,,ii  #aad? ,,congress  #a/ ,session    
,s4 #adia  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,june #c1 #bjae,mr4    
,br[n 7= himself1 ,mr4 ,re$1 ,mr4       
,s*um]1 ,mr4 ,m55dez1 ,mr4 ,te/]1 ,mr4  
,w>n]1 ,mr4 ,m]kley1 ,ms4 ,w>r51 ,ms4   
,heitkamp1 & ,mr4 ,donnelly7 introduc$ !
 foll[+ bill2 :i* 0 read twice & ref]r$ 
to ! ,committee on ,bank+1 ,h\s+1 &     
,urban ,affairs  ,a ,,bill  ,to provide 
s5sible relief to community f9ancial    
in/itutions1 to protect consum]s1 & =   
o!r purposes4  #a4 ,%ort title2 table ( 
cont5ts  7a7 ,%ort title ,?is ,act may  
be cit$ z ! ,community ,l5d] ,regulatory
 ,relief & ,consum] ,protection ,act (  
#bjae4  7b7 ,table ( cont5ts ,! table ( 
cont5ts = ?is ,act is z foll[s3 ,sec4   
#a4 ,%ort title2 table ( cont5ts4,,title
 ,i--,help+ community lenders,sec4 #aja4
 ,community bank & cr$it union portfolio
 l5d+4,sec4 #ajb4 ,exception to annual  
writt5 privacy notice requirem5t "u !   
,gramm-,lea*-,bliley ,act4,sec4 #ajc4   
,expansion ( ?re%old = #ah-mon? on-site 

exam9ation cycle4,sec4 #ajd4 ,privately 
insur$ cr$it unions au?oriz$ to become  
memb]s ( a ,f$]al home loan bank4,sec4  
#aje4 ,regi/ration ?re%old = sav+s &    
loan hold+ companies4,sec4 #ajf4        
,transitional lic5se au?ority4,,title   
,,ii--,protect+ consumers,sec4 #bja4    
,protect+ s]vicememb]s4,sec4 #bjb4      
,re/oration ( ! ,protect+ ,t5ants at    
,=eclosure ,act ( #bjji4,sec4 #bjc4     
,confid5tiality ( in=mation %>$ betwe5  
,/ate & ,f$]al f9ancial s]vices         
regulators4  ,i ,help+ community l5d]s  
#aja4 ,community bank & cr$it union     
portfolio l5d+ ,section #abi;,c7b77#b7 (
 ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4    
#afci;c7b77#b77 is am5d$ by add+ at !   
end ! foll[+3  7,f7 ,safe ,h>bor  7i7 ,9
 g5]al ,9 ?is section-- 7,i7 ! t]m      
qualifi$ mortgage1 z def9$ 9 subp>agraph
 7,a71 includes any resid5tial mortgage 
loan--  7aa7 t is orig9at$ by a cov]$   
in/itution & cont9u\sly reta9$ 9        
portfolio by ! cov]$ in/itution2  7bb7  
t1 except z provid$ 9 subp>agraph 7,e71 

fully amortizes ov] a t]m ( n long] ?an 
#cj ye>s2  7cc7 t complies )-- 7,,aa7 ! 
requirem5ts ( clauses 7i71 7ii71 7iii71 
7iv71 7v71 & 7vii7 ( subp>agraph 7,a72 &
 7,,bb7 any requirem5ts consi/5t ) !    
purposes describ$ 9 p>agraph            
7#c77;,b77i72  7dd7 = :i* ! cov]$       
in/itution1 at or be=e consummation ( ! 
resid5tial mortgage loan1 takes into    
acc\nt & v]ifies ! mon?ly debt & income 
( ! consum]2 &  7ee7 t is n consid]$ a  
high-co/ mortgage2 &  7,,ii7 a          
resid5tial mortgage loan t meets !      
requirem5ts ( subclause 7,i7 %all be    
deem$ to meet ! requirem5ts ( subsection
 7a7 until ! resid5tial mortgage loan no
 long] meets ! requirem5ts ( subclause  
7,i74  7ii7 ,def9ition ,9 ?is           
subp>agraph1 ! t]m cov]$ in/itution     
means-- 7,i7 an insur$ depository       
in/itution or insur$ cr$it union t--    
7aa7 at ! "t ( orig9ation ( ! resid5tial
 mortgage loan1 toge!r ) its affiliates1
 has less ?an #b1jjj1jjj1jjj 9 total    
consolidat$ assets2 &  7bb7 dur+ !      

