#aaeth ,,congress #b;d ,session ,s4 #baee ,,an ,,act ,to promote economic growth1 provide tailored regulatory relief1 and enhance consumer protections1 and for other purposes4 #a4 ,short title2 table of contents 7a7 ,short title ,this ,act may be cited as the ,economic ,growth1 ,regulatory ,relief1 and ,consumer ,protection ,act4 7b7 ,table of contents ,the table of contents for this ,act is as follows3 ,sec4 #a4 ,short title2 table of contents4,sec4 #b4 ,definitions4,,title ,i--,improving consumer access to mortgage credit,sec4 #aja4 ,minimum standards for residential mortgage loans4,sec4 #ajb4 ,safeguarding access to habitat for humanity homes4,sec4 #ajc4 ,exemption from appraisals of real property located in rural areas4,sec4 #ajd4 ,home ,mortgage ,disclosure ,act adjustment and study4,sec4 #aje4 ,credit union residential loans4,sec4 #ajf4 ,eliminating barriers to jobs for loan originators4,sec4 #ajg4 ,protecting access to manufactured homes4,sec4 #ajh4 ,escrow requirements relating to certain consumer credit transactions4,sec4 #aji4 ,no wait for lower mortgage rates4,,title ,,ii--,regulatory relief and protecting consumer access to credit,sec4 #bja4 ,capital simplification for qualifying community banks4,sec4 #bjb4 ,limited exception for reciprocal deposits4,sec4 #bjc4 ,community bank relief4,sec4 #bjd4 ,removing naming restrictions4,sec4 #bje4 ,short form call reports4,sec4 #bjf4 ,option for ,federal savings associations to operate as covered savings associations4,sec4 #bjg4 ,small bank holding company policy statement4,sec4 #bjh4 ,application of the ,expedited ,funds ,availability ,act4,sec4 #bji4 ,small public housing agencies4,sec4 #baj4 ,examination cycle4,sec4 #baa4 ,international insurance capital standards accountability4,sec4 #bab4 ,budget transparency for the ,,ncua4,sec4 #bac4 ,making online banking initiation legal and easy4,sec4 #bad4 ,promoting construction and development on ,main ,street4,sec4 #bae4 ,reducing identity fraud4,sec4 #baf4 ,treasury report on risks of cyber threats4,sec4 #bag4 ,discretionary surplus funds4,,title ,,iii--,protections for veterans1 consumers1 and homeowners ,sec4 #cja4 ,protecting consumers' credit4,sec4 #cjb4 ,protecting veterans' credit4,sec4 #cjc4 ,immunity from suit for disclosure of financial exploitation of senior citizens4,sec4 #cjd4 ,restoration of the ,protecting ,tenants at ,foreclosure ,act of #bjji4,sec4 #cje4 ,remediating lead and asbestos hazards4,sec4 #cjf4 ,family self-sufficiency program4,sec4 #cjg4 ,property ,assessed ,clean ,energy financing4,sec4 #cjh4 ,,gao report on consumer reporting agencies4,sec4 #cji4 ,protecting veterans from predatory lending4,sec4 #caj4 ,credit score competition4,sec4 #caa4 ,,gao report on ,puerto ,rico foreclosures4,sec4 #cab4 ,report on children's lead-based paint hazard prevention and abatement4,sec4 #cac4 ,foreclosure relief and extension for servicemembers4,,title ,,iv--,tailoring regulations for certain bank holding companies,sec4 #dja4 ,enhanced supervision and prudential standards for certain bank holding companies4,sec4 #djb4 ,supplementary leverage ratio for custodial banks4,sec4 #djc4 ,treatment of certain municipal obligations4,,title ,v--,encouraging capital formation,sec4 #eja4 ,national securities exchange regulatory parity4,sec4 #ejb4 ,,sec study on algorithmic trading4,sec4 #ejc4 ,annual review of government-business forum on capital formation4,sec4 #ejd4 ,supporting ,america's innovators4,sec4 #eje4 ,securities and ,exchange ,commission overpayment credit4,sec4 #ejf4 ,u4,s4 territories investor protection4,sec4 #ejg4 ,encouraging employee ownership4,sec4 #ejh4 ,improving access to capital4,sec4 #eji4 ,parity for closed-end companies regarding offering and proxy rules4,,title ,,vi--,protections for student borrowers,sec4 #fja4 ,protections in the event of death or bankruptcy4,sec4 #fjb4 ,rehabilitation of private education loans4,sec4 #fjc4 ,best practices for higher education financial literacy4 #b4 ,definitions ,in this ,act3 7#a7 ,appropriate ,federal banking agency2 company2 depository institution2 depository institution holding company ,the terms appropriate ,federal banking agency1 company1 depository institution1 and depository institution holding company have the meanings given those terms in section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7#b7 ,bank holding company ,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 #ahda74 ,i ,improving consumer access to mortgage credit #aja4 ,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 ,definitions ,in this subparagraph-- 7,i7 the term covered institution means an insured depository institution or an insured credit union that1 together with its affiliates1 has less than #aj1jjj1jjj1jjj in total consolidated assets2 7,,ii7 the term insured credit union has the meaning given the term in section #aja of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #ageb72 7,,iii7 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 7,,iv7 the term interest-only means that1 under the terms of the legal obligation1 one or more of the periodic payments may be applied solely to accrued interest and not to loan principal2 and 7,v7 the term negative amortization means payment of periodic payments that will result in an increase in the principal balance under the terms of the legal obligation4 7ii7 ,safe harbor ,in this section-- 7,i7 the term qualified mortgage includes any residential mortgage loan-- 7aa7 that is originated and retained in portfolio by a covered institution2 7bb7 that is in compliance with the limitations with respect to prepayment penalties described in subsections 7c77#a7 and 7c77#c72 7cc7 that is in compliance with the requirements of clause 7vii7 of subparagraph 7,a72 7dd7 that does not have negative amortization or interest-only features2 and 7ee7 for which the covered institution considers and documents the debt1 income1 and financial resources of the consumer in accordance with clause 7iv72 and 7,,ii7 a residential mortgage loan described in subclause 7,i7 shall be deemed to meet the requirements of subsection 7a74 7iii7 ,exception for certain transfers ,a residential mortgage loan described in clause 7ii77,i7 shall not qualify for the safe harbor under clause 7ii7 if the legal title to the residential mortgage loan is sold1 assigned1 or otherwise transferred to another person unless the residential mortgage loan is sold1 assigned1 or otherwise transferred-- 7,i7 to another person by reason of the bankruptcy or failure of a covered institution2 7,,ii7 to a covered institution so long as the loan is retained in portfolio by the covered institution to which the loan is sold1 assigned1 or otherwise transferred2 7,,iii7 pursuant to a merger of a covered institution with another person or the acquisition of a covered institution by another person or of another person by a covered institution1 so long as the loan is retained in portfolio by the person to whom the loan is sold1 assigned1 or otherwise transferred2 or 7,,iv7 to a wholly owned subsidiary of a covered institution1 provided that1 after the sale1 assignment1 or transfer1 the residential mortgage loan is considered to be an asset of the covered institution for regulatory accounting purposes4 7iv7 ,consideration and documentation requirements ,the consideration and documentation requirements described in clause 7ii77,i77ee7 shall-- 7,i7 not be construed to require compliance with1 or documentation in accordance with1 appendix ,q to part #ajbf of title #ab1 ,code of ,federal ,regulations1 or any successor regulation2 and 7,,ii7 be construed to permit multiple methods of documentation4 4 #ajb4 ,safeguarding access to habitat for humanity homes ,section #abi;,e7i77#b7 of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afci;e7i77#b77 is amended-- 7#a7 by redesignating subparagraphs 7,a7 and 7,b7 as clauses 7i7 and 7ii71 respectively1 and adjusting the margins accordingly2 7#b7 in the matter preceding clause 7i71 as so redesignated1 by striking ,for purposes of and inserting the following3 7,a7 ,in general ,for purposes of 2 and 7#c7 by adding at the end the following3 7,b7 ,rule of construction related to appraisal donations ,if a fee appraiser voluntarily donates appraisal services to an organization eligible to receive tax-deductible charitable contributions1 such voluntary donation shall be considered customary and reasonable for the purposes of paragraph 7#a74 4 #ajc4 ,exemption from appraisals of real property located in rural areas ,title ,,xi of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #ccca et seq47 is amended by adding at the end the following3 #aabg4 ,exemption from appraisals of real estate located in rural areas 7a7 ,definitions ,in this section-- 7#a7 the term mortgage originator has the meaning given the term in section #ajc of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afjb72 and 7#b7 the term transaction value means the amount of a loan or extension of credit1 including a loan or extension of credit that is part of a pool of loans or extensions of credit4 7b7 ,appraisal not required ,except as provided in subsection 7d71 notwithstanding any other provision of law1 an appraisal in connection with a federally related transaction involving real property or an interest in real property is not required if-- 7#a7 the real property or interest in real property is located in a rural area1 as described in section #ajbf4ce7;b77#b77;iv77,a7 of title #ab1 ,code of ,federal ,regulations2 7#b7 not later than #c days after the date on which the ,closing ,disclosure ,form1 made in accordance with the final rule of the ,bureau of ,consumer ,financial ,protection entitled ,integrated ,mortgage ,disclosures ,under the ,real ,estate ,settlement ,procedures ,act 7,regulation ,x7 and the ,truth in ,lending ,act 7,regulation ,z7 7#gh ,fed4 ,reg4 #gigcj 7,december #ca1 #bjac771 relating to the federally related transaction is given to the consumer1 the mortgage originator or its agent1 directly or indirectly-- 7,a7 has contacted not fewer than #c ,state certified appraisers or ,state licensed appraisers1 as applicable1 on the mortgage originator's approved appraiser list in the market area in accordance with part #bbf of title #ab1 ,code of ,federal ,regulations2 and 7,b7 has documented that no ,state certified appraiser or ,state licensed appraiser1 as applicable1 was available within #e business days beyond customary and reasonable fee and timeliness standards for comparable appraisal assignments1 as documented by the mortgage originator or its agent2 7#c7 the transaction value is less than #djj1jjj2 and 7#d7 the mortgage originator is subject to oversight by a ,federal financial institutions regulatory agency4 7c7 ,sale1 assignment1 or transfer ,a mortgage originator that makes a loan without an appraisal under the terms of subsection 7b7 shall not sell1 assign1 or otherwise transfer legal title to the loan unless-- 7#a7 the loan is sold1 assigned1 or otherwise transferred to another person by reason of the bankruptcy or failure of the mortgage originator2 7#b7 the loan is sold1 assigned1 or otherwise transferred to another person regulated by a ,federal financial institutions regulatory agency1 so long as the loan is retained in portfolio by the person2 7#c7 the sale1 assignment1 or transfer is pursuant to a merger of the mortgage originator with another person or the acquisition of the mortgage originator by another person or of another person by the mortgage originator2 or 7#d7 the sale1 loan1 or transfer is to a wholly owned subsidiary of the mortgage originator1 provided that1 after the sale1 assignment1 or transfer1 the loan is considered to be an asset of the mortgage originator for regulatory accounting purposes4 7d7 ,exception ,subsection 7b7 shall not apply if-- 7#a7 a ,federal financial institutions regulatory agency requires an appraisal under section #bbe4fc7;c71 #cbc4c7;c71 #cd4dc7;c71 or #gbb4c7;e7 of title #ab1 ,code of ,federal ,regulations2 or 7#b7 the loan is a high-cost mortgage1 as defined in section #ajc of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afjb74 7e7 ,anti-,evasion ,each ,federal financial institutions regulatory agency shall ensure that any mortgage originator that the ,federal financial institutions regulatory agency oversees that makes a significant amount of loans under subsection 7b7 is complying with the requirements of subsection 7b77#b7 with respect to each loan4 4 #ajd4 ,home ,mortgage ,disclosure ,act adjustment and study 7a7 ,in general ,section #cjd of the ,home ,mortgage ,disclosure ,act of #aige 7#ab ,u4,s4,c4 #bhjc7 is amended-- 7#a7 by redesignating subsection 7i7 as paragraph 7#c7 and adjusting the margins accordingly2 7#b7 by inserting before paragraph 7#c71 as so redesignated1 the following3 7i7 ,exemptions 7#a7 ,closed-end mortgage loans ,with respect to an insured depository institution or insured credit union1 the requirements of paragraphs 7#e7 and 7#f7 of subsection 7b7 shall not apply with respect to closed-end mortgage loans if the insured depository institution or insured credit union originated fewer than #ejj closed-end mortgage loans in each of the #b preceding calendar years4 7#b7 ,open-end lines of credit ,with respect to an insured depository institution or insured credit union1 the requirements of paragraphs 7#e7 and 7#f7 of subsection 7b7 shall not apply with respect to open-end lines of credit if the insured depository institution or insured credit union originated fewer than #ejj open-end lines of credit in each of the #b preceding calendar years4 7#c7 ,required compliance ,notwithstanding paragraphs 7#a7 and 7#b71 an insured depository institution shall comply with paragraphs 7#e7 and 7#f7 of subsection 7b7 if the insured depository institution has received a rating of needs to improve record of meeting community credit needs during each of its #b most recent examinations or a rating of substantial noncompliance in meeting community credit needs on its most recent examination under section #hjg7;b77#b7 of the ,community ,reinvestment ,act of #aigg 7#ab ,u4,s4,c4 #bijf7;b77#b774 2 and 7#c7 by adding at the end the following3 7o7 ,definitions ,in this section-- 7#a7 the term insured credit union has the meaning given the term in section #aja of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #ageb72 and 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 #ahac74 4 7b7 ,lookback study 7#a7 ,study ,not earlier than #b years after the date of enactment of this ,act1 the ,comptroller ,general of the ,united ,states shall conduct a study to evaluate the impact of the amendments made by subsection 7a7 on the amount of data available under the ,home ,mortgage ,disclosure ,act of #aige 7#ab ,u4,s4,c4 #bhja et seq47 at the national and local level4 7#b7 ,report ,not later than #c years after the date of enactment of this ,act1 the ,comptroller ,general of the ,united ,states shall submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives a report that includes the findings and conclusions of the ,comptroller ,general with respect to the study required under paragraph 7#a74 7c7 ,technical correction ,section #cjd7;i77#c7 of the ,home ,mortgage ,disclosure ,act of #aige1 as so redesignated by subsection 7a77#a71 is amended by striking section #cjc7b77;,a7 and inserting section #cjc7c77;,a74 #aje4 ,credit union residential loans 7a7 ,removal from member business loan limitation ,section #ajg;,a7c77#a77;,b77i7 of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #ageg;a7c77#a77;,b77i77 is amended by striking that is the primary residence of a member4 7b7 ,rule of construction ,nothing in this section or the amendment made by this section shall preclude the ,national ,credit ,union ,administration from treating an extension of credit that is fully secured by a lien on a #a- to #d-;family dwelling that is not the primary residence of a member as a member business loan for purposes other than the member business loan limitation requirements under section #ajg;,a of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #ageg;a74 #ajf4 ,eliminating barriers to jobs for loan originators 7a7 ,in general ,the ,s4,a4,f4,e4 ,mortgage ,licensing ,act of #bjjh 7#ab ,u4,s4,c4 #eaja et seq47 is amended by adding at the end the following3 #aeah4 ,employment transition of loan originators 7a7 ,definitions ,in this section3 7#a7 ,application ,state ,the term application ,state means a ,state in which a registered loan originator or a ,state-licensed loan originator seeks to be licensed4 7#b7 ,state-licensed mortgage company ,the term ,state-licensed mortgage company means an entity that is licensed or registered under the law of any ,state to engage in residential mortgage loan origination and processing activities4 7b7 ,temporary authority ,to originate loans for loan originators moving from a depository institution to a non-,depository institution 7#a7 ,in general ,upon becoming employed by a ,state-licensed mortgage company1 an individual who is a registered loan originator shall be deemed to have temporary authority to act as a loan originator in an application ,state for the period described in paragraph 7#b7 if the individual-- 7,a7 has not had-- 7i7 an application for a loan originator license denied2 or 7ii7 a loan originator license revoked or suspended in any governmental jurisdiction2 7,b7 has not been subject to1 or served with1 a cease and desist order-- 7i7 in any governmental jurisdiction2 or 7ii7 under section #aead7;c72 7,c7 has not been convicted of a misdemeanor or felony that would preclude licensure under the law of the application ,state2 7,d7 has submitted an application to be a ,state-licensed loan originator in the application ,state2 and 7,e7 was registered in the ,nationwide ,mortgage ,licensing ,system and ,registry as a loan originator during the #a-year period preceding the date on which the information required under section #aeje7;a7 is submitted4 7#b7 ,period ,the period described in this paragraph shall begin on the date on which an individual described in paragraph 7#a7 submits the information required under section #aeje7;a7 and shall end on the earliest of the date-- 7,a7 on which the individual withdraws the application to be a ,state-licensed loan originator in the application ,state2 7,b7 on which the application ,state denies1 or issues a notice of intent to deny1 the application2 7,c7 on which the application ,state grants a ,state license2 or 7,d7 that is #abj days after the date on which the individual submits the application1 if the application is listed on the ,nationwide ,mortgage ,licensing ,system and ,registry as incomplete4 7c7 ,temporary authority ,to originate loans for ,state-,licensed loan originators moving interstate 7#a7 ,in general ,a ,state-licensed loan originator shall be deemed to have temporary authority to act as a loan originator in an application ,state for the period described in paragraph 7#b7 if the ,state-licensed loan originator-- 7,a7 meets the requirements of subparagraphs 7,a71 7,b71 7,c71 and 7,d7 of subsection 7b77#a72 7,b7 is employed by a ,state-licensed mortgage company in the application ,state2 and 7,c7 was licensed in a ,state that is not the application ,state during the #cj-;day period preceding the date on which the information required under section #aeje7;a7 was submitted in connection with the application submitted to the application ,state4 7#b7 ,period ,the period described in this paragraph shall begin on the date on which the ,state-licensed loan originator submits the information required under section #aeje7;a7 in connection with the application submitted to the application ,state and end on the earliest of the date-- 7,a7 on which the ,state-licensed loan originator withdraws the application to be a ,state-licensed loan originator in the application ,state2 7,b7 on which the application ,state denies1 or issues a notice of intent to deny1 the application2 7,c7 on which the application ,state grants a ,state license2 or 7,d7 that is #abj days after the date on which the ,state-licensed loan originator submits the application1 if the application is listed on the ,nationwide ,mortgage ,licensing ,system and ,registry as incomplete4 7d7 ,applicability 7#a7 ,employer of loan originators ,any person employing an individual who is deemed to have temporary authority to act as a loan originator in an application ,state under this section shall be subject to the requirements of this title and to applicable ,state law to the same extent as if that individual was a ,state-licensed loan originator licensed by the application ,state4 7#b7 ,engaging in mortgage loan activities ,any individual who is deemed to have temporary authority to act as a loan originator in an application ,state under this section and who engages in residential mortgage loan origination activities shall be subject to the requirements of this title and to applicable ,state law to the same extent as if that individual was a ,state-licensed loan originator licensed by the application ,state4 4 7b7 ,table of contents amendment ,section #a7;b7 of the ,housing and ,economic ,recovery ,act of #bjjh 7#db ,u4,s4,c4 #deja note7 is amended by inserting after the item relating to section #aeag the following3 ,sec4 #aeah4 ,employment transition of loan originators4 4 7c7 ,civil liability ,section #aeac of the ,s4,a4,f4,e4 ,mortgage ,licensing ,act of #bjjh 7#ab ,u4,s4,c4 #eaab7 is amended by striking persons who are loan originators or are applying for licensing or registration as loan originators4 and inserting 8persons who-- 7#a7 have applied1 are applying1 or are licensed or registered through the ,nationwide ,mortgage ,licensing ,system and ,registry2 and 7#b7 work in an industry with respect to which persons were licensed or registered through the ,nationwide ,mortgage ,licensing ,system and ,registry on the date of enactment of the ,economic ,growth1 ,regulatory ,relief1 and ,consumer ,protection ,act4 4 7d7 ,effective date ,this section and the amendments made by this section shall take effect on the date that is #ah months after the date of enactment of this ,act4 #ajg4 ,protecting access to manufactured homes ,section #ajc of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afjb7 is amended-- 7#a7 by redesignating the second subsection 7cc7 7relating to definitions relating to mortgage origination and residential mortgage loans7 and subsection 7dd7 as subsections 7dd7 and 7ee71 respectively2 and 7#b7 in paragraph 7#b7 of subsection 7dd71 as so redesignated1 by striking subparagraph 7,c7 and inserting the following3 7,c7 does not include any person who is-- 7i7 not otherwise described in subparagraph 7,a7 or 7,b7 and who performs purely administrative or clerical tasks on behalf of a person who is described in any such subparagraph2 or 7ii7 a retailer of manufactured or modular homes or an employee of the retailer if the retailer or employee1 as applicable-- 7,i7 does not receive compensation or gain for engaging in activities described in subparagraph 7,a7 that is in excess of any compensation or gain received in a comparable cash transaction2 7,,ii7 discloses to the consumer-- 7aa7 in writing any corporate affiliation with any creditor2 and 7bb7 if the retailer has a corporate affiliation with any creditor1 at least #a unaffiliated creditor2 and 7,,iii7 does not directly negotiate with the consumer or lender on loan terms 7including rates1 fees1 and other costs74 4 #ajh4 ,escrow requirements relating to certain consumer credit transactions ,section #abi;,d of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afci;d7 is amended-- 7#a7 in subsection 7c7-- 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 in the matter preceding subparagraph 7,a71 as so redesignated1 by striking ,the ,board and inserting the following3 7#a7 ,in general ,the ,bureau 2 7,c7 in paragraph 7#a71 as so redesignated1 by striking the ,board each place that term appears and inserting the ,bureau2 and 7,d7 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 made by an insured depository institution or an insured credit union secured by a first lien on the principal dwelling of a consumer if-- 7,a7 the insured depository institution or insured credit union has assets of #aj1jjj1jjj1jjj or less2 7,b7 during the preceding calendar year1 the insured depository institution or insured credit union and its affiliates originated #a1jjj or fewer loans secured by a