,,ii  #aae? ,,congress  #a/ ,session    
,s4 #acae  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,june #h1 #bjag,ms4    
,heitkamp 7= h]self & ,mr4 ,portman7    
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to require ! ,bureau ( ,consum]
 ,f9ancial ,protection to am5d its      
regulations relat+ to qualifi$          
mortgages1 & = o!r purposes4  #a4 ,%ort 
title ,?is ,act may be cit$ z !         
,relation%ip ,l5d+ ,pres]vation ,act (  
#bjag4  #b4 ,qualifi$ mortgage am5dm5t  
7a7 ,def9itions ,9 ?is section-- 7#a7 ! 
t]m affiliate has ! mean+ giv5 ! t]m 9  
section #b7k7 ( ! ,bank ,hold+ ,company 
,act ( #aief 7#ab ,u4,s4,c4 #ahda7k772  
7#b7 ! t]m ,bureau means ! ,bureau (    
,consum] ,f9ancial ,protection2  7#c7 ! 
t]ms community f9ancial in/itution &    
,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 #adbb72  7#d7 ! t]m cr$itor   

has ! mean+ giv5 t t]m 9 section #ajc ( 
! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4     
#afjb72  7#e7 ! t]m ,f$]al ,home ,loan  
,bank means a bank e/abli%$ "u !        
au?ority ( ! ,f$]al ,home ,loan ,bank   
,act 7#ab ,u4,s4,c4 #adba et seq472 &   
7#f7 ! t]m qualifi$ mortgage has ! mean+
 giv5 ! t]m 9 section                   
#abi;,c7b77#b77;,a7 ( ! ,tru? 9 ,l5d+   
,act 7#ae ,u4,s4,c4                     
#afci;c7b77#b77;,a774  7b7 ,requirem5t  
,to issue regulations ,n lat] ?an #i    
mon?s aft] ! date ( enactm5t ( ?is ,act1
 ! ,bureau %all issue regulations t     
provide t ! t]m qualifi$ mortgage       
includes any mortgage loan t--  7#a7 is 
ext5d$ by a cr$itor t-- 7,a7 toge!r )   
its affiliates1 has less ?an            
#aj1jjj1jjj1jjj 9 total consolidat$     
assets2 &  7,b7 is a memb] ( a ,f$]al   
,home ,loan ,bank2  7#b7 meets !        
requirem5ts ( clauses 7i71 7ii71 7iv71  
7v71 7vii71 & 7viii7 ( section          
#abi;,c7b77#b77;,a7 ( ! ,tru? 9 ,l5d+   
,act 7#ae ,u4,s4,c4                     

#afci;c7b77#b77;,a772  7#c7 is eligible 
to be pur*as$ by a ,f$]al ,home ,loan   
,bank pursuant to requirem5ts e/abli%$  
by ! ,f$]al ,home ,loan ,bank1 includ+  
und]writ+ & docum5tation requirem5ts2 & 
7#d7 is eligible to be pur*as$ & is held
 by a ,f$]al ,home ,loan ,bank pursuant 
to regulations issu$ by ! ,f$]al ,h\s+  
,f9ance ,ag5cy4  7c7 ,assessm5t (       
regulations  7#a7 ,9 g5]al ,! ,bureau   
%all conduct1 9 consultation ) ! ,f$]al 
,h\s+ ,f9ance ,ag5cy1 an assessm5t ( !  
regulations issu$ "u subsection 7b71 :i*
 %all--  7,a7 address1 among o!r        
relevant factors1 ! usage ( !           
regulations by community f9ancial       
in/itutions1 ! impact ( ! regulations on
 access to resid5tial mortgage loans1 & 
:e!r ! ,f$]al ,home ,loan ,banks h      
e/abli%$ und]writ+ & docum5tation       
requirem5ts2 &  7,b7 reflect available  
evid5ce & any data t ! ,bureau          
reasonably may collect4  7#b7 ,report ,n
 lat] ?an #d ye>s aft] ! date on :i* !  
,bureau issues ! regulations "u         

subsection 7b71 ! ,bureau %all publi% & 
submit to ! ,committee on ,bank+1 ,h\s+1
 & ,urban ,affairs ( ! ,s5ate & !       
,committee on ,f9ancial ,s]vices ( !    
,h\se ( ,repres5tatives a report on !   
assessm5t conduct$ "u p>agraph 7#a74    
7#c7 ,public comm5t requir$ ,be=e       
publi%+ ! report "u p>agraph 7#b71 !    
,bureau %all invite public comm5t on    
recomm5dations = modify+1 exp&+1 or     
elim9at+ ! regulations issu$ "u         
subsection 7b74  7d7 ,revision (        
regulations ,beg9n+ #e ye>s aft] ! date 
on :i* ! ,bureau issues ! regulations "u
 subsection 7b71 ! ,bureau may revise ^?
 regulations if ! ,bureau det]m9es t !  
revision is necess>y--  7#a7 to protect 
! safety ( mortgage loan borr[]s or     
l5d]s2 or  7#b7 to increase access to   
mortgage cr$it4