cal5d> ye> prec$+ ! "t ( orig9ation ( ! 
resid5tial mortgage loan1 orig9at$ n m  
?an #b1jjj resid5tial mortgage loans t  
7-- 7,,aa7 sold1 assign$1 or o!rwise    
transf]r$ to ano!r p]son2 or 7,,bb7     
subject to1 at ! "t ( consummation1 a   
commitm5t to be acquir$ by ano!r p]son2 
or  7,,ii7 an insur$ depository         
in/itution or insur$ cr$it union t1 at !
 "t ( orig9ation ( ! resid5tial mortgage
 loan--  7aa7 toge!r ) its affiliates1  
has m ?an #b1jjj1jjj1jjj & less ?an     
#aj1jjj1jjj1jjj 9 total consolidat$     
assets2  7bb7 is n consid]$ a specialty 
bank1 su* z a bank t (f]s only a n>r[   
product l9e 7includ+ cr$it c>d or motor 
vehicle loans7 to a regional or broad]  
m>ket2  7cc7 engages 9 ! basic          
activities ( l5d+ & deposit tak+ z a    
significant p]c5tage ( total assets2    
7dd7 has a limit$ geographic scope2 &   
7ee7 meets any o!r crit]ia z det]m9$ by 
! ,bureau1 includ+ re/rictions on !     
volume ( resid5tial mortgage loans--    
7,,aa7 sold1 assign$1 or o!rwise        

transf]r$ to ano!r p]son2 or 7,,bb7     
subject to1 at ! "t ( consummation1 a   
commitm5t to be acquir$ by ano!r p]son4 
4  #ajb4 ,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  #ajc4 ,expansion (    
?re%old = #ah-mon? on-site exam9ation   
cycle ,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  #ajd4 ,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$it union--  7,i7         
receives1 on an annual basis1 an        
indep5d5t actu>ial op9ion t ! private   
insur] has set aside suffici5t res]ves =
 losses2 &  7,,ii7 obta9s1 z frequ5tly z
 appropriate1 b n less frequ5tly ?an e  
#cf mon?s1 an indep5d5t actu>y's /udy ( 
! capital adequacy ( ! private insur]4  
7iii7 ,submission ( f9ancial in=mation  
,! cr$it union or ! appropriate         
sup]visor ( ! ,/ate 9 :i* su* 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 exam9ations or inquiries  
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$--  7i7 !    
,bank's int]e/ 9 any collat]al secur+ ! 
advance has ! same priority & is af=d$ !
 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 a report to
 ,congress--  7#a7 on ! adequacy (      
insurance res]ves held by a private     
deposit insur] t insures ! memb] acc\nts
 ( an entity describ$ 9 section         
#dc7;e77#b77;,a7 ( ! ,f$]al ,deposit    
,insurance ,act 7#ab ,u4,s4,c4          
#ahcat7e77#b77;,a772 &  7#b7 = an entity
 describ$ 9 p>agraph 7#a71 ! memb]      
acc\nts ( :i* are insur$ by a private   
deposit insur]1 in=mation on ! level (  
compliance ) ,f$]al regulations relat+  
to ! disclosure ( a lack ( ,f$]al       
deposit insurance4  #aje4 ,regi/ration  
?re%old = sav+s & loan hold+ companies  
,! ,securities ,ex*ange ,act ( #aicd    
7#ae ,u4,s4,c4 #gh;a et seq47 is am5d$--
 7#a7 9 section #ab7;g7--  7,a7 9       
p>agraph 7#a77;,b71 by ins]t+ aft] is a 
bank ! foll[+3 1 a sav+s & loan hold+   
company 7z su* t]m is def9$ 9 section   
#aj ( ! ,home ,own]s' ,loan ,act 7#ab   
,u4,s4,c4 #adfg;a7a77712 &  7,b7 9      
p>agraph 7#d71 by ins]t+ aft] case ( a  
bank ! foll[+3 1 a sav+s & loan hold+   

