,,ii #aaeth ,,congress #ast ,session ,s4 #ajjb ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,may #b1 #bjag,mr4 ,moran 7for himself1 ,mr4 ,tester1 ,ms4 ,heitkamp1 and ,mr4 ,tillis7 introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,a ,,bill ,to enhance the ability of community financial institutions to foster economic growth and serve their communities1 boost small businesses1 increase individual savings1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,community ,lending ,enhancement and ,regulatory ,relief ,act of #bjag or the ,,clear ,relief ,act of #bjag4 #b4 ,community bank exemption from annual management assessment of internal controls requirement of the ,sarbanes-,oxley ,act of #bjjb ,section #djd of the ,sarbanes-,oxley ,act of #bjjb 7#ae ,u4,s4,c4 #gbfb7 is amended by adding at the end the following3 7d7 ,community bank exemption 7#a7 ,definitions ,in this subsection-- 7,a7 the term bank holding company has the meaning given the term in section #b of the ,bank ,holding ,company ,act of #aief 7#ab ,u4,s4,c4 #ahda72 7,b7 the term insured depository institution has the meaning given the term in section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac72 and 7,c7 the term savings and loan holding company has the meaning given the term in section #aj7;a7 of the ,home ,owners' ,loan ,act 7#ab ,u4,s4,c4 #adfg;a7a774 7#b7 ,in general ,this section and the rules prescribed under this section shall not apply in any fiscal year to any bank holding company1 savings and loan holding company1 or insured depository institution that1 as of the end of the preceding fiscal year1 had total consolidated assets of #a1jjj1jjj1jjj or less4 7#c7 ,adjustment of amount ,the ,commission shall annually adjust the dollar amount in paragraph 7#a7 by an amount equal to the percentage increase1 for the most recent year1 in total assets held by all bank holding companies1 savings and loan holding companies1 and insured depository institutions1 as reported by the ,federal ,deposit ,insurance ,corporation4 4 #c4 ,escrow requirements relating to certain consumer credit transactions ,section #abi;,d7c7 of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afci;d7c77 is amended-- 7#a7 by redesignating paragraphs 7#a7 through 7#d7 as subparagraphs 7,a7 through 7,d71 respectively1 and adjusting the margins accordingly2 7#b7 by striking ,the ,bureau and inserting the following3 7#a7 ,in general ,the ,bureau 2 and 7#c7 by adding at the end the following3 7#b7 ,treatment of loans held by smaller institutions ,the ,bureau shall1 by regulation1 exempt from the requirements of subsection 7a7 any loan secured by a first lien on the principal dwelling of a consumer1 if such loan is held by an insured depository institution having assets of #aj1jjj1jjj1jjj or less4 4 #d4 ,minimum standards for residential mortgage loans ,section #abi;,c7b77#b7 of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afci;c7b77#b77 is amended by adding at the end the following3 7,f7 ,safe ,harbor 7i7 ,in general ,in this section-- 7,i7 the term qualified mortgage includes any mortgage loan that is originated and retained in portfolio for a period of not less than #c years by a depository institution together with its affiliates has less than #aj1jjj1jjj1jjj in total consolidated assets2 and 7,,ii7 loans described in subclause 7,i7 shall be deemed to meet the requirements of subsection 7a74 7ii7 ,exception for certain transfer ,in the case of a depository institution that transfers a loan originated by that institution to another depository institution by reason of the bankruptcy or failure of the originating depository institution or the purchase of the originating depository institution1 the depository institution acquiring the loan shall be deemed to have complied with the requirement under clause 7i77,i74 4 #e4 ,exemption from ,volcker rule ,section #ac7;h77#a7 of the ,bank ,holding ,company ,act of #aief 7#ab ,u4,s4,c4 #ahea7;h77#a77 is amended-- 7#a7 in subparagraph 7,d71 by redesignating clauses 7i7 and 7ii7 as subclauses 7,i7 and 7,,ii71 respectively2 7#b7 by redesignating subparagraphs 7,a7 through 7,d7 as clauses 7i7 through 7iv71 respectively2 7#c7 by striking institution that functions solely in a trust or fiduciary capacity1 if-- and inserting the following3 8institution-- 7,a7 that functions solely in a trust or fiduciary capacity1 if-- 2 and 7#d7 in clause 7iv77,,ii71 as redesignated1 by striking the period at the end and inserting the following3 82 or 7,b7 with total consolidated assets of #aj1jjj1jjj1jjj or less4 4 #f4 ,no wait for lower mortgage rates 7a7 ,in general ,section #abi7;b7 of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afci7;b77 is amended-- 7#a7 by redesignating paragraph 7#c7 as paragraph 7#d72 and 7#b7 by inserting after paragraph 7#b7 the following3 7#c7 ,no wait for lower rate ,if a creditor extends to a consumer a second offer of credit with a lower annual percentage rate1 the transaction may be consummated without regard to the period specified in paragraph 7#a74 4 7b7 ,safe harbor for good faith compliance with ,,tila-,,respa integrated disclosure rule ,section #ajcb7;f7 of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #eecb7;f77 is amended-- 7#a7 by striking ,not later than and inserting the following3 7#a7 ,in general ,not later than 2 and 7#b7 by adding at the end the following3 7#b7 ,safe harbor for good faith compliance 7,a7 ,safe harbor ,notwithstanding any other provision of law1 during the period described in subparagraph 7,b71 an entity that provides the disclosures required under the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afja et seq47 and sections #d and #e of the ,real ,estate ,settlement ,procedures ,act of #aigd 7#ab ,u4,s4,c4 #bfjc and #bfjd71 as in effect on ,july #ca1 #bjag1 shall not be subject to any civil1 criminal1 or administrative action or penalty for failure to fully comply with any requirement under this subsection4 7,b7 ,applicable period ,subparagraph 7,a7 shall apply to an entity during the period beginning on the date of enactment of this paragraph and ending on the date that is #cj days after the date on which a certification by the ,director that the model disclosures required under paragraph 7#a7 are accurate and in compliance with all ,state laws is published in the ,federal ,register4 4