking and the ,office of ,thrift ,supervision2 and 7iv7 by striking each such and inserting such2 and 7,b7 in paragraph 7#a71 by striking and the ,office of ,thrift ,supervision2 and 7#b7 in subsection 7b77#a7-- 7,a7 in subparagraph 7,a7-- 7i7 in the first sentence-- 7,i7 by striking and the ,director of the ,office of ,thrift ,supervision12 and 7,,ii7 by striking or the ,director2 and 7ii7 in the second sentence1 by striking and the ,director of the ,office of ,thrift ,supervision2 and 7,b7 in subparagraph 7,b71 by striking and the ,director of the ,office of ,thrift ,supervision4 7z7 ,home mortgage disclosure act of #aige ,the ,home ,mortgage ,disclosure ,act of #aige 7#ab ,u4,s4,c4 #bhja et seq47 is amended-- 7#a7 in section #cjd7;j77#c7 7#ab ,u4,s4,c4 #bhjc7;j77#c771 by adding a period at the end2 and 7#b7 in section #cje7;b77#a77;,a7 7#ab ,u4,s4,c4 #bhjd7;b77#a77;,a77-- 7,a7 in the matter preceding clause 7i71 by inserting by before the appropriate ,federal banking agency2 and 7,b7 in clause 7iii71 by striking bank as1 and inserting bank1 as4 7aa7 ,home ,owners' ,loan ,act ,the ,home ,owners' ,loan ,act 7#ab ,u4,s4,c4 #adfa et seq47 is amended-- 7#a7 in section #e 7#ab ,u4,s4,c4 #adfd7-- 7,a7 in subsection 7d77#b77;,e77ii7-- 7i7 in the first sentence1 by striking ,except as provided in section #ba;,a of the ,federal ,home ,loan ,bank ,act1 the and inserting ,the2 and 7ii7 by striking 1 at the ,director's discretion12 7,b7 in subsection 7i77#f71 by striking the ,office of ,thrift ,supervision or2 7,c7 in subsection 7m71 by striking ,director's each place that term appears and inserting appropriate ,federal banking agency's2 7,d7 in subsection 7n77#i77;,b71 by striking ,director's and inserting ,comptroller's2 and 7,e7 in subsection 7s7-- 7i7 in paragraph 7#a7-- 7,i7 in the matter preceding subparagraph 7,a71 by striking of such ,act7 and all that follows through shall require and inserting of such ,act71 the appropriate ,federal banking agency shall require2 and 7,,ii7 in subparagraph 7,b71 by striking other methods and all that follows through determines and inserting other methods as the appropriate ,federal banking agency determines2 7ii7 in paragraph 7#b7-- 7,i7 by striking determined and all that follows through may1 consistent and inserting determined by appropriate federal banking agency case-by-case4--,the appropriate ,federal banking agency may1 consistent2 and 7,,ii7 by striking capital-to-assets and all that follows through determines to be necessary and inserting capital-to-assets as the appropriate ,federal banking agency determines to be necessary2 and 7iii7 in paragraph 7#c7-- 7,i7 by striking agency1 may and inserting agency may2 and 7,,ii7 by striking the ,comptroller and inserting the appropriate ,federal banking agency2 7#b7 in section #f7;c7 7#ab ,u4,s4,c4 #adfe7;c771 by striking sections and inserting section2 7#c7 in section #aj 7#ab ,u4,s4,c4 #adfg;a7-- 7,a7 in subsection 7b77#f71 by striking time and all that follows through release and inserting time1 upon the motion or application of the ,board1 release2 7,b7 in subsection 7c77#b77;,h7-- 7i7 in the matter preceding clause 7i7-- 7,i7 by striking #ahda7p77 and inserting #ahda7p7772 and 7,,ii7 by inserting 7#ab ,u4,s4,c4 #ahdc7k77 before if--2 and 7ii7 in clause 7i71 by inserting of #aief 7#ab ,u4,s4,c4 #ahdc7l7 and 7m77 after ,company ,act2 and 7,c7 in subsection 7e77#g77;,b77iii7-- 7i7 by striking ,board of the ,office of ,thrift ,supervision and inserting ,director of the ,office of ,thrift ,supervision2 and 7ii7 by inserting 7as defined in section #b of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #ecja77 after transfer date2 and 7#d7 in section #ac 7#ab ,u4,s4,c4 #adfh;b71 by striking the a and inserting a4 7bb7 ,home ,ownership and ,equity ,protection ,act of #aiid ,section #aeh of the ,home ,ownership and ,equity ,protection ,act of #aiid 7#ae ,u4,s4,c4 #afja note7 is amended by striking ,bureau