,,ii ,cal5d> ,no4 #ajc #aad? ,,congress #a/ ,session ,s4 #adhd ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,june #b1 #bjae,mr4 ,%elby1 f ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs1 report$ ! foll[+ orig9al bill2 :i* 0 read twice & plac$ on ! cal5d> ,a ,,bill ,to improve acc\ntability & transp>5cy 9 ! ,unit$ ,/ates f9ancial regulatory sy/em1 protect access to cr$it = consum]s1 provide s5sible relief to f9ancial in/itutions1 & = o!r purposes4 #a4 ,%ort title2 table ( cont5ts 7a7 ,%ort title ,?is ,act may be cit$ z ! ,f9ancial ,regulatory ,improvem5t ,act ( #bjae4 7b7 ,table ( cont5ts ,! table ( cont5ts = ?is ,act is z foll[s3 ,sec4 #a4 ,%ort title2 table ( cont5ts4 ,,title ,i--,regulatory relief & protection ( consum] access to cr$it ,sec4 #aja4 ,exception to annual writt5 privacy notice requirem5t "u ! ,gramm-,lea*-,bliley ,act4 ,sec4 #ajb4 ,privately insur$ cr$it unions au?oriz$ to become memb]s ( a ,f$]al ,home ,loan ,bank4 ,sec4 #ajc4 ,designation ( rural area4 ,sec4 #ajd4 ,indep5d5t ,exam9ation ,review4 ,sec4 #aje4 ,confid5tiality ( in=mation %>$ betwe5 ,/ate & ,f$]al f9ancial s]vices regulators4 ,sec4 #ajf4 ,safe h>bor = c]ta9 loans held 9 portfolio4 ,sec4 #ajg4 ,protect+ consum] access to mortgage cr$it4 ,sec4 #ajh4 ,protect+ access to manufactur$ homes4 ,sec4 #aji4 ,/reaml9+ bank exams4 ,sec4 #aaj4 ,adju/m5ts = *anges 9 gross dome/ic product4 ,sec4 #aaa4 ,/udy on ! privacy risks ( gov]nm5t publication ( p]sonal f9ancial data4 ,sec4 #aab4 ,ensur+ ! report+ ( appraisal misconduct4 ,sec4 #aac4 ,mutual hold+ company divid5d waiv]s4 ,sec4 #aad4 ,safegu>d+ access to habitat = humanity homes4 ,sec4 #aae4 ,cl>ify+ ! applicability ( section #ac7;h77#a7 ( ! ,bank ,hold+ ,company ,act ( #aief4 ,sec4 #aaf4 ,/udy ( mortgage s]vic+ assets4 ,sec4 #aag4 ,no wait = l[] mortgage rates4 ,sec4 #aah4 ,elim9at+ b>ri]s to jobs = loan orig9ators4 ,sec4 #aai4 ,%ort =m call reports4 ,sec4 #abj4 ,application ( ! ,exp$it$ ,funds ,availability ,act4 ,sec4 #aba4 ,application ( ! ,f$]al ,advisory ,committee ,act4 ,sec4 #abb4 ,budget transp>5cy = ! ,,ncua4 ,sec4 #abc4 ,date = det]m9+ consolidat$ assets4 ,sec4 #abd4 ,,fhlb memb]%ip4 ,sec4 #abe4 ,ensur+ a compreh5sive regulatory review4 ,sec4 #abf4 ,prohibition on implem5tation or p>ticipation 9 ,op]ation ,*oke ,po9t4 ,,title ,,ii--,sy/emically important bank hold+ companies ,sec4 #bja4 ,revisions to ,c\ncil au?ority4 ,sec4 #bjb4 ,revisions to ,bo>d au?ority4 ,sec4 #bjc4 ,effective date4 ,sec4 #bjd4 ,s5se ( ,congress4 ,sec4 #bje4 ,pres]vation ( au?ority4 ,,title ,,iii--,great] transp>5cy = ! ,f9ancial ,/ability ,ov]sight ,c\ncil process = nonbank f9ancial companies ,sec4 #cja4 ,access to ,c\ncil meet+s by ag5cy memb]s4 ,sec4 #cjb4 ,nonbank det]m9ation process4 ,sec4 #cjc4 ,rule ( con/ruction4 ,,title ,,iv--,improv$ acc\ntability & transp>5cy 9 ! regulation ( insurance ,sec4 #dja4 ,s5se ( ,congress4 ,sec4 #djb4 ,ensur+ ! protection ( insurance policyhold]s4 ,sec4 #djc4 ,int]national insurance capital /&>ds acc\ntability4 ,,title ,v--,improv+ ! ,f$]al ,res]ve ,sy/em ,sec4 #eja4 ,reports to ,congress4 ,sec4 #ejb4 ,te/imony2 votes2 /aff4 ,sec4 #ejc4 ,transp>5cy at ! ,f$]al ,op5 ,m>ket ,committee4 ,sec4 #ejd4 ,int]e/ rates on balances ma9ta9$ at a ,f$]al ,res]ve bank by depository in/itutions4 ,sec4 #eje4 ,commission = re/ructur+ ! ,f$]al ,res]ve ,sy/em4 ,sec4 #ejf4 ,,gao /udy on sup]vision4 ,sec4 #ejg4 ,f$]al ,res]ve /udy on nonbank sup]vision4 ,sec4 #ejh4 ,f$]al ,res]ve bank gov]nance4 ,,title ,,vi--,improv$ access to capital & tailor$ regulation 9 ! f9ancial m>kets ,sec4 #fja4 ,hold+ company regi/ration ?re%old equalization4 ,sec4 #fjb4 ,increas$ ?re%old = disclosures relat+ to comp5satory b5efit plans4 ,sec4 #fjc4 ,repeal ( indemnification requirem5ts4 ,sec4 #fjd4 ,improv+ access to capital = em]g+ gr[? companies4 ,,title ,,vii--,taxpay] protections & m>ket access = mortgage f9ance ,sec4 #gja4 ,def9itions4 ,sec4 #gjb4 ,prohibit+ ! use ( gu>antee fees z an (fset4 ,sec4 #gjc4 ,limitations on sale ( pref]r$ /ock4 ,sec4 #gjd4 ,second>y m>ket advisory committee4 ,sec4 #gje4 ,securitization plat=m4 ,sec4 #gjf4 ,m&atory risk %>+4 ,,title ,,viii--,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act te*nical corrections ,sec4 #hja4 ,table ( cont5ts2 def9itional corrections4 ,sec4 #hjb4 ,antitru/ sav+s 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 ,con=m+ corrections to o!r /atutes4 ,sec4 #haf4 ,rulemak+ deadl9es4 ,sec4 #hag4 ,effective dates4 ,i ,regulatory relief & protection ( consum] access to cr$it #aja4 ,exception to annual writt5 privacy notice requirem5t "u ! ,gramm-,lea*-,bliley ,act ,section #ejc ( ! ,gramm-,lea*-,bliley ,act 7#ae ,u4,s4,c4 #fhjc7 is am5d$ by add+ at ! end ! foll[+3 7f7 ,exception to annual writt5 notice requirem5t 7#a7 ,9 g5]al ,a f9ancial in/itution describ$ 9 p>agraph 7#b7 %all n be requir$ to provide an annual writt5 disclosure "u ?is section until su* "t z ! f9ancial in/itution fails to comply ) subp>agraph 7,a71 7,b71 or 7,c7 ( p>agraph 7#b74 7#b7 ,cov]$ in/itutions ,a f9ancial in/itution describ$ 9 ?is p>agraph is a f9ancial in/itution t-- 7,a7 provides nonpublic p]sonal in=mation only 9 accordance ) ! provisions ( subsection 7b77#b7 or 7e7 ( section #ejb or regulations prescrib$ "u section #ejd7;b72 7,b7 has n *ang$ its policies & practices ) respect to disclos+ nonpublic p]sonal in=mation f ! policies & practices t 7 disclos$ 9 ! mo/ rec5t disclosure s5t to consum]s 9 accordance ) ?is section2 & 7,c7 o!rwise provides cu/om]s access to su* mo/ rec5t disclosure 9 electronic or o!r =m p]mitt$ by regulations prescrib$ "u section #ejd4 4 #ajb4 ,privately insur$ cr$it unions au?oriz$ to become memb]s ( a ,f$]al ,home ,loan ,bank 7a7 ,9 g5]al ,section #d7;a7 ( ! ,f$]al ,home ,loan ,bank ,act 7#ab ,u4,s4,c4 #adbd7;a77 is am5d$ by add+ at ! end ! foll[+3 7#e7 ,c]ta9 privately insur$ cr$it unions 7,a7 ,9 g5]al ,subject to ! requirem5ts ( subp>agraph 7,b71 a cr$it union t lacks insurance ( its memb] acc\nts "u ,f$]al law %all be treat$ z an insur$ depository in/itution = purposes ( ?is ,act4 7,b7 ,c]tification by appropriate ,/ate sup]visor ,= purposes ( ?is p>agraph1 a cr$it union t lacks insurance ( its memb] acc\nts "u ,f$]al law & t has appli$ = memb]%ip 9 a ,f$]al ,home ,loan ,bank %all be treat$ z an insur$ depository in/itution if ! foll[+ has occurr$3 7i7 ,det]m9ation by ,/ate sup]visor ( ! cr$it union 7,i7 ,9 g5]al ,subject to subclause 7,,ii71 ! appropriate sup]visor ( ! ,/ate 9 :i* ! cr$it union is *>t]$ has det]m9$ t ! cr$it union meets all ! eligibility requirem5ts "u section #bja7;a7 ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #agha7;a77 to apply = insurance ( its memb] acc\nts z ( ! date ( ! application = memb]%ip4 7,,ii7 ,c]tification deem$ valid ,9 ! case ( any cr$it union to :i* subclause 7,i7 applies1 if ! appropriate sup]visor ( ! ,/ate 9 :i* su* cr$it union is *>t]$ fails to make ! det]m9ation requir$ pursuant to su* subclause by ! end ( ! #ab-mon? p]iod beg9n+ on ! date on :i* ! application is submitt$ to ! sup]visor1 ! cr$it union %all be deem$ to h met ! requirem5ts ( subclause 7,i74 7ii7 ,det]m9ation by ,/ate sup]visor ( ! private deposit insur] ,! lic5s+ entity ( ! private deposit insur] t is insur+ ! memb] acc\nts ( ! cr$it union-- 7,i7 receives1 on an annual basis1 an indep5d5t actu>ial op9ion t ! private insur] has set aside suffici5t res]ves = losses2 & 7,,ii7 obta9s1 z frequ5tly z appropriate1 b n less frequ5tly ?an once e #cf mon?s1 a /udy by an indep5d5t actu>y on ! capital adequacy ( ! private insur]4 7iii7 ,submission ( f9ancial in=mation ,! cr$it union or ! appropriate sup]visor ( ! ,/ate 9 :i* ! cr$it union is *>t]$ makes available1 & cont9ues to make available = su* "t z ! cr$it union is a memb] ( a ,f$]al ,home ,loan ,bank1 to ! ,f$]al ,h\s+ ,f9ance ,ag5cy or to ! ,f$]al ,home ,loan ,bank all reports1 records1 & o!r in=mation relat$ to any exam9ation or inquiry p]=m$ by ! sup]visor conc]n+ ! f9ancial condition ( ! cr$it union1 z soon z is practicable4 7,c7 ,security int]e/s ( ,f$]al ,home ,loan ,bank n avoidable ,not)/&+ any provision ( ,/ate law au?oriz+ a cons]vator or liquidat+ ag5t ( a cr$it union to repudiate contracts1 no su* provision %all apply ) respect to-- 7i7 any ext5sion ( cr$it f any ,f$]al ,home ,loan ,bank to any cr$it union t is a memb] ( any su* bank pursuant to ?is p>agraph2 or 7ii7 any security int]e/ 9 ! assets ( su* a cr$it union secur+ any su* ext5sion ( cr$it4 7,d7 ,protection = c]ta9 ,f$]al ,home ,loan ,bank advances ,not)/&+ any ,/ate law to ! contr>y1 if a ,bank makes an advance "u section #aj to a ,/ate-*>t]$ cr$it union t is n f$]ally insur$-- 7i7 ! int]e/ ( ! ,bank 9 any collat]al secur+ ! advance has ! same priority & is af=d$ ! same /&+ & rights t ! security int]e/ w\ld h _h if ! advance _h be5 made to a f$]ally insur$ cr$it union2 & 7ii7 ! ,bank has ! same "r to access su* collat]al t ! ,bank w\ld h _h if ! advance _h be5 made to a f$]ally insur$ cr$it union4 4 7b7 ,copies ( audits ( private insur]s ( c]ta9 depository in/itutions requir$ to be provid$ to sup]visory ag5cies ,section #dc7;a77#b77;,a7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahcat7a77#b77;,a77 is am5d$-- 7#a7 9 clause 7i71 by /rik+ 2 & & ins]t+ a semicolon2 7#b7 9 clause 7ii71 by /rik+ ! p]iod at ! end & ins]t+ 2 &2 & 7#c7 by add+ at ! end ! foll[+3 7iii7 9 ! case ( depository in/itutions describ$ 9 subsection 7e77#b77;,a71 ! memb] acc\nts ( :i* are insur$ by ! private deposit insur]1 :i* are memb]s ( a ,f$]al home loan bank1 to ! ,f$]al ,h\s+ ,f9ance ,ag5cy1 n lat] ?an #g days aft] ! audit is complet$4 4 7c7 ,,gao ,report ,n lat] ?an #ah mon?s aft] ! date ( enactm5t ( ?is ,act1 ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all conduct a /udy & submit to ,congress a report on-- 7#a7 ! adequacy ( insurance res]ves held by any private deposit insur] t insures ! memb] acc\nts ( any entity describ$ 9 section #dc7;e77#b77;,a7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahcat7e77#b77;,a772 & 7#b7 = any entity describ$ 9 p>agraph 7#a71 ! memb] acc\nts ( :i* are insur$ by a private deposit insur]1 ! level ( compliance ) ,f$]al regulations relat+ to ! disclosure ( a lack ( ,f$]al deposit insurance4 #ajc4 ,designation ( rural area 7a7 ,application ,n lat] ?an #ij days aft] ! date ( enactm5t ( ?is ,act1 ! ,bureau ( ,consum] ,f9ancial ,protection %all e/abli% an application process "u :i* a p]son :o lives or does bus9ess 9 a ,/ate may1 ) respect to an area id5tifi$ by ! p]son 9 ! ,/ate t has n be5 designat$ by ! ,bureau ( ,consum] ,f9ancial ,protection z a rural area = purposes ( a ,f$]al consum] f9ancial law 7z def9$ 9 section #ajjb ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #edha771 apply = su* area to be s designat$4 7b7 ,evaluation crit]ia ,9 evaluat+ an application submitt$ "u subsection 7a71 ! ,bureau ( ,consum] ,f9ancial ,protection %all take into consid]ation ! foll[+ factors3 7#a7 ,crit]ia us$ by ! ,director ( ! ,bureau ( ! ,c5sus = classify+ geographical areas z rural or urban4 7#b7 ,crit]ia us$ by ! ,director ( ! ,(fice ( ,managem5t & ,budget to designate c\nties z metropolitan1 micropolitan1 or nei!r4 7#c7 ,crit]ia us$ by ! ,secret>y ( ,agriculture to det]m9e prop]ty eligibility = rural developm5t programs4 7#d7 ,! ,dep>tm5t ( ,agriculture rural-urban commut+ area codes4 7#e7 ,a writt5 op9ion provid$ by ! ,/ate bank sup]visor 7z def9$ 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7#f7 ,population d5sity4 7c7 ,rule ( con/ruction ,if1 at any "t be=e ! date on :i* an application is submitt$ "u subsection 7a71 ! area subject to review has be5 designat$ z nonrural by any ,f$]al ag5cy describ$ 9 subsection 7b7 us+ any ( ! crit]ia describ$ 9 t subsection1 ! ,bureau ( ,consum] ,f9ancial ,protection %all n be requir$ to consid] su* designation 9 its evaluation4 7d7 ,public comm5t p]iod 7#a7 ,9 g5]al ,n lat] ?an #fj days aft] ! date on :i* an application submitt$ "u subsection 7a7 is receiv$1 ! ,bureau ( ,consum] ,f9ancial ,protection %all-- 7,a7 publi% ! application on ! website ( ! ,bureau ( ,consum] ,f9ancial ,protection2 & 7,b7 make ! application available = public comm5t = n few] ?an #ij days4 7#b7 ,limitation on additional applications ,no?+ 9 ?is section %all be con/ru$ to require ! ,bureau ( ,consum] ,f9ancial ,protection1 dur+ ! public comm5t p]iod describ$ 9 p>agraph 7#a7 ) respect to an application submitt$ "u subsection 7a71 to accept an additional application ) respect to ! area t is ! subject ( ! initial application4 7e7 ,decision on designation ,n lat] ?an #ij days aft] ! end ( ! public comm5t p]iod describ$ 9 subsection 7d77#a71 ! ,bureau ( ,consum] ,f9ancial ,protection %all-- 7#a7 grant or d5y su* application1 9 :ole or 9 "p2 & 7#b7 publi% su* grant or d5ial 9 ! ,f$]al ,regi/]1 along ) an explanation ( ! factors on :i* ! ,bureau ( ,consum] ,f9ancial ,protection reli$ 9 mak+ su* decision4 7f7 ,subsequ5t applications ,a decision by ! ,bureau "u subsection 7e7 to d5y an application = an area to be designat$ z a rural area %all n preclude ! ,bureau ( ,consum] ,f9ancial ,protection f accept+ a subsequ5t application submitt$ "u subsection 7a7 = ! area to be s designat$ if ! subsequ5t application is submitt$ aft] ! date on :i* ! #ij-;day p]iod beg9n+ on ! date on :i* ! ,bureau ( ,consum] ,f9ancial ,protection d5ies ! application "u subsection 7e7 expires4 7g7 ,op]ations 9 rural areas ,! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afja et seq47 is am5d$-- 7#a7 9 section #abi;,c7b77#b77;,e77iv77,i7 7#ae ,u4,s4,c4 #afci;c7b77#b77;,e77iv77,i771 by /rik+ pr$om9antly2 & 7#b7 9 section #abi;,d7c77#a7 7#ae ,u4,s4,c4 #afci;d7c77#a771 by /rik+ pr$om9antly4 #ajd4 ,indep5d5t ,exam9ation ,review 7a7 ,9 g5]al ,! ,f$]al ,f9ancial ,in/itutions ,exam9ation ,c\ncil ,act ( #aigh 7#ab ,u4,s4,c4 #ccja et seq47 is am5d$ by add+ at ! end ! foll[+3 #ajab4 ,(fice ( ,indep5d5t ,exam9ation ,review 7a7 ,e/abli%m5t ,!re is e/abli%$ 9 ! ,c\ncil an ,(fice ( ,indep5d5t ,exam9ation ,review4 7b7 ,head ( (fice 7#a7 ,e/abli%m5t ,!re is e/abli%$ ! position ( ! ,director z ! head ( ! ,(fice ( ,indep5d5t ,exam9ation ,review1 :o %all be appo9t$ by ! ,c\ncil = a t]m ( #e ye>s4 7#b7 ,removal 7,a7 ,9 g5]al ,! ,presid5t may remove ! ,director f (fice4 7,b7 ,congressional notification ,n lat] ?an #cj days aft] ! date on :i* ! ,director is remov$ f (fice "u subp>agraph 7,a71 ! ,presid5t %all submit to ,congress a writt5 notification describ+ ! reasons = ! removal4 7c7 ,/aff+ ,! ,director may hire /aff to support ! activities ( ! ,(fice ( ,indep5d5t ,exam9ation ,review4 7d7 ,duties ,! ,director %all-- 7#a7 receive &1 at ! discretion ( ! ,director1 inve/igate compla9ts f f9ancial in/itutions1 repres5tatives ( f9ancial in/itutions1 or any o!r entity act+ on behalf ( f9ancial in/itutions1 conc]n+ exam9ations1 exam9ation practices1 or exam9ation reports2 7#b7 hold meet+s1 n less ?an once e #ij days & 9 locations design$ to enc\rage p>ticipation f all regions ( ! ,unit$ ,/ates1 ) f9ancial in/itutions1 repres5tatives ( f9ancial in/itutions1 or any o!r entity act+ on behalf ( f9ancial in/itutions1 to discuss exam9ation proc$ures1 exam9ation practices1 or exam9ation policies2 7#c7 review exam9ation proc$ures ( ! ,f$]al f9ancial in/itutions regulatory ag5cies to ensure t ! writt5 exam9ation policies ( ! ag5cies are be+ foll[$ 9 practice & adh]e to ! /&>ds = consi/5cy e/abli%$ by ! ,c\ncil2 7#d7 conduct a cont9u+ & regul> program ( exam9ation quality assurance = all types ( exam9ations conduct$ by ! ,f$]al f9ancial in/itutions regulatory ag5cies2 & 7#e7 submit to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate1 ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives1 & ! ,c\ncil an annual report on ! reviews c>ri$ out pursuant to p>agraphs 7#c7 & 7#d71 includ+ recomm5dations = improvem5ts 9 exam9ation proc$ures1 practices1 & policies4 7e7 ,confid5tiality ,! ,director %all keep confid5tial-- 7#a7 all meet+s1 discussions1 & in=mation provid$ by f9ancial in/itutions2 & 7#b7 any confid5tial or privileg$ in=mation provid$ by a ,f$]al f9ancial in/itutions regulatory ag5cy4 7f7 ,fund+2 budget 7#a7 ,9 g5]al ,"o-fif? ( ! co/s & exp5ses ( ! ,(fice ( ,indep5d5t ,exam9ation ,review1 includ+ ! sal>ies ( its employees1 %all be paid by ea* ( ! ,f$]al f9ancial in/itutions regulatory ag5cies1 :i* %all be bas$ on ! budget submitt$ "u p>agraph 7#b74 7#b7 ,budget ,n lat] ?an ,april #ae ( ea* fiscal ye>1 ! ,director %all submit to ! ,c\ncil a project$ budget = ! ,(fice ( ,indep5d5t ,exam9ation ,review = ! foll[+ fiscal ye>4 4 7b7 ,def9itions ,section #ajjc ( ! ,f$]al ,f9ancial ,in/itutions ,exam9ation ,c\ncil ,act ( #aigh 7#ab ,u4,s4,c4 #ccjb7 is am5d$-- 7#a7 by /rik+ p>agraph 7#a7 & ins]t+ ! foll[+3 7#a7 ! t]m ,f$]al f9ancial in/itutions regulatory ag5cies means ! ,(fice ( ! ,comptroll] ( ! ,curr5cy1 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ! ,f$]al ,deposit ,insurance ,corporation1 ! ,national ,cr$it ,union ,adm9i/ration1 & ! ,bureau ( ,consum] ,f9ancial ,protection2 2 7#b7 9 p>agraph 7#b71 by /rik+ 2 & & ins]t+ a semicolon2 7#c7 9 p>agraph 7#c71 by /rik+ ! semicolon & ins]t+ 2 &2 & 7#d7 by add+ at ! end ! foll[+3 7#d7 ! t]m ,director means ! ,director e/abli%$ "u section #ajab4 4 7c7 ,f$]al bank+ ag5cy ombudsman 7#a7 ,9 g5]al ,section #cji ( ! ,riegle ,community ,developm5t & ,regulatory ,improvem5t ,act ( #aiid 7#ab ,u4,s4,c4 #dhjf7 is am5d$-- 7,a7 9 ! fir/ s5t5ce ( subsection 7a71 by ins]t+ 1 ! ,bureau ( ,consum] ,f9ancial ,protection1 aft] ,f$]al bank+ ag5cy2 7,b7 9 subsection 7b7-- 7i7 by r$esignat+ p>agraphs 7#a7 & 7#b7 z subp>agraphs 7,a7 & 7,b71 respectively1 & adju/+ ! m>g9s accord+ly2 7ii7 9 ! matt] prec$+ subp>agraph 7,a71 z s r$esignat$1 by /rik+ ,9 e/abli%+ & ins]t+ ! foll[+3 7#a7 ,9 g5]al ,9 e/abli%+ 2 7iii7 9 p>agraph 7#a77;,b71 z s r$esignat$1 by /rik+ ! appellant f retaliation by ag5cy exam9]s & ins]t+ ! insur$ depository in/itution or insur$ cr$it union f retaliation by an ag5cy ref]r$ to 9 subsection 7a72 & 7iv7 by add+ at ! end ! foll[+3 7#b7 ,retaliation ,= purposes ( ?is subsection & subsection 7e71 retaliation includes delay+ consid]ation (1 or )hold+ approval (1 any reque/1 notice1 or application t o!rwise w\ld h be5 approv$1 b = ! ex]cise ( ! rights ( ! insur$ depository in/itution or insur$ cr$it union "u ?is section4 2 & 7,c7 9 subsection 7e77#b7-- 7i7 9 subp>agraph 7,b71 by /rik+ 2 & & ins]t+ a semicolon2 7ii7 9 subp>agraph 7,c71 by /rik+ ! p]iod at ! end & ins]t+ 2 &2 & 7iii7 by add+ at ! end ! foll[+3 7,d7 ensure t appropriate safegu>ds exi/ = protect+ ! insur$ depository in/itution or insur$ cr$it union f retaliation by any appropriate ,f$]al bank+ ag5cy = ex]cis+ ! rights ( ! insur$ depository in/itution or insur$ cr$it union "u ?is subsection4 4 7#b7 ,effect ,no?+ 9 ?is subsection %all be con/ru$ to affect ! au?ority ( an appropriate ,f$]al bank+ ag5cy 7z def9$ 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac77 or ! ,national ,cr$it ,union ,adm9i/ration ,bo>d to take en=cem5t or o!r sup]visory action4 7d7 ,f$]al ,cr$it ,union ,act ,section #bje7;j7 ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #aghe7;j77 is am5d$ by ins]t+ ! ,bureau ( ,consum] ,f9ancial ,protection1 be=e ! ,adm9i/ration ea* place t t]m appe>s4 7e7 ,f$]al ,f9ancial ,in/itutions ,exam9ation ,c\ncil ,act ,section #ajje ( ! ,f$]al ,f9ancial ,in/itutions ,exam9ation ,c\ncil ,act ( #aigh 7#ab ,u4,s4,c4 #ccjd7 is am5d$ by /rik+ ,"o-fif? & ins]t+ ,"o-f\r?4 #aje4 ,confid5tiality ( in=mation %>$ betwe5 ,/ate & ,f$]al f9ancial s]vices regulators ,section #aeab7;a7 ( ! ,s4,a4,f4,e4 ,mortgage ,lic5s+ ,act ( #bjjh 7#ab ,u4,s4,c4 #eaaa7;a77 is am5d$ by ins]t+ or f9ancial s]vices be=e indu/ry4 #ajf4 ,safe h>bor = c]ta9 loans held 9 portfolio 7a7 ,9 g5]al ,section #abi;,c ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afci;c7 is am5d$ by add+ at ! end ! foll[+3 7j7 ,safe h>bor = c]ta9 loans held 9 portfolio 7#a7 ,def9itions ,9 ?is section-- 7,a7 ! t]m appropriate ,f$]al bank+ ag5cy has ! mean+ giv5 t t]m 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac72 7,b7 ! t]m depository in/itution has ! mean+ giv5 t t]m 9 section #ai7;b77#a7 ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #dfa7;b77#a772 & 7,c7 ! t]m f9ancial in/itution regulator means an appropriate ,f$]al bank+ ag5cy1 ! ,bureau1 & ! ,national ,cr$it ,union ,adm9i/ration4 7#b7 ,safe h>bor = cr$itors 7,a7 ,9 g5]al ,a cr$itor %all n be subject to suit = failure to comply ) subsection 7a71 7c77#a71 or 7f77#b7 ( ?is section or section #abi;,h ) respect to a resid5tial mortgage loan1 & ! f9ancial in/itution regulators %all treat su* loan z a qualifi$ mortgage1 if-- 7i7 7,i7 ! cr$itor has1 s9ce ! orig9ation ( ! loan1 held ! loan on ! balance %eet ( ! cr$itor2 or 7,,ii7 any p]son acquir+ ! loan has cont9u$ to hold ! loan on ! balance %eet ( ! p]son2 7ii7 ! loan has n be5 acquir$ ?r\gh a securitization2 7iii7 all prepaym5t p5alties ) respect to ! loan comply ) ! limitations describ$ 9 subsection 7c77#c72 7iv7 ! loan does n h-- 7,i7 negative amortization2 7,,ii7 int]e/-only features2 or 7,,iii7 a loan t]m ( m ?an #cj ye>s2 & 7v7 ! cr$itor has docum5t$ ! consum]'s-- 7,i7 income2 7,,ii7 employm5t2 7,,iii7 assets2 & 7,,iv7 cr$it hi/ory4 7,b7 ,exception = c]ta9 transf]s ,9 ! case ( a depository in/itution t transf]s a loan orig9at$ by t in/itution to ano!r depository in/itution by reason ( ! bankruptcy or failure ( ! orig9at+ depository in/itution or ! pur*ase ( ! orig9at+ depository in/itution1 ! depository in/itution acquir+ ! loan %all be deem$ to h compli$ ) ! requirem5t "u subp>agraph 7,a77i74 4 7b7 ,review+ ! portfolio ( sy/emically important banks ,section #ah7o7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbh7o77 is am5d$ by add+ at ! end ! foll[+3 7#e7 ,sy/emically important bank review ,! appropriate ,f$]al bank+ ag5cy %all p]iodically review ! mortgage portfolio or t>get$ segm5ts ( ! portfolios ( a bank subject to a det]m9ation "u section #aac;,a7a7 ( ! ,f9ancial ,/ability ,act ( #bjaj if-- 7,a7 !re is elevat$ risk2 7,b7 !re is an increase 9 del9qu5cy & loss rates2 7,c7 !re are new l9es ( bus9ess2 7,d7 !re are new acquisition *annels2 7,e7 !re is rapid gr[?2 or 7,f7 an int]nal audit is inadequate4 4 7c7 ,rule ( con/ruction ,no?+ 9 ! am5dm5t made by subsection 7a7 %all be con/ru$ to prev5t a balloon loan f qualify+ = ! safe h>bor provid$ "u section #abi;,c7j7 ( ! ,tru? 9 ,l5d+ ,act1 z add$ by subsection 7a71 if ! balloon loan o!rwise meets all ( ! requirem5ts "u subsection 7j7 ( t section1 reg>dless ( :e!r ! balloon loan meets ! requirem5ts describ$ "u clauses 7i7 ?r\gh 7iv7 ( section #abi;,c7b77#b77;,e7 ( t ,act 7#ab ,u4,s4,c4 #abi;,c7b77#b77;,e774 #ajg4 ,protect+ consum] access to mortgage cr$it 7a7 ,def9ition ( high-co/ mortgage ,section #ajc ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afjb7 is am5d$-- 7#a7 by r$esignat+ subsections 7aa7 & 7bb7 z subsections 7bb7 & 7aa71 respectively1 & mov+ subsection 7bb71 z s r$esignat$1 aft] subsection 7aa71 z s r$esignat$2 & 7#b7 9 subsection 7aa77#d71 z s r$esignat$-- 7,a7 9 ! matt] prec$+ subp>agraph 7,a71 by /rik+ p>agraph 7#a77;,b7 & ins]t+ p>agraph 7#a77;,a7 & section #abi;,c2 7,b7 9 subp>agraph 7,c7-- 7i7 9 ! matt] prec$+ clause 7i71 by ins]t+ & insurance aft] taxes2 & 7ii7 9 clause 7iii71 by /rik+ 2 & & ins]t+ a semicolon2 & 7,c7 9 subp>agraph 7,d7-- 7i7 by /rik+ accid5t12 & 7ii7 by /rik+ or any paym5ts & ins]t+ & any paym5ts4 7b7 ,rulemak+ ,n lat] ?an #ij days aft] ! date ( enactm5t ( ?is ,act1 ! ,bureau ( ,consum] ,f9ancial ,protection %all promulgate regulations to c>ry out ! am5dm5ts made by subsection 7a77#b74 7c7 ,/udy & report on consum] access to mortgage cr$it 7#a7 ,/udy requir$ ,! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all conduct a /udy to det]m9e ! effects t ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7#ab ,u4,s4,c4 #ecja et seq47 has _h on ! availability & af=dability ( cr$it = consum]s1 small bus9esses1 fir/-"t homebuy]s1 & mortgage l5d+1 includ+ ! effects-- 7,a7 on ! mortgage m>ket = mortgages t are n qualifi$ mortgages2 7,b7 on ! ability ( prospective homebuy]s to obta9 f9anc+1 includ+ fir/-"t homebuy]s2 7,c7 on ! ability ( home[n]s fac+ resets or adju/m5ts to ref9ance1 includ+ :e!r home[n]s h few] ref9anc+ options due to ! unavailability ( c]ta9 loan products t 7 available be=e ! date ( enactm5t ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7#ab ,u4,s4,c4 #ecja et seq472 7,d7 on ! ability ( m9orities to access af=dable cr$it comp>$ ) o!r prospective borr[]s2 7,e7 on home sales & con/ruction2 7,f7 ( ext5d+ any "r ( rescission on adju/able rate loans & ! impact ( ! "r ( rescission on litigation2 7,g7 ( any ,/ate =eclosure law & ! ability ( inve/ors to transf] a prop]ty aft] =eclosure2 7,h7 ( exp&+ ! exi/+ provisions ( ! ,home ,own]%ip & ,equity ,protection ,act ( #aiid 7#ae ,u4,s4,c4 #afja note & #afjb note72 7,i7 ( prohibit+ prepaym5t p5alties on high-co/ mortgages2 7,j7 ( e/abli%+ c\nsel+ s]vices "u ! ,dep>tm5t ( ,h\s+ & ,urban ,developm5t & (f]$ ?r\gh ! ,(fice ( ,h\s+ ,c\nsel+2 & 7,k7 on ! diff]5ces 9 title insurance premiums & ancill>y *>ges paid by l[- & mod]ate-income consum]s to affiliates ( mortgage l5d]s to pur*ase title insurance v]sus title insurance premiums & ancill>y *>ges paid by l[- & mod]ate-income consum]s to unaffiliat$ title ag5cies or attorneys to pur*ase title insurance 9 ^? m>kets 9 :i* bo? affiliat$ & unaffiliat$ mortgage l5d]s compete4 7#b7 ,report ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all submit to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives a report t includes-- 7,a7 ! f9d+s & conclusions ( ! ,comptroll] ,g5]al ) respect to ! /udy conduct$ "u p>agraph 7#a72 & 7,b7 any recomm5dations = legislative or regulatory actions t-- 7i7 w\ld enhance ! access ( a consum] to mortgage cr$it2 7ii7 is consi/5t ) consum] protections & safe & s\nd bank+ op]ations2 & 7iii7 w\ld address any negative effects on mortgage cr$it & mortgage availability id5tifi$ 9 ! /udy4 #ajh4 ,protect+ access to manufactur$ homes 7a7 ,mortgage orig9ator def9ition ,section #ajc ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afjb7 is am5d$-- 7#a7 by r$esignat+ ! second subsection designat$ z subsection 7cc7 & subsection 7dd7 z subsections 7dd7 & 7ee71 respectively2 & 7#b7 9 subsection 7dd77#b77;,c71 z s r$esignat$1 by /rik+ an employee ( a retail] ( manufactur$ homes :o is n describ$ 9 clause 7i7 or 7iii7 ( subp>agraph 7,a7 & :o does n advise a consum] on loan t]ms 7includ+ rates1 fees1 & o!r co/s7 & ins]t+ a retail] ( manufactur$ or modul> homes or its employees1 unless su* retail] or its employees receive comp5sation or ga9 = engag+ 9 activities describ$ 9 subp>agraph 7,a7 t is 9 excess ( any comp5sation or ga9 receiv$ 9 a comp>able ca% transaction4 7b7 ,high-,co/ mortgage def9ition ,section #ajc7;aa77#a77;,a7 ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afjb7;aa77#a77;,a771 z r$esignat$ by section #ajg7;a77#a7 ( ?is ,act1 is am5d$-- 7#a7 9 clause 7i77,i71 by /rik+ 7#h4e p]c5tage po9ts1 if ! dwell+ is p]sonal prop]ty & ! transaction is = less ?an #ej1jjj7 & ins]t+ 7#aj p]c5tage po9ts1 if ! dwell+ is p]sonal prop]ty or is a transaction t does n include ! pur*ase ( real prop]ty on :i* a dwell+ is to be plac$1 & ! transaction is = less ?an #ge1jjj 7z su* am\nt is adju/$ by ! ,bureau to reflect ! *ange 9 ! ,consum] ,price ,index772 & 7#b7 9 clause 7ii7-- 7,a7 9 subclause 7,i71 by /rik+ 2 or & ins]t+ a semicolon2 & 7,b7 by add+ at ! end ! foll[+3 7,,iii7 9 ! case ( a transaction = less ?an #ge1jjj 7z su* am\nt is adju/$ by ! ,bureau to reflect ! *ange 9 ! ,consum] ,price ,index7 9 :i* ! dwell+ is p]sonal prop]ty 7or is a consum] cr$it transaction t does n include ! pur*ase ( real prop]ty on :i* a dwell+ is to be plac$71 ! great] ( #e p]c5t ( ! total transaction am\nt or #c1jjj 7z su* am\nt is adju/$ by ! ,bureau to reflect ! *ange 9 ! ,consum] ,price ,index72 or 4 #aji4 ,/reaml9+ bank exams ,section #aj7;d7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbj7;d77 is am5d$-- 7#a7 9 p>agraph 7#d77;,a71 by /rik+ #ejj1jjj1jjj & ins]t+ #a1jjj1jjj1jjj2 & 7#b7 9 p>agraph 7#aj71 by /rik+ #ejj1jjj1jjj & ins]t+ #a1jjj1jjj1jjj4 #aaj4 ,adju/m5ts = *anges 9 gross dome/ic product 7a7 ,commodity ,ex*ange ,act ,section #b7;h77#g77;,c77ii7 ( ! ,commodity ,ex*ange ,act 7#g ,u4,s4,c4 #b7;h77#g77;,c77ii77 is am5d$ by ins]t+ 7z su* am\nt is adju/$ annually by ! ,commission to reflect ! p]c5tage *ange = ! previ\s cal5d> ye> 9 ! gross dome/ic product ( ! ,unit$ ,/ates1 z calculat$ by ! ,bureau ( ,economic ,analysis ( ! ,dep>tm5t ( ,comm]ce7 aft] #aj1jjj1jjj1jjj ea* place t t]m appe>s4 7b7 ,consum] ,f9ancial ,protection ,bureau exam9ation & report+ ?re%old 7#a7 ,increase 9 ! exam9ation ?re%old ,section #ajbe7;a7 ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #eeae7;a77 is am5d$ by /rik+ #aj1jjj1jjj1jjj ea* place t t]m appe>s & ins]t+ #ej1jjj1jjj1jjj 7z su* am\nt is adju/$ annually by ! ,commission to reflect ! p]c5tage *ange = ! previ\s cal5d> ye> 9 ! gross dome/ic product ( ! ,unit$ ,/ates1 z calculat$ by ! ,bureau ( ,economic ,analysis ( ! ,dep>tm5t ( ,comm]ce74 7#b7 ,increase 9 ! report+ ?re%old ,section #ajbf7;a7 ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #eeaf7;a77 is am5d$ by /rik+ #aj1jjj1jjj1jjj ea* place t t]m appe>s & ins]t+ #ej1jjj1jjj1jjj 7z su* am\nt is adju/$ annually by ! ,commission to reflect ! p]c5tage *ange = ! previ\s cal5d> ye> 9 ! gross dome/ic product ( ! ,unit$ ,/ates1 z calculat$ by ! ,bureau ( ,economic ,analysis ( ! ,dep>tm5t ( ,comm]ce74 7#c7 ,effective date ,?is subsection & ! am5dm5ts made by ?is subsection %all take effect on ! date t is #de days aft] ! date ( enactm5t ( ?is ,act4 7c7 ,securities ,ex*ange ,act ( #aicd ,section #c;,c7g77#c77;,b7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;c-#c7;g77#c77;,b77 is am5d$ by ins]t+ 7z su* am\nt is adju/$ annually by ! ,commission to reflect ! p]c5tage *ange = ! previ\s cal5d> ye> 9 ! gross dome/ic product ( ! ,unit$ ,/ates1 z calculat$ by ! ,bureau ( ,economic ,analysis ( ! ,dep>tm5t ( ,comm]ce7 aft] #aj1jjj1jjj1jjj ea* place t t]m appe>s4 7d7 ,electronic ,fund ,transf] ,act ,section #ibj7;a77#f77;,a7 ( ! ,electronic ,fund ,transf] ,act 7#ae ,u4,s4,c4 #afico-#b7;a77#f77;,a77 is am5d$ by ins]t+ 7z su* am\nt is adju/$ annually by ! ,bo>d to reflect ! p]c5tage *ange = ! previ\s cal5d> ye> 9 ! gross dome/ic product ( ! ,unit$ ,/ates1 z calculat$ by ! ,bureau ( ,economic ,analysis ( ! ,dep>tm5t ( ,comm]ce7 aft] #aj1jjj1jjj1jjj4 7e7 ,enhanc+ ,f9ancial ,in/itution ,safety & ,s\ndness ,act ( #bjaj ,section #ccd7;e7 ( ! ,enhanc+ ,f9ancial ,in/itution ,safety & ,s\ndness ,act ( #bjaj 7title ,,iii ( ,public ,law #aaa-bjc2 #abd ,/at4 #aeci7 is am5d$ by ins]t+ 7z su* am\nt is adju/$ annually by ! ,corporation to reflect ! p]c5tage *ange = ! previ\s cal5d> ye> 9 ! gross dome/ic product ( ! ,unit$ ,/ates1 z calculat$ by ! ,bureau ( ,economic ,analysis ( ! ,dep>tm5t ( ,comm]ce7 aft] #aj1jjj1jjj1jjj4 7f7 ,inve/or ,protection & ,securities ,re=m ,act ( #bjaj ,section #ief7;f7 ( ! ,inve/or ,protection & ,securities ,re=m ,act ( #bjaj 7#ae ,u4,s4,c4 #efda7;f77 is am5d$ by ins]t+ 7z su* am\nt is adju/$ annually by ! appropriate ,f$]al regulator to reflect ! p]c5tage *ange = ! previ\s cal5d> ye> 9 ! gross dome/ic product ( ! ,unit$ ,/ates1 z calculat$ by ! ,bureau ( ,economic ,analysis ( ! ,dep>tm5t ( ,comm]ce7 aft] #a1jjj1jjj1jjj4 #aaa4 ,/udy on ! privacy risks ( gov]nm5t publication ( p]sonal f9ancial data ,section #cjd ( ! ,home ,mortgage ,disclosure ,act ( #aige 7#ab ,u4,s4,c4 #bhjc7 is am5d$-- 7#a7 9 subsection 7n71 by ins]t+ ,su* data %all n be publicly disclos$ by ! ,bureau or a depository in/itution be=e ! date on :i* ! report is submitt$ "u subsection 7o77#b74 aft] ! p]iod at ! end2 & 7#b7 by add+ at ! end ! foll[+3 7o7 ,/udy & report to ,congress 7#a7 ,/udy requir$ ,! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all conduct a /udy to det]m9e :e!r ! data publi%$ "u ?is ,act1 9 connection ) o!r publicly available data s\rces1 c\ld all[ = or increase ! probability (-- 7,a7 exposure ( ! id5tity ( mortgage applicants or mortgagors ?r\gh rev]se eng9e]+2 7,b7 exposure ( mortgage applicants or mortgagors to id5tity !ft or ! loss ( s5sitive p]sonal f9ancial in=mation2 7,c7 ! m>ket+ or sale ( unfair1 deceptive1 or abusive f9ancial products to mortgage applicants or mortgagors bas$ on ! data publi%$ "u ?is ,act2 7,d7 p]sonal f9ancial loss or emotional di/ress result+ f ! exposure ( mortgage applicants or mortgagors to id5tify !ft or ! loss ( s5sitive p]sonal f9ancial in=mation2 & 7,e7 ! pot5tial legal liability fac+ ! ,bureau & m>ket p>ticipants 9 ! ev5t ! publi%$ data leads or contributes to id5tity !ft or ! capture ( s5sitive p]sonal f9ancial in=mation4 7#b7 ,report ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is subsection1 ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all submit to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives a report t includes-- 7,a7 ! f9d+s & conclusions ( ! ,comptroll] ,g5]al ) respect to ! /udy conduct$ "u p>agraph 7#a72 & 7,b7 any recomm5dations = legislative or regulatory actions t-- 7i7 w\ld enhance ! privacy ( a consum] :5 access+ mortgage cr$it2 & 7ii7 are consi/5t ) consum] protections & safe & s\nd bank+ op]ations4 4 #aab4 ,ensur+ ! report+ ( appraisal misconduct ,section #abi;,e ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afci;e7 is am5d$-- 7#a7 9 subsection 7e7-- 7,a7 by /rik+ ,any mortgage l5d] & ins]t+ ! foll[+3 7#a7 ,9 g5]al ,any mortgage l5d] 2 & 7,b7 by add+ at ! end ! foll[+3 7#b7 ,limitation on civil liability ,no p]son may be held civilly liable "u any provision ( ,f$]al1 ,/ate1 or o!r law = a disclosure made 9 good fai? pursuant to ?is section4 2 & 7#b7 9 subsection 7k71 by add+ at ! end ! foll[+3 7#d7 ,applicability ,?is subsection %all n apply to subsection 7e74 4 #aac4 ,mutual hold+ company divid5d waiv]s ,not)/&+ ! rule ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em reg>d+ ,mutual ,hold+ ,company ,divid5d ,waiv]s 9 section #bci4fc ( title #ab1 ,code ( ,f$]al ,regulations 7or any successor !reto71 gr&fa!r$ mutual hold+ companies & all o!r mutual hold+ companies %all be p]mitt$ to waive ! receipt ( divid5ds decl>$ on ! common /ock ( _! bank or mid-size hold+ companies4 #aad4 ,safegu>d+ access to habitat = humanity homes ,section #abi;,e7i77#b7 ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afci;e7i77#b77 is am5d$-- 7#a7 by r$esignat+ subp>agraphs 7,a7 & 7,b7 z clauses 7i7 & 7ii71 respectively1 & adju/+ ! m>g9s accord+ly2 7#b7 9 ! matt] prec$+ clause 7i71 z s r$esignat$1 by /rik+ ,= purposes ( & ins]t+ ! foll[+3 7,a7 ,9 g5]al ,= purposes ( 2 & 7#c7 by add+ at ! end ! foll[+3 7,b7 ,rule ( con/ruction relat$ to appraisal donations ,9 ! case ( an appraisal = :i* ! apprais] volunt>ily does n receive a fee1 ! apprais] is n1 & %all n be con/ru$ to be1 ) respect to ! donat$ appraisal1 a fee apprais] = purposes ( ?is section4 4 #aae4 ,cl>ify+ ! applicability ( section #ac7;h77#a7 ( ! ,bank ,hold+ ,company ,act ( #aief 7a7 ,9 g5]al ,section #ac7;h77#a7 ( ! ,bank ,hold+ ,company ,act ( #aief 7#ab ,u4,s4,c4 #ahea7;h77#a77 is am5d$-- 7#a7 9 subp>agraph 7,d71 by r$esignat+ clauses 7i7 & 7ii7 z subclauses 7,i7 & 7,,ii71 respectively1 & adju/+ ! m>g9s accord+ly2 7#b7 by r$esignat+ subp>agraphs 7,a71 7,b71 7,c71 & 7,d7 z clauses 7i71 7ii71 7iii71 & 7iv71 respectively1 & adju/+ ! m>g9s accord+ly2 7#c7 by /rik+ in/itution t functions solely 9 a tru/ or fiduci>y capacity1 if--& ins]t+ ! foll[+3 8in/itution-- 7,a7 t functions solely 9 a tru/ or fiduci>y capacity1 if-- 2 & 7#d7 by /rik+ ! p]iod at ! end & ins]t+ ! foll[+3 82 or 7,b7 ) total consolidat$ assets ( #aj1jjj1jjj1jjj or less if su* in/itution is n controll$ by a company ) total consolidat$ assets ( m ?an #aj1jjj1jjj1jjj 7z su* am\nts are adju/$ annually by ! ,bo>d to reflect ! p]c5tage *ange = ! previ\s cal5d> ye> 9 ! gross dome/ic product ( ! ,unit$ ,/ates1 z calculat$ by ! ,bureau ( ,economic ,analysis ( ! ,dep>tm5t ( ,comm]ce74 4 7b7 ,res]vation ( au?ority ,section #ac ( ! ,bank ,hold+ ,company ,act ( #aief 7#ab ,u4,s4,c4 #ahea7 is am5d$ by add+ at ! end ! foll[+3 7i7 ,res]vation ( au?ority = c]ta9 insur$ depository in/itutions 7#a7 ,9 g5]al ,not)/&+ subsection 7h77#a77;,b71 ! appropriate ,f$]al bank+ ag5cy = an insur$ depository in/itution ) total consolidat$ assets ( #aj1jjj1jjj1jjj or less may apply ! prohibitions & re/rictions ( ?is section to ! activities ( ! insur$ depository in/itution t1 b = subsection 7h77#a77;,b71 w\ld be subject to ! prohibitions & re/rictions ( ?is section if ! appropriate ,f$]al bank+ ag5cy det]m9es t ^? activities-- 7,a7 are inconsi/5t ) traditional bank+ activities2 or 7,b7 due to _! nature or volume1 pose a risk to ! safety & s\ndness ( ! insur$ depository in/itution4 7#b7 ,notice & response ,ea* ( ! appropriate ,f$]al bank+ ag5cies %all e/abli% a proc$ure = provid+ notice to an insur$ depository in/itution ( a det]m9ation "u p>agraph 7#a7 & an opportunity = response4 4 #aaf4 ,/udy ( mortgage s]vic+ assets 7a7 ,def9itions ,9 ?is section3 7#a7 ,bank+ in/itution ,! t]m bank+ in/itution means an insur$ depository in/itution1 ,f$]al cr$it union1 ,/ate cr$it union1 bank hold+ company1 or sav+s & loan hold+ company4 7#b7 ,basel ,,iii capital requirem5ts ,! t]m ,basel ,,iii capital requirem5ts means ! ,global ,regulatory ,framework = ,m ,resili5t ,banks & ,bank+ ,sy/ems issu$ by ! ,basel ,committee on ,bank+ ,sup]vision on ,decemb] #af1 #bjaj1 z revis$ on ,june #a1 #bjaa4 7#c7 ,f$]al bank+ ag5cies ,! t]m ,f$]al bank+ ag5cies means ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ! ,(fice ( ! ,comptroll] ( ! ,curr5cy1 ! ,f$]al ,deposit ,insurance ,corporation1 & ! ,national ,cr$it ,union ,adm9i/ration4 7#d7 ,mortgage s]vic+ assets ,! t]m mortgage s]vic+ assets means ^? assets t result f contracts to s]vice loans secur$ by real e/ate1 :]e su* loans are own$ by ?ird p>ties4 7#e7 ,,ncua capital requirem5ts ,! t]m ,,ncua capital requirem5ts means ! propos$ rule ( ! ,national ,cr$it ,union ,adm9i/ration entitl$ ,risk-,bas$ ,capital 7#hj ,f$4 ,reg4 #dcdj 7,janu>y #bg1 #bjae774 7#f7 ,o!r def9itions 7,a7 ,bank+ def9itions ,! t]ms bank hold+ company1 insur$ depository in/itution1 & sav+s & loan hold+ company h ! mean+s giv5 ^? t]ms 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7,b7 ,cr$it union def9itions ,! t]ms ,f$]al cr$it union & ,/ate cr$it union h ! mean+s giv5 ^? t]ms 9 section #aja ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #ageb74 7b7 ,/udy ( ! appropriate capital = mortgage s]vic+ assets 7#a7 ,9 g5]al ,! ,f$]al bank+ ag5cies %all jo9tly conduct a /udy ( ! appropriate capital requirem5ts = mortgage s]vic+ assets = bank+ in/itutions4 7#b7 ,issues to be /udi$ ,! /udy requir$ "u p>agraph 7#a7 %all include1 ) a specific focus on bank+ in/itutions-- 7,a7 ! risk to bank+ in/itutions ( hold+ mortgage s]vic+ assets2 7,b7 ! hi/ory ( ! m>ket = mortgage s]vic+ assets1 includ+ 9 p>ticul> ! m>ket = ^? assets 9 ! p]iod ( ! f9ancial crisis2 7,c7 ! ability ( bank+ in/itutions to e/abli% a value = mortgage s]vic+ assets ( ! in/itution ?r\gh p]iodic sales or o!r means2 7,d7 regulatory approa*es to mortgage s]vic+ assets & capital requirem5ts t may be us$ to address conc]ns ab\t ! value ( & ability to sell mortgage s]vic+ assets2 7,e7 ! impact ( impos+ ! ,basel ,,iii capital requirem5ts & ! ,,ncua capital requirem5ts on bank+ in/itutions on ! ability ( ^? in/itutions-- 7i7 to compete 9 ! mortgage s]vic+ bus9ess1 includ+ ! ne$ = economies ( scale to compete 9 t bus9ess2 & 7ii7 to provide s]vice to consum]s to :om ! in/itutions h made mortgage loans2 7,f7 an analysis ( :at ! mortgage s]vic+ m>ketplace w\ld look l if ! ,basel ,,iii capital requirem5ts & ! ,,ncua capital requirem5ts on mortgage s]vic+ assets-- 7i7 7 fully implem5t$2 & 7ii7 appli$ to bo? bank+ in/itutions & nondepository resid5tial mortgage loan s]vic]s2 7,g7 ! significance ( problems ) mortgage s]vic+ assets1 if any1 9 bank+ in/itution failures & problem bank+ in/itutions1 includ+ specifically id5tify+ fail$ bank+ in/itutions :]e mortgage s]vic+ assets contribut$ to ! failure2 & 7,h7 an analysis ( ! relevance ( ! ,basel ,,iii capital requirem5ts & ! ,,ncua capital requirem5ts on mortgage s]vic+ assets to ! bank+ sy/ems ( o!r significantly develop$ c\ntries4 7#c7 ,report to congress ,n lat] ?an #ahj days aft] ! date ( enactm5t ( ?is ,act1 ! ,f$]al bank+ ag5cies %all submit to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives a report conta9+-- 7,a7 ! results ( ! /udy requir$ "u p>agraph 7#a72 7,b7 any analysis on ! specific issue ( mortgage s]vic+ assets und]tak5 by ! ,f$]al bank+ ag5cies be=e f9aliz+ regulations implem5t+ ! ,basel ,,iii capital requirem5ts & ! ,,ncua capital requirem5ts2 & 7,c7 any recomm5dations = legislative or regulatory actions t w\ld address conc]ns ab\t ! value ( & ability to sell & ! ability ( bank+ in/itutions to hold mortgage s]vic+ assets4 #aag4 ,no wait = l[] mortgage rates 7a7 ,9 g5]al ,section #abi7;b7 ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afci7;b77 is am5d$-- 7#a7 by r$esignat+ p>agraph 7#c7 z p>agraph 7#d72 & 7#b7 by ins]t+ aft] p>agraph 7#b7 ! foll[+3 7#c7 ,no wait = l[] rate ,if a cr$itor ext5ds to a consum] a second (f] ( cr$it ) a l[] annual p]c5tage rate1 ! transaction may be consummat$ )\t reg>d to ! p]iod specifi$ 9 p>agraph 7#a74 4 7b7 ,safe h>bor = good fai? compliance ) ,,tila-,,respa integrat$ disclosure rule ,section #ajcb7;f7 ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #eecb7;f77 is am5d$-- 7#a7 by /rik+ ,n lat] ?an & ins]t+ ! foll[+3 7#a7 ,9 g5]al ,n lat] ?an 2 & 7#b7 by add+ at ! end ! foll[+3 7#b7 ,safe h>bor = good fai? compliance 7,a7 ,safe h>bor ,not)/&+ any o!r provision ( law1 dur+ ! p]iod describ$ 9 subp>agraph 7,b71 an entity t provides ! disclosures requir$ "u ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afja et seq47 & sections #d & #e ( ! ,real ,e/ate ,settlem5t ,proc$ures ,act ( #aigd 7#ab ,u4,s4,c4 #bfjc & #bfjd71 z 9 effect on ,july #ca1 #bjae1 %all n be subject to any civil1 crim9al1 or adm9i/rative action or p5alty = failure to fully comply ) any requirem5t "u ?is subsection4 7,b7 ,applicable p]iod ,subp>agraph 7,a7 %all apply to an entity dur+ ! p]iod beg9n+ on ! date ( enactm5t ( ?is p>agraph & end+ on ! date t is #cj days aft] ! date on :i* a c]tification by ! ,director t ! model disclosures requir$ "u p>agraph 7#a7 are accurate & 9 compliance ) all ,/ate laws is publi%$ 9 ! ,f$]al ,regi/]4 4 #aah4 ,elim9at+ b>ri]s to jobs = loan orig9ators 7a7 ,9 g5]al ,! ,s4,a4,f4,e4 ,mortgage ,lic5s+ ,act ( #bjjh 7#ab ,u4,s4,c4 #eaja et seq47 is am5d$ by add+ at ! end ! foll[+3 #aeah4 ,employm5t transition 7a7 ,tempor>y lic5se = p]sons mov+ f a f9ancial in/itution to a non-bank orig9ator ,a regi/]$ loan orig9ator %all be deem$ to be a ,/ate-lic5s$ loan orig9ator = ! #abj-;day p]iod beg9n+ on ! date on :i* a ,/ate-lic5s$ mortgage l5d]1 mortgage bank]1 or mortgage s]vic] t is n a depository in/itution regi/]s ) ! ,nationwide ,mortgage ,lic5s+ ,sy/em & ,regi/ry t ! regi/]$ loan orig9ator is employ$ by ! ,/ate-lic5s$ mortgage l5d]1 mortgage bank]1 or mortgage s]vic]1 z applicable4 7b7 ,tempor>y lic5se = p]sons mov+ int]/ate ,a regi/]$ loan orig9ator or ,/ate-lic5s$ loan orig9ator 9 #a ,/ate %all be deem$ to be a ,/ate-lic5s$ loan orig9ator 9 ano!r ,/ate = ! #abj-;day p]iod beg9n+ on ! date on :i* a ,/ate-lic5s$ mortgage l5d]1 mortgage bank]1 or mortgage s]vic] 9 t ,/ate regi/]s ) ! ,nationwide ,mortgage ,lic5s+ ,sy/em & ,regi/ry t ! regi/]$ loan orig9ator or ,/ate-lic5s$ loan orig9ator is employ$ by ! ,/ate-lic5s$ mortgage l5d]1 mortgage bank]1 or mortgage s]vic]1 z applicable4 7c7 ,f$]al & ,/ate recognition ,! regi/ration provid$ "u subsections 7a7 & 7b7 %all fulfill any lic5s+ or regi/ration requirem5t = a loan orig9ator "u section #aejd & any ,/ate law or regulation4 4 7b7 ,te*nical & con=m+ am5dm5t ,! table ( cont5ts = ! ,h\s+ & ,economic ,recov]y ,act ( #bjjh 7,public ,law #aaj-bhi2 #abb ,/at4 #bfed7 is am5d$ by ins]t+ aft] ! item relat+ to section #aeag ! foll[+3 ,sec4 #aeah4 ,employm5t transition4 4 #aai4 ,%ort =m call reports ,section #g7;a7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahag7;a77 is am5d$ by add+ at ! end ! foll[+3 7#ab7 ,%ort =m report+ 7,a7 ,review ( reports ( condition ,! appropriate ,f$]al bank+ ag5cies %all jo9tly review ! in=mation & s*$ules t are requir$ to be fil$ by an insur$ depository in/itution 9 a report ( condition requir$ "u p>agraph 7#c74 ,z "p ( ?is review1 ! appropriate ,f$]al bank+ ag5cies %all jo9tly-- 7i7 e/abli% guid+ pr9ciples = det]m9+ ! appropriat5ess ( in=mation & s*$ules collect$ 9 a report ( condition2 & 7ii7 consi/5t ) ! pr9ciples e/abli%$ "u clause 7i71 consid] & docum5t ! ne$ = ea* data item collect$1 ! frequ5cy ) :i* ea* data item w be collect$1 & ! population ( insur$ depository in/itutions f :i* ea* data item is requir$4 7,b7 ,developm5t ( %ort =m reports ( condition ,aft] complet+ ! review requir$ "u subp>agraph 7,a71 ! appropriate ,f$]al bank+ ag5cies %all jo9tly develop1 to ! ext5t appropriate1 #a or m report ( condition =ms t r$uce or elim9ate in=mation or s*$ules requir$ to be fil$ by an insur$ depository in/itution 9 a report ( condition requir$ "u p>agraph 7#c74 ,su* =m or =ms %all1 z det]m9$ by ! appropriate ,f$]al bank+ ag5cies1 be appropriate = ! size & complexity ( ! insur$ depository in/itution4 7,c7 ,reports to ,congress ,n lat] ?an #ahj days aft] ! date ( enactm5t ( ?is p>agraph1 & e #ahj days !reaft] until ! appropriate ,f$]al bank+ ag5cies h jo9tly complet$ ! requirem5ts "u subp>agraphs 7,a7 & 7,b71 ! appropriate ,f$]al bank+ ag5cies %all submit to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives a report describ+ ! progress made conc]n+ ! completion ( su* responsibilities4 4 #abj4 ,application ( ! ,exp$it$ ,funds ,availability ,act 7a7 ,9 g5]al ,! ,exp$it$ ,funds ,availability ,act 7#ab ,u4,s4,c4 #djja et seq47 is am5d$-- 7#a7 9 section #fjb 7#ab ,u4,s4,c4 #djja7-- 7,a7 9 p>agraph 7#bj71 by ins]t+ 1 locat$ 9 ! ,unit$ ,/ates1 aft] ,,atm2 7,b7 9 p>agraph 7#ba71 by ins]t+ ,am]ican ,samoa1 ! ,commonweal? ( ! ,nor!rn ,m>iana ,isl&s1 aft] ,pu]to ,rico12 & 7,c7 9 p>agraph 7#bc71 by ins]t+ ,am]ican ,samoa1 ! ,commonweal? ( ! ,nor!rn ,m>iana ,isl&s1 aft] ,pu]to ,rico12 & 7#b7 9 section #fjc7;d77#b77;,a7 7#ab ,u4,s4,c4 #djjb7;d77#b77;,a771 by ins]t+ ,am]ican ,samoa1 ! ,commonweal? ( ! ,nor!rn ,m>iana ,isl&s1 aft] ,pu]to ,rico14 7b7 ,effective date ,! am5dm5ts made by subsection 7a7 %all take effect on ,janu>y #a1 #bjaf4 #aba4 ,application ( ! ,f$]al ,advisory ,committee ,act ,section #ajac ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #edic7 is am5d$ by add+ at ! end ! foll[+3 7h7 ,application ( ,,faca ,not)/&+ any provision ( ! ,f$]al ,advisory ,committee ,act 7#e ,u4,s4,c4 ,app471 su* ,act %all apply to ea* advisory committee ( ! ,bureau & ea* subcommittee ( su* an advisory committee4 4 #abb4 ,budget transp>5cy = ! ,,ncua ,section #bji7;b7 ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #aghi7 is am5d$-- 7#a7 by r$esignat+ p>agraphs 7#a7 & 7#b7 z p>agraphs 7#b7 & 7#c71 respectively2 7#b7 by ins]t+ be=e p>agraph 7#b71 z s r$esignat$1 ! foll[+3 7#a7 on an annual basis & prior to ! submission ( ! detail$ bus9ess-type budget requir$ "u p>agraph 7#b7-- 7,a7 make publicly available & cause to be pr9t$ 9 ! ,f$]al ,regi/] a draft ( ! detail$ bus9ess-type budget2 & 7,b7 hold a public he>+1 ) public notice provid$ ( ! he>+1 :]e9 ! public may submit comm5ts on ! draft ( ! detail$ bus9ess-type budget2 2 & 7#c7 9 p>agraph 7#b71 z s r$esignat$-- 7,a7 by ins]t+ detail$ aft] submit a2 & 7,b7 by ins]t+ 1 :i* %all address any comm5t submitt$ by ! public "u p>agraph 7#a77;,b7 aft] ,control ,act4 #abc4 ,date = det]m9+ consolidat$ assets ,section #aga7;b77#d77;,c7 ( ! ,f9ancial ,/ability ,act ( #bjaj 7#ab ,u4,s4,c4 #ecga7;b77#d77;,c77 is am5d$ by ins]t+ or ,m>* #ca1 #bjaj1 aft] ,decemb] #ca1 #bjji14 #abd4 ,,fhlb memb]%ip 7a7 ,,fhlb memb]%ip propos$ rule 7#a7 ,def9itions ,9 ?is subsection3 7,a7 ,community developm5t f9ancial in/itution ,! t]m community developm5t f9ancial in/itution has ! mean+ giv5 t t]m 9 section #ajc ( ! ,community ,developm5t ,bank+ & ,f9ancial ,in/itutions ,act ( #aiid 7#ab ,u4,s4,c4 #dgjb74 7,b7 ,cov]$ propos$ rule ,! t]m cov]$ propos$ rule means ! propos$ rule ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy entitl$ ,memb]s ( ,f$]al ,home ,loan ,banks 7#gi ,f$4 ,reg4 #edhdh 7,septemb] #ab1 #bjad774 7,c7 ,o!r t]ms f ! ,f$]al ,home ,loan ,bank ,act ,! t]ms community f9ancial in/itution1 ,f$]al ,home ,loan ,bank1 & ,f$]al ,home ,loan ,bank ,sy/em h ! mean+s giv5 ^? t]ms 9 section #b ( ! ,f$]al ,home ,loan ,bank ,act 7#ab ,u4,s4,c4 #adbb74 7#b7 ,)drawal ( propos$ rule ,n lat] ?an #cj days aft] ! date ( enactm5t ( ?is ,act1 ! ,f$]al ,h\s+ ,f9ance ,ag5cy %all )draw ! cov]$ propos$ rule4 7#c7 ,,gao /udy & report on propos$ rule 7,a7 ,/udy 7i7 ,9 g5]al ,! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all conduct a /udy on ! impact t ! cov]$ propos$ rule w\ld h1 if adopt$ z propos$1 on-- 7,i7 ! ability ( ! ,f$]al ,home ,loan ,banks to fulfill ! m&ate to provide liquidity to support h\s+ f9ance & economic & community developm5t2 7,,ii7 ! safety & s\ndness ( ! ,f$]al ,home ,loan ,bank ,sy/em2 7,,iii7 ! liquidity ne$s ( f9ancial int]m$i>ies2 7,,iv7 ! /ability ( ! ,f$]al ,home ,loan ,bank ,sy/em2 7,v7 ! b5efits ( a div]se memb]%ip base = ,f$]al ,home ,loan ,banks2 & 7,,vi7 ! ability ( memb] in/itutions to rely on access to ,f$]al ,home ,loan ,bank advances4 7ii7 ,consid]ations ,9 conduct+ ! /udy "u clause 7i71 ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all consid]-- 7,i7 ! comm5t lett]s submitt$ 9 response to ! notice ( propos$ rulemak+ = ! cov]$ propos$ rule2 7,,ii7 ! legislative & adm9i/rative hi/ory ( ! ,f$]al ,home ,loan ,bank memb]%ip rules2 7,,iii7 ! burd5 plac$ on community f9ancial in/itutions & community developm5t f9ancial in/itutions2 & 7,,iv7 ! legal au?ority ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy to exclude f memb]%ip any class or category ( insurance companies4 7,b7 ,report ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all submit to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives a report on ! f9d+s ( ! /udy conduct$ "u subp>agraph 7,a77i74 7b7 ,cr$it union p>ity = ,,fhlb memb]%ip eligibility ,section #b7aj77;,a77i7 ( ! ,f$]al ,home ,loan ,bank ,act 7#ab ,u4,s4,c4 #adbb7aj77;,a77i77 is am5d$ to read z foll[s3 7i7 ! deposits ( :i*-- 7,i7 are insur$ "u ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahaa et seq472 or 7,,ii7 are insur$ "u or eligible to be insur$ "u ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #agea et seq472 & 4 #abe4 ,ensur+ a compreh5sive regulatory review ,section #bbbb ( ! ,economic ,gr[? & ,regulatory ,pap]work ,r$uction ,act ( #aiif 7#ab ,u4,s4,c4 #ccaa7 is am5d$-- 7#a7 9 subsection 7a7-- 7,a7 by /rik+ ea* appropriate ,f$]al bank+ ag5cy repres5t$ on ! ,c\ncil & ins]t+ ea* ( ! ,(fice ( ! ,comptroll] ( ! ,curr5cy1 ! ,f$]al ,deposit ,insurance ,corporation1 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ! ,bureau ( ,consum] ,f9ancial ,protection1 & ! ,national ,cr$it ,union ,adm9i/ration ,bo>d z ! ,f$]al ag5cy repres5tatives on ! ,c\ncil2 7,b7 by ins]t+ 1 jo9t or o!rwise1 & includ+ all regulations issu$ pursuant to any au?ority provid$ "u ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7,public ,law #aaa-bjc2 #abd ,/at4 #acgf71 aft] prescrib$ by ! ,c\ncil2 7,c7 by /rik+ any su* appropriate ,f$]al bank+ ag5cy & ins]t+ any su* ,f$]al ag5cy2 & 7,d7 by /rik+ insur$ depository in/itutions & ins]t+ f9ancial in/itutions2 7#b7 9 subsections 7b71 7c71 & 7d71 by /rik+ ! appropriate ,f$]al bank+ ag5cy ea* place t t]m appe>s & ins]t+ ! appropriate ,f$]al ag5cy2 & 7#c7 9 subsection 7e7-- 7,a7 9 p>agraph 7#a71 by /rik+ ! appropriate ,f$]al bank+ ag5cies & ins]t+ ! appropriate ,f$]al ag5cies2 & 7,b7 9 p>agraph 7#b71 by /rik+ ! appropriate ,f$]al bank+ ag5cy & ins]t+ ! appropriate ,f$]al ag5cy4 #abf4 ,prohibition on implem5tation or p>ticipation 9 ,op]ation ,*oke ,po9t ,! ,f$]al ,deposit ,insurance ,corporation1 ! ,(fice ( ! ,comptroll] ( ! ,curr5cy1 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ! ,bureau ( ,consum] ,f9ancial ,protection1 or ! ,national ,cr$it ,union ,adm9i/ration may n implem5t or p>ticipate 9 ! ,op]ation ,*oke ,po9t initiative ( ! ,dep>tm5t ( ,ju/ice4 ,,ii ,sy/emically important bank hold+ companies #bja4 ,revisions to ,c\ncil au?ority 7a7 ,purposes & duties ,section #aab7;a77#b77;,i7 ( ! ,f9ancial ,/ability ,act ( #bjaj 7#ab ,u4,s4,c4 #ecbb7;a77#b77;,i77 is am5d$-- 7#a7 by /rik+ & l>ge1 int]connect$ bank hold+ companies2 & 7#b7 by ins]t+ & bank hold+ companies subject to a det]m9ation "u section #aac;,a7a7 be=e ! semicolon at ! end4 7b7 ,au?ority to require sup]vision & regulation ( c]ta9 bank hold+ companies ,! ,f9ancial ,/ability ,act ( #bjaj 7#ab ,u4,s4,c4 #ecaa et seq47 is am5d$ by add+ aft] section #aac 7#ab ,u4,s4,c4 #ecbc7 ! foll[+3 #aac;,a4 ,au?ority to require sup]vision & regulation ( sy/emically important bank hold+ companies 7a7 ,9 g5]al ,! ,c\ncil may1 9 accordance ) ! proc$ures describ$ 9 subsections 7c7 & 7d71 det]m9e t a bank hold+ company %all be deem$ sy/emically important4 7b7 ,consid]ations 7#a7 ,! ,c\ncil %all1 n lat] ?an #ij days aft] ! date ( enactm5t ( ?is section1 issue regulations describ+ ) specificity ! factors t ! ,c\ncil w use to make a det]m9ation "u subsection 7a74 ,su* factors %all initially include ! foll[+3 7,a7 ,! size ( ! bank hold+ company4 7,b7 ,! int]connect$ness ( ! bank hold+ company4 7,c7 ,! ext5t ( readily available sub/itutes or f9ancial in/itution infra/ructure = ! s]vices provid$ by ! bank hold+ company4 7,d7 ,! global cross-jurisdictional activity ( ! bank hold+ company4 7,e7 ,! complexity ( ! bank hold+ company4 7#b7 ,! ,c\ncil may1 by regulation1 add to1 subtract1 or modify ! factors us$ by ! ,c\ncil pursuant to p>agraph 7#a7 if ! ,c\ncil-- 7,a7 provides notice to ! public & opportunity = comm5t on any propos$ *anges2 7,b7 expla9s1 z "p ( ! notice requir$ 9 subp>agraph 7,a71 ) specificity h[ any propos$ *anges w\ld result 9 factors t m accurately measure ! ?reat t ! mat]ial f9ancial di/ress ( a bank hold+ company c\ld pose to ! f9ancial /ability ( ! ,unit$ ,/ates1 9 comp>ison ) ! exi/+ factors2 & 7,c7 f9ds1 on a nondelegable basis & by a vote ( n few] ?an #b_/c ( ! vot+ memb]s !n s]v+1 includ+ an affirmative vote by ! ,*airp]son1 t su* a *ange w\ld result 9 factors t m accurately measure ! ?reat t ! mat]ial f9ancial di/ress ( a bank hold+ company c\ld pose to ! f9ancial /ability ( ! ,unit$ ,/ates1 9 comp>ison ) ! exi/+ factors4 7c7 ,bank hold+ companies deem$ sy/emically important 7#a7 ,9 g5]al ,) respect to a bank hold+ company ) total consolidat$ assets ( n less ?an #ej1jjj1jjj1jjj & n m ?an #ejj1jjj1jjj1jjj 7z su* am\nts are adju/$ annually by ! ,c\ncil to reflect ! p]c5tage *ange = ! previ\s cal5d> ye> 9 ! gross dome/ic product ( ! ,unit$ ,/ates1 z calculat$ by ! ,bureau ( ,economic ,analysis ( ! ,dep>tm5t ( ,comm]ce71 ! ,c\ncil may1 on a nondelegable basis & by a vote ( n few] ?an #b_/c ( ! vot+ memb]s !n s]v+1 includ+ an affirmative vote by ! ,*airp]son1 make a det]m9ation "u subsection 7a7 if ! ,c\ncil det]m9es1 bas$ on ! factors consid]$ pursuant to subsection 7b71 t ! mat]ial f9ancial di/ress ( a bank hold+ company c\ld pose a ?reat to ! f9ancial /ability ( ! ,unit$ ,/ates4 7#b7 ,requirem5ts = propos$ det]m9ation1 notice & opportunity = he>+1 & f9al det]m9ation 7,a7 ,initial evaluation by ! ,bo>d ( ,gov]nors ,! ,bo>d ( ,gov]nors may id5tify a bank hold+ company = an evaluation ( :e!r1 bas$ on ! factors consid]$ pursuant to subsection 7b71 ! mat]ial f9ancial di/ress ( ! bank hold+ company c\ld pose a ?reat to ! f9ancial /ability ( ! ,unit$ ,/ates4 ,^u id5tify+ su* bank hold+ company1 ! ,bo>d ( ,gov]nors-- 7i7 %all provide ! bank hold+ company )-- 7,i7 a writt5 notice t %all include any quantitative analysis us$ 9 id5tify+ ! bank hold+ company & %all expla9 ) specificity ! basis = id5tify+ ! bank hold+ company2 7,,ii7 an opportunity to submit writt5 mat]ials = consid]ation by ! ,bo>d ( ,gov]nors z "p ( an evaluation by ! ,bo>d ( ,gov]nors "u clause 7ii72 & 7,,iii7 an opportunity to meet ) repres5tatives ( ! ,bo>d ( ,gov]nors to discuss ! analysis conduct$ by ! ,bo>d ( ,gov]nors to id5tify ! bank hold+ company2 7ii7 may1 aft] fulfill+ ! requirem5ts ( clause 7i71 evaluate :e!r1 bas$ on ! factors consid]$ pursuant to subsection 7b71 ! mat]ial f9ancial di/ress ( ! bank hold+ company c\ld pose a ?reat to ! f9ancial /ability ( ! ,unit$ ,/ates2 7iii7 may1 at ! conclusion ( an evaluation "u clause 7ii71 make a recomm5dation to ! ,c\ncil t ! ,c\ncil p]=m an evaluation "u subp>agraph 7,b77ii77,i72 & 7iv7 %all1 if a recomm5dation is made "u clause 7iii71 provide writt5 notice to ! bank hold+ company t a recomm5dation 0 made1 :i* notice %all include a detail$ explanation ( ! basis = ! recomm5dation1 includ+ h[ ea* factor consid]$ pursuant to subsection 7b7 relates to ! pot5tial ?reat pos$ by ! bank hold+ company to ! f9ancial /ability ( ! ,unit$ ,/ates4 7,b7 ,evaluation by ! ,c\ncil 7i7 ,9 g5]al ,! ,c\ncil may only make a propos$ det]m9ation ) respect to a bank hold+ company "u subp>agraph 7,c77i7 if ! ,c\ncil-- 7,i7 has receiv$ a recomm5dation "u subp>agraph 7,a77iii7 ) respect to ! bank hold+ company2 or 7,,ii7 n e>li] ?an ! effective date ( ?is section1 & aft] consultation & coord9ation ) ! ,bo>d ( ,gov]nors1 on a nondelegable basis & by a vote ( n few] ?an #b_/c ( ! vot+ memb]s !n s]v+1 includ+ an affirmative vote by ! ,*airp]son1 decides to evaluate ! bank hold+ company = a propos$ det]m9ation "u subp>agraph 7,c77i74 7ii7 ,requirem5ts be=e mak+ a propos$ det]m9ation ,be=e mak+ a propos$ det]m9ation ) respect to a bank hold+ company "u subp>agraph 7,c77i71 & aft] receiv+ a recomm5dation "u clause 7i77,i7 or mak+ a decision "u clause 7i77,,ii71 ! ,c\ncil %all-- 7,i7 p]=m an evaluation ( ! bank hold+ company1 includ+ an evaluation (-- 7aa7 :e!r ! mat]ial f9ancial di/ress ( ! bank hold+ company c\ld pose a ?reat to ! f9ancial /ability ( ! ,unit$ ,/ates2 & 7bb7 h[ ea* ( ! factors consid]$ pursuant to subsection 7b7 relates to ! pot5tial ?reat pos$ by ! bank hold+ company to ! f9ancial /ability ( ! ,unit$ ,/ates2 & 7,,ii7 provide ! bank hold+ company )-- 7aa7 a writt5 notice t ! bank hold+ company is be+ evaluat$2 7bb7 an opportunity to meet ) repres5tatives ( ! ,c\ncil to discuss ! evaluation by ! ,c\ncil2 & 7cc7 an opportunity to submit writt5 mat]ials to ! ,c\ncil1 )9 su* "t z ! ,c\ncil deems appropriate 7b n e>li] ?an #cj days aft] ! date ( receipt ( ! notice "u item 7aa774 7,c7 ,propos$ det]m9ation 7i7 ,vot+ ,aft] fulfill+ ! requirem5ts ( subp>agraph 7,b71 ! ,c\ncil may1 on a nondelegable basis & by a vote ( n few] ?an #b_/c ( ! vot+ memb]s !n s]v+1 includ+ an affirmative vote by ! ,*airp]son1 propose to make a det]m9ation "u p>agraph 7#a7 ) respect to a bank hold+ company4 7ii7 ,notice ( propos$ det]m9ation ,if ! ,c\ncil makes a propos$ det]m9ation "u clause 7i71 ! ,c\ncil %all provide a notice to ! bank hold+ company1 :i* notice %all conta9 ! basis = ! propos$ det]m9ation1 includ+ a detail$ explanation ( ! evaluation p]=m$ "u subp>agraph 7,b77ii77,i74 7,d7 ,requirem5ts be=e f9al det]m9ation ,aft] mak+ a propos$ det]m9ation "u subp>agraph 7,c77i7 & prior to mak+ a f9al det]m9ation "u p>agraph 7#a71 ! ,c\ncil %all-- 7i7 n lat] ?an #cj days aft] ! date ( receipt ( any notice "u subp>agraph 7,c77ii71 provide ! bank hold+ company ) an opportunity to reque/1 9 writ+1 a he>+ be=e ! ,c\ncil to conte/ ! propos$ det]m9ation2 7ii7 if ! ,c\ncil receives a timely reque/ "u clause 7i71 fix a "t 7n e>li] ?an #cj days aft] ! date ( receipt ( ! reque/7 & place at :i* ! bank hold+ company may appe>1 p]sonally or ?r\gh c\nsel1 to1 at ! discretion ( ! bank hold+ company-- 7,i7 submit a plan to modify ! bus9ess1 /ructure1 or op]ations ( ! bank hold+ company 9 ord] to address ! factors & ! pot5tial ?reat pos$ by ! bank hold+ company to ! f9ancial /ability ( ! ,unit$ ,/ates id5tifi$ pursuant to subp>agraph 7,c77ii72 7,,ii7 submit writt5 mat]ials 9 addition to or sep>ate f ! plan describ$ 9 subclause 7,i72 & 7,,iii7 provide oral te/imony & oral argum5t to ! memb]s ( ! ,c\ncil1 ) n few] ?an #b_/c ( ! vot+ memb]s ( ! ,c\ncil1 includ+ ! ,*airp]son1 9 att5dance2 & 7iii7 9 ! ev5t a plan is submitt$ to ! ,c\ncil "u clause 7ii77,i7-- 7,i7 consid] :e!r ! plan1 if implem5t$1 w\ld address ! factors & ! pot5tial ?reat pos$ by ! bank hold+ company to ! f9ancial /ability ( ! ,unit$ ,/ates id5tifi$ pursuant to subp>agraph 7,c77ii72 & 7,,ii7 provide ! bank hold+ company )-- 7aa7 analysis ( :e!r & to :at ext5t ! plan addresses ! factors & ! pot5tial ?reat pos$ by ! bank hold+ company to ! f9ancial /ability ( ! ,unit$ ,/ates id5tifi$ pursuant to subp>agraph 7,c77ii72 7bb7 an opportunity to meet ) repres5tatives ( ! ,c\ncil to discuss ! analysis provid$ "u item 7aa72 & 7cc7 an opportunity to revise ! plan aft] discussions ) repres5tatives ( ! ,c\ncil4 7,e7 ,f9al det]m9ation 7i7 ,9 g5]al ,aft] fulfill+ ! requirem5ts ( subp>agraph 7,d71 & n lat] ?an #ij days aft] ! date on :i* a he>+ is held "u subp>agraph 7,d77ii71 ! ,c\ncil may vote to make a f9al det]m9ation "u p>agraph 7#a74 ,! ,c\ncil may delay ! vote up to #a additional ye> aft] ! conclusion ( ! #ij-;day p]iod if consid]+ a plan "u subp>agraph 7,d77iii74 7ii7 ,outcome ( ! vote ,if ! ,c\ncil votes on a f9al det]m9ation "u p>agraph 7#a71 ! ,c\ncil %all promptly in=m ! bank hold+ company ( ! outcome ( ! vote 9 writ+4 7iii7 ,notice ( f9al det]m9ation ,if ! ,c\ncil votes to make a f9al det]m9ation "u p>agraph 7#a71 ! ,c\ncil %all1 n lat] ?an #cj days aft] ! date ( ! vote1 provide a notice to ! bank hold+ company1 :i* notice %all conta9-- 7,i7 ! basis = ! det]m9ation1 includ+-- 7aa7 a detail$ analysis ( any plan submitt$ by ! bank hold+ company & consid]$ by ! ,c\ncil "u subp>agraph 7,d71 if applicable1 :i* analysis %all1 at a m9imum1 include-- 7,,aa7 :e!r & to :at ext5t successful implem5tation ( ! plan c\ld address ! factors & ! pot5tial ?reat pos$ by ! bank hold+ company to ! f9ancial /ability ( ! ,unit$ ,/ates id5tifi$ pursuant to subp>agraph 7,c77ii72 & 7,,bb7 a detail$ explanation ( :y ! plan w\ld n address ! factors & ! pot5tial ?reat pos$ by ! bank hold+ company to ! f9ancial /ability ( ! ,unit$ ,/ates id5tifi$ pursuant to subp>agraph 7,c77ii71 if ! ,c\ncil1 dur+ its consid]ation ( ! plan "u subp>agraph 7,d77iii77,i71 conclud$ t ! plan w\ld n address su* factors or pot5tial ?reat2 7bb7 ! reasons :y ! mat]ials & o!r in=mation submitt$ or provid$ by ! bank hold+ company "u subclauses 7,,ii7 & 7,,iii7 ( subp>agraph 7,d77ii7 did n address ! pot5tial ?reat pos$ by ! bank hold+ company to ! f9ancial /ability ( ! ,unit$ ,/ates2 7cc7 a detail$ analysis ( h[ ! factors1 includ+ an explanation ( h[ ea* factor relates to ! pot5tial ?reat pos$ by ! bank hold+ company to ! f9ancial /ability ( ! ,unit$ ,/ates1 t ! ,c\ncil consid]$ pursuant to subsection 7b7 result$ 9 ! f9al det]m9ation "u p>agraph 7#a72 & 7dd7 specific aspects ( ! bus9ess1 op]ations1 or /ructure ( ! bank hold+ company t ! ,c\ncil believes c\ld pose a ?reat to ! f9ancial /ability ( ! ,unit$ ,/ates1 includ+ an assessm5t by ! ,c\ncil ( ! probability & magnitude ( ! ?reat2 & 7,,ii7 an explanation ( actions ! bank hold+ company c\ld take 9 ord] = ! ,c\ncil to resc9d ! det]m9ation4 7#c7 ,reevaluation & rescission 7,a7 ,reevaluation requirem5t ,! ,c\ncil %all1 9 accordance ) ?is p>agraph1 reevaluate a f9al det]m9ation made "u p>agraph 7#a7 ) respect to a bank hold+ company-- 7i7 if1 at any "t1 ! ,bo>d ( ,gov]nors recomm5ds t ! ,c\ncil d s2 & 7ii7 n less frequ5tly ?an once e #e ye>s4 7,b7 ,reevaluation proc$ure ,! ,c\ncil1 9 conduct+ any reevaluation ( a bank hold+ company requir$ "u subp>agraph 7,a71 %all-- 7i7 provide a writt5 notice to ! bank hold+ company be+ reevaluat$2 7ii7 af=d ! bank hold+ company an opportunity to submit a plan1 )9 su* "t z ! ,c\ncil det]m9es to be appropriate 7b :i* %all be n e>li] ?an #cj days aft] ! date ( receipt by ! bank hold+ company ( ! notice provid$ "u clause 7i771 to modify ! bus9ess1 /ructure1 or op]ations ( ! bank hold+ company2 7iii7 af=d ! bank hold+ company an opportunity to submit writt5 mat]ials 9 addition to1 or sep>ate f1 ! plan describ$ 9 clause 7ii71 )9 su* "t z ! ,c\ncil det]m9es to be appropriate 7b :i* %all be n e>li] ?an #cj days aft] ! date ( receipt by ! bank hold+ company ( ! notice provid$ "u clause 7i771 to conte/ ! det]m9ation1 includ+ mat]ials conc]n+ :e!r1 9 ! view ( ! bank hold+ company1 ! mat]ial f9ancial di/ress at ! bank hold+ company c\ld pose a ?reat to ! f9ancial /ability ( ! ,unit$ ,/ates2 7iv7 provide an opportunity = ! bank hold+ company to meet ) repres5tatives ( ! ,c\ncil to pres5t ! in=mation describ$ 9 clauses 7ii7 & 7iii72 7v7 n e>li] ?an #cj days aft] ! date ( receipt ( any notice "u clause 7i71 provide ! bank hold+ company ) an opportunity to reque/1 9 writ+1 a he>+ be=e ! ,c\ncil to conte/ its f9al det]m9ation "u p>agraph 7#a72 & 7vi7 if ! ,c\ncil receives a timely reque/ "u clause 7v71 fix a "t 7n e>li] ?an #cj days aft] ! date ( receipt ( ! reque/7 & place at :i* ! bank hold+ company may appe>1 p]sonally or ?r\gh c\nsel1 to1 at ! discretion ( ! bank hold+ company1 provide oral te/imony & oral argum5t to ! memb]s ( ! ,c\ncil1 ) n few] ?an #b_/c ( ! vot+ memb]s ( ! ,c\ncil1 includ+ ! ,*airp]son1 9 att5dance4 7,c7 ,company plan ,if a bank hold+ company submits a plan 9 accordance ) subp>agraph 7,b77ii71 ! ,c\ncil %all-- 7i7 consid] :e!r ! plan1 if implem5t$1 w\ld result 9 ! bank hold+ company no long] meet+ ! crit]ia = a f9al det]m9ation "u p>agraph 7#a72 & 7ii7 provide ! bank hold+ company )-- 7,i7 analysis ( :e!r & to :at ext5t ! plan addresses ! pot5tial ?reat pos$ by ! bank hold+ company to ! f9ancial /ability ( ! ,unit$ ,/ates2 7,,ii7 an opportunity to meet ) repres5tatives ( ! ,c\ncil to discuss ! analysis provid$ "u subclause 7,i72 & 7,,iii7 an opportunity to revise ! plan aft] discussions ) repres5tatives ( ! ,c\ncil4 7,d7 ,vot+ & explanation 7i7 ,9 g5]al ,aft] evaluat+ ! mat]ials & in=mation provid$ by a bank hold+ company "u subp>agraph 7,b7 & fulfill+ ! requirem5ts ( subp>agraph 7,c71 & n lat] ?an #ahj days aft] ! date ( receipt by ! bank hold+ company ( ! notice provid$ "u subp>agraph 7,b77i71 ! ,c\ncil %all1 on a nondelegable basis & by a vote ( n few] ?an #b_/c ( ! vot+ memb]s !n s]v+1 includ+ an affirmative vote by ! ,*airp]son1 det]m9e :e!r to r5ew a f9al det]m9ation "u p>agraph 7#a74 7ii7 ,notice ( f9al det]m9ation ,if ! ,c\ncil votes to r5ew a f9al det]m9ation "u clause 7i71 ! ,c\ncil %all provide a notice to ! bank hold+ company ) ! reasons = ! decision by ! ,c\ncil1 :i* notice %all address ) specificity-- 7,i7 any *anges to ! basis = ! f9al det]m9ation decision made "u p>agraph 7#a7 s9ce ! date on :i* ! f9al det]m9ation "u p>agraph 7#a7 0 made1 includ+ any *anges to ! in=mation provid$ to ! bank hold+ company "u-- 7aa7 p>agraph 7#b77;,e77iii77,i77cc72 or 7bb7 ?is clause1 9 prior ye>s2 7,,ii7 any plan submitt$ by ! bank hold+ company & consid]$ by ! ,c\ncil "u subp>agraph 7,c71 & %all1 at a m9imum1 include-- 7aa7 a detail$ analysis ( :e!r & to :at ext5t successful implem5tation ( ! plan c\ld result 9 ! bank hold+ company no long] meet+ ! crit]ia = a f9al det]m9ation "u p>agraph 7#a72 & 7bb7 a detail$ explanation ( :y1 if ! plan 7 implem5t$1 ! bank hold+ company w\ld /ill meet ! crit]ia = a f9al det]m9ation "u p>agraph 7#a71 if ! ,c\ncil1 dur+ its consid]ation ( ! plan "u subp>agraph 7,c71 conclud$ t ! bank hold+ company w\ld /ill meet ^? crit]ia if ! plan 7 implem5t$2 7,,iii7 aspects ( ! bus9ess1 op]ations1 or /ructure ( ! bank hold+ company t ! ,c\ncil believes c\ld pose a ?reat to ! f9ancial /ability ( ! ,unit$ ,/ates1 includ+ ! probability & magnitude ( t ?reat2 & 7,,iv7 an explanation ( actions ! bank hold+ company c\ld take 9 ord] = ! ,c\ncil to resc9d ! det]m9ation4 7iii7 ,no f9al det]m9ation ,if ! ,c\ncil does n vote to r5ew a f9al det]m9ation "u clause 7i71 !n ! exi/+ f9al det]m9ation "u p>agraph 7#a7 %all be resc9d$ & ! ,c\ncil %all in=m ! bank hold+ company 9 writ+4 7iv7 ,vot+ ?re%old = rescission ( det]m9ation ,not)/&+ clause 7iii71 ! ,c\ncil may1 at any "t1 on a nondelegable basis & by a vote ( n few] ?an #b_/c ( ! vot+ memb]s !n s]v+1 includ+ an affirmative vote by ! ,*airp]son1 det]m9e t a bank hold+ company no long] meets ! crit]ia = a f9al det]m9ation "u p>agraph 7#a71 9 :i* case ! ,c\ncil %all resc9d ! f9al det]m9ation4 7#d7 ,em]g5cy exception 7,a7 ,9 g5]al ,! ,c\ncil may waive or modify ! requirem5ts ( p>agraph 7#b7 ) respect to a bank hold+ company ) total consolidat$ assets ( n less ?an #ej1jjj1jjj1jjj & n m ?an #ejj1jjj1jjj1jjj 7z su* am\nts are adju/$ annually by ! ,c\ncil to reflect ! p]c5tage *ange = ! previ\s cal5d> ye> 9 ! gross dome/ic product ( ! ,unit$ ,/ates1 z calculat$ by ! ,bureau ( ,economic ,analysis ( ! ,dep>tm5t ( ,comm]ce7 if ! ,c\ncil det]m9es1 on a nondelegable basis & by a vote ( n few] ?an #bc ( ! vot+ memb]s !n s]v+1 includ+ an affirmative vote by ! ,*airp]son1 t su* waiv] or modification is necess>y or appropriate to prev5t or mitigate ?reats pos$ by ! bank hold+ company to ! f9ancial /ability ( ! ,unit$ ,/ates4 7,b7 ,notice ,! ,c\ncil %all provide notice ( a waiv] or modification "u ?is p>agraph to ! bank hold+ company conc]n$ z soon z practicable1 b n lat] ?an #bd h\rs aft] ! waiv] or modification is grant$4 7,c7 ,int]national coord9ation ,9 mak+ a det]m9ation "u subp>agraph 7,a71 ! ,c\ncil %all consult ) ! appropriate home c\ntry sup]visor1 if any1 ( a =eign bank hold+ company t is be+ consid]$ = su* a det]m9ation4 7,d7 ,opportunity = he>+ ,! ,c\ncil %all all[ a bank hold+ company to reque/1 9 writ+1 an opportunity = a he>+ be=e ! ,c\ncil to conte/ a waiv] or modification "u ?is p>agraph1 n lat] ?an #aj days aft] ! date ( receipt ( ! notice ( waiv] or modification4 ,^u receipt ( a timely reque/1 ! ,c\ncil %all fix a "t 7n lat] ?an #ae days aft] ! date ( receipt ( ! reque/7 & place at :i* ! bank hold+ company may appe>1 p]sonally or ?r\gh c\nsel1 to submit writt5 mat]ials 7or1 at ! sole discretion ( ! ,c\ncil1 oral te/imony & oral argum5t74 7,e7 ,notice ( f9al det]m9ation ,n lat] ?an #cj days aft] ! date ( any he>+ "u subp>agraph 7,d71 ! ,c\ncil %all notify ! subject bank hold+ company ( ! f9al det]m9ation ( ! ,c\ncil "u ?is p>agraph1 :i* %all conta9 a /atem5t ( ! basis = ! decision ( ! ,c\ncil4 7#e7 ,consultation ,! ,c\ncil %all consult ) ! prim>y f9ancial regulatory ag5cy = ea* bank hold+ company t is be+ consid]$ by ! ,c\ncil "u ?is section f ! outset ( ! consid]ation ( ! bank hold+ company by ! ,c\ncil1 includ+ be=e ! ,c\ncil makes any propos$ det]m9ation "u p>agraph 7#b77;,c77i7 or f9al det]m9ation "u p>agraph 7#a74 7#f7 ,judicial review ,if ! ,c\ncil makes or r5ews a f9al det]m9ation "u ?is subsection ) respect to a bank hold+ company1 su* bank hold+ company may1 n lat] ?an #cj days aft] ! date ( receipt ( ! notice ( f9al det]m9ation "u p>agraph 7#b77;,e77iii7 or ( r5ewal ( a f9al det]m9ation "u p>agraph 7#c77;,d77ii71 br+ an action 9 ! ,unit$ ,/ates di/rict c\rt = ! judicial di/rict 9 :i* ! home (fice ( su* bank hold+ company is locat$1 or 9 ! ,unit$ ,/ates ,di/rict ,c\rt = ! ,di/rict ( ,columbia1 = an ord] requir+ t ! f9al det]m9ation be resc9d$1 & ! c\rt %all1 ^u review1 dismiss su* action or direct ! f9al det]m9ation to be resc9d$4 ,review ( su* an action %all be limit$ to :e!r ! f9al det]m9ation made "u ?is subsection 0 arbitr>y & caprici\s4 7#g7 ,public disclosure requirem5t ,! ,c\ncil %all-- 7,a7 9 ea* case t a bank hold+ company has receiv$ a notice "u p>agraph 7#b77;,b77ii77,,ii77aa71 & ! bank hold+ company has publicly disclos$ t ! bank hold+ company is be+ evaluat$ by ! ,c\ncil1 confirm t ! bank hold+ company is be+ evaluat$ by ! ,c\ncil1 9 response to a reque/ f a ?ird p>ty2 7,b7 ^u mak+ a f9al det]m9ation "u p>agraph 7#a7 or r5ew+ a f9al det]m9ation "u p>agraph 7#c77;,d77i71 publicly provide a detail$ writt5 explanation ( ! basis = ! f9al det]m9ation ) suffici5t detail to provide ! public ) an und]/&+ ( ! specific bases ( ! det]m9ation by ! ,c\ncil1 includ+ any assumptions relat$ !re(1 subject to ! requirem5ts ( section #aab7;d77#e72 & 7,c7 include1 9 ! annual report requir$ "u section #aab-- 7i7 ! numb] ( bank hold+ companies f ! previ\s ye> t receiv$ a notice "u p>agraph 7#b77;,b77ii77,,ii77aa72 7ii7 ! numb] ( bank hold+ companies f ! previ\s ye> t 7 subject to a propos$ det]m9ation "u p>agraph 7#b77;,c77i72 & 7iii7 ! numb] ( bank hold+ companies f ! previ\s ye> t 7 subject to a f9al det]m9ation "u p>agraph 7#a74 7d7 ,bank hold+ companies automatically deem$ sy/emically important 7#a7 ,automatic det]m9ation ,a bank hold+ company ) total consolidat$ assets ( m ?an #ejj1jjj1jjj1jjj 7z su* am\nt is adju/$ annually by ! ,c\ncil to reflect ! p]c5tage *ange = ! previ\s cal5d> ye> 9 ! gross dome/ic product ( ! ,unit$ ,/ates1 z calculat$ by ! ,bureau ( ,economic ,analysis ( ! ,dep>tm5t ( ,comm]ce7 %all automatically be subject to a det]m9ation "u subsection 7a74 7#b7 ,rule ( con/ruction 7,a7 ,bank hold+ company increas+ 9 size ,if1 subsequ5t to ! effective date1 a bank hold+ company t 0 previ\sly subject to a f9al det]m9ation "u subsection 7c77#a7 gr[s to h total consolidat$ assets ( m ?an #ejj1jjj1jjj1jjj 7z su* am\nt is adju/$ annually by ! ,c\ncil to reflect ! p]c5tage *ange = ! previ\s cal5d> ye> 9 ! gross dome/ic product ( ! ,unit$ ,/ates1 z calculat$ by ! ,bureau ( ,economic ,analysis ( ! ,dep>tm5t ( ,comm]ce7 = a p]iod ( #ahj consecutive days1 ! bank hold+ company %all be subject to an automatic det]m9ation "u p>agraph 7#a7 & n subject to a det]m9ation "u subsection 7c77#a7 = ! purposes ( ?is section4 7,b7 ,bank hold+ company decreas+ 9 size ,if a bank hold+ company subject to an automatic det]m9ation "u p>agraph 7#a7 decreases 9 size1 su* t ! bank hold+ company no long] is a bank hold+ company ) total consolidat$ assets ( m ?an #ejj1jjj1jjj1jjj 7z su* am\nt is adju/$ annually by ! ,c\ncil to reflect ! p]c5tage *ange = ! previ\s cal5d> ye> 9 ! gross dome/ic product ( ! ,unit$ ,/ates1 z calculat$ by ! ,bureau ( ,economic ,analysis ( ! ,dep>tm5t ( ,comm]ce7 = a p]iod ( #ahj consecutive days1 ! bank hold+ company %all be consid]$ subject to a f9al det]m9ation "u subsection 7c77#a7 & n subject to an automatic det]m9ation "u p>agraph 7#a7 = ! purposes ( ?is section4 7e7 ,int]national coord9ation ,9 ex]cis+ its duties "u ?is title ) respect to =eign bank hold+ companies1 =eign-bas$ bank hold+ companies1 & cross-bord] activities & m>kets1 ! ,c\ncil %all consult ) appropriate =eign regulatory au?orities1 to ! ext5t appropriate4 4 7c7 ,enhanc$ sup]vision ,section #aae ( ! ,f9ancial ,/ability ,act ( #bjaj 7#ab ,u4,s4,c4 #ecbe7 is am5d$-- 7#a7 9 subsection 7a7-- 7,a7 9 ! matt] prec$+ subp>agraph 7,a7 ( p>agraph 7#a71 by /rik+ l>ge1 int]connect$ bank hold+ companies & ins]t+ bank hold+ companies subject to a det]m9ation "u section #aac;,a7a72 & 7,b7 9 p>agraph 7#b7-- 7i7 9 subp>agraph 7,a71 by /rik+ 2 or & ins]t+ a p]iod2 7ii7 by /rik+ ! ,c\ncil may & all t foll[s ?r\gh diff]5tiate & ins]t+ ! ,c\ncil may diff]5tiate2 & 7iii7 by /rik+ subp>agraph 7,b72 & 7#b7 9 subsection 7b77#c71 by ins]t+ & ! factors us$ by ! ,c\ncil pursuant to section #aac;,a7b7 aft] subsections 7a7 & 7b7 ( section #aac ea* place t t]m appe>s4 7d7 ,reports ,! matt] prec$+ p>agraph 7#a7 ( section #aaf7;a7 ( ! ,f9ancial ,/ability ,act ( #bjaj 7#ab ,u4,s4,c4 #ecbf7;a77 is am5d$ by /rik+ ) total consolidat$ assets ( #ej1jjj1jjj1jjj or great] & ins]t+ subject to a det]m9ation "u section #aac;,a7a74 7e7 ,mitigation ,section #aba ( ! ,f9ancial ,/ability ,act ( #bjaj 7#ab ,u4,s4,c4 #ecca7 is am5d$-- 7#a7 9 ! matt] prec$+ p>agraph 7#a7 ( subsection 7a71 by /rik+ ) total consolidat$ assets ( #ej1jjj1jjj1jjj or m & ins]t+ subject to a det]m9ation "u section #aac;,a7a72 & 7#b7 9 subsection 7c71 by ins]t+ 9 ! case ( a nonbank f9ancial company1 & ! factors us$ by ! ,c\ncil pursuant to section #aac;,a7b7 9 ! case ( a bank hold+ company aft] z applicable14 7f7 ,(fice ( ,f9ancial ,rese>* ,section #aee7;d7 ( ! ,f9ancial ,/ability ,act ( #bjaj 7#ab ,u4,s4,c4 #ecde7;d77 is am5d$ by /rik+ ) total consolidat$ assets ( #ej1jjj1jjj1jjj or great] & ins]t+ subject to a det]m9ation "u section #aac;,a7a74 #bjb4 ,revisions to ,bo>d au?ority 7a7 ,acquisitions ,section #afc ( ! ,f9ancial ,/ability ,act ( #bjaj 7#ab ,u4,s4,c4 #ecfc7 is am5d$ by /rik+ ) total consolidat$ assets equal to or great] ?an #ej1jjj1jjj1jjj ea* place t t]m appe>s & ins]t+ subject to a det]m9ation "u section #aac;,a7a74 7b7 ,managem5t ,int]locks ,section #afd ( ! ,f9ancial ,/ability ,act ( #bjaj 7#ab ,u4,s4,c4 #ecfd7 is am5d$ by /rik+ ) total consolidat$ assets equal to or great] ?an #ej1jjj1jjj1jjj & ins]t+ subject to a det]m9ation "u section #aac;,a7a74 7c7 ,enhanc$ sup]vision & prud5tial /&>ds ,section #afe ( ! ,f9ancial ,/ability ,act ( #bjaj 7#ab ,u4,s4,c4 #ecfe7 is am5d$-- 7#a7 9 subsection 7a7-- 7,a7 9 p>agraph 7#a71 by /rik+ ) total consolidat$ assets equal to or great] ?an #ej1jjj1jjj1jjj & ins]t+ subject to a det]m9ation "u section #aac;,a7a72 & 7,b7 9 p>agraph 7#b7-- 7i7 by /rik+ application & all t foll[s ?r\gh ,9 prescrib+ & ins]t+ application4--,9 prescrib+2 & 7ii7 by /rik+ subp>agraph 7,b72 7#b7 9 subsection 7b77#c71 by ins]t+ & ! factors us$ by ! ,c\ncil pursuant to section #aac;,a7b7 aft] subsections 7a7 & 7b7 ( section #aac ea* place t t]m appe>s2 7#c7 9 subsection 7h71 by /rik+ #aj1jjj1jjj1jjj ea* place t t]m appe>s & ins]t+ #ej1jjj1jjj1jjj 7z su* am\nt is adju/$ annually by ! ,c\ncil to reflect ! p]c5tage *ange = ! previ\s cal5d> ye> 9 ! gross dome/ic product ( ! ,unit$ ,/ates1 z calculat$ by ! ,bureau ( ,economic ,analysis ( ! ,dep>tm5t ( ,comm]ce72 7#d7 9 subsection 7i77#b77;,a71 by /rik+ #aj1jjj1jjj1jjj & ins]t+ #ej1jjj1jjj1jjj 7z su* am\nt is adju/$ annually by ! ,c\ncil to reflect ! p]c5tage *ange = ! previ\s cal5d> ye> 9 ! gross dome/ic product ( ! ,unit$ ,/ates1 z calculat$ by ! ,bureau ( ,economic ,analysis ( ! ,dep>tm5t ( ,comm]ce72 & 7#e7 9 subsection 7j7-- 7,a7 9 p>agraph 7#a71 by /rik+ ) total consolidat$ assets equal to or great] ?an #ej1jjj1jjj1jjj & ins]t+ describ$ 9 subsection 7a72 & 7,b7 by /rik+ p>agraph 7#b7 & ins]t+ ! foll[+3 7#b7 ,consid]ations ,9 mak+ a det]m9ation "u ?is subsection1 ! ,c\ncil %all-- 7,a7 9 ! case ( a nonbank f9ancial company sup]vis$ by ! ,bo>d ( ,gov]nors1 consid] ! factors describ$ 9 subsections 7a7 & 7b7 ( section #aac & any o!r risk-relat$ factors t ! ,c\ncil deems appropriate2 & 7,b7 9 ! case ( a bank hold+ company describ$ 9 subsection 7a71 consid] ! factors us$ by ! ,c\ncil pursuant to section #aac;,a7b74 4 7d7 ,con=m+ am5dm5t ,! second subsection designat$ z subsection 7s77#b7 ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #bdh7s77#b77 7relat+ to assessm5ts1 fees1 & o!r *>ges = c]ta9 companies7 is am5d$-- 7#a7 9 subp>agraph 7,a71 by /rik+ hav+ total consolidat$ assets ( #ej1jjj1jjj1jjj or m2 & ins]t+ subject to a det]m9ation "u section #aac;,a7a7 ( ! ,f9ancial ,/ability ,act ( #bjaj2 &2 7#b7 by /rik+ subp>agraph 7,b72 & 7#c7 by r$esignat+ subp>agraph 7,c7 z subp>agraph 7,b74 #bjc4 ,effective date 7a7 ,9 g5]al ,! am5dm5ts made by ?is title %all1 except z o!rwise provid$1 take effect on ! date t is #ahj days aft] ! date on :i* ! regulations requir$ "u section #aac;,a7b7 ( ! ,f9ancial ,/ability ,act ( #bjaj1 z add$ by section #bja7;b7 ( ?is ,act1 are issu$4 7b7 ,rule ( con/ruction ,no?+ 9 ?is title %all be con/ru$ to prohibit ! ,f9ancial ,/ability ,ov]sight ,c\ncil e/abli%$ "u section #aaa ( ! ,f9ancial ,/ability ,act ( #bjaj 7#ab ,u4,s4,c4 #ecba7 or ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em f comply+ ) any ( ! requirem5ts ( section #aac;,a ( t ,act1 z add$ by section #bja7;b7 ( ?is ,act1 ) respect to a bank hold+ company 7z def9$ 9 section #b ( ! ,bank ,hold+ ,company ,act ( #aief 7#ab ,u4,s4,c4 #ahda77 prior to ! effective date describ$ 9 subsection 7a74 #bjd4 ,s5se ( ,congress 7a7 ,def9itions ,9 ?is section3 7#a7 ,appropriate ,f$]al bank+ ag5cies2 bank hold+ company ,! t]ms appropriate ,f$]al bank+ ag5cies & bank hold+ company h ! mean+s giv5 ^? t]ms 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7#b7 ,nonbank f9ancial company ,! t]m nonbank f9ancial company has ! mean+ giv5 t t]m 9 section #ajb7;a7 ( ! ,f9ancial ,/ability ,act ( #bjaj 7#ab ,u4,s4,c4 #ecaa74 7b7 ,s5se ( ,congress ,x is ! s5se ( ,congress t ! appropriate ,f$]al bank+ ag5cies %\ld seek to prop]ly tailor prud5tial regulations &1 9 do+ s1 diff]5tiate among bank hold+ companies & among nonbank f9ancial companies sup]vis$ by ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em bas$ on _! capital /ructure1 risk9ess1 complexity1 f9ancial activities 7includ+ ! f9ancial activities ( _! subsidi>ies71 size1 & o!r risk-relat$ factors1 us+ exi/+ au?orities1 includ+ waiv] au?orities provid$ 9 /atute or regulation4 #bje4 ,pres]vation ( au?ority ,no?+ 9 ?is ,act %all be con/ru$ to limit ! sup]visory1 regulatory1 or en=cem5t au?ority ( a ,f$]al bank+ ag5cy 7z def9$ 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac77 to fur!r ! safe & s\nd op]ation ( an in/itution t ! ,f$]al bank+ ag5cy sup]vises1 except z specifically provid$ 9 ?is ,act4 ,,iii ,great] transp>5cy = ! ,f9ancial ,/ability ,ov]sight ,c\ncil process = nonbank f9ancial companies #cja4 ,access to ,c\ncil meet+s by ag5cy memb]s ,section #aaa7;e7 ( ! ,f9ancial ,/ability ,act ( #bjaj 7#ab ,u4,s4,c4 #ecba7;e77 is am5d$ by add+ at ! end ! foll[+3 7#c7 ,access ,any memb] ( ! gov]n+ body ( a memb] ag5cy head$ by a memb] ( ! ,c\ncil describ$ 9 subp>agraph 7,b71 7,e71 7,f71 7,g71 or 7,i7 ( p>agraph 7#a7 ( subsection 7b7-- 7,a7 may att5d a meet+ ( ! ,c\ncil1 includ+ any meet+ ( repres5tatives ( ! memb]s ( ! ,c\ncil2 & 7,b7 %all h access to ! same in=mation & mat]ials t a memb] ( ! ,c\ncil describ$ 9 subp>agraph 7,b71 7,e71 7,f71 7,g71 or 7,i7 ( p>agraph 7#a7 ( subsection 7b7 is provid$ or entitl$ to4 4 #cjb4 ,nonbank det]m9ation process ,section #aac ( ! ,f9ancial ,/ability ,act ( #bjaj 7#ab ,u4,s4,c4 #ecbc7 is am5d$-- 7#a7 9 subsection 7a77#b7-- 7,a7 9 ! matt] prec$+ subp>agraph 7,a71 by ins]t+ factors1 includ+ aft] consid]2 7,b7 9 subp>agraph 7,h71 by /rik+ #a or m prim>y f9ancial regulatory ag5cies & ins]t+ its prim>y f9ancial regulatory ag5cy1 includ+ ! appropriat5ess ( ! imposition ( prud5tial /&>ds 9 addition to or z oppos$ to o!r =ms ( regulation2 7,c7 9 subp>agraph 7,j71 by /rik+ & at ! end2 7,d7 by r$esignat+ subp>agraph 7,k7 z subp>agraph 7,l72 & 7,e7 by ins]t+ aft] subp>agraph 7,j7 ! foll[+3 7,k7 actions tak5 by ! prim>y f9ancial regulatory ag5cy pursuant to subsection 7e77#a77;,c72 & 2 7#b7 9 subsection 7b77#b7-- 7,a7 9 ! matt] prec$+ subp>agraph 7,a71 by ins]t+ factors1 includ+ aft] consid]2 7,b7 9 subp>agraph 7,h71 by ins]t+ 1 includ+ ! appropriat5ess ( ! imposition ( prud5tial /&>ds 9 addition to or z oppos$ to o!r =ms ( regulation be=e ! semicolon at ! end2 7,c7 9 subp>agraph 7,j71 by /rik+ & at ! end2 7,d7 by r$esignat+ subp>agraph 7,k7 z subp>agraph 7,l72 & 7,e7 by ins]t+ aft] subp>agraph 7,j7 ! foll[+3 7,k7 actions tak5 by ! prim>y f9ancial regulatory ag5cy pursuant to subsection 7e77#a77;,c72 & 2 7#c7 by /rik+ subsections 7d7 & 7e7 & ins]t+ ! foll[+3 7d7 ,annual reevaluation & rescission 7#a7 ,annual reevaluation ,n less frequ5tly ?an annually1 except ) respect to subp>agraph 7,e71 ! ,c\ncil %all reevaluate ea* f9al det]m9ation made "u subsection 7a7 or 7b7 ) respect to a nonbank f9ancial company sup]vis$ by ! ,bo>d ( ,gov]nors & %all-- 7,a7 provide a writt5 notice to ! nonbank f9ancial company be+ reevaluat$2 7,b7 af=d ! nonbank f9ancial company an opportunity to submit a plan1 )9 su* "t z ! ,c\ncil det]m9es to be appropriate 7b :i* %all be n e>li] ?an #cj days aft] ! date ( receipt by ! nonbank f9ancial company ( ! notice provid$ "u subp>agraph 7,a771 to modify ! bus9ess1 /ructure1 or op]ations ( ! nonbank f9ancial company2 7,c7 af=d ! nonbank f9ancial company an opportunity to submit writt5 mat]ials 9 addition to1 or sep>ate f1 ! plan describ$ 9 subp>agraph 7,b71 )9 su* "t z ! ,c\ncil det]m9es to be appropriate 7b :i* %all be n e>li] ?an #cj days aft] ! date ( receipt by ! nonbank f9ancial company ( ! notice provid$ "u subp>agraph 7,a771 to conte/ ! det]m9ation1 includ+ mat]ials conc]n+ :e!r1 9 ! view ( ! nonbank f9ancial company1 ! mat]ial f9ancial di/ress at ! nonbank f9ancial company1 or ! nature1 scope1 size1 scale1 conc5tration1 int]connect$ness1 or mix ( ! activities ( ! nonbank f9ancial company1 c\ld pose a ?reat to ! f9ancial /ability ( ! ,unit$ ,/ates2 7,d7 provide an opportunity = ! nonbank f9ancial company to meet ) repres5tatives ( ! ,c\ncil to pres5t ! in=mation describ$ 9 subp>agraphs 7,b7 & 7,c72 & 7,e7 n less ?an once e #e ye>s & prior to a vote "u p>agraph 7#c77;,a77ii7-- 7i7 n e>li] ?an #cj days aft] ! date ( receipt ( any notice "u subp>agraph 7,a71 provide ! nonbank f9ancial company ) an opportunity to reque/1 9 writ+1 a he>+ be=e ! ,c\ncil to conte/ its f9al det]m9ation "u subsection 7a7 or 7b72 & 7ii7 if ! ,c\ncil receives a timely reque/ "u clause 7i71 fix a "t 7n e>li] ?an #cj days aft] ! date ( receipt ( ! reque/7 & place at :i* ! nonbank f9ancial company may appe>1 p]sonally or ?r\gh c\nsel1 to1 at ! discretion ( ! nonbank f9ancial company1 provide oral te/imony & oral argum5t to ! memb]s ( ! ,c\ncil1 ) n few] ?an #b_/c ( ! vot+ memb]s ( ! ,c\ncil1 includ+ ! ,*airp]son1 9 att5dance4 7#b7 ,company plan ,if a nonbank f9ancial company submits a plan 9 accordance ) p>agraph 7#a77;,b71 ! ,c\ncil %all-- 7,a7 consid] :e!r ! plan1 if implem5t$1 w\ld result 9 ! nonbank f9ancial company no long] meet+ ! crit]ia = a f9al det]m9ation "u subsection 7a7 or 7b72 & 7,b7 provide ! nonbank f9ancial company )-- 7i7 analysis ( :e!r & to :at ext5t ! plan addresses ! pot5tial ?reat pos$ by ! nonbank f9ancial company to ! f9ancial /ability ( ! ,unit$ ,/ates2 7ii7 an opportunity to meet ) repres5tatives ( ! ,c\ncil to discuss ! analysis provid$ "u clause 7i72 & 7iii7 an opportunity to revise ! plan1 aft] discussions ) repres5tatives ( ! ,c\ncil4 7#c7 ,vot+ & explanation 7,a7 ,9 g5]al ,aft] evaluat+ ! mat]ials & in=mation provid$ by a nonbank f9ancial company "u p>agraph 7#a7 & fulfill+ ! requirem5ts ( p>agraph 7#b71 & n lat] ?an #ahj days aft] ! date ( receipt by ! nonbank f9ancial company ( ! notice provid$ "u p>agraph 7#a77;,a71 ! ,c\ncil %all1 on a nondelegable basis & by a vote ( n few] ?an #b_/c ( ! vot+ memb]s !n s]v+1 includ+ an affirmative vote by ! ,*airp]son-- 7i7 except z o!rwise provid$ 9 clause 7ii71 det]m9e :e!r ! nonbank f9ancial company no long] meets ! crit]ia = a f9al det]m9ation "u subsection 7a7 or 7b71 9 :i* case ! ,c\ncil %all resc9d su* det]m9ation2 & 7ii7 n less ?an once e #e ye>s1 & foll[+ a he>+ held "u p>agraph 7#a77;,e77ii71 det]m9e :e!r to r5ew a f9al det]m9ation "u subsection 7a7 or 7b74 7,b7 ,notice ( f9al det]m9ation ,if ! ,c\ncil does n vote to resc9d a f9al det]m9ation "u subp>agraph 7,a77i7 or votes to r5ew a f9al det]m9ation "u subp>agraph 7,a77ii71 ! ,c\ncil %all provide a notice to ! nonbank f9ancial company & ! prim>y f9ancial regulatory ag5cy ( ! nonbank f9ancial company ) ! reasons = ! decision by ! ,c\ncil1 :i* notice %all address ) specificity-- 7i7 any *anges to ! basis = ! f9al det]m9ation decision made "u subsection 7a7 or 7b7 s9ce ! date on :i* ! f9al det]m9ation "u subsection 7a7 or 7b7 0 made1 includ+ any *anges to ! in=mation provid$ to ! nonbank f9ancial company "u-- 7,i7 subsection 7e77#b77;,c77i77,,iv72 7,,ii7 ?is clause1 9 prior ye>s2 or 7,,iii7 subp>agraph 7,d72 7ii7 any plan submitt$ by ! nonbank f9ancial company & consid]$ by ! ,c\ncil "u p>agraph 7#b71 & %all1 at a m9imum1 include-- 7,i7 a detail$ analysis ( :e!r & to :at ext5t successful implem5tation ( ! plan c\ld result 9 ! nonbank f9ancial company no long] meet+ ! crit]ia = a f9al det]m9ation "u subsection 7a7 or 7b72 & 7,,ii7 a detail$ explanation ( :y1 if ! plan 7 implem5t$1 ! nonbank f9ancial company w\ld /ill meet ! crit]ia = a f9al det]m9ation "u subsection 7a7 or 7b71 if ! ,c\ncil1 dur+ its consid]ation ( ! plan "u p>agraph 7#b71 conclud$ t ! nonbank f9ancial company w\ld /ill meet ^? crit]ia if ! plan 7 implem5t$2 7iii7 aspects ( ! bus9ess1 op]ations1 or /ructure1 includ+ ! nature1 scope1 size1 scale1 conc5tration1 int]connect$ness1 or mix ( ! activities1 ( ! nonbank f9ancial company t ! ,c\ncil believes c\ld pose a ?reat to ! f9ancial /ability ( ! ,unit$ ,/ates1 includ+ an assessm5t by ! ,c\ncil ( ! probability & magnitude ( ! ?reat2 & 7iv7 an explanation ( actions ! nonbank f9ancial company c\ld take 9 ord] = ! ,c\ncil to resc9d ! det]m9ation4 7,c7 ,no f9al det]m9ation ,if ! ,c\ncil votes to resc9d a f9al det]m9ation "u subp>agraph 7,a77i7 or does n vote to r5ew a f9al det]m9ation "u subp>agraph 7,a77ii71 ! exi/+ f9al det]m9ation "u subsection 7a7 or 7b7 %all be resc9d$ & ! ,c\ncil %all in=m ! nonbank f9ancial company 9 writ+4 7,d7 ,explanation = c]ta9 companies ,) respect to a reevaluation "u ?is subsection 9 :i* ! f9al det]m9ation "u subsection 7a7 or 7b7 be+ reevaluat$ 0 made be=e ! date ( enactm5t ( ?is subp>agraph1 ! ,c\ncil1 z "p ( su* reevaluation1 %all provide a /atem5t t-- 7i7 expla9s ) specificity ! basis = su* det]m9ation2 & 7ii7 includes ! analysis requir$ "u subsection 7e77#b77;,c77i77,,iv74 7,e7 ,vot+ ?re%old = rescission ( det]m9ation ,not)/&+ subp>agraph 7,a71 ! ,c\ncil may1 at any "t1 on a nondelegable basis & by a vote ( n few] ?an #b_/c ( ! vot+ memb]s !n s]v+1 includ+ an affirmative vote by ! ,*airp]son1 det]m9e t a nonbank f9ancial company no long] meets ! crit]ia = a f9al det]m9ation "u subsection 7a7 or 7b71 9 :i* case ! ,c\ncil %all resc9d ! f9al det]m9ation4 7e7 ,requirem5ts = propos$ det]m9ation1 notice & opportunity = he>+1 & f9al det]m9ation 7#a7 ,9 g5]al ,prior to mak+ a f9al det]m9ation "u subsection 7a7 or 7b7 ) respect to a nonbank f9ancial company1 ! ,c\ncil mu/-- 7,a7 provide ! nonbank f9ancial company & its prim>y f9ancial regulatory ag5cy ) a notice t ! nonbank f9ancial company is be+ evaluat$1 :i* notice %all1 at m9imum-- 7i7 include any quantitative analysis us$ by ! ,c\ncil z "p ( its evaluation2 7ii7 id5tify ) specificity any factors t ! ,c\ncil has consid]$ pursuant to subsection 7a77#b7 or 7b77#b7 relat+ to ! nonbank f9ancial company t c\ld cause ! nonbank f9ancial company to be subject to a f9al det]m9ation "u subsection 7a7 or 7b72 & 7iii7 include an explanation ( h[ ea* factor id5tifi$ 9 clause 7ii7 relates to ! pot5tial ?reat pos$ by ! nonbank f9ancial company to ! f9ancial /ability ( ! ,unit$ ,/ates2 7,b7 provide ! nonbank f9ancial company an opportunity1 n e>li] ?an #cj days aft] ! date ( receipt by ! nonbank f9ancial company ( ! notice "u subp>agraph 7,a71 to meet ) repres5tatives ( ! ,c\ncil1 includ+ to discuss ! notice & any analysis & factors consid]$ by ! ,c\ncil2 7,c7 provide ! prim>y f9ancial regulatory ag5cy ( ! nonbank f9ancial company ) n less ?an #ahj days f ! date ( receipt ( ! notice 9 subp>agraph 7,a7 to-- 7i7 provide a writt5 response to ! ,c\ncil t includes an assessm5t (-- 7,i7 ! factors id5tifi$ pursuant to subp>agraph 7,a77ii72 7,,ii7 ! explanation provid$ pursuant to subp>agraph 7,a77iii72 & 7,,iii7 ! degree to :i* ! pot5tial ?reat to ! f9ancial /ability ( ! ,unit$ ,/ates is curr5tly address$ or c\ld be address$ by exi/+ or p5d+ regulation or o!r regulatory action2 & 7ii7 issue propos$ regulations or und]take o!r regulatory action to address-- 7,i7 ! factors id5tifi$ pursuant to subp>agraph 7,a77ii71 z applicable2 & 7,,ii7 ! pot5tial ?reat pos$ by ! nonbank f9ancial company to ! f9ancial /ability ( ! ,unit$ ,/ates2 7,d7 9 ! ev5t t ! prim>y f9ancial regulatory ag5cy has provid$ a writt5 response "u subp>agraph 7,c77i7 or issu$ propos$ regulations or tak5 o!r regulatory actions "u subp>agraph 7,c77ii71 f9d t-- 7i7 tak+ into acc\nt ! writt5 response by ! prim>y f9ancial regulatory ag5cy "u subp>agraph 7,c77i71 ! nonbank f9ancial company m]its a propos$ det]m9ation "u subp>agraph 7,e72 & 7ii7 ! prim>y f9ancial regulatory ag5cy has n propos$ regulations or tak5 o!r regulatory actions aft] receipt ( ! notice "u subp>agraph 7,a7 t suffici5tly address ! factors id5tifi$ pursuant to subp>agraph 7,a77ii71 z applicable1 & ! pot5tial ?reat pos$ by ! nonbank f9ancial company to ! f9ancial /ability ( ! ,unit$ ,/ates2 7,e7 aft] fulfill+ ! requirem5ts ( subp>agraphs 7,a71 7,b71 7,c71 & 7,d71 on a nondelegable basis & by a vote ( n few] ?an #b_/c ( ! vot+ memb]s !n s]v+1 includ+ an affirmative vote by ! ,*airp]son1 propose to make a det]m9ation "u subsection 7a7 or 7b7 ) respect to ! nonbank f9ancial company2 & 7,f7 subsequ5t to mak+ a propos$ det]m9ation "u subp>agraph 7,e7-- 7i7 provide a notice to ! nonbank f9ancial company & its prim>y f9ancial regulatory ag5cy1 :i* notice %all conta9 ! basis = ! propos$ det]m9ation "u subp>agraph 7,e71 includ+-- 7,i7 ! in=mation & explanation requir$ "u subp>agraph 7,a71 along ) any updates to su* in=mation or explanation relat$ to ! propos$ det]m9ation "u subp>agraph 7,e72 & 7,,ii7 an explanation & ju/ification = any f9d+ "u subp>agraph 7,d72 7ii7 n lat] ?an #cj days aft] ! date ( receipt ( any notice "u clause 7i71 provide ! nonbank f9ancial company ) an opportunity to reque/1 9 writ+1 a he>+ be=e ! ,c\ncil to conte/ ! propos$ det]m9ation "u subp>agraph 7,e72 7iii7 if ! ,c\ncil receives a timely reque/ "u clause 7ii71 fix a "t 7n e>li] ?an #cj days aft] ! date ( receipt ( ! reque/7 & place at :i* ! nonbank f9ancial company may appe>1 p]sonally or ?r\gh c\nsel1 to1 at ! discretion ( ! nonbank f9ancial company-- 7,i7 submit a plan to modify ! bus9ess1 /ructure1 or op]ations ( ! nonbank f9ancial company 9 ord] to address ! factors & ! pot5tial ?reat pos$ by ! nonbank f9ancial company to ! f9ancial /ability ( ! ,unit$ ,/ates id5tifi$ pursuant to clause 7i77,i71 z applicable2 7,,ii7 submit writt5 mat]ials 9 addition to or sep>ate f ! plan describ$ 9 subclause 7,i72 & 7,,iii7 provide oral te/imony & oral argum5t to ! memb]s ( ! ,c\ncil1 ) n few] ?an #b_/c ( ! vot+ memb]s ( ! ,c\ncil1 includ+ ! ,*airp]son1 9 att5dance2 & 7iv7 9 ! ev5t a plan is submitt$ to ! ,c\ncil "u clause 7iii77,i7-- 7,i7 consid] :e!r ! plan1 if implem5t$1 w\ld address ! factors & ! pot5tial ?reat pos$ by ! nonbank f9ancial company to ! f9ancial /ability ( ! ,unit$ ,/ates id5tifi$ pursuant to clause 7i77,i71 z applicable2 & 7,,ii7 provide ! nonbank f9ancial company )-- 7aa7 analysis ( :e!r & to :at ext5t ! plan addresses ! factors & ! pot5tial ?reat pos$ by ! nonbank f9ancial company to ! f9ancial /ability ( ! ,unit$ ,/ates id5tifi$ pursuant to clause 7i77,i71 z applicable2 7bb7 an opportunity to meet ) repres5tatives ( ! ,c\ncil to discuss ! analysis provid$ "u item 7aa72 & 7cc7 an opportunity to revise ! plan1 aft] discussions ) repres5tatives ( ! ,c\ncil4 7#b7 ,f9al det]m9ation 7,a7 ,9 g5]al ,aft] fulfill+ ! requirem5ts ( p>agraph 7#a71 & n lat] ?an #ij days aft] ! date on :i* a he>+ is held "u p>agraph 7#a77;,f77iii71 ! ,c\ncil may vote to make a f9al det]m9ation "u subsection 7a7 or 7b74 ,! ,c\ncil may delay ! vote up to #a additional ye> aft] ! conclusion ( ! #ij-;day p]iod if consid]+ a plan "u p>agraph 7#a77;,f77iv77,i74 7,b7 ,outcome ( ! vote ,if ! ,c\ncil votes on a f9al det]m9ation "u subsection 7a7 or 7b71 ! ,c\ncil %all promptly in=m ! nonbank f9ancial company ( ! outcome ( ! vote 9 writ+4 7,c7 ,notice ( f9al det]m9ation ,if ! ,c\ncil votes to make a f9al det]m9ation "u subsection 7a7 or 7b71 ! ,c\ncil %all1 n lat] ?an #cj days aft] ! date ( ! vote1 provide a notice to ! nonbank f9ancial company & its prim>y f9ancial regulatory ag5cy1 :i* notice %all conta9-- 7i7 ! basis = ! det]m9ation1 includ+-- 7,i7 a detail$ analysis ( any plan submitt$ by ! nonbank f9ancial company & consid]$ by ! ,c\ncil "u p>agraph 7#a77;,f71 if applicable1 :i* analysis %all1 at a m9imum1 include-- 7aa7 :e!r & to :at ext5t successful implem5tation ( ! plan c\ld address ! factors1 z applicable1 & ! pot5tial ?reat pos$ by ! nonbank f9ancial company to ! f9ancial /ability ( ! ,unit$ ,/ates id5tifi$ pursuant to p>agraph 7#a77;,f77i77,i72 & 7bb7 a detail$ explanation ( :y ! plan w\ld n address ! factors & ! pot5tial ?reat pos$ by ! nonbank f9ancial company to ! f9ancial /ability ( ! ,unit$ ,/ates id5tifi$ pursuant to p>agraph 7#a77;,f77i77,i71 if ! ,c\ncil1 dur+ its consid]ation ( ! plan "u subp>agraph 7#a77;,f77iv77,i71 conclud$ t ! plan w\ld n address su* factors or pot5tial ?reat2 7,,ii7 ! reasons :y ! mat]ials & o!r in=mation submitt$ or provid$ by ! nonbank f9ancial company "u subclauses 7,,ii7 & 7,,iii7 ( p>agraph 7#a77;,f77iii7 did n address ! pot5tial ?reat pos$ by ! nonbank f9ancial company to ! f9ancial /ability ( ! ,unit$ ,/ates2 7,,iii7 a ju/ification = any f9d+ "u p>agraph 7#a77;,d72 7,,iv7 a detail$ analysis ( h[ any factors1 includ+ an explanation ( h[ ea* factor relates to ! pot5tial ?reat pos$ by ! nonbank f9ancial company to ! f9ancial /ability ( ! ,unit$ ,/ates1 t ! ,c\ncil consid]$ pursuant to subsection 7a77#b7 or 7b77#b7 result$ 9 ! f9al det]m9ation "u subsection 7a7 or 7b72 & 7,v7 specific aspects ( ! bus9ess1 op]ations1 or /ructure ( ! nonbank f9ancial company1 includ+ ! nature1 scope1 size1 scale1 conc5tration1 int]connect$ness1 or mix ( ! activities ( ! nonbank f9ancial company1 t ! ,c\ncil believes c\ld pose a ?reat to ! f9ancial /ability ( ! ,unit$ ,/ates1 includ+ an assessm5t by ! ,c\ncil ( ! probability & magnitude ( ! ?reat2 & 7ii7 an explanation ( actions ! nonbank f9ancial company c\ld take 9 ord] = ! ,c\ncil to resc9d ! det]m9ation4 2 7#d7 9 subsection 7g71 by /rik+ be=e ! ,c\ncil makes any & ins]t+ f ! outset ( ! consid]ation ( ! nonbank f9ancial company by ! ,c\ncil1 includ+ be=e ! ,c\ncil makes any propos$ det]m9ation "u subsection 7e77#a77;,e7 or2 7#e7 9 subsection 7h7-- 7,a7 by ins]t+ or r5ews aft] makes2 & 7,b7 by /rik+ 7d77#b71 7e77#c71 or 7f77#e7 & ins]t+ 7d77#c77;,b7 or 7f77#e7 or ( r5ewal ( a f9al det]m9ation "u subsection 7e77#b77;,c72 & 7#f7 by add+ at ! end ! foll[+3 7j7 ,public disclosure requirem5t ,! ,c\ncil %all-- 7#a7 9 ea* case t a nonbank f9ancial company has receiv$ a notice "u subsection 7e77#a77;,a71 & ! nonbank f9ancial company has publicly disclos$ t ! nonbank f9ancial company is be+ review$ by ! ,c\ncil1 confirm t ! nonbank f9ancial company is be+ review$1 9 response to a reque/ f a ?ird p>ty2 7#b7 ^u mak+ a f9al det]m9ation "u subsection 7a7 or 7b7 or r5ew+ a f9al det]m9ation "u p>agraph 7#c77;,a7 ( subsection 7d71 publicly provide a detail$ writt5 explanation ( ! basis = ! f9al det]m9ation ) suffici5t detail to provide ! public ) an und]/&+ ( ! specific bases ( ! det]m9ation by ! ,c\ncil1 includ+ any assumptions relat$ !re(1 subject to ! requirem5ts ( section #aab7;d77#e72 7#c7 include1 9 ! annual report requir$ by section #aab-- 7,a7 ! numb] ( nonbank f9ancial companies f ! previ\s ye> t receiv$ a notice "u subsection 7e77#a77;,a72 7,b7 ! numb] ( nonbank f9ancial companies f ! previ\s ye> t 7 subject to a propos$ det]m9ation "u subsection 7e77#a77;,e72 & 7,c7 ! numb] ( nonbank f9ancial companies f ! previ\s ye> t 7 subject to a f9al det]m9ation "u subsection 7a7 or 7b72 & 7#d7 n e>li] ?an #ahj days aft] ! date ( enactm5t ( ?is subsection1 publi% 9 ! ,f$]al ,regi/] in=mation reg>d+ ! me?odology ! ,c\ncil uses = calculat+ any quantitative ?re%olds or o!r metrics us$ to consid] ! factors li/$ 9 subsection 7a77#b7 or 7b77#b74 4 #cjc4 ,rule ( con/ruction ,none ( ! am5dm5ts made by ?is title %all be con/ru$ z limit+ ! em]g5cy p[]s ( ! ,f9ancial ,/ability ,ov]sight ,c\ncil "u section #aac7;f7 ( ! ,f9ancial ,/ability ,act ( #bjaj 7#ab ,u4,s4,c4 #ecbc7;f774 ,,iv ,improv$ acc\ntability & transp>5cy 9 ! regulation ( insurance #dja4 ,s5se ( ,congress ,x is ! s5se ( ,congress t ! ,act ( ,m>* #i1 #aide 7commonly kn[n z ! ,mc,carran-,f]guson ,act2 #ei ,/at4 #cc1 *apt] #bj2 #ae ,u4,s4,c4 #ajaa et seq47 rema9s ! pref]r$ approa* ) respect to regulat+ ! bus9ess ( insurance4 #djb4 ,ensur+ ! protection ( insurance policyhold]s 7a7 ,s\rce ( /r5g? ,section #ch;,a ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahcao-#a7 is am5d$-- 7#a7 by r$esignat+ subsections 7c71 7d71 & 7e7 z subsections 7d71 7e71 & 7f71 respectively2 & 7#b7 by ins]t+ aft] subsection 7b7 ! foll[+3 7c7 ,au?ority ( ,/ate insurance regulator 7#a7 ,9 g5]al ,! provisions ( section #e7;g7 ( ! ,bank ,hold+ ,company ,act ( #aief 7#ab ,u4,s4,c4 #ahdd7;g77 %all apply to a sav+s & loan hold+ company t is an insurance company1 an affiliate ( an insur$ depository in/itution t is an insurance company1 & to any o!r company t is an insurance company & t directly or indirectly controls an insur$ depository in/itution1 to ! same ext5t z ! provisions ( t section apply to a bank hold+ company t is an insurance company4 7#b7 ,rule ( con/ruction ,requir+ a bank hold+ company t is an insurance company1 a sav+s & loan hold+ company t is an insurance company1 an affiliate ( an insur$ depository in/itution t is an insurance company1 or any o!r company t is an insurance company & t directly or indirectly controls an insur$ depository in/itution to s]ve z a s\rce ( f9ancial /r5g? "u ?is section %all be deem$ an action ( ! ,bo>d t requires a bank hold+ company to provide funds or o!r assets to a subsidi>y depository in/itution = purposes ( section #e7;g7 ( ! ,bank ,hold+ ,company ,act ( #aief 7#ab ,u4,s4,c4 #ahdd7;g774 4 7b7 ,liquidation au?ority ,! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7#ab ,u4,s4,c4 #ecja et seq47 is am5d$-- 7#a7 9 section #bjc7;e77#c7 7#ab ,u4,s4,c4 #echc7;e77#c771 by ins]t+ or rehabilitation aft] ord]ly liquidation ea* place t t]m appe>s2 & 7#b7 9 section #bjd7;d77#d7 7#ab ,u4,s4,c4 #echd7;d77#d771 by ins]t+ be=e ! semicolon at ! end ! foll[+3 81 except t1 if ! cov]$ f9ancial company or cov]$ subsidi>y is an insurance company or a subsidi>y ( an insurance company1 ! ,corporation-- 7,a7 %all promptly notify ! ,/ate insurance au?ority = ! insurance company ( ! int5tion to take su* li52 & 7,b7 may only take su* li5-- 7i7 to secure repaym5t ( funds made available to su* cov]$ f9ancial company or cov]$ subsidi>y2 & 7ii7 if ! ,corporation det]m9es1 aft] consultation ) ! ,/ate insurance au?ority1 t su* li5 w n unduly imp$e or delay ! liquidation or rehabilitation ( ! insurance company1 or ! recov]y by its policyhold]s 4 #djc4 ,int]national insurance capital /&>ds acc\ntability 7a7 ,s5se ( ,congress ,x is ! s5se ( ,congress t-- 7#a7 ! ,secret>y ( ! ,treasury1 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 & ! ,director ( ! ,f$]al ,insurance ,(fice %\ld support increas+ transp>5cy at any global insurance or int]national /&>d-sett+ regulatory or sup]visory =um 9 :i* !y p>ticipate1 includ+ support+ & advocat+ = great] public obs]v] access at any su* =um2 & 7#b7 to ! ext5t t ! ,secret>y ( ! ,treasury1 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 & ! ,director ( ! ,f$]al ,insurance ,(fice take a position on an insurance proposal by a global insurance or int]national /&>d-sett+ regulatory or sup]visory =um1 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em & ! ,director ( ! ,f$]al ,insurance ,(fice %\ld a*ieve cons5sus positions ) ,/ate insurance regulators :5 !y are p>ticipants repres5t+ ! ,unit$ ,/ates 9 negotiations on insurance issues be=e any int]national =um ( f9ancial regulators or sup]visors t consid]s insurance regulatory issues4 7b7 ,insurance policy advisory committee 7#a7 ,e/abli%m5t ,!re is e/abli%$ ! ,insurance ,policy ,advisory ,committee on ,int]national ,capital ,/&>ds & ,o!r ,insurance ,issues at ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em4 7#b7 ,memb]%ip ,! ,committee e/abli%$ "u p>agraph 7#a7 %all be compos$ ( n m ?an #ba memb]s1 all ( :om repres5t a div]se set ( exp]t p]spectives f ! v>i\s sectors ( ! ,unit$ ,/ates insurance indu/ry1 includ+ life insurance1 prop]ty & casualty insurance & re9surance1 ag5ts & brok]s1 academics1 consum] advocates1 or exp]ts on issues fac+ und]s]v$ insurance communities & consum]s4 7c7 ,reports 7#a7 ,reports & te/imony by secret>y ( ! treasury & *airman ( ! bo>d ( gov]nors ( ! f$]al res]ve sy/em 7,a7 ,9 g5]al ,! ,secret>y ( ! ,treasury & ! ,*airman ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 or _! designees1 %all submit an annual report & provide annual te/imony to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives on ! ef=ts ( ! ,secret>y ( ! ,treasury1 ! ,*airman ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 & ,/ate insurance regulators ) respect to global insurance or int]national /&>d-sett+ regulatory or sup]visory =ums1 includ+-- 7i7 a description ( ! insurance regulatory or sup]visory /&>d-sett+ issues "u discussion at any int]national insurance /&>d-sett+ bodies2 7ii7 a description ( ! effects t proposals discuss$ at int]national insurance regulatory or sup]visory =ums ( insurance c\ld h on consum] & insurance m>kets 9 ! ,unit$ ,/ates2 7iii7 a description ( any position tak5 by ! ,secret>y ( ! ,treasury1 ! ,*airman ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 & ! ,director ( ! ,f$]al ,insurance ,(fice 9 int]national insurance discussions2 & 7iv7 a description ( ! ef=ts by ! ,secret>y ( ! ,treasury1 ! ,director ( ! ,f$]al ,insurance ,(fice1 & ! ,*airman ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em to increase transp>5cy at any int]national /&>d-sett+ bodies ) :om !y p>ticipate1 includ+ ef=ts to provide additional public access to work+ gr\ps & committees ( su* int]national insurance /&>d-sett+ bodies4 7,b7 ,t]m9ation ,?is p>agraph %all cease to be effective on ,decemb] #ca1 #bjah4 7#b7 ,reports & te/imony by /ate insurance regulators ,a ,/ate insurance regulator may provide te/imony to ,congress on ! issues describ$ 9 p>agraph 7#a77;,a74 7#c7 ,jo9t report by ! *airman ( ! f$]al res]ve & ! director ( ! f$]al insurance (fice 7,a7 ,9 g5]al ,! ,secret>y ( ! ,treasury1 ! ,*airman ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 & ! ,director ( ! ,f$]al ,insurance ,(fice1 9 consultation ) ,/ate insurance regulators1 %all complete a /udy on1 & submit to ,congress a report on ! results ( ! /udy1 ! impact on consum]s & m>kets 9 ! ,unit$ ,/ates be=e support+ or cons5t+ to ! adoption ( any key elem5ts 9 any int]national insurance proposal or int]national insurance capital /&>d4 7,b7 ,notice & comm5t 7i7 ,notice ,! ,secret>y ( ! ,treasury1 ! ,*airman ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 & ! ,director ( ! ,f$]al ,insurance ,(fice %all provide notice be=e ! date on :i* draft+ ! report describ$ 9 subp>agraph 7,a7 is comm5c$ & aft] ! date on :i* ! draft ( ! report is complet$4 7ii7 ,opportunity = comm5t ,!re %all be an opportunity = public comm5t = a p]iod beg9n+ on ! date on :i* ! report is submitt$ "u subp>agraph 7,a7 & end+ on ! date t is #fj days aft] ! date on :i* ! report is submitt$4 7,c7 ,review by comptroll] g5]al ,! ,secret>y ( ! ,treasury1 ! ,*airman ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 & ! ,director ( ! ,f$]al ,insurance ,(fice %all submit to ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates ! report describ$ 9 subp>agraph 7,a7 = review4 7#d7 ,report on promot+ transp>5cy ,n lat] ?an #ahj days aft] ! date ( enactm5t ( ?is ,act1 ! ,*airman ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em & ! ,secret>y ( ! ,treasury1 or _! designees1 %all submit a report & provide te/imony to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives on ! ef=ts ( ! ,secret>y ( ! ,treasury & ! ,*airman ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em to improve transp>5cy at any int]national insurance /&>d-sett+ bodies 9 :i* !y p>ticipate4 ,v ,improv+ ! ,f$]al ,res]ve ,sy/em #eja4 ,reports to ,congress ,section #b;,b ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #bbe;b7 is am5d$ by /rik+ subsection 7b7 & ins]t+ ! foll[+3 7b7 ,qu>t]ly reports to ,congress 7#a7 ,9 g5]al ,! ,f$]al ,op5 ,m>ket ,committee %all1 on a qu>t]ly basis1 & 9 su* a mann] t #a report is submitt$ concurr5tly ) ea* semi-annual he>+ requir$ by subsection 7a71 submit to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives a report expla9+ ! policy decisions ( ! ,committee ov] ! prior qu>t] & ! basis = ^? decisions4 7#b7 ,cont5ts ,! report describ$ 9 p>agraph 7#a7 %all include-- 7,a7 a detail$ analysis ( ! conduct ( monet>y policy & economic developm5ts & prospects = ! future1 tak+ into acc\nt pa/ & prospective developm5ts 9-- 7i7 employm5t2 7ii7 unemploym5t2 7iii7 production2 7iv7 inve/m5t2 7v7 real income2 7vi7 productivity2 7vii7 ex*ange rates2 7viii7 int]national trade & paym5ts2 7ix7 prices2 7x7 inflation expectations2 7xi7 cr$it conditions2 & 7xii7 int]e/ rates2 7,b7 a description ( any monet>y policy rule or rules us$ or consid]$ by ! ,committee t provides or provide ! basis = monet>y policy decisions1 includ+ %ort-t]m int]e/ rate t>gets set by ! ,committee1 op5 m>ket op]ations au?oriz$ "u section #ad1 & int]e/ rates e/abli%$ by ! ,committee pursuant to section #ai7;b77#ab71 & su* description %all include1 at a m9imum1 = ea* rule1 a ma!matical =mula t models h[ monet>y policy in/rum5ts w be adju/$ bas$ on *anges 9 quantitative inputs2 7,c7 a description ( any additional /rategy or /rategies1 if any su* exi/1 us$ by ! ,committee1 sep>ate f or supplem5t>y to any rule or rules describ$ 9 subp>agraph 7,b71 to affect monet>y policy2 7,d7 a detail$ explanation (-- 7i7 any deviation 9 ! rule or rules describ$ 9 subp>agraph 7,b7 9 ! curr5t report f any rule or rules describ$ 9 subp>agraph 7,b7 9 ! mo/ rec5t qu>t]ly report2 & 7ii7 any deviation 9 ! /rategy or /rategies describ$ 9 subp>agraph 7,c7 9 ! curr5t report f any /rategy or /rategies describ$ 9 subp>agraph 7,c7 9 ! mo/ rec5t qu>t]ly report2 7,e7 a description ( any in/rum5ts us$ to execute monet>y policy by employees ( ! ,f$]al ,res]ve ,sy/em at ! direction ( ! ,committee1 & h[ su* in/rum5ts h be5 us$2 7,f7 a description ( ! outlook = monet>y policy ov] ! %ort t]m1 m$ium t]m1 & long t]m2 & 7,g7 projections ( inflation & economic gr[? ov] ! %ort t]m1 m$ium t]m1 & long t]m4 7#c7 ,diss5t ,a memb] ( ! ,committee describ$ 9 section #ab;,a7a7 may-- 7,a7 diss5t f ! report submitt$ "u p>agraph 7#a7 9 :ole or 9 "p2 7,b7 write a diss5t express+ ! views ( ! memb]1 :i* %all be includ$ z "p ( ! report submitt$ to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives2 & 7,c7 sign a diss5t writt5 by ano!r memb] ( ! ,committee to express support = views conta9$ 9 su* diss5t4 4 #ejb4 ,te/imony2 votes2 /aff 7a7 ,te/imony2 votes ,section #aj ( ! ,f$]al ,res]ve ,act is am5d$-- 7#a7 9 p>agraph 7#aa71 z r$esignat$ by section #hae7v7 ( ?is ,act1 by ins]t+ at ! end ! foll[+3 ,9 ! ev5t t no memb] ( ! ,bo>d is s]v+ z ,vice ,*airman = ,sup]vision at ! "t su* appe>ance is requir$1 ! ,*airman ( ! ,bo>d ( ,gov]nors %all appe> be=e ea* ,committee 9 ! place ( ! ,vice ,*airman = ,sup]vision42 & 7#b7 by add+ at ! end ! foll[+3 7#ab7 7,a7 ,! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em %all1 on a nondelegable basis1 vote on :e!r to issue any civil money p5alty assessm5t ord] or settle any o!r en=cem5t action if ! issuance ( su* ord] or settlem5t ( su* action involves ! paym5t ( n less ?an #a1jjj1jjj 9 comp5sation1 p5alties1 f9es1 or o!r paym5ts4 7,b7 ,! results ( ! vote ( ea* memb] ( ! ,bo>d "u subp>agraph 7,a7 %all promptly be made publicly available on ! website ( ! ,bo>d4 4 7b7 ,delegation ( au?orities2 /aff ,section #aa ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #bdh7 is am5d$-- 7#a7 9 subsection 7k71 by ins]t+ & except z o!rwise provid$ 9 section #aj7ab77;,a71 aft] cr$it policies12 & 7#b7 9 subsection 7l71 by ins]t+ 8,( am\nts made available = employees ( ! ,bo>d ( ,gov]nors "u ?is subsection1 ea* memb] ( ! ,bo>d ( ,gov]nors may employ n m ?an #d individuals1 ) su* individuals select$ by su* memb] & ! sal>ies ( su* individuals set by su* memb]4'' aft] ! p]iod at ! end4 #ejc4 ,transp>5cy at ! ,f$]al ,op5 ,m>ket ,committee ,section #ab;,a ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #bfc7 is am5d$ by add+ at ! end ! foll[+3 7d7 ,n lat] ?an #c ye>s aft] ! date on :i* a meet+ ( ! ,committee is held1 ! ,committee %all publi% ! transcript ( ! meet+4 4 #ejd4 ,int]e/ rates on balances ma9ta9$ at a ,f$]al ,res]ve bank by depository in/itutions ,section #ai7;b77#ab77;,a7 ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #dfa7;b77#ab77;,a77 is am5d$ by ins]t+ e/abli%$ by ! ,f$]al ,op5 ,m>ket ,committee aft] rate or rates4 #eje4 ,commission = re/ructur+ ! ,f$]al ,res]ve ,sy/em 7a7 ,e/abli%m5t ,!re is e/abli%$ an indep5d5t commission to be kn[n z ! ,f$]al ,res]ve ,sy/em ,re/ructur+ ,commission 7ref]r$ to 9 ?is section z ! ,commission74 7b7 ,memb]%ip 7#a7 ,9 g5]al ,! ,commission %all be compos$ ( #g memb]s z foll[s3 7,a7 #b memb]s appo9t$ by ! ,speak] ( ! ,h\se ( ,repres5tatives4 7,b7 #b memb]s appo9t$ by ! majority lead] ( ! ,s5ate4 7,c7 #a memb] appo9t$ by ! m9ority lead] ( ! ,h\se ( ,repres5tatives4 7,d7 #a memb] appo9t$ by ! m9ority lead] ( ! ,s5ate4 7,e7 #a memb] appo9t$ by ! ,presid5t4 7#b7 ,*airman ,once ! memb]s ( ! ,commission h be5 appo9t$1 ! memb]s %all designate #a ( ! memb]s to be ,*airman ( ! ,commission4 7#c7 ,vacancies ,any vacancy 9 ! ,commission %all be fill$ 9 ! same mann] z ! orig9al appo9tm5t4 7c7 ,duties 7#a7 ,/udy 7,a7 ,9 g5]al ,! ,commission %all conduct a /udy on :e!r x is appropriate to re/ructure ! ,f$]al ,res]ve di/ricts1 includ+ an analysis on pot5tial b5efits & co/s ( re/ructur+4 7,b7 ,consid]ations ,9 det]m9+ :e!r su* re/ructur+ is appropriate1 ! ,commission %all specifically consid] ! impact ( re/ructur+ ) respect to-- 7i7 maximiz+ op]ational effectiv5ess )9 ! ,f$]al ,res]ve ,sy/em :ile m9imiz+ op]ational co/s2 7ii7 maximiz+ ! effectiv5ess ( sup]visory & regulatory functions :ile m9imiz+ pot5tial = regulatory capture2 & 7iii7 monet>y policy decision-mak+4 7,c7 ,proposals ,! ,commission %all-- 7i7 consid] v>i\s proposals to re/ructure ! exi/+ ,f$]al ,res]ve di/ricts1 includ+ proposals to-- 7,i7 increase ! numb] ( exi/+ ,f$]al ,res]ve di/ricts1 includ+ a proposal to divide ! ,f$]al ,res]ve di/rict 9 :i* ! ,f$]al ,res]ve ,bank ( ,san ,francisco is conta9$ into #b or m sep>ate di/ricts :ile reta9+ ! exi/+ /ructure = ! rema9+ ,f$]al ,res]ve di/ricts2 7,,ii7 decrease ! numb] ( exi/+ ,f$]al ,res]ve di/ricts2 7,,iii7 re/ructure ! exi/+ ,f$]al ,res]ve di/ricts )\t increas+ or decreas+ ! numb] ( exi/+ ,f$]al ,res]ve di/ricts2 & 7,,iv7 reassign specific functions & duties1 includ+ sup]visory & regulatory functions1 to diff]5t ,f$]al ,res]ve banks )9 ! ,f$]al ,res]ve ,sy/em1 includ+ functions & duties p]=m$ by ! ,bo>d2 & 7ii7 det]m9e :i* ( ! proposals consid]$ "u clause 7i7 are ! optimal approa*es to re/ructur+ ! exi/+ ,f$]al ,res]ve di/ricts pursuant to subclauses 7,i71 7,,ii71 7,,iii71 & 7,,iv7 ( clause 7i74 7#b7 ,recomm5dation ,! ,commission %all1 bas$ on ! proposals consid]$ "u p>agraph 7#a77;,c71 develop a recomm5dation on ! optimal organization ( ! ,f$]al ,res]ve ,sy/em t-- 7,a7 maximizes-- 7i7 ! op]ational effectiv5ess )9 ! ,f$]al ,res]ve ,sy/em :ile m9imiz+ op]ational co/s2 & 7ii7 ! effectiv5ess ( sup]visory & regulatory functions :ile m9imiz+ pot5tial = regulatory capture2 & 7,b7 takes into acc\nt ! impact ( re/ructur+ on monet>y policy decision-mak+4 7#c7 ,report ,n lat] ?an #ah mon?s aft] ! date ( enactm5t ( ?is ,act1 ! ,commission %all submit to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives1 & also furni% copies to ! ,presid5t & ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 a report t includes-- 7,a7 ! recomm5dation describ$ 9 p>agraph 7#b72 7,b7 a description ( ! proposals consid]$ "u p>agraph 7#a77;,c77i72 7,c7 a description ( ! proposals det]m9$ to be optimal "u p>agraph 7#a77;,c77ii72 7,d7 an analysis ( ! b5efits & co/s ( ea* ( ! proposals describ$ 9 subp>agraph 7,b71 includ+1 ) respect to ea* proposal1 an analysis (-- 7i7 ! op]ational b5efits & co/s to ! ,f$]al ,res]ve ,sy/em2 7ii7 ! impact on sup]vision ( f9ancial in/itutions & nonbank f9ancial in/itutions sup]vis$ by ! ,f$]al ,res]ve banks2 & 7iii7 ! impact on monet>y policy decision-mak+2 7,e7 an analysis (-- 7i7 any specific b5efits & co/s result+ f ! increase 9 total numb] ( ,f$]al ,res]ve di/ricts2 & 7ii7 any specific b5efits & co/s result+ f ! decrease 9 total numb] ( ,f$]al ,res]ve di/ricts1 includ+ an evaluation ( sav+s to ! ,f$]al ,res]ve ,sy/em ?r\gh /reaml9+ & elim9ation ( duplicat$ functions2 7,f7 a det]m9ation (-- 7i7 :e!r ! b5efits ( re/ructur+ ! exi/+ ,f$]al ,res]ve di/ricts )\t increas+ or decreas+ ! numb] ( exi/+ ,f$]al ,res]ve di/ricts outweigh ! co/s2 7ii7 :e!r ! b5efits ( increas+ or decreas+ ! numb] ( exi/+ ,f$]al ,res]ve di/ricts outweigh ! co/s2 7iii7 :e!r ! b5efits ( reassign+ functions & duties to diff]5t ,f$]al ,res]ve banks )9 ! ,f$]al ,res]ve ,sy/em outweigh ! co/s2 & 7iv7 ! optimal numb] ( ,f$]al ,res]ve di/ricts 9 ord] = ! ,f$]al ,res]ve ,sy/em to fulfill its /atutory role 9 ! mo/ effici5t & co/-effective mann]2 & 7,g7 a description ( ! me?odology us$ by ! ,commission to rea* ! conclusions = ! report4 7d7 ,p[]s ( ! commission ,! ,commission may lease space & acquire p]sonal prop]ty to ! ext5t funds are available4 7e7 ,commission p]sonnel matt]s 7#a7 ,comp5sation ( memb]s 7,a7 ,9 g5]al ,except z provid$ 9 subp>agraph 7,b71 ea* memb] ( ! ,commission :o is n an (fic] or employee ( ! ,f$]al ,gov]nm5t %all be comp5sat$ at a rate equal to ! daily equival5t ( ! annual rate ( basic pay prescrib$ = level ,,iv ( ! ,executive ,s*$ule "u section #ecae ( title #e1 ,unit$ ,/ates ,code1 = ea* day 7includ+ travel "t7 dur+ :i* su* memb] is engag$ 9 ! p]=mance ( ! duties ( ! ,commission4 ,all memb]s ( ! ,commission :o are (fic]s or employees ( ! ,unit$ ,/ates %all s]ve )\t comp5sation 9 addition to t receiv$ = _! s]vices z (fic]s or employees ( ! ,unit$ ,/ates4 7,b7 ,comp5sation ( *airman ,! ,*airman ( ! ,commission %all be comp5sat$ at a rate equal to ! daily equival5t ( ! m9imum annual rate ( basic pay payable = level ,,iii ( ! ,executive ,s*$ule "u section #ecad1 ( title #e1 ,unit$ ,/ates ,code4 7#b7 ,travel exp5ses ,! memb]s ( ! ,commission %all be all[$ travel exp5ses1 includ+ p] diem 9 lieu ( subsi/5ce1 at rates au?oriz$ = employees ( ag5cies "u sub*apt] ,i ( *apt] #eg ( title #e1 ,unit$ ,/ates ,code1 :ile away f _! homes or regul> places ( bus9ess 9 ! p]=mance ( s]vices = ! ,commission4 7#c7 ,director & /aff 7,a7 ,director ( /aff ,! ,commission %all appo9t a ,director1 :o %all be paid at ! rate ( basic pay payable = level ,,iv ( ! ,executive ,s*$ule "u section #ecae ( title #e1 ,unit$ ,/ates ,code4 7,b7 ,/aff 7i7 ,9 g5]al ,subject to clauses 7ii7 & 7iii71 ! ,director1 ) ! approval ( ! ,commission1 may appo9t & fix ! pay ( additional p]sonnel4 7ii7 ,applicability ,! ,director may make su* appo9tm5ts )\t reg>d to ! provisions ( title #e1 ,unit$ ,/ates ,code1 gov]n+ appo9tm5ts 9 ! competitive s]vice1 & any p]sonnel s appo9t$ may be paid )\t reg>d to ! provisions ( *apt] #ea & sub*apt] ,,iii ( *apt] #ec ( t title relat+ to classification & ,g5]al ,s*$ule pay rates1 except t an individual s appo9t$ may n receive pay 9 excess ( ! annual rate ( basic pay prescrib$ = level ,v ( ! ,executive ,s*$ule "u section #ecaf ( t title4 7iii7 ,detail ( gov]nm5t employees 7,i7 ,9 g5]al ,^u reque/ ( ! ,director1 ! head ( any ,f$]al dep>tm5t or ag5cy1 includ+ ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates1 may detail any ( ! p]sonnel ( t dep>tm5t or ag5cy to ! ,commission to assi/ ! ,commission 9 c>ry+ out its duties "u ?is section4 7,,ii7 ,limitations 7aa7 ,detail ( employees f f$]al res]ve sy/em ,n m ?an #a_/e ( ! p]sonnel employ$ by or detail$ to ! ,commission may be on detail f ! ,f$]al ,res]ve ,sy/em4 7bb7 ,detail ( employees f o!r f$]al ag5cies ,n m ?an "o-fif? ( ! p]sonnel employ$ by or detail$ to ! ,commission may be on detail f any ,f$]al dep>tm5t or ag5cy o!r ?an ! ,f$]al ,res]ve ,sy/em4 7iv7 ,exp]ts & consultants ,! ,commission may procure by contract ! tempor>y or int]mitt5t s]vices ( exp]ts or consultants pursuant to section #caji7;b7 ( title #e1 ,unit$ ,/ates ,code1 at rates = individuals :i* d n to exce$ ! daily equival5t ( ! annual rate ( basic pay = a comp>able position paid "u ! ,g5]al ,s*$ule4 7,c7 ,rule ( con/ruction ,any individual employ$ by ! ,commission "u ?is p>agraph1 includ+ any exp]t or consultant "u contract pursuant to subp>agraph 7,b77iv71 %all be consid]$ /aff = ! duration ( su* employm5t ( su* individual = ! purposes ( ?is section4 7f7 ,prohibition aga9/ re/rict+ communications ,no p]son may re/rict an employee ( ! ,f$]al ,res]ve ,sy/em f communicat+ ) a memb] or /aff ( ! ,commission1 & no p]son may take 7or ?reat5 to take7 an unfavorable p]sonnel action1 or )hold 7or ?reat5 to )hold7 a favorable p]sonnel action1 z a reprisal = su* communication4 7g7 ,confid5tial in=mation ,no memb] or /aff ( ! ,commission %all reque/1 ei!r 9 writ+ or v]bally1 t any employee ( ! ,f$]al ,res]ve ,sy/em provide-- 7#a7 nonpublic in=mation or docum5ts conc]n+ or relat$ to monet>y policy delib]ations2 or 7#b7 confid5tial sup]visory in=mation4 7h7 ,disclosure ( nonpublic in=mation ,any memb] or /aff ( ! ,commission t obta9s nonpublic in=mation f ! ,f$]al ,res]ve ,sy/em or any employee ( ! ,f$]al ,res]ve ,sy/em %all ma9ta9 ! confid5tiality ( su* in=mation4 7i7 ,audit 7#a7 ,9 g5]al ,! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all annually audit ! f9ancial transactions ( ! ,commission 9 accordance ) ! ,unit$ ,/ates g5]ally accept$ gov]nm5t audit+ /&>ds1 z may be prescrib$ by ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates4 7#b7 ,location ( audit ,an audit "u p>agraph 7#a7 %all be conduct$ at any place :]e acc\nts ( ! ,commission are normally kept4 7#c7 ,access 7,a7 ,9 g5]al ,! repres5tatives ( ! ,gov]nm5t ,acc\ntability ,(fice %all h access1 9 accordance ) section #gaf7;c7 ( title #ca1 ,unit$ ,/ates ,code1 to-- 7i7 ! ,*airman ( ! ,commission1 memb]s ( ! ,commission1 & /aff ( ! ,commission2 & 7ii7 all books1 acc\nts1 docum5ts1 pap]s1 records 7includ+ electronic records71 reports1 files1 prop]ty1 or o!r in=mation belong+ to or "u ! control ( or us$ or employ$ by ! ,commission p]ta9+ to its f9ancial transactions & necess>y to facilitate ! audit4 7,b7 ,v]ification ( transactions ,repres5tatives ( ! ,gov]nm5t ,acc\ntability ,(fice %all be af=d$ full facilities = v]ify+ transactions ) ! balances or securities held by depositories1 fiscal ag5ts1 & cu/odians4 7#d7 ,cu/ody ( docum5ts & prop]ty ,all books1 acc\nts1 docum5ts1 pap]s1 records1 reports1 files1 prop]ty1 or o!r in=mation describ$ 9 p>agraph 7#c77;,a77ii7 %all rema9 9 possession & cu/ody ( ! ,commission4 7#e7 ,copies ,! ,comptroll] ,g5]al ( ! ,unit$ ,/ates may make copies ( any books1 acc\nts1 docum5ts1 pap]s1 records1 reports1 files1 prop]ty1 or o!r in=mation describ$ 9 p>agraph 7#c77;,a77ii7 )\t co/ to ! ,comptroll] ,g5]al4 7#f7 ,s]vices ,9 conduct+ an audit "u ?is subsection1 ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates may employ by contract1 )\t reg>d to section #cgji ( ! ,revis$ ,/atutes 7#da ,u4,s4,c4 #faja71 pr(essional s]vices ( firms & organizations ( c]tifi$ public acc\ntants = tempor>y p]iods or = special purposes4 7#g7 ,reimbursem5t 7,a7 ,9 g5]al ,^u ! reque/ ( ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates1 ! ,*airman ( ! ,commission %all transf] to ! ,gov]nm5t ,acc\ntability ,(fice f funds made available to ! ,commission ! am\nt reque/$ by ! ,comptroll] ,g5]al to cov] ! full co/s ( any audit & report conduct$ by ! ,comptroll] ,g5]al4 7,b7 ,cr$it ,! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all cr$it funds transf]r$ "u subp>agraph 7,a7 to ! acc\nt e/abli%$ = sal>ies & exp5ses ( ! ,gov]nm5t ,acc\ntability ,(fice1 & su* am\nt %all be available ^u receipt & )\t fiscal ye> limitation to cov] ! full co/s ( ! audit & report4 7#h7 ,report ,! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all submit to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives1 & also furni% copies to ! ,presid5t & ! ,commission1 a report ( ea* annual audit conduct$ "u ?is subsection1 includ+-- 7,a7 ! scope ( ! audit2 7,b7 ! /atem5t ( assets & liabilities & surplus or deficit2 7,c7 ! /atem5t ( income & exp5ses2 7,d7 ! /atem5t ( s\rces & application ( funds2 7,e7 su* comm5ts & in=mation z ! ,comptroll] ,g5]al det]m9es is necess>y to in=m ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives ( ! f9ancial op]ations & condition ( ! ,commission2 & 7,f7 su* recomm5dations t ! ,comptroll] ,g5]al may deem advisable4 7j7 ,t]m9ation ,! ,commission %all t]m9ate n lat] ?an on ,decemb] #ca1 #bjbj4 7k7 ,fund+ 7#a7 ,9 g5]al ,beg9n+ on ! fir/ qu>t] ( ! fiscal ye> aft] ! date on :i* ! ,commission is e/abli%$1 & 9 ea* qu>t] ( a fiscal ye> !reaft]1 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em %all transf] to ! ,commission1 f ! comb9$ e>n+s ( ! ,f$]al ,res]ve ,sy/em1 ! am\nt det]m9$ by ! ,*airman ( ! ,commission to be reasonably necess>y to c>ry out ! au?orities ( ! ,commission pursuant to ?is section1 tak+ into acc\nt su* o!r sums made available to ! ,commission 9 prec$+ qu>t]s1 to be available )\t fiscal ye> limitation & n subject to appropriation4 7#b7 ,reviewability ,not)/&+ any o!r provision 9 ?is section1 ! funds d]iv$ f ! ,f$]al ,res]ve ,sy/em pursuant to ?is subsection %all n be subject to review by ! ,committee on ,appropriations ( ! ,s5ate or ! ,committee on ,appropriations ( ! ,h\se ( ,repres5tatives4 7l7 ,f$]al res]ve di/ricts ,! fir/ undesignat$ p>agraph ( section #b ( ! ,f$]al ,res]ve ,act 7#ch ,/at4 #bea1 *apt] #f7 is am5d$ by ins]t+ 1 except z o!rwise provid$ "u section #eje ( ! ,f9ancial ,regulatory ,improvem5t ,act ( #bjae aft] organiz$4 #ejf4 ,,gao /udy on sup]vision 7a7 ,9 g5]al ,! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all conduct a /udy on ! effectiv5ess ( sup]vision by ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em & ea* ,f$]al ,res]ve bank (-- 7#a7 bank hold+ companies subject to ! requirem5ts ( section #afe ( ! ,f9ancial ,/ability ,act ( #bjaj 7#ab ,u4,s4,c4 #ecfe7 on ! date ( enactm5t ( ?is ,act2 & 7#b7 nonbank f9ancial companies subject to a det]m9ation "u subsection 7a7 or 7b7 ( section #aac ( ! ,f9ancial ,/ability ,act ( #bjaj 7#ab ,u4,s4,c4 #ecbc74 7b7 ,report ,n lat] ?an #ah mon?s aft] ! date ( enactm5t ( ?is ,act1 ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all submit to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives a report bas$ on ! /udy requir$ "u subsection 7a7 t includes-- 7#a7 an analysis (-- 7,a7 ! effectiv5ess ( ! delegation ( functions by ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em 9 accordance ) section #aa7k7 ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #bdh7k772 7,b7 ! effectiv5ess ( sup]vision delegat$ to ea* ,f$]al ,res]ve bank by ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 includ+ :e!r & h[ ! relation%ips betwe5 ea* ,f$]al ,res]ve bank & ! in/itutions t ea* ,f$]al ,res]ve bank sup]vises impact ! effectiv5ess ( sup]vision2 7,c7 ! propriety ( ! relation%ip betwe5 ea* ,f$]al ,res]ve bank & ! in/itutions t ea* ,f$]al ,res]ve bank sup]vises1 includ+ any pot5tial conflicts ( int]e/1 & :e!r & h[ su* relation%ips impact ! effectiv5ess ( sup]vision2 7,d7 ! role play$ by ! ,l>ge ,in/itution ,sup]vision ,coord9at+ ,committee ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ! int]actions betwe5 ! ,committee & ! ,f$]al ,res]ve banks1 & ! effectiv5ess ( ! ,committee2 & 7,e7 any o!r factors t c\ld negatively influ5ce ! effectiv5ess ( sup]vision by any ,f$]al ,res]ve bank or ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em2 7#b7 an evaluation ( :e!r additional /eps %\ld be tak5 by ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ea* ,f$]al ,res]ve bank1 or ,congress to improve ! effectiv5ess ( sup]vision at ea* ,f$]al ,res]ve bank & ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em2 & 7#c7 recomm5dations to improve ! effectiv5ess ( sup]vision at ea* ,f$]al ,res]ve bank & ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em4 7c7 ,evaluation ,z "p ( ! /udy requir$ "u subsection 7a71 ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all sep>ately evaluate ! effectiv5ess ( sup]vision at ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em & at ea* ,f$]al ,res]ve bank4 #ejg4 ,f$]al ,res]ve /udy on nonbank sup]vision 7a7 ,9 g5]al ,n lat] ?an #ahj days aft] ! enactm5t ( ?is ,act1 & n less ?an once e #b ye>s !reaft]1 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em %all submit to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives a report reg>d+ h[ ! ,bo>d plans to sup]vise & regulate nonbank f9ancial companies subject to a det]m9ation "u subsection 7a7 or 7b7 ( section #aac ( ! ,f9ancial ,/ability ,act ( #bjaj 7#ab ,u4,s4,c4 #ecbc7 t includes1 ) respect to nonbank f9ancial companies-- 7#a7 a specific sup]visory & regulatory framework1 diff]5tiat+ among nonbank f9ancial companies on an individual basis or by category1 tak+ into consid]ation ! capital /ructure1 risk9ess1 complexity 7includ+ ! f9ancial activities ( any subsidi>ies71 size1 & any o!r risk-relat$ factors t ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em det]m9es is appropriate2 7#b7 an assessm5t ( ! relevant exp]i5ce & exp]tise ( /aff ( ! ,f$]al ,res]ve ,sy/em assign$ to su* sup]vision & regulation2 7#c7 a description (-- 7,a7 ! me?od = evaluat+ safety & s\ndness2 7,b7 ! frequ5cy ( exam9ations2 7,c7 ! crit]ia t w be exam9$2 & 7,d7 coord9ation ) ,f$]al & ,/ate regulators1 includ+ ef=ts to m9imize duplicative sup]vision & regulation1 if appropriate2 & 7#d7 an explanation ( h[ ! approa* to sup]vision & regulation ( nonbank f9ancial companies diff]s f sup]vision & regulation ( bank hold+ companies & memb] banks4 7b7 ,sunset ,?is section %all t]m9ate on ! date t is #aj ye>s aft] ! date ( enactm5t ( ?is ,act4 #ejh4 ,f$]al ,res]ve bank gov]nance 7a7 ,9 g5]al ,section #d ( ! ,f$]al ,res]ve ,act is am5d$-- 7#a7 9 p>agraph 7#d7 7#ab ,u4,s4,c4 #cda7-- 7,a7 by /rik+ p[]-- & ins]t+ p[]1 except z provid$ 9 p>agraph 7#be7--2 & 7,b7 by ins]t+ except t ! fir/ vice presid5t ( ! ,f$]al ,res]ve ,bank ( ,new ,york %all be appo9t$ by ! ,class ,b & ,class ,c directors ( ! bank1 ) ! approval ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 = a t]m ( #e ye>s1 aft] z ! presid5t12 & 7#b7 by add+ at ! end ! foll[+3 7#be7 ,selection ( ! ,presid5t ( ! ,f$]al ,res]ve ,bank ( ,new ,york ,not)/&+ any o!r provision ( ?is section1 ! presid5t ( ! ,f$]al ,res]ve ,bank ( ,new ,york %all be appo9t$ by ! ,presid5t1 by & ) ! advice & cons5t ( ! ,s5ate1 = t]ms ( #e ye>s4 7#bf7 ,te/imony ,! presid5t ( ! ,f$]al ,res]ve ,bank ( ,new ,york1 on an annual basis1 %all provide te/imony to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives4 4 7b7 ,effective date ,! am5dm5ts made by subsection 7a7 %all take effect on ! date ( enactm5t ( ?is ,act & apply to appo9tm5ts = ! presid5t ( ! ,f$]al ,res]ve ,bank ( ,new ,york made on & aft] t effective date4 ,,vi ,improv$ access to capital & tailor$ regulation 9 ! f9ancial m>kets #fja4 ,hold+ company regi/ration ?re%old equalization ,! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;a et seq47 is am5d$-- 7#a7 9 section #ab7;g7 7#ae ,u4,s4,c4 #ghl7g77-- 7,a7 9 p>agraph 7#a77;,b71 by ins]t+ 1 a sav+s & loan hold+ company 7z def9$ 9 section #aj7;a7 ( ! ,home ,own]s' ,loan ,act 7#ab ,u4,s4,c4 #adfg;a7a7771 aft] is a bank2 & 7,b7 9 p>agraph 7#d71 by ins]t+ 1 a sav+s & loan hold+ company 7z def9$ 9 section #aj7;a7 ( ! ,home ,own]s' ,loan ,act 7#ab ,u4,s4,c4 #adfg;a7a7771 aft] case ( a bank2 & 7#b7 9 section #ae7;d77#a7 7#ae ,u4,s4,c4 #gho7d77#a771 by /rik+ case ( bank & ins]t+ case ( a bank1 a sav+s & loan hold+ company 7z def9$ 9 section #aj7;a7 ( ! ,home ,own]s' ,loan ,act 7#ab ,u4,s4,c4 #adfg;a7a77714 #fjb4 ,increas$ ?re%old = disclosures relat+ to comp5satory b5efit plans ,n lat] ?an #fj days aft] ! date ( enactm5t ( ?is ,act1 ! ,securities & ,ex*ange ,commission %all revise section #bcj4gja7;e7 ( title #ag1 ,code ( ,f$]al ,regulations1 to increase f #e1jjj1jjj to #aj1jjj1jjj ! aggregate sales price or am\nt ( securities sold dur+ any consecutive #ab-mon? p]iod 9 excess ( :i* ! issu] is requir$ "u su* section to deliv] an additional disclosure to inve/ors4 ,! ,securities & ,ex*ange ,commission %all index = inflation su* aggregate sales price or am\nt e #e ye>s to reflect ! *ange 9 ! ,consum] ,price ,index = ,all ,urban ,consum]s publi%$ by ! ,bureau ( ,labor ,/ati/ics1 r\nd+ to ! ne>e/ #a1jjj1jjj4 #fjc4 ,repeal ( indemnification requirem5ts 7a7 ,d]ivatives cle>+ organizations ,section #e;b7k77#e7 ( ! ,commodity ,ex*ange ,act 7#g ,u4,s4,c4 #g;a-#a7k77#e77 is am5d$ to read z foll[s3 7#e7 ,confid5tiality agreem5t ,be=e ! ,commission may %>e in=mation ) any entity describ$ 9 p>agraph 7#d71 ! ,commission %all receive a writt5 agreem5t f ea* entity /at+ t ! entity %all abide by ! confid5tiality requirem5ts describ$ 9 section #h relat+ to ! in=mation on swap transactions t is provid$4 4 7b7 ,swap data repositories ,section #ba7;d7 ( ! ,commodity ,ex*ange ,act 7#g ,u4,s4,c4 #bd;a7d77 is am5d$ to read z foll[s3 7d7 ,confid5tiality agreem5t ,be=e ! swap data repository may %>e in=mation ) any entity describ$ 9 subsection 7c77#g71 ! swap data repository %all receive a writt5 agreem5t f ea* entity /at+ t ! entity %all abide by ! confid5tiality requirem5ts describ$ 9 section #h relat+ to ! in=mation on swap transactions t is provid$4 4 7c7 ,security-bas$ swap data repositories ,section #ac7n77#e7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #ghm7n77#e77 is am5d$-- 7#a7 9 subp>agraph 7,g7-- 7,a7 9 ! matt] prec$+ clause 7i71 by /rik+ all & ins]t+ security-bas$ swap2 & 7,b7 9 clause 7v7-- 7i7 9 subclause 7,,ii71 by /rik+ 2 & & ins]t+ a semicolon2 7ii7 9 subclause 7,,iii71 by /rik+ ! p]iod at ! end & ins]t+ 2 &2 & 7iii7 by add+ at ! end ! foll[+3 7,,iv7 o!r =eign au?orities4 2 & 7#b7 by /rik+ subp>agraph 7,h7 & ins]t+ ! foll[+3 7,h7 ,confid5tiality agreem5t ,be=e ! security-bas$ swap data repository may %>e in=mation ) any entity describ$ 9 subp>agraph 7,g71 ! security-bas$ swap data repository %all receive a writt5 agreem5t f ea* entity /at+ t ! entity %all abide by ! confid5tiality requirem5ts describ$ 9 section #bd relat+ to ! in=mation on security-bas$ swap transactions t is provid$4 4 7d7 ,effective date ,! am5dm5ts made by ?is section %all take effect z if enact$ z "p ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7,public ,law #aaa-bjc74 #fjd4 ,improv+ access to capital = em]g+ gr[? companies ,section #f7;e77#a7 ( ! ,securities ,act ( #aicc 7#ae ,u4,s4,c4 #gg;f7e77#a77 is am5d$ by add+ at ! end ! foll[+3 ,an issu] t 0 an em]g+ gr[? company at ! "t x submitt$ a confid5tial regi/ration /atem5t or1 9 lieu !re(1 a publicly fil$ regi/ration /atem5t = review "u ?is subsection b ceases to be an em]g+ gr[? company !reaft] %all cont9ue to be treat$ z an em]g+ gr[? company = ! purposes ( ?is subsection ?r\gh ! e>li] ( ! date on :i* ! issu] consummates its initial public (f]+ pursuant to su* regi/ration /atem5t or ! end ( ! #a-ye> p]iod beg9n+ on ! date on :i* ! company ceases to be an em]g+ gr[? company44 ,,vii ,taxpay] protections & m>ket access = mortgage f9ance #gja4 ,def9itions ,9 ?is title3 7#a7 ,ag5cy ,! t]m ,ag5cy means ! ,f$]al ,h\s+ ,f9ance ,ag5cy4 7#b7 ,back-end risk %>+ ,! t]m back-end risk %>+ means any risk-%>+ transaction t all[s an ent]prise to %>e s+le-family mortgage cr$it risk t is on ! balance %eet ( ! ent]prise ) ! private sector4 7#c7 ,bo>d ( ,directors ,! t]m ,bo>d ( ,directors means ! ,bo>d ( ,directors e/abli%$ "u section #gje7;c77#a74 7#d7 ,common securitization solutions ,! t]m ,common ,securitization ,solutions or ,,css means ,common ,securitization ,solutions1 ,,llc1 ! jo9t v5ture =m$ by ! ent]prises 9 ,octob] #bjac1 or any successor to ,common ,securitization ,solutions1 ,,llc1 t is a jo9t v5ture ( ! ent]prises4 7#e7 ,contractual & disclosure framework ,! t]m contractual & disclosure framework means a contractual & disclosure framework = securitization ( mortgage loans by an entity o!r ?an an ent]prise4 7#f7 ,ent]prise ,! t]m ent]prise has ! mean+ giv5 t t]m 9 section #acjc ( ! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4 #dejb74 7#g7 ,fir/ loss position2 front-end risk %>+2 risk-%>+ transaction ,! t]ms fir/ loss position1 front-end risk %>+1 & risk-%>+ transaction h ! mean+s giv5 ^? t]ms 9 section #acbh7;a7 ( ! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib1 z add$ by section #gjf7;b77#a74 7#h7 ,gu>antee fee ,! t]m gu>antee fee-- 7,a7 means a fee 9 connection ) any gu>antee ( ! timely paym5t ( pr9cipal & int]e/ on securities1 notes1 & o!r obligations bas$ on or back$ by mortgages on resid5tial real prop]ties design$ pr9cipally = occupancy ( f #a to #d families2 & 7,b7 includes-- 7i7 ! gu>anty fee *>g$ by ! ,f$]al ,national ,mortgage ,association ) respect to mortgage-back$ securities2 & 7ii7 ! managem5t & gu>antee fee *>g$ by ! ,f$]al ,home ,loan ,mortgage ,corporation ) respect to p>ticipation c]tificates4 7#i7 ,plat=m ,! t]m ,plat=m means ! securitization plat=m fir/ describ$ by ! pap] issu$ by ! ,ag5cy on ,octob] #d1 #bjab entitl$ ,build+ a ,new ,infra/ructure = ! ,second>y ,mortgage ,m>ket1 & updat$ 9 subsequ5t docum5ts releas$ by ! ,ag5cy1 includ+ annual /rategic plans = ! cons]vator%ip ( ! ent]prises & annual cons]vator%ip scorec>ds4 7#aj7 ,private successor ,! t]m private successor means ! private1 nonpr(it entity ref]r$ to 9 section #gje7;g7 to :i* ,,css transitions ! ,plat=m & ! contractual & disclosure framework1 includ+ any associat$ intellectual prop]ty1 te*nology1 sy/ems1 & infra/ructure1 9 accordance ) ?is title4 7#aa7 ,second loss position ,! t]m second loss position means1 ) respect to a risk-%>+ transaction1 ! position to :i* any cr$it losses on a security result+ f ! nonp]=mance ( und]ly+ mortgage loans w accrue & be absorb$ aft] a fir/ loss position1 to ! full ext5t ( a hold]'s int]e/ 9 su* position4 7#ab7 ,secret>y ,! t]m ,secret>y means ! ,secret>y ( ! ,treasury4 7#ac7 ,s5ior pref]r$ /ock pur*ase agreem5t ,! t]m ,s5ior ,pref]r$ ,/ock ,pur*ase ,agreem5t means-- 7,a7 ! ,am5d$ & ,re/at$ ,s5ior ,pref]r$ ,/ock ,pur*ase ,agreem5t1 dat$ ,septemb] #bf1 #bjjh1 z su* ,agreem5t has be5 am5d$ on ,may #f1 #bjji1 ,decemb] #bd1 #bjji1 & ,augu/ #ag1 #bjab1 respectively1 & z su* ,agreem5t may be fur!r am5d$ & re/at$1 ent]$ into betwe5 ! ,dep>tm5t ( ! ,treasury & ea* ent]prise1 z applicable2 & 7,b7 any provision ( any c]tificate 9 connection ) su* ,agreem5t creat+ or designat+ ! t]ms1 p[]s1 pref]5ces1 privileges1 limitations1 or any o!r conditions ( ! ,v>iable ,liquidation ,pref]5ce ,s5ior ,pref]r$ ,/ock ( an ent]prise issu$ or sold pursuant to su* ,agreem5t4 #gjb4 ,prohibit+ ! use ( gu>antee fees z an (fset 7a7 ,9 g5]al ,9 ! ,s5ate & ! ,h\se ( ,repres5tatives1 = purposes ( det]m9+ budget>y impacts to evaluate po9ts ( ord] "u ! ,congressional ,budget ,act ( #aigd1 any previ\s budget resolution1 & any subsequ5t budget resolution1 provisions conta9$ 9 any bill1 resolution1 am5dm5t1 motion1 or conf]5ce report t increase1 or ext5d ! increase (1 any gu>antee fee ( an ent]prise %all n be scor$ ) respect to ! level ( budget au?ority1 outlays1 or rev5ues conta9$ 9 su* legislation4 7b7 ,exception ,! prohibition 9 subsection 7a7 %all n apply to any legislation t-- 7#a7 includes a specific in/ruction to ! ,secret>y on ! sale1 transf]1 rel9qui%m5t1 liquidation1 dive/iture1 or o!r disposition ( s5ior pref]r$ /ock acquir$ pursuant to ! ,s5ior ,pref]r$ ,/ock ,pur*ase ,agreem5t2 & 7#b7 provides = an increase1 or ext5sion ( an increase1 ( any gu>antee fee ( an ent]prise to be us$ = ! purpose ( f9anc+ re=ms to ! second>y mortgage m>ket4 #gjc4 ,limitations on sale ( pref]r$ /ock ,not)/&+ any o!r provision ( law or any provision ( ! ,s5ior ,pref]r$ ,/ock ,pur*ase ,agreem5t1 ! ,secret>y may n sell1 transf]1 rel9qui%1 liquidate1 dive/1 or o!rwise dispose ( any out/&+ %>es ( s5ior pref]r$ /ock acquir$ pursuant to ! ,s5ior ,pref]r$ ,/ock ,pur*ase ,agreem5t1 until su* "t z ,congress has pass$ & ! ,presid5t has sign$ into law legislation t includes a specific in/ruction to ! ,secret>y reg>d+ ! sale1 transf]1 rel9qui%m5t1 liquidation1 dive/iture1 or o!r disposition ( ! s5ior pref]r$ /ock s acquir$4 #gjd4 ,second>y m>ket advisory committee ,n lat] ?an #ij days aft] ! date ( enactm5t ( ?is ,act1 ! ,ag5cy %all direct ! ent]prises & ,,css to e/abli% ! ,second>y ,m>ket ,advisory ,committee1 :i* %all-- 7#a7 provide advice to ! ent]prises & ,,css on decisions relat+ to ! developm5t ( second>y mortgage m>ket infra/ructure2 & 7#b7 include private m>ket p>ticipants repres5t+ multiple aspects ( ! mortgage m>ket1 includ+ mortgage l5d]s1 pool]s ( mortgage-back$ securities1 & inve/ors ( mortgage-back$ securities4 #gje4 ,securitization plat=m 7a7 ,s5se ( ,congress ,x is ! s5se ( ,congress t-- 7#a7 at ! direction ( ! ,ag5cy1 ! ent]prises h e/abli%$ a jo9t v5ture call$ ,common ,securitization ,solutions int5d$ to facilitate ! issuance ( mortgage-back$ securities ?r\gh ! ,plat=m2 7#b7 at ! direction ( ! ,ag5cy1 ! developm5t ( ! ,plat=m is curr5tly ge>$ t[>d ! issuance ( mortgage-back$ securities by ! ent]prises2 7#c7 z soon z practicable1 ! capacity & functionality ( ! ,plat=m %\ld be exp&$ to facilitate ! issuance ( mortgage-back$ securities by issu]s o!r ?an ! ent]prises1 & ,,css %\ld und]take to develop ! contractual & disclosure framework = issu]s o!r ?an ! ent]prises2 7#d7 ! prop]ty ( ! ent]prises1 includ+ intellectual prop]ty1 te*nology1 sy/ems1 & infra/ructure 7includ+ te*nology1 sy/ems1 & infra/ructure develop$ by ! ent]prises = ! ,plat=m71 z well z any o!r legacy sy/ems1 infra/ructure1 processes1 & ! ,plat=m itself are valuable assets ( ! ent]prises2 & 7#e7 ! ent]prises %\ld receive appropriate comp5sation = ! transf] ( any su* assets4 7b7 ,reports to congress 7#a7 ,annual report on developm5t ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 & e ye> !reaft]1 ! ,ag5cy %all submit to ,congress a report on ! /atus ( ! developm5t ( ! ,plat=m & ! contractual & disclosure framework1 :i* %all include-- 7,a7 ! project$ timel9es =-- 7i7 complet+ developm5t ( ! ,plat=m to support ! securitization ne$s ( ! ent]prises2 & 7ii7 complet+ developm5t ( ! ,plat=m & ! contractual & disclosure framework to support ! securitization ne$s ( issu]s o!r ?an ! ent]prises2 & 7,b7 ! project$ budget = ! developm5t ( ! ,plat=m & ! contractual & disclosure framework4 7#b7 ,report on transition ,n lat] ?an #c ye>s aft] ! date ( enactm5t ( ?is ,act1 ! ,ag5cy %all develop a plan1 & submit to ! ,committee on ,bank+1 ,h\s+ & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives a report on su* plan1 to transition ! ,plat=m & ! contractual & disclosure framework f a jo9t v5ture own$ by ! ent]prises into a private1 nonpr(it entity t be/ facilitates a deep1 liquid1 & resili5t second>y mortgage m>ket = mortgage-back$ securities4 7c7 ,bo>d ( directors 7#a7 ,e/abli%m5t ,n lat] ?an #f mon?s aft] ! date ( enactm5t ( ?is ,act1 ! ,ag5cy %all direct ! ent]prises & ,,css to re-con/itute a ,,css ,bo>d ( ,directors t meets ! composition requirem5ts set =? 9 p>agraphs 7#b7 & 7#c74 7#b7 ,composition aft] #a ye> ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 z det]m9$ by ! ,ag5cy1 ! ,bo>d ( ,directors %all be compris$ ( #g directors1 #c ( :om-- 7,a7 %all h demon/rat$ k (1 or exp]i5ce 91 f9ancial managem5t1 f9ancial s]vices1 risk managem5t1 in=mation te*nology1 or h\s+ f9ance2 & 7,b7 are n simultane\sly employ$ by an ent]prise or s]v+ z a director ( an ent]prise4 7#c7 ,composition aft] #ah mon?s ,n lat] ?an #ah mon?s aft] ! date ( enactm5t ( ?is ,act1 z det]m9$ by ! ,ag5cy1 ! ,bo>d ( ,directors %all be compris$ ( #i directors1 #e ( :om-- 7,a7 %all h demon/rat$ k (1 or exp]i5ce 91 f9ancial managem5t1 f9ancial s]vices1 risk managem5t1 in=mation te*nology1 or h\s+ f9ance2 & 7,b7 are n simultane\sly employ$ by an ent]prise or s]v+ z a director ( an ent]prise4 7d7 ,au?oriz$ & prohibit$ activities 7#a7 ,au?oriz$ activities 7,a7 ,9 g5]al ,n lat] ?an #b ye>s aft] ! date ( enactm5t ( ?is ,act1 ,,css %all-- 7i7 = an entity o!r ?an an ent]prise1 develop /&>ds =-- 7,i7 becom+ an approv$ issu] ( securities issu$ ?r\gh ! ,plat=m2 7,,ii7 loans t may s]ve z collat]al = securities issu$ ?r\gh ! ,plat=m2 & 7,,iii7 orig9at+1 s]vic+1 pool+1 dispute resolution1 disclosure1 & securitiz+ resid5tial mortgage loans t collat]alize securities issu$ ?r\gh ! ,plat=m2 & 7ii7 op]ate & ma9ta9 ! ,plat=m & e/abli% fees = use ( ! ,plat=m4 7,b7 ,issu+ securities by approv$ issu]s ,n lat] ?an #c ye>s aft] ! date ( enactm5t ( ?is ,act-- 7i7 ,,css %all facilitate ! issuance ( securities by any approv$ issu] o!r ?an an ent]prise ?r\gh ! ,plat=m2 & 7ii7 issuances ( securities facilitat$ ?r\gh ! ,plat=m %all n be limit$ to ^? made by ! ent]prises4 7,c7 ,exception ,! ,director may delay ! requirem5t "u subp>agraph 7,b7 = #b #a-ye> p]iods if ! ,director & ! ,secret>y ( ! ,treasury-- 7i7 det]m9e t facilitation ( su* securities is n feasible )9 t p]iod ( "t & c\ld adv]sely impact ! h\s+ m>ket2 & 7ii7 submit to ,congress a report describ+ ! ju/ification = ! det]m9ation made 9 clause 7i74 7#b7 ,prohibit$ activities ,,css may n1 ?r\gh ! ,plat=m or o!rwise-- 7,a7 gu>antee any mortgage loans or mortgage-back$ securities2 7,b7 assume or hold mortgage loan cr$it risk2 7,c7 pur*ase any mortgage loans = ca% on a s+le loan basis = ! purpose ( securitization2 7,d7 own or hold any mortgage loans or mortgage-back$ securities = inve/m5t purposes2 7,e7 make or be a p>ty to any repres5tation & w>ranty agreem5t on any mortgage loans2 or 7,f7 take l5d] repres5tation & w>ranty risk4 7#c7 ,au?oriz$ & prohibit$ activities ( ! private successor ,all au?oriz$ & prohibit$ activities ( ,,css "u ?is subsection %all transf] to ! private successor at ! "t ( transition "u subsection 7g71 & %all transf] to any future successor to ! private successor at ! "t ( any su* transition4 7e7 ,regulation ( ,,css & ! private successor ,! ,ag5cy %all h g5]al regulatory au?ority ov] ,,css1 ! private successor1 & any successor to ! private successor to ensure ! safety & s\ndness ( ,,css & su* successors 7f7 ,fund+ by ! ,,fhfa & transf] ( prop]ty 7#a7 ,transf] ( funds f ! ent]prises ,at a "t e/abli%$ by ! ,ag5cy1 ! ,ag5cy %all transf] to ,,css su* funds f ! ent]prises z ! ,ag5cy1 aft] consultation ) ! ,bo>d ( ,directors1 det]m9es may be reasonably necess>y = ,,css to beg9 c>ry+ out ! activities & op]ations ( ! ,plat=m4 7#b7 ,transf] ( prop]ty 7,a7 ,9 g5]al ,! ,ag5cy %all direct ! ent]prises to transf] or sell to ! ,plat=m any prop]ty1 includ+ intellectual prop]ty1 te*nology1 sy/ems1 & infra/ructure 7includ+ te*nology1 sy/ems1 & infra/ructure develop$ by ! ent]prises = ! ,plat=m71 z well z any o!r legacy sy/ems1 infra/ructure1 & processes t may be necess>y = ! ,plat=m to c>ry out ! functions & op]ations ( ! ,plat=m4 7,b7 ,contractual & o!r legal obligations ,z may be necess>y = ! ,ag5cy & ! ent]prises to comply ) legal1 contractual1 or o!r obligations1 ! ,ag5cy %all h ! au?ority to require t any transf] au?oriz$ "u subp>agraph 7,a7 occurs z an ex*ange = value1 includ+ ?r\gh ! provision ( appropriate comp5sation to ! ent]prises or o!r entities responsible = creat+1 or contract+ )1 ! ,plat=m4 7g7 ,transition f ,,css 7#a7 ,9 g5]al ,n lat] ?an #e ye>s aft] ! date ( enactm5t ( ?is ,act1 ! ,ag5cy %all ov]see ! transition ( own]%ip ( ! ,plat=m & ! contractual & disclosure framework f ! ent]prises & ,,css to a private1 nonpr(it entity 9 accordance ) ! plan develop$ "u subsection 7b77#b74 7#b7 ,bo>d ( ,directors ,! private successor %all det]m9e ! /ructure ( ! ,bo>d ( ,directors foll[+ ! transition "u p>agraph 7#a74 7#c7 ,repaym5t ( co/ ,n lat] ?an #aj ye>s aft] ! date ( ! transition describ$ 9 p>agraph 7#a71 ! total co/ ( ! prop]ty transf]r$ 9 accordance ) subsection 7f77#b7 at ! "t ( ! transition1 z det]m9$ jo9tly by ! ,ag5cy & ! ,secret>y1 %all be repaid to ! ent]prises4 7h7 ,rule ( con/ruction ,no?