,,ii #aae? ,,congress #a/ ,session ,s4 #ajjb ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,may #b1 #bjag,mr4 ,moran 7= himself1 ,mr4 ,te/]1 ,ms4 ,heitkamp1 & ,mr4 ,tillis7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ,a ,,bill ,to enhance ! ability ( community f9ancial in/itutions to fo/] economic gr[? & s]ve _! communities1 boo/ small bus9esses1 increase individual sav+s1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,community ,l5d+ ,enhancem5t & ,regulatory ,relief ,act ( #bjag or ! ,,cle> ,relief ,act ( #bjag4 #b4 ,community bank exemption f annual managem5t assessm5t ( int]nal controls requirem5t ( ! ,s>banes-,oxley ,act ( #bjjb ,section #djd ( ! ,s>banes-,oxley ,act ( #bjjb 7#ae ,u4,s4,c4 #gbfb7 is am5d$ by add+ at ! end ! foll[+3 7d7 ,community bank exemption 7#a7 ,def9itions ,9 ?is subsection-- 7,a7 ! t]m bank hold+ company has ! mean+ giv5 ! t]m 9 section #b ( ! ,bank ,hold+ ,company ,act ( #aief 7#ab ,u4,s4,c4 #ahda72 7,b7 ! t]m insur$ depository in/itution has ! mean+ giv5 ! t]m 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac72 & 7,c7 ! t]m sav+s & loan hold+ company has ! mean+ giv5 ! t]m 9 section #aj7;a7 ( ! ,home ,own]s' ,loan ,act 7#ab ,u4,s4,c4 #adfg;a7a774 7#b7 ,9 g5]al ,?is section & ! rules prescrib$ "u ?is section %all n apply 9 any fiscal ye> to any bank hold+ company1 sav+s & loan hold+ company1 or insur$ depository in/itution t1 z ( ! end ( ! prec$+ fiscal ye>1 _h total consolidat$ assets ( #a1jjj1jjj1jjj or less4 7#c7 ,adju/m5t ( am\nt ,! ,commission %all annually adju/ ! doll> am\nt 9 p>agraph 7#a7 by an am\nt equal to ! p]c5tage increase1 = ! mo/ rec5t ye>1 9 total assets held by all bank hold+ companies1 sav+s & loan hold+ companies1 & insur$ depository in/itutions1 z report$ by ! ,f$]al ,deposit ,insurance ,corporation4 4 #c4 ,escr[ requirem5ts relat+ to c]ta9 consum] cr$it transactions ,section #abi;,d7c7 ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afci;d7c77 is am5d$-- 7#a7 by r$esignat+ p>agraphs 7#a7 ?r\gh 7#d7 z subp>agraphs 7,a7 ?r\gh 7,d71 respectively1 & adju/+ ! m>g9s accord+ly2 7#b7 by /rik+ ,! ,bureau & ins]t+ ! foll[+3 7#a7 ,9 g5]al ,! ,bureau 2 & 7#c7 by add+ at ! end ! foll[+3 7#b7 ,treatm5t ( loans held by small] in/itutions ,! ,bureau %all1 by regulation1 exempt f ! requirem5ts ( subsection 7a7 any loan secur$ by a fir/ li5 on ! pr9cipal dwell+ ( a consum]1 if su* loan is held by an insur$ depository in/itution hav+ assets ( #aj1jjj1jjj1jjj or less4 4 #d4 ,m9imum /&>ds = resid5tial mortgage loans ,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$ mortgage includes any mortgage loan t is orig9at$ & reta9$ 9 portfolio = a p]iod ( n less ?an #c ye>s by a depository in/itution toge!r ) its affiliates has less ?an #aj1jjj1jjj1jjj 9 total consolidat$ assets2 & 7,,ii7 loans describ$ 9 subclause 7,i7 %all be deem$ to meet ! requirem5ts ( subsection 7a74 7ii7 ,exception = c]ta9 transf] ,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 clause 7i77,i74 4 #e4 ,exemption f ,volck] rule ,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 respectively2 7#b7 by r$esignat+ subp>agraphs 7,a7 ?r\gh 7,d7 z clauses 7i7 ?r\gh 7iv71 respectively2 7#c7 by /rik+ in/itution t functions solely 9 a tru/ or fiduci>y capacity1 if-- & ins]t+ ! foll[+3 8in/itution-- 7,a7 t functions solely 9 a tru/ or fiduci>y capacity1 if-- 2 & 7#d7 9 clause 7iv77,,ii71 z r$esignat$1 by /rik+ ! p]iod at ! end & ins]t+ ! foll[+3 82 or 7,b7 ) total consolidat$ assets ( #aj1jjj1jjj1jjj or less4 4 #f4 ,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$ures ,act ( #aigd 7#ab ,u4,s4,c4 #bfjc & #bfjd71 z 9 effect on ,july #ca1 #bjag1 %all n be subject to any civil1 crim9al1 or adm9i/rative action or p5alty = failure to fully comply ) any requirem5t "u ?is subsection4 7,b7 ,applicable p]iod ,subp>agraph 7,a7 %all apply to an entity dur+ ! p]iod beg9n+ on ! date ( enactm5t ( ?is p>agraph & end+ on ! date t is #cj days aft] ! date on :i* a c]tification by ! ,director t ! model disclosures requir$ "u p>agraph 7#a7 are accurate & 9 compliance ) all ,/ate laws is publi%$ 9 ! ,f$]al ,regi/]4 4