first lien on a principal dwelling2 and 7,c7 the transaction satisfies the criteria in sections #ajbf4ce7;b77#b77;iii77,a71 #ajbf4ce7;b77#b77;iii77,d71 and #ajbf4ce7;b77#b77v7 of title #ab1 ,code of ,federal ,regulations1 or any successor regulation4 2 and 7#b7 in subsection 7i71 by adding at the end the following3 7#c7 ,insured credit union ,the term insured credit union has the meaning given the term in section #aja of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #ageb74 7#d7 ,insured depository institution ,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 #ahac74 4 #aji4 ,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#a7 with respect to the second offer4 4 7b7 ,sense of ,congress ,it is the sense of ,congress that1 whereas the ,bureau of ,consumer ,financial ,protection issued a final rule entitled ,integrated ,mortgage ,disclosures ,under the ,real ,estate ,settlement ,procedures ,act 7,regulation ,x7 and the ,truth in ,lending ,act 7,regulation ,z7 7#gh ,fed4 ,reg4 #gigcj 7,december #ca1 #bjac77 7in this subsection referred to as the ,,trid ,rule7 to combine the disclosures a consumer receives in connection with applying for and closing on a mortgage loan1 the ,bureau of ,consumer ,financial ,protection should endeavor to provide clearer1 authoritative guidance on-- 7#a7 the applicability of the ,,trid ,rule to mortgage assumption transactions2 7#b7 the applicability of the ,,trid ,rule to construction-to-permanent home loans1 and the conditions under which those loans can be properly originated2 and 7#c7 the extent to which lenders can rely on model disclosures published by the ,bureau of ,consumer ,financial ,protection without liability if recent changes to regulations are not reflected in the sample ,,trid ,rule forms published by the ,bureau of ,consumer ,financial ,protection4 ,,ii ,regulatory relief and protecting consumer access to credit #bja4 ,capital simplification for qualifying community banks 7a7 ,definitions ,in this section3 7#a7 ,community ,bank ,leverage ,ratio ,the term ,community ,bank ,leverage ,ratio means the ratio of the tangible equity capital of a qualifying community bank1 as reported on the qualifying community bank's applicable regulatory filing with the qualifying community bank's appropriate ,federal banking agency1 to the average total consolidated assets of the qualifying community bank1 as reported on the qualifying community bank's applicable regulatory filing with the qualifying community bank's appropriate ,federal banking agency4 7#b7 ,generally applicable leverage capital requirements2 generally applicable risk-based capital requirements ,the terms generally applicable leverage capital requirements and generally applicable risk-based capital requirements have the meanings given those terms in section #aga7;a7 of the ,financial ,stability ,act of #bjaj 7#ab ,u4,s4,c4 #ecga7;a774 7#c7 ,qualifying community bank 7,a7 ,asset threshold ,the term qualifying community bank means a depository institution or depository institution holding company with total consolidated assets of less than #aj1jjj1jjj1jjj4 7,b7 ,risk profile ,the appropriate ,federal banking agencies may determine that a depository institution or depository institution holding company 7or a class of depository institutions or depository institution holding companies7 described in subparagraph 7,a7 is not a qualifying community bank based on the depository institution's or depository institution holding company's risk profile1 which shall be based on consideration of-- 7i7 off-balance sheet exposures2 7ii7 trading assets and liabilities2 7iii7 total notional derivatives exposures2 and 7iv7 such other factors as the appropriate ,federal banking agencies determine appropriate4 7b7 ,community ,bank ,leverage ,ratio ,the appropriate ,federal banking agencies shall1 through notice and comment rule making under section #eec of title #e1 ,united ,states ,code-- 7#a7 develop a ,community ,bank ,leverage ,ratio of not less than #h percent and not more than #aj percent for qualifying community banks2 and 7#b7 establish procedures for treatment of a qualifying community bank that has a ,community ,bank ,leverage ,ratio that falls below the percentage developed under paragraph 7#a7 after exceeding the percentage developed under paragraph 7#a74 7c7 ,capital compliance 7#a7 ,in general ,any qualifying community bank that exceeds the ,community ,bank ,leverage ,ratio developed under subsection 7b77#a7 shall be considered to have met-- 7,a7 the generally applicable leverage capital requirements and the generally applicable risk-based capital requirements2 7,b7 in the case of a qualifying community bank that is a depository institution1 the capital ratio requirements that are required in order to be considered well capitalized under section #ch of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahcao7 and any regulation implementing that section2 and 7,c7 any other capital or leverage requirements to which the qualifying community bank is subject4 7#b7 ,existing authorities ,nothing in paragraph 7#a7 shall limit the authority of the appropriate ,federal banking agencies as in effect on the date of enactment of this ,act4 7d7 ,consultation ,the appropriate ,federal banking agencies shall-- 7#a7 consult with the applicable ,state bank supervisors in carrying out this section2 and 7#b7 notify the applicable ,state bank supervisor of any qualifying community bank that it supervises that exceeds1 or does not exceed after previously exceeding1 the ,community ,bank ,leverage ratio developed under subsection 7b77#a74 #bjb4 ,limited exception for reciprocal deposits 7a7 ,in general ,section #bi of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahca;f7 is amended by adding at the end the following3 7i7 ,limited exception for reciprocal deposits 7#a7 ,in general ,reciprocal deposits of an agent institution shall not be considered to be funds obtained1 directly or indirectly1 by or through a deposit broker to the extent that the total amount of such reciprocal deposits does not exceed the lesser of-- 7,a7 #e1jjj1jjj1jjj2 or 7,b7 an amount equal to #bj percent of the total liabilities of the agent institution4 7#b7 ,definitions ,in this subsection3 7,a7 ,agent institution ,the term agent institution means an insured depository institution that places a covered deposit through a deposit placement network at other insured depository institutions in amounts that are less than or equal to the standard maximum deposit insurance amount1 specifying the interest rate to be paid for such amounts1 if the insured depository institution-- 7i7 7,i7 when most recently examined under section #aj7;d7 was found to have a composite condition of outstanding or good2 and 7,,ii7 is well capitalized2 7ii7 has obtained a waiver pursuant to subsection 7c72 or 7iii7 does not receive an amount of reciprocal deposits that causes the total amount of reciprocal deposits held by the agent institution to be greater than the average of the total amount of reciprocal deposits held by the agent institution on the last day of each of the #d calendar quarters preceding the calendar quarter in which the agent institution was found not to have a composite condition of outstanding or good or was determined to be not well capitalized4 7,b7 ,covered deposit ,the term covered deposit means a deposit that-- 7i7 is submitted for placement through a deposit placement network by an agent institution2 and 7ii7 does not consist of funds that were obtained for the agent institution1 directly or indirectly1 by or through a deposit broker before submission for placement through a deposit placement network4 7,c7 ,deposit placement network ,the term deposit placement network means a network in which an insured depository institution participates1 together with other insured depository institutions1 for the processing and receipt of reciprocal deposits4 7,d7 ,network member bank ,the term network member bank means an insured depository institution that is a member of a deposit placement network4 7,e7 ,reciprocal deposits ,the term reciprocal deposits means deposits received by an agent institution through a deposit placement network with the same maturity 7if any7 and in the same aggregate amount as covered deposits placed by the agent institution in other network member banks4 7,f7 ,well capitalized ,the term well capitalized has the meaning given the term in section #ch7;b77#a74 4 7b7 ,interest rate restriction ,section #bi of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahca;f7 is amended by striking subsection 7e7 and inserting the following3 7e7 ,restriction on interest rate paid 7#a7 ,definitions ,in this subsection-- 7,a7 the terms agent institution1 reciprocal deposits1 and well capitalized have the meanings given those terms in subsection 7i72 and 7,b7 the term covered insured depository institution means an insured depository institution that-- 7i7 under subsection 7c7 or 7d71 accepts funds obtained1 directly or indirectly1 by or through a deposit broker2 or 7ii7 while acting as an agent institution under subsection 7i71 accepts reciprocal deposits while not well capitalized4 7#b7 ,prohibition ,a covered insured depository institution may not pay a rate of interest on funds or reciprocal deposits described in paragraph 7#a7 that1 at the time that the funds or reciprocal deposits are accepted1 significantly exceeds the limit set forth in paragraph 7#c74 7#c7 ,limit on interest rates ,the limit on the rate of interest referred to in paragraph 7#b7 shall be-- 7,a7 the rate paid on deposits of similar maturity in the normal market area of the covered insured depository institution for deposits accepted in the normal market area of the covered insured depository institution2 or 7,b7 the national rate paid on deposits of comparable maturity1 as established by the ,corporation1 for deposits accepted outside the normal market area of the covered insured depository institution4 4 #bjc4 ,community bank relief ,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 respectively1 and adjusting the margins accordingly2 7#b7 by redesignating subparagraphs 7,a7 through 7,d7 as clauses 7i7 through 7iv71 respectively1 and adjusting the margins accordingly2 7#c7 in the matter preceding clause 7i71 as so redesignated1 in the second sentence1 by striking institution that functions solely in a trust or fiduciary capacity1 if-- and inserting the following3 institution-- 7,a7 that functions solely in a trust or fiduciary capacity1 if-- 2 7#d7 in clause 7iv77,,ii71 as so redesignated1 by striking the period at the end and inserting 2 or2 and 7#e7 by adding at the end the following3 7,b7 that does not have and is not controlled by a company that has-- 7i7 more than #aj1jjj1jjj1jjj in total consolidated assets2 and 7ii7 total trading assets and trading liabilities1 as reported on the most recent applicable regulatory filing filed by the institution1 that are more than #e percent of total consolidated assets4 4 #bjd4 ,removing naming restrictions ,section #ac of the ,bank ,holding ,company ,act of #aief 7#ab ,u4,s4,c4 #ahea7 is amended-- 7#a7 in subsection 7d77#a77;,g77vi71 by inserting before the semicolon the following3 1 except that the hedge fund or private equity fund may share the same name or a variation of the same name as a banking entity that is an investment adviser to the hedge fund or private equity fund1 if-- 7,i7 such investment adviser is not an insured depository institution1 a company that controls an insured depository institution1 or a company that is treated as a bank holding company for purposes of section #h of the ,international ,banking ,act of #aigh 7#ab ,u4,s4,c4 #cajf72 7,,ii7 such investment adviser does not share the same name or a variation of the same name as an insured depository institution1 any company that controls an insured depository institution1 or any company that is treated as a bank holding company for purposes of section #h of the ,international ,banking ,act of #aigh 7#ab ,u4,s4,c4 #cajf72 and 7,,iii7 such name does not contain the word bank 2 and 7#b7 in subsection 7h77#e77;,c71 by inserting before the period the following3 1 except as permitted under subsection 7d77#a77;,g77vi74 #bje4 ,short form call reports ,section #g7;a7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahag7;a77 is amended by adding at the end the following3 7#ab7 ,short form reporting 7,a7 ,in general ,the appropriate ,federal banking agencies shall issue regulations that allow for a reduced reporting requirement for a covered depository institution when the institution makes the first and third report of condition for a year1 as required under paragraph 7#c74 7,b7 ,definition ,in this paragraph1 the term covered depository institution means an insured depository institution that-- 7i7 has less than #e1jjj1jjj1jjj in total consolidated assets2 and 7ii7 satisfies such other criteria as the appropriate ,federal banking agencies determine appropriate4 4 #bjf4 ,option for ,federal savings associations to operate as covered savings associations ,the ,home ,owners' ,loan ,act 7#ab ,u4,s4,c4 #adfa et seq47 is amended by inserting after section #e 7#ab ,u4,s4,c4 #adfd7 the following3 #e;,a4 ,election to operate as a covered savings association 7a7 ,definition ,in this section1 the term covered savings association means a ,federal savings association that makes an election that is approved under subsection 7b74 7b7 ,election 7#a7 ,in general ,in accordance with the rules issued under subsection 7f71 a ,federal savings association with total consolidated assets equal to or less than #bj1jjj1jjj1jjj1 as reported by the association to the ,comptroller as of ,december #ca1 #bjag1 may elect to operate as a covered savings association by submitting a notice to the ,comptroller of that election4 7#b7 ,approval ,a ,federal savings association shall be deemed to be approved to operate as a covered savings association beginning on the date that is #fj days after the date on which the ,comptroller receives the notice submitted under paragraph 7#a71 unless the ,comptroller notifies the ,federal savings association that the ,federal savings association is not eligible4 7c7 ,rights and duties ,notwithstanding any other provision of law1 and except as otherwise provided in this section1 a covered savings association shall-- 7#a7 have the same rights and privileges as a national bank that has the main office of the national bank situated in the same location as the home office of the covered savings association2 and 7#b7 be subject to the same duties1 restrictions1 penalties1 liabilities1 conditions1 and limitations that would apply to a national bank described in paragraph 7#a74 7d7 ,treatment of covered savings associations ,a covered savings association shall be treated as a ,federal savings association for the purposes-- 7#a7 of governance of the covered savings association1 including incorporation1 bylaws1 boards of directors1 shareholders1 and distribution of dividends2 7#b7 of consolidation1 merger1 dissolution1 conversion 7including conversion to a stock bank or to another charter71 conservatorship1 and receivership2 and 7#c7 determined by regulation of the ,comptroller4 7e7 ,existing branches ,a covered savings association may continue to operate any branch or agency that the covered savings association operated on the date on which an election under subsection 7b7 is approved4 7f7 ,rule making ,the ,comptroller shall issue rules to carry out this section-- 7#a7 that establish streamlined standards and procedures that clearly identify required documentation and timelines for an election under subsection 7b72 7#b7 that require a ,federal savings association that makes an election under subsection 7b7 to identify specific assets and subsidiaries that-- 7,a7 do not conform to the requirements for assets and subsidiaries of a national bank2 and 7,b7 are held by the ,federal savings association on the date on which the ,federal savings association submits a notice of the election2 7#c7 that establish-- 7,a7 a transition process for bringing the assets and subsidiaries described in paragraph 7#b7 into conformance with the requirements for a national bank2 and 7,b7 procedures for allowing the ,federal savings association to submit to the ,comptroller an application to continue to hold assets and subsidiaries described in paragraph 7#b7 after electing to operate as a covered savings association2 7#d7 that establish standards and procedures to allow a covered savings association to-- 7,a7 terminate an election under subsection 7b7 after an appropriate period of time2 and 7,b7 make a subsequent election under subsection 7b7 after terminating an election under subparagraph 7,a72 7#e7 that clarify requirements for the treatment of covered savings associations1 including the provisions of law that apply to covered savings associations2 and 7#f7 as the ,comptroller determines necessary in the interests of safety and soundness4 7g7 ,grandfathered covered savings associations ,subject to the rules issued under subsection 7f71 a covered savings association may continue to operate as a covered savings association if1 after the date on which the election is made under subsection 7b71 the covered savings association has total consolidated assets greater than #bj1jjj1jjj1jjj4 4 #bjg4 ,small bank holding company policy statement 7a7 ,definitions ,in this section3 7#a7 ,board ,the term ,board means the ,board of ,governors of the ,federal ,reserve ,system4 7#b7 ,savings and loan holding company ,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 7b7 ,changes required to small bank holding company policy statement on assessment of financial and managerial factors ,not later than #ahj days after the date of enactment of this ,act1 the ,board shall revise appendix ,c to part #bbe of title #ab1 ,code of ,federal ,regulations 7commonly known as the ,small ,bank ,holding ,company and ,savings and ,loan ,holding ,company ,policy ,statement71 to raise the consolidated asset threshold under that appendix from #a1jjj1jjj1jjj to #c1jjj1jjj1jjj for any bank holding company or savings and loan holding company that-- 7#a7 is not engaged in significant nonbanking activities either directly or through a nonbank subsidiary2 7#b7 does not conduct significant off-balance sheet activities 7including securitization and asset management or administration7 either directly or through a nonbank subsidiary2 and 7#c7 does not have a material amount of debt or equity securities outstanding 7other than trust preferred securities7 that are registered with the ,securities and ,exchange ,commission4 7c7 ,exclusions ,the ,board may exclude any bank holding company or savings and loan holding company1 regardless of asset size1 from the revision under subsection 7b7 if the ,board determines that such action is warranted for supervisory purposes4 7d7 ,conforming amendment ,section #aga7;b77#e7 of the ,financial ,stability ,act of #bjaj 7#ab ,u4,s4,c4 #ecga7;b77#e77 is amended by striking subparagraph 7,c7 and inserting the following3 7,c7 any bank holding company or savings and loan holding company that is subject to the application of appendix ,c to part #bbe of title #ab1 ,code of ,federal ,regulations 7commonly known as the ,small ,bank ,holding ,company and ,savings and ,loan ,holding ,company ,policy ,statement74 4 #bjh4 ,application of the ,expedited ,funds ,availability ,act 7a7 ,in general ,the ,expedited ,funds ,availability ,act 7#ab ,u4,s4,c4 #djja et seq47 is amended-- 7#a7 in section #fjb 7#ab ,u4,s4,c4 #djja7-- 7,a7 in paragraph 7#bj71 by inserting 1 located in the ,united ,states1 after ,,atm2 7,b7 in paragraph 7#ba71 by inserting ,american ,samoa1 the ,commonwealth of the ,northern ,mariana ,islands1 ,guam1 after ,puerto ,rico12 and 7,c7 in paragraph 7#bc71 by inserting ,american ,samoa1 the ,commonwealth of the ,northern ,mariana ,islands1 ,guam1 after ,puerto ,rico12 and 7#b7 in section #fjc7;d77#b77;,a7 7#ab ,u4,s4,c4 #djjb7;d77#b77;,a771 by inserting ,american ,samoa1 the ,commonwealth of the ,northern ,mariana ,islands1 ,guam1 after ,puerto ,rico14 7b7 ,effective date ,the amendments made by this section shall take effect on the date that is #cj days after the date of enactment of this ,act4 #bji4 ,small public housing agencies 7a7 ,small public housing agencies ,title ,i of the ,united ,states ,housing ,act of #aicg 7#db ,u4,s4,c4 #adcg et seq47 is amended by adding at the end the following3 #ch4 ,small public housing agencies 7a7 ,definitions ,in this section3 7#a7 ,housing voucher program ,the term housing voucher program means a program for tenant-based assistance under section #h4 7#b7 ,small public housing agency ,the term small public housing agency means a public housing agency-- 7,a7 for which the sum of the number of public housing dwelling units administered by the agency and the number of vouchers under section #h7o7 administered by the agency is #eej or fewer2 and 7,b7 that predominantly operates in a rural area1 as described in section #ajbf4ce7;b77#b77;iv77,a7 of title #ab1 ,code of ,federal ,regulations4 7#c7 ,troubled small public housing agency ,the term troubled small public housing agency means a small public housing agency designated by the ,secretary as a troubled small public housing agency under subsection 7c77#c74 7b7 ,applicability ,except as otherwise provided in this section1 a small public housing agency shall be subject to the same requirements as a public housing agency4 7c7 ,program inspections and evaluations 7#a7 ,public housing projects 7,a7 ,frequency of inspections by secretary ,the ,secretary shall carry out an inspection of the physical condition of a small public housing agency's public housing projects not more frequently than once every #c years1 unless the agency has been designated by the ,secretary as a troubled small public housing agency based on deficiencies in the physical condition of its public housing projects4 ,nothing contained in this subparagraph relieves the ,secretary from conducting lead safety inspections or assessments in accordance with procedures established by the ,secretary under section #cjb of the ,lead-,based ,paint ,poisoning ,prevention ,act 7#db ,u4,s4,c4 #dhbb74 7,b7 ,standards ,the ,secretary shall apply to small public housing agencies the same standards for the acceptable condition of public housing projects that apply to projects assisted under section #h4 7#b7 ,housing voucher program ,except as required by section #h7o77#h77;,f71 a small public housing agency administering assistance under section #h7o7 shall make periodic physical inspections of each assisted dwelling unit not less frequently than once every #c years to determine whether the unit is maintained in accordance with the requirements under section #h7o77#h77;,a74 ,nothing contained in this paragraph relieves a small public housing agency from conducting lead safety inspections or assessments in accordance with procedures established by the ,secretary under section #cjb of the ,lead-,based ,paint ,poisoning ,prevention ,act 7#db ,u4,s4,c4 #dhbb74 7#c7 ,troubled small public housing agencies 7,a7 ,public housing program ,notwithstanding any other provision of law1 the ,secretary may designate a small public housing agency as a troubled small public housing agency with respect to the public housing program of the small public housing agency if the ,secretary determines that the agency has failed to maintain the public housing units of the small public housing agency in a satisfactory physical condition1 based upon an inspection conducted by the ,secretary4 7,b7 ,housing voucher program ,notwithstanding any other provision of law1 the ,secretary may designate a small public housing agency as a troubled small public housing agency with respect to the housing voucher program of the small public housing agency if the ,secretary determines that the agency has failed to comply with the inspection requirements under paragraph 7#b74 7,c7 ,appeals 7i7 ,establishment ,the ,secretary shall establish an appeals process under which a small public housing agency may dispute a designation as a troubled small public housing agency4 7ii7 ,official ,the appeals process established under clause 7i7 shall provide for a decision by an official who has not been involved1 and is not subordinate to a person who has been involved1 in the original determination to designate a small