+ 9 ?is section %all be con/ru$ to prohibit ! ,ag5cy or ,,css f fir/ develop+ a common securitization plat=m = use only by ! ent]prises1 if all ( ! provisions 9 ?is ,act relat+ to ! developm5t ( ! ,plat=m & ! contractual & disclosure framework are compli$ ) 9 a timely mann]4 #gjf4 ,m&atory risk %>+ 7a7 ,s5se ( congress ,x is ! s5se ( ,congress t-- 7#a7 at ! direction ( ! ,ag5cy1 ! ent]prises h execut$ a s]ies ( transactions 9 :i* ! ent]prises %>e cr$it risk ) ! private sector2 7#b7 9 ! risk-%>+ transactions to date1 ! ent]prises h %>$ cr$it risk on pools ( resid5tial mortgage loans t back securities on :i* an ent]prise ei!r already gu>antees or does n yet gu>antee ! timely paym5t ( pr9cipal & int]e/2 7#c7 ! risk t ! ent]prises h %>$ has be5 ei!r any loss suff]$ on ! loans 9 ! pool or any loss 9 excess ( "s m9imal level on loans 9 ! pool2 7#d7 to date1 ! va/ majority ( risk-%>+ transactions h involv$ ei!r back-end risk %>+ or ! transf] ( ! second loss position2 & 7#e7 ! ,ag5cy %\ld direct ! ent]prises to-- 7,a7 engage 9 m front-end risk %>+ 9 :i* ! fir/ loss position is transf]r$2 & 7,b7 reta9 data t c help in=m policymak]s & ! public ab\t ! impact to consum]s1 ! m>ket1 & ! ent]prises f su* transactions4 7b7 ,m&atory risk %>+ 7#a7 ,9 g5]al ,subp>t ,a ( "p #b ( subtitle ,a ( ! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4 #deda et seq47 is am5d$ by add+ at ! end ! foll[+3 #acbh4 ,m&atory risk-%>+ transactions 7a7 ,def9itions ,9 ?is section3 7#a7 ,fir/ loss position ,! t]m fir/ loss position means1 ) respect to a risk-%>+ transaction1 ! position to :i* any cr$it loss on a security result+ f ! nonp]=mance ( und]ly+ mortgage loans w accrue & be absorb$1 to ! full ext5t ( ! hold]'s int]e/ 9 su* position4 7#b7 ,front-end risk %>+ ,! t]m front-end risk %>+ means any risk-%>+ transaction t provides = an ent]prise to %>e cr$it risk on a pool ( s+le-family resid5tial mortgage loans t back securities on :i* ! ent]prise gu>antees ! timely paym5t ( pr9cipal & int]e/ ) ! private sector be=e ! ent]prise provides any su* gu>antee4 7#c7 ,risk-%>+ transaction ,! t]m risk-%>+ transaction means any transaction t provides = an ent]prise to %>e cr$it risk on a pool ( s+le-family resid5tial mortgage loans t back securities on :i* ! ent]prise gu>antees ! timely paym5t ( pr9cipal & int]e/ ) ! private sector4 7b7 ,risk-%>+ transactions ,! ,director %all require ea* ent]prise to develop & und]take risk-%>+ transactions 9 :i* ! fir/ loss position is transf]r$1 z provid$ 9 subsection 7c74 7c7 ,requir$ p]c5tage ( bus9ess 7#a7 ,requirem5t ,! ,director %all require t ea* ent]prise engage 9 significant & increas+ risk-%>+ transactions1 includ+ front-end risk %>+ & risk-%>+ transactions 9 :i* ! fir/ loss position is transf]r$1 consid]+ m>ket conditions & ! safety & s\ndness ( ! ent]prise4 7#b7 ,annual report+ requirem5t ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is section1 & e ye> !reaft]1 ! ,ag5cy %all submit to ,congress a report1 :i* %all include-- 7,a7 = ! #ab-mon? p]iod prec$+ ! date on :i* ! report is submitt$1 an assessm5t ( ! m>ket responses to ! risk-%>+ transactions ( ea* ( ! ent]prises1 9 aggregate1 & by cr$it risk-%>+ me*anism1 includ+-- 7i7 impacts on borr[] co/s1 yield spreads1 & ! economics ( ! op]ations ( ! ent]prises2 & 7ii7 ! type & *>act]i/ics ( ! und]ly+ collat]al & borr[]s ^: loans are involv$ 9 risk-%>+ transactions2 & 7,b7 a #e-ye> plan1 :i* %all include1 = ea* ( ! #e ye>s foll[+ ! ye> 9 :i* ! report is issu$-- 7i7 ! project$ p]c5tage ( ! unpaid pr9cipal balance ( ea* ent]prise cov]$ "u ! cr$it risk-%>+ program2 7ii7 ! project$ p]c5tage ( new bus9ess = ea* ent]prise subject to transactions 9 :i* ! fir/ loss position is transf]r$1 includ+ ! types ( deal /ructures2 7iii7 ! project$ dep? ( front-end risk %>+ p] type ( transaction = ea* ent]prise2 & 7iv7 a description ( ! /eps t ! ,ag5cy int5ds to take to broad5 ! eligible inve/or base = cr$it risk-%>+ programs4 4 ,,viii ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act te*nical corrections #hja4 ,table ( cont5ts2 def9itional corrections 7a7 ,table ( cont5ts ,! table ( cont5ts = ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7,public ,law #aaa-bjc2 #abd ,/at4 #acgf7 is am5d$ by /rik+ ! items relat+ to sections #djg ?r\gh #daf & ins]t+ ! foll[+3 ,sec4 #djg4 ,exemption ( & report+ by v5ture capital fund advis]s4,sec4 #djh4 ,exemption ( & report+ by c]ta9 private fund advis]s4,sec4 #dji4 ,family (fices4,sec4 #daj4 ,/ate & ,f$]al responsibilities2 asset ?re%old = ,f$]al regi/ration ( inve/m5t advis]s4,sec4 #daa4 ,cu/ody ( cli5t assets4,sec4 #dab4 ,comptroll] ,g5]al /udy on cu/ody rule co/s4,sec4 #dac4 ,adju/+ ! accr$it$ inve/or /&>d4,sec4 #dad4 ,rule ( con/ruction relat+ to ! ,commodity ,ex*ange ,act4,sec4 #dae4 ,,gao /udy & report on accr$it$ inve/ors4,sec4 #daf4 ,,gao /udy on self-regulatory organization = private funds4,sec4 #dag4 ,commission /udy & report on %ort sell+4,sec4 #dah4 ,qualifi$ cli5t /&>d4,sec4 #dai4 ,transition p]iod4 4 7b7 ,def9itions ,section #b ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7#ab ,u4,s4,c4 #ecja7 is am5d$-- 7#a7 9 p>agraph 7#a7-- 7,a7 by /rik+ section #c & ins]t+ section #c7w72 & 7,b7 by /rik+ 7#ab ,u4,s4,c4 #ahac7 & ins]t+ 7#ab ,u4,s4,c4 #ahac7w772 7#b7 9 p>agraph 7#f71 by /rik+ #a et seq4 & ins]t+ #a;a2 & 7#c7 9 p>agraph 7#ah77;,a7-- 7,a7 by /rik+ bank hold+ company12 & 7,b7 by ins]t+ includes1 be=e includ+14 #hjb4 ,antitru/ sav+s clause corrections ,section #f ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7#ab ,u4,s4,c4 #ecjc7 is am5d$1 9 ! second s5t5ce-- 7#a7 by ins]t+ 7#ae ,u4,s4,c4 #ab7;a77 aft] ,clayton ,act2 & 7#b7 by /rik+ ,act1 to & ins]t+ ,act 7#ae ,u4,s4,c4 #de7 to4 #hjc4 ,title ,i corrections ,! ,f9ancial ,/ability ,act ( #bjaj 7#ab ,u4,s4,c4 #ecaa et seq47 is am5d$-- 7#a7 9 section #ajb7;a77#f7 7#ab ,u4,s4,c4 #ecaa7;a77#f771 by ins]t+ 7#ab ,u4,s4,c4 #ahdc7k77 aft] ( #aief ea* place t t]m appe>s2 7#b7 9 section #aaa 7#ab ,u4,s4,c4 #ecba7-- 7,a7 9 subsection 7b7-- 7i7 9 p>agraph 7#a77;,g71 by /rik+ ,*airp]son & ins]t+ ,*airman2 & 7ii7 9 p>agraph 7#b77;,e71 by /rik+ su* & ins]t+ !2 & 7,b7 9 subsection 7c77#c71 by /rik+ t ag5cy or dep>tm5t head & ins]t+ ! head ( t memb] ag5cy or dep>tm5t2 7#c7 9 section #aab 7#ab ,u4,s4,c4 #ecbb7-- 7,a7 9 subsection 7a77#b7-- 7i7 9 subp>agraph 7,d7-- 7,i7 by /rik+ to monitor & ins]t+ monitor2 & 7,,ii7 by /rik+ to advise & ins]t+ advise2 7ii7 9 subp>agraph 7,j7-- 7,i7 by /rik+ t t]m is & ins]t+ ^? t]ms are2 & 7,,ii7 by /rik+ & settlem5t & ins]t+ or settlem5t2 & 7iii7 9 subp>agraph 7,l71 by /rik+ may2 & 7,b7 9 subsection 7d77#e7-- 7i7 9 subp>agraph 7,b71 by /rik+ subsection & & ins]t+ subtitle or2 & 7ii7 9 subp>agraph 7,c71 by /rik+ subsection & & ins]t+ subtitle or2 7#d7 9 section #aed7;c7 7#ab ,u4,s4,c4 #ecdd7;c77-- 7,a7 by /rik+ ,c5t]4-- & all t foll[s ?r\gh ,! ,rese>* & ins]t+ ,c5t]4--,! ,rese>*2 & 7,b7 by r$esignat+ subp>agraphs 7,a7 ?r\gh 7,h7 z p>agraphs 7#a7 ?r\gh 7#h71 respectively1 & adju/+ ! m>g9s accord+ly2 7#e7 9 section #aee7;a77#b7 7#ab ,u4,s4,c4 #ecde7;a77#b771 by /rik+ 7c71 & ins]t+ 7c72 7#f7 9 section #afd 7#ab ,u4,s4,c4 #ecfd71 by /rik+ ,in/itutions & ins]t+ ,in/itution2 7#g7 9 section #afg7;b77#a77;,b77ii7 7#ab ,u4,s4,c4 #ecfg7;b77#a77;,b77ii771 by /rik+ to ensure & ins]t+ ensure2 & 7#h7 9 section #aga7;b77#d77;,d7 7#ab ,u4,s4,c4 #ecga7;b77#d77;,d771 by add+ a p]iod at ! end4 #hjd4 ,title ,,ii corrections ,title ,,ii ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7#ab ,u4,s4,c4 #echa et seq47 is am5d$-- 7#a7 9 section #baj 7#ab ,u4,s4,c4 #ecij7-- 7,a7 9 subsection 7a7-- 7i7 9 p>agraph 7#a77;,d71 by /rik+ w9d-up & ins]t+ w9d up2 & 7ii7 9 p>agraph 7#e77;,c71 by /rik+ receiv] seek+ & ins]t+ receiv]7 seek+2 7,b7 9 subsection 7b77#a71 by /rik+ #aa1gbe ea* place t t]m appe>s & ins]t+ #aa1gbe2 7,c7 9 subsection 7m77#a77;,b71 by ins]t+ ( be=e ! ,bankruptcy ,code2 & 7,d7 9 subsection 7o77#a77;,d77i77,i71 by /rik+ & 7h77#e77;,e7 & ins]t+ or 7h77#e77;,e72 7#b7 9 section #baa7;d77#a77;,c7 7#ab ,u4,s4,c4 #ecia7;d77#a77;,c771 by /rik+ ord]ly liquidation plan "u section #baj7n77#ad7 & ins]t+ an ord]ly liquidation plan "u section #baj7n77#i72 & 7#c7 9 section #bae7;a77#e7 7#abd ,/at4 #aeah71 by /rik+ amd & ins]t+ &4 #hje4 ,title ,,iii corrections 7a7 ,9 g5]al ,! ,enhanc+ ,f9ancial ,in/itution ,safety & ,s\ndness ,act ( #bjaj 7#ab ,u4,s4,c4 #edja et seq47 is am5d$-- 7#a7 9 section #cbg7;b77#e7 7#ab ,u4,s4,c4 #edcg7;b77#e771 by /rik+ 9 & ins]t+ into2 7#b7 9 section #ccc7;b77#b7 7#abd ,/at4 #aeci71 by ins]t+ ! second place t t]m appe>s be=e & ins]t+2 & 7#c7 9 section #cfi7e7 7#abd ,/at4 #aeei7-- 7,a7 9 subp>agraph 7,d77i7-- 7i7 9 subclause 7,,iii71 by r$esignat+ items 7aa71 7bb71 & 7cc7 z subitems 7,,aa71 7,,bb71 & 7,,cc71 respectively1 & adju/+ ! m>g9s accord+ly2 7ii7 9 subclause 7,,iv71 by r$esignat+ items 7aa7 & 7bb7 z subitems 7,,aa7 & 7,,bb71 respectively1 & adju/+ ! m>g9s accord+ly2 7iii7 9 subclause 7,v71 by r$esignat+ items 7aa71 7bb71 & 7cc7 z subitems 7,,aa71 7,,bb71 & 7,,cc71 respectively1 & adju/+ ! m>g9s accord+ly2 & 7iv7 by r$esignat+ subclauses 7,,iii71 7,,iv71 & 7,v7 z items 7bb71 7cc71 & 7dd71 respectively1 & adju/+ ! m>g9s accord+ly2 7,b7 9 subp>agraph 7,f7-- 7i7 9 clause 7ii71 by add+ & at ! end2 7ii7 9 clause 7iii71 by /rik+ 2 & & ins]t+ a semicolon2 & 7iii7 by /rik+ clause 7iv72 & 7,c7 9 subp>agraph 7,g77i71 by ins]t+ ea* place su* t]m appe>s be=e & ins]t+4 7b7 ,effective dates 7#a7 ,section #ccc ,! am5dm5t made by subsection 7a77#b7 ( ?is section %all take effect z if enact$ z "p ( subtitle ,c ( ! ,enhanc+ ,f9ancial ,in/itution ,safety & ,s\ndness ,act ( #bjaj 7title ,,iii ( ,public ,law #aaa-bjc2 #abd ,/at4 #aech74 7#b7 ,section #cfi ,! am5dm5ts made by subsection 7a77#c7 ( ?is section %all take effect z if enact$ z "p ( subtitle ,e ( ! ,enhanc+ ,f9ancial ,in/itution ,safety & ,s\ndness ,act ( #bjaj 7title ,,iii ( ,public ,law #aaa-bjc2 #abd ,/at4 #aedf74 #hjf4 ,title ,,iv correction ,section #dad ( ! ,private ,fund ,inve/m5t ,advis]s ,regi/ration ,act ( #bjaj 7title ,,iv ( ,public ,law #aaa-bjc2 #abd ,/at4 #aegh7 is am5d$ 9 ! section head+ by /rik+ ,commodities & ins]t+ ,commodity4 #hjg4 ,title ,,vi corrections 7a7 ,9 g5]al ,! ,bank & ,sav+s ,association ,hold+ ,company & ,depository ,in/itution ,regulatory ,improvem5ts ,act ( #bjaj 7title ,,vi ( ,public ,law #aaa-bjc2 #abd ,/at4 #aeif7 is am5d$-- 7#a7 9 section #faj 7#abd ,/at4 #afaa7-- 7,a7 by /rik+ subsection 7b72 & 7,b7 by r$esignat+ subsection 7c7 z subsection 7b72 & 7#b7 9 section #fah7;a7 7#ab ,u4,s4,c4 #ahej;a7a77-- 7,a7 9 p>agraph 7#d77;,b77i71 by ins]t+ ( ,gov]nors aft] ,bo>d2 & 7,b7 9 p>agraph 7#f71 by ins]t+ 7#ab ,u4,s4,c4 #ahda7 aft] ,act ( #aief4 7b7 ,effective date ,! am5dm5ts made by subsection 7a77#a7 ( ?is section %all take effect z if enact$ z "p ( section #faj ( ! ,bank & ,sav+s ,association ,hold+ ,company & ,depository ,in/itution ,regulatory ,improvem5ts ,act ( #bjaj 7title ,,vi ( ,public ,law #aaa-bjc2 #abd ,/at4 #afaa74 #hjh4 ,title ,,vii corrections 7a7 ,9 g5]al ,! ,wall ,/reet ,transp>5cy & ,acc\ntability ,act ( #bjaj 7#ae ,u4,s4,c4 #hcja et seq47 is am5d$-- 7#a7 9 section #gai7;c77#a77;,b7 7#ae ,u4,s4,c4 #hcjg7;c77#a77;,b771 by add+ a p]iod at ! end2 7#b7 9 section #gbc7;a77#a77;,b7 7#abd ,/at4 #afge71 by ins]t+ 1 z add$ by section #ajg ( ! ,commodity ,futures ,mod]nization ,act ( #bjjj 7,app5dix ,e ( ,public ,law #ajf-eed2 #aad ,/at4 #bgfc;,a-#chb71 aft] subsection 7i72 7#c7 9 section #gbd7;a7 7#abd ,/at4 #afhb71 by /rik+ add+ at ! end & ins]t+ ins]t+ aft] subsection 7e72 7#d7 9 section #gcd7;b77#a7 7#abd ,/at4 #agah71 by /rik+ is am5d$ & all t foll[s ?r\gh 7,b7 9 & ins]t+ is am5d$ 92 7#e7 9 section #gda7;b77#aj7 7#abd ,/at4 #agcb71 by /rik+ #a;a7#ai77;,a77iv77,,ii7 ea* place t t]m appe>s & ins]t+ #a;a7#ah77;,a77iv77,,ii72 & 7#f7 9 section #gdi 7#abd ,/at4 #agdf7-- 7,a7 9 subsection 7a77#b71 by /rik+ add+ at ! end & ins]t+ ins]t+ aft] subsection 7f72 & 7,b7 9 subsection 7h77#a77;,b71 by ins]t+ ! second place t t]m appe>s be=e ! semicolon4 7b7 ,effective date ,! am5dm5ts made by p>agraphs 7#c71 7#d71 7#e71 & 7#f7 ( subsection 7a7 %all take effect z if enact$ z "p ( "p ,,ii ( subtitle ,a ( ! ,wall ,/reet ,transp>5cy & ,acc\ntability ,act ( #bjaj 7title ,,vii ( ,public ,law #aaa-bjc2 #abd ,/at4 #afeh74 #hji4 ,title ,,viii corrections ,! ,paym5t1 ,cle>+1 & ,settlem5t ,sup]vision ,act ( #bjaj 7#ab ,u4,s4,c4 #edfa et seq47 is am5d$-- 7#a7 9 section #hje7;a77#b77;,e7 7#ab ,u4,s4,c4 #edfd7;a77#b77;,e771 by /rik+ ! quotation m>ks at ! end2 7#b7 9 section #hjf 7#ab ,u4,s4,c4 #edfe7-- 7,a7 9 subsection 7b71 9 ! fir/ s5t5ce1 by /rik+ 7#b77 aft] & ins]t+ 7#b777 aft]2 & 7,b7 9 subsection 7e77#a77;,a7-- 7i7 by /rik+ advance notice & ins]t+ advance2 & 7ii7 by /rik+ ea* ,sup]visory ,ag5cy & ins]t+ its ,sup]visory ,ag5cy2 7#c7 9 section #hjg 7#ab ,u4,s4,c4 #edff7-- 7,a7 9 subsection 7d77#a71 by add+ a p]iod at ! end2 & 7,b7 9 subsection 7f77#b71 by ins]t+ a comma aft] "u ! second place t t]m appe>s2 7#d7 9 section #hjh7;b7 7#ab ,u4,s4,c4 #edfg7;b771 by ins]t+ a comma aft] "u ! ?ird place t t]m appe>s2 & 7#e7 9 section #hac 7#ab ,u4,s4,c4 #edgb71 9 ! matt] prec$+ p>agraph 7#a71 by ins]t+ t includes aft] ,repres5tatives4 #haj4 ,title ,,ix corrections ,section #ici7;h77#a7 ( ! ,inve/or ,protection & ,securities ,re=m ,act ( #bjaj 7title ,,ix ( ,public ,law #aaa-bjc2 #abd ,/at4 #ahhg7 is am5d$1 9 ! matt] prec$+ subp>agraph 7,a7-- 7#a7 by ins]t+ ,! be=e ,commission2 & 7#b7 by /rik+ feasability & ins]t+ feasibility4 #haa4 ,title ,x corrections 7a7 ,9 g5]al ,! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #edha et seq47 is am5d$-- 7#a7 9 section #ajjb7ab77;,g7 7#ab ,u4,s4,c4 #edha7ab77;,g771 by /rik+ ,home ,own]s & ins]t+ ,home[n]s2 7#b7 9 section #ajac7;a77#a77;,c7 7#ab ,u4,s4,c4 #edic7;a77#a77;,c771 by /rik+ section #aa7a7 ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #bdh7a77 & ins]t+ subsection 7l7 ( section #aa ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #bdh7l72 7#c7 9 section #ajag7;a77#e7 7#ab ,u4,s4,c4 #edig7;a77#e77-- 7,a7 9 subp>agraph 7,a71 9 ! la/ s5t5ce by /rik+ #gaf7;c7 ( title #ca1 ,unit$ ,/ates ,code & ins]t+ #gaf ( title #ca1 ,unit$ ,/ates ,code2 & 7,b7 9 subp>agraph 7,c71 by /rik+ section #cgji ( ! ,revis$ ,/atutes ( ! ,unit$ ,/ates 7#da ,u4,s4,c4 #e7 & ins]t+ section #faja ( title #da1 ,unit$ ,/ates ,code2 7#d7 9 section #ajbb7;c77#i77;,b7 7#ab ,u4,s4,c4 #eeab7;c77#i77;,b771 by /rik+ #aigh1 & ins]t+ #aigh2 7#e7 9 section #ajbe 7#ab ,u4,s4,c4 #eeae7-- 7,a7 9 subsections 7b71 7c71 & 7d7-- 7i7 by ins]t+ cov]$ be=e p]sons ea* place t t]m appe>s2 & 7ii7 by ins]t+ cov]$ be=e p]son describ$ 9 subsection 7a7 ea* place t t]m appe>s2 7,b7 9 subsection 7d71 by /rik+ #ab ,u4,s4,c4 #ahfg7;c7 & ins]t+ 7#ab ,u4,s4,c4 #ahfg7;c772 & 7,c7 9 subsection 7e77#d77;,f71 by /rik+ #bab ( ! ,f$]al ,cr$it ,union ,act 7#aab ,u4,s4,c4 #agij;a7 & ins]t+ #baf ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #agij;d72 7#f7 9 section #ajbg7;d77#a77;,b7 7#ab ,u4,s4,c4 #eeag7;d77#a77;,b771 by ins]t+ a comma aft] 7,a72 7#g7 9 section #ajbi7;d7 7#ab ,u4,s4,c4 #eeai7;d771 by /rik+ ! p]iod aft] ,commission ,act2 7#h7 9 section #ajfa 7#ab ,u4,s4,c4 #eeha7-- 7,a7 9 subsection 7b77#g7-- 7i7 by /rik+ ,secret>y ( ! ,dep>tm5t ( ,h\s+ & ,urban ,developm5t ea* place t t]m appe>s & ins]t+ ,dep>tm5t ( ,h\s+ & ,urban ,developm5t2 & 7ii7 9 subp>agraph 7,a71 by /rik+ 7#ab ,u4,s4,c4 #eajb et seq47 & ins]t+ 7#ab ,u4,s4,c4 #eaja et seq472 & 7,b7 9 subsection 7c77#b77;,a71 by /rik+ proc$ures 9 & ins]t+ proc$ures2 7#i7 9 section #ajfc 7#ab ,u4,s4,c4 #eehc7-- 7,a7 9 subsection 7f77#a77;,b71 by /rik+ t2 & 7,b7 9 subsection 7g77#a77;,a7-- 7i7 by /rik+ 7#ab ,u4,s4,c4 #eajb et seq47 & ins]t+ 7#ab ,u4,s4,c4 #eaja et seq472 & 7ii7 by /rik+ seq7 & ins]t+ seq472 7#aj7 9 section #ajfd7;i77#a77;,a77iii7 7#ab ,u4,s4,c4 #eehd7;i77#a77;,a77iii771 by ins]t+ a p]iod be=e ,if an2 7#aa7 9 section #ajgc7;c77#b7 7#ab ,u4,s4,c4 #efja7;c77#b77-- 7,a7 9 ! p>agraph head+1 by ins]t+ & education aft] f9ancial lit]acy2 & 7,b7 by /rik+ its duties & ins]t+ _! duties2 7#ab7 9 section #ajgf7;b77#a7 7#ab ,u4,s4,c4 #efjb7;b77#a771 by ins]t+ be=e ! p]iod at ! end ! foll[+3 1 ! ,bureau may1 aft] notice & opportunity = comm5t1 prescribe regulations2 7#ac7 9 section #ajgg7;b77#d77;,f7 7#abd ,/at4 #bjgf71 by /rik+ associates & ins]t+ associate's2 7#ad7 9 section #ajhd7a7 7#abd ,/at4 #bjha7-- 7,a7 by ins]t+ p>agraph 7#c7 ( section #ijc 7#ae ,u4,s4,c4 #afic;a71 be=e subsections 7a7 & 7e7 ( section #ijd2 7,b7 by /rik+ & 9 #iah & ins]t+ 1 section #iaf7;d7 7#ae ,u4,s4,c4 #aficm7d771 section #iah2 & 7,c7 by ins]t+ a comma aft] #bjji72 7#ae7 9 section #ajhi 7#abd ,/at4 #bjib7-- 7,a7 9 p>agraph 7#c7-- 7i7 9 subp>agraph 7,a71 by /rik+ & at ! end2 & 7ii7 9 subp>agraph 7,b77vi71 by /rik+ ! p]iod at ! end & ins]t+ 2 &2 & 7,b7 by r$esignat+ p>agraph 7#d7 z subp>agraph 7,c7 & adju/+ ! m>g9s accord+ly2 & 7#af7 9 section #ajih7f7 7#abd ,/at4 #bajd71 by ins]t+ ! fir/ place t t]m appe>s be=e &4 7b7 ,effective date ,! am5dm5ts made by p>agraphs 7#ad71 7#ae71 & 7#af7 ( subsection 7a7 ( ?is section %all take effect z if enact$ z "p ( subtitle ,h ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7title ,x ( ,public ,law #aaa-bjc2 #abd ,/at4 #bjhj74 #hab4 ,title ,,xi correction ,section #aaje7;d77#a7 ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7#ab ,u4,s4,c4 #efab7;d77#a77 is am5d$ by /rik+ au?ority4-- & all t foll[s ?r\gh by ! ,presid5t & ins]t+ au?ority4--,a reque/ by ! ,presid5t4 #hac4 ,title ,,xii correction ,section #abjh7;b7 ( ! ,improv+ ,access to ,ma9/ream ,f9ancial ,in/itutions ,act ( #bjaj 7#ab ,u4,s4,c4 #efbf7;b77 is am5d$ by /rik+ ,fund = ea* & ins]t+ ,fund 7z def9$ 9 section #ajc7aj7 ( ! ,riegle ,community ,developm5t & ,regulatory ,improvem5t ,act ( #aiid 7#ab ,u4,s4,c4 #dgjb7aj777 = ea*4 #had4 ,title ,,xiv correction ,section #adea7;c7 ( ! ,mortgage ,re=m & ,anti-,pr$atory ,l5d+ ,act 7#ab ,u4,s4,c4 #agjax-#a7;c77 is am5d$ by /rik+ pursuant4 #hae4 ,con=m+ corrections to o!r /atutes 7a7 ,alt]native mortgage transaction p>ity act ( #aihb ,! ,alt]native ,mortgage ,transaction ,p>ity ,act ( #aihb 7#ab ,u4,s4,c4 #chja et seq47 is am5d$-- 7#a7 9 section #hjb7;a77#c7 7#ab ,u4,s4,c4 #chja7;a77#c771 by /rik+ ! ,director ( ! ,(fice ( ,?rift ,sup]vision & ins]t+ ! ,bureau ( ,consum] ,f9ancial ,protection2 & 7#b7 9 section #hjd7;d77#a7 7#ab ,u4,s4,c4 #chjc7;d77#a77-- 7,a7 by /rik+ id5tifi$ & ins]t+ issu$2 & 7,b7 by /rik+ ! comma aft] ,adm9i/ration4 7b7 ,bank ,hold+ ,company ,acts 7#a7 ,bank ,hold+ ,company ,act ,am5dm5ts ( #aigj ,section #ajf7;b77#a7 ( ! ,bank ,hold+ ,company ,act ,am5dm5ts ( #aigj 7#ab ,u4,s4,c4 #aigb7a77 is am5d$1 9 ! undesignat$ matt] foll[+ subp>agraph 7,e7-- 7,a7 by ins]t+ ,(fice ( ! be=e ,comptroll] ( !2 & 7,b7 by /rik+ 8,f$]al ,deposit ,insurance ,company0 & ins]t+ 8,f$]al ,deposit ,insurance ,corporation04 7#b7 ,bank ,hold+ ,company ,act ( #aief ,section #ac ( ! ,bank ,hold+ ,company ,act ( #aief 7#ab ,u4,s4,c4 #ahea7 is am5d$-- 7,a7 9 subsection 7d77#a77;,e71 by /rik+ #ajb ( ! ,small ,bus9ess ,inve/m5t ,act ( #aieh 7#ae ,u4,s4,c4 #ffb7 & ins]t+ #ajc7c7 ( ! ,small ,bus9ess ,inve/m5t ,act ( #aieh 7#ae ,u4,s4,c4 #ffb7c772 7,b7 9 subsection 7f77#c77;,a77ii71 by /rik+ 7d77#a77;g77v7 & ins]t+ 7d77#a77;,g77v72 & 7,c7 9 ! matt] prec$+ subp>agraph 7,a7 ( subsection 7h77#a71 by /rik+ section #h ( ! ,int]national ,bank+ ,act ( #aigh & ins]t+ section #h7;a7 ( ! ,int]national ,bank+ ,act ( #aigh 7#ab ,u4,s4,c4 #cajf7;a774 7c7 ,balanc$ ,budget & ,em]g5cy ,deficit ,control ,act ,section #bee7;g77#a77;,a7 ( ! ,balanc$ ,budget & ,em]g5cy ,deficit ,control ,act ( #aihe 7#b ,u4,s4,c4 #ije7;g77#a77;,a77 is am5d$ by /rik+ ,(fice ( ,?rift ,sup]vision 7#bj-dajh-j-c-cgc744 7d7 ,bretton ,woods ,agreem5ts ,act ,section #fh7;a77#a7 ( ! ,bretton ,woods ,agreem5ts ,act 7#bb ,u4,s4,c4 #bhftt7a77#a77 is am5d$ by /rik+ ,fund 1 & ins]t+ ,fund14 7e7 ,,c-,,spam ,act ( #bjjc ,section #g7;b77#a77;,d7 ( ! ,,c-,,spam ,act ( #bjjc 7#ae ,u4,s4,c4 #ggjf7;b77#a77;,d77 is am5d$ by /rik+ ,director ( ! ,(fice ( ,?rift ,sup]vision & ins]t+ ,comptroll] ( ! ,curr5cy or ! ,bo>d ( ,directors ( ! ,f$]al ,deposit ,insurance ,corporation1 z applicable4 7f7 ,*ildr5's ,onl9e ,privacy ,protection ,act ( #aiih ,section #acjf7;b77#b7 ( ! ,*ildr5's ,onl9e ,privacy ,protection ,act ( #aiih 7#ae ,u4,s4,c4 #feje7;b77#b77 is am5d$ by /rik+ ,director ( ! ,(fice ( ,?rift ,sup]vision & ins]t+ ,comptroll] ( ! ,curr5cy or ! ,bo>d ( ,directors ( ! ,f$]al ,deposit ,insurance ,corporation1 z applicable4 7g7 ,commodity ,ex*ange ,act ,! ,commodity ,ex*ange ,act 7#g ,u4,s4,c4 #a et seq47 is am5d$-- 7#a7 9 section #a;a 7#g ,u4,s4,c4 #a;a7-- 7,a7 9 p>agraph 7#ab77;,a77i77,,ii71 by add+ a semicolon at ! end2 7,b7 9 p>agraph 7#ci77;,a77iv71 by /rik+ #bbe & ins]t+ #be2 & 7,c7 9 p>agraph 7#dg77;,b77viii77,,ii71 by /rik+ 7#ae ,u4,s4,c4 #gg;b7a77#aa77 & ins]t+ 7#ae ,u4,s4,c4 #gg;b7a77#aa7772 7#b7 9 section #b 7#g ,u4,s4,c4 #b7-- 7,a7 9 subsection 7c77#b77;,d77ii77,i71 by /rik+ subp>agraphs & ins]t+ subp>agraph2 & 7,b7 9 subsection 7h7-- 7i7 9 p>agraph 7#e7-- 7,i7 9 subp>agraph 7,a7-- 7aa7 by /rik+ ,swaps & ins]t+ ,ea* swap2 & 7bb7 by /rik+ no lat] ?an #ahj days aft] ! effective date ( ?is subsection4 & ins]t+ no lat] ?an-- 7i7 #cj days aft] ! issuance ( ! int]im f9al rule2 or 7ii7 su* o!r date z ! ,commission det]m9es appropriate4 2 & 7,,ii7 9 subp>agraph 7,b71 by /rik+ ,swaps & ins]t+ ,ea* swap2 7ii7 9 p>agraph 7#g7-- 7,i7 9 subp>agraph 7,c77i77,,vii71 by ins]t+ or a gov]nm5tal plan aft] employee b5efit plan2 & 7,,ii7 9 subp>agraph 7,d77ii77,v71 by /rik+ ( t ,act & ins]t+ ( t section2 & 7iii7 9 p>agraph 7#h77;,a77ii71 by ins]t+ section be=e #e;h or2 7#c7 9 section #d 7#g ,u4,s4,c4 #f7-- 7,a7 9 subsection 7b77#a77;,a71 by /rik+ commission ea* place t t]m appe>s & ins]t+ ,commission2 & 7,b7 9 subsection 7c77#a7-- 7i7 9 subp>agraph 7,a7-- 7,i7 by ins]t+ ! ,commission %all n grant exemptions1 aft] grant exemptions12 & 7,,ii7 9 clause 7i7-- 7aa7 9 subclause 7,i7-- 7,,aa7 by /rik+ #e7;g71 #e7;h712 & 7,,bb7 by /rik+ #h;e12 & 7bb7 9 subclause 7,,ii71 by /rik+ #bjf7;e7 & ins]t+ #bjf2 & 7ii7 9 subp>agraph 7,b71 by /rik+ 7,d77 & ins]t+ 7,d72 7#d7 9 section #d;d7f77#b77;,a7 7#g ,u4,s4,c4 #f;d7f77#b77;,a771 by /rik+ ?