each place that term appears and inserting ,bureau of ,consumer ,financial ,protection4 7cc7 ,housing act of #aidh ,section #ejb7;c77#c7 of the ,housing ,act of #aidh 7#ab ,u4,s4,c4 #agja;c7c77#c77 is amended by striking ,federal ,home ,loan ,bank ,agency and inserting ,federal ,housing ,finance ,agency4 7dd7 ,housing and ,urban ,development ,act of #aifh ,section #ajf7;h77#e7 of the ,housing and ,urban ,development ,act of #aifh 7#ab ,u4,s4,c4 #agjax7h77#e77 is amended by striking authorised and inserting authorized4 7ee7 ,international ,banking ,act of #aigh ,section #ae of the ,international ,banking ,act of #aigh 7#ab ,u4,s4,c4 #caji7 is amended-- 7#a7 in each of subsections 7a7 and 7b7-- 7,a7 by striking 1 and ,director of the ,office of ,thrift ,supervision each place that term appears2 and 7,b7 by inserting and before ,federal ,deposit each place that term appears2 7#b7 in subsection 7a71 by striking ,comptroller1 ,corporation1 or ,director and inserting ,comptroller1 or ,corporation2 and 7#c7 in subsection 7c77#d7-- 7,a7 by inserting and before the ,federal ,deposit2 and 7,b7 by striking 1 and the ,director of the ,office of ,thrift ,supervision4 7ff7 ,international ,lending ,supervision ,act of #aihc ,section #iab of the ,international ,lending ,supervision ,act of #aihc 7#ab ,u4,s4,c4 #ciaa7 is amended-- 7#a7 in the section heading1 by striking and the ,office of ,thrift ,supervision2 7#b7 by striking subsection 7b72 7#c7 by striking 7a7 ,in general4--2 and 7#d7 by striking #d and inserting #c4 7gg7 ,interstate land sales full disclosure act ,the ,interstate ,land ,sales ,full ,disclosure ,act 7#ae ,u4,s4,c4 #agja et seq47 is amended-- 7#a7 in section #adjb7a7 7#ae ,u4,s4,c4 #agja7a77 by striking ,bureau of and all that follows through the semicolon at the end and inserting ,bureau of ,consumer ,financial ,protection22 and 7#b7 in each of section #adaa7;b7 7#ae ,u4,s4,c4 #agaj7;b77 and subsections 7b77#d7 and 7d7 of section #adah;a 7#ae ,u4,s4,c4 #agag;a71 by striking 8,secretary's0 each place that term appears and inserting 8,director's04 7hh7 ,investment ,advisers ,act of #aidj ,section #bbd of the ,investment ,advisers ,act of #aidj 7#ae ,u4,s4,c4 #hj;b-#ah;c7 is amended in the section heading1 by striking ,commodities and inserting ,commodity4 7ii7 ,legal ,certainty for ,bank ,products ,act of #bjjj ,section #djc7;b77#a7 of the ,legal ,certainty for ,bank ,products ,act of #bjjj 7#g ,u4,s4,c4 #bg;a7b77#a77 is amended by striking that section and inserting section4 7jj7 ,omnibus ,appropriations ,act1 #bjji ,section #fbf7;b7 of the ,omnibus ,appropriations ,act1 #bjji 7#ab ,u4,s4,c4 #eech7;b77 is amended1 in each of paragraphs 7#b7 and 7#c71 by inserting a comma after as appropriate each place that term appears4 7kk7 ,public law #ic-die ,section #aaa of ,public ,law #ic-die 7#ab ,u4,s4,c4 #bej7 is amended by striking the ,director of the ,office of ,thrift ,supervision14 7ll7 ,revised ,statutes of the ,united ,states ,section #eacf;,c7i7 of the ,revised ,statutes of the ,united ,states 7#ab ,u4,s4,c4 #be;b7i77 is amended by striking powers4-- and all that follows through ,in accordance and inserting powers4--,in accordance4 7mm7 ,riegle ,community ,development and ,regulatory ,improvement ,act of #aiid ,section #aag7;e7 of the ,riegle ,community ,development and ,regulatory ,improvement ,act of #aiid 7#ab ,u4,s4,c4 #dgaf7;e77 is amended by striking the ,director of the ,office of ,thrift ,supervision14 7nn7 ,s4,a4,f4,e4 ,mortgage ,licensing ,act of #bjjh ,section #aead of the ,s4,a4,f4,e4 ,mortgage ,licensing ,act of #bjjh 7#ab ,u4,s4,c4 #eaac7 is amended in each of subsections 7b77#e7 and 7c77#d77;,c71 by striking ,secretary's each place that term appears and inserting ,director's4 7oo7 ,securities ,exchange ,act of #aicd ,the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;a et seq47 is amended-- 7#a7 in section #c;,c7g77#d77;,b77v7 7#ae ,u4,s4,c4 #gh;c-#c7;g77#d77;,b77v771 