public housing agency as a troubled small public housing agency4 7,d7 ,corrective action agreement 7i7 ,agreement required ,not later than #fj days after the date on which a small public housing agency is designated as a troubled public housing agency under subparagraph 7,a7 or 7,b71 the ,secretary and the small public housing agency shall enter into a corrective action agreement under which the small public housing agency shall undertake actions to correct the deficiencies upon which the designation is based4 7ii7 ,terms of agreement ,a corrective action agreement entered into under clause 7i7 shall-- 7,i7 have a term of #a year1 and shall be renewable at the option of the ,secretary2 7,,ii7 provide1 where feasible1 for technical assistance to assist the public housing agency in curing its deficiencies2 7,,iii7 provide for-- 7aa7 reconsideration of the designation of the small public housing agency as a troubled small public housing agency not less frequently than annually2 and 7bb7 termination of the agreement when the ,secretary determines that the small public housing agency is no longer a troubled small public housing agency2 and 7,,iv7 provide that in the event of substantial noncompliance by the small public housing agency under the agreement1 the ,secretary may-- 7aa7 contract with another public housing agency or a private entity to manage the public housing of the troubled small public housing agency2 7bb7 withhold funds otherwise distributable to the troubled small public housing agency2 7cc7 assume possession of1 and direct responsibility for1 managing the public housing of the troubled small public housing agency2 7dd7 petition for the appointment of a receiver1 in accordance with section #f7;j77#c77;,a77ii72 and 7ee7 exercise any other remedy available to the ,secretary in the event of default under the public housing annual contributions contract entered into by the small public housing agency under section #e4 7,e7 ,emergency actions ,nothing in this paragraph may be construed to prohibit the ,secretary from taking any emergency action necessary to protect ,federal financial resources or the health or safety of residents of public housing projects4 7d7 ,reduction of administrative burdens 7#a7 ,exemption ,notwithstanding any other provision of law1 a small public housing agency shall be exempt from any environmental review requirements with respect to a development or modernization project having a total cost of not more than #ajj1jjj4 7#b7 ,streamlined procedures ,the ,secretary shall1 by rule1 establish streamlined procedures for environmental reviews of small public housing agency development and modernization projects having a total cost of more than #ajj1jjj4 4 7b7 ,energy conservation ,section #i7;e77#b7 of the ,united ,states ,housing ,act of #aicg 7#db ,u4,s4,c4 #adcg;g7e77#b77 is amended by adding at the end the following3 7,d7 ,freeze of consumption levels 7i7 ,in general ,a small public housing agency1 as defined in section #ch7;a71 may elect to be paid for its utility and waste management costs under the formula for a period1 at the discretion of the small public housing agency1 of not more than #bj years based on the small public housing agency's average annual consumption during the #c-year period preceding the year in which the election is made 7in this subparagraph referred to as the consumption base level74 7ii7 ,initial adjustment in consumption base level ,the ,secretary shall make an initial one-time adjustment in the consumption base level to account for differences in the heating degree day average over the most recent #bj-year period compared to the average in the consumption base level4 7iii7 ,adjustments in consumption base level ,the ,secretary shall make adjustments in the consumption base level to account for an increase or reduction in units1 a change in fuel source1 a change in resident controlled electricity consumption1 or for other reasons4 7iv7 ,savings ,all cost savings resulting from an election made by a small public housing agency under this subparagraph-- 7,i7 shall accrue to the small public housing agency2 and 7,,ii7 may be used for any public housing purpose at the discretion of the small public housing agency4 7v7 ,third parties ,a small public housing agency making an election under this subparagraph-- 7,i7 may use1 but shall not be required to use1 the services of a third party in its energy conservation program2 and 7,,ii7 shall have the sole discretion to determine the source1 and terms and conditions1 of any financing used for its energy conservation program4 4 7c7 ,reporting by agencies operating in consortia ,not later than #ahj days after the date of enactment of this ,act1 the ,secretary of ,housing and ,urban ,development shall develop and deploy all electronic information systems necessary to accommodate full consolidated reporting by public housing agencies1 as defined in section #c7;b77#f7 of the ,united ,states ,housing ,act of #aicg 7#db ,u4,s4,c4 #adcg;a7b77#f771 electing to operate in consortia under section #ac7;a7 of such ,act 7#db ,u4,s4,c4 #adcgk7a774 7d7 ,effective date ,the amendments made by subsections 7a7 and 7b7 shall take effect on the date that is #fj days after the date of enactment of this ,act4 7e7 ,shared waiting lists ,not later than #a year after the date of enactment of this ,act1 the ,secretary of ,housing and ,urban ,development shall make available to interested public housing agencies and owners of multifamily properties receiving assistance from the ,department of ,housing and ,urban ,development #a or more software programs that will facilitate the voluntary use of a shared waiting list by multiple public housing agencies or owners receiving assistance1 and shall publish on the website of the ,department of ,housing and ,urban ,development procedural guidance for implementing shared waiting lists that includes information on how to obtain the software4 #baj4 ,examination cycle ,section #aj7;d7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbj7;d77 is amended-- 7#a7 in paragraph 7#d77;,a71 by striking #a1jjj1jjj1jjj and inserting #c1jjj1jjj1jjj2 and 7#b7 in paragraph 7#aj71 by striking #a1jjj1jjj1jjj and inserting #c1jjj1jjj1jjj4 #baa4 ,international insurance capital standards accountability 7a7 ,findings ,congress finds that-- 7#a7 the ,secretary of the ,treasury1 ,board of ,governors of the ,federal ,reserve ,system1 and ,director of the ,federal ,insurance ,office shall support increasing transparency at any global insurance or international standard-setting regulatory or supervisory forum in which they participate1 including supporting and advocating for greater public observer access to working groups and committee meetings of the ,international ,association of ,insurance ,supervisors2 and 7#b7 to the extent that the ,secretary of the ,treasury1 the ,board of ,governors of the ,federal ,reserve ,system1 and the ,director of the ,federal ,insurance ,office take a position or reasonably intend to take a position with respect to an insurance proposal by a global insurance regulatory or supervisory forum1 the ,secretary of the ,treasury1 the ,board of ,governors of the ,federal ,reserve ,system1 and the ,director of the ,federal ,insurance ,office shall achieve consensus positions with ,state insurance regulators through the ,national ,association of ,insurance ,commissioners1 when they are ,united ,states participants in negotiations on insurance issues before the ,international ,association of ,insurance ,supervisors1 ,financial ,stability ,board1 or any other international forum of financial regulators or supervisors that considers such issues4 7b7 ,insurance policy advisory committee 7#a7 ,establishment ,there is established the ,insurance ,policy ,advisory ,committee on ,international ,capital ,standards and ,other ,insurance ,issues at the ,board of ,governors of the ,federal ,reserve ,system4 7#b7 ,membership ,the ,committee shall be composed of not more than #ba members1 all of whom represent a diverse set of expert perspectives from the various sectors of the ,united ,states insurance industry1 including life insurance1 property and casualty insurance and reinsurance1 agents and brokers1 academics1 consumer advocates1 or experts on issues facing underserved insurance communities and consumers4 7c7 ,reports 7#a7 ,reports and testimony by ,secretary of the ,treasury and ,chairman of the ,federal ,reserve 7,a7 ,in general ,the ,secretary of the ,treasury and the ,chairman of the ,board of ,governors of the ,federal ,reserve ,system1 or their designee1 shall submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate1 and the ,committee on ,financial ,services of the ,house of ,representatives1 an annual report and provide annual testimony to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate1 and the ,committee on ,financial ,services of the ,house of ,representatives on the efforts of the ,secretary and the ,chairman with the ,national ,association of ,insurance ,commissioners with respect to global insurance regulatory or supervisory forums1 including-- 7i7 a description of the insurance regulatory or supervisory standard-setting issues under discussion at international standard-setting bodies1 including the ,financial ,stability ,board and the ,international ,association of ,insurance ,supervisors2 7ii7 a description of the effects that proposals discussed at international insurance regulatory or supervisory forums of insurance could have on consumer and insurance markets in the ,united ,states2 7iii7 a description of any position taken by the ,secretary of the ,treasury1 the ,board of ,governors of the ,federal ,reserve ,system1 and the ,director of the ,federal ,insurance ,office in international insurance discussions2 and 7iv7 a description of the efforts by the ,secretary of the ,treasury1 the ,board of ,governors of the ,federal ,reserve ,system1 and the ,director of the ,federal ,insurance ,office to increase transparency at the ,financial ,stability ,board with respect to insurance proposals and the ,international ,association of ,insurance ,supervisors1 including efforts to provide additional public access to working groups and committees of the ,international ,association of ,insurance ,supervisors4 7,b7 ,termination ,this paragraph shall terminate on ,december #ca1 #bjbd4 7#b7 ,reports and testimony by ,national ,association of ,insurance ,commissioners ,the ,national ,association of ,insurance ,commissioners may provide testimony to ,congress on the issues described in paragraph 7#a77;,a74 7#c7 ,joint report by the ,chairman of the ,federal ,reserve and the ,director of the ,federal ,insurance ,office 7,a7 ,in general ,the ,secretary of the ,treasury1 the ,chairman of the ,board of ,governors of the ,federal ,reserve ,system1 and the ,director of the ,federal ,insurance ,office shall1 in consultation with the ,national ,association of ,insurance ,commissioners1 complete a study on1 and submit to ,congress a report on the results of the study1 the impact on consumers and markets in the ,united ,states before supporting or consenting to the adoption of any final international insurance capital standard4 7,b7 ,notice and comment 7i7 ,notice ,the ,secretary of the ,treasury1 the ,chairman of the ,board of ,governors of the ,federal ,reserve ,system1 and the ,director of the ,federal ,insurance ,office shall provide public notice before the date on which drafting a report required under subparagraph 7,a7 is commenced and after the date on which the draft of the report is completed4 7ii7 ,opportunity for comment ,there shall be an opportunity for public comment for a period beginning on the date on which the report is submitted under subparagraph 7,a7 and ending on the date that is #fj days after the date on which the report is submitted4 7,c7 ,review by ,comptroller ,general ,the ,secretary of the ,treasury1 ,chairman of the ,board of ,governors of the ,federal ,reserve ,system1 and the ,director of the ,federal ,insurance ,office shall submit to the ,comptroller ,general of the ,united ,states the report described in subparagraph 7,a7 for review4 7#d7 ,report on increase in transparency ,not later than #ahj days after the date of enactment of this ,act1 the ,chairman of the ,board of ,governors of the ,federal ,reserve ,system and the ,secretary of the ,treasury1 or their designees1 shall submit to ,congress a report and provide testimony to ,congress on the efforts of the ,chairman and the ,secretary to increase transparency at meetings of the ,international ,association of ,insurance ,supervisors4 #bab4 ,budget transparency for the ,,ncua ,section #bji7;b7 of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #aghi7;b77 is amended-- 7#a7 by redesignating paragraphs 7#a7 and 7#b7 as paragraphs 7#b7 and 7#c71 respectively2 7#b7 by inserting before paragraph 7#b71 as so redesignated1 the following3 7#a7 on an annual basis and prior to the submission of the detailed business-type budget required under paragraph 7#b7-- 7,a7 make publicly available and publish in the ,federal ,register a draft of the detailed business-type budget2 and 7,b7 hold a public hearing1 with public notice provided of the hearing1 during which the public may submit comments on the draft of the detailed business-type budget2 2 and 7#c7 in paragraph 7#b71 as so redesignated-- 7,a7 by inserting detailed after submit a2 and 7,b7 by inserting 1 which shall address any comment submitted by the public under paragraph 7#a77;,b7 after ,control ,act4 #bac4 ,making online banking initiation legal and easy 7a7 ,definitions ,in this section3 7#a7 ,affiliate ,the term affiliate has the meaning given the term in section #b of the ,bank ,holding ,company ,act of #aief 7#ab ,u4,s4,c4 #ahda74 7#b7 ,driver's license ,the term driver's license means a license issued by a ,state to an individual that authorizes the individual to operate a motor vehicle on public streets1 roads1 or highways4 7#c7 ,federal bank secrecy laws ,the term ,federal bank secrecy laws means-- 7,a7 section #ba of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbi;b72 7,b7 section #abc of ,public ,law #ia-ejh 7#ab ,u4,s4,c4 #aiec72 and 7,c7 subchapter ,,ii of chapter #ec of title #ca1 ,united ,states ,code4 7#d7 ,financial institution ,the term financial institution means-- 7,a7 an insured depository institution2 7,b7 an insured credit union2 or 7,c7 any affiliate of an insured depository institution or insured credit union4 7#e7 ,financial product or service ,the term financial product or service has the meaning given the term in section #ajjb of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #edha74 7#f7 ,insured credit union ,the term insured credit union has the meaning given the term in section #aja of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #ageb74 7#g7 ,insured depository institution ,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 #ahac74 7#h7 ,online service ,the term online service means any ,internet-based service1 such as a website or mobile application4 7#i7 ,personal identification card ,the term personal identification card means an identification document issued by a ,state or local government to an individual solely for the purpose of identification of that individual4 7#aj7 ,personal information ,the term personal information means the information displayed on or electronically encoded on a driver's license or personal identification card that is reasonably necessary to fulfill the purpose and uses permitted by subsection 7b74 7#aa7 ,scan ,the term scan means the act of using a device or software to decipher1 in an electronically readable format1 personal information displayed on or electronically encoded on a driver's license or personal identification card4 7#ab7 ,state ,the term ,state means any ,state of the ,united ,states1 the ,district of ,columbia1 the ,commonwealth of ,puerto ,rico1 and any other commonwealth1 possession1 or territory of the ,united ,states4 7b7 ,use of a driver's license or personal identification card 7#a7 ,in general ,when an individual initiates a request through an online service to open an account with a financial institution or obtain a financial product or service from a financial institution1 the financial institution may record personal information from a scan of the driver's license or personal identification card of the individual1 or make a copy or receive an image of the driver's license or personal identification card of the individual1 and store or retain such information in any electronic format for the purposes described in paragraph 7#b74 7#b7 ,uses of information ,except as required to comply with ,federal bank secrecy laws1 a financial institution may only use the information obtained under paragraph 7#a7-- 7,a7 to verify the authenticity of the driver's license or personal identification card2 7,b7 to verify the identity of the individual2 and 7,c7 to comply with a legal requirement to record1 retain1 or transmit the personal information in connection with opening an account or obtaining a financial product or service4 7#c7 ,deletion of image ,a financial institution that makes a copy or receives an image of a driver's license or personal identification card of an individual in accordance with paragraphs 7#a7 and 7#b7 shall1 after using the image for the purposes described in paragraph 7#b71 permanently delete-- 7,a7 any image of the driver's license or personal identification card1 as applicable2 and 7,b7 any copy of any such image4 7#d7 ,disclosure of personal information ,nothing in this section shall be construed to amend1 modify1 or otherwise affect any ,state or ,federal law that governs a financial institution's disclosure and security of personal information that is not publicly available4 7c7 ,relation to ,state law ,the provisions of this section shall preempt and supersede any ,state law that conflicts with a provision of this section1 but only to the extent of such conflict4 #bad4 ,promoting construction and development on ,main ,street ,the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahaa et seq47 is amended by adding at the end the following new section3 #ea4 ,capital requirements for certain acquisition1 development1 or construction loans 7a7 ,in general ,the appropriate ,federal banking agencies may only require a depository institution to assign a heightened risk weight to a high volatility commercial real estate 7,,hvcre7 exposure 7as such term is defined under section #cbd4b of title #ab1 ,code of ,federal ,regulations1 as of ,october #aa1 #bjag1 or if a successor regulation is in effect as of the date of the enactment of this section1 such term or any successor term contained in such successor regulation7 under any risk-based capital requirement if such exposure is an ,,hvcre ,,adc loan4 7b7 ,,hvcre ,,adc loan defined ,for purposes of this section and with respect to a depository institution1 the term ,,hvcre ,,adc loan-- 7#a7 means a credit facility secured by land or improved real property that1 prior to being reclassified by the depository institution as a non-,,hvcre ,,adc loan pursuant to subsection 7d7-- 7,a7 primarily finances1 has financed1 or refinances the acquisition1 development1 or construction of real property2 7,b7 has the purpose of providing financing to acquire1 develop1 or improve such real property into income-producing real property2 and 7,c7 is dependent upon future income or sales proceeds from1 or refinancing of1 such real property for the repayment of such credit facility2 7#b7 does not include a credit facility financing-- 7,a7 the acquisition1 development1 or construction of properties that are-- 7i7 one- to four-family residential properties2 7ii7 real property that would qualify as an investment in community development2 or 7iii7 agricultural land2 7,b7 the acquisition or refinance of existing income-producing real property secured by a mortgage on such property1 if the cash flow being generated by the real property is sufficient to support the debt service and expenses of the real property1 in accordance with the institution's applicable loan underwriting criteria for permanent financings2 7,c7 improvements to existing income-producing improved real property secured by a mortgage on such property1 if the cash flow being generated by the real property is sufficient to support the debt service and expenses of the real property1 in accordance with the institution's applicable loan underwriting criteria for permanent financings2 or 7,d7 commercial real property projects in which-- 7i7 the loan-to-value ratio is less than or equal to the applicable maximum supervisory loan-to-value ratio as determined by the appropriate ,federal banking agency2 7ii7 the borrower has contributed capital of at least #ae percent of the real property's appraised1 as completed value to the project in the form of-- 7,i7 cash2 7,,ii7 unencumbered readily marketable assets2 7,,iii7 paid development expenses out-of-pocket2 or 7,,iv7 contributed real property or improvements2 and 7iii7 the borrower contributed the minimum amount of capital described under clause 7ii7 before the depository institution advances funds 7other than the advance of a nominal sum made in order to secure the depository institution's lien against the real property7 under the credit facility1 and such minimum amount of capital contributed by the borrower is contractually required to remain in the project until the credit facility has been reclassified by the depository institution as a non-,,hvcre ,,adc loan under subsection 7d72 7#c7 does not include any loan made prior to ,january #a1 #bjae2 and 7#d7 does not include a credit facility reclassified as a non-,,hvcre ,,adc loan under subsection 7d74 7c7 ,value of contributed real property ,for purposes of this section1 the value of any real property contributed by a borrower as a capital contribution shall be the appraised value of the property as determined under standards prescribed pursuant to section #aaaj of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #ccci71 in connection with the extension of the credit facility or loan to such borrower4 7d7 ,reclassification as a non-,,hvrce ,,adc loan ,for purposes of this section and with respect to a credit facility and a depository institution1 upon-- 7#a7 the substantial completion of the development or construction of the real property being financed by the credit facility2 and 7#b7 cash flow being generated by the real property being sufficient to support the debt service and expenses of the real property1 in accordance with the institution's applicable loan underwriting criteria for permanent financings1 the credit facility may be reclassified by the depository institution as a ,non-,,hvcre ,,adc loan4 7e7 ,existing authorities ,nothing in this section shall limit the supervisory1 regulatory1 or enforcement authority of an appropriate ,federal banking agency to further the safe and sound operation of an institution under the supervision of the appropriate ,federal banking agency4 4 #bae4 ,reducing identity fraud 7a7 ,purpose ,the purpose of this section is to reduce the prevalence of synthetic identity fraud1 which disproportionally affects vulnerable populations1 such as minors and recent immigrants1 by facilitating the validation by permitted entities of fraud protection data1 pursuant to electronically received consumer consent1 through use of a database maintained by the ,commissioner4 7b7 ,definitions ,in this section3 7#a7 ,commissioner ,the term ,commissioner means the ,commissioner of the ,social ,security ,administration4 7#b7 ,financial institution ,the term financial institution has the meaning given the term in section #eji of the ,gramm-,leach-,bliley ,act 7#ae ,u4,s4,c4 #fhji74 7#c7 ,fraud protection data ,the term fraud protection data means a combination of the following information with respect to an individual3 7,a7 ,the name of the individual 7including the first name and any family forename or surname of the individual74 7,b7 ,the social security number of the individual4 7,c7 ,the date of birth 7including the month1 day1 and year7 of the individual4 7#d7 ,permitted entity ,the term permitted entity means a financial institution or a service provider1 subsidiary1 affiliate1 agent1 subcontractor1 or assignee of a financial institution4 7c7 ,efficiency 7#a7 ,reliance on existing methods ,the ,commissioner shall evaluate the feasibility