\gh & ins]t+ ?r\gh2 7#e7 9 section #ds 7#g ,u4,s4,c4 #fs7-- 7,a7 9 subsection 7e77#c7-- 7i7 9 subp>agraph 7,b77i77,,ii71 by /rik+ 7#aa77 & ins]t+ 7#aa7772 & 7ii7 9 subp>agraph 7,d77ii71 9 ! matt] prec$+ subclause 7,i71 by /rik+ non ca% collat]al & ins]t+ nonca% collat]al2 7,b7 9 subsection 7f77#a77;,b77i71 by /rik+ ,commission & ins]t+ prud5tial regulator2 7,c7 9 subsection 7h7-- 7i7 9 p>agraph 7#b77;,b71 by ins]t+ a be=e swap )2 & 7ii7 9 p>agraph 7#e77;,a7-- 7,i7 9 clause 7i7-- 7aa7 by /rik+ section #a;a7#ah7 & ins]t+ section #a;a7#ah77;,a72 & 7bb7 9 subclause 7,,vii71 by /rik+ act ( & ins]t+ ,act (2 & 7,,ii7 9 clause 7ii71 by ins]t+ 9 connection ) ! transaction aft] act+2 & 7,d7 9 subsection 7k77#c77;,a77ii71 by /rik+ ! code & ins]t+ any code2 7#f7 9 section #e7;d77#ai77;,a7 7#g ,u4,s4,c4 #g7;d77#ai77;,a771 by /rik+ tak+ & ins]t+ take2 7#g7 9 section #e;b 7#g ,u4,s4,c4 #g;a-#a71 by r$esignat+ subsection 7k7 z subsection 7j72 7#h7 9 section #e;c7c7 7#g ,u4,s4,c4 #g;a-#b7;c77-- 7,a7 9 p>agraph 7#d77;,b71 by /rik+ #a;a7#aj7 & ins]t+ #a;a7#i72 & 7,b7 9 p>agraph 7#e7-- 7i7 9 subp>agraph 7,a71 by /rik+ ?is subtitle & ins]t+ ?is ,act2 & 7ii7 9 subp>agraph 7,c77i71 by /rik+ #a;a7#b77;i7 & ins]t+ #a;a7#i72 7#i7 9 section #e;h 7#g ,u4,s4,c4 #g;b-#c7-- 7,a7 9 subsection 7a77#a7 1 by /rik+ a facility & ins]t+ a swap execution facility2 & 7,b7 9 subsection 7f77#aa77;,a71 by /rik+ tak+ & ins]t+ take2 7#aj7 9 section #bb7;a77#a77;,c77ii7 7#g ,u4,s4,c4 #be7;a77#a77;,c77ii771 by /rik+ or at ! end2 & 7#aa7 9 section #bc 7#g ,u4,s4,c4 #bf7-- 7,a7 9 subsection 7c7-- 7i7 9 p>agraph 7#a77;,b77i77,,iii71 by /rik+ ! ,act ea* place t t]m appe>s & ins]t+ ?is ,act2 & 7ii7 9 p>agraph 7#b77;,a77i71 by /rik+ a appropriate & ins]t+ an appropriate2 & 7,b7 9 subsection 7f77#c71 by /rik+ #gjfd & ins]t+ #gjf4 7h7 ,community ,re9ve/m5t ,act ( #aigg ,! ,community ,re9ve/m5t ,act ( #aigg 7#ab ,u4,s4,c4 #bija et seq47 is am5d$-- 7#a7 9 section #hjc7a77;,c7 7#ab ,u4,s4,c4 #bijb7a77;,c771 by /rik+ ! p]iod at ! end & ins]t+ a semicolon2 & 7#b7 9 section #hjf 7#ab ,u4,s4,c4 #bije71 by /rik+ companies11 & ins]t+ companies14 7i7 ,cr$it ,repair ,organizations ,act ,section #djc7d7 ( ! ,cr$it ,repair ,organizations ,act 7#ae ,u4,s4,c4 #afgi;a7#d77 is am5d$ by /rik+ #ajc7;e7 & ins]t+ #ajc7;f74 7j7 ,depository ,in/itution ,managem5t ,int]locks ,act ,section #bje7i7 ( ! ,depository ,in/itution ,managem5t ,int]locks ,act 7#ab ,u4,s4,c4 #cbjd7i77 is am5d$ by /rik+ ,director ( ! ,(fice ( ,?rift ,sup]vision & ins]t+ appropriate ,f$]al bank+ ag5cy4 7k7 ,economic ,gr[? & ,regulatory ,pap]work ,r$uction ,act ( #aiif ,section #bbbg7;a77#a7 ( ! ,economic ,gr[? & ,regulatory ,pap]work ,r$uction ,act ( #aiif 7#ab ,u4,s4,c4 #beb7;a77#a77 is am5d$ by /rik+ ! ,director ( ! ,(fice ( ,?rift ,sup]vision14 7l7 ,electronic ,fund ,transf] ,act ,! ,electronic ,fund ,transf] ,act 7#ae ,u4,s4,c4 #afic et seq47 is am5d$-- 7#a7 9 section #ijc 7#ae ,u4,s4,c4 #afic;a7-- 7,a7 9 p>agraph 7#b71 by /rik+ #ajc7;i7 & ins]t+ #ajc7;j72 & 7,b7 by r$esignat+ ! fir/ p>agraph designat$ z p>agraph 7#d7 7def9+ ! t]m ,bo>d7 z p>agraph 7#c72 7#b7 9 section #ijd7;a7 7#ae ,u4,s4,c4 #afic;b7a77-- 7,a7 by r$esignat+ ! second p>agraph designat$ z p>agraph 7#a7 7relat+ to consultation ) o!r ag5cies71 ! second p>agraph designat$ z p>agraph 7#b7 7relat+ to ! prep>ation ( an analysis ( economic impact71 p>agraph 7#c71 & p>agraph 7#d7 z subp>agraphs 7,a71 7,b71 7,c71 & 7,d71 respectively1 & adju/+ ! m>g9s accord+ly2 7,b7 by /rik+ ,9 prescrib+ su* regulations1 ! ,bo>d %all3 & ins]t+ ! foll[+3 7#c7 ,regulations ,9 prescrib+ regulations "u ?is subsection1 ! ,bureau & ! ,bo>d %all-- 2 7,c7 9 p>agraph 7#c77;,c71 z s r$esignat$1 by /rik+ ! ,bo>d %all2 7,d7 9 p>agraph 7#c77;,d71 z s r$esignat$-- 7i7 by ins]t+ s5d promptly be=e any2 & 7ii7 by /rik+ %all be s5t promptly to ,congress by ! ,bo>d & ins]t+ to ,congress2 7#c7 9 section #iji7;c7 7#ae ,u4,s4,c4 #afic;g7c771 by /rik+ #ajc7;e7 & ins]t+ #ajc7;f72 7#d7 9 section #iah7;a77#d7 7#ae ,u4,s4,c4 #afico7a77#d71 by /rik+ ,act & & ins]t+ ,act2 &2 & 7#e7 9 section #ibj7;a77#d77;,c7 7#ae ,u4,s4,c4 #afico-#b7;a77#d77;,c771 by /rik+ ! ,director ( ! ,(fice ( ,?rift ,sup]vision14 7m7 ,em]g5cy ,economic ,/abilization ,act ( #bjjh ,section #aja7;b7 ( ! ,em]g5cy ,economic ,/abilization ,act ( #bjjh 7#ab ,u4,s4,c4 #ebaa7;b77 is am5d$ by /rik+ ! ,director ( ! ,(fice ( ,?rift ,sup]vision14 7n7 ,equal cr$it opportunity act ,! ,equal ,cr$it ,opportunity ,act 7#ae ,u4,s4,c4 #afia et seq47 is am5d$-- 7#a7 9 section #gjc 7#ae ,u4,s4,c4 #afia;b7-- 7,a7 9 ea* ( subsections 7c7 & 7d71 by /rik+ p>agraph ea* place t t]m appe>s & ins]t+ subsection2 & 7,b7 9 subsection 7g71 by add+ a p]iod at ! end2 7#b7 9 section #gjd 7#ae ,u4,s4,c4 #afia;c7-- 7,a7 9 subsection 7a71 by /rik+ ,consum] ,protection ,f9ancial ,protection ,act ( #bjaj ) & ins]t+ ,consum] ,f9ancial ,protection ,act ( #bjaj1 compliance )2 & 7,b7 9 subsection 7c71 9 ! second s5t5ce1 by /rik+ sub*apt] & ins]t+ title2 7#c7 9 section #gjd;,b7e77#c7 7#ae ,u4,s4,c4 #afia;c-#b7;e77#c771 by /rik+ 7#a77;,e7 & ins]t+ 7#b77;,e72 & 7#d7 9 section #gjf7k7 7#ae ,u4,s4,c4 #afia;e7k771 by /rik+ 81 7#b71 or 7#c70 & ins]t+ 8or 7#b704 7o7 ,exp$it$ funds availability act ,! ,exp$it$ ,funds ,availability ,act 7#ab ,u4,s4,c4 #djja et seq47 is am5d$-- 7#a7 9 section #fje7;f77#b77;,a7 7#ab ,u4,s4,c4 #djjd7;f77#b77;,a771 by /rik+ 11 & ins]t+ a semicolon2 & 7#b7 9 section #faj7;a77#b7 7#ab ,u4,s4,c4 #djji7;a77#b771 by /rik+ ,director ( ! ,(fice ( ,?rift ,sup]vision & ins]t+ ,comptroll] ( ! ,curr5cy & ! ,bo>d ( ,directors ( ! ,f$]al ,deposit ,insurance ,corporation1 z appropriate14 7p7 ,fair cr$it report+ act ,! ,fair ,cr$it ,report+ ,act 7#ae ,u4,s4,c4 #afha et seq47 is am5d$-- 7#a7 9 section #fjc 7#ae ,u4,s4,c4 #afha;a7-- 7,a7 9 subsection 7d77#b77;,d71 by /rik+ 7x7 & ins]t+ 7y72 7,b7 9 subsection 7q77#e71 by /rik+ #ajc7;i7 & ins]t+ #ajc7;j72 & 7,c7 9 subsection 7v71 by /rik+ ,bureau & ins]t+ ,f$]al ,trade ,commission2 7#b7 9 section #fjd 7#ae ,u4,s4,c4 #afha;b7-- 7,a7 9 subsection 7b77#b77;,b77i71 by /rik+ section #fae7;a77#c7 & ins]t+ section #fae7;a77#d72 & 7,b7 9 subsection 7g77#e71 by /rik+ p>agraph 7#b74-- & all t foll[s ?r\gh ,! ,bureau & ins]t+ p>agraph 7#b74--,! ,bureau2 7#c7 9 section #fje7;h77#b77;,a7 7#ae ,u4,s4,c4 #afha;c7h77#b77;,a77-- 7,a7 by /rik+ %all11 & ins]t+ %all12 & 7,b7 by /rik+ ,commission11 & ins]t+ ,commission12 7#d7 9 p>agraphs 7#a77;,a71 7#a77;,b77i71 7#b77;,a77i71 & 7#b77;,b7 ( section #fje;,a7h7 7#ae ,u4,s4,c4 #afha;c-#a7;h77-- 7,a7 by /rik+ #ajc7;i7 & ins]t+ #ajc7;j7 ea* place t t]m appe>s2 & 7,b7 by /rik+ op5-end & ins]t+ op5 end ea* place t t]m appe>s2 7#e7 9 section #fji 7#ae ,u4,s4,c4 #afha;g7-- 7,a7 9 subsection 7c77#a7-- 7i7 9 ! p>agraph head+1 by /rik+ commission & ins]t+ bureau2 & 7ii7 9 subp>agraph 7,b77vi71 by /rik+ #fjc7w7 & ins]t+ #fjc7x72 & 7,b7 by /rik+ ,! ,commission ea* place t t]m appe>s & ins]t+ ,! ,bureau2 7#f7 9 section #faa 7#ae ,u4,s4,c4 #afha;i71 by /rik+ ,! ,commission ea* place t t]m appe>s & ins]t+ ,! ,bureau2 7#g7 9 section #fab 7#ae ,u4,s4,c4 #afha;j7-- 7,a7 9 subsection 7a77#a71 by /rik+ 7w7 & ins]t+ 7x72 & 7,b7 by /rik+ ,! ,commission ea* place t t]m appe>s & ins]t+ ,! ,bureau2 & 7#h7 9 section #fba 7#ae ,u4,s4,c4 #afhas7-- 7,a7 9 subsection 7a77#a71 9 ! fir/ s5t5ce1 by /rik+ 1 subsection 7b72 7,b7 9 subsection 7e77#b71 by ins]t+ a p]iod aft] provisions ( ?is title2 & 7,c7 9 subsection 7f77#b71 by /rik+ ,! ,commission & ins]t+ ,! ,bureau4 7q7 ,f$]al ,cr$it ,union ,act ,section #bjf7;g77#g77;,d77iv7 ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #aghf7;g77#g77;,d77iv77 is am5d$ by /rik+ ! semicolon at ! end & ins]t+ a p]iod4 7r7 ,f$]al ,deposit ,insurance ,act ,! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahaa et seq47 is am5d$-- 7#a7 9 section #c7q77#b77;,c7 7#ab ,u4,s4,c4 #ahac7q77#b77;,c771 by add+ & at ! end2 7#b7 9 section #g 7#ab ,u4,s4,c4 #ahag7-- 7,a7 9 subsection 7b77#b7-- 7i7 9 subp>agraph 7,a71 by /rik+ 7,d7 & ins]t+ 7,c72 & 7ii7 by r$esignat+ subp>agraphs 7,d7 & 7,e7 z subp>agraphs 7,c7 & 7,d71 respectively2 & 7,b7 9 subsection 7e77#b77;,c71 by add+ a p]iod at ! end2 7#c7 9 section #h 7#ab ,u4,s4,c4 #ahah7-- 7,a7 9 subsection 7b77#c71 by /rik+ ,act77 & ins]t+ ,act72 & 7,b7 9 subsection 7t7-- 7i7 9 p>agraph 7#b7-- 7,i7 9 subp>agraph 7,c71 by /rik+ depositors or & ins]t+ depositors2 or2 & 7,,ii7 9 subp>agraph 7,d71 by /rik+ ! semicolon at ! end & ins]t+ a p]iod2 & 7ii7 by r$esignat+ ! second p>agraph designat$ z p>agraph 7#f71 z add$ by section #ajij7a7 ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7title ,x ( ,public ,law #aaa-bjc2 #abd ,/at4 #bjic7 7relat+ to ref]ral to ! ,bureau ( ,consum] ,f9ancial ,protection71 z p>agraph 7#g72 7#d7 9 section #aj7;b77#c77;,a7 7#ab ,u4,s4,c4 #ahbj7;b77#c77;,a771 by /rik+ t ,act & ins]t+ ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7#ab ,u4,s4,c4 #ecja et seq472 7#e7 9 section #aa 7#ab ,u4,s4,c4 #ahba7-- 7,a7 9 subsection 7d77#b77;,i77ii71 by /rik+ & section #ba;,a7b77#d72 & 7,b7 9 subsection 7m71 9 ea* ( p>agraphs 7#af7 & 7#ah71 by /rik+ ! comma aft] ,comptroll] ( ! ,curr5cy ea* place x appe>s2 & 7#f7 9 section #bf7;a7 7#ab ,u4,s4,c4 #ahca;c7a771 by /rik+ ,hold+ ,company ,act ea* place t t]m appe>s & ins]t+ ,hold+ ,company ,act ( #aief4 7s7 ,f$]al ,f9ancial ,in/itutions ,exam9ation ,c\ncil ,act ( #aigh ,section #ajjc7a7 ( ! ,f$]al ,f9ancial ,in/itutions ,exam9ation ,c\ncil ,act ( #aigh 7#ab ,u4,s4,c4 #ccjb7a77 is am5d$ by /rik+ ! ,(fice ( ,?rift ,sup]vision14 7t7 ,f$]al ,fire ,prev5tion & ,control ,act ( #aigd ,section #ca7;a77#e77;,b7 ( ! ,f$]al ,fire ,prev5tion & ,control ,act ( #aigd 7#ae ,u4,s4,c4 #bbbg7;a77#e77;,b77 is am5d$ by /rik+ ! ,f$]al ,deposit ,insurance ,corporation & all t foll[s ?r\gh ! p]iod & ins]t+ 8or ! ,f$]al ,deposit ,insurance ,corporation "u ! af=dable h\s+ program "u section #dj ( ! ,f$]al ,deposit ,insurance ,act404 7u7 ,f$]al ,home ,loan ,bank ,act ,! ,f$]al ,home ,loan ,bank ,act 7#ab ,u4,s4,c4 #adba et seq47 is am5d$-- 7#a7 9 section #aj7;h77#a7 7#ab ,u4,s4,c4 #adcj7;h77#a771 by /rik+ ,director ( ! ,(fice ( ,?rift ,sup]vision & ins]t+ ,comptroll] ( ! ,curr5cy or ! ,bo>d ( ,directors ( ! ,f$]al ,deposit ,insurance ,corporation1 z applicable2 & 7#b7 9 section #bb7;a7 7#ab ,u4,s4,c4 #addb7;a77-- 7,a7 9 ! matt] prec$+ p>agraph 7#a71 by /rik+ ,curr5cy & all t foll[s ?r\gh ,sup]vision & ins]t+ ,curr5cy1 ! ,*airman ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ! ,*airp]son ( ! ,f$]al ,deposit ,insurance ,corporation1 & ! ,*airman ( ! ,national ,cr$it ,union ,adm9i/ration2 & 7,b7 9 ! undesignat$ matt] foll[+ p>agraph 7#b71 by /rik+ ,curr5cy & all t foll[s ?r\gh ,sup]vision & ins]t+ ,curr5cy1 ! ,*airman ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 & ! ,*airman ( ! ,national ,cr$it ,union ,adm9i/ration4 7v7 ,f$]al ,res]ve ,act ,! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #bba et seq47 is am5d$-- 7#a7 9 section #aj 7#ab ,u4,s4,c4 #bdg;b71 by r$esignat+ p>agraph 7#ab7 z p>agraph 7#aa72 & 7#b7 9 section #aa 7#ab ,u4,s4,c4 #bdh7-- 7,a7 by r$esignat+ subsection 7s71 z add$ by section #aajc7;b7 ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7#abd ,/at4 #baah7 7relat+ to ,f$]al ,res]ve transp>5cy & release ( in=mation71 z subsection 7t71 & mov+ subsection 7t71 z s r$esignat$1 s x appe>s aft] subsection 7s72 7,b7 9 subsection 7s77#b77;,c71 by /rik+ sup]vis$ by ! ,bo>d & ins]t+ subject to a f9al det]m9ation2 & 7,c7 9 subsection 7t71 z s r$esignat$1 9 p>agraph 7#h77;,b71 by /rik+ ?is section & ins]t+ ?is subsection4 7w7 ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi ,! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7,public ,law #aja-gc2 #ajc ,/at4 #ahc7 is am5d$-- 7#a7 9 section #aaba7f7 7#ab ,u4,s4,c4 #ccej7f771 by /rik+ ! ,(fice ( ,?rift ,sup]vision12 & 7#b7 9 section #abjf7;a7 7#ab ,u4,s4,c4 #ahcc;b7a771 by /rik+ & ! ,bureau ( ,consum] ,f9ancial ,protection1 & ins]t+ ! ,bureau ( ,consum] ,f9ancial ,protection1 &4 7x7 ,gramm-,lea*-,bliley ,act ,! ,gramm-,lea*-,bliley ,act 7,public ,law #ajf-ajb2 #aac ,/at4 #acch7 is am5d$-- 7#a7 9 section #acb7;a7 7#ab ,u4,s4,c4 #ahbh;b7a771 by /rik+ ! ,director ( ! ,(fice ( ,?rift ,sup]vision12 7#b7 9 section #bjf7;a7 7#ae ,u4,s4,c4 #gh;c note71 by /rik+ ,except z provid$ 9 subsection 7e71 = & ins]t+ ,=2 7#c7 9 section #ejb7;e77#e7 7#ae ,u4,s4,c4 #fhjb7;e77#e771 by ins]t+ a comma aft] ,protection2 7#d7 9 section #ejd7;a77#b7 7#ae ,u4,s4,c4 #fhjd7;a77#b771 by /rik+ &1 z appropriate1 & ) & ins]t+ &1 z appropriate1 )2 7#e7 9 section #eji7b7 7#ae ,u4,s4,c4 #fhji7b77-- 7,a7 by /rik+ subp>agraph 7,d72 & 7,b7 by r$esignat+ subp>agraphs 7,e7 & 7,f7 z subp>agraphs 7,d7 & 7,e71 respectively2 & 7#f7 9 section #ebb7;b77#a77;,a77iv7 7#ae ,u4,s4,c4 #fhbb7;b77#a77;,a77iv771 by /rik+ ,director ( ! ,(fice ( ,?rift ,sup]vision & ins]t+ ,comptroll] ( ! ,curr5cy & ! ,bo>d ( ,directors ( ! ,f$]al ,deposit ,insurance ,corporation1 z appropriate4 7y7 ,help+ families save _! homes act ( #bjji ,section #ajd ( ! ,help+ ,families ,save ,_! ,homes ,act ( #bjji 7#ab ,u4,s4,c4 #agaez-#be7 is am5d$-- 7#a7 9 subsection 7a7-- 7,a7 9 ! matt] prec$+ p>agraph 7#a7-- 7i7 by /rik+ & ! ,director ( ! ,(fice ( ,?rift ,sup]vision1 %all jo9tly & ins]t+ %all2 7ii7 by /rik+ ,s5ate1 & ins]t+ ,s5ate &2 7iii7 by /rik+ & ! ,(fice ( ,?rift ,sup]vision2 & 7iv7 by /rik+ ea* su* & ins]t+ su*2 & 7,b7 9 p>agraph 7#a71 by /rik+ & ! ,(fice ( ,?rift ,sup]vision2 & 7#b7 9 subsection 7b77#a7-- 7,a7 9 subp>agraph 7,a7-- 7i7 9 ! fir/ s5t5ce-- 7,i7 by /rik+ & ! ,director ( ! ,(fice ( ,?rift ,sup]vision12 & 7,,ii7 by /rik+ or ! ,director2 & 7ii7 9 ! second s5t5ce1 by /rik+ & ! ,director ( ! ,(fice ( ,?rift ,sup]vision2 & 7,b7 9 subp>agraph 7,b71 by /rik+ & ! ,director ( ! ,(fice ( ,?rift ,sup]vision4 7z7 ,home mortgage disclosure act ( #aige ,! ,home ,mortgage ,disclosure ,act ( #aige 7#ab ,u4,s4,c4 #bhja et seq47 is am5d$-- 7#a7 9 section #cjd7;j77#c7 7#ab ,u4,s4,c4 #bhjc7;j77#c771 by add+ a p]iod at ! end2 & 7#b7 9 section #cje7;b77#a77;,a7 7#ab ,u4,s4,c4 #bhjd7;b77#a77;,a77-- 7,a7 9 ! matt] prec$+ clause 7i71 by ins]t+ by be=e ! appropriate ,f$]al bank+ ag5cy2 & 7,b7 9 clause 7iii71 by /rik+ bank z1 & ins]t+ bank1 z4 7aa7 ,home ,own]s' ,loan ,act ,! ,home ,own]s' ,loan ,act 7#ab ,u4,s4,c4 #adfa et seq47 is am5d$-- 7#a7 9 section #e 7#ab ,u4,s4,c4 #adfd7-- 7,a7 9 subsection 7d77#b77;,e77ii7-- 7i7 9 ! fir/ s5t5ce1 by /rik+ ,except z provid$ 9 section #ba;,a ( ! ,f$]al ,home ,loan ,bank ,act1 ! & ins]t+ ,!2 & 7ii7 by /rik+ 1 at ! ,director's discretion12 7,b7 9 subsection 7i77#f71 by /rik+ ! ,(fice ( ,?rift ,sup]vision or2 7,c7 9 subsection 7m71 by /rik+ ,director's ea* place t t]m appe>s & ins]t+ appropriate ,f$]al bank+ ag5cy's2 7,d7 9 subsection 7n77#i77;,b71 by /rik+ ,director's & ins]t+ ,comptroll]'s2 & 7,e7 9 subsection 7s7-- 7i7 9 p>agraph 7#a7-- 7,i7 9 ! matt] prec$+ subp>agraph 7,a71 by /rik+ ( su* ,act7 & all t foll[s ?r\gh %all require & ins]t+ ( su* ,act71 ! appropriate ,f$]al bank+ ag5cy %all require2 & 7,,ii7 9 subp>agraph 7,b71 by /rik+ o!r me?ods & all t foll[s ?r\gh det]m9es & ins]t+ o!r me?ods z ! appropriate ,f$]al bank+ ag5cy det]m9es2 7ii7 9 p>agraph 7#b7-- 7,i7 by /rik+ det]m9$ & all t foll[s ?r\gh may1 consi/5t & ins]t+ det]m9$ by appropriate f$]al bank+ ag5cy case-by-case4--,! appropriate ,f$]al bank+ ag5cy may1 consi/5t2 & 7,,ii7 by /rik+ capital-to-assets & all t foll[s ?r\gh det]m9es to be necess>y & ins]t+ capital-to-assets z ! appropriate ,f$]al bank+ ag5cy det]m9es to be necess>y2 & 7iii7 9 p>agraph 7#c7-- 7,i7 by /rik+ ag5cy1 may & ins]t+ ag5cy may2 & 7,,ii7 by /rik+ ! ,comptroll] & ins]t+ ! appropriate ,f$]al bank+ ag5cy2 7#b7 9 section #f7;c7 7#ab ,u4,s4,c4 #adfe7;c771 by /rik+ sections & ins]t+ section2 7#c7 9 section #aj 7#ab ,u4,s4,c4 #adfg;a7-- 7,a7 9 subsection 7b77#f71 by /rik+ "t & all t foll[s ?r\gh release & ins]t+ "t1 ^u ! motion or application ( ! ,bo>d1 release2 7,b7 9 subsection 7c77#b77;,h7-- 7i7 9 ! matt] prec$+ clause 7i7-- 7,i7 by /rik+ #ahda7p77 & ins]t+ #ahda7p7772 & 7,,ii7 by ins]t+ 7#ab ,u4,s4,c4 #ahdc7k77 be=e if--2 & 7ii7 9 clause 7i71 by ins]t+ ( #aief 7#ab ,u4,s4,c4 #ahdc7l7 & 7m77 aft] ,company ,act2 & 7,c7 9 subsection 7e77#g77;,b77iii7-- 7i7 by /rik+ ,bo>d ( ! ,(fice ( ,?rift ,sup]vision & ins]t+ ,director ( ! ,(fice ( ,?rift ,sup]vision2 & 7ii7 by ins]t+ 7z def9$ 9 section #b ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7#ab ,u4,s4,c4 #ecja77 aft] transf] date2 & 7#d7 9 section #ac 7#ab ,u4,s4,c4 #adfh;b71 by /rik+ ! a & ins]t+ a4 7bb7 ,home ,own]%ip & ,equity ,protection ,act ( #aiid ,section #aeh ( ! ,home ,own]%ip & ,equity ,protection ,act ( #aiid 7#ae ,u4,s4,c4 #afja note7 is am5d$ by /rik+ ,bureau ea* place t t]m appe>s & ins]t+ ,bureau ( ,consum] ,f9ancial ,protection4 7cc7 ,h\s+ act ( #aidh ,section #ejb7;c77#c7 ( ! ,h\s+ ,act ( #aidh 7#ab ,u4,s4,c4 #agja;c7c77#c77 is am5d$ by /rik+ ,f$]al ,home ,loan ,bank ,ag5cy & ins]t+ ,f$]al ,h\s+ ,f9ance ,ag5cy4 7dd7 ,h\s+ & ,urban ,developm5t ,act ( #aifh ,section #ajf7;h77#e7 ( ! ,h\s+ & ,urban ,developm5t ,act ( #aifh 7#ab ,u4,s4,c4 #agjax7h77#e77 is am5d$ by /rik+ au?oris$ & ins]t+ au?oriz$4 7ee7 ,int]national ,bank+ ,act ( #aigh ,section #ae ( ! ,int]national ,bank+ ,act ( #aigh 7#ab ,u4,s4,c4 #caji7 is am5d$-- 7#a7 9 ea* ( subsections 7a7 & 7b7-- 7,a7 by /rik+ 1 & ,director ( ! ,(fice ( ,?rift ,sup]vision ea* place t t]m appe>s2 & 7,b7 by ins]t+ & be=e ,f$]al ,deposit ea* place t t]m appe>s2 7#b7 9 subsection 7a71 by /rik+ ,comptroll]1 ,corporation1 or ,director & ins]t+ ,comptroll]1 or ,corporation2 & 7#c7 9 subsection 7c77#d7-- 7,a7 by ins]t+ & be=e ! ,f$]al ,deposit2 & 7,b7 by /rik+ 1 & ! ,director ( ! ,(fice ( ,?rift ,sup]vision4 7ff7 ,int]national ,l5d+ ,sup]vision ,act ( #aihc ,section #iab ( ! ,int]national ,l5d+ ,sup]vision ,act ( #aihc 7#ab ,u4,s4,c4 #ciaa7 is am5d$-- 7#a7 9 ! section head+1 by /rik+ & ! ,(fice ( ,?rift ,sup]vision2 7#b7 by /rik+ subsection 7b72 7#c7 by /rik+ 7a7 ,9 g5]al4--2 & 7#d7 by /rik+ #d & ins]t+ #c4 7gg7 ,int]/ate l& sales full disclosure act ,! ,int]/ate ,l& ,sales ,full ,disclosure ,act 7#ae ,u4,s4,c4 #agja et seq47 is am5d$-- 7#a7 9 section #adjb7a7 7#ae ,u4,s4,c4 #agja7a77 by /rik+ ,bureau ( & all t foll[s ?r\gh ! semicolon at ! end & ins]t+ ,bureau ( ,consum] ,f9ancial ,protection22 & 7#b7 9 ea* ( section #adaa7;b7 7#ae ,u4,s4,c4 #agaj7;b77 & subsections 7b77#d7 & 7d7 ( section #adah;a 7#ae ,u4,s4,c4 #agag;a71 by /rik+ 8,secret>y's0 ea* place t t]m appe>s & ins]t+ 8,director's04 7hh7 ,inve/m5t ,advis]s ,act ( #aidj ,section #bbd ( ! ,inve/m5t ,advis]s ,act ( #aidj 7#ae ,u4,s4,c4 #hj;b-#ah;c7 is am5d$ 9 ! section head+1 by /rik+ ,commodities & ins]t+ ,commodity4 7ii7 ,legal ,c]ta9ty = ,bank ,products ,act ( #bjjj ,section #djc7;b77#a7 ( ! ,legal ,c]ta9ty = ,bank ,products ,act ( #bjjj 7#g ,u4,s4,c4 #bg;a7b77#a77 is am5d$ by /rik+ t section & ins]t+ section4 7jj7 ,omnibus ,appropriations ,act1 #bjji ,section #fbf7;b7 ( ! ,omnibus ,appropriations ,act1 #bjji 7#ab ,u4,s4,c4 #eech7;b77 is am5d$1 9 ea* ( p>agraphs 7#b7 & 7#c71 by ins]t+ a comma aft] z appropriate ea* place t t]m appe>s4 7kk7 ,public law #ic-die ,section #aaa ( ,public ,law #ic-die 7#ab ,u4,s4,c4 #bej7 is am5d$ by /rik+ ! ,director ( ! ,(fice ( ,?rift ,sup]vision14 7ll7 ,revis$ ,/atutes ( ! ,unit$ ,/ates ,section #eacf;,c7i7 ( ! ,revis$ ,/atutes ( ! ,unit$ ,/ates 7#ab ,u4,s4,c4 #be;b7i77 is am5d$ by /rik+ p[]s4-- & all t foll[s ?r\gh ,9 accordance & ins]t+ p[]s4--,9 accordance4 7mm7 ,riegle ,community ,developm5t & ,regulatory ,improvem5t ,act ( #aiid ,section #aag7;e7 ( ! ,riegle ,community ,developm5t & ,regulatory ,improvem5t ,act ( #aiid 7#ab ,u4,s4,c4 #dgaf7;e77 is am5d$ by /rik+ ! ,director ( ! ,(fice ( ,?rift ,sup]vision14 7nn7 ,s4,a4,f4,e4 ,mortgage ,lic5s+ ,act ( #bjjh ,section #aead ( ! ,s4,a4,f4,e4 ,mortgage ,lic5s+ ,act ( #bjjh 7#ab ,u4,s4,c4 #eaac7 is am5d$ 9 ea* ( subsections 7b77#e7 & 7c77#d77;,c71 by /rik+ ,secret>y's ea* place t t]m appe>s & ins]t+ ,director's4 7oo7 ,securities ,ex*ange ,act ( #aicd ,! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;a et seq47 is am5d$-- 7#a7 9 section #c;,c7g77#d77;,b77v7 7#ae ,u4,s4,c4 #gh;c-#c7;g77#d77;,b77v771 by /rik+ ( t ,act & ins]t+ ( t section2 7#b7 9 section #c;,d7d77#aj77;,a7 7#ae ,u4,s4,c4 #gh;c-#d7;d77#aj77;,a771 by /rik+ tak+ & ins]t+ take2 7#c7 9 section #c;,e7b77#a7 7#ae ,u4,s4,c4 #gh;c-#e7;b77#a771 by /rik+ ?\gh & ins]t+ ?r\gh2 7#d7 9 section #d7;g77#h77;,a7 7#ae ,u4,s4,c4 #gh;d7g77#h77;,a771 by /rik+ 7#b77;,a77i7 & ins]t+ 7#b77;,a77ii72 7#e7 9 section #ae 7#ae ,u4,s4,c4 #gho7-- 7,a7 9 ea* ( subp>agraphs 7,b77ii7 & 7,c7 ( subsection 7b77#d71 by /rik+ deal] municipal advisor11 & ins]t+ deal]1 municipal advisor12 7,b7 by r$esignat+ subsection 7j7 7relat+ to ! au?ority ( ! ,commission7 z subsection 7p71 & mov+ t subsection s x foll[s subsection 7o72 7,c7 by r$esignat+ subsections 7k7 & 7l7 7relat+ to /&>d ( conduct & o!r matt]s1 respectively71 z add$ by section #iac7;g77#a7 ( ! ,inve/or ,protection & ,securities ,re=m ,act ( #bjaj 7title ,,ix ( ,public ,law #aaa-bjc2 #abd ,/at4 #ahbh71 z subsections 7q7 & 7r71 respectively & mov+ ^? subsections to ! end2 & 7,d7 9 subsection 7m71 9 ! undesignat$ matt] foll[+ p>agraph 7#b71 by ins]t+ ! be=e same ext5t2 7#f7 9 section #ae;,f7h7 7#ae ,u4,s4,c4 #gho-#aj7;h77-- 7,a7 9 p>agraph 7#b7-- 7i7 9 subp>agraph 7,a71 by ins]t+ 8a0 aft] 8t acts z an advisor to02 & 7ii7 9 subp>agraph 7,b71 by ins]t+ a aft] (f]s to ent] into2 & 7,b7 9 p>agraph 7#e77;,a77i7-- 7i7 by ins]t+ 7,a7 aft] 7#ah72 & 7ii7 9 subclause 7,,vii71 by /rik+ act ( & ins]t+ ,act (2 7#g7 9 section #ae;,g 7#ae ,u4,s4,c4 #gho-#aa7-- 7,a7 9 subsection 7b77#b71 by ins]t+ ,director ( ! be=e ,f$]al ,h\s+2 & 7,b7 9 subsection 7e7-- 7i7 9 p>agraph 7#d7-- 7,i7 9 subp>agraph 7,a71 by /rik+ subsection & ins]t+ section2 & 7,,ii7 9 subp>agraph 7,c7-- 7aa7 by /rik+ #abi;,c7c77#b7 & ins]t+ #abi;,c7b77#b77;,a72 & 7bb7 by ins]t+ 7#ae ,u4,s4,c4 #afci;c7b77#b77;,a77 aft] ,l5d+ ,act2 & 7ii7 9 p>agraph 7#e71 by /rik+ subsection & ins]t+ section2 & 7#h7 9 section #ag;,a 7#ae ,u4,s4,c4 #ghq-#a71 by r$esignat+ ! second subsection designat$ z subsection 7g71 z add$ by section #ibi,w ( ! ,inve/or ,protection & ,securities ,re=m ,act ( #bjaj 7title ,,ix ( ,public ,law #aaa-bjc2 #abd ,/at4 #ahfi7 7relat+ to due dilig5ce = ! deliv]y ( divid5ds1 int]e/1 & o!r valuable prop]ty rights71 z subsection 7n7 & mov+ t subsection to ! end4 7pp7 ,telem>ket+ & consum] fraud & abuse prev5tion act ,section #c7;b7 ( ! ,telem>ket+ & ,consum] ,fraud & ,abuse ,prev5tion ,act 7#ae ,u4,s4,c4 #fajb7;b77 is am5d$ by ins]t+ be=e ! p]iod at ! end ! foll[+3 1 provid$1 h[ev]1 t no?+ 9 ?is section %all conflict ) or sup]s$e section #f ( ! ,f$]al ,trade ,commission ,act 7#ae ,u4,s4,c4 #df74 7qq7 ,title #e ,title #e1 ,unit$ ,/ates ,code1 is am5d$-- 7#a7 9 section #cacb7;a77#a77;,d71 by /rik+ ! ,(fice ( ,?rift ,sup]vision11 ! ,resolution ,tru/ ,corporation12 & 7#b7 9 section #ecad1 by /rik+ ,director ( ! ,(fice ( ,?rift ,sup]vision44 7rr7 ,title #ca 7#a7 ,am5dm5ts ,title #ca1 ,unit$ ,/ates ,code1 is am5d$-- 7,a7 by /rik+ section #cji2 7,b7 9 section #cac-- 7i7 9 subsection 7j77#b71 by /rik+ ,ag5cy2 & 7ii7 9 subsection 7r77#d71 by /rik+ ! ,(fice ( ,?rift ,sup]vision12 & 7,c7 9 section #gad7;d77#c77;,b7 by /rik+ a audit & ins]t+ an audit4 7#b7 ,analysis ,! analysis = sub*apt] ,i ( *apt] #c ( title #ca1 ,unit$ ,/ates ,code1 is am5d$ by /rik+ ! item relat+ to section #cji4 7ss7 ,tru? 9 ,l5d+ ,act ,! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afja et seq47 is am5d$-- 7#a7 9 section #ajc7;dd77#b77;,e77v7 7#ae ,u4,s4,c4 #afjb7;dd77#b77;,e77v771 z r$esignat$ by section #ajh7;a77#a7 ( ?is ,act1 by /rik+ ,bo>d & ins]t+ ,bureau2 7#b7 9 section #aje 7#ae ,u4,s4,c4 #afjd71 by ins]t+ subsection 7h71 z add$ by section #adgb7;c7 ( ! ,mortgage ,re=m & ,anti-,pr$atory ,l5d+ ,act 7title ,,xiv ( ,public ,law #aaa-bjc2 #abd ,/at4 #baij71 be=e subsection 7i71 z add$ by section #aajj;,a7#g7 ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7title ,x ( ,public ,law #aaa-bjc2 #abd ,/at4 #bajh72 7#c7 9 section #ajf7;f77#b77;,b77i7 7#ae ,u4,s4,c4 #afje7;f77#b77;,b77i771 by /rik+ #ajc7w7 & ins]t+ #ajc7x72 7#d7 9 section #aba7;b7 7#ae ,u4,s4,c4 #afca7;b771 by /rik+ #ajc7;f7 & ins]t+ #ajc7;g72 7#e7 9 section #abb7;d77#e7 7#ae ,u4,s4,c4 #afcb7;d77#e771 by /rik+ & ! ,bureau2 7#f7 9 section #abe7;e77#a7 7#ae ,u4,s4,c4 #afce7;e77#a771 by /rik+ #ajc7w7 & ins]t+ #ajc7x72 7#g7 9 section #abi 7#ae ,u4,s4,c4 #afci7-- 7,a7 9 subsection 7q71 by /rik+ 7l77#b7 & ins]t+ 7p77#b72 & 7,b7 9 subsection 7u77#c71 by /rik+ ,bo>d ea* place t t]m appe>s & ins]t+ ,bureau2 7#h7 9 section #abi;,c 7#ae ,u4,s4,c4 #afci;c7-- 7,a7 9 subsection 7b77#b77;,b71 by /rik+ ! second p]iod at ! end2 & 7,b7 9 subsection 7c77#a77;,b77ii77,i71 by /rik+ a orig9al & ins]t+ an orig9al2 7#i7 9 section #adj;,a 7#ae ,u4,s4,c4 #afea71 by /rik+ ! ,bureau &2 7#aj7 9 section #adh7;d7 7#ae ,u4,s4,c4 #affe;c7d771 by /rik+ ,bureau & ins]t+ ,bo>d2 7#aa7 9 section #adi 7#ae ,u4,s4,c4 #affe;d7-- 7,a7 by /rik+ ! ,director ( ! ,(fice ( ,?rift ,sup]vision1 ea* place t t]m appe>s2 7,b7 by /rik+ ,national ,cr$it ,union ,adm9i/ration ,bureau ea* place t t]m appe>s & ins]t+ ,national ,cr$it ,union ,adm9i/ration ,bo>d2 & 7,c7 by /rik+ ,bureau ( ,directors ( ! ,f$]al ,deposit ,insurance ,corporation ea* place t t]m appe>s & ins]t+ ,bo>d ( ,directors ( ! ,f$]al ,deposit ,insurance ,corporation2 & 7#ab7 9 section #aha7a7 7#ae ,u4,s4,c4 #affg7a771 by /rik+ #ajc7;g7 & ins]t+ #ajc7;h74 7tt7 ,tru? 9 ,sav+s ,act ,! ,tru? 9 ,sav+s ,act 7#ab ,u4,s4,c4 #dcja et seq47 is am5d$ 9 ea* ( sections #bfi7;a77#d7 7#ab ,u4,s4,c4 #dcjh7;a77#d771 #bgj7;a77#b7 7#ab ,u4,s4,c4 #dcji7;a77#b771 & #bgd7f7 7#ab ,u4,s4,c4 #dcac7f771 by /rik+ ,adm9i/ration ,bureau ea* place t t]m appe>s & ins]t+ ,adm9i/ration ,bo>d4 #haf4 ,rulemak+ deadl9es 7a7 ,"o-,ye> ext5sion ,! deadl9e = issuance ( any rule or regulation1 conduct ( any /udy1 or submission ( any report requir$ by ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7,public ,law #aaa-bjc7 or am5dm5ts made by t ,act t has n be5 met or is n met 9 f9al =m by ! date specifi$ 9 t ,act or ^? am5dm5ts1 %all be ext5d$ = #a ye>4 7b7 ,no effect on f9aliz$ rules ,! ext5sion provid$ "u subsection 7a7 %all h no effect on any rule requir$ by ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7,public ,law #aaa-bjc7 or am5dm5ts made by t ,act t h be5 issu$ 9 f9al =m be=e ! date ( enactm5t ( ?is ,act4 #hag4 ,effective dates ,except z o!rwise specifically provid$ 9 ?is ,act-- 7#a7 ! am5dm5ts made by ?is ,act to a provision ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7,public ,law #aaa-bjc7 %all take effect z if enact$ on ! effective date ( ! provision1 imm$iately aft] ! provision takes effect2 & 7#b7 ! am5dm5ts made by ?is ,act to a provision ( law am5d$ by ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act %all take effect z if enact$ on ! effective date ( ! am5dm5t to t provision ( law made by ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act1 imm$iately aft] ! am5dm5t made by ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act takes effect4 ,june #b1 #bjae,read twice & plac$ on ! cal5d>