company 7z su* t]m is def9$ 9 section   
#aj ( ! ,home ,own]s' ,loan ,act 7#ab   
,u4,s4,c4 #adfg;a7a77712 &  7#b7 9      
section #ae7;d77#a71 by /rik+ case (    
bank & ins]t+ ! foll[+3 case ( a bank1 a
 sav+s & loan hold+ company 7z su* t]m  
is def9$ 9 section #aj ( ! ,home ,own]s'
 ,loan ,act 7#ab ,u4,s4,c4              
#adfg;a7a77714  #ajf4 ,transitional     
lic5se au?ority ,section #aejd ( !      
,s4,a4,f4,e4 ,mortgage ,lic5s+ ,act (   
#bjjh 7#ab ,u4,s4,c4 #eajc7 is am5d$--  
7#a7 9 subsection 7a71 by ins]t+ aft] z 
! case may be1 ! foll[+3 & except z     
provid$ 9 subsection 7c712 &  7#b7 by   
add+ at ! end ! foll[+3  7c7            
,transitional au?ority  7#a7 ,def9ition 
,9 ?is subsection1 ! t]m cov]$ regi/]$  
loan orig9ator means a regi/]$ loan     
orig9ator :o--  7,a7 submits ! in=mation
 requir$ "u section #aeje7;a72 &  7,b7  
dur+ ! #cj-;day p]iod prec$+ ! date (   
su* submission1 met ! /&>d ( be+        
qualifi$ "u section #abi;,b7b77#a77;,a7 
( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4   

#afci;b7b77#a77;,a774  7#b7 ,au?ority   
,not)/&+ ! requirem5ts ( subsections 7b7
 ?r\gh 7e7 ( section #aeje1 a ,/ate may 
p]mit a cov]$ regi/]$ loan orig9ator to 
act z a loan orig9ator1 "u ! sup]vision 
( a non-depository firm t engages 9 loan
 orig9ation 9 t ,/ate1 = ! #abj-;day    
p]iod beg9n+ on ! date on :i* ! cov]$   
regi/]$ loan orig9ator submits !        
in=mation requir$ "u section #aeje7;a74 
7#c7 ,limitation ,a cov]$ regi/]$ loan  
orig9ator may n act z a loan orig9ator  
"u p>agraph 7#b7 aft] ! date on :i* !   
#abj-;day p]iod describ$ 9 t p>agraph   
expires4  4  ,,ii ,protect+ consum]s    
#bja4 ,protect+ s]vicememb]s ,section   
#ajjb7ab7 ( ! ,consum] ,f9ancial        
,protection ,act ( #bjaj 7#ab ,u4,s4,c4 
#edha7ab77 is am5d$-- 7#a7 9 subp>agraph
 7,q71 by /rik+ 2 & & ins]t+ a          
semicolon2  7#b7 9 subp>agraph 7,r71 by 
/rik+ ! p]iod at ! end & ins]t+ 2 &2 &  
7#c7 by add+ at ! end ! foll[+3  7,s7   
sections #aja1 #ajg 7except ) respect to
 bailm5ts71 #ajh 7except ) respect to   

insurance71 #bja 7except ) respect to   
*ild cu/ody proce$+s71 #bjg1 #cja1 #cjb1
 #cjc1 #cje1 & #cje;,a ( ! ,s]vicememb]s
 ,civil ,relief ,act 7#ej ,u4,s4,c4     
,app4 #eaa1 #eag1 #eah1 #eba1 #ebg1     
#eca1 #ecb1 #ecc1 #ece1 & #ece;a74  4   
#bjb4 ,re/oration ( ! ,protect+ ,t5ants 
at ,=eclosure ,act ( #bjji  7a7 ,repeal 
( sunset provision ,section #gjd ( !    
,protect+ ,t5ants at ,=eclosure ,act (  
#bjji 7#ab ,u4,s4,c4 #ebja note2 #ab    
,u4,s4,c4 #ebbj note2 #db ,u4,s4,c4     
#adcg;f note7 is repeal$4  7b7          
,re/oration ,sections #gja ?r\gh #gjc ( 
su* ,act1 ! provisions ( law am5d$ or   
repeal$ by su* sections1 & any          
regulations promulgat$ pursuant to su*  
sections1 z 7 9 effect on ,decemb] #ca1 
#bjad1 are re/or$ & reviv$ z if ! sunset
 provision 9 section #gjd _h n tak5     
effect4  #bjc4 ,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