of making modifications to any database that is in existence as of the date of enactment of this ,act or a similar resource such that the database or resource-- 7,a7 is reasonably designed to effectuate the purpose of this section2 and 7,b7 meets the requirements of subsection 7d74 7#b7 ,execution ,the ,commissioner shall make the modifications necessary to any database that is in existence as of the date of enactment of this ,act or similar resource1 or develop a database or similar resource1 to effectuate the requirements described in paragraph 7#a74 7d7 ,protection of vulnerable consumers ,the database or similar resource described in subsection 7c7 shall-- 7#a7 compare fraud protection data provided in an inquiry by a permitted entity against such information maintained by the ,commissioner in order to confirm 7or not confirm7 the validity of the information provided2 7#b7 be scalable and accommodate reasonably anticipated volumes of verification requests from permitted entities with commercially reasonable uptime and availability2 and 7#c7 allow permitted entities to submit-- 7,a7 #a or more individual requests electronically for real-time machine-to-machine 7or similar functionality7 accurate responses2 and 7,b7 multiple requests electronically1 such as those provided in a batch format1 for accurate electronic responses within a reasonable period of time from submission1 not to exceed #bd hours4 7e7 ,certification required ,before providing confirmation of fraud protection data to a permitted entity1 the ,commissioner shall ensure that the ,commissioner has a certification from the permitted entity that is dated not more than #b years before the date on which that confirmation is provided that includes the following declarations3 7#a7 ,the entity is a permitted entity4 7#b7 ,the entity is in compliance with this section4 7#c7 ,the entity is1 and will remain1 in compliance with its privacy and data security requirements1 as described in title ,v of the ,gramm-,leach-,bliley ,act 7#ae ,u4,s4,c4 #fhja et seq471 with respect to information the entity receives from the ,commissioner pursuant to this section4 7#d7 ,the entity will retain sufficient records to demonstrate its compliance with its certification and this section for a period of not less than #b years4 7f7 ,consumer consent 7#a7 ,in general ,notwithstanding any other provision of law or regulation1 a permitted entity may submit a request to the database or similar resource described in subsection 7c7 only-- 7,a7 pursuant to the written1 including electronic1 consent received by a permitted entity from the individual who is the subject of the request2 and 7,b7 in connection with a credit transaction or any circumstance described in section #fjd of the ,fair ,credit ,reporting ,act 7#ae ,u4,s4,c4 #afha;b74 7#b7 ,electronic consent requirements ,for a permitted entity to use the consent of an individual received electronically pursuant to paragraph 7#a77;,a71 the permitted entity must obtain the individual's electronic signature1 as defined in section #ajf of the ,electronic ,signatures in ,global and ,national ,commerce ,act 7#ae ,u4,s4,c4 #gjjf74 7#c7 ,effectuating electronic consent ,no provision of law or requirement1 including section #eeb;a of title #e1 ,united ,states ,code1 shall prevent the use of electronic consent for purposes of this subsection or for use in any other consent based verification under the discretion of the ,commissioner4 7g7 ,compliance and enforcement 7#a7 ,audits and monitoring ,the ,commissioner may-- 7,a7 conduct audits and monitoring to-- 7i7 ensure proper use by permitted entities of the database or similar resource described in subsection 7c72 and 7ii7 deter fraud and misuse by permitted entities with respect to the database or similar resource described in subsection 7c72 and 7,b7 terminate services for any permitted entity that prevents or refuses to allow the ,commissioner to carry out the activities described in subparagraph 7,a74 7#b7 ,enforcement 7,a7 ,in general ,notwithstanding any other provision of law1 including the matter preceding paragraph 7#a7 of section #eje7;a7 of the ,gramm-,leach-,bliley ,act 7#ae ,u4,s4,c4 #fhje7;a771 any violation of this section and any certification made under this section shall be enforced in accordance with paragraphs 7#a7 through 7#g7 of such section #eje7;a7 by the agencies described in those paragraphs4 7,b7 ,relevant information ,upon discovery by the ,commissioner1 pursuant to an audit described in paragraph 7#a71 of any violation of this section or any certification made under this section1 the ,commissioner shall forward any relevant information pertaining to that violation to the appropriate agency described in subparagraph 7,a7 for evaluation by the agency for purposes of enforcing this section4 7h7 ,recovery of costs 7#a7 ,in general 7,a7 ,in general ,amounts obligated to carry out this section shall be fully recovered from the users of the database or verification system by way of advances1 reimbursements1 user fees1 or other recoveries as determined by the ,commissioner4 ,the funds recovered under this paragraph shall be deposited as an offsetting collection to the account providing appropriations for the ,social ,security ,administration1 to be used for the administration of this section without fiscal year limitation4 7,b7 ,prices fixed by commissioner ,the ,commissioner shall establish the amount to be paid by the users under this paragraph1 including the costs of any services or work performed1 such as any appropriate upgrades1 maintenance1 and associated direct and indirect administrative costs1 in support of carrying out the purposes described in this section1 by reimbursement or in advance as determined by the ,commissioner4 ,the amount of such prices shall be periodically adjusted by the ,commissioner to ensure that amounts collected are sufficient to fully offset the cost of the administration of this section4 7#b7 ,initial development ,the ,commissioner shall not begin development of a verification system to carry out this section until the ,commissioner determines that amounts equal to at least #ej percent of program start-up costs have been collected under paragraph 7#a74 7#c7 ,existing resources ,the ,commissioner may use funds designated for information technology modernization to carry out this section4 7#d7 ,annual report ,the ,commissioner shall annually submit to the ,committee on ,ways and ,means of the ,house of ,representatives and the ,committee on ,finance of the ,senate a report on the amount of indirect costs to the ,social ,security ,administration arising as a result of the implementation of this section4 #baf4 ,treasury report on risks of cyber threats ,not later than #a year after the date of enactment of this ,act1 the ,secretary of the ,treasury shall submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives a report on the risks of cyber threats to financial institutions and capital markets in the ,united ,states1 including-- 7#a7 an assessment of the material risks of cyber threats to financial institutions and capital markets in the ,united ,states2 7#b7 the impact and potential effects of material cyber attacks on financial institutions and capital markets in the ,united ,states2 7#c7 an analysis of how the appropriate ,federal banking agencies and the ,securities and ,exchange ,commission are addressing the material risks of cyber threats described in paragraph 7#a71 including-- 7,a7 how the appropriate ,federal banking agencies and the ,securities and ,exchange ,commission are assessing those threats2 7,b7 how the appropriate ,federal banking agencies and the ,securities and ,exchange ,commission are assessing the cyber vulnerabilities and preparedness of financial institutions2 7,c7 coordination amongst the appropriate ,federal banking agencies and the ,securities and ,exchange ,commission1 and their coordination with other government agencies 7including with respect to regulations1 examinations1 lexicon1 duplication1 and other regulatory tools72 and 7,d7 areas for improvement2 and 7#d7 a recommendation of whether any appropriate ,federal banking agency or the ,securities and ,exchange ,commission needs additional legal authorities or resources to adequately assess and address the material risks of cyber threats described in paragraph 7#a71 given the analysis required by paragraph 7#c74 #bag4 ,discretionary surplus funds ,section #g7;a77#c77;,a7 of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bhi7;a77#c77;,a77 is amended by striking #g1ejj1jjj1jjj and inserting #f1hbe1jjj1jjj4 ,,iii ,protections for veterans1 consumers1 and homeowners #cja4 ,protecting consumers' credit 7a7 ,in general ,section #fje;,a of the ,fair ,credit ,reporting ,act 7#ae ,u4,s4,c4 #afha;c-#a7 is amended-- 7#a7 in subsection 7a77#a77;,a71 by striking #ij days and inserting #a year2 and 7#b7 by adding at the end the following3 7i7 ,national security freeze 7#a7 ,definitions ,for purposes of this subsection3 7,a7 ,the term consumer reporting agency means a consumer reporting agency described in section #fjc7p74 7,b7 ,the term proper identification has the meaning of such term as used under section #faj4 7,c7 ,the term security freeze means a restriction that prohibits a consumer reporting agency from disclosing the contents of a consumer report that is subject to such security freeze to any person requesting the consumer report4 7#b7 ,placement of security freeze 7,a7 ,in general ,upon receiving a direct request from a consumer that a consumer reporting agency place a security freeze1 and upon receiving proper identification from the consumer1 the consumer reporting agency shall1 free of charge1 place the security freeze not later than-- 7i7 in the case of a request that is by toll-free telephone or secure electronic means1 #a business day after receiving the request directly from the consumer2 or 7ii7 in the case of a request that is by mail1 #c business days after receiving the request directly from the consumer4 7,b7 ,confirmation and additional information ,not later than #e business days after placing a security freeze under subparagraph 7,a71 a consumer reporting agency shall-- 7i7 send confirmation of the placement to the consumer2 and 7ii7 inform the consumer of-- 7,i7 the process by which the consumer may remove the security freeze1 including a mechanism to authenticate the consumer2 and 7,,ii7 the consumer's right described in section #fae7;d77#a77;,d74 7,c7 ,notice to third parties ,a consumer reporting agency may advise a third party that a security freeze has been placed with respect to a consumer under subparagraph 7,a74 7#c7 ,removal of security freeze 7,a7 ,in general ,a consumer reporting agency shall remove a security freeze placed on the consumer report of a consumer only in the following cases3 7i7 ,upon the direct request of the consumer4 7ii7 ,the security freeze was placed due to a material misrepresentation of fact by the consumer4 7,b7 ,notice if removal not by request ,if a consumer reporting agency removes a security freeze under subparagraph 7,a77ii71 the consumer reporting agency shall notify the consumer in writing prior to removing the security freeze4 7,c7 ,removal of security freeze by consumer request ,except as provided in subparagraph 7,a77ii71 a security freeze shall remain in place until the consumer directly requests that the security freeze be removed4 ,upon receiving a direct request from a consumer that a consumer reporting agency remove a security freeze1 and upon receiving proper identification from the consumer1 the consumer reporting agency shall1 free of charge1 remove the security freeze not later than-- 7i7 in the case of a request that is by toll-free telephone or secure electronic means1 #a hour after receiving the request for removal2 or 7ii7 in the case of a request that is by mail1 #c business days after receiving the request for removal4 7,d7 ,third-party requests ,if a third party requests access to a consumer report of a consumer with respect to which a security freeze is in effect1 where such request is in connection with an application for credit1 and the consumer does not allow such consumer report to be accessed1 the third party may treat the application as incomplete4 7,e7 ,temporary removal of security freeze ,upon receiving a direct request from a consumer under subparagraph 7,a77i71 if the consumer requests a temporary removal of a security freeze1 the consumer reporting agency shall1 in accordance with subparagraph 7,c71 remove the security freeze for the period of time specified by the consumer4 7#d7 ,exceptions ,a security freeze shall not apply to the making of a consumer report for use of the following3 7,a7 ,a person or entity1 or a subsidiary1 affiliate1 or agent of that person or entity1 or an assignee of a financial obligation owed by the consumer to that person or entity1 or a prospective assignee of a financial obligation owed by the consumer to that person or entity in conjunction with the proposed purchase of the financial obligation1 with which the consumer has or had prior to assignment an account or contract including a demand deposit account1 or to whom the consumer issued a negotiable instrument1 for the purposes of reviewing the account or collecting the financial obligation owed for the account1 contract1 or negotiable instrument4 ,for purposes of this subparagraph1 reviewing the account includes activities related to account maintenance1 monitoring1 credit line increases1 and account upgrades and enhancements4 7,b7 ,any ,federal1 ,state1 or local agency1 law enforcement agency1 trial court1 or private collection agency acting pursuant to a court order1 warrant1 or subpoena4 7,c7 ,a child support agency acting pursuant to part ,d of title ,,iv of the ,social ,security ,act 7#db ,u4,s4,c4 #fea et seq474 7,d7 ,a ,federal agency or a ,state or its agents or assigns acting to investigate fraud or acting to investigate or collect delinquent taxes or unpaid court orders or to fulfill any of its other statutory responsibilities1 provided such responsibilities are consistent with a permissible purpose under section #fjd4 7,e7 ,by a person using credit information for the purposes described under section #fjd7;c74 7,f7 ,any person or entity administering a credit file monitoring subscription or similar service to which the consumer has subscribed4 7,g7 ,any person or entity for the purpose of providing a consumer with a copy of the consumer's consumer report or credit score1 upon the request of the consumer4 7,h7 ,any person using the information in connection with the underwriting of insurance4 7,i7 ,any person using the information for employment1 tenant1 or background screening purposes4 7,j7 ,any person using the information for assessing1 verifying1 or authenticating a consumer's identity for purposes other than the granting of credit1 or for investigating or preventing actual or potential fraud4 7#e7 ,notice of rights ,at any time a consumer is required to receive a summary of rights required under section #fji1 the following notice shall be included3 ,consumers ,have the ,right ,to ,obtain a ,security ,freeze ,you have a right to place a security freeze on your credit report1 which will prohibit a consumer reporting agency from releasing information in your credit report without your express authorization4 ,the security freeze is designed to prevent credit1 loans1 and services from being approved in your name without your consent4 ,however1 you should be aware that using a security freeze to take control over who gets access to the personal and financial information in your credit report may delay1 interfere with1 or prohibit the timely approval of any subsequent request or application you make regarding a new loan1 credit1 mortgage1 or any other account involving the extension of credit4 ,as an alternative to a security freeze1 you have the right to place an initial or extended fraud alert on your credit file at no cost4 ,an initial fraud alert is a #a-year alert that is placed on a consumer's credit file4 ,upon seeing a fraud alert display on a consumer's credit file1 a business is required to take steps to verify the consumer's identity before extending new credit4 ,if you are a victim of identity theft1 you are entitled to an extended fraud alert1 which is a fraud alert lasting #g years4 ,a security freeze does not apply to a person or entity1 or its affiliates1 or collection agencies acting on behalf of the person or entity1 with which you have an existing account that requests information in your credit report for the purposes of reviewing or collecting the account4 ,reviewing the account includes activities related to account maintenance1 monitoring1 credit line increases1 and account upgrades and enhancements4 4 7#f7 ,webpage 7,a7 ,consumer reporting agencies ,a consumer reporting agency shall establish a webpage that-- 7i7 allows a consumer to request a security freeze2 7ii7 allows a consumer to request an initial fraud alert2 7iii7 allows a consumer to request an extended fraud alert2 7iv7 allows a consumer to request an active duty fraud alert2 7v7 allows a consumer to opt-out of the use of information in a consumer report to send the consumer a solicitation of credit or insurance1 in accordance with section #fae7;d72 and 7vi7 shall not be the only mechanism by which a consumer may request a security freeze4 7,b7 ,,ftc ,the ,federal ,trade ,commission shall establish a single webpage that includes a link to each webpage established under subparagraph 7,a7 within the ,federal ,trade ,commission's website www4,identitytheft4gov1 or a successor website4 7j7 ,national protection for files and credit records of protected consumers 7#a7 ,definitions ,as used in this subsection3 7,a7 ,the term consumer reporting agency means a consumer reporting agency described in section #fjc7p74 7,b7 ,the term protected consumer means an individual who is-- 7i7 under the age of #af years at the time a request for the placement of a security freeze is made2 or 7ii7 an incapacitated person or a protected person for whom a guardian or conservator has been appointed4 7,c7 ,the term protected consumer's representative means a person who provides to a consumer reporting agency sufficient proof of authority to act on behalf of a protected consumer4 7,d7 ,the term record means a compilation of information that-- 7i7 identifies a protected consumer2 7ii7 is created by a consumer reporting agency solely for the purpose of complying with this subsection2 and 7iii7 may not be created or used to consider the protected consumer's credit worthiness1 credit standing1 credit capacity1 character1 general reputation1 personal characteristics1 or mode of living4 7,e7 ,the term security freeze means a restriction that prohibits a consumer reporting agency from disclosing the contents of a consumer report that is the subject of such security freeze or1 in the case of a protected consumer for whom the consumer reporting agency does not have a file1 a record that is subject to such security freeze to any person requesting the consumer report for the purpose of opening a new account involving the extension of credit4 7,f7 ,the term sufficient proof of authority means documentation that shows a protected consumer's representative has authority to act on behalf of a protected consumer and includes-- 7i7 an order issued by a court of law2 7ii7 a lawfully executed and valid power of attorney2 7iii7 a document issued by a ,federal1 ,state1 or local government agency in the ,united ,states showing proof of parentage1 including a birth certificate2 or 7iv7 with respect to a protected consumer who has been placed in a foster care setting1 a written communication from a county welfare department or its agent or designee1 or a county probation department or its agent or designee1 certifying that the protected consumer is in a foster care setting under its jurisdiction4 7,g7 ,the term sufficient proof of identification means information or documentation that identifies a protected consumer and a protected consumer's representative and includes-- 7i7 a social security number or a copy of a social security card issued by the ,social ,security ,administration2 7ii7 a certified or official copy of a birth certificate issued by the entity authorized to issue the birth certificate2 or 7iii7 a copy of a driver's license1 an identification card issued by the motor vehicle administration1 or any other government issued identification4 7#b7 ,placement of security freeze for a protected consumer 7,a7 ,in general ,upon receiving a direct request from a protected consumer's representative that a consumer reporting agency place a security freeze1 and upon receiving sufficient proof of identification and sufficient proof of authority1 the consumer reporting agency shall1 free of charge1 place the security freeze not later than-- 7i7 in the case of a request that is by toll-free telephone or secure electronic means1 #a business day after receiving the request directly from the protected consumer's representative2 or 7ii7 in the case of a request that is by mail1 #c business days after receiving the request directly from the protected consumer's representative4 7,b7 ,confirmation and additional information ,not later than #e business days after placing a security freeze under subparagraph 7,a71 a consumer reporting agency shall-- 7i7 send confirmation of the placement to the protected consumer's representative2 and 7ii7 inform the protected consumer's representative of the process by which the protected consumer may remove the security freeze1 including a mechanism to authenticate the protected consumer's representative4 7,c7 ,creation of file ,if a consumer reporting agency does not have a file pertaining to a protected consumer when the consumer reporting agency receives a direct request under subparagraph 7,a71 the consumer reporting agency shall create a record for the protected consumer4 7#c7 ,prohibition on release of record or file of protected consumer ,after a security freeze has been placed under paragraph 7#b77;,a71 and unless the security freeze is removed in accordance with this subsection1 a consumer reporting agency may not release the protected consumer's consumer report1 any information derived from the protected consumer's consumer report1 or any record created for the protected consumer4 7#d7 ,removal of a protected consumer security freeze 7,a7 ,in general ,a consumer reporting agency shall remove a security freeze placed on the consumer report of a protected consumer only in the following cases3 7i7 ,upon the direct request of the protected consumer's representative4 7ii7 ,upon the direct request of the protected consumer1 if the protected consumer is not under the age of #af years at the time of the request4 7iii7 ,the security freeze was placed due to a material misrepresentation of fact by the protected consumer's representative4 7,b7 ,notice if removal not by request ,if a consumer reporting agency removes a security freeze under subparagraph 7,a77iii71 the consumer reporting agency shall notify the protected consumer's representative in writing prior to removing the security freeze4 7,c7 ,removal of freeze by request ,except as provided in subparagraph 7,a77iii71 a security freeze shall remain in place until a protected consumer's representative or protected consumer described in subparagraph 7,a77ii7 directly requests that the security freeze be removed4 ,upon receiving a direct request from the protected consumer's representative or protected consumer described in subparagraph 7,a77ii7 that a consumer reporting agency remove a security freeze1 and upon receiving sufficient proof of identification and sufficient proof of authority1 the consumer reporting agency shall1 free of charge1 remove the security freeze not later than-- 7i7 in the case of a request that is by toll-free telephone or secure electronic means1 #a hour after receiving the request for removal2 or 7ii7 in the case of a request that is by mail1 #c business days after receiving the request for removal4 7,d7 ,temporary removal of security freeze ,upon receiving a direct request from a protected consumer or a protected consumer's representative under subparagraph 7,a77i71 if the protected consumer or protected consumer's representative requests a temporary removal of a security freeze1 the consumer reporting agency