by striking of that ,act and inserting of that section2 7#b7 in section #c;,d7d77#aj77;,a7 7#ae ,u4,s4,c4 #gh;c-#d7;d77#aj77;,a771 by striking taking and inserting take2 7#c7 in section #c;,e7b77#a7 7#ae ,u4,s4,c4 #gh;c-#e7;b77#a771 by striking though and inserting through2 7#d7 in section #d7;g77#h77;,a7 7#ae ,u4,s4,c4 #gh;d7g77#h77;,a771 by striking 7#b77;,a77i7 and inserting 7#b77;,a77ii72 7#e7 in section #ae 7#ae ,u4,s4,c4 #gho7-- 7,a7 in each of subparagraphs 7,b77ii7 and 7,c7 of subsection 7b77#d71 by striking dealer municipal advisor11 and inserting dealer1 municipal advisor12 7,b7 by redesignating subsection 7j7 7relating to the authority of the ,commission7 as subsection 7p71 and moving that subsection so it follows subsection 7o72 7,c7 by redesignating subsections 7k7 and 7l7 7relating to standard of conduct and other matters1 respectively71 as added by section #iac7;g77#a7 of the ,investor ,protection and ,securities ,reform ,act of #bjaj 7title ,,ix of ,public ,law #aaa-bjc2 #abd ,stat4 #ahbh71 as subsections 7q7 and 7r71 respectively and moving those subsections to the end2 and 7,d7 in subsection 7m71 in the undesignated matter following paragraph 7#b71 by inserting the before same extent2 7#f7 in section #ae;,f7h7 7#ae ,u4,s4,c4 #gho-#aj7;h77-- 7,a7 in paragraph 7#b7-- 7i7 in subparagraph 7,a71 by inserting 8a0 after 8that acts as an advisor to02 and 7ii7 in subparagraph 7,b71 by inserting a after offers to enter into2 and 7,b7 in paragraph 7#e77;,a77i7-- 7i7 by inserting 7,a7 after 7#ah72 and 7ii7 in subclause 7,,vii71 by striking act of and inserting ,act of2 7#g7 in section #ae;,g 7#ae ,u4,s4,c4 #gho-#aa7-- 7,a7 in subsection 7b77#b71 by inserting ,director of the before ,federal ,housing2 and 7,b7 in subsection 7e7-- 7i7 in paragraph 7#d7-- 7,i7 in subparagraph 7,a71 by striking subsection and inserting section2 and 7,,ii7 in subparagraph 7,c7-- 7aa7 by striking #abi;,c7c77#b7 and inserting #abi;,c7b77#b77;,a72 and 7bb7 by inserting 7#ae ,u4,s4,c4 #afci;c7b77#b77;,a77 after ,lending ,act2 and 7ii7 in paragraph 7#e71 by striking subsection and inserting section2 and 7#h7 in section #ag;,a 7#ae ,u4,s4,c4 #ghq-#a71 by redesignating the second subsection designated as subsection 7g71 as added by section #ibi,w of the ,investor ,protection and ,securities ,reform ,act of #bjaj 7title ,,ix of ,public ,law #aaa-bjc2 #abd ,stat4 #ahfi7 7relating to due diligence for the delivery of dividends1 interest1 and other valuable property rights71 as subsection 7n7 and moving that subsection to the end4 7pp7 ,telemarketing and consumer fraud and abuse prevention act ,section #c7;b7 of the ,telemarketing and ,consumer ,fraud and ,abuse ,prevention ,act 7#ae ,u4,s4,c4 #fajb7;b77 is amended by inserting before the period at the end the following3 1 provided1 however1 that nothing in this section shall conflict with or supersede section #f of the ,federal ,trade ,commission ,act 7#ae ,u4,s4,c4 #df74 7qq7 ,title #e ,title #e1 ,united ,states ,code1 is amended-- 7#a7 in section #cacb7;a77#a77;,d71 by striking the ,office of ,thrift ,supervision11 the ,resolution ,trust ,corporation12 and 7#b7 in section #ecad1 by striking ,director of the ,office of ,thrift ,supervision44 7rr7 ,title #ca 7#a7 ,amendments ,title #ca1 ,united ,states ,code1 is amended-- 7,a7 by striking section #cji2 7,b7 in section #cac-- 7i7 in subsection 7j77#b71 by striking ,agency2 and 7ii7 in subsection 7r77#d71 by striking the ,office of ,thrift ,supervision12 and 7,c7 in section #gad7;d77#c77;,b7 by striking a audit and inserting an audit4 7#b7 ,analysis ,the analysis for subchapter ,i of chapter #c of title #ca1 ,united ,states ,code1 is amended by striking the item relating to section #cji4 7ss7 ,truth in ,lending ,act ,the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afja et seq47 is amended-- 7#a7 in section #ajc7;dd77#b77;,e77v7 7#ae ,u4,s4,c4 #afjb7;dd77#b77;,e77v771 as redesignated by section #ajh7;a77#a7 of this ,act1 by striking ,board and inserting ,bureau2 7#b7 in section #aje 7#ae ,u4,s4,c4 #afjd71 by inserting subsection 7h71 as added by section #adgb7;c7 of the ,mortgage ,reform and ,anti-,predatory ,lending ,act 7title ,,xiv of ,public ,law #aaa-bjc2 #abd ,stat4 #baij71 before subsection 7i71 as added by section #aajj;,a7#g7 of the ,consumer ,financial ,protection ,act of #bjaj 7title ,x of ,public ,law #aaa-bjc2 #abd ,stat4 #bajh72 7#c7 in section #ajf7;f77#b77;,b77i7 7#ae ,u4,s4,c4 #afje7;f77#b77;,b77i771 by striking #ajc7w7 and inserting #ajc7x72 7#d7 in section #aba7;b7 7#ae ,u4,s4,c4 #afca7;b771 by striking #ajc7;f7 and inserting #ajc7;g72 7#e7 in section #abb7;d77#e7 7#ae ,u4,s4,c4 #afcb7;d77#e771 by striking and the ,bureau2 7#f7 in section #abe7;e77#a7 7#ae ,u4,s4,c4 #afce7;e77#a771 by striking #ajc7w7 and inserting #ajc7x72 7#g7 in section #abi 7#ae ,u4,s4,c4 #afci7-- 7,a7 in subsection 7q71 by striking 7l77#b7 and inserting 7p77#b72 and 7,b7 in subsection 7u77#c71 by striking ,board each place that term appears and inserting ,bureau2 7#h7 in section #abi;,c 7#ae ,u4,s4,c4 #afci;c7-- 7,a7 in subsection 7b77#b77;,b71 by striking the second period at the end2 and 7,b7 in subsection 7c77#a77;,b77ii77,i71 by striking a original and inserting an original2 7#i7 in section #adj;,a 7#ae ,u4,s4,c4 #afea71 by striking the ,bureau and2 7#aj7 in section #adh7;d7 7#ae ,u4,s4,c4 #affe;c7d771 by striking ,bureau and inserting ,board2 7#aa7 in section #adi 7#ae ,u4,s4,c4 #affe;d7-- 7,a7 by striking the ,director of the ,office of ,thrift ,supervision1 each place that term appears2 7,b7 by striking ,national ,credit ,union ,administration ,bureau each place that term appears and inserting ,national ,credit ,union ,administration ,board2 and 7,c7 by striking ,bureau of ,directors of the ,federal ,deposit ,insurance ,corporation each place that term appears and inserting ,board of ,directors of the ,federal ,deposit ,insurance ,corporation2 and 7#ab7 in section #aha7a7 7#ae ,u4,s4,c4 #affg7a771 by striking #ajc7;g7 and inserting #ajc7;h74 7tt7 ,truth in ,savings ,act ,the ,truth in ,savings ,act 7#ab ,u4,s4,c4 #dcja et seq47 is amended in each of sections #bfi7;a77#d7 7#ab ,u4,s4,c4 #dcjh7;a77#d771 #bgj7;a77#b7 7#ab ,u4,s4,c4 #dcji7;a77#b771 and #bgd7f7 7#ab ,u4,s4,c4 #dcac7f771 by striking ,administration ,bureau each place that term appears and inserting ,administration ,board4 #haf4 ,rulemaking deadlines 7a7 ,one-,year extension ,the deadline for issuance of any rule or regulation1 conduct of any study1 or submission of any report required by the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7,public ,law #aaa-bjc7 or amendments made by that ,act that has not been met or is not met in final form by the date specified in that ,act or those amendments1 shall be extended for #a year4 7b7 ,no effect on finalized rules ,the extension provided under subsection 7a7 shall have no effect on any rule required by the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7,public ,law #aaa-bjc7 or amendments made by that ,act that have been issued in final form before the date of enactment of this ,act4 #hag4 ,effective dates ,except as otherwise specifically provided in this ,act-- 7#a7 the amendments made by this ,act to a provision of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7,public ,law #aaa-bjc7 shall take effect as if enacted on the effective date of the provision1 immediately after the provision takes effect2 and 7#b7 the amendments made by this ,act to a provision of law amended by the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act shall take effect as if enacted on the effective date of the amendment to that provision of law made by the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act1 immediately after the amendment made by the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act takes effect4 ,june #b1 #bjae,read twice and placed on the calendar