shall1 in accordance with subparagraph 7,c71 remove the security freeze for the period of time specified by the protected consumer or protected consumer's representative4 4 7b7 ,conforming amendment ,section #fbe7;b77#a7 of the ,fair ,credit ,reporting ,act 7#ae ,u4,s4,c4 #afhat7b77#a77 is amended-- 7#a7 in subparagraph 7,h71 by striking or at the end2 and 7#b7 by adding at the end the following3 7,j7 subsections 7i7 and 7j7 of section #fje;,a relating to security freezes2 or 4 7c7 ,effective date ,the amendments made by this section shall take effect on the date that is #abj days after the date of enactment of this ,act4 #cjb4 ,protecting veterans' credit 7a7 ,purposes ,the purposes of this section are-- 7#a7 to rectify problematic reporting of medical debt included in a consumer report of a veteran due to inappropriate or delayed payment for hospital care1 medical services1 or extended care services provided in a non-,department of ,veterans ,affairs facility under the laws administered by the ,secretary of ,veterans ,affairs2 and 7#b7 to clarify the process of debt collection for such medical debt4 7b7 ,amendments to ,fair ,credit ,reporting ,act 7#a7 ,veteran's medical debt defined ,section #fjc of the ,fair ,credit ,reporting ,act 7#ae ,u4,s4,c4 #afha;a7 is amended by adding at the end the following3 7z7 ,veteran ,the term veteran has the meaning given the term in section #aja of title #ch1 ,united ,states ,code4 7aa7 ,veteran's medical debt ,the term veteran's medical debt-- 7#a7 means a medical collection debt of a veteran owed to a non-,department of ,veterans ,affairs health care provider that was submitted to the ,department for payment for health care authorized by the ,department of ,veterans ,affairs2 and 7#b7 includes medical collection debt that the ,department of ,veterans ,affairs has wrongfully charged a veteran4 4 7#b7 ,exclusion for veteran's medical debt ,section #fje7;a7 of the ,fair ,credit ,reporting ,act 7#ae ,u4,s4,c4 #afha;c7a77 is amended by adding at the end the following3 7#g7 ,with respect to a consumer reporting agency described in section #fjc7p71 any information related to a veteran's medical debt if the date on which the hospital care1 medical services1 or extended care services was rendered relating to the debt antedates the report by less than #a year if the consumer reporting agency has actual knowledge that the information is related to a veteran's medical debt and the consumer reporting agency is in compliance with its obligation under section #cjb7;c77#e7 of the ,economic ,growth1 ,regulatory ,relief1 and ,consumer ,protection ,act4 7#h7 ,with respect to a consumer reporting agency described in section #fjc7p71 any information related to a fully paid or settled veteran's medical debt that had been characterized as delinquent1 charged off1 or in collection if the consumer reporting agency has actual knowledge that the information is related to a veteran's medical debt and the consumer reporting agency is in compliance with its obligation under section #cjb7;c77#e7 of the ,economic ,growth1 ,regulatory ,relief1 and ,consumer ,protection ,act4 4 7#c7 ,removal of veteran's medical debt from consumer report ,section #faa of the ,fair ,credit ,reporting ,act 7#ae ,u4,s4,c4 #afha;i7 is amended-- 7,a7 in subsection 7a77#a77;,a71 by inserting and except as provided in subsection 7g7 after subsection 7f72 and 7,b7 by adding at the end the following3 7g7 ,dispute process for veteran's medical debt 7#a7 ,in general ,with respect to a veteran's medical debt1 the veteran may submit a notice described in paragraph 7#b71 proof of liability of the ,department of ,veterans ,affairs for payment of that debt1 or documentation that the ,department of ,veterans ,affairs is in the process of making payment for authorized hospital care1 medical services1 or extended care services rendered to a consumer reporting agency or a reseller to dispute the inclusion of that debt on a consumer report of the veteran4 7#b7 ,notification to veteran ,the ,department of ,veterans ,affairs shall submit to a veteran a notice that the ,department of ,veterans ,affairs has assumed liability for part or all of a veteran's medical debt4 7#c7 ,deletion of information from file ,if a consumer reporting agency receives notice1 proof of liability1 or documentation under paragraph 7#a71 the consumer reporting agency shall delete all information relating to the veteran's medical debt from the file of the veteran and notify the furnisher and the veteran of that deletion4 4 7c7 ,verification of veteran's medical debt 7#a7 ,definitions ,for purposes of this subsection-- 7,a7 the term consumer reporting agency means a consumer reporting agency described in section #fjc7p7 of the ,fair ,credit ,reporting ,act 7#ae ,u4,s4,c4 #afha;a7p772 and 7,b7 the terms veteran and veteran's medical debt have the meanings given those terms in section #fjc of the ,fair ,credit ,reporting ,act 7#ae ,u4,s4,c4 #afha;a71 as added by subsection 7b77#a74 7#b7 ,establishment ,not later than #a year after the date of enactment of this ,act1 the ,secretary of ,veterans ,affairs shall establish a database to allow consumer reporting agencies to verify whether a debt furnished to a consumer reporting agency is a veteran's medical debt4 7#c7 ,database features ,the ,secretary of ,veterans ,affairs shall ensure that the database established under paragraph 7#b71 to the extent permitted by law1 provides consumer reporting agencies with-- 7,a7 sufficiently detailed and specific information to verify whether a debt being furnished to the consumer reporting agency is a veteran's medical debt2 7,b7 access to verification information in a secure electronic format2 7,c7 timely access to verification information2 and 7,d7 any other features that would promote the efficient1 timely1 and secure delivery of information that consumer reporting agencies could use to verify whether a debt is a veteran's medical debt4 7#d7 ,stakeholder input ,prior to establishing the database for verification under paragraph 7#b71 the ,secretary of ,veterans ,affairs shall publish in the ,federal ,register a notice and request for comment that solicits input from consumer reporting agencies and other stakeholders4 7#e7 ,verification ,provided the database established under paragraph 7#b7 is fully functional and the data available to consumer reporting agencies1 a consumer reporting agency shall use the database as a means to identify a veteran's medical debt pursuant to paragraphs 7#g7 and 7#h7 of section #fje7;a7 of the ,fair ,credit ,reporting ,act 7#ae ,u4,s4,c4 #afha;c7a771 as added by subsection 7b77#b74 7d7 ,credit monitoring 7#a7 ,in general ,section #fje;,a of the ,fair ,credit ,reporting ,act 7#ae ,u4,s4,c4 #afha;c-#a71 as amended by section #cja7;a71 is amended by adding at the end the following3 7k7 ,credit monitoring 7#a7 ,definitions ,in this subsection3 7,a7 ,the term active duty military consumer includes a member of the ,national ,guard4 7,b7 ,the term ,national ,guard has the meaning given the term in section #aja7;c7 of title #aj1 ,united ,states ,code4 7#b7 ,credit monitoring ,a consumer reporting agency described in section #fjc7p7 shall provide a free electronic credit monitoring service that1 at a minimum1 notifies a consumer of material additions or modifications to the file of the consumer at the consumer reporting agency to any consumer who provides to the consumer reporting agency-- 7,a7 appropriate proof that the consumer is an active duty military consumer2 and 7,b7 contact information of the consumer4 7#c7 ,rulemaking ,not later than #a year after the date of enactment of this subsection1 the ,federal ,trade ,commission shall promulgate regulations regarding the requirements of this subsection1 which shall at a minimum include-- 7,a7 a definition of an electronic credit monitoring service and material additions or modifications to the file of a consumer2 and 7,b7 what constitutes appropriate proof4 7#d7 ,applicability 7,a7 ,sections #faf and #fag shall not apply to any violation of this subsection4 7,b7 ,this subsection shall be enforced exclusively under section #fba by the ,federal agencies and ,federal and ,state officials identified in that section4 4 7#b7 ,conforming amendment ,section #fbe7;b77#a7 of the ,fair ,credit ,reporting ,act 7#ae ,u4,s4,c4 #afhat7b77#a771 as amended by section #cja7;b71 is amended by adding at the end the following3 7,k7 subsection 7k7 of section #fje;,a1 relating to credit monitoring for active duty military consumers1 as defined in that subsection2 4 7e7 ,effective date ,the amendments made by this section shall take effect on the date that is #a year after the date of enactment of this ,act4 #cjc4 ,immunity from suit for disclosure of financial exploitation of senior citizens 7a7 ,immunity 7#a7 ,definitions ,in this section-- 7,a7 the term ,bank ,secrecy ,act officer means an individual responsible for ensuring compliance with the requirements mandated by subchapter ,,ii of chapter #ec of title #ca1 ,united ,states ,code 7commonly known as the ,bank ,secrecy ,act72 7,b7 the term broker-dealer means a broker and a dealer1 as those terms are defined in section #c7;a7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;c7a772 7,c7 the term covered agency means-- 7i7 a ,state financial regulatory agency1 including a ,state securities or law enforcement authority and a ,state insurance regulator2 7ii7 each of the ,federal agencies represented in the membership of the ,financial ,institutions ,examination ,council established under section #ajjd of the ,federal ,financial ,institutions ,examination ,council ,act of #aigh 7#ab ,u4,s4,c4 #ccjc72 7iii7 a securities association registered under section #ae;,a of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gho-#c72 7iv7 the ,securities and ,exchange ,commission2 7v7 a law enforcement agency2 or 7vi7 a ,state or local agency responsible for administering adult protective service laws2 7,d7 the term covered financial institution means-- 7i7 a credit union2 7ii7 a depository institution2 7iii7 an investment adviser2 7iv7 a broker-dealer2 7v7 an insurance company2 7vi7 an insurance agency2 or 7vii7 a transfer agent2 7,e7 the term credit union has the meaning given the term in section #b of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #ecja72 7,f7 the term depository institution has the meaning given the term in section #c7;c7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac7;c772 7,g7 the term exploitation means the fraudulent or otherwise illegal1 unauthorized1 or improper act or process of an individual1 including a caregiver or a fiduciary1 that-- 7i7 uses the resources of a senior citizen for monetary or personal benefit1 profit1 or gain2 or 7ii7 results in depriving a senior citizen of rightful access to or use of benefits1 resources1 belongings1 or assets2 7,h7 the term insurance agency means any business entity that sells1 solicits1 or negotiates insurance coverage2 7,i7 the term insurance company has the meaning given the term in section #b7;a7 of the ,investment ,company ,act of #aidj 7#ae ,u4,s4,c4 #hj;a-#b7;a772 7,j7 the term insurance producer means an individual who is required under ,state law to be licensed in order to sell1 solicit1 or negotiate insurance coverage2 7,k7 the term investment adviser has the meaning given the term in section #bjb7;a7 of the ,investment ,advisers ,act of #aidj 7#ae ,u4,s4,c4 #hj;b-#b7;a772 7,l7 the term investment adviser representative means an individual who-- 7i7 is employed by1 or associated with1 an investment adviser2 and 7ii7 does not perform solely clerical or ministerial acts2 7,m7 the term registered representative means an individual who represents a broker-dealer in effecting or attempting to effect a purchase or sale of securities2 7,n7 the term senior citizen means an individual who is not younger than #fe years of age2 7,o7 the term ,state means each of the several ,states1 the ,district of ,columbia1 and any territory or possession of the ,united ,states2 7,p7 the term ,state insurance regulator has the meaning given the term in section #cae of the ,gramm-,leach-,bliley ,act 7#ae ,u4,s4,c4 #fgce72 7,q7 the term ,state securities or law enforcement authority has the meaning given the term in section #bd7;f77#d7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #ghx7f77#d772 and 7,r7 the term transfer agent has the meaning given the term in section #c7;a7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;c7a774 7#b7 ,immunity from suit 7,a7 ,immunity for individuals ,an individual who has received the training described in subsection 7b7 shall not be liable1 including in any civil or administrative proceeding1 for disclosing the suspected exploitation of a senior citizen to a covered agency if the individual1 at the time of the disclosure-- 7i7 served as a supervisor or in a compliance or legal function 7including as a ,bank ,secrecy ,act officer7 for1 or1 in the case of a registered representative1 investment adviser representative1 or insurance producer1 was affiliated or associated with1 a covered financial institution2 and 7ii7 made the disclosure-- 7,i7 in good faith2 and 7,,ii7 with reasonable care4 7,b7 ,immunity for covered financial institutions ,a covered financial institution shall not be liable1 including in any civil or administrative proceeding1 for a disclosure made by an individual described in subparagraph 7,a7 if-- 7i7 the individual was employed by1 or1 in the case of a registered representative1 insurance producer1 or investment adviser representative1 affiliated or associated with1 the covered financial institution at the time of the disclosure2 and 7ii7 before the time of the disclosure1 each individual described in subsection 7b77#a7 received the training described in subsection 7b74 7,c7 ,rule of construction ,nothing in subparagraph 7,a7 or 7,b7 shall be construed to limit the liability of an individual or a covered financial institution in a civil action for any act1 omission1 or fraud that is not a disclosure described in subparagraph 7,a74 7b7 ,training 7#a7 ,in general ,a covered financial institution or a third party selected by a covered financial institution may provide the training described in paragraph 7#b77;,a7 to each officer or employee of1 or registered representative1 insurance producer1 or investment adviser representative affiliated or associated with1 the covered financial institution who-- 7,a7 is described in subsection 7a77#b77;,a77i72 7,b7 may come into contact with a senior citizen as a regular part of the professional duties of the individual2 or 7,c7 may review or approve the financial documents1 records1 or transactions of a senior citizen in connection with providing financial services to a senior citizen4 7#b7 ,content 7,a7 ,in general ,the content of the training that a covered financial institution or a third party selected by the covered financial institution may provide under paragraph 7#a7 shall-- 7i7 be maintained by the covered financial institution and made available to a covered agency with examination authority over the covered financial institution1 upon request1 except that a covered financial institution shall not be required to maintain or make available such content with respect to any individual who is no longer employed by1 or affiliated or associated with1 the covered financial institution2 7ii7 instruct any individual attending the training on how to identify and report the suspected exploitation of a senior citizen internally and1 as appropriate1 to government officials or law enforcement authorities1 including common signs that indicate the financial exploitation of a senior citizen2 7iii7 discuss the need to protect the privacy and respect the integrity of each individual customer of the covered financial institution2 and 7iv7 be appropriate to the job responsibilities of the individual attending the training4 7,b7 ,timing ,the training under paragraph 7#a7 shall be provided-- 7i7 as soon as reasonably practicable2 and 7ii7 with respect to an individual who begins employment1 or becomes affiliated or associated1 with a covered financial institution after the date of enactment of this ,act1 not later than #a year after the date on which the individual becomes employed by1 or affiliated or associated with1 the covered financial institution in a position described in subparagraph 7,a71 7,b71 or 7,c7 of paragraph 7#a74 7,c7 ,records ,a covered financial institution shall-- 7i7 maintain a record of each individual who-- 7,i7 is employed by1 or affiliated or associated with1 the covered financial institution in a position described in subparagraph 7,a71 7,b71 or 7,c7 of paragraph 7#a72 and 7,,ii7 has completed the training under paragraph 7#a71 regardless of whether the training was-- 7aa7 provided by the covered financial institution or a third party selected by the covered financial institution2 7bb7 completed before the individual was employed by1 or affiliated or associated with1 the covered financial institution2 and 7cc7 completed before1 on1 or after the date of enactment of this ,act2 and 7ii7 upon request1 provide a record described in clause 7i7 to a covered agency with examination authority over the covered financial institution4 7c7 ,relationship to ,state law ,nothing in this section shall be construed to preempt or limit any provision of ,state law1 except only to the extent that subsection 7a7 provides a greater level of protection against liability to an individual described in subsection 7a77#b77;,a7 or to a covered financial institution described in subsection 7a77#b77;,b7 than is provided under ,state law4 #cjd4 ,restoration of the ,protecting ,tenants at ,foreclosure ,act of #bjji 7a7 ,repeal of sunset provision ,section #gjd of the ,protecting ,tenants at ,foreclosure ,act of #bjji 7#ab ,u4,s4,c4 #ebja note2 #ab ,u4,s4,c4 #ebbj note2 #db ,u4,s4,c4 #adcg;f note7 is repealed4 7b7 ,restoration ,sections #gja through #gjc of the ,protecting ,tenants at ,foreclosure ,act of #bjji1 the provisions of law amended by such sections1 and any regulations promulgated pursuant to such sections1 as were in effect on ,december #cj1 #bjad1 are restored and revived4 7c7 ,effective date ,subsections 7a7 and 7b7 shall take effect on the date that is #cj days after the date of enactment of this ,act4 #cje4 ,remediating lead and asbestos hazards ,section #aji7;a77#a7 of the ,emergency ,economic ,stabilization ,act of #bjjh 7#ab ,u4,s4,c4 #ebai7;a77#a77 is amended1 in the second sentence1 by inserting and to remediate lead and asbestos hazards in residential properties before the period at the end4 #cjf4 ,family self-sufficiency program 7a7 ,in general ,section #bc of the ,united ,states ,housing ,act of #aicg 7#db ,u4,s4,c4 #adcgu7 is amended-- 7#a7 in subsection 7a7-- 7,a7 by striking public housing and2 and 7,b7 by striking the certificate and voucher programs under section #h and inserting sections #h and #i2 7#b7 by amending subsection 7b7 to read as follows3 7b7 ,continuation of prior required programs 7#a7 ,in general ,each public housing agency that was required to administer a local ,family ,self-,sufficiency program on the date of enactment of the ,economic ,growth1 ,regulatory ,relief1 and ,consumer ,protection ,act shall operate such local program for1 at a minimum1 the number of families the agency was required to serve on the date of enactment of such ,act1 subject only to the availability under appropriations ,acts of sufficient amounts for housing assistance and the requirements of paragraph 7#b74 7#b7 ,reduction ,the number of families for which a public housing agency is required to operate such local program under paragraph 7#a7 shall be decreased by #a for each family from any supported rental housing program administered by such agency that1 after ,october #ba1 #aiih1 fulfills its obligations under the contract of participation4 7#c7 ,exception ,the ,secretary shall not require a public housing agency to carry out a mandatory program for a period of time upon the request of the public housing agency and upon a determination by the ,secretary that implementation is not feasible because of local circumstances1 which may include-- 7,a7 lack of supportive services accessible to eligible families1 which shall include insufficient availability of resources for programs under title ,i of the ,workforce ,investment ,act of #aiih 7#bi ,u4,s4,c4 #bhja et seq472 7,b7 lack of funding for reasonable administrative costs2 7,c7 lack of cooperation by other units of ,state or local government2 or 7,d7 any other circumstances that the ,secretary may consider appropriate4 2 7#c7 by striking subsection 7i72 7#d7 by redesignating subsections 7c71 7d71 7e71 7f71 7g71 and 7h7 as subsections 7d71 7e71 7f71 7g71 7h71 and 7i7 respectively2 7#e7 by inserting after subsection 7b71 as amended1 the following3 7c7 ,eligibility 7#a7 ,eligible families ,a family is eligible to participate in a local ,family ,self-,sufficiency program under this section if-- 7,a7 at least #a household member seeks to become and remain employed in suitable employment or to increase earnings2 and 7,b7 the household member receives direct assistance under section #h or resides in a unit assisted under section #h or #i4 7#b7 ,eligible entities ,the following entities are eligible to administer a local ,family ,self-,sufficiency program under this section3 7,a7 ,a public housing agency administering housing assistance to or on behalf of an eligible family under section #h or #i4 7,b7 ,the owner or sponsor of a multifamily property receiving project-based rental assistance under section #h1 in accordance with the requirements under subsection 7l74 2 7#f7 in subsection 7d71 as so redesignated-- 7,a7 in paragraph 7#a7-- 7i7 by striking public housing agency the first time it appears and inserting eligible entity2 7ii7 in the first sentence1 by striking each leaseholder receiving assistance under the certificate and voucher programs of the public housing agency under section #h or residing in public housing administered by the agency and inserting a household member of an eligible family2 and 7iii7 by striking the third sentence and inserting the following3 ,housing assistance may not be terminated as a consequence of either successful completion of the contract of participation or failure to complete such contract4 ,a contract of participation shall remain in effect until the participating family exits the ,family ,self-,sufficiency program upon successful graduation or expiration of the contract of participation1 or for other good cause42 7,b7 in paragraph 7#b7-- 7i7 in the matter preceding subparagraph 7,a7-- 7,i7 in the first sentence-- 7aa7 by striking ,a local program under this section and inserting ,an eligible entity2 7bb7 by striking provide and inserting coordinate2 and 7cc7 by striking to and inserting for2 and 7,,ii7 in the second sentence-- 7aa7 by striking provided during and inserting coordinated for2 7bb7 by striking under section #h or residing in public housing and inserting pursuant to section #h or #i and for the duration of the contract of participation2 and 7cc7 by inserting 1 but are not limited to after may include2 7ii7 in subparagraph 7,d71 by inserting or attainment of a high school equivalency certificate after high school2 7iii7 by striking subparagraph 7,g72 7iv7 by redesignating subparagraphs 7,e71 7,f71 and 7,j7 as subparagraphs 7,f71 7,g71 and 7,k7 respectively2 7v7 by inserting after subparagraph 7,d7 the following3 7,e7 education in pursuit of a post-secondary degree or certification2 2 7vi7 in subparagraph 7,h71 by inserting financial literacy1 such as training in financial management1 financial coaching1 and asset building1 and after training in2 7vii7 in subparagraph 7,i71 by striking and at the end2 and 7viii7 by inserting after subparagraph 7,i7 the following3 7,j7 homeownership education and assistance2 and 2 and 7,c7 in paragraph 7#c7-- 7i7 in the first sentence1 by inserting the first recertification of income after after not later than #e years after2 and 7ii7 in the second sentence-- 7,i7 by striking public housing agency and inserting eligible entity2 and 7,,ii7 by striking of the agency2 7,d7 by amending paragraph 7#d7 to read as follows3 7#d7 ,employment ,the contract of participation shall require #a household member of the participating family to seek and maintain suitable employment4 2 and 7,e7 by adding at the end the following3 7#e7 ,nonparticipation ,assistance under section #h or #i for a family that elects not to participate in a ,family ,self-,sufficiency program shall not be delayed by reason of such election4 2 7#g7 in subsection 7e71 as so redesignated-- 7,a7 in paragraph 7#a71 by striking whose monthly adjusted income does not exceed #ej percent and all that follows through the period at the end of the third sentence and inserting shall be calculated under the rental provisions of section #c or section #h7o71 as applicable42 7,b7 in paragraph 7#b7-- 7i7 by striking the first sentence and inserting the following3 ,for each participating family1 an amount equal to any increase in the amount of rent paid by the family in accordance with the provisions of section #c or #h7o71 as applicable1 that is attributable to increases in earned income by the participating family1 shall be placed in an interest-bearing escrow account established by the eligible entity on behalf of the participating family4 ,notwithstanding any other provision of law1 an eligible entity may use funds it controls under section #h or #i for purposes of making the escrow deposit for participating families assisted under1 or residing in units assisted under1 section #h or #i1 respectively1 provided such funds are offset by the increase in the amount of rent paid by the participating family42 7ii7 by striking the second sentence and inserting the following3 ,all ,family ,self-,sufficiency programs administered under this section shall include an escrow account42 7iii7 in the fourth sentence1 by striking subsection 7c7 and inserting subsection 7d72 and 7iv7 in the last sentence-- 7,i7 by striking ,a public housing agency and inserting ,an eligible entity2 and 7,,ii7 by striking the public housing agency and inserting such eligible entity2 and 7,c7 by amending paragraph 7#c7 to read as follows3 7#c7 ,forfeited escrow ,any amount placed in an escrow account established by an eligible entity for a participating family as required under paragraph 7#b71 that exists after the end of a contract of participation by a household member of a participating family that does not qualify to receive the escrow1 shall be used by the eligible entity for the benefit of participating families in good standing4 2 7#h7 in subsection 7f71 as so redesignated1 by striking 1 unless the income of the family equals or exceeds #hj percent of the median income of the area 7as determined by the ,secretary with adjustments for smaller and larger families72 7#i7 in subsection 7g71 as so redesignated-- 7,a7 in paragraph 7#a7-- 7i7 by striking public housing agency and inserting eligible entity2 7ii7 by striking the public housing agency and inserting such eligible entity2 and 7iii7 by striking subsection 7g7 and inserting subsection 7h72 and 7,b7 in paragraph 7#b7-- 7i7 by striking public housing agency and inserting eligible entity each place that term appears2 7ii7 by striking or the ,job ,opportunities and ,basic ,skills ,training ,program under part ,f of title ,,iv of the ,social ,security ,act 2 7iii7 by inserting primary1 secondary1 and post-secondary after public and private2 and 7iv7 in the second sentence1 by inserting and tenants served by the program after the unit of general local government2 7#aj7 in subsection 7h71 as so redesignated-- 7,a7 in paragraph 7#a7-- 7i7 by striking public housing agency and inserting eligible entity2 7ii7 by striking participating in the and inserting carrying out a2 and 7iii7 by striking to the ,secretary2 7,b7 in paragraph 7#b7-- 7i7 by striking public housing agency and inserting eligible entity2 7ii7 by striking subsection 7f7 and inserting subsection 7g72 7iii7 by striking residents of the public housing and inserting the current and prospective participants of the program2 and 7iv7 by striking or the ,job ,opportunities and ,basic ,skills ,training ,program under part ,f of title ,,iv of the ,social ,security ,act2 and 7,c7 in paragraph 7#c7-- 7i7 in subparagraph 7,c7-- 7,i7 by striking subsection 7c77#b7 and inserting subsection 7d77#b72 7,,ii7 by striking provided to and inserting coordinated on behalf of participating2 7,,iii7 by inserting direct before assistance2 and 7,,iv7 by striking the section #h and public housing programs and inserting sections #h and #i2 7ii7 in subparagraph 7,d7-- 7,i7 by striking subsection 7d7 and inserting subsection 7e72 and 7,,ii7 by striking public housing agency and inserting eligible entity2 7iii7 in subparagraph 7,e71 by striking deliver and inserting coordinate2 7iv7 in subparagraph 7,h71 by striking the ,job ,opportunities and ,basic ,skills ,training ,program under part ,f of title ,,iv of the ,social ,security ,act and2 and 7v7 in subparagraph 7,i71 by striking public housing or section #h assistance and inserting assistance under section #h or #i2 7#aa7 by amending subsection 7i71 as so redesignated1 to read as follows3 7i7 ,family ,self-,sufficiency ,awards 7#a7 ,in general ,subject to appropriations1 the ,secretary shall establish a formula by which annual funds shall be awarded or as otherwise determined by the ,secretary for the costs incurred by an eligible entity in administering the ,family ,self-,sufficiency program under this section4 7#b7 ,eligibility for awards ,the award established under paragraph 7#a7 shall provide funding for family self-sufficiency coordinators as follows3 7,a7 ,base award ,an eligible entity serving #be or more participants in the ,family ,self-,sufficiency program under this section is eligible to receive an award equal to the costs1 as determined by the ,secretary1 of #a full-time family self-sufficiency coordinator position4 ,the ,secretary may1 by regulation or notice1 determine the policy concerning the award for an eligible entity serving fewer than #be such participants1 including providing prorated awards or allowing such entities to combine their programs under this section for purposes of employing a coordinator4 7,b7 ,additional award ,an eligible entity that meets performance standards set by the ,secretary is eligible to receive an additional award sufficient to cover the costs of filling an additional family self-sufficiency coordinator position if such entity has #ge or more participating families1 and an additional coordinator for each additional #ej participating families1 or such other ratio as may be established by the ,secretary based on the award allocation evaluation under subparagraph 7,e74 7,c7 ,state and regional agencies ,for purposes of calculating the award under this paragraph1 each administratively distinct part of a ,state or regional eligible entity may be treated as a separate agency4 7,d7 ,determination of number of coordinators ,in determining whether an eligible entity meets a specific threshold for funding pursuant to this paragraph1 the ,secretary shall consider the number of participants enrolled by the eligible entity in its ,family ,self-,sufficiency program as well as other criteria determined by the ,secretary4 7,e7 ,award allocation evaluation ,the ,secretary shall submit to ,congress a report evaluating the award allocation under this subsection1 and make recommendations based on this evaluation and other related findings to modify such allocation1 within #d years after the date of enactment of the ,economic ,growth1 ,regulatory ,relief1 and ,consumer ,protection ,act1 and not less frequently than every #d years thereafter4 ,the report requirement under this subparagraph shall terminate after the ,secretary has submitted #b such reports to ,congress4 7#c7 ,renewals and allocation 7,a7 ,in general ,funds allocated by the ,secretary under this subsection shall be allocated in the following order of priority3 7i7 ,first priority ,renewal of the full cost of all coordinators in the previous year at each eligible entity with an existing ,family ,self-,sufficiency program that meets applicable performance standards set by the ,secretary4 7ii7 ,second priority ,new or incremental coordinator funding authorized under this section4 7,b7 ,guidance ,if the first priority1 as described in subparagraph 7,a77i71 cannot be fully satisfied1 the ,secretary may prorate the funding for each eligible entity1 as long as-- 7i7 each eligible entity that has received funding for at least #a part-time coordinator in the prior fiscal year is provided sufficient funding for at least #a part-time coordinator as part of any such proration2 and 7ii7 each eligible entity that has received funding for at least #a full-time coordinator in the prior fiscal year is provided sufficient funding for at least #a full-time coordinator as part of any such proration4 7#d7 ,recapture or offset ,any awards allocated under this subsection by the ,secretary in a fiscal year that have not been spent by the end of the subsequent fiscal year or such other time period as determined by the ,secretary may be recaptured by the ,secretary and shall be available for providing additional awards pursuant to paragraph 7#b77;,b71 or may be offset as determined by the ,secretary4 ,funds appropriated pursuant to this section shall remain available for #c years in order to facilitate the re-use of any recaptured funds for this purpose4 7#e7 ,performance reporting ,programs under this section shall be required to report the number of families enrolled and graduated1 the number of established escrow accounts and positive escrow balances1 and any other information that the ,secretary may require4 ,program performance shall be reviewed periodically as determined by the ,secretary4 7#f7 ,incentives for innovation and high performance ,the ,secretary may reserve up to #e percent of the amounts made available under this subsection to provide support to or reward ,family ,self-,sufficiency programs based on the rate of successful completion1 increased earned income1 or other factors as may be established by the ,secretary4 2 7#ab7 in subsection 7j7-- 7,a7 by striking public housing agency and inserting eligible entity2 7,b7 by striking public housing before units2 7,c7 by striking in public housing projects administered by the agency2 7,d7 by inserting or coordination after provision2 and 7,e7 by striking the last sentence2 7#ac7 in subsection 7k71 by striking public housing agencies and inserting eligible entities2 7#ad7 by striking subsection 7n72 7#ae7 by striking subsection 7o72 7#af7 by redesignating subsections 7l7 and 7m7 as subsections 7m7 and 7n71 respectively2 7#ag7 by inserting after subsection 7k7 the following3 7l7 ,programs for tenants in privately owned properties with project-,based assistance 7#a7 ,voluntary availability of ,,fss program ,the owner of a privately owned property may voluntarily make a ,family ,self-,sufficiency program available to the tenants of such property in accordance with procedures established by the ,secretary4 ,such procedures shall permit the owner to enter into a cooperative agreement with a local public housing agency that administers a ,family ,self-,sufficiency program or1 at the owner's option1 operate a ,family ,self-,sufficiency program on its own or in partnership with another owner4 ,an owner1 who voluntarily makes a ,family ,self-,sufficiency program available pursuant to this subsection1 may access funding from any residual receipt accounts for the property to hire a family self-sufficiency coordinator or coordinators for their program4 7#b7 ,cooperative agreement ,any cooperative agreement entered into pursuant to paragraph 7#a7 shall require the public housing agency to open its ,family ,self-,sufficiency program waiting list to any eligible family residing in the owner's property who resides in a unit assisted under project-based rental assistance4 7#c7 ,treatment of families assisted under this subsection ,a public housing agency that enters into a cooperative agreement pursuant to paragraph 7#a7 may count any family participating in its ,family ,self-,sufficiency program as a result of such agreement as part of the calculation of the award under subsection 7i74 7#d7 ,escrow 7,a7 ,cooperative agreement ,a cooperative agreement entered into pursuant to paragraph 7#a7 shall provide for the calculation and tracking of the escrow for participating residents and for the owner to make available1 upon request of the public housing agency1 escrow for participating residents1 in accordance with paragraphs 7#b7 and 7#c7 of subsection 7e71 residing in units assisted under section #h4 7,b7 ,calculation and tracking by owner ,the owner of a privately owned property who voluntarily makes a ,family ,self-,sufficiency program available pursuant to paragraph 7#a7 shall calculate and track the escrow for participating residents and make escrow for participating residents available in accordance with paragraphs 7#b7 and 7#c7 of subsection 7e74 7#e7 ,exception ,this subsection shall not apply to properties assisted under section #h7o77#ac74 7#f7 ,suspension of enrollment ,in any year1 the ,secretary may suspend the enrollment of new families in ,family ,self-,sufficiency programs under this subsection based on a determination that insufficient funding is available for this purpose4 2 7#ah7 in subsection 7m71 as so redesignated-- 7,a7 in paragraph 7#a7-- 7i7 in the first sentence1 by striking ,each public housing agency and inserting ,each eligible entity2 7ii7 in the second sentence1 by striking ,the report shall include and inserting ,the contents of the report shall include2 and 7iii7 in subparagraph 7,d7-- 7,i7 by striking public housing agency and inserting eligible entity2 and 7,,ii7 by striking local2 and 7,b7 in paragraph 7#b71 by inserting and describing any additional research needs of the ,secretary to evaluate the effectiveness of the program after under paragraph 7#a72 7#ai7 in subsection 7n71 as so redesignated1 by striking may and inserting shall2 and 7#bj7 by adding at the end the following3 7o7 ,definitions ,in this section3 7#a7 ,eligible entity ,the term eligible entity means an entity that meets the requirements under subsection 7c77#b7 to administer a ,family ,self-,sufficiency program under this section4 7#b7 ,eligible family ,the term eligible family means a family that meets the requirements under subsection 7c77#a7 to participate in the ,family ,self-,sufficiency program under this section4 7#c7 ,participating family ,the term participating family means an eligible family that is participating in the ,family ,self-,sufficiency program under this section4 4 7b7 ,effective date ,not later than #cfj days after the date of enactment of this ,act1 the ,secretary of ,housing and ,urban ,development shall issue regulations to implement this section and any amendments made by this section1 and this section and any amendments made by this section shall take effect upon such issuance4 #cjg4 ,property ,assessed ,clean ,energy financing ,section #abi;,c7b77#c7 of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afci;c7b77#c77 is amended by adding at the end the following3 7,c7 ,consideration of underwriting requirements for ,property ,assessed ,clean ,energy financing 7i7 ,definition ,in this subparagraph1 the term ,property ,assessed ,clean ,energy financing means financing to cover the costs of home improvements that results in a tax assessment on the real property of the consumer4 7ii7 ,regulations ,the ,bureau shall prescribe regulations that carry out the purposes of subsection 7a7 and apply section #acj with respect to violations under subsection 7a7 of this section with respect to ,property ,assessed ,clean ,energy financing1 which shall account for the unique nature of ,property ,assessed ,clean ,energy financing4 7iii7 ,collection of information and consultation ,in prescribing the regulations under this subparagraph1 the ,bureau-- 7,i7 may collect such information and data that the ,bureau determines is necessary2 and 7,,ii7 shall consult with ,state and local governments and bond-issuing authorities4 4 #cjh4 ,,gao report on consumer reporting agencies 7a7 ,definitions ,in this section1 the terms consumer1 consumer report1 and consumer reporting agency have the meanings given those terms in section #fjc of the ,fair ,credit ,reporting ,act 7#ae ,u4,s4,c4 #afha;a74 7b7 ,report ,not later than #a year after the date of enactment of this ,act1 the ,comptroller ,general of the ,united ,states shall submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives a comprehensive report that includes-- 7#a7 a review of the current legal and regulatory structure for consumer reporting agencies and an analysis of any gaps in that structure1 including1 in particular1 the rulemaking1 supervisory1 and enforcement authority of ,state and ,federal agencies under the ,fair ,credit ,reporting ,act 7#ae ,u4,s4,c4 #afha et seq471 the ,gramm-,leach-,bliley ,act 7,public ,law #ajf-ajb2 #aac ,stat4 #acch71 and any other relevant statutes2 7#b7 a review of the process by which consumers can appeal and expunge errors on their consumer reports2 7#c7 a review of the causes of consumer reporting errors2 7#d7 a review of the responsibilities of data furnishers to ensure that accurate information is initially reported to consumer reporting agencies and to ensure that such information continues to be accurate2 7#e7 a review of data security relating to consumer reporting agencies and their efforts to safeguard consumer data2 7#f7 a review of who has access to1 and may use1 consumer reports2 7#g7 a review of who has control or ownership of a consumer's credit data2 7#h7 an analysis of-- 7,a7 which ,federal and ,state regulatory agencies supervise and enforce laws relating to how consumer reporting agencies protect consumer data2 and 7,b7 all laws relating to data security applicable to consumer reporting agencies2 and 7#i7 recommendations to ,congress on how to improve the consumer reporting system1 including legislative1 regulatory1 and industry-specific recommendations4 #cji4 ,protecting veterans from predatory lending 7a7 ,protecting veterans from predatory lending 7#a7 ,in general ,subchapter ,i of chapter #cg of title #ch1 ,united ,states ,code1 is amended by adding at the end the following new section3 #cgji4 ,refinancing of housing loans 7a7 ,fee recoupment ,except as provided in subsection 7d7 and notwithstanding section #cgjc of this title or any other provision of law1 a loan to a veteran for a purpose specified in section #cgaj of this title that is being refinanced may not be guaranteed or insured under this chapter unless-- 7#a7 the issuer of the refinanced loan provides the ,secretary with a certification of the recoupment period for fees1 closing costs1 and any expenses 7other than taxes1 amounts held in escrow1 and fees paid under this chapter7 that would be incurred by the borrower in the refinancing of the loan2 7#b7 all of the fees and incurred costs are scheduled to be recouped on or before the date that is #cf months after the date of loan issuance2 and 7#c7 the recoupment is calculated through lower regular monthly payments 7other than taxes1 amounts held in escrow1 and fees paid under this chapter7 as a result of the refinanced loan4 7b7 ,net tangible benefit test ,except as provided in subsection 7d7 and notwithstanding section #cgjc of this title or any other provision of law1 a loan to a veteran for a purpose specified in section #cgaj of this title that is refinanced may not be guaranteed or insured under this chapter unless-- 7#a7 the issuer of the refinanced loan provides the borrower with a net tangible benefit test2 7#b7 in a case in which the original loan had a fixed rate mortgage interest rate and the refinanced loan will have a fixed rate mortgage interest rate1 the refinanced loan has a mortgage interest rate that is not less than #ej basis points less than the previous loan2 7#c7 in a case in which the original loan had a fixed rate mortgage interest rate and the refinanced loan will have an adjustable rate mortgage interest rate1 the refinanced loan has a mortgage interest rate that is not less than #bjj basis points less than the previous loan2 and 7#d7 the lower interest rate is not produced solely from discount points1 unless-- 7,a7 such points are paid at closing2 and 7,b7 such points are not added to the principal loan amount1 unless-- 7i7 for discount point amounts that are less than or equal to one discount point1 the resulting loan balance after any fees and expenses allows the property with respect to which the loan was issued to maintain a loan to value ratio of #ajj percent or less2 and 7ii7 for discount point amounts that are greater than one discount point1 the resulting loan balance after any fees and expenses allows the property with respect to which the loan was issued to maintain a loan to value ratio of #ij percent or less4 7c7 ,loan seasoning ,except as provided in subsection 7d7 and notwithstanding section #cgjc of this title or any other provision of law1 a loan to a veteran for a purpose specified in section #cgaj of this title that is refinanced may not be guaranteed or insured under this chapter until the date that is the later of-- 7#a7 the date that is #baj days after the date on which the first monthly payment is made on the loan2 and 7#b7 the date on which the sixth monthly payment is made on the loan4 7d7 ,cash-out refinances 7#a7 ,subsections 7a7 through 7c7 shall not apply in a case of a loan refinancing in which the amount of the principal for the new loan to be guaranteed or insured under this chapter is larger than the payoff amount of the refinanced loan4 7#b7 ,not later than #ahj days after the date of the enactment of this section1 the ,secretary shall promulgate such rules as the ,secretary considers appropriate with respect to refinancing described in paragraph 7#a7 to ensure that such refinancing is in the financial interest of the borrower1 including rules relating to recoupment1 seasoning1 and net tangible benefits4 4 7#b7 ,regulations 7,a7 ,in general ,in prescribing any regulation to carry out section #cgji of title #ch1 ,united ,states ,code1 as added by paragraph 7#a71 the ,secretary of ,veterans ,affairs may waive the requirements of sections #eea through #eei of title #e1 ,united ,states ,code1 if-- 7i7 the ,secretary determines that urgent or compelling circumstances make compliance with such requirements impracticable or contrary to the public interest2 7ii7 the ,secretary submits to the ,committee on ,veterans' ,affairs of the ,senate and the ,committee on ,veterans' ,affairs of the ,house of ,representatives1 and publishes in the ,federal ,register1 notice of such waiver1 including a description of the determination made under clause 7i72 and 7iii7 a period of #aj days elapses following the notification under clause 7ii74 7,b7 ,public notice and comment ,if a regulation prescribed pursuant to a waiver made under subparagraph 7,a7 is in effect for a period exceeding #a year1 the ,secretary shall provide the public an opportunity for notice and comment regarding such regulation4 7,c7 ,effective date ,this paragraph shall take effect on the date of the enactment of this ,act4 7,d7 ,termination date ,the authorities under this paragraph shall terminate on the date that is #a year after the date of the enactment of this ,act4 7#c7 ,report on cash-out refinances 7,a7 ,in general ,not later than #a year after the date of the enactment of this ,act1 the ,secretary shall1 in consultation with the ,president of the ,ginnie ,mae1 submit to ,congress a report on refinancing-- 7i7 of loans-- 7,i7 made to veterans for purposes specified in section #cgaj of title #ch1 ,united ,states ,code2 and 7,,ii7 that were guaranteed or insured under chapter #cg of such title2 and 7ii7 in which the amount of the principal for the new loan to be guaranteed or insured under such chapter is larger than the payoff amount of the refinanced loan4 7,b7 ,contents ,the report required by subparagraph 7,a7 shall include the following3 7i7 ,an assessment of whether additional requirements1 including a net tangible benefit test1 fee recoupment period1 and loan seasoning requirement1 are necessary to ensure that the refinancing described in subparagraph 7,a7 is in the financial interest of the borrower4 7ii7 ,such recommendations as the ,secretary may have for additional legislative or administrative action to ensure that refinancing described in subparagraph 7,a7 is carried out in the financial interest of the borrower4 7#d7 ,clerical amendment ,the table of sections at the beginning of chapter #cg of title #ch1 ,united ,states ,code1 is amended by inserting after the item relating to section #cgji the following new item3 #cgji4 ,refinancing of housing loans4 4 7b7 ,loan seasoning for ginnie mae mortgage-backed securities ,section #cjf7;g77#a7 of the ,national ,housing ,act 7#ab ,u4,s4,c4 #agba7;g77#a77 is amended by inserting ,the ,association may not guarantee the timely payment of principal and interest on a security that is backed by a mortgage insured or guaranteed under chapter #cg of title #ch1 ,united ,states ,code1 and that was refinanced until the later of the date that is #baj days after the date on which the first monthly payment is made on the mortgage being refinanced and the date on which #f full monthly payments have been made on the mortgage being refinanced4 after ,act of #aiib44 7c7 ,report on liquidity of the department of veterans affairs housing loan program 7#a7 ,report ,not later than #a year after the date of the enactment of this ,act1 the ,secretary of ,housing and ,urban ,development and the ,president of the ,ginnie ,mae shall submit to the appropriate committees of ,congress a report on the liquidity of the housing loan program under chapter #cg of title #ch1 ,united ,states ,code1 in the secondary mortgage market1 which shall-- 7,a7 assess the loans provided under that chapter that collateralize mortgage-backed securities that are guaranteed by ,ginnie ,mae2 and 7,b7 include recommendations for actions that ,ginnie ,mae should take to ensure that the liquidity of that housing loan program is maintained4 7#b7 ,definitions ,in this subsection3 7,a7 ,appropriate committees of congress ,the term appropriate committees of ,congress means-- 7i7 the ,committee on ,veterans' ,affairs and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate2 and 7ii7 the ,committee on ,veterans' ,affairs and the ,committee on ,financial ,services of the ,house of ,representatives4 7,b7 ,ginnie mae ,the term ,ginnie ,mae means the ,government ,national ,mortgage ,association4 7d7 ,annual report on document disclosure and consumer education ,not less frequently than once each year1 the ,secretary of ,veterans ,affairs shall issue a publicly available report that-- 7#a7 examines1 with respect to loans provided to veterans under chapter #cg of title #ch1 ,united ,states ,code-- 7,a7 the refinancing of fixed-rate mortgage loans to adjustable rate mortgage loans2 7,b7 whether veterans are informed of the risks and disclosures associated with that refinancing2 and 7,c7 whether advertising materials for that refinancing are clear and do not contain misleading statements or assertions2 and 7#b7 includes findings based on any complaints received by veterans and on an ongoing assessment of the refinancing market by the ,secretary4 #caj4 ,credit score competition 7a7 ,use of credit scores by fannie mae in purchasing residential mortgages ,section #cjb7;b7 of the ,federal ,national ,mortgage ,association ,charter ,act 7#ab ,u4,s4,c4 #agag7;b77 is amended by adding at the end the following3 7#g7 7,a7 ,definitions ,in this paragraph-- 7i7 the term credit score means a numerical value or a categorization created by a third party derived from a statistical tool or modeling system used by a person who makes or arranges a loan to predict the likelihood of certain credit behaviors1 including default2 and 7ii7 the term residential mortgage has the meaning given the term in section #cjb of the ,federal ,home ,loan ,mortgage ,corporation ,act 7#ab ,u4,s4,c4 #adea74 7,b7 ,use of credit scores ,the corporation shall condition purchase of a residential mortgage by the corporation under this subsection on the provision of a credit score for the borrower only if-- 7i7 the credit score is derived from any credit scoring model that has been validated and approved by the corporation under this paragraph2 and 7ii7 the corporation provides for the use of the credit score by all of the automated underwriting systems of the corporation and any other procedures and systems used by the corporation to purchase residential mortgages that use a credit score4 7,c7 ,validation and approval process ,the corporation shall establish a validation and approval process for the use of credit score models1 under which the corporation may not validate and approve a credit score model unless the credit score model-- 7i7 satisfies minimum requirements of integrity1 reliability1 and accuracy2 7ii7 has a historical record of measuring and predicting default rates and other credit behaviors2 7iii7 is consistent with the safe and sound operation of the corporation2 7iv7 complies with any standards and criteria established by the ,director of the ,federal ,housing ,finance ,agency under section #acbh7a7 of the ,federal ,housing ,enterprises ,financial ,safety and ,soundness ,act of #aiib2 and 7v7 satisfies any other requirements1 as determined by the corporation4 7,d7 ,replacement of credit score model ,if the corporation has validated and approved #a or more credit score models under subparagraph 7,c7 and the corporation validates and approves an additional credit score model1 the corporation may determine that-- 7i7 the additional credit score model has replaced the credit score model or credit score models previously validated and approved2 and 7ii7 the credit score model or credit score models previously validated and approved shall no longer be considered validated and approved for the purposes of subparagraph 7,b74 7,e7 ,public disclosure ,upon establishing the validation and approval process required under subparagraph 7,c71 the corporation shall make publicly available a description of the validation and approval process4 7,f7 ,application ,not later than #cj days after the effective date of this paragraph1 the corporation shall solicit applications from developers of credit scoring models for the validation and approval of those models under the process required under subparagraph 7,c74 7,g7 ,timeframe for determination2 notice 7i7 ,in general ,the corporation shall make a determination with respect to any application submitted under subparagraph 7,f71 and provide notice of that determination to the applicant1 before a date established by the corporation that is not later than #ahj days after the date on which an application is submitted to the corporation4 7ii7 ,extensions ,the ,director of the ,federal ,housing ,finance ,agency may authorize not more than #b extensions of the date established under clause 7i71 each of which shall not exceed #cj days1 upon a written request and a showing of good cause by the corporation4 7iii7 ,status notice ,the corporation shall provide notice to an applicant regarding the status of an application submitted under subparagraph 7,f7 not later than #fj days after the date on which the application was submitted to the corporation4 7iv7 ,reasons for disapproval ,if an application submitted under subparagraph 7,f7 is disapproved1 the corporation shall provide to the applicant the reasons for the disapproval not later than #cj days after a determination is made under this subparagraph4 7,h7 ,authority of director ,if the corporation elects to use a credit score model under this paragraph1 the ,director of the ,federal ,housing ,finance ,agency shall require the corporation to periodically review the validation and approval process required under subparagraph 7,c7 as the ,director determines necessary to ensure that the process remains appropriate and adequate and complies with any standards and criteria established pursuant to section #acbh7a7 of the ,federal ,housing ,enterprises ,financial ,safety and ,soundness ,act of #aiib4 7,i7 ,extension ,if1 as of the effective date of this paragraph1 a credit score model has not been approved under subparagraph 7,c71 the corporation may use a credit score model that was in use before the effective date of this paragraph1 if necessary to prevent substantial market disruptions1 until the earlier of-- 7i7 the date on which a credit score model is validated and approved under subparagraph 7,c72 or 7ii7 the date that is #b years after the effective date of this paragraph4 4 7b7 ,use of credit scores by freddie mac in purchasing residential mortgages ,section #cje of the ,federal ,home ,loan ,mortgage ,corporation ,act 7#ab ,u4,s4,c4 #aded7 is amended by adding at the end the following3 7d7 7#a7 ,definition ,in this subsection1 the term credit score means a numerical value or a categorization created by a third party derived from a statistical tool or modeling system used by a person who makes or arranges a loan to predict the likelihood of certain credit behaviors1 including default4 7#b7 ,use of credit scores ,the ,corporation shall condition purchase of a residential mortgage by the ,corporation under this section on the provision of a credit score for the borrower only if-- 7,a7 the credit score is derived from any credit scoring model that has been validated and approved by the ,corporation under this subsection2 and 7,b7 the ,corporation provides for the use of the credit score by all of the automated underwriting systems of the ,corporation and any other procedures and systems used by the ,corporation to purchase residential mortgages that use a credit score4 7#c7 ,validation and approval process ,the ,corporation shall establish a validation and approval process for the use of credit score models1 under which the ,corporation may not validate and approve a credit score model unless the credit score model-- 7,a7 satisfies minimum requirements of integrity1 reliability1 and accuracy2 7,b7 has a historical record of measuring and predicting default rates and other credit behaviors2 7,c7 is consistent with the safe and sound operation of the corporation2 7,d7 complies with any standards and criteria established by the ,director of the ,federal ,housing ,finance ,agency under section #acbh7a7 of the ,federal ,housing ,enterprises ,financial ,safety and ,soundness ,act of #aiib2 and 7,e7 satisfies any other requirements1 as determined by the ,corporation4 7#d7 ,replacement of credit score model ,if the ,corporation has validated and approved #a or more credit score models under paragraph 7#c7 and the ,corporation validates and approves an additional credit score model1 the ,corporation may determine that-- 7,a7 the additional credit score model has replaced the credit score model or credit score models previously validated and approved2 and 7,b7 the credit score model or credit score models previously validated and approved shall no longer be considered validated and approved for the purposes of paragraph 7#b74 7#e7 ,public disclosure ,upon establishing the validation and approval process required under paragraph 7#c71 the ,corporation shall make publicly available a description of the validation and approval process4 7#f7 ,application ,not later than #cj days after the effective date of this subsection1 the ,corporation shall solicit applications from developers of credit scoring models for the validation and approval of those models under the process required under paragraph 7#c74 7#g7 ,timeframe for determination2 notice 7,a7 ,in general ,the ,corporation shall make a determination with respect to any application submitted under paragraph 7#f71 and provide notice of that determination to the applicant1 before a date established by the ,corporation that is not later than #ahj days after the date on which an application is submitted to the ,corporation4 7,b7 ,extensions ,the ,director of the ,federal ,housing ,finance ,agency may authorize not more than #b extensions of the date established under subparagraph 7,a71 each of which shall not exceed #cj days1 upon a written request and a showing of good cause by the ,corporation4 7,c7 ,status notice ,the ,corporation shall provide notice to an applicant regarding the status of an application submitted under paragraph 7#f7 not later than #fj days after the date on which the application was submitted to the ,corporation4 7,d7 ,reasons for disapproval ,if an application submitted under paragraph 7#f7 is disapproved1 the ,corporation shall provide to the applicant the reasons for the disapproval not later than #cj days after a determination is made under this paragraph4 7#h7 ,authority of director ,if the ,corporation elects to use a credit score under this subsection1 the ,director of the ,federal ,housing ,finance ,agency shall require the ,corporation to periodically review the validation and approval process required under paragraph 7#c7 as the ,director determines necessary to ensure that the process remains appropriate and adequate and complies with any standards and criteria established pursuant to section #acbh7a7 of the ,federal ,housing ,enterprises ,financial ,safety and ,soundness ,act of #aiib4 7#i7 ,extension ,if1 as of the effective date of this subsection1 a credit score model has not been approved under paragraph 7#c71 the ,corporation may use a credit score model that was in use before the effective date of this subsection1 if necessary to prevent substantial market disruptions1 until the earlier of-- 7,a7 the date on which a credit score model is validated and approved under paragraph 7#c72 or 7,b7 the date that is #b years after the effective date of this subsection4 4 7c7 ,authority of the director ,subpart ,a of part #b of subtitle ,a of the ,federal ,housing ,enterprises ,financial ,safety and ,soundness ,act of #aiib 7#ab ,u4,s4,c4 #deda et seq47 is amended by adding at the end the following3 #acbh4 ,regulations for use of credit scores ,the ,director shall-- 7#a7 by regulation1 establish standards and criteria for any process used by an enterprise to validate and approve credit scoring models pursuant to section #cjb7;b77#g7 of the ,federal ,national ,mortgage ,association ,charter ,act 7#ab ,u4,s4,c4 #agag7;b77#g77 and section #cje7;d7 of the ,federal ,home ,loan ,mortgage ,corporation ,act 7#ab ,u4,s4,c4 #aded7;d772 and 7#b7 ensure that any credit scoring model that is validated and approved by an enterprise under section #cjb7;b77#g7 7#ab ,u4,s4,c4 #agag7;b77#g77 of the ,federal ,national ,mortgage ,association ,charter ,act or section #cje7;d7 of the ,federal ,home ,loan ,mortgage ,corporation ,act 7#ab ,u4,s4,c4 #aded7;d77 meets the requirements of clauses 7i71 7ii71 and 7iii7 of section #cjb7;b77#g77;,c7 of the ,federal ,national ,mortgage ,association ,charter ,act and subparagraphs 7,a71 7,b71 and 7,c7 of section #cje7;d77#c7 of the ,federal ,home ,loan ,mortgage ,corporation ,act1 respectively4 4 7d7 ,effective date ,the amendments made by subsections 7a7 and 7b7 shall take effect on the date that is #ahj days after the date of enactment of this ,act4 #caa4 ,,gao report on ,puerto ,rico foreclosures ,not earlier than #a year after the date of enactment of this ,act1 the ,comptroller ,general of the ,united ,states shall submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives a report on foreclosures in the ,commonwealth of ,puerto ,rico1 including-- 7#a7 the rate of foreclosures in the ,commonwealth of ,puerto ,rico before and after ,hurricane ,maria2 7#b7 the rate of return for housing developers in the ,commonwealth of ,puerto ,rico before and after ,hurricane ,maria2 7#c7 the rate of delinquency in the ,commonwealth of ,puerto ,rico before and after ,hurricane ,maria2 7#d7 the rate of homeownership in the ,commonwealth of ,puerto ,rico before and after ,hurricane ,maria2 and 7#e7 the rate of defaults on federally insured mortgages in the ,commonwealth of ,puerto ,rico before and after ,hurricane ,maria4 #cab4 ,report on children's lead-based paint hazard prevention and abatement 7a7 ,definitions ,in this section-- 7#a7 the term ,department means the ,department of ,housing and ,urban ,development2 and 7#b7 the term public housing agency has the meaning given the term in section #c7;b7 of the ,united ,states ,housing ,act of #aicg 7#db ,u4,s4,c4 #adcg;a7b774 7b7 ,report ,not later than #a year after the date of enactment of this ,act1 the ,secretary of ,housing and ,urban ,development shall submit to ,congress a report that includes-- 7#a7 an overview of existing policies and enforcement of the ,department1 including public outreach1 relating to lead-based paint hazard prevention and abatement2 7#b7 recommendations and best practices for the ,department1 public housing agencies1 and landlords for improving lead-based paint hazard prevention standards and ,federal lead prevention and abatement policies to protect the environmental health and safety of children1 including within housing receiving assistance from or occupied by families receiving housing assistance from the ,department2 and 7#c7 recommendations for legislation to improve lead-based paint hazard prevention and abatement4 #cac4 ,foreclosure relief and extension for servicemembers ,section #gaj7;d7 of the ,honoring ,america's ,veterans and ,caring for ,camp ,lejeune ,families ,act of #bjab 7,public ,law #aab-aed2 #ej ,u4,s4,c4 #ciec note7 is amended by striking paragraphs 7#a7 and 7#c74 ,,iv ,tailoring regulations for certain bank holding companies #dja4 ,enhanced supervision and prudential standards for certain bank holding companies 7a7 ,in general ,section #afe of the ,financial ,stability ,act of #bjaj 7#ab ,u4,s4,c4 #ecfe7 is amended-- 7#a7 in subsection 7a7-- 7,a7 in paragraph 7#a71 in the matter preceding subparagraph 7,a71 by striking #ej1jjj1jjj1jjj and inserting #bej1jjj1jjj1jjj2 and 7,b7 in paragraph 7#b7-- 7i7 in subparagraph 7,a71 by striking may and inserting shall2 7ii7 in subparagraph 7,b71 by striking #ej1jjj1jjj1jjj and inserting the applicable threshold2 and 7iii7 by adding at the end the following3 7,c7 ,risks to financial stability and safety and soundness ,the ,board of ,governors may by order or rule promulgated pursuant to section #eec of title #e1 ,united ,states ,code1 apply any prudential standard established under this section to any bank holding company or bank holding companies with total consolidated assets equal to or greater than #ajj1jjj1jjj1jjj to which the prudential standard does not otherwise apply provided that the ,board of ,governors-- 7i7 determines that application of the prudential standard is appropriate-- 7,i7 to prevent or mitigate risks to the financial stability of the ,united ,states1 as described in paragraph 7#a72 or 7,,ii7 to promote the safety and soundness of the bank holding company or bank holding companies2 and 7ii7 takes into consideration the bank holding company's or bank holding companies' capital structure1 riskiness1 complexity1 financial activities 7including financial activities of subsidiaries71 size1 and any other risk-related factors that the ,board of ,governors deems appropriate4 2 7#b7 in subsection 7b77#a7-- 7,a7 in subparagraph 7,a77iv71 by striking and credit exposure report2 and 7,b7 in subparagraph 7,b77ii71 by inserting 1 including credit exposure reports before the semicolon at the end2 7#c7 in subsection 7d77#b71 in the matter preceding subparagraph 7,a71 by striking shall and inserting may2 7#d7 in subsection 7h77#b71 by striking #aj1jjj1jjj1jjj each place that term appears and inserting #ej1jjj1jjj1jjj2 7#e7 in subsection 7i7-- 7,a7 in paragraph 7#a77;,b77i7-- 7i7 by striking #c and inserting #b2 and 7ii7 by striking 1 adverse12 and 7,b7 in paragraph 7#b7-- 7i7 in subparagraph 7,a7-- 7,i7 in the first sentence1 by striking semiannual and inserting periodic2 and 7,,ii7 in the second sentence-- 7aa7 by striking #aj1jjj1jjj1jjj and inserting #bej1jjj1jjj1jjj2 and 7bb7 by striking annual and inserting periodic2 and 7ii7 in subparagraph 7,c77ii7-- 7,i7 by striking #c and inserting #b2 and 7,,ii7 by striking 1 adverse12 and 7#f7 in subsection 7j77#a71 in the first sentence1 by striking #ej1jjj1jjj1jjj and inserting #bej1jjj1jjj1jjj4 7b7 ,rule of construction ,nothing in subsection 7a7 shall be construed to limit-- 7#a7 the authority of the ,board of ,governors of the ,federal ,reserve ,system1 in prescribing prudential standards under section #afe of the ,financial ,stability ,act of #bjaj 7#ab ,u4,s4,c4 #ecfe7 or any other law1 to tailor or differentiate among companies on an individual basis or by category1 taking into consideration their capital structure1 riskiness1 complexity1 financial activities 7including financial activities of their subsidiaries71 size1 and any other risk-related factors that the ,board of ,governors deems appropriate2 or 7#b7 the supervisory1 regulatory1 or enforcement authority of an appropriate ,federal banking agency to further the safe and sound operation of an institution under the supervision of the appropriate ,federal banking agency4 7c7 ,technical and conforming amendments 7#a7 ,financial ,stability ,act of #bjaj ,the ,financial ,stability ,act of #bjaj 7#ab ,u4,s4,c4 #ecaa et seq47 is amended-- 7,a7 in section #aae7;a77#b77;,b7 7#ab ,u4,s4,c4 #ecbe7;a77#b77;,b771 by striking #ej1jjj1jjj1jjj and inserting the applicable threshold2 7,b7 in section #aaf7;a7 7#ab ,u4,s4,c4 #ecbf7;a771 in the matter preceding paragraph 7#a71 by striking #ej1jjj1jjj1jjj and inserting #bej1jjj1jjj1jjj2 7,c7 in section #aba7;a7 7#ab ,u4,s4,c4 #ecca7;a771 in the matter preceding paragraph 7#a71 by striking #ej1jjj1jjj1jjj and inserting #bej1jjj1jjj1jjj2 7,d7 in section #aee7;d7 7#ab ,u4,s4,c4 #ecde7;d771 by striking #ej1jjj1jjj1jjj and inserting #bej1jjj1jjj1jjj2 7,e7 in section #afc7;b7 7#ab ,u4,s4,c4 #ecfc7;b771 by striking #ej1jjj1jjj1jjj each place that term appears and inserting #bej1jjj1jjj1jjj2 and 7,f7 in section #afd 7#ab ,u4,s4,c4 #ecfd71 by striking #ej1jjj1jjj1jjj and inserting #bej1jjj1jjj1jjj4 7#b7 ,federal ,reserve ,act ,the second subsection 7s7 7relating to assessments7 of section #aa of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bdh7s77 is amended-- 7,a7 in paragraph 7#b7-- 7i7 in subparagraph 7,a71 by striking #ej1jjj1jjj1jjj and inserting #ajj1jjj1jjj1jjj2 and 7ii7 in subparagraph 7,b71 by striking #ej1jjj1jjj1jjj and inserting #ajj1jjj1jjj1jjj2 and 7,b7 by adding at the end the following3 7#c7 ,tailoring assessments ,in collecting assessments1 fees1 or other charges under paragraph 7#a7 from each company described in paragraph 7#b7 with total consolidated assets of between #ajj1jjj1jjj1jjj and #bej1jjj1jjj1jjj1 the ,board shall adjust the amount charged to reflect any changes in supervisory and regulatory responsibilities resulting from the ,economic ,growth1 ,regulatory ,relief1 and ,consumer ,protection ,act with respect to each such company4 4 7d7 ,effective date 7#a7 ,in general ,except as provided in paragraph 7#b71 the amendments made by this section shall take effect on the date that is #ah months after the date of enactment of this ,act4 7#b7 ,exception ,notwithstanding paragraph 7#a71 the amendments made by this section shall take effect on the date of enactment of this ,act with respect to any bank holding company with total consolidated assets of less than #ajj1jjj1jjj1jjj4 7#c7 ,additional authority ,before the effective date described in paragraph 7#a71 the ,board of ,governors of the ,federal ,reserve ,system may by order exempt any bank holding company with total consolidated assets of less than #bej1jjj1jjj1jjj from any prudential standard under section #afe of the ,financial ,stability ,act of #bjaj 7#ab ,u4,s4,c4 #ecfe74 7#d7 ,rule of construction ,nothing in this section shall be construed to prohibit the ,board of ,governors of the ,federal ,reserve ,system from issuing an order or rule making under section #afe7;a77#b77;,c7 of the ,financial ,stability ,act of #bjaj 7#ab ,u4,s4,c4 #ecfe7;a77#b77;,c771 as added by this section1 before the effective date described in paragraph 7#a74 7e7 ,supervisory stress test ,beginning on the effective date described in subsection 7d77#a71 the ,board of ,governors of the ,federal ,reserve ,system shall1 on a periodic basis1 conduct supervisory stress tests of bank holding companies with total consolidated assets equal to or greater than #ajj1jjj1jjj1jjj and total consolidated assets of less than #bej1jjj1jjj1jjj to evaluate whether such bank holding companies have the capital1 on a total consolidated basis1 necessary to absorb losses as a result of adverse economic conditions4 7f7 ,global systemically important bank holding companies ,any bank holding company1 regardless of asset size1 that has been identified as a global systemically important ,,bhc under section #bag4djb of title #ab1 ,code of ,federal ,regulations1 shall be considered a bank holding company with total consolidated assets equal to or greater than #bej1jjj1jjj1jjj with respect to the application of standards or requirements under-- 7#a7 this section2 7#b7 sections #aaf7;a71 #aba7;a71 #aee7;d71 #afc7;b71 #afd1 and #afe of the ,financial ,stability ,act of #bjaj 7#ab ,u4,s4,c4 #ecbf7;a71 #ecca7;a71 #ecde7;d71 #ecfc7;b71 #ecfd1 #ecfe72 and 7#c7 paragraph 7#b77;,a7 of the second subsection 7s7 7relating to assessments7 of section #aa of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bdh7s77#b774 7g7 ,clarification for foreign banks ,nothing in this section shall be construed to-- 7#a7 affect the legal effect of the final rule of the ,board of ,governors of the ,federal ,reserve ,system entitled ,enhanced ,prudential ,standards for ,bank ,holding ,companies and ,foreign ,banking ,organizations 7#gi ,fed4 ,reg4 #agbdj 7,march #bg1 #bjad77 as applied to foreign banking organizations with total consolidated assets equal to or greater than #ajj1jjj1jjj1jjj2 or 7#b7 limit the authority of the ,board of ,governors of the ,federal ,reserve ,system to require the establishment of an intermediate holding company under1 implement enhanced prudential standards with respect to1 or tailor the regulation of a foreign banking organization with total consolidated assets equal to or greater than #ajj1jjj1jjj1jjj4 #djb4 ,supplementary leverage ratio for custodial banks 7a7 ,definition ,in this section1 the term custodial bank means any depository institution holding company predominantly engaged in custody1 safekeeping1 and asset servicing activities1 including any insured depository institution subsidiary of such a holding company4 7b7 ,regulations 7#a7 ,definition ,in this subsection1 the term central bank means-- 7,a7 the ,federal ,reserve ,system2 7,b7 the ,european ,central ,bank2 and 7,c7 central banks of member countries of the ,organisation for ,economic ,co-operation and ,development1 if-- 7i7 the member country has been assigned a zero percent risk weight under sections #c4cb1 #bag4cb1 and #cbd4cb of title #ab1 ,code of ,federal ,regulations1 or any successor regulation2 and 7ii7 the sovereign debt of such member country is not in default or has not been in default during the previous #e years4 7#b7 ,regulations ,the appropriate ,federal banking agencies shall promulgate regulations to amend sections #c4aj1 #bag4aj1 and #cbd4aj of title #ab1 ,code of ,federal ,regulations1 to specify that-- 7,a7 subject to subparagraph 7,b71 funds of a custodial bank that are deposited with a central bank shall not be taken into account when calculating the supplementary leverage ratio as applied to the custodial bank2 and 7,b7 with respect to the funds described in subparagraph 7,a71 any amount that exceeds the total value of deposits of the custodial bank that are linked to fiduciary or custodial and safekeeping accounts shall be taken into account when calculating the supplementary leverage ratio as applied to the custodial bank4 7c7 ,rule of construction ,nothing in subsection 7b7 shall be construed to limit the authority of the appropriate ,federal banking agencies to tailor or adjust the supplementary leverage ratio or any other leverage ratio for any company that is not a custodial bank4 #djc4 ,treatment of certain municipal obligations 7a7 ,in general ,section #ah of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbh7 is amended-- 7#a7 by moving subsection 7z7 so that it appears after subsection 7y72 and 7#b7 by adding at the end the following3 7aa7 ,treatment of certain municipal obligations 7#a7 ,definitions ,in this subsection-- 7,a7 the term investment grade1 with respect to an obligation1 has the meaning given the term in section #a4b of title #ab1 ,code of ,federal ,regulations1 or any successor thereto2 7,b7 the term liquid and readily-marketable has the meaning given the term in section #bdi4c of title #ab1 ,code of ,federal ,regulations1 or any successor thereto2 and 7,c7 the term municipal obligation means an obligation of-- 7i7 a ,state or any political subdivision thereof2 or 7ii7 any agency or instrumentality of a ,state or any political subdivision thereof4 7#b7 ,municipal obligations ,for purposes of the final rule entitled ,liquidity ,coverage ,ratio3 ,liquidity ,risk ,measurement ,standards 7#gi ,fed4 ,reg4 #fadci 7,october #aj1 #bjad771 the final rule entitled ,liquidity ,coverage ,ratio3 ,treatment of ,u4,s4 ,municipal ,securities as ,high-,quality ,liquid ,assets 7#ha ,fed4 ,reg4 #babbc 7,april #aa1 #bjaf771 and any other regulation that incorporates a definition of the term high-quality liquid asset or another substantially similar term1 the appropriate ,federal banking agencies shall treat a municipal obligation as a high-quality liquid asset that is a level #b;,b liquid asset if that obligation is1 as of the date of calculation-- 7,a7 liquid and readily-marketable2 and 7,b7 investment grade4 4 7b7 ,amendment to liquidity coverage ratio regulations ,not later than #ij days after the date of enactment of this ,act1 the ,federal ,deposit ,insurance ,corporation1 the ,board of ,governors of the ,federal ,reserve ,system1 and the ,comptroller of the ,currency shall amend the final rule entitled ,liquidity ,coverage ,ratio3 ,liquidity ,risk ,measurement ,standards 7#gi ,fed4 ,reg4 #fadci 7,october #aj1 #bjad77 and the final rule entitled ,liquidity ,coverage ,ratio3 ,treatment of ,u4,s4 ,municipal ,securities as ,high-,quality ,liquid ,assets 7#ha ,fed4 ,reg4 #babbc 7,april #aa1 #bjaf77 to implement the amendments made by this section4 ,v ,encouraging capital formation #eja4 ,national securities exchange regulatory parity ,section #ah7;b77#a7 of the ,securities ,act of #aicc 7#ae ,u4,s4,c4 #ggr7b77#a77 is amended-- 7#a7 by striking subparagraph 7,a72 7#b7 in subparagraph 7,b7-- 7,a7 by inserting a security designated as qualified for trading in the national market system pursuant to section #aa;,a7a77#b7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #ghk-#a7;a77#b77 that is before listed2 and 7,b7 by striking that has listing standards that the ,commission determines by rule 7on its own initiative or on the basis of a petition7 are substantially similar to the listing standards applicable to securities described in subparagraph 7,a72 7#c7 in subparagraph 7,c71 by striking or 7,b72 and 7#d7 by redesignating subparagraphs 7,b7 and 7,c7 as subparagraphs 7,a7 and 7,b71 respectively4 #ejb4 ,,sec study on algorithmic trading 7a7 ,in general ,not later than #ah months after the date of enactment of this ,act1 the staff of the ,securities and ,exchange ,commission shall submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives a report on the risks and benefits of algorithmic trading in capital markets in the ,united ,states4 7b7 ,matters required ,to be included ,the matters covered by the report required by subsection 7a7 shall include the following3 7#a7 ,an assessment of the effect of algorithmic trading in equity and debt markets in the ,united ,states on the provision of liquidity in stressed and normal market conditions4 7#b7 ,an assessment of the benefits and risks to equity and debt markets in the ,united ,states by algorithmic trading4 7#c7 ,an analysis of whether the activity of algorithmic trading and entities that engage in algorithmic trading are subject to appropriate ,federal supervision and regulation4 7#d7 ,a recommendation of whether-- 7,a7 based on the analysis described in paragraphs 7#a71 7#b71 and 7#c71 any changes should be made to regulations2 and 7,b7 the ,securities and ,exchange ,commission needs additional legal authorities or resources to effect the changes described in subparagraph 7,a74 #ejc4 ,annual review of government-business forum on capital formation ,section #ejc of the ,small ,business ,investment ,incentive ,act of #aihj 7#ae ,u4,s4,c4 #hj;c-#a7 is amended by adding at the end the following3 7e7 ,the ,commission shall-- 7#a7 review the findings and recommendations of the forum2 and 7#b7 each time the forum submits a finding or recommendation to the ,commission1 promptly issue a public statement-- 7,a7 assessing the finding or recommendation of the forum2 and 7,b7 disclosing the action1 if any1 the ,commission intends to take with respect to the finding or recommendation4 4 #ejd4 ,supporting ,america's innovators ,section #c7;c77#a7 of the ,investment ,company ,act of #aidj 7#ae ,u4,s4,c4 #hj;a-#c7;c77#a77 is amended-- 7#a7 in the matter preceding subparagraph 7,a71 by inserting 7or1 in the case of a qualifying venture capital fund1 #bej persons7 after one hundred persons2 and 7#b7 by adding at the end the following3 7,c7 7i7 ,the term qualifying venture capital fund means a venture capital fund that has not more than #aj1jjj1jjj in aggregate capital contributions and uncalled committed capital1 with such dollar amount to be indexed for inflation once every #e years by the ,commission1 beginning from a measurement made by the ,commission on a date selected by the ,commission1 rounded to the nearest #a1jjj1jjj4 7ii7 ,the term venture capital fund has the meaning given the term in section #bge4bjc7l7-#a of title #ag1 ,code of ,federal ,regulations1 or any successor regulation4 4 #eje4 ,securities and ,exchange ,commission overpayment credit 7a7 ,definitions ,in this section-- 7#a7 the term ,commission means the ,securities and ,exchange ,commission2 7#b7 the term national securities association means an association that is registered under section #ae;,a of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gho-#c72 and 7#c7 the term national securities exchange means an exchange that is registered as a national securities exchange under section #f of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;f74 7b7 ,credit for overpayment of fees ,notwithstanding section #ca7;j7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;ee7j771 and subject to subsection 7c7 of this section1 if a national securities exchange or a national securities association has paid fees and assessments to the ,commission in an amount that is more than the amount that the exchange or association was required to pay under section #ca of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;ee7 and1 not later than #aj years after the date of such payment1 the exchange or association informs the ,commission about the payment of such excess amount1 the ,commission shall offset future fees and assessments due by that exchange or association in an amount that is equal to the difference between the amount that the exchange or association paid and the amount that the exchange or association was required to pay under such section #ca4 7c7 ,applicability ,subsection 7b7 shall apply only to fees and assessments that a national securities exchange or a national securities association was required to pay to the ,commission before the date of enactment of this ,act4 #ejf4 ,u4,s4 territories investor protection 7a7 ,in general ,section #f7;a7 of the ,investment ,company ,act of #aidj 7#ae ,u4,s4,c4 #hj;a-#f7;a77 is amended-- 7#a7 by striking paragraph 7#a72 and 7#b7 by redesignating paragraphs 7#b7 through 7#e7 as paragraphs 7#a7 through 7#d71 respectively4 7b7 ,effective date and safe harbor 7#a7 ,effective date ,except as provided in paragraph 7#b71 the amendment made by subsection 7a7 shall take effect on the date of enactment of this ,act4 7#b7 ,safe harbor ,with respect to a company that is exempt under section #f7;a77#a7 of the ,investment ,company ,act of #aidj 7#ae ,u4,s4,c4 #hj;a-#f7;a77#a77 on the day before the date of enactment of this ,act1 the amendment made by subsection 7a7 shall take effect on the date that is #c years after the date of enactment of this ,act4 7#c7 ,extension of safe harbor ,the ,securities and ,exchange ,commission1 by rule or regulation upon its own motion1 or by order upon application1 may conditionally or unconditionally1 under section #f7;c7 of the ,investment ,company ,act of #aidj 7#ae ,u4,s4,c4 #hj;a-#f7;c771 further delay the effective date for a company described in paragraph 7#b7 for a maximum of #c years following the initial #c-year period if1 before the end of the initial #c-year period1 the ,commission determines that such a rule1 regulation1 motion1 or order is necessary or appropriate in the public interest and for the protection of investors4 #ejg4 ,encouraging employee ownership ,not later than #fj days after the date of the enactment of this ,act1 the ,securities and ,exchange ,commission shall revise section #bcj4gja7;e7 of title #ag1 ,code of ,federal ,regulations1 so as to increase from #e1jjj1jjj to #aj1jjj1jjj the aggregate sales price or amount of securities sold during any consecutive #ab-month period in excess of which the issuer is required under such section to deliver an additional disclosure to investors4 ,the ,commission shall index for inflation such aggregate sales price or amount every #e years to reflect the change in the ,consumer ,price ,index for ,all ,urban ,consumers published by the ,bureau of ,labor ,statistics1 rounding to the nearest #a1jjj1jjj4 #ejh4 ,improving access to capital ,the ,securities and ,exchange ,commission shall amend-- 7#a7 section #bcj4bea of title #ag1 ,code of ,federal ,regulations1 to remove the requirement that the issuer not be subject to section #ac or #ae7;d7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;a et seq47 immediately before the offering2 and 7#b7 section #bcj4beg of title #ag1 ,code of ,federal ,regulations1 with respect to an offering described in section #bcj4bea7;a77#b7 of title #ag1 ,code of ,federal ,regulations1 to deem any issuer that is subject to section #ac or #ae7;d7 of the ,securities ,exchange ,act of #aicd as having met the periodic and current reporting requirements of section #bcj4beg of title #ag1 ,code of ,federal ,regulations1 if such issuer meets the reporting requirements of section #ac of the ,securities ,exchange ,act of #aicd4 #eji4 ,parity for closed-end companies regarding offering and proxy rules 7a7 ,revision to rules ,not later than the end of the #a-year period beginning on the date of enactment of this ,act1 the ,securities and ,exchange ,commission shall propose and1 not later than #b years after the date of enactment of this ,act1 the ,securities and ,exchange ,commission shall finalize any rules1 as appropriate1 to allow any closed-end company1 as defined in section #e7;a77#b7 of the ,investment ,company ,act of #aidj 7#ae ,u4,s4,c4 #hj;a-#e71 that is registered as an investment company under such ,act1 and is listed on a national securities exchange or that makes periodic repurchase offers pursuant to section #bgj4bc;c-#c of title #ag1 ,code of ,federal ,regulations1 to use the securities offering and proxy rules1 subject to conditions the ,commission determines appropriate1 that are available to other issuers that are required to file reports under section #ac or section #ae7;d7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #ghm2 #gho7d774 ,any action that the ,commission takes pursuant to this subsection shall consider the availability of information to investors1 including what disclosures constitute adequate information to be designated as a well-known seasoned issuer4 7b7 ,treatment if revisions not completed in a timely manner ,if the ,commission fails to complete the revisions required by subsection 7a7 by the time required by such subsection1 any registered closed-end company that is listed on a national securities exchange or that makes periodic repurchase offers pursuant to section #bgj4bc;c-#c of title #ag1 ,code of ,federal ,regulations1 shall be deemed to be an eligible issuer under the final rule of the ,commission titled ,securities ,offering ,reform 7#gj ,fed4 ,reg4 #ddgbb2 published ,august #c1 #bjje74 7c7 ,rules of construction 7#a7 ,no effect on ,rule #dhb ,nothing in this section or the amendments made by this section shall be construed to impair or limit in any way a registered closed-end company from using section #bcj4dhb of title #ag1 ,code of ,federal ,regulations1 to distribute sales material4 7#b7 ,references ,any reference in this section to a section of title #ag1 ,code of ,federal ,regulations1 or to any form or schedule means such rule1 section1 form1 or schedule1 or any successor to any such rule1 section1 form1 or schedule4 ,,vi ,protections for student borrowers #fja4 ,protections in the event of death or bankruptcy 7a7 ,in general ,section #adj of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afej7 is amended-- 7#a7 in subsection 7a7-- 7,a7 by redesignating paragraphs 7#a7 through 7#h7 as paragraphs 7#b7 through 7#i71 respectively2 and 7,b7 by inserting before paragraph 7#b71 as so redesignated1 the following3 7#a7 the term cosigner-- 7,a7 means any individual who is liable for the obligation of another without compensation1 regardless of how designated in the contract or instrument with respect to that obligation1 other than an obligation under a private education loan extended to consolidate a consumer's pre-existing private education loans2 7,b7 includes any person the signature of which is requested as condition to grant credit or to forbear on collection2 and 7,c7 does not include a spouse of an individual described in subparagraph 7,a71 the signature of whom is needed to perfect the security interest in a loan4 2 and 7#b7 by adding at the end the following3 7g7 ,additional protections relating to borrower or cosigner of a private education loan 7#a7 ,prohibition on automatic default in case of death or bankruptcy of non-student obligor ,with respect to a private education loan involving a student obligor and #a or more cosigners1 the creditor shall not declare a default or accelerate the debt against the student obligor on the sole basis of a bankruptcy or death of a cosigner4 7#b7 ,cosigner release in case of death of borrower 7,a7 ,release of cosigner ,the holder of a private education loan1 when notified of the death of a student obligor1 shall release within a reasonable timeframe any cosigner from the obligations of the cosigner under the private education loan4 7,b7 ,notification of release ,a holder or servicer of a private education loan1 as applicable1 shall within a reasonable time-frame notify any cosigners for the private education loan if a cosigner is released from the obligations of the cosigner for the private education loan under this paragraph4 7,c7 ,designation of individual to act on behalf of the borrower ,any lender that extends a private education loan shall provide the student obligor an option to designate an individual to have the legal authority to act on behalf of the student obligor with respect to the private education loan in the event of the death of the student obligor4 4 7b7 ,applicability ,the amendments made by subsection 7a7 shall only apply to private education loan agreements entered into on or after the date that is #ahj days after the date of enactment of this ,act4 #fjb4 ,rehabilitation of private education loans 7a7 ,in general ,section #fbc7;a77#a7 of the ,fair ,credit ,reporting ,act 7#ae ,u4,s4,c4 #afhas-#b7;a77#a77 is amended by adding at the end the following3 7,e7 ,rehabilitation of private education loans 7i7 ,in general ,notwithstanding any other provision of this section1 a consumer may request a financial institution to remove from a consumer report a reported default regarding a private education loan1 and such information shall not be considered inaccurate1 if-- 7,i7 the financial institution chooses to offer a loan rehabilitation program which includes1 without limitation1 a requirement of the consumer to make consecutive on-time monthly payments in a number that demonstrates1 in the assessment of the financial institution offering the loan rehabilitation program1 a renewed ability and willingness to repay the loan2 and 7,,ii7 the requirements of the loan rehabilitation program described in subclause 7,i7 are successfully met4 7ii7 ,banking agencies 7,i7 ,in general ,if a financial institution is supervised by a ,federal banking agency1 the financial institution shall seek written approval concerning the terms and conditions of the loan rehabilitation program described in clause 7i7 from the appropriate ,federal banking agency4 7,,ii7 ,feedback ,an appropriate ,federal banking agency shall provide feedback to a financial institution within #abj days of a request for approval under subclause 7,i74 7iii7 ,limitation 7,i7 ,in general ,a consumer may obtain the benefits available under this subsection with respect to rehabilitating a loan only #a time per loan4 7,,ii7 ,rule of construction ,nothing in this subparagraph may be construed to require a financial institution to offer a loan rehabilitation program or to remove any reported default from a consumer report as a consideration of a loan rehabilitation program1 except as described in clause 7i74 7iv7 ,definitions ,for purposes of this subparagraph-- 7,i7 the term appropriate ,federal banking agency has the meaning given the term in section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac72 and 7,,ii7 the term private education loan has the meaning given the term in section #adj7;a7 of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afej7;a774 4 7b7 ,,gao ,study 7#a7 ,study ,the ,comptroller ,general of the ,united ,states shall conduct a study1 in consultation with the appropriate ,federal banking agencies1 regarding-- 7,a7 the implementation of subparagraph 7,e7 of section #fbc7;a77#a7 of the ,fair ,credit ,reporting ,act 7#ae ,u4,s4,c4 #afhas-#b7;a77#a77 7referred to in this paragraph as the provision71 as added by subsection 7a72 7,b7 the estimated operational1 compliance1 and reporting costs associated with the requirements of the provision2 7,c7 the effects of the requirements of the provision on the accuracy of credit reporting2 7,d7 the risks to safety and soundness1 if any1 created by the loan rehabilitation programs described in the provision2 and 7,e7 a review of the effectiveness and impact on the credit of participants in any loan rehabilitation programs described in the provision and whether such programs improved the ability of participants in the programs to access credit products4 7#b7 ,report ,not later than #a year after the date of enactment of this ,act1 the ,comptroller ,general of the ,united ,states shall submit to ,congress a report that contains all findings and determinations made in conducting the study required under paragraph 7#a74 #fjc4 ,best practices for higher education financial literacy ,section #ead7;a7 of the ,financial ,literacy and ,education ,improvement ,act 7#bj ,u4,s4,c4 #igjc7;a77 is amended by adding at the end the following3 7#c7 ,best practices for teaching financial literacy 7,a7 ,in general ,after soliciting public comments and consulting with and receiving input from relevant parties1 including a diverse set of institutions of higher education and other parties1 the ,commission shall1 by not later than #a year after the date of enactment of the ,economic ,growth1 ,regulatory ,relief1 and ,consumer ,protection ,act1 establish best practices for institutions of higher education regarding methods to-- 7i7 teach financial literacy skills2 and 7ii7 provide useful and necessary information to assist students at institutions of higher education when making financial decisions related to student borrowing4 7,b7 ,best practices ,the best practices described in subparagraph 7,a7 shall include the following3 7i7 ,methods to ensure that each student has a clear sense of the student's total borrowing obligations1 including monthly payments1 and repayment options4 7ii7 ,the most effective ways to engage students in financial literacy education1 including frequency and timing of communication with students4 7iii7 ,information on how to target different student populations1 including part-time students1 first-time students1 and other nontraditional students4 7iv7 ,ways to clearly communicate the importance of graduating on a student's ability to repay student loans4 7,c7 ,maintenance of best practices ,the ,commission shall maintain and periodically update the best practices information required under this paragraph and make the best practices available to the public4 7,d7 ,rule of construction ,nothing in this paragraph shall be construed to require an institution of higher education to adopt the best practices required under this paragraph4 4 ,passed the ,senate ,march #ad1